<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] Annual report pursuant to Section 15(d) of the Securities Exchange
Act of 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1994
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 33-44284
A. Full title of the plan and address of the plan, if different from
that of the issuer named below:
HONEYWELL INVESTMENT PLUS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
HONEYWELL INC.
Honeywell Plaza
Minneapolis, Minnesota 55408
Included herewith and set forth on pages 2 to 13 hereof are the Honeywell
Investment Plus Plan Financial Statements for the Years Ended December 31, 1994
and 1993 and Supplemental Schedules for the Year Ended December 31, 1994
prepared by the firm of Deloitte & Touche LLP, Independent Auditors.
<PAGE>
INVESTMENT PLUS PLAN OF
HONEYWELL INC.
FINANCIAL STATEMENTS AS OF AND FOR THE
YEARS ENDED DECEMBER 31, 1994 AND 1993
AND INDEPENDENT AUDITORS' REPORT
2
<PAGE>
INVESTMENT PLUS PLAN OF HONEYWELL INC.
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
PAGE
INDEPENDENT AUDITORS' REPORT 4
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits,
December 31, 1994 and 1993 5-6
Statements of Changes in Net Assets Available for
Benefits, Years Ended December 31, 1994 and 1993 7-8
Notes to Financial Statements 9
3
<PAGE>
INDEPENDENT AUDITORS' REPORT
Investment Plus Plan of Honeywell Inc.
We have audited the accompanying financial statements of Investment Plus Plan of
Honeywell, Inc. (the Plan) as of December 31, 1994 and 1993 and for the years
then ended, listed in the foregoing Table of Contents. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the accompanying financial statements present fairly, in all
material respects, the net assets available for benefits as of December 31, 1994
and 1993 and the changes in net assets available for benefits for the years then
ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund is
presented for the purpose of additional analysis of the basic financial
statements rather than to present information regarding the net assets available
for benefits and changes in net assets available for benefits of the individual
funds, and it is not a required part of the basic financial statements. This
supplemental information by fund is the responsibility of the Plan's management.
Such supplemental information by fund has been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, is fairly stated, in all material respects, when considered in relation
to the basic financial statements taken as a whole.
DELOITTE & TOUCHE LLP
Minneapolis, Minnesota
June 9, 1995
4
<PAGE>
INVESTMENT PLUS PLAN OF HONEYWELL INC.
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1994
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------------------------------------------------------------
SHORT-TERM
COMBINED GOVERNMENT BOND BONDS STOCKS S&P
TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment in Master Trusts $ 1,170,337,326 $ 281,666,865 $ 9,894,969 $ 16,761,688 $ 220,377,056 $ 214,386,320
Contributions receivable 6,727,654 365,405 29,755 52,252 407,794 396,169
Other receivables 2,867,108 2,419,025 458 11,535 67,878
--------------- -------------- -------------- -------------- -------------- --------------
Total assets 1,179,932,088 284,451,295 9,925,182 16,825,475 220,852,728 214,782,489
LIABILITIES:
Administration fees
payable 177,782 51,206 3,706 5,908 51,252 50,464
Other payables 2,833,662 2,404,169 16,567 49,016
--------------- -------------- -------------- -------------- -------------- --------------
Total liabilities 3,011,444 2,455,375 3,706 22,475 51,252 99,480
--------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 1,176,920,644 $ 281,995,920 $ 9,921,476 $ 16,803,000 $ 220,801,476 $ 214,683,009
--------------- -------------- -------------- -------------- -------------- --------------
--------------- -------------- -------------- -------------- -------------- --------------
<CAPTION>
VANGUARD
UNITED COLUMBIA WORLD U.S.
FROZEN HONEYWELL INCOME SPECIAL GROWTH
FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND
ASSETS:
Investment in Master Trusts $ 49,498,998 $ 170,189,111 $ 9,693,216 $ 23,928,935 $ 24,564,642 $ 3,761,348
Contributions receivable 23 5,050,137 26,060 73,493 73,885 15,162
Other receivables 368,212
--------------- -------------- -------------- -------------- -------------- --------------
Total assets 49,867,233 175,239,248 9,719,276 24,002,428 24,638,527 3,776,510
LIABILITIES:
Administration fees
payable 15,246
Other payables 363,543 276 36 17 21
--------------- -------------- -------------- -------------- --------------
Total liabilities 378,789 276 36 17 21
--------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 49,488,444 $ 175,238,972 $ 9,719,276 $ 24,002,392 $ 24,638,510 $ 3,776,489
--------------- -------------- -------------- -------------- -------------- --------------
--------------- -------------- -------------- -------------- -------------- --------------
<CAPTION>
T. ROWE T. ROWE T. ROWE
SCUDDER PRICE PRICE PRICE
INTER- INTER- SMALL EQUITY
NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT
FUND FUND FUND FUND FUNDS LOANS
ASSETS:
Investment in Master Trusts $ 16,582,854 $ 45,497,977 $ 10,776,595 $ 15,305,445 $ 32,452,382 $ 24,998,925
Contributions receivable 46,687 120,466 33,843 36,523
Other receivables
--------------- -------------- -------------- -------------- -------------- --------------
Total assets 16,629,541 45,618,443 10,810,438 15,341,968 32,452,382 24,998,925
LIABILITIES:
Administration fees
payable
Other payables 17
--------------
Total liabilities 17
--------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 16,629,541 $ 45,618,443 $ 10,810,438 $ 15,341,951 $ 32,452,382 $ 24,998,925
--------------- -------------- -------------- -------------- -------------- --------------
--------------- -------------- -------------- -------------- -------------- --------------
</TABLE>
See notes to financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PLUS PLAN OF HONEYWELL INC.
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
- ------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION BY FUND
-------------------------------------------------------------------------------
SHORT-TERM
COMBINED GOVERNMENT BOND BONDS STOCKS S&P
TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment in Master Trusts $ 1,128,637,786 $ 192,434,410 $ 12,878,070 $ 18,630,387 $ 239,715,160 $ 227,846,213
Contributions receivable 6,006,352 231,343 22,053 34,485 263,800 240,131
Other receivables 1,646,778 533,508 137,476 63,507 337,074 312,398
---------------- -------------- -------------- -------------- -------------- --------------
Total assets 1,136,290,916 193,199,261 13,037,599 18,728,379 240,316,034 228,398,742
LIABILITIES:
Due to (from) other plans 21,301 14,257 (72) 7,114
Administration fees
payable 575,030 105,631 11,516 18,874 152,047 139,712
Other payables 1,533,988 520,977 137,347 58,207 379,725 388,841
---------------- -------------- -------------- -------------- -------------- --------------
Total liabilities 2,130,319 640,865 148,863 77,081 531,700 535,667
---------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 1,134,160,597 $ 192,558,396 $ 12,888,736 $ 18,651,298 $ 239,784,334 $ 227,863,075
---------------- -------------- -------------- -------------- -------------- --------------
---------------- -------------- -------------- -------------- -------------- --------------
<CAPTION>
VANGUARD
UNITED COLUMBIA WORLD U.S.
FROZEN HONEYWELL INCOME SPECIAL GROWTH
FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND
ASSETS:
Investment in Master Trusts $ 115,211,853 $ 154,782,987 $ 5,146,067 $ 19,880,522 $ 16,231,430 $ 1,531,177
Contributions receivable 5,071,661 6,953 33,750 34,807 3,018
Other receivables 260,128 20 308
--------------- -------------- -------------- -------------- -------------- --------------
Total assets 115,471,981 159,854,648 5,153,040 19,914,272 16,266,237 1,534,503
LIABILITIES:
Due to (from) other plans 2
Administration fees
payable 63,431 50,668 1,977 7,109 6,149 561
Other payables 45,346 1,177 1,433 555
--------------- -------------- -------------- -------------- -------------- --------------
Total liabilities 108,779 51,845 1,977 8,542 6,704 561
--------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 115,363,202 $ 159,802,803 $ 5,151,063 $ 19,905,730 $ 16,259,533 $ 1,533,942
--------------- -------------- -------------- -------------- -------------- --------------
--------------- -------------- -------------- -------------- -------------- --------------
<CAPTION>
T. ROWE T. ROWE T. ROWE
SCUDDER PRICE PRICE PRICE
INTER- INTER- SMALL EQUITY
NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT
FUND FUND FUND FUND FUNDS LOANS
ASSETS:
Investment in Master Trusts $ 10,150,820 $ 24,033,824 $ 4,008,266 $ 7,725,660 $ 55,515,255 $ 22,915,685
Contributions receivable 16,247 30,883 6,331 10,890
Other receivables 29 2,125 205
-------------- -------------- -------------- -------------- -------------- --------------
Total assets 10,167,096 24,064,707 4,016,722 7,736,755 55,515,255 22,915,685
LIABILITIES:
Due to (from) other plans
Administration fees
payable 3,873 9,030 1,587 2,865
Other payables 121 259
-------------- -------------- -------------- --------------
Total liabilities 3,873 9,151 1,846 2,865
-------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 10,163,223 $ 24,055,556 $ 4,014,876 $ 7,733,890 $ 55,515,255 $ 22,915,685
-------------- -------------- -------------- -------------- -------------- --------------
-------------- -------------- -------------- -------------- -------------- --------------
</TABLE>
See notes to financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PLUS PLAN OF HONEYWELL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1994
- ------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION BY FUND
------------------------------------------------------------------------------
SHORT-TERM
COMBINED GOVERNMENT BOND BONDS STOCKS S&P
TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
(LOSS) IN MASTER
TRUSTS $ 9,059,469 $ 9,986,145 $ (50,184) $ (190,476) $ (171,660) $ 2,919,660
CONTRIBUTIONS:
Employer contributions 19,893,480
Employee pretax contributions 73,755,780 12,539,364 1,413,712 2,337,698 17,043,141 16,598,643
Rollover contributions 2,751,143 500,510 94,193 243,292 190,036 282,717
---------------- -------------- -------------- -------------- -------------- --------------
Total contributions 96,400,403 13,039,874 1,507,905 2,580,990 17,233,177 16,881,360
TRANSFERS FROM (TO)
OTHER FUNDS 89,673,418 (3,748,123) (3,525,893) (24,878,292) (22,101,483)
TRANSFERS FROM (TO)
OTHER PLANS 313,025 16,599 95,707 14,314 11,778 6,043
---------------- -------------- -------------- -------------- -------------- --------------
TOTAL INVESTMENT
INCOME (LOSS), CON-
TRIBUTIONS, AND
TRANSFERS 105,772,897 112,716,036 (2,194,695) (1,121,065) (7,804,997) (2,294,420)
LOANS:
Repayments 2,846,755 185,573 329,439 2,956,649 2,940,453
Distributions (3,308,451) (156,109) (254,062) (3,273,899) (3,383,321)
DISTRIBUTIONS TO
PARTICIPANTS (60,461,038) (22,219,751) (763,776) (741,866) (10,250,198) (9,862,857)
TRUSTEES' AND ADMINI-
STRATIVE FEES (2,551,812) (597,065) (38,253) (60,744) (610,413) (579,921)
---------------- -------------- -------------- -------------- -------------- --------------
INCREASE (DECREASE) IN
NET ASSETS 42,760,047 89,437,524 (2,967,260) (1,848,298) (18,982,858) (13,180,066)
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 1,134,160,597 192,558,396 12,888,736 18,651,298 239,784,334 227,863,075
---------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 1,176,920,644 $ 281,995,920 $ 9,921,476 $ 16,803,000 $ 220,801,476 $ 214,683,009
---------------- -------------- -------------- -------------- -------------- --------------
---------------- -------------- -------------- -------------- -------------- --------------
<CAPTION>
VANGUARD
UNITED COLUMBIA WORLD U.S.
FROZEN HONEYWELL INCOME SPECIAL GROWTH
FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
(LOSS) IN MASTER
TRUSTS $ 6,295,958 $ (8,529,003) $ (295,407) $ (260,063) $ 322,298 $ 105,171
CONTRIBUTIONS:
Employer contributions 19,893,480
Employee pretax contributions 317 6,439,355 1,041,761 3,655,820 3,049,415 631,322
Rollover contributions 227,352 127,858 15,242 235,956 51,499
---------------- -------------- -------------- -------------- -------------- --------------
Total contributions 317 26,560,167 1,169,619 3,671,062 3,285,371 682,821
TRANSFERS FROM (TO)
OTHER FUNDS (65,429,902) 4,246,868 3,912,030 1,347,592 5,381,351 1,490,242
TRANSFERS FROM (TO)
OTHER PLANS 12,086 20,058 9,124 37,478 1,779 17,410
---------------- -------------- -------------- -------------- -------------- --------------
TOTAL INVESTMENT
INCOME (LOSS), CON-
TRIBUTIONS, AND
TRANSFERS (59,121,541) 22,298,090 4,795,366 4,796,069 8,990,799 2,295,644
LOANS:
Repayments 289 1,154,881 158,737 420,330 457,852 70,759
Distributions (921,500) (1,096,218) (154,227) (377,948) (505,076) (53,685)
DISTRIBUTIONS TO
PARTICIPANTS (5,618,574) (6,651,627) (217,604) (704,651) (559,141) (65,853)
TRUSTEES' AND ADMINI-
STRATIVE FEES (213,432) (268,957) (14,059) (37,138) (5,457) (4,318)
---------------- -------------- -------------- -------------- -------------- --------------
INCREASE (DECREASE) IN
NET ASSETS (65,874,758) 15,436,169 4,568,213 4,096,662 8,378,977 2,242,547
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 115,363,202 159,802,803 5,151,063 19,905,730 16,259,533 1,533,942
---------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 49,488,444 $ 175,238,972 $ 9,719,276 $ 24,002,392 $ 24,638,510 $ 3,776,489
---------------- -------------- -------------- -------------- -------------- --------------
---------------- -------------- -------------- -------------- -------------- --------------
<CAPTION>
T. ROWE T. ROWE T. ROWE
SCUDDER PRICE PRICE PRICE
INTER- INTER- SMALL EQUITY
NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT
FUND FUND FUND FUND FUNDS LOANS
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
(LOSS) IN MASTER
TRUSTS $ (664,895) $ (892,724) $ (205,547) $ 440,029 $ 250,167
CONTRIBUTIONS:
Employer contributions
Employee pretax contributions 1,976,317 4,619,014 1,185,032 1,224,889
Rollover contributions 62,820 279,561 112,765 327,342
---------------- -------------- -------------- -------------- -------------- --------------
Total contributions 2,039,137 4,898,575 1,297,797 1,552,231
TRANSFERS FROM (TO)
OTHER FUNDS 5,608,713 18,896,341 5,863,679 6,326,332 $ (23,062,873)
TRANSFERS FROM (TO)
OTHER PLANS 12,129 35,989 2,723 19,808
---------------- -------------- -------------- -------------- -------------- --------------
TOTAL INVESTMENT
INCOME (LOSS), CON-
TRIBUTIONS, AND
TRANSFERS 6,995,084 22,938,181 6,958,652 8,338,400 (23,062,873) 250,167
LOANS:
Repayments 284,743 706,111 155,752 166,106 (12,834,429)
Distributions (267,169) (695,582) (37,135) (183,120) 14,667,502
DISTRIBUTIONS TO
PARTICIPANTS (521,815) (1,321,656) (267,688) (693,981)
TRUSTEES' AND ADMINI-
STRATIVE FEES (24,525) (64,167) (14,019) (19,344)
---------------- -------------- -------------- -------------- -------------- --------------
INCREASE (DECREASE) IN
NET ASSETS 6,466,318 21,562,887 6,795,562 7,608,061 (23,062,873) 2,083,240
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 10,163,223 24,055,556 4,014,876 7,733,890 55,515,255 22,915,685
---------------- -------------- -------------- -------------- -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 16,629,541 $ 45,618,443 $ 10,810,438 $ 15,341,951 $ 32,452,382 $ 24,998,925
---------------- -------------- -------------- -------------- -------------- --------------
---------------- -------------- -------------- -------------- -------------- --------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT PLUS PLAN OF HONEYWELL INC.
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1993
- ------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION BY FUND
------------------------------------------------------------------------------
SHORT-TERM
COMBINED GOVERNMENT BOND BONDS STOCKS S&P
TOTAL INCOME FUND FUND PLUS FUND PLUS FUND 500 FUND
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
IN MASTER TRUSTS $ 84,243,778 $ 5,716,364 $ 545,401 $ 820,470 $ 30,822,534 $ 22,167,579
CONTRIBUTIONS:
Employer contributions 22,064,002
Employee pretax contributions 71,558,618 14,451,745 1,711,214 2,225,884 19,986,262 21,115,346
Rollover contributions 2,093,753 320,102 117,441 189,913 373,459 341,198
--------------- -------------- ------------ ------------ -------------- --------------
Total contributions 95,716,373 14,771,847 1,828,655 2,415,797 20,359,721 21,456,544
TRANSFERS FROM (TO)
OTHER FUNDS 4,800,523 4,645,463 15,657,238 (16,516,423) (32,231,019)
TRANSFERS FROM (TO)
OTHER PLANS 56,709 36,663 6,718 6,348 (17,841) 13,884
--------------- -------------- ------------ ------------ -------------- --------------
TOTAL INVESTMENT
INCOME, CONTRIBU-
TIONS, AND TRANSFERS 180,016,860 25,325,397 7,026,237 18,899,853 34,647,991 11,406,988
LOANS:
Repayments 2,592,823 215,435 265,973 2,830,938 2,894,742
Distributions (2,633,735) (104,298) (162,557) (4,074,978) (4,232,108)
DISTRIBUTIONS TO
PARTICIPANTS (47,716,265) (12,126,308) (359,485) (295,367) (10,057,071) (9,899,291)
TRUSTEES' AND ADMINI-
STRATIVE FEES (2,152,916) (358,949) (37,053) (56,604) (754,749) (487,484)
--------------- -------------- ------------ ------------ -------------- --------------
INCREASE (DECREASE) IN
NET ASSETS 130,147,679 12,799,228 6,740,836 18,651,298 22,592,131 (317,153)
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 1,004,012,918 179,759,168 6,147,900 217,192,203 228,180,228
--------------- -------------- ------------ ------------ -------------- --------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 1,134,160,597 $ 192,558,396 $ 12,888,736 $ 18,651,298 $ 239,784,334 $ 227,863,075
--------------- -------------- ------------ ------------ -------------- --------------
--------------- -------------- ------------ ------------ -------------- --------------
<CAPTION>
VANGUARD
UNITED COLUMBIA WORLD U.S.
FROZEN HONEYWELL INCOME SPECIAL GROWTH
FIXED FUND STOCK FUND FUNDS JANUS FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
IN MASTER TRUSTS $ 10,423,295 $ 7,329,257 $ 259,585 $ 847,275 $ 971,218 $ 59,112
CONTRIBUTIONS:
Employer contributions 22,064,002
Employee pretax contributions 37,071 8,231,853 208,099 1,168,909 770,095 140,363
Rollover contributions 296,398 31,871 166,331 66,718 38,948
--------------- -------------- ------------ ------------- ------------- -------------
Total contributions 37,071 30,592,253 239,970 1,335,240 836,813 179,311
TRANSFERS FROM (TO)
OTHER FUNDS (41,104,017) (2,987,158) 4,667,947 17,915,079 14,534,998 1,301,981
TRANSFERS FROM (TO)
OTHER PLANS 43,893 (36,118)
--------------- -------------- ------------ ------------- ------------- -------------
TOTAL INVESTMENT
INCOME, CONTRIBU-
TIONS, AND TRANSFERS (30,599,758) 34,898,234 5,167,502 20,097,594 16,343,029 1,540,404
LOANS:
Repayments 1,144,269 31,017 145,663 102,240 20,365
Distributions (1,827,092) (1,280,815) (37,628) (172,680) (100,283) (20,999)
DISTRIBUTIONS TO
PARTICIPANTS (8,569,612) (5,766,132) (6,162) (148,978) (74,478) (4,486)
TRUSTEES' AND ADMINI-
STRATIVE FEES (235,962) (160,056) (3,666) (15,869) (10,975) (1,342)
--------------- -------------- ------------ ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS (41,232,424) 28,835,500 5,151,063 19,905,730 16,259,533 1,533,942
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 156,595,626 130,967,303
--------------- -------------- ------------ ------------- ------------- -------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 115,363,202 $ 159,802,803 $ 5,151,063 $ 19,905,730 $ 16,259,533 $ 1,533,942
--------------- -------------- ------------ ------------- ------------- -------------
--------------- -------------- ------------ ------------- ------------- -------------
<CAPTION>
T. ROWE T. ROWE T. ROWE
SCUDDER PRICE PRICE PRICE
INTER- INTER- SMALL EQUITY1
NATIONAL NATIONAL CAP VALUE INCOME ISOLATED PARTICIPANT
FUND FUND FUND FUND FUNDS LOANS
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
IN MASTER TRUSTS $ 870,609 $ 2,608,927 $ 179,641 $ 345,174 $ 277,337
CONTRIBUTIONS:
Employer contributions
Employee pretax contributions 357,983 698,681 116,044 339,069
Rollover contributions 43,746 62,890 44,738
------------- ------------- ------------- ------------- -------------
Total contributions 401,729 761,571 116,044 383,807
TRANSFERS FROM (TO)
OTHER FUNDS 8,963,466 21,000,082 3,724,455 7,065,483 $ (11,438,098)
TRANSFERS FROM (TO)
OTHER PLANS 3,162
------------- ------------- ------------- -------------- ------------- -------------
TOTAL INVESTMENT
INCOME, CONTRIBU-
TIONS, AND TRANSFERS 10,235,804 24,370,580 4,020,140 7,794,464 (11,434,936) 277,337
LOANS:
Repayments 37,649 112,332 13,969 43,734 (10,451,149)
Distributions (39,397) (112,175) (70,453) 14,869,198
DISTRIBUTIONS TO
PARTICIPANTS (64,391) (299,785) (17,060) (27,659)
TRUSTEES' AND ADMINI-
STRATIVE FEES (6,442) (15,396) (2,173) (6,196)
------------- ------------- ------------- -------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS 10,163,223 24,055,556 4,014,876 7,733,890 (11,434,936) 4,695,386
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 66,950,191 18,220,299
------------- ------------- ------------- -------------- ------------- -------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 10,163,223 $ 24,055,556 $ 4,014,876 $ 7,733,890 $ 55,515,255 $ 22,915,685
------------- ------------- ------------- -------------- ------------- -------------
------------- ------------- ------------- -------------- ------------- -------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
INVESTMENT PLUS PLAN OF HONEYWELL INC.
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994 AND 1993
- -------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING - The financial statements of the Investment Plus Plan
of Honeywell Inc. (the Plan) are prepared under the accrual method of
accounting. Contributions to the Plan are included in income in the year
the contributions payable are accrued by Honeywell Inc. (the Sponsor) or
paid in by plan participants.
INVESTMENT VALUATION - All determinations of fair values of investments are
made by the trustees and are based upon quoted prices in an active market,
except unallocated insurance contracts, which are valued at their contract
values, as determined by the issuing insurance companies.
PAYMENT OF BENEFITS - Benefits are recorded when paid.
2. PLAN DESCRIPTION
GENERAL INFORMATION - The Plan is a voluntary, tax-deferred savings plan
designed to provide supplemental retirement benefits to Honeywell nonunion
employees.
The Honeywell Pension and Retirement Committee, as the plan administrator,
designates members of the Honeywell Pension and Retirement Administrative
Committee and appoints the trustees. The Honeywell Pension and Retirement
Administrative Committee has authority to take actions as may be necessary
for the administration of the Plan or as it is directed by the Honeywell
Pension and Retirement Committee. See Note 6 for a listing of appointed
trustees.
CONTRIBUTIONS - The following contributions are made to the Plan:
(a) The Sponsor contributes to the Plan, on behalf of the participants,
various percentages of the participants' pay as elected by the
participants. The maximum pretax and after-tax contribution
percentages are determined by the Honeywell Pension and Retirement
Committee. Participants elect their own contribution levels, subject
to this maximum percentage. Contributions, including sponsor Stock
Match contributions, are also subject to certain limitations.
(b) Participants who have received distributions from other qualified
plans under Section 401(a) of the Internal Revenue Code or from
individual retirement plans under Sections 402 and 408 of the code may
transfer (rollover) all or a part of such distribution to their
accounts.
(c) The Sponsor contributes between $.50 and $1.00 in Honeywell stock to
the participants' Performance Stock Match fund account for each $1.00
the participants contribute to their pretax account. Such sponsor
contribution is limited to a maximum of 4% of the participants' pay.
The amount of the sponsor contribution depends upon the Sponsor's
return on investment (as defined).
LOANS TO PARTICIPANTS - The Plan was amended effective June 30, 1991 to
adopt the procedures, terms, and conditions for the granting and
administration of loans to participants. The procedures allow
9
<PAGE>
participants to apply for and obtain a loan in an amount as defined in the
Plan (not less than $1,000 and not greater than $50,000 or 50% of their
pretax and pretax rollover account balances) from the balance of their
accounts. The loans can be repaid through payroll deductions over the
period of 12 to 48 months or up to 180 months for the purchase of a primary
residence, or they can be repaid in full at any time that is at least 6
months following the date of the loan. Interest is charged at a rate equal
to prime rate plus 1%. Payments of principal and interest are credited to
the participants' accounts. Also, participants may have only one
outstanding loan at a time.
PARTICIPATION - Each employee classified as a regular full-time or regular
part-time employee of the Sponsor, except a person employed by an excluded
business unit or a person employed under a collective bargaining agreement,
automatically becomes a participant on the date of hire by the Sponsor or
transfer into the Plan.
VESTING - Participants are 100% vested in their individual accounts
attributable to their contributions and become 100% vested in the portion
of their accounts attributable to sponsor contributions to the Stock Match
fund after three years of service. In the event of plan termination, the
individual participants' accounts become distributable to the participants
or their beneficiaries in accordance with the provisions of the Plan.
FORFEITURES - All nonvested sponsor contributions are forfeited by
participants when they terminate employment. Such forfeitures are used to
reduce the Sponsor's subsequent contributions.
INVESTMENT OPTIONS - For contributions, the Plan provides for several
investment options. Individual participants choose the fund or funds in
which to invest from the following funds:
GOVERNMENT INCOME FUND - Invests primarily in short-term U.S.
Government securities.
SHORT-TERM BOND FUND - Invests in U.S. Government, mortgage, and high-
quality corporate bonds with short- and intermediate-term (1 - 5
years) maturities.
BONDS PLUS FUND - Diversified among U.S. Treasury bills, high-quality
intermediate- and long-term (1 - 10 years) bonds, and domestic stocks.
STOCKS PLUS FUND - Invests in domestic stocks that make up the
Standard & Poor's 500 Composite Stock Index, high-quality bonds, T.
Rowe Price Foreign Equity Fund, and U.S. Treasury bills.
S&P 500 FUND - Invests in stocks that make up the Standard & Poor's
500 Composite Stock Index.
FIXED INCOME FUND - Invests primarily in guaranteed investment
contracts.
HONEYWELL STOCK FUND - Invests entirely in shares of Honeywell Inc.
common stock.
UNITED INCOME FUND - Invests primarily in common stocks of large,
well-established companies that pay above-average dividends. The Fund
also invests, to a lesser extent, in fixed income securities - both
high-quality corporate bonds and U.S. Treasury obligations.
JANUS FUND - Invests primarily in a combination of large familiar
corporations and small, rapidly emerging companies.
10
<PAGE>
COLUMBIA SPECIAL FUND - Invests primarily in smaller companies with
capitalization that is less than the average for the companies
included in the Standard & Poor's 500 Stock Index.
VANGUARD WORLD FUND - Invests primarily in high-quality, established
growth stocks of companies with exceptional earnings records, strong
market positions, good financial strength, and low sensitivity to
changing economic conditions.
SCUDDER INTERNATIONAL FUND - Intends to diversify through foreign
investments among several countries and not concentrate in any
particular industry.
T. ROWE PRICE INTERNATIONAL STOCK FUND - Invests primarily in stocks
of established companies outside the United States with proven
performance records.
T. ROWE PRICE SMALL CAP VALUE FUND - Invests primarily in common
stocks of small, rapidly growing companies.
T. ROWE PRICE EQUITY INCOME FUND - Invests primarily in common stocks
of large, well-established companies that pay above-average dividends.
PLAN STATUS - The Plan has received a favorable determination letter
stating that the Plan was qualified under the applicable sections of the
Internal Revenue Code.
PLAN TERMINATION - Although it has not expressed any intent to do so, the
Sponsor has the right under the Plan to discontinue its contributions at
any time and to terminate the Plan subject to the provisions of ERISA. In
the event of plan termination, participants shall be 100% vested in their
accounts.
3. INVESTMENT IN EXECUTIVE LIFE INSURANCE COMPANY
At December 31, 1994 and 1993, the Plan's Isolated Funds primarily
consisted of investments in Executive Life Insurance Company (Executive
Life) guaranteed investment contracts (GICs), with approximately 2% and 7%
of total net assets available for benefits, respectively. In 1991, the
State of California insurance commissioner seized Executive Life and placed
it in a court-supervised conservatorship. In 1993, 1994, and 1995,
distributions have been received from the conservator totaling
approximately 67% of the contract balance immediately prior to the
conservatorship. Further, the Plan's management currently estimates that
the sum of additional distributions from the conservator and recoveries
from various state guarantee funds will not differ significantly from the
remaining recorded contract values. Although the Plan is currently
involved in litigation with various state guaranty funds regarding the
amount and nature of coverage, plan management does not believe that the
ultimate shortfall will be material to the Plan's financial statements.
The Plan's Sponsor isolated the Executive Life GICs into the Isolated Fund
pursuant to a plan amendment requiring such action. Currently, there are
certain restrictions on the ability to withdraw, transfer, or conduct
settlement activity with respect to the remaining balances.
4. INTEREST IN MASTER TRUSTS
The Plan's investments are included in master trusts with T. Rowe Price
Trust Company and First Trust National Association, which were established
in 1993 for the investment of assets of the Plan and several other
Honeywell-sponsored retirement plans. Previously, the Plan's investments
were held in master trusts with various trust companies. Each
participating retirement plan has an undivided interest
11
<PAGE>
in the master trusts. At December 31, 1994 and 1993, the Plan's interest
in the net assets of the master trusts was approximately 95%. Investment
income and administrative expenses related to the master trust are
allocated to the individual plans based upon average monthly balances
invested by each plan.
The following table presents the fair value of investments held in master
trusts:
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
Investments at fair value:
Custom Funds:
Government Income Fund $ 305,889,947 $ 209,624,454
Short-term Bonds Fund 10,256,109 13,255,684
Bonds Plus Fund 17,508,593 19,587,985
Stocks Plus Fund 232,214,890 252,637,838
S&P 500 Fund 226,631,967 240,823,722
Fixed Income Fund (a) 53,415,980 124,019,602
Honeywell Stock Fund 173,540,997 157,920,810
Mutual funds, primarily equity
securities 155,759,921 91,770,887
Participants' loans 26,287,970 24,145,987
--------------- ---------------
$ 1,201,506,374 $ 1,133,786,969
--------------- ---------------
--------------- ---------------
</TABLE>
(a) At contract value.
Investment income for the master trust is as follows:
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
Net (depreciation)/appreciation in fair
value of investments:
Custom funds:
Short-term Bond Fund $ (51,556) $ 564,780
Bonds Plus Fund (272,642) 827,967
Stocks Plus Fund (2,285,805) 31,291,545
S&P 500 Fund 3,088,743 23,377,943
Honeywell Stock Fund (13,531,441) 4,481,379
Mutual funds, primarily equity
securities (9,911,323) 1,305,188
------------- -------------
(22,964,024) 61,848,802
Interest and dividends 34,701,490 28,245,232
------------- -------------
$ 11,737,466 $ 90,094,034
------------- -------------
------------- -------------
</TABLE>
In 1993, the Sponsor transferred the GICs issued by Executive Life and
Mutual Benefit Life Insurance company to First Trust National Association.
A master trust was established for the investment of these assets of the
Plan and several other Honeywell-sponsored retirement plans. Each
participating retirement plan has an undivided interest in the master
trust. At December 31, 1994 and 1993, the Plan's interest in the net
assets of the master trust was approximately 83%. The contract value of
the GICs for the master trust was $38,954,178 and $67,277,792 at December
31, 1994 and 1993, respectively.
5. PARTIES-IN-INTEREST TRANSACTIONS
There were no prohibited party-in-interest transactions during the periods
ended December 31, 1994 and 1993.
12
<PAGE>
6. INFORMATION PROVIDED BY TRUSTEES
Plan funds are held in trust by trustees for the sole purpose of making
investments and plan payments and paying trust operating expenses.
Trustees appointed by the Honeywell Pension and Retirement Committee as of
December 31, 1994 were T. Rowe Price Trust Company and First Trust National
Association.
The trustees provide the Plan with monthly statements which report all
transactions. The plan administrator has obtained certifications from the
trustees that the information in such statements is complete and accurate.
The amounts in the accompanying statements of net assets available for
benefits and of changes in net assets available for benefits have been
derived from the information submitted by the trustees, except for certain
adjustments which resulted in increases (decreases) in the amount of net
assets reported of $9,627,323 and $(11,667,713) as of December 31, 1994 and
1993, respectively. Such adjustments are primarily recorded for the
purpose of converting the trustees' statements from the cash basis to the
accrual basis of accounting and to reflect the impact of participant loan
activity.
The Government Income Fund, Stocks Plus Fund, S&P 500 Fund, Honeywell Stock
Fund, and Frozen Fixed Income Funds individually represent 5% or more of
net assets available for benefits.
13
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
HONEYWELL INVESTMENT PLUS PLAN
Dated: June 28, 1995 By: /s/ James E. Porter
-------------------------------------
James E. Porter
Its: Vice President, Human Resources
<PAGE>
INDEX TO EXHIBITS
EXHIBITS PAGE
- -------- ----
23.1 Consent of Deloitte & Touche LLP
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-44284 and No. 33-59359 of the Investment Plus Plan of Honeywell Inc. on
Form S-8 of our report dated June 9, 1995, appearing in this Annual Report on
Form 11-K of the Investment Plus Plan of Honeywell Inc. for the year ended
December 31, 1994.
DELOITTE & TOUCHE LLP
Minneapolis, Minnesota
June 29, 1995
