<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TWELVE-MONTH PERIOD ENDED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
For the twelve-month period ended December 31, 1998.
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 RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Newell Rubbermaid Inc.
29 East Stephenson Street
Newell Center
Freeport, Illinois 61032
1
<PAGE> 2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Plan has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Dated: June __, 1999 /s/ Clarence R. Davenport
---------------------------------
Clarence R. Davenport
2
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RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Financial Statements
December 31, 1998 and 1997
(With Independent Auditors' Report Thereon)
3
<PAGE> 4
<TABLE>
<CAPTION>
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
TABLE OF CONTENTS
PAGE
<S> <C>
Independent Auditors' Report........................................................ 5
FINANCIAL STATEMENTS
Statements of Assets Available for Benefits, with Fund Information.................. 6
Statement of Changes in Assets Available for Benefits, with Fund Information........ 10
Notes to Financial Statements....................................................... 12
EXHIBITS
Exhibit 23 -- Consent of Independent Auditors....................................... 20
</TABLE>
4
<PAGE> 5
INDEPENDENT AUDITORS' REPORT
Plan Administrator of
Rubbermaid Retirement Plan for
Collectively-Bargained Associates:
We have audited the accompanying statements of assets available for benefits of
the Rubbermaid Retirement Plan for Collectively-Bargained Associates (Plan) as
of December 31, 1998 and 1997, and the related statement of changes in assets
available for benefits for the year ended December 31, 1998. 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 assets available for benefits of the Plan as of
December 31, 1998 and 1997, and the changes in assets available for benefits for
the year ended December 31, 1998, in conformity with generally accepted
accounting principles.
Our audits were 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
statements 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 Fund Information has been subjected to
the auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ KPMG LLP
Cleveland, Ohio
March 31, 1999
5
<PAGE> 6
RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Statement of Assets Available for Benefits, with Fund Information
December 31, 1998
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
INVESCO RUBBERMAID
STABLE DYNAMICS UNITIZED FIDELITY FIDELITY
VALUE STOCK STOCK PURITAN MAGELLAN
FUND FUND FUND FUND FUND
--------------- -------------- ---------------- ------------- ---------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, primarily at fair value:
Plan interest in investments of the
Rubbermaid Master Trust $ 63,026,954 156,327 1,322,537 7,530,914 14,231,436
Receivables:
Employer contribution -- -- -- -- --
Participant contributions -- -- -- -- --
--------------- -------------- ---------------- ------------- ---------------
Assets available for
benefits $ 63,026,954 156,327 1,322,537 7,530,914 14,231,436
=============== ============== ================ ============= ===============
See accompanying notes to financial statements.
</TABLE>
6
<PAGE> 7
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
------------------------------------------------------------------------------------------------------------------
FIDELITY FIDELITY SPARTAN FIDELITY
FIDELITY DIVERSIFIED SMALL CAP U.S. EQUITY U.S. BOND
FIDELITY EQUITY INCOME INTERNATIONAL SELECTOR INDEX INDEX LOAN COMBINED
CONTRAFUND FUND FUND FUND FUND FUND FUND OTHER FUNDS
-------------- --------------- -------------- -------------- -------------- -------------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 8,388,220 448,882 2,147,158 1,078,953 55,792,501 548,251 1,817,051 -- 156,489,184
-- -- -- -- -- -- -- 1,745,748 1,745,748
-- -- -- -- -- -- -- 316,644 316,644
-------------- --------------- -------------- -------------- -------------- -------------- ----------- ----------- ------------
$ 8,388,220 448,882 2,147,158 1,078,953 55,792,501 548,251 1,817,051 2,062,392 158,551,576
============== =============== ============== ============== ============== ============== =========== =========== ============
</TABLE>
7
<PAGE> 8
RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Statement of Assets Available for Benefits, with Fund Information
December 31, 1997
<TABLE>
<CAPTION>
----------------------------------------------------
RUBBERMAID
STABLE UNITIZED FIDELITY
VALUE STOCK PURITAN
FUND FUND FUND
--------------- ---------------- ----------------
<S> <C> <C> <C>
Assets -
Investments, primarily at fair value:
Plan interest in investments of the
Rubbermaid Master Trust $ 61,920,313 984,567 7,538,652
Receivables:
Employer contribution -- -- --
Participant contributions -- -- --
--------------- ---------------- ----------------
Assets available for benefits $ 61,920,313 984,567 7,538,652
=============== ================ ================
</TABLE>
8
<PAGE> 9
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
- ---------------------------------------------------------------------------------------------------------------------
FIDELITY FIDELITY SPARTAN
FIDELITY DIVERSIFIED SMALL CAP U.S. EQUITY
MAGELLAN FIDELITY INTERNATIONAL SELECTOR INDEX LOAN COMBINED
FUND CONTRAFUND FUND FUND FUND FUND OTHER FUNDS
- ---------------- ---------------- ---------------- ---------------- --------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
9,383,678 6,730,232 3,021,570 1,038,715 46,001,069 1,643,007 -- 138,261,803
-- -- -- -- -- -- 1,704,538 1,704,538
-- -- -- -- -- -- 333,336 333,336
- ---------------- ---------------- ---------------- ---------------- --------------- ------------- ------------ -------------
9,383,678 6,730,232 3,021,570 1,038,715 46,001,069 1,643,007 2,037,874 140,299,677
================ ================ ================ ================ =============== ============= ============ =============
</TABLE>
9
<PAGE> 10
RUBBERMAID RETIREMENT PLAN FOR COLLECTIVELY-BARGAINED ASSOCIATES
Statement of Changes in Assets Available for Benefits, with Fund Information
Year ended December 31, 1998
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
RUBBERMAID
STABLE INVESCO UNITIZED FIDELITY FIDELITY
VALUE DYNAMICS STOCK PURITAN MAGELLAN FIDELITY
FUND STOCK FUND FUND FUND FUND CONTRAFUND
------------------------------ ---------------- -------------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Net appreciation (depreciation)
in fair value of investments $ -- 10,843 515,375 322,294 2,646,336 1,369,807
Dividends -- 11,002 -- 771,502 680,560 627,100
Interest 3,751,108 -- 339 5,693 17,842 9,637
Loan repayments 177,927 -- 1,734 22,179 67,364 38,299
-------------- -------------- ---------------- -------------- -------------- -----------
Contributions:
Employer contribution 506,916 -- 17,605 85,939 192,420 102,994
Participant contributions 228,079 -- 12,765 66,283 153,747 82,452
-------------- -------------- ---------------- -------------- -------------- -----------
Total additions 4,664,030 21,845 547,818 1,273,890 3,758,269 2,230,289
-------------- -------------- ---------------- -------------- -------------- -----------
Deductions from assets attributed to:
Benefits paid to participants (5,274,294) -- (122,590) (394,851) (387,051) (44,454)
Loan disbursements (296,906) -- (18,554) (40,478) (118,395) (55,490)
Miscellaneous (48,275) -- (1,481) (1,383) (2,000) (933)
-------------- -------------- ---------------- -------------- -------------- -----------
Total deductions (5,619,475) -- (142,625) (436,712) (507,446) (100,877)
-------------- -------------- ---------------- -------------- -------------- -----------
Net increase (decrease)
prior to transfers (955,445) 21,845 405,193 837,178 3,250,823 2,129,412
Net transfers (to) from other plans (162,858) (10,095) (129) (11,403) (28,911) (779)
Interfund transfers 2,224,944 144,577 (67,094) (833,513) 1,625,846 (470,645)
-------------- -------------- ---------------- -------------- -------------- -----------
Net increase (decrease) 1,106,641 156,327 337,970 (7,738) 4,847,758 1,657,988
Assets available for benefits:
Beginning of year 61,920,313 -- 984,567 7,538,652 9,383,678 6,730,232
-------------- -------------- ---------------- -------------- -------------- -----------
End of year $ 63,026,954 156,327 1,322,537 7,530,914 14,231,436 8,388,220
============== ============== ================ ============== ============== ===========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
- --------------------------------------------------------------------------------------------------------------
FIDELITY FIDELITY
FIDELITY DIVERSIFIED SMALL CAP SPARTAN FIDELITY
EQUITY INTERNATIONAL SELECTOR U.S. EQUITY U.S. BOND LOAN COMBINED
INCOME FUND FUND FUND INDEX INDEX FUND OTHER FUNDS
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
5,389 211,958 (80,931) 11,267,411 (6,498) -- -- 16,261,984
16,193 90,036 44,710 1,178,167 5,019 -- -- 3,424,289
60 6,697 2,633 76,078 77 -- 3,870,164
262 24,869 12,211 298,926 280 (644,051) -- --
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
-- 59,524 26,989 713,165 -- -- 41,210 1,746,762
129 35,760 18,803 503,056 97 -- (16,692) 1,084,479
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
22,033 428,844 24,415 14,036,803 (1,025) (644,051) 24,518 26,387,678
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
(793) (21,574) (31,724) (1,260,759) -- (198,575) -- (7,736,665)
-- (21,900) (25,280) (439,667) -- 1,016,670 -- --
-- (203) (2,488) (25,946) (2) -- (82,711)
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
(793) (43,677) (59,492) (1,726,372) (2) 818,095 -- (7,819,376)
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
21,240 385,167 (35,077) 12,310,431 (1,027) 174,044 24,518 18,568,302
-- (7,703) (10,094) (84,431) -- -- (316,403)
427,642 (1,251,876) 85,409 (2,434,568) 549,278 -- -- --
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
448,882 (874,412) 40,238 9,791,432 548,251 174,044 24,518 18,251,899
-- 3,021,570 1,038,715 46,001,069 -- 1,643,007 2,037,874 140,299,677
- ------------------ ---------------- -------------- --------------- --------------- ----------- ---------- ----------------
448,882 2,147,158 1,078,953 55,792,501 548,251 1,817,051 2,062,392 158,551,576
================== ================ ============== =============== =============== =========== ========== ================
</TABLE>
11
<PAGE> 12
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 1998 and 1997
(1) DESCRIPTION OF THE PLAN
This Plan covers collectively-bargained associates located at the Wooster,
Ohio facility and participates in the Rubbermaid Master Trust as set forth
in the Master Trust agreement.
The following brief description of the Plan is provided for general
information purposes only. Participants should refer to the Plan document
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. Participation in the Plan is
restricted to collectively-bargained associates located at the Wooster,
Ohio facility. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
(b) CONTRIBUTIONS
Annually, the Company contributes to the Plan for the Plan Year an
amount equal to 6% of the eligible compensation paid to its employees
during the Plan Year. A participant must be employed by the Company at
the end of the Plan year and complete at least 1,000 hours during the
Plan year in order to be eligible to receive a Company contribution,
subject to limited exceptions.
In addition, the Company pays out to each employee up to 12% of their
eligible compensation for the quarter, determined in accordance with the
terms of the collective bargaining agreement between the Company and the
United Steelworkers of America, Rubber/Plastic Industry Conference,
Local No. 302L. The quarterly cash payout is based on the attainment of
plant performance goals and can be paid out in cash or deferred, as a
401(k) contribution, to the participant's account in the Plan. Out of
the maximum payout of 12%, employees were guaranteed a payout of 4% and
7.2%, respectively, for plan years 1998 and 1997.
(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 employee's contribution, if any, and an allocation of the Company's
contribution, Plan earnings, and forfeitures of terminated participants'
nonvested accounts.
(d) VESTING
Participants are vested 100% in the portion of their accounts
attributable to 401(k) contributions plus earnings. Vesting in the
remainder of their accounts is based upon a seven-year graduated vesting
schedule. A participant becomes fully vested after completing seven
years of service. Upon death, disability, or attainment of age 65,
participants become fully vested.
(Continued)
12
<PAGE> 13
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 1998 and 1997
(e) INVESTMENTS
All investments are participant-directed, and participants may elect to
invest their account in the Plan in one or more of the eleven investment
funds held by the Plan. Currently, the available investment funds
include: (a) Stable Value Fund, comprised primarily of guaranteed
principal and interest contracts with major financial institutions and
insurance companies; (b) Spartan U.S. Equity Index Fund, which invests
primarily in the 500 companies that comprise the Standard & Poor's 500
and in other securities that are based on the value of the index; (c)
Fidelity Puritan Fund, which invests in a broadly diversified portfolio
of high-yielding equity and debt securities; (d) Fidelity Magellan Fund,
which invests primarily in equity securities of domestic, foreign, and
multinational issuers of all sizes that offer potential for growth; (e)
Fidelity Contrafund, which invests mainly in equity securities of
companies that are undervalued or out-of-favor; (f) Fidelity Small Cap
Selector Fund, which invests mainly in equity securities of companies
with small market capitalizations that are determined to be undervalued
compared to others in their industries; (g) Fidelity Diversified
International Fund, which invests mainly in foreign equity securities
that are determined to be undervalued compared to others in their
industries and countries; and (h) Rubbermaid Unitized Stock Fund, which
invests in common stock of Rubbermaid Incorporated; and (i) Invesco
Dynamic Stock Fund, which invest in common stock of domestic companies;
and (j) Fidelity U.S. Bond Index Funds, which invests primarily in
securities included in the Aggregate Bond Index; and (k) Fidelity Equity
Income Fund, which invests primarily in large cap income producing
equity securities.
For investment purposes only, investments of the Plan are commingled
with the investments of the Rubbermaid Retirement Plan. Collectively,
such funds comprise the Rubbermaid Master Trust (Master Trust) with
Fidelity Management Trust Company as the trustee. 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 termination of
employment, in either a lump-sum cash payment equal to the value of his
or her vested account or periodic payments in such amounts as elected by
the participant (subject to provisions of the Plan). The amount to be
paid shall not exceed the participant's vested interest.
(g) PARTICIPANT LOANS
Loans of up to 50% of the vested portion of the participant's
individual account may be obtained for qualified participants. The
maximum loan permissible is generally the lesser of $50,000 or one-half
of the participant's vested balance.
(2) SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting.
(Continued)
13
<PAGE> 14
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 1998 and 1997
(b) INVESTMENT VALUATION AND INCOME RECOGNITION
Unrealized appreciation or depreciation, equal to the difference between
the cost and the market value of investments at the applicable valuation
date, is recognized in determining the value of participant accounts.
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 (see note 2[c]). Purchases and
sales of securities are recorded on a trade date basis.
(c) GUARANTEED PRINCIPAL AND INTEREST CONTRACTS
The Master Trust has guaranteed principal and interest contracts with
major financial institutions and insurance companies, as discussed in
note 5. These investments are part of the Stable Value Fund at December
31, 1998 and 1997. These contracts are included in the financial
statements at contract value, as noted above, because they are fully
benefit-responsive.
(d) PAYMENT OF BENEFITS
Benefits are recorded when paid.
(e) ADMINISTRATIVE EXPENSES
All normal costs and expenses of administering the Plan and Trust are
paid by the Plan. Any cost resulting from a participant obtaining a loan
may be borne by such participant or charged to the participant's
individual account.
(f) 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 available for
benefits at the date of the financial statements and the reported
amounts of changes in assets available for benefits 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% vested in their accounts, and the
Trustee shall distribute the assets in accordance with the terms of the Plan
and the trust agreement.
(4) TAX STATUS
The Internal Revenue Service has determined and informed the Company by
letter dated November 20, 1996, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code
(Continued)
14
<PAGE> 15
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 1998 and 1997
(IRC). Therefore, no provision for income taxes has been included in the
Plan's financial statements. As described in note 6, the Plan was amended
effective January 1, 1997. The plan administrator and the Plan's tax counsel
do not believe that this amendment will have any negative impact on
compliance with the applicable requirements of the IRC.
(5) MASTER TRUST FINANCIAL INFORMATION
As described in note 1(e), all of the Plan's investments are contained in a
Master Trust along with the investments of the Rubbermaid Retirement Plan.
The Master Trust fund assets at December 31, 1998 and 1997, are as follows:
<TABLE>
<CAPTION>
1998 1997
------------------------------- -------------------------------
PLAN'S PLAN'S
PERCENTAGE PERCENTAGE
MARKET INTEREST MARKET INTEREST
VALUE (ROUNDED) VALUE (ROUNDED)
------------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Stable Value Fund $ 214,206,755 29% 210,402,030 29%
Invesco Dynamics Stock Fund 246,675 63% -- --
Rubbermaid Unitized Stock Fund 11,568,864 11% 9,212,167 11%
Fidelity Puritan Fund 23,683,731 32% 21,806,761 35%
Fidelity Magellan Fund 42,923,027 33% 26,393,970 36%
Fidelity Contrafund 31,835,610 26% 25,337,061 27%
Fidelity Equity Income Fund 596,558 75% -- --
Fidelity Diversified International Fund 9,350,759 23% 9,583,013 32%
Fidelity Small Cap Selector Fund 7,756,383 14% 8,764,941 12%
Spartan U.S. Equity Index Fund 128,240,525 44% 105,294,786 44%
Fidelity U.S. Bond Index Fund 1,710,224 32% -- --
Loan fund 9,921,479 18% 9,293,110 18%
------------- -----------
Total investments held by
the Master Trust fund $ 482,040,590 33% 426,087,839 32%
============= ===========
</TABLE>
(Continued)
15
<PAGE> 16
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 1998 and 1997
The Master Trust has investment contracts with major financial institutions and
insurance companies with respect to the Stable Value Fund. Fidelity Management
Trust Company 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 investment
manager. The contract is included in the financial statements at contract value,
which approximates fair value. Contract value represents contributions made
under the contract, plus earnings, less Plan withdrawals and administrative
expenses. There are no reserves against contract value for credit risk of the
contract issuer or otherwise. At December 31, 1998 and 1997, the fair value of
the guaranteed principal and interest contracts of the Rubbermaid Retirement
Plan for Collectively-Bargained Associates was $14,532,669 and $17,873,425,
respectively, and the corresponding contract value was $14,420,345 and
$17,805,424, respectively. Both the average yield and the crediting interest
rate were 6.12% as of December 31, 1998 and were 6.03% as of December 31, 1997.
(Continued)
16
<PAGE> 17
RUBBERMAID RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
A summary of Master Trust investment activity is as follows:
<TABLE>
<CAPTION>
INVESCO RUBBERMAID FIDELITY FIDELITY
STABLE DYNAMICS UNITIZED PURITAN MAGELLAN
VALUE FUND STOCK FUND STOCK FUND FUND FUND
------------------ ---------------- ------------------ --------------- ---------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1997 $ 210,402,030 -- 9,212,167 21,806,761 26,393,970
Contributions:
Employer 4,498,830 438 325,780 845,442 1,534,397
Participants 4,229,718 25,442 532,305 1,124,324 2,418,996
Net appreciation (depreciation) in
fair value -- 25,669 2,932,250 964,656 7,997,158
Dividends -- 15,286 -- 2,508,793 1,984,158
Interest 13,122,008 9 10,909 39,899 86,845
Loan repayments 1,802,402 57 73,411 188,390 371,608
Benefit payments (22,441,898) -- (942,110) (2,121,459) (1,948,548)
Loan disbursements (2,355,195) -- (332,467) (194,765) (592,503)
Interfund transfers 4,998,092 179,774 (224,137) (1,457,202) 4,763,859
Plan transfers 162,789 -- (5,505) (9,037) (71,218)
Other (212,021) -- (13,739) (12,071) (15,695)
------------------ ---------------- ------------------ --------------- ---------------
Balance at December 31, 1998 $ 214,206,755 246,675 11,568,864 23,683,731 42,923,027
================== ================ ================== =============== ===============
</TABLE>
17
<PAGE> 18
<TABLE>
<CAPTION>
FIDELITY
FIDELITY DIVERSIFIED SMALL CAP SPARTAN
FIDELITY EQUITY INTERNATIONAL SELECTOR U.S. EQUITY FIDELITY U.S. LOAN
CONTRAFUND INCOME FUND FUND FUND INDEX FUND BOND INDEX FUND TOTALS
- ------------------ ------------------ --------------- -------------- --------------- --------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
25,337,061 -- 9,583,013 8,764,941 105,294,786 -- 9,293,110 426,087,839
--
1,231,379 891 549,176 504,890 3,144,331 3,064 -- 12,638,618
1,697,081 26,975 571,363 634,850 3,452,808 8,406 -- 14,722,268
--
5,412,072 4,331 830,691 (971,066 26,036,206 (9,580) -- 43,222,387
2,356,999 37,421 371,122 354,663 2,695,206 16,031 -- 10,339,679
57,611 107 22,521 21,218 224,259 193 -- 13,585,579
284,575 381 98,861 93,279 997,461 972 (3,911,397) --
(1,800,055) (793) (622,800) (616,423 (6,707,411) (640) (1,055,539) (38,257,676)
(336,004) (53) (102,869) (119,874 (1,544,849) -- 5,578,579 --
(2,381,742) 527,306 (1,943,566) (880,145 (5,274,034) 1,691,795 -- --
(15,527) -- (5,360) (18,296 (37,846) -- -- --
(7,840) (8) (1,393) (11,654 (40,392) (17) 16,726 (298,104)
- ------------------ ------------------ --------------- -------------- --------------- --------------- ------------ -------------
31,835,610 596,558 9,350,759 7,756,383 128,240,525 1,710,224 9,921,479 482,040,590
================== ================== =============== ============== =============== =============== ============ =============
</TABLE>
(Continued)
18
<PAGE> 19
RUBBERMAID RETIREMENT PLAN FOR
COLLECTIVELY-BARGAINED ASSOCIATES
Notes to Financial Statements
December 31, 1998 and 1997
(6) PLAN AMENDMENT
Effective January 1, 1997, the Plan was amended to provide a Company
contribution equal to 6% of the eligible compensation paid to its employees
during the Plan Year (see footnote 1[b]). Additionally, the Company will
make quarterly cash payouts to each employee up to 12% of such employee's
compensation for the quarter, which may be deferred into the Plan (see
footnote 1[b]).
(7) SUBSEQUENT EVENT
On October 20, 1998, the Plan's sponsor entered into a definitive agreement
to merge with Newell Company ("Newell") through a tax-free exchange of
shares. This agreement was consummated effective March 24, 1999, resulting
in the Plan's sponsor becoming a wholly-owned subsidiary of Newell.
19
<PAGE> 1
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Newell Rubbermaid Inc.:
We consent to incorporation by reference in the registration statement (No.
33-61817) on Form S-8 of Newell Rubbermaid Inc. of our report dated March 31,
1999, relating to the statements of assets available for benefits of the
Rubbermaid Retirement Plan for Collectively-Bargained Associates as of December
31, 1998 and 1997, and the related statement of changes in assets available for
benefits for the year ended December 31, 1998, which report appears in the
December 31, 1998 annual report on Form 11-K of Newell Rubbermaid Inc.
KPMG LLP
/s/ KPMG LLP
Cleveland, Ohio
June 23, 1999
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