-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O0KiYBjBS7H2gDrtsQtU5JdMQp4chvb3rHKEp5IKFHZx0z/fLO1w4/icGH0y0DMD BByQPHFPv8ANtZnKaSuRMw== 0000950172-96-000328.txt : 19960701 0000950172-96-000328.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950172-96-000328 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXTRON INC CENTRAL INDEX KEY: 0000217346 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 050315468 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05480 FILM NUMBER: 96588233 BUSINESS ADDRESS: STREET 1: 40 WESTMINSTER ST CITY: PROVIDENCE STATE: RI ZIP: 02903 BUSINESS PHONE: 4014212800 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN TEXTRON INC DATE OF NAME CHANGE: 19710510 11-K 1 ====================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------- FORM 11-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from _________ to __________ Commission file number 001-05480 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ELCO THERMOPLASTICS INC. PROFIT SHARING PLAN 1111 Samuelson Road P.O. Box 7009 Rockford, Illinois 61125 B. Name of issuer of securities held pursuant to the plan and address of its principal executive office: TEXTRON INC. 40 Westminster Street Providence, Rhode Island 02903 ====================================================================== REQUIRED INFORMATION The following Financial Statements for the Elco Thermoplastics Inc. Profit Sharing Plan (formerly known as Thermoplastics, Inc. Profit Sharing Plan) are furnished herein: Index Report of Independent Auditors....................................... 3 Financial Statements Statements of Net Assets Available for Plan Benefits............. 4 Statement of Changes in Net Assets Available for Plan Benefits... 6 Notes to Financial Statements.................................... 7 Supplemental Schedules Assets Held for Investment...................................... 11 Reportable Transactions......................................... 12 REPORT OF INDEPENDENT AUDITORS The Plan Administrator Thermoplastics, Inc. Profit Sharing Plan We have audited the accompanying statements of net assets available for plan benefits of the Thermoplastics, Inc. Profit Sharing Plan (the Plan) as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the year ended December 31, 1995. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1995 and 1994, and the changes in net assets available for benefits for the year ended December 31, 1995, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1995, and reportable transactions for the year then ended are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The Fund Information in the statement of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Ernst & Young LLP Milwaukee, Wisconsin May 31, 1996 Thermoplastics, Inc. Profit Sharing Plan Statements of Net Assets Available for Plan Benefits December 31, 1995 --------------------------------------------- Money Market Balanced Equity Loan Fund Fund Fund Account Total --------------------------------------------- Assets Investments, at fair value: Parkstone Equity Fund $ - $239,802 $498,461 $ - $738,263 Parkstone Bond Fund - 345,610 - - 345,610 Parkstone Small Capitalization Value Fund - 59,611 - - 59,611 Parkstone Government Money Market Fund 410,473 23,284 6,265 13,105 453,127 Participant loans - - - 7,247 7,247 ------------------------------------------------ Total investments 410,473 668,307 504,726 20,352 1,603,858 Receivables: Employer contributions 95,105 91,055 64,390 - 250,550 Employee contributions 2,142 2,468 1,995 - 6,605 Accrued income 1,781 93 21 39 1,934 Other interfund receivable (payable) 3,298 2,989 1,417 (7,704) - Other - - - 99 99 ------------------------------------------------ Total receivables 102,326 96,605 67,823 (7,566) 259,188 Cash - - - - - ------------------------------------------------ Total assets 512,799 764,912 572,549 12,786 1,863,046 Liabilities - Other - - - 5,539 5,539 ------------------------------------------------ Net assets available for plan benefits $512,799 $764,912 $572,549 $ 7,247 $1,857,507 ================================================ Thermoplastics, Inc. Profit Sharing Plan Statements of Net Assets Available for Plan Benefits December 31, 1994 - ------------------------------------------------------------------------------ Money Market Balanced Equity Loan Fund Fund Fund Account Total - ------------------------------------------------------------------------------ Assets Investments, at fair value: Parkstone Equity Fund $ - $145,295 $324,095 $ - $ 469,390 Parkstone Bond Fund - 209,807 - - 209,807 Parkstone Small Capitalization Value Fund - 53,150 - - 53,150 Parkstone Government Money Market Fund 340,213 13,965 3,940 1,454 359,572 Participant loans - - - 2,741 2,741 - ----------------------------------------------------------------------------- Total investments 340,213 422,217 328,035 4,195 1,094,660 Receivables: Employer contributions 36,323 43,593 28,850 - 108,766 Employee contributions 1,021 1,773 1,816 - 4,610 Accrued income - - - - - Other interfund receivable (payable) 202 900 382 (1,484) - Other - - - - - - ----------------------------------------------------------------------------- Total receivables 37,546 46,266 31,048 (1,484) 113,376 Cash 1,981 1,103 1,058 30 4,172 - ----------------------------------------------------------------------------- Total assets $379,740 $469,586 $360,141 $2,741 $1,212,208 Liabilities - Other - - - - - - ----------------------------------------------------------------------------- Net assets available for plan benefits $379,740 $469,586 $360,141 $ 2,741 $1,212,208 ============================================================================== Thermoplastics, Inc. Profit Sharing Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1995 Fund Information ----------------------------------------------- Money Market Balanced Equity Holding Fund Fund Fund Account Total ----------------------------------------------- Additions: Investment income: Interest and dividends $ 18,934 $ 35,754 $ 17,624 $ 906 $ 73,218 Net appreciation in fair value of investments - 84,603 92,958 - 177,561 ----------------------------------------------- 18,934 120,357 110,582 906 250,779 Contributions: Employer 116,216 116,682 82,554 - 315,452 Employee 59,334 71,523 58,768 - 189,625 ----------------------------------------------- 175,550 188,205 141,322 - 505,077 ----------------------------------------------- Total additions 194,484 308,562 251,904 906 755,856 Deductions - Distributions to participants or their beneficiaries 19,562 61,136 29,859 - 110,557 Transfers, net (41,863) 47,900 (9,637) 3,600 - ----------------------------------------------- Net increase 133,059 295,326 212,408 4,506 645,299 Net assets available for plan benefits at beginning of year 379,740 469,586 360,141 2,741 1,212,208 ------------------------------------------------ Net assets available for plan benefits at end of year $512,799 $764,912 $572,549 $7,247 $1,857,507 =============================================== Thermoplastics, Inc. Profit Sharing Plan Notes to Financial Statements December 31, 1995 1. Description of the Plan The following brief description of the Thermoplastics, Inc. Profit Sharing Plan (the Plan) is provided for general information only. Participants should refer to the Summary Plan Description for more complete information. General The Plan is a defined contribution plan formed to provide profit-sharing benefits to employees of Elco Thermoplastics Inc. (the Company), a subsidiary of Elco Textron Inc., and to provide for participant tax-deferred savings under Section 401(k) of the Internal Revenue Code (IRC). All full-time employees of the Company with one year of service are eligible to participate in the Plan. Participants have a 100% vested interest in their account balances. The Plan allows participants to borrow funds from their individual accounts under terms specified in the Plan. Contributions Active participants may make contributions as defined in the Plan. Such contributions may be in the form of Employee Deferral Contributions (as a percentage of the participant's compensation) or Nondeductible Employee Contributions. The Company will contribute an amount equal to 50% of the Employee Deferral Contributions related to the first 3% of earnings. Additional Company contributions may be made at the sole discretion of the Board of Directors. Participant Loans Participants may borrow an amount that does not exceed the lesser of $50,000 or one-half the nonforfeitable value of their account balance. Loans must be repaid within five years and bear interest at the current prime rate. Investment Option The Plan allows participants to direct their contributions into one or a combination of three different fund types: the Money Market Fund (fixed income investments), the Balanced Fund (fixed income and equity investments) or the Equity Fund (equity investments). The Company matching contribution also is invested in the funds designated by the participant. Allocations Employee contributions and the Company's matching contribution are allocated to each respective participant account. The additional Company contribution, if any, is allocated to participant accounts based on participant compensation, as defined by the Plan, in relation to the total of such amounts for all participants. Earnings within each fund are allocated as of June 30 and December 31 in the proportion that each participant's beginning account balance (restated for transfers), plus one-half of employee contributions made during the six-month period, bears to the total of such amounts for all participants. Benefit Payments The benefit to which a participant is entitled is the benefit that can be provided from the participant's account balance. On termination of service, a participant may elect to receive either a lump-sum amount equal to the participant's account balance, or annual installments over a period of time as defined by the Plan. Tax Status The Plan was amended and restated in its entirety on June 28, 1994, effective as of July 1, 1989. The restated Plan has received a favorable tax determination letter from the Internal Revenue Service (IRS) dated June 12, 1995 that the Plan qualifies under Section 401(a) of the IRC and, therefore, is not subject to tax under present income tax law. Once qualified, a plan is required to operate in conformity with the IRC to maintain its qualification. The Company is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. 2. Significant Accounting Policies Valuation of Investments The mutual funds are carried at fair value as determined from quoted market values. The Government Money Market Fund and participant loans are reported at cost and unpaid principal, respectively, which approximate fair value. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Administrative Expenses Certain services are provided to the Plan without charge, and administrative expenses are paid by the Company. 3. Termination Priorities Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan by the action of its Board of Directors, subject to the provisions of the Employee Retirement Income Security Act of 1974. 4. Investments The Plan's investments are held in a bank-administered trust fund. The following table presents the estimated fair values of individual investments that are 5% or more of the Plan's net assets at December 31, 1995 and 1994. December 31 1995 1994 ------------------------------------- Parkstone Government Money Market Fund $453,127 $359,572 Parkstone Equity Fund 738,263 469,390 Parkstone Bond Fund 345,610 209,807 4. Investments (continued) During the year ended December 31, 1995, the Plan's investments (including investments bought, sold, and held during the year) appreciated in fair value by $177,561, as follows: Investments at fair value as determined by quoted market prices: Parkstone Equity Fund $138,872 Parkstone Bond Fund 28,558 Parkstone Small Capitalization Fund 10,131 ------------------ $177,561 ================== 5. Inactive Accounts Included in net assets available for Plan benefits at December 31, 1995 and 1994 is $66,184 and $48,990, respectively, which relates to account balances for persons who have withdrawn from the Plan but have not yet been paid. These amounts are presented as benefit claims payable on Form 5500. 6. Related-Party Transactions During the year ended December 31, 1995, the Plan had the following related-party transactions with funds administered by an affiliate of the Plan's trustee: Purchases Sales ------------------------------------ Parkstone Money Market Funds $754,397 $660,842 Parkstone mutual funds 260,152 26,576 Thermoplastics, Inc. Profit Sharing Plan Assets Held for Investment December 31, 1995 Description of Investment, Rate of Current Interest Cost Value Identity of Issue, Borrower, Lessor, or Similar Party - ------------------------------------------------------------------------------ Parkstone Government Money Market Fund Money Market Fund $ 453,127 $ 453,127 Parkstone Equity Fund Mutual Fund 618,063 738,263 Parkstone Bond Fund Mutual Fund 336,949 345,610 Parkstone Small Capitalization Value Fund Mutual Fund 45,004 59,611 Participant loans 7.33% to 9.50% per annum, with varying maturity dates 7,247 7,247 -------------------------------- $1,460,390 $1,603,858 ================================ Thermoplastics, Inc. Profit Sharing Plan Reportable Transactions Year ended December 31, 1995 Proceeds From Sales or Real- Number of Cost of Redemptions ized Transactions Purchases During Gain Description Purchases Sales During the Year the Year (Loss) - ----------------------------------------------------------------------------- Category (iii) - Series of transactions in excess of 5 percent of plan assets Parkstone Government Money Market Fund 242 110 $754,397 $660,842 $ - Parkstone Equity Fund 18 2 132,781 2,781 511 Parkstone Bond Fund 21 - 107,245 - - There were no Category (ii) or (iv) reportable transactions. Category (i) reportable transactions are included in Category (iii) transactions above. SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. ELCO THERMOPLASTICS INC. PROFIT SHARING PLAN ELCO TEXTRON INC., Plan Administrator DATE June 28, 1996 By /s/ Kenneth L Heal ------------- ---------------------------- Name: Kenneth L. Heal Title: Secretary/Treasurer -----END PRIVACY-ENHANCED MESSAGE-----