Securities and Exchange Commission
Washington, D.C. 20549
FORM 11-K
---------------------------
(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 1-168
------------------------------
THE AMETEK SAVINGS AND INVESTMENT PLAN
(Full title of the plan)
AMETEK, INC.
STATION SQUARE
PAOLI, PENNSYLVANIA 19301
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
Report of Independent Auditors
The Administrative Committee
The Ametek Savings and Investment Plan
We have audited the accompanying statements of financial condition of The Ametek
Savings and Investment Plan as of December 31, 1994 and 1993, and the related
statements of income and changes in plan equity for each of the three years in
the period ended December 31, 1994. 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 financial status of The Ametek Savings and Investment
Plan at December 31, 1994 and 1993, and the changes in its financial status for
each of the three years in the period ended December 31, 1994, in conformity
with generally accepted accounting principles.
/s/ Ernst & Young LLP
------------------------------
Ernst & Young LLP
Philadelphia, Pennsylvania
June 8, 1995
F-1
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1994
- ---------------------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN UNALLO- TOTAL
FUND FUND CONTRACTS FUND ACCOUNT CATED
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
- ------
Investments at market value:
GIC trusts (at contract value) $42,861,500 $ - $ - $ - $ - $ - $42,861,500
Dreyfus Group of equity funds - 21,630,840 - - - - 21,630,840
Dreyfus money market fund 1,036,053 - - - - - 1,036,053
Cash value of life insurance - - 647,736 - - - 647,736
AMETEK, Inc. common stock - - - 6,108,942 - - 6,108,942
Short-term investment fund - - - - - 1,910,272 1,910,272
-----------------------------------------------------------------------------------------
Total Investments 43,897,553 21,630,840 647,736 6,108,942 - 1,910,272 74,195,343
Receivables:
Employee contributions 330,403 302,099 5,996 49,607 - - 688,105
Employer contributions 143,859 - - - - - 143,859
Loans to participants - - - - 4,471,478 - 4,471,478
Interfund accounts 872,308 889,094 - 148,870 - (1,910,272) -
-----------------------------------------------------------------------------------------
Total Assets $45,244,123 $22,822,033 $653,732 $6,307,419 $4,471,478 $ - $79,498,785
=========================================================================================
LIABILITIES AND PLAN EQUITY
- ---------------------------
Liability for Insurance Contribution $ - $ - $5,996 $ - $ - $ - $5,996
-----------------------------------------------------------------------------------------
Total Liabilities - - 5,996 - - - 5,996
Plan equity 45,244,123 22,822,033 647,736 6,307,419 4,471,478 - 79,492,789
-----------------------------------------------------------------------------------------
Total liabilities and plan equity $45,244,123 $22,822,033 $653,732 $6,307,419 $4,471,478 $ - $79,498,785
=========================================================================================
See accompanying notes.
F-2
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
- ---------------------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN UNALLO- TOTAL
FUND FUND CONTRACTS FUND ACCOUNT CATED
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
- ------
Investments at market value:
GIC trusts (at contract value) $43,037,059 $ - $ - $ - $ - $ - $43,037,059
Dreyfus Group of equity funds - 19,686,706 - - - - 19,686,706
Dreyfus money market fund 625,951 - - - - - 625,951
Cash value of life insurance - - 630,546 - - - 630,546
AMETEK, Inc. common stock - - - 4,240,944 - - 4,240,944
Short-term investment fund - - - - - 975,063 975,063
-----------------------------------------------------------------------------------------
Total Investments 43,663,010 19,686,706 630,546 4,240,944 - 975,063 69,196,269
Receivables:
Employee contributions 405,019 382,609 7,095 58,802 - (853,525) -
Employer contributions 74,166 - - - - - 74,166
Loans to participants - - - - 3,820,900 - 3,820,900
Interfund accounts (585,682) 698,939 - 8,281 - (121,538) -
-----------------------------------------------------------------------------------------
Total Assets $43,556,513 $20,768,254 $637,641 $4,308,027 $3,820,900 $ - $73,091,335
=========================================================================================
LIABILITIES AND PLAN EQUITY
- ---------------------------
Liability for insurance contribution $ - $ - $ 7,095 $ - $ - $ - $7,095
-----------------------------------------------------------------------------------------
Total Liabilities - - 7,095 - - - 7,095
Plan equity 43,556,513 20,768,254 630,546 4,308,027 3,820,900 - 73,084,240
-----------------------------------------------------------------------------------------
Total liabilities and plan equity $43,556,513 $20,768,254 $637,641 $4,308,027 $3,820,900 $ - $73,091,335
=========================================================================================
See accompanying notes.
F-3
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31,1994
- ----------------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
- ----------------------------------------------------------------------------------------------------------------------------
ADDITIONS
- ---------
Contributions:
Employee $4,277,418 $4,319,769 $80,865 $647,662 $ - $9,325,714
Employer 903,086 852,964 - 142,969 - 1,899,019
Rollovers from other plans 416,953 110,845 - 17,698 - 545,496
-------------------------------------------------------------------------------
Total Contributions 5,597,457 5,283,578 80,865 808,329 - 11,770,229
-------------------------------------------------------------------------------
Investment Income (Loss):
Interest and dividends 2,890,888 1,056,646 71,140 109,298 201,296 4,329,268
Net realized loss and unrealized gain
(loss) on investments - (2,144,638) - 1,450,577 - (694,061)
-------------------------------------------------------------------------------
Total Investment Income (Loss) 2,890,888 (1,087,992) 71,140 1,559,875 201,296 3,635,207
-------------------------------------------------------------------------------
Total Contributions and -------------------------------------------------------------------------------
Investment Income (Loss) 8,488,345 4,195,586 152,005 2,368,204 201,296 15,405,436
-------------------------------------------------------------------------------
DEDUCTIONS
- ----------
Withdrawals and terminations (6,281,809) (1,966,806) (53,950) (453,955) (159,502) (8,916,022)
Insurance premiums and commissions - net - - (80,865) - - (80,865)
Net interfund transfers in (out) (518,926) (175,001) - 85,143 608,784 -
-------------------------------------------------------------------------------
Total Deductions (6,800,735) (2,141,807) (134,815) (368,812) 449,282 (8,996,887)
-------------------------------------------------------------------------------
Increase in plan equity 1,687,610 2,053,779 17,190 1,999,392 650,578 6,408,549
Plan equity at beginning of year 43,556,513 20,768,254 630,546 4,308,027 3,820,900 73,084,240
-------------------------------------------------------------------------------
Plan equity at end of year $45,244,123 $22,822,033 $647,736 $6,307,419 $4,471,478 $79,492,789
===============================================================================
See accompanying notes.
F-4
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1993
- ----------------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
- ----------------------------------------------------------------------------------------------------------------------------
ADDITIONS
- ---------
Contributions:
Employee $4,445,822 $4,242,427 $95,221 $680,382 $ - $9,463,852
Employer 960,862 888,157 - 140,877 - 1,989,896
Rollovers from other plans 126,018 245,073 - 66,812 - 437,903
-------------------------------------------------------------------------------
Total Contributions 5,532,702 5,375,657 95,221 888,071 - 11,891,651
-------------------------------------------------------------------------------
Investment Income (Loss):
Interest and dividends 2,943,984 1,482,747 23,924 183,980 320,309 4,954,944
Net realized gain and unrealized (loss)
on investments - (110,811) - (1,079,828) - (1,190,639)
-------------------------------------------------------------------------------
Total Investment Income (Loss) 2,943,984 1,371,936 23,924 (895,848) 320,309 3,764,305
-------------------------------------------------------------------------------
Total Contributions and -------------------------------------------------------------------------------
Investment Income (Loss) 8,476,686 6,747,593 119,145 (7,777) 320,309 15,655,956
-------------------------------------------------------------------------------
DEDUCTIONS
- ----------
Withdrawals and terminations (5,030,477) (1,488,013) (29,747) (409,685) (278,879) (7,236,801)
Insurance premiums and commissions - net - - (71,886) - - (71,886)
Net interfund transfers in (out) (1,106,534) 672,645 6,428 (205,611) 633,072 -
-------------------------------------------------------------------------------
Total Deductions (6,137,011) (815,368) (95,205) (615,296) 354,193 (7,308,687)
-------------------------------------------------------------------------------
Increase (decrease) in plan equity 2,339,675 5,932,225 23,940 (623,073) 674,502 8,347,269
Plan equity at beginning of year 41,216,838 14,836,029 606,606 4,931,100 3,146,398 64,736,971
-------------------------------------------------------------------------------
Plan equity at end of year $43,556,513 $20,768,254 $630,546 $4,308,027 $3,820,900 $73,084,240
===============================================================================
See accompanying notes.
F-5
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1992
- ---------------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
- ---------------------------------------------------------------------------------------------------------------------------
ADDITIONS
- ---------
Contributions:
Employee $5,578,783 $2,697,685 $109,368 $667,275 $ - $9,053,111
Employer 1,023,486 862,300 - 139,796 - 2,025,582
Rollovers from other plans 298,135 93,453 - 29,109 - 420,697
------------------------------------------------------------------------------
Total Contributions 6,900,404 3,653,438 109,368 836,180 - 11,499,390
------------------------------------------------------------------------------
Investment Income:
Interest and dividends 3,014,282 328,433 23,206 182,607 251,958 3,800,486
Net realized and unrealized gain
on investments - 1,168,207 - 685,802 - 1,854,009
------------------------------------------------------------------------------
Total Investment Income 3,014,282 1,496,640 23,206 868,409 251,958 5,654,495
------------------------------------------------------------------------------
Total Contributions and ------------------------------------------------------------------------------
Investment Income 9,914,686 5,150,078 132,574 1,704,589 251,958 17,153,885
------------------------------------------------------------------------------
DEDUCTIONS
- ----------
Withdrawals and terminations (2,727,845) (821,045) (27,229) (260,299) (86,087) (3,922,505)
Insurance premiums and commissions - net - - (50,754) - - (50,754)
Net interfund transfers in (out) (2,136,100) (725,117) (20,455) (98,855) 2,980,527 -
------------------------------------------------------------------------------
Total Deductions (4,863,945) (1,546,162) (98,438) (359,154) 2,894,440 (3,973,259)
------------------------------------------------------------------------------
Increase in plan equity 5,050,741 3,603,916 34,136 1,345,435 3,146,398 13,180,626
Plan equity at beginning of year 36,166,097 11,232,113 572,470 3,585,665 - 51,556,345
------------------------------------------------------------------------------
Plan equity at end of year $41,216,838 $14,836,029 $606,606 $4,931,100 $3,146,398 $64,736,971
==============================================================================
See accompanying notes.
F-6
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMEBER 31, 1994
1. DESCRIPTION OF THE PLAN
-----------------------
The following brief description of The AMETEK Savings and Investment Plan ("the
Plan") provides only summarized information. Participants should refer to the
Summary Plan Description for more complete information.
The Plan is a tax-deferred 401(k) defined contribution savings plan which
provides eligible employees of AMETEK, Inc. ("the Company"), and certain
affiliated companies, an opportunity to invest up to 14% of their compensation,
subject to certain limits, in one or a combination of investment programs
(described in Note 3). Participants are fully vested at all times in their
contributions to the Plan and are vested in Company contributions after three
years of service, or upon death, attainment of age 65 or early, normal or
disability retirement. Forfeited Company contributions, which are insignificant
in amount, are used to reduce current-year Company contributions. If a
participant terminates employment with the Company for any reason, he or she may
receive a distribution following termination of employment or may elect to
commence distribution at or after age 65, but no later than age 70 1/2. When a
participant attains age 59 1/2 while still an employee, he or she can elect to
withdraw the vested amount of his or her account balance. Also, in certain cases
of financial hardship, a participant may elect to withdraw up to specified
amounts of his or her vested account balance, regardless of age. The Plan also
allows participants to borrow funds from their accounts, subject to certain
limitations, and such amounts are reflected in a loan account until repaid.
The Plan provides for Company contributions equal to 33 1/3 % of the first 6% of
compensation contributed by each participant, to a maximum contribution of
$1,200 per participant. Effective January 1, 1995, matching Company
contributions are credited to participants' accounts at the same time their
contribution is invested. Previously, such Company contributions were
credited to participants' accounts annually.
While the Company has not expressed any intent to terminate the Plan, it is free
to do so at any time subject to the provisions of the Employee Retirement Income
Security Act of 1974 as amended ("ERISA"), and applicable labor agreements, if
any. In the event of termination, each participant will receive the value of
his or her separate account. Participants' collective accounts are represented
by the Plan's equity as shown in the accompanying financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
Basis of financial statements
- -----------------------------
The accompanying financial statements have been prepared on the accrual basis of
accounting, except for the non-accrual of liabilities for amounts owed to former
participants, which are reflected in plan equity in accordance with generally
accepted accounting principles (see Note 7). Purchases and sales of
investments are reflected on trade dates. Realized gains and losses on sales of
investments are based on the average cost of such investments. Dividend income
is recorded on the ex-dividend date. Income from other investments is recorded
as earned.
Investment valuation
- --------------------
Investments in the Dreyfus group of equity funds and the Common Stock Fund are
carried at market value based upon closing market quotes on the last business
day of the Plan year. Guaranteed income contracts, money market and short-term
investments are carried at the redemption prices and fair value established by
the issuer and/or the trustee. The Life Insurance Contracts are carried at the
cash value of such policies at year-end.
In September 1994, the American Institute of Certified Public Accountants issued
a Statement of Position ("SOP 94-4") which specifies, among other things, that
defined-contribution plans report certain investment contracts at fair value.
SOP 94-4 will change the Plan's current practice of reporting guaranteed income
contracts at contract values. The requirements of SOP 94-4 are effective for
financial statements beginning with the 1995 plan year, except for investment
contracts entered into before December 31, 1993, for which the effective date is
the 1996 plan year. The effect of initially applying this new accounting
requirement will be reported as a cumulative effect type of an accounting change
in the period of adoption. The impact on Plan equity of applying this new
accounting rule is not known at this time.
F-7
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMEBER 31, 1994
3. INVESTMENT PROGRAMS
-------------------
At December 31, 1994, The Dreyfus Trust Company served as Trustee for the Plan.
Each participant may have his or her accounts invested (up to certain specified
limits) in one or a combination of the following investment programs:
(a) The Fixed Income Fund:
----------------------
The assets of the Fixed Income Fund are presently invested in guaranteed
income contracts (GIC) issued by Massachusetts Mutual Life Insurance
Company, Metropolitan Life Insurance Company, and the Dreyfus Capital
Preservation Fund, managed by LaSalle National Trust, N.A. In addition,
included in this fund are investments in the Dreyfus Government Securities
Series Money Market Fund, an open-end mutual fund. No direct commissions,
fees or other charges are assessed against the accounts invested in this
Fund. Prior to January 1, 1995, annual matching Company contributions were
temporarily invested in this Fund and allocated, together with earnings
thereon, to the individual investment funds (see Note 1).
(b) The Equity Fund:
----------------
At December 31, 1994 and 1993, the investments of the Equity Fund consisted
of the following:
----------------------------------- ---------------------------------------
1994 1993
----------------------------------- ---------------------------------------
Number Market Number Market
of Shares Cost Value of Shares Cost Value
----------------------------------- ---------------------------------------
Dreyfus Group of Equity Funds:
The Dreyfus Fund 1,059,890 $13,702,150 $12,644,495 1,005,645 $13,079,103 $13,169,619
Dreyfus Strategic Investing 153,355 3,279,915 2,872,338 108,103 2,392,200 2,356,845
Dreyfus New Leaders Fund, Inc. 112,605 3,826,156 3,527,926 71,906 2,483,739 2,456,734
Dreyfus Premier
Global Investing, Inc. 175,090 2,678,657 2,586,081 106,211 1,563,490 1,703,508
----------- ----------- ----------- -----------
Total Equity Fund $23,486,878 $21,630,840 $19,518,532 $19,686,706
=========== =========== =========== ===========
The above investments primarily consist of common stocks of small and
medium sized domestic and foreign growth companies. However, the funds may
also use various investment techniques, including foreign exchange and
derivatives transactions. Participants should refer to the respective
Dreyfus mutual fund prospectus for more complete information. Shares in
each fund are purchased at the net asset value of the respective funds and
no direct commissions, fees or other charges are assessed against the
accounts invested in these funds. Effective January 1, 1995, the fund added
two new investment alternatives for participants: The Fidelity Puritan Fund
and The Fidelity Magellan Fund. These broadly diversified mutual funds
invest in a wide range of domestic and foreign stocks, bonds and other
types of investments.
(c) Insurance Contracts:
---------------------
Employee contributions are presently used to maintain previously purchased
life insurance policies underwritten by First Colony Life Insurance Company
of Lynchburg, Virginia and American Mayflower Insurance Company of New
York. Commissions paid on Insurance Contracts are charged directly against
the participants' insurance accounts. Since July 1, 1987, participants may
not make an initial investment election to this Fund.
(d) The Common Stock Fund:
----------------------
At December 31, 1994 and 1993, the assets of the Common Stock Fund
consisted of 359,207 shares (cost $4,907,039) and 328,308 shares (cost
$4,422,607) of the Company's common stock. Shares of the Company's common
stock may be purchased by the Trustee on the open market, directly from the
Company, or from other stockholders. Brokerage commissions paid are
charged against the accounts invested in this Fund.
F-8
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMEBER 31, 1994
3. INVESTMENT PROGRAMS (continued)
-------------------
A participant may change his or her total contribution percentage election as of
January 1, April 1, July 1 or October 1 of any year. In addition, the plan
provides for participant-directed investing, whereby participants may change
their investment selection within or between investment programs or specific
investment funds in which their contributions are invested at any time, subject
to certain limitations. The Plan also permits a participant, at any time, to
completely discontinue contributions on a prospective basis.
The Trustee invests the portion of employee contributions awaiting allocation to
the investment options chosen by participants in a short-term investment fund.
There were approximately 4,900 participants in the Plan at December 31, 1994.
The approximate number of participants in each fund at December 31, 1994 was as
follows:
Fixed Income Fund:
GIC Trusts 3,700
Government Series Money Market 600
Equity Fund:
The Dreyfus Fund 2,300
Dreyfus Strategic Investing 1,200
Dreyfus New Leaders Fund, Inc. 1,200
Dreyfus Premier Global Investing, Inc. 1,000
Common Stock Fund 2,000
Insurance Contracts 200
The total number of participants in all funds do not agree with total Plan
participants due to individuals participating in more than one fund.
4. NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
------------------------------------------------------
The components of the net realized gains and losses and the change in the net
unrealized gain (loss) on equity investments are as follows:
-------------------------------------
Year ended December 31,
-------------------------------------
1994 1993 1992
-------------------------------------
Equity Fund
-----------
Realized gains (losses):
Distribution of realized gains (losses) (a) ($120,426) $50,918 $331,841
Sale of the Windsor Fund (b) - - 506,463
-------- ------ -------
Total realized gains (losses) (120,426) 50,918 838,304
Increase (decrease) in unrealized
appreciation (depreciation) (2,024,212) (161,729) 329,903
---------- -------- -------
Total Equity Fund (2,144,638) (110,811) 1,168,207
Common Stock Fund
-----------------
Distribution of realized gain (loss) 67,011 (462) -
Increase (decrease) in unrealized
appreciation (depreciation) 1,383,566 (1,079,366) 685,802
--------- ---------- -------
Total Common Stock Fund 1,450,577 (1,079,828) 685,802
--------- ---------- -------
Total net realized and unrealized gain (loss) ($694,061) ($1,190,639) $1,854,009
========= =========== ==========
(a) The Equity Fund made capital gain distributions (reported as
dividend income) of 2.5%, 4.7%, and 2.5% in 1994, 1993, and 1992
respectively, which were immediately reinvested in additional
Fund shares.
(b) On September 30, 1992, the investment held in the Equity Fund,
which consisted of the Vanguard Windsor Fund, was sold and the
sales proceeds were immediately invested in the Dreyfus Fund.
F-9
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMEBER 31, 1994
4. NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (continued)
------------------------------------------------------
The net unrealized appreciation (depreciation) of investments included in the
Plan's equity is as follows:
----------------------------------------------
Equity Common Stock
Fund Fund Total
----------------------------------------------
Balance December 31, 1991 ($1,005,523) $211,901 ($793,622)
Change for the year 1992 1,335,426 (a) 685,802 2,021,228
--------- ------- ---------
Balance December 31, 1992 329,903 897,703 1,227,606
Change for the year 1993 (161,729) (1,079,366) (1,241,095)
--------- ---------- ----------
Balance December 31, 1993 168,174 (181,663) (13,489)
Change for the year 1994 (2,024,212) 1,383,566 (640,646)
---------- --------- --------
Balance December 31, 1994 ($1,856,038) $1,201,903 ($654,135)
=========== ========== =========
(a) Includes reversal of the December 31, 1991 unrealized
appreciation ($1,005,523) of the Windsor Fund investment which
was sold in September, 1992.
5. FEDERAL INCOME TAX STATUS
-------------------------
The Company has received a determination letter dated December 29, 1994, from
the Internal Revenue Service that the Plan qualifies under Section 401 of the
Internal Revenue Code, and is therefore exempt from federal income tax.
Continued qualification of the Plan is subject to the maintenance of its present
form, or a new Internal Revenue Service determination.
Under the Plan, contributions will not be taxed to the employee until a
distribution from the Plan is received. However, participants who invest in
insurance contracts will be subject to ordinary income tax annually on the
premiums paid for the life insurance coverage.
6. EXPENSES
--------
The expenses of administering the Plan are payable from the trust funds, unless
the Company elects to pay such expenses. For the Plan years ended December 31,
1994, 1993 and 1992, the Company elected to pay such expenses directly.
7. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
------------------------------------------------------
The following is a reconciliation of Plan equity at December 31, 1994 and 1993,
presented in the financial statements in accordance with generally accepted
accounting principles, and the deduction for amounts owed to former
participants' upon withdrawals and terminations from the Plan for the years
ended December 31, 1994, 1993 and 1992 compared to the amounts reported on Form
5500. Amounts owed to former participants are reported on the Form 5500 for
benefit claims that have been processed but not paid at year-end. Such amounts
are not recorded as liabilities under generally accepted accounting principles.
------------------------------------------------------------------------------
Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
------------------------------------------------------------------------------
Plan Equity
- -----------
December 31, 1994:
Plan equity reported in the
financial statements $45,244,123 $22,822,033 $647,736 $6,307,419 $4,471,478 $79,492,789
Amounts owed to former
participants (338,205) (224,693) - (53,120) (58,445) (674,463)
----------- ----------- -------- ---------- ---------- -----------
Plan equity (net assets)
reported on the Form 5500 $44,905,918 $22,597,340 $647,736 $6,254,299 $4,413,033 $78,818,326
=========== =========== ======== ========== ========== ===========
F-10
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMEBER 31, 1994
7. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500 (continued)
------------------------------------------------------
---------------------------------------------------------------------------
Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
---------------------------------------------------------------------------
Plan Equity
- -----------
December 31, 1993:
Plan equity reported in the
financial statements $43,556,513 $20,768,254 $630,546 $4,308,027 $3,820,900 $73,084,240
Amounts owed to former
participants (1,428,444) (391,729) - (103,384) (26,526) (1,950,083)
---------- -------- -------- -------- ------- ----------
Plan equity (net assets)
reported on the Form 5500 $42,128,069 $20,376,525 $630,546 $4,204,643 $3,794,374 $71,134,157
=========== =========== ======== ========== ========== ===========
Deductions for Withdrawals and Terminations
- ---------------------------------------------
Year ended December 31, 1994:
Withdrawals and
terminations reported in the
financial statements $6,281,809 $1,966,806 $53,950 $453,955 $159,502 $8,916,022
Add: Amounts owed to
former participants at
December 31, 1994 338,205 224,693 - 53,120 58,445 674,463
Less: Amounts owed to
former participants at
December 31, 1993 (1,428,444) (391,729) - (103,384) (26,526) (1,950,083)
---------- -------- ------- -------- ------- ----------
Payments to provide benefits
reported on Form 5500 $5,191,570 $1,799,770 $53,950 $403,691 $191,421 $7,640,402
========== ========== ======= ======== ======== ==========
Year ended December 31, 1993:
Withdrawals and
terminations reported in the
financial statements $5,030,477 $1,488,013 $29,747 $409,685 $278,879 $7,236,801
Add: Amounts owed to
former participants at
December 31, 1993 1,428,444 391,729 - 103,384 26,526 1,950,083
Less: Amounts owed to
former participants at
December 31, 1992 (935,297) (176,608) - (92,827) (29,911) (1,234,643)
-------- -------- ------- ------- ------- ----------
Payments to provide
benefits reported on
Form 5500 $5,523,624 $1,703,134 $29,747 $420,242 $275,494 $7,952,241
========== ========== ======= ======== ======== ==========
F-11
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMEBER 31, 1994
7. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500 (continued)
------------------------------------------------------
---------------------------------------------------------------------------
Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
---------------------------------------------------------------------------
Deductions for Withdrawals and Terminations (continued)
- -------------------------------------------------------
Year ended December 31, 1992:
Withdrawals and
terminations reported in the
financial statements $2,727,845 $821,045 $27,229 $260,299 $86,087 $3,922,505
Add: Amounts owed to
former participants at
December 31, 1992 935,297 176,608 - 92,827 29,911 1,234,643
Less: Amounts owed to
former participants at
December 31, 1991 (329,673) (43,706) - (18,645) - (392,024)
-------- ------- ------- ------- -------- --------
Payments to provide
benefits reported on
Form 5500 $3,333,469 $953,947 $27,229 $334,481 $115,998 $4,765,124
========== ======== ======= ======== ======== ==========
F-12
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Members of the Administrative Committee have duly caused this annual report
to be signed on its behalf by the undersigned hereunto duly authorized.
THE AMETEK SAVINGS
AND INVESTMENT PLAN
----------------------------
(Name of Plan)
Dated: June 23, 1995 By: /s/ John J. Molinelli
-----------------------------
John J. Molinelli, Member,
Administrative Committee
F-13