-----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, SfTOX2gaWL+yxP1V1h8AQUupx1+kUFmIa3vSNXK0nBjYu7s0NoFF0c8kR1NzBil5 7Cdt+NVcqUQ9IkBuCvX1nQ== 0000950159-98-000175.txt : 19980630 0000950159-98-000175.hdr.sgml : 19980630 ACCESSION NUMBER: 0000950159-98-000175 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE 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: 98656802 BUSINESS ADDRESS: STREET 1: ONE CROWN WAY CITY: PHILADELPHIA STATE: PA ZIP: 19154 BUSINESS PHONE: 215-698-5100 11-K 1 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, 1997 Commission file number 1-2227 E. Full title of the plan: Crown Cork & Seal Company, Inc. 401(K) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. 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 17 Exhibit 23 - Consent of Independent Accountants ......................... 18 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 for Salaried Employees of CONSTAR International, Inc. By: /s/ James T. Malec -------------------------------- James T. Malec Member, Benefit Plan Committee Date: June 29, 1998 Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Financial Statements as of and for the years ended December 31, 1997 and 1996 Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Table of Contents - -------------------------------------------------------------------------------- Page 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 Additional Information* 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% 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 June 19, 1998 To the Benefit Plans Committee and Participants of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. 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 for Salaried Employees of CONSTAR International, Inc. (the "Plan") at December 31, 1997 and 1996, 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 performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by ERISA. Schedules I and II 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. Price Waterhouse LLP Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Statement of Net Assets Available for Benefits - --------------------------------------------------------------------------------
December 31, 1997 1996 ---- ---- Investments, at fair value Registered investment companies: Vanguard Balanced Index Fund $ 2,372,567 * $ -- Vanguard Bond Index Fund - Total Bond Market Portfolio 548,049 -- Vanguard Explorer Fund 1,201,360 * -- Vanguard Index Trust - 500 Portfolio 5,713,811 * -- Vanguard International Growth Portfolio 856,330 -- Vanguard Fixed Income Securities Fund -- 586,183 Vanguard Windsor Fund -- 2,043,620 * STI Classic Prime Quality Money Market Fund 130,086 123,207 AIM Equity Funds, Inc. - Weingarten Fund -- 1,876,030 * Investment Company of America - Mutual Fund -- 2,134,686 * Sun Trust Bank Retirement Reserve Fund 236,724 Crown Cork & Seal Fixed Income Fund 7,161,750 * -- New England Mutual Life Insurance Group Annuity Policy # 3597 -- 9,692,281 * Crown Cork & Seal Stock Fund 3,700,717 * -- Stock fund -- 3,422,526 * Participant loans 899,115 996,200 ----------- ----------- Total investments 22,583,785 21,111,457 ----------- ----------- Cash and cash equivalents -- 172,939 ----------- ----------- Receivables Employer's contributions 30,286 27,618 Participants' contributions 76,092 73,655 Other receivables 28,006 478,159 ----------- ----------- Total receivables 134,384 579,432 ----------- ----------- Net assets available for benefits $22,718,169 $21,863,828 =========== =========== * Represents 5% 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 for Salaried Employees of CONSTAR International, Inc. Statement of Changes in Net Assets Available for Benefits - --------------------------------------------------------------------------------
Year Ended December 31, 1997 1996 ---- ---- Additions Investment income: Interest and dividend income, investments $ 999,940 $ 788,430 Interest income, participant loans 95,855 94,749 Net appreciation in fair value of investments 844,511 1,991,230 ------------ ------------ 1,940,306 2,874,409 ------------ ------------ Contributions: Employer 420,079 420,653 Participant 1,257,929 1,275,232 ------------ ------------ 1,678,008 1,695,885 ------------ ------------ Total additions 3,618,314 4,570,294 ------------ ------------ Deductions Payment of benefits 2,763,508 5,439,994 Administrative expenses 465 2,896 ------------ ------------ Total deductions 2,763,973 5,442,890 ------------ ------------ Net increase (decrease) 854,341 (872,596) ------------ ------------ Net assets available for benefits: Beginning of period 21,863,828 22,736,424 ------------ ------------ End of period $ 22,718,169 $ 21,863,828 ============ ============
The accompanying notes are an integral part of these financial statements. - 3 - Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- Note 1 - Description of plan The following description of the Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. (the "Plan"); formerly the CONSTAR International Salaried Employees' Savings Incentive Plan provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General The Plan is a defined contribution plan covering all salaried employees of CONSTAR International, Inc. (the "Company") who have completed one year of service. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Contributions Each year, participants may make a basic contribution of 2 percent to 6 percent of their pre-tax compensation, as defined in the Plan. In addition, participants may make a supplemental contribution up to 10 percent of their pre-tax compensation plus an "added value" contribution of up to 10 percent of pre-tax compensation. The aggregate of these contributions may not exceed 17 percent of the participant's compensation, subject to certain limitations. In addition, participants may make after-tax contributions of up to 10 percent of their compensation. The Company contributes 50 percent of the first 6 percent of the participant's aggregate pre-tax and post-tax contributions. Participant accounts Each participant's account is credited with the participant's contribution and allocations of (a) the Company's contributions and (b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Vesting Participants are immediately vested in their contributions and the Company's contributions plus actual earnings thereon. Participant loans Participants may borrow from their fund accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the Participant Loan. Loan terms range from 1 to 5 years. Longer periods may be approved by the Plan Administrator if the loan is used to purchase a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator. Interest rates ranged from 7 percent to 10 percent for loans outstanding as of December 31, 1997. Principal and interest is paid ratably through monthly payroll deductions. -4- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- 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/her account or monthly 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. 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. Investment Options During the year ended December 31, 1997, participants were 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%) and bonds (40%). 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. 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 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 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 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. -5- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- During the year ended December 31, 1997, participants were able to allocate their contributions among the following investment options: The Stock Fund invests primarily in shares of Crown Cork & Seal Company, Inc. common stock. This fund includes the Crown Cork & Seal Stock Fund and the STI Classic Prime Quality Money Market Funds. The Fixed Income Fund invests in guaranteed investment contracts with New England Mutual Life Insurance Company. The Diversified Fund includes shares of the AIM Equity Funds, Inc. Weingarten Fund, shares of the investment Company of America Mutual Fund as well as shares of the Vanguard Windsor Fund. All three funds are equity funds. The Government Fund holds shares in the Vanguard Fixed Income Securities Fund, which is comprised of government bonds with one to four year maturities. Note 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. -6- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- Payment of Benefits Benefits are recorded when paid. Note 3 - Related Party Transactions The Plan invests in shares of mutual funds managed by an affiliate of Vanguard Fiduciary Trust Company ("VFTC".) VFTC acts as trustee for only 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. Note 4 - Crown Cork & Seal Fixed Income Fund The Crown Cork & Seal Fixed Income Fund consists of guaranteed investment contracts valued at contract value, which approximates fair value. The guaranteed investment contracts are fully benefit responsive. Interest rates on guaranteed investment contracts ranged between 5.48 percent and 6.96 percent at December 31, 1997. Average yield on guaranteed investment contracts was 6.07 percent in 1997. Note 5 -New England Mutual Life Insurance Group Annuity Contract The New England Mutual Life Insurance Group Annuity Contract is fully benefit responsive and valued at contract value which approximates fair value. Interest rate on the contract was 5.1% with an average yield of 4.98% in 1996. The contract was terminated during 1997. Note 6 - Plan Expenses The Company generally pays for the Plan's administrative expenses except for brokerage commissions and related expenses which are paid directly from the Plan's earnings. Note 7 - Tax Status The Internal Revenue Service has determined and informed the Company by a letter dated February 22, 1996 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Accordingly, the Plan is not subject to federal or local income taxes. Note 8 - Trustee Effective January 1, 1997, Vanguard Fiduciary Trust Company ("Vanguard") was named as the new trustee for the Plan. All contributions made during 1997 where forwarded to Vanguard. Assets held with Sun Trust Bank, former trustee, were transferred to Vanguard in November of 1997. The assets were transferred into various Vanguard Funds as directed by the participants' elections. -7- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- Note 9 - Changes in Net Assets Available for Benefits by Investment Fund The allocation of changes in net assets available for benefits for the year ended December 31, 1997 is as follows:
Participant Directed ------------------------------------------------------------------------------------------------- Vanguard Crown Bond Index Cork & Vanguard Fund - Total Vanguard Vanguard Seal Balanced Bond Vanguard Index International Crown Fixed Index Market Explorer Trust - 500 Growth Cork & Seal Participant Income Fund Portfolio Fund Portfolio Portfolio Stock Fund Loans Fund Additions Investment income: Interest and dividend income, investments $ 52,282 $ 6,250 $ 121,729 $ 86,744 $ 39,009 $ 17,205 $ -- $ 64,283 Interest income, participant loans -- -- -- -- -- -- 95,855 -- Net appreciation (depreciation) of investments (19,489) 3,166 (108,045) (41,680) (44,106) 434,622 -- -- ---------- --------- ---------- ---------- --------- ---------- --------- ---------- 32,793 9,416 13,684 45,064 (5,097) 451,827 95,855 64,283 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- Contributions: Employer 52,223 16,414 31,948 122,698 20,674 42,878 -- 102,433 Participant 171,429 52,934 99,076 365,905 64,491 112,708 -- 265,577 Participant loan repayments 25,035 4,174 10,778 46,462 6,943 12,077 (161,100) 55,631 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- 248,687 73,522 141,802 535,065 92,108 167,663 (161,100) 423,641 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- Total additions 281,480 82,938 155,486 580,129 87,011 619,490 (65,245) 487,924 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- Deductions Administrative expenses Participant loan withdrawals (435,291) Payment of benefits 7,856 983 1,072 5,405 -- 1,596 95,164 11,707 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- Total deductions 7,856 983 1,072 5,405 -- 1,596 (340,127) 11,707 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- Net increase prior to interfund transfers 273,624 81,955 154,414 574,724 87,011 617,894 274,882 476,217 Interfund transfers 2,117,136 471,229 1,059,244 5,187,021 776,080 3,094,981 (367,948) 6,717,438 ---------- --------- ---------- ---------- --------- ---------- --------- ---------- Net increase 2,390,760 553,184 1,213,658 5,761,745 863,091 3,712,875 (93,066) 7,193,655 Net assets available for benefits: Beginning of period -- -- -- -- -- -- 992,181 -- ---------- --------- ---------- ---------- --------- ---------- --------- ---------- End of period $2,390,760 $ 553,184 $1,213,658 $5,761,745 $ 863,091 $3,712,875 $ 899,115 $7,193,655 ---------- --------- ---------- ---------- --------- ---------- --------- ----------
-8- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- Note 9 - Changes in Net Assets Available for Benefits by Investment Fund (continued) The allocation of changes in net assets available for benefits for the year ended December 31, 1997 is as follows:
Participant Directed ------------------------------------------------------------------------------------- Fixed Income Diversified Government TRASOP Stock Fund Fund Fund Fund Fund Total Additions Investment income: Interest and dividend income, investments $ 426,903 $ 88,399 $ 32,431 $ 6,365 $ 58,340 $ 999,940 Interest income, participant loans -- -- -- -- -- 95,855 Net appreciation (depreciation) of investments -- 1,107,308 922 -- (488,187) 844,511 ----------- ----------- ----------- ----------- ----------- ----------- 426,903 1,195,707 33,353 6,365 (429,847) 1,940,306 ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Employer 29,125 (2,025) 3,662 -- 49 420,079 Participant 125,809 -- -- -- -- 1,257,929 Participant loan repayments -- -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- 154,934 (2,025) 3,662 -- 49 1,678,008 ----------- ----------- ----------- ----------- ----------- ----------- Total additions 581,837 1,193,682 37,015 6,365 (429,798) 3,618,314 ----------- ----------- ----------- ----------- ----------- ----------- Deductions Administrative expenses 465 465 Participant loan withdrawals 435,291 -- Payment of benefits 1,142,409 552,191 71,783 -- 873,342 2,763,508 ----------- ----------- ----------- ----------- ----------- ----------- Total deductions 1,577,700 552,191 71,783 -- 873,807 2,763,973 ----------- ----------- ----------- ----------- ----------- ----------- Net increase prior to interfund transfers (995,863) 641,491 (34,768) 6,365 (1,303,605) 854,341 Interfund transfers (8,886,415) (7,234,363) (559,141) -- (2,375,262) -- ----------- ----------- ----------- ----------- ----------- ----------- Net increase (9,882,278) (6,592,872) (593,909) 6,365 (3,678,867) 854,341 Net assets available for benefits: Beginning of period 9,882,278 6,592,872 593,909 123,721 3,678,867 21,863,828 ----------- ----------- ----------- ----------- ----------- ----------- End of period $ -- $ -- $ -- $ 130,086 $ -- $22,718,169 ----------- ----------- ----------- ----------- ----------- -----------
-9- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. Notes to Financial Statements - -------------------------------------------------------------------------------- Note 9 - Changes in Net Assets Available for Benefits by Investment Fund (continued) The allocation of changes in net assets available for plan benefits for the period ended December 31, 1996 is as follows:
Participant Directed ------------------------------------------------------------------------------------------------- Stock Fixed Diversified Government TRASOP Loan Fund Income Fund Fund Fund Fund Total Additions Investment income: Interest and dividend income, investments $ 80,226 $ 546,052 $ 98,978 $ 57,231 $ 5,943 $ 788,430 Interest income, participant loans $ 94,749 94,749 Net unrealized apprec (deprec.) of investments 953,250 1,051,385 (13,405) 1,991,230 ---------- ----------- ----------- ---------- ---------- ---------- ----------- 1,033,476 546,052 1,150,363 43,826 5,943 94,749 2,874,409 ---------- ----------- ----------- ---------- ---------- ---------- ----------- Contributions: Employer 78,446 189,111 132,937 20,159 420,653 Participant 234,486 521,624 443,617 75,505 1,275,232 Participant loan repayments 546,575 (546,575) -- ---------- ----------- ----------- ---------- ---------- ---------- ----------- 312,932 1,257,310 576,554 95,664 -- (546,575) 1,695,885 ---------- ----------- ----------- ---------- ---------- ---------- ----------- Total additions 1,346,408 1,803,362 1,726,917 139,490 5,943 (451,826) 4,570,294 ---------- ----------- ----------- ---------- ---------- ---------- ----------- Deductions Administrative expenses 435 2,461 2,896 Participant loan withdrawals 611,303 (611,303) -- Payment of benefits 990,224 3,199,216 710,049 423,419 153 116,933 5,439,994 ---------- ----------- ----------- ---------- ---------- ---------- ----------- Total deductions 990,659 3,810,519 710,049 423,419 2,614 (494,370) 5,442,890 Net increase prior to interfund transfers 355,749 (2,007,157) 1,016,868 (283,929) 3,329 42,544 (872,596) Interfund transfers (129,280) (184,672) 446,055 (37,354) -- (94,749) -- ---------- ----------- ----------- ---------- ---------- ---------- ----------- Net increase 226,469 (2,191,829) 1,462,923 (321,283) 3,329 (52,205) (872,596) Net assets available for benefits: Beginning of period 3,452,398 12,074,107 5,129,949 915,192 120,392 1,044,386 22,736,424 ---------- ----------- ----------- ---------- ---------- ---------- ----------- End of period $3,678,867 $ 9,882,278 $ 6,592,872 $ 593,909 $ 123,721 $ 992,181 $21,863,828 ========== =========== =========== ========== ========== ========== ===========
-10- Crown Cork & Seal Company Inc. Schedule I 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. EIN 23-1526444 Schedule of Assets Held for Investment Purposes Attachment to Form 5500, Line 27(a) As of December 31, 1997 - --------------------------------------------------------------------------------
Current Identity of Issue Investment Type Cost Value * Vanguard Balanced Index Fund Registered Investment Company $ 2,392,461 $ 2,372,567 * Vanguard Bond Index Fund -Total Bond Market Portfolio Registered Investment Company 544,902 548,049 * Vanguard Explorer Fund Registered Investment Company 1,309,521 1,201,360 * Vanguard Index Trust-500 Portfolio Registered Investment Company 5,755,724 5,713,811 * Vanguard International Growth Portfolio Registered Investment Company 900,436 856,330 * STI Classic Prime Quality Money Market Fund Money Market Fund 130,086 130,086 * Crown Cork & Seal Stock Fund Company Stock Fund 3,266,177 3,700,717 * Participant loans 899,115 899,115 * Crown Cork & Seal Fixed Income Fund Unallocated Insurance Contract 7,161,750 7,161,750 ----------- ----------- Total assets held for investment purposes $22,360,172 $22,583,785 =========== =========== * Party in Interest
- 11 - Crown Cork & Seal Company Inc. Schedule II 401(k) Retirement Savings Plan for Salaried Employees of CONSTAR International, Inc. EIN 23-1526444 Schedule of Reportable (5%) Transactions Attachment to Form 5500, Line 27(d) Year Ended December 31, 1997 - --------------------------------------------------------------------------------
Current Value Historical of Asset on Historical Identity of Purchase Selling Cost Transaction Gain Party Involved Description of Asset Price Price of Asset Date (Loss) -------------- -------------------- ----- ----- -------- ---- ------ The Vanguard Group Vanguard Balanced Index $2,399,911 $2,399,911 The Vanguard Group Vanguard Balanced Index $ 7,856 $ 7,451 7,856 $ 405 The Vanguard Group Vanguard Explorer Fund 1,310,476 1,310,476 The Vanguard Group Vanguard Explorer Fund 1,072 954 1,072 118 The Vanguard Group Index Trust-500 Portfolio 5,760,896 5,760,896 The Vanguard Group Index Trust-500 Portfolio 5,405 5,172 5,405 233 The Vanguard Group Crown Cork & Seal Fixed Income Fund 7,210,496 7,210,496 The Vanguard Group Crown Cork & Seal Fixed Income Fund 48,745 48,745 48,745 -- The Vanguard Group/Sun Trust Crown Cork & Seal Common Stock Fund 3,267,691 3,267,691 The Vanguard Group/Sun Trust Crown Cork & Seal Common Stock Fund 1,596 1,513 1,596 83 * 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 We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-63732) of Crown Cork & Seal Company, Inc. of our report dated June 19, 1998 appearing on page 6 of this Form 11-K. PRICE WATERHOUSE LLP Philadelphia, Pennsylvania June 26, 1998 -----END PRIVACY-ENHANCED MESSAGE-----