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 period July 31, 1996 through 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 Capital Accumulation 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 Capital Accumulation Plan has duly caused this annual
report to be signed on its behalf by the undersigned thereunto duly
authorized.
THE DIAL CORPORATION
CAPITAL ACCUMULATION PLAN
By \s\ Lowell L. Robertson
Lowell L. Robertson
Senior Vice President Finance
DATE: June 24, 1997
THE DIAL CORPORATION
CAPITAL ACCUMULATION PLAN
Financial Statements for the Period July 31, 1996
through December 31, 1996, Supplemental Schedules for the Period Ended
December 31, 1996, and Independent Auditors' Report
<PAGE>
THE DIAL CORPORATION
CAPITAL ACCUMULATION PLAN
TABLE OF CONTENTS
- ---------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE
PERIOD JULY 31, 1996 THROUGH DECEMBER 31, 1996:
Net Assets Available for Benefits 2
Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-12
SUPPLEMENTAL SCHEDULES FOR THE
PERIOD JULY 31, 1996 THROUGH DECEMBER 31, 1996:
Assets Held for Investment Purposes 13
Reportable Transactions 14
EXHIBIT 24 - INDEPENDENT AUDITORS' CONSENT 15
<PAGE>
INDEPENDENT AUDITORS' REPORT
Plan Administrator and Plan Participants
The Dial Corporation Capital Accumulation Plan
Phoenix, Arizona
We have audited the accompanying statements of net assets available for
benefits of The Dial Corporation Capital Accumulation Plan (the "Plan") for
the period July 31, 1996 (date of inception) through December 31, 1996, and
the related statement of changes in net assets available for benefits for the
period then ended. 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 the change in net assets available for benefits for the
period then ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules for the
period July 31, 1996 (date of inception) through December 31, 1996 on pages 13
through 14 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 23, 1997
<TABLE>
<CAPTION>
THE DIAL CORPORATION CAPITAL ACCUMULATION PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996
- ---------------------------------------------------------------
<S> <C>
ASSETS 1996
INVESTMENTS AT FAIR VALUE:
Shares of registered investment companies:
Vanguard Windsor Fund $19,939,224
T. Rowe Price Custom Investment Contract Fund 9,733,707
T. Rowe Price Prime Reserve Fund 1,832,141
T. Rowe Price Equity Index Fund 2,158,424
T. Rowe Price Spectrum Growth Fund 1,495,598
Vanguard Bond Index Fund 338,877
T. Rowe Price Retirement Strategy Fund 492,314
T. Rowe Price Spectrum Income Fund 416,433
Common stock:
The Dial Corporation Common Stock Fund 13,539,322
The FINOVA Group Inc. Common Stock Fund 2,018,109
Viad Corp Common Stock Fund 14,133,071
Participant notes receivable 1,118,207
-----------
Total investments at fair value 67,215,427
DIVIDENDS RECEIVABLE 153,041
CONTRIBUTIONS RECEIVABLE 4,776
CASH 29,867
-----------
NET ASSETS AVAILABLE FOR BENEFITS $67,403,111
===========
</TABLE>
See notes to financial statements.
<TABLE>
THE DIAL CORPORATION CAPITAL ACCUMULATION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE PERIOD JULY 31, 1996 (DATE OF INCEPTION) THROUGH DECEMBER 31, 1996
- ------------------------------------------------------------------------------
<CAPTION>
<S> <C>
1996
ADDITIONS:
Contributions:
Employer $ 689,659
Employee pre-tax 1,699,997
Employee after-tax 26,320
-----------
Total contributions 2,415,976
-----------
Investment income:
Dividends 1,997,875
Interest 177,679
Net appreciation in fair value of investments 3,726,277
-----------
Total investment income 5,901,831
-----------
Transfer of assets 62,346,401
-----------
Total additions 70,664,208
DEDUCTION - Benefits paid to participants 3,261,097
-----------
NET INCREASE 67,403,111
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD -
-----------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $67,403,111
===========
See notes to financial statements.
</TABLE>
THE DIAL CORPORATION CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD JULY 31, 1996
(DATE OF INCEPTION) THROUGH DECEMBER 31, 1996
- ----------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of The Dial Corporation Capital
Accumulation Plan (the "Plan") is provided for general information purposes
only. Participants should refer to the Plan agreement for more complete
information.
On July 25, 1996, the Board of Directors of The Dial Corp ("the Former
Parent") declared a dividend ("the Distribution" or "the spinoff") to effect
the spinoff of its Consumer Products Business. The dividend was paid on August
15, 1996, to shareholders of record as of August 5, 1996. Each Dial Corp
shareholder received a dividend of one share of common stock of The Dial
Corporation ("Dial"), which, after the Distribution, owns and operates the
Consumer Products Business previously conducted by the Former Parent.
Concurrently, with the Distribution, the name of the Former Parent was changed
to Viad Corp.
The Plan was established July 31, 1996, as a result of the spinoff.
Employees of Dial and certain of its subsidiaries (the "Company") who are not
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 for which they are paid a regular fixed compensation.
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 Company may also contribute a matching amount, 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 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 CUSTOM INVESTMENT CONTRACT FUND - This fund holds
investments in a diversified portfolio of Guaranteed Investment Contracts
("GIC") issued by insurance companies and other financial institutions.
Contributions to this fund and proceeds from its GIC maturities are invested
entirely in T. Rowe Price Stable Value Fund, which invests in a more
diversified GIC portfolio. Income is earned based upon a blended interest rate
determined by the various investments. The fair value of the fund approximates
the aggregate contract values of the GIC portfolio and represents
contributions made, plus interest at blended rates, less withdrawals by
participants. Crediting interest rates for the fund's underlying GIC's ranged
from 4.75% to 8.41%, allowing for a blended rate of return for the fund for
1996 of 6.55%.
3) T. ROWE PRICE PRIME RESERVE FUND - This fund invests in short-term
money market instruments such as certificates of deposit, treasury bills and
corporate notes which earn income based on short-term interest rates. The fair
value of the fund is the cost basis of the investments.
4) T. ROWE PRICE EQUITY INDEX FUND - This fund invests in the common stock
of other companies. The fair value of the fund is dependent on the market
value of the stocks. The dividends received are reinvested. This fund is
closed to additional contributions.
5) T. ROWE PRICE SPECTRUM GROWTH FUND - This fund invests in a diversified
portfolio of T. Rowe Price mutual funds which consist primarily of investments
in the common stock of other companies. The fair value of the fund is
dependent upon the fair value of the underlying securities. Any dividends
received are reinvested.
6) VANGUARD BOND INDEX FUND - This fund invests in United States
government and corporate bonds and mortgage-backed securities, which earn
income based on interest rates. The fair value of the fund is dependent on the
market value of the investments. This fund is closed to additional
contributions.
7) T. ROWE PRICE RETIREMENT STRATEGY FUND - This fund invests in a
diversified portfolio of T. Rowe Price mutual funds which consist of
investments in both fixed income securities and the common stock of United
States and foreign companies. The fair value of the fund is dependent upon the
fair value of the underlying securities. Any dividends received are
reinvested.
8) T. ROWE PRICE SPECTRUM INCOME FUND - This fund invests in a diversified
portfolio of T. Rowe Price mutual funds which consist primarily of investments
in fixed income securities. The fair value of the fund is dependent upon the
fair value of the underlying securities. Any dividends received are
reinvested.
9) 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.
10) 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.
11) VIAD CORP ("VIAD") 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. Company matching contributions are based on employee
pre-tax wage reductions up to 100% of the first 3% of wage reduction. Each
employee may elect an after-tax contribution of between 1% and 10% of
compensation. No Company matching contributions are made based on after-tax
contributions. All contributions are limited to the applicable amounts as
prescribed by the Internal Revenue Code.
c. Transfer of Assets - As a result of the spinoff of the Company,
participant accounts in the Dial Companies Capital Accumulation Plan, the
Former Parent's 401(k) Plan, were transferred into the Plan September 30,
1996.
d. Payment of Benefits - Benefits are paid to participants upon termination
from the Company, disablement, retirement or death.
e. Participant Loans and Hardship Withdrawals - The Plan allows participants
to borrow against their 401(k) account balances in an amount not to exceed the
lesser of 50% of their vested balance or $50,000. The applicable interest rate
is determined by the committee responsible for administering the Plan and
shall be equal to the prime rate in effect the first business day of the
preceding month for the subsequent quarter. Loans shall be repaid in equal
installments over a period of up to five years, except for loans for
purchasing a home which can be repaid over a maximum of 15 years.
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. Such
withdrawals will only be considered necessary to satisfy a financial hardship
if all nontaxable loans available under the Plan have already been obtained.
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, Company matching
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 less participant loans.
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 period ended December 31, 1996, 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. INVESTMENT IN T. ROWE PRICE CUSTOM INVESTMENT CONTRACT FUND
The Plan's investment in the T. Rowe Price Custom Investment Contract
Fund includes $1,672,947 which represents its portion of the contract value as
of December 31, 1996 of Guaranteed Insurance Contracts issued by an insurance
company whose assets were seized in August of 1994 by insurance regulators for
rehabilitation. During the rehabilitation period, this portion of the Plan's
investment is not accessible for distributions to participants or transfers to
other funds. Based on reports issued by the rehabilitators as to the value of
the insurance company's assets and liabilities, Plan management believes that
the amount of this investment that will ultimately be realized should not be
significantly less than the recorded contract value, therefore, no valuation
adjustment has been recorded. Subsequent distribution of the assets to the
participants occurred on April 29, 1997 and June 4, 1997. Total payout
consisted of 100% of the participants' contributions plus 20% interest.
<PAGE>
4. NET ASSETS
The following table presents the net assets of the Plan by fund as of December
31, 1996.
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1996
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
T. ROWE
PRICE T. ROWE T. ROWE T. ROWE T. ROWE
CUSTOM PRICE PRICE PRICE VANGUARD PRICE
VANGUARD INVESTMENT PRIME EQUITY SPECTRUM BOND RETIREMENT
WINDSOR CONTRACT RESERVE INDEX GROWTH INDEX STRATEGY
FUND FUND FUND FUND FUND FUND FUND
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor Fund $19,939,224
T. Rowe Price Custom Investment
Contract Fund $ 9,733,707
T. Rowe Price Prime Reserve Fund $1,832,141
T. Rowe Price Equity Index Fund $2,158,424
T. Rowe Price Spectrum Growth Fund $1,495,598
Vanguard Bond Index Fund $ 338,877
T. Rowe Price Retirement Strategy Fund $ 492,314
T. Rowe Price Spectrum Income Fund
Common Stock:
Dial common stock
FINOVA common stock
Viad common stock
Participant notes receivable
Receivables:
Dividends
Contributions 811 796 189 265 117
Cash - - - - - - -
----------- ----------- ---------- ---------- ---------- --------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $19,940,035 $ 9,734,503 $1,832,330 $2,158,424 $1,495,863 $ 338,877 $ 492,431
=========== =========== ========== ========== ========== ========= ===========
<S> <C> <C> <C> <C> <C> <C> <C>
T. ROWE THE DIAL THE
PRICE CORPORATION FINOVA VIAD
SPECTRUM COMMON GROUP INC. CORP PARTICIPANT
INCOME STOCK COMMON COMMON NOTES
FUND FUND STOCK FUND STOCK FUND RECEIVABLE OTHER TOTAL
ASSETS
Investments at fair value:
Shares of registered
investment companies:
Vanguard Windsor Fund $19,939,224
T. Rowe Price Custom Investment
Contract Fund 9,733,707
T. Rowe Price Prime Reserve Fund 1,832,141
T. Rowe Price Equity Index Fund 2,158,424
T. Rowe Price Spectrum Growth Fund 1,495,598
Vanguard Bond Index Fund 338,877
T. Rowe Price Retirement Strategy Fund 492,314
T. Rowe Price Spectrum Income Fund $ 416,433 416,433
Common Stock:
Dial common stock $ 13,539,322 13,539,322
FINOVA common stock $ 2,018,109 2,018,109
Viad common stock $14,133,071 14,133,071
Participant notes receivable $ 1,118,207 1,118,207
Receivables:
Dividends 74,699 7,709 70,633 153,041
Contributions 109 2,489 4,776
Cash - - - - - $29,867 29,867
--------- ------------ ----------- ----------- ------------ ------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 416,542 $ 13,616,510 $ 2,025,818 $14,203,704 $ 1,118,207 $29,867 $67,403,111
========= ============ =========== =========== ============ ======= ===========
</TABLE>
<PAGE>
5. FUND INFORMATION
Employer contributions, employee pre-tax contributions, employee after-tax
contributions, dividend income, interest income, net appreciation
(depreciation) in fair value of investments, transfer of assets, and benefits
paid to participants are as follows for the period July 31, 1996 (date of
inception) through December 31, 1996:
<TABLE>
<CAPTION>
<S> <C>
Employer contributions:
The Dial Corporation Common Stock Fund $ 689,659
============
Employee pre-tax contributions:
T. Rowe Price Custom Investment Contract Fund $ 227,345
T. Rowe Price Retirement Strategy Fund 43,781
T. Rowe Price Prime Reserve Fund 115,528
Vanguard Windsor Fund 675,811
T. Rowe Price Spectrum Income Fund 49,024
T. Rowe Price Spectrum Growth Fund 224,406
The Dial Corporation Common Stock Fund 364,102
------------
Total $ 1,699,997
============
Employee after-tax contributions:
T. Rowe Price Custom Investment Contract Fund $ 209
T. Rowe Price Retirement Strategy Fund 299
T. Rowe Price Prime Reserve Fund 705
Vanguard Windsor Fund 8,597
T. Rowe Price Spectrum Income Fund 353
T. Rowe Price Spectrum Growth Fund 6,491
The Dial Corporation Common Stock Fund 9,666
------------
Total $ 26,320
============
Dividend income:
Vanguard Bond Index Fund $ 5,977
T. Rowe Price Equity Index Fund 32,463
Vanguard Windsor Fund 1,685,090
T. Rowe Price Spectrum Income Fund 9,287
T. Rowe Price Spectrum Growth Fund 104,893
The Dial Corporation Common Stock Fund 78,937
The FINOVA Group Inc. Common Stock Fund 8,005
Viad Corp Common Stock Fund 73,223
------------
Total $ 1,997,875
============
Interest income:
T. Rowe Price Custom Investment Contract Fund $ 120,555
T. Rowe Price Prime Reserve Fund 23,544
Participant Notes Receivable 33,580
------------
Total $ 177,679
============
Net appreciation (depreciation) in fair value
of investments:
Vanguard Bond Index Fund $ 5,549
T. Rowe Price Retirement Strategy Fund 24,250
T. Rowe Price Equity Index Fund 142,310
Vanguard Windsor Fund 357,826
T. Rowe Price Spectrum Income Fund (1,442)
T. Rowe Price Spectrum Growth Fund (25,433)
The Dial Corporation Common Stock Fund 831,380
The FINOVA Group Inc. Common Stock Fund 138,925
Viad Corp Common Stock Fund 2,252,912
------------
Total $ 3,726,277
============
Transfer of assets:
Vanguard Bond Index Fund $ 366,327
T. Rowe Price Custom Investment Contract Fund 9,772,718
T. Rowe Price Retirement Strategy Fund 403,576
T. Rowe Price Prime Reserve Fund 2,032,518
T. Rowe Price Equity Index Fund 2,122,996
Vanguard Windsor Fund 17,805,318
T. Rowe Price Spectrum Income Fund 192,049
T. Rowe Price Spectrum Growth Fund 1,137,920
The Dial Corporation Common Stock Fund 12,492,228
The FINOVA Group Inc. Common Stock Fund 1,990,563
Viad Corp Common Stock Fund 12,831,436
Participant Notes Receivable 1,198,752
------------
Total $62,346,401
============
<PAGE>
Benefits paid to participants:
Vanguard Bond Index Fund $ 6,613
T. Rowe Price Custom Investment Contract Fund 393,067
T. Rowe Price Retirement Strategy Fund 2,070
T. Rowe Price Prime Reserve Fund 242,583
T. Rowe Price Equity Index Fund 108,552
Vanguard Windsor Fund 809,091
T. Rowe Price Spectrum Income Fund 6,384
T. Rowe Price Spectrum Growth Fund 61,226
The Dial Corporation Common Stock Fund 737,945
The FINOVA Group Inc. Common Stock Fund 111,640
Viad Corp Common Stock Fund 760,492
Participant Notes Receivable 21,434
------------
Total $ 3,261,097
============
</TABLE>
6. RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds 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.
7. FEDERAL INCOME TAX STATUS
The Plan administrator timely filed the request for a determination letter
from the Internal Revenue Service ("IRS") indicating that the Plan and related
trust qualify as a tax-exempt employee benefit plan. In addition, the Plan
administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of the Internal
Revenue Code.
<PAGE>
THE DIAL CORPORATION CAPITAL ACCUMULATION PLAN
<TABLE>
SUPPLEMENTAL SCHEDULE
YEAR ENDED 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 Fund Mutual Fund (1,201,856 shares) $19,635,470 $19,939,224
T. Rowe Price Custom
Investment Contract Fund (1) GIC Fund (9,733,707 shares) 9,733,707 9,733,707
T. Rowe Price Prime
Reserve Fund Mutual Fund (1,832,141 shares) 1,832,141 1,832,141
T. Rowe Price Equity
Index Fund Mutual Fund (106,106 shares) 2,025,053 2,158,424
T. Rowe Price Spectrum
Growth Fund Mutual Fund (98,850 shares) 1,524,300 1,495,598
Vanguard Bond Index Fund Mutual Fund (34,436 shares) 334,137 338,877
T. Rowe Price Retirement
Strategy Fund Mutual Fund (34,428 shares) 468,601 492,314
T. Rowe Price Spectrum
Income Fund Mutual Fund (37,182 shares) 417,992 416,433
The Dial Corporation Common Stock (925,766 shares) 9,284,455 13,539,322
The FINOVA Group Inc. Common Stock (31,394 shares) 929,556 2,018,109
Viad Corp Common Stock (863,088 shares) 8,752,517 14,133,071
Participant Notes Receivable Participant loans
(Interest at 6% to 11.5%,
maturing from 1997 to 2011) 1,118,207 1,118,207
----------- -----------
Total Total assets held for investment
purposes $56,056,136 $67,215,427
=========== ===========
</TABLE>
(1) The Plan's investment in the T. Rowe Price Custom Investment Contract
Fund includes $1,672,947 which represents its portion of the contract value as
of December 31, 1996 of Guaranteed Insurance Contracts issued by an insurance
company whose assets were seized in August of 1994 by insurance regulators for
rehabilitation. During the rehabilitation period, this portion of the Plan's
investment is not accessible for distributions to participants or transfers to
other funds.
<PAGE>
THE DIAL CORPORATION CAPITAL ACCUMULATION PLAN
<TABLE>
SUPPLEMENTAL SCHEDULE
YEAR ENDED DECEMBER 31, 1996
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
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
- --------------------------------------------------------------------------------------------------------------------------
Vanguard Windsor Fund Mutual Fund $ 7,794,975 - $ 7,794,975 $ 7,794,975 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
The Dial Corporation Common Stock
Fund 8,868,613 - 8,868,613 8,868,613 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
Viad Corp Common Stock
Fund 9,292,840 - 9,292,840 9,292,840 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
T. Rowe Price Custom
Investment Contract Fund GIC Fund 9,771,516 - 9,771,516 9,771,516 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
SERIES OF TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------------------------
Vanguard Windsor Fund Mutual Fund 10,610,804 - 10,610,804 10,610,804 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
Vanguard Windsor Fund Mutual Fund - 1,000,930 948,129 1,000,930 52,801
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
The Dial Corporation Common Stock
Fund 10,036,375 - 10,036,375 10,036,375 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
The Dial Corporation Common Stock
Fund - 949,684 750,771 949,684 198,913
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
Viad Corp Common Stock
Fund 9,439,166 - 9,439,166 9,439,166 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
Viad Corp Common Stock
Fund - 951,276 686,650 951,276 264,626
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
T. Rowe Price Custom
Investment Contract Fund GIC Fund 10,240,133 - 10,240,133 10,240,133 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
T. Rowe Price Custom
Investment Contract Fund GIC Fund - - 487,526 487,526 -
- ---------------------------------------------- ------------ ----------- --------- ----------- ------------ ---------
</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 END OF THE PERIOD.
EXHIBIT 24
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-10149 of The Dial Corporation on Form S-8 of our report dated June 23,
1997, appearing in this Annual Report on Form 11-K of The Dial Corporation
Capital Accumulation Plan for the year ended December 31, 1996.
\s\ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Phoenix, Arizona
June 23, 1997
