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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549



Form 11-K

(Mark One)  

ý

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the fiscal year ended December 31, 2002

OR

o

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


TABLE OF CONTENTS

 
  Page
INDEPENDENT AUDITORS' REPORT   1

FINANCIAL STATEMENTS:

 

 
 
Statements of Net Assets Available for Benefits as of December 31, 2002 and 2001

 

2
 
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2002

 

3
 
Notes to Financial Statements

 

4

SUPPLEMENTAL SCHEDULE:

 

 
 
Form 5500, Part IV, Schedule H, line 4i—Schedule of Assets (Held At End of Year) as of December 31, 2002

 

9

SIGNATURES

 

10

EXHIBIT INDEX:

 

11
 
Consent of Deloitte & Touche LLP

 

 
 
Certification

 

 

Schedules required under the Employee Retirement Income Security Act of 1974, other than the schedule 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:

We have audited the accompanying statements of net assets available for benefits of Cendant Corporation Employee Savings Plan (the "Plan") as of December 31, 2002 and 2001, and the related statement of changes in net assets available for benefits for the year ended December 31, 2002. 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 auditing standards generally accepted in the United States of America. 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, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2002 and 2001, and the changes in net assets available for benefits for the year ended December 31, 2002 in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2002 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. This schedule is the responsibility of the Plan's management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2002 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ Deloitte & Touche LLP
New York, New York
June 27, 2003

1



CENDANT CORPORATION
EMPLOYEE SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2002 AND 2001

 
  2002
  2001
ASSETS:            
  Investments, at contract value   $ 152,782,603   $ 87,868,153
  Investments, at fair value     367,458,949     357,342,305
   
 
    Total investments     520,241,552     445,210,458
   
 
  Receivables:            
    Participant contributions     2,386,537    
    Employer contributions     1,536,639    
    Interest and dividends     99,378     92,503
    Transfer in of net assets of merged plans     300,405,323     42,079,063
   
 
      Total receivables     304,427,877     42,171,566
   
 
NET ASSETS AVAILABLE FOR BENEFITS   $ 824,669,429   $ 487,382,024
   
 

The accompanying notes are an integral part of these financial statements.

2



CENDANT CORPORATION
EMPLOYEE SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2002

ADDITIONS TO NET ASSETS:      
  Interest and dividends   $ 10,856,454
   
Contributions:      
  Participants     62,553,821
  Employer     42,675,529
  Rollovers     4,305,414
   
    Total contributions     109,534,764
   
  Net assets transferred in during the year, net     78,556,196
   
  Other income     2,072,038
   
    Total additions     201,019,452
   
DEDUCTIONS FROM NET ASSETS:      
  Net depreciation in fair value of investments     110,230,729
  Benefits paid to participants     53,820,016
  Administrative expenses     86,625
   
    Total deductions     164,137,370
   
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS     36,882,082
NET ASSETS TO BE TRANSFERRED FROM MERGED PLANS     300,405,323
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR     487,382,024
   
  END OF YEAR   $ 824,669,429
   

The accompanying notes are an integral part of these financial statements.

3



CENDANT CORPORATION
EMPLOYEE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

1.     DESCRIPTION OF THE PLAN

Merged Plan Name

  Net Transfer
Receivable

Trip.com 401(k) Plan   $ 878,525
Trendwest Resorts, Inc. 401(k) Plan     29,571,008
Equivest Finance, Inc. Retirement Savings Plan     3,361,181
NRT Inc. 401(k) Retirement Savings Plan     99,053,488
DeWolfe Companies Employee Retirement Plan     6,919,235
Adventure Resorts Realty Inc. 401 (k) Plan     155,420
Galileo International Savings and Investment Plan     153,011,733
Sunshine Group, LTD 401(k) Plan     622,467
St. Joe's Real Estate Services 401(k) Plan     6,832,266
   
  Total   $ 300,405,323
   

4


Merged Plan Name

  Net Transfer
Receivable

Cheap Tickets, Inc. 401(k) Retirement Savings Plan   $ 2,362,187
Highwire, Inc. 401(k) Savings Plan and Trust     438,362
Fairfield Resorts, Inc. Savings/Profit Sharing Plan     38,280,945
Axiom Financial, Inc. 401(k) Retirement Plan     57,618
RMR Financial 401(k) Profit Sharing Plan     939,951
   
  Total   $ 42,079,063
   
Years of
Service

  Interest
Vested

Less than 1       0%
1     34%
2     67%
3   100%

5


2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6


3.     INVESTMENTS

 
  2002
Merrill Lynch Retirement Preservation Trust   $ 152,782,603
PIMCO Total Return Fund     43,344,667

 


 

2001

Stable Value Fund   $ 85,686,264
Cendant Corporation Common Stock Fund     72,947,599
Merrill Lynch Equity Index Trust     47,209,658
Aim Charter Fund     33,033,842
 
  2002
 
Cendant Corporation Common Stock Fund   $ (32,572,370 )
Mutual funds     (67,667,967 )
Common/collective Trusts     (9,990,392 )
   
 
    $ (110,230,729 )
   
 

4.     FEDERAL INCOME TAX STATUS

5.     INVESTMENT CONTRACTS WITH INSURANCE COMPANIES

7


6.     RELATED PARTY TRANSACTIONS

7.     PLAN TERMINATION

8.     SUBSEQUENT EVENT

8



CENDANT CORPORATION
EMPLOYEE SAVINGS PLAN

FORM 5500, PART IV, SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2002

Description

  Number of
shares, units
or par value

  Current
Value

Common stock funds:          
  Cendant Corporation Common Stock Fund*   3,686,442   $ 38,633,914
       
Total Common stock funds         38,633,914
       
Common/collective trusts:          
  Merrill Lynch Equity Index Trust*   541,427     33,920,412
  Merrill Lynch Retirement Preservation Trust*   152,782,603     152,782,603
       
  Total Common/collective trusts         186,703,015
       
Mutual Funds:          
  Davis NY Venture Fund   1,037,892     21,733,464
  ING International Value Fund   1,731,391     17,816,018
  Lord Abbett Bond Debenture   190,352     1,387,666
  MASS Investment Growth Stock Fund   3,615,874     33,374,521
  MFS Value Fund   504,918     8,341,237
  MFS Mid-Cap Growth Fund   4,207,069     23,812,008
  MFS New Discovery Fund   112,918     1,290,655
  Oppenheimer Capital   1,110,165     33,205,024
  Oppenheimer International Growth Fund   99,897     1,090,872
  Oppenheimer Developing Markets Fund   168,299     2,166,012
  Oppenheimer Quest Balance Fund   842,384     10,639,307
  PIMCO PEA Renaissance Fund   958,242     13,932,845
  PIMCO Total Return Fund   4,062,293     43,344,667
  PIMCO Capital Appreciation Fund   1,824,238     22,857,703
  The Oakmark Equity and Income Fund   645,878     11,606,428
  State Street Aurora Fund   989,867     25,538,562
  State Street Reserve Aurora Fund   101,535     2,463,249
  Victory Real Estate Investment Fund   233,450     2,880,779
       
Total Mutual funds         277,481,017
       
Other:          
  Loan Fund**         17,047,198
  Cash and cash equivalents         376,408
       
Total other         17,423,606
       
Total       $ 520,241,552
       

*
Represents exempt party-in-interest transaction (refer to Note 6).

**
Maturity dates range from May 2003 to March 2026. Interest rates range from 4.75% to 11.5%.

******

9



SIGNATURES

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/  
TERENCE P. CONLEY      
Terence P. Conley
Executive Vice President,
Human Resources
Cendant Corporation

 

 

Cendant Corporation

 

 

BY:

/s/  
RONALD L. NELSON      
Ronald L. Nelson
Chief Financial Officer
Cendant Corporation

Date: June 30, 2003

 

 

 

10



EXHIBIT INDEX

Exhibit No.

  Description


23.1

 

Consent of Deloitte & Touche LLP.

99

 

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

11




QuickLinks

CENDANT CORPORATION EMPLOYEE SAVINGS PLAN
TABLE OF CONTENTS
INDEPENDENT AUDITORS' REPORT
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 2002 AND 2001
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 2002
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
CENDANT CORPORATION EMPLOYEE SAVINGS PLAN FORM 5500, PART IV, SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2002
SIGNATURES
EXHIBIT INDEX