-----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, Fg+ci3PXy+26RUqibb0D9YTnDsXeJLSwf4M6iperzeD2dT+zsYP1snPz8qfoaAMK eWqnJFJZBhueng07uKwmBA== 0000914039-97-000221.txt : 19970626 0000914039-97-000221.hdr.sgml : 19970626 ACCESSION NUMBER: 0000914039-97-000221 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970625 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEXTER CORP CENTRAL INDEX KEY: 0000028582 STANDARD INDUSTRIAL CLASSIFICATION: PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851] IRS NUMBER: 060321410 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05542 FILM NUMBER: 97629703 BUSINESS ADDRESS: STREET 1: ONE ELM ST CITY: WINDSOR LOCKS STATE: CT ZIP: 06096 BUSINESS PHONE: 2036279051 MAIL ADDRESS: STREET 1: ONE ELM ST CITY: WINDSOR LOCKS STATE: CT ZIP: 06096 11-K 1 11-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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, 1996 or [ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the transition period from ________________ to ____________ Commission file number 1-5542 - -------------------------------------------------------------------------------- THE DEXTER 401(K) SAVINGS PLAN (Full title of plan) The Dexter Corporation One Elm Street Windsor Locks, CT 06096 (Name of issuer of the securities held pursuant to the plan and address of its principal executive office) REQUIRED INFORMATION The Dexter 401(k) Savings Plan ('Plan') is subject to the Employee Retirement Income Security Act of 1974 ('ERISA'). Therefore, attached hereto, in lieu of the requirements of Items 1-3 of Form 11-K, are the financial statements and schedules of the Plan for the two fiscal years ended December 31, 1996 and 1995, which have been prepared in accordance with the financial reporting requirements of ERISA.
EXHIBIT Designation Description Method of Filing - ----------- ----------- ---------------- Exhibit 23 Consent of Coopers & Lybrand L.L.P., Filed with this report. Independent Public Accountants
2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, The Dexter Corporation, the plan administrator of The Dexter 401(K) Savings Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. THE DEXTER 401(K) SAVINGS PLAN Date: June 25, 1997 /s/ Lawrence D. McClure ------------------------------------- Lawrence D. McClure The Dexter Corporation Plan Administrator 3 THE DEXTER 401(K) SAVINGS PLAN INDEX
Page ---- Report of Independent Accountants 2 Financial Statements Statement of Net Assets Available for Plan Benefits at December 31, 1996 and 1995 4 Statement of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1996 and 1995 5 Notes to Financial Statements 6
1 4 REPORT OF INDEPENDENT ACCOUNTANTS To the Plan Administrator of The Dexter 401(k) Savings Plan We have audited the accompanying statement of net assets available for plan benefits of The Dexter 401(k) Savings Plan (the "Plan") at December 31, 1996 and 1995 and the related statement of changes in net assets available for plan benefits for the years then ended. 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. Except as explained in the following paragraph, we conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, investment assets held by Fleet Bank, N.A., the trustee of the Plan assets, and transactions in those assets were excluded from the scope of our audit of the Plan's financial statements as of and for the year ended December 31, 1995, except for comparing the information provided by the trustee, which is summarized in Note 6, with the related information included in the financial statements. Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the Plan's financial statements at December 31, 1995 and for the year then ended. The form and content of the information included in the 1995 financial statements, other than that derived from the information certified by the trustee, have been audited by us and, in our opinion, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. 2 5 In our opinion, the 1996 financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1996, and changes in its net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. /s/ Coopers & Lybrand L.L.P. COOPERS & LYBRAND L.L.P. Springfield, Massachusetts June 24, 1997 3 6 THE DEXTER 401(K) SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS at December 31, 1996 and 1995
1996 1995 ------------ ---------- Assets Investment in Master Trust at fair value $ 36,219,734 $6,268,827 Contributions receivable Employer 96,666 67,007 Employee 169,112 35,034 ------------ ---------- Total assets 36,485,512 6,370,868 Accrued administrative expense 39,445 Other accrued expenses 23,793 ------------ ---------- Net assets available for Plan benefits $ 36,446,067 $6,347,075 ============ ==========
The accompanying notes are an integral part of the financial statements. 4 7 THE DEXTER 401(K) SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS for the years ended December 31, 1996 and 1995
1996 1995 ------------ ----------- Additions to net assets attributed to: Contributions Employer $ 956,846 $ 228,783 Employee 2,905,053 604,962 Net appreciation of the Master Trust 3,177,166 1,096,242 Transfers from merged plans (Note 1) 25,369,507 Net transfers from (to) affiliated plans 54,251 (2,112,501) Other 23,792 158,945 ------------ ----------- 32,486,615 (23,569) ------------ ----------- Deductions from net assets attributed to: Benefits paid directly to participants or their beneficiaries 2,239,415 685,079 Administrative expenses 148,208 ------------ ----------- 2,387,623 685,079 ------------ ----------- Net increase (decrease) 30,098,992 (708,648) Net assets available for Plan benefits, beginning of year 6,347,075 7,055,723 ------------ ----------- Net assets available for Plan benefits, end of year $ 36,446,067 $ 6,347,075 ============ ===========
The accompanying notes are an integral part of the financial statements. 5 8 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN AND NATURE OF OPERATIONS On July 1, 1996, the Dexter Aerospace Materials Division Security Plus Savings Plan and The Dexter Electronic Materials Division Security Plus Savings Plan were merged into The Dexter Packaging Products Division Security Plus Savings Plan. The merged plan, as amended and restated, was renamed as The Dexter 401(k) Savings Plan (the "Plan"). The accounts of employees of Distributor Programs who had participated in the Dexter Automotive Materials Division Security Plus Savings Plan were also transferred into the Plan. The following is a general description of the Plan. 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 covering all eligible employees of the Dexter Aerospace Materials Division, the Dexter Electronic Materials Division, the Dexter Packaging Products Division and the Dexter Magnetic Materials Division's Distributor Programs segment. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and is intended to meet the requirements of Section 401(a), 401(k), and 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"). PLAN ADMINISTRATOR The Dexter Corporation (the "Company") is the administrator of the Plan. Among the responsibilities of the Company as the administrator are to calculate employer contributions, to determine financial hardship for participant withdrawals and to make such rules and regulations as it may deem necessary to carry out the provisions of the Plan. All administrative fees subsequent to the merger are paid from the assets of the Plan. ELIGIBILITY Each eligible employee becomes a participant in the Plan on the first day of the month following the first day of employment. Participants in the plans being merged as of July 1, 1996 were immediately eligible to participate in the Plan. CONTRIBUTIONS AND PARTICIPANT ACCOUNTS Participants may make on a pre-tax basis elective contributions to the Plan of 1% to 12% of the participant's salary. Such participant contributions are subject to certain requirements including Sections 402(g) and 415(d) of the Code. The Company makes contributions of 50% of the actual total pre-tax contributions directed to be made by participants in the plan year up to a maximum of 6% of participant's salary. These contributions are made at least quarterly. Additionally, the Company may make discretionary contributions on behalf of all eligible participants of amounts in excess of 50% of participants' contributions. 6 9 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued Monthly, the yield (interest, dividends and net realized and unrealized gains and losses) on investments is allocated to each participant's account in accordance with the ratio of the value of a participant's account to the value of the fund. Monthly, a participant may direct the Plan's trustee to invest in 1% increments the value of his or her account and/or future contributions in a Large/Mid Cap Equity Fund, Fixed Income Fund, The Dexter Corporation Stock Fund, Money Market Fund, International Equity Fund, or Small Cap Equity Fund. VESTING Matching contributions and associated earnings vest according to the following schedule:
YEARS OF PARTICIPATION PERCENT VESTED ---------------------- -------------- 1 25% 2 50% 3 100%
A year of participation equals four quarters of a participation year. One-quarter of a participation year is a calendar quarter of the plan year in which a pre-tax contribution is made. If the interest of the participant in the Company matching contributions account has not become fully vested under the above schedule, the account will become fully vested upon (a) attaining the age of 65, (b) death, (c) termination of employment due to disability, (d) completion of five years of service, or (e) discontinuance of contributions by the company or termination of the Plan. If a participant separates from the Company before becoming fully vested, non-vested matching contributions will be forfeited. These forfeitures will be first used to pay administrative expenses and then will be applied toward Company matching contributions. Employee elective pre-tax contributions are immediately fully vested. PAYMENT OF BENEFITS Each participant is eligible to receive payment of his or her account no later than 60 days after the end of the later of the plan year in which the participant attains age 65 or the plan year in which the participant separates from service. There are also provisions for distributions upon a participant's early retirement, late retirement, termination of employment, death, or disability. All payments under the Plan are made in a single lump sum. In the event that any portion of the participant's account is invested in Dexter stock, he or she may request payment in whole shares of stock (with any fractional shares paid in cash), in cash, or in some combination of shares of stock and cash. 7 10 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued WITHDRAWALS AND LOANS A participant may withdraw all or any portion of his or her vested account balance resulting only from his or her contributions. Withdrawals are subject to participant's proof of hardship due to an immediate and heavy financial need as further provided in the Plan. The determination of financial hardship and the amount withdrawn shall be made by the Plan Administrator in accordance with nondiscrimination standards applied uniformly to all participants similarly situated. Participants may also obtain loans from the Plan. A participant may have no more than one loan outstanding at any time. The total amount outstanding shall not exceed the lesser of 50% of the participant's vested interest in his or her account or $50,000. Interest is charged on the outstanding loan balance at a rate in accordance with the loan policy and subject to uniform and nondiscriminatory rules as established by the Plan Administrator. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The financial statements have been prepared on the accrual basis of accounting. The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect the reported amount of net assets available for plan benefits at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for plan benefits during the reporting period. Actual results could differ from those estimates. RISKS AND UNCERTAINTIES The plan provides for investment options in various funds of the Master Trust which hold any combination of stocks, bonds, fixed income, and other investment securities. Investment securities are exposed to interest rate, market, credit and other risks. Due to the uncertainty related to changes in these factors, it is at least reasonably possible that changes in the value of investments in the near term could materially affect participants' account balances and the amounts reported in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits. PAYMENT OF BENEFITS Benefits are recorded when paid. 8 11 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued INVESTMENT VALUATION All assets are valued as of the last business day of the year according to the following methods: Fleet Bank, N.A. ("Fleet") holds certain combined assets of the Plan and other employee benefit plans of the Company in a Master Trust (the "Trust"). The allocable portion of the assets and related income are included in these financial statements. Approximately seventeen percent of the assets of the Master Trust are owned by the Plan at December 31, 1996 (approximately three percent at December 31, 1995). In addition to Fleet, other managers act as investment advisors for certain of the combined assets of the Trust. The investment in Master Trust consists of holdings in pooled funds and are valued at fair value as noted below for each type of investment. A unit value for each fund is determined by dividing the outstanding units into the fair value of the fund. The unit values are utilized to allocate investment income and the assets to individual participant's account. At December 31, 1996, investments contained in pooled funds were valued according to the following methods: Common Stocks If listed on a major exchange or traded over-the-counter, the Trust uses the closing price for that exchange. If the stock is traded on more than one exchange, the closing composite price is used. Corporate Bonds Corporate bonds are stated at values determined on the basis of matrix prices received from a third-party broker. Government Securities The Trust accounting reflects dealer market value quotes at the last business day of the month. Short-Term Obligations Short-term instruments are valued at cost, which approximates fair value. Guaranteed Investment Contracts Fully benefit-responsive guaranteed investment contracts are valued at cost (contract value) plus accrued interest. Participant Loans Participant loans are stated at the unpaid principal balance. 9 12 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued OTHER Purchases and sales of securities are reflected on a settlement date basis. Gains or losses on sales of securities are based on average cost. Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on the accrual basis. The net appreciation in the fair value of investments is presented in the statement of changes in net assets available for plan benefits under the caption "net appreciation of the Master Trust". This amount includes the realized gains or losses, the unrealized appreciation or depreciation on those investments, and interest income earned. 3. TAX STATUS The Internal Revenue Service has determined and informed the Company by a letter dated March 22, 1993 that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended and restated since receiving the determination letter. 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 requirements of the Internal Revenue Code and they are in the process of requesting a new determination letter. 4. PLAN TERMINATION In the event of the termination or partial termination of the Plan or the permanent discontinuance of contributions, a distribution of one hundred percent of each participant's share will be made. Distribution may be made, as feasible, to another qualified plan or to an individual retirement account. The Company reserves the right by resolution of its Board of Directors to amend or modify the Plan at any time and for any reason, and also reserves the right by resolution to terminate the Plan at any time and for any reason. However, no such action shall permit any part of the assets of the fund to be used for, or diverted to, purposes other than for the exclusive benefit of participants, retired participants or beneficiaries, or to revert to the Company prior to satisfaction of all the liabilities under the Plan; nor shall such action, except to the extent required to permit the Plan to meet the requirements of the Internal Revenue Code or of any governmental authority, affect adversely, in any way, rights theretofore acquired by the participants. 10 13 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued 5. INVESTMENT CONTRACTS WITH INSURANCE COMPANIES VALUATION The fixed income fund of the Master Trust, in which the Plan participates, invests in five (six in 1995) guaranteed investment contracts (GICs) with insurance companies. Also included in the fixed income fund is the SEI Stable Asset Fund which is a commingled fund consisting of GICs and other investments. These GICs and the SEI Stable Asset Fund are fully benefit-responsive and are included in the Master Trust at contract value plus accrued interest. The fair values of the individual contracts have been determined based on market interest rates for interest rate swap agreements of comparable duration and are presented below:
1996 - ----------------------------------------------------------------------------------------------------------- CONTRACT VALUE MATURITY CREDITING INCLUDING FAIR ISSUER DATE INTEREST RATE ACCRUED INTEREST VALUE - ------ -------- ------------- ---------------- ------------ John Hancock 12/15/99 7.50% $ 5,971,535 $ 6,073,402 John Hancock 12/15/98 8.25 5,856,487 6,116,285 Metropolitan 12/15/97 6.76 3,032,159 3,056,562 New York Life 9/15/98 7.00 7,327,947 7,416,511 Prudential 6/15/97 6.63 3,012,314 3,022,145 SEI Stable Asset Fund Various Various 24,842,860 27,801,810 ----------- ----------- Total $50,043,302 $53,486,715 =========== ===========
1995 - --------------------------------------------------------------------------------------------------- CONTRACT VALUE MATURITY CREDITING INCLUDING FAIR ISSUER DATE INTEREST RATE ACCRUED INTEREST VALUE - ------ -------- ------------- ---------------- ------------ John Hancock 12/15/99 7.50% $ 5,554,917 $ 5,804,582 John Hancock 12/15/98 8.25 5,410,149 5,885,656 MassMutual 12/02/96 9.30 3,685,746 3,811,593 Metropolitan 12/15/97 6.76 5,680,329 5,793,897 New York Life 9/15/98 7.00 7,840,903 8,090,682 Prudential 6/15/97 6.63 5,650,030 5,715,463 SEI Stable Asset Fund Various Various 18,506,201 18,678,423 ----------- ----------- Total $52,328,275 $53,780,296 =========== ===========
11 14 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued CONCENTRATION OF CREDIT RISK Of the guaranteed investment contracts included in the fixed income fund, three, which were held with two individual insurance companies at December 31, 1996, represent concentrations of credit risk (five guaranteed investment contracts held with four individual insurance companies at December 31, 1995). The total contract value, excluding accrued interest, held with each company are approximately $5.9 million, $5.7 million and $7.2 million, respectively ($5.5 million, $5.6 million, $7.8 million, $5.6 million, and $5.3 million, respectively at December 31, 1995) and represent 11.5%, 11.3%, and 14.1%, respectively (10.3%, 10.6%, 14.7%, 10.6%, and 10.1%, respectively, at December 31, 1995), of the total fair value of the fixed income fund. The SEI Stable Asset Fund has a contract value, excluding accrued interest, of approximately $24.7 million ($18.3 million in 1995) and represents 48.6% (34.6% in 1995) of the total fair value of the fixed income fund. 6. INFORMATION CERTIFIED BY TRUSTEE The Plan Administrator had elected the method of compliance permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA for the plan year ended December 31, 1995. Accordingly, Fleet Bank, N.A., the trustee of the Plan assets, certified to the Plan Administrator the completeness and accuracy of the fair value of investments and investment transactions of the Master Trust for the year ended December 31, 1995, and investments in the Master Trust included in the Statement of Net Assets Available for Plan Benefits, net appreciation of the Master Trust included in the Statement of Changes in Net Assets Available for Plan Benefits, and the information contained in Notes 2, 7 and 8 concerning accounting policies and investments. 12 15 7. MASTER TRUST Investments and net appreciation of the Master Trust for The Dexter Corporation Master Trust and the Plan's allocable portion at December 31, 1996 and 1995 and for the years then ended, are as follows:
INVESTMENT IN MASTER TRUST DECEMBER 31, 1996 ------------------------------------------------------------------- MASTER TRUST PLAN'S SHARE OF MASTER TRUST ------------------------------- ----------------------------- FAIR VALUE COST FAIR VALUE COST ------------ ------------ ----------- ----------- Large/Mid Cap equity fund (Equity fund in 1995) $126,534,673 $ 94,807,778 $21,047,348 $15,770,003 Fixed income fund 50,849,133 50,849,133 10,326,650 10,326,650 The Dexter Corporation stock fund 6,807,641 6,081,836 1,523,400 1,165,523 Participant loan fund 2,232,452 2,232,452 1,937,459 1,937,459 Money market fund (Safety of principal fund in 1995) 1,930,801 1,930,801 200,725 200,725 Pension bond fund 19,926,934 18,846,191 Pension fixed fund 9,025 9,025 Permag bond fund 5,912,467 5,888,252 Small cap equity fund 1,639,812 1,597,317 714,856 696,331 International equity fund 1,558,488 1,487,355 469,296 447,877 ------------ ------------ ----------- ----------- $217,401,426 $183,730,140 $36,219,734 $30,544,568 ============ ============ =========== ===========
INVESTMENT IN MASTER TRUST DECEMBER 31, 1995 ------------------------------------------------------------------ MASTER TRUST PLAN'S SHARE OF MASTER TRUST ------------------------------- --------------------------- FAIR VALUE COST FAIR VALUE COST ------------ ------------ ---------- ---------- Equity fund $110,388,162 $ 85,131,945 $3,884,222 $2,995,533 Fixed income fund 52,789,370 52,789,370 1,791,136 1,791,136 The Dexter Corporation stock fund 1,274,079 1,259,975 288,200 286,716 Participant loan fund 1,373,181 1,373,181 305,269 305,269 Safety of principal fund 1,568,442 1,568,442 Pension bond fund 4,586,008 4,264,627 Pension fixed fund 16,461,173 16,077,982 Permag bond fund 5,048,289 4,928,269 ------------ ------------ ---------- ---------- $193,488,704 $167,393,791 $6,268,827 $5,378,654 ============ ============ ========== ==========
13 16 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued 7. MASTER TRUST, CONTINUED
NET APPRECIATION OF THE MASTER TRUST FOR THE YEARS ENDED DECEMBER 31, 1996 DECEMBER 31, 1995 --------------------------------- -------------------------------- PLAN'S SHARE PLAN'S SHARE MASTER TRUST OF MASTER TRUST MASTER TRUST OF MASTER TRUST ------------ --------------- ------------ --------------- Large/Mid Cap equity fund (Equity fund in 1995) $22,655,076 $ 2,396,399 $25,250,420 $ 941,064 Fixed income fund 3,563,650 404,286 3,517,303 108,090 The Dexter Corporation stock fund 891,969 192,753 137,144 37,369 Participant loan fund 137,396 89,239 94,563 9,719 Money market fund (Safety of principal fund in 1995) 80,686 2,616 36,984 Pension bond fund 409,144 688,158 Pension fixed fund 480,644 1,419,588 Permag bond fund 273,179 261,854 Small cap equity fund 129,586 58,164 International equity fund 114,949 33,709 ----------- ----------- ----------- ---------- $28,736,279 $ 3,177,166 $31,406,014 $1,096,242 =========== =========== =========== ==========
At December 31, 1996, 1,140 employees were participating in the Plan. Approximate participation by fund was:
NUMBER OF PARTICIPANTS FUND DECEMBER 31, 1996 ---- ----------------------- Large/Mid Cap equity fund 987 Fixed income fund 824 The Dexter Corporation stock fund 256 Participant loan fund 126 Money market fund 41 Small cap equity fund 126 International equity fund 106
14 17 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued 8. AMOUNTS ALLOCABLE TO EACH SEPARATE INVESTMENT FUND The changes in net assets available for plan benefits of the various funds for the period ended December 31, 1996 are as follows:
LARGE/MID CAP THE EQUITY FIXED INCOME DEXTER CORPORATION FUND FUND STOCK FUND ------------ ------------ ------------------ Additions to net assets attributed to: Contributions Employer $ 514,951 $ 253,056 $ 160,374 Employee 1,840,933 741,262 14,394 Net appreciation of the Master Trust 2,396,399 404,286 192,753 Transfer from merged plans 14,963,415 8,354,710 1,209,723 Other ------------ ------------ ----------- 19,715,698 9,753,314 1,577,244 Deductions from net assets attributed to: Benefits paid Directly to participants or their beneficiaries 1,396,154 705,020 101,429 Administrative expenses 109,978 19,406 2,230 ------------ ------------ ----------- 1,506,132 724,426 103,659 Net transfers from (to) affiliated plans and other (972,719) (446,412) (237,912) ------------ ------------ ----------- Net addition 17,236,847 8,582,476 1,235,673 Net assets available for plan benefits, beginning of year 3,987,994 1,828,141 299,408 ------------ ------------ ----------- Net assets available for plan benefits, end of year $ 21,224,841 $ 10,410,617 $ 1,535,081 =========== ============ ===========
PARTICIPANT MONEY SMALL CAP EQUITY LOAN FUND MARKET FUND STOCK FUND ----------- ----------- ---------------- Additions to net assets attributed to: Contributions Employer $ (7,391) $ 4,877 $ 17,749 Employee 16,448 175,304 Net appreciation of the Master Trust 89,239 2,616 58,164 Transfer from merged plans 841,659 Other 23,792 ----------- ----------- -------- 947,299 23,941 251,217 Deductions from net assets attributed to: Benefits paid Directly to participants or their beneficiaries 21,891 208 8,746 Administrative expenses 15,250 187 704 ----------- ----------- -------- 37,141 395 9,450 Net transfers from (to) affiliated plans and other 734,883 177,865 481,608 ----------- ----------- -------- Net addition 1,645,041 201,411 723,375 Net assets available for plan benefits, beginning of year 231,532 ----------- ----------- -------- Net assets available for plan benefits, end of year $ 1,876,573 $ 201,411 $723,375 =========== =========== ========
INTERNATIONAL EQUITY FUND TOTAL ----------- ----------- Additions to net assets attributed to: Contributions Employer $ 13,230 $ 956,846 Employee 116,712 2,905,053 Net appreciation of the Master Trust 33,709 3,177,166 Transfer from merged plans 25,369,507 Other 23,792 ----------- ----------- 163,651 32,432,364 Deductions from net assets attributed to: Benefits paid Directly to participants or their beneficiaries 5,967 2,239,415 Administrative expenses 453 148,208 ----------- ----------- 6,420 2,387,623 Net transfers from (to) affiliated plans and other 316,938 54,251 ----------- ----------- Net addition 474,169 30,098,992 Net assets available for plan benefits, beginning of year 6,347,075 ----------- ----------- Net assets available for plan benefits, end of year $ 474,169 $36,446,067 =========== ===========
15 18 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued 8. AMOUNTS ALLOCABLE TO EACH SEPARATE INVESTMENT FUND, CONTINUED The changes in net assets available for plan benefits of the various funds for the year ended December 31, 1995 are as follows:
THE FIXED DEXTER CORPORATION EQUITY FUND INCOME FUND STOCK FUND ----------- ----------- ------------------ Additions to net assets attributed to: Contributions Employer $ 127,718 $ 55,643 $ 49,158 Employee 423,396 181,566 Net appreciation of the Master Trust 941,064 108,090 37,369 Other ----------- ----------- --------- 1,492,178 345,299 86,527 Deductions from net assets attributed to: Benefits paid Directly to participants or their beneficiaries 530,814 131,479 22,786 ----------- ----------- --------- 530,814 131,479 22,786 Net transfers (to) affiliated plans and other (1,032,320) (713,273) (82,523) ----------- ----------- --------- Net deduction (70,956) (499,453) (18,782) Net assets available for plan benefits, beginning of year 4,058,950 2,327,594 318,190 ----------- ----------- --------- Net assets available for plan benefits, end of year $ 3,987,994 $ 1,828,141 $ 299,408 =========== =========== =========
PARTICIPANT LOAN FUND TOTAL ------------ ----- Additions to net assets attributed to: Contributions Employer $ (3,736) $ 228,783 Employee 604,962 Net appreciation of the Master Trust 9,719 1,096,242 Other 158,945 158,945 ----------- ----------- 164,928 2,088,932 Deductions from net assets attributed to: Benefits paid Directly to participants or their beneficiaries 685,079 ----------- ----------- 685,079 Net transfers (to) affiliated plans and other (284,385) (2,112,501) ----------- ----------- Net deduction (119,457) (708,648) Net assets available for plan benefits, beginning of year 350,989 7,055,723 ----------- ----------- Net assets available for plan benefits, end of year $ 231,532 $ 6,347,075 =========== ===========
16 19 THE DEXTER 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS, Continued 9. TRANSFERS BETWEEN AFFILIATED PLANS During 1996 and 1995, the Plan had various participant transfers from (to) other employer sponsored plans in the aggregate net amount of $54,251 and ($2,112,501), respectively, as a result of the realignment of the Company's divisions. This amount is shown separately on the Statement of Changes in Net Assets Available for Plan Benefits. 10. RECONCILIATION TO FORM 5500 At December 31, 1995, $16,515 of benefit payables were recorded for Form 5500 purposes, whereas such amounts are included in net assets available for plan benefits in these financial statements. Certain other items are classified differently in the Plan's annual report Form 5500 than they are presented in the accompanying statements of Net Assets Available for Plan Benefits and Statements of Changes in Net Assets Available for Plan Benefits. These represent classification differences only. 11. RECLASSIFICATION Certain 1995 amounts have been reclassified to conform with 1996 presentation. 17 20 EXHIBIT INDEX Exhibit 23 - Consent of Coopers & Lybrand L.L.P., Independent Public Accountants EX-23 2 EX-23 1 Exhibit 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS We consent to the incorporation by reference in the registration statement of The Dexter Corporation on Form S-8 (File No. 333-04081) of our report dated June 24, 1997, on our audit of the financial statements of The Dexter 401(k) Savings Plan as of December 31, 1996 and for the year then ended, which report is included in this Form 11-K for the year ended December 31, 1996. /s/ Coopers & Lybrand L.L.P. COOPERS & LYBRAND L.L.P. Springfield, Massachusetts June 25, 1997 -----END PRIVACY-ENHANCED MESSAGE-----