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Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the fiscal year ended
December 31, 1993
Commission file number 0-2504
MINE SAFETY APPLIANCES COMPANY
A Pennsylvania Corporation
IRS Employer Identification No. 25-0668780
121 Gamma Drive
RIDC Industrial Park
O'Hara Township
Pittsburgh, Pennsylvania 15238
Telephone 412/967-3000
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, no par value
(COVER PAGE)
SECURITIES AND EXCHANGE COMMISSION
----------------------------------
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993 Commission File No. 0-2504
MINE SAFETY APPLIANCES COMPANY
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 25-0668780
- ------------------------------- ------------------------------
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) No.)
121 Gamma Drive
RIDC Industrial Park
O'Hara Township
Pittsburgh, Pennsylvania 15238
- ----------------------------------------- ------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 412/967-3000
- ---------------------------------------------------------------
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, no par value
- --------------------------------------------------------------------------------
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days.
Yes X No
----- -----
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in the definitive proxy statement incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10K.
[ X ]
As of February 18, 1994, there were outstanding 6,009,653 shares of common
stock, no par value.
The aggregate market value of voting stock held by non-affiliates as of
February 18, 1994 was $163,047,000.
1
(COVER PAGE)
DOCUMENTS INCORPORATED BY REFERENCE
The following documents have been incorporated by reference:
FORM 10-K
DOCUMENT PART NUMBER
- -------- -----------
(1) Annual Report to Shareowners
for the year ended
December 31, 1993 I, II, IV
(2) Proxy Statement filed
pursuant to Regulation 14A
in connection with the registrant's
Annual Meeting of Shareholders to
be held on April 27, 1994 III
2
PART I
Item 1. Business
- -----------------
Products and Markets:
---------------------
The primary business of the registrant and its affiliated companies is
the manufacture and sale of products designed to protect the safety and health
of workers throughout the world.
Principal products include respiratory protective equipment that is
air-purifying, air-supplied and self-contained in design. The registrant also
produces instruments that monitor and analyze workplace environments and control
industrial processes. Personal protective products include head, eye and face,
body and hearing protectors. For the mining industry, the registrant provides
mine lighting, rockdusting equipment, fire-fighting foam and foam application
equipment. Health-related products include emergency care items, hospital
instruments and heart pacemaker power cells.
Many of these products are sold under the registered trademark "MSA",
and have wide application for workers in industries that include manufacturing,
fire service, public utilities, mining, chemicals, petroleum, construction, pulp
and paper processing, transportation, government, automotive, aerospace,
asbestos abatement, and hazardous materials clean-up.
Other products manufactured and sold, which do not fall within the
category of safety and health equipment, include boron-based and other specialty
chemicals.
The registrant and its affiliated companies are in competition with
many large and small enterprises. In the opinion of management, the registrant
is a leader in the manufacture of safety and health equipment.
3
Orders, except under contracts with the Department of Defense and with
international governments, are generally filled promptly after receipt and the
production period for special items is usually less than one year. The backlog
of orders under contracts with the Department of Defense and certain
international governments is summarized as follows:
December 31
--------------------------
1993 1992 1991
------- ------- --------
(In thousands)
--------------------------
Department of Defense $54,900 $65,600 $117,000
International Governments 12,500 12,500 8,100
Approximately $2,400,000 under contracts with the Department of
Defense and $5,900,000 with international governments are expected to be
shipped after December 31, 1994.
Further information with respect to the registrant's products,
operations in different geographic areas, equity in earnings and assets of
international affiliated companies, and significant customers is reported at
Note 6 of Notes to Consolidated Financial Statements contained in the
registrant's Annual Report to Shareowners for the year ended December 31, 1993,
incorporated herein by reference.
4
Research:
--------
The registrant and its affiliated companies engage in applied research
with a view to developing new products and new applications for existing
products. Most of its products are designed and manufactured to meet currently
applicable performance and test standards published by groups such as ANSI
(American National Standards Institute), MSHA (Mine Safety & Health
Administration), NIOSH (National Institute for Occupational Safety and Health),
UL (Underwriters' Laboratories), SEI (Safety Equipment Institute) and FM
(Factory Mutual). The registrant also from time to time engages in research
projects for others such as the Bureau of Mines and the Department of Defense or
its prime contractors. Registrant-sponsored research and development costs were
$21,000,000 in 1993, $20,938,000 in 1992, and $19,575,000 in 1991.
In the aggregate, patents have represented an important element in
building up the business of the registrant and its affiliates, but in the
opinion of management no one patent or group of patents is of material
significance to the business as presently conducted.
General:
-------
The company was founded in 1914 and is headquartered in Pittsburgh,
Pennsylvania. As of December 31, 1993, the registrant and its affiliated
companies had approximately 4,600 employees, of which 2,100 were employed by
international affiliates. None of the U.S. employees are subject to the
provisions of a collective bargaining agreement.
In the United States and in those countries in which the registrant
has affiliates, its products are sold primarily by its own salesmen,
supplemented in the case of certain markets by independent distributors and/or
manufacturers' representatives. In international countries where the registrant
has no affiliate, products are sold primarily through independent distributors
located in those countries.
5
The registrant is cognizant of environmental responsibilities and has
taken affirmative action regarding this responsibility. There are no current or
expected legal proceedings or expenditures with respect to environmental matters
which would materially affect the operations of the registrant and its
affiliates. Generally speaking, the operations of the registrant and its
affiliates are such that it is possible to maintain sufficient inventories of
raw materials and component parts on the manufacturing premises. Equipment and
machinery for processing chemicals and rubber, plastic injection molding
equipment, molds, metal cutting, stamping and working equipment, assembly
fixtures and similar items are regularly acquired, repaired or replaced in the
ordinary course of business at prevailing market prices as necessary.
As of the end of 1992, the registrant decided to discontinue the
operation of Transfer-Metallisierte Produkte GmbH (TMP), a joint venture in
Germany to produce metallized paper. This venture, unrelated to the company's
safety products, has been a financial drain on the registrant. Operating
activities ceased during 1993; the registrant is in the process of disposing of
its assets and settling its liabilities, and estimates that this action will not
have a significant effect on the registrant's financial condition. In the
third quarter of 1993, the registrant acquired HAZCO Services, a U.S. based
distribution and rental supplier serving the hazardous materials/environmental
market. No material changes in the registrant's commercial operations are
expected to occur during 1994. Sales of defense products, which continue to be
an important market segment, decreased significantly in 1993. Incoming orders
were significantly less than shipments in 1993, and significantly lower than
1992 incoming orders. U.S. military sales in 1994 are expected to be at near-
normal levels, below the peaks of 1992 but above 1993. Further information
about the registrant's business is included in Discussion and Analysis of
Financial Condition and Results of Operations at pages 7 to 9 of the Annual
Report to Shareowners, incorporated herein by reference.
(Item 1 continued at page 7)
6
Executive Officers and Significant Employees:
--------------------------------------------
All Positions and Offices
Name Age Presently Held
---- --- -------------------------
J. T. Ryan III 50 President, Chairman and
Chief Executive Officer
T. B. Hotopp 52 Senior Vice President
J. E. Herald 53 Vice President - Finance
(Chief Financial Officer)
D. E. Crean 59 Vice President
W. E. Christen 49 Vice President
J. W. Joy 61 Vice President
W. B. Miller, Jr. 60 Vice President
G. W. Steggles 59 Vice President
F. Tepper 59 Vice President
D. H. Cuozzo 60 Secretary
D. L. Zeitler 45 Treasurer
J. R. Heggestad 57 Director of Operations,
Safety Products
All the executive officers and significant employees have been
employed by the registrant since prior to January 1, 1989 and have held their
present positions since prior to that date except as follows:
(a) Mr. Ryan III was elected Chief Executive Officer and Chairman of
the Board on August 28, 1991, effective from October 1, 1991.
On April 25, 1990 he was elected President. He previously was
the Executive Vice President.
(b) Mr. Hotopp was employed by the registrant on July 29, 1991
and elected Senior Vice President and General Manager, Safety
Products. From prior to January 1, 1989 until he joined the
registrant, Mr. Hotopp was Senior Vice President, Sales and
Marketing and later President of Kingston Warren Corporation, a
manufacturer of rubber-metal composites for automotive, computer
and material handling industries.
7
(c) Mr. Christen was elected a corporate Vice President on October
31, 1991. He was previously General Director, Auergesellschaft,
an affiliate of the registrant, and Vice President and Managing
Director of MSA Europe, a division of the registrant.
(d) Mr. Joy was elected Vice President on October 31, 1991. He was
previously Director, Sales and Market Development.
(e) Mr. Steggles was employed by the registrant on May 4, 1992 and
elected Vice President. From prior to January 1, 1989 until he
joined the registrant, Mr. Steggles was Vice President of
International Marketing and Sales with the BMY Division of
Harsco Corp., a manufacturer of tracked and wheeled vehicles.
(f) Mr. Cuozzo, employed by the company on January 3, 1989 as Tax
Counsel, was elected Secretary on July 1, 1989.
8
The primary responsibilities of these officers follows:
Individual Responsibilities
- ---------- ----------------
Mr. Hotopp Product planning and engineering,
manufacturing development and sales of
safety products in the U.S.
Mr. Crean Personnel
Mr. Christen European operations
Mr. Joy Sales and marketing of safety products in
the U.S.
Mr. Miller Product planning and engineering for safety
products in the U.S.
Mr. Steggles International operations outside the U.S.
and Europe.
Mr. Tepper Product planning and engineering,
manufacturing development and sales of
instrument and battery products in the U.S.
Mr. Cuozzo General Counsel and corporate taxes
Mr. Zeitler Cash and risk insurance management
Mr. Heggestad Manufacturing operations, safety products in
the U.S.
Item 2. Properties
- ------------------
World Headquarters:
------------------
The registrant's executive offices are located at 121 Gamma Drive,
RIDC Industrial Park, O'Hara Township, Pittsburgh, Pennsylvania 15238. This
facility contains approximately 138,000 sq. ft.
Production and Research Facilities:
----------------------------------
The registrant's principal U.S. manufacturing and research facilities
are located in the Greater Pittsburgh area in buildings containing
approximately 1,113,000 square feet. Other U.S. manufacturing and research
facilities of the registrant are located in Esmond, Rhode Island (208,000 sq.
ft.), Jacksonville, North Carolina (107,000 sq. ft.), Lyons, Colorado (10,000
sq. ft), Sparks, Maryland (37,000 sq. ft.), and Dayton, Ohio (23,000 sq. ft.).
9
Manufacturing facilities of international affiliates of the
registrant are located in major cities in Australia, Brazil, Canada, France,
Germany, Italy, Japan, Mexico, Peru, Scotland, Spain, and Sweden. The most
significant are located in Germany (approximately 410,000 sq. ft., excluding
147,000 sq. ft. leased to others), and in Glasgow, Scotland (approximately
141,000 sq. ft.); research activities are also conducted at these facilities.
Virtually all of these buildings are owned by the registrant and its
affiliates and are constructed of granite, brick, concrete block, steel or
other fire-resistant materials. The German facility is owned subject to
encumbrances securing indebtedness in the aggregate amount of $15,781,000 as of
December 31, 1993.
Sales Offices and Warehouses:
----------------------------
The registrant and its U.S. affiliates own eight warehouses and lease
20 other distribution warehouses with aggregate floor space of approximately
349,000 sq. ft. in or near principal cities in 19 states in the United States.
Leases expire at various dates through 1997. Sales offices and distribution
warehouses are owned or leased in or near principal cities in 22 other
countries in which the registrant's affiliates are located.
Other U.S. Properties:
---------------------
The registrant owns real estate at Owings Mills, Maryland, consisting
of an 88,000 sq. ft. building and 42 acres of land. The registrant also owns 90
acres of land in Westmoreland County, Pennsylvania, and 200 acres of land in
Lawrence, Kansas. No operations are currently conducted on these sites.
Item 3. Legal Proceedings
- --------------------------
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
No matters were submitted to a vote of security holders during fourth
quarter 1993.
10
PART II
Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Item 8. Financial Statements and Supplementary Data
- -------------------------------------------------------------------------------
Incorporated by reference herein pursuant to Rule 12b - 23 are
Item 5 - "Common Stock" appearing at page 9
Item 6 - "Five-Year Summary of Selected Financial Data" appearing at page
20
Item 7 - "Discussion and Analysis of Financial Condition and Results of
Operations" appearing at pages 7 to 9
Item 8 - "Financial Statements and Notes to Consolidated Financial
Statements appearing at pages 10 to 19
of the Annual Report to Shareowners for the year ended December 31, 1993. Said
pages of the Annual Report are submitted with this report and pursuant to Item
601(b)(13) of Regulation S-K shall be deemed filed with the Commission only to
the extent that material contained therein is expressly incorporated by
reference in Items 1, 5, 6, 7, 8 and 14 (a) hereof.
Item 9. Changes in and Disagreements with Accountants on Accounting and
- -------------------------------------------------------------------------
Financial Disclosure
--------------------
Not applicable.
11
PART III
Item 10. Directors and Executive Officers of the Registrant
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management
Item 13. Certain Relationships and Related Transactions
- -------------------------------------------------------------------------------
Incorporated by reference herein pursuant to Rule 12b - 23 are
(1) "Election of Directors" appearing at pages 1 to 4, (2) "Other Information
Concerning Directors and Officers" appearing at pages 5 to 11 (except as
excluded below), and (3) "Security Ownership" appearing at pages 11 to 14 of the
Proxy Statement filed pursuant to Regulation 14A in connection with the
registrant's Annual Meeting of Shareholders to be held on April 27, 1994. The
information appearing in such Proxy Statement under the captions "Compensation
Committee Report on Executive Compensation" and "Comparison of Five-Year
Cumulative Total Return" is not incorporated herein.
12
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
- --------------------------------------------------------------------------
(a) 1 and 2. Financial Statements
The following information appearing on pages 10 to 19 inclusive in the
Annual Report to Shareowners of the registrant for the year ended December 31,
1993, is incorporated herein by reference pursuant to Rule 12b-23.
Report of Independent Accountants
Consolidated Balance Sheet - December 31, 1993 and 1992
Consolidated Statement of Income - three years ended December 31, 1993
Consolidated Statement of Earnings Retained in the Business - three
years ended December 31, 1993
Consolidated Statement of Cash Flows - three years ended December 31,
1993
Notes to Consolidated Financial Statements
Said pages of the Annual Report are submitted with this report and, pursuant to
Item 601(b)(13) of Regulation S-K shall be deemed to be filed with the
Commission only to the extent that material contained therein is expressly
incorporated by reference in Items 1, 5, 6, 7, 8 and 14 (a)(1) and (2) hereof.
The following additional financial information for the three years
ended December 31, 1993 is filed with the report and should be read in
conjunction with the above financial statements:
Report of Independent Accountants on Financial Statement Schedules
Schedule V - Property, Plant and Equipment
Schedule VI - Accumulated Depreciation and Amortization of Property,
Plant and Equipment
Schedule VIII - Valuation and Qualifying Accounts
Schedule X - Supplementary Income Statement Information
All other schedules are omitted because they are not applicable, not material or
the required information is shown in the financial statements listed above.
13
(a) 3. Exhibits
(3)(a) Restated Articles of Incorporation as amended to April 27,
1989, filed in Form 10-Q on August 8, 1989, are incorporated
herein by reference.
(3)(b) By-laws of the registrant, as amended to August 29, 1990,
filed in Form 10-Q on November 9, 1990, are incorporated
herein by reference.
(10)(a) * 1987 Management Share Incentive Plan.
(10)(b) * 1990 Non-Employee Directors' Stock Option Plan, incorporated
herein by reference to Exhibit A to registrant's Definitive
Proxy Statement filed March 20, 1991 for its 1991 Annual
Meeting.
(10)(c) * Executive Insurance Program, filed in Form 10-K on March 29,
1989, is incorporated herein by reference.
(10)(d) * Extension of Consulting Agreement for the period January 1,
1992 through December 31, 1996, and June 30, 1977 Consulting
Agreement with John T. Ryan, Jr. filed in Form 10-K on March
27, 1992, is incorporated herein by reference.
(10)(e) * December 29, 1993 Consulting agreement with Leo N. Short,
Jr.
(10)(f) * Board of Directors April 24, 1984 Resolution providing for
payment by the Company to officers the difference between
amounts payable under terms of the Company's Non-
Contributory Pension Plan and the benefit limitations of
Section 415 of the Internal Revenue Code, filed in Form
10-K on March 28, 1990 is incorporated herein by reference.
* The exhibits marked by an asterisk are management contracts or compensatory
plans or arrangements.
14
(a) 3. Exhibits (continued)
(13) Annual Report to Shareowners for year ended December 31, 1993
(21) Affiliates of the registrant
(23) Consent of Price Waterhouse, independent accountants
The registrant agrees to furnish to the Commission upon request copies
of all instruments with respect to long-term debt referred to in Note
11 of the Notes to Consolidated Financial Statements filed as part of
Exhibit 13 to this annual report which have not been previously filed
or are not filed herewith.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the last quarter of the year
ended December 31, 1993.
15
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
MINE SAFETY APPLIANCES COMPANY
March 25, 1994 By /S/John T. Ryan III
- --------------------- ---------------------------------
(Date) John T. Ryan III
President, Chairman of the Board
and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
Signature Title Date
------------- --------- --------
/S/John T. Ryan III Director; President, March 25, 1994
- -------------------- Chairman of the Board
John T. Ryan III and Chief Executive Officer
/S/James E. Herald Vice President - Finance; March 25, 1994
- -------------------- Principal Financial and
James E. Herald Accounting Officer
/S/John M. Arthur Director March 25, 1994
- --------------------
John M. Arthur
/S/Joseph L. Calihan Director March 25, 1994
- --------------------
Joseph L. Calihan
/S/G. Donald Gerlach Director March 25, 1994
- --------------------
G. Donald Gerlach
/S/Helen Lee Henderson Director March 25, 1994
- ----------------------
Helen Lee Henderson
/S/John P. Roche Director March 25, 1994
- ----------------------
John P. Roche
/S/John T. Ryan, Jr. Director March 25, 1994
- ----------------------
John T. Ryan, Jr.
/S/Leo N. Short, Jr. Director March 25, 1994
- ----------------------
Leo N. Short, Jr.
REPORT OF INDEPENDENT ACCOUNTANTS
ON FINANCIAL STATEMENT SCHEDULES
To the Board of Directors of
Mine Safety Appliances Company
Our audits of the consolidated financial statements referred to in our report
dated February 16, 1994, appearing on page 10 of the 1993 Annual Report to
Shareowners of Mine Safety Appliances Company (which report and consolidated
financial statements are incorporated by reference in this Annual Report on
Form 10-K), also included an audit of the Financial Statement Schedules listed
in Item 14(a) of this Form 10-K. In our opinion, these Financial Statement
Schedules present fairly, in all material respects, the information set forth
therein when read in conjunction with the related consolidated financial
statements.
PRICE WATERHOUSE
Pittsburgh, Pennsylvania
February 16, 1994
F-1
SCHEDULE V
MINE SAFETY APPLIANCES COMPANY AND AFFILIATES
PROPERTY, PLANT AND EQUIPMENT
THREE YEARS ENDED DECEMBER 31, 1993
(IN THOUSANDS)
Machinery Construction
and in
Land Buildings Equipment Progress Totals
------- -------- -------- ---------- --------
Balances, December 31, 1990 $7,345 $106,992 $164,082 $ 7,542 $285,961
Additions at cost 267 1,981 16,968 (2,262) 16,954
Sales and retirements (36) (44) (4,169) (4,249)
Currency translation
adjustments (238) (1,849) (4,110) (131) (6,328)
------- -------- -------- ---------- --------
Balances, December 31, 1991 7,338 107,080 172,771 5,149 292,338
Additions at cost 259 1,059 16,605 4,839 22,762
Sales and retirements (11) (65) (7,288) (7,364)
Currency translation
adjustments (20) (835) (1,026) 53 (1,828)
------- -------- -------- ---------- --------
Balances, December 31, 1992 7,566 107,239 181,062 10,041 305,908
Additions at cost 2,736 16,343 1,320 20,399
Sales and retirements (582) (3,578) (9,684) (13,844)
Currency translation
adjustments (218) (1,455) (3,945) (154) (5,772)
------- -------- -------- ---------- --------
Balances, December 31, 1993 $6,766 $104,942 $183,776 $ 11,207 $306,691
======= ======== ======== ========== ========
F-2
SCHEDULE VI
MINE SAFETY APPLIANCES COMPANY AND AFFILIATES
ACCUMULATED DEPRECIATION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT
THREE YEARS ENDED DECEMBER 31, 1993
(IN THOUSANDS)
Machinery
and
Buildings Equipment Totals
--------- --------- --------
Balances, December 31, 1990 $30,973 $ 99,070 $130,043
Adjustment for acquisition of new affiliate 106 398 504
Additions charged to costs and expenses 3,597 12,633 16,230
Sales and retirements (35) (3,457) (3,492)
Currency translation adjustments (756) (2,657) (3,413)
--------- --------- --------
Balances, December 31, 1991 33,885 105,987 139,872
Additions charged to costs and expenses 3,330 13,501 16,831
Sales and retirements (67) (6,108) (6,175)
Currency translation adjustments (163) (602) (765)
--------- --------- --------
Balances, December 31, 1992 36,985 112,778 149,763
Additions charged to costs and expenses 3,711 13,583 17,294
Sales and retirements (2,148) (8,276) (10,424)
Currency translation adjustments (736) (2,735) (3,471)
--------- --------- --------
Balances, December 31, 1993 $37,812 $115,350 $153,162
========= ========= ========
F-3
SCHEDULE VIII
MINE SAFETY APPLIANCES COMPANY AND AFFILIATES
VALUATION AND QUALIFYING ACCOUNTS
THREE YEARS ENDED DECEMBER 31, 1993
(IN THOUSANDS)
1993 1992 1991
------ ------ ------
Allowance for doubtful accounts:
Balance at beginning of year $2,453 $1,601 $1,532
Additions -
Charged to costs and expenses 644 1,383 801
Deductions from reserves (1) 581 531 732
------ ------ ------
Balance at end of year $2,516 $2,453 $1,601
====== ====== ======
(1) Bad debts written off, net of recoveries.
F-4
SCHEDULE X
MINE SAFETY APPLIANCES COMPANY AND AFFILIATES
SUPPLEMENTARY INCOME STATEMENT INFORMATION
THREE YEARS ENDED DECEMBER 31, 1993
(IN THOUSANDS)
Charged to Costs and Expenses
--------------------------------
1993 1992 1991
------ ------ ------
Maintenance and repairs $12,703 $16,947 $15,952
======= ======= =======
Payroll taxes $16,486 $18,960 $18,320
======= ======= =======
F-5