-----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, OvpJDfLifaZzbFDFhc6w+aPk/6OmsmrCIUl0XWOpkEM1F0q7/s8quWc+mUeIgDPi Qt48P09bY+KtkhRddmgaaQ== 0000950123-01-504005.txt : 20010702 0000950123-01-504005.hdr.sgml : 20010702 ACCESSION NUMBER: 0000950123-01-504005 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BE AEROSPACE INC CENTRAL INDEX KEY: 0000861361 STANDARD INDUSTRIAL CLASSIFICATION: PUBLIC BUILDING AND RELATED FURNITURE [2531] IRS NUMBER: 061209796 STATE OF INCORPORATION: DE FISCAL YEAR END: 0222 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-18348 FILM NUMBER: 1671862 BUSINESS ADDRESS: STREET 1: 1400 CORPORATE CTR WY CITY: WELLINGTON STATE: FL ZIP: 33414 BUSINESS PHONE: 5617915000 MAIL ADDRESS: STREET 1: 1300 CORPORATE CENTER WAY STREET 2: 1300 CORPORATE CENTER WAY CITY: WELLINGTON STATE: FL ZIP: 33414 FORMER COMPANY: FORMER CONFORMED NAME: BE AVIONICS INC DATE OF NAME CHANGE: 19920608 11-K 1 y50997ae11-k.txt BE AEROSPACE, INC. SAVINGS PLAN 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 (No Fee Required) For the Fiscal Year Ended December 31, 2000 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 0-18348 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: BE Aerospace, Inc. Savings Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: BE Aerospace, Inc. 1400 Corporate Center Way Wellington, Florida 33414-2105 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2 BE AEROSPACE, INC. SAVINGS PLAN Financial Statements as of December 31, 2000 and 1999 and the Three Fiscal Years in the Period Ended December 31, 2000, Supplemental Schedules, and Independent Auditors' Report 3 BE AEROSPACE, INC. SAVINGS PLAN
TABLE OF CONTENTS - -------------------------------------------------------------------------------- PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statements of net assets available for benefits as of December 31, 2000 and 1999 3 Statements of changes in net assets available for benefits for the years ended December 31, 2000, 1999, and 1998 4 Notes to financial statements for the years ended December 31, 2000, 1999, and 1998 5 SUPPLEMENTAL SCHEDULES PROVIDED PURSUANT TO THE DEPARTMENT OF LABOR'S RULES AND REGULATIONS: Schedule of assets held for investment purposes as of December 31, 2000 12 Schedule of reportable series of transactions for the year ended December 31, 2000 13 SIGNATURE 14 INDEPENDENT AUDITOR'S CONSENT 15
Supplemental schedules are included pursuant to the Department of Labor's Rules and Regulations for Reporting and Disclosure. All other schedules required by the Department of Labor are omitted because of the absence of the conditions under which they are required. 4 INDEPENDENT AUDITORS' REPORT The Benefits Administrative Committee BE Aerospace, Inc. Savings Plan Wellington, Florida We have audited the accompanying statements of net assets available for benefits of BE Aerospace, Inc. Savings Plan (the Plan) as of December 31, 2000 and 1999, and the related statements of changes in net assets available for benefits for the three years in the period ended December 31, 2000. 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 auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2000 and 1999, and the changes in net assets available for benefits for the three fiscal years in the period ended December 31, 2000 in conformity with accounting principles generally accepted in the United States of America. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes as of December 31, 2000, and schedule of reportable series of transactions for the year ended December 31, 2000, 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's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan's 5 management. Such supplemental schedules have been subjected to the auditing procedures applied in our audit of the basic 2000 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. DELOITTE & TOUCHE LLP Costa Mesa, California May 30, 2001 2 6 BE AEROSPACE, INC. SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 2000 AND 1999 - ----------------------------------------------------------------------------------------------------- 2000 1999 ASSETS: Investments, at fair value: Investment in the PW Trust Company Pooled Trusts $55,852,585 $57,212,033 BE Aerospace, Inc. common stock 8,318,291 3,317,138 Loans to participants 242,173 211,856 ----------- ----------- Total investments 64,413,049 60,741,027 RECEIVABLES: Employer contributions 55,599 340,335 Employee contributions 137,280 119,118 ----------- ----------- Total receivables 192,879 459,543 CASH AND CASH EQUIVALENTS 360,647 8,467,475 ----------- ----------- Total assets 64,966,575 69,668,045 LIABILITIES: Accrued plan asset transfer 8,746,836 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $64,966,575 $60,921,209 =========== ===========
See independent auditors' report and notes to financial statements. 3 7 BE AEROSPACE, INC. SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 - ----------------------------------------------------------------------------------------------------------------------------- 2000 1999 1998 NET ASSETS AVAILABLE FOR BENEFITS, beginning of year $60,921,209 $59,217,898 $46,536,536 ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net appreciation in fair value of investments 678,441 7,491,871 6,871,721 Interest and dividends 51,415 42,332 46,875 ----------- ----------- ----------- Total investment income 729,856 7,534,203 6,918,596 Contributions and rollovers 12,935,817 11,792,628 9,918,008 ----------- ----------- ----------- Total additions to net assets 13,665,673 19,326,831 16,836,604 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to participants or their beneficiaries 9,170,643 8,358,583 3,681,594 Plan administrative expenses 449,664 518,101 473,648 Accrued plan asset transfer 8,746,836 ----------- ----------- ----------- Total deductions from net assets 9,620,307 17,623,520 4,155,242 ----------- ----------- ----------- NET INCREASE 4,045,366 1,703,311 12,681,362 ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS, end of year $64,966,575 $60,921,209 $59,217,898 =========== =========== ===========
See independent auditors' report and notes to financial statements. 4 8 BE AEROSPACE, INC. SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 - ------------------------------------------------------------------------------- 1. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Plan - Effective August 1, 1988, BE Aerospace, Inc. (the Company) adopted the BE Aerospace, Inc. Savings Plan (formerly the BE Aerospace, Inc. Savings and Profit Sharing Plan and Trust) (the Plan) as amended and restated, a defined contribution retirement plan designed to qualify under Internal Revenue Code (IRC) Section 401(a) and 401(k) for the cash or deferred arrangement part of the Plan. Under the Plan, contributions are made on behalf of employees (participants) who choose to defer a portion of their total gross pay. In June 2000, the Plan was amended to allow participants to request a hardship loan or make a hardship withdrawal, as specified by such amendment. Effective December 1994, the Plan was amended to allow participants to make a contribution election from 2% to 15%. Company contributions are made in the form of Company common stock (the Stock). Participants age 55 or older have the option of receiving the matching contribution in cash. The Stock is held by PW Trust Company (the Trustee) and adjusted to fair value as determined by published market prices. Resulting unrealized gains and losses are included in the statement of changes in net assets available for benefits. In July 2000, $3,587,099 was rolled into the Plan related to the 1999 acquisition of SMR Technologies, Inc. In March 1999, $1,210,615 was rolled into the Plan and participant loans receivable of $105,887 was transferred to the Plan related to the 1998 acquisition of Aerospace Lighting Corporation. Such Plan transfers have been included in contributions and rollovers. Basis of Accounting - The financial statements of the Plan are prepared under the accrual basis of accounting generally accepted in the United States of America and present the net assets available for benefits and the changes in those net assets. Company Contributions - The Plan provides for employer-matching contributions of the participant's contributions to be determined by Company management. During the year ended December 31, 2000, matching contributions were 50% of deferrals up to 8% of eligible compensation (as defined) for a maximum matching contribution of 4%, and during the years ended December 31, 1999 and 1998, matching contributions were 50% of deferrals up to 3% of eligible compensation (as defined). Termination Benefits and Vesting - Upon termination of employment with the Company, participants are immediately vested in their contributions and are entitled to receive all vested contributions, with 100% vesting of Company contributions after five years of service. Forfeitures - Forfeited nonvested account balances of $336,772, $269,311, and $96,869 were used to reduce employer contributions in 2000, 1999, and 1998, respectively. Cash and Cash Equivalents - Cash and cash equivalents consist of highly liquid investments with initial maturities of 90 days or less. 5 9 BE AEROSPACE, INC. SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 (CONTINUED) - ------------------------------------------------------------------------------- Investment in the PW Trust Company Pooled Trusts - The investment in the PW Trust Company Pooled Trusts (the Trusts) consists primarily of a guaranteed insurance contract (GIC) and certain debt and equity securities held by the Trusts. It is the policy of the Trusts to hold GIC investments until maturity. GIC investments are stated at contract value that approximates their fair value at December 31, 2000 and 1999, as determined by quoted or published market prices. All other investments are stated at their fair value. Investment Elections - With PW Trust Company as Trustee, participants may elect the following investment options: GIC Portfolio - Seeks to offer stability while maximizing current income through investments in fixed income securities, primarily insurance and bank investment contracts. Balanced Value Portfolio - Seeks to achieve long-term capital growth through investments in a diversified range of stocks, bonds, and other fixed income securities. Capital Growth Portfolio - Seeks to achieve long-term capital growth through investment in large capitalization stocks with positive earnings momentum. Strategic Balanced Portfolio - Seeks to invest in a blend of equity and fixed income securities to achieve long-term capital growth. Strategic Growth Portfolio - Seeks to invest in growth companies across the capitalization spectrum to achieve long-term capital growth. Mid-Cap Value Portfolio - Seeks to generate a return in excess of the Russell Midcap Value Index over a full market cycle or rolling five-year average. Overseas Equity Portfolio - Seeks to invest in equity securities of non-U.S. companies in both mature and emerging economies around the globe. S&P 500 Index Portfolio - Seeks to replicate the return of the Standard & Poor's (S&P) 500 Composite Stock Price Index, a broad group of 500 selected large capitalization common stocks, before expenses are charged to the portfolio. Small Company Growth Portfolio - Seeks to invest in smaller market capitalization companies that have the potential for greater growth compared to the stock market and the overall economy. Concentrated Growth Portfolio - Seeks to generate a total return in excess of the Russell 1000 Growth Index over a three- to five-year investment horizon by investing in large- and mid-market capitalization companies. 6 10 BE AEROSPACE, INC. SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 (CONTINUED) - ------------------------------------------------------------------------------- Conservative Bond Portfolio - Seeks to preserve capital, maintain market liquidity, and achieve a total return in excess of industry benchmarks without assuming undue risk. Income Taxes - The Plan is intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986 (IRC) and is intended to be exempt from taxation under 501(a) of the IRC. The Plan received a favorable Internal Revenue Service determination letter dated August 20, 1998. There were no significant amendments to the Plan between the date of the determination letter and December 31, 2000. Therefore, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and the related trust was tax exempt as of the financial statement date. Therefore, no provision for income taxes has been included in the Plan's financial statements. Investment Valuation and Income Recognition - The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Company stock is valued at its quoted market price. Participant loans are valued at cost, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Payments of Benefits - Benefits are recorded when paid. There were no unpaid benefits to terminated participants of the Plan at December 31, 2000, 1999, and 1998. Administrative Expenses - Administrative expenses are paid by the Plan. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Plan Termination - Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. New Accounting Pronouncement - Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities, is effective for all fiscal years beginning after June 15, 2000. SFAS No. 133, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. Under SFAS No. 133, certain contracts that were not formerly considered derivatives may now meet the definition of a derivative. The Plan adopted SFAS No. 133 effective January 1, 2001. The adoption of SFAS No. 133 did not have a material impact on the financial position, results of operations, or cash flows of the Plan. 7 11 BE AEROSPACE, INC. SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 (CONTINUED) - ------------------------------------------------------------------------------- Reclassifications - Certain 1999 and 1998 amounts have been reclassified to conform with the 2000 presentation. The foregoing description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. 2. INVESTMENTS Investments consist of the following:
AS OF DECEMBER 31, 2000 --------------------------------- FAIR COST VALUE GIC Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan $ 8,164,869 $ 9,197,133 Balanced Value Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 4,993,532 7,424,309 Capital Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 9,187,108 13,437,636 Strategic Balanced Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 4,496,634 6,013,902 Strategic Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 7,365,727 8,060,243 Mid-Cap Value Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 4,408,346 5,731,217 Overseas Equity Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 2,610,250 3,035,032 S&P 500 Index Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 1,794,599 1,705,377 Small Company Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 643,058 597,266 Concentrated Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 302,610 247,326 Conservative Bond Portfolio of the PW Trust Company Pooled Trust For Employee Benefits Plan 391,232 403,144 BE Aerospace, Inc. common stock 7,161,814 8,318,291 Loans to participants (6% to 13% annual percentage rate) 242,173 242,173 ----------- ----------- $51,761,952 $64,413,049 =========== ===========
8 12 BE AEROSPACE, INC. SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 (CONTINUED) - -------------------------------------------------------------------------------
AS OF DECEMBER 31, 1999 -------------------------------- FAIR COST VALUE GIC Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan $ 8,076,531 $ 9,268,859 Balanced Value Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 4,645,610 7,778,640 Capital Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 8,598,757 15,557,911 Strategic Balanced Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 3,502,242 5,334,729 Strategic Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 5,882,896 10,878,175 Mid-Cap Value Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 3,727,563 4,198,664 Overseas Equity Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 2,145,666 3,150,391 S&P 500 Index Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 953,896 1,044,664 BE Aerospace, Inc. common stock 6,505,471 3,317,138 Loans to participants (6% to 13% APR) 211,856 211,856 ----------- ----------- $44,250,488 $60,741,027 =========== ===========
All investments exceed 5% of net assets available for benefits, except for Overseas Equity Portfolio, S&P Index Portfolio, Small Company Growth Portfolio, Concentrated Growth Portfolio, Conservative Bond Portfolio and loans to participants as of December 31, 2000, and loans to participants and S&P 500 Index Portfolio as of December 31, 1999. Investments are in the custody of the Trustee under a trust agreement with the Plan. The Trustee has no authority, however, for the purchase or sale of investments. During the years ended December 31, 2000 and 1999, the Plan's investments net appreciation in fair value was $678,441 and $7,491,871, respectively. 3. ACCRUED PLAN ASSET TRANSFER During 1999, BE Aerospace sold its interest in its In-flight Entertainment group to Sextant In-Flight Systems LLC (SIFS). Accordingly, BE Aerospace entered into a plan asset transfer agreement with SIFS whereby the assets held in trust by the Plan for employees of SIFS were transferred to the SIFS 9 13 BE AEROSPACE, INC. SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998 (CONTINUED) - ------------------------------------------------------------------------------- Savings Plan (SIFS Plan) on January 3, 2000. All account assets for these employees, including the unvested portion of employer contributions were transferred to the SIFS Plan in accordance with the agreement. A liability for the asset transfer has been accrued as of December 31, 1999, and is reflected in the statement of net assets available for benefits and the statement of changes in net assets available for benefits. 4. PARTY-IN-INTEREST TRANSACTIONS Plan assets are invested in products sold by PW Trust Company and the stock of the Company at December 31, 2000, 1999, and 1998. These entities are trustees as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. ****** 10 14 SUPPLEMENTAL SCHEDULES PROVIDED PURSUANT TO THE DEPARTMENT OF LABOR'S RULES AND REGULATIONS 11 15 BE AEROSPACE, INC. SAVINGS PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 2000 - -------------------------------------------------------------------------------
UNITS/ FAIR RATES COST VALUE GIC Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 378,410 $ 8,164,869 $ 9,197,133 Balanced Value Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 173,701 4,993,532 7,424,309 Capital Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 411,075 9,187,108 13,437,636 Strategic Balanced Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 224,706 4,496,634 6,013,902 Strategic Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 302,988 7,365,727 8,060,243 Mid-Cap Value Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 249,259 4,408,346 5,731,217 Overseas Equity Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 127,245 2,610,250 3,035,032 S&P 500 Index Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 110,681 1,794,599 1,705,377 Small Company Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 8,160 643,058 597,266 Concentrated Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 33,279 302,610 247,326 Conservative Bond Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan 15,381 391,232 403,144 BE Aerospace, Inc. common stock 519,903 7,161,814 8,318,291 Loans to participants 6% - 13% APR 242,173 242,173 ----------- ----------- $51,761,952 $64,413,049 =========== ===========
12 16 BE AEROSPACE, INC. SAVINGS PLAN SCHEDULE OF REPORTABLE SERIES OF TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2000 - --------------------------------------------------------------------------------
PURCHASE SELLING COST OF NET GAIN price price asset (loss) GIC Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan - 277 purchases and 340 sales $ 6,431,891 $ 7,134,335 $ 6,431,891 $ 702,444 Balanced Value Portfolio of the PW Trust Company Pooled Trust Company for Employee Benefits Plan - 108 purchases and 184 sales 1,533,135 1,850,742 1,533,135 317,607 Capital Growth Portfolio of the PW Trust Company for Employee Benefits Plan - 158 purchases and 207 sales 2,766,744 3,327,750 2,766,744 561,006 Strategic Balanced Portfolio of the PW Trust Company for Employee Benefits Plan - 151 purchases and 148 sales 2,112,130 1,501,477 2,112,130 (610,653) Strategic Growth Portfolio of the PW Trust Company Pooled Trust for Employee Benefits Plan - 223 purchases and 218 shares 4,046,905 3,884,461 4,046,905 (162,444) Mid-Cap Value Portfolio of the PW Trust Company for Employee Benefits Plan - 120 purchases and 161 sales 1,477,044 875,244 1,477,044 (601,800) Overseas Equity Portfolio of the PW Trust Company for Employee Benefits Plan - 189 purchases and 170 sales 1,782,870 1,847,270 1,782,870 64,400 S&P 500 Index Portfolio of the PW Trust Company for Employee Benefits Plan - 173 purchases and 146 sales 1,991,026 1,203,413 1,991,026 (787,613) Small Company Growth Portfolio Pooled Trust Company for Employee Benefits Plan - 104 purchases and 18 sales 704,738 59,191 704,738 (645,547) Concentrated Growth Portfolio Pooled Trust Company for Employee Benefits Plan - 78 purchases and 36 sales 467,441 158,367 467,441 (309,074) Conservative Bond Portfolio Pooled Trust Company for Employee Benefits Plan - 55 purchases and 12 sales 401,093 10,008 401,093 (391,085) BE Aerospace, Inc. common stock - 12 purchases and 107 sales 2,214,439 1,073,792 1,162,341 (88,549)
13 17 BE AEROSPACE, INC. SAVINGS PLAN SIGNATURE THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. BE AEROSPACE, INC. SAVINGS PLAN Date: June 28, 2001 By /s/ Joseph A. Piegari ------------------------ Plan Administrator BE AEROSPACE, INC. 14 18 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement Nos. 333-49806, 333-89145, 333-67825, 333-35527, 333-30578, 333-14037, 33-48119, and 33-82894 of BE Aerospace, Inc. on Form S-8 of our report dated May 30, 2001, appearing in this Annual Report on Form 11-K of BE Aerospace, Inc. Savings Plan for the year ended December 31, 2000. DELOITTE & TOUCHE LLP Costa Mesa, California June 28, 2001 15 -----END PRIVACY-ENHANCED MESSAGE-----