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, 1995
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, 1995 and 1994, and the related
statements of income and changes in plan equity for each of the three years in
the period ended December 31, 1995. 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, 1995 and 1994, and the changes in its financial status for
each of the three years in the period ended December 31, 1995, in conformity
with generally accepted accounting principles.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
May 23, 1996
F-1
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN UNALLO- TOTAL
FUND FUND CONTRACTS FUND ACCOUNT CATED
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS
- ------
Investments at market value:
Guaranteed Income Contracts
(at contract value) $43,823,027 $ - $ - $ - $ - $ - $43,823,027
Dreyfus Money Market fund 1,780,258 - - - - - 1,780,258
Dreyfus Group of equity funds - 25,541,595 - - - _ 25,541,595
Fidelity Group of equity funds - 6,032,191 - - - _ 6,032,191
Cash value of life insurance - - 579,528 - - - 579,528
AMETEK, Inc. common stock - - - 6,665,201 - - 6,665,201
Short-term investment fund - - - - - 752,761 752,761
----------------------------------------------------------------------------------------
Total Investments 45,603,285 31,573,786 579,528 6,665,201 - 752,761 85,174,561
Receivables:
Employee contributions 59,754 62,454 735 8,758 - - 131,701
Employer contributions 4,331 12,190 - 1,313 - - 17,834
Dividend receivable - - - 21,179 - - 21,179
Loans to participants - - - - 4,769,169 - 4,769,169
Interfund accounts 394,259 405,317 4,027 56,994 (107,836) (752,761) -
----------------------------------------------------------------------------------------
Total Assets $46,061,629 $32,053,747 $584,290 $6,753,445 $4,661,333 $ - $90,114,444
========================================================================================
LIABILITIES AND PLAN EQUITY
- ---------------------------
Liability for Insurance Contribution $ - $ - $4,762 $ - $ - $ - $4,762
----------------------------------------------------------------------------------------
Total Liabilities - - 4,762 - - - 4,762
Plan equity 46,061,629 32,053,747 579,528 6,753,445 4,661,333 - 90,109,682
----------------------------------------------------------------------------------------
Total liabilities and plan equity $46,061,629 $32,053,747 $584,290 $6,753,445 $4,661,333 $ - $90,114,444
========================================================================================
See accompanying notes.
F-2
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:
Guaranteed Income Contracts
(at contract value) $42,861,500 $ - $ - $ - $ - $ - $42,861,500
Dreyfus Money Market fund 1,036,053 - - - - - 1,036,053
Dreyfus Group of equity funds - 21,638,840 - - - _ 21,630,840
Cash value of life insurance - - 647,736 - - - 647,836
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-3
THE AMETEK SAVINGS AND INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
YEAR ENDED DECEMBER 31, 1995
- ---------------------------------------------------------------------------------------------------------------------
FIXED COMMON
INCOME EQUITY INSURANCE STOCK LOAN TOTAL
FUND FUND CONTRACTS FUND ACCOUNT
- ---------------------------------------------------------------------------------------------------------------------
ADDITIONS
- ---------
Contributions:
Employee $4,530,601 $4,518,701 $68,056 $702,042 $ - $9,819,400
Employer 759,082 886,251 - 142,752 - 1,788,085
Rollovers from other plans 882,570 1,150,605 - 67,711 - 2,100,886
---------------------------------------------------------------------------
Total Contributions 6,172,253 6,555,557 68,056 912,505 - 13,708,371
---------------------------------------------------------------------------
Investment Income:
Interest and dividends 2,830,518 5,418,190 36,968 58,020 305,950 8,649,646
Net realized and unrealized gain
on investments - 187,479 - 667,943 - 855,422
---------------------------------------------------------------------------
Total Investment Income 2,830,518 5,605,669 36,968 725,963 305,950 9,505,068
---------------------------------------------------------------------------
Total Contributions and ---------------------------------------------------------------------------
Investment Income 9,002,771 12,161,226 105,024 1,638,468 305,950 23,213,439
---------------------------------------------------------------------------
DEDUCTIONS
- ----------
Withdrawals and terminations (8,500,344) (2,833,829) (105,176) (513,479) (575,662) (12,528,490)
Insurance premiums and commissions - net - - (68,056) - - (68,056)
Net interfund transfers 315,079 (95,683) - (678,963) 459,567 -
---------------------------------------------------------------------------
Total Deductions (8,185,265) (2,929,512) (173,232) (1,192,442) (116,095) (12,596,546)
---------------------------------------------------------------------------
Increase (decrease) in plan equity 817,506 9,231,714 (68,208) 446,026 189,855 10,616,893
Plan equity at beginning of year 45,244,123 22,822,033 647,736 6,307,419 4,471,478 79,492,789
---------------------------------------------------------------------------
Plan equity at end of year $46,061,629 $32,053,747 $579,528 $6,753,445 $4,661,333 $90,109,682
===========================================================================
See accompanying notes.
F-4
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 (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-5
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 (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-6
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
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
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 distributions 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 a specified portion 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 by
the participant.
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
contributed compensation is invested. Previously, such Company contributions
were temporarily invested in the Fixed Income Fund and 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. 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 a liability 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.
Use of estimates
- ----------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Investment valuation
- --------------------
Investments in equity securities are carried at market value based upon closing
market quotes on the last business day of the Plan year. Money market and
short-term investments are carried at the fair value established by the issuer
and/or the trustee. Life Insurance Contracts are carried at the cash value of
such policies at year-end.
Investments in Guaranteed Income Contracts (GICs) are valued in accordance with
the American Institute of Certified Public Accountants' Statement of Position
("SOP 94-4"). In accordance with SOP 94-4, effective January 1, 1995, GIC
contracts that are fully benefit-responsive are reported at contract value. All
other investment contracts are to be reported at fair value. For contracts
entered into on or prior to December 31, 1993, the effective date of adoption of
the SOP is delayed one year to 1996. Fully benefit-responsive investment
contracts are contracts that transfer financial risk of principal and interest
to a responsible third party, and provide for participant-initiated transactions
without conditions, limitations or restrictions. The effect of initially
applying the new accounting requirement in 1995 was not significant, and the
effect of delayed application to 1996 for contracts entered into prior to
December 31, 1993 is not expected to be significant.
F-7
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
3. Investment Programs
-------------------
At December 31, 1995, The Dreyfus Trust Company served as Trustee for the Plan.
Effective January 1, 1996, Mellon Trust Company succeeded Dreyfus 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:
----------------------
Following is a listing of the investments of the Fixed Income Fund which
are presently invested primarily in GICs entered into prior to December 31,
1993, or which are fully benefit-responsive, and are carried at contract
value. The contract value of the benefit-responsive contracts approximates
fair value. The issuers of the GICs, together with the other investments of
the Fixed Income Fund, are shown in the table below:
Guaranteed Income Contracts
---------------------------
Entered into prior to December 31, 1993:
Balance
At December 31,
-----------------------------------
1995 1994
---- ----
Massachusetts Mutual Life $ - $ 8,298,497
Metropolitan Life 3,119,335 6,550,604
Dreyfus Capital Preservation Fund 13,149,200 28,012,399
----------- -----------
16,268,535 42,861,500
----------- -----------
Entered into after December 31, 1993
(fully benefit-responsive contracts):
Deutsche Bank (1) 4,029,786 -
John Hancock Mutual Life 4,109,426 -
New York Life 4,611,154 -
Principal Mutual Life 4,110,029 -
United Bank of Switzerland (1) 6,053,344 -
Other (2) 4,640,753 -
----------- -----------
27,554,492 -
----------- -----------
Total GIC contracts 43,823,027 42,861,500
Dreyfus Money Market mutual fund
(at fair value) 1,780,258 1,036,053
----------- -----------
Total Fixed Income Fund investments $45,603,285 $43,897,553
=========== ===========
(1) Synthetic investment contracts in which a financially strong third party
pays a contract rate of interest on the underlying investments, and
provides for full payment of principal upon participant-directed
withdrawals from the Trust.
(2) GIC with State Street Bank purchased January, 1996.
The weighted average crediting interest rate for the benefit-responsive
contracts at December 31, 1995 was 5.9%. For benefit-responsive synthetic
investment contracts, the interest rate will change quarterly, but not below
zero. All other benefit-responsive contracts have fixed rates of interest to
the maturity of the contracts ranging from 5.4% to 6.2%. The average yield for
all benefit-responsive contracts at December 31, 1995 was 5.8%.
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 fund options (see Note 1).
F-8
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
3. Investment Programs (continued)
-------------------
(b) The Equity Fund:
----------------
At December 31, 1995 and 1994, the investments of the Equity Fund
consisted of the following:
--------------------------------------------------------------------------------
1995 1994
--------------------------------------------------------------------------------
Number Market Number Market
of Shares Cost Value of Shares Cost Value
--------------------------------------------------------------------------------
Dreyfus Group of Equity Funds:
The Dreyfus Fund 1,346,337 $16,550,342 $14,028,835 1,059,890 $13,702,150 $12,644,495
Dreyfus Strategic Investing 175,743 3,690,369 3,644,903 153,355 3,279,915 2,872,338
Dreyfus New Leaders Fund, Inc. 133,432 4,660,278 4,989,033 112,605 3,826,156 3,527,926
Dreyfus Premier
Global Investing, Inc. 185,491 2,864,219 2,878,824 175,090 2,678,657 2,586,081
--------- --------- --------- ---------
Total Dreyfus Funds 27,765,208 25,541,595 23,486,878 21,630,840
---------- ---------- ---------- ----------
Fidelity Group of Equity Funds:
The Magellan Fund 42,744 3,515,057 3,693,776 - -
The Puritan Fund 137,473 2,176,489 2,338,415 - -
--------- --------- ----------- -----------
Total Fidelity Funds 5,691,546 6,032,191 - -
---------- ---------- ----------- -----------
Total Equity Fund $33,456,754 $31,573,786 $23,486,878 $21,630,840
=========== =========== =========== ===========
The equity funds above consist of mutual funds that invest in a wide range
of domestic and foreign stocks, bonds and other types of investments. The
Dreyfus group of funds consists of small and medium growth stocks, both
domestic and foreign. The Fidelity funds were added effective January 1,
1995, and consist of broad, diversified mutual funds investing in wide
ranges of worldwide stocks, bonds, and other investments. The funds may
also use various investment techniques, including foreign exchange and
derivatives transactions. Participants should refer to the respective
Dreyfus and Fidelity 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.
(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. Commissions paid on Insurance Contracts are charged
directly against the participants' insurance accounts. This fund has been
closed to new participants since 1987.
(d) The Common Stock Fund:
----------------------
At December 31, 1995 and 1994, the assets of the Common Stock Fund
consisted of 354,705 shares (cost $5,113,365) and 359,207 shares (cost
$4,907,039) respectively, 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.
A participant may change his or her 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.
F-9
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
3. Investment Programs (continued)
-------------------
The Trustee invests the portion of employee and employer contributions awaiting
allocation to the investment options chosen by participants in short-term
investments.
There were approximately 4,900 participants in the Plan at December 31, 1995.
The approximate number of participants in each fund at December 31, 1995 was as
follows:
Fixed Income Fund:
Guaranteed Income Contracts 3,500
Government Series Money Market 800
Equity Fund:
The Dreyfus Fund 2,100
Dreyfus Strategic Investing 1,200
Dreyfus New Leaders Fund, Inc. 1,300
Dreyfus Premier Global Investing, Inc. 1,000
The Fidelity Magellan Fund 700
The Fidelity Puritan Fund 500
Common Stock Fund 2,100
Insurance Contracts 200
The total number of participants in all funds does 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 and loss on equity investments, and included in investment
income, are as follows:
----------------------------------------------
Year ended December 31,
----------------------------------------------
1995 1994 1993
----------------------------------------------
Equity Fund
-----------
Distribution of realized gains (losses) (a) $214,409 ($120,426) $50,918
Change in net unrealized gain and loss (26,930) (2,024,212) (161,729)
------ --------- -------
Total Equity Fund 187,479 (2,144,638) (110,811)
------- --------- -------
Common Stock Fund
-----------------
Distribution of realized gain (loss) 318,010 67,011 (462)
Change in net unrealized gain and loss 349,933 1,383,566 (1,079,366)
------- --------- ---------
Total Common Stock Fund 667,943 1,450,577 (1,079,828)
------- --------- ---------
Total net realized and unrealized gain (loss)
included in investment income $855,422 ($694,061) ($1,190,639)
======== ======== ==========
(a) The Equity Fund also made capital gain distributions, which are reported as
dividend income, and which amounted to $4.9 million, $.7 million, and $1.1
million in 1995, 1994, and 1993 respectively. Such distributions were
immediately reinvested in additional Fund shares.
F-10
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
4. Net realized and unrealized gain (loss) on investments (continued)
------------------------------------------------------
The net unrealized gain (loss) on investments included in the Plan's equity is
as follows:
-----------------------------------------------
Equity Common Stock
Fund Fund Total
-----------------------------------------------
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)
Change for the year 1995 (26,930) 349,933 323,003
------- ------- -------
Balance December 31, 1995 ($1,882,968) $1,551,836 ($331,132)
=========== ========== =========
5. Federal income tax status
-------------------------
The Company has received a determination letter 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 made. However, participants who have invested in
insurance contracts are 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,
1995, 1994 and 1993, 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, 1995 and 1994,
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,
1995, 1994 and 1993 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, 1995:
Plan equity reported in the
financial statements $46,061,629 $32,053,747 $579,528 $6,753,445 $4,661,333 $90,109,682
Amounts owed to former
participants (930,186) (321,064) - (21,546) (12,368) (1,285,164)
-------- -------- -------- ------- ---------- -----------
Plan equity (net assets)
reported on the Form 5500 $45,131,443 $31,732,683 $579,528 $6,731,899 $4,648,965 $88,824,518
=========== =========== ======== ========== ========== ===========
F-11
THE AMETEK SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
7. Differences between financial statements and Form 5500 (continued)
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Fixed Common
Income Equity Insurance Stock Loan Total
Fund Fund Contracts Fund Account
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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
=========== =========== ======== ========== ========== ===========
Deductions for Withdrawals and Terminations
- -------------------------------------------
Year ended December 31, 1995:
Withdrawals and
terminations reported in the
financial statements $8,500,344 $2,833,829 $105,176 $513,479 $575,662 $12,528,490
Add: Amounts owed to
former participants at
December 31, 1995 930,186 321,064 - 21,546 12,368 1,285,164
Less: Amounts owed to
former participants at
December 31, 1994 (338,205) (224,693) - (53,120) (58,445) (674,463)
-------- -------- -------- ------- ------- --------
Payments to provide benefits
reported on Form 5500 $9,092,325 $2,930,200 $105,176 $481,905 $529,585 $13,139,191
========== ========== ======== ======== ======== ===========
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-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
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(Name of Plan)
Dated: June 10, 1996 By: /s/ John J. Molinelli
--------------------------
John J. Molinelli, Member,
Administrative Committee
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