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Previous: GLOBAL MARINE INC, 11-K, 1998-06-25 |
Next: GOODYEAR TIRE & RUBBER CO /OH/, 11-K, 1998-06-25 |
<PAGE> 1
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
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
COMMISSION FILE NUMBER: 1-1927
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
(FULL TITLE OF THE PLAN)
THE GOODYEAR TIRE & RUBBER COMPANY
(NAME OF ISSUER OF THE SECURITIES)
1144 EAST MARKET STREET
AKRON, OHIO 44316-0001
(ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE)
<PAGE> 2
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
ITEM 1. Not applicable.
ITEM 2. Not applicable.
ITEM 3. Not applicable.
ITEM 4. FINANCIAL STATEMENTS OF THE PLAN
The Financial Statements of the Celeron Corporation Employee Savings
Plan for the fiscal year ended December 31, 1997, together with the report of
Price Waterhouse LLP, independent accountants, are attached to this Annual
Report on Form 11-K as Annex A, and are by specific reference incorporated
herein and filed as a part of hereof. The Financial Statements and the Notes
thereto are presented in lieu of the financial statements required by Items 1, 2
and 3 of Form 11-K and were prepared in accordance with the financial reporting
requirements of the Employee Retirement Income Security Act of 1974.
EXHIBIT. CONSENT OF INDEPENDENT ACCOUNTANTS (EXHIBIT NO. 23)
Consent of Price Waterhouse LLP, independent accountants, to
incorporation by reference of their report set forth at page 2 of Annex A to
this Form 11-K in Registration Statement No. 33-65185 on Form S-8.
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
THE PLAN ADMINISTRATOR HAS DULY CAUSED THIS ANNUAL REPORT TO BE SIGNED BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
THE GOODYEAR TIRE & RUBBER COMPANY
(AS THE ISSUER) AND CELERON CORPORATION,
PLAN ADMINISTRATOR OF THE CELERON
CORPORATION EMPLOYEE SAVINGS PLAN
Dated: June 25, 1998 By: /s/ Richard W Hauman
--------------------------------------------
Richard W Hauman,
Vice President and Treasurer
of
The Goodyear Tire & Rubber Company
and
Assistant Treasurer and Assistant Comptroller
of
Celeron Corporation
1
<PAGE> 3
ANNEX A
TO
FORM 11-K
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
* * * * *
FINANCIAL STATEMENTS
DECEMBER 31, 1997
<PAGE> 4
[PRICE WATERHOUSE LOGO]
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
<PAGE> 5
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Report of Independent Accountants 2
Financial Statements:
Statement of Net Assets Available for Plan Benefits, with
Fund Information at December 31, 1997 and 1996
3-4
Statement of Changes in Net Assets Available for Plan
Benefits, with Fund Information for the Years Ended
December 31, 1997 and 1996 3-4
Notes to Financial Statements 5-15
</TABLE>
Note: Certain schedules required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974 have been omitted because of
the absence of the conditions under which they are required.
<PAGE> 6
PRICE WATERHOUSE [PRICE WATERHOUSE LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
June 15, 1998
To the Plan Administrator and Participants
of the Celeron Corporation Employee Savings
Plan (sponsored by Celeron Corporation)
In our opinion, the accompanying statement 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
benefits of the Celeron Corporation Employee Savings Plan (sponsored by Celeron
Corporation) at December 31, 1997 and 1996, and the changes in net assets
available for plan benefits for the years then ended, in conformity with
generally accepted accounting principles. 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 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 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 Fund
Information has been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Price Waterhouse LLP
<PAGE> 7
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) December 31, 1997
-------------------------------------------------------------------------------
Fund Information
-----------------------------------------------------------------
Conservative Moderate Aggressive S&P 500
Stable Asset Asset Asset Equity
Value Allocation Allocation Allocation Index
Total Fund Fund Fund Fund Fund
----- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Plan's Interest in Master Trust
Representing Total Assets
Available for Plan Benefits $10,762 $ 1,778 $ 33 $ 201 $ 74 $ 4,220
======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
December 31, 1997
-------------------------------------------------------------------------
Fund Information
-------------------------------------------------------------------------
Large Small International
Capitalization Capitalization Stock Company
Equity Equity Equity Stock Loan
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Plan's Interest in Master Trust
Representing Total Assets
Available for Plan Benefits $ 195 $ 413 $ 134 $ 3,150 $ 564
======= ======= ======= ======= =======
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) For the Year Ended December 31, 1997
---------------------------------------------------------------------------------------
Fund Information
------------------------------------------------------------------------
Conservative Moderate Aggressive S&P 500
Stable Asset Asset Asset Equity
Value Allocation Allocation Allocation Index
Total Fund Fund Fund Fund Fund
----- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ 151 $ -- $ -- $ -- $ -- $ --
Employee 548 130 11 29 17 285
-------- -------- -------- -------- -------- --------
699 130 11 29 17 285
Investment Income from Plan's
Interest in Master Trust 1,939 117 3 36 8 998
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 296 136 -- 4 2 72
Administrative Expenses 4 1 -- -- -- 3
-------- -------- -------- -------- -------- --------
300 137 -- 4 2 75
Transfers:
Transfers Between Plans -- -- -- -- -- --
Transfers Between Funds -- (184) (1) 8 13 180
Loan Transfers To or From Plan -- -- -- -- -- --
Loans to Participants -- (88) (2) (18) (8) (159)
Loan Repayments:
Principal -- 61 8 14 11 159
Interest -- 12 2 2 2 28
-------- -------- -------- -------- -------- --------
-- (199) 7 6 18 208
-------- -------- -------- -------- -------- --------
Increase in Assets During the Year 2,338 (89) 21 67 41 1,416
Net Assets at Beginning of Year 8,424 1,867 12 134 33 2,804
-------- -------- -------- -------- -------- --------
Net Assets at End of Year $ 10,762 $ 1,778 $ 33 $ 201 $ 74 $ 4,220
======== ======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1997
--------------------------------------------------------------------------------
Fund Information
--------------------------------------------------------------------------------
Large Small International
Capitalization Capitalization Stock Company
Equity Equity Equity Stock Loan
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ -- $ -- $ -- $ 151 $ --
Employee 17 46 13 -- --
-------- -------- -------- -------- --------
17 46 13 151 --
Investment Income from Plan's
Interest in Master Trust 23 37 5 659 53
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries -- -- -- 82 --
Administrative Expenses -- -- -- -- --
-------- -------- -------- -------- --------
-- -- -- 82 --
Transfers:
Transfers Between Plans -- -- -- -- --
Transfers Between Funds 35 66 29 (146) --
Loan Transfers To or From Plan -- -- -- -- --
Loans to Participants (6) (22) (2) -- 305
Loan Repayments:
Principal 16 22 4 -- (295)
Interest 1 5 1 -- (53)
-------- -------- -------- -------- --------
46 71 32 (146) (43)
-------- -------- -------- -------- --------
Increase in Assets During the Year 86 154 50 582 10
Net Assets at Beginning of Year 109 259 84 2,568 554
-------- -------- -------- -------- --------
Net Assets at End of Year $ 195 $ 413 $ 134 $ 3,150 $ 564
======== ======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
-3-
<PAGE> 8
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) December 31, 1996
---------------------------------------------------------------------------------------
Fund Information
----------------------------------------------------------------------
Conservative Moderate Aggressive S&P 500
Stable Asset Asset Asset Equity
Value Allocation Allocation Allocation Index
Total Fund Fund Fund Fund Fund
----- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Plan's Interest in Master Trust
Representing Total Assets
Available for Plan Benefits $8,424 $1,867 $ 12 $ 134 $ 33 $2,804
====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
December 31, 1996
------------------------------------------------------------------------------
Fund Information
------------------------------------------------------------------------------
Large Small International
Capitalization Capitalization Stock Company
Equity Equity Equity Stock Loan
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Plan's Interest in Master Trust
Representing Total Assets
Available for Plan Benefits $ 109 $ 259 $ 84 $2,568 $ 554
====== ====== ====== ====== ======
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
- -------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) For the Year Ended December 31, 1996
---------------------------------------------------------------------------------------
Fund Information
-----------------------------------------------------------------------
Conservative Moderate Aggressive S&P 500
Stable Asset Asset Asset Equity
Value Allocation Allocation Allocation Index
Total Fund Fund Fund Fund Fund
----- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ 143 $ -- $ -- $ -- $ -- $ --
Employee 451 138 6 20 13 227
------- ------- ------- ------- ------- -------
594 138 6 20 13 227
Investment Income from Plan's
Interest in Master Trust 1,055 107 1 10 4 492
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 352 107 -- -- -- 92
Administrative Expenses 7 3 -- -- -- 3
------- ------- ------- ------- ------- -------
359 110 -- -- -- 95
Transfers:
Transfers Between Plans 2 -- -- -- -- --
Transfers Between Funds (1) (197) 47 16 (211)
Loan Transfers To or From Plan -- -- -- -- -- --
Loans to Participants 1 (137) (1) (8) (6) (202)
Loan Repayments: -- -- -- -- -- --
Principal (1) 55 4 6 5 119
Interest 1 15 2 2 1 23
------- ------- ------- ------- ------- -------
2 (264) 5 47 16 (271)
------- ------- ------- ------- ------- -------
Increase in Assets During the Year 1,292 (129) 12 77 33 353
Net Assets at Beginning of Year 7,132 1,996 -- 57 -- 2,451
------- ------- ------- ------- ------- -------
Net Assets at End of Year $ 8,424 $ 1,867 $ 12 $ 134 $ 33 $ 2,804
======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1996
------------------------------------------------------------------------------
Fund Information
------------------------------------------------------------------------------
Large Small International
Capitalization Capitalization Stock Company
Equity Equity Equity Stock Loan
Fund Fund Fund Fund Fund
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ -- $ -- $ -- $ 143 $ --
Employee 12 30 5 -- --
------- ------- ------- ------- -------
12 30 5 143 --
Investment Income from Plan's
Interest in Master Trust 10 27 6 355 43
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 16 -- -- 137 --
Administrative Expenses -- -- -- 1 --
------- ------- ------- ------- -------
16 -- -- 138 --
Transfers:
Transfers Between Plans -- -- -- 2 --
Transfers Between Funds 109 212 69 (46) --
Loan Transfers To or From Plan -- -- -- -- --
Loans to Participants (10) (26) -- -- 391
Loan Repayments: -- -- -- -- --
Principal 3 13 3 -- (209)
Interest 1 3 1 -- (47)
------- ------- ------- ------- -------
103 202 73 (44) 135
------- ------- ------- ------- -------
Increase in Assets During the Year 109 259 84 316 178
Net Assets at Beginning of Year -- -- -- 2,252 376
------- ------- ------- ------- -------
Net Assets at End of Year $ 109 $ 259 $ 84 $ 2,568 $ 554
======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these statements.
-4-
<PAGE> 9
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
BASIS OF ACCOUNTING
The accounts of the Celeron Corporation Employee Savings Plan (the "Plan")
are maintained on the accrual basis of accounting and in accordance with
The Northern Trust Company (the "Trustee") Trust Agreement, effective as of
November 1, 1995.
TRUST ASSETS
Savings plans sponsored by The Goodyear Tire & Rubber Company and certain
subsidiaries (the "Company") maintain their assets in a master trust
administered by the Trustee. At December 31, 1997 and 1996 the Company
sponsored six savings plans. The Plan's undivided interest in the trust is
presented in the accompanying financial statements in accordance with the
allocation made by the Trustee. At December 31, 1997 and 1996, the Plan's
undivided interest in the master trust was 0.5%.
ASSET VALUATION
The majority of the assets of the Plan are valued at the current market
value. Investments in the Company Stock Fund are valued at the last
reported sales price on the last business day of the month. If no sales
were reported on that date, the shares are valued at the last bid price.
Investments held in the Stable Value Fund are invested in various
instruments that have a rate of return, and are reported at contract value.
Investments in the Conservative Asset Allocation Fund, Moderate Asset
Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock
Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization
Stock Equity Fund, and the International Stock Equity Fund are valued based
on units of participation in commingled funds and mutual funds as reported
by the fund manager, which approximates fair market value. The allocation
of assets, interest and dividend income, and realized and unrealized
appreciation and depreciation is made based upon contributions received and
benefits paid by each participating plan on a monthly basis.
INCOME RECOGNITION
Employer and employee contributions are recognized in Plan equity on the
accrual basis of accounting.
-5-
<PAGE> 10
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
Dividend income is recorded on the ex-dividend date.
Interest income is recorded as earned.
Appreciation or depreciation on Company common stock distributed to
participants is the difference between the weighted average cost and the
current market value at the time of distribution.
CONCENTRATION OF CREDIT RISK
The Stable Value Fund of the Plan invests part of the fund in investment
contracts of financial institutions with strong credit ratings and has
established guidelines relative to diversification and maturities that
maintain safety and liquidity.
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 amounts reported in the basic financial
statements and related notes to financial statements. Changes in such
estimates may affect amounts reported in future years.
2. GENERAL DESCRIPTION AND OPERATION OF THE PLAN:
INCEPTION
The Plan is a defined contribution plan which became effective April l,
1985.
ELIGIBILITY
All employees, including officers, of the Celeron Corporation are eligible
to participate in the Plan after completing up to one year of continuous
service depending upon hire date. At the end of the 1997 Plan year,
approximately 135 employees (132 in 1996) of the Company were eligible with
approximately 111 employees (112 in 1996) participating in the Plan.
VESTING
Employee contributions are fully vested. Employer matching contributions
become vested after the participant has completed four years of continuous
service with the Company.
-6-
<PAGE> 11
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
CONTRIBUTIONS
Eligible employees may elect to contribute any whole percent from 1% to 16%
of earnings including wages, bonuses, commissions, overtime and vacation
pay into the Plan. Participating employees may elect to have their
contributions invested in the Stable Value Fund, Conservative Asset
Allocation Fund, Moderate Asset Allocation Fund, Aggressive Asset
Allocation Fund, S&P 500 Index Stock Equity Fund, Small Capitalization
Stock Equity Fund, Large Capitalization Stock Equity Fund, the
International Stock Equity Fund, or in any combination of these eight funds
in multiples of 1%. The Company calculates and deducts employee
contributions from gross earnings each pay period based on the percent
elected by the employee. Employees may change their contribution percent
any time up to the 15th day of the month for changes to be effective on the
first day of the following month. Employees may transfer amounts
attributable to employee contributions from one fund to the other on a
daily. The minimum amount to be transferred is $100. Eligible employees may
enroll in the Plan effective on the 1st day of the month by enrolling by
the 15th day of the prior month. Employees may suspend their contributions
at any time effective immediately.
Employees who are 52 years of age or older are able to transfer employer
contributions from the Company Stock Fund into the plan's other investment
funds.
The Plan has been established under section 401 of the Internal Revenue
Code. Therefore, employee and employer contributions to the Plan are not
subject to federal withholding tax, but are taxable when they are withdrawn
from the Plan.
The Board of Directors of the Company determines the matching percent used
as the employer contribution for each Plan year. The Company matching
contributions are limited to the first 6% of employee contributions at the
rate of 50% and employee contributions are limited to $9,500 in both 1997
and 1996.
INVESTMENTS
The Trustee of the Plan maintains the following ten funds under the Plan:
- Stable Value Fund - Employee contributions are invested in various
investment contracts which provide for rates of return for particular
periods of time.
-7-
<PAGE> 12
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
- Conservative Asset Allocation Fund - Employee contributions are
invested in a commingled fund containing a portfolio of U.S. common
stocks and bonds which provide an investment return similar to a
portfolio invested 40% in the Russell 3000 Equity Index plus reinvested
dividends and 60% in bonds which compose the Lehman Aggregate Long-Term
Bond Index.
- Moderate Asset Allocation Fund - Employee contributions are invested in
a commingled fund containing a portfolio of U.S. common stocks and
bonds which provide an investment return similar to a portfolio
invested 60% in the Russell 3000 Equity Index plus reinvested dividends
and 40% in bonds which compose the Lehman Aggregate Long-Term Bond
Index.
- Aggressive Asset Allocation Fund - Employee contributions are invested
in a commingled fund containing a portfolio of U.S. common stocks,
international stocks, and bonds which provide an investment return
similar to a portfolio invested 65% in the Russell 3000 Equity Index
plus reinvested dividends, 15% in the MSCI EAFE Index, and 20% in bonds
which compose the Lehman Aggregate Long-Term Bond Index.
- S&P 500 Index Stock Equity Fund - Employee contributions are invested
in a commingled fund consisting of a portfolio of common stocks which
provide a return similar to the Standard and Poor's Composite Index of
500 stocks plus reinvested dividends.
- Large Capitalization Stock Equity Fund - Employee contributions are
invested in a commingled fund containing a portfolio of common stocks
of medium and large companies that are expected to provide
better-than-average prospects for appreciation.
- Small Capitalization Stock Equity Fund - Employee contributions are
invested in a commingled fund containing a portfolio of common stocks
of small companies that are expected to provide long-term capital
growth.
- International Stock Equity Fund - Employee contributions are invested
in a commingled fund containing a portfolio of common stocks and debt
obligations of companies and governments located outside of the United
States that are expected to provide long-term capital growth.
-8-
<PAGE> 13
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
- Loan Investment Fund - Employee contributions are transferred from
other funds into the Loan Investment Fund, and then loaned to the
participant. The interest rate on the loan is prime plus 1% as
determined by the Trustee.
- Company Stock Fund - Employer contributions are invested in Goodyear
common stock except for short-term investments needed for Plan
operations. During 1997, the price per share of Goodyear common stock
on The New York Stock Exchange Composite Transactions ranged from
$49.25 to $71.25 ($41.50 to $53.00 during 1996). The closing price per
share was $63.63 at December 31, 1997 ($51.38 at December 31, 1996).
PARTICIPANT ACCOUNTS
A Stable Value Fund, Conservative Asset Allocation Fund, Moderate Asset
Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock
Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization
Stock Equity Fund, the International Stock Equity Fund, Loan Investment
Fund, and Company Stock Fund have been established for each participant in
the Plan. All accounts are valued daily by the Trustee.
Interest is automatically reinvested in each participant's respective
accounts. Price fluctuations and dividends in common stock of the Company
and companies in the Conservative Asset Allocation Fund, Moderate Asset
Allocation Fund, Aggressive Asset Allocation Fund, S&P 500 Index Stock
Equity Fund, Small Capitalization Stock Equity Fund, Large Capitalization
Stock Equity Fund, the International Stock Equity Fund, and the Company
Stock Fund are reflected in the unit value of the fund which effects the
value of the participant's accounts.
PLAN WITHDRAWALS AND DISTRIBUTIONS
Participants may withdraw vested amounts from their accounts if they:
- Attain the age of 59-1/2, or
- Qualify for a serious financial hardship.
The Internal Revenue Service (IRS) issued guidelines governing financial
hardship. Under the IRS guidelines, withdrawals are permitted for severe
financial hardship for the following reasons:
-9-
<PAGE> 14
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
- Unreimbursed medical expense of participant, spouse, or dependent.
- Post-secondary education of participant, spouse, or dependent.
- Prevention of eviction from primary residence or the foreclosure on the
mortgage of the primary residence of participant.
- Personal liability for expenses arising out of the death of a member of
participant's family.
- Purchase of a primary residence of participant.
Contributions to the Plan are suspended for 12 months subsequent to a
financial hardship withdrawal.
Participant vested amounts are payable upon retirement, death or other
termination of employment.
All withdrawals and distributions are valued as of the end of the month
they are processed, and are subject to federal income tax upon receipt. Any
non-vested Company contributions are forfeited and applied to reduce future
contributions by the Company. During 1997 and 1996, the Plan had forfeiture
credits in the amounts of $13,062 and $9,613, respectively.
LOAN INVESTMENT FUND
Eligible employees may borrow money from their participant accounts. The
minimum amount to be borrowed is $1,000. The maximum amount to be borrowed
is the lesser of $50,000 reduced by the highest outstanding balance of any
loan during the preceding twelve month period, or 50% of the participant's
vested account balance. Effective February 1, 1996, the maximum number of
loans that a participant may have outstanding was increased from one to
two. The interest rate charged will be a fixed rate which will be
established at the time of the loan application. The interest rate at the
beginning of 1997 was 9.25%, but was changed to 9.50% at the end of March.
The interest rate during 1996 was 9.25%.
Loan repayments, with interest, are made through payroll deductions. If a
loan is not repaid when due, the loan balance will be treated as a taxable
distribution from the Plan.
EXPENSES
Expenses of administering the Plan were paid partly by the Company and
partly by the Trust. The payment of Trustee's fees and brokerage
commissions associated with the Company Stock Fund are paid by the Company.
Expenses related to the asset management of the Investment Funds are paid
from such Funds which reduces the investment return reported and credited
to participant accounts.
-10-
<PAGE> 15
CELERON CORPORATION
EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
TERMINATION PROVISIONS
The Company anticipates and believes that the Plan will continue, but
reserves the right to discontinue the Plan. In the event of termination,
the obligation of the Company to make further contributions ceases. All
participants' accounts would then be fully vested with respect to Company
contributions.
3. RELATED PARTY TRANSACTIONS:
The Trustee serves as the fund manager of the S&P 500 Equity Index Fund.
The Company Stock Fund is designed primarily for investment in common stock
of the Company.
4. TAX STATUS OF PLAN:
The IRS has advised on August 15, 1995 that the Plan is qualified in
accordance with the appropriate sections of the Internal Revenue Code, and
the trust established with the Plan constitutes a qualified trust and is
therefore exempt from federal income taxes. The plan administrator does not
anticipate that changes in the Plan or other events occurring after the
receipt of the IRS ruling will affect the qualification of the Plan or the
tax exempt status of the Trust.
5. SUBSEQUENT EVENT
On March 21, 1998, the Company reached an agreement to sell substantially
all of the assets and liabilities of its oil transportation business
segment, which includes Celeron Corporation, to Plains All American Inc., a
subsidiary of Plains Resources Inc. The sale is expected to be completed by
July 1998. As a result of the sale, there will no longer be any active
participants in the Plan.
6. FINANCIAL DATA OF THE MASTER TRUST: (SEE PAGES 12 - 15)
-11-
<PAGE> 16
THE GOODYEAR TIRE & RUBBER COMPANY
MASTER TRUST
STATEMENT OF NET ASSETS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) December 31, 1997
-----------------------------------------------------------------------
Fund Information
--------------------------------------------------------
Conservative Moderate Aggressive
Stable Asset Asset Asset
Value Allocation Allocation Allocation
Total Fund Fund Fund Fund
----- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Assets:
Investments at Fair Market Value:
State Street Income and Growth Fund,
Cost $14,517 - 1,289,423 Units $ 16,463 $ -- $ 16,463 $ -- $ --
State Street Moderate Asset Allocation
Fund, Cost $41,282 - 3,675,050 Units 53,127 -- -- 53,127 --
State Street Life Solutions Growth A,
Cost $15,514 - 1,179,187 Units 18,931 -- -- -- 18,931
Collective Daily Stock Index Fund, Cost
$306,918 - 19,116,281 Units 451,335 -- -- -- --
Twentieth Century Investors Income
Ultra Fund, Cost $45,978 - 1,555,172 Units 42,456 -- -- -- --
Franklin Strategic Series Small Cap
Growth Fund, Cost $58,150 - 2,732,539 Units 62,657 -- -- -- --
Templeton Foreign Fund, Cost
$26,699 - 2,573,654 Units 25,608 -- -- -- --
Common Stock of The Goodyear Tire & Rubber
Company, Cost $207,812 - 8,275,576 Shares 526,534 -- -- -- --
Short-Term Investments 24,286 12,310 -- -- --
Promissory Notes 85,517 -- -- -- --
---------- ---------- ---------- ---------- ----------
1,306,914 12,310 16,463 53,127 18,931
---------- ---------- ---------- ---------- ----------
Investments at Contract Value:
Guaranteed Investment Contracts 656,767 656,767 -- -- --
---------- ---------- ---------- ---------- ----------
Receivables:
Employee Contributions -- -- -- -- --
Employer Contributions 12 -- -- -- --
Transfers -- 723 128 5 (1)
Accrued Interest and Dividends 1,886 1,160 3 11 4
Pending Security Sales -- -- -- -- --
---------- ---------- ---------- ---------- ----------
1,898 1,883 131 16 3
---------- ---------- ---------- ---------- ----------
Total Assets 1,965,579 670,960 16,594 53,143 18,934
---------- ---------- ---------- ---------- ----------
Liabilities:
Administrative Expenses Payable 113 72 -- -- --
Distributions Payable -- -- -- -- --
Forfeiture Credits -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total Liabilities 113 72 -- -- --
---------- ---------- ---------- ---------- ----------
Net Assets $1,965,466 $ 670,888 $ 16,594 $ 53,143 $ 18,934
========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1997
-------------------------------------------------------------------
Fund Information
-------------------------------------------------------------------
S&P 500 Large Small International
Equity Capitalization Capitalization Stock
Index Equity Equity Equity
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
Assets:
Investments at Fair Market Value:
State Street Income and Growth Fund,
Cost $14,517 - 1,289,423 Units $ -- $ -- $ -- $ --
State Street Moderate Asset Allocation
Fund, Cost $41,282 - 3,675,050 Units -- -- -- --
State Street Life Solutions Growth A,
Cost $15,514 - 1,179,187 Units -- -- -- --
Collective Daily Stock Index Fund, Cost
$306,918 - 19,116,281 Units 451,335 -- -- --
Twentieth Century Investors Income
Ultra Fund, Cost $45,978 - 1,555,172 Units -- 42,456 -- --
Franklin Strategic Series Small Cap
Growth Fund, Cost $58,150 - 2,732,539 Units -- -- 62,657 --
Templeton Foreign Fund, Cost
$26,699 - 2,573,654 Units -- -- -- 25,608
Common Stock of The Goodyear Tire & Rubber
Company, Cost $207,812 - 8,275,576 Shares -- -- -- --
Short-Term Investments -- -- -- --
Promissory Notes -- -- -- --
---------- ---------- ---------- ----------
451,335 42,456 62,657 25,608
---------- ---------- ---------- ----------
Investments at Contract Value:
Guaranteed Investment Contracts -- -- -- --
---------- ---------- ---------- ----------
Receivables:
Employee Contributions -- -- -- --
Employer Contributions -- -- -- --
Transfers (1,081) 82 97 (260)
Accrued Interest and Dividends 535 9 12 (6)
Pending Security Sales -- -- -- --
---------- ---------- ---------- ----------
(546) 91 109 (266)
---------- ---------- ---------- ----------
Total Assets 450,789 42,547 62,766 25,342
---------- ---------- ---------- ----------
Liabilities:
Administrative Expenses Payable 41 -- -- --
Distributions Payable -- -- -- --
Forfeiture Credits -- -- -- --
---------- ---------- ---------- ----------
Total Liabilities 41 -- -- --
---------- ---------- ---------- ----------
Net Assets $ 450,748 $ 42,547 $ 62,766 $ 25,342
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1997
------------------------
Fund Information
------------------------
Company
Stock Loan
Fund Fund
---- ----
<S> <C> <C>
Assets:
Investments at Fair Market Value:
State Street Income and Growth Fund,
Cost $14,517 - 1,289,423 Units $ -- $ --
State Street Moderate Asset Allocation
Fund, Cost $41,282 - 3,675,050 Units -- --
State Street Life Solutions Growth A,
Cost $15,514 - 1,179,187 Units -- --
Collective Daily Stock Index Fund, Cost
$306,918 - 19,116,281 Units -- --
Twentieth Century Investors Income
Ultra Fund, Cost $45,978 - 1,555,172 Units -- --
Franklin Strategic Series Small Cap
Growth Fund, Cost $58,150 - 2,732,539 Units -- --
Templeton Foreign Fund, Cost
$26,699 - 2,573,654 Units -- --
Common Stock of The Goodyear Tire & Rubber
Company, Cost $207,812 - 8,275,576 Shares 526,534 --
Short-Term Investments 11,976 --
Promissory Notes -- 85,517
---------- ----------
538,510 85,517
---------- ----------
Investments at Contract Value:
Guaranteed Investment Contracts -- --
---------- ----------
Receivables:
Employee Contributions -- --
Employer Contributions 12 --
Transfers (18) 325
Accrued Interest and Dividends 168 (10)
Pending Security Sales -- --
---------- ----------
162 315
---------- ----------
Total Assets 538,672 85,832
---------- ----------
Liabilities:
Administrative Expenses Payable -- --
Distributions Payable -- --
Forfeiture Credits -- --
---------- ----------
Total Liabilities -- --
---------- ----------
Net Assets $ 538,672 $ 85,832
========== ==========
</TABLE>
-12-
<PAGE> 17
THE GOODYEAR TIRE & RUBBER COMPANY
MASTER TRUST
STATEMENT OF NET ASSETS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) December 31, 1996
--------------------------------------------------------------
Fund Information
---------------------------------------------
Conservative Moderate
Stable Asset Asset
Value Allocation Allocation
Total Fund Fund Fund
----- ---- ---- ----
<S> <C> <C> <C> <C>
Assets:
Investments at Fair Market Value:
State Street Income and Growth Fund,
Cost $6,870 - 675,788 Units $ 7,363 $ -- $ 7,363 $ --
State Street Moderate Asset Allocation
Fund, Cost $30,809 - 2,951,057 Units 35,076 -- -- 35,076
State Street Life Solutions Growth A,
Cost $11,639 - 949,240 Units 12,772 -- -- --
Collective Daily Stock Index Fund, Cost
$231,718 - 16,369,098 Units 290,060 -- -- --
Twentieth Century Investors Income
Ultra Fund, Cost $25,304 - 909,122 Units 25,537 -- -- --
Franklin Strategic Series Small Cap
Growth Fund, Cost $42,224 - 2,188,282 Units 45,341 -- -- --
Templeton Foreign Fund, Cost
$15,889 - 1,639,127 Units 16,981 -- -- --
Common Stock of The Goodyear Tire & Rubber
Company, Cost $206,299 - 8,448,371 Shares 434,035 -- -- --
Short-Term Investments 29,439 22,775 -- --
Promissory Notes 80,906 -- -- --
---------- ---------- ---------- ----------
977,510 22,775 7,363 35,076
---------- ---------- ---------- ----------
Investments at Contract Value:
Guaranteed Investment Contracts 644,122 644,122 -- --
---------- ---------- ---------- ----------
Receivables:
Employee Contributions 28 16 -- 1
Employer Contributions 70 (13) -- --
Transfers -- 117 -- (61)
Accrued Interest and Dividends 2,555 1,065 11 53
Pending Security Sales 2,481 -- -- --
---------- ---------- ---------- ----------
5,134 1,185 11 (7)
---------- ---------- ---------- ----------
Total Assets 1,626,766 668,082 7,374 35,069
---------- ---------- ---------- ----------
Liabilities:
Administrative Expenses Payable 899 452 -- --
Distributions Payable 504 232 2 11
Forfeiture Credits -- -- -- --
---------- ---------- ---------- ----------
Total Liabilities 1,403 684 2 11
---------- ---------- ---------- ----------
Net Assets $1,625,363 $ 667,398 $ 7,372 $ 35,058
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1996
---------------------------------------------------------------------
Fund Information
---------------------------------------------------------------------
Aggressive S&P 500 Large Small
Asset Equity Capitalization Capitalization
Allocation Index Equity Equity
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
Assets:
Investments at Fair Market Value:
State Street Income and Growth Fund,
Cost $6,870 - 675,788 Units $ -- $ -- $ -- $ --
State Street Moderate Asset Allocation
Fund, Cost $30,809 - 2,951,057 Units -- -- -- --
State Street Life Solutions Growth A,
Cost $11,639 - 949,240 Units 12,772 -- -- --
Collective Daily Stock Index Fund, Cost
$231,718 - 16,369,098 Units -- 290,060 -- --
Twentieth Century Investors Income
Ultra Fund, Cost $25,304 - 909,122 Units -- -- 25,537 --
Franklin Strategic Series Small Cap
Growth Fund, Cost $42,224 - 2,188,282 Units -- -- -- 45,341
Templeton Foreign Fund, Cost
$15,889 - 1,639,127 Units -- -- -- --
Common Stock of The Goodyear Tire & Rubber
Company, Cost $206,299 - 8,448,371 Shares -- -- -- --
Short-Term Investments -- -- -- --
Promissory Notes -- -- -- --
---------- ---------- ---------- ----------
12,772 290,060 25,537 45,341
---------- ---------- ---------- ----------
Investments at Contract Value:
Guaranteed Investment Contracts -- -- -- --
---------- ---------- ---------- ----------
Receivables:
Employee Contributions -- 10 -- 1
Employer Contributions -- -- -- --
Transfers (42) (328) 42 317
Accrued Interest and Dividends 20 440 39 69
Pending Security Sales -- -- -- --
---------- ---------- ---------- ----------
(22) 122 81 387
---------- ---------- ---------- ----------
Total Assets 12,750 290,182 25,618 45,728
---------- ---------- ---------- ----------
Liabilities:
Administrative Expenses Payable -- 192 -- --
Distributions Payable 4 90 8 14
Forfeiture Credits -- -- -- --
---------- ---------- ---------- ----------
Total Liabilities 4 282 8 14
---------- ---------- ---------- ----------
Net Assets $ 12,746 $ 289,900 $ 25,610 $ 45,714
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
December 31, 1996
-----------------------------------------------
Fund Information
-----------------------------------------------
International
Stock Company
Equity Stock Loan
Fund Fund Fund
---- ---- ----
<S> <C> <C> <C>
Assets:
Investments at Fair Market Value:
State Street Income and Growth Fund,
Cost $6,870 - 675,788 Units $ -- $ -- $ --
State Street Moderate Asset Allocation
Fund, Cost $30,809 - 2,951,057 Units -- -- --
State Street Life Solutions Growth A,
Cost $11,639 - 949,240 Units -- -- --
Collective Daily Stock Index Fund, Cost
$231,718 - 16,369,098 Units -- -- --
Twentieth Century Investors Income
Ultra Fund, Cost $25,304 - 909,122 Units -- -- --
Franklin Strategic Series Small Cap
Growth Fund, Cost $42,224 - 2,188,282 Units -- -- --
Templeton Foreign Fund, Cost
$15,889 - 1,639,127 Units 16,981 -- --
Common Stock of The Goodyear Tire & Rubber
Company, Cost $206,299 - 8,448,371 Shares -- 434,035 --
Short-Term Investments -- 6,664 --
Promissory Notes -- -- 80,906
---------- ---------- ----------
16,981 440,699 80,906
---------- ---------- ----------
Investments at Contract Value:
Guaranteed Investment Contracts -- -- --
---------- ---------- ----------
Receivables:
Employee Contributions -- -- --
Employer Contributions -- 83 --
Transfers 33 (222) 144
Accrued Interest and Dividends 26 708 124
Pending Security Sales -- 2,481 --
---------- ---------- ----------
59 3,050 268
---------- ---------- ----------
Total Assets 17,040 443,749 81,174
---------- ---------- ----------
Liabilities:
Administrative Expenses Payable -- 255 --
Distributions Payable 5 138 --
Forfeiture Credits -- -- --
---------- ---------- ----------
Total Liabilities 5 393 --
---------- ---------- ----------
Net Assets $ 17,035 $ 443,356 $ 81,174
========== ========== ==========
</TABLE>
-13-
<PAGE> 18
THE GOODYEAR TIRE & RUBBER COMPANY
MASTER TRUST
STATEMENT OF CHANGES IN NET ASSETS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) For the Year Ended December 31, 1997
-----------------------------------------------------------------------
Fund Information
--------------------------------------------------
Conservative Moderate
Stable Asset Asset
Value Allocation Allocation
Total Fund Fund Fund
----- ---- ---- ----
<S> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ 38,672 $ 350 $ -- $ --
Employee 117,000 61,243 1,027 5,376
----------- ----------- ----------- -----------
155,672 61,593 1,027 5,376
Interest and Dividend Income 71,550 42,776 (9) (47)
Net Appreciation (Depreciation)
in Fair Market Value of Assets 217,853 -- 1,776 8,390
----------- ----------- ----------- -----------
289,403 42,776 1,767 8,343
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 104,377 55,553 624 2,118
Administrative Expenses 595 410 -- --
----------- ----------- ----------- -----------
104,972 55,963 624 2,118
Transfers:
Transfers Between Plans -- -- -- --
Transfers Between Funds -- (48,549) 6,977 6,446
Loan Transfers To or From Plan -- -- -- --
Loans to Participants -- (25,459) (212) (1,264)
Loan Repayments:
Principal -- 24,568 244 1,114
Interest -- 4,524 43 188
----------- ----------- ----------- -----------
-- (44,916) 7,052 6,484
----------- ----------- ----------- -----------
Increase (Decrease) in Assets During Year 340,103 3,490 9,222 18,085
Net Assets at Beginning of Year 1,625,363 667,398 7,372 35,058
----------- ----------- ----------- -----------
Net Assets at End of Year $ 1,965,466 $ 670,888 $ 16,594 $ 53,143
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1997
-----------------------------------------------------------------------
Fund Information
-----------------------------------------------------------------------
Aggressive S&P 500 Large Small
Asset Equity Capitalization Capitalization
Allocation Index Equity Equity
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ -- $ -- $ -- $ --
Employee 2,270 34,307 4,097 5,915
----------- ----------- ----------- -----------
2,270 34,307 4,097 5,915
Interest and Dividend Income (17) 13 8,601 2,641
Net Appreciation (Depreciation)
in Fair Market Value of Assets 2,641 101,723 (2,607) 3,719
----------- ----------- ----------- -----------
2,624 101,736 5,994 6,360
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 702 16,633 803 1,686
Administrative Expenses -- 173 -- --
----------- ----------- ----------- -----------
702 16,806 803 1,686
Transfers:
Transfers Between Plans -- -- -- --
Transfers Between Funds 1,813 42,872 7,741 6,469
Loan Transfers To or From Plan -- -- -- --
Loans to Participants (491) (13,612) (1,256) (1,666)
Loan Repayments:
Principal 574 10,384 972 1,391
Interest 100 1,967 192 269
----------- ----------- ----------- -----------
1,996 41,611 7,649 6,463
----------- ----------- ----------- -----------
Increase (Decrease) in Assets During Year 6,188 160,848 16,937 17,052
Net Assets at Beginning of Year 12,746 289,900 25,610 45,714
----------- ----------- ----------- -----------
Net Assets at End of Year $ 18,934 $ 450,748 $ 42,547 $ 62,766
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1997
----------------------------------------------------
Fund Information
----------------------------------------------------
International
Stock Company
Equity Stock Loan
Fund Fund Fund
---- ---- ----
<S> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ -- $ 38,322 $ --
Employee 2,765 -- --
----------- ----------- -----------
2,765 38,322 --
Interest and Dividend Income 762 9,577 7,253
Net Appreciation (Depreciation)
in Fair Market Value of Assets 531 101,680 --
----------- ----------- -----------
1,293 111,257 7,253
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 568 25,690 --
Administrative Expenses -- 12 --
----------- ----------- -----------
568 25,702 --
Transfers:
Transfers Between Plans -- -- --
Transfers Between Funds 4,792 (28,561) --
Loan Transfers To or From Plan -- -- --
Loans to Participants (565) -- 44,525
Loan Repayments:
Principal 501 -- (39,748)
Interest 89 -- (7,372)
----------- ----------- -----------
4,817 (28,561) (2,595)
----------- ----------- -----------
Increase (Decrease) in Assets During Year 8,307 95,316 4,658
Net Assets at Beginning of Year 17,035 443,356 81,174
----------- ----------- -----------
Net Assets at End of Year $ 25,342 $ 538,672 $ 85,832
=========== =========== ===========
</TABLE>
-14-
<PAGE> 19
THE GOODYEAR TIRE & RUBBER COMPANY
MASTER TRUST
STATEMENT OF CHANGES IN NET ASSETS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(Dollars in Thousands) For the Year Ended December 31, 1996
------------------------------------------------------------------------
Fund Information
----------------------------------------------------
Conservative Moderate
Stable Asset Asset
Value Allocation Allocation
Total Fund Fund Fund
----- ---- ---- ----
<S> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ 37,939 $ 306 $ -- $ --
Employee 113,952 68,429 666 4,966
----------- ----------- ----------- -----------
151,891 68,735 666 4,966
Interest and Dividend Income 55,195 38,334 7 32
Net Appreciation (Depreciation)
in Fair Market Value of Assets 117,457 246 516 3,807
----------- ----------- ----------- -----------
172,652 38,580 523 3,839
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 63,857 35,330 171 1,039
Administrative Expenses 1,694 1,077 -- --
----------- ----------- ----------- -----------
65,551 36,407 171 1,039
Transfers:
Transfers Between Plans -- -- -- --
Transfers Between Funds -- (48,299) 6,349 8,568
Loan Transfers To or From Plan -- 1 -- (1)
Loans to Participants -- (45,793) (153) (1,258)
Loan Repayments:
Principal -- 16,441 133 671
Interest -- 3,923 25 140
----------- ----------- ----------- -----------
-- (73,727) 6,354 8,120
----------- ----------- ----------- -----------
Increase (Decrease) in Assets During Year 258,992 (2,819) 7,372 15,886
Net Assets at Beginning of Year 1,366,371 670,217 -- 19,172
----------- ----------- ----------- -----------
Net Assets at End of Year $ 1,625,363 $ 667,398 $ 7,372 $ 35,058
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1996
------------------------------------------------------------------------
Fund Information
------------------------------------------------------------------------
Aggressive S&P 500 Large Small
Asset Equity Capitalization Capitalization
Allocation Index Equity Equity
Fund Fund Fund Fund
---- ---- ---- ----
<S> <C> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ -- $ -- $ -- $ --
Employee 1,628 30,665 2,793 3,231
----------- ----------- ----------- -----------
1,628 30,665 2,793 3,231
Interest and Dividend Income 10 448 25 182
Net Appreciation (Depreciation)
in Fair Market Value of Assets 1,165 49,982 1,726 5,074
----------- ----------- ----------- -----------
1,175 50,430 1,751 5,256
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 289 7,217 284 487
Administrative Expenses -- 389 -- --
----------- ----------- ----------- -----------
289 7,606 284 487
Transfers:
Transfers Between Plans -- -- -- --
Transfers Between Funds 10,270 9,530 21,622 38,117
Loan Transfers To or From Plan -- (1) 1 --
Loans to Participants (413) (15,397) (977) (1,161)
Loan Repayments:
Principal 312 6,001 589 633
Interest 63 1,359 115 125
----------- ----------- ----------- -----------
10,232 1,492 21,350 37,714
----------- ----------- ----------- -----------
Increase (Decrease) in Assets During Year 12,746 74,981 25,610 45,714
Net Assets at Beginning of Year -- 214,919 -- --
----------- ----------- ----------- -----------
Net Assets at End of Year $ 12,746 $ 289,900 $ 25,610 $ 45,714
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended December 31, 1996
-----------------------------------------------------
Fund Information
-----------------------------------------------------
International
Stock Company
Equity Stock Loan
Fund Fund Fund
---- ---- ----
<S> <C> <C> <C>
Increase in Assets:
Contributions:
Employer $ -- $ 37,633 $ --
Employee 1,574 -- --
----------- ----------- -----------
1,574 37,633 --
Interest and Dividend Income 434 9,806 5,917
Net Appreciation (Depreciation)
in Fair Market Value of Assets 1,371 53,570 --
----------- ----------- -----------
1,805 63,376 5,917
Decrease in Assets:
Benefits Paid to Participants
or Their Beneficiaries 230 18,810 --
Administrative Expenses -- 228 --
----------- ----------- -----------
230 19,038 --
Transfers:
Transfers Between Plans -- -- --
Transfers Between Funds 13,943 (60,100) --
Loan Transfers To or From Plan -- -- --
Loans to Participants (350) -- 65,502
Loan Repayments:
Principal 247 -- (25,027)
Interest 46 -- (5,796)
----------- ----------- -----------
13,886 (60,100) 34,679
----------- ----------- -----------
Increase (Decrease) in Assets During Year 17,035 21,871 40,596
Net Assets at Beginning of Year -- 421,485 40,578
----------- ----------- -----------
Net Assets at End of Year $ 17,035 $ 443,356 $ 81,174
=========== =========== ===========
</TABLE>
-15-
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-65185) of The Goodyear Tire & Rubber Company of
our report dated June 15, 1998 appearing at page 2 of Annex A of this Form 11-K.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
Cleveland, Ohio
June 25, 1998
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