-----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, R7Ebxul8KbfPV7u53oU0SGX+t7HsWFs2Vn7xSEGbuPqbaTvR2j0dyXnrj+2v780m GtqTg8xDSusXePhac5JRVg== 0000950159-98-000177.txt : 19980630 0000950159-98-000177.hdr.sgml : 19980630 ACCESSION NUMBER: 0000950159-98-000177 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: 98657143 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 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 29, 1998 Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Financial Statements as of and for the years ended December 31, 1997 and 1996 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 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 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 June 19, 1998 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, 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 administrator; 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 audit 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 Statement of Net Assets Available for Benefits - ------------------------------------------------------------------------------
As of December 31, ------------------------------ 1997 1996 ---- ---- Investments, at fair value Registered investment companies: Vanguard Balanced Index Fund $ 3,578,558 $ 2,374,046 Vanguard Bond Index Fund - Total Bond Market Portfolio 833,402 548,538 Vanguard Explorer Fund 3,066,177 3,014,648 Vanguard Index Trust - 500 Portfolio 27,540,587 * 18,524,077 Vanguard International Growth Portfolio 4,130,309 4,153,092 ------------ ------------ 39,149,033 28,614,401 Crown Cork & Seal Stock Fund 42,173,913 * 42,880,689 Crown Cork & Seal Fixed Income Fund 51,630,819 * 57,971,247 CC&S Confederation Life IC Fund -- 4,751,245 Participant loans 735,229 545,888 ------------ ------------ Total investments 133,688,994 134,763,470 ------------ ------------ Receivables Employer's contributions 98,358 82,454 Participants' contributions 383,063 321,778 Other receivables 13,560 9,112 ------------ ------------ Total receivables 494,981 413,344 ------------ ------------ Net assets available for benefits $134,183,975 $135,176,814 ============ ============ * 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 - ------------------------------------------------------------------------------
Year Ended December 31, ------------------------------- 1997 1996 ---- ---- Additions Investment income: Interest and dividend income, investments $ 5,905,938 $ 5,013,809 Interest income, participant loans 55,906 45,057 Net appreciation in fair value of investments 3,140,553 13,778,247 ------------- ------------- 9,102,397 18,837,113 ------------- ------------- Contributions: Employer 1,196,419 1,044,818 Participant 4,955,810 4,361,483 ------------- ------------- 6,152,229 5,406,302 ------------- ------------- Total additions 15,254,626 24,243,415 ------------- ------------- Deductions Payment of benefits 16,246,745 11,755,639 Administrative expenses 720 260 ------------- ------------- Total deductions 16,247,465 11,755,899 ------------- ------------- Net increase (decrease) (992,839) 12,487,516 Net assets available for benefits: Beginning of period 135,176,814 122,689,298 ------------- ------------- End of period $ 134,183,975 $ 135,176,814 ============= =============
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 - ------------------------------------------------------------------------------ Note 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 agreement 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. 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. 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. -4- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - ------------------------------------------------------------------------------ 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. Interest rates ranged from 7.5 percent to 13.7 percent for loans outstanding as of December 31, 1997. 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, 1997 forfeited non-vested accounts totaled $38,416. 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 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 percent) and bonds (40 percent). 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. -5- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - ------------------------------------------------------------------------------ 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. 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. Payment of Benefits Benefits are recorded when paid. -6- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - ------------------------------------------------------------------------------ Note 3 - 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 will be 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. Note 4 - Related Party Transactions The Plan invests in shares of mutual funds managed by an affiliate of 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 5 - Plan Expenses All recordkeeping expenses for the administration of the Plan, with the exception of certain miscellaneous fees, are paid by the Company. Note 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. Note 7 - 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 5.0 percent and 6.96 percent at December 31, 1997 and 4.9 percent and 7.0 percent at December 31, 1996. Average yields on guaranteed investment contracts were 6.07 percent in 1997 and 6.0 percent in 1996. -7- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - ------------------------------------------------------------------------------ Note 8 - Changes in Net Assets Available for Benefits by Investment Fund The allocation of changes in net assets available for plan benefits for the period ended December 31, 1997 is as follows:
Participant Directed ---------------------------------------------------------------------------- Vanguard Bond Index Vanguard Fund - Vanguard Vanguard Crown Cork Balanced Total Bond Vanguard Index International & Seal Index Market Explorer Trust - 500 Growth Stock Fund Portfolio Fund Portfolio Portfolio Fund ---- --------- ---- --------- --------- ---- Additions Investment income: Interest and dividend income, investments $ 139,143 $ 41,686 $ 302,216 $ 566,767 $ 176,306 $ 782,511 Interest income, participant loans -- -- -- -- -- -- Net realized gain (loss) on sale of investments 36,824 20 76,967 593,310 87,804 (335,166) Net unrealized appreciation (depreciation) of investments 419,192 17,362 8,517 5,434,917 (97,669) (3,101,525) ---------- -------- ---------- ----------- ------------- ------------- 595,159 59,068 387,700 6,594,994 166,441 (2,654,180) ---------- -------- ---------- ----------- ------------- ------------- Contributions: Employer 1,975 1,658 2,391 6,129 4,982 1,166,085 Participant 210,981 113,627 315,807 1,171,125 341,060 1,690,554 Participant loan repayments 2,250 651 6,734 37,593 5,028 48,651 ---------- -------- ---------- ----------- ------------- ------------- 215,206 115,936 324,932 1,214,847 351,070 2,905,290 ---------- -------- ---------- ----------- ------------- ------------- Total additions 810,365 175,004 712,632 7,809,841 517,511 251,110 ---------- -------- ---------- ----------- ------------- ------------- Deductions Payment of benefits 512,536 72,151 205,363 2,170,937 517,672 3,477,338 Participant loan withdrawals 5,417 1,628 14,450 93,439 9,865 61,298 Administrative expenses 60 10 100 190 70 90 ---------- -------- ---------- ----------- ------------- ------------- Total deductions 518,013 73,789 219,913 2,264,566 527,607 3,538,726 ---------- -------- ---------- ----------- ------------- ------------- Net increase (decrease) prior to interfund transfers 292,352 101,215 492,719 5,545,275 (10,096) (3,287,616) Interfund transfers 918,177 186,464 (435,068) 3,505,957 (5,771) 2,596,585 ---------- -------- ---------- ----------- ------------- ------------- Net increase (decrease) 1,210,529 287,679 57,651 9,051,232 (15,867) (691,031) 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 ---------- -------- ---------- ----------- ------------- ------------- End of period $3,595,958 $842,814 $3,092,484 $27,647,684 $4,158,734 $42,389,576 ========== ======== ========== =========== ========== ===========
Participant Directed -------------------------------------------- Crown Cork Crown Cork & Seal & Seal Confederation Fixed Participant Life Income Loans IC Fund Fund Total ----- ------- ---- ----- Additions Investment income: Interest and dividend income, investments $ -- $ 693,877 $ 3,203,432 $ 5,905,938 Interest income, participant loans 55,906 -- -- 55,906 Net realized gain (loss) on sale of investments -- -- -- 459,759 Net unrealized appreciation (depreciation) of investments -- -- -- 2,680,794 ------------- ----------- ------------- ------------- 55,906 693,877 3,203,432 9,102,397 ------------- ----------- ------------- ------------- Contributions: Employer -- -- 13,199 1,196,419 Participant -- -- 1,112,656 4,955,810 Participant loan repayments (144,431) -- 43,524 -- ------------- ----------- ------------- ------------- (144,431) -- 1,169,379 6,152,229 ------------- ----------- ------------- ------------- Total additions (88,525) 693,877 4,372,811 15,254,626 ------------- ----------- ------------- ------------- Deductions Payment of benefits 22,726 -- 9,268,022 16,246,745 Participant loan withdrawals (300,592) -- 114,495 -- Administrative expenses -- -- 200 720 ------------- ----------- ------------- ------------- Total deductions (277,866) -- 9,382,717 16,247,465 ------------- ----------- ------------- ------------- Net increase (decrease) prior to interfund transfers 189,341 693,877 (5,009,906) (992,839) Interfund transfers -- (5,445,122) (1,321,222) -- ------------- ----------- ------------- ------------- Net increase (decrease) 189,341 4,751,245) (6,331,128) (992,839) Net assets available for benefits: Beginning of period 545,888 4,751,245 58,052,624 135,176,814 ------------- ----------- ------------- ------------- End of period $ 735,229 $ -- $51,721,496 $134,183,975 ============= =========== =========== ============
-8- Crown Cork & Seal Company, Inc. 401(k) Retirement Savings Plan Notes to Financial Statements - ------------------------------------------------------------------------------ Note 8 - Changes in Net Assets Available for Benefits by Investment Fund The allocation of changes in net assets available for plan benefits for the period ended December 31, 1996 is as follows:
Participant Directed -------------------------------------------------------------------- Vanguard Bond Index Vanguard Fund - Vanguard Vanguard Balanced Total Bond Vanguard Index International Index Market Explorer Trust - 500 Growth Fund Portfolio Fund Portfolio Portfolio Additions Investment income: Interest and dividend income, investments $101,623 $32,844 $168,075 $396,087 $175,680 Interest income, participant loans -- -- -- -- -- Net realized gain (loss) on sale of investments 38,825 (2,626) 31,822 241,639 26,528 Net unrealized apprec. (deprec.) of investments 163,306 (9,100) 94,076 2,662,142 285,721 ---------- -------- ---------- ----------- ---------- 303,754 21,118 293,973 3,299,868 487,929 ---------- -------- ---------- ----------- ---------- Contributions: Employer -- -- -- -- -- Participant 149,936 86,457 287,289 964,827 267,797 Participant loan repayments 746 162 4,141 22,556 3,741 ---------- -------- ---------- ----------- ---------- 150,682 86,619 291,430 987,383 271,538 ---------- -------- ---------- ----------- ---------- Total additions 454,436 107,737 585,403 4,287,251 759,467 ---------- -------- ---------- ----------- ---------- Deductions Payment of benefits 228,003 6,836 172,569 1,464,399 191,376 Participant loan withdrawals 1,557 188 8,532 45,104 1,826 Administrative expenses 40 10 -- 70 20 ---------- -------- ---------- ----------- ---------- Total deductions 229,600 7,034 181,101 1,509,573 193,222 ---------- -------- ---------- ----------- ---------- Net increase (decrease) prior to interfund transfers 224,836 100,703 404,302 2,777,678 566,245 Interfund transfers 31,232 (81,613) 572,662 2,462,022 901,093 ---------- -------- ---------- ----------- ---------- Net increase (decrease) 256,068 19,090 976,964 5,239,700 1,467,339 Net assets available for benefits: Beginning of period 2,129,361 536,045 2,057,869 13,356,752 2,707,262 ---------- -------- ---------- ----------- ---------- End of period $2,385,429 $555,135 $3,034,833 $18,596,452 $4,174,601 ========== ======== ========== =========== ==========
Participant Directed ------------------------------------------------------- Crown Cork Crown Cork Crown Cork & Seal & Seal & Seal Confederation Fixed Stock Participant Life Income Fund Loans IC Fund Fund Total Additions Investment income: Interest and dividend income, investments $767,104 $ -- $ -- $3,372,396 $5,013,809 Interest income, participant loans -- 45,057 -- -- 45,057 Net realized gain (loss) on sale of investments 892,208 -- -- -- 1,228,396 Net unrealized apprec. (deprec.) of investments 9,353,706 -- -- -- 12,549,851 ----------- -------- ---------- ----------- ------------ 11,013,018 45,057 -- 3,372,396 18,837,113 ----------- -------- ---------- ----------- ------------ Contributions: Employer 1,044,232 -- -- 587 1,044,818 Participant 1,599,299 -- -- 1,005,878 4,361,483 Participant loan repayments 39,280 (109,348) -- 38,722 -- ----------- -------- ---------- ----------- ------------ 2,682,811 (109,348) -- 1,045,187 5,406,302 ----------- -------- ---------- ----------- ------------ Total additions 2,682,811 (64,291) -- 4,417,583 24,243,415 ----------- -------- ---------- ----------- ------------ Deductions Payment of benefits 2,282,688 64,754 -- 7,345,014 11,755,639 Participant loan withdrawals 70,980 (189,873) -- 61,686 -- Administrative expenses 40 -- -- 80 260 ----------- -------- ---------- ----------- ------------ Total deductions 2,353,708 (125,119) -- 7,406,780 11,755,899 ----------- -------- ---------- ----------- ------------ Net increase (decrease) prior to interfund transfers 11,342,121 60,828 -- (2,989,197) 12,487,516 Interfund transfers (4,175,381 -- -- 289,984 -- ----------- -------- ---------- ----------- ------------ Net increase (decrease) 7,166,740 60,828 -- (2,699,213) 12,487,516 Net assets available for benefits: Beginning of period 35,913,867 485,060 4,751,245 60,751,837 122,689,298 ----------- -------- ---------- ----------- ------------ End of period $43,080,607 $545,888 $4,751,245 $58,052,624 $135,176,814 =========== ======== ========== =========== ============
-9- 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, 1997 - --------------------------------------------------------------------------------
Current Identity of Issue Investment Type Cost Value ----------------- --------------- ---- ------- * Vanguard Balanced Index Fund Registered Investment Company $2,865,702 $3,578,558 * Vanguard Bond Index Fund - Total Bond Market Portfolio Registered Investment Company 811,167 833,402 * Vanguard Explorer Fund Registered Investment Company 2,884,014 3,066,177 * Vanguard Index Trust-500 Portfolio Registered Investment Company 17,696,867 27,540,587 * Vanguard International Growth Portfolio Registered Investment Company 3,862,306 4,130,309 * Crown Cork & Seal Common Stock Fund Company Stock Fund 28,399,558 42,173,913 * Participant loans 7.5% - 13.7% 735,229 735,229 * Crown Cork & Seal Fixed Income Fund Unallocated Insurance Contracts 51,630,819 51,630,819 ------------ ------------ Total assets held for investment purposes $108,885,662 $133,688,994 ============ ============ * Party in Interest
-10- Crown Cork & Seal Company, Inc. Schedule II 401(k) Retirement Savings Plan EIN 23-1526444 Schedule of Reportable Transactions 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 Index Trust-500 Portfolio $ 7,909,369 $ 7,909,369 The Vanguard Group Index Trust-500 Portfolio $ 4,921,086 $ 3,945,804 4,921,086 $ 975,282 The Vanguard Group Crown Cork & Seal Fixed Income Fund 12,175,678 12,175,678 The Vanguard Group Crown Cork & Seal Fixed Income Fund 18,516,056 18,516,056 18,516,056 -- The Vanguard Group Crown Cork & Seal Stock Fund 10,014,761 10,014,761 The Vanguard Group Crown Cork & Seal Stock Fund 7,284,846 5,285,193 7,284,846 1,999,653
-11- EX-23 2 Consent of Independent Accountants We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-39529) 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, PA June 26, 1998 -----END PRIVACY-ENHANCED MESSAGE-----