-----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, T9PhKCl1FR2aF0udNTDsVCpLKXNwmefeXykGhaTzP/MmscGpDZ++X46DSBh8uDKN jJRVgw+F8KPx6/3KhuY/SA== 0000082811-99-000014.txt : 19990629 0000082811-99-000014.hdr.sgml : 19990629 ACCESSION NUMBER: 0000082811-99-000014 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGAL BELOIT CORP CENTRAL INDEX KEY: 0000082811 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 390875718 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-07283 FILM NUMBER: 99653937 BUSINESS ADDRESS: STREET 1: 200 STATE ST CITY: BELOIT STATE: WI ZIP: 53511 BUSINESS PHONE: 6083648800 MAIL ADDRESS: STREET 1: 200 STATE STREET CITY: BELOIT STATE: WI ZIP: 53511-6254 FORMER COMPANY: FORMER CONFORMED NAME: BELOIT TOOL CORP DATE OF NAME CHANGE: 19730522 FORMER COMPANY: FORMER CONFORMED NAME: RECORD A PUNCH CORP DATE OF NAME CHANGE: 19690320 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 OR [ ] TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-7283 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: REGAL-BELOIT CORPORATION SAVINGS AND PROTECTION PLAN B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: REGAL-BELOIT CORPORATION 200 STATE STREET BELOIT, WI 53511 REQUIRED INFORMATION Regal-Beloit Corporation Savings and Protection Plan ("Plan") is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, statement of net assets available for plan benefits for the Plan of December 31, 1998 and 1997 and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1998, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by this reference. SIGNATURES The Plan. Pursuant to the requirements of the Securities and Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly cuased this annual report to be signed on its behalf by the undersigned hereunto duly authorized. REGAL-BELOIT CORPORATION SAVINGS AND PROTECTION PLAN By: Regal-Beloit Corporation Savings and Protection Plan Administrative Committee Kenneth F. Kaplan --------------------------- June 28, 1999 Kenneth F. Kaplan Fritz Hollenbach --------------------------- June 28, 1999 Fritz Hollenbach 2 REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 ----------------------------------------------------- TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ------------------------------------------------------ REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- FINANCIAL STATEMENTS -------------------- DECEMBER 31, 1998 AND 1997 -------------------------- TABLE OF CONTENTS ----------------- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statements of Net Assets Available for Plan Benefits, with Fund Information as of December 31, 1998 and 1997 Statement of Changes in Net Assets Available for Plan Benefits, With Fund Information for the Year Ended December 31, 1998 NOTES TO FINANCIAL STATEMENTS SCHEDULES SUPPORTING FINANCIAL STATEMENTS Schedule I: Item 27a--Schedule of Assets Held for Investment Purposes-- December 31, 1998 Schedule II: Item 27d--Schedule of Reportable Transactions for the Year Ended December 31, 1998 Consent of Independent Public Accountants ----------------------------------------- As independent public accountants, we hereby consent to the incorporation of our report included in this Form 11-K into the previously filed Form S-8 Registration Statement of Regal-Beloit Corporation (Registration No. 333-48789). ARTHUR ANDERSEN LLP ------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, June 28, 1999. Consent of Independent Public Accountants ----------------------------------------- As independent public accountants, we hereby consent to the incorporation of our report included in this Form 10-K/A into the previously filed Form S-8 Registration Statement of Regal-Beloit Corporation (Registration No. 333-48789). ARTHUR ANDERSEN LLP ------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, June 28, 1999. REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ---------------------------------------- To the Administrative Committee of the Regal-Beloit Corporation Savings and Protection Plan: We have audited the accompanying statements of net assets available for plan benefits with fund information of Regal-Beloit Corporation Savings and Protection Plan as of December 31, 1998 and 1997 and the related statements of changes in net assets available for plan benefits for the year ended December 31, 1998. These financial statements and the supplemental schedules referred to below are the responsibility of the Plan administrator. Our responsibility is to express an opinion on these financial statements and supplemental schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial status of Regal-Beloit Corporation Savings and Protection Plan as of December 31, 1998 and 1997 and the changes in its financial status for the year ended December 31, 1998, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of the Plan, as listed in the accompanying table of contents, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan administrator. The fund information in the statements of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. As explained in Note 3, information presented in the schedule of reportable transactions does not disclose the historical cost of certain investments. Disclosure of this information is required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. ARTHUR ANDERSEN LLP ------------------- ARTHUR ANDERSEN LLP Milwaukee, Wisconsin, May 28, 1999. REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- DECEMBER 31, 1998 AND 1997 -------------------------- (1) Description of the Plan- ----------------------- The following description of the Regal-Beloit Corporation Savings and Protection Plan (the "Plan") is provided for general information purposes only. More complete information regarding the Plan's provisions may be found in the Plan document. General- ------- The Plan is a defined contribution plan and covers substantially all bargaining unit employees of the Foote-Jones/Illinois Gear and Velvet Drive Transmission Divisions of the Regal-Beloit Corporation (the "Company") who complete at least 500 hours of service in a year. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Plan administration- ------------------- Frontier Trust (the "Trustee") was the trustee for the Plan through January 31, 1998. The Equitable (the "Custodian") was the custodian of the Plan during this period. Effective February 1, 1998, Marshall & Ilsley Trust Company (collectively the "Trustee") became trustee and custodian of the Plan. The Plan is administered by the administrative committee which is appointed by the Board of Directors of the Company. Contributions- ------------- Company contributions were $430 and $420 for 1998 and 1997, respectively, for each Foote-Jones/Illinois Gear union participant who had completed a full year of credited service as of July 31st of each year. A contribution of $215 and $210 for 1998 and 1997, respectively, was made for each Foote-Jones/Illinois Gear union employee who completed at least one-half year of credited service but less than one full year of credited service. Participants must be employed as of the date of the contribution to receive the amount into their account balance. The Company's annual contribution is fixed by the collective bargaining agreement between Local 1199, International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, AFL-CIO and the Company. The contribution is recorded as an increase in participants' equity on an accrual basis based on service performed during the Plan year. Annual amounts are contributed to the Plan on or about August 1. Velvet Drive Transmission employees were new to the Plan effective April 1, 1996. The Company contributed $300 and $250 on or about February 1 for each Velvet Drive Transmission employee provided they had been an employee of the Company for the past 12 months as of December 31, 1998 and 1997, respectively. Participants must be employed as of the date of the contribution to receive the amount into their account balance. The Plan allows participants to make voluntary contributions via pretax payroll deductions ranging from 1% to 20% of total compensation. Participant accounts- -------------------- Individual participant accounts are maintained to receive Company and participant contributions. The Plan earnings, net of Trustee and Custodian expenses, are allocated to each participant on each business day based on the proportion of the individual participant's account to the total of all participants' accounts. Vesting- ------- Participants at all times have a fully vested interest in their individual accounts. Distribution of participants' accounts can be made upon normal retirement from the Company and following termination of service with the Company for any reason. Benefits paid consist of the participants' account balance plus any voluntary contributions together with all earnings. Investment options- ------------------ Participants may elect to invest their account in 10% increments into any of the following investment options (through January 31, 1998): Equitable Guaranteed Interest Account Fund- ------------------------------------------ The Guaranteed Interest Account provides an investment option in which the value of the principal will not fluctuate. The amount allocated to the Guaranteed Interest Account earns interest at the current guaranteed interest rate which is an annual effective rate. After interest is credited, certain charges and fees are deducted. The value of an employer plan's investment in the Guaranteed Interest Account is, at any time, the total contributions allocated to the Guaranteed Interest Account, plus the interest earned, less (i) employer plan benefit payments, (ii) other employer plan withdrawals (including loans) and (iii) charges and fees. Equitable Common Stock Fund- --------------------------- This fund invests in stock issues of high quality, large capitalization companies. Its objective is growth of capital through quality stock issues. Equitable Balanced Fund- ----------------------- This fund invests in common stocks, publicly traded bonds and money market investments. Its objective is increasing income and capital appreciation. Equitable Aggressive Stock Fund- ------------------------------- This fund invests in medium and small companies with growth potential. It involves risk. The following investment options were made available to Plan participants as of February 1, 1998: M&I Stable Principal Fund- ------------------------- Amounts allocated to the Stable Principal Fund are invested in the M&I Stable Principal Fund, a mutual fund whose objective is to maintain safety of principal while generating a level of current income generally exceeding that of a money market fund. The Fund primarily invests in traditional and synthetic investment contracts issued by insurance companies or banks. Marshall Large-Cap Growth and Income Fund- ----------------------------------------- Amounts allocated to this fund are invested in the Marshall Large-Cap Growth and Income Fund, a mutual fund with the goal of providing capital appreciation and income. The Fund invests in a diversified portfolio of common stocks of large-sized companies whose market capitalizations exceed $10 billion and that have a history of stable earnings and/or growing dividends. Regal-Beloit Company Stock Fund- ------------------------------- Amounts allocated to this Fund are invested in the Regal-Beloit Corporation Master Trust, which invests solely in Regal-Beloit Corporation common stock. Investments in, sales of, and reinvestment in Company stock are made on the open market from the Company or its affiliates or in negotiated transactions with independent parties pursuant to the direction of the Plan Administrator. Marshall Intermediate Bond Fund- ------------------------------- Amounts allocated to this fund are invested in the Marshall Intermediate Bond Fund, a mutual fund with the goal of maximizing total return consistent with current income. The Fund invests in intermediate-term investment grade bonds and notes including corporate, asset-backed, mortgage-backed and U.S. Government securities. Fidelity Balanced Fund- ---------------------- Amounts allocated to this fund are invested in the Fidelity Balanced Fund, a mutual fund whose objective is to generate high income with preservation of capital. The Fund invests in a broadly diversified portfolio of high yielding securities, including common and preferred stocks, and bonds. At least 25% of its assets will always be invested in fixed income securities. Strong Opportunity Fund- ----------------------- Amounts allocated to this fund are invested in the Strong Opportunity Fund, a mutual fund which seeks to provide capital growth. At least 70% of the fund s assets will always be invested in the common stocks of growth companies, generally described as small to medium-sized. Investments in the Marshall Large-Cap Growth and Income Fund, Marshall Intermediate Bond Fund, Stable Principal Fund, Fidelity Balanced Fund and Strong Opportunity Fund are effected in the open market or through collective investment funds of the Trustee. Loan Fund- --------- The Plan permits a participant to borrow up to 50% of his or her account balance up to a maximum of $50,000. These loans bear interest at the prevailing market rate (ranging from 7.25% to 10.5% as of December 31, 1998) and generally must be repaid within five years. (2) Significant Accounting Policies- ------------------------------- Basis of accounting- ------------------- The financial statements have been prepared on the accrual basis of accounting. Use of accounting estimates- --------------------------- The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates. Net appreciation in fair value of investments- --------------------------------------------- Net realized and unrealized appreciation (depreciation) is recorded in the accompanying statements of changes in net assets available for Plan benefits as net appreciation (depreciation) in fair value of investments. Reclassifications - ----------------- Certain reclassifications have been made to amounts reported in previous years to conform to the current year's classification. Administrative expenses- ----------------------- The Plan pays all administrative expenses and loan processing fees. (3) Investments- ----------- Investments are stated at fair market value as determined by the Trustee by reference to published market data. The Stable Principal Fund primarily invests in guaranteed investment contracts which are fully benefit-responsive. These investment contracts are valued at contract value, which represents the principal balance of the investment contracts, plus accrued interest at the stated contract rate, less payments received and contract charges by the insurance company. Under the terms of the investment contracts, the crediting interest rates are fixed for the life of the contracts or are reset quarterly. The aggregate average yield of the investment contracts for the years ended December 31, 1998 and 1997 was 6.2%. The crediting interest rate for the investment contracts as of December 31, 1998 and 1997 was 5.93% and 6.29%, respectively. There are no limitations on guarantees of the contracts. The Fund had no valuation reserves at year-end with the fair value of the investment contracts reported at contract value. The cost of investment fund options is not available from The Equitable as their information system does not provide such information. Disclosure of this detail in the Schedule of Reportable Transactions is required by ERISA. (4) Master Trust- ------------ Effective April 1, 1998, participants were able to invest in Company stock held in the Regal-Beloit Corporation Master Trust (the "Master Trust"). The Plan's investment in Company stock is commingled with the investment in Company stock of other Company plans. Investments of the Master Trust are carried at current market value as determined by the Trustee through reference to published data. Earnings, market adjustments, fees and expenses relating to investment transactions are allocated by the Trustee to the participating plans based on each plan s share of Trust assets. The assets of the Plan are commingled and are not segregated in the accounts of the Trust. The market value of the assets held in the Trust as certified by the Trustee as of December 31, 1998 is as follows: 1998 ----------- Regal-Beloit Corporation Stock $14,374,579 Marshall Money Market Fund 154,077 Accrued Income 74,145 ----------- $14,602,801 Allocations of assets of the Master Trust to participating plans as of December 31, 1998 are as follows:
1998 ------------------- Amount Percent --------- -------- Regal-Beloit Corporation Personal Savings Plan $ 6,805,476 46.60% Regal-Beloit Corporation Profit Sharing Plan 6,568,489 44.98 Regal-Beloit Corporation Savings and Protection Plan 475,749 3.26 Marathon Electric Salaried 401(k) Savings Plan 635,779 4.36 Marathon Electric Hourly 401(k) Savings Plan 117,308 0.80 ----------- ------- Total assets of the Master Trust $14,602,801 100.00% =========== =======
Master Trust income for the year ended December 31, 1998 is as follows: INCOME 1998 ------ ------------ Investment income- Interest $ 23,602 Dividends 280,725 Net (depreciation) appreciation in fair market value (3,979,555) ----------- Total investment (loss) income (3,675,228) ============ (5) Related Party Transactions- -------------------------- Plan assets are invested in common funds of the Trustee. In addition, the Plan's Master Trust invests in securities of the Company. These transactions are not considered prohibitive transactions by statutory exemption under ERISA regulations. (6) Income Tax Status- ----------------- The Plan has obtained a determination letter from the Internal Revenue Service dated January 20, 1993, approving the Plan as qualified for tax-exempt status. The Plan has been amended since receiving the determination letter. However, the Plan administrator and Plan's tax counsel believe the Plan is currently designed and is being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. (7) Plan Termination- ---------------- The Plan is defined by the collective bargaining agreement between Local Union 1199, International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, AFL-CIO and the Company dated December 1, 1989, and may not be materially modified or terminated by the Company without negotiation with the Union. SCHEDULE I REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ----------------------------------------------------------- DECEMBER 31, 1998 ----------------- Number of Market Shares Description of Security Cost Value - --------- ----------------------- ---------- ---------- 30 Cash and cash equivalents $ 30 $ 30 20,171 Regal-Beloit Company Stock Fund (*) 595,820 475,749 37,688 Marshall Large-Cap Growth & Income Fund (*) 549,260 615,819 1,728,324 M&I Stable Principal Fund (*) 1,728,324 1,728,324 11,845 Marshall Intermediate Bond Fund (*) 113,188 112,882 31,974 Fidelity Balanced Fund 503,946 523,091 12,767 Strong Opportunity Fund 500,286 493,077 ---------- ---------- Total Investment $3,990,854 $3,948,972 ========== ========== 159,146 Loans to Participants (*) (Interest Rates: 7.25% - 10.5%) $ 159,146 $ 159,146 (*) Represents a party-in-interest The accompanying notes are an integral part of this schedule.
SCHEDULE II REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS --------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Identity of Party Number Number Involved/Description of Purchase of Selling Cost of Net of Asset Purchases Price Sales Price Asset Sold Gain (Loss) - -------------------------- --------- ---------- ------ ---------- ------------ ----------- The Equitable: Guaranteed Interest 3 $ 47,591 3 $2,059,085 * Account Fund (a) Common Stock Fund (a) 3 30,554 3 716,938 * * Aggressive Stock Fund (a) 2 28,235 4 515,920 * * Balanced Fund (a) 1 1,251 3 192,181 * * M&I Trust: Fidelity Balanced Fund 88 572,779 29 67,565 $68,833 $ (1,268) Marshall Large-Cap Growth and Income Fund (a) 88 600,066 32 52,753 50,806 1,947 Regal-Beloit Corporation Common Stock (a) 7 467,609 - - - - Strong Opportunity Fund 83 576,011 36 75,556 75,725 (169) M&I Stable Principal Fund (a) 91 1,897,953 42 169,629 169,629 - Marshall Money Market Fund (a) 135 3,615,975 114 3,615,975 3,615,975 - Marshall Intermediate Bond Fund (a) 88 142,833 21 29,655 29,645 (10) Regal-Beloit Company Stock Fund (a) 63 112,699 27 28,739 34,574 (5,835) Loans to Various Participants 21 68,000 39 51,307 51,307 - (a) Party-in-interest * The Equitable maintains the records for the pooled separate accounts on a fair market value basis. Therefore, cost basis information is not available. The accompanying notes are an integral part of this schedule.
REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1998 ----------------------- Fund Information ---------------------------------------------------------------------------- Marshall Large- Cap Regal- M&I Growth Beloit Marshall Stable and Company Intermediate Fidelity Strong Combined Principal Income Stock Bond Balanced Opportunity Loan Plan Fund Fund Fund Fund Fund Fund Fund Total ---------- -------- -------- ----------- -------- ----------- -------- -------- ASSETS ------ INVESTMENTS, at fair value: Mutual Funds $1,728,324 $615,819 $ - $112,882 $523,091 $493,077 $ - $3,473,193 Investment in Master Trust - - 475,749 - - - - 475,749 Loans to Participants - - - - - - 159,146 159,146 ---------- -------- -------- -------- -------- -------- ------- ---------- Total Investments 1,728,324 615,819 475,749 112,882 523,091 493,077 159,146 4,108,088 CASH 30 - - - - - - 30 RECEIVABLES: Participant's Contributions 1,618 296 916 940 991 1,448 - 6,209 Employer Contributions 21,338 7,603 5,874 1,394 6,458 6,087 - 48,754 Accrued Interest and Dividends 9,059 586 - - - - - 9,645 ---------- -------- -------- -------- -------- -------- -------- ---------- Total Receivables 32,015 8,485 6,790 2,334 7,449 7,535 - 64,608 ---------- -------- -------- -------- -------- -------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,760,369 $624,304 $482,539 $115,216 $530,540 $500,612 $159,146 $4,172,726 ========== ======== ======== ======== ======== ======== ======== ========== The accompanying notes to financial statements are an integral part of this statement.
REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS --------------------------------------------------- AS OF DECEMBER 31, 1997 ----------------------- Fund Information ----------------------------------------------------- Equitable Guaranteed Equitable Equitable Interest Common Equitable Aggressive Account Stock Balanced Stock Loan Combined Fund Fund Fund Fund Fund Plan Total ---------- --------- --------- ---------- -------- ----------- ASSETS ------ INVESTMENTS, at fair value: Mutual Funds $2,011,385 $670,854 $185,275 $471,494 $ - $3,339,008 Loans to participants - - - - 141,697 141,697 ---------- -------- -------- -------- ------- ---------- Total investments 2,011,385 670,854 185,275 471,494 141,697 3,480,705 ---------- -------- -------- -------- ------- ---------- RECEIVABLES: Participant's contribution 20,255 3,989 - 10,149 - 34,363 Employer contribution 25,608 9,961 1,548 10,360 - 47,477 Employee loan payments held by employer - - - - 6,225 6,225 ---------- -------- -------- -------- ------- ---------- Total receivables 45,833 13,950 1,548 20,509 6,225 88,065 ---------- -------- -------- -------- ------- ---------- Total assets 2,057,218 684,804 186,823 492,003 147,922 3,568,770 LIABILITIES ----------- ACCRUED ADMINISTRATIVE FEES 798 311 68 323 - 1,500 ---------- -------- -------- -------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $2,056,420 $684,493 $186,755 $491,680 $147,922 $3,567,270 ========== ======== ======== ======== ======== ========== The accompanying notes to financial statements are an integral part of this statement.
REGAL-BELOIT CORPORATION ------------------------ SAVINGS AND PROTECTION PLAN --------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS -------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1998 ------------------------------------ Mar- shall Large- Mar- Equi- M&I Cap Regal- shall Guaran- Equi- table Stable Growth Beloit Inter- Strong teed table Equi- Agres- and Company mediate Fidelity Oppor- Interest Common table sive Combined Principal Income Stock Bond Balanced tunity Loan Account Stock Balanced Stock Plan Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total --------- ------- -------- ------- ------- -------- -------- --------- ------- -------- ------- -------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Employer contri- bution $ 28,645 $ 5,519 $ 20,586 $ 10,315 $ 11,116 $ 13,978 $ - $ - $ - $ - $ - $ 90,159 Employee contri- butions 132,237 73,287 96,942 20,469 69,537 73,517 - 16,116 6,819 1,251 6,783 496,958 Net appre- ciation (depre- ciation) in fair value of investments 6,573 102,807 -104,911 -5,411 56,221 8,822 - 11,260 16,223 5,849 16,679 114,112 Interest and dividend income 88,605 1,094 2,470 6,056 13,332 87 32,434 - - - - 144,888 --------- -------- -------- -------- -------- -------- -------- ---------- -------- -------- --------- --------- Total additions 256,090 183,517 15,087 31,429 150,206 96,404 32,434 27,376 23,042 7,100 23,462 846,147 DEDUCTIONS FROM NET ASSETS ATTRI- BUTED TO: Benefits paid to partici- pants Admini- 114,533 7,863 10,422 27,293 20,630 20,182 17,713 2,145 638 110 605 222,134 strative fees 7,620 1,930 2,329 539 1,752 2,127 - 1,579 381 136 164 18,557 --------- -------- -------- -------- -------- -------- -------- ---------- -------- -------- --------- --------- Total deductions 122,153 9,793 12,751 27,832 22,382 22,309 17,713 3,724 1,019 246 769 240,691 Net increase 133,937 173,724 2,336 3,597 127,824 74,095 14,721 23,652 22,023 6,854 22,693 605,426 TRANSFERS BETWEEN FUNDS 1,626,432 450,580 480,203 111,619 402,716 426,517 -3,497 -2,080,072 -706,516 -193,609 -514,373 - NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year - - - - - - 147,922 2,056,420 684,493 186,755 491,680 3,567,270 ---------- -------- -------- -------- -------- -------- -------- ---------- -------- -------- -------- ---------- End of year $1,760,369 $624,304 $482,539 $115,216 $530,540 $500,612 $159,146 $ - $ - $ - $ - $4,172,726 ========== ======== ======== ======== ======== ======== ======== ========== ======== ======== ======== ========== The accompanying notes to financial statements are an integral part of this statement.
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