-----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, L6hwm+hBNfK1EAGFbbVAUELW36tQNPFXRS+irNjx0PS844Hr1UtuXP1Go1v1DyOc kv9z90RwJTdZ/QZgjU70Eg== /in/edgar/work/20000628/0000950152-00-004960/0000950152-00-004960.txt : 20000920 0000950152-00-004960.hdr.sgml : 20000920 ACCESSION NUMBER: 0000950152-00-004960 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON CORP CENTRAL INDEX KEY: 0000031277 STANDARD INDUSTRIAL CLASSIFICATION: [3600 ] IRS NUMBER: 340196300 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-01396 FILM NUMBER: 662174 BUSINESS ADDRESS: STREET 1: EATON CTR STREET 2: 1111 SUPERIOR AVE CITY: CLEVELAND STATE: OH ZIP: 44114-2584 BUSINESS PHONE: 2165235000 MAIL ADDRESS: STREET 1: 1111 SUPERIOR AVENUE CITY: CLEVELAND STATE: OH ZIP: 44114 FORMER COMPANY: FORMER CONFORMED NAME: EATON YALE & TOWNE INC DATE OF NAME CHANGE: 19710822 11-K 1 e11-k.txt EATON CORPORATION 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) [X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Fee required) For the fiscal year ended December 31, 1999 Or [ ] Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Fee required) For the transition period from _____________ to ___________ Commission file number ____________________________________ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: EATON CORPORATION SHARE PURCHASE AND INVESTMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Eaton Corporation, 1111 Superior Avenue, Cleveland, Ohio 44114-2584 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. (Name of Plan) EATON CORPORATION SHARE PURCHASE AND INVESTMENT PLAN Date: June 27, 2000 By: Eaton Corporation Pension Administration Committee By: /s/ S. J. Cook ------------------------------- (Signature) S. J. Cook Vice President-Human Resources Eaton Corporation 2 AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Eaton Corporation Share Purchase and Investment Plan December 30, 1999 and 1998 and Year Ended December 30, 1999 3 Report of Independent Auditors Corporate Compensation and Organization Committee of Eaton Corporation Eaton Corporation Share Purchase and Investment Plan We have audited the accompanying statements of net assets available for benefits of the Eaton Corporation Share Purchase and Investment Plan as of December 30, 1999 and 1998, and the related statement of changes in net assets available for benefits for the year ended December 30, 1999. 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 in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 30, 1999 and 1998, and the changes in its net assets available for benefits for the year ended December 30, 1999, in conformity with accounting principles generally accepted in the United States. Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 30, 1999, and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole. Cleveland, Ohio /s/ Ernst & Young LLP June 9, 2000 4 Eaton Corporation Share Purchase and Investment Plan Statement of Net Assets Available for Benefits
DECEMBER 30 1999 1998 -------------------------------------------- ASSETS Investments: At fair value: Eaton Corporation Common Shares $ 540,182,986 $ 575,017,393 Mutual funds 444,513,321 371,687,554 U.S. Government securities 64,258,014 53,871,768 Corporate debt instruments 52,529,896 84,241,102 Participant notes receivable 29,615,919 25,448,042 Short-term investments 37,967,724 30,229,635 At contract value: Guaranteed investment contracts 449,619 1,743,424 -------------------------------------------- Total investments 1,169,517,479 1,142,238,918 Receivables: Interest and dividends 1,849,505 1,470,913 Accrued sales of investments 869,881 845,601 -------------------------------------------- Total receivables 2,719,386 2,316,514 -------------------------------------------- Total assets 1,172,236,865 1,144,555,432 LIABILITIES Accrued purchases of investments 4,034,862 1,256,505 Notes payable - 9,556,621 Other payables 1,459 31,256 -------------------------------------------- Total liabilities 4,036,321 10,844,382 -------------------------------------------- NET ASSETS AVAILABLE FOR BENEFITS $ 1,168,200,544 $ 1,133,711,050 ============================================
See notes to financial statements. 2 5 Eaton Corporation Share Purchase and Investment Plan Statement of Changes in Net Assets Available for Benefits Year Ended December 30, 1999 Additions: Investment income: Net appreciation in fair value of investments $ 79,787,472 Dividends--shares allocated to participants 19,543,447 Dividends--unallocated shares 190,202 Interest 12,077,475 ----------------------- 111,598,596 Contributions: Employer--allocated to participants 12,477,169 Employee 74,356,981 Rollover 4,995,174 ----------------------- 91,829,324 ----------------------- Total additions 203,427,920 Deductions: Distributions to participants 176,222,247 Interest expense 206,636 ----------------------- Total deductions 176,428,883 ----------------------- Net increase 26,999,037 Net assets available for benefits at beginning of year 1,133,711,050 Net transfers from other plans 7,490,457 ----------------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,168,200,544 =======================
See notes to financial statements. 3 6 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements December 30, 1999 and 1998 and Year Ended December 30, 1999 A. SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Eaton Corporation Share Purchase and Investment Plan (Plan) are prepared under the accrual method of accounting. Investments are stated at fair value as measured by quoted prices in active markets, except for guaranteed investment contracts, which are recorded at contract value, and the Fidelity Contra Fund, which is stated at fair value as determined by the trustee. Contract value, which approximates fair value, represents contributions made under the contracts plus interest at the rates specified by the contracts less funds used to pay expenses of the contracts. Participant notes receivable are valued at their outstanding balances, which approximate fair value. The cost of shares sold for the mutual funds and the Eaton Common Shares Fund is based upon the average cost of each participant's shares sold for purposes of determining realized gains and losses. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. B. DESCRIPTION OF PLAN The Plan generally provides that an Eaton employee who is in the regular service of a class in a division or group to which Eaton Corporation (Eaton, the "Company", or the "Plan Sponsor") has extended eligibility for membership in the Plan (other than a temporary employee who is hired for a specific, limited period of time or for the performance of a specific, limited assignment or employees covered by a collective bargaining agreement that does not specify coverage under the Plan) will be eligible to participate on any date established in accordance with administrative procedures which follows the date an employee first incurs an hour of service. 4 7 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements--Continued B. DESCRIPTION OF PLAN--CONTINUED Employees may make a combination of before-tax and after-tax contributions ranging from 1 to 17% of base pay. Employee contributions up to 6% of eligible compensation are eligible for employer match. Participants may change their contributions monthly and accounts are valued daily. Eaton matches regular employee contributions as determined under a formula. This formula compares Eaton's earnings per share for the most recently reported calendar quarter with the average of Eaton's per share earnings for the previous two calendar years. If the most recently reported calendar quarter's earnings per share are identical to the two calendar year average, the Company's matching contribution will be 50% for each dollar contributed by employees. Company matching contributions will increase or decrease depending on whether the most recently reported calendar quarter's earnings per share are greater than or less than the two calendar year average, respectively. For each 2% that the most recently reported calendar quarter's earnings per share is greater than or less than the two calendar year average, 1% will be added or subtracted respectively from the standard Company matching contribution of 50%. Company matching contributions will not be less than $.25, or more than $1.00 for each dollar of regular employee contributions, except under special circumstances as defined in the Plan document. There will be an additional $.10 match with ESOP shares per dollar of before-tax and after-tax contributions, up to 17% of eligible compensation, to match contributions initially invested in the Eaton Common Shares Fund. This match is reduced to $.05 for certain highly compensated employees. The Plan document requires that quarterly Company contributions and dividend payments allocated to employees' accounts must equal or exceed the quarterly principal payments on the notes payable (see Note E). In the event that the quarterly principal payments exceed the allocated Company matching contributions plus dividends for the quarter, a supplemental contribution equal to the difference (none in 1999) is required to be allocated to the participants' accounts. The allocation is based upon the percentage of each employee's quarterly contribution in relation to total quarterly employee contributions. Each participant's account is credited with an allocation of the Plan's earnings based on participant account balances, as defined. 5 8 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements--Continued B. DESCRIPTION OF PLAN--CONTINUED Eligible employees may borrow from their accounts a minimum of $1,000, up to a maximum equal to the lessor of $50,000 or 50% of their vested account balance reduced by their highest outstanding loan balance during the preceding 12 months. The loans are secured by the balance in the participant's account and bear interest at a published rate, as defined. Principal and interest is paid ratably through payroll deductions. Company contributions are provisionally allocated during the year and become non-forfeitable on the last day of each Plan year or upon other events as indicated in the Plan document. All Company matching contributions are invested in the Eaton Common Shares Fund. Employee contributions may be invested in any of the fund options available under the Plan. Key Trust Company of Ohio, N.A. is the Trustee of the Plan. All costs and expenses incurred in administering the Plan are paid by the Plan unless otherwise determined by Eaton. Eaton may amend, modify, suspend or terminate the Plan. No amendment, modification, suspension or termination of the Plan shall have the effect of providing that any amounts then held under the Plan may be used or diverted to any purpose other than for the exclusive benefit of members or their beneficiaries. Information about the Plan is contained in the Plan document, which is available from the Company's Human Resources Department upon request. 6 9 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements--Continued C. CONTRIBUTIONS Company matching contributions were made at the following rates per dollar of regular employee contribution: Period Rate - ---------------------------------------------- -------------- 1 month ended December 30, 1999 1.00 3 months ended November 30, 1999 .84 3 months ended August 31, 1999 .25 3 months ended May 31, 1999 .25 2 months ended February 28, 1999 .25 D. INVESTMENTS The fair value of individual investments that represent 5% or more of the Plan's net assets available for benefits are as follows:
DECEMBER 30 1999 1998 -------------------------------------------- Fidelity Contra Fund $ 145,901,976 $ 97,255,100 Vanguard Windsor Fund 105,453,648 129,109,418 Vanguard Institutional Index Fund 121,945,681 82,934,661 Eaton Common Shares 540,182,986* 575,017,393*
*Includes $311,818,762 and $345,494,106 classified as nonparticipant-directed at December 30, 1999 and 1998, respectively. Participants may reallocate their accumulated contributions daily among the various funds consistent with the ratios specified in the Plan. 7 10 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements--Continued D. INVESTMENT PROGRAMS--CONTINUED During 1999, the Plan's investments (including investments bought, sold, and held during the year) appreciated (depreciated) in fair value as follows: Eaton Common Shares $ 21,440,582 Mutual funds 61,776,777 Government securities (1,925,802) Corporate debt instruments (1,504,085) ---------------------- $ 79,787,472 ======================
Information about the net assets and the significant components of the changes in net assets relating to the non-participant directed investments is as follows:
DECEMBER 30 1999 1998 --------------------------------------------- Net assets: Eaton Corporation Common Shares $ 311,818,762 $ 345,494,106 Key Trust EB Money Market Fund 3,960,792 7,332,294 Receivables 16,915 448,144 Accrued purchases (1,461,014) - Notes payable - (9,556,621) --------------------------------------------- $ 314,335,455 $ 343,717,923 ============================================= YEAR ENDED DECEMBER 30, 1999 ---------------------- Changes in net assets: Contributions $ 13,505,582 Interest and dividends 8,169,703 Net appreciation in fair value of investments 11,409,067 Distributions to participants (57,942,613) Interest expense (206,636) Net transfers to participant directed funds (4,317,571) ---------------------- NET DEDUCTIONS $ (29,382,468) ======================
8 11 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements--Continued E. EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) An Employee Stock Ownership Plan (ESOP), established to prefund a portion of anticipated Company contributions to the Plan, is contained within the Eaton Common Shares Fund. The ESOP was funded by proceeds from bank notes. The Plan is obligated to pay all principal and interest on the notes and all other monetary obligations using Company contributions made to the Plan for that purpose and dividends on the unallocated Eaton Common Shares acquired with the bank note proceeds. At December 30, 1998, the ESOP notes payable to banks and insurance companies bore interest at a fixed rate of 7.2% as to $2.3 million of notes payable, a fixed interest rate of 7.7% per annum as to $5 million of notes payable, and a floating rate (4.3%) based on LIBOR as to $2.2 million of notes payable. The Plan entered into interest rate swaps that effectively converted the $5 million of notes payable to a combination of new fixed rates (6.85% for $3.0 million and 7.1% for $1.4 million) and a floating rate (5.4% for $.6 million) based on LIBOR. The Plan also entered into an interest rate swap which effectively converts the $2.3 million of fixed rate notes payable to a floating rate (4.5%) based on LIBOR. The interest rate differential to be received or paid was determined quarterly and recognized as an adjustment to interest expense. The notes payable were paid in full by December 30, 1999. Unallocated Eaton Common Shares acquired by the ESOP are held in a suspense account and are pledged as security for the notes. These Common Shares are released from the suspense account and allocated to the participants' accounts based on the market value at the time of allocation on a monthly basis in an amount equal to the Company contributions for the period. There were no unallocated Eaton Common Shares at December 30, 1999 ($14,950,465 at December 30, 1998). 9 12 Eaton Corporation Share Purchase and Investment Plan Notes to Financial Statements--Continued F. INCOME TAX STATUS The Plan has received a determination letter from the Internal Revenue Service dated April 2, 1996, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and the related trust is tax exempt. G. NET TRANSFERS TO THE PLAN Effective January 1, 1999, all participants of the GT Products 401(k) Plan became eligible for the Plan. Effective September 1, 1999, the GT Products 401(k) Plan was merged with the Plan and total assets of approximately $9.2 million were transferred to the Plan. During the fourth quarter of 1999, assets of approximately $1.8 million were transferred from the Plan in connection with Eaton's sale of the Engineered Fasteners Division. H. TRANSACTIONS WITH PARTIES-IN-INTEREST Party-in-interest transactions included the investment in the special funds of the trustee and the payment of administrative expenses by the Company. Such transactions are exempt from being prohibited transactions. 10 13 Eaton Corporation Share Purchase and Investment Plan EIN 34-0196300 Plan Number 055 Form 5500 Line 27(a)--Schedule of Assets Held for Investment Purposes December 30, 1999
Description of Investment Including Maturity Date, Identity of Issue, Borrower Rate of Interest, Collateral, or Similar Party Par or Maturity Value Cost Current Value - ------------------------------------------------------------------------------------------------------------------------ Guaranteed Investment Contracts: New York Life Insurance Co. 6.25% due 12/31/99 $ 449,619 $ 449,619 ------------------------------------------- 449,619 449,619 Corporate Debt Instruments: American General Finance Corp. 5.875% due 7/01/00 1,006,450 996,480 AT&T Corp. 6.50% due 9/15/02 996,780 993,750 Associates Corp. 6.00% due 12/01/02 4,997,650 4,871,600 Bank One Corp. 6.40% due 8/01/02 2,297,516 2,263,752 Capital Equipment 6.28% due 6/15/00 1,088,866 1,100,212 Capital Auto 6.06% due 6/15/02 2,099,672 2,095,078 Citigroup Inc. 5.80% due 3/15/04 6,393,526 6,114,820 E.I. Dupont 6.50% due 9/01/02 1,993,600 1,987,220 Electronic Data Systems 6.85% due 10/15/04 249,748 247,128 Fingerhut Master Trust 6.23% due 2/15/07 4,998,576 4,912,500 Ford Motor Credit Corp. 6.125% due 4/28/03 3,992,360 3,888,480 General Electric 6.33% due 9/17/01 565,000 561,808 General Electric 6.52% due 10/08/02 435,000 430,815 General Electric 5.50% due 11/01/01 2,486,413 2,449,514 General Motors 5.75% due 11/10/03 1,264,800 1,192,875 McKesson Corp. 6.60% due 3/01/00 1,999,400 2,000,760 Merrill Lynch & Co. Inc. 6.00% due 1/15/01 642,850 645,151 Morgan Stanley Dean Witter 7.125% due 1/15/03 499,890 499,790 Nationsbank Corp. 5.75% due 3/15/01 4,983,200 4,939,200 Norwest Auto Trust 6.10% due 3/15/01 2,809,836 2,810,578 Premier Auto 6.75% due 11/06/00 1,028,997 1,032,377 Premier Auto 6.35% due 4/06/02 349,560 349,888 Premier Auto 5.07% due 7/08/02 1,999,992 1,974,360 Salomon Smith Barney 5.875% due 2/01/01 500,385 495,285 TCI Communications Inc. 6.375% due 5/01/03 495,635 491,880 Toyota Auto 6.45% due 4/15/02 375,149 374,782 USAA Auto 6.00% due 5/15/04 1,113,709 1,108,638 WalMart Stores 6.55% due 8/10/04 1,298,037 1,280,552 WorldCom 6.125% due 8/15/01 423,453 420,623 ------------------------------------------- 53,386,050 52,529,896
11 14 Eaton Corporation Share Purchase and Investment Plan Form 5500 Line 27(a)--Schedule of Assets Held for Investment Purposes--Continued
Description of Investment Including Maturity Date, Identity of Issue, Borrower Rate of Interest, Collateral, or Similar Party Par or Maturity Value Cost Current Value - ------------------------------------------------------------------------------------------------------------------------ U.S. Government Securities: U.S. Treasury Notes 5.25% due 1/31/01 9,325,156 9,173,410 U.S. Treasury Notes 5.75% due 4/30/03 3,989,688 3,934,360 U.S. Treasury Notes 5.25% due 8/15/03 1,510,664 1,449,135 U.S. Treasury Notes 4.75% due 2/15/04 1,043,930 992,575 U.S. Treasury Notes 4.875% due 3/31/01 1,979,375 1,970,320 U.S. Treasury Notes 6.375% due 8/15/02 7,582,124 7,457,566 U.S. Treasury Notes 5.625% due 5/15/01 3,396,148 3,376,608 U.S. Treasury Notes 4.625% due 11/30/00 8,187,070 8,132,063 Federal Home Loan Banks 6.00% due 8/15/02 993,620 986,410 Federal Home Loan Banks 5.28% due 12/10/03 5,000,000 4,738,300 Federal Home Loan Banks 4.99% due 12/24/01 2,996,719 2,910,480 Fannie Mae 5.25% due 12/20/01 3,447,982 3,373,497 Fannie Mae 6.50% due 8/15/04 997,572 989,530 Fannie Mae 5.10% due 9/25/00 3,999,320 3,967,480 Fannie Mae 6.20% due 5/22/03 5,017,188 4,875,800 Fannie Mae 4.84% due 11/27/00 4,991,406 4,935,950 Fannie Mae 5.12% due 5/12/00 1,000,000 994,530 ------------------------------------------- 65,457,962 64,258,014 Interest in Registered Investment Companies: Oppenheimer Value Equity Fund 1,015,614 shares 10,590,816 10,833,550 Vanguard Windsor Fund 7,002,234 shares 106,573,351 105,453,648 Vanguard Wellesley Fund 1,490,358 shares 31,253,119 28,137,961 Fidelity Contra Fund 2,446,378 shares 119,828,216 145,901,976 Templeton Foreign Fund 2,881,189 shares 28,357,908 32,240,505 Vanguard Institutional Index Fund 912,904 shares 99,323,003 121,945,681 ------------------------------------------- 395,926,413 444,513,321
12 15 Eaton Corporation Share Purchase and Investment Plan Form 5500 Line 27(a)--Schedule of Assets Held for Investment Purposes--Continued
Description of Investment Including Maturity Date, Identity of Issue, Borrower Rate of Interest, Collateral, or Similar Party Par or Maturity Value Cost Current Value - ------------------------------------------------------------------------------------------------------------------------------- Key Trust Company of Ohio, N.A.: Employee Benefits Money Market Fund* 37,967,725 units 37,967,725 37,967,724 Common Stock: Eaton Corporation 7,568,238 shares 353,921,325 540,182,986 Participant notes receivable* 8.75-9.50%, variable maturities 29,615,919 ------------------------ TOTAL INVESTMENTS $ 1,169,517,479 ========================
*Indicates party-in-interest to the Plan. 13 16 Eaton Corporation Share Purchase and Investment Plan EIN 34-0196300 Plan Number 055 Form 5500 Line 27(d)--Schedule of Reportable Transactions Year Ended December 30, 1999
Identity of Party Description Purchase Involved of Assets Price Selling Price Cost of Asset - ----------------------------------------------------------------------------------------------------------------------------------- CATEGORY (iii)--SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS Key Trust Company of Ohio, N.A.* Employee Benefits $ 410,430,310 $410,430,310 Money Market Fund $399,888,986 399,888,986 Fidelity ContraFund Mutual Fund 66,699,440 66,699,440 16,969,494 13,089,674 Eaton Corporation* Eaton Corporation 90,388,592 90,388,592 Common Stock 121,364,650 71,870,750
Current Value Identity of Party of Asset on Net Gain Involved Transaction Date or (Loss) - -------------------------------------------------------------------------------------- CATEGORY (iii)--SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS Key Trust Company of Ohio, N.A.* $410,430,310 399,888,986 $ - Fidelity ContraFund 66,699,440 16,969,494 3,879,820 Eaton Corporation* 90,388,592 121,364,650 49,493,900
There were no category (i), (ii) or (iv) reportable transactions during the year ended December 30, 1999. * Indicates party-in-interest to the Plan. 14 EX-23 2 ex23.txt EXHIBIT 23 1 Exhibit 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statements (Form S-8 No. 333-77243 and Form S-8 No. 333-03599) pertaining to the Eaton Corporation Share Purchase and Investment Plan of our report dated June 9, 2000, with respect to the financial statements and schedules of the Eaton Corporation Share Purchase and Investment Plan included in this Annual Report (Form 11-K) for the year ended December 30, 1999. /s/ Ernst & Young LLP Cleveland, Ohio June 26, 2000 -----END PRIVACY-ENHANCED MESSAGE-----