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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:
THE RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT 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 INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Financial Statements and Schedules
December 31, 1993 and 1992
(With Independent Auditors' Report Thereon)
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RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Table of Contents
Independent Auditors' Report
Statements of Net Assets Available for Profit Sharing Benefits
Statements of Changes in Net Assets Available for Profit Sharing Benefits
Notes to Financial Statements
Schedule
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Item 27a - Schedule of Assets Held for Investment Purposes 1
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KPMG Peat Marwick LLP
1500 National City Center
1900 East Ninth Street
Cleveland, OH 44114-3495
INDEPENDENT AUDITORS' REPORT
----------------------------
Plan Administrator of
Rubbermaid Incorporated
Associates' Profit Sharing Retirement Plan:
We have audited the financial statements and supplemental schedule of
Rubbermaid Incorporated Associates' Profit Sharing Retirement 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 schedule are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on those 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 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 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 schedule has 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, is 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 INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Statements of Net Assets Available for Profit Sharing Benefits
December 31, 1993 and 1992
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Assets
Investments in the Profit Sharing Retirement
Trust for Rubbermaid Incorporated and
Related Companies (note 3): 254,247,732 234,485,983
Employer contribution receivable 8,865,263 8,491,462
------------ ------------
Net assets available for profit sharing
benefits $263,112,995 242,977,445
============ ===========
<FN>
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Statements of Changes in Net Assets Available for Profit Sharing Benefits
Years Ended December 31, 1993 and 1992
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Investment income
Distribution from Profit Sharing Retirement
Trust for Rubbermaid Incorporated and
Related Companies (note 3) 20,022,639 17,836,662
Employer contributions 9,071,063 8,684,759
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29,093,702 26,521,421
Benefits paid to participants (8,958,152) (7,414,498)
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Net increase 20,135,550 19,106,923
Net assets available for profit sharing benefits:
Beginning of year 242,977,445 223,870,522
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End of year $263,112,995 242,977,445
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<FN>
See accompanying notes to financial statements.
</TABLE>
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RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
December 31, 1993 and 1992
(1) Description of the Plan
-----------------------
The following brief description of the Rubbermaid Incorporated
Associates' Profit Sharing 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 is a defined contribution retirement plan covering all full
time associates of the Company at its Wooster, Ohio and Greenville,
Texas facilities. Participation in the Plan begins on the January 1
coincident with or next following an associate's date of hire. Part-
time associates 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 the lesser of 25 percent
of the Company's residual profits as defined, or 15 percent of the
aggregate eligible compensation of the participants. Participants
receive 25 percent of their share of the Company's contribution in cash
unless an election is made to deposit such amounts into their Plan
account. Voluntary contributions by participants to the Plan were
suspended effective January 1, 1987. Pursuant to an amendment adopted
during 1991, the Company's contribution for highly-compensated
participants (as defined in the Plan agreement) is calculated as the
lessor of the contribution as described above or an amount equal to 5%
of compensation paid during the year plus 5% of the participant's
compensation exceeding the current year Social Security Wage Base.
(c) Participant Accounts
--------------------
Each participant's account is credited with the participant's
contribution (for amounts contributed prior to January 1, 1987) and an
allocation of (a) the Company's contribution, (b) Plan earnings, and (c)
forfeitures of terminated participants' nonvested accounts. Allocations
are based upon participant earnings, service, and/or account balances,
as defined. Prior to the allocation of the salaried participants' share
of the contribution, premiums for the Company's Group Salary Continuance
Insurance Program are deducted. 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.
(Continued)
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RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
(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).
(g) Participant Loans
-----------------
Loans of up to 25% percent of a participant's credited portion of
Company contributions plus earnings thereon may be obtained. The
maximum loan permissible is $50,000, and all loans must be approved by
the Plan's loan committee. For record keeping purposes, the outstanding
principal balance of participant loans are maintained in a separate
investment fund.
(2) Accounting Policy
-----------------
The financial statements of the Plan are prepared on an accrual basis.
(Continued)
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RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT 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:
<TABLE>
<CAPTION>
Investments 1993 1992
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<S> <C> <C>
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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</TABLE>
Change in Investments
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<TABLE>
<CAPTION>
EQUITY FIXED INCOME STABLE VALUE PARTICIPANT
------ ------------ ------------ -----------
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
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)
</TABLE>
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Changes in Investments
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<TABLE>
<CAPTION>
EQUITY FIXED INCOME STABLE VALUE PARTICIPANT
------ ------------ ------------ -----------
FUND FUND FUND LOAN FUND TOTALS
---- ---- ---- --------- ------
<S> <C> <C> <C> <C> <C>
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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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 Taxes
--------------------
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
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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 Fund and the Stable Value Fund.
Rubbermaid associates covered under the Collective Bargaining Agreement are
not subject to the plan amendment.
RUBBERMAID INCORPORATED
ASSOCIATES' PROFIT SHARING RETIREMENT PLAN
Detail of Assets Held for Investment
December 31, 1993
<TABLE>
<CAPTION>
Description Fair Value Cost
---------- ----
<S> <C> <C>
Investment in the Profit Sharing
Retirement Trust for Rubbermaid
Incorporated and Related Companies $254,247,732 240,669,441
</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 INCORPORATED
ASSOCIATES' PROFIT SHARING
RETIREMENT PLAN
Dated: December 27, 1994 /s/ James A. Morgan
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