-----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, qCDXZMl3lljP0ZsKVYWK+NzurAX797lsy1OXVUTsW2rcIwxuj/19fB89DcbQjbdT c/KvU5pQHhoIntgSey3SJw== 0000912057-95-005032.txt : 199506300000912057-95-005032.hdr.sgml : 19950630 ACCESSION NUMBER: 0000912057-95-005032 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HONEYWELL INC CENTRAL INDEX KEY: 0000048305 STANDARD INDUSTRIAL CLASSIFICATION: AUTO CONTROLS FOR REGULATING RESIDENTIAL & COMML ENVIRONMENT [3822] IRS NUMBER: 410415010 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00971 FILM NUMBER: 95550942 BUSINESS ADDRESS: STREET 1: HONEYWELL PLZ CITY: MINNEAPOLIS STATE: MN ZIP: 55408 BUSINESS PHONE: 6129511000 MAIL ADDRESS: STREET 1: PO BOX 524 CITY: MINEAPOLIS STATE: MN ZIP: 55440-0524 FORMER COMPANY: FORMER CONFORMED NAME: MINNEAPOLIS HONEYWELL REGULATOR CO DATE OF NAME CHANGE: 19670213 11-K 1 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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, 1994 OR [ ] Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (NO FEE REQUIRED) For the transition period from ____________________ to ____________________ Commission File Number 33-44284 A. Full title of the plan and address of the plan, if different from that of the issuer named below: HONEYWELL INVESTMENT PLUS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: HONEYWELL INC. Honeywell Plaza Minneapolis, Minnesota 55408 Included herewith and set forth on pages 2 to 13 hereof are the Honeywell Investment Plus Plan Financial Statements for the Years Ended December 31, 1994 and 1993 and Supplemental Schedules for the Year Ended December 31, 1994 prepared by the firm of Deloitte & Touche LLP, Independent Auditors. INVESTMENT PLUS PLAN OF HONEYWELL INC. FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 AND INDEPENDENT AUDITORS' REPORT 2 INVESTMENT PLUS PLAN OF HONEYWELL INC. TABLE OF CONTENTS - -------------------------------------------------------------------------------- PAGE INDEPENDENT AUDITORS' REPORT 4 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits, December 31, 1994 and 1993 5-6 Statements of Changes in Net Assets Available for Benefits, Years Ended December 31, 1994 and 1993 7-8 Notes to Financial Statements 9 3 INDEPENDENT AUDITORS' REPORT Investment Plus Plan of Honeywell Inc. We have audited the accompanying financial statements of Investment Plus Plan of Honeywell, Inc. (the Plan) as of December 31, 1994 and 1993 and for the years then ended, listed in the foregoing Table of Contents. 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 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 accompanying financial statements present fairly, in all material respects, the net assets available for benefits as of December 31, 1994 and 1993 and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund is presented for the purpose of additional analysis of the basic financial statements rather than to present information regarding the net assets available for benefits and changes in net assets available for benefits of the individual funds, and it is not a required part of the basic financial statements. This supplemental information by fund is the responsibility of the Plan's management. Such supplemental information by fund has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, when considered in relation to the basic financial statements taken as a whole. DELOITTE & TOUCHE LLP Minneapolis, Minnesota June 9, 1995 4 INVESTMENT PLUS PLAN OF HONEYWELL INC. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1994
- ------------------------------------------------------------------------------------------------------------------------------------ SUPPLEMENTAL INFORMATION BY FUND -------------------------------------------------------------------------------------- SHORT-TERM COMBINED GOVERNMENT BOND BONDS STOCKS S&P TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND ASSETS: Investment in Master Trusts $ 1,170,337,326 $ 281,666,865 $ 9,894,969 $ 16,761,688 $ 220,377,056 $ 214,386,320 Contributions receivable 6,727,654 365,405 29,755 52,252 407,794 396,169 Other receivables 2,867,108 2,419,025 458 11,535 67,878 --------------- -------------- -------------- -------------- -------------- -------------- Total assets 1,179,932,088 284,451,295 9,925,182 16,825,475 220,852,728 214,782,489 LIABILITIES: Administration fees payable 177,782 51,206 3,706 5,908 51,252 50,464 Other payables 2,833,662 2,404,169 16,567 49,016 --------------- -------------- -------------- -------------- -------------- -------------- Total liabilities 3,011,444 2,455,375 3,706 22,475 51,252 99,480 --------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,176,920,644 $ 281,995,920 $ 9,921,476 $ 16,803,000 $ 220,801,476 $ 214,683,009 --------------- -------------- -------------- -------------- -------------- -------------- --------------- -------------- -------------- -------------- -------------- -------------- VANGUARD UNITED COLUMBIA WORLD U.S. FROZEN HONEYWELL INCOME SPECIAL GROWTH FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND ASSETS: Investment in Master Trusts $ 49,498,998 $ 170,189,111 $ 9,693,216 $ 23,928,935 $ 24,564,642 $ 3,761,348 Contributions receivable 23 5,050,137 26,060 73,493 73,885 15,162 Other receivables 368,212 --------------- -------------- -------------- -------------- -------------- -------------- Total assets 49,867,233 175,239,248 9,719,276 24,002,428 24,638,527 3,776,510 LIABILITIES: Administration fees payable 15,246 Other payables 363,543 276 36 17 21 --------------- -------------- -------------- -------------- -------------- Total liabilities 378,789 276 36 17 21 --------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 49,488,444 $ 175,238,972 $ 9,719,276 $ 24,002,392 $ 24,638,510 $ 3,776,489 --------------- -------------- -------------- -------------- -------------- -------------- --------------- -------------- -------------- -------------- -------------- -------------- T. ROWE T. ROWE T. ROWE SCUDDER PRICE PRICE PRICE INTER- INTER- SMALL EQUITY NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUND FUNDS LOANS ASSETS: Investment in Master Trusts $ 16,582,854 $ 45,497,977 $ 10,776,595 $ 15,305,445 $ 32,452,382 $ 24,998,925 Contributions receivable 46,687 120,466 33,843 36,523 Other receivables --------------- -------------- -------------- -------------- -------------- -------------- Total assets 16,629,541 45,618,443 10,810,438 15,341,968 32,452,382 24,998,925 LIABILITIES: Administration fees payable Other payables 17 -------------- Total liabilities 17 --------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 16,629,541 $ 45,618,443 $ 10,810,438 $ 15,341,951 $ 32,452,382 $ 24,998,925 --------------- -------------- -------------- -------------- -------------- -------------- --------------- -------------- -------------- -------------- -------------- --------------
See notes to financial statements. 5
INVESTMENT PLUS PLAN OF HONEYWELL INC. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1993 - ------------------------------------------------------------------------------------------------------------------------------------ SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------- SHORT-TERM COMBINED GOVERNMENT BOND BONDS STOCKS S&P TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND ASSETS: Investment in Master Trusts $ 1,128,637,786 $ 192,434,410 $ 12,878,070 $ 18,630,387 $ 239,715,160 $ 227,846,213 Contributions receivable 6,006,352 231,343 22,053 34,485 263,800 240,131 Other receivables 1,646,778 533,508 137,476 63,507 337,074 312,398 ---------------- -------------- -------------- -------------- -------------- -------------- Total assets 1,136,290,916 193,199,261 13,037,599 18,728,379 240,316,034 228,398,742 LIABILITIES: Due to (from) other plans 21,301 14,257 (72) 7,114 Administration fees payable 575,030 105,631 11,516 18,874 152,047 139,712 Other payables 1,533,988 520,977 137,347 58,207 379,725 388,841 ---------------- -------------- -------------- -------------- -------------- -------------- Total liabilities 2,130,319 640,865 148,863 77,081 531,700 535,667 ---------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,134,160,597 $ 192,558,396 $ 12,888,736 $ 18,651,298 $ 239,784,334 $ 227,863,075 ---------------- -------------- -------------- -------------- -------------- -------------- ---------------- -------------- -------------- -------------- -------------- -------------- VANGUARD UNITED COLUMBIA WORLD U.S. FROZEN HONEYWELL INCOME SPECIAL GROWTH FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND ASSETS: Investment in Master Trusts $ 115,211,853 $ 154,782,987 $ 5,146,067 $ 19,880,522 $ 16,231,430 $ 1,531,177 Contributions receivable 5,071,661 6,953 33,750 34,807 3,018 Other receivables 260,128 20 308 --------------- -------------- -------------- -------------- -------------- -------------- Total assets 115,471,981 159,854,648 5,153,040 19,914,272 16,266,237 1,534,503 LIABILITIES: Due to (from) other plans 2 Administration fees payable 63,431 50,668 1,977 7,109 6,149 561 Other payables 45,346 1,177 1,433 555 --------------- -------------- -------------- -------------- -------------- -------------- Total liabilities 108,779 51,845 1,977 8,542 6,704 561 --------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 115,363,202 $ 159,802,803 $ 5,151,063 $ 19,905,730 $ 16,259,533 $ 1,533,942 --------------- -------------- -------------- -------------- -------------- -------------- --------------- -------------- -------------- -------------- -------------- -------------- T. ROWE T. ROWE T. ROWE SCUDDER PRICE PRICE PRICE INTER- INTER- SMALL EQUITY NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUND FUNDS LOANS ASSETS: Investment in Master Trusts $ 10,150,820 $ 24,033,824 $ 4,008,266 $ 7,725,660 $ 55,515,255 $ 22,915,685 Contributions receivable 16,247 30,883 6,331 10,890 Other receivables 29 2,125 205 -------------- -------------- -------------- -------------- -------------- -------------- Total assets 10,167,096 24,064,707 4,016,722 7,736,755 55,515,255 22,915,685 LIABILITIES: Due to (from) other plans Administration fees payable 3,873 9,030 1,587 2,865 Other payables 121 259 -------------- -------------- -------------- -------------- Total liabilities 3,873 9,151 1,846 2,865 -------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 10,163,223 $ 24,055,556 $ 4,014,876 $ 7,733,890 $ 55,515,255 $ 22,915,685 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
See notes to financial statements. 6
INVESTMENT PLUS PLAN OF HONEYWELL INC. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1994 - ------------------------------------------------------------------------------------------------------------------------------------ SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------ SHORT-TERM COMBINED GOVERNMENT BOND BONDS STOCKS S&P TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND NET INVESTMENT INCOME (LOSS) IN MASTER TRUSTS $ 9,059,469 $ 9,986,145 $ (50,184) $ (190,476) $ (171,660) $ 2,919,660 CONTRIBUTIONS: Employer contributions 19,893,480 Employee pretax contributions 73,755,780 12,539,364 1,413,712 2,337,698 17,043,141 16,598,643 Rollover contributions 2,751,143 500,510 94,193 243,292 190,036 282,717 ---------------- -------------- -------------- -------------- -------------- -------------- Total contributions 96,400,403 13,039,874 1,507,905 2,580,990 17,233,177 16,881,360 TRANSFERS FROM (TO) OTHER FUNDS 89,673,418 (3,748,123) (3,525,893) (24,878,292) (22,101,483) TRANSFERS FROM (TO) OTHER PLANS 313,025 16,599 95,707 14,314 11,778 6,043 ---------------- -------------- -------------- -------------- -------------- -------------- TOTAL INVESTMENT INCOME (LOSS), CON- TRIBUTIONS, AND TRANSFERS 105,772,897 112,716,036 (2,194,695) (1,121,065) (7,804,997) (2,294,420) LOANS: Repayments 2,846,755 185,573 329,439 2,956,649 2,940,453 Distributions (3,308,451) (156,109) (254,062) (3,273,899) (3,383,321) DISTRIBUTIONS TO PARTICIPANTS (60,461,038) (22,219,751) (763,776) (741,866) (10,250,198) (9,862,857) TRUSTEES' AND ADMINI- STRATIVE FEES (2,551,812) (597,065) (38,253) (60,744) (610,413) (579,921) ---------------- -------------- -------------- -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS 42,760,047 89,437,524 (2,967,260) (1,848,298) (18,982,858) (13,180,066) NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 1,134,160,597 192,558,396 12,888,736 18,651,298 239,784,334 227,863,075 ---------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,176,920,644 $ 281,995,920 $ 9,921,476 $ 16,803,000 $ 220,801,476 $ 214,683,009 ---------------- -------------- -------------- -------------- -------------- -------------- ---------------- -------------- -------------- -------------- -------------- -------------- VANGUARD UNITED COLUMBIA WORLD U.S. FROZEN HONEYWELL INCOME SPECIAL GROWTH FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND NET INVESTMENT INCOME (LOSS) IN MASTER TRUSTS $ 6,295,958 $ (8,529,003) $ (295,407) $ (260,063) $ 322,298 $ 105,171 CONTRIBUTIONS: Employer contributions 19,893,480 Employee pretax contributions 317 6,439,355 1,041,761 3,655,820 3,049,415 631,322 Rollover contributions 227,352 127,858 15,242 235,956 51,499 ---------------- -------------- -------------- -------------- -------------- -------------- Total contributions 317 26,560,167 1,169,619 3,671,062 3,285,371 682,821 TRANSFERS FROM (TO) OTHER FUNDS (65,429,902) 4,246,868 3,912,030 1,347,592 5,381,351 1,490,242 TRANSFERS FROM (TO) OTHER PLANS 12,086 20,058 9,124 37,478 1,779 17,410 ---------------- -------------- -------------- -------------- -------------- -------------- TOTAL INVESTMENT INCOME (LOSS), CON- TRIBUTIONS, AND TRANSFERS (59,121,541) 22,298,090 4,795,366 4,796,069 8,990,799 2,295,644 LOANS: Repayments 289 1,154,881 158,737 420,330 457,852 70,759 Distributions (921,500) (1,096,218) (154,227) (377,948) (505,076) (53,685) DISTRIBUTIONS TO PARTICIPANTS (5,618,574) (6,651,627) (217,604) (704,651) (559,141) (65,853) TRUSTEES' AND ADMINI- STRATIVE FEES (213,432) (268,957) (14,059) (37,138) (5,457) (4,318) ---------------- -------------- -------------- -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS (65,874,758) 15,436,169 4,568,213 4,096,662 8,378,977 2,242,547 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 115,363,202 159,802,803 5,151,063 19,905,730 16,259,533 1,533,942 ---------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 49,488,444 $ 175,238,972 $ 9,719,276 $ 24,002,392 $ 24,638,510 $ 3,776,489 ---------------- -------------- -------------- -------------- -------------- -------------- ---------------- -------------- -------------- -------------- -------------- -------------- T. ROWE T. ROWE T. ROWE SCUDDER PRICE PRICE PRICE INTER- INTER- SMALL EQUITY NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUND FUNDS LOANS NET INVESTMENT INCOME (LOSS) IN MASTER TRUSTS $ (664,895) $ (892,724) $ (205,547) $ 440,029 $ 250,167 CONTRIBUTIONS: Employer contributions Employee pretax contributions 1,976,317 4,619,014 1,185,032 1,224,889 Rollover contributions 62,820 279,561 112,765 327,342 ---------------- -------------- -------------- -------------- -------------- -------------- Total contributions 2,039,137 4,898,575 1,297,797 1,552,231 TRANSFERS FROM (TO) OTHER FUNDS 5,608,713 18,896,341 5,863,679 6,326,332 $ (23,062,873) TRANSFERS FROM (TO) OTHER PLANS 12,129 35,989 2,723 19,808 ---------------- -------------- -------------- -------------- -------------- -------------- TOTAL INVESTMENT INCOME (LOSS), CON- TRIBUTIONS, AND TRANSFERS 6,995,084 22,938,181 6,958,652 8,338,400 (23,062,873) 250,167 LOANS: Repayments 284,743 706,111 155,752 166,106 (12,834,429) Distributions (267,169) (695,582) (37,135) (183,120) 14,667,502 DISTRIBUTIONS TO PARTICIPANTS (521,815) (1,321,656) (267,688) (693,981) TRUSTEES' AND ADMINI- STRATIVE FEES (24,525) (64,167) (14,019) (19,344) ---------------- -------------- -------------- -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS 6,466,318 21,562,887 6,795,562 7,608,061 (23,062,873) 2,083,240 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 10,163,223 24,055,556 4,014,876 7,733,890 55,515,255 22,915,685 ---------------- -------------- -------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 16,629,541 $ 45,618,443 $ 10,810,438 $ 15,341,951 $ 32,452,382 $ 24,998,925 ---------------- -------------- -------------- -------------- -------------- -------------- ---------------- -------------- -------------- -------------- -------------- --------------
See accompanying notes to financial statements. 7
INVESTMENT PLUS PLAN OF HONEYWELL INC. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1993 - ------------------------------------------------------------------------------------------------------------------------------------ SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------ SHORT-TERM COMBINED GOVERNMENT BOND BONDS STOCKS S&P TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND NET INVESTMENT INCOME IN MASTER TRUSTS $ 84,243,778 $ 5,716,364 $ 545,401 $ 820,470 $ 30,822,534 $ 22,167,579 CONTRIBUTIONS: Employer contributions 22,064,002 Employee pretax contributions 71,558,618 14,451,745 1,711,214 2,225,884 19,986,262 21,115,346 Rollover contributions 2,093,753 320,102 117,441 189,913 373,459 341,198 --------------- -------------- ------------ ------------ -------------- -------------- Total contributions 95,716,373 14,771,847 1,828,655 2,415,797 20,359,721 21,456,544 TRANSFERS FROM (TO) OTHER FUNDS 4,800,523 4,645,463 15,657,238 (16,516,423) (32,231,019) TRANSFERS FROM (TO) OTHER PLANS 56,709 36,663 6,718 6,348 (17,841) 13,884 --------------- -------------- ------------ ------------ -------------- -------------- TOTAL INVESTMENT INCOME, CONTRIBU- TIONS, AND TRANSFERS 180,016,860 25,325,397 7,026,237 18,899,853 34,647,991 11,406,988 LOANS: Repayments 2,592,823 215,435 265,973 2,830,938 2,894,742 Distributions (2,633,735) (104,298) (162,557) (4,074,978) (4,232,108) DISTRIBUTIONS TO PARTICIPANTS (47,716,265) (12,126,308) (359,485) (295,367) (10,057,071) (9,899,291) TRUSTEES' AND ADMINI- STRATIVE FEES (2,152,916) (358,949) (37,053) (56,604) (754,749) (487,484) --------------- -------------- ------------ ------------ -------------- -------------- INCREASE (DECREASE) IN NET ASSETS 130,147,679 12,799,228 6,740,836 18,651,298 22,592,131 (317,153) NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 1,004,012,918 179,759,168 6,147,900 217,192,203 228,180,228 --------------- -------------- ------------ ------------ -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,134,160,597 $ 192,558,396 $ 12,888,736 $ 18,651,298 $ 239,784,334 $ 227,863,075 --------------- -------------- ------------ ------------ -------------- -------------- --------------- -------------- ------------ ------------ -------------- -------------- VANGUARD UNITED COLUMBIA WORLD U.S. FROZEN HONEYWELL INCOME SPECIAL GROWTH FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND NET INVESTMENT INCOME IN MASTER TRUSTS $ 10,423,295 $ 7,329,257 $ 259,585 $ 847,275 $ 971,218 $ 59,112 CONTRIBUTIONS: Employer contributions 22,064,002 Employee pretax contributions 37,071 8,231,853 208,099 1,168,909 770,095 140,363 Rollover contributions 296,398 31,871 166,331 66,718 38,948 --------------- -------------- ------------ ------------- ------------- ------------- Total contributions 37,071 30,592,253 239,970 1,335,240 836,813 179,311 TRANSFERS FROM (TO) OTHER FUNDS (41,104,017) (2,987,158) 4,667,947 17,915,079 14,534,998 1,301,981 TRANSFERS FROM (TO) OTHER PLANS 43,893 (36,118) --------------- -------------- ------------ ------------- ------------- ------------- TOTAL INVESTMENT INCOME, CONTRIBU- TIONS, AND TRANSFERS (30,599,758) 34,898,234 5,167,502 20,097,594 16,343,029 1,540,404 LOANS: Repayments 1,144,269 31,017 145,663 102,240 20,365 Distributions (1,827,092) (1,280,815) (37,628) (172,680) (100,283) (20,999) DISTRIBUTIONS TO PARTICIPANTS (8,569,612) (5,766,132) (6,162) (148,978) (74,478) (4,486) TRUSTEES' AND ADMINI- STRATIVE FEES (235,962) (160,056) (3,666) (15,869) (10,975) (1,342) --------------- -------------- ------------ ------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS (41,232,424) 28,835,500 5,151,063 19,905,730 16,259,533 1,533,942 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 156,595,626 130,967,303 --------------- -------------- ------------ ------------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 115,363,202 $ 159,802,803 $ 5,151,063 $ 19,905,730 $ 16,259,533 $ 1,533,942 --------------- -------------- ------------ ------------- ------------- ------------- --------------- -------------- ------------ ------------- ------------- ------------- T. ROWE T. ROWE T. ROWE SCUDDER PRICE PRICE PRICE INTER- INTER- SMALL EQUITY1 NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUND FUNDS LOANS NET INVESTMENT INCOME IN MASTER TRUSTS $ 870,609 $ 2,608,927 $ 179,641 $ 345,174 $ 277,337 CONTRIBUTIONS: Employer contributions Employee pretax contributions 357,983 698,681 116,044 339,069 Rollover contributions 43,746 62,890 44,738 ------------- ------------- ------------- ------------- ------------- Total contributions 401,729 761,571 116,044 383,807 TRANSFERS FROM (TO) OTHER FUNDS 8,963,466 21,000,082 3,724,455 7,065,483 $ (11,438,098) TRANSFERS FROM (TO) OTHER PLANS 3,162 ------------- ------------- ------------- -------------- ------------- ------------- TOTAL INVESTMENT INCOME, CONTRIBU- TIONS, AND TRANSFERS 10,235,804 24,370,580 4,020,140 7,794,464 (11,434,936) 277,337 LOANS: Repayments 37,649 112,332 13,969 43,734 (10,451,149) Distributions (39,397) (112,175) (70,453) 14,869,198 DISTRIBUTIONS TO PARTICIPANTS (64,391) (299,785) (17,060) (27,659) TRUSTEES' AND ADMINI- STRATIVE FEES (6,442) (15,396) (2,173) (6,196) ------------- ------------- ------------- -------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS 10,163,223 24,055,556 4,014,876 7,733,890 (11,434,936) 4,695,386 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 66,950,191 18,220,299 ------------- ------------- ------------- -------------- ------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 10,163,223 $ 24,055,556 $ 4,014,876 $ 7,733,890 $ 55,515,255 $ 22,915,685 ------------- ------------- ------------- -------------- ------------- ------------- ------------- ------------- ------------- -------------- ------------- -------------
See accompanying notes to financial statements. 8 INVESTMENT PLUS PLAN OF HONEYWELL INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994 AND 1993 - ------------------------------------------------------------------------------- 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING - The financial statements of the Investment Plus Plan of Honeywell Inc. (the Plan) are prepared under the accrual method of accounting. Contributions to the Plan are included in income in the year the contributions payable are accrued by Honeywell Inc. (the Sponsor) or paid in by plan participants. INVESTMENT VALUATION - All determinations of fair values of investments are made by the trustees and are based upon quoted prices in an active market, except unallocated insurance contracts, which are valued at their contract values, as determined by the issuing insurance companies. PAYMENT OF BENEFITS - Benefits are recorded when paid. 2. PLAN DESCRIPTION GENERAL INFORMATION - The Plan is a voluntary, tax-deferred savings plan designed to provide supplemental retirement benefits to Honeywell nonunion employees. The Honeywell Pension and Retirement Committee, as the plan administrator, designates members of the Honeywell Pension and Retirement Administrative Committee and appoints the trustees. The Honeywell Pension and Retirement Administrative Committee has authority to take actions as may be necessary for the administration of the Plan or as it is directed by the Honeywell Pension and Retirement Committee. See Note 6 for a listing of appointed trustees. CONTRIBUTIONS - The following contributions are made to the Plan: (a) The Sponsor contributes to the Plan, on behalf of the participants, various percentages of the participants' pay as elected by the participants. The maximum pretax and after-tax contribution percentages are determined by the Honeywell Pension and Retirement Committee. Participants elect their own contribution levels, subject to this maximum percentage. Contributions, including sponsor Stock Match contributions, are also subject to certain limitations. (b) Participants who have received distributions from other qualified plans under Section 401(a) of the Internal Revenue Code or from individual retirement plans under Sections 402 and 408 of the code may transfer (rollover) all or a part of such distribution to their accounts. (c) The Sponsor contributes between $.50 and $1.00 in Honeywell stock to the participants' Performance Stock Match fund account for each $1.00 the participants contribute to their pretax account. Such sponsor contribution is limited to a maximum of 4% of the participants' pay. The amount of the sponsor contribution depends upon the Sponsor's return on investment (as defined). LOANS TO PARTICIPANTS - The Plan was amended effective June 30, 1991 to adopt the procedures, terms, and conditions for the granting and administration of loans to participants. The procedures allow 9 participants to apply for and obtain a loan in an amount as defined in the Plan (not less than $1,000 and not greater than $50,000 or 50% of their pretax and pretax rollover account balances) from the balance of their accounts. The loans can be repaid through payroll deductions over the period of 12 to 48 months or up to 180 months for the purchase of a primary residence, or they can be repaid in full at any time that is at least 6 months following the date of the loan. Interest is charged at a rate equal to prime rate plus 1%. Payments of principal and interest are credited to the participants' accounts. Also, participants may have only one outstanding loan at a time. PARTICIPATION - Each employee classified as a regular full-time or regular part-time employee of the Sponsor, except a person employed by an excluded business unit or a person employed under a collective bargaining agreement, automatically becomes a participant on the date of hire by the Sponsor or transfer into the Plan. VESTING - Participants are 100% vested in their individual accounts attributable to their contributions and become 100% vested in the portion of their accounts attributable to sponsor contributions to the Stock Match fund after three years of service. In the event of plan termination, the individual participants' accounts become distributable to the participants or their beneficiaries in accordance with the provisions of the Plan. FORFEITURES - All nonvested sponsor contributions are forfeited by participants when they terminate employment. Such forfeitures are used to reduce the Sponsor's subsequent contributions. INVESTMENT OPTIONS - For contributions, the Plan provides for several investment options. Individual participants choose the fund or funds in which to invest from the following funds: GOVERNMENT INCOME FUND - Invests primarily in short-term U.S. Government securities. SHORT-TERM BOND FUND - Invests in U.S. Government, mortgage, and high- quality corporate bonds with short- and intermediate-term (1 - 5 years) maturities. BONDS PLUS FUND - Diversified among U.S. Treasury bills, high-quality intermediate- and long-term (1 - 10 years) bonds, and domestic stocks. STOCKS PLUS FUND - Invests in domestic stocks that make up the Standard & Poor's 500 Composite Stock Index, high-quality bonds, T. Rowe Price Foreign Equity Fund, and U.S. Treasury bills. S&P 500 FUND - Invests in stocks that make up the Standard & Poor's 500 Composite Stock Index. FIXED INCOME FUND - Invests primarily in guaranteed investment contracts. HONEYWELL STOCK FUND - Invests entirely in shares of Honeywell Inc. common stock. UNITED INCOME FUND - Invests primarily in common stocks of large, well-established companies that pay above-average dividends. The Fund also invests, to a lesser extent, in fixed income securities - both high-quality corporate bonds and U.S. Treasury obligations. JANUS FUND - Invests primarily in a combination of large familiar corporations and small, rapidly emerging companies. 10 COLUMBIA SPECIAL FUND - Invests primarily in smaller companies with capitalization that is less than the average for the companies included in the Standard & Poor's 500 Stock Index. VANGUARD WORLD FUND - Invests primarily in high-quality, established growth stocks of companies with exceptional earnings records, strong market positions, good financial strength, and low sensitivity to changing economic conditions. SCUDDER INTERNATIONAL FUND - Intends to diversify through foreign investments among several countries and not concentrate in any particular industry. T. ROWE PRICE INTERNATIONAL STOCK FUND - Invests primarily in stocks of established companies outside the United States with proven performance records. T. ROWE PRICE SMALL CAP VALUE FUND - Invests primarily in common stocks of small, rapidly growing companies. T. ROWE PRICE EQUITY INCOME FUND - Invests primarily in common stocks of large, well-established companies that pay above-average dividends. PLAN STATUS - The Plan has received a favorable determination letter stating that the Plan was qualified under the applicable sections of the Internal Revenue Code. PLAN TERMINATION - Although it has not expressed any intent to do so, the Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants shall be 100% vested in their accounts. 3. INVESTMENT IN EXECUTIVE LIFE INSURANCE COMPANY At December 31, 1994 and 1993, the Plan's Isolated Funds primarily consisted of investments in Executive Life Insurance Company (Executive Life) guaranteed investment contracts (GICs), with approximately 2% and 7% of total net assets available for benefits, respectively. In 1991, the State of California insurance commissioner seized Executive Life and placed it in a court-supervised conservatorship. In 1993, 1994, and 1995, distributions have been received from the conservator totaling approximately 67% of the contract balance immediately prior to the conservatorship. Further, the Plan's management currently estimates that the sum of additional distributions from the conservator and recoveries from various state guarantee funds will not differ significantly from the remaining recorded contract values. Although the Plan is currently involved in litigation with various state guaranty funds regarding the amount and nature of coverage, plan management does not believe that the ultimate shortfall will be material to the Plan's financial statements. The Plan's Sponsor isolated the Executive Life GICs into the Isolated Fund pursuant to a plan amendment requiring such action. Currently, there are certain restrictions on the ability to withdraw, transfer, or conduct settlement activity with respect to the remaining balances. 4. INTEREST IN MASTER TRUSTS The Plan's investments are included in master trusts with T. Rowe Price Trust Company and First Trust National Association, which were established in 1993 for the investment of assets of the Plan and several other Honeywell-sponsored retirement plans. Previously, the Plan's investments were held in master trusts with various trust companies. Each participating retirement plan has an undivided interest 11 in the master trusts. At December 31, 1994 and 1993, the Plan's interest in the net assets of the master trusts was approximately 95%. Investment income and administrative expenses related to the master trust are allocated to the individual plans based upon average monthly balances invested by each plan. The following table presents the fair value of investments held in master trusts:
1994 1993 Investments at fair value: Custom Funds: Government Income Fund $ 305,889,947 $ 209,624,454 Short-term Bonds Fund 10,256,109 13,255,684 Bonds Plus Fund 17,508,593 19,587,985 Stocks Plus Fund 232,214,890 252,637,838 S&P 500 Fund 226,631,967 240,823,722 Fixed Income Fund (a) 53,415,980 124,019,602 Honeywell Stock Fund 173,540,997 157,920,810 Mutual funds, primarily equity securities 155,759,921 91,770,887 Participants' loans 26,287,970 24,145,987 --------------- --------------- $ 1,201,506,374 $ 1,133,786,969 --------------- --------------- --------------- ---------------
(a) At contract value. Investment income for the master trust is as follows:
1994 1993 Net (depreciation)/appreciation in fair value of investments: Custom funds: Short-term Bond Fund $ (51,556) $ 564,780 Bonds Plus Fund (272,642) 827,967 Stocks Plus Fund (2,285,805) 31,291,545 S&P 500 Fund 3,088,743 23,377,943 Honeywell Stock Fund (13,531,441) 4,481,379 Mutual funds, primarily equity securities (9,911,323) 1,305,188 ------------- ------------- (22,964,024) 61,848,802 Interest and dividends 34,701,490 28,245,232 ------------- ------------- $ 11,737,466 $ 90,094,034 ------------- ------------- ------------- -------------
In 1993, the Sponsor transferred the GICs issued by Executive Life and Mutual Benefit Life Insurance company to First Trust National Association. A master trust was established for the investment of these assets of the Plan and several other Honeywell-sponsored retirement plans. Each participating retirement plan has an undivided interest in the master trust. At December 31, 1994 and 1993, the Plan's interest in the net assets of the master trust was approximately 83%. The contract value of the GICs for the master trust was $38,954,178 and $67,277,792 at December 31, 1994 and 1993, respectively. 5. PARTIES-IN-INTEREST TRANSACTIONS There were no prohibited party-in-interest transactions during the periods ended December 31, 1994 and 1993. 12 6. INFORMATION PROVIDED BY TRUSTEES Plan funds are held in trust by trustees for the sole purpose of making investments and plan payments and paying trust operating expenses. Trustees appointed by the Honeywell Pension and Retirement Committee as of December 31, 1994 were T. Rowe Price Trust Company and First Trust National Association. The trustees provide the Plan with monthly statements which report all transactions. The plan administrator has obtained certifications from the trustees that the information in such statements is complete and accurate. The amounts in the accompanying statements of net assets available for benefits and of changes in net assets available for benefits have been derived from the information submitted by the trustees, except for certain adjustments which resulted in increases (decreases) in the amount of net assets reported of $9,627,323 and $(11,667,713) as of December 31, 1994 and 1993, respectively. Such adjustments are primarily recorded for the purpose of converting the trustees' statements from the cash basis to the accrual basis of accounting and to reflect the impact of participant loan activity. The Government Income Fund, Stocks Plus Fund, S&P 500 Fund, Honeywell Stock Fund, and Frozen Fixed Income Funds individually represent 5% or more of net assets available for benefits. 13 SIGNATURE 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. HONEYWELL INVESTMENT PLUS PLAN Dated: June 28, 1995 By: /s/ James E. Porter ------------------------------------- James E. Porter Its: Vice President, Human Resources INDEX TO EXHIBITS EXHIBITS PAGE - -------- ---- 23.1 Consent of Deloitte & Touche LLP EX-23.1 2 EXHIBIT 23.1 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-44284 and No. 33-59359 of the Investment Plus Plan of Honeywell Inc. on Form S-8 of our report dated June 9, 1995, appearing in this Annual Report on Form 11-K of the Investment Plus Plan of Honeywell Inc. for the year ended December 31, 1994. DELOITTE & TOUCHE LLP Minneapolis, Minnesota June 29, 1995 -----END PRIVACY-ENHANCED MESSAGE-----