<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED] FOR THE FISCAL YEAR ENDED SEPTEMER 30, 1999 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 NO. 1-10863
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
BRISTOL COMPRESSORS
THRIFT AND RETIREMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
YORK INTERNATIONAL CORPORATION
631 South Richland Avenue
York, Pennsylvania 17403
================================================================================
<PAGE>
INDEX
-----
Item Page
- ---- ----
Signature....................................................... 2
Audited Plan Financial Statements and Schedules Prepared in
Accordance With the Financial Reporting Requirements of ERISA... 3
Exhibit Index................................................... 22
Exhibit......................................................... 23
<PAGE>
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension
and Investment Committee has duly caused this annual report to be signed on its
behalf by the undersigned thereunto duly authorized.
BRISTOL COMPRESSORS
THRIFT AND RETIREMENT PLAN
Date: March 23, 2000 By: /s/ JANE G. DAVIS
-------------------------- ------------------------------
Jane G. Davis
Member, Pension and Investment Committee
2
<PAGE>
BRISTOL COMPRESSORS
THRIFT AND RETIREMENT PLAN
Financial Statements
And
Additional Information
September 30, 1999 and 1998
3
<PAGE>
INDEPENDENT AUDITORS' REPORT
Pension and Investment Committee
Bristol Compressors Thrift and Retirement Plan:
We have audited the accompanying statements of net assets available for benefits
of Bristol Compressors Thrift and Retirement Plan as of September 30, 1999 and
1998, and the related statements of changes in net assets available for benefits
for the years then ended. 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 Bristol
Compressors Thrift and Retirement Plan as of September 30, 1999 and 1998, and
the changes in net assets available for benefits for the years then ended in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Bristol Compressors Thrift and
Retirement Plan's management. The supplemental schedules have been subjected to
the auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ KPMG LLP
March 17, 2000
4
<PAGE>
<TABLE>
<CAPTION>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Net Assets Available for Benefits
September 30, 1999 and 1998
1999
---------------------------------------------------------------------------------------
Participant Directed
---------------------------------------------------------------------------------------
Fixed Equity Growth & OTC
Income Puritan Magellan Income Income Portfolio
Assets Fund Fund Fund Fund Fund Fund
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investments:
Investments, at fair value $ 14,885,256 $ 856,661 $ 5,099,151 $ 702,082 $ 1,483,320 $ 1,318,962
Participant notes receivable - - - - - -
---------------------------------------------------------------------------------------
Total investments 14,885,256 856,661 5,099,151 702,082 1,483,320 1,318,962
---------------------------------------------------------------------------------------
Receivables:
Employer's contribution 83,565 12,049 62,619 11,854 19,000 11,627
Participants' contributions 37,200 14,196 67,049 13,845 19,648 12,071
Interest - - - - - -
---------------------------------------------------------------------------------------
Total receivables 120,765 26,245 129,668 25,699 38,648 23,698
---------------------------------------------------------------------------------------
Total assets 15,006,021 882,906 5,228,819 727,781 1,521,968 1,342,660
---------------------------------------------------------------------------------------
Liabilities
Total liabilities - - - - - -
---------------------------------------------------------------------------------------
Net assets available for benefits $ 15,006,021 $ 882,906 $ 5,228,819 $ 727,781 $ 1,521,968 $ 1,342,660
=======================================================================================
1999
----------------------------------------------------------------
Participant Directed
----------------------------------------------------------------
Freedom Freedom Freedom
Overseas Income 2000 2010
Assets Fund Fund Fund Fund
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments:
Investments, at fair value $ 286,834 $ 35,739 $ 806,390 $ 2,242,473
Participant notes receivable - - - -
----------------------------------------------------------------
Total investments 286,834 35,739 806,390 2,242,473
----------------------------------------------------------------
Receivables:
Employer's contribution 5,060 885 6,207 22,013
Participants' contributions 5,768 912 7,847 24,008
Interest - - - -
----------------------------------------------------------------
Total receivables 10,828 1,797 14,054 46,021
----------------------------------------------------------------
Total assets 297,662 37,536 820,444 2,288,494
----------------------------------------------------------------
Liabilities
Total liabilities - - - -
----------------------------------------------------------------
Net assets available for benefits $ 297,662 $ 37,536 $ 820,444 $ 2,288,494
================================================================
See accompanying notes to financial statements. (Continued)
5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Net Assets Available for Benefits-Continued
1999
--------------------------------------------------------------------------------------------------
Participant Directed
-------------------------------------------------------------------------------------
Freedom Freedom Spartan US U.S. Bond York Participant
2020 2030 Equity Index Index International Notes Total
Assets Fund Fund Fund Fund Stock Fund Receivable 1999
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments:
Investments, at fair value $ 1,755,204 $ 1,387,210 $ 1,714,899 $ 426,801 $ - $ - $ 33,000,982
Participant notes receivable - - - - - 1,945,058 1,945,058
--------------------------------------------------------------------------------------------------
Total investments 1,755,204 1,387,210 1,714,899 426,801 - 1,945,058 34,946,040
--------------------------------------------------------------------------------------------------
Receivables:
Employer's contribution 27,671 23,483 19,435 7,457 - - 312,925
Participants' contributions 28,099 25,490 20,165 8,274 - - 284,572
Interest - - - - - 19,291 19,291
--------------------------------------------------------------------------------------------------
Total receivables 55,770 48,973 39,600 15,731 - 19,291 616,788
--------------------------------------------------------------------------------------------------
Total assets 1,810,974 1,436,183 1,754,499 442,532 - 1,964,349 35,562,828
--------------------------------------------------------------------------------------------------
Liabilities
Total liabilities - - - - - - -
--------------------------------------------------------------------------------------------------
Net assets available for benefits $ 1,810,974 $ 1,436,183 $ 1,754,499 $ 442,532 $ - $ 1,964,349 $ 35,562,828
==================================================================================================
(Continued)
See accompanying notes to financial statements.
</TABLE>
6
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Net Assets Available for Benefits-Continued
<TABLE>
<CAPTION>
1998
-------------------------------------------------------------------------------------
Participant Directed
-------------------------------------------------------------------------------------
Fixed Equity Growth & OTC
Income Puritan Magellan Income Income Portfolio
Assets Fund Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investments:
Investments, at fair value $ 15,284,793 $ 692,482 $2,574,715 $ 702,470 $1,037,410 $ 514,981
Participant notes receivable - - - - - -
-------------------------------------------------------------------------------------
Total investments 15,284,793 692,482 2,574,715 702,470 1,037,410 514,981
-------------------------------------------------------------------------------------
Receivables:
Employer's contribution 346,213 14,012 75,630 10,406 19,846 10,646
Participants' contributions 33,648 14,927 67,484 13,412 20,779 10,645
Interest - - - - - -
-------------------------------------------------------------------------------------
Total receivables 379,861 28,939 143,114 23,818 40,625 21,291
-------------------------------------------------------------------------------------
Total assets 15,664,654 721,421 2,717,829 726,288 1,078,035 536,272
-------------------------------------------------------------------------------------
Liabilities
Total liabilities - - - - - -
-------------------------------------------------------------------------------------
Net assets available for benefits $ 15,664,654 $ 721,421 $2,717,829 $ 726,288 $1,078,035 $ 536,272
================ ============= ============= ============= ============== ============
1998
--------------------------------------------------
Participant Directed
--------------------------------------------------
Freedom Freedom
Overseas Income 2000
Assets Fund Fund Fund
--------------------------------------------------
<S> <C> <C> <C>
Investments:
Investments, at fair value $ 131,574 $ 10,508 $ 722,707
Participant notes receivable - - -
--------------------------------------------------
Total investments 131,574 10,508 722,707
--------------------------------------------------
Receivables:
Employer's contribution 6,289 929 7,909
Participants' contributions 6,313 945 9,357
Interest - - -
--------------------------------------------------
Total receivables 12,602 1,874 17,266
--------------------------------------------------
Total assets 144,176 12,382 739,973
--------------------------------------------------
Liabilities
Total liabilities - - -
--------------------------------------------------
Net assets available for benefits $ 144,176 $ 12,382 $ 739,973
================= ============== =================
See accompanying notes to financial statements. (Continued)
</TABLE>
7
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Net Assets Available for Benefits-Continued
<TABLE>
<CAPTION>
1998
---------------------------------------------------------
Participant Directed
---------------------------------------------------------
Freedom Freedom Freedom Spartan US
2010 2020 2030 Equity Index
Assets Fund Fund Fund Fund
---------------------------------------------------------
<S> <C> <C> <C> <C>
Investments:
Investments, at fair value $ 1,617,358 $ 1,031,086 $ 760,211 $ 1,252,645
Participant notes receivable - - - -
---------------------------------------------------------
Total investments 1,617,358 1,031,086 760,211 1,252,645
---------------------------------------------------------
Receivables:
Employer's contribution 23,967 29,423 28,300 20,421
Participants' contributions 35,264 27,828 27,502 20,661
Interest - - - -
---------------------------------------------------------
Total receivables 59,231 57,251 55,802 41,082
---------------------------------------------------------
Total assets 1,676,589 1,088,337 816,013 1,293,727
---------------------------------------------------------
Liabilities
Total liabilities - - - -
---------------------------------------------------------
Net assets available for benefits $ 1,676,589 $ 1,088,337 $ 816,013 $ 1,293,727
============== ============== ============= ============
1998
------------------------------------------------
Participant Directed
----------------------------------
U.S. Bond Participant
Index Notes Total
Assets Fund Receivable 1998
------------------------------------------------
<S>
Investments:
Investments, at fair value $ 339,013 $ - $ 26,671,953
Participant notes receivable - 646,587 646,587
------------------------------------------------
Total investments 339,013 646,587 27,318,540
------------------------------------------------
Receivables:
Employer's contribution 8,795 - 602,786
Participants' contributions 8,780 - 297,545
Interest - 5,206 5,206
------------------------------------------------
Total receivables 17,575 5,206 905,537
------------------------------------------------
Total assets 356,588 651,793 28,224,077
------------------------------------------------
Liabilities
Total liabilities - - -
------------------------------------------------
Net assets available for benefits $ 356,588 $ 651,793 $ 28,224,077
================ ============= =================
See accompanying notes to financial statements.
</TABLE>
8
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Changes in Net Assets Available for Benefits
Years Ended September 30, 1999 and 1998
<TABLE>
<CAPTION>
1999
-------------------------------------------------------------------------------
Participant Directed
-------------------------------------------------------------------------------
Fixed Equity Growth &
Income Puritan Magellan Income Income
Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ 10,077 $ 673,685 $ 81,282 $ 109,144
Interest and dividends 782,692 82,641 385,782 53,950 119,630
Contributions:
Participants 304,244 130,552 607,234 119,113 185,274
Employer 572,563 94,983 469,124 94,596 136,664
-------------------------------------------------------------------------------
Total additions 1,659,499 318,253 2,135,825 348,941 550,712
-------------------------------------------------------------------------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 1,016,569 71,698 98,384 21,743 32,124
Administrative expenses 4 3 23 4 -
-------------------------------------------------------------------------------
Total deductions 1,016,573 71,701 98,407 21,747 32,124
-------------------------------------------------------------------------------
Net increase prior to transfers 642,926 246,552 2,037,418 327,194 518,588
Interfund transfers (1,301,559) (85,067) 473,572 (325,701) (74,655)
-------------------------------------------------------------------------------
Net increase/(decrease) (658,633) 161,485 2,510,990 1,493 443,933
Net assets available for benefits:
Beginning of year 15,664,654 721,421 2,717,829 726,288 1,078,035
-------------------------------------------------------------------------------
End of year $ 15,006,021 $ 882,906 $ 5,228,819 $ 727,781 $ 1,521,968
================ ============== =============== =============== ===============
1999
------------------------------------------------------------------------------
Participant Directed
------------------------------------------------------------------------------
OTC Freedom Freedom Freedom
Portfolio Overseas Income 2000 2010
Fund Fund Fund Fund Fund
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 209,517 $ 53,472 $ (55) $ 55,158 $ 223,177
Interest and dividends 108,553 6,517 1,763 55,061 120,352
Contributions:
Participants 99,888 57,563 8,052 75,202 206,508
Employer 77,965 38,426 6,653 51,526 151,827
------------------------------------------------------------------------------
Total additions 495,923 155,978 16,413 236,947 701,864
------------------------------------------------------------------------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 24,383 3,574 1,661 107,332 33,067
Administrative expenses - - - - -
------------------------------------------------------------------------------
Total deductions 24,383 3,574 1,661 107,332 33,067
------------------------------------------------------------------------------
Net increase prior to transfers 471,540 152,404 14,752 129,615 668,797
Interfund transfers 334,848 1,082 10,402 (49,144) (56,892)
------------------------------------------------------------------------------
Net increase/(decrease) 806,388 153,486 25,154 80,471 611,905
Net assets available for benefits:
Beginning of year 536,272 144,176 12,382 739,973 1,676,589
------------------------------------------------------------------------------
End of year $ 1,342,660 $ 297,662 $ 37,536 $ 820,444 $ 2,288,494
============== ============== =============== ============== =================
See accompanying notes to financial statements. (Continued)
</TABLE>
9
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Changes in Net Assets Available for Benefits-Continued
<TABLE>
<CAPTION>
1999
---------------------------------------------------------------------------------
Participant Directed
---------------------------------------------------------------------------------
Freedom Freedom Spartan US U.S. Bond York Participant
2020 2030 Equity Index Index International Notes Total
Fund Fund Fund Fund Stock Fund Receivable 1999
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 217,140 $ 192,581 $ 322,359 $ (30,474) $ - $ - $2,117,063
Interest and dividends 89,898 59,564 38,051 32,505 - 126,006 2,062,965
Contributions:
Participants 261,111 230,459 185,899 74,649 - - 2,545,748
Employer 195,317 186,105 137,321 55,750 - - 2,268,820
---------------------------------------------------------------------------------
Total additions 763,466 668,709 683,630 132,430 - 126,006 8,994,596
---------------------------------------------------------------------------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 25,768 23,663 41,990 128,348 - 25,507 1,655,811
Administrative expenses - - - - - - 34
---------------------------------------------------------------------------------
Total deductions 25,768 23,663 41,990 128,348 - 25,507 1,655,845
---------------------------------------------------------------------------------
Net increase prior to transfers 737,698 645,046 641,640 4,082 - 100,499 7,338,751
Interfund transfers (15,061) (24,876) (180,868) 81,862 - 1,212,057 -
---------------------------------------------------------------------------------
Net increase/(decrease) 722,637 620,170 460,772 85,944 - 1,312,556 7,338,751
Net assets available for benefits:
Beginning of year 1,088,337 816,013 1,293,727 356,588 - 651,793 28,224,077
---------------------------------------------------------------------------------
End of year $1,810,974 $1,436,183 $1,754,499 $ 442,532 $ - $1,964,349 $ 35,562,828
=========== ========== ========== =========== ========== ========== =============
See accompanying notes to financial statements. (Continued)
</TABLE>
10
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Changes in Net Assets Available for Benefits-Continued
<TABLE>
<CAPTION>
1998
--------------------------------------------------------------------------
Participant Directed
--------------------------------------------------------------------------
Fixed Equity Growth &
Income Puritan Magellan Income Income
Fund Fund Fund Fund Fund
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ (101,594) $ (289,634) $ (92,478) $ (116,486)
Interest and dividends 758,280 54,739 8,707 3,461 42,936
Contributions:
Participants 431,351 103,533 462,219 87,873 138,126
Employer 859,200 83,126 392,013 71,422 110,568
-------------------------------------------------------------------------
Total additions 2,048,831 139,804 573,305 70,278 175,144
-------------------------------------------------------------------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 660,832 3,683 11,883 1,185 3,214
Administrative expenses - - - - -
-------------------------------------------------------------------------
Total deductions 660,832 3,683 11,883 1,185 3,214
-------------------------------------------------------------------------
Net increase prior to transfers 1,387,999 136,121 561,422 69,093 171,930
Transfers to/from affiliated plans 24,543,777 - - - -
Interfund transfers (10,267,122) 585,300 2,156,407 657,195 906,105
-------------------------------------------------------------------------
Net increase/(decrease) 15,664,654 721,421 2,717,829 726,288 1,078,035
Net assets available for benefits:
Beginning of year - - - - -
-------------------------------------------------------------------------
End of year $ 15,664,654 $ 721,421 $ 2,717,829 $ 726,288 $ 1,078,035
============= =============== ============== ============== =============
1998
---------------------------------------------------------------
Participant Directed
---------------------------------------------------------------
OTC Freedom Freedom
Portfolio Overseas Income 2000
Fund Fund Fund Fund
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (63,011) $ (25,955) $ (25) $ (16,294)
Interest and dividends 33,201 - 208 830
Contributions:
Participants 73,672 46,360 7,776 73,081
Employer 60,512 34,472 6,422 54,076
---------------------------------------------------------------
Total additions 104,374 54,877 14,381 111,693
---------------------------------------------------------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 3,217 2,986 38 3,126
Administrative expenses - - - -
---------------------------------------------------------------
Total deductions 3,217 2,986 38 3,126
---------------------------------------------------------------
Net increase prior to transfers 101,157 51,891 14,343 108,567
Transfers to/from affiliated plans - - - -
Interfund transfers 435,115 92,285 (1,961) 631,406
---------------------------------------------------------------
Net increase/(decrease) 536,272 144,176 12,382 739,973
Net assets available for benefits:
Beginning of year - - - -
---------------------------------------------------------------
End of year $ 536,272 $ 144,176 $ 12,382 $ 739,973
============== =============== ============== =================
See accompanying notes to financial statements. (Continued)
</TABLE>
11
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Statements of Changes in Net Assets Available for Benefits-Continued
<TABLE>
<CAPTION>
1998
------------------------------------------------------------
Participant Directed
------------------------------------------------------------
Freedom Freedom Freedom Spartan US
2010 2020 2030 Equity Index
Fund Fund Fund Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (74,744) $ (82,537) $ (73,318) $ (122,650)
Interest and dividends 1,945 1,758 4,172 5,530
Contributions:
Participants 208,304 195,493 190,971 135,473
Employer 140,278 165,765 162,467 112,490
------------ ------------ ------------ ------------
Total additions 275,783 280,479 284,292 130,843
------------ ------------ ------------ ------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 4,041 3,410 10,597 5,208
Administrative expenses - - - -
------------ ------------ ------------ ------------
Total deductions 4,041 3,410 10,597 5,208
------------ ------------ ------------ ------------
Net increase prior to transfers 271,742 277,069 273,695 125,635
Transfers to/from affiliated plans - - - -
Interfund transfers 1,404,847 811,268 542,318 1,168,092
------------ ------------ ------------ ------------
Net increase/(decrease) 1,676,589 1,088,337 816,013 1,293,727
Net assets available for benefits:
Beginning of year - - - -
------------ ------------ ------------ ------------
End of year $ 1,676,589 $ 1,088,337 $ 816,013 $ 1,293,727
============ ============ ============ ============
1998
-------------------------------------------------------------
Participant Directed
------------------------------- Non-
U.S. Bond Participant Participant
Index Notes Directed Total
Fund Receivable Funds 1998
-------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
Additions
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 9,119 $ - $ 355,265 $ (694,342)
Interest and dividends 5,201 7,466 242,685 1,171,119
Contributions:
Participants 59,415 - - 2,213,647
Employer 48,848 - 3,276 2,304,935
------------ ------------ ------------ ------------
Total additions 122,583 7,466 601,226 4,995,359
------------ ------------ ------------ ------------
Deductions
Deductions from net assets attributed to:
Benefits paid to participants 413 - 1,118,290 1,832,123
Administrative expenses - - 59,852 59,852
------------ ------------ ------------ ------------
Total deductions 413 - 1,178,142 1,891,975
------------ ------------ ------------ ------------
Net increase prior to transfers 122,170 7,466 (576,916) 3,103,384
Transfers to/from affiliated plans - - (24,543,777) -
Interfund transfers 234,418 644,327 - -
------------ ------------ ------------ ------------
Net increase/(decrease) 356,588 651,793 (25,120,693) 3,103,384
Net assets available for benefits:
Beginning of year - - 25,120,693 25,120,693
------------ ------------ ------------ ------------
End of year $ 356,588 $ 651,793 $ - $ 28,224,077
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements
12
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
(1) SUMMARY OF THE PLAN
The following description of the Bristol Compressors Thrift and Retirement
Plan (the Plan) provides only general information. Participants should
refer to the Plan agreement for a more complete description of the Plan's
provisions.
(a) GENERAL
The Plan, amended and restated effective October 1, 1997, covers the
eligible employees of Bristol Compressors, Inc. and certain of its
affiliated entities (the Company). It is a contributory savings plan
whereby an employee becomes eligible for participation in the Plan
when he or she has attained the age of 18 and completed at least 1,000
hours of service. The Plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). The Company is wholly-owned by
York International Corporation, the Plan Sponsor.
(b) CONTRIBUTIONS
Each participant that elects to participate in the savings portion of
the Plan, shall contribute after-tax contributions or pre-tax elective
deferral amounts equal to 1% to 10% of his or her eligible
compensation to the Plan. The Company shall contribute on behalf of
each participant an amount equal to 10% of the first 5% of the
participant's contributions. The Company shall also contribute each
year a profit sharing contribution to the Plan in amounts equal to
3.2% to 4.0% of compensation, as defined and limited in the Plan, to
participants who have completed a Year of Service and are employed on
the last day of the Plan Year.
A participant may change his or her contribution percentage as of the
first day of any calendar month, but not retroactively and not more
frequently than twice in each fiscal year of the Plan.
(c) PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocations of (a) the Company's contribution and,
(b) Plan earnings, and charged with an allocation of administrative
expenses paid by the Plan. Allocations are based on participant
earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's vested account.
13
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
(d) VESTING
Participants are immediately vested in their contributions and their
employer matching contributions plus actual earnings thereon. Vesting
in the Company's profit sharing contribution account plus actual
earnings thereon is based on years of continuous service. A
participant is 100 percent vested after seven years of credited
service, as follows:
Years of Vested
vesting service percentage
-----------------------------------------------
Less than 1 0%
1 10
2 20
3 30
4 40
5 60
6 80
7 100
===============================================
(e) INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employee
contributions in 10 percent increments in any of fifteen investment
options.
The "Fixed Income Fund," under an agreement between the trustee and
various insurance companies, provides a guaranteed rate of interest
on contributions.
The "Puritan Fund" is a mutual fund which seeks to obtain as much
income as possible, consistent with the preservation and
conservation of capital, by investing in a broadly diversified
portfolio of high-yielding securities, including common stocks,
preferred stocks, and bonds.
The "Magellan Fund" is a mutual fund which invests primarily in
common stock, and securities convertible into common stock, of
U.S., multinational, and foreign companies of all sizes that offer
potential for growth.
The "Equity Income Fund" is a growth and income fund. It seeks
reasonable income with the potential for capital appreciation. The
fund tries to achieve a yield that exceeds the composite yield of
the S&P 500. It also considers the potential for capital
appreciation when selecting investments. It invests primarily in
income-producing equity securities (common and preferred stocks)
but can also invest in bonds and convertible securities.
14
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
The "Growth & Income Fund" is a growth and income fund. It seeks
high total return through a combination of current income and
capital appreciation. It invests in securities of companies that
pay current dividends and offer potential growth of earnings, such
as common stocks, securities convertible into common stocks,
preferred stocks and fixed-income securities.
The "OTC Portfolio Fund" is a growth fund. It seeks long-term
capital appreciation by investing primarily in securities traded on
the over-the-counter securities market. Securities in which the
fund may invest include common stocks, preferred stocks, securities
convertible into common stocks and debt securities. Companies whose
securities trade on the OTC market generally are smaller or newer
companies than those on the New York and American Stock Exchanges.
The "Overseas Fund" is an international growth fund. It seeks long-
term capital growth primarily through investments in foreign
securities. These investments may include common stock and
securities convertible into common stock, as well as debt
instruments. Normally at least 65% of the fund's total assets will
be invested in securities of issuers from at least three different
countries outside of North America.
The "Freedom Income Fund" is an asset allocation fund designed for
investors who want a simple approach to investing for retirement by
investing in a collection of other Fidelity mutual funds. It seeks
high current income and, as a secondary objective, some capital
appreciation for those already in retirement.
The "Freedom 2000 Fund" is an asset allocation fund designed for
investors who want a simple approach to investing for retirement by
investing in a collection of other Fidelity mutual funds. It seeks
high total returns for those planning to retire in approximately
1-10 years.
The "Freedom 2010 Fund" is an asset allocation fund designed for
investors who want a simple approach to investing for retirement by
investing in a collection of other Fidelity mutual funds. It seeks
high total returns for those planning to retire in approximately
10-20 years.
The "Freedom 2020 Fund" is an asset allocation fund designed for
investors who want a simple approach to investing for retirement by
investing in a collection of other Fidelity mutual funds. It seeks
high total returns for those planning to retire in approximately
20-30 years.
The "Freedom 2030 Fund" is an asset allocation fund designed for
investors who want a simple approach to investing for retirement by
investing in a collection of other Fidelity mutual funds. It seeks
high total returns for those planning to retire in approximately
30-40 years.
15
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
The "Spartan US Equity Index Fund" is a growth and income fund. It
seeks investment results that try to duplicate the composition and
total return of the S&P 500. The fund invests primarily in the 500
companies that make up the S&P 500 and in other securities that are
based on the value of the Index.
The "U.S. Bond Index Fund" is an income fund. It seeks investment
results that correspond to the aggregate price and interest
performance of the debt securities in the Lehman Brothers Aggregate
Bond Index. The Lehman Brothers Aggregate Bond Index is a market
value weighted performance benchmark investment-grade fixed-rate
debt index, including government, corporate, asset-backed, and
mortgage-backed securities, with maturities of at least one year.
The fund invests in investment grade (medium to high quality)
securities or above with maturities of at least one year, including
U.S. Treasury or government securities and corporate bonds, asset-
backed and mortgage-backed securities and U.S. dollar-denominated
foreign securities.
The "York International Stock Fund" is an unmanaged non-diversified
investment option consisting primarily of York International
Corporation common stock, with a small portion of short-term money
market instruments for liquidity. The liquidity is necessary to
allow for daily transfers in and out of the fund. Also,
participants do not receive shares of York International
Corporation common stock for their investment; instead their
balance is reported in units of participation. The fund's share
price will vary in relation to the market price of York
International Corporation common stock. If participants choose to
invest in the York International Stock Fund, the following
restrictions will apply to their investment:
. Limitation on New Contributions - participants will only be
permitted to invest up to 20% of any new contributions to the
Plan in the York International Stock Fund.
. No Rollover Purchase - participants will not be permitted to
invest any portion of a rollover contribution in the York
International Stock Fund.
. No Transfers from Other Funds into the York International Stock
Fund - although participants will be able to continue to make
exchanges between other investment funds, participants will not
be permitted to transfer amounts that are invested in another
investment fund into the York International Stock Fund.
. Sales of York International Stock Fund Must Occur During Window
Period - although participants will be permitted to sell any
portion of their investment in the York International Stock Fund
and invest the proceeds of that sale into another investment
fund, any sale can only occur during a "window" period that will
be established by the Plan Sponsor. Throughout the year,
participants will be notified of upcoming window periods.
Participants may change their investment options once a month.
16
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
(f) PARTICIPANT NOTES RECEIVABLE
Participants may borrow from their fund accounts a minimum of $1,000
up to a maximum equal to the lessor of $50,000 or 50 percent of their
vested account balance. Loan transactions are treated as a transfer to
(from) the investment fund from (to) the Participants Notes Receivable
fund. Loan terms range from 1-5 years or up to a reasonable amount of
time for the purchase of a primary residence. An amount equal to the
principal amount of the loan shall be security for such loan and bear
a fixed or variable rate of interest commensurate with the interest
rates charged by persons in the business of lending money on a
national basis for loans that would be made under similar
circumstances. Principal and interest is paid ratably through
quarterly payroll deductions.
(g) PAYMENT OF BENEFITS
On termination of service due to death, disability or retirement, a
participant may elect to receive either a lump-sum amount equal to the
value of the participant's vested interest in his or her account,
annual installments, or in annuity form. For the York International
Stock Fund, participants may elect to receive cash or shares of York
International stock and cash with cash representing the value of any
fractional share. For termination of service due to other reasons, a
participant may receive the value of the vested interest in his or her
account.
(h) FORFEITED ACCOUNTS
At September 30, 1999, forfeited nonvested accounts totaled $67,641.
These accounts will be used to reduce future employer contributions.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on the accrual basis
of accounting.
(b) ADMINISTRATIVE EXPENSES
Certain administrative expenses are paid by the Plan Sponsor.
(c) 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 reported amounts of assets and
liabilities and changes therein, and disclosure of contingent assets
and liabilities. Actual results could differ from those estimates.
17
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
(d) INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. The Company stock is
valued at its quoted market price. Participant notes receivable are
valued at cost which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date.
(e) PAYMENT OF BENEFITS
Benefits are recorded when paid.
(f) RECLASSIFICATIONS
Certain 1998 amounts have been reclassified to conform to 1999
classifications.
(3) INVESTMENTS
The following table presents investments which represent 5 percent or more
of the Plan's net assets at September 30, 1999:
<TABLE>
<CAPTION>
<S> <C>
Fixed Income Fund $14,885,256
Magellan Fund 5,099,151
Freedom 2010 Fund 2,242,473
Participant Notes Receivable 1,945,058
</TABLE>
(4) RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by Fidelity
Management Trust Company (Fidelity). Fidelity is the trustee as defined by
the Plan and therefore, these transactions qualify as party-in-interest.
Fees paid by the Plan for investment management services amounted to $34
for the year ended September 30, 1999.
(5) TAX STATUS
The Internal Revenue Service has determined and informed the Plan Sponsor
by letter dated January 14, 1999, that the Plan and related trust are
designed in accordance with applicable sections of the Internal Revenue
Code (IRC). The Plan has been amended since receiving the determination
letter. However, the Plan administrator believes that the Plan is designed
and is currently being operated in compliance with the applicable
requirements of the IRC.
18
<PAGE>
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Notes to Financial Statements
September 30, 1999 and 1998
(6) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company 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 will become 100 percent vested in their accounts.
(7) TRUSTEE CHANGE
In February 1998, the Plan Sponsor removed First American National Bank as
trustee and appointed Fidelity Management Trust Company as trustee.
Subsequent thereto, participants direct investments in the Plan.
(8) SUBSEQUENT EVENT
Effective December 29, 1999, the Plan Sponsor amended the Plan as follows:
. Plan year changed from the 12-month period ending September 30 to the
12-month period beginning December 30 and ending December 29 except
for the short plan year beginning October 1, 1999 and ending December
29, 1999.
. For purposes of determining eligibility and vesting, participants who
complete at least 1,000 hours of service during the period October 1,
1999 through September 30, 2000 shall be credited with a year of
service.
. For purposes of eligibility, to receive a profit sharing contribution
with respect to the plan year beginning October 1, 1999 and ending
December 29, 1999, a participant who completes at least 250 hours of
service during such plan year will be credited with a year of service.
19
<PAGE>
Schedule 1
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Item 27a - Schedule of Assets Held for Investment Purposes
September 30, 1999
<TABLE>
<CAPTION>
Current
Identity of issuer Description of investment Cost value
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
*Fidelity Investments Fixed Income Fund $ 14,885,256 14,885,256
*Fidelity Investments Puritan Fund 936,822 856,661
*Fidelity Investments Magellan Fund 4,777,103 5,099,151
*Fidelity Investments Equity Income Fund 709,063 702,082
*Fidelity Investments Growth & Income Fund 1,515,332 1,483,320
*Fidelity Investments OTC Portfolio Fund 1,197,188 1,318,962
*Fidelity Investments Overseas Fund 258,547 286,834
*Fidelity Investments Freedom Income Fund 35,899 35,739
*Fidelity Investments Freedom 2000 Fund 771,289 806,390
*Fidelity Investments Freedom 2010 Fund 2,099,923 2,242,473
*Fidelity Investments Freedom 2020 Fund 1,629,300 1,755,204
*Fidelity Investments Freedom 2030 Fund 1,278,985 1,387,210
*Fidelity Investments Spartan U.S. Equity Index Fund 1,561,745 1,714,899
*Fidelity Investments U.S. Bond Index Fund 443,829 426,801
Participant Notes Receivable
(interest of 9.5%-9.75%) 1,945,058 1,945,058
----------------------------------
$ 34,045,339 34,946,040
==================================
*Party-in-Interest Investment
</TABLE>
20
<PAGE>
Schedule 2
BRISTOL COMPRESSORS
Thrift and Retirement Plan
Item 27d - Schedule of Reportable Transactions
Year ended September 30, 1999
<TABLE>
<CAPTION>
Current
Purchase Selling Cost of value of Realized
Identity of party involved Description of Asset price price asset asset gain/loss
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fidelity Investment Company Fixed Income Fund $ 3,887,839 $ - $ 3,887,839 $ 3,887,839 $ -
Fidelity Investment Company Fixed Income Fund - 4,287,376 4,287,376 4,287,376 -
Fidelity Investment Company Magellan Fund 2,909,567 - 2,909,567 2,909,567 -
Fidelity Investment Company Magellan Fund - 1,058,816 970,517 1,058,816 88,299
</TABLE>
21
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Document
- ----------- --------
23 Consent of Independent Auditors
22
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
York International Corporation:
We consent to incorporation by reference in the Registration Statement on Form
S-8 of York International Corporation of our report dated March 17, 2000,
relating to the statements of net assets available for benefits of Bristol
Compressors Thrift and Retirement Plan as of September 30, 1999 and 1998, the
related statements of changes in net assets available for benefits for the years
then ended, and the related schedules as of and for the year ended September 30,
1999, which report appears elsewhere in this Form 11-K.
/s/KPMG LLP
Harrisburg, Pennsylvania
March 17, 2000
23
