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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
REPORT FOR THE TWELVE-MONTH PERIOD ENDED
DECEMBER 31, 1993
Prepared in accordance with General
Instruction A.2.(ii) of Form S-8
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For the twelve-month period ended December 31, 1993.
Commission file number: 1-4188
A. Full title of the plan and the address of the plan, if
different from that of the issuer name below:
RUBBERMAID PROFIT SHARING PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
Rubbermaid Incorporated
1147 Akron Road
Wooster, Ohio 44691-6000
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RUBBERMAID PROFIT SHARING PLAN
Financial Statements and Schedules
December 31, 1993 and 1992
(With Independent Auditors' Report Thereon)
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RUBBERMAID PROFIT SHARING PLAN
Table of Contents
Independent Auditors' Report
Statements of Net Assets Available for Retirement Benefits
Statements of Changes in Net Assets Available for Retirement Benefits
Notes to Financial Statements
Schedules
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Item 27d - Schedule of Reportable Transactions 1
Item 27a - Schedule of Assets Held for Investment Purposes 2
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KPMG Peat Marwick LLP
1500 National City Center
1900 East Ninth Street
Cleveland, OH 44114-3495
INDEPENDENT AUDITORS' REPORT
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Plan Administrator of
Rubbermaid Profit Sharing Plan:
We have audited the financial statements and supplemental schedules of
Rubbermaid Profit Sharing Plan (Plan) as of December 31, 1993 and 1992, and for
the years then ended, as listed in the accompanying table of contents. These
financial statements and supplemental schedules 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 plan benefits of the Plan
as of December 31, 1993 and 1992, and the changes in net assets available for
plan benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audit of the Plan's financial statements as of and for the year ended
December 31, 1993, was made for the purpose of forming an opinion on the
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. The supplemental schedules
have been subjected to the auditing procedures applied in the audit of the
basic financial statements for the year ended December 31, 1993, and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
KPMG Peat Marwick LLP
December 16, 1994
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<TABLE>
RUBBERMAID PROFIT SHARING PLAN
Statements of Net Assets Available for Retirement Benefits
December 31, 1993 and 1992
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Assets
Investment in the Profit Sharing Retirement
Trust for Rubbermaid Incorporated and
Related Companies (note 3): $23,655,346 18,697,695
Employer contribution receivable 4,462,531 3,953,281
----------- ----------
Net assets available for retirement
benefits $28,117,877 22,650,976
=========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
RUBBERMAID PROFIT SHARING PLAN
Statements of Changes in Net Assets Available for Retirement Benefits
Years Ended December 31, 1993 and 1992
<CAPTION>
1993 1992
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<S> <C> <C>
Investment income
Distribution from the Profit Sharing Retirement
Trust for Rubbermaid Incorporated and
Subsidiary Companies investment funds 1,810,699 1,278,979
Employer contributions 4,549,786 4,023,822
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6,360,485 5,302,801
Retirement benefits (893,584) (874,377)
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Net increase 5,466,901 4,428,424
Net assets available for retirement benefits:
Beginning of year 22,650,976 18,222,552
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End of year $28,117,877 22,650,976
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<FN>
See accompanying notes to financial statements.
</TABLE>
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RUBBERMAID PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 1993 and 1992
(1) Description of the Plan
-----------------------
The following brief description of the Rubbermaid Profit Sharing 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
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The Plan is a defined contribution retirement plan covering
substantially all full time employees of the Company at the following
locations ("the participating employers"):
Rubbermaid Specialty Products, Inc.:
Statesville
Winfield
Rubbermaid Inc. - Cortland
Rubbermaid Commercial Products, Inc.:
Centerville
Cleveland
Home Products Division of Rubbermaid Incorporated:
Goodyear
Rubbermaid Office Products, Inc.
Maryville
MicroComputer Accessories
The Little Tikes Company:
Ohio
Missouri
California
Participation in the Plan begins on the January 1 coincident with or
next following an employee's date of hire. Part-time employees become
eligible to participate if certain service requirements are met. The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
(b) Contributions
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Annually, the Company contributes to the Plan 5 percent of the aggregate
eligible compensation of the participants, plus 5 percent of the amount
by which each participants eligible compensation exceeds the social
security wage base in effect for the Plan year. Voluntary contributions
by participants to the Plan (for certain participating employers) were
suspended effective January 1, 1987. Forfeitures, representing the
nonvested portion of terminated participants' accounts reduce employers'
contributions after a five-year break in service has occurred.
(Continued)
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RUBBERMAID PROFIT SHARING PLAN
Notes to Financial Statements
(c) Participant Accounts
--------------------
Each participant's account is credited with the participant's
contribution, if any, (for amounts contributed prior to January 1, 1987)
and an allocation of (a) the Company's contribution, and (b)
Plan earnings. Allocations are based upon participant earnings,
service, and/or account balances, as defined. The benefit to which a
participant is entitled is the vested benefit that can be provided from
the participant's account.
(d) Vesting
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Participants are immediately vested in their voluntary contributions
plus actual earnings thereon. Vesting in the remainder of their
accounts is based upon years of service. A participant becomes fully
vested after completing seven years of credited service.
(e) Investments
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Participants may elect to contribute (in 25% increments) in one or more
of the three investment funds held by the Plan. Currently, the
investment funds are: (a) the Equity Fund, comprised of common stocks
or securities convertible into common stocks; (b) the Fixed Income Fund,
comprised of bonds, obligations, debentures and other securities the
income or return from which is fixed; and (c) the Guaranteed Interest
Fund (formerly the Insured Principal and Income Fund), comprised of
guaranteed principal and interest contracts with major financial
institutions.
(f) Payment of Benefits
-------------------
Upon normal retirement at age 65 or termination of service other than
normal retirement, a participant may elect to receive either a lump-sum
cash payment equal to the value of his or her account, or periodic
payments in such amounts as elected by the participant (subject to
rules of the Plan).
(2) Accounting Policy
-----------------
The financial statements of the Plan are prepared on an accrual basis.
(Continued)
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RUBBERMAID PROFIT SHARING PLAN
Notes to Financial Statements
(3) Investments
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For investment purposes only, the investments held in the separate
funds of the Plan are commingled with those of certain other
Company-sponsored retirement plans having similar investment programs.
Collectively, such funds comprise the Profit Sharing Retirement Trust
for Rubbermaid Incorporated and Related Companies, a bank-administered
master trust fund. The investments and changes therein of the Plan in
the master trust fund have been certified to the Company by the Trustee,
National City Bank, as having been determined through the use of fair
values for all assets of the master trust fund. A summary of the master
trust assets as of December 31, 1993 and 1992, is as follows:
Investments 1993 1992
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Equity Fund $45,666,257 40,066,300
Fixed Income Fund 9,016,044 6,536,628
Guaranteed Interest Fund 277,927,928 255,910,940
Participants Loan Fund 4,406,833 4,401,927
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Total master trust assets $337,017,062 306,915,795
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Changes in Investments
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<TABLE>
<CAPTION>
EQUITY FIXED INCOME STABLE VALUE PARTICIPANT
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FUND FUND FUND LOAN FUND TOTALS
---- ---- ---- --------- ------
<S> <C> <C> <C> <C> <C>
BEGINNING BALANCE 1/1/93 40,066,299.64 6,536,627.73 255,910,939.98 4,401,927.48 306,915,794.83
ADD ACCRUED CONTRIBUTION
RECEIVED 3,023,535.02 884,832.84 12,526,181.14 0.00 16,434,549.00
DIVIDENDS 107,075.52 0.00 0.00 0.00 107,075.52
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C>
GIC INTEREST 0.00 0.00 20,910,469.34 0.00 20,910,469.34
STIF INTEREST 7,097.14 1,253.44 224,552.03 3,451.20 236,353.81
CORPORATE BOND INTEREST 1,762.65 314.01 109,181.56 0.00 111,258.22
FEDERAL BOND INTEREST 0.00 0.00 0.00 0.00 0.00
PARTICIPANT LOAN INTEREST 705.63 93.43 3,311.20 0.00 4,110.26
DISTRIBUTION FROM POOLED
FUND 1,001,234.65 536,199.85 0.00 0.00 1,537,434.50
OTHER INCOME 1,602.26 0.00 0.00 0.00 1,602.26
TRUSTEE FEES (45,049.04) (3,877.08) (40,635.02) 0.00 (89,561.14)
INVESTMENT FEES (42,116.12) (28,510.47) (210,072.65) 0.00 (280,699.24)
Changes in Investments (Continued)
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EQUITY FIXED INCOME STABLE VALUE PARTICIPANT
------ ------------ ------------ -----------
FUND FUND FUND LOAN FUND TOTALS
---- ---- ---- --------- ------
CONSULTANT FEES - MERCER (16,571.91) (2,875.09) (10,503.00) 0.00 (29,950.00)
TOPE PRINTING (116.42) (708.63) (4,236.62) 0.00 (5,061.67)
BOOKE (1,094.31) (209.74) (6,549.02) 0.00 (7,853.07)
GROSS PROCEEDS OF SALE 16,336,809.67 1,506,892.12 328,836,311.60 0.00 346,680,013.39
COST OF SALE 15,820,254.54 1,502,975.76 328,836,311.60 0.00 346,159,541.90
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</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C>
REALIZED GAIN(LOSS) 516,555.13 3,916.36 0.00 0.00 520,471.49
UNREALIZED GAIN 2,761,262.35 266,580.40 0.00 0.00 3,027,842.75
FORFEITURES 59,270.85 13,462.09 252,320.97 0.00 325,053.91
BENEFIT PAYMENTS (1,131,642.50) (160,120.22) (10,604,892.29) 0.00 (11,896,655.01)
TRANSFERS IN/OUT (1,039,695.94) 898,893.12 (2,811,397.41) 1,454.32 (2,950,745.91)
LOAN REPAYMENTS 396,139.40 70,171.96 1,679,257.80 0.00 2,145,569.16
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ENDING BALANCE 12/31/93 45,666,257.00 9,016,044.00 277,927,928.01 4,406,833.00 337,017,059.01
</TABLE>
(4) Plan Termination
----------------
The Company expects to continue the Plan indefinitely. However, upon
any future termination of the Plan, the accounts of all participants
affected thereby shall become fully vested and the Trustee shall
distribute the assets in accordance with the terms of the trust
agreement.
(5) Federal Income Tax
------------------
The Plan obtained its latest determination letter in September 1986, in
which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The Plan has been amended since receiving the
determination letter. However, the plan administrator and the Plan's tax
counsel believe that the plan is currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue
Code. Therefore, no provision for income taxes has been included in the
Plan's financial statements.
(6) Subsequent Events
-----------------
For plan years beginning on or after January 1, 1995, the plan was
amended to provide a 401K feature, allowing pretax deferrals of base
salary or wages and amounts paid as bonus compensation. The pretax
deferrals of compensation can be invested in the following investments;
S&P 500 Index Equity Fund, Rubbermaid Common Stock Fund, Fixed Income
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Fund and the Stable Value Fund. Rubbermaid associates covered under the
Collective Bargaining Agreement are not subject to the plan amendment.
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<TABLE>
Schedule 1
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RUBBERMAID PROFIT SHARING PLAN
Reportable Transactions
Year ended December 31, 1993
Identity of party involved - all transactions shown
involve National City Bank (the Trustee)
<CAPTION>
Total Current Value of Securities
Number of Transactions at Transaction Date
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Description of Asset Purchases Sales Purchases Sales
--------- ----- --------- -------------
<S> <C> <C> <C> <C>
Rubbermaid Incorporated
Guaranteed Interest Fund 1 See Note $2,776,492 813,527
<FN>
NOTE: The number of sales transactions from the Guaranteed Interest Fund and the associated
cost were not provided by the Trustee.
</TABLE>
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<TABLE>
Schedule 2
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RUBBERMAID PROFIT SHARING PLAN
Detail of Assets Held for Investment
December 31, 1993
<CAPTION>
Description Fair Value Cost
---------- ----
<S> <C> <C>
Investment in the Profit Sharing Retirement
Trust for Rubbermaid Incorporated and
Related Companies $23,655,346 21,907,381
</TABLE>
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
RUBBERMAID PROFIT SHARING PLAN
Dated: December 27, 1994 /s/ James A. Morgan
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