-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ifRnKHHQiJQGNhTC3jkTY2JFsKqV6s+fncHTiXvZmiuct7uW07wLF/ZCRtI3bKcD bAkIX+07/3dtGoFkEBvz3A== 0000040730-94-000005.txt : 19940531 0000040730-94-000005.hdr.sgml : 19940531 ACCESSION NUMBER: 0000040730-94-000005 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931130 FILED AS OF DATE: 19940527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: 3711 IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 94531147 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 HUGHES THRIFT & SAVINGS PLANS l:\secfiles\11_k\hac_93\t&s_plan.doc16 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549-1004 FORM 11-K X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the fiscal year ended November 30, 1993 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 33-4663 ------- HUGHES AIRCRAFT COMPANY SALARIED EMPLOYEES' THRIFT AND SAVINGS PLAN HUGHES AIRCRAFT COMPANY TUCSON BARGAINING EMPLOYEES' THRIFT AND SAVINGS PLAN HUGHES AIRCRAFT COMPANY CALIFORNIA HOURLY EMPLOYEES' THRIFT AND SAVINGS PLAN HUGHES THRIFT AND SAVINGS PLAN Hughes Aircraft Company 7200 Hughes Terrace Los Angeles, California 90045 -------------------------------------- (Full titles and address of the plans) General Motors Corporation 767 Fifth Avenue, New York, New York 10153-0075 3044 West Grand Blvd., Detroit, Michigan 48202-3091 --------------------------------------------------- (Name of issuer of the securities held pursuant to the plans and the address of its principal executive offices) Registrant's telephone number, including area code (313) 556-5000 Notices and communications from the Securities and Exchange Commission relative to this report should be forwarded to: David J. FitzPatrick Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - 2 FINANCIAL STATEMENTS AND EXHIBITS - --------------------------------- (a) FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES ------------------------------------------------------ Hughes Aircraft Company Salaried Employees' Thrift and Savings Plan ("Salaried"), Hughes Aircraft Company Tucson Bargaining Employees' Thrift and Savings Plan ("Tucson Bargaining"), Hughes Aircraft Company California Hourly Employees' Thrift and Savings Plan ("California Hourly"), and Hughes Thrift and Savings Plan ("Thrift and Savings") (collectively, the "Hughes Aircraft Company Employees' Thrift and Savings Plans" or the "Plans"). Page No. -------- Independent Auditors' Report............................... 7 Financial Statements: -------------------- Statement of Net Assets Available for Benefits by Plan for the years ended November 30, 1993 and 1992................. 8 Statement of Changes in Net Assets Available for Benefits by Plan for the years ended November 30, 1993 and 1992..... 9 Notes to Financial Statements................................ 10 Supplemental Schedules Omitted ------------------------------ Supplemental schedules not listed above are omitted because of the absence of conditions under which they are required. (b) EXHIBITS -------- Exhibit 23 - Consent of Independent Auditors................. 17 - 2 - 3 SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Aircraft Company Salaried Employees' Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Aircraft Company Salaried Employees' Thrift and Savings Plan -------------------------- (Name of Plan) Date: May 27, 1994 By s/T. G. Westerman ----------------------- (T. G. Westerman, Chairman, Administrative Committee) - 3 - 4 SIGNATURE (continued) The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Aircraft Company Tucson Bargaining Employees' Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Aircraft Company Tucson Bargaining Employees' Thrift and Savings Plan -------------------------- (Name of Plan) Date: May 27, 1994 By s/T. G. Westerman ------------------------ (T. G. Westerman, Chairman, Administrative Committee) - 4 - 5 SIGNATURE (continued) The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Aircraft Company California Hourly Employees' Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Aircraft Company California Hourly Employees' Thrift and Savings Plan -------------------------- (Name of Plan) Date: May 27, 1994 By s/T. G. Westerman ------------------------ (T. G. Westerman, Chairman, Administrative Committee) - 5 - 6 SIGNATURE (concluded) The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Thrift and Savings Plan ------------------------------ (Name of Plan) Date: May 27, 1994 By s/T. G. Westerman ------------------------ (T. G. Westerman, Chairman, Administrative Committee) - 6 - 7 INDEPENDENT AUDITORS' REPORT - ---------------------------- Hughes Aircraft Company Employees' Thrift and Savings Plans: We have audited the accompanying statements of net assets available for benefits of the Hughes Aircraft Company Salaried Employees' Thrift and Savings Plan, the Hughes Aircraft Company Tucson Bargaining Employees' Thrift and Savings Plan, the Hughes Aircraft Company California Hourly Employees' Thrift and Savings Plan, and the Hughes Thrift and Savings Plan (the Plans) as of November 30, 1993 and 1992 and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plans' management. Our responsibility is to express an opinion on these financial statements 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, such financial statements present fairly in all material respects, the net assets available for benefits of the Plans at November 30, 1993 and 1992 and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. s/DELOITTE & TOUCHE DELOITTE & TOUCHE Los Angeles, California May 13, 1994 - 7 - 8 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY PLAN FOR THE YEAR ENDED NOVEMBER 30, 1993 THRIFT CALIFORNIA TUCSON AND SALARIED HOURLY BARGAINING SAVINGS TOTAL ---------- ---------- ---------- ------- ---------- (Dollars in Thousands) INVESTMENT IN HUGHES MASTER TRUST: Equity Fund $1,099,781 $42,736 $11,710 $2,718 $1,156,945 Fixed Income Fund 1,013,101 56,584 14,166 1,816 1,085,667 Class H Common Stock Fund 391,500 12,040 6,750 4,044 414,334 Balanced Fund 316,987 7,294 1,424 1,344 327,049 Loan Fund 119,397 9,321 3,867 237 132,822 ---------- -------- ------- ------- ---------- TOTAL 2,940,766 127,975 37,917 10,159 3,116,817 CONTRIBUTIONS RECEIVABLE: Employee 14,704 1,220 451 204 16,579 Employer 4,922 814 327 69 6,132 ---------- -------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $2,960,392 $130,009 $38,695 $10,432 $3,139,528 ========== ======== ======= ======= ========== FOR THE YEAR ENDED NOVEMBER 30, 1992 INVESTMENT IN HUGHES MASTER TRUST: Equity Fund $977,142 $38,861 $10,019 $1,695 $1,027,717 Fixed Income Fund 1,073,772 57,843 14,006 1,293 1,146,914 Class H Common Stock Fund 187,873 3,178 3,051 1,762 195,864 Balanced Fund 232,245 5,699 1,007 943 239,894 Loan Fund 105,516 8,372 3,190 - 117,078 ---------- -------- ------- ------ ---------- TOTAL 2,576,548 113,953 31,273 5,693 2,727,467 CONTRIBUTIONS RECEIVABLE: Employee 9,379 1,070 193 175 10,817 Employer 4,369 648 139 66 5,222 ---------- -------- ------- ------ ---------- NET ASSETS AVAILABLE FOR BENEFITS $2,590,296 $115,671 $31,605 $5,934 $2,743,506 ========== ======== ======= ====== ========== See notes to financial statements. - 8 - 9 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY PLAN FOR THE YEAR ENDED NOVEMBER 30, 1993 THRIFT CALIFORNIA TUCSON AND SALARIED HOURLY BARGAINING SAVINGS TOTAL ---------- ---------- ---------- ------- ---------- (Dollars in Thousands) INVESTMENT ACTIVITIES: Net investment income from the Master Trust $341,756 $11,631 $4,560 $1,949 $359,896 ---------- -------- ------- ------- ---------- OTHER ACTIVITIES INCREASE (DECREASE): Employee contributions 171,721 12,450 2,786 2,623 189,580 Employer contributions 54,985 8,098 2,025 891 65,999 Benefit payments (198,366) (17,841) (2,281) (965) (219,453) ---------- -------- ------- ------- ---------- INCREASE 28,340 2,707 2,530 2,549 36,126 ---------- -------- ------- ------- ---------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 370,096 14,338 7,090 4,498 396,022 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF PERIOD 2,590,296 115,671 31,605 5,934 2,743,506 ---------- -------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF PERIOD $2,960,392 $130,009 $38,695 $10,432 $3,139,528 ========== ======== ======= ======= ========== FOR THE YEAR ENDED NOVEMBER 30, 1992 INVESTMENT ACTIVITIES: Net investment income from the Master Trust $272,076 $11,109 $3,334 $664 $287,183 ---------- -------- ------- ------ ---------- OTHER ACTIVITIES INCREASE (DECREASE): Employee contributions 149,292 11,712 2,765 2,390 166,159 Employer contributions 91,078 7,107 2,022 815 101,022 Plan transfers 13,457 (12,797) (670) 10 - Benefit payments (172,444) (14,461) (4,384) (334) (191,623) ---------- -------- ------- ------ ---------- INCREASE (DECREASE) 81,383 (8,439) (267) 2,881 75,558 ---------- -------- ------- ------ ---------- INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 353,459 2,670 3,067 3,545 362,741 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF PERIOD 2,236,837 113,001 28,538 2,389 2,380,765 ---------- -------- ------- ------ ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF PERIOD $2,590,296 $115,671 $31,605 $5,934 $2,743,506 ========== ======== ======= ====== ========== See notes to financial statements. - 9 - 10 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS NOTES TO FINANCIAL STATEMENTS NOTE 1. GENERAL The accompanying financial statements are comprised of the accounts of the Hughes Aircraft Company (the Company or Hughes) Salaried Employees' Thrift and Savings Plan (the Salaried Plan), the Tucson Bargaining Employees' Thrift and Savings Plan (the Tucson Bargaining Plan), the California Hourly Employees' Thrift and Savings Plan (the Hourly Plan), and the Hughes Thrift and Savings Plan (the Thrift and Savings Plan) (collectively, the Plans). The Plans are administered by Administrative Committees whose members are appointed by the Company. The Trustee of the Plans is Bankers Trust Company (Bankers Trust). The Company is a wholly owned subsidiary of GM Hughes Electronics Corporation, itself a wholly owned subsidiary of General Motors Corporation. Additional Plan information is provided to the participants by the Company in the form of Summary Annual Reports. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Plans participate in the Hughes Aircraft Company Savings Plan Master Trust (the Master Trust). The Plans' investment in the Master Trust is presented at estimated fair value, which has been determined based on the fair value of the investments of the Master Trust. The Plans' expenses are paid by either the Plans or Hughes, as provided by the plan document. The Internal Revenue Service has ruled that the Plans are qualified under Section 401 of the Internal Revenue Code (the Code) and are, therefore, not subject to Federal income taxes under present income tax laws. Accordingly, no provision for Federal income taxes has been made in the accompanying financial statements. Contributions by participants made on a "pre-tax" basis, the Company's matching contributions, and the earnings thereon are not subject to Federal income taxes to the participants until distributed from the Plans. Certain amounts for 1992 have been reclassified to conform with the 1993 classifications. NOTE 3. PLAN PARTICIPATION All employees of the Company and its domestic subsidiaries are eligible to participate in the respective Plans after ninety days of continuous employment. The Plans provide that eligible employees electing to become participants may contribute amounts within specified ranges through payroll deductions. The Company contributes to the Class H Common Stock Fund an amount equal to 100% of the individual employee's contribution up to the first 3% of the employee's compensation, subject to certain limitations (except for the Thrift and Savings Plan which requires a 50% contribution up to the first 6% of employee's compensation). For employees in the Tucson Bargaining Plan and the Hourly Plan, the Company will continue to match additional employee contributions above 3% and up to 7% of qualifying compensation at the 75% level and this portion of the Company's matching contribution may be allocated to the various funds at the discretion of the employee. Except for the Thrift and Savings Plan, the Company match which has been contributed to the Class H Common Stock Fund cannot be transferred for two full plan years after the contribution. Participants in the Salaried Plan, the Tucson Bargaining Plan, and the Hourly Plan, are generally vested in the Company's contributions after two full plan years and become fully vested after five years of service. Participants in the Thrift and Savings Plan are vested in the Company's contributions after five years of service. Forfeited Company contributions are used to reduce future Company contributions to the Plans. - 10 - 11 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS The Company reserves the right to terminate the Plans at anytime. Upon such termination, the participants' rights to the Company's contributions vest immediately and the account balances are fully paid to the participants. NOTE 4. PARTICIPANT LOANS The Salaried Plan, the Tucson Bargaining Plan, and the Hourly Plan allow participants to borrow from their vested account balances, subject to certain limitations. The loans bear interest at the Bank of America, N.T. & S.A. prime rate plus 1% (which is fixed at the inception of the loan) and maturities may not exceed four years. The loans (which are accounted for in the Loan Fund) are deducted from the participants' vested account balances based on their investment elections with respect to the funds described in Note 6. Loan repayments are credited to the participants' accounts in the same manner. NOTE 5. BENEFITS PAYABLE Net assets available for benefits includes the following amounts which are due to participants who have withdrawn from the Plans: Plan 1993 1992 - ------------------------ ------- ------- (Dollars in Thousands) Salaried $44,397 $49,251 California Hourly 1,448 2,905 Tucson Bargaining 493 949 Thrift and Savings 42 72 ------- ------- Total benefits payable $46,380 $53,177 ======= ======= NOTE 6. INFORMATION CONCERNING THE MASTER TRUST The Master Trust was created pursuant to a trust agreement between Hughes and Bankers Trust, as trustee of the funds, to permit the commingling of trust assets of the Plans and certain other employee benefit plans of the Company, for investment and administrative purposes. Each participating employee benefit plan has an interest in the net assets of the Master Trust and changes therein. Investments of the Master Trust are managed by independent investment advisors, with the exception of one account in the Fixed Income Fund managed directly by a subsidiary of the Company (with asset values at November 30, 1993 and 1992 of approximately $761,356,000 and $831,600,000, respectively). Investment management fees paid by the Plans to the subsidiary for the account it manages were as follows: Plan 1993 1992 - ---------------------------------- ---- ---- (Dollars in Thousands) Salaried $456 $464 California Hourly 25 25 Tucson Bargaining 7 6 Thrift and Savings 1 1 ---- ---- Total investment management fees $489 $496 ==== ==== The Master Trust is composed of five funds: the Equity Fund, which invests primarily in equity securities; the Fixed Income Fund, which invests in certificates of deposit, short-term corporate debt and government securities, and contracts with insurance companies providing a guarantee of principal (backed by assets of the insurance company) and a specified rate of interest; the Balanced Fund, consisting primarily of investments in Equity and Debt - 11 - 12 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS Index Funds managed by Mellon Capital; the Class H Common Stock Fund, which invests in or holds shares of GM Class H Common Stock; and, the Loan Fund, representing outstanding loans from employees who are participants in the Plans. The Plans participation in the Master Trust is based upon the participant units and fund values (described below) of the employees in the Plans. Significant Accounting Policies - ------------------------------- Short-term investment funds and certificates of deposit are stated at cost, which approximates fair value. Investments in contracts with insurance companies are carried at contract value, which approximates fair value. Securities, except short-term fixed income obligations (obligations having maturities of less than one year), are stated at fair value based upon closing sales prices reported on recognized securities exchanges on the last business day of the period or, for listed securities having no sales reported and for unlisted securities, upon last-reported bid prices on that date. Short-term fixed income obligations are stated at amortized cost, which approximates fair value. Purchases and sales of securities are recorded on a trade date basis. Dividends declared but not received are accrued on the ex-dividend date. Interest income is recognized on the accrual basis. Participants may elect to have their contributions invested in proportionate shares of each such fund. The assets of the Trust are held by Bankers Trust. Participant Units and Fund Values - --------------------------------- The value of a participant's interest in the Equity Fund, the Fixed Income Fund, and the Balanced Fund is determined according to the participant's units of ownership in the fund. The value of a participant's interest in the Class H Common Stock Fund is determined according to participant shares of such stock. Unit and share values are determined on a monthly basis and vary depending on the net asset values of the respective funds. The value of a participant's interest in the Loan Fund is determined according to the net amount of borrowings outstanding for the participant. The following schedules summarize the assets, investment income, and participant unit data of the Master Trust. - 12 - 13 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS a) ASSETS OF THE MASTER TRUST NOVEMBER 30, 1993
FIXED CLASS H EQUITY INCOME COMMON BALANCED LOAN FUND FUND STOCK FUND FUND TOTAL -------- ---------- ------- -------- -------- ---------- (Dollars in Thousands) INVESTMENTS: Short-term investment funds $63,288 $148,257 $6,857 $33,252 $- $251,654 Certificates of deposit 3,608 154,804 - - - 158,412 Short-term United States Government obligations - 45,907 - 1,152 - 47,059 Short-term corporate obligations - 591,544 - - - 591,544 Long-term corporate obligations 1,392 - - - - 1,392 Common stock 760,327 - - - - 760,327 Common Stock- GM Class H - - 401,747 - - 401,747 Pooled investments 321,007 - - 289,950 - 610,957 Preferred stock 1,787 - - - - 1,787 State and municipal securities - 33,000 - - - 33,000 Insurance contracts - 111,348 - - - 111,348 Loan receivable from participants - - - - 129,355 129,355 Other investments 890 - - - - 890 ---------- ---------- -------- -------- -------- ---------- Total investments 1,152,299 1,084,860 408,604 324,354 129,355 3,099,472 Dividends and interest receivable 1,785 7,701 1,936 48 - 11,470 Receivable for securities sold 8,886 - - - - 8,886 Interfund accounts 2,716 (6,677) (641) 2,876 1,726 - Payable for securi- ties purchased (8,090) - - (4,704) - (12,794) Other (330) (26) 4,435 4,577 1,746 10,402 -------- ---------- -------- -------- -------- ---------- NET ASSETS OF THE MASTER TRUST $1,157,266 $1,085,858 $414,334 $327,151 $132,827 $3,117,436 ========== ========== ======== ======== ======== ========== NET ASSETS OF THE MASTER TRUST BY PLAN: Salaried $1,099,781 $1,013,101 $391,500 $316,987 $119,397 $2,940,766 California Hourly 42,736 56,584 12,040 7,294 9,321 127,975 Tucson Bargaining 11,710 14,166 6,750 1,424 3,867 37,917 Thrift and Savings 2,718 1,816 4,044 1,344 237 10,159 HJT 321 191 - 102 5 619 -------- ---------- -------- -------- -------- ---------- TOTAL $1,157,266 $1,085,858 $414,334 $327,151 $132,827 $3,117,436 ========== ========== ======== ======== ======== ==========
- 13 - 14 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS a) ASSETS OF THE MASTER TRUST NOVEMBER 30, 1992
FIXED CLASS H EQUITY INCOME COMMON BALANCED LOAN FUND FUND STOCK FUND FUND TOTAL -------- ---------- ------- -------- -------- ---------- (Dollars in Thousands) INVESTMENTS: Short-term investment funds $67,376 $253,891 $5,571 $26,065 $- $352,903 Certificates of deposit - 74,957 - - - 74,957 Short-term United States Government obligations 3,646 - - 794 - 4,440 Long-term United States Government obligations - 130,893 - - - 130,893 Short-term corporate obligations - 570,509 - - - 570,509 Long-term corporate obligations - 10,000 - - - 10,000 Common stock 718,230 - - - - 718,230 Common Stock- GM Class H - - 188,377 - - 188,377 Pooled investments 233,001 - - 212,470 - 445,471 Preferred stock 4,521 - - - - 4,521 State and municipal securities - 8,000 - - - 8,000 Insurance contracts - 97,477 - - - 97,477 Loan receivable from participants - - - - 115,731 115,731 ---------- ---------- -------- -------- -------- ---------- Total investments 1,026,774 1,145,727 193,948 239,329 115,731 2,721,509 Dividends and interest receivable 1,894 7,786 1,511 1,184 705 13,080 Receivable for securities sold 5,572 - - - - 5,572 Interfund accounts 2,187 (5,190) 604 1,757 642 - Payable for securi- ties purchased (7,318) - - (1,155) - (8,473) Other (1,392) (1,409) (199) (1,221) - (4,221) ---------- ---------- -------- -------- ------- ---------- NET ASSETS OF THE MASTER TRUST $1,027,717 $1,146,914 $195,864 $239,894 $117,078 $2,727,467 ========== ========== ======== ======== ======== ========== NET ASSETS OF THE MASTER TRUST BY PLAN: Salaried $977,142 $1,073,772 $187,873 $232,245 $105,516 $2,576,548 California Hourly 38,861 57,843 3,178 5,699 8,372 113,953 Tucson Bargaining 10,019 14,006 3,051 1,007 3,190 31,273 Thrift and Savings 1,695 1,293 1,762 943 - 5,693 ---------- ---------- -------- -------- -------- ---------- TOTAL $1,027,717 $1,146,914 $195,864 $239,894 $117,078 $2,727,467 ========== ========== ======== ======== ======== ==========
- 14 - 15 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS b) MASTER TRUST INVESTMENT INCOME FOR THE YEAR ENDED NOVEMBER 30, 1993
FIXED CLASS H EQUITY INCOME COMMON BALANCED LOAN FUND FUND STOCK FUND FUND TOTAL -------- -------- ------- -------- ------ --------- (Dollars in Thousands) INVESTMENT INCOME AND EXPENSES: Interest and other income $33,350 $53,046 $205 $21,311 $8,612 $116,524 Dividends 12,390 - 7,106 - - 19,496 Net change in fair value of investments 73,281 (10,320) 150,575 16,503 - 230,039 Investment management and trustee fees (3,045) (1,401) (164) (1,546) - (6,156) -------- ------- -------- ------- ------ -------- NET INVESTMENT INCOME $115,976 $41,325 $157,722 $36,268 $8,612 $359,903 ======== ======= ======== ======= ====== ======== FOR THE YEAR ENDED NOVEMBER 30, 1992 INVESTMENT INCOME AND EXPENSES: Interest and other income $7,875 $67,030 $268 $14,058 $8,415 $97,646 Dividends 15,160 - 5,257 - - 20,417 Net change in fair value of investments 125,891 (8,218) 42,008 15,464 - 175,145 Investment management and trustee fees (3,032) (1,652) (108) (1,233) - (6,025) -------- ------- ------- ------- ------ -------- NET INVESTMENT INCOME $145,894 $57,160 $47,425 $28,289 $8,415 $287,183 ======== ======= ======= ======= ====== ========
- 15 - 16 HUGHES AIRCRAFT COMPANY EMPLOYEES' THRIFT AND SAVINGS PLANS c)PARTICIPANT UNIT DATA FOR THE YEAR ENDED NOVEMBER 30, 1993 FIXED CLASS H EQUITY INCOME COMMON BALANCED FUND FUND STOCK FUND -------- -------- ------- -------- (Units in Thousands) Quarter ending February 28 Number of units outstanding 125,387 220,832 9,504 38,490 Net asset value per unit $8.350 $5.085 $25.316 $6.952 Quarter Ending May 31 Number of units outstanding 126,182 216,683 10,097 40,317 Net asset value per unit $8.716 $5.131 $28.506 $7.066 Quarter Ending August 31 Number of units outstanding 125,795 213,582 10,588 41,895 Net asset value per unit $9.067 $5.179 $34.196 $7.493 Quarter Ending November 30 Number of units outstanding 125,403 205,053 11,009 43,511 Net asset value per unit $9.163 $5.224 $37.673 $7.477 FOR THE YEAR ENDED NOVEMBER 30, 1992 Quarter ending February 29 Number of units outstanding 124,791 231,016 6,724 33,695 Net asset value per unit $8.003 $4.859 $18.397 $6.107 Quarter Ending May 31 Number of units outstanding 125,533 230,661 7,575 34,759 Net asset value per unit $7.811 $4.925 $21.705 $6.182 Quarter Ending August 31 Number of units outstanding 126,222 280,419 8,197 35,531 Net asset value per unit $7.616 $4.984 $24.507 $6.405 Quarter Ending November 30 Number of units outstanding 123,503 223,049 8,907 36,228 Net asset value per unit $8.240 $5.035 $22.150 $6.547 - 16 - EX-23 2 EXHIBIT23 L:\secfiles\11-k\hac-93\exhib23.doc1 1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS GENERAL MOTORS CORPORATION: We hereby consent to the incorporation by reference in Registration Statement No. 33-32322 on Form S-8 of our report dated May 13, 1994 appearing in this Annual Report on Form 11-K of the Hughes Aircraft Company Salaried Employees' Thrift and Savings Plan, the Hughes Aircraft Company Tucson Bargaining Employees' Thrift and Savings Plan, the Hughes Aircraft Company California Hourly Employees' Thrift and Savings Plan and the Hughes Thrift and Savings Plan for the year ended November 30, 1993. s/DELOITTE & TOUCHE DELOITTE & TOUCHE Los Angeles, California May 27, 1994 - 17 - -----END PRIVACY-ENHANCED MESSAGE-----