SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
Commission file number: 1-11793
A. Full title of the Plan and address of the Plan, if different from that
of the issuer named below:
The Dial Corporation 401(k) Plan
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
THE DIAL CORPORATION
1850 NORTH CENTRAL AVENUE
PHOENIX, ARIZONA 85004-4525
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
The Dial Corporation 401(k) Plan has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized.
THE DIAL CORPORATION
401(k) PLAN
By \s\ Lowell L. Robertson
Lowell L. Robertson
Senior Vice President Finance
DATE: June 24, 1997
THE DIAL CORPORATION 401(k) PLAN
Financial Statements for the Years Ended December 31, 1996
and 1995, Supplemental Schedules for the Year Ended
December 31, 1996, and Independent Auditors' Report
<PAGE>
THE DIAL CORPORATION
401(K) PLAN
TABLE OF CONTENTS
- -------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1996 AND 1995 AND FOR THE YEARS THEN ENDED:
Net Assets Available for Benefits 2
Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-10
SUPPLEMENTAL SCHEDULES AS OF
DECEMBER 31, 1996 AND FOR THE YEAR THEN ENDED:
Assets Held for Investment Purposes 11
Reportable Transactions 12-13
EXHIBIT 24 - INDEPENDENT AUDITORS' CONSENT 14
<PAGE>
INDEPENDENT AUDITORS' REPORT
Plan Administrator and
Plan Participants of
The Dial Corporation 401(k) Plan
Phoenix, Arizona
We have audited the accompanying statements of net assets available for
benefits of The Dial Corporation 401(k) Plan (the "Plan"), formerly The Dial
Consumer Products Group 401(k) Plan, as of December 31, 1996 and 1995, and the
related statements of changes in net assets available for benefits for each of
the three years in the period ended December 31, 1996. 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 net assets available for benefits of the Plan as of
December 31, 1996 and 1995, and the changes in net assets available for
benefits for each of the three years in the period ended December 31, 1996 in
conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules for the year
ended December 31, 1996 on pages 11 through 13 are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements, but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These schedules are the responsibility
of the Plan's management. Such schedules have been subjected to the auditing
procedures applied in our audit of the basic 1996 financial statements and, in
our opinion, are fairly stated, in all material respects when considered in
relation to the basic financial statements taken as a whole.
\s\ Deloitte & Touche LLP
Deloitte & Touche LLP
Phoenix, Arizona
June 13, 1997
<TABLE>
<CAPTION>
THE DIAL CORPORATION
401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996 AND 1995
- ----------------------------------------------------------------
<S> <C> <C>
ASSETS 1996 1995
INVESTMENTS AT FAIR VALUE:
Shares of registered investment companies:
Vanguard Windsor II Fund $418,922 $340,802
T. Rowe Price Stable Value Fund 240,831 266,759
Vanguard Fixed Income Securities Fund 64,838 94,233
Common stock:
The Dial Corp Common Stock Fund - 269,608
The Dial Corporation Common Stock Fund 94,389 -
The FINOVA Group Inc. Common Stock Fund 8,414 13,070
Viad Corp Common Stock Fund 99,469 -
-------- --------
Total investments at fair value 926,863 984,472
CONTRIBUTIONS RECEIVABLE 1,244 2,422
-------- --------
NET ASSETS AVAILABLE FOR BENEFITS $928,107 $986,894
======== ========
</TABLE>
See notes to financial statements.
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
- -------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
1996 1995 1994
ADDITIONS:
Contributions:
Employee pre-tax $ 83,663 $ 279,532 $ 415,783
Employee after-tax 7,248 16,831 26,616
--------- ----------- -----------
Total contributions 90,911 296,363 442,399
--------- ----------- -----------
Investment income:
Dividends 41,411 47,547 62,154
Interest 14,821 23,066 24,713
Net appreciation (depreciation) in fair value
of investments 58,675 143,621 (48,948)
--------- ----------- -----------
Total investment income 114,907 214,234 37,919
--------- ----------- -----------
Total additions 205,818 510,597 480,318
--------- ----------- -----------
DEDUCTIONS:
Benefits paid to participants 256,936 163,222 87,212
Transfer of assets 7,669 1,151,904 -
--------- ----------- -----------
Total deductions 264,605 1,315,126 87,212
--------- ----------- -----------
NET (DECREASE) INCREASE (58,787) (804,529) 393,106
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 986,894 1,791,423 1,398,317
--------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $928,107 $ 986,894 $1,791,423
========= =========== ===========
</TABLE>
See notes to financial statements.
THE DIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1996 AND 1995
- ------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of The Dial Corporation 401(k) Plan (the
"Plan"), formerly The Dial Consumer Products Group 401(k) Plan, is provided
for general information purposes only. Participants should refer to the Plan
agreement for more complete information.
The Plan, commonly known as the Taxsaver Investment Plan ("TIP"), was
established January 5, 1987. Employees of certain facilities of The Dial
Corporation (the "Company") who are covered by a collective bargaining
agreement are eligible to participate in the Plan after completing at least
1,000 hours of service in a twelve consecutive month period. Employees are
able to contribute to the Plan by reducing their wages on a pre-tax basis, and
make after-tax contributions, subject to certain limitations.
The Plan is subject to various regulations, particularly those under
Internal Revenue Code Section 401(k) and the Employee Retirement Income
Security Act of 1974 ("ERISA").
a. Investment Programs - Contributions to the Plan are invested by
the Plan's trustee, T. Rowe Price, at the designation of the participants. The
Plan has offered participants the following funds in which to invest pre-tax,
after-tax and rollover deposits.
1) VANGUARD WINDSOR II FUND - This fund invests in the common stock
of selected companies. The fair value of the fund is dependent upon the market
value of the stocks. Any dividends received are reinvested.
2) T. ROWE PRICE STABLE VALUE FUND - This fund invests in a
diversified portfolio of Guaranteed Investment Contracts ("GIC") issued by
insurance companies, bank investment contracts issued by financial
institutions, and strategic investment contracts issued by insurance
companies, financial institutions and other entities. Income is earned based
upon a blended interest rate determined by the various investments and is
reinvested. The fair value of the fund approximates contract value which
includes contributions made, plus interest at blended rates, less withdrawals
by participants. Crediting interest rates for the fund's underlying GICs
ranged from 4.75% to 8.41%, allowing for a blended rate of return for the fund
for 1996 of 6.55%.
<PAGE>
3) VANGUARD FIXED INCOME SECURITIES FUND - This fund invests
primarily in Government National Mortgage Association ("GNMA") certificates.
These securities represent ownership in pools of approved mortgage loans which
provide a yield based on the ratios of return of the GNMA holdings that
comprise the portfolio. The fair value of the fund is dependent upon
fluctuations in market conditions.
4) THE DIAL CORP COMMON STOCK FUND - This fund invested in the common
stock of The Dial Corp and any dividends paid on the stock were reinvested in
the fund. On August 15, 1996, The Dial Corporation ("Dial") was spun off from
Viad Corp ("Viad"), formerly The Dial Corp. Effective August 15, 1996,
participants in this fund received an equal number of shares or partial shares
of Viad Corp Common Stock and The Dial Corporation Common Stock for every
share or partial share of The Dial Corp stock they held in their accounts. As
of August 15, 1996, this fund has been closed and all assets have been
transferred to the Viad and Dial Common Stock Funds.
5) THE DIAL CORPORATION COMMON STOCK FUND - This fund invests in the
common stock of Dial and any dividends paid on the stock are reinvested in the
fund. The fair value of this fund is dependent upon the fluctuations in the
market value of Dial stock.
6) THE FINOVA GROUP INC. ("FINOVA") COMMON STOCK FUND - This fund
invests in the common stock of FINOVA. Due to this fund being closed to
additional contributions, any dividends paid on the stock are reinvested
according to the participant's contribution mix. The fair value of this fund
is dependent upon the fluctuation in the market value of FINOVA stock.
7) VIAD CORP COMMON STOCK FUND - This fund invests in the common
stock of Viad. Due to this fund being closed to additional contributions, any
dividends paid on the stock are reinvested according to the participant's
contribution mix. The fair value of this fund is dependent upon the
fluctuation in the market value of Viad stock.
b. Contributions - Voluntary wage reductions may be elected by the employee.
These pre-tax reductions are contributed to the Plan and may range from 1% to
12% of compensation. Each employee may also elect an after-tax contribution of
between 1% and 10% of compensation. All contributions are limited to the
applicable amounts as prescribed by the Internal Revenue Code.
c. Transfer of Assets - Effective June 30, 1995, assets representing the
account balances of certain of the participants in the Plan were transferred
to The Dial Corporation 401(k) Plan for Hourly Employees, commonly known as
the Planning Retirement Income Management Earnings Plan ("PRIME").
d. Payment of Benefits - Benefits are paid to participants upon termination
from the Company, disablement, retirement or death.
e. Hardship Withdrawals - Withdrawals of employee wage reduction
contributions, after-tax contributions and rollover deposits, may be made by
the participant in the event of a qualified financial hardship, subject to
certain tax penalties.
f. Vesting - All contributions to the Plan are 100% vested and nonforfeitable
at all times.
g. Participant Accounts - For each participant, various accounts are
maintained to record wage reduction contributions, after-tax contributions,
participant rollover deposits transferred to the Plan, dividend and interest
income and the net appreciation/depreciation in the fair value of Plan
investments. The benefit to which a participant is entitled is the total
benefit which can be provided from the combined amount of these participant
accounts.
h. Plan Administration - The Plan is administered by a committee of at least
three persons appointed by the President of the Company. Expenses incident to
the operation of the Plan may be paid by the Plan or directly by the Company.
For the years ended December 31, 1996, 1995, and 1994, Plan expenses were
paid directly by the Company.
i. Plan Termination - While it is the Company's intention to continue the
Plan, the Company has the right to terminate the Plan provided that any
employer contributions due at the termination date have been paid.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies are as follows:
a. Basis of Accounting - The financial statements of the Plan are prepared
under the accrual method of accounting.
b. Investment Valuation and Income Recognition - The Plan's investments are
stated at fair value. Shares of registered investment companies are valued at
quoted market prices which represent the net asset value of shares held by the
Plan at year-end. Common stock is valued at its quoted market price. Purchases
and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
c. Payment of Benefits - Benefits are recorded when paid.
d. Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures at the date of the financial statements and the
reported amounts of additions and deductions during the reporting period.
Actual results could differ from those estimates.
3. NET ASSETS BY FUND
The following tables present the net assets of the Plan by fund as of December
31, 1996 and 1995:
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1996
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
THE
T. ROWE VANGUARD THE DIAL FINOVA VIAD
PRICE FIXED CORPORATION GROUP INC. CORP
VANGUARD STABLE INCOME COMMON COMMON COMMON
WINDSOR VALUE SECURITIES STOCK STOCK STOCK
II FUND FUND FUND FUND FUND FUND TOTAL
--------- -------- ----------- ------------ ----------- ------- --------
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund $ 418,922 $418,922
T. Rowe Price Stable Value Fund $240,831 240,831
Vanguard Fixed Income
Securities Fund $ 64,838 64,838
Common stock:
Dial Common Stock $ 94,389 94,389
FINOVA Common Stock $ 8,414 8,414
Viad Common Stock $99,469 99,469
Contributions receivable 729 199 162 154 - - 1,244
--------- -------- ----------- ------------ ----------- ------- --------
NET ASSETS AVAILABLE
FOR BENEFITS $ 419,651 $241,030 $ 65,000 $ 94,543 $ 8,414 $99,469 $928,107
========= ======== =========== ============ =========== ======= ========
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1995
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
THE
T. ROWE VANGUARD THE DIAL FINOVA
PRICE FIXED CORP GROUP INC.
VANGUARD STABLE INCOME COMMON COMMON
WINDSOR VALUE SECURITIES STOCK STOCK
II FUND FUND FUND FUND FUND TOTAL
--------- -------- ----------- --------- ----------- --------
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor II Fund $ 340,802 $340,802
T. Rowe Price Stable Value Fund $266,759 266,759
Vanguard Fixed Income
Securities Fund $ 94,233 94,233
Common stock:
The Dial Corp Common Stock $ 269,608 269,608
FINOVA Common Stock $ 13,070 13,070
Contributions receivable 762 570 268 822 - 2,422
--------- -------- ----------- --------- ----------- --------
NET ASSETS AVAILABLE
FOR BENEFITS $ 341,564 $267,329 $ 94,501 $ 270,430 $ 13,070 $986,894
========= ======== =========== ========= =========== ========
</TABLE>
<PAGE>
4. FUND INFORMATION
Employee pretax contributions, employee after-tax contributions, dividend
income, net appreciation (depreciation) in fair value of investments, benefits
paid to participants and transfer of assets are as follows for the years ended
December 31, 1996, 1995 and 1994:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Employee pre-tax contributions: 1996 1995 1994
--------- ---------- ---------
Vanguard Windsor II Fund $ 25,898 $ 107,062 $170,217
T. Rowe Price Stable Value Fund 25,397 54,576 84,038
Vanguard Fixed Income Securities Fund 7,785 30,855 55,275
The Dial Corp Common Stock Fund 22,528 87,039 106,253
The Dial Corporation Common Stock Fund 1,821 - -
Viad Corp Common Stock Fund 234 - -
--------- ---------- ---------
Total $ 83,663 $ 279,532 $415,783
========= ========== =========
Employee after-tax contributions:
Vanguard Windsor II Fund $ 4,869 $ 6,440 $ 10,732
T. Rowe Price Stable Value Fund 219 3,468 5,689
Vanguard Fixed Income Securities Fund 438 2,272 3,316
The Dial Corp Common Stock Fund 1,179 4,651 6,879
The Dial Corporation Common Stock Fund 499 - -
Viad Corp Common Stock Fund 44 - -
--------- ---------- ---------
Total $ 7,248 $ 16,831 $ 26,616
========= ========== =========
Dividend income:
Vanguard Windsor II Fund $ 29,940 $ 25,861 $ 42,401
Vanguard Fixed Income Securities Fund 5,573 10,465 10,713
The Dial Corp Common Stock Fund 4,444 10,767 8,530
The Dial Corporation Common Stock Fund 615 - -
The FINOVA Group Inc. Common
Stock Fund 224 454 510
Viad Corp Common Stock Fund 615 - -
--------- ---------- ---------
Total $ 41,411 $ 47,547 $ 62,154
========= ========== =========
Net appreciation (depreciation) in fair value
of investments:
Vanguard Windsor II Fund $ 52,781 $ 65,435 $(51,034)
Vanguard Fixed Income Securities Fund (2,268) 5,703 (11,614)
The Dial Corp Common Stock Fund (61,806) 67,962 11,703
The Dial Corporation Common Stock Fund 29,406 - -
The FINOVA Group Inc. Common
Stock Fund 2,814 4,521 1,997
Viad Corp Common Stock Fund 37,748 - -
--------- ---------- ---------
Total $ 58,675 $ 143,621 $(48,948)
========= ========== =========
Benefits paid to participants:
Vanguard Windsor II Fund $ 57,631 $ 43,354 $ 36,943
T. Rowe Price Stable Value Fund 41,593 72,185 21,872
Vanguard Fixed Income Securities Fund 19,476 1,712 7,300
The Dial Corp Common Stock Fund 88,168 45,631 20,515
The Dial Corporation Common Stock Fund 20,438 - -
The FINOVA Group Inc. Common
Stock Fund 7,500 340 582
Viad Corp Common Stock Fund 22,130 - -
--------- ---------- ---------
Total $256,936 $ 163,222 $ 87,212
========= ========== =========
Transfer of assets:
Vanguard Windsor II Fund $ 3,866 $ 526,192 $ -
T. Rowe Price Stable Value Fund 3,803 207,113 -
Vanguard Fixed Income Securities Fund - 131,545 -
The Dial Corp Common Stock Fund - 275,367 -
The FINOVA Group Inc. Common
Stock Fund - 11,687 -
--------- ---------- ---------
Total $ 7,669 $1,151,904 $ -
========= ========== =========
</TABLE>
5. RELATED PARTY TRANSACTIONS
Plan investments include shares of the T. Rowe Price Stable Value Fund managed
by T. Rowe Price. T. Rowe Price is the trustee as defined by the Plan and,
therefore, these transactions qualify as party-in-interest.
6. FEDERAL INCOME TAX STATUS
The Plan obtained its latest determination letter on April 8, 1993, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been amended since receiving the determination letter. However, the
Plan administrator and the Plan's tax counsel believe that the Plan is
currently designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for income
taxes has been included in the Plan's financial statements.
<PAGE>
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
SUPPLEMENTAL SCHEDULE
DECEMBER 31, 1996
- ----------------------------------------------------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<CAPTION>
<S> <C> <C> <C>
COLUMN B COLUMN C COLUMN D COLUMN E
- ------------------------------- --------------------------------- --------- ---------
Description of Investment
Identity of Issue, Including Collateral, Rate of
Borrower, Lessor or Interest, Maturity Date, Current
Similar Party Par or Maturity Value Cost Value
- ------------------------------- --------------------------------- --------- ---------
Vanguard Windsor II Fund Common Stock Fund
(17,580 shares) $ 307,744 $ 418,922
T. Rowe Price Stable Value Fund GIC Fund (240,831 shares) 240,831 240,831
Vanguard Fixed Income
Securities Fund GNMA Fund (6,344 shares) 64,266 64,838
The Dial Corporation Common Stock (6,399 shares) 69,646 94,389
The FINOVA Group Inc. Common Stock (131 shares) 1,879 8,414
Viad Corp Common Stock (6,074 shares) 67,578 99,469
--------- ---------
Total Total assets held for investment
purposes $ 751,944 $ 926,863
========= =========
</TABLE>
<PAGE>
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
SUPPLEMENTAL SCHEDULE
YEAR ENDED DECEMBER 31, 1996
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN G COLUMN H COLUMN I
IDENTITY DESCRIPTION PURCHASE SELLING COST OF CURRENT
OF OF PRICE PRICE ASSET VALUE OF NET
PARTY ASSET ASSET ON GAIN
INVOLVED TRANSACTION OR
DATE (LOSS)
SINGLE TRANSACTIONS
None
SERIES OF TRANSACTIONS
T. Rowe Price
Stable Value Fund GIC Fund $ 30,277 - $ 30,277 $ 30,277 -
- ---------------------- ------------ --------- --------- --------- ------------ ----------
T. Rowe Price
Stable Value Fund GIC Fund - $ 56,206 56,206 56,206 -
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Common Stock
The Dial Corp Fund 48,378 - 48,378 48,378 -
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Common Stock
The Dial Corp Fund - 256,181 230,704 256,181 $ 25,477
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Vanguard
Windsor II Fund Mutual Fund 86,632 - 86,632 86,632 -
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Vanguard
Windsor II Fund Mutual Fund - 61,293 47,538 61,293 13,755
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Vanguard Fixed Income
Securities Fund Mutual Fund 12,473 - 12,473 12,473 -
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Vanguard Fixed Income
Securities Fund Mutual Fund - 39,599 39,591 39,599 8
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Common Stock
The Dial Corporation Fund 85,055 - 85,055 85,055 -
- ---------------------- ------------ --------- --------- --------- ------------ ----------
Common Stock
The Dial Corporation Fund - 20,072 15,466 20,072 4,606
- ---------------------- ------------ --------- --------- --------- ------------ ----------
</TABLE>
<TABLE>
THE DIAL CORPORATION
401(K) PLAN
SUPPLEMENTAL SCHEDULE (CONTINUED)
YEAR ENDED DECEMBER 31, 1996
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN G COLUMN H COLUMN I
IDENTITY DESCRIPTION PURCHASE SELLING COST OF CURRENT
OF OF PRICE PRICE ASSET VALUE OF NET
PARTY ASSET ASSET ON GAIN
INVOLVED TRANSACTION OR
DATE (LOSS)
Common Stock
Viad Corp Fund 83,772 - 83,772 83,772 -
- -------------- ------------ -------- -------- -------- ----------- ---------
Common Stock
Viad Corp Fund - 22,051 16,195 22,051 5,856
- -------------- ------------ -------- -------- -------- ----------- ---------
</TABLE>
NOTE: REPORTABLE TRANSACTIONS ARE THOSE TRANSACTIONS WHICH EITHER
SINGULARLY OR IN SERIES OF COMBINED PURCHASES AND SALES DURING THE YEAR
EXCEEDED 5% OF THE FAIR VALUE OF THE PLAN'S ASSETS AT THE BEGINNING OF THE
YEAR.
EXHIBIT 24
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-10153 of The Dial Corporation on Form S-8 of our report dated June 13,
1997, appearing in this Annual Report on Form 11-K of The Dial Corporation
401(k) Plan for the year ended December 31, 1996.
\s\ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Phoenix, Arizona
June 13, 1997
