-----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, DrRzoxpnXXxRoxlDgMKR+sv0es7SYPVVPRmwMb7AoWG5XGvDtaziwROZI0uzHMC5 /k9//3J9hGvNZUQ3mVGTGw== 0000950170-96-000412.txt : 19960701 0000950170-96-000412.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950170-96-000412 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNBEAM CORP/FL/ CENTRAL INDEX KEY: 0000003662 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC HOUSEWARES & FANS [3634] IRS NUMBER: 251638266 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00052 FILM NUMBER: 96587838 BUSINESS ADDRESS: STREET 1: 2100 NEW RIVER CTR STREET 2: 200 E LAS OLAS BLVD CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-2248 BUSINESS PHONE: 3057672100 MAIL ADDRESS: STREET 1: 2100 NEW RIVER CTR STREET 2: 200 E LAS OLAS BLVD CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-2248 FORMER COMPANY: FORMER CONFORMED NAME: SUNBEAM OSTER COMPANY INC /DE/ DATE OF NAME CHANGE: 19931210 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, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-52 SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN (Full title of the plan) SUNBEAM CORPORATION 2100 New River Center 200 East Las Olas Boulevard Fort Lauderdale, Florida 33301 (Name and address of issuer) ANNUAL REPORT Pursuant to Section 15(d)of the Securities Exchange Act of 1934 The following financial statements and Exhibits are provided herewith as the Annual Report filed pursuant to Section 15(d) of the Securities Exchange Act of 1934 by the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing Plan: FINANCIAL STATEMENTS AND SCHEDULES PAGE ---- Report of Independent Certified Public Accountants. F-1 Statements of Net Assets Available for Benefits as of December 31, 1995 and 1994. F-2 Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 1995 and 1994. F-4 Notes to Financial Statements. F-6 Schedule of Assets Held for Investment Purposes as of December 31, 1995. F-11 Schedule of Loans or Fixed Income Obligations. F-12 Schedule of Reportable Transactions for the year ended December 31, 1995. F-13 EXHIBITS Consent of Arthur Andersen LLP. SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. SUNBEAM-OSTER COMPANY, INC. 401(k) SAVINGS AND PROFIT SHARING PLAN By: Sunbeam Corporation, the Plan Administrator Dated: June 28, 1996 By: /s/ PAUL M. O'HARA Paul M. O'Hara, Chief Financial Officer and Executive Vice President REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Administrative Committee of the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing Plan: We have audited the accompanying statements of net assets available for benefits of the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing Plan (the "Plan") as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements and the supplemental schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and supplemental schedules based on our audits. 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. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information 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. /s/ ARTHUR ANDERSEN LLP Fort Lauderdale, Florida, May 24, 1996. F-1
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1995 AND 1994 1995 -------------------------------------------------------------------------------------- NON-PARTICIPANT PARTICIPANT DIRECTED DIRECTED ---------------------------------------------------------- --------------- AMERICAN EXPRESS TRUST IDS NEW SUNBEAM-OSTER TEMPLETON INCOME IDS MUTUAL DIMENSIONS COMPANY STOCK FOREIGN LOAN FUND II FUND FUND POOL FUND FUND TOTAL ---------- ------------ ---------- ------------- --------- --------- ----------- ASSETS: Beneficial interest in investment funds $58,320,372 $12,517,280 $11,542,824 $625,144 $912,756 $ - $83,918,376 Participant loans receivable - - - - - 4,604,755 4,604,755 Employer contributions receivable 1,557,798 398,821 552,742 69,836 75,730 - 2,654,927 Employee contributions receivable 183,823 55,291 77,786 10,931 10,328 - 338,159 Dividends receivable - - 513,515 - - - 513,515 ----------- ----------- ----------- -------- -------- ---------- ----------- Net assets available for benefits $60,061,993 $12,971,392 $12,686,867 $705,911 $998,814 $4,604,755 $92,029,732 =========== =========== =========== ======== ======== ========== ===========
(CONTINUED) F-2
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1995 AND 1994 (CONTINUED) 1994 -------------------------------------------------------------------------------------- NON-PARTICIPANT PARTICIPANT DIRECTED DIRECTED ------------------------------------------------------------ --------------- IDS TRUST IDS NEW SUNBEAM-OSTER TEMPLETON INCOME IDS MUTUAL DIMENSIONS COMPANY STOCK FOREIGN LOAN FUND II FUND FUND POOL FUND FUND TOTAL ----------- ---------- ---------- ------------- --------- -------- ----------- ASSETS: Beneficial interest in investment funds $57,307,809 $11,697,768 $8,858,088 $ - $ - $ - $77,863,665 Uninvested cash 8,498 1,124 1,326 - - - 10,948 Participant loans receivable - - - - - 193,290 193,290 Employer contributions receivable 3,943,156 865,225 1,219,647 50,046 89,083 - 6,167,157 Employee contributions receivable 289,369 70,807 110,908 2,675 5,682 - 479,441 Dividends receivable - - 415,016 - - - 415,016 ----------- ----------- ---------- ------- ------- -------- ----------- Total assets 61,548,832 12,634,924 10,604,985 52,721 94,765 193,290 85,129,517 LIABILITIES: Excess contributions payable (25,994) (10,479) (11,916) (99) (1,906) - (50,394) ----------- ----------- ---------- ------- ------- -------- ------------ Net assets available for benefits $61,522,838 $12,624,445 $10,593,069 $52,622 $92,859 $193,290 $85,079,123 =========== =========== =========== ======= ======= ======== ===========
The accompanying notes to financial statements are an integral part of these statements. F-3
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 1995 ---------------------------------------------------------------------------------------- NON-PARTICIPANT PARTICIPANT DIRECTED DIRECTED ------------------------------------------------------------- --------------- AMERICAN EXPRESS TRUST IDS NEW SUNBEAM-OSTER TEMPLETON INCOME IDS MUTUAL DIMENSIONS COMPANY STOCK FOREIGN LOAN FUND II FUND FUND POOL FUND FUND TOTAL ------------- ---------- ---------- -------------- --------- --------- ---------- ADDITIONS: Contributions- Employer $2,268,043 $530,449 $751,250 $95,336 $103,048 $ - $3,748,126 Employee 2,132,946 701,805 966,532 181,898 192,536 - 4,175,717 Investment income - 625,817 513,515 1,271 48,156 252,599 1,441,358 Realized and unrealized gains (losses), net 3,559,291 1,984,545 2,555,255 (177,419) 17,022 - 7,938,694 ----------- ---------- --------- -------- -------- -------- ---------- Total additions 7,960,280 3,842,616 4,786,552 101,086 360,762 252,599 17,303,895 ----------- ---------- --------- -------- -------- -------- ---------- DEDUCTIONS: Distributions to participants 8,241,025 866,412 793,764 3,184 20,194 321,551 10,246,130 Administrative fees 103,268 1,886 1,864 43 95 - 107,156 ----------- ---------- --------- -------- -------- -------- ---------- Total deductions 8,344,293 868,298 795,628 3,227 20,289 321,551 10,353,286 ----------- ---------- --------- -------- -------- -------- ---------- INTERFUND TRANSFERS (1,076,832) (2,627,371) (1,897,126) 555,430 565,482 4,480,417 - ----------- ---------- --------- -------- -------- -------- ---------- Net increase (decrease) in net assets available for benefits (1,460,845) 346,947 2,093,798 653,289 905,955 4,411,465 6,950,609 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 61,522,838 12,624,445 10,593,069 52,622 92,859 193,290 85,079,123 ----------- ----------- --------- -------- -------- -------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $60,061,993 $12,971,392 $12,686,867 $705,911 $998,814 $4,604,755 $92,029,732 =========== =========== =========== ======== ======== ========== ===========
(CONTINUED) F-4
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 (CONTINUED) 1994 ---------------------------------------------------------------------------------------- PARTICIPANT DIRECTED ---------------------------------------------------------------------------------------- SUNBEAM- OSTER IDS TRUST IDS NEW COMPANY TEMPLETON IDS MANAGED INCOME IDS MUTUAL IDS STOCK DIMENSIONS STOCK FOREIGN INCOME FUND FUND II FUND FUND FUND POOL FUND ------------ ----------- ----------- ---------- ---------- ------- --------- ADDITIONS: Contributions- Employer $ 70,419 $ 3,993,181 $ 838,828 $ (10,465) $ 1,167,322 $50,046 $89,083 Employee 730,439 1,124,821 563,939 282,151 833,979 2,576 3,776 Investment income 34 27 1,073,996 319,301 428,479 - - Realized and unrealized gains (losses), net 1,246,615 1,518,239 (1,423,634) (408,718) (629,420) - - ------------ ----------- ----------- ---------- ----------- ------- ------- Total additions 2,047,507 6,636,268 1,053,129 182,269 1,800,360 52,622 92,859 ------------ ----------- ----------- ---------- ----------- ------- ------- DEDUCTIONS: Distributions to participants 2,245,532 1,634,725 681,475 131,141 388,759 - - Administrative fees 42,004 35,767 1,314 386 869 - - ------------ ----------- ----------- ---------- ----------- ------- ------- Total deductions 2,287,536 1,670,492 682,789 131,527 389,628 - - ------------ ----------- ----------- ---------- ----------- ------- ------- INTERFUND TRANSFERS (47,322,726) 56,557,062 (818,498) (2,227,541) (16,080) - - ------------ ----------- ----------- ---------- ----------- ------- ------- Net increase (decrease) in net assets available for benefits (47,562,755) 61,522,838 (448,158) (2,176,799) 1,394,652 52,622 92,859 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 47,562,755 - 13,072,603 2,176,799 9,198,417 - - ------------ ----------- ----------- ---------- ----------- ------- ------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ - $61,522,838 $12,624,445 $ - $10,593,069 $52,622 $92,859 ============ =========== =========== ========== =========== ======= =======
[RESTUB OF ABOVE TABLE]
1994 ----------------------------------------- NON-PARTICIPANT DIRECTED ----------------------------------------- SPRINGSFIELD OSTER INSTRUMENT GIC POOLED CIGNA LOAN FUND POOLED FUND FUND TOTAL ---------- ----------- -------- ----------- ADDITIONS: Contributions- Employer $ - $ (5,113) $ - $ 6,193,30 Employee - - - 3,541,681 Investment income 110,365 61,604 23,597 2,017,403 Realized and unrealized gains (losses), net - - - 303,082 ----------- ---------- --------- ----------- Total additions 110,365 56,491 23,597 12,055,467 ----------- ---------- --------- ----------- DEDUCTIONS: Distributions to participants 540,477 11,450 16,160 5,649,719 Administrative fees - - - 80,340 ----------- ---------- --------- ----------- Total deductions 540,477 11,450 16,160 5,730,059 ----------- ---------- --------- ----------- INTERFUND TRANSFERS (3,498,381) (2,548,867) (124,969) - ----------- ---------- --------- ----------- Net increase (decrease) in net assets available for benefits (3,928,493) (2,503,826) (117,532) 6,325,408 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 3,928,493 2,503,826 310,822 78,753,715 ----------- ---------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $ - $ - $ 193,290 $85,079,123 =========== ========== ========= ===========
The accompanying notes to financial statements are an integral part of these statements. F-5 SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 (1) PLAN DESCRIPTION: The following description of the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing Plan (the "Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. BACKGROUND- The Plan was established effective January 1, 1991, and is sponsored by Sunbeam Americas Holdings, Limited ("SAHL") and administered by Sunbeam Corporation ("Sunbeam" or the "Company"; formerly, Sunbeam-Oster Company, Inc.). The Plan, as amended, is a defined contribution plan commonly known as an Internal Revenue Code ("IRC") section 401(k) profit sharing plan and is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. PARTICIPATION IN THE PLAN- An employee who (a) has completed 1,000 or more hours of employment during the twelve-month period following employment and (b) has attained age 21 is eligible to participate in the Plan. After the first anniversary of an employee's hire date, hours for eligibility purposes are counted based on the calendar year. Employees may enter the Plan on the first day of any calendar month after eligibility requirements have been met. Additionally, as of July 1, 1991, the following plans (the "Prior Plans") were merged into and consolidated with the Plan: a. The Springfield Instrument Company Division of Sunbeam Corporation Profit Sharing Plan, b. The Northern Electric Company Division of Sunbeam Corporation Profit Sharing Plan, c. Savings and Investment Plan for Allegheny International, Inc. and Member Companies, d. Sunbeam Corporation Profit Sharing Plan for its Hanson Scale Company Division, e. Sunbeam Corporation Profit Sharing Plan for its Sunbeam Leisure Products Division, and f. Oster Division of Sunbeam Corporation Employees' Profit Sharing Plan. F-6 As part of the merger, employees who were participants in the Prior Plans at the time of the merger became participants in the Plan. Plan entry for rehired employees who were formerly eligible employees of the Plan occurs immediately upon reemployment. Employees who have been rehired and were not formerly participants in the Plan are treated as new employees for purposes of determining eligibility. The Plan is open to all U.S. employees of Sunbeam except employees who are covered under a collective bargaining agreement (unless coverage is specifically negotiated) and hourly employees earning benefits under a defined benefit pension plan sponsored by SAHL. CONTRIBUTIONS TO THE PLAN- There are four active sources of contributions to the Plan. These sources include (1) employee basic before-tax contributions, (2) employee supplemental before-tax contributions, (3) employer matching contributions and (4) employer profit sharing contributions. EMPLOYEE BASIC AND SUPPLEMENTAL BEFORE-TAX CONTRIBUTIONS- Employees who are participants in the Plan may elect to contribute 1% to 4% (basic) and up to an additional 6% (supplemental) of their eligible compensation, as defined, through payroll deductions. In 1995 and 1994, qualified employees could contribute up to $9,240, subject to certain Plan and IRC limitations. Amounts contributed by participants are fully vested at all times. EMPLOYER MATCHING AND PROFIT SHARING CONTRIBUTIONS- Employer matching contributions are amounts funded by the Company and are based on employees' contributions. The Company's policy is to make matching contributions equal to 100% of the first 2% of participants' basic before-tax contributions and 50% of the next 2% (or up to 3% of participants' eligible compensation) for the applicable Plan year. Each plan year, the Company may make discretionary profit sharing contributions to the Plan. The contributions, if any, would be based on the performance of Sunbeam and of each business unit or division. The matching and profit sharing contributions are 100% vested if a participant actively employed by the Company reaches his retirement date, dies or becomes disabled. Otherwise, the matching and profit sharing contributions are subject to the following vesting schedule: YEARS OF SERVICE VESTED PERCENTAGE ---------------- ----------------- Less than 3 years 0% 3 but less than 4 years 25 4 but less than 5 years 50 5 or more years 100 Participants in Prior Plans who had a more favorable vesting schedule under Prior Plan provisions vest in matching and profit sharing contributions according to the Prior Plans' schedules. All service with Sunbeam, its predecessor company or any of its subsidiaries is considered in determining a participant's vested percentage. F-7 Company matching contributions are funded and credited to participants' accounts quarterly. Profit sharing contributions are funded and credited to participants' accounts by May of the calendar year following the year in which basic and supplemental contributions are made. No matching or profit sharing contributions will be credited to employees who terminate employment (other than through retirement, disability or death) prior to December 31 (the last day of the Plan year). The Company's policy is to fund its contribution in cash in an amount net of forfeitures. Although the Company does not currently intend to terminate the Plan, it may do so at any time. In the event of termination, participants will become fully vested in their accounts. (2) SIGNIFICANT ACCOUNTING POLICIES: BASIS OF ACCOUNTING- The financial statements of the Plan have been prepared using the accrual basis of accounting. CONTRIBUTIONS- Employer contributions are recorded in the financial statements when accrued by the Company. Employee contributions are accrued at the time of employee withholdings. Contributions are credited to participants' accounts based on their investment elections effective as of the date the contributions are actually paid. INCOME RECOGNITION- Investment income consists of interest and dividends. Interest on investments is recognized in the period earned, while dividends are recorded as of the ex-dividend date. Gains and losses on sales of investments are recognized when realized, while unrealized gains and losses on investments are recognized daily based on fluctuations in market value. Purchases and sales of investments are recorded on a trade-date basis. Realized and unrealized gains and losses are presented in accordance with the Department of Labor reporting rules and, as such, are netted in the financial statements. The income or loss of each fund, including the change in market value of investments, is allocated to participants' accounts based on their proportionate interest in the total assets of the Plan. ADMINISTRATIVE EXPENSES- Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan. Administrative expenses for the Trustee's fees are paid by the Plan. (3) INVESTMENTS: TRUST FUNDS HELD BY IDS TRUST COMPANY- In accordance with a trust agreement between Sunbeam and American Express Trust Company ("AMEX" or the "Trustee"; prior to January 1, 1995, known as IDS Trust Company ("IDS")), AMEX, holds the Plan's investment funds. Each participant's basic and supplemental contributions, employer matching and profit sharing contributions, and any income attributable to each is invested by the Trustee in accordance with the election made by the participant among those investment funds selected and authorized by Sunbeam. F-8 A participant may select from active investment funds in any increments of 1% to total 100%. Contributions for participants who do not make an election are automatically invested in the American Express Trust Income Fund II. As of December 31, 1995, the following options were available to participants: AMERICAN EXPRESS TRUST INCOME FUND II--A collective fund which invests in guaranteed investment contracts, bank investment contracts, stable value contracts and short-term investments. IDS MUTUAL FUND--A balanced mutual fund seeking current income and capital growth through investments in stocks and bonds. IDS NEW DIMENSIONS FUND--An equity growth mutual fund invested in a portfolio of common stocks with an investment objective of long-term capital growth. SUNBEAM-OSTER COMPANY STOCK POOL--A pooled fund which invests in Sunbeam common stock. As of January 1, 1995, when this investment option became available to participants, the price to invest in the pool was established at $10 per unit, and the per unit price fluctuates based on the market value of the underlying investments. TEMPLETON FOREIGN FUND--A mutual fund which invests primarily in common stocks and debt obligations of companies and governments outside of the United States. This investment became an option effective January 1, 1995. During 1994, AMEX held the IDS Managed Income Fund (renamed as the IDS Trust Income Fund II as of July 1994 and as American Express Trust Income Fund II as of January 1, 1995), the IDS Mutual Fund, the IDS Stock Fund, the IDS New Dimensions Fund, the Oster GIC Pooled Fund, the Springfield Instrument CIGNA Pooled Fund and the Loan Fund. Participants' investments in the IDS Stock Fund as of December 31, 1994 were liquidated and transferred to the IDS Income Fund II, as the IDS Stock Fund was no longer an available investment option as of January 1, 1995. The Oster GIC Pooled and the Springfield Instrument CIGNA Pooled Funds, which consisted of guaranteed investment contracts ("GICs") transferred in from the Prior Plans concurrent with the merger, matured in 1994. Funds may be temporarily invested in the IDS Trust Cash Fund until an investment is made in one of the aforementioned funds or a disbursement occurs. No amounts were invested in the IDS Trust Cash Fund at December 31, 1995 and 1994. All investments, other than the Loan Fund, are stated at fair value based on quotations obtained from active markets (such as national securities exchanges or certain dealers making a market in over-the-counter securities) as of the last business day of the year. Loan Fund investments are carried at cost, which approximates fair market value. As of December 31, 1995 and 1994, the Plan held the following investments with AMEX:
1995 1994 ------------------------ ------------------------- NAME OF INVESTMENT OPTION COST MARKET COST MARKET - ------------------------- ----------- ----------- ----------- ----------- American Express Trust Income Fund II $55,193,048 $58,320,372 $57,673,399 $57,307,809 IDS Mutual Fund 11,664,567 12,517,280 12,904,382 11,697,768 IDS New Dimensions Fund 9,784,108 11,542,824 9,180,628 8,858,088 Sunbeam-Oster Company Stock Pool 723,926 625,144 - - Templeton Foreign Fund 906,461 912,756 - - Loan Fund 4,604,755 4,604,755 193,290 193,290 ----------- ----------- ----------- ----------- $82,876,865 $88,523,131 $79,951,699 $78,056,955 ----------- ----------- ----------- -----------
F-9 (4) LOANS AND WITHDRAWALS: LOANS- Effective January 1, 1995, participants are permitted to borrow up to 50% of their vested interest in their Plan accounts up to $50,000. Prior to 1995, the Plan did not allow for the granting or renewal of loans. Existing loans from Prior Plans are administered in accordance with the provisions of the Prior Plans. WITHDRAWALS- Participants may make withdrawals from the Plan in accordance with Plan provisions and the IRC. Withdrawals of employee before-tax contributions are permitted in cases of financial hardship, as defined, under the terms of the Plan and are subject to federal tax withholding requirements and penalties. Withdrawals of certain employee after-tax contributions transferred into the Plan from Prior Plans are allowed, subject to the limitations of the Prior Plans and the IRC. Withdrawals are taken pro rata from the investment funds. (5) DISTRIBUTIONS: A final distribution may be paid to a participant in the Plan, or to the participant's beneficiaries, in the event of retirement, death, total and permanent disability, or other termination of employment, in accordance with the terms of the Plan. Participants who terminate employment and have account balances of less than $3,500 receive final distributions of the vested value of their accounts as soon thereafter as practicable. Distributions prior to retirement, death or disability are subject to federal income tax withholding requirements and penalties. Distributions for participants who terminate, retire, die or become disabled are paid in a lump sum, unless the participant specifically requests and the Prior Plan, if applicable, allows installment payments. Sunbeam and the participant are responsible for ensuring that the minimum required distribution rules of the IRC are met by participants over age 70-1/2. (6) RECONCILIATION TO FORM 5500: As of December 31, 1995 and 1994, the Plan had approximately $64,535 and $-0-, respectively, of pending distributions to participants who elected to withdraw from the Plan. In accordance with generally accepted accounting principles, such amounts are included as a component of net assets available for plan benefits in the accompanying statements of net assets available for benefits, while, in accordance with the Department of Labor's Rules and Regulations, such amounts are reflected as benefit payments and benefit claims payable in the Plan's Form 5500. (7) QUALIFICATION OF THE PLAN: The Internal Revenue Service has determined and informed the Company by a letter dated September 21, 1995, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Testing of the Plan's compliance with anti-discrimination federal tax requirements for the 1994 Plan year showed that refunds of excess employee deferral contributions (including earnings) were necessary to allow the Plan to comply with such requirements. Excess contributions payable as of December 31, 1994 of $50,394 are recorded as a liability of the Plan in the statements of net assets available for benefits. This amount was paid to participants in 1995. Under present federal income tax laws and regulations, and as long as the Plan is a qualified plan, participants are not subject to federal income taxes on employer or employee before-tax contributions, net investment income or gains (losses) until withdrawn under the terms of the Plan. F-10
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995 NUMBER OF SHARES, UNITS DESCRIPTION OR PAR VALUE COST MARKET - ----------------------------------------- ------------- ----------- ----------- American Express Trust Income Fund II* 3,770,708 $55,193,048 $58,320,372 IDS Mutual Fund * 957,047 11,664,567 12,517,280 IDS New Dimensions Fund* 667,996 9,784,108 11,542,824 Sunbeam-Oster Company Stock Pool* 97,125 723,926 625,144 Templeton Foreign Fund 99,429 906,461 912,756 Loan Fund (at interest rates ranging from 9.5% to 11.5%) 4,604,755 4,604,755 4,604,755 ----------- ----------- $82,876,865 $88,523,131 =========== ===========
*Represents a party-in-interest to the Plan. F-11
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN ITEM 27B - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS DECEMBER 31, 1995 (1) AMOUNT RECEIVED DURING DATES ORIGINAL REPORTING YEAR UNPAID FIRST AMOUNT ---------------------- BALANCE AT PAYMENT INTEREST AMOUNT IDENTITY OF OBLIGOR OF LOAN PRINCIPAL INTEREST END OF YEAR DUE MATURITY RATE OVERDUE - ------------------------------- -------- --------- --------- ----------- -------- -------- -------- ------- Cooper, Linda S. ###-##-#### $ 1,100 $ 302 $ 32 $ 798 06/09/95 05/09/96 10% $ 326 Standard, James ###-##-#### $25,000 $ 57 $208 $24,943 09/29/95 08/29/00 10% $1,251 Lindsey, Nancy ###-##-#### $ 2,000 $ 0 $ 0 $ 2,000 09/01/95 08/01/98 10% $ 194 Chavez, Rita ###-##-#### $ 2,435 $ 89 $ 3 $ 185 07/05/91 03/24/95 11% $ 185 Lee, Kathy J. ###-##-#### $ 7,281 $1,668 $183 $ 999 07/05/91 06/21/98 11.5% $ 131 Lee, Kathy J. ###-##-#### $ 3,103 $ 0 $ 0 $ 53 07/05/91 06/21/94 10% $ 53 Simmons, Carolyn I. ###-##-#### $11,600 $ 454 $376 $ 8,333 07/05/91 06/16/01 9.5% $ 658
Note: (1) This schedule lists loans determined to be in default or uncollectible, as defined in the IRS employee benefit plan filing requirements. F-12
SUNBEAM-OSTER COMPANY, INC. 401(K) SAVINGS AND PROFIT SHARING PLAN ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995 (1)(2)(3) CURRENT VALUE OF ASSETS ON PURCHASE SELLING COST OF TRANSACTION IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSETS PRICE PRICE ASSETS DATE NET GAIN - ------------------------------ ------------------------------------- ----------- ---------- ----------- ----------- -------- American Express Trust Company American Express Trust Income Fund II $14,523,470 $ - $14,523,470 $14,523,470 $ - American Express Trust Company American Express Trust Income Fund II - 14,259,060 13,884,169 14,259,060 374,891 American Express Trust Company IDS Mutual Fund 3,842,826 - 3,842,826 3,842,826 - American Express Trust Company IDS Mutual Fund - 5,024,592 5,082,642 5,024,592 58,050 American Express Trust Company IDS New Dimensions Fund 5,707,966 - 5,707,966 5,707,966 - American Express Trust Company IDS New Dimensions Fund - 5,579,317 5,104,487 5,579,317 474,830
NOTES: (1) Transactions included herein represent transactions or a series of transactions in securities of the same issue or with respect to the same issuer in excess of 5% of the current value of the Plan assets at the beginning of the year. (2) This schedule incorporates all disclosures required by the Department of Labor for assets purchased and sold within the Plan year. (3) Transactions represent party-in-interest transactions. F-13 EX-23.1 2 Exhibit 23.1 CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS As independent certified public accountants, we hereby consent to the incorporation of our report included in this Form 11-K, into the Company's previously filed Registration Statement File No. 33-87950. /s/ ARTHUR ANDERSEN LLP Fort Lauderdale, Florida, June 28, 1996. -----END PRIVACY-ENHANCED MESSAGE-----