SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------ Form 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from __________ to __________ ------------ Commission File No. 1-11402 ------------ Cendant Corporation Employee Savings Plan (Full title of the Plan) Cendant Corporation (Name of issuer of the securities held pursuant to the Plan) 9 West 57th Street New York, New York 10019 (Address of principal executive office)Cendant Corporation Employee Savings Plan Financial Statements for the Years Ended December 31, 1998 and 1997 INDEX Description Independent Auditors' Report Statements of Net Assets Available for Benefits as of December 31, 1998 and 1997 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1998 and 1997 Notes to Financial Statements Item 27a -Schedule of Assets Held for Investment Purposes as of December 31, 1998 Item 27d - Schedule of Reportable Transactions for the Year ended December 31, 1998 Schedules required under the Employee Retirement Income Security Act of 1974 ("ERISA"), other than the schedules listed above, are omitted because of the absence of the conditions under which they are required.
INDEPENDENT AUDITORS' REPORT To the Trustees and Participants of Cendant Corporation Employee Savings Plan Parsippany, NJ 07054 We have audited the accompanying statements of net assets available for benefits of the Cendant Corporation Employee Savings Plan (the "Plan") as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended. 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, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1998 and (2) reportable transactions for the year ended December 31, 1998 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are 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. /s/ Deloitte & Touche LLP Parsippany, New Jersey June 28, 1999
Cendant Corporation Employee Savings Plan STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 and 1997 1998 1997 --------------- --------------- ASSETS Investments, at fair value $ 237,215,840 $ 76,862,504 Interest and dividends receivable 45,216 25,420 Contributions receivable from: Participants 132,332 172,325 Employer 45,365 38,414 --------------- --------------- NET ASSETS AVAILABLE FOR BENEFITS $ 237,438,753 $ 77,098,663 =============== =============== -See notes to financial statements-
Cendant Corporation Employee Savings Plan STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1998 and 1997 1998 1997 --------------- --------------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Participants $ 17,950,966 $ 6,447,240 Employer 7,083,449 1,459,001 Rollovers 155,518,084 35,596,085 --------------- --------------- Total contributions 180,552,499 43,502,326 --------------- --------------- Investment income: Net (depreciation)appreciation in fair value of investments (13,637,397) 3,463,920 Interest and dividends 6,741,369 3,288,012 --------------- --------------- Total investment (losses) income (6,896,028) 6,751,932 ---------------- --------------- Total additions 173,656,471 50,254,258 --------------- --------------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Benefits paid to participants 13,303,410 4,008,906 Trustee fees 12,971 8,199 --------------- --------------- Total deductions 13,316,381 4,017,105 --------------- --------------- NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 160,340,090 46,237,153 --------------- --------------- NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 77,098,663 30,861,510 --------------- --------------- NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 237,438,753 $ 77,098,663 =============== =============== -See notes to financial statements-
Cendant Corporation Employee Savings Plan NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN The following description of the Cendant Corporation Employee Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. The Plan, established July 2, 1990 and amended and restated as of January 1, 1998, is a defined contribution plan established for certain eligible employees of Cendant Corporation ("Cendant" or the "Company") that provides Internal Revenue Code Section 401(k) employee salary deferral benefits and additional employer contributions for the Company's employees. In December 1997, HFS Incorporated merged with and into and CUC International Inc. ("CUC"), and the resultant merged company was renamed Cendant Corporation. Each of the existing employee savings plans of the merged companies are currently being maintained. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). In connection with the amendment and restatement, effective January 1, 1998, certain provisions of the Plan were revised, including eligibility requirements, Company matching contributions and the vesting of Plan benefits. The Plan was also amended various times during 1997 and 1998 to allow for existing plans of companies acquired by Cendant to be combined into the Plan (see "Rollovers"). The following is a summary of certain Plan provisions: a. Eligibility - Each regular employee (as defined in the Plan) of the Company is eligible to participate in the Plan on the entry date following both attainment of age 18 and completion of six months of service. b. Employee contributions - An employee may elect to make pre-tax contributions up to fifteen percent of annual compensation up to a maximum of $10,000 and $9,500 for 1998 and 1997, respectively. c. Employer contributions - The Company makes contributions to the Plan equal to one hundred percent (100%) of all eligible employees' salary deferral up to three percent (3%) of the employee compensation. An additional discretionary employer contribution may be made, equal to up to fifty percent (50%) of the employees' salary deferral contributions over three percent (3%) of the employees' compensation, up to a maximum of six percent (6%) of the employees' compensation. d. Rollovers - All employees, upon commencement of employment, are provided the option of making a rollover contribution into the Plan in accordance with Internal Revenue Service ("IRS") regulations. In April 1997, the Company acquired PHH Corporation ("PHH")by merger. PHH is a leading provider of mortgage, relocation and fleet management services. On May 1, 1998, the PHH Corporation Employee Investment Plan (the "PHH Plan") which, at such time, was comprised of $152.2 million in assets, was merged into the Plan (the "Plan Merger"). Coincident with the Plan Merger, PHH Plan participants became participants in the Plan. Accordingly, the transfer of each of the participants' PHH Plan assets that existed at the transfer date were invested in comparable investment categories in proportionate amounts within the Plan and maintained the same vesting schedule as was in effect under the PHH Plan. Effective as of the date of the Plan Merger, investment options for participants under the PHH Plan were terminated and all future contributions were invested in options available under the Plan and are subject to the provisions of the Plan. In connection with companies previously acquired by Cendant, plan assets associated with the qualified plans of Century 21 of Eastern Pennsylvania Inc., Century 21 of the MidAtlantic States, Inc. and portions of the Coldwell Banker Corporation Plan were merged into the Plan. Also, in 1997 the Company sold a majority of its interest in the car rental operations of Avis, Inc. by offering stock in its subsidiary, Avis Rent A Car, Inc. ("ARAC"), to the public but retained the business consistent with its service provider profile, including the subsidiary of Avis, Inc. that provides reservation and technology services to ARAC ("Wizcom"). In 1997, the account balances of Wizcom employees were transferred from the ARAC 401-k plan into the Plan. As a result of the aforementioned plan transfers, $152.2 million and $34.4 million of assets were merged into the Plan in 1998 and 1997, respectively, and are included in Contributions - Rollovers in the Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 1998 and 1997. e. Vesting Schedule - Employer contributions credited to accounts of employees who commenced employment on or subsequent to January 1, 1998 shall vest according to the following schedule: Years of Vested Service Interest -------- -------- Fewer than 1 0% 1 34% 2 67% 3 100% Employer contributions credited to accounts of employees who commenced employment prior to January 1, 1998 shall continue to be 100% vested in such contributions. f. Termination - Although the Company has not expressed any intention to do so, the Company reserves the right to modify, suspend, amend or terminate the Plan in whole or in part at any time subject to the provisions of ERISA. If the Plan is terminated, the amounts credited to the employer contribution accounts of all participants become fully vested. g. Loan Provision - Employees may borrow up to the lesser of $50,000 or fifty percent of their vested balance, provided the vested balance is at least one thousand dollars. Interest is charged at a commercial rate and is secured by the vested balance. Loan repayments must be made through payroll deductions over a term not to exceed five years unless the proceeds of the loan are used to purchase the principal residence of the employee, in which case the term is not to exceed fifteen years. The loans bear interest at a rate commensurate with the prime sale plus one percent. Principal and interest is paid ratably through monthly payroll deductions. h. Benefits Payable - Participants are entitled to withdraw all or any portion of their after-tax contributions. Participants may make full or partial withdrawals of funds in any of their accounts upon attaining age 59 1/2 for for financial hardship, as defined in the Plan before that age. Distributions to terminated employees are recorded in each fund's financial statements when paid. Amounts payable to participants who have terminated participation in the Plan were approximately $1.3 million and $1.0 million at December 31, 1998 and 1997, respectively. These amounts will be reflected as liabilities in the Plan's Form 5500 in accordance with Department of Labor Regulations. i. Forfeited Accounts - At December 31, 1998, forfeited nonvested accounts totaled $7,097. These accounts will be used to reduce future employer contributions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation - The accompanying financial statements are prepared on an accrual basis of accounting. All administrative costs of the Plan, other than costs incurred to maintain participant loan accounts, were paid by the Company. b. Valuation of Investments - The Plan's investments are stated at fair value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the plan year. The shares of registered investment companies are valued at the quoted market price which represent the net asset value of shares held by the Plan at year-end. Loans to participants are valued at cost, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. The change between the fair value and the cost of investments which are held at each statement date is reflected as net (depreciation) appreciation in fair value of investments in the statement of changes in net assets available for benefits. The net realized gains (losses) on investments is the difference between the proceeds received, after fees and expenses, and the average cost of the investments sold. The Plan's group annuity contract is valued at contract value. Contract value represents contributions made under the contract, plus interest, less funds used to pay benefits to participants. c. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. 3. INVESTMENTS Participants direct their contributions into any of the investment options made available by the Plan. Participants may change their investment allocations between funds on a daily basis. The investment options available to participants as of December 31, 1998 consisted of the following: a. Cendant Corporation Common Stock Fund - Participants may elect to invest up to 50% of their account balance in the Company's common stock which is an equity security publicly traded on the New York Stock Exchange under the symbol "CD". b. Merrill Lynch Equity Index Trust - This trust seeks investment results that mirror those of the Standard & Poor's 500 Composite Stock Price Index ("S&P 500"). The S&P 500 stocks will make up all, or nearly all, of the fund assets. Trust assets of 5% to 10% may be S&P 500 index futures and/or index Options. c. Cendant Stable Value Fund - Certain contributions in this fund are invested under contracts with major insurance companies providing a high level of security for principal and a fixed rate of return. Contributions made to this fund are invested in the Merrill Lynch Retirement Preservation Trust which invests in high quality fixed interest instruments. The fund is designed to provide the investor with a defined rate of return and low risk of principal. d. Merrill Lynch Corporate Bond Fund Inter-Term - This mutual fund invests in corporate debt securities, primarily through high-quality investment grade securities.
e. Merrill Lynch Growth Fund - This mutual fund invests in securities that are selling at discounts from price-to-book value ratios and have dividend yields greater than the stock market average or historic yields. Large capitalization issues will be emphasized, but the fund has flexibility to invest in small capitalization companies with similar value. The fund may invest up to 20% of total assets in foreign securities. f. Merrill Lynch Capital Fund - This mutual fund allows management to shift emphasis based on its evaluation of changes in economic and market trends. The fund's portfolio may be invested substantially in equity securities, corporate bonds or money market securities. Over longer periods, a major portion of the fund's portfolio will consist of equity securities of larger market capitalization companies. The fund may invest up to 25% of its total assets in foreign securities. g. AIM Charter Fund - This balanced mutual fund seeks growth of capital and current income by investing primarily in dividend-paying common stocks. A significant portion of assets may also be held in cash or other income-producing securities, including U.S. government securities or debt securities. h. Templeton Foreign Fund - This mutual fund seeks long-term capital growth through investing in stocks and debt obligations of companies and governments outside the United States. i. AIM Weingarten Fund - This growth mutual fund seeks capital growth by investing primarily in common stocks of leading U.S. companies which have displayed strong earnings momentum or a significant upsurge in earnings. j. MFS Emerging Growth Fund - This mutual fund invests primarily in common stocks of companies that are early in their life cycles and have the potential to become major enterprises. The fund may also invest in more established companies whose earning growth is expected to accelerate due to new management, new products or changes in consumer demand. k. AIM Constellation Fund - This mutual fund seeks capital appreciation by investing primarily in common stocks with emphasis on medium-sized and smaller emerging growth companies. l. Putnam New Opportunity Fund - This mutual fund seeks above-average capital appreciation from rapidly growing sectors of the economy. Fund management searches for companies with strong and expanded earnings, committed management, freedom from excessive government regulation, and substantial insider equity holdings. m. Kobrick Capital Fund - This mutual fund seeks maximum capital appreciation by investing primarily in equity securities of companies with a wide range of capitalizations, including undervalued special situations and emerging growth companies. The fund may invest up to 35% of its total assets in other types of securities, including corporate bonds. n. Kobrick Emerging Growth Fund - This mutual fund seeks growth of capital by investing in the equity securities of emerging growth companies, primarily with small capitalizations. The fund may invest up to 35% of its total assets in other types of securities, including corporate bonds, or in larger, more mature companies.
o. Kobrick Growth Fund - This mutual fund seeks to provide long-term growth of capital by investing in the equity securities of large capitalization companies. The fund may invest up to 35% of its total assets in other types of securities, including corporate bonds, or in small capitalization and emerging growth companies. Participants should refer to each fund's prospectus for a more complete description of the risks associated with each fund. 4. INVESTMENTS EXCEEDING 5% OF NET ASSETS The following investments represent five percent or more of the Plan's net assets available for benefits as of December 31, 1998 and 1997. 1998 1997 --------------- -------------- Cendant Corporation Common Stock Fund $ 59,213,751 $ 9,484,939 Merrill Lynch Equity Index Trust 30,815,254 - Cendant Stable Value Fund 40,344,312 9,164,634 AIM Charter Fund 40,914,605 6,624,132 AIM Constellation Fund - 5,789,319 Cash Fund - 23,485,046 Merrill Lynch Growth Fund - 4,796,664 Merrill Lynch Capital Fund - 3,870,574 --------------- -------------- $ 171,287,922 $ 63,215,308 =============== ============== 5. INTERNAL REVENUE SERVICE STATUS The Plan is qualified under section 401(a) of the Internal Revenue Code of 1986 (the "Code") and is exempt from taxation under section 501(a) of the Code. The Plan received a favorable IRS determination letter dated May 21, 1996. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code and the related trust was tax exempt as of the financial statement dates. Therefore, no provision for income taxes has been included in the Plan's financial statements.
6. OTHER EVENTS Company litigation In April 1998, the Company publicly announced that it had discovered accounting irregularities in the former business units of CUC. Such discovery prompted investigations into such matters by the Company and the Audit Committee of its Board of Directors. As a result of the findings from the investigations, the Company restated its previously reported financial results for 1997, 1996 and 1995. Since such announcement, more than 70 lawsuits claiming to be class actions, two lawsuits claiming to be brought derivatively on the Company's behalf and several individual lawsuits have been filed in various courts against the Company and other defendants. The Court has ordered consolidation of many of the actions. The Securities and Exchange Commission ("SEC") and the United States Attorney for the District of New Jersey are conducting investigations relating to the matters referenced above. The SEC advised the Company that its inquiry should not be construed as an indication by the SEC or its staff that any violations of law have occurred. The Company does not believe it is feasible to predict or determine the final outcome or resolution of these proceedings or to estimate the amounts or potential range of loss with respect to these proceedings and investigations. In addition, the timing of the final resolution of these proceedings and investigations is uncertain. The possible outcomes or resolutions of these proceedings and investigations could include judgements against the Company or settlements and could require substantial payments by the Company. However, the Company does not expect the outcome from these proceedings to have any material adverse impact on the Plan. The aforementioned matters resulted in a significant decline in the per share price of the Company common stock and a corresponding diminution of the Cendant Corporation common stock fund. At December 31, 1997 the closing per share price of Company common stock was $34.375 compared to $ 19.125 at December 31, 1998. Termination of Proposed Acquisitions During 1998, the Company terminated the pending acquisitions of American Bankers Insurance Group, Inc., Royal Automobile Club Motoring Services and Providian Auto and Home Insurance Company. 7. INVESTMENT CONTRACTS WITH INSURANCE COMPANIES The Cendant Stable Value Fund primarily invested in investment contracts providing a guaranteed return on principal invested over a specified time period. Thereafter, contributions to such fund are invested in the Merrill Lynch Retirement Preservation Trust. The crediting interest rates at December 31, 1998 for various investment contracts ranged from 5.6% to 7.7% and the average yields of the Cendant Stable Value Fund for the 1998 and 1997 plan years were 6.2% and 6.0%, respectively. All investment contracts in the Cendant Stable Value Fund are fully benefit-responsive and are recorded at contract value, which equals principal plus accrued interest. The Cendant Stable Value Fund at December 31, 1998 and 1997 was $40,344,312 and $9,164,634, respectively, which approximated the fair value. 8. PARTY-IN-INTEREST A portion of the Plan's investments are shares in a fund managed by Merrill Lynch (see Note 3). Merrill Lynch is the custodian of these investments as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions.
9. SUBSEQUENT EVENTS Divestiture On May 22, 1999, the Company, through its wholly-owned subsidiary, PHH, executed an agreement with ARAC pursuant to which ARAC will acquire the net assets of the Company's Fleet management segment for consideration of $1.8 billion. The transaction is subject to customary regulatory approvals and is expected to close on or about June 30, 1999. The Company has not yet determined what impact the disposition of its Fleet management segment will have on the Plan assets. Business Combinations In January 1998, the Company completed the acquisition of Jackson Hewitt, Inc. ("Jackson Hewitt"). Jackson Hewitt operates the second largest tax preparation service franchise system in the United States. In April 1998, the Company completed the acquisition of Credentials Services International, Inc. ("CSI"). CSI is a service which provides members with access to their personal credit information. Plan transfers During 1999, in connection with companies previously acquired by Cendant, the Company completed the transfer of assets from the existing plans of such acquired companies, including Electronic Realty Associates, Inc. and CSI. In addition, during 1999, the accumulated plan benefits of the reservation center employees of Avis, Inc. were transferred into the Plan. The resulting plan transfers accounted for plan assets of $8.6 million being merged into the Plan. The Company expects to merge other existing qualified plans into the Plan during 1999, including the plan assets of the Jackson Hewitt 401(k) Plan. 10. PLAN SUMMARY BY FUND The following tables represent the statements of net assets available for benefits, summarized by fund, as of December 31, 1998 and 1997 and the statements of changes in net assets available for benefits for the years ended December 31, 1998 and 1997.
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1998 Merrill Cendant Merrill Lynch Merrill Merrill Corporation Lynch Cendant Corporate Lynch Lynch Cash Company Equity Stable Bond Fund Growth Capital Fund Stock Fund Index Trust Value Fund Inter-Term Fund Fund Subtotal ------- ----------- ----------- ----------- ---------- ---------- ----------- ------------ Assets Investments, at fair value $22,278 $59,213,751 $30,815,254 $40,344,312 $4,924,429 $6,194,947 $11,588,892 $153,103,863 Interest and dividends receivable - - - - - - - - Contributions receivable from: Participants - - - - - - - - Employer - - - - - - - - ------- ----------- ----------- ----------- ---------- ---------- ----------- ------------ Net assets available for benefits $22,278 $59,213,751 $30,815,254 $40,344,312 $4,924,429 $6,194,947 $11,588,892 $153,103,863 ======= =========== =========== =========== ========== ========== =========== ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Continued) DECEMBER 31, 1998 AIM Templeton AIM MFS AIM Putnam New Kobrick Charter Foreign Weingarten Emerging Constellation Opportunity Capital Subtotal Fund Fund Fund Growth Fund Fund Fund Fund Subtotal ------------ ----------- ---------- ---------- ----------- ----------- ----------- --------- ----------- Assets Investments, at fair value $153,103,863 $40,914,605 $6,976,956 $6,452,656 $ 4,653,525 $ 7,570,616 $ 9,772,062 $ 384,951 $229,829,234 Interest and dividends receivable - - - - - - - - - Contributions receivable from: Participants - - - - - - - - - Employer - - - - - - - - - ------------ ----------- ---------- ---------- ----------- ----------- ----------- ---------- ------------ Net assets available for benefits $153,103,863 $40,914,605 $6,976,956 $6,452,656 $ 4,653,525 $ 7,570,616 $ 9,772,062 $ 384,951 $229,829,234 ============ =========== ========== ========== =========== =========== =========== ========== ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Concluded) DECEMBER 31, 1998 Kobrick Accrued Emerging Kobrick Employee Amounts Subtotal Growth Fund Growth Fund Loans Unallocated Total ------------- ------------- -------------- ------------- ------------ ------------- Assets Investments, at fair value $ 229,829,234 $ 187,472 $ 41,368 $ 7,158,291 $ (525) $ 237,215,840 Interest and dividends receivable - - - - 45,216 45,216 Contributions receivable from: Participants - - - - 132,332 132,332 Employer - - - - 45,365 45,365 ------------- ------------- -------------- ------------- ------------ ------------- Net assets available for benefits $ 229,829,234 $ 187,472 $ 41,368 $ 7,158,291 $ 222,388 $ 237,438,753 ============= ============= ============== ============= ============ =============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1997 Cendant AIM AIM AIM Stable Value Charter Weingarten Constellation Fund Fund Fund Fund Subtotal ----------- ----------- ----------- ------------ ----------- Assets Investments, at fair value $ 9,164,634 $ 6,624,132 $ 3,071,778 $ 5,789,319 $24,649,863 Interest and dividends receivable - - - - - Contributions receivable from: Participants - - - - - Employer - - - - - ----------- ----------- ----------- ------------ ----------- Net assets available for benefits $ 9,164,634 $ 6,624,132 $ 3,071,778 $ 5,789,319 $24,649,863 =========== =========== =========== ============ ===========
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Continued) DECEMBER 31, 1997 Cendant Templeton Corporation Accrued Foreign Common Employee Amounts Subtotal Fund Stock Fund Loans Unallocated Subtotal ----------- ----------- ----------- ----------- ----------- ----------- Assets Investments, at fair value $24,649,863 $ 2,211,423 $ 9,484,939 $ 2,698,894 $ - $39,045,119 Interest and dividends receivable - - - - 25,420 25,420 Contributions receivable from: Participants - - - - 172,325 172,325 Employer - - - - 38,414 38,414 ----------- ----------- ----------- ----------- ----------- ----------- Net assets available for benefits $24,649,863 $ 2,211,423 $ 9,484,939 $ 2,698,894 $ 236,159 $39,281,278 =========== =========== =========== =========== =========== ===========
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Concluded) DECEMBER 31, 1997 Merrill MFS Merrill Merrill Lynch Putnam Emerging Lynch Lynch Corporate New Cash Growth Growth Capital Bond Fund Opportunity Subtotal Fund Fund Fund Fund Inter-Term Fund Total ------------ ----------- ---------- ------------ ----------- ----------- ----------- ----------- Assets Investments, at fair value $ 39,045,119 $23,485,046 $1,459,126 $ 4,796,664 $ 3,870,574 $ 1,497,531 $ 2,708,444 $76,862,504 Interest and dividends receivable 25,420 - - - - - - 25,420 Contributions receivable from: Participants 172,325 - - - - - - 172,325 Employer 38,414 - - - - - - 38,414 ------------ ----------- ---------- ------------ ----------- ----------- ----------- ----------- Net assets available for benefits $ 39,281,278 $23,485,046 $1,459,126 $ 4,796,664 $ 3,870,574 $ 1,497,531 $ 2,708,444 $77,098,663 ============ =========== ========== =========== =========== =========== =========== ===========
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1998 Merrill Cendant Lynch Corporation Merrill Corporate Company Lynch Cendant Bond Fund Merrill Cash Stock Equity Stable Inter- Lynch Capital Fund Fund Index Trust Value Fund Term Growth Fund Fund Subtotal ------------ ----------- ----------- ----------- --------- ------------ ----------- ---------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Participants $ (119,638) $ 816,789 $ 1,527,535 $ 4,111,475 $ 580,744 $ 1,568,701 $ 1,485,509 $ 9,971,115 Employer (4,239) 248,506 603,390 1,809,807 194,686 642,725 649,157 4,144,032 Rollovers (23,312,386) 68,289,564 26,613,973 26,127,756 2,178,948 4,950,099 6,741,596 111,589,550 ------------ ---------- ---------- ---------- --------- ---------- ----------- ------------ Total contributions (23,436,263) 69,354,859 28,744,898 32,049,038 2,954,378 7,161,525 8,876,262 125,704,697 ------------ ---------- ---------- ---------- --------- ---------- ----------- ------------ Investment income: Net (depreciation) appreciation in fair value of plan assets - (19,409,831) 2,794,907 - 38,141 (2,097,480) (431,958) (19,106,221) Interest and dividends - 16,421 46,851 2,053,878 225,581 159,995 741,510 3,244,236 ------------ ------------ ---------- ---------- --------- ---------- ----------- ------------ Total investment (losses) income - (19,393,410) 2,841,758 2,053,878 263,722 (1,937,485) 309,552 (15,861,985) ------------ ------------ ---------- ---------- --------- ----------- ----------- ------------ Total additions (23,436,263) 49,961,449 31,586,656 34,102,916 3,218,100 5,224,040 9,185,814 109,842,712 ------------ ----------- ---------- ---------- --------- ---------- ----------- ------------ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Benefits paid to participants 26,490 2,234,314 901,134 3,508,305 359,805 903,631 866,099 8,799,778 Trustee fees 15 2,124 545 3,736 400 915 756 8,491 ----------- ----------- ---------- ---------- --------- ---------- ----------- ----------- Total deductions 26,505 2,236,438 901,679 3,512,041 360,205 904,546 866,855 8,808,269 ----------- ----------- ---------- ---------- --------- ---------- ----------- ----------- INTERFUND TRANSFERS - 2,003,801 130,277 588,803 569,003 (2,921,211) (600,641) (229,968) ----------- ----------- ---------- ---------- --------- ----------- ------------ ----------- NET (DECREASE) INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS (23,462,768) 49,728,812 30,815,254 31,179,678 3,426,898 1,398,283 7,718,318 100,804,475 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 23,485,046 9,484,939 - 9,164,634 1,497,531 4,796,664 3,870,574 52,299,388 ----------- ----------- ----------- ---------- ---------- ---------- ----------- ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 22,278 $59,213,751 $30,815,254 $40,344,312 $4,924,429 $ 6,194,947 $11,588,892 $153,103,863 =========== =========== =========== =========== ========== =========== =========== ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Continued) FOR THE YEAR ENDED DECEMBER 31, 1998 MFS AIM Templeton Emerging AIM Putnam New Charter Foreign Weingarten Growth Constellation Opportunity Subtotal Fund Fund Fund Fund Fund Fund Subtotal ------------ ---------- ---------- ---------- ---------- ------------- ----------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Participants $ 9,971,115 $ 2,937,745 $ 920,026 $ 855,539 $ 894,648 $ 941,527 $1,441,601 $ 17,962,201 Employer 4,144,032 1,239,193 343,010 267,400 275,184 328,182 469,919 7,066,920 Rollovers 111,589,550 28,651,662 7,699,747 157,776 397,837 346,428 2,146,694 150,989,694 ------------ ----------- --------- ---------- ---------- ----------- ---------- ------------ Total contributions 125,704,697 32,828,600 8,962,783 1,280,715 1,567,669 1,616,137 4,058,214 176,018,815 ------------ ----------- --------- ---------- --------- ----------- --------- ------------ Investment income: Net (depreciation) appreciation in fair value of plan assets (19,106,221) 3,824,629 (2,032,625) 961,776 566,368 921,069 1,137,369 (13,727,635) Interest and dividends 3,244,236 1,725,868 806,370 375,903 49,937 203,722 314,975 6,721,011 ------------ ----------- --------- ---------- --------- ---------- --------- ------------ Total investment (losses) income (15,861,985) 5,550,497 (1,226,255) 1,337,679 616,305 1,124,791 1,452,344 (7,006,624) ------------ ----------- --------- ---------- --------- ---------- --------- ------------ Total additions 109,842,712 38,379,097 7,736,528 2,618,394 2,183,974 2,740,928 5,510,558 169,012,191 ------------ ----------- --------- ---------- --------- ---------- --------- ------------ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Benefits paid to participants 8,799,778 2,111,231 484,556 417,456 150,543 915,118 363,158 13,241,840 Trustee fees 8,491 1,745 513 538 393 794 495 12,969 ------------ ----------- --------- ---------- --------- ---------- --------- ------------ Total deductions 8,808,269 2,112,976 485,069 417,994 150,936 915,912 363,653 13,254,809 ------------ ----------- ----------- ---------- --------- ---------- --------- ------------ INTERFUND TRANSFERS (229,968) (1,975,648) (2,485,926) 1,180,478 1,161,361 (43,719) 1,916,713 (476,709) ------------- ------------ --------- ---------- --------- ---------- ---------- ------------ NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 100,804,475 34,290,473 4,765,533 3,380,878 3,194,399 1,781,297 7,063,618 155,280,673 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 52,299,388 6,624,132 2,211,423 3,071,778 1,459,126 5,789,319 2,708,444 74,163,610 ------------ ----------- ---------- ---------- ---------- ---------- --------- ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $153,103,863 $40,914,605 $6,976,956 $6,452,656 $4,653,525 $7,570,616 $9,772,062 $229,444,283 ============ =========== ========== ========== ========== ========== ========== ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Concluded) FOR THE YEAR ENDED DECEMBER 31, 1998 Kobrick Kobrick Emerging Kobrick Accrued Capital Growth Growth Employee Conversion Amounts Subtotal Fund Fund Fund Loans Loans Unallocated Total ------------ -------- -------- -------- ----------- ---------- ----------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Employer $ 17,962,201 $ 14,780 $ 8,008 $ 5,970 $ - $ - $(39,993) $ 17,950,966 Participants 7,066,920 4,969 2,797 1,811 - - 6,952 7,083,449 Rollovers 150,989,694 - - - - 4,526,172 2,218 155,518,084 ------------ -------- -------- -------- ----------- ---------- -------- ----------- Total contributions 176,018,815 19,749 10,805 7,781 - 4,526,172 (30,823) 180,552,499 ------------ -------- -------- -------- ----------- ---------- -------- ----------- Investment income: Net (depreciation) appreciation in fair value of plan assets (13,727,635) 59,246 23,641 7,351 - - - (13,637,397) Interest and dividends 6,721,011 467 89 7 - - 19,795 6,741,369 ------------ -------- -------- -------- ---------- ---------- -------- ----------- Total investment (losses) income (7,006,624) 59,713 23,730 7,358 - - 19,795 (6,896,028) ------------ -------- -------- -------- ---------- ---------- -------- ------------ Total additions 169,012,191 79,462 34,535 15,139 - 4,526,172 (11,028) 173,656,471 ------------ -------- -------- -------- ---------- ---------- -------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Benefits paid to participants 13,241,840 (1,422) (4,056) 273 (4,459,397) 4,526,172 - 13,303,410 Trustee fees 12,969 - - 2 - - - 12,971 ------------ -------- -------- -------- ----------- ---------- -------- ----------- Total deductions 13,254,809 (1,422) (4,056) 275 (4,459,397) 4,526,172 - 13,316,381 ------------ -------- -------- -------- ----------- ---------- -------- ----------- INTERFUND TRANSFERS (476,709) 304,067 148,881 26,504 - - (2,743) - ------------ -------- -------- -------- --------- ---------- --------- ----------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 155,280,673 384,951 187,472 41,368 4,459,397 - (13,771) 160,340,090 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 74,163,610 - - - 2,698,894 - 236,159 77,098,663 ------------ -------- -------- -------- ---------- ---------- -------- ------------ NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $229,444,283 $384,951 $187,472 $ 41,368 $7,158,291 $ - $222,388 $237,438,753 ============ ======== ======== ======== ========== ========== ======== ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1997 Cendant Corporation Cendant AIM AIM AIM Common Stable Charter Weingarten Constellation Stock Value Fund Fund Fund Fund Fund Subtotal ---------- ----------- ---------- ------------- ----------- ------------ ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Participants $ 889,078 $ 624,073 $ 439,731 $ 812,166 $ 91,196 $ 2,856,244 Employer 236,678 154,821 96,763 192,336 19,213 699,811 Rollovers 1,552,307 2,705,402 71,159 110,452 - 4,439,320 ---------- ----------- ---------- ----------- ----------- ----------- Total contributions 2,678,063 3,484,296 607,653 1,114,954 110,409 7,995,375 ---------- ----------- ---------- ----------- ----------- ----------- Investment income: Net (depreciation) appreciation in fair value of plan assets (918) 112,252 151,011 214,787 3,864,027 4,341,159 Interest and dividends 608,367 758,432 444,559 433,174 2,388 2,246,920 ---------- ---------- ---------- ----------- ----------- ----------- Total investment income 607,449 870,684 595,570 647,961 3,866,415 6,588,079 ---------- ---------- ---------- ----------- ----------- ----------- Total additions 3,285,512 4,354,980 1,203,223 1,762,915 3,976,824 14,583,454 ---------- ---------- ---------- ----------- ----------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTE TO: Benefits paid to participants 1,419,063 380,262 277,607 516,175 1,962 2,595,069 Trustee fees 1,842 771 543 1,110 - 4,266 ---------- ---------- ---------- ----------- ----------- ----------- Total deductions 1,420,905 381,033 278,150 517,285 1,962 2,599,335 ---------- ---------- ---------- ----------- ----------- ----------- INTERFUND TRANSFERS (873,032) (394,532) 38,080 (76,574) 5,510,077 4,204,019 ----------- ---------- ---------- ------------ ----------- ----------- NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 991,575 3,579,415 963,153 1,169,056 9,484,939 16,188,138 NET ASSETS AVAILABLE FOR BENEFITS-BEGINNING OF YEAR 8,173,059 3,044,717 2,108,625 4,620,263 - 17,946,664 ---------- ---------- ---------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS-END OF YEAR $9,164,634 $6,624,132 $3,071,778 $ 5,789,319 $ 9,484,939 $34,134,802 ========== ========== ========== =========== =========== ===========
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Continued) FOR THE YEAR ENDED DECEMBER 31, 1997 Templeton Accrued Foreign HFS Employee Amounts Subtotal Fund Stock Fund Loans Unallocated Subtotal ------------ ----------- ----------- ---------- ------------- ------------ ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Participants $ 2,856,244 $ 403,505 $ 1,003,999 $ - $ (289,820) $ 3,973,928 Employer 699,811 86,250 198,722 - (56,621) 928,162 Rollovers 4,439,320 94,703 130,637 1,428,138 - 6,092,798 ------------ ----------- ----------- ---------- ------------- ------------ Total contributions 7,995,375 584,458 1,333,358 1,428,138 (346,441) 10,994,888 ------------ ----------- ----------- ---------- -------------- ------------ Investment income: Net appreciation (depreciation) in fair value of plan assets 4,341,159 (129,210) (1,241,882) - - 2,970,067 Interest and dividends 2,246,920 225,900 18,417 10,783 2,502,020 ------------ ----------- ----------- ---------- ------------- ------------ Total investment income (losses) 6,588,079 96,690 (1,223,465) - 10,783 5,472,087 ------------ ----------- ------------ ---------- ------------- ------------ Total additions 14,583,454 681,148 109,893 1,428,138 (335,658) 16,466,975 ------------ ----------- ----------- ---------- -------------- ------------ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Benefits paid to participants 2,595,069 164,514 572,010 124,250 - 3,455,843 Trustee fees 4,266 435 1,837 122 - 6,660 ------------ ----------- ----------- ---------- ------------- ------------ Total deductions 2,599,335 164,949 573,847 124,372 - 3,462,503 ------------ ----------- ----------- ---------- ------------- ------------ INTERFUND TRANSFERS 4,204,019 270,132 (5,230,312) 271,349 - (484,812) ------------ ----------- ------------ ---------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 16,188,138 786,331 (5,694,266) 1,575,115 (335,658) 12,519,660 ------------ ----------- ------------ ---------- -------------- ------------- NET ASSETS AVAILABLE FOR BENEFITS-BEGINNING OF YEAR 17,946,664 1,425,092 5,694,266 1,123,779 571,817 26,761,618 ------------ ----------- ----------- ---------- ------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS-END OF YEAR $ 34,134,802 $ 2,211,423 $ - $2,698,894 $ 236,159 $ 39,281,278 ============ =========== =========== ========== ============= ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (Concluded) FOR THE YEAR ENDED DECEMBER 31, 1997 Merrill Lynch Merrill Merrill Corporate Putnam Emerging Lynch Lynch Fund New Cash Growth Growth Capital Inter- Opportunity Subtotal Fund Fund Fund Fund Term Fund Total ----------- ---------- ----------- ----------- --------- ---------- --------- ----------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Contributions: Participants $ 3,973,928 $ 82,699 $ 376,513 $ 689,676 $ 389,772 $ 250,490 $ 684,162 $ 6,447,240 Employer 928,162 4,208 70,293 151,819 93,614 55,955 154,950 1,459,001 Rollovers 6,092,798 23,313,409 147,735 2,696,733 2,972,949 102,094 270,367 35,596,085 ----------- ---------- ----------- ----------- --------- ---------- --------- ----------- Total contributions 10,994,888 23,400,316 594,541 3,538,228 3,456,335 408,539 1,109,479 43,502,326 ----------- ---------- ----------- ----------- --------- ---------- --------- ----------- Investment income Net appreciation (depreciation) in fair value of plan assets 2,970,067 - 142,206 (82,287) 38,435 21,408 374,091 3,463,920 Interest and dividends 2,502,020 - 17,428 427,209 197,839 79,828 63,688 3,288,012 ----------- --------- ----------- ----------- --------- ---------- --------- ----------- Total investment income 5,472,087 - 159,634 344,922 236,274 101,236 437,779 6,751,932 ----------- ---------- ----------- ----------- --------- ---------- --------- ----------- Total additions 16,466,975 23,400,316 754,175 3,883,150 3,692,609 509,775 1,547,258 50,254,258 ----------- ---------- ----------- ----------- --------- ---------- --------- ----------- DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Benefits paid to participants 3,455,843 42,699 61,767 122,145 60,669 113,973 151,810 4,008,906 Trustee fees 6,660 - 213 468 250 225 383 8,199 ----------- --------- ----------- ----------- --------- ---------- --------- ----------- Total deductions 3,462,503 42,699 61,980 122,613 60,919 114,198 152,193 4,017,105 ----------- --------- ----------- ----------- --------- ---------- --------- ----------- NET TRANSFERS (484,812) (16,434) 212,305 147,881 (46,119) 112,581 74,598 - ----------- ---------- ----------- ----------- ---------- ---------- --------- ----------- NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 12,519,660 23,341,183 904,500 3,908,418 3,585,571 508,158 1,469,663 46,237,153 NET ASSETS AVAILABLE FOR BENEFITS-BEGINNING OF YEAR 26,761,618 143,863 554,626 888,246 285,003 989,373 1,238,781 30,861,510 ----------- ---------- ----------- ----------- --------- ---------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS-END OF YEAR $39,281,278 $23,485,046 $ 1,459,126 $ 4,796,664 $3,870,574 $1,497,531 $2,708,444 $77,098,663 =========== =========== =========== =========== ========== ========== ========== ===========
SUPPLEMENTAL SCHEDULES
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 Contract or Number of Current Description Units/Shares Cost Value - -------------------------------------- ------------ ------------- -------------- Cendant Corporation Common Stock Fund 3,066,164 $ 39,107,080 $ 59,213,751 Merrill Lynch Equity Index Trust 367,189 27,865,456 30,815,254 Cendant Stable Value Fund 40,348,634 40,349,153 40,344,312 Kobrick Capital Fund 25,664 325,605 384,951 Kobrick Emerging Growth Fund 13,439 163,886 187,472 Kobrick Growth Fund 3,006 33,964 41,368 MFS Emerging Growth Fund 104,339 3,989,220 4,653,525 AIM Charter Fund 2,744,105 37,013,882 40,914,605 Merrill Lynch Growth Fund 288,003 7,878,563 6,194,947 AIM Constellation Fund 248,054 6,343,307 7,570,616 Putnam New Opportunity Fund 167,244 8,320,533 9,772,062 Templeton Foreign Fund 831,580 8,507,161 6,976,956 Merrill Lynch Capital Fund 336,788 11,964,489 11,588,892 Merrill Lynch Corp Bond Fund Inter-Term 421,973 4,887,137 4,924,429 AIM Weingarten Fund 259,978 5,435,252 6,452,656 Loan Fund 7,158,291 7,158,291 7,158,291 Cash Fund 22,278 22,278 Other (525) (525) (525) ------------ ------------- -------------- Total 56,383,926 $209,364,732 $237,215,840 ========== ============ ============
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1998 Purchases Sales Identity of Description Purchase Number of Selling Number of Net Gain Party Involved of Asset Price Transactions Price Transactions or (Loss) - ---------------------------------- --------------------- ------------ ------------- ---------- ------------ --------- A series of transactions in excess of 5% of the beginning value of plan assets Cendant Corporation Common Stock Common Stock $ 36,808,618 484 $ - - $ - Fund 2,734,508 - 3,175,040 665 440,532 Merrill Lynch Equity Index Trust Common/Collective Trust 31,321,364 353 - - - 3,455,907 - 3,301,016 244 (154,891) Cendant Stable Value Fund Common/Collective Trust 40,924,322 940 - - - 9,740,362 - 9,740,323 741 (39) MFS Emerging Growth Fund Mutual Fund 3,444,318 464 - - - 806,891 - 816,286 284 9,395 AIM Charter Fund Mutual Fund 36,635,307 641 - - - 6,062,091 - 6,169,465 616 107,374 Merrill Lynch Growth Fund Mutual Fund 8,109,162 461 - - - 5,182,611 - 4,613,398 478 (569,213) AIM Constellation Fund Mutual Fund 2,611,883 474 - - - 1,640,035 - 1,751,655 400 111,620 Putnam New Opportunity Fund Mutual Fund 7,748,332 524 - - - 1,812,730 - 1,822,084 357 9,354 Templeton Foreign Fund Mutual Fund 10,508,637 478 - - - 4,286,015 - 3,710,479 468 (575,536) Merrill Lynch Capital Fund Mutual Fund 10,656,247 475 - - - 2,522,420 - 2,484,750 426 (37,670) Merrill Lynch Corp Bond Fund Inter-Term Mutual Fund 4,321,501 457 - - - 923,993 - 925,695 353 1,702 AIM Weingarten Fund Mutual Fund 3,352,304 489 - - - 871,505 - 933,201 366 61,696 Loan Fund Loans 6,384,627 182 - - - 2,687,867 - 2,687,867 211 -
SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Cendant Corporation Employee Savings Plan By: /s/ David M. Johnson David M. Johnson Plan Committee Member Cendant Corporation Employee Date: June 28, 1999 Savings Plan
EXHIBIT INDEX Exhibit No. - ---------- 23.1 Consent of Deloitte & Touche LLPExhibit 23.1 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 333-42549 of Cendant Corporation on Form S-8 of our report dated June 28, 1999, appearing in this Annual Report on Form 11-K of Cendant Corporation Employee Savings Plan for the year ended December 31, 1998. /s/ Deloitte & Touche LLP Parsippany, NJ June 28, 1999