-----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, DugrSmHxGsEPcrtpbFkTyf/Z2rOZALXvrPACNyfUn4+2yKYVSBGE/7W09wgwSeSW iLjP/T2IZPfvDNcH6y++/g== 0000912057-96-013180.txt : 19960627 0000912057-96-013180.hdr.sgml : 19960627 ACCESSION NUMBER: 0000912057-96-013180 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960626 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: 000-20629 FILM NUMBER: 96586049 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, 1995 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 33-44282 A. Full title of the plan and address of the plan, if different from that of the issuer named below: HONEYWELL RETIREMENT INVESTMENT 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 1 to 10 hereof are the Honeywell Retirement Investment Plan Financial Statements for the Years Ended December 31, 1995 and 1994 and Supplemental Schedules for the Year Ended December 31, 1995 prepared by the firm of Deloitte & Touche LLP, Independent Auditors. HONEYWELL RETIREMENT INVESTMENT PLAN FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994 AND INDEPENDENT AUDITORS' REPORT HONEYWELL RETIREMENT INVESTMENT PLAN TABLE OF CONTENTS - -------------------------------------------------------------------------------- PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits, December 31, 1995 and 1994 2-3 Statements of Changes in Net Assets Available for Benefits, Years Ended December 31, 1995 and 1994 4-5 Notes to Financial Statements 6 INDEPENDENT AUDITORS' REPORT Honeywell Retirement Investment Plan We have audited the accompanying financial statements of Honeywell Retirement Investment Plan (the Plan) as of December 31, 1995 and 1994 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, 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 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. It is not a required part of the basic financial statements. This 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. /s/ Deloitte & Touche LLP Deloitte & Touche LLP Minneapolis, Minnesota June 10, 1996 HONEYWELL RETIREMENT INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1995 - -------------------------------------------------------------------------------
(SUPPLEMENTAL INFORMATION BY FUND) -------------------------------------------------- GOVERNMENT SHORT-TERM BONDS STOCKS COMBINED INCOME BOND PLUS PLUS TOTAL FUND FUND FUND FUND ASSETS: Investments in Master Trusts $ 4,050,955 $ 1,000,732 $ 7,115 $ 4,963 $ 1,205,648 Contributions receivable 10,154 980 70 0 560 Other receivables 9,577 9,251 44 5 277 ----------- ----------- --------- --------- ----------- Total assets 4,070,686 1,010,963 7,229 4,968 1,206,485 LIABILITIES: Administration fees payable 617 197 5 2 278 Other payables 9,916 9,251 47 6 655 ----------- ----------- --------- --------- ----------- Total liabilities 10,533 9,448 52 8 933 ----------- ----------- --------- --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 4,060,153 $ 1,001,515 $ 7,177 $ 4,960 $ 1,205,552 ----------- ----------- --------- --------- ----------- ----------- ----------- --------- --------- ----------- (SUPPLEMENTAL INFORMATION BY FUND) ------------------------------------------------------------------------------------- HONEYWELL COLUMBIA SCUDDER S&P 500 STOCK UNITED SPECIAL JANUS INTERNATIONAL FUND FUND FUND FUND FUND FUND ASSETS: Investments in Master Trusts $ 592,621 $ 743,904 $ 6,818 $ 69,803 45,588 $ 8,062 Contributions receivable 772 7,190 10 96 105 22 Other receivables --------- --------- --------- --------- --------- --------- Total assets 593,393 751,094 6,828 69,899 45,693 8,084 LIABILITIES: Administration fees payable 135 Other payables (43) --------- Total liabilities 92 --------- --------- --------- --------- --------- --------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 593,301 $ 751,094 $ 6,828 $ 69,899 $ 45,693 $ 8,084 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- (SUPPLEMENTAL INFORMATION BY FUND) ----------------------------------------------------------------------------------- T. ROWE T. ROWE VANGUARD T. ROWE PRICE PRICE WORLD PRICE SMALL CAP EQUITY GROWTH INTERNATIONAL VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUND FUNDS LOANS ASSETS: Investments in Master Trusts $ 39,836 $ 68,552 $ 8,637 $ 14,137 $ 106,235 $ 128,304 Contributions receivable Other receivables 80 209 20 40 --------- --------- --------- --------- --------- --------- Total assets 39,916 68,761 8,657 14,177 106,235 128,304 LIABILITIES: Administration fees payable Other payables Total liabilities --------- --------- --------- --------- --------- --------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 39,916 $ 68,761 $ 8,657 $ 14,177 $ 106,235 $ 128,304 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
See accompanying notes to financial statements. 2 HONEYWELL RETIREMENT INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1994 - -------------------------------------------------------------------------------
(SUPPLEMENTAL INFORMATION BY FUND) -------------------------------------------------- GOVERNMENT SHORT-TERM BONDS STOCKS COMBINED INCOME BOND PLUS PLUS TOTAL FUND FUND FUND FUND ASSETS: Investments in Master Trusts $ 3,417,002 $ 852,163 $ 21,522 $ 3,790 $ 1,014,503 Contributions receivable 14,030 2,489 334 15 1,432 Other receivables 9,075 7,319 3 220 ------------ ---------- ---------- --------- ------------ Total assets 3,440,107 861,971 21,856 3,808 1,016,155 LIABILITIES: Administration fees payable 460 155 7 1 144 Other payables 8,942 7,319 4 ------------ ---------- ---------- --------- ------------ Total liabilities 9,402 7,474 7 5 144 ------------ ---------- ---------- --------- ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,430,705 $ 854,497 $ 21,849 $ 3,803 $ 1,016,011 ------------ ---------- ---------- --------- ------------ ------------ ---------- ---------- --------- ------------ (SUPPLEMENTAL INFORMATION BY FUND) ------------------------------------------------------------------------------------ FROZEN FIXED HONEYWELL COLUMBIA SCUDDER S&P 500 INCOME STOCK SPECIAL JANUS INTERNATIONAL FUND FUND FUND FUND FUND FUND ASSETS: Investments in Master Trusts $ 376,363 $ 206,948 $ 454,660 $ 57,770 $ 14,880 $ 17,957 Contributions receivable 1,072 7,695 204 129 115 Other receivables 1,533 ---------- ---------- ---------- ---------- --------- ---------- Total assets 377,435 208,481 462,355 57,974 15,009 18,072 LIABILITIES: Administration fees payable 89 64 Other payables 86 1,533 ---------- ---------- Total liabilities 175 1,597 ---------- ---------- ---------- ---------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 377,260 $ 206,884 $ 462,355 $ 57,974 $ 15,009 $ 18,072 ---------- ---------- ---------- ---------- --------- ---------- ---------- ---------- ---------- ---------- --------- ---------- (SUPPLEMENTAL INFORMATION BY FUND) -------------------------------------------------------------------- T. ROWE T. ROWE PRICE PRICE PRICE SMALL CAP EQUITY INTERNATIONAL VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUNDS LOANS ASSETS: Investments in Master Trusts $ 78,336 $ 581 $ 5,869 $ 206,595 $ 105,065 Contributions receivable Other receivables 475 48 22 --------- -------- --------- ---------- ---------- Total assets 78,811 629 5,891 206,595 105,065 LIABILITIES: Administration fees payable Other payables Total liabilities --------- -------- --------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 78,811 $ 629 $ 5,891 $ 206,595 $ 105,065 --------- -------- --------- ---------- ---------- --------- -------- --------- ---------- ----------
See accompanying notes to financial statements. 3 HONEYWELL RETIREMENT INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1995 - -------------------------------------------------------------------------------
(SUPPLEMENTAL INFORMATION BY FUND) -------------------------------------------------- GOVERNMENT SHORT-TERM BONDS STOCKS COMBINED INCOME BOND PLUS PLUS TOTAL FUND FUND FUND FUND NET INVESTMENT INCOME IN MASTER TRUSTS $ 781,321 $ 52,428 $ 1,504 $ 883 $ 252,575 CONTRIBUTIONS: Employee pretax contributions 144,165 39,831 2,662 451 27,160 Employer stock match 21,544 ----------- ----------- ------- ------- ---------- Total contributions 165,709 39,831 2,662 451 27,160 TRANSFERS FROM (TO) OTHER FUNDS 156,117 567 (15) 12,108 ----------- ----------- ------- ------- ---------- TOTAL INVESTMENT INCOME, CONTRIBUTIONS, AND TRANSFERS 947,030 248,376 4,733 1,319 291,843 LOANS: Repayments 29,275 2,326 34 9,739 Distributions (30,319) (3,361) (183) (21,682) DISTRIBUTIONS TO PARTICIPANTS (311,389) (98,652) (18,325) (88,138) TRUSTEES' AND ADMINISTRATIVE FEES (6,193) (1,662) (45) (13) (2,221) ----------- ----------- ------- ------- ---------- INCREASE (DECREASE) IN NET ASSETS 629,448 147,018 (14,672) 1,157 189,541 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 3,430,705 854,497 21,849 3,803 1,016,011 ----------- ----------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 4,060,153 $ 1,001,515 $ 7,177 $ 4,960 $1,205,552 ----------- ----------- ------- ------- ---------- ----------- ----------- ------- ------- ---------- (SUPPLEMENTAL INFORMATION BY FUND) ---------------------------------------------------------------------------------------------- FROZEN FIXED HONEYWELL COLUMBIA SCUDDER S&P 500 INCOME STOCK UNITED SPECIAL JANUS INTERNATIONAL FUND FUND FUND FUND FUND FUND FUND NET INVESTMENT INCOME IN MASTER TRUSTS $ 148,087 $ 9,007 $ 265,758 $ 863 $ 15,892 $ 7,001 $ 1,352 CONTRIBUTIONS: Employee pretax contributions 24,419 24,190 451 4,624 4,846 1,668 Employer stock match 21,544 --------- --------- --------- ------- -------- -------- --------- Total contributions 24,419 45,734 451 4,624 4,846 1,668 TRANSFERS FROM (TO) OTHER FUNDS 75,328 (190,344) 30,348 5,519 (8,419) 19,157 (12,651) --------- --------- --------- ------- -------- -------- --------- TOTAL INVESTMENT INCOME, CONTRIBUTIONS, AND TRANSFERS 247,834 (181,337) 341,840 6,833 12,097 31,004 (9,631) LOANS: Repayments 14,080 12,992 1,069 2,140 1,776 Distributions (16,119) (4,453) (10,813) (1,172) (2,424) (2,121) DISTRIBUTIONS TO PARTICIPANTS (28,777) (20,727) (54,611) TRUSTEES' AND ADMINISTRATIVE FEES (977) (367) (669) (5) (69) (36) (12) --------- --------- --------- ------- -------- -------- --------- INCREASE (DECREASE) IN NET ASSETS 216,041 (206,884) 288,739 6,828 11,925 30,684 (9,988) NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 377,260 206,884 462,355 57,974 15,009 18,072 --------- --------- --------- ------- -------- -------- --------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 593,301 $ - $ 751,094 $ 6,828 $ 69,899 $ 45,693 $ 8,084 --------- --------- --------- ------- -------- -------- --------- --------- --------- --------- ------- -------- -------- --------- (SUPPLEMENTAL INFORMATION BY FUND) ---------------------------------------------------------------------------------------------- T. ROWE T. ROWE VANGUARD T. ROWE PRICE PRICE WORLD PRICE SMALL CAP EQUITY GROWTH INTERNATIONAL VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUND FUNDS LOANS NET INVESTMENT INCOME IN MASTER TRUSTS $ 5,116 $ 7,790 $ 1,325 $ 2,893 $ 8,847 CONTRIBUTIONS: Employee pretax contributions 1,976 9,231 1,072 962 $ 622 Employer stock match -------- --------- -------- -------- -------- --------- Total contributions 1,976 9,231 1,072 962 622 TRANSFERS FROM (TO) OTHER FUNDS 33,814 (26,945) 5,472 5,635 (100,982) (4,709) -------- --------- -------- -------- -------- --------- TOTAL INVESTMENT INCOME, CONTRIBUTIONS, AND TRANSFERS 40,906 (9,924) 7,869 9,490 (100,360) 4,138 LOANS: Repayments 320 3,105 1,769 312 (78,937) Distributions (1,286) (1,758) (1,604) (1,504) 98,799 DISTRIBUTIONS TO PARTICIPANTS (1,398) (761) TRUSTEES' AND ADMINISTRATIVE FEES (24) (75) (6) (12) -------- --------- -------- -------- -------- --------- INCREASE (DECREASE) IN NET ASSETS 39,916 (10,050) 8,028 8,286 (100,360) 23,239 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 78,811 629 5,891 206,595 105,065 -------- --------- -------- -------- -------- --------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 39,916 $ 68,761 $ 8,657 $ 14,177 $ 106,235 $ 128,304 -------- --------- -------- -------- ---------- --------- -------- --------- -------- -------- ---------- ---------
See accompanying notes to financial statements. 4 HONEYWELL RETIREMENT INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1994 - -------------------------------------------------------------------------------
(SUPPLEMENTAL INFORMATION BY FUND) ----------------------------------------------------- GOVERNMENT SHORT-TERM BONDS STOCKS COMBINED INCOME BOND PLUS PLUS TOTAL FUND FUND FUND FUND NET INVESTMENT INCOME (LOSS) IN MASTER TRUSTS $ 19,063 $ 30,136 $ (29) $ (114) $ (166) CONTRIBUTIONS: Employee pretax contributions 165,852 48,187 5,656 689 33,523 Employer stock match 26,305 ------------ ----------- --------- -------- ------------ Total contributions 192,157 48,187 5,656 689 33,523 TRANSFERS FROM (TO) OTHER FUNDS 326,107 (283) (3,579) (25,444) ------------ ----------- --------- -------- ------------ TOTAL INVESTMENT INCOME (LOSS), CONTRIBUTIONS, AND TRANSFERS 211,220 404,430 5,344 (3,004) 7,913 LOANS: Repayments 23,281 2,446 233 7,755 Distributions (12,281) (1,851) (1,287) (10,199) DISTRIBUTIONS TO PARTICIPANTS (279,172) (65,780) (669) (50,520) TRUSTEES' AND ADMINISTRATIVE FEES (6,613) (1,780) (41) (30) (1,931) ------------ ----------- --------- -------- ------------ DECEARSE [INCREASE] IN NET ASSETS (74,565) 347,870 5,898 (4,757) (46,982) NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 3,505,270 506,627 15,951 8,560 1,062,993 ------------ ----------- --------- -------- ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,430,705 $ 854,497 $ 21,849 $ 3,803 $ 1,016,011 ------------ ----------- --------- -------- ------------ ------------ ----------- --------- -------- ------------ (SUPPLEMENTAL INFORMATION BY FUND) ---------------------------------------------------------------------------------- FROZEN FIXED HONEYWELL COLUMBIA SCUDDER S&P 500 INCOME STOCK SPECIAL JANUS INTERNATIONAL FUND FUND FUND FUND FUND FUND NET INVESTMENT INCOME (LOSS) IN MASTER TRUSTS $ 5,087 $ 20,820 $ (29,161) $ 91 $ (90) $ (838) CONTRIBUTIONS: Employee pretax contributions 22,200 37,512 2,926 1,856 2,332 Employer stock match 26,305 ---------- ---------- -------- -------- --------- Total contributions 22,200 63,817 2,926 1,856 2,332 TRANSFERS FROM (TO) OTHER FUNDS (19,334) (129,165) (96,926) 48,826 5,814 10,910 ---------- ---------- ---------- -------- -------- --------- TOTAL INVESTMENT INCOME (LOSS), CONTRIBUTIONS, AND TRANSFERS 7,953 (108,345) (62,270) 51,843 7,580 12,404 LOANS: Repayments 8,226 11,348 482 256 297 Distributions (18,578) (4,673) (8,704) (1,497) (7) (7) DISTRIBUTIONS TO PARTICIPANTS (61,033) (22,419) (72,793) (2,027) TRUSTEES' AND ADMINISTRATIVE FEES (1,058) (717) (838) (66) (19) (19) ---------- ---------- ---------- -------- -------- --------- DECEARSE [INCREASE] IN NET ASSETS (64,490) (136,154) (133,257) 48,735 7,810 12,675 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 441,750 343,038 595,612 9,239 7,199 5,397 ---------- ---------- ---------- -------- -------- --------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 377,260 $ 206,884 $ 462,355 $ 57,974 $ 15,009 $ 18,072 ---------- ---------- ---------- -------- -------- --------- ---------- ---------- ---------- -------- -------- --------- (SUPPLEMENTAL INFORMATION BY FUND) ---------------------------------------------------------------------- T. ROWE T. ROWE T. ROWE PRICE PRICE PRICE SMALL CAP EQUITY INTERNATIONAL VALUE INCOME ISOLATED PARTICIPANT FUND FUND FUND FUNDS LOANS NET INVESTMENT INCOME (LOSS) IN MASTER TRUSTS $ (2,397) $ (44) $ 716 $ (4,948) CONTRIBUTIONS: Employee pretax contributions 9,496 380 1,095 Employer stock match --------- ------- -------- Total contributions 9,496 380 1,095 TRANSFERS FROM (TO) OTHER FUNDS 63,571 (2,993) (8,506) $ (168,998) --------- ------- -------- ---------- --------- TOTAL INVESTMENT INCOME (LOSS), CONTRIBUTIONS, AND TRANSFERS 70,670 (2,657) (6,695) (168,998) (4,948) LOANS: Repayments 2,942 256 261 (57,783) Distributions (3,114) 62,198 DISTRIBUTIONS TO PARTICIPANTS (3,931) TRUSTEES' AND ADMINISTRATIVE FEES (94) (3) (17) --------- ------- -------- ---------- --------- DECREASE [INCREASE] IN NET ASSETS 66,473 (2,404) (6,451) (168,998) (533) NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 12,338 3,033 12,342 375,593 105,598 --------- ------- -------- ---------- --------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 78,811 $ 629 $ 5,891 $ 206,595 $ 105,065 --------- ------- -------- ---------- --------- --------- ------- -------- ---------- ---------
See accompanying notes to financial statements. 5 HONEYWELL RETIREMENT INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1995 AND 1994 - ------------------------------------------------------------------------------- 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING - The financial statements of the Honeywell Retirement Investment Plan (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 program designed to provide supplemental retirement benefits to certain employees. This plan succeeded Part B of the Sperry Retirement Program. Most legal provisions of the Sperry Plan remained unchanged, and the Plan continues to serve employees covered by a collective bargaining agreement which provided for coverage under the Plan. 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 such 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 the appointed trustees. In May 1996, the Plan Sponsor sold the division to which the participants were employed. In accordance with the sale, participants will no longer receive contributions from the Plan Sponsor. There were no other significant changes to the provisions of the Plan. 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 distributions to their accounts. 6 (c) The Sponsor contributes between $.25 and $.50 in Honeywell Inc. stock to the participants' Performance Stock Match Fund accounts for each $1.00 participants contribute to their pretax accounts. Such sponsor contribution is limited to a maximum of 4% of the participants' pay. The amount of the Sponsor's contribution depends upon the Sponsor's return on investment (as defined). LOANS TO PARTICIPANTS - The Plan allows participants to apply for and obtain loans 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 after 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 - Employees are eligible to participate in the Plan only if they are classified regular full-time or regular part-time employees, are not covered by any other savings plan maintained by Honeywell Inc., and are covered under a collective bargaining agreement which provides for participation in the Plan. VESTING - Participants are 100% vested in the portion of 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' vested 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: 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-term and intermediate-term (one to five years) maturities. BONDS PLUS FUND - Diversified among U.S. Treasury bills, high-quality intermediate- and long-term (one to ten) 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. FROZEN FIXED INCOME FUND - Invests primarily in guaranteed investment contracts. HONEYWELL STOCK FUND - Invests entirely in shares of Honeywell Inc. common stock. 7 UNITED 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. COLUMBIA SPECIAL FUND - Invests primarily in smaller companies with capitalizations that are less than the average for the companies included in the Standard & Poor's 500 Stock Index. JANUS FUND - Invests primarily in a combination of large, familiar corporations and small, rapidly emerging companies. SCUDDER INTERNATIONAL FUND - Intends to diversify its foreign investments among several countries and not concentrate investments in any particular industry. VANGUARD WORLD GROWTH 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. T. ROWE PRICE INTERNATIONAL STOCK FUND - Invests primarily in stock 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 from the Internal Revenue Service 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 the Employee Retirement Income Services Security Act of 1974. In the event of plan termination, participates shall be 100% vested in their accounts. 3. INVESTMENT IN EXECUTIVE LIFE INSURANCE COMPANY At December 31, 1995 and 1994, the Plan's Isolated Funds consisted primarily of investments in Executive Life Insurance Company (Executive Life) guaranteed investment contracts (GICs), with approximately 2% and 6%, respectively, of total net assets available for benefits. In 1991, the State of California insurance commissioner seized Executive Life and placed it in a court-supervised conservatorship. In 1994 and 1995, distributions have been received from the conservator totaling approximating 79% 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 the 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. 8 The Sponsor has 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. INTERESTS 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. Each participating retirement plan has an undivided interest in the master trusts. At December 31, 1995 and 1994, the Plan's interest in the net assets of the master trusts was approximately 0.3% and 0.5%, respectively. 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. 1995 1994 Investments at fair value: Custom funds: Government Income Fund $ 366,474,017 $ 305,889,947 Short-Term Bonds Fund 14,601,360 10,256,109 Bonds Plus Fund 27,817,504 17,508,593 Stocks Plus Fund 278,496,571 232,214,890 S&P 500 Fund 324,162,323 226,631,967 Frozen Fixed Income Fund (a) 53,415,980 Honeywell Stock Fund 300,563,670 173,540,997 Mutual funds, primarily equity securities 228,848,537 155,759,921 Participants' loans 30,623,059 26,287, 970 -------------- -------------- $1,571,587,041 $1,201,506,374 -------------- -------------- -------------- -------------- (a) at contract value Investment income for master trust is as follows: 1995 1994 Net appreciation of fair value of investments: Custom funds: Short-term Bonds Fund $ 1,413,811 $ (51,556) Bonds Plus Fund 4,398,633 (272,642) Stocks Plus Fund 56,869,995 (2,285,805) S&P 500 Fund 86,294,546 3,088,743 Honeywell Stock Fund 101,560,940 (13,531,441) Mutual funds, primarily equity securities 26,821,187 (9,911,323) ------------ ------------- 277,359,112 (22,964,024) Interest and dividends 43,783,687 34,701,490 ------------ ------------- $321,142,799 $ 11,737,466 ------------ ------------- ------------ ------------- 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. 9 Each participating retirement plan has an undivided interest in the master trust. At December 31, 1995 and 1994, the Plan's interest in the net assets of the master trust was approximately 0.5%. The contract value of the GICs for the master trust was approximately $20.9 million and $39.0 million at December 31, 1995 and 1994, respectively. 5. PARTIES-IN-INTEREST TRANSACTIONS There were no prohibited party-in-interest transactions during the years ended December 31, 1995 and 1994. 6. INFORMATION PROVIDED BY TRUSTEES Plan funds are held in trust by trustees for the sole purpose of making investments, plan payments, and paying trust operating expenses. Trustees appointed by the Honeywell Pension and Retirement Committee as of December 31, 1995 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 an increase (decrease) in the amount of net assets reported by the trustees of $10,154 and $12,260 as of December 31, 1995 and 1994, 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, and Honeywell Stock Fund individually represent 5% or more of net assets available for benefits as of December 31, 1995. At December 31, 1994, these same funds together with the Frozen Fixed Income Fund and Isolated Funds individually represent 5% or more of net assets available for benefits. 10 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 RETIREMENT INVESTMENT PLAN Dated: June 26, 1996 By: /s/ Jim Porter ---------------------------------- EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 23.1 Consent of Deloitte & Touche LLP EX-23.1 2 EXHIBIT 23.1 EXHIBIT 23.1 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-44282 of the Honeywell Retirement Investment Plan on Form S-8 of our report dated June 10, 1996, appearing in this Annual Report on Form 11-K of the Honeywell Retirement Investment Plan for the year ended December 31, 1995. /s/ Deloitte & Touche LLP Deloitte & Touche LLP Minneapolis, Minnesota June 24, 1996 -----END PRIVACY-ENHANCED MESSAGE-----