SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to __________________
Commission file number 1-5212
TELEDYNE SAVINGS AND RETIREMENT SUPPLEMENT PLAN
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(Full Title of Plan)
TELEDYNE, INC.
2049 Century Park East
Los Angeles, California 90067-3101
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(Name and Address of Issuer of Securities Held Pursuant to Plan)
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Items 1 - 4. Financial Statements
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Report of Independent Public Accountants
Financial statements and schedules prepared in accordance with ERISA
financial reporting requirements
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trust Administrative Committee has duly caused this annual report to be signed
on its behalf by the undersigned thereunto duly authorized.
TELEDYNE SAVINGS AND RETIREMENT
SUPPLEMENT PLAN
Date: June 27, 1996 By /S/ Douglas J. Grant
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Douglas J. Grant
Member, Trust Administrative
Committee
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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To the Trust Administrative Committee of the Teledyne Savings and Retirement
Supplement Plan:
We have audited the accompanying statements of net assets of the Teledyne
Savings and Retirement Supplement Plan ("the Plan") as of December 31, 1995 and
1994, and the related statement of changes in net assets for the year ended
December 31, 1995. These financial statements and the data set forth in the
schedules of assets held for investment purposes and reportable transactions
referred to below are the responsibility of the Trust Administrative Committee.
Our responsibility is to express an opinion on these financial statements and
the data set forth in the schedules of assets held for investment purposes and
reportable transactions 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 of the Plan as of December 31, 1995 and
1994, and the changes in net assets for the year ended December 31, 1995 in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The data set forth in the schedules of
assets held for investment purposes and reportable transactions 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. Such data has been subjected to the
auditing procedures applied in the audit 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.
Los Angeles, California ARTHUR ANDERSEN LLP
June 27, 1996
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TELEDYNE SAVINGS AND RETIREMENT SUPPLEMENT PLAN
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STATEMENTS OF NET ASSETS
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December 31, 1995 and 1994
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(000's Omitted)
1995 1994
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Bank of America Short-Term Investment Fund $ 38,420 $ 691
Investments in:
Teledyne, Inc. obligations 5,728 12,047
U.S. Government obligations 4,908 17,355
Corporate obligation 607 567
Commercial Paper - 118,656
Investment Income Receivable 49 1,270
Accrued Liabilities (22) (58)
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Net Assets of the Plan $ 49,690 $150,508
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The accompanying notes are an integral part of these statements.
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TELEDYNE SAVINGS AND RETIREMENT SUPPLEMENT PLAN
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STATEMENT OF CHANGES IN NET ASSETS
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For the Year Ended December 31, 1995
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(000's Omitted)
Net Assets of Plan at Beginning of Year $150,508
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Net Investment Income:
Interest income 4,648
Expenses (46)
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4,602
Increase in Market Value of Investments 222
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4,824
Distributions to Participants
or Their Beneficiaries (105,642)
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Decrease in Net Assets of Plan (100,818)
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Net Assets of Plan at End of Year $ 49,690
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The accompanying notes are an integral part of this statement.
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TELEDYNE SAVINGS AND RETIREMENT SUPPLEMENT PLAN
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NOTES TO FINANCIAL STATEMENTS
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Note 1. Accounting Policies -
Basis of Presentation - The accompanying financial statements have been
prepared on the accrual basis.
Valuation of Investments - Investments in U.S. Government, Teledyne, Inc.
and corporate obligations are stated at current value, which is based on market
prices. Commercial papers are stated at cost.
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 certain assets, income and
expenses during the reporting period. Actual results could differ from those
estimates. Management believes that the estimates are reasonable.
Note 2. Description -
The Teledyne Savings and Retirement Supplement Plan ("the Plan") is a
defined contribution plan. Effective October 31, 1994, the Plan no longer
accepts contributions or new enrollments. Additionally, the Teledyne guarantee
of a minimum rate of return to each participant was discontinued as of
December 31, 1994. The Plan was available to employees of eligible Teledyne
subsidiaries (primarily Teledyne Industries, Inc.) and divisions ("companies").
Investments of the Plan for 1995 were made by the Trustee, Bank of America NT &
SA, under the direction of the Trust Administrative Committee appointed by the
Executive Committee of Teledyne, Inc.'s Board of Directors. Effective January 1,
1996, investments of the Plan will be made by the newly appointed Trustee, BNY
Western Trust Company under the same direction as before. A more detailed
description of Plan provisions is found in the formal Plan documents and in
summary materials distributed to participants.
Note 3. Investments -
Investments in securities of Teledyne, Inc. at December 31, 1995 were as
follows (000's omitted):
Principal Amortized Market
Amount Cost Value
--------- --------- -------
Teledyne, Inc., Subordinated Debentures,
Series A, 10.00 percent, June 1, 2004 $ 394 $ 387 $ 405
Teledyne, Inc., Subordinated Debentures,
Series C, 10.00 percent, June 1, 2004 5,168 4,990 5,323
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$ 5,377 $ 5,728
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Interest income on these investments was $714,000 in 1995.
Investments in U.S. Government obligations at December 31, 1995 were as
follows (000's omitted):
Principal Amortized Market
Amount Cost Value
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U.S. Treasury Securities Coupons,
May 15, 1996 $ 5,000 $ 4,854 $ 4,908
Investments in corporate obligations at December 31, 1995 were as follows
(000's omitted):
Principal Amortized Market
Amount Cost Value
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Navistar International Transportation
Corporation, Sinking Fund Debentures,
9.00 percent, June 15, 2004 $ 600 $ 367 $ 607
Note 4. Increase in Market Value of Investments -
Increase in market value of investments for the year ended December 31,
1995 was as follows (000's omitted):
Investment in:
Teledyne, Inc. obligations $ 148
U.S. Government obligations 45
Corporate obligation 29
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Increase in market value $ 222
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Note 5. Distributions -
At December 31, 1995 and 1994 distributions payable to withdrawing
participants were $1,587,000 and $50,401,000, respectively.
Note 6. Federal Income Tax Status -
The Plan is qualified for favorable tax treatment under Section 401(a) of the
Internal Revenue Code. On April 2, 1996 the Plan received a favorable
determination letter from the IRS. The trust fund, which holds the investments
of the Plan, is a tax-exempt trust under Section 501.
Under present Federal income tax statutes, regulations and interpretations,
participants pay no income taxes on amounts accumulated in the Plan until those
amounts are actually received. Basic and Regular Voluntary Contributions are
not subject to income tax when distributed to the participant since they have
already been taxed. A participant's account balance (except for Basic and
Regular Voluntary Contributions) is taxable income, generally taxed at ordinary
income tax rates; however, favorable tax treatment may apply. A 10 percent
Federal income tax penalty is imposed on all taxable income distributed to a
participant before the age of 59 1/2, except in cases of termination of
employment when the distribution is rolled over, a payment under a qualified
domestic relations order, disability or death.
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TELEDYNE SAVINGS AND RETIREMENT SUPPLEMENT PLAN
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ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
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December 31, 1995
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(000's omitted)
Issue, Investment Description Principal Amortized Market
Rate of Interest, Maturity Date Amount Cost Value
- ---------------------------------------- --------- --------- -------
*Teledyne, Inc., Subordinated Debentures,
Series A, 10.00 percent, June 1, 2004 $ 394 $ 387 $ 405
*Teledyne, Inc., Subordinated Debentures,
Series C, 10.00 percent, June 1, 2004 5,168 4,990 5,323
U.S. Treasury Securities Coupons,
May 15, 1996 5,000 4,854 4,908
Navistar International Transportation
Corporation, Sinking Fund Debentures, 600 367 607
9.00 percent, June 15, 2004
*Party-in-interest
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TELEDYNE SAVINGS AND RETIREMENT SUPPLEMENT PLAN
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ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
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For the Year Ended December 31, 1995
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The Plan, from time to time, invested funds in a short-term investment fund
sponsored by the Trustee, Bank of America National Trust and Savings
Association. The total amount invested during 1995 was $139,300,000 and
$101,571,000 was withdrawn. There was no gain or loss recorded in connection
with investments in this fund.
No reportable transactions occurred during 1995 of amounts in excess of 5
percent of the market value of the Plan assets at the beginning of the year.
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CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
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As independent public accountants, we hereby consent to the incorporation of our
report included in this Form 11-K, into the Company's previously filed
Registration Statement File No. 2-52617.
ARTHUR ANDERSEN LLP
Los Angeles, California
June 27, 1996
