SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 1996
------------------------------
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 0-16211
-------------
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
DENTSPLY International Inc. 401(k) Savings Plan
- -----------------------------------------------------------------
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
DENTSPLY International Inc. 570 West College Avenue, York,
- -----------------------------------------------------------------
Pennsylvania 17405
- -----------------------------------------------------------------
<PAGE>
REQUIRED INFORMATION
1. Financial Statements:
The following financial information, including Independent Auditors' Report
thereon of the DENTSPLY International Inc.
401(k) Savings Plan are submitted herewith:
Statement of Net Assets Available for Plan Benefits as of December 31, 1996
and 1995.
Statement of Changes in Net Assets Available for Plan
Benefits for the Years Ended December 31, 1996, 1995 and
1994.
Supplemental Schedule of Assets Held for Investment Purposes
as of December 31, 1996.
2. Exhibit:
The following exhibit is submitted herewith:
Exhibit (A) - Consent of Independent Auditors
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DENTSPLY International Inc.
401(k) Savings Plan
Date: June 25, 1997 /s/ Marcus K. Dixon
--------------------------------
Marcus K. Dixon
Treasurer and Member of
the DENTSPLY International Inc.
401(k) Savings Plan Committee
<PAGE>
DENTSPLY INTERNATIONAL INC.
401(K) SAVINGS PLAN
FINANCIAL STATEMENTS
AND
SUPPLEMENTAL SCHEDULE
December 31, 1996
<PAGE>
DENTSPLY INTERNATIONAL INC.
401(K) SAVINGS PLAN
INDEX
FINANCIAL STATEMENTS
AND
SUPPLEMENTAL SCHEDULE
Page(s)
-------
Independent Auditors' Report............................. 1
Financial Statements:
Statements of Net Assets Available for Benefits
(with Fund Information)............................. 2-3
Statements of Changes in Net Assets Available for
Benefits (with Fund Information).................... 4-6
Notes to Financial Statements....................... 7-11
Supplemental Schedule:
Schedule 1 - Item 27A - Schedule of Assets Held for
Investment Purposes as of December 31, 1996......... 12
<PAGE>
Independent Auditors' Report
----------------------------
Participants and Trustees of
DENTSPLY International Inc. 401(k) Savings Plan
We have audited the accompanying statements of net assets available for benefits
of DENTSPLY International Inc. 401(k) Savings Plan as of December 31, 1996 and
1995 and the related statements of changes in net assets available for benefits
for each of the years in the three-year period ended December 31, 1996. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of DENTSPLY
International Inc. 401(k) Savings Plan as of December 31, 1996 and 1995, and the
changes in net assets available for benefits for each of the years in the
three-year period ended December 31, 1996, 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 schedule of assets held
for investment purposes is presented for the purpose of additional analysis and
is not a required part of the basic financial statements but is supplemental
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The Fund Information in the statements of net assets available for
benefits and the statements of changes in net assets available for benefits and
the statements of changes in net assets available for benefits is presented for
purposes of additional analysis rather than to present the net assets available
for benefits and changes in net assets available for benefits of each fund. The
supplemental schedule and Fund Information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
May 30, 1997 KPMG Peat Marwick LLP
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
December 31, 1996
<CAPTION>
Fidelity Vanguard Vanguard
Fidelity Growth Fidelity Fidelity U.S. Index
Magellan Company Balanced Puritan Growth 500
Fund Fund Fund Fund Fund Fund
---------- --------- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash & money market
investments $ -- -- -- -- -- --
Investments, at fair
value (see Note 5) 3,021,676 2,161,023 474,779 1,288,740 1,157,396 2,971,849
Participant notes
receivable -- -- -- -- -- --
---------------------------------------------------------------------
Total investments 3,021,676 2,161,023 474,779 1,288,740 1,157,396 2,971,849
---------------------------------------------------------------------
Receivables:
Participants'
contributions 74,509 53,752 9,669 24,034 27,932 34,377
---------------------------------------------------------------------
Net assets available
for benefits $3,096,185 2,214,775 484,448 1,312,774 1,185,328 3,006,226
=====================================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
2
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
December 31, 1996
<CAPTION>
Vanguard Schwab DENTSPLY
Short-Term Inst. Intl.
Vanguard Vanguard Corporate Advantage Inc.
Windsor II Wellington Bond Money Stock Loan
Fund Fund Fund Fund Fund Fund TOTAL
---------- ---------- ---------- --------- --------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Cash & money market
investments $ -- -- -- 2,330,975 -- -- 2,330,975
Investments, at fair
value (see Note 5) 1,123,737 530,111 1,264,614 -- 384,893 -- 14,378,818
Participant notes
receivable -- -- -- -- -- 285,832 285,832
-----------------------------------------------------------------------------
Total investments 1,123,737 530,111 1,264,614 2,330,975 384,893 285,832 16,995,625
-----------------------------------------------------------------------------
Receivables:
Participants'
contributions 23,998 10,096 7,318 14,481 15,084 -- 295,250
-----------------------------------------------------------------------------
Net assets available
for benefits $1,147,735 540,207 1,271,932 2,345,456 399,977 285,832 17,290,875
=============================================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
2a
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
December 31, 1995
<CAPTION>
Fidelity Vanguard Vanguard
Fidelity Growth Fidelity Fidelity U.S. Index Vanguard
Magellan Company Balanced Puritan Growth 500 Windsor II
Fund Fund Fund Fund Fund Fund Fund
---------- --------- --------- -------- -------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Cash & money market
investments $ 23,900 12,271 476 9,525 11 8,476 5,776
Investments, at fair
value (see Note 5) 2,434,046 1,330,029 435,669 926,911 398,866 2,340,380 512,920
Participant notes
receivable -- -- -- -- -- -- --
---------------------------------------------------------------------------
Total investments 2,457,946 1,342,300 436,145 936,436 398,877 2,348,856 518,696
---------------------------------------------------------------------------
Receivables:
Participants'
contributions 82,062 44,394 14,474 28,375 14,857 21,894 17,341
---------------------------------------------------------------------------
Net assets available
for benefits $2,540,008 1,386,694 450,619 964,811 413,734 2,370,750 536,037
===========================================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
3
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
December 31, 1995
<CAPTION>
Vanguard DENTSPLY
Short-Term Mellon Bank International
Vanguard Corporate Money Inc.
Wellington Bond Market Stock Loan
Fund Fund Fund Fund Fund TOTAL
---------- ---------- ----------- ------------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Cash & money market
investments $ 1,181 2,326 2,433,303 1,743 -- 2,498,988
Investments, at fair
value (see Note 5) 363,966 1,548,834 -- 150,680 -- 10,442,301
Participant notes
receivable -- -- -- -- 163,966 163,966
-----------------------------------------------------------------------------
Total investments 365,147 1,551,160 2,433,303 152,423 163,966 13,105,255
-----------------------------------------------------------------------------
Receivables:
Participants'
contributions 11,950 10,072 12,401 7,783 -- 265,603
-----------------------------------------------------------------------------
Net assets available
for benefits $ 377,097 1,561,232 2,445,704 160,206 163,966 13,370,858
=============================================================================
<FN>
The accompanying notes are an integral part of these financial statements
</FN>
</TABLE>
3a
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1996
<CAPTION>
Fidelity Vanguard Vanguard
Fidelity Growth Fidelity Fidelity U.S. Index
Magellan Company Balanced Puritan Growth 500
Fund Fund Fund Fund Fund Fund
---------- --------- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 433,380 96,203 23,263 137,436 98,984 66,816
Net realized gains (losses)
on sales of investments (63,388) 32,648 (2,043) 4,852 22,947 55,123
Net appreciation (depreciation)
in fair value of investments (52,319) 133,522 21,566 32,010 69,902 418,779
----------------------------------------------------------------
317,673 262,373 42,786 174,298 191,833 540,718
Contributions:
Participants 890,559 620,929 135,705 295,302 249,418 329,898
Participant rollovers 50,570 97,315 5,463 34,334 31,141 30,373
----------------------------------------------------------------
941,129 718,244 141,168 329,636 280,559 360,271
----------------------------------------------------------------
Total additions 1,258,802 980,617 183,954 503,934 472,392 900,989
Deductions from net assets attributed to:
Distribution of benefits 331,368 298,885 55,916 85,859 57,826 305,498
----------------------------------------------------------------
Total deductions 331,368 298,885 55,916 85,859 57,826 305,498
Net increase (decrease) prior to
interfund transfers 927,434 681,732 128,038 418,075 414,566 595,491
Interfund transfers (371,257) 146,349 (94,209) (70,112) 357,028 39,985
----------------------------------------------------------------
Net increase (decrease) 556,177 828,081 33,829 347,963 771,594 635,476
Net assets available for benefits:
Beginning of year 2,540,008 1,386,694 450,619 964,811 413,734 2,370,750
----------------------------------------------------------------
End of year $3,096,185 2,214,775 484,448 1,312,774 1,185,328 3,006,226
================================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
4
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1996
<CAPTION>
Vanguard Schwab
Short-Term Mellon Bank Institutional
Vanguard Vanguard Corporate Money Advantage
Windsor II Wellington Bond Market Money
Fund Fund Fund Fund Fund
---------- ---------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 78,386 41,349 85,573 11,807 105,239
Net realized gains (losses)
on sales of investments 13,466 4,730 (9,068) -- --
Net appreciation (depreciation)
in fair value of investments (52,319) 133,522 21,566 32,010 69,902
--------------------------------------------------------------
175,324 71,327 60,759 11,807 105,239
Contributions:
Participants 234,053 123,976 86,827 -- 166,662
Participant rollovers 98,817 5,155 711 -- 4,013
--------------------------------------------------------------
332,870 129,131 87,538 -- 170,675
--------------------------------------------------------------
Total additions 508,194 200,458 148,297 11,807 275,914
--------------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 54,801 35,304 217,568 7,628 308,396
--------------------------------------------------------------
Total deductions 54,801 35,304 217,568 7,628 308,396
Net increase (decrease) prior to
interfund transfers 453,393 165,154 (69,271) 4,179 (32,482)
Interfund transfers 158,305 (2,044) (220,029) (2,449,883) 2,377,938
--------------------------------------------------------------
Net increase (decrease) 611,698 163,110 (289,300) (2,445,704) 2,345,456
Net assets available for benefits:
Beginning of year 536,037 377,097 1,561,232 2,445,704 --
--------------------------------------------------------------
End of year $1,147,735 540,207 1,271,932 -- 2,345,456
==============================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
4a
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1996
<CAPTION>
DENTSPLY
International
Inc.
Stock Loan
Fund Fund TOTAL
------------- ------- ----------
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 1,889 -- 1,180,325
Net realized gains (losses)
on sales of investments 2,733 -- 62,000
Net appreciation (depreciation)
in fair value of investments 48,406 -- 764,840
--------------------------------------------
53,028 -- 2,007,165
--------------------------------------------
Contributions:
Participants 144,199 -- 3,277,528
Participant rollovers 65,290 -- 423,182
--------------------------------------------
209,489 -- 3,700,710
--------------------------------------------
Total additions 262,517 -- 5,707,875
Deductions from net assets attributed to:
Distribution of benefits 5,492 23,317 1,787,858
--------------------------------------------
Total deductions 5,492 23,317 1,787,858
Net increase (decrease) prior to
interfund transfers 257,025 (23,317) 3,920,017
Interfund transfers (17,254) 145,183 --
--------------------------------------------
Net increase (decrease) 239,771 121,866 3,920,017
Net assets available for benefits:
Beginning of year 160,206 163,966 13,370,858
--------------------------------------------
End of year $ 399,977 285,832 17,290,875
============================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
4b
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1995
<CAPTION>
Fidelity
Spartan
Fidelity Limited Vanguard
Fidelity Growth Fidelity Fidelity Maturity U.S.
Magellan Company Balanced Puritan Government Growth
Fund Fund Fund Fund Fund Fund
---------- --------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 121,764 74,338 19,105 50,428 2,444 1,001
Net realized gains (losses)
on sales of investments 77,191 42,430 9,243 15,403 2,343 4,290
Net appreciation
in fair value of investments 269,659 172,640 28,294 85,970 -- 64,204
---------------------------------------------------------------
468,614 289,408 56,642 151,801 4,787 69,495
---------------------------------------------------------------
Contributions:
Participants 879,345 446,569 175,316 348,291 19,113 143,937
Participant rollovers 133,848 31,547 5,371 28,779 567 3,893
---------------------------------------------------------------
1,013,193 478,116 180,687 377,070 19,680 147,830
---------------------------------------------------------------
Total additions 1,481,807 767,524 237,329 528,871 24,467 217,325
---------------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 280,956 121,709 74,356 122,657 7,746 19,886
---------------------------------------------------------------
Total deductions 280,956 121,709 74,356 122,657 7,746 19,886
Net increase (decrease) prior to
interfund transfers 1,200,851 645,815 162,973 406,214 16,721 197,439
Interfund transfers 242,336 159,265 (1,834) 69,183 (68,909) 68,532
---------------------------------------------------------------
Net increase (decrease) 1,443,187 805,080 161,139 475,397 (52,188) 265,971
Net assets available for benefits:
Beginning of year 1,096,821 581,614 289,480 489,414 52,188 147,763
---------------------------------------------------------------
End of year $2,540,008 1,386,694 450,619 964,811 -- 413,734
===============================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
5
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1995
<CAPTION>
Vanguard
Vanguard Short-Term Harris
Index Vanguard Vanguard Corporate Bank
500 Windsor II Wellington Bond Index
Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 40,417 35,338 17,215 24,811 115
Net realized gains (losses)
on sales of investments 44,040 14,148 9,160 2,697 418,592
Net appreciation
in fair value of investments 165,331 70,638 45,244 18,239 --
---------------------------------------------------------
249,788 120,124 71,619 45,747 418,707
---------------------------------------------------------
Contributions:
Participants 174,865 189,365 108,913 73,464 46,750
Participant rollovers 73,970 7,187 1,130 -- 8,100
---------------------------------------------------------
248,835 196,552 110,043 73,464 54,850
---------------------------------------------------------
Total additions 498,623 316,676 181,662 119,211 473,557
---------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 130,413 58,956 62,488 25,466 419,389
---------------------------------------------------------
Total deductions 130,413 58,956 62,488 25,466 419,389
Net increase (decrease) prior to
interfund transfers 368,210 257,720 119,174 93,745 54,168
Interfund transfers 1,869,818 83,950 90,974 1,423,485 (2,179,126)
---------------------------------------------------------
Net increase (decrease) 2,238,028 341,670 210,148 1,517,230 (2,124,958)
Net assets available for benefits:
Beginning of year 132,722 194,367 166,949 44,002 2,124,958
---------------------------------------------------------
End of year $2,370,750 536,037 377,097 1,561,232 --
=========================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
5a
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1995
<CAPTION>
Harris
Bank DENTSPLY
Government Mellon Bank International
Agency Money Inc.
Intermediate Market Stock Loan
Fund Fund Fund Fund TOTAL
------------ ----------- ------------- ------- ----------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 68 162,750 283 11,149 561,226
Net realized gains (losses)
on sales of investments 146,857 -- (1,093) -- 785,301
Net appreciation
in fair value of investments -- 270 17,427 -- 937,916
-------------------------------------------------------------
146,925 163,020 16,617 11,149 2,284,443
-------------------------------------------------------------
Contributions:
Participants 47,232 138,367 39,178 -- 2,830,705
Participant rollovers -- 9,658 41,316 -- 345,366
-------------------------------------------------------------
47,232 148,025 80,494 -- 3,176,071
-------------------------------------------------------------
Total additions 194,157 311,045 97,111 11,149 5,460,514
-------------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 432,575 735,235 2,960 32,421 2,527,213
-------------------------------------------------------------
Total deductions 432,575 735,235 2,960 32,421 2,527,213
Net increase (decrease) prior to
interfund transfers (238,418) (424,190) 94,151 (21,272) 2,933,301
Interfund transfers (1,878,471) 20,538 66,055 34,204 --
-------------------------------------------------------------
Net increase (decrease) (2,116,889) (403,652) 160,206 12,932 2,933,301
Net assets available for benefits:
Beginning of year 2,116,889 2,849,356 -- 151,034 10,437,557
-------------------------------------------------------------
End of year $ -- 2,445,704 160,206 163,966 13,370,858
=============================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
5b
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1994
<CAPTION>
Fidelity
Spartan
Fidelity Limited Vanguard
Fidelity Growth Fidelity Fidelity Maturity U.S
Magellan Company Balanced Puritan Government Growth
Fund Fund Fund Fund Fund Fund
---------- -------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 3,108 3,013 2,802 7,665 727 1,014
Net realized gains (losses)
on sales of investments 3,048 11,094 -- 8,783 -- --
Net appreciation (depreciation)
in fair value of investments (35,413) (21,736) (6,644) (17,950) (690) 1,976
--------------------------------------------------------------
(29,257) (7,629) (3,842) (1,502) 37 2,990
--------------------------------------------------------------
Contributions:
Participants 927,523 419,043 223,666 356,901 36,729 98,076
Participant rollovers 36,013 13,203 4,634 12,367 -- 11,841
--------------------------------------------------------------
963,536 432,246 228,300 369,268 36,729 109,917
--------------------------------------------------------------
Total additions 934,279 424,617 224,458 367,766 36,766 112,907
--------------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 2,834 2,084 74 209 435 1,723
--------------------------------------------------------------
Total deductions 2,834 2,084 74 209 435 1,723
Net increase (decrease) prior to
interfund transfers 931,445 422,533 224,384 367,557 36,331 111,184
Interfund transfers 16,871 94,401 4,723 23,702 1,117 3,249
--------------------------------------------------------------
Net increase (decrease) 948,316 516,934 229,107 391,259 37,448 114,433
Merger of plans 148,505 64,680 60,373 98,155 14,740 33,330
Net assets available for benefits:
Beginning of year -- -- -- -- -- --
--------------------------------------------------------------
End of year $1,096,821 581,614 289,480 489,414 52,188 147,763
==============================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
6
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1994
<CAPTION>
Vanguard
Vanguard Short-Term Harris
Index Vanguard Vanguard Corporate Bank
Trust Windsor II Wellington Bond Index
Fund Fund Fund Fund Fund
-------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 1,515 3,418 1,898 833 55,260
Net realized gains (losses)
on sales of investments 277 3,507 104 -- 224,402
Net appreciation (depreciation)
in fair value of investments (392) (8,591) (2,024) (656) (266,521)
-------------------------------------------------------
1,400 (1,666) (22) 177 13,141
-------------------------------------------------------
Contributions:
Participants 98,700 165,372 85,453 38,227 110,511
Participant rollovers 14,164 3,023 1,426 -- 2,129
-------------------------------------------------------
112,864 168,395 86,879 38,227 112,640
-------------------------------------------------------
Total additions 114,264 166,729 86,857 38,404 125,781
-------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 125 569 -- -- 319,865
-------------------------------------------------------
Total deductions 125 569 -- -- 319,865
Net increase (decrease) prior to
interfund transfers 114,139 166,160 86,857 38,404 (194,084)
Interfund transfers 2,931 (36) 12,945 743 (42,677)
-------------------------------------------------------
Net increase (decrease) 117,070 166,124 99,802 39,147 (236,761)
Merger of plans 15,652 28,243 67,147 4,855 2,217
Net assets available for benefits:
Beginning of year -- -- -- -- 2,359,502
-------------------------------------------------------
End of year $132,722 194,367 166,949 44,002 2,124,958
=======================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
6a
<PAGE>
<TABLE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION)
For the Year Ended December 31, 1994
<CAPTION>
Harris
Bank Harris
Government Bank Mellon Bank
Agency Principal Money
Intermediate Preservation Market Loan
Fund Fund Fund Fund TOTAL
------------ ------------ ----------- ------- ----------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest and dividends $ 128,883 116,445 2,681 11,676 340,938
Net realized gains (losses)
on sales of investments (75,393) 8,179 -- -- 184,001
Net appreciation (depreciation)
in fair value of investments (75,056) -- -- -- (433,697)
------------------------------------------------------------
(21,566) 124,624 2,681 11,676 91,242
------------------------------------------------------------
Contributions:
Participants 117,730 190 98,280 -- 2,776,401
Participant rollovers -- -- 82 -- 98,882
------------------------------------------------------------
117,730 190 98,362 -- 2,875,283
------------------------------------------------------------
Total additions 96,164 124,814 101,043 11,676 2,966,525
------------------------------------------------------------
Deductions from net assets attributed to:
Distribution of benefits 200,713 376,352 746 -- 905,729
------------------------------------------------------------
Total deductions 200,713 376,352 746 -- 905,729
Net increase (decrease) prior to
interfund transfers (104,549) (251,538) 100,297 11,676 2,060,796
Interfund transfers (14,935) (2,765,902) 2,719,567 (56,699) --
------------------------------------------------------------
Net increase (decrease) (119,484) (3,017,440) 2,819,864 (45,023) 2,060,796
Merger of plans 6,349 -- 29,492 28,555 602,293
Net assets available for benefits:
Beginning of year 2,230,024 3,017,440 -- 167,502 7,774,468
------------------------------------------------------------
End of year $2,116,889 -- 2,849,356 151,034 10,437,557
============================================================
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
6b
<PAGE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF THE PLAN
- --------------------------------
The following is a general description of the DENTSPLY International Inc. 401(k)
Savings Plan (the "Plan"). Participants should refer to the Plan document for
complete information regarding the Plan.
The Plan is a defined contribution plan, and effective January 1, 1994, covers
all full-time employees of the Company and its wholly owned domestic
subsidiaries except employees who are members of a collective bargaining unit.
Employees who are members of one collective bargaining unit became eligible on
October 1, 1994. Employees are eligible to participate in the Plan during open
enrollment periods occurring January and July of each year. The maximum
percentage of annual compensation each participant may contribute is 15% except
for certain highly compensated participants who are subject to limitations. The
Company has not made matching contributions to the Plan since December 31, 1993.
In early 1996, the Trustee of the Plan was changed from Mellon Bank to The
Charles Schwab Trust Company. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA"). A summary plan
description containing specific Plan provisions has been made available to all
participants of the Plan.
Although the Company has not expressed an intention to do so, the Company
reserves the right to terminate the Plan at any time, subject to Plan provisions
and ERISA.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------
The Plan's Financial Statements have been prepared on the accrual basis of
accounting.
Plan assets are valued at fair value based on quoted market prices. Purchases
and sales of securities are recorded on a trade date basis.
Unrealized gains and losses have been calculated on a current value basis in the
Plan's Financial Statements. Income on Plan assets is accrued when earned and
gains or losses on the disposition of Plan assets are recorded when realized.
Shares of registered investment companies are valued at quoted market
7
<PAGE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
prices which represent the net asset value of shares held by the Plan at
year-end. Participant notes receivable are valued at cost which approximates
fair value.
Benefit payments to participants are recorded when distributed.
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 financial statements and accompanying notes. Actual
results could differ from those estimates.
NOTE 3 - FUNDING POLICY
- -----------------------
For 1996, 1995, and 1994 each non-highly compensated participant, as defined by
the Internal Revenue Code (the "Code"), was permitted to contribute from 1% to
15% of annual compensation, as defined in the Plan. Participants may also
contribute amounts representing distributions from other qualified defined
benefit or contribution plans.
Participants are immediately vested in their contributions plus earnings
thereon. Vesting in the Company's former matching contribution portion of their
accounts plus earnings thereon was based on years of continuous service, with a
participant becoming 100% vested after two years of credited service. All
employees are now 100% vested in the employer matching contribution.
NOTE 4 - ADMINISTRATION OF PLAN ASSETS
- --------------------------------------
The Plan's assets are held by the Trustee of the Plan. In early 1996, the
Trustee was changed from Mellon Bank to The Charles Schwab Trust Company. The
Plan is administered by the 401(k) Savings Plan Committee. The 401(k) Savings
Plan Committee and the Trustee of the Plan are appointed by the Board of
Directors of DENTSPLY International Inc.
Certain administrative functions are performed by officers or employees of the
Company. No such officer or employee receives compensation from the Plan.
Administrative expenses for the Plan are paid directly by the Company.
8
<PAGE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - INVESTMENTS
- --------------------
In 1996 and 1995, participants directed their contributions in any of the
investment options which are as follows: Fidelity Magellan Fund, Fidelity Growth
Company Fund, Fidelity Balanced Fund, Fidelity Puritan Fund, Fidelity Spartan
Limited Maturity Government Fund, Vanguard U.S. Growth Fund, Vanguard Index 500
Fund, Vanguard Windsor II Fund, Vanguard Wellington Fund, Harris Bank Index
Fund, Harris Bank Government Agency Intermediate Fund, Vanguard Short-Term
Corporate Bond Fund, Mellon Bank Money Market Fund, Schwab Institutional
Advantage Money Fund, and DENTSPLY International Inc. Stock Fund. During 1996
the Mellon Money Market Fund was eliminated as an investment option. During 1995
the Fidelity Spartan Limited Maturity Government Fund, Harris Bank Index Fund
and Harris Bank Government Agency Intermediate Funds were eliminated as
investment options. Participants in these eliminated funds who did not switch to
another fund had their fund balances transferred to comparable funds.
Participants may borrow from their vested account balances in the Investment
Funds a minimum of $1,000 and up to a maximum equal to the lesser of $50,000 or
50% of their vested account balance. Through December 31, 1995, only
participants who were employees of the Gendex, Midwest and Universal
Divisions/Subsidiaries of the Company were eligible to borrow. Loan transactions
are treated as a transfer to/from the Investment Funds from/to the Loan Fund.
Loan terms range from one to five years except for the purchase of a primary
residence. The loans are secured by the balance in the participant's account and
bear interest based on the prime rate plus 1%. The interest rate remains fixed
throughout the full term of the loan. Principal and interest are paid ratably
through payroll deductions.
9
<PAGE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
The Plan's investments at December 31, 1996 and 1995 were as follows:
December 31, 1996
- -----------------
Units of
Participation Cost Fair Value
------------- ---------- -----------
Schwab Institutional
Advantage Money Fund (1) 2,330,975 $ 2,330,975 $ 2,330,975*
Fidelity Magellan Fund 37,467 1,240,277 3,021,676*
Fidelity Growth Company
Fund 53,411 989,044 2,161,023*
Fidelity Balanced Fund 33,720 143,987 474,779
Fidelity Puritan Fund 73,811 476,899 1,288,740*
Vanguard U.S. Growth Fund 48,753 1,034,702 1,157,396*
Vanguard Index 500 Fund 42,971 2,390,805 2,971,849*
Vanguard Windsor II Fund 47,156 977,751 1,123,737*
Vanguard Wellington Fund 20,272 468,613 530,111
Vanguard Short-Term
Corporate Bond Fund 117,639 1,260,622 1,264,614*
DENTSPLY International Inc.
Stock Fund 8,103 325,344 384,893
Participant notes
receivable, term notes
at market rates 285,831 285,831 285,832
----------- -----------
Total $11,924,850 $16,995,625
=========== ===========
(1) Party in interest to the Plan
*Exceeds 5% of net assets available for benefits of the Plan
10
<PAGE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
- -----------------
Units of
Participation Cost Fair Value
------------- ----------- -----------
Mellon Money Market
Fund (1) 2,498,988 $ 2,498,988 $ 2,498,988*
Fidelity Magellan Fund 28,309 2,176,181 2,434,046*
Fidelity Growth Company
Fund 36,650 1,167,108 1,330,029*
Fidelity Balanced Fund 32,224 410,080 435,669
Fidelity Puritan Fund 54,492 852,695 926,911*
Vanguard U.S. Growth Fund 19,600 332,536 398,866
Vanguard Index Trust Fund 40,632 2,144,139 2,340,380*
Vanguard Windsor II Fund 24,827 447,031 512,920
Vanguard Wellington Fund 14,898 319,189 363,966
Vanguard Short-Term
Corporate Bond Fund 141,964 1,529,064 1,548,834*
DENTSPLY International
Stock Fund 3,767 134,899 150,680
Participant notes
receivable, term notes
at market rates 163,966 163,966 163,966
----------- -----------
Total $12,175,876 $13,105,255
=========== ===========
(1) Party in Interest to the Plan
*Exceeds 5% of net assets available for benefits of the Plan
11
<PAGE>
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
The number of employees participating in the investment programs at December 31,
1996 was as follows:
Schwab Institutional Advantage Money Fund 450
Fidelity Magellan Fund 954
Fidelity Growth Company Fund 674
Fidelity Balanced Fund 205
Fidelity Puritan Fund 397
Vanguard U. S. Growth Fund 360
Vanguard Index 500 Fund 518
Vanguard Windsor II Fund 332
Vanguard Wellington Fund 210
Vanguard Short-Term Corporate Bond Fund 299
DENTSPLY International Inc. Stock Fund 232
NOTE 6 - TAX STATUS OF THE PLAN
- -------------------------------
The Internal Revenue Service has determined and informed the Company by a letter
dated March 25, 1994, that the Plan and related trust are designed in accordance
with applicable sections of the Code. Plan management believes that the Plan is
currently being operated in accordance with the applicable requirements of the
Internal Revenue Code.
12
<PAGE>
SCHEDULE 1
DENTSPLY INTERNATIONAL INC. 401(K) SAVINGS PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1996
Units of
Participation Cost Fair Value
------------- ----------- ------------
Schwab Institutional
Advantage Money Fund (1) 2,330,975 $ 2,330,975 $ 2,330,975*
Fidelity Magellan Fund 37,467 1,240,277 3,021,676*
Fidelity Growth Company
Fund 53,411 989,044 2,161,023*
Fidelity Balanced Fund 33,720 143,987 474,779
Fidelity Puritan Fund 73,811 476,899 1,288,740*
Vanguard U.S. Growth Fund 48,753 1,034,702 1,157,396*
Vanguard Index 500 Fund 42,971 2,390,805 2,971,849*
Vanguard Windsor II Fund 47,156 977,751 1,123,737*
Vanguard Wellington Fund 20,272 468,613 530,111
Vanguard Short-Term
Corporate Bond Fund 117,639 1,260,622 1,264,614*
DENTSPLY International Inc.
Stock Fund 8,103 325,344 384,893
Participant notes
receivable, term
notes at market rates 285,831 285,831 285,832
----------- -----------
Total $11,924,850 $16,995,625
=========== ===========
(1) Party in interest to the Plan
*Exceeds 5% of net assets available for benefits of the Plan
13
<PAGE>
Exhibit (A)
Consent of Independent Auditors
The Board of Directors
DENTSPLY International Inc.
We consent to incorporation by reference in Registration Statement No. 33-897786
on Form S-8 of DENTSPLY International Inc. 401(k) Savings Plan of our report
dated May 30, 1997, relating to the statements of net assets available for
benefits of the DENTSPLY International Inc. 401(k) Savings Plan as of December
31, 1996 and 1995, and the related statements of changes in net assets available
for benefits for each of the years in the three-year period ended December
31,1996, which report appears in the December 31, 1996 annual report on Form
11-K of the DENTSPLY International Inc. 401(k) Savings Plan.
KPMG Peat Marwick LLP
Philadelphia, Pennsylvania
June 24, 1997
<PAGE>
