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 1994
For the fiscal year ended December 31, 1995
Commission File Number 1-2227
A. Full title of the plan:
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
B. Name of issuer of the Securities held pursuant to the plan and
the address of its principal executive office:
CROWN CORK & SEAL COMPANY, INC.
9300 ASHTON ROAD
PHILADELPHIA, PA 19136
INDEX
Pages
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Report Of Independent Accountants . . . . . . . . . . . . . . . 6
Audited Plan Financial Statements And Schedules Prepared In
Accordance With The Financial Reporting Requirements Of ERISA . 7 to 13
Exhibit 23 - Consent Of Independent Accountants . . . . . . . . 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Committee has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Date: June 26, 1996 By: /s/ James T. Malec
______________________________
James T. Malec
Member, Benefit Plan Committee
Crown Cork & Seal
Company, Inc.
Retirement Thrift Plan
Financial Statements
and Supplemental Information
December 31, 1995
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Financial Statements and Supplemental Information
December 31, 1995
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Page(s)
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits 2
Statement of Changes in Net Assets Available for
Plan Benefits, with Fund Information 3
Notes to Financial Statements 4 - 6
Schedule I - Schedule of Assets Held for Investment
Purposes at December 31, 1995 7
Schedule II - Schedule of Reportable Transactions
(Transaction or Series of Transactions)
for the Year Ended December 31, 1995
in Excess of 5% of Plan Assets 8
Note: Other ERISA schedules are not presented because they are not applicable.
Report of Independent Accountants
To the Benefit Plans Committee and Participants
of the Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits, present fairly, in all material respects, the net assets available for
plan benefits of the Crown Cork & Seal Company, Inc. Retirement Thrift Plan (the
"Plan") at December 31, 1995 and 1994, and the changes in net assets available
for benefits for the year ended December 31, 1995, in conformity with generally
accepted accounting principles. These financial statements are the
responsibility of the Plan's administrator; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statement of changes in net
assets available for plan benefits is presented for purposes of additional
analysis rather than to present the changes in net assets available for benefits
of each fund. Schedules I and II and the Fund Information have been subjected to
the auditing procedures applied in the audits 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.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
June 7, 1996
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Statement of Net Assets Available for Plan Benefits
For the Years Ended December 31, 1995 and 1994
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1995 1994
Investments at fair value:
Company stock fund * $ 1,488,192 $ 1,022,161
Fixed Income Fund:
Travelers Guaranteed
Investment Contract * 5,286,738 6,290,947
John Hancock Mutual Life
Guaranteed Investment Contract * 1,223,633
Vanguard Money Market Prime (30) 472
Vanguard:
Balanced Index Fund 580,624 287,590
Explorer Fund 486,222 157,872
Index 500 Fund * 3,906,007 1,861,786
International Growth Fund 322,102 147,083
Total Bond Market Fund 150,741 36,989
----------- -----------
Total investments 13,444,731 9,804,428
Employer contributions receivable 20,168 68,763
Employee contributions receivable 236,416 250,908
----------- -----------
Net assets available for plan benefits $13,701,315 $10,124,099
=========== ===========
* Represents more than 5% of net assets available for plan benefits at December
31, 1995.
The accompanying notes are an integral part of these financial statements.
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Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information
For the Year Ended December 31, 1995
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Fund Information
---------------------------------------------------------------------------------------------
Vanguard
----------------------------------------------------------
Fixed Company Balanced International Total Bond
Income Stock Index Explorer Index 500 Growth Market
Fund Fund Fund Fund Fund Fund Fund Total
---------- --------- -------- -------- --------- -------- ---------- -----
Income:
Contributions
Employer $229,599 $190,156 $9,583 $8,760 $128,030 $10,563 $6,816 $583,507
Participants 1,160,194 340,832 87,770 137,657 1,058,206 121,318 57,080 2,963,057
Investment income 330,144 19,373 37,727 82,112 8,222 4,374 481,952
Net appreciation 96,952 75,093 17,525 778,040 18,477 5,741 991,828
Expenses:
Distributions to
participants (1,033,981) (166,357) (74,343) (109,934) (289,897) (79,958) (35,181) (1,789,651)
Administrative expense (15,975) (4,805) (1,083) (1,012) (7,388) (701) (364) (31,328)
Interfund transfers in/(out) (619,105) (7,494) 147,341 201,780 213,665 63,687 126
Transfers from other plans 147,935 9 26,686 28,764 74,495 25,186 74,776 377,851
---------- ------- -------- -------- ---------- --------- --------- -----------
Increase in net assets 198,811 449,293 290,420 321,267 2,037,263 166,794 113,368 3,577,216
Net assets available for plan
benefits:
Beginning of year 6,402,371 1,071,247 301,030 182,173 1,956,483 167,128 43,667 10,124,099
---------- ---------- -------- -------- ---------- -------- -------- -----------
End of Year $6,601,182 $1,520,540 $591,450 $503,440 $3,993,746 $333,922 $157,035 $13,701,315
========== ========== ======== ======== ========== ======== ======== ===========
The accompanying notes are an integral part of these financial statements.
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Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Notes to Financial Statements
December 31, 1995
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1. Summary of Significant Accounting Policies
The Crown Cork & Seal Company, Inc. Retirement Thrift Plan (the "Plan") was
initiated in 1992 and maintains its financial records and prepares its
financial statements using the accrual basis of accounting. Investment
income earned, but not received, is accrued. The assets of the Plan, with
the exception of the Fixed Income Fund, are stated at fair value. The Fixed
Income Fund guaranteed investment contracts (GICs) are stated at contract
value because they are fully benefit responsive. Investments in securities
listed on a national exchange are valued on the basis of year-end closing
prices.
2. Description of Plan
General. The following provides a general description of the Plan. Partic-
ipants should refer to their summary plan description for more detail.
The Plan is a voluntary defined contribution plan which is designed to
provide a convenient method by which eligible employees may save regularly
through salary elections. Participation in the Plan is determined by
agreement among recognized collective bargaining units and Crown Cork &
Seal Company, Inc. (the "Company") or as otherwise agreed upon between the
Company and non-organized hourly employees. The Plan is administered by the
Crown Cork & Seal Company, Inc. Benefit Plans Committee (the "Committee").
The Committee has appointed Vanguard Fiduciary Trust Company to serve as
the trustee of the Plan.
The Plan provides certain employees the opportunity to purchase Company
stock at a purchase price equal to the closing price on the day of deposit.
Investments. The following investment funds have been established for the
investment of employee savings and company contributions. The nature of
the investments maintained in each fund is described below:
Fixed Income Fund Guaranteed insurance contracts with Travelers Insurance
Company ("Travelers") and John Hancock Mutual Life
Insurance Company ("John Hancock") which provide for the
return of principal in full plus the payment of interest
at certain minimum annual interest rates through 1998.
Fund also includes monies invested in Vanguard's short-
term money market account.
Company Stock Fund Invests primarily in shares of Crown Cork & Seal common
stock.
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Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Notes to Financial Statements
December 31, 1995
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Vanguard Funds Balanced Index Fund - invests
primarily in a portfolio of common stocks
and bonds attempting to match the
investment performance of the Wilshire
5000 Index and the Lehman Brothers
Aggregate Bond Index.
Explorer Fund - seeks to provide long-term
growth in capital investing primarily in
equity securities of small companies
deemed to have favorable prospects for
growth in market value.
Index 500 Fund - seeks to match the
investment performance of the Standard &
Poor's 500 Composite Stock Price Index, an
index emphasizing large-cap stocks.
International Growth Fund - seeks to
provide long-term capital appreciation by
investing primarily in equity securities
of companies based outside of the United
States.
Total Bond Market Fund - seeks to match
the investment performance of Lehman
Brothers Aggregate Bond Index, a broad
market weighted index which encompasses
U.S. Treasury and agency securities,
corporate investments, graded bonds and
mortgage backed securities.
Contributions. Participants may elect to make basic and supplemental
contributions (where permitted) each pay period and basic contributions may
be matched by the Company at various rates. Supplemental contributions
(where permitted) are not matched by the Company. Certain participants
receive fixed contributions from the Company at varying rates. Company
contributions vest to the participant at various rates as required by the
Tax Reform Act of 1986. Upon retirement, attainment of age 65, permanent
plant shutdown, permanent disability, or death, the participant
automatically becomes fully vested in the Company contributions.
Any forfeitures arising under the Plan are used to reduce the Company's
required contributions.
Distributions. Distributions to participants are generally paid only in a
lump sum. Certain participants have the option of being paid in a lump sum
or through monthly annuity installments.
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Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Notes to Financial Statements
December 31, 1995
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Changes to or Termination of the Plan. The Company reserves the right to
amend or modify any of the provisions of the Plan in any respect
retroactively in order to qualify or maintain the Plan and the fund as a
plan and trust meeting the requirements of the Employee Retirement Income
Security Act of 1974 (ERISA) or any other applicable legislation. The Plan
is subject to the provisions of ERISA.
Subject to contractual obligations, the Company may discontinue all
contributions under the Plan or terminate the Plan at its discretion. If
contributions are discontinued or if the Plan is terminated, participant
accounts shall become fully vested and all Plan assets will be used to
provide the benefits payable to participants and their beneficiaries.
Plan mergers. Effective September 1, 1995, the net assets of the Crown Cork
& Seal Company, Inc. Retirement Thrift Plan for Hourly Employees at the
Arden Plant No. 11 of $377,851 were merged into the Retirement Thrift Plan.
3. Tax Status of the Plan
The Plan was amended and restated, effective January 1, 1994, to comply
with all provisions of the Internal Revenue Code (IRC) and ERISA. The
Committee has represented that the Plan has been administered in accordance
with all provisions of the IRC and ERISA.
The Company has received a favorable determination letter for the Plan from
the Internal Revenue Service (IRS) and accordingly, the Plan is not subject
to federal or local income taxes.
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Schedule I
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Item 27a - Schedule of Assets Held for Investment Purposes
at December 31, 1995
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Current/
Description Number of Shares Cost Fair Value
Travelers:
Fixed Income Fund
Contract #GR-12265 - 6.45%, 7/1/98 $5,286,738 $5,286,738*
John Hancock Mutual Life:
Fixed Income Fund
Contract # 7740 GAC - 7.75%, 6/30/98 1,223,633 1,223,633*
Vanguard Money Market Prime (30) 472 472
Crown Cork & Seal Common Stock 149,868 1,403,423 1,488,192*
Vanguard:
Balanced Index Fund 45,468 517,728 580,624
Explorer Fund 9,734 470,404 486,222
Index 500 Portfolio Fund 67,813 3,161,493 3,906,007*
International Growth Fund 21,445 305,596 322,102
Total Bond Market Fund 14,866 145,745 150,741
----------- -----------
Total Investments at December 31, 1995 $12,515,232 $13,444,731
=========== ===========
* Represents more than 5% of net assets available for plan benefits at December
31, 1995.
-7-
Schedule II
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Item 27d - Schedule of Reportable Transactions
(Transactions or Series of Transactions) in Excess of 5% of Plan Assets
For the Year Ended December 31, 1995)
- --------------------------------------------------------------------------------
Number of Number Aggregate Aggregate Cost Net Realized
Description Purchases of Sales Purchase Price Selling Price of Assets Gain
Crown Cork & Seal Common Stock 19 47 $572,965 $203,895 $185,323 $18,572
Vanguard:
Explorer Fund 57 20 434,139 123,314 122,224 11,090
Index 500 Portfolio 81 66 1,651,861 385,686 352,091 33,595
Fixed Income Fund 112 133 1,988,923 1,769,049 1,769,049
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