-----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, Pvjgy/cZt7Zdwd9UDM9+8u6xe9DJHSl2KYjdFAdwP8/nSaHnQzn4zQVtjAvne+s7 nHkZKCVgkueHUStsm4lc8A== 0000059198-94-000018.txt : 19940929 0000059198-94-000018.hdr.sgml : 19940929 ACCESSION NUMBER: 0000059198-94-000018 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940331 FILED AS OF DATE: 19940928 SROS: MSE SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRINOVA CORP CENTRAL INDEX KEY: 0000059198 STANDARD INDUSTRIAL CLASSIFICATION: 3490 IRS NUMBER: 344288310 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00924 FILM NUMBER: 94550680 BUSINESS ADDRESS: STREET 1: 3000 STRAYER CITY: MAUMEE STATE: OH ZIP: 43537 BUSINESS PHONE: 4198672200 FORMER COMPANY: FORMER CONFORMED NAME: LIBBEY OWENS FORD CO DATE OF NAME CHANGE: 19860814 FORMER COMPANY: FORMER CONFORMED NAME: LIBBEY OWENS FORD GLASS CO DATE OF NAME CHANGE: 19681004 11-K 1 FORM 11-K - AEROQUIP HOURLY FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the plan period ended March 31, 1994 Commission file no. 1-924 A. Full title of the plan: AEROQUIP CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: TRINOVA CORPORATION 3000 Strayer Maumee, Ohio 43537-0050 This document, including exhibits, contains 17 pages. The cover page consists of 1 page. The Exhibit Index is located on page 16. REQUIRED INFORMATION The following financial statements are furnished for the Aeroquip Corporation Retirement Savings Plan for Hourly Employees: Page Report of Independent Auditors 3 Statements of Assets Available for Plan Benefits 4 Statements of Changes in Assets Available for Plan Benefits 5 Notes to Financial Statements 6 Exhibit The following exhibit is filed herewith: Exhibit Number (23) Consent of Independent Auditors SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. AEROQUIP CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES By: /S/ WILLIAM R. AMMANN William R. Ammann Vice President - Administration and Treasurer TRINOVA Corporation September 28, 1994 -2- REPORT OF INDEPENDENT AUDITORS Administrative Committee Aeroquip Corporation Retirement Savings Plan for Hourly Employees We have audited the accompanying statements of assets available for plan benefits of the Aeroquip Corporation Retirement Savings Plan for Hourly Employees as of March 31, 1994 and December 31, 1993 and the related statements of changes in assets available for plan benefits for the three month period ended March 31, 1994 and each of the two years in the period ended December 31, 1993. 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 financial statements referred to above present fairly, in all material respects, the assets available for plan benefits of the Plan at March 31, 1994 and December 31, 1993 and the changes in its assets available for plan benefits for the three month period ended March 31, 1994, and each of the two years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. /S/ ERNST & YOUNG LLP ERNST & YOUNG LLP Toledo, Ohio September 2, 1994 -3- STATEMENTS OF ASSETS AVAILABLE FOR PLAN BENEFITS AEROQUIP CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES March 31 December 31 1994 1993 [Note 1] ASSETS Contributions receivable from employer $ $ 2,297 Contributions receivable from employees 3,612 Value of interest in Master Trust - Note 7 Fixed Income Fund 73,028 Index Fund 10,183 Multi-Asset Fund 41,248 TRINOVA Stock Fund 3,117 127,576 ASSETS AVAILABLE FOR PLAN BENEFITS $ 0 $133,485 ========= ======== See accompanying notes -4- STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS AEROQUIP CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
Three Month Period Ended March 31 Year Ended December 31 1994 1993 1992 ADDITIONS Contributions by employees $8,256 $31,846 $28,490 Contributions by employer 4,526 20,306 17,931 Net investment income Interest earned 1,340 4,357 2,558 Dividends 60 259 110 Realized gains on sales of investments 10,124 518 57 Other - principally unrealized gains (losses) on investments (10,348) 3,998 1,286 1,176 9,132 4,011 13,958 61,284 50,432 DEDUCTIONS Benefits paid to participants 3,347 7,111 Investment management fees 10 10 Transfer to affiliated benefit plan [Note 1] 147,443 147,443 3,357 7,121 NET ADDITIONS (DEDUCTIONS) (133,485) 57,927 43,311 Net assets available for plan benefits at beginning of period 133,485 75,558 32,247 ASSETS AVAILABLE FOR PLAN BENEFITS $ 0 $133,485 $75,558 AT END OF PERIOD ========= ======== ====== See accompanying notes
-5- NOTES TO FINANCIAL STATEMENTS AEROQUIP CORPORATION RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES MARCH 31, 1994 NOTE 1 - PLAN MERGER At March 31, 1994, the Aeroquip Corporation Retirement Savings Plan for Hourly Employees (the "Plan") and its assets available for plan benefits were merged into the TRINOVA Corporation Retirement Savings and Profit-Sharing Plan (the "TRINOVA Plan"), formerly the TRINOVA Corporation Retirement Savings and Profit Sharing Plan for Corporate Employees. The assets available for plan benefits merged into the TRINOVA Plan amounted to $147,443 and have been included in net transfers to affiliated benefit plan in the statement of changes in assets available for plan benefits for the three-month period ended March 31, 1994. The operation and provisions of the TRINOVA Plan are substantially the same as the Plan's, except for the following. Participants will be able to participate in six new investment funds; the Vanguard/Windsor II Fund, the Vanguard Morgan Growth Fund, the Vanguard International Growth Portfolio, the Vanguard Star Fund, the Vanguard Fixed Income Securities-Long Term Corporate Portfolio, and the Vanguard Money Market Reserves-U.S. Treasury Portfolio. Investment directions will be made in 1 percent increments and after-tax voluntary contributions up to 10 percent of annual compensation will be allowable provided that pre-tax contributions have met the limit allowable under IRS regulations. Participants of the TRINOVA Plan will have general purpose and home loans available. The minimum loan permitted is $1,000. Under a general purpose or home loan, a participant may borrow up to the lesser of one-half of his or her vested account balances or the total of his or her pre-tax, match and roll-in contributions to the Plan, up to a maximum of $50,000. In no event may the aggregate amount of loans exceed $50,000. All loans will be repaid to the TRINOVA Plan in equal installments through payroll deductions over a period up to five years for general purpose and twenty years for home loans. Interest is charged at a reasonable rate, as determined by the Administrative Committee. Additionally, Hazlehurst and Associates was terminated as recordkeeper of the plan assets and The Vanguard Group was added as trustee and recordkeeper for the TRINOVA Plan. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accounting records of the Plan are maintained on the accrual basis. Investment Valuation and Income Recognition Marketable securities are stated at aggregate fair value and are valued at the last sales price of the valuation period quoted by a national securities exchange. The guaranteed investment contracts are stated at contract value which approximates fair value. The difference between fair -6- NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Continued) value and the cost of investments is reflected in the statement of changes in net assets available for plan benefits as unrealized gains (losses) on investments. Realized gains or losses on the sales of investments represent the differences between the proceeds received upon sale and the cost of investments sold, determined on an average cost basis. Investment management fees are paid by the Plan, while all other administrative expenses of the Plan are currently borne by the Plan sponsor, Aeroquip Corporation ("Aeroquip"), a wholly-owned subsidiary of TRINOVA Corporation, ("TRINOVA"). Payment of Benefits Effective January 1, 1993 the Plan changed its method of accounting for benefits of employees who have withdrawn from participation in the Plan but have not yet been paid. This change was made to conform with new guidance in the American Institute of Certified Public Accountants' Audit and Accounting Guide "Audits of Employee Benefit Plans." The cumulative effect of this change as of January 1, 1993 and the effect of the change on the 1993 financial statements was not material. NOTE 3 - DESCRIPTION OF PLAN The Plan is a defined contribution plan. Eligible participants include all regular full-time hourly employees subject to a collective bargaining agreement at the Elkhart, Indiana facility of Aeroquip. Part-time employees are generally not eligible to participate in the Plan. The Plan became effective April 1, 1991. Participants may contribute to the Plan on a pre-tax basis by payroll reduction up to 15 percent of their annual compensation, in increments of 1 percent. Aeroquip will match participant pre-tax contribution dollar for dollar up to the first 2 percent, and 50 percent of the next 2 percent, of each participant's annual compensation. The total amount contributed on behalf of each eligible participant is subject to calendar-year limits of the Internal Revenue Code, which are indexed and adjusted for changes in the cost of living. Participants have an immediate and fully-vested interest in the portion of the Plan accounts represented by their pre-tax elective deferrals to the Plan, including any earnings on these amounts and Aeroquip's matching contributions on participants' pre-tax elective deferrals, as well as earnings thereon. Each participant individually directs his or her contributions and Aeroquip's contributions into one or more of the following investment funds (in multiples of 10 percent). (1) TRINOVA Stock Fund, selected by 6 and 3 participants at March 31, 1994 and December 31, 1993, respectively, is invested in TRINOVA common stock. Cash dividends paid on shares held by the Trust are used to purchase additional shares for participant accounts. TRINOVA common stock is acquired in open market purchases at fair value. -7- NOTE 3 - DESCRIPTION OF PLAN (Continued) (2) Fixed Income Fund, selected by 37 participants at March 31, 1994 and December 31, 1993, is invested in insurance company investment contracts, bank investment contracts and their equivalent. These contracts pay a negotiated interest rate for a period of one to five years. Approximately every three months, Aeroquip announces the interest rate which will be paid on all monies that are in the Fixed Income Fund. This interest rate is a single blended rate of the interest rates being paid on each of the contracts in force during that period. New contracts are negotiated with insurance companies or financial institutions rated AA+ by Standard and Poors or its equivalent and have a maximum contract life of five years. (3) Multi-Asset Fund, selected by 29 and 28 participants at March 31, 1994 and December 31, 1993, respectively, is invested in nine major world capital classes, including stocks and bonds of U.S. and international companies, venture capital, real estate and cash equivalents. Brinson Partners, Inc. is the investment manager of the Multi-Asset Fund. This investment option was terminated effective March 31, 1994. Cash and cash equivalents from the liquidation of the fund's shares will be transferred to the Vanguard Star Fund, which is a new investment option under the TRINOVA Plan. (4) Index Fund, selected by 14 participants at March 31, 1994 and December 31, 1993, is managed by The Vanguard Group of Investment Companies. Contributions to the fund are invested in stocks of the companies and industry groups which make up the Standard & Poor's 500 Composite Stock Price Index. Aeroquip reserves the right to amend, modify or terminate the Plan at any time. NOTE 4 - BENEFITS A participant is entitled to the benefit provided by the contributions and income thereon (including realized and unrealized gains and losses) allocated to the participant's account. Upon termination of employment due to retirement, total and permanent disability or death, a participant or his or her spousal beneficiary will be entitled to receive distribution of the participant's entire account without regard to the Plan's vesting rules: (i) in one lump sum amount; or (ii) in monthly installments of a fixed amount or over a specified period of time in an amount of at least $100 per month. Distribution payments to non-spousal beneficiaries will be made in a lump sum only. If the value of a participant's account is less than $3,500, the Plan Administrator will distribute the participant's entire interest in one lump sum payment. Withdrawals of pre-tax contributions and Aeroquip's matching contributions during a participant's employment are not permitted prior to age 59-1/2, unless the participant can show financial hardship for which he or she has no other available resources. Such situations are limited to: (i) certain medical expenses; (ii) payment of tuition and related educational fees for post-secondary education for the next year; (iii) costs related to the purchase of a principal residence; or (iv) payments necessary to avoid eviction from, or a foreclosure on the mortgage of, the participant's principal residence. -8- NOTE 5 - INCOME TAX STATUS The Plan is intended to be qualified under section 401(a) of the Internal Revenue Code, and Aeroquip has taken the appropriate steps to obtain a favorable ruling from the Internal Revenue Service. Aeroquip believes the Plan as written is in operational compliance with the Internal Revenue Code of 1986 as amended. NOTE 6 - TAX EFFECTS ON PLAN PARTICIPANTS The amount withdrawn by a participant during his or her employment from a Plan account attributable to employee pre-tax contributions or employer's matching contributions will be subject to federal income tax at ordinary income tax rates and may be subject to additional penalty or excise taxes, as described below. The amount of a distribution received in a lump sum is subject to Federal income tax at ordinary income tax rates. However, a qualifying lump sum distribution may be eligible under certain circumstances for special ten-year or five-year averaging or capital gains treatment. Whether a lump sum distribution qualifies for special ten-year or five-year averaging or capital gains treatment depends upon, among other things, a participant's age, employment status, and dates of participation in the Plan. If a participant receives TRINOVA common stock as part of a lump sum distribution, the excess, if any, of the fair market value of the common stock over the cost of the common stock is not subject to Federal income tax at the time of distribution but generally will be subject to Federal income tax upon any subsequent disposition of the common stock. However, a participant may elect, on the tax return on which the distribution is required to be included, not to have such excess excluded from Federal income tax in the year of distribution, in which case such excess will be taxed in that year. If a distribution is made in installments, each installment is taxed at ordinary income tax rates. Any lump sum distribution that a participant receives from the Plan will generally be subject to mandatory tax withholding. The Plan will withhold 20 percent of the taxable part of the participant's distribution to pay federal income tax. Certain penalty taxes may be imposed on the taxable portion of a distribution or withdrawal from the Plan. The taxable portion of an in- service distribution made to a participant prior to age 59-1/2 will be subject to a 10 percent penalty tax unless certain exceptions apply. In addition, the taxable portion of a distribution or withdrawal from the Plan and from an individual retirement account (IRA) may be subject to a 15 percent excise tax to the extent it aggregates more than a certain amount during any year. A participant, under certain circumstances, may directly roll over amounts distributed from the Plan to another qualified plan or an individual retirement account (IRA) and avoid mandatory federal withholding and penalty taxes. Participant contributions made on a pre-tax salary reduction basis are not taxed for Federal income tax purposes, but are considered wages for Federal Insurance Contribution Act (FICA) purposes. Matching contributions and any other employee contributions are not included in the participant's taxable wages for federal income tax purposes when paid to the Plan, and are not considered wages for federal income tax purposes or FICA purposes. -9- NOTE 7 - VALUE OF INTEREST IN MASTER TRUST The Plan's investments, except for loans, are held in safekeeping by The Northern Trust Company as Trustee under a Master Trust Agreement (the "Master Trust"). The Master Trust holds the investment assets for the Plan and other designated defined contribution plans of Aeroquip, its parent TRINOVA and TRINOVA's other subsidiary. The following table presents the fair values of investments in the Master Trust. March 31 December 31 1994 1993 Investments at Fair Value: Fixed Income Funds $253,510,747 $303,865,565 Vanguard Mutual Funds 72,165,164 46,310,371 Multi-Asset Funds 67,262,443 46,920,647 TRINOVA Stock Fund 15,786,370 12,317,310 Government Securities Fund 3,501,026 3,572,450 $412,225,750 $412,986,343 ============ ============ Net investment income of the Master Trust is as follows: Three Months Ended March 31 Year Ended December 31 1994 1993 1992 Net investment income: Interest earned $ 5,410,175 $21,924,851 $23,821,843 Dividends 172,192 2,182,874 1,345,912 Realized gains 12,116,175 1,758,587 1,388,865 Other-principally unrealized gains/(losses) (13,921,145) 10,234,251 2,922,290 $ 3,777,397 $36,100,563 $29,478,910 =========== =========== =========== At March 31, 1994 the assets of the Plan were merged into the TRINOVA Plan, therefore the Plan has zero interest in the net assets of the Master Trust at that date. At December 31, 1993, the Plan's interest in the net assets of the Master Trust was approximately .03 percent. The Plan's interest in any one fund does not correspond to the Plan's overall investment in the Master Trust as participants in each plan select their individual investment options. 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. -10- NOTE 7 - VALUE OF INTEREST IN MASTER TRUST (Continued) Fair values and costs of the Plan's interest in the net assets of the Master Trust at December 31, 1993 are as follows: Description Fair Value Cost FIXED INCOME FUND Aetna Life Insurance Contract expiring in 1994 $ 2,516 $ 2,516 AILife Insurance Contract expiring in 1997 5,077 5,077 Allstate Insurance Company expiring in 1998 4,323 4,323 Allstate Insurance Company expiring in 1997 1,615 1,615 Allstate Insurance Company expiring in 1998 1,618 1,618 Bankers Trust Contract expiring in 1996 5,647 5,647 Bankers Trust of Delaware Contract expiring in 1996 7,803 7,803 Citibank N.A. Contract expiring in 1998 5,004 5,004 Citibank Saver expiring in 1998 4,076 4,076 Lotsoff Secure expiring in 1999 4,115 4,115 Metropolitan Life Insurance Contract expiring in 1994 629 629 Metropolitan Life Insurance Contract expiring in 1995 7,752 7,752 Metropolitan Life Insurance Contract expiring in 1995 3,268 3,268 Metropolitan Life Insurance Contract expiring in 1996 5,322 5,322 Prudential Insurance Contract expiring in 1994 3,121 3,121 Prudential Insurance Contract expiring in 1996 5,659 5,659 Cash and cash equivalents 5,476 5,476 Interest receivable 7 7 73,028 73,028 INDEX FUND Vanguard Mutual Fund Pooled Index Fund (205.98 shares) 9,028 8,301 Cash and cash equivalents 1,152 1,152 Interest Receivable 3 3 10,183 9,456 -11- NOTE 7 - VALUE OF INTEREST IN MASTER TRUST (Continued) Fair Value Cost MULTI-ASSET FUND Brinson Partners Multi-Asset Fund (77.167 shares) 40,601 29,910 Cash and cash equivalents 646 646 Interest receivable 1 1 41,248 30,557 TRINOVA STOCK FUND TRINOVA Corporation Common Stock (76 shares) 2,385 1,834 Cash and cash equivalents 730 730 Interest receivable 2 2 3,117 2,566 TOTALS $127,576 $115,607 ======== ======== -12- NOTE 8 - CHANGES IN ASSETS BY INVESTMENT OPTION
Fixed Vanguard Multi- TRINOVA Contributions Income Index 500 Asset Stock Receivable Fund Fund Fund Fund Total ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1993 $ 5,909 $73,028 $10,183 $41,248 $3,117 $133,485 ADDITIONS Contributions Employees 909 4,303 632 2,091 321 8,256 Employer 221 2,443 441 1,154 267 4,526 1,130 6,746 1,073 3,245 588 12,782 Net investment income Interest earned 1,327 14 (9) 8 1,340 Dividends 45 15 60 Realized gains on sales of investments Aggregate proceeds 16 10,108 10,124 Aggregate cost 16 10,108 10,124 Other - principally unrealized gains (losses) on investments (412) (10,179) 243 (10,348) 1,327 (337) (80) 266 1,176 1,130 8,073 736 3,165 854 13,958 DEDUCTIONS Net transfers to affiliated benefit plan 7,039 81,101 10,919 44,413 3,971 147,443 7,039 81,101 10,919 44,413 3,971 147,443 NET DEDUCTIONS (5,909) (73,028) (10,183) (41,248) (3,117) (133,485) ASSETS AVAILABLE FOR PLAN BENEFITS AT MARCH 31, 1994 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ======= ======= ======= ======= ======= =======
-13- NOTE 8 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
Fixed Vanguard Multi- TRINOVA Contributions Income Index 500 Asset Stock Receivable Fund Fund Fund Fund Total ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1992 $ 8,908 $40,120 $5,322 $20,156 $1,052 $75,558 ADDITIONS Contributions Employees (1,839) 18,837 3,404 10,449 995 31,846 Employer (1,160) 12,684 2,069 6,050 663 20,306 (2,999) 31,521 5,473 16,499 1,658 52,152 Net investment income Interest earned 4,273 5 28 51 4,357 Dividends 221 38 259 Realized gains on sales of investments Aggregate proceeds 1,098 821 1,919 Aggregate cost 1,027 374 1,401 71 447 518 Other - principally unrealized gains (losses) on investments 446 2,991 561 3,998 4,273 743 3,466 650 9,132 (2,999) 35,794 6,216 19,965 2,308 61,284 DEDUCTIONS Benefit payments 1,433 498 1,173 243 3,347 Investment management fees 10 10 Net transfers 1,453 847 (2,300) 2,886 1,355 (1,127) 243 3,357 NET ADDITIONS (DEDUCTIONS) (2,999) 32,908 4,861 21,092 2,065 57,927 ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1993 $5,909 $73,028 $10,183 $41,248 $3,117 $133,485 ====== ======= ====== ======= ====== =======
-14- NOTE 8 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
Fixed Vanguard Multi- TRINOVA Contributions Income Index 500 Asset Stock Receivable Fund Fund Fund Fund Total ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1991 $ $23,177 $2,116 $ 6,943 $ 11 $32,247 ADDITIONS Contributions Employees 5,450 15,472 1,676 5,617 275 28,490 Employer 3,458 9,793 1,027 3,458 195 17,931 8,908 25,265 2,703 9,075 470 46,421 Net investment income Interest earned 2,541 11 6 2,558 Dividends 110 110 Realized gains on sales of investments Aggregate proceeds 455 181 636 Aggregate cost 437 142 579 18 39 57 Other - principally unrealized gains (losses) on investments 196 1,099 (9) 1,286 2,541 324 1,149 (3) 4,011 8,908 27,806 3,027 10,224 467 50,432 DEDUCTIONS Benefit payments 6,144 455 512 7,111 Investment management fees 10 10 Net transfers 4,719 (644) (3,501) (574) 10,863 (179) (2,989) (574) 7,121 NET ADDITIONS 8,908 16,943 3,206 13,213 1,041 43,311 ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1992 $8,908 $40,120 $ 5,322 $20,156 $1,052 $ 75,558 ====== ======= ====== ======= ====== =======
-15- EX-99 2 EXHIBIT INDEX EXHIBIT INDEX Exhibit Number Page (23) Consent of Independent Auditors 17 -16- EX-23 3 EXHIBIT 23 Exhibit (23) CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in Post-Effective Amendment No. 1 to Registration Statement No. 33-9127 on Form S-3 dated August 28, 1987, Registration Statement No. 33-19555 on Form S-3 dated January 15, 1988, Post- Effective Amendment No. 2 to Registration Statement No. 33-14682 on Form S-8 dated April 28, 1989, Registration Statement No. 33-28638 on Form S-8 dated May 10, 1989, Registration Statement No. 33-54059 on Form S-8 dated June 10, 1994, and Registration Statement No. 33-55399 on Form S-8 dated September 8, 1994 of our report dated September 22, 1994 with respect to the financial statements of Aeroquip Corporation Retirement Savings Plan for Hourly Employees included in the Annual Report (Form 11-K) for the plan year ended March 31, 1993. /S/ ERNST & YOUNG LLP ERNST & YOUNG LLP Toledo, Ohio September 28, 1994 - -17- -----END PRIVACY-ENHANCED MESSAGE-----