===========================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(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: 1-8973
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below: Kysor Industrial
Corporation 401(k) Plan
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office: Kysor
Industrial Corporation, One Madison Avenue, Cadillac, Michigan
49601
===========================================================================
KYSOR INDUSTRIAL CORPORATION 401(K) PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
KYSOR INDUSTRIAL CORPORATION 401(K) PLAN
INDEX
PAGES
Report of Independent Accountants. . . . . . . . . . . . . . . . . . 2
Financial Statements:
Statements of Net Assets Available for Plan Benefits as of
December 31, 1995 and 1994. . . . . . . . . . . . . . . . . . . 3-4
Statements of Changes in Net Assets Available for Plan
Benefits for the years ended December 31, 1995, 1994
and 1993. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . 8-12
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1995 . . . . . . . . . . . . . . . . . . . . 13
Item 27d - Schedule of Reportable Transactions for the
year ended December 31, 1995. . . . . . . . . . . . . . . . . . 14
-1-
COOPERS COOPERS & LYBRAND L.L.P.
&LYBRAND
A PROFESSIONAL SERVICES FIRM
REPORT OF INDEPENDENT ACCOUNTANTS
To the Administrative Committee of the
Kysor Industrial Corporation 401(k) Plan:
We have audited the accompanying statements of net assets available for
plan benefits of Kysor Industrial Corporation 401(k) Plan (the "Plan") as
of December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the years ended December 31, 1995,
1994 and 1993. 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, 1995 and 1994, and the changes in net assets available
for plan benefits for years ended December 31, 1995, 1994 and 1993, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules,
as listed in the accompanying index on page 1, 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. The fund
information in the statement of net assets available for plan benefits and
the statement of changes in net assets available for plan 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
-2-
stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Coopers & Lybrand L.L.P.
Detroit, Michigan
May 23, 1996
-3-
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1995
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ASSETS ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Pooled separate account $60,851 $121,499 $35,966 $12,168 $24,184 $21,081
Uncollected contracts $1,118,815
Loans to participants
Kysor Industrial Corporation
common stock
Total assets $60,851 $121,499 $35,966 $12,168 $24,184 $21,081 $1,118,815
NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Net assets available for
plan benefits $60,851 $121,499 $35,966 $12,168 $24,184 $21,081 $1,118,815
</TABLE>
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$8,836 $17,158 $3,126 $1,474 $ 306,343
1,118,815
$115,816 115,816
$144,054 144,054
$8,836 $17,158 $3,126 $1,474 $115,816 $144,054 $1,685,028
$8,836 $17,158 $3,126 $1,474 $115,816 $144,054 $1,685,028
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-4-
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1994
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ASSETS ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Pooled separate account $32,094 $89,810 $21,339 $8,553 $13,825 $10,659
Uncollected contracts $946,250
Loans to participants
Kysor Industrial Corporation
common stock
Total assets $32,094 $89,810 $21,339 $8,553 $13,825 $10,659 $946,250
NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Net assets available for
plan benefits $32,094 $89,810 $21,339 $8,553 $13,825 $10,659 $946,250
</TABLE>
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$4,577 $5,578 $1,780 $186 $ 188,401
946,250
$97,080 97,080
$102,016 102,016
$4,577 $5,578 $1,780 $186 $97,080 $102,016 $1,333,747
$4,577 $5,578 $1,780 $186 $97,080 $102,016 $1,333,747
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-5-
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Employee contributions $13,433 $ 24,716 $10,170 $ 2,019 $ 4,827 $ 5,545 $ 222,333
Interest 64,926
Dividends
Net appreciation in fair
value of investments 12,538 5,768 4,850 787 2,781
Total additions 25,971 30,484 15,020 2,806 7,608 10,187 287,259
Benefit payments 497 2,887 668 241 74,735
Other expenses 494
Total deductions 497 2,887 668 - 241 - 75,229
Net increase in plan
assets 25,474 27,597 14,352 2,806 7,367 10,187 212,030
Net assets available for
plan benefits, beginning
of year 32,094 89,810 21,339 8,553 13,825 10,659 946,250
Transfers (to) from other
accounts and/or Kysor
Industrial Corporation
Savings Plan 3,283 4,092 275 809 2,992 235 (39,465)
Net assets available
plan benefits, end
of year $60,851 $121,499 $35,966 $12,168 $24,184 $21,081 $1,118,815
</TABLE>
-6-
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$1,360 $ 3,776 $ 779 $1,017 $ 19,124 $ 309,099
$ 7,017 71,943
2,930 2,930
2,288 2,104 409 113 13,153 49,433
3,648 5,880 1,188 1,130 7,017 35,207 433,405
71 2,531 81,630
494
- 71 - - - 2,531 82,124
3,648 5,809 1,188 1,130 7,017 32,676 351,281
4,577 5,578 1,780 186 97,080 102,016 1,333,747
611 5,771 158 158 11,719 9,362 -
$8,836 $17,158 $3,126 $1,474 $115,816 $144,054 $1,685,028
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-7-
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL STOCK GUARANTEED
STOCK MARKET MORTGAGE ESTATE STOCK INDEX INTEREST
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C> <C> <C>
Employee contributions $ 9,760 $23,331 $10,020 $1,393 $ 7,040 $ 3,767 $174,691
Interest 50,894
Dividends
Net appreciation in fair
value of investments 24 3,142 393 80
Total additions 9,784 26,473 10,020 1,786 7,040 3,847 225,585
Net depreciation in fair value
of investments 597 422
Benefit payments 1,187 5,083 511 334 140 87,778
Other expenses 2,083
Total deductions 1,187 5,083 1,108 334 422 140 89,861
Net increase in plan
assets 8,597 21,390 8,912 1,452 6,618 3,707 135,724
Net assets available for
plan benefits, beginning
of year 22,551 77,856 21,538 7,028 2,765 7,632 841,733
Transfers (to) from other
accounts and/or Kysor
Industrial Corporation
Savings Plan 946 (9,436) (9,111) 73 4,442 (680) (31,207)
Net assets available
plan benefits, end
of year $32,094 $89,810 $21,339 $8,553 $13,825 $10,659 $946,250
</TABLE>
-8-
<TABLE>
<CAPTION>
SMALL BOND STOCK CORPORATE
VALUE COMPANY EMPHASIS EMPHASIS LOAN COMMON
STOCK STOCK BALANCED BALANCED PARTICIPATION STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
$ 929 $2,660 $ 517 $186 $ 5,057 $ 14,697 $ 248,991
55,951
2,099 2,099
158 20,163 23,960
929 2,818 517 186 5,057 36,959 331,001
5 25 1,049
1,612 96,645
2,083
5 - 25 - - 1,612 99,777
924 2,818 492 186 5,057 35,347 231,224
69,777 72,782 1,123,662
3,653 2,760 1,288 22,246 (6,113) (21,139)
$4,577 $5,578 $1,780 $186 $97,080 $102,016 $1,333,747
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-9-
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
U.S. MONEY BOND AND REAL INTERNATIONAL
STOCK MARKET MORTGAGE ESTATE STOCK
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
<S> <C> <C> <C> <C> <C>
Employee contributions $ 9,319 $23,978 $ 7,708 $1,595 $1,254
Interest
Dividends 2 15 18 16
Net appreciation in fair
value of investments 1,643 2,343 1,717 260 636
Total additions 10,694 26,336 9,443 1,871 1,890
Net depreciation in fair
value of investments
Benefit payments 2,330 24,507 1,075 329
Other expenses
Total deductions 2,330 24,507 1,075 329 -
Net increase in plan assets 8,634 1,829 8,368 1,542 1,890
Net assets available
for plan benefits,
beginning of year 10,536 77,590 13,869 5,298 874
Transfers (to) from
other accounts 3,381 (1,563) (699) 188 1
Net assets avail-
able for plan
benefits, end
of year $22,551 $77,856 $21,538 $7,028 $2,765
</TABLE>
-10-
<TABLE>
<CAPTION>
CORPORATE
STOCK GUARANTEED LOAN COMMON
INDEX INTEREST PARTICIPATION STOCK
ACCOUNT ACCOUNT FUND FUND TOTAL
<S> <C> <C> <C> <C>
$2,420 $171,223 $12,447 $ 229,944
52,249 $3,474 55,723
124 1,428 1,603
545 2 7,146
2,965 223,598 3,474 13,875 294,416
3,036 3,036
56,265 4,024 88,530
31 31
- 56,296 - 7,060 91,597
2,965 167,302 3,474 6,815 202,819
3,838 689,363 47,728 71,747 920,843
829 (14,932) 18,575 (5,780) -
$7,632 $841,733 $69,777 $72,782 $1,123,662
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
-11-
KYSOR INDUSTRIAL CORPORATION 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
1. PLAN DESCRIPTION:
a. GENERAL: The following brief description of the Kysor Industrial
Corporation 401(k) Plan (the "Plan") is provided for general
information purposes only. Participants should refer to the Plan
document for more complete information. The Plan is a 401(k)
profit-sharing plan which was established effective January 1,
1991. Eligible for participation are all employees of Kysor
Industrial Corporation (the "Employer") who have completed one
year of eligibility service. Employee participation in the Plan
is voluntary. The Plan's investments are managed by the Plan's
custodians and disbursed to specific investments in proportions
selected by each participant.
The custodians of the Plan are Bankers Trust and Principal Mutual
Life Insurance Company. Plan assets are held and invested by the
custodians.
b. 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 disclosure of contingent
assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those
estimates.
c. CONTRIBUTIONS: Employee contributions represent a percentage of
the eligible participant's earnings as defined in the Plan
agreement.
Employee contributions to the Plan occur through salary deferrals
authorized by the participant. Amounts so contributed to the
Plan are not subject to federal income tax until the participant
withdraws the money from the Plan. Any withdrawal that occurs
prior to an employee reaching age 59-1/2 will, under current
rules, result in a 10 percent penalty tax being assessed over and
above the regular tax.
d. PLAN BENEFITS: A participant's account is fully vested at all
times. Upon reaching age 59-1/2, the participant is eligible to
receive his/her fully vested benefits in one lump sum or in
installment payments. The mandatory benefit commencement date is
the last day of the participant's taxable year in which the age
of 70-1/2 has been attained.
-12-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
1. PLAN DESCRIPTION, CONTINUED:
e. DEATH BENEFITS: The Plan provides for preretirement and
postretirement death benefits. Upon death, the amount credited
to the participant's account shall be paid to the previously
designated beneficiary.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed
in the preparation of these financial statements.
a. INVESTMENT VALUATION: Investments include an interest in pooled
separate accounts maintained by the investment manager of the
Plan. The pooled separate accounts represent a pooled fund for
all of Kysor Industrial Corporation's savings plans and other
unrelated plans.
The fair value of the pooled investments represents the Plan's
pro rata interest in the aggregate fair value of the pooled
separate account.
Investments also include assets held and invested by the limited
trustee of the Plan under a limited trust agreement.
Investments in common stocks traded on a national securities
exchange are valued at the last reported sales price on the last
business day of the year; investments in common stocks traded on
a national securities exchange for which no sale was reported on
that date and investments in common stocks traded in an
over-the-counter market are valued at the last reported bid
prices.
Investments in bonds are valued at the last reported sales price
on the last business day of the year; investments in bonds for
which no sale was reported on that date are valued at the most
recently published transaction price. If there have been no
recent transactions, quotations are obtained from security
dealers. Loans to participants are considered assets of the Plan
and valued at fair value.
Investments in the Guaranteed Interest Account are valued fair
value. The fair value of the account is based on discounted cash
flows to expected maturity. At December 31, 1995, the fair value
of the account approximated the contract value.
-13-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
b. NET APPRECIATION OR DEPRECIATION IN FAIR VALUE OF INVESTMENTS:
The Plan presents in the statement of changes in net assets the
net appreciation (depreciation) in the fair value of its
investments which consist of the realized gains or losses and the
unrealized appreciation (depreciation) on those investments.
c. OTHER: Purchases and sales of securities are reflected on a
trade date basis. Gain or loss on sales of securities is based
on average cost.
Dividend income is recorded on the ex-dividend date. Interest income
is recorded as earned on an accrual basis.
3. INVESTMENTS:
Each participant has the option of investing all or a portion of
his/her account in any of thirteen investment vehicles (i.e. funds or
accounts). For the 1995 and 1994 plan years, these investment options
included pooled separate accounts, which were managed by the
investment manager, and common stock of Kysor Industrial Corporation,
as follows:
a. U. S. STOCK ACCOUNT: The common stock account is a pooled
investment account that invests in U. S. securities, primarily
common stocks.
b. MONEY MARKET ACCOUNT: The money market account is a pooled
investment account which invests in money market instruments.
c. BOND AND MORTGAGE ACCOUNT: The bond and mortgage account
(Primary Separate Account) is a pooled investment account
invested in intermediate-term fixed income loans.
d. REAL ESTATE ACCOUNT: The real estate separate account is a
pooled investment account invested in owned commercial property.
e. INTERNATIONAL STOCK ACCOUNT: The international stock separate
account is a pooled investment account invested primarily in
common stocks of corporations located outside the United States.
The account may also occasionally invest in preferred stocks or
convertible bonds of these corporations. At the account
manager's discretion, account assets may also be invested in
-14-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
3. INVESTMENTS, CONTINUED:
U. S. or non-U. S. securities other than stocks or retained in
cash. Principal Mutual Life Insurance Company owns and manages
the account's assets.
f. STOCK INDEX ACCOUNT: The stock index account is a pooled
investment account primarily invested in the common stock of
those firms included in the Standard & Poor's 500 Stock Index.
g. GUARANTEED INTEREST ACCOUNT: The guaranteed interest account is
invested through the Principal Financial Group Pooled General
Account. General account investments emphasize privately-placed
loans such as bonds and commercial mortgages.
h. VALUE STOCK ACCOUNT: The value stock separate account is a
pooled investment account invested primarily in income-producing
common stocks that are undervalued in the marketplace according
to traditional measures of value.
i. SMALL COMPANY STOCK ACCOUNT: The small company stock separate
account is a pooled investment account invested primarily in
common stocks of smaller companies whose earnings are expected to
grow at above average rates.
j. BOND EMPHASIS BALANCED ACCOUNT: The bond emphasis balanced
separate account is a pooled investment account invested in other
separate accounts of Principal Mutual Life Insurance Company,
weighted toward fixed income accounts.
k. STOCK EMPHASIS BALANCED ACCOUNT: The stock emphasis balanced
separate account is a pooled investment account invested in other
separate accounts of Principal Mutual Life Insurance Company,
weighted toward equity accounts.
l. LOAN PARTICIPATION FUND: The Plan allows participants to borrow
from their benefit accounts by securing a promissory note with
the trustee. Principal and interest repayment terms shall not
exceed a five-year period. Loan transactions are treated as
transfers to (from) the investment accounts (to) from the Loan
Participation Fund.
m. CORPORATE COMMON STOCK FUND: This investment option allows
participants to purchase Kysor Industrial Corporation common
stock.
-15-
NOTES TO FINANCIAL STATEMENTS, CONTINUED
4. TAX STATUS:
The Plan obtained its latest determination letter on February 25,
1993, in which the Internal Revenue Service advised that the Plan, as
designed to conform with ERISA, constituted a qualified plan under
Section 401(a) of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter. However, the plan
administrator believes 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.
5. PRIORITIES ON PLAN TERMINATION:
While the Employer has not expressed any intent to discontinue the
Plan, it has the right at any time to declare the Plan terminated
solely as to it or as to any of the Employer's divisions, facilities
or operational units. In the event the Employer discontinues the
Plan, the net assets of the Plan will be allocated among the
participants and beneficiaries of the Plan in accordance with the
terms set forth in the Plan agreement.
6. ADMINISTRATIVE EXPENSE:
Administrative expenses of the Plan are paid by Kysor Industrial
Corporation.
-16-
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<CAPTION>
(C)
(B) DESCRIPTION OF INVESTMENT,
IDENTITY OF ISSUER, INCLUDING MATURITY DATE, (E)
BORROWER, LESSOR RATE OF INTEREST, COLLATERAL, (D) CURRENT
(A) OR SIMILAR PARTY PAR OR MATURITY VALUE COST VALUE
<S> <C> <C> <C> <C>
Pooled separate account:
Principal Mutual Life Insurance Company U.S. Common Stock account $ 46,221 $ 60,851
Principal Mutual Life Insurance Company Money market account 109,750 121,499
Principal Mutual Life Insurance Company Bond and mortgage account 30,531 35,966
Principal Mutual Life Insurance Company Real estate account 10,780 12,168
Principal Mutual Life Insurance Company International stock account 21,208 24,184
Principal Mutual Life Insurance Company Stock index account 15,557 21,081
Principal Mutual Life Insurance Company Value stock account 6,553 8,836
Principal Mutual Life Insurance Company Small company stock account 14,908 17,158
Principal Mutual Life Insurance Company Bond emphasis balanced account 2,742 3,126
Principal Mutual Life Insurance Company Stock emphasis balanced account 1,361 1,474
Principal Mutual Life Insurance Company Guaranteed interest account with
contract maturity dates ranging
from one to six years and
guaranteed interest rates
ranging from 4.5 to 8.5
percent 1,118,888 1,118,815
<F*> Loans to participate Maturity date ranges from one to
five years from the inception
of the loan, interest for all
loans is prime plus two percent
(the prime rate through the
year ended December 31, 1995
was 8.5 percent) 115,816
<F*> Kysor Industrial Corporation Common stock 82,667 144,054
$1,461,166 $1,685,028
<FN>
<F*>IDENTIFIES A TRANSACTION WITH A PARTY-IN-INTEREST
</FN>
</TABLE>
-17-
<TABLE>
KYSOR INDUSTRIAL CORPORATION 401(k) PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
(F)
EXPENSE
(A) (C) (D) (E) INCURRED
IDENTITY OF (B) PURCHASE SELLING LEASE WITH
PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE RENTAL TRANSACTION*
<S> <C> <C> <C> <C> <C>
REPORTING CRITERION I: Any single transaction within the
plan year that involves more than
five percent of the current value
of plan assets.
Principal Mutual Life
Insurance Company:
Pooled separate account Guaranteed Interest Account:
Purchases $ 95,388
Sales $ 99,674
REPORTING CRITERION II: Any series of transactions within the
plan year with respect to securities
of the same issue that, when
aggregated, involves more than five
percent of the current value of plan
assets.
None.
REPORTING CRITERION III: Any series of transactions within the
plan year with respect to securities
of the same issue that, when aggregated,
involves more than five percent of the
current value of plan assets.
Principal Mutual Life
Insurance Company:
Pooled separate account Guaranteed Interest Account:
158 Purchases 353,261
60 Sales 245,009
-18-
REPORTING CRITERION IV: Any transaction within the plan year
with respect to securities with or in
conjunction with a person if any
prior or subsequent single transaction
within the plan year with such person
with respect to securities exceeds five
percent of the current value of plan
assets.
None.
</TABLE>
-19-
<TABLE>
<CAPTION>
(H)
CURRENT VALUE
(G) OF ASSET ON (I)
COST TRANSACTION NET GAIN
OF ASSET DATE OR (LOSS)
<S> <C> <C> <C>
$ 95,388
$ 99,674
353,261
245,009
</TABLE>
-20-
Exhibits:
23 Consent of Coopers & Lybrand L.L.P. dated June 21, 1996.
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: June 28, 1996 KYSOR INDUSTRIAL CORPORATION
401(k) PLAN
By: /S/ KENT J. ROSENAU
Kent J. Rosenau
Member, Kysor 401(k) Plan for
Bargaining Employees Administrative
Committee
-21-
EXHIBIT INDEX
EXHIBIT DOCUMENT
23 Consent of Coopers & Lybrand L.L.P. dated June 21, 1996
EXHIBIT 23
COOPERS COOPERS & LYBRAND L.L.P.
&LYBRAND
A PROFESSIONAL SERVICES FIRM
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements
of Kysor Industrial Corporation on Form S-8 (as listed below) of our
reports dated May 23, 1996 on our audits of the Kysor Industrial
Corporation 401(k) Plan and Kysor Industrial Corporation Savings Plan as of
December 31, 1995 and 1994, and for the years ended December 31, 1995, 1994
and 1993, which reports are included in this Annual Report on Form 11-K.
<TABLE>
<CAPTION>
PLAN SEC FILE
<S> <C> <C>
401(k) Plan 33-59420
Savings Plan 33-59412
</TABLE>
/s/ Coopers & Lybrand L.L.P.
Detroit, Michigan
June 21, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
