-----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, FaEWPOoXfvjHJRTdDzNfry2ud1IV++w8rxaQTp63i4aQngOZHK2JWr3GXqHB7fBN KbfyqdL6S+ZNAQptvS9Ahw== 0000025890-99-000017.txt : 19990628 0000025890-99-000017.hdr.sgml : 19990628 ACCESSION NUMBER: 0000025890-99-000017 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CROWN CORK & SEAL CO INC CENTRAL INDEX KEY: 0000025890 STANDARD INDUSTRIAL CLASSIFICATION: METAL CANS [3411] IRS NUMBER: 231526444 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-02227 FILM NUMBER: 99652740 BUSINESS ADDRESS: STREET 1: ONE CROWN WAY CITY: PHILADELPHIA STATE: PA ZIP: 19154 BUSINESS PHONE: 215-698-51 11-K 1 CROWN 401(K) RETIREMENT SAVINGS PLAN SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 Commission File Number 1-2227 E. Full title of the plan: Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan F. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: CROWN CORK & SEAL COMPANY, INC. ONE CROWN WAY PHILADELPHIA, PA 19154-4599 INDEX Pages Signatures........................................................... 3 Report of Independent Accountants.................................... 6 Audited Plan Financial Statements and Schedules in accordance with the Financial Reporting Requirements of ERISA........ 7 to 18 Exhibit 23 - Consent of Independent Accountants...................... 19 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Crown Cork & Seal Company, Inc. 401 (k) Retirement Savings Plan By: /s/ James T. Malec ------------------ James T. Malec Member, Benefit Plan Committee Date: June 25, 1999 Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Financial Statements as of and for the years ended December 31, 1998 and 1997 Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Table of Contents - -------------------------------------------------------------------------------- Page(s) Report of Independent Accountants 1 Financial Statements Statement of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4 - 10 Supplemental Schedules* Schedule I - Schedule of Assets Held for Investment Purposes 11 Schedule II - Schedule of Reportable Transactions (Transactions or Series of Transactions in Excess of 5 percent of Plan Assets) 12 * Other supplemental schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. Report of Independent Accountants To the Benefit Plans Committee and Participants of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan (the "Plan") at December 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. 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 audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and of reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the 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. As explained in Note 1, the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Employees of Van Dorn Company and the participant accounts of the salaried employees of Crown Cork & Seal Company Inc. 401(k) Retirement Savings Plan for Employees of Risdon were merged with and into the Plan effective September 30, 1998 and December 31, 1998, respectively. PricewaterhouseCoopers LLP June 18, 1999 Philadelphia, Pennsylvania Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Statement of Net Assets Available for Benefits December 31, 1998 and 1997 - -------------------------------------------------------------------------------- 1998 1997 Investments, at fair value: Registered investment companies: Vanguard Balanced Index Fund $ 7,373,064 * $ 3,578,558 Vanguard Total Bond Market Index Fund 2,699,675 833,402 Vanguard Explorer Fund 3,113,920 3,066,177 Vanguard 500 Index Fund 36,925,536 * 27,540,587 * Vanguard International Growth Fund 4,614,494 4,130,309 ------------ ------------ 54,726,689 39,149,033 Crown Cork & Seal Stock Fund 29,064,510 * 42,173,913 * Crown Cork & Seal Fixed Income Fund 52,839,270 * 51,630,819 * Participant loans 1,700,584 735,229 ------------ ------------ Total investments 138,331,053 133,688,994 ------------ ------------ Asset transfer from the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Employees of Risdon Corporation 21,636,300 - ------------ ------------ Receivables: Employer's contributions 132,464 98,358 Participants' contributions 519,289 383,063 Other receivables - 13,560 ------------ ------------ Total receivables 651,753 494,981 ------------ ------------ Net assets available for benefits $160,619,106 $134,183,975 ============ ============ * Represents 5 percent or more of net assets available for benefits. The accompanying notes are an integral part of these financial statements. - 2 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Statement of Changes in Net Assets Available for Benefits For the Years Ended December 31, 1998 and 1997 - -------------------------------------------------------------------------------- 1998 1997 Additions Investment income: Interest and dividend income $ 4,800,002 $ 5,905,938 Interest income, participant loans 68,305 55,906 Net (depreciation) appreciation in fair value of investments (5,778,108) 3,140,553 ------------ ------------ (909,801) 9,102,397 ------------ ------------ Contributions: Employer 1,301,613 1,196,419 Participant 5,579,224 4,955,810 ------------ ------------ 6,880,837 6,152,229 ------------ ------------ Asset transfers in 34,844,528 - ------------ ------------ Total additions 40,815,564 15,254,626 ------------ ------------ Deductions: Payment of benefits 14,379,173 16,246,745 Administrative expenses 1,260 720 ------------ ------------ Total deductions 14,380,433 16,247,465 ------------ ------------ Net increase (decrease) 26,435,131 (992,839) Net assets available for benefits: Beginning of period 134,183,975 135,176,814 ------------ ------------ End of period $160,619,106 $134,183,975 ============ ============ The accompanying notes are an integral part of these financial statements. - 3 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- 1. Description of Plan The following description of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan ("Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. General The plan is a defined contribution plan. The purpose of the Plan is to provide a convenient method by which eligible employees of Crown Cork & Seal Company, Inc. (the Company) may save regularly through salary deferrals and through Company matching contributions. Generally, employees are eligible to participate in the Plan after completing one year of service and attaining age 21. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan is administered by the Crown Cork & Seal Company, Inc. Benefit Plans Committee (the "Committee"). The Committee appointed Vanguard Fiduciary Trust Company ("VFTC") to assume both trustee and recordkeeping responsibilities. The Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Employees of Van Dorn Company ("Van Dorn 401(k)") and the participant accounts of the salaried employees of Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Employees of Risdon Corporation ("Risdon 401(k)") were merged with and into the Plan effective September 30, 1998 and December 31, 1998, respectively. The assets transferred totaled $13,208,228 and $21,636,300 for the Van Dorn 401(k) and Risdon 401(k), respectively. The Risdon 401(k) assets were transferred from Fleet Bank, the former Risdon 401(k) trustee, to VFTC, and mapped to the respective VFTC funds, in February 1999, and are recorded as a Plan asset at December 31, 1998. During the conversion process a freeze period was enforced to restrict transactions. Once the freeze period was lifted on November 17, 1998 and March 26, 1999 for the Van Dorn 401(k) and Risdon 401(k), respectively, participants could change investment elections. Contributions The plan has two components: a participant salary deferral 401 (k) component and a Company matching contribution component. The salary deferral 401(k) component of the plan allows before-tax employee contributions of 2% to 12% of annual compensation. The Plan also allows after-tax employee contributions of 1% to 8% of annual compensation. Contribution rates are subject to certain limitations, as prescribed by law. The Company makes matching contributions equal to 50 percent of the employee's contribution, up to a maximum of 3 percent of compensation. Company contributions are made in the form of Company common stock. Participant Accounts Each participant's account is credited with the participant's contribution and the participant's allocations of the Company's contributions, as described above. Plan earnings are allocated to the participant's accounts based on the participant's account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. - 4 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- Vesting Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's contributions plus actual earnings thereon is based on years of continuous service. A participant is fully vested after four years of credited service. Participant Loans Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of the participant's vested balance. Loan transactions are treated as a transfer to (from) the investment fund from(to) the Participant loans. Loan terms range from 1 to 5 years or up to 10 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with a prevailing commercial rate for a secured personal loan. Principal and interest is paid ratably through monthly payroll deductions. A participant may not have more than five outstanding loans at any one time. Payment of Benefits On termination of service due to death, disability or retirement, a participant may elect to receive either a lump sum amount equal to the value of the participant's vested interest in his or her account, or substantially equal periodic installments over a period equal to the life expectancy of the recipient or beneficiary. For termination of service due to other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution. All distributions are paid in either cash or company stock at the participant's election. Forfeited Accounts Forfeited balances of terminated participants' non-vested accounts are used to reduce future Company contributions. At December 31, 1998 and 1997 forfeited non-vested accounts totaled $66,474 and $38,416, respectively. Plan Termination 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 subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. Investment Options Participants are able to allocate their contributions among the following investment options: Vanguard Balanced Index Fund: Seeks to provide income and long-term growth of capital and income by dividing its assets between indexed portfolios of stocks (60 percent) and bonds (40 percent). Vanguard Total Bond Market Index Fund (formerly the Vanguard Bond Index Fund - Total Bond Market Portfolio): Seeks to provide a high level of interest income by attempting to match the performance of the unmanaged Lehman Brothers Aggregate Bond Index, a widely recognized measure of the entire taxable U.S. bond market. - 5 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- Vanguard Explorer Fund: Seeks to provide long-term growth of capital by investing in a diversified group of small-company stocks with prospects for above-average growth. Vanguard 500 Index Fund (formerly the Vanguard Index Trust - 500 Portfolio): Seeks to provide long-term growth of capital and income from dividends by holding all of the 500 stocks that make up the unmanaged Standard & Poor's 500 Composite Stock Price Index, a widely recognized benchmark of U.S. stock market performance. Vanguard International Growth Fund (formerly the Vanguard International Growth Portfolio): Seeks to provide long-term growth of capital by investing in stocks of high-quality, seasoned companies based outside the United States. Stocks are selected from more than 15 countries. Crown Cork & Seal Stock Fund: Invests in Crown Cork & Seal common stock to provide the possibility of long-term growth through increases in the value of the stock and the reinvestment of its dividends. Crown Cork & Seal Fixed Income Fund: Seeks to preserve the value of the original investment and provide an attractive level of interest by investing primarily in investment contracts issued by insurance companies and banks and other types of fixed principal investments. It is designed to maintain a constant $1.00 share value. 2. Summary of Accounting Policies The following accounting policies, which conform with generally accepted accounting principles, have been used consistently in the preparation of the Plan's financial statements: Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates. Investment Valuation and Income Recognition The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Company stock fund is valued at its year-end unit closing price (comprised of year-end market price plus uninvested cash position.). Units of the Company's fixed income fund are valued at net asset value at year end. Participant loans are valued at cost, which approximates fair value. Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income. Payment of Benefits Benefits are recorded when paid. -6 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- 3. Crown Cork & Seal Fixed Income Fund The Crown Cork & Seal Fixed Income Fund consists of guaranteed investment contracts ("GICs") and the Vanguard Retirement Savings Trust. The GICs are valued at contract value, which approximates fair value. The GICs are fully benefit responsive. Interest rates on GICs ranged between 4.94 percent and 7.32 percent at December 31, 1998 and 5.00 percent and 6.96 percent at December 31, 1997. Average yields on GICs were 5.71 percent in 1998 and 6.07 percent in 1997. The Vanguard Retirement Savings Trust (the "Trust") is a tax-exempt collective fund invested primarily in investment contracts issued by insurance companies and commercial banks, and similar types of fixed-principal investments. The Trust intends to maintain a constant net asset value of $1.00 per share. As the GICs mature, the proceeds are invested in the Vanguard Retirement Savings Trust. 4. Related Party Transactions The Plan invests in shares of registered investment companies managed by an affiliate of VFTC. VFTC acts as trustee for those investments as defined by the Plan. Transactions in such investments qualify as party-in-interest transactions which are exempt from the prohibited transaction rules. 5. Plan Expenses All recordkeeping expenses for the administration of the Plan, with the exception of certain miscellaneous fees, are paid by the Company. 6. Tax Status The Plan was amended and restated, effective January 1, 1994, to comply with all provisions of the Internal Revenue Code (IRC) and ERISA. The Committee has received a favorable determination letter from the Internal Revenue Service (IRS) dated February 22, 1996, and accordingly, the Plan is not subject to federal or local income taxes. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Internal Revenue Code. 7. Insurance Company Seizure On August 11, 1994, regulators in both the United States and Canada seized control of Confederation Life Insurance Company. These actions were taken to prevent the possibility of massive demands for cash following a failed business combination. At the time of the seizure, the Plan's Fixed Income Fund included an investment contract with a value of approximately $4.8 million. The recognition of interest income was suspended coincident with the seizure on August 11, 1994. On October 23, 1996, regulators approved a plan of rehabilitation and a liquidation order for Confederation Life Insurance Company. In accordance with the provisions of this plan, the assets subject to seizure were distributed to contract holders (i.e., the Plan) under a variety of payment options. During 1997, the Plan received 100 percent of the original frozen assets plus $693,877 of interest. These funds were subsequently transferred out to other investment options in accordance with the participants' elections. - 7 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- 8. Benefit Obligations Benefit obligations for persons who have recently withdrawn from participation in the Plan were $306,843 as of December 31, 1998. This amount was paid in January 1999, and is reflected as a liability in the Plan's Form 5500. 9. Subsequent Events The Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. was merged with and into the Plan effective March 31, 1999. The assets transferred totaled $21,704,866. - 8 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- 10. Changes in Net Assets Available for Benefits by Investment Fund The allocation of changes in net assets available for plan benefits for the year ended December 31, 1998 is as follows:
Fund Information -------------------------------------------------------------------------------------------------- Crown Cork Vanguard Vanguard Vanguard Crown Cork & Seal Balanced Total Bond Vanguard Vanguard International & Seal Fixed Index Market Explorer 500 Index Growth Stock Income Participant Fund Index Fund Fund Fund Fund Fund Fund Loans Other Total Additions: Investment income: Interest and dividend income $ 234,187 $ 115,022 $ 31,797 $ 574,271 $ 92,686 $ 809,143 $ 2,942,896 $ - $ - $ 4,800,002 Interest income, participant loans - - - - - - - 68,305 - 68,305 Net realized gain (loss)on sale of investments 58,255 226 (28,820) 784,855 90,936 (450,684) - - - 454,768 Net unrealized appreciation (depreciation)of investments 618,519 16,818 149,574 6,698,151 455,603 (14,171,541) - - - (6,232,876) ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ----------- 910,961 132,066 152,551 8,057,277 639,225 (13,813,082) 2,942,896 68,305 - (909,801) ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ----------- Contributions: Employer 2,582 1,664 3,905 7,975 5,031 1,269,309 11,147 - - 1,301,613 Participant 416,118 188,857 314,941 1,803,665 374,358 1,467,105 1,014,180 - - 5,579,224 Participant loan repayments 11,030 4,653 9,423 50,023 7,537 60,967 45,987 (189,620) - - ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ 429,730 195,174 328,269 1,861,663 386,926 2,797,381 1,071,314 (189,620) - 6,880,837 ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ Asset transfers in 1,225,808 580,619 331,897 2,042,506 254,458 2,187,859 6,305,124 279,957 21,636,300 34,844,528 ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ Total additions 2,566,499 907,859 812,717 11,961,446 1,280,609 (8,827,842) 10,319,334 158,642 21,636,300 40,815,564 ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ Deductions: Payment of benefits 575,202 29,748 335,375 3,757,191 590,044 2,417,974 6,647,975 25,664 - 14,379,173 Participant loan withdrawals 34,363 17,474 38,558 298,009 37,343 244,348 162,282 (832,377) - - Administrative expenses 200 - 260 310 40 120 330 - - 1,260 ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ Total deductions 609,765 47,222 374,193 4,055,510 627,427 2,662,442 6,810,587 (806,713) - 14,380,433 ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ Net increase (decrease) prior to interfund transfers 1,956,734 860,637 438,524 7,905,936 653,182 (11,490,284) 3,508,747 965,355 21,636,300 26,435,131 Interfund transfers 1,877,917 1,020,467 (385,324) 1,557,432 (163,356) (1,602,099) (2,305,037) - - - ---------- ---------- ---------- ----------- ---------- ----------- ----------- ---------- ----------- ------------ Net increase (decrease) 3,834,651 1,881,104 53,200 9,463,368 489,826 (13,092,383) 1,203,710 965,355 21,636,300 26,435,131 Net assets available for benefits: Beginning of period 3,595,958 842,814 3,092,484 27,647,684 4,158,734 42,389,576 51,721,496 735,229 - 134,183,975 ---------- ---------- --------- ---------- --------- ---------- ----------- ---------- ----------- ------------ End of period $7,430,609 $2,723,918 $3,145,684 $37,111,052 $4,648,560 $29,297,193 $52,925,206 $1,700,584 $21,636,300 $160,619,106 ========== ========== ========== =========== ========== =========== =========== ========== =========== ============
- 9 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - -------------------------------------------------------------------------------- 10. Changes in Net Assets Available for Benefits by Investment Fund (continued) The allocation of changes in net assets available for plan benefits for the year ended December 31, 1997 is as follows:
Fund Information ----------------------------------------------------------------------------------------------------- Vanguard Bond Index Crown Crown Vanguard Fund - Vanguard Vanguard Crown Cork & Seal Cork & Seal Balanced Total Bond Vanguard Index International Cork & Seal Confederation Fixed Index Market Explorer Trust -500 Growth Stock Participant Life Income Fund Portfolio Fund Portfolio Portfolio Fund Loans IC Fund Fund Total Additions: Investment income: Interest and dividend income $ 139,143 $ 41,686 $ 302,216 $ 566,767 $ 176,306 $ 782,511 $ - $ 693,877 $3,203,432 $ 5,905,938 Interest income, participant loans - - - - - - 55,906 - - 55,906 Net realized gain (loss) on sale of investments 36,824 20 76,967 593,310 87,804 (335,166) - - - 459,759 Net unrealized appreciation (depreciation) of investments 419,192 17,362 8,517 5,434,917 (97,669) (3,101,525) - - - 2,680,794 ----------- -------- ---------- ------------ --------- ----------- ------------ ---------- ---------- ------------- 595,159 59,068 387,700 6,594,994 166,441 (2,654,180) 55,906 693,877 3,203,432 9,102,397 ----------- -------- ---------- ----------- ---------- ----------- ------------ ---------- ---------- ------------- Contributions: Employer 1,975 1,658 2,391 6,129 4,982 1,166,085 - - 13,199 1,196,419 Participant 210,981 113,627 315,807 1,171,125 341,060 1,690,554 - - 1,112,656 4,955,810 Participant loan repayments 2,250 651 6,734 37,593 5,028 48,651 (144,431) - 43,524 - ----------- -------- ---------- ----------- ---------- ----------- ------------ ---------- ---------- ------------- 215,206 115,936 324,932 1,214,847 351,070 2,905,290 (144,431) - 1,169,379 6,152,229 ----------- -------- ---------- ----------- ---------- ----------- ------------ ---------- ---------- ------------- Total additions 810,365 175,004 712,632 7,809,841 517,511 251,110 (88,525) 693,877 4,372,811 15,254,626 ----------- -------- ---------- ----------- ---------- ----------- ------------ ---------- ---------- ------------- Deductions: Payment of benefits 512,536 72,151 205,363 2,170,937 517,672 3,477,338 22,726 - 9,268,022 16,246,745 Participant loan withdrawals 5,417 1,628 14,450 93,439 9,865 61,298 (300,592) - 114,495 - Administrative expenses 60 10 100 190 70 90 - - 200 720 ---------- --------- ---------- ----------- ---------- ----------- ------------ ---------- ----------- ------------ Total deductions 518,013 73,789 219,913 2,264,566 527,607 3,538,726 (277,866) - 9,382,717 16,247,465 ---------- --------- ---------- ----------- ---------- ----------- ------------ ---------- ----------- ------------ Net increase(decrease) prior to interfund transfers 292,352 101,215 492,719 5,545,275 (10,096) (3,287,616) 189,341 693,877 (5,009,906) (992,839) Interfund transfers 918,177 186,464 (435,068) 3,505,957 (5,771) 2,596,585 - (5,445,122) (1,321,222) - ---------- --------- ---------- ----------- ---------- ------------ ----------- ---------- ----------- ------------ Net increase (decrease) 1,210,529 287,679 57,651 9,051,232 (15,867) (691,031) 189,341 (4,751,245) (6,331,128) (992,839) Net assets available for benefits: Beginning of period 2,385,429 555,135 3,034,833 18,596,452 4,174,601 43,080,607 545,888 4,751,245 58,052,624 135,176,814 ---------- --------- ---- ----- ----------- ---------- ------------ ----------- ---------- ----------- ------------ End of period $3,595,958 $ 842,814 $3,092,484 $27,647,684 $4,158,734 $ 42,389,576 $ 735,229 $ - $51,721,496 $134,183,975 ========== ========= ========== =========== ========== ============ =========== ========== =========== ============
- 10 - Additional Information Required for Form 5500 Crown Cork & Seal Company, Inc. Schedule I 401(k) Retirement Savings Plan EIN 23-1526444 Schedule of Assets Held for Investment Purposes Form 5500, Line 27(a) As of December 31, 1998 - --------------------------------------------------------------------------------
Current Identity of Issue Description of Asset Cost Value * Vanguard Balanced Index Fund Registered Investment Company $6,227,079 $ 7,373,064 * Vanguard Total Bond Market Index Fund Registered Investment Company 2,661,915 2,699,675 * Vanguard Explorer Fund Registered Investment Company 2,809,029 3,113,920 * Vanguard 500 Index Fund Registered Investment Company 22,338,604 36,925,536 * Vanguard International Growth Fund Registered Investment Company 3,942,385 4,614,494 * Crown Cork & Seal Stock Fund Company Stock Fund 31,755,459 29,064,510 Participant loans 7.5% - 13.7% 1,700,584 * Crown Cork & Seal Fixed Income Fund Unallocated Guaranteed Investment Contracts and Common/ Collective Trusts 52,839,270 52,839,270 ------------ Total assets held for investment purposes $ 138,331,053 ============= * Party in Interest
- 11 - Crown Cork & Seal Company, Inc. Schedule II 401(k) Retirement Savings Plan EIN 23-1526444 Schedule of Reportable (5%) Transactions* Form 5500, Line 27(d) Year Ended December 31, 1998 - --------------------------------------------------------------------------------
Current Value Historical of Asset on Identity of Purchase Selling Cost Transaction Net Party Involved Description of Asset Price Price of Asset Date Gain The Vanguard Group Vanguard 500 Index Fund $ 10,750,465 $ 10,750,465 The Vanguard Group Vanguard 500 Index Fund $8,858,058 $6,570,617 8,858,058 $ 2,287,441 The Vanguard Group Crown Cork & Seal Fixed Income Fund 15,394,368 15,394,368 The Vanguard Group Crown Cork & Seal Fixed Income Fund 14,189,798 14,189,798 14,189,798 - The Vanguard Group Crown Cork & Seal Stock Fund 10,826,244 10,826,244 The Vanguard Group Crown Cork & Seal Stock Fund 8,734,078 7,524,313 8,734,078 1,209,765
* Transactions or a series of transactions in excess of 5% of the current value of the Plan's assets as of the beginning of the Plan year as defined in section 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA. - 12 - EX-23 2 CONSENT OF INDEPENDENT ACCOUNTANTS Consent of Independent Accountants We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-39529) of Crown Cork & Seal Company, Inc. of our report dated June 18, 1999 appearing on page 6 of this Form 11-K. PricewaterhouseCoopers LLP Philadelphia, Pennsylvania June 24, 1999 -----END PRIVACY-ENHANCED MESSAGE-----