<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- -------------------------------------------------------------------------------
FORM 11-K
REPORT FOR THE TWELVE-MONTH PERIOD ENDED
DECEMBER 31, 1995
- -------------------------------------------------------------------------------
For the twelve-month period ended December 31, 1995.
Commission file number: 1-4188
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
RUBBERMAID INCORPORATED COLLECTIVELY BARGAINED
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
<PAGE> 2
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
COLLECTIVELY BARGAINED
ASSOCIATES' PROFIT
SHARING RETIREMENT PLAN
Dated: 6/25/96 /s/ Lillian R. Connor
------------- ---------------------------
<PAGE> 3
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
-----------------------------
The Board of Directors
Rubbermaid Incorporated:
We consent to incorporation by reference in the registration statement (No.
33-61817) on Form S-8 of Rubbermaid Incorporated of our report dated June 14,
1996, relating to the statement of assets available for benefits of Rubbermaid
Incorporated - Collectively Bargained Associates' Profit Sharing Retirement Plan
as of December 31, 1995 and the related statement of changes in assets available
for benefits for the period from March 31, 1995 through December 31, 1995, which
report appears in the December 31, 1995 annual report on Form 11-K of Rubbermaid
Incorporated.
KPMG Peat Marwick LLP
Cleveland, Ohio
June 25, 1996
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RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Financial Statements
December 31, 1995
(With Independent Auditors' Report Thereon)
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RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Table of Contents
-----------------
Independent Auditors' Report
Statement of Assets Available for Benefits with Fund Information
December 31, 1995
Statement of Changes in Assets Available for Benefits with Fund Information For
the period March 31, 1995 through December 31, 1995
Notes to Financial Statements
<PAGE> 6
INDEPENDENT AUDITORS' REPORT
----------------------------
Plan Administrator of
Rubbermaid Incorporated -
Collectively Bargained Associates'
Profit Sharing Retirement Plan:
We have audited the accompanying statement of assets available for benefits of
the Rubbermaid Incorporated - Collectively Bargained Associates' Profit Sharing
Retirement Plan (Plan) as of December 31, 1995, and the related statement of
changes in assets available for benefits for the period from March 31, 1995
through December 31, 1995. 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 audit.
We conducted our audit 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan as of
December 31, 1995, and the changes in assets available for benefits for the
period from March 31, 1995 through December 31, 1995, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements of the Plan taken as a whole. The fund information in the statement
of assets available for benefits and the statement of changes in assets
available for benefits is presented for purposes of additional analysis rather
than to present the assets available for benefits and changes in assets
available for benefits of each fund. The supplemental fund information has been
subjected to the auditing procedures applied in the audit 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.
KPMG Peat Marwick LLP
Cleveland, Ohio
June 14, 1996
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RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Statement of Assets Available for Benefits with Fund Information
December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------
Stock Equity Fixed Stable Loan Combined
Fund Index Fund Income Fund Value Fund Fund Funds
---- ---------- ----------- ---------- ---- -----
<S> <C> <C> <C> <C> <C> <C>
Assets
Plan interest in the investments of the Profit Sharing
Retirement Trust for Rubbermaid Incorporated
and Related Companies (notes 2 and 5) $2,441,107 22,810,860 3,196,955 108,277,520 1,961,091 138,687,533
Employer contribution and participant elected
deferral receivable 20,908 784,733 287,378 2,502,956 -- 3,595,975
---------- ---------- --------- ------------ --------- -----------
Assets available for plan benefits $2,462,015 23,595,593 3,484,333 110,780,476 1,961,091 142,283,508
========== ========== ========= =========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Statement of Changes in Assets Available for Benefits with Fund Information
For the period March 31, 1995 through December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------------
Stock Equity Fixed Stable Loan
Fund Index Fund Income Fund Value Fund Fund
---- ---------- ----------- ---------- ----
<S> <C> <C> <C> <C> <C>
Additions
Plan interest in the investment income from the
Profit Sharing Retirement Trust for Rubbermaid
Incorporated and Related Companies (notes 2 and 5) $ 2,057,611 8,437,362 470,307 5,514,535 101,982
Employer and participant elected deferral contributions 18,894 768,693 269,259 2,573,746 --
Other receipts -- -- -- -- 92,666
Loan repayments -- 154,545 13,807 409,788 (578,140)
----------- ----------- ---------- ----------- ----------
Total additions 2,076,505 9,360,600 753,373 8,498,069 (383,492)
Deductions
Benefits paid to participants 70,903 450,234 31,876 4,699,029 --
Loan disbursements 18,705 227,990 41,658 441,687 (730,040)
Administrative expenses 3,218 42,331 5,699 140,661 --
----------- ----------- ---------- ----------- ----------
Total deductions 92,826 720,555 79,233 5,281,377 (730,040)
Net interfund transfers (146,767) (139,960) (161,900) 448,627 --
----------- ----------- ---------- ----------- ----------
Net increase prior to plan transfers 1,836,912 8,500,085 512,240 3,665,319 346,548
Net transfers from other Rubbermaid Incorporated plans
(note 1) 625,103 15,095,508 2,972,093 107,115,157 1,614,543
----------- ----------- ---------- ----------- ----------
Net assets available for plan benefits, at end of year $ 2,462,015 23,595,593 3,484,333 110,780,476 1,961,091
=========== =========== ========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
Combined
Funds
-----
<S> <C>
Additions
Plan interest in the investment income from the
Profit Sharing Retirement Trust for Rubbermaid
Incorporated and Related Companies (notes 2 and 5) 16,581,797
Employer and participant elected deferral contributions 3,630,592
Other receipts 92,666
Loan repayments --
-----------
Total additions 20,305,055
Deductions
Benefits paid to participants 5,252,042
Loan disbursements --
Administrative expenses 191,909
-----------
Total deductions 5,443,951
Net interfund transfers --
-----------
Net increase prior to plan transfers 14,861,104
Net transfers from other Rubbermaid Incorporated plans
(note 1) 127,422,404
-----------
Net assets available for plan benefits, at end of year 142,283,508
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 9
RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
December 31, 1995
(1) Description of the Plan
-----------------------
As of March 31, 1995, Rubbermaid Incorporated (Company) merged the assets
and liabilities of the Rubbermaid Incorporated Profit Sharing Plan and
the Rubbermaid Commercial Products Profit Sharing Retirement Plan into
the Rubbermaid Incorporated Associates' Profit Sharing Retirement Plan
(Associates' Plan). A spin-off of the Associates' Plan also occurred on
March 31, 1995, creating the Rubbermaid Incorporated - Collectively
Bargained Associates' Profit Sharing Retirement Plan (Plan). This Plan
covers the collectively bargained associates of the Wooster factory
location and participates in the profit sharing retirement master trust
of the Company as set fourth in the master trust agreement. The assets of
the Associates' Plan was transferred into the Plan for the respective
Wooster factory associates at their fair market value at that date.
The following brief description of the Plan is provided for general
information purposes only. Participants should refer to the Plan
agreement for more complete information.
(a) General
-------
The Plan is a defined contribution profit sharing plan with a
401(k) feature. Participation in the Plan begins on January 1
coincident with or following an associate's date of hire. The Plan
is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
(b) Employer Contributions
----------------------
Annually, the Company contributes to the Plan the lesser of 25
percent of the Company's profits as defined in the Plan, or 15
percent of the aggregate eligible compensation of the
participants. Participants may 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 through the 401(k)
feature. Additional voluntary payroll contributions by
participants to the Plan are not permitted. The Company's
contribution for high-compensated participants (as defined in the
Plan agreement) is calculated as an amount equal to 5 percent of
eligible compensation paid during the year plus 5 percent of the
participant's eligible compensation exceeding the current year
Social Security Wage Base.
(c) Participant Accounts
--------------------
Separate accounts are maintained for each participant.
Contributions are invested, as instructed by the participants, in
one or more of the available investment funds. Each participant's
account is credited with the participant's contribution, if any,
and an allocation of the Company's contribution, Plan earnings,
and forfeitures of terminated participants' nonvested accounts.
Allocations are based upon participant earnings, service, and/or
account balances, as defined.
(Continued)
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2
RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
(d) Vesting
-------
Participants are immediately vested 100 percent in the portion of
their accounts attributable to the associate elected 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. Upon death, disability retirement, or attainment
of age 65, participants become fully vested.
(e) Investments
-----------
All investments are participant directed and participants may
elect to invest the employer or their voluntary contribution to
their account in the Plan in one or more of the four investment
funds held by the Plan. Currently, the investment funds are: (a)
the Equity Index Fund, comprised primarily of common stocks or
securities convertible into common stocks; (b) the Fixed Income
Fund, comprised primarily of government debt securities and
investment grade corporate debt securities the income or return
from which is fixed; (c) the Stable Value Fund, comprised
primarily of guaranteed principal and interest contracts with
major financial institutions and insurance companies; and (d) the
Stock Fund, comprised primarily of the common stock of Rubbermaid
Incorporated.
For investment purposes only, the investments held in the separate
funds of the Plan are commingled with those of the Associates'
Plan which has similar investment programs. Collectively, such
funds comprise the Profit Sharing Retirement Trust for Rubbermaid
Incorporated and Related Companies, a bank-administered master
trust fund. Allocation of the master trust investments and income
among plans is determined on the basis of the value of the
participant accounts attributed to each plan.
(f) Payment of Benefits
-------------------
A participant is eligible to receive a distribution upon normal
retirement at age 65, late retirement, total permanent disability,
or death, either in 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 provisions of the Plan).
Upon resignation or discharge, the amount to be paid shall not
exceed the participant's vested interest.
(g) Participant Loans
-----------------
Effective March 31, 1995, loans of up to 50 percent of the vested
portion of the Participant's individual account may be obtained
for qualified participants. The maximum loan permissible is the
lesser of $50,000 or one-half of the participant's vested balance.
For record keeping purposes, the outstanding principal balance of
participant loans are maintained in a separate account.
(Continued)
<PAGE> 11
3
RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
(2) Significant Accounting Policies
-------------------------------
(a) Basis of Presentation
---------------------
The accompanying financial statements have been prepared on the
accrual basis of accounting.
(b) Investment Valuation and Income Recognition
-------------------------------------------
The Plan's investments are stated at fair value except for the
guaranteed principal and interest contracts included in the Stable
Value Fund, which are stated at contract value plus interest
reinvested. The Company stock is valued at its quoted market
price. Purchases and sales of securities are recorded on a trade
date basis.
(c) Payment of Benefits
-------------------
Benefits are recorded when paid.
(d) Administrative Expenses
-----------------------
All normal cost and expense of administering the Plan and Trust
are paid by the Plan. Any cost resulting from a participant making
a directed investment, or obtaining a loan may be borne by such
participant or charge to the participant's individual account.
(e) 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 assets and
liabilities at the date of the financial statements and the
reported amounts of receipts and disbursements during the
reporting period. Actual results could differ from those
estimates.
(3) 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 and the Trustee shall distribute the assets in accordance with
the terms of the Plan and the trust agreement.
The Plan merger and the coincident spin-off of this Plan, as discussed in
note 1, was not considered a termination of this Plan.
(Continued)
<PAGE> 12
4
RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
(4) Tax Status
----------
The Plan submitted a request for a determination letter in December 1994.
In December 1995, the Plan received a favorable determination letter 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 (IRC). The Plan was spun off from the Rubbermaid
Incorporated Associates' Profit Sharing Retirement Plan on March 31, 1995
subsequent to the determination letter filing. A new application will be
submitted in September 1996 with the Internal Revenue Service. 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 IRC. Therefore, no provision for income taxes has
been included in the Plan's financial statements.
(5) Master Trust Financial Information
----------------------------------
The assets of the Plan are invested in a master trust in which the
assets of the Plan are combined with the assets of the Associates' Plan
for investment purposes.
The Master Trust Fund assets at December 31, 1995 are as follows:
<TABLE>
<CAPTION>
1995
-----------------
Market Percentage
Value Interest
------ ---------
<S> <C> <C>
Equity Fund $ 60,463,367 38%
Fixed Income Fund 12,730,483 25
Stable Value Fund 307,186,961 35
Stock Fund 6,975,972 35
Loan Fund 9,185,087 21
------------
Total investments held by the
Master Trust Fund $396,541,870 35%
============
</TABLE>
The Plan has investment contracts with Primco Capital Management
(Primco). Primco maintains the contributions in a pooled account. The
account is credited with actual earnings on the underlying investments
and charged for Plan withdrawals and administration expenses charged by
Primco. The contract is included in the financial statements at contract
value, which approximates fair values. Contract value represents
contributions made under the contract, plus earnings less Plan
withdrawals and administrative expenses. The average yield and credited
interest rate as of December 31, 1995 was 6.77 percent.
<PAGE> 13
5
RUBBERMAID INCORPORATED -
COLLECTIVELY BARGAINED ASSOCIATES'
PROFIT SHARING RETIREMENT PLAN
Notes to Financial Statements
A summary of master trust investment activity is as follows:
<TABLE>
<CAPTION>
Equity Fixed Stable
Index Income Value Loan Stock
Fund Fund Fund Fund Fund Totals
---- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1994 $ 44,440,896 9,799,829 291,504,586 4,406,468 9,066,298 359,218,077
Employer contributions 3,460,500 1,499,364 12,017,685 -- 65,509 17,043,058
Participant contributions 1,134,258 406,586 2,948,499 -- 66,013 4,555,356
Net appreciation (depreciation)
in fair value 16,877,310 837,182 13,850,807 -- (1,704,252) 29,861,047
Dividends 385,125 1,157,486 -- -- 147,492 1,690,103
Interest 266,228 6,387 7,155,450 448,733 6,651 7,883,449
Loan repayments 517,713 105,761 2,020,885 (2,648,772) 4,413 --
Benefit payments (3,154,863) (705,710) (19,225,676) 326,384 (450,083) (23,209,948)
Loan disbursements (1,330,363) (226,553) (5,452,864) 7,213,380 (203,600) --
Interfund 891,430 (90,191) (1,405,559) -- 604,320 --
Transfers 84,846 (6,802) 817,084 (881,750) (13,378) --
Other (3,109,713) (52,856) 2,956,064 320,644 (613,411) (499,272)
------------ ----------- ------------ ---------- ---------- ------------
Balance at December 31, 1995 $ 60,463,367 12,730,483 307,186,961 9,185,087 6,975,972 396,541,870
============ =========== ============ ========== ========== ============
</TABLE>
