SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10K/A
AMENDMENT TO APPLICATION OR REPORT
Filed pursuant to Section 12, 13 or 15(d)
of The Securities Exchange Act of 1934
HOUSEHOLD INTERNATIONAL, INC.
-----------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Annual
Report on Form 10-K for the fiscal year ended December 31, 1993,
as set forth in the pages attached hereto.
Exhibit 99 Annual Report on Form 11-K for the Household
International Tax Reduction Investment Plan
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amendment to be signed
on its behalf by the undersigned, thereunto duly authorized.
HOUSEHOLD INTERNATIONAL, INC.
-----------------------------
(Registrant)
Date: June 27, 1994 By: /s/ David A. Schoenholz
------------- -----------------------
David A. Schoenholz
Senior Vice President-
Chief Financial Officer
U:\WP\EMP819\EDGAR\HI10KA.AS1
<PAGE> 1
Exhibit 99
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
| X | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]*.
OR
| | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
For the transition period from ___________to ____________
Commission file number 1-8198
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN
-----------------------------------------------------
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
HOUSEHOLD INTERNATIONAL, INC.
2700 Sanders Road
Prospect Heights, IL 60070
* No fee is being submitted as the Form is being filed as an
amendment to the Form 10-K of Household International, Inc. for
its fiscal year ended December 31, 1993 (File No. 1-8198).<PAGE>
<PAGE> 2
Financial Statements and Exhibits
---------------------------------
Page
(a) Financial Statements Number
-------------------- ------
1. Report of Independent
Public Accountants . . . . . . . . . . . . . . . 4
2. Statements of Net Assets and Participants'
Equity as of December 31, 1993 and 1992. . . . . 5
3. Statements of Changes in Net Assets and
Participants' Equity for the Years Ended
December 31, 1993, 1992 and 1991 . . . . . . . . 6
4. Notes to Financial Statements. . . . . . . . . . 7
(b) Schedules
---------
Assets Held for Investment Purposes as of
December 31, 1993 and 1992 (Schedule I). . . . . . . 17
Reportable Transactions for the Year Ended
December 31, 1993 (Schedule II). . . . . . . . . . . 19
(c) Exhibit
-------
24(a) Consent of Arthur Andersen & Co.
Independent Public Accountants . . . . . . . . . . n/a
<PAGE>
<PAGE> 3
SIGNATURE
---------
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the Administrative and Investment Committee
has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN
Date: June 27, 1994 By: /s/ David A. Schoenholz
------------- -----------------------
David A. Schoenholz
Senior Vice President-
Chief Financial Officer<PAGE>
<PAGE> 4
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To Household International, Inc.:
We have audited the accompanying statements of net assets and
participants' equity of the HOUSEHOLD INTERNATIONAL TAX REDUCTION
INVESTMENT PLAN (the "Plan") as of December 31, 1993 and 1992 and
the related statements of changes in net assets and participants'
equity for each of the three years in the period ended
December 31, 1993. These financial statements and the schedules
referred to below are the responsibility of the Administrative
and Investment Committee of the Plan. Our responsibility is to
express an opinion on these financial statements and schedules
based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets and
participants' equity of the Plan as of December 31, 1993 and 1992
and the changes in its net assets and participants' equity for
each of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules I through II are presented for purposes of additional
analysis and are not a required part of the basic financial
statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules 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.
Arthur Andersen & Co.
CHICAGO, ILLINOIS
June 27, 1994<PAGE>
<PAGE> 5
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN
- - - -----------------------------------------------------
STATEMENTS OF NET ASSETS AND PARTICIPANTS' EQUITY
<TABLE>
<CAPTION>
In thousands.
- - - -----------------------------------------------------------------------
DECEMBER 31 1993 1992
- - - -----------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments:
Corporate stocks:
Household International, Inc. common stock $137,182.8 $113,180.5
Scotsman Industries, Inc. common stock 586.0 556.7
Eljer Industries, Inc. common stock 208.8 477.4
Schwitzer, Inc. common stock 241.8 357.2
- - - -----------------------------------------------------------------------
Total corporate stocks 138,219.4 114,571.8
- - - -----------------------------------------------------------------------
Guaranteed income contracts:
Vanguard Fixed Income Fund 33,018.6 30,866.7
Principal Mutual Life Insurance 18,484.3 16,877.0
Aetna Life Insurance 17,007.7 15,559.2
Pacific Mutual Capital Advisors - 8,489.8
- - - -----------------------------------------------------------------------
Total guaranteed income contracts 68,510.6 71,792.7
- - - -----------------------------------------------------------------------
Mutual Funds:
Vanguard Windsor II Fund 20,358.3 17,954.2
Vanguard Wellington Fund 6,696.9 5,248.4
Vanguard Quantitative Portfolios 3,895.6 2,488.2
Vanguard Extended Market Portfolio
of Index Trust 2,506.8 1,498.4
Vanguard VMMR - Federal Portfolio 1,082.2 665.2
- - - -----------------------------------------------------------------------
Total mutual funds 34,539.8 27,854.4
- - - -----------------------------------------------------------------------
Total investments 241,269.8 214,218.9
- - - -----------------------------------------------------------------------
Receivables:
Loans to participants 15,816.9 12,535.3
Contributions 2,518.8 2,333.9
Accrued dividends and interest 99.1 100.2
- - - -----------------------------------------------------------------------
Total receivables 18,434.8 14,969.4
- - - -----------------------------------------------------------------------
Total assets 259,704.6 229,188.3
- - - -----------------------------------------------------------------------
LIABILITY -
Manufacturing participants' equity 269.3 335.9
- - - -----------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS' EQUITY $259,435.3 $228,852.4
=======================================================================
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE> 6
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN
- - - -----------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AND PARTICIPANTS' EQUITY
<TABLE>
<CAPTION>
In thousands.
- - - --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31 1993 1992 1991
- - - --------------------------------------------------------------------------------
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $ 14,480.0 $ 13,564.2 $ 11,635.3
Employee 19,746.4 18,013.8 15,612.4
Interest income from investments 5,527.4 5,651.8 4,714.0
Interest income from loans 1,276.5 1,166.8 1,050.4
Dividend income from Household International,
Inc. common stock 4,494.7 4,068.4 3,916.2
Other dividend income 2,038.0 1,223.4 1,117.5
Net realized gains on investments 4,045.8 635.0 11,593.2
Net change in unrealized appreciation
of investments 8,345.9 16,782.0 27,064.2
- - - --------------------------------------------------------------------------------
Total additions to net assets 59,954.7 61,105.4 76,703.2
- - - --------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and distributions 29,371.8 22,309.3 20,267.3
- - - --------------------------------------------------------------------------------
Increase in net assets 30,582.9 38,796.1 56,435.9
- - - --------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS' EQUITY AT
BEGINNING OF YEAR 228,852.4 190,056.3 133,620.4
- - - --------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS' EQUITY AT
END OF YEAR $259,435.3 $228,852.4 $190,056.3
================================================================================
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE> 7
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN
- - - -----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. GENERAL DESCRIPTION OF THE PLAN
The Household International Tax Reduction Investment Plan (the
"Plan"), established in 1984, is a contributory defined
contribution plan for eligible employees of Household
International, Inc. ("Household") and its participating
subsidiaries. Subject to certain eligibility requirements,
employees may contribute on a pre-tax or after-tax basis up to
15% of their compensation to the Plan through payroll deductions
of which the participant is fully vested. Each participant's
contribution will be matched in whole or in part by employer
contributions at a rate determined by Household. The amount of
the participant's contribution eligible for matching may not
exceed 6% of the participant's compensation. Forfeitures are
used to reduce employer matching contributions. Each participant
will become fully vested in employer contributions after the
earlier of five years of participation in the Plan or five years
of employment. With certain exceptions, a participant's after-
tax contributions may be withdrawn at any time whereas pre-tax
contributions may not be withdrawn except for an immediate
financial hardship, termination of employment or attainment of
age 59 1/2. Employer matching contributions may be withdrawn
after five years of plan participation.
At December 31, 1993, participants may elect to invest their
employee contributions in Household International, Inc. Common
Stock Fund (Fund A); Fixed Income Securities Fund (Fund B) which
consists of two separate non-Vanguard guaranteed income contracts
(Principal Mutual Life Insurance Company and Aetna Life Insurance
Company) and an investment in the Vanguard Fixed Income
Securities Fund; Vanguard Windsor II Fund (Fund C); Wellington
Fund (Fund G); Quantitative Portfolios Fund (Fund H); Vanguard
Extended Market Portfolio of Index Trust Fund (Fund I) and the
Vanguard VMMR-Federal Portfolio Fund (Fund J). At December 31,
1993, participants electing total or partial investment in each
of the seven funds available for investment were as follows:
Fund A, 8,253; Fund B, 5,379; Fund C, 3,655; Fund G, 2,352; Fund
H, 1,531; Fund I, 1,086 and Fund J, 535. Employer matching
contributions are fully invested in Household International, Inc.
common stock.
Three investment funds were established with respect to the
shares of common stock of companies spun off on April 14, 1989 by
Household: Eljer Industries, Inc. (Fund D), Scotsman Industries,
Inc. (Fund E), and Schwitzer, Inc. (Fund F). Funds D, E and F
are not available for additional investment, and dividends, if
any, are transferred to Fund A and used to purchase shares of
Household stock. The Plan's Administrative and Investment
Committee amended the Plan to liquidate Funds D, E and F by June
30, 1994. Participants may elect to transfer their investment in
these stock funds to any investment option available under the
Plan other than Funds D, E and F. Any remaining balances in
these funds on July 1, 1994 will be transferred by the Trustee
based on the participants' investment election for future
contributions. Participants who are at least 59-1/2 can elect to
withdraw all or part of their vested holdings in these three
stock funds.
The Plan is subject to the requirements of the Employee
Retirement Income Security Act of 1974 (ERISA). The Vanguard
Fiduciary Trust and the Vanguard Group of Investment Companies
are the trustee and recordkeeper of the Plan. Household paid
approximately $171,000 and $192,000 in 1993 and 1992,
respectively, of the expenses related to the administration of
the Plan. In addition, $149,000 and $117,000 in 1993 and 1992,
respectively, was netted from the investment income allocable to
plan participants to cover the administration of Funds A, B, D, E
and F.
Although it has not expressed any intent to do so, Household
reserves the right to amend, suspend or terminate the Plan at any
time and to discontinue or modify its contributions at any time.
In the event of Plan termination, participants would become 100
percent vested in their employer contribution accounts.<PAGE>
<PAGE> 8
2. SIGNIFICANT ACCOUNTING POLICIES
The accounts of the Plan are maintained on the accrual basis of
accounting. Guaranteed income contracts are carried at contract
value (see note 3). Short-term investments are carried at cost
which approximates market. All other investments are carried at
fair value, determined by quoted market prices. Benefits are
recorded in the financial statements when paid.
3. INVESTMENT CONTRACTS WITH INSURANCE COMPANIES
Guaranteed income contracts are carried at contract value which
represents contributions made under the contracts, plus interest
at contract rates, less withdrawals and administrative expenses.
4. BENEFITS PAYABLE
Benefits payable as of December 31, were as follows (in
thousands):
Fund 1993 1992
---- -------- --------
A $2,090.5 $2,907.0
B 1,346.8 5,672.6
C 295.9 663.0
D 2.0 7.0
E 3.9 18.6
F 2.1 4.4
G 246.2 57.8
H 151.7 16.2
I 15.6 9.4
J 38.6 33.5
-------- --------
Total benefits payable $4,193.3 $9,389.5
======== ========
5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The reconciliation of net assets and participants' equity per the
financial statements to the Form 5500 at December 31 was as
follows (in thousands):
1993
----------
Net assets and participants'
equity per the financial statements $259,435.3
Less: Participant withdrawals
and distributions payable
at December 31, 1993 4,193.3
----------
Net assets and participants'
equity per the Form 5500 $255,242.0
==========
The reconciliation of participants' withdrawals and distributions
per the financial statements to the Form 5500 for the year ended
December 31 was as follows (in thousands):
1993
---------
Participant withdrawals and distributions
per the financial statements $29,371.8
Plus: Participant withdrawals and distributions
payable at December 31, 1993 4,193.3
---------
Participant withdrawals and distributions per
the Form 5500 $33,565.1
=========
Participants' withdrawals and distributions are recorded on the
Form 5500 for benefit claims that have been processed and
approved for payment prior to December 31, but not yet paid as of
that date.
<PAGE>
<PAGE> 9
6. FORFEITURES
Forfeitures, which reduce the amount of employer contributions,
were $1,343,388, $897,327 and $977,344 in 1993, 1992 and 1991,
respectively.
7. TAX STATUS OF THE PLAN
The Plan operates as a qualified plan under Sections 401(a) and
401(k) of the Internal Revenue Code (the "Code"). Qualification
of the Plan means that a participant will not be subject to
federal income taxes on pre-tax contributions and employer
matching contributions, or on earnings or appreciation on all
account balances held in the Plan, until such amounts either are
withdrawn by or distributed to the participant or are distributed
to the participant's beneficiary in the event of the
participant's death. Household has received a favorable
determination letter dated June 3, 1991 from the Internal Revenue
Service that the Plan is qualified under the 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 designed and is currently being operated in
compliance with the applicable requirements of the Code.
8. HOUSEHOLD MANUFACTURING DIVESTITURE
On April 14, 1989, Household distributed publicly traded shares
to its common shareholders in three manufacturing companies
created from units which represented the majority of its
manufacturing operations. On March 31, 1989, equity in the Plan
attributable to participating employees of the three new
manufacturing companies was transferred to three new separate
plans.
The company sold most of the remaining manufacturing units in the
third quarter of 1989. The remaining equity in the Plan relates
to Albion participants with outstanding loan balances. These
participants will be paid out when their outstanding loan
balances are paid back to the Plan. All loan repayments are made
into Funds A, B and C. The amounts not distributed at December
31, 1993 and 1992 are included as an accrued liability in the
statements of net assets and participants' equity.
9. UNIT VALUE BY FUND
Participant accounts are maintained in units and valued daily by
Vanguard. A fund's unit value is defined as the market value of
investments, plus receivables, minus accrued liabilities, divided
by the number of participant units outstanding. The December 31,
1993 and 1992 participant units outstanding, unit values and fund
values follow (all amounts except unit value are stated in
thousands):
1993 1992
------------------------------- -------------------------------
PARTICIPANT PARTICIPANT
UNITS UNIT FUND UNITS UNIT FUND
FUND OUTSTANDING VALUE VALUE OUTSTANDING VALUE VALUE
- - - ---- ----------- ------ ---------- ----------- ------ ----------
A 691.2 $207.76 $143,601.8 598.7 $197.75 $118,395.0
B 76,846.6 1.00 76,846.6 78,948.7 1.00 78,948.7
C 22,790.0 1.00 22,790.0 19,795.3 1.00 19,795.3
D 2.1 91.99 189.4 3.8 120.79 458.0
E 2.8 202.85 576.4 4.1 133.25 547.1
F 1.7 140.43 235.1 2.5 140.97 350.5
G 7,174.1 1.00 7,174.1 5,499.3 1.00 5,499.3
H 4,184.7 1.00 4,184.7 2,594.3 1.00 2,594.3
I 2,657.7 1.00 2,657.7 1,557.6 1.00 1,557.6
J 1,179.5 1.00 1,179.5 706.6 1.00 706.6
--------- ------ ---------- --------- ------ ----------
Total 115,530.4 $259,435.3 109,710.9 $228,852.4
========= ========== ========= ==========
<PAGE>
<PAGE> 10
10. ALLOCATION OF NET ASSETS AND PARTICIPANTS' EQUITY
<TABLE>
<CAPTION>
The allocation of Net Assets and Participants' Equity by fund at December 31, 1993 and 1992 follows:
Non-Participant Participant
In thousands. Directed Directed Participant Directed
- - - ------------ --------------- ----------- ------------------------------------------
DECEMBER 31, 1993 FUND A FUND B FUND C FUND D FUND E
- - - --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Corporate stocks:
Household International, Inc.
common stock $91,041.6 $46,141.2
Scotsman Industries, Inc.
common stock $586.0
Eljer Industries, Inc.
common stock $208.8
Schwitzer, Inc. common stock
- - - --------------------------------------------------------------------------------------------------------
Total corporate stocks 91,041.6 46,141.2 208.8 586.0
- - - --------------------------------------------------------------------------------------------------------
Guaranteed income contracts:
Vanguard Fixed Income Fund $33,018.6
Principal Mutual Life Insurance 18,484.3
Aetna Life Insurance 17,007.7
- - - --------------------------------------------------------------------------------------------------------
Total guaranteed income contracts 68,510.6
- - - --------------------------------------------------------------------------------------------------------
Mutual funds:
Vanguard Windsor II Fund $20,358.3
Vanguard Wellington Fund
Vanguard Quantitative Portfolios
Vanguard Extended Market
Portfolio of Index Trust
Vanguard VMMR-Federal Portfolio
- - - --------------------------------------------------------------------------------------------------------
Total mutual funds 20,358.3
- - - --------------------------------------------------------------------------------------------------------
Total investments 91,041.6 46,141.2 68,510.6 20,358.3 208.8 586.0
- - - --------------------------------------------------------------------------------------------------------
Receivables:
Loans to participants 5,105.3 7,879.7 2,157.1
Contributions 1,059.4 374.4 495.8 258.9
Accrued dividends and interest 14.8 18.8 40.4 15.7
- - - --------------------------------------------------------------------------------------------------------
Total receivables 1,074.2 5,498.5 8,415.9 2,431.7
- - - --------------------------------------------------------------------------------------------------------
Total assets 92,115.8 51,639.7 76,926.5 22,790.0 208.8 586.0
- - - --------------------------------------------------------------------------------------------------------
LIABILITY -
Manufacturing participants' equity 101.4 52.3 79.9 19.4 9.6
- - - --------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY $92,014.4 $51,587.4 $76,846.6 $22,790.0 $189.4 $576.4
========================================================================================================
/TABLE
<PAGE>
<PAGE> 11
10. ALLOCATION OF NET ASSETS AND PARTICIPANTS' EQUITY - (continued)
---------------------------------------------------------------
<TABLE>
<CAPTION>
In thousands. Participant Directed
- - - ------------ ----------------------------------------------------------
DECEMBER 31, 1993 FUND F FUND G FUND H FUND I FUND J TOTAL
- - - --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Corporate stocks:
Household International, Inc.
common stock $137,182.8
Scotsman Industries, Inc.
common stock 586.0
Eljer Industries, Inc.
common stock 208.8
Schwitzer, Inc. common stock $241.8 241.8
- - - --------------------------------------------------------------------------------------------------------
Total corporate stocks 241.8 138,219.4
- - - --------------------------------------------------------------------------------------------------------
Guaranteed income contracts:
Vanguard Fixed Income Fund 33,018.6
Principal Mutual Life Insurance 18,484.3
Aetna Life Insurance 17,007.7
- - - --------------------------------------------------------------------------------------------------------
Total guaranteed income contracts 68,510.6
- - - --------------------------------------------------------------------------------------------------------
Mutual funds:
Vanguard Windsor II Fund 20,358.3
Vanguard Wellington Fund $6,696.9 6,696.9
Vanguard Quantitative Portfolios $3,895.6 3,895.6
Vanguard Extended Market
Portfolio of Index Trust $2,506.8 2,506.8
Vanguard VMMR-Federal Portfolio $1,082.2 1,082.2
- - - --------------------------------------------------------------------------------------------------------
Total mutual funds 6,696.9 3,895.6 2,506.8 1,082.2 34,539.8
- - - --------------------------------------------------------------------------------------------------------
Total investments 241.8 6,696.9 3,895.6 2,506.8 1,082.2 241,269.8
- - - --------------------------------------------------------------------------------------------------------
Receivables:
Loans to participants 334.0 189.2 82.2 69.4 15,816.9
Contributions 138.3 97.4 67.1 27.5 2,518.8
Accrued dividends and interest 4.9 2.5 1.6 .4 99.1
- - - --------------------------------------------------------------------------------------------------------
Total receivables 477.2 289.1 150.9 97.3 18,434.8
- - - --------------------------------------------------------------------------------------------------------
Total assets 241.8 7,174.1 4,184.7 2,657.7 1,179.5 259,704.6
- - - --------------------------------------------------------------------------------------------------------
LIABILITY
Manufacturing participants' equity 6.7 269.3
- - - --------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY $235.1 $7,174.1 $4,184.7 $2,657.7 $1,179.5 $259,435.3
========================================================================================================
</TABLE>
<PAGE>
<PAGE> 12
10. ALLOCATION OF NET ASSETS AND PARTICIPANTS' EQUITY - (continued)
---------------------------------------------------------------
<TABLE>
<CAPTION>
Non-Participant Participant
In thousands. Directed Directed Participant Directed
- - - ------------ --------------- ----------- ------------------------------------------
DECEMBER 31, 1992 FUND A FUND B FUND C FUND D FUND E
- - - --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Corporate stocks:
Household International, Inc.
common stock $78,633.1 $34,547.4
Scotsman Industries, Inc.
common stock $556.7
Eljer Industries, Inc.
common stock $477.4
Schwitzer, Inc. common stock
- - - --------------------------------------------------------------------------------------------------------
Total corporate stocks 78,633.1 34,547.4 477.4 556.7
- - - --------------------------------------------------------------------------------------------------------
Guaranteed income contracts:
Vanguard Fixed Income Fund $30,866.7
Principal Mutual Life Insurance 16,877.0
Aetna Life Insurance 15,559.2
Pacific Mutual Capital Advisors 8,489.8
- - - --------------------------------------------------------------------------------------------------------
Total guaranteed income contracts 71,792.7
- - - --------------------------------------------------------------------------------------------------------
Mutual funds:
Vanguard Windsor II Fund $17,954.2
Vanguard Wellington Fund
Vanguard Quantitative Portfolios
Vanguard Extended Market
Portfolio of Index Trust
Vanguard VMMR-Federal Portfolio
- - - --------------------------------------------------------------------------------------------------------
Total mutual funds 17,954.2
- - - --------------------------------------------------------------------------------------------------------
Total investments 78,633.1 34,547.4 71,792.7 17,954.2 477.4 556.7
- - - --------------------------------------------------------------------------------------------------------
Receivables:
Loans to participants 4,124.9 6,639.3 1,588.9
Contributions 968.2 285.2 572.9 237.7
Accrued dividends and interest 8.5 19.9 51.8 14.5
- - - --------------------------------------------------------------------------------------------------------
Total receivables 976.7 4,430.0 7,264.0 1,841.1
- - - --------------------------------------------------------------------------------------------------------
Total assets 79,609.8 38,977.4 79,056.7 19,795.3 477.4 556.7
- - - --------------------------------------------------------------------------------------------------------
LIABILITY -
Manufacturing participants' equity 140.3 51.9 108.0 19.4 9.6
- - - --------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY $79,469.5 $38,925.5 $78,948.7 $19,795.3 $458.0 $547.1
========================================================================================================
/TABLE
<PAGE>
<PAGE> 13
10. ALLOCATION OF NET ASSETS AND PARTICIPANTS' EQUITY - (continued)
---------------------------------------------------------------
<TABLE>
<CAPTION>
In thousands. Participant Directed
- - - ------------ ----------------------------------------------------------
DECEMBER 31, 1992 FUND F FUND G FUND H FUND I FUND J TOTAL
- - - --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Corporate stocks:
Household International, Inc.
common stock $113,180.5
Scotsman Industries, Inc.
common stock 556.7
Eljer Industries, Inc.
common stock 477.4
Schwitzer, Inc. common stock $357.2 357.2
- - - --------------------------------------------------------------------------------------------------------
Total corporate stocks 357.2 114,571.8
- - - --------------------------------------------------------------------------------------------------------
Guaranteed income contracts:
Vanguard Fixed Income Fund 30,866.7
Principal Mutual Life Insurance 16,877.0
Aetna Life Insurance 15,559.2
Pacific Mutual Capital Advisors 8,489.8
- - - --------------------------------------------------------------------------------------------------------
Total guaranteed income contracts 71,792.7
- - - --------------------------------------------------------------------------------------------------------
Mutual funds:
Vanguard Windsor II Fund 17,954.2
Vanguard Wellington Fund $5,248.4 5,248.4
Vanguard Quantitative Portfolios 2,488.2 2,488.2
Vanguard Extended Market
Portfolio of Index Trust $1,498.4 1,498.4
Vanguard VMMR-Federal Portfolio $665.2 665.2
- - - --------------------------------------------------------------------------------------------------------
Total mutual funds 5,248.4 2,488.2 1,498.4 665.2 27,854.4
- - - --------------------------------------------------------------------------------------------------------
Total investments 357.2 5,248.4 2,488.2 1,498.4 665.2 214,218.9
- - - --------------------------------------------------------------------------------------------------------
Receivables:
Loans to participants 137.4 30.9 7.4 6.5 12,535.3
Contributions 110.7 73.8 51.0 34.4 2,333.9
Accrued dividends and interest 2.8 1.4 .8 .5 100.2
- - - --------------------------------------------------------------------------------------------------------
Total receivables 250.9 106.1 59.2 41.4 14,969.4
- - - --------------------------------------------------------------------------------------------------------
Total assets 357.2 5,499.3 2,594.3 1,557.6 706.6 229,188.3
- - - --------------------------------------------------------------------------------------------------------
LIABILITY
Manufacturing participants' equity 6.7 335.9
- - - --------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY $350.5 $5,499.3 $2,594.3 $1,557.6 $706.6 $228,852.4
========================================================================================================
/TABLE
<PAGE>
<PAGE> 14
11. ALLOCATION OF CHANGES IN NET ASSETS AND PARTICIPANTS' EQUITY
The allocation of changes in Net Assets and Participants' Equity at December 31,
1993, 1992, and 1991
follows:
<TABLE>
<CAPTION>
Non-Participant Participant
In thousands. Directed Directed Participant Directed
- - - ------------ --------------- ----------- ------------------------------------------
YEAR ENDED DECEMBER 31, 1993 FUND A FUND B FUND C FUND D FUND E
- - - ---------------------------- --------------------------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $14,480.0
Employee $ 4,548.3 $ 7,164.7 $ 3,448.1
Interest income from investments 25.8 32.9 5,442.3
Interest income from loans 393.7 574.9 208.3
Dividend income from Household
International, Inc. common stock 2,966.5 1,528.2
Other dividend income 1,156.1
Net realized gains/(losses)
on investments 1,470.4 1,871.3 390.5 ($ 26.9) $ 46.6
Net change in unrealized appreciation/
(depreciation) of investments 3,084.7 3,926.0 948.6 (77.0) 194.3
- - - ---------------------------------------------------------------------------------------------------------
Total additions to net assets 22,027.4 12,300.4 13,181.9 6,151.6 (103.9) 240.9
- - - ---------------------------------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and
distributions 9,482.5 2,994.5 12,280.9 2,384.0 50.0 71.5
- - - ---------------------------------------------------------------------------------------------------------
Increase/(decrease) in net assets 12,544.9 9,305.9 901.0 3,767.6 (153.9) 169.4
- - - ---------------------------------------------------------------------------------------------------------
Interfund transfers 3,356.0 (3,003.1) (772.9) (114.7) (140.1)
NET ASSETS AND PARTICIPANTS'
EQUITY AT BEGINNING OF YEAR 79,469.5 38,925.5 78,948.7 19,795.3 458.0 547.1
- - - ---------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY AT END OF YEAR $92,014.4 $51,587.4 $76,846.6 $22,790.0 $189.4 $576.4
=========================================================================================================
In thousands. Participant Directed
- - - ------------ -----------------------------------------------------
YEAR ENDED DECEMBER 31, 1993 FUND F FUND G FUND H FUND I FUND J TOTAL
- - - ---------------------------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $ 14,480.0
Employee $1,939.9 $1,307.3 $ 983.5 $ 354.6 19,746.4
Interest income from investments 26.4 5,527.4
Interest income from loans 46.8 28.0 16.0 8.8 1,276.5
Dividend income from Household
International, Inc. common stock 4,494.7
Other dividend income 407.9 436.1 37.9 2,038.0
Net realized gains/(losses)
on investments $ 9.5 161.2 86.9 36.3 4,045.8
Net change in unrealized appreciation
(depreciation) of investments (5.5) 227.8 (108.5) 155.5 8,345.9
- - - ----------------------------------------------------------------------------------------------------------
Total additions to net assets 4.0 2,783.6 1,749.8 1,229.2 389.8 59,954.7
- - - ----------------------------------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and
distributions 39.8 1,135.3 435.1 290.8 207.4 29,371.8
- - - ----------------------------------------------------------------------------------------------------------
Increase/(decrease) in net assets (35.8) 1,648.3 1,314.7 938.4 182.4 30,582.9
- - - ----------------------------------------------------------------------------------------------------------
Interfund transfers (79.6) 26.5 275.7 161.7 290.5
NET ASSETS AND PARTICIPANTS'
EQUITY AT BEGINNING OF YEAR 350.5 5,499.3 2,594.3 1,557.6 706.6 228,852.4
- - - ----------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY AT END OF YEAR $235.1 $7,174.1 $4,184.7 $2,657.7 $1,179.5 $259,435.3
==========================================================================================================
/TABLE
<PAGE>
<PAGE> 15
11. ALLOCATION OF CHANGES IN NET ASSETS AND PARTICIPANTS' EQUITY - (continued)
--------------------------------------------------------------------------
<TABLE>
<CAPTION>
Non-Participant Participant
In thousands. Directed Directed Participant Directed
- - - ------------ --------------- ----------- -------------------------------------------
YEAR ENDED DECEMBER 31, 1992 FUND A FUND B FUND C FUND D FUND E
- - - ---------------------------- --------------------------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $13,564.2
Employee $ 3,837.4 $ 7,984.9 $ 3,122.4
Interest income from investments 14.1 33.0 5,589.3
Interest income from loans 340.3 592.0 162.7
Dividend income from Household
International, Inc. common stock 2,603.8 1,464.6
Other dividend income 788.6
Net realized gains/(losses)
on investments 142.7 332.9 103.9 $ 34.9 $ 11.7
Net change in unrealized appreciation/
(depreciation) of investments 4,643.2 10,834.1 .4 930.9 131.2 71.8
- - - ---------------------------------------------------------------------------------------------------------
Total additions to net assets 20,968.0 16,842.3 14,166.6 5,108.5 166.1 83.5
- - - ---------------------------------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and
distributions 6,890.6 3,393.8 9,667.3 1,491.3 67.4 64.4
- - - ---------------------------------------------------------------------------------------------------------
Increase/(decrease) in net assets 14,077.4 13,448.5 4,499.3 3,617.2 98.7 19.1
- - - ---------------------------------------------------------------------------------------------------------
Interfund transfers (4,521.2) 1,972.6 614.6 (54.1) (51.8)
NET ASSETS AND PARTICIPANTS'
EQUITY AT BEGINNING OF YEAR 65,392.1 29,998.2 72,476.8 15,563.5 413.4 579.8
- - - ---------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY AT END OF YEAR $79,469.5 $38,925.5 $78,948.7 $19,795.3 $458.0 $547.1
=========================================================================================================
In thousands. Participant Directed
- - - ------------ -----------------------------------------------------
YEAR ENDED DECEMBER 31, 1992 FUND F FUND G FUND H FUND I FUND J TOTAL
- - - ---------------------------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $ 13,564.2
Employee $1,311.3 $ 966.5 $ 525.9 $265.4 18,013.8
Interest income from investments 15.4 5,651.8
Interest income from loans 33.5 20.3 13.7 4.3 1,166.8
Dividend income from Household
International, Inc. common stock 4,068.4
Other dividend income 258.6 154.0 22.2 1,223.4
Net realized gains/(losses)
on investments $ 13.9 6.5 (3.8) (7.7) 635.0
Net change in unrealized appreciation/
(depreciation) of investments (22.4) 83.1 6.6 103.1 16,782.0
- - - ----------------------------------------------------------------------------------------------------------
Total additions to net assets (8.5) 1,693.0 1,143.6 657.2 285.1 61,105.4
- - - ----------------------------------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and
distributions 50.8 376.5 202.8 78.8 25.6 22,309.3
- - - ----------------------------------------------------------------------------------------------------------
Increase/(decrease) in net assets (59.3) 1,316.5 940.8 578.4 259.5 38,796.1
- - - ----------------------------------------------------------------------------------------------------------
Interfund transfers (58.3) 863.2 391.7 396.2 447.1
NET ASSETS AND PARTICIPANTS'
EQUITY AT BEGINNING OF YEAR 468.1 3,319.6 1,261.8 583.0 190,056.3
- - - ----------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY AT END OF YEAR $350.5 $5,499.3 $2,594.3 $1,557.6 $706.6 $228,852.4
==========================================================================================================
/TABLE
<PAGE>
<PAGE> 16
11. ALLOCATION OF CHANGES IN NET ASSETS AND PARTICIPANTS' EQUITY - (continued)
--------------------------------------------------------------------------
<TABLE>
<CAPTION>
Non-Participant Participant
In thousands. Directed Directed Participant Directed
- - - ------------ --------------- ----------- -------------------------------------------
YEAR ENDED DECEMBER 31, 1991 FUND A FUND B FUND C FUND D FUND E
- - - ---------------------------- --------------------------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $11,635.3
Employee $ 3,633.9 $ 8,044.2 $ 2,645.7 $ .5 $ .3
Interest income from investments 4,714.0
Interest income from loans 364.2 547.7 138.5
Dividend income from Household
International, Inc. common stock 2,506.4 1,409.8
Other dividend income 6.9 3.9 886.3
Net realized gains on investments 3,159.9 7,373.0 357.6 399.0 79.2
Net change in unrealized appreciation/
(depreciation) of investments 7,503.9 17,509.1 1,585.0 (54.0) 90.3
- - - ---------------------------------------------------------------------------------------------------------
Total additions to net assets 24,812.4 30,293.9 13,305.9 5,613.1 345.5 169.8
- - - ---------------------------------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and
distributions 5,901.6 4,637.0 7,122.6 1,609.1 246.3 154.5
- - - ---------------------------------------------------------------------------------------------------------
Increase in net assets 18,910.8 25,656.9 6,183.3 4,004.0 99.2 15.3
- - - ---------------------------------------------------------------------------------------------------------
Interfund transfers (15,579.2) 12,901.8 1,049.7 (984.8) (687.3)
NET ASSETS AND PARTICIPANTS'
EQUITY AT BEGINNING OF YEAR 46,481.3 19,920.5 53,391.7 10,509.8 1,299.0 1,251.8
- - - ---------------------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY AT END OF YEAR $65,392.1 $29,998.2 $72,476.8 $15,563.5 $ 413.4 $ 579.8
=========================================================================================================
In thousands. Participant Directed
- - - ------------ ------------------------------------------
YEAR ENDED DECEMBER 31, 1991 FUND F FUND G FUND H FUND I TOTAL
- - - ---------------------------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
Contributions:
Employer matching $ 11,635.3
Employee $ .3 $ 580.9 $ 518.1 $ 188.5 15,612.4
Interest income from investments 4,714.0
Interest income from loans 1,050.4
Dividend income from Household
International, Inc. common stock 3,916.2
Other dividend income 145.7 59.8 14.9 1,117.5
Net realized gains on investments 181.2 38.3 4.2 .8 11,593.2
Net change in unrealized appreciation/
(depreciation) of investments 163.7 137.0 73.6 55.6 27,064.2
- - - -----------------------------------------------------------------------------------------------
Total additions to net assets 345.2 901.9 655.7 259.8 76,703.2
- - - -----------------------------------------------------------------------------------------------
DEDUCTIONS FROM NET ASSETS
Participant withdrawals and
distributions 128.9 437.9 17.7 11.7 20,267.3
- - - -----------------------------------------------------------------------------------------------
Increase in net assets 216.3 464.0 638.0 248.1 56,435.9
- - - -----------------------------------------------------------------------------------------------
Interfund transfers (514.5) 2,855.6 623.8 334.9
NET ASSETS AND PARTICIPANTS'
EQUITY AT BEGINNING OF YEAR 766.3 133,620.4
- - - -----------------------------------------------------------------------------------------------
NET ASSETS AND PARTICIPANTS'
EQUITY AT END OF YEAR $468.1 $3,319.6 $1,261.8 $583.0 $190,056.3
===============================================================================================
/TABLE
<PAGE>
<PAGE> 17
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN SCHEDULE I
- - - -----------------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1993
In thousands.
<TABLE>
<CAPTION>
IDENTITY OF ISSUER,
BORROWER, LESSOR, OR DESCRIPTION MARKET
SIMILAR PARTY OF INVESTMENT COST VALUE
- - - -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Household International
Inc.*, ** Common Stock $ 97,907.1 $137,182.8
The Vanguard Group of
Investment Companies** Fixed Income Fund 33,018.6 33,018.6
The Vanguard Group of
Investment Companies** Windsor II Fund 17,648.5 20,358.3
Principal Mutual Life
Insurance** Guaranteed Income Contract 18,484.3 18,484.3
Aetna Life Insurance** Guaranteed Income Contract 17,007.7 17,007.7
The Vanguard Group of
Investment Companies Wellington Fund 6,350.0 6,696.9
The Vanguard Group of
Investment Companies Quantitative Portfolios 3,966.9 3,895.6
The Vanguard Group of Extended Market Portfolio
Investment Companies of Index Trust 2,265.5 2,506.8
The Vanguard Group of
Investment Companies VMMR - Federal Portfolio 1,082.2 1,082.2
Scotsman Industries, Inc. Common Stock 290.5 586.0
Schwitzer, Inc. Common Stock 293.3 241.8
Eljer Industries, Inc. Common Stock 514.9 208.8
---------- ----------
TOTAL INVESTMENTS $198,829.5 $241,269.8
========== ==========
</TABLE>
*Party-in-Interest
**Exceeds 5% of plan assets<PAGE>
<PAGE> 18 SCHEDULE I (continued)
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN
- - - -----------------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1992
In thousands.
<TABLE>
<CAPTION>
IDENTITY OF ISSUER,
BORROWER, LESSOR, OR DESCRIPTION MARKET
SIMILAR PARTY OF INVESTMENT COST VALUE
- - - -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Household International
Inc.*, ** Common Stock $ 74,762.7 $113,180.5
The Vanguard Group of
Investment Companies** Fixed Income Fund 30,866.7 30,866.7
Principal Mutual Life
Insurance** Guaranteed Income Contract 16,877.0 16,877.0
Aetna Life Insurance** Guaranteed Income Contract 15,559.2 15,559.2
The Vanguard Group of
Investment Companies** Windsor II Fund 15,732.7 17,954.2
Pacific Mutual Capital
Advisors** Guaranteed Income Contract 8,489.8 8,489.8
The Vanguard Group of
Investment Companies VMMR - Federal Portfolio 665.2 665.2
The Vanguard Group of
Investment Companies Wellington Fund 5,059.3 5,248.4
The Vanguard Group of
Investment Companies Quantitative Portfolios 2,427.7 2,488.2
Scotsman Industries, Inc. Common Stock 410.5 556.7
The Vanguard Group of Extended Market Portfolio
Investment Companies of Index Trust 1,351.2 1,498.4
Schwitzer, Inc. Common Stock 421.9 357.2
Eljer Industries, Inc. Common Stock 815.6 477.4
---------- ----------
TOTAL INVESTMENTS $173,439.5 $214,218.9
========== ==========
</TABLE>
*Party-in-Interest
**Exceeds 5% of plan assets
<PAGE>
<PAGE> 19
HOUSEHOLD INTERNATIONAL TAX REDUCTION INVESTMENT PLAN Schedule II
- - - -----------------------------------------------------
<TABLE>
<CAPTION>
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993
In thousands.
- - - ------------------------------------------------------------------------------------------------------------
a. b. c. d. g. h. i.
MARKET
VALUE
OF ASSETS
AT DATE OF
DESCRIPTION PURCHASE SELLING COST OF PURCHASE NET
IDENTITY OF PARTY INVOLVED OF ASSET PRICE PRICE ASSET OR SALE GAIN
- - - ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Household International, Inc. Common Stock,
$40,737.4 increase $40,737.4 $40,737.4 $40,737.4 -
$26,829.3 decrease $26,829.3 23,487.6 26,829.3 $3,341.7
The Vanguard Group of Fixed Income Fund
Investment Companies $23,211.4 increase 23,211.4 23,211.4 23,211.4 -
$26,480.6 decrease 26,480.6 26,480.6 26,480.6 -
The Vanguard Group of Windsor II
Investment Companies $8,798.4 increase 8,798.4 8,798.4 8,798.4 -
$7,733.4 decrease 7,733.4 7,342.9 7,733.4 390.5
============================================================================================================
</TABLE>
Notes:
- - - -----
A. For purposes of this schedule, a reportable transaction is a
transaction or series of transactions of the same issue or
with the same person which, in the aggregate, involve an
amount in excess of 5% of the market value of Plan assets at
the beginning of the year.
B. Disclosures of "LEASE RENTAL" as required by column e. and
"EXPENSES INCURRED WITH TRANSACTIONS" as required by column
f. have been omitted as the answer thereto would be "None".
C. During the year the Fixed Income Fund included contracts with
the following companies: Principal Mutual Life Insurance,
Aetna Life Insurance, Pacific Mutual Capital Advisors and
The Vanguard Group of Investment Companies.
Exhibit 24(a)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
To Household International, Inc.:
We hereby consent to the incorporation by reference in
Registration Statement Nos. 2-86383, 33-21343 and 33-52211 on
Form S-8 of our report dated June 27, 1994, appearing in this
Annual Report on Form 11-K of the Household International Tax
Reduction Investment Plan for the year ended December 31, 1993.
ARTHUR ANDERSEN & CO.
Chicago, Illinois
June 27, 1994
U:\WP\EMP819\EDGAR\HI11K24.AS1
