SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-52
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
(Full title of the plan)
SUNBEAM CORPORATION
2100 New River Center
200 East Las Olas Boulevard
Fort Lauderdale, Florida 33301
(Name and address of issuer)
ANNUAL REPORT
Pursuant to Section 15(d)of the
Securities Exchange Act of 1934
The following financial statements and Exhibits are provided herewith as
the Annual Report filed pursuant to Section 15(d) of the Securities Exchange Act
of 1934 by the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing
Plan:
FINANCIAL STATEMENTS AND SCHEDULES PAGE
----
Report of Independent Certified Public Accountants. F-1
Statements of Net Assets Available for Benefits as of December 31,
1995 and 1994. F-2
Statements of Changes in Net Assets Available for Benefits for the
years ended December 31, 1995 and 1994. F-4
Notes to Financial Statements. F-6
Schedule of Assets Held for Investment Purposes as of December 31,
1995. F-11
Schedule of Loans or Fixed Income Obligations. F-12
Schedule of Reportable Transactions for the year ended December 31,
1995. F-13
EXHIBITS
Consent of Arthur Andersen LLP.
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees (or other persons who administer the Sunbeam-Oster
Company, Inc. 401(k) Savings and Profit Sharing Plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
SUNBEAM-OSTER COMPANY, INC. 401(k)
SAVINGS AND PROFIT SHARING PLAN
By: Sunbeam Corporation, the Plan
Administrator
Dated: June 28, 1996
By: /s/ PAUL M. O'HARA
Paul M. O'Hara, Chief Financial
Officer and Executive Vice
President
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Administrative Committee of the
Sunbeam-Oster Company, Inc.
401(k) Savings and Profit Sharing Plan:
We have audited the accompanying statements of net assets available for benefits
of the Sunbeam-Oster Company, Inc. 401(k) Savings and Profit Sharing Plan (the
"Plan") as of December 31, 1995 and 1994, and the related statements of changes
in net assets available for benefits for the years then ended. These financial
statements and the supplemental schedules referred to below are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements and supplemental schedules based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1995 and 1994, and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and reportable transactions are presented for purposes
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 fund information in the statements
of net assets available for benefits and the statements of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for plan benefits and changes in net
assets available for plan benefits of each fund. The supplemental schedules and
fund information have been subjected to the auditing procedures applied in the
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.
/s/ ARTHUR ANDERSEN LLP
Fort Lauderdale, Florida,
May 24, 1996.
F-1
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
1995
--------------------------------------------------------------------------------------
NON-PARTICIPANT
PARTICIPANT DIRECTED DIRECTED
---------------------------------------------------------- ---------------
AMERICAN
EXPRESS
TRUST IDS NEW SUNBEAM-OSTER TEMPLETON
INCOME IDS MUTUAL DIMENSIONS COMPANY STOCK FOREIGN LOAN
FUND II FUND FUND POOL FUND FUND TOTAL
---------- ------------ ---------- ------------- --------- --------- -----------
ASSETS:
Beneficial interest in
investment funds $58,320,372 $12,517,280 $11,542,824 $625,144 $912,756 $ - $83,918,376
Participant loans receivable - - - - - 4,604,755 4,604,755
Employer contributions
receivable 1,557,798 398,821 552,742 69,836 75,730 - 2,654,927
Employee contributions
receivable 183,823 55,291 77,786 10,931 10,328 - 338,159
Dividends receivable - - 513,515 - - - 513,515
----------- ----------- ----------- -------- -------- ---------- -----------
Net assets available
for benefits $60,061,993 $12,971,392 $12,686,867 $705,911 $998,814 $4,604,755 $92,029,732
=========== =========== =========== ======== ======== ========== ===========
(CONTINUED)
F-2
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
(CONTINUED)
1994
--------------------------------------------------------------------------------------
NON-PARTICIPANT
PARTICIPANT DIRECTED DIRECTED
------------------------------------------------------------ ---------------
IDS TRUST IDS NEW SUNBEAM-OSTER TEMPLETON
INCOME IDS MUTUAL DIMENSIONS COMPANY STOCK FOREIGN LOAN
FUND II FUND FUND POOL FUND FUND TOTAL
----------- ---------- ---------- ------------- --------- -------- -----------
ASSETS:
Beneficial interest in
investment funds $57,307,809 $11,697,768 $8,858,088 $ - $ - $ - $77,863,665
Uninvested cash 8,498 1,124 1,326 - - - 10,948
Participant loans receivable - - - - - 193,290 193,290
Employer contributions
receivable 3,943,156 865,225 1,219,647 50,046 89,083 - 6,167,157
Employee contributions
receivable 289,369 70,807 110,908 2,675 5,682 - 479,441
Dividends receivable - - 415,016 - - - 415,016
----------- ----------- ---------- ------- ------- -------- -----------
Total assets 61,548,832 12,634,924 10,604,985 52,721 94,765 193,290 85,129,517
LIABILITIES:
Excess contributions payable (25,994) (10,479) (11,916) (99) (1,906) - (50,394)
----------- ----------- ---------- ------- ------- -------- ------------
Net assets available
for benefits $61,522,838 $12,624,445 $10,593,069 $52,622 $92,859 $193,290 $85,079,123
=========== =========== =========== ======= ======= ======== ===========
The accompanying notes to financial statements are an integral
part of these statements.
F-3
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
1995
----------------------------------------------------------------------------------------
NON-PARTICIPANT
PARTICIPANT DIRECTED DIRECTED
------------------------------------------------------------- ---------------
AMERICAN
EXPRESS TRUST IDS NEW SUNBEAM-OSTER TEMPLETON
INCOME IDS MUTUAL DIMENSIONS COMPANY STOCK FOREIGN LOAN
FUND II FUND FUND POOL FUND FUND TOTAL
------------- ---------- ---------- -------------- --------- --------- ----------
ADDITIONS:
Contributions-
Employer $2,268,043 $530,449 $751,250 $95,336 $103,048 $ - $3,748,126
Employee 2,132,946 701,805 966,532 181,898 192,536 - 4,175,717
Investment income - 625,817 513,515 1,271 48,156 252,599 1,441,358
Realized and unrealized
gains (losses), net 3,559,291 1,984,545 2,555,255 (177,419) 17,022 - 7,938,694
----------- ---------- --------- -------- -------- -------- ----------
Total additions 7,960,280 3,842,616 4,786,552 101,086 360,762 252,599 17,303,895
----------- ---------- --------- -------- -------- -------- ----------
DEDUCTIONS:
Distributions to
participants 8,241,025 866,412 793,764 3,184 20,194 321,551 10,246,130
Administrative fees 103,268 1,886 1,864 43 95 - 107,156
----------- ---------- --------- -------- -------- -------- ----------
Total deductions 8,344,293 868,298 795,628 3,227 20,289 321,551 10,353,286
----------- ---------- --------- -------- -------- -------- ----------
INTERFUND TRANSFERS (1,076,832) (2,627,371) (1,897,126) 555,430 565,482 4,480,417 -
----------- ---------- --------- -------- -------- -------- ----------
Net increase (decrease)
in net assets available
for benefits (1,460,845) 346,947 2,093,798 653,289 905,955 4,411,465 6,950,609
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 61,522,838 12,624,445 10,593,069 52,622 92,859 193,290 85,079,123
----------- ----------- --------- -------- -------- -------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $60,061,993 $12,971,392 $12,686,867 $705,911 $998,814 $4,604,755 $92,029,732
=========== =========== =========== ======== ======== ========== ===========
(CONTINUED)
F-4
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
(CONTINUED)
1994
----------------------------------------------------------------------------------------
PARTICIPANT DIRECTED
----------------------------------------------------------------------------------------
SUNBEAM-
OSTER
IDS TRUST IDS NEW COMPANY TEMPLETON
IDS MANAGED INCOME IDS MUTUAL IDS STOCK DIMENSIONS STOCK FOREIGN
INCOME FUND FUND II FUND FUND FUND POOL FUND
------------ ----------- ----------- ---------- ---------- ------- ---------
ADDITIONS:
Contributions-
Employer $ 70,419 $ 3,993,181 $ 838,828 $ (10,465) $ 1,167,322 $50,046 $89,083
Employee 730,439 1,124,821 563,939 282,151 833,979 2,576 3,776
Investment
income 34 27 1,073,996 319,301 428,479 - -
Realized and
unrealized
gains (losses),
net 1,246,615 1,518,239 (1,423,634) (408,718) (629,420) - -
------------ ----------- ----------- ---------- ----------- ------- -------
Total
additions 2,047,507 6,636,268 1,053,129 182,269 1,800,360 52,622 92,859
------------ ----------- ----------- ---------- ----------- ------- -------
DEDUCTIONS:
Distributions to
participants 2,245,532 1,634,725 681,475 131,141 388,759 - -
Administrative
fees 42,004 35,767 1,314 386 869 - -
------------ ----------- ----------- ---------- ----------- ------- -------
Total
deductions 2,287,536 1,670,492 682,789 131,527 389,628 - -
------------ ----------- ----------- ---------- ----------- ------- -------
INTERFUND TRANSFERS (47,322,726) 56,557,062 (818,498) (2,227,541) (16,080) - -
------------ ----------- ----------- ---------- ----------- ------- -------
Net increase
(decrease)
in net assets
available for
benefits (47,562,755) 61,522,838 (448,158) (2,176,799) 1,394,652 52,622 92,859
NET ASSETS AVAILABLE
FOR BENEFITS,
beginning of year 47,562,755 - 13,072,603 2,176,799 9,198,417 - -
------------ ----------- ----------- ---------- ----------- ------- -------
NET ASSETS AVAILABLE
FOR BENEFITS,
end of year $ - $61,522,838 $12,624,445 $ - $10,593,069 $52,622 $92,859
============ =========== =========== ========== =========== ======= =======
[RESTUB OF ABOVE TABLE]
1994
-----------------------------------------
NON-PARTICIPANT DIRECTED
-----------------------------------------
SPRINGSFIELD
OSTER INSTRUMENT
GIC POOLED CIGNA LOAN
FUND POOLED FUND FUND TOTAL
---------- ----------- -------- -----------
ADDITIONS:
Contributions-
Employer $ - $ (5,113) $ - $ 6,193,30
Employee - - - 3,541,681
Investment
income 110,365 61,604 23,597 2,017,403
Realized and
unrealized
gains (losses),
net - - - 303,082
----------- ---------- --------- -----------
Total
additions 110,365 56,491 23,597 12,055,467
----------- ---------- --------- -----------
DEDUCTIONS:
Distributions to
participants 540,477 11,450 16,160 5,649,719
Administrative
fees - - - 80,340
----------- ---------- --------- -----------
Total
deductions 540,477 11,450 16,160 5,730,059
----------- ---------- --------- -----------
INTERFUND TRANSFERS (3,498,381) (2,548,867) (124,969) -
----------- ---------- --------- -----------
Net increase
(decrease)
in net assets
available for
benefits (3,928,493) (2,503,826) (117,532) 6,325,408
NET ASSETS AVAILABLE
FOR BENEFITS,
beginning of year 3,928,493 2,503,826 310,822 78,753,715
----------- ---------- --------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS,
end of year $ - $ - $ 193,290 $85,079,123
=========== ========== ========= ===========
The accompanying notes to financial statements are an integral
part of these statements.
F-5
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(1) PLAN DESCRIPTION:
The following description of the Sunbeam-Oster Company, Inc. 401(k) Savings
and Profit Sharing Plan (the "Plan") provides only general information.
Participants should refer to the Plan document for a more complete description
of the Plan.
BACKGROUND-
The Plan was established effective January 1, 1991, and is sponsored by
Sunbeam Americas Holdings, Limited ("SAHL") and administered by Sunbeam
Corporation ("Sunbeam" or the "Company"; formerly, Sunbeam-Oster Company, Inc.).
The Plan, as amended, is a defined contribution plan commonly known as an
Internal Revenue Code ("IRC") section 401(k) profit sharing plan and is subject
to the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended.
PARTICIPATION IN THE PLAN-
An employee who (a) has completed 1,000 or more hours of employment during
the twelve-month period following employment and (b) has attained age 21 is
eligible to participate in the Plan. After the first anniversary of an
employee's hire date, hours for eligibility purposes are counted based on the
calendar year. Employees may enter the Plan on the first day of any calendar
month after eligibility requirements have been met.
Additionally, as of July 1, 1991, the following plans (the "Prior Plans")
were merged into and consolidated with the Plan:
a. The Springfield Instrument Company Division of Sunbeam Corporation
Profit Sharing Plan,
b. The Northern Electric Company Division of Sunbeam Corporation Profit
Sharing Plan,
c. Savings and Investment Plan for Allegheny International, Inc. and
Member Companies,
d. Sunbeam Corporation Profit Sharing Plan for its Hanson Scale Company
Division,
e. Sunbeam Corporation Profit Sharing Plan for its Sunbeam Leisure
Products Division, and
f. Oster Division of Sunbeam Corporation Employees' Profit Sharing Plan.
F-6
As part of the merger, employees who were participants in the Prior Plans
at the time of the merger became participants in the Plan.
Plan entry for rehired employees who were formerly eligible employees of
the Plan occurs immediately upon reemployment. Employees who have been rehired
and were not formerly participants in the Plan are treated as new employees for
purposes of determining eligibility. The Plan is open to all U.S. employees of
Sunbeam except employees who are covered under a collective bargaining agreement
(unless coverage is specifically negotiated) and hourly employees earning
benefits under a defined benefit pension plan sponsored by SAHL.
CONTRIBUTIONS TO THE PLAN-
There are four active sources of contributions to the Plan. These sources
include (1) employee basic before-tax contributions, (2) employee supplemental
before-tax contributions, (3) employer matching contributions and (4) employer
profit sharing contributions.
EMPLOYEE BASIC AND
SUPPLEMENTAL BEFORE-TAX CONTRIBUTIONS-
Employees who are participants in the Plan may elect to contribute 1% to 4%
(basic) and up to an additional 6% (supplemental) of their eligible
compensation, as defined, through payroll deductions. In 1995 and 1994,
qualified employees could contribute up to $9,240, subject to certain Plan and
IRC limitations. Amounts contributed by participants are fully vested at all
times.
EMPLOYER MATCHING AND
PROFIT SHARING CONTRIBUTIONS-
Employer matching contributions are amounts funded by the Company and are
based on employees' contributions. The Company's policy is to make matching
contributions equal to 100% of the first 2% of participants' basic before-tax
contributions and 50% of the next 2% (or up to 3% of participants' eligible
compensation) for the applicable Plan year.
Each plan year, the Company may make discretionary profit sharing
contributions to the Plan. The contributions, if any, would be based on the
performance of Sunbeam and of each business unit or division.
The matching and profit sharing contributions are 100% vested if a
participant actively employed by the Company reaches his retirement date, dies
or becomes disabled. Otherwise, the matching and profit sharing contributions
are subject to the following vesting schedule:
YEARS OF SERVICE VESTED PERCENTAGE
---------------- -----------------
Less than 3 years 0%
3 but less than 4 years 25
4 but less than 5 years 50
5 or more years 100
Participants in Prior Plans who had a more favorable vesting schedule under
Prior Plan provisions vest in matching and profit sharing contributions
according to the Prior Plans' schedules. All service with Sunbeam, its
predecessor company or any of its subsidiaries is considered in determining a
participant's vested percentage.
F-7
Company matching contributions are funded and credited to participants'
accounts quarterly. Profit sharing contributions are funded and credited to
participants' accounts by May of the calendar year following the year in which
basic and supplemental contributions are made. No matching or profit sharing
contributions will be credited to employees who terminate employment (other than
through retirement, disability or death) prior to December 31 (the last day of
the Plan year). The Company's policy is to fund its contribution in cash in an
amount net of forfeitures.
Although the Company does not currently intend to terminate the Plan, it
may do so at any time. In the event of termination, participants will become
fully vested in their accounts.
(2) SIGNIFICANT ACCOUNTING POLICIES:
BASIS OF ACCOUNTING-
The financial statements of the Plan have been prepared using the accrual
basis of accounting.
CONTRIBUTIONS-
Employer contributions are recorded in the financial statements when
accrued by the Company. Employee contributions are accrued at the time of
employee withholdings. Contributions are credited to participants' accounts
based on their investment elections effective as of the date the contributions
are actually paid.
INCOME RECOGNITION-
Investment income consists of interest and dividends. Interest on
investments is recognized in the period earned, while dividends are recorded as
of the ex-dividend date.
Gains and losses on sales of investments are recognized when realized,
while unrealized gains and losses on investments are recognized daily based on
fluctuations in market value. Purchases and sales of investments are recorded on
a trade-date basis. Realized and unrealized gains and losses are presented in
accordance with the Department of Labor reporting rules and, as such, are netted
in the financial statements.
The income or loss of each fund, including the change in market value of
investments, is allocated to participants' accounts based on their proportionate
interest in the total assets of the Plan.
ADMINISTRATIVE EXPENSES-
Certain administrative functions are performed by officers or employees of
the Company. No such officer or employee receives compensation from the Plan.
Administrative expenses for the Trustee's fees are paid by the Plan.
(3) INVESTMENTS:
TRUST FUNDS HELD BY IDS TRUST COMPANY-
In accordance with a trust agreement between Sunbeam and American Express
Trust Company ("AMEX" or the "Trustee"; prior to January 1, 1995, known as IDS
Trust Company ("IDS")), AMEX, holds the Plan's investment funds. Each
participant's basic and supplemental contributions, employer matching and profit
sharing contributions, and any income attributable to each is invested by the
Trustee in accordance with the election made by the participant among those
investment funds selected and authorized by Sunbeam.
F-8
A participant may select from active investment funds in any increments of
1% to total 100%. Contributions for participants who do not make an election are
automatically invested in the American Express Trust Income Fund II. As of
December 31, 1995, the following options were available to participants:
AMERICAN EXPRESS TRUST INCOME FUND II--A collective fund which invests in
guaranteed investment contracts, bank investment contracts, stable value
contracts and short-term investments.
IDS MUTUAL FUND--A balanced mutual fund seeking current income and capital
growth through investments in stocks and bonds.
IDS NEW DIMENSIONS FUND--An equity growth mutual fund invested in a
portfolio of common stocks with an investment objective of long-term
capital growth.
SUNBEAM-OSTER COMPANY STOCK POOL--A pooled fund which invests in Sunbeam
common stock. As of January 1, 1995, when this investment option became
available to participants, the price to invest in the pool was established
at $10 per unit, and the per unit price fluctuates based on the market
value of the underlying investments.
TEMPLETON FOREIGN FUND--A mutual fund which invests primarily in common
stocks and debt obligations of companies and governments outside of the
United States. This investment became an option effective January 1, 1995.
During 1994, AMEX held the IDS Managed Income Fund (renamed as the IDS
Trust Income Fund II as of July 1994 and as American Express Trust Income Fund
II as of January 1, 1995), the IDS Mutual Fund, the IDS Stock Fund, the IDS New
Dimensions Fund, the Oster GIC Pooled Fund, the Springfield Instrument CIGNA
Pooled Fund and the Loan Fund. Participants' investments in the IDS Stock Fund
as of December 31, 1994 were liquidated and transferred to the IDS Income Fund
II, as the IDS Stock Fund was no longer an available investment option as of
January 1, 1995. The Oster GIC Pooled and the Springfield Instrument CIGNA
Pooled Funds, which consisted of guaranteed investment contracts ("GICs")
transferred in from the Prior Plans concurrent with the merger, matured in 1994.
Funds may be temporarily invested in the IDS Trust Cash Fund until an
investment is made in one of the aforementioned funds or a disbursement occurs.
No amounts were invested in the IDS Trust Cash Fund at December 31, 1995 and
1994.
All investments, other than the Loan Fund, are stated at fair value based
on quotations obtained from active markets (such as national securities
exchanges or certain dealers making a market in over-the-counter securities) as
of the last business day of the year. Loan Fund investments are carried at cost,
which approximates fair market value.
As of December 31, 1995 and 1994, the Plan held the following investments
with AMEX:
1995 1994
------------------------ -------------------------
NAME OF INVESTMENT OPTION COST MARKET COST MARKET
- ------------------------- ----------- ----------- ----------- -----------
American Express Trust Income
Fund II $55,193,048 $58,320,372 $57,673,399 $57,307,809
IDS Mutual Fund 11,664,567 12,517,280 12,904,382 11,697,768
IDS New Dimensions Fund 9,784,108 11,542,824 9,180,628 8,858,088
Sunbeam-Oster Company Stock Pool 723,926 625,144 - -
Templeton Foreign Fund 906,461 912,756 - -
Loan Fund 4,604,755 4,604,755 193,290 193,290
----------- ----------- ----------- -----------
$82,876,865 $88,523,131 $79,951,699 $78,056,955
----------- ----------- ----------- -----------
F-9
(4) LOANS AND WITHDRAWALS:
LOANS-
Effective January 1, 1995, participants are permitted to borrow up to 50%
of their vested interest in their Plan accounts up to $50,000. Prior to 1995,
the Plan did not allow for the granting or renewal of loans. Existing loans from
Prior Plans are administered in accordance with the provisions of the Prior
Plans.
WITHDRAWALS-
Participants may make withdrawals from the Plan in accordance with Plan
provisions and the IRC. Withdrawals of employee before-tax contributions are
permitted in cases of financial hardship, as defined, under the terms of the
Plan and are subject to federal tax withholding requirements and penalties.
Withdrawals of certain employee after-tax contributions transferred into the
Plan from Prior Plans are allowed, subject to the limitations of the Prior Plans
and the IRC. Withdrawals are taken pro rata from the investment funds.
(5) DISTRIBUTIONS:
A final distribution may be paid to a participant in the Plan, or to the
participant's beneficiaries, in the event of retirement, death, total and
permanent disability, or other termination of employment, in accordance with the
terms of the Plan. Participants who terminate employment and have account
balances of less than $3,500 receive final distributions of the vested value of
their accounts as soon thereafter as practicable. Distributions prior to
retirement, death or disability are subject to federal income tax withholding
requirements and penalties.
Distributions for participants who terminate, retire, die or become
disabled are paid in a lump sum, unless the participant specifically requests
and the Prior Plan, if applicable, allows installment payments. Sunbeam and the
participant are responsible for ensuring that the minimum required distribution
rules of the IRC are met by participants over age 70-1/2.
(6) RECONCILIATION TO FORM 5500:
As of December 31, 1995 and 1994, the Plan had approximately $64,535 and
$-0-, respectively, of pending distributions to participants who elected to
withdraw from the Plan. In accordance with generally accepted accounting
principles, such amounts are included as a component of net assets available for
plan benefits in the accompanying statements of net assets available for
benefits, while, in accordance with the Department of Labor's Rules and
Regulations, such amounts are reflected as benefit payments and benefit claims
payable in the Plan's Form 5500.
(7) QUALIFICATION OF THE PLAN:
The Internal Revenue Service has determined and informed the Company by a
letter dated September 21, 1995, that the Plan and related trust are designed in
accordance with applicable sections of the IRC.
Testing of the Plan's compliance with anti-discrimination federal tax
requirements for the 1994 Plan year showed that refunds of excess employee
deferral contributions (including earnings) were necessary to allow the Plan to
comply with such requirements. Excess contributions payable as of December 31,
1994 of $50,394 are recorded as a liability of the Plan in the statements of net
assets available for benefits. This amount was paid to participants in 1995.
Under present federal income tax laws and regulations, and as long as the
Plan is a qualified plan, participants are not subject to federal income taxes
on employer or employee before-tax contributions, net investment income or gains
(losses) until withdrawn under the terms of the Plan.
F-10
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
ITEM 27A - SCHEDULE OF ASSETS
HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
NUMBER OF
SHARES, UNITS
DESCRIPTION OR PAR VALUE COST MARKET
- ----------------------------------------- ------------- ----------- -----------
American Express Trust Income Fund II* 3,770,708 $55,193,048 $58,320,372
IDS Mutual Fund * 957,047 11,664,567 12,517,280
IDS New Dimensions Fund* 667,996 9,784,108 11,542,824
Sunbeam-Oster Company Stock Pool* 97,125 723,926 625,144
Templeton Foreign Fund 99,429 906,461 912,756
Loan Fund (at interest rates ranging from
9.5% to 11.5%) 4,604,755 4,604,755 4,604,755
----------- -----------
$82,876,865 $88,523,131
=========== ===========
*Represents a party-in-interest to the Plan.
F-11
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
ITEM 27B - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1995 (1)
AMOUNT RECEIVED DURING DATES
ORIGINAL REPORTING YEAR UNPAID FIRST
AMOUNT ---------------------- BALANCE AT PAYMENT INTEREST AMOUNT
IDENTITY OF OBLIGOR OF LOAN PRINCIPAL INTEREST END OF YEAR DUE MATURITY RATE OVERDUE
- ------------------------------- -------- --------- --------- ----------- -------- -------- -------- -------
Cooper, Linda S. ###-##-#### $ 1,100 $ 302 $ 32 $ 798 06/09/95 05/09/96 10% $ 326
Standard, James ###-##-#### $25,000 $ 57 $208 $24,943 09/29/95 08/29/00 10% $1,251
Lindsey, Nancy ###-##-#### $ 2,000 $ 0 $ 0 $ 2,000 09/01/95 08/01/98 10% $ 194
Chavez, Rita ###-##-#### $ 2,435 $ 89 $ 3 $ 185 07/05/91 03/24/95 11% $ 185
Lee, Kathy J. ###-##-#### $ 7,281 $1,668 $183 $ 999 07/05/91 06/21/98 11.5% $ 131
Lee, Kathy J. ###-##-#### $ 3,103 $ 0 $ 0 $ 53 07/05/91 06/21/94 10% $ 53
Simmons, Carolyn I. ###-##-#### $11,600 $ 454 $376 $ 8,333 07/05/91 06/16/01 9.5% $ 658
Note:
(1) This schedule lists loans determined to be in default or uncollectible, as
defined in the IRS employee benefit plan filing requirements.
F-12
SUNBEAM-OSTER COMPANY, INC.
401(K) SAVINGS AND PROFIT SHARING PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995 (1)(2)(3)
CURRENT
VALUE OF
ASSETS ON
PURCHASE SELLING COST OF TRANSACTION
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSETS PRICE PRICE ASSETS DATE NET GAIN
- ------------------------------ ------------------------------------- ----------- ---------- ----------- ----------- --------
American Express Trust Company American Express Trust Income Fund II $14,523,470 $ - $14,523,470 $14,523,470 $ -
American Express Trust Company American Express Trust Income Fund II
- 14,259,060 13,884,169 14,259,060 374,891
American Express Trust Company IDS Mutual Fund 3,842,826 - 3,842,826 3,842,826 -
American Express Trust Company IDS Mutual Fund - 5,024,592 5,082,642 5,024,592 58,050
American Express Trust Company IDS New Dimensions Fund 5,707,966 - 5,707,966 5,707,966 -
American Express Trust Company IDS New Dimensions Fund - 5,579,317 5,104,487 5,579,317 474,830
NOTES:
(1) Transactions included herein represent transactions or a series of
transactions in securities of the same issue or with respect to the same
issuer in excess of 5% of the current value of the Plan assets at the
beginning of the year.
(2) This schedule incorporates all disclosures required by the Department of
Labor for assets purchased and sold within the Plan year.
(3) Transactions represent party-in-interest transactions.
F-13