<PAGE>1
THIS DOCUMENT IS A CONFIRMING COPY OF THE FORM 11-K PREVIOUSLY
FILED ON JUNE 30, 1995 PURSUANT TO A RULE 201 TEMPORARY
HARDSHIP EXEMPTION
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, 1994
Commission File Number: 1-2227
A. Full title of the plan:
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
B. Name of issuer of the Securities held pursuant to the plan and
the address of its principal executive office:
CROWN CORK & SEAL COMPANY, INC.
9300 ASHTON ROAD
PHILADELPHIA, PA 19136
</page>
<PAGE>2
INDEX
Pages
Signatures 3
Report of Independent Accountants 6
Audited Plan Financial Statements and Schedules
Prepared in Accordance with the Financial Requirements
of ERISA 7 to 13
Exhibit 23 - Consent of Independent Accountants 14
</page>
<PAGE>3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Committee has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Date: June 29, 1995 By: James T. Malec
Member, Benefit Plan Committee
</page>
<PAGE>4
Crown Cork & Seal
Company, Inc.
Retirement Thrift Plan
Financial Statements
and Additional Information
December 31, 1994
</page>
<PAGE>5
Crown Cork & Seal Company, Inc.
Financial Statements and Additional Information
December 31, 1994
Page(s)
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits 2
Statement of Changes in Net Assets Available for
Plan Benefits, with Fund Information 3
Notes to Financial Statements 4 - 6
Schedule I - Schedule of Assets Held for Investment
Purposes at December 31, 1994 7
Schedule II - Schedule of Reportable Transactions (Transaction or Series
of Transactions) for the Year Ended December 31, 1994
in Excess of 5% of Plan Assets 8
Note: Other ERISA schedules are not presented because they are not applicable.
</page>
<PAGE>6
Report of Independent Accountants
To the Benefit Plans Committee and Participants
of the Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
In our opinion, the accompanying statements of net assets available for plan
benefits and the related statement of changes in net assets available for plan
benefits, present fairly, in all material respects, the net assets available
for plan benefits of the Crown Cork & Seal Company, Inc. Retirement Thrift Plan
(the "Plan") at December 31, 1994 and 1993, and the changes in net assets
available for benefits for the year ended December 31, 1994, in conformity with
generally accepted accounting principles. These financial statements are the
responsibility of the Plan's administrator; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which 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, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not
a required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statement of changes in net
assets available for benefits is presented for purposes of additional analysis
rather than to present the changes in net assets available for benefits of each
fund. Schedules I and II and the 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.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
May 19, 1995
</page>
<PAGE>7
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Statement of Net Assets Available for Plan Benefits
For the Years Ended December 31, 1994 and 1993
1994 1993
Investments at fair value:
Travelers:
Fixed Income Fund * $ 6,290,947 $4,246,764
Large Cap Index Fund 539,756
Company Stock Fund * 1,022,161 337,142
Vanguard:
Balanced Index Fund 287,590
Explorer Fund 157,872
Index 500 Fund * 1,861,786
International Growth Fund 147,083
Total Bond Market Fund 36,989
Total investments 9,804,428 5,123,662
Cash 190
Employer contributions receivable 68,763 5,485
Employee contributions receivable 250,908 189,434
Net assets available for plan benefits $10,124,099 $5,318,771
* Represents more than 5% of net assets available for plan benefits
at December 31, 1994.
The accompanying notes are an integral part of these financial statements.
</page>
<PAGE>8
<TABLE>
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information
For the Year Ended December 31, 1994
<CAPTION>
Fund Information
Travelers Vanguard
Fixed Large Company Balanced International Total Bond
Income Cap Index Stock Index Explorer Index 500 Growth Market
Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Income:
Contributions
Employer $ 97,809 $ 203 $ 175,354 $ 47,509 $ 63,873 $ 57,881 $ 53,927 $24,275 $ 520,831
Participants 1,200,080 209,029 587,792 33,523 54,696 815,679 59,383 16,477 2,976,659
Investment income (loss) 291,765 (30,545) 122 4,585 8,467 41,497 1,810 512 318,393
Net depreciation (3) (38,822) (5,088) (4,003) (8,624) (4,877) (316) (61,733)
Expenses:
Distributions to
participants (411,334) (719) (33,948) (3,142) (528) (34,724) (307) (484,702)
Administrative expense (8,367) (91) (1,355) (43) (119) (2,491) (107) (17) (12,590)
Interfund transfersin/(out) (79,258) (780,827) (1,287) 6,074 59,607 735,656 57,299 2,736 0
Transfers from other plans 979,249 217,612 351,609 1,548,470
Increase (decrease) in
net assets 2,069,941 (602,850) 687,856 301,030 182,173 1,956,483 167,128 43,667 4,805,328
Net assets available
for plan benefits:
Beginning of year 4,332,430 602,950 383,391 0 0 0 0 0 5,318,771
End of Year $6,402,371 $ 0 $1,071,247 $301,030 $182,173 $1,956,483 $167,128 $43,667 $10,124,099
Net asset value per unit
at December 31, 1994 $ 37.35 $ 10.34 $ 42.86 $ 42.97 $ 13.43 $ 9.17
The accompanying notes are an integral part of these financial statements.
</TABLE>
</page>
<PAGE>9
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Notes to Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies
The Crown Cork & Seal Company, Inc. Retirement Thrift Plan (the "Plan") was
initiated in 1992 and maintains its financial records and prepares its financial
statements using the accrual basis of accounting. Investment income earned,
but not received, is accrued. The assets of the Plan, with the exception of
the Fixed Income Fund, are stated at fair value. The Fixed Income Fund
guaranteed investment contract (GIC) is stated at cost plus accrued interest,
using the contracted interest rate. Investments in securities listed on a
national exchange are valued on the basis of year-end closing prices.
2. Description of Plan
General. The following provides a general description of the Plan.
Participants should refer to their summary plan description for more detail.
The Plan is a voluntary defined contribution plan which is designed to provide
a convenient method by which eligible employees may save regularly through
salary elections. Participation in the Plan is determined by agreement among
recognized collective bargaining units and Crown Cork & Seal Company, Inc.
(the "Company") or as otherwise agreed upon between the Company and
non-organized hourly employees. The Plan is administered by the Crown
Cork & Seal Company, Inc. Benefit Plans Committee.
The Plan was amended during 1993 to provide certain employees the opportunity
to purchase Company stock on the last business day of each month, at a purchase
price equal to the month end closing price.
Investments. The following investment funds have been established for the
investment of employee savings and company contributions. The nature of the
investments maintained in each fund is described below:
Fixed Income Fund Guaranteed insurance contracts with Travelers Insurance
Company ("Travelers") which provide for the return
of principal in full plus the payment of interest at
certain minimum annual interest rates through 1998.
Large Cap Index Fund Funds invested in a pooled common stock account designed
to approximate the performance of The Standard and
Poor's 500 Stock Index, offered through Travelers.
As of March 31, 1994, these funds were transferred to
similar mutual funds at Vanguard.
</page>
<PAGE>10
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Notes to Financial Statements
December 31, 1994
Company Stock Fund - Common stock of Crown Cork and Seal Company, Inc.
Vanguard Funds - Balanced Index Fund - invests primarily in a portfolio
of common stocks and bonds attempting to match the
investment performance of the Wilshire 5000 Index and
the Lehman Brothers Aggregate Bond Index.
Explorer Fund - seeks to provide long-term growth in
capital investing primarily in equity securities
of small companies deemed to have favorable prospects
for growth in market value.
Index 500 Fund - seeks to match the investment
performance of the Standard & Poor's 500 Composite
Stock Price Index, an index emphasizing large-cap
stocks.
International Growth Fund - seeks to provide long-term
capital appreciation by investing primarily in
equity securities of companies based outside of
the United States.
Total Bond Market Fund - seeks to match the investment
performance of Lehman Brothers Aggregate Bond Index,
a broad market weighted index which encompasses
U.S. Treasury and agency securities, corporate
investments, graded bonds and mortgage backed
securities.
Contributions. Participants may elect to make basic and supplemental
contributions (where permitted) each pay period and basic contributions may be
matched by the Company at various rates. Supplemental contributions (where
permitted) are not matched by the Company. Certain participants receive fixed
contributions from the Company at varying rates. Company contributions vest to
the participant at various rates as required by the Tax Reform Act of 1986.
Upon retirement, attainment of age 65, permanent plant shutdown, permanent
disability, or death, the participant automatically becomes fully vested in the
Company contributions.
Any forfeitures arising under the Plan are used to reduce the Company's required
contributions.
</page>
<PAGE>11
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Notes to Financial Statements
December 31, 1994
Distributions. Distributions to participants are generally paid only in a lump
sum. Certain participants have the option of being paid in a lump sum or
through certain monthly annuity installments.
Changes to or Termination of the Plan. The Company reserves the right to amend
or modify any of the provisions of the Plan in any respect retroactively in
order to qualify or maintain the Plan and the fund as a plan and trust meeting
the requirements of the Employee Retirement Income Security Act of 1974 (ERISA)
or any other applicable legislation. The Plan is subject to the provisions of
ERISA.
Subject to any contractual obligations, the Company may discontinue all
contributions under the Plan or terminate the Plan at its discretion. If
contributions discontinue or if the Plan is terminated, participant accounts
shall become fully vested and all Plan assets will be used to provide the
benefits payable to participants and their beneficiaries.
Plan Mergers. Effective April 1, 1994 and October 19, 1994 respectively, the
net assets of the HV/Northern/Wissota Profit Sharing Plan of $748,976 and the
Crawfordsville Employees' Savings Plan of $799,494 were merged into the
Retirement Thrift Plan.
3. Tax Status of the Plan
The Plan was amended and restated, effective January 1, 1994, to comply with
all provisions of the Internal Revenue Code (IRC) and ERISA. The Committee has
represented that the Plan has been administered in accordance with all
provisions of the IRC and ERISA.
The Company has applied for a determination letter for the Plan from the IRS.
The determination letter is subject to review by the IRS. The Committee
anticipates receiving a favorable determination letter from the IRS, and
accordingly, the Trust is not subject to federal or local income taxes.
4. Trustees
Travelers served as the Trustee for the Fixed Income Fund and Large Cap Index
Fund and Citibank served as Trustees for the Company Stock Fund through
March 31, 1994. On April 1, 1994, all trustee and recordkeeping
responsibilities were centralized and transferred to Vanguard.
</page>
<PAGE>12
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Item 27a - Schedule of Assets held for Investment Purposes
at December 31, 1994
Current/
Description Number of Shares Cost Fair Value
Travelers:
Fixed Income Fund
Contract #GR-12265 - 6.45%, 7/1/98 $6,290,947 $6,290,947*
Company Stock Fund 113,573 1,014,794 1,022,161*
Vanguard:
Balanced Index Fund 27,813 292,631 287,590
Explorer Fund 3,683 161,530 157,872
Index 500 Portfolio Fund 43,328 1,863,343 1,861,786*
International Growth Fund 10,952 151,912 147,083
Total Bond Market Fund 4,034 37,305 36,989
Total Investments at December 31, 1994 $9,812,462 $9,804,428
* Represents more than 5% of net assets available for plan benefits
at December 31, 1994.
</page>
<PAGE>13
<TABLE>
Crown Cork & Seal Company, Inc.
Retirement Thrift Plan
Item 27d - Schedule of Reportable Transactions
(Transactions or Series of Transactions) in Excess of 5% of Plan Assets
For the Year Ended December 31, 1994)
<CAPTION>
Number of Number Aggregate Aggregate Cost NetRealized
Description Purchases of Sales Purchase Price Selling Price of Assets Gain or(Loss)
<S> <C> <C> <C> <C> <C> <C>
Company Stock Fund 13 18 $1,094,609 $60,495 $ 60,131 $ 364
Travelers:
Fixed Income Fund 61 51 7,896,087 1,605,137 1,605,137 0
Vanguard:
Balanced Index Fund 18 4 296,196 3,158 3,565 (407)
Index 500 Portfolio 33 43 2,245,663 375,253 382,319 (7,066)
</TABLE>
</page>
<PAGE>14
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-50369) of Crown Cork & Seal Company, Inc.
of our report dated May 19, 1995 appearing on page 6 of this Form 11-K.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
June 27, 1995
</page>
