-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Rqf5Wj+Lr3NG+0peJUyO0CTuXYf6d0M6LmFQsQO55mVMfoq9TZxfW551wkjtsxug yoeLhdMgV6OrC6NVX5QR8Q== 0000950128-95-000124.txt : 199507180000950128-95-000124.hdr.sgml : 19950718 ACCESSION NUMBER: 0000950128-95-000124 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950717 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00977 FILM NUMBER: 95554209 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 11-K 1 WESTINGHOUSE ELEC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1994 Commission File Number 1-977 WESTINGHOUSE SAVINGS PROGRAM (Full title of the Plan) Westinghouse Electric Corporation Westinghouse Building, 11 Stanwix Street Pittsburgh, Pennsylvania 15222 (Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office) 2 Westinghouse Electric Corporation Westinghouse Savings Program Financial Statements December 31, 1994 and 1993 3 Westinghouse Electric Corporation Westinghouse Savings Program Financial Statements December 31, 1994 and 1993 Index Page Report of Independent Accountants 1 Financial Statements: Statement of Net Assets Available for Benefits With Fund Information 3 Statement of Changes in Net Assets Available for Benefits With Fund Information 4 Notes to Financial Statements 5 Supplementary Schedules: Schedule of Assets Held for Investment Purposes Schedule I Schedule of Reportable Transactions Schedule II 4 REPORT OF INDEPENDENT ACCOUNTANTS June 26, 1995 To the Participants and Administrator of the Westinghouse Savings Program We have audited the accompanying statement of net assets available for benefits of the Westinghouse Savings Program (the Plan) at December 31, 1994, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan Administrator. 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, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1994, and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by the Employee Retirement Income Security Act of 1974. The fund information in the 1994 statement of net assets available for benefits and the statement of changes in net assets available for benefits for the year then ended is presented for purposes of additional analysis rather than to present the net assets available for Plan benefits and changes in net assets available for Plan benefits of each fund. The additional schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial 5 To the Participants and Administrator Page 2 June 26, 1995 statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. We have previously audited, in accordance with generally accepted auditing standards, the statement of net assets available for benefits of the Westinghouse Personal Investment Plan at December 31, 1993, and the related statement of changes in net assets available for benefits for the year then ended (not presented herein), and in our report dated May 23, 1994, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed statement of net assets available for benefits as of December 31, 1993, and the condensed statement of changes in net assets available for benefits for the year then ended, when read in conjunction with the financial statements from which it has been derived, is fairly stated in all material respects in relation thereto. PRICE WATERHOUSE LLP 6 Westinghouse Electric Corporation Westinghouse Savings Program Statement of Net Assets Available for Benefits With Fund Information December 31, 1994 and 1993
(in thousands of dollars) 1994 ---------------------------------------------------------------------------------------------------- Fidelity JPM Westinghouse Vanguard Fixed Growth JPM Institutional Ultra Common Mutual Income Janus and Income Diversified International Investors Stock Fund Fund Fund Fund Fund Fund Fund Investments, at fair value: Westinghouse Common Stock $ 193,595 $ - $ - $ - $ - $ - $ - $ - Mutual fund - - - 49,501 101,076 8,436 1,996 61,058 --------- ------ ---------- -------- -------- ---------- ---------- --------- 193,595 - - 49,501 101,076 8,436 1,996 61,058 Loans to participants - - - - - - - - Bank and insurance contracts - - 3,237,521 - - - - - --------- ------ ---------- -------- -------- ---------- ---------- --------- Total investments (Note 1) 193,595 - 3,237,521 49,501 101,076 8,436 1,996 61,058 Receivables: Employee contributions - - - - - - - - Employer contributions - - - - - - - - Other receivables 652 - - - - - - - Dividends 13 - - - - - - - --------- ------ ---------- -------- -------- ---------- ---------- --------- Total assets available for benefits 194,260 - 3,237,521 49,501 101,076 8,436 1,996 61,058 Liabilities - Other payables - - - - - - - - --------- ------ ---------- -------- -------- ---------- ---------- --------- Total liabilities - - - - - - - - --------- ------ ---------- -------- -------- ---------- ---------- --------- Net assets available for benefits $ 194,260 $ - $3,237,521 $ 49,501 $101,076 $ 8,436 $ 1,996 $ 61,058 ========= ====== ========== ======== ======== ========== ========== =========
1994 1993 ------------------------------------------------------------------------ --------- BT BT BT Investment Investment Investment BT Life Short- Life Long- Life Mid- Investment Range Range Range 500 Index Fund Fund Fund Fund Loans Total Total Investments, at fair value: Westinghouse Common Stock $ - $ - $ - $ - $ - $ 193,595 $ 204,735 Mutual fund 7,133 8,526 9,995 105,008 - 352,729 160,684 --------- ------ ---------- -------- -------- ---------- ---------- 7,133 8,526 9,995 105,008 - 546,324 365,419 Loans to participants - - - - 68,168 68,168 62,777 Bank and insurance contracts - - - - - 3,237,521 2,500,368 --------- ------ ---------- -------- -------- ---------- ---------- Total investments (Note 1) 7,133 8,526 9,995 105,008 68,168 3,852,013 2,928,564 Receivables: Employee contributions - - - - - - 3,224 Employer contributions - - - - - - 1,236 Other receivables - - - - - 652 228 Dividends - - - - - 13 3,691 --------- ------ ---------- -------- -------- ---------- ---------- Total assets available for benefits 7,133 8,526 9,995 105,008 68,168 3,852,678 2,936,943 Liabilities - Other payables - - - - - - 2,254 --------- ------ ---------- -------- -------- ---------- ---------- Total liabilities - - - - - - 2,254 --------- ------ ---------- -------- -------- ---------- ---------- Net assets available for benefits $ 7,133 $8,526 $ 9,995 $105,008 $ 68,168 $3,852,678 $2,934,689 ========= ====== ========== ======== ======== ========== ==========
The accompanying notes are an integral part of these financial statements. - 3 - 7 Westinghouse Electric Corporation Westinghouse Savings Program Statement of Changes in Net Assets Available for Benefits With Fund Information Years Ended December 31, 1994 and 1993
(in thousands of dollars) 1994 ---------------------------------------------------------------------------------------------------- Fidelity JPM Westinghouse Vanguard Fixed Growth JPM Institutional Ultra Common Mutual Income Janus and Income Diversified International Investors Stock Fund Fund Fund Fund Fund Fund Fund -------- --------- ---------- --------- --------- ---------- ---------- --------- Additions: Contributions: Employee - Pre- and post-tax $ 9,203 $ 2,418 $ 90,024 $ 5,508 $ 10,007 $ 1,001 $ 76 $ 8,026 Employer 6,253 642 24,287 1,876 2,535 290 21 2,692 Rollovers and trust- to-trust transfers 1,714 2,753 438,617 4,760 9,549 1,099 306 3,595 -------- --------- ---------- --------- --------- ---------- ---------- --------- Total contributions 17,170 5,813 552,928 12,144 22,091 2,390 403 14,313 -------- --------- ---------- --------- --------- ---------- ---------- --------- Investment income: Net appreciation (depreciati) in fair value of investments (27,787) (1,208) - (1,130) (3,980) (60) (30) (3,974) Interest - - 192,762 - - - - - Dividends 1,508 - - 988 6,377 225 18 1,862 -------- --------- ---------- --------- --------- ---------- ---------- --------- Total investment income (26,279) (1,208) 192,762 (142) 2,397 165 (12) (2,112) Interfund transfers (3,140) (161,266) (104,439) 35,572 72,335 5,276 1,606 46,255 Other - - (989) - - - - - -------- --------- ---------- --------- --------- ---------- ---------- --------- Total additions (12,249) (156,661) 640,262 47,574 96,823 7,831 1,997 58,456 -------- --------- ---------- --------- --------- ---------- ---------- --------- Deductions - Withdrawals 9,799 2,892 238,946 1,405 3,125 264 12 1,869 -------- --------- ---------- --------- --------- ---------- ---------- --------- Total deductions 9,799 2,892 238,946 1,405 3,125 264 12 1,869 -------- --------- ---------- --------- --------- ---------- ---------- --------- Loan activity: Loans taken (1,931) (165) (27,781) (441) (776) (49) (4) (537) Principal repayments 2,777 384 24,787 1,047 1,819 189 15 1,541 Defaulted loans - - - - - - - - Interest earned - - - - - - - - Other - - - - - - - - -------- --------- ---------- --------- --------- ---------- ---------- --------- Net loan activity 846 219 (2,994) 606 1,043 140 11 1,004 Transfers to (from) the Plan 8,561 (5,324) 338,846 2,726 6,335 729 - 3,467 -------- --------- ---------- --------- --------- ---------- ---------- --------- Net increase (decrease) (12,641) (164,658) 737,168 49,501 101,076 8,436 1,996 61,058 Net assets available for benefits: Beginning of year 206,901 164,658 2,500,353 - - - - - -------- --------- ---------- --------- --------- ---------- ---------- --------- End of year $194,260 $ - $3,237,521 $ 49,501 $ 101,076 $ 8,436 $ 1,996 $ 61,058 ======== ========= ========== ========= ========= ========== ========== =========
1994 1993 -------------------------------------------------------------------------- ------------ Investment Investment Investment BT Life Short- Life Long- Life Mid- Investment Range Range Range 500 Index Fund Fund Fund Fund Loans Total Total Additions: Contributions: Employee - Pre- and post-tax $ 446 $ 1,123 $ 1,026 $ 9,055 $ - $ 137,913 $ 134,627 Employer 156 361 317 2,908 - 42,338 44,066 Rollovers and trust- to-trust transfers 2,417 491 1,613 2,496 - 469,410 154,383 -------- --------- ---------- --------- --------- ---------- ---------- Total contributions 3,019 1,975 2,956 14,459 - 649,661 333,076 -------- --------- ---------- --------- --------- ---------- ---------- Investment income: Net appreciation (depreciati) in fair value of investments (281) (89) (42) (2,457) - (41,038) 18,733 Interest - - - - - 192,762 181,097 Dividends 238 176 299 3,185 - 14,876 10,117 -------- --------- ---------- --------- --------- ---------- ---------- Total investment income (43) 87 257 728 - 166,600 209,947 Interfund transfers 4,110 5,767 6,067 91,857 - - - Other - - - - - (989) - -------- --------- ---------- --------- --------- ---------- ---------- Total additions 7,086 7,829 9,280 107,044 - 815,272 543,023 -------- --------- ---------- --------- --------- ---------- ---------- Deductions - Withdrawals 508 203 463 6,845 - 266,331 189,867 -------- --------- ---------- --------- --------- ---------- ---------- Total deductions 508 203 463 6,845 - 266,331 189,867 -------- --------- ---------- --------- --------- ---------- ---------- Loan activity: Loans taken (58) (68) (61) (1,348) 33,219 - - Principal repayments 87 252 217 1,947 (35,062) - - Defaulted loans - - - - (1,619) (1,619) (1,953) Interest earned - - - - 4,248 4,248 4,744 Other - - - - 73 73 (2,286) -------- --------- ---------- --------- --------- ---------- ---------- Net loan activity 29 184 156 599 859 2,702 505 Transfers to (from) the Plan 526 716 1,022 4,210 4,532 366,346 63 -------- --------- ---------- --------- --------- ---------- ---------- Net increase (decrease) 7,133 8,526 9,995 105,008 5,391 917,989 353,724 Net assets available for benefits: Beginning of year - - - - 62,777 2,934,689 2,580,965 -------- --------- ---------- --------- --------- ---------- ---------- End of year $ 7,133 $ 8,526 $ 9,995 $ 105,008 $ 68,168 $3,852,678 $2,934,689 ======== ========= ========== ========= ========= ========== ==========
The accompanying notes are an integral part of these financial statements. - 4 - 8 Westinghouse Electric Corporation Westinghouse Savings Program December 31, 1994 and 1993 Notes to Financial Statements (in thousands of dollars) 1. Summary of Accounting Policies Basis of Accounting The financial statements of the Westinghouse Savings Program (the Plan) are prepared on the accrual basis of accounting. Investments The Westinghouse Electric Corporation (the Corporation) Common Stock Fund and the various mutual fund shares are presented at fair market value, which is based on published market quotations. The Fixed Income Fund, composed of guaranteed investment contracts with insurance companies and banks, is presented at contract value. Measurement Date Purchases and sales of securities are recognized on the trade date. Dividends Dividends on mutual fund shares and units of the Corporation's common stock are credited to each participant's account, as appropriate, for shares held at the date of record. Rollovers and Trust-to-Trust Transfers Corporation employees and retirees may elect to transfer savings from other plans that are qualified by the Internal Revenue Service (IRS) into the Plan. Trust-to-trust transfers represent funds transferred from the Westinghouse Pension Plan; rollovers represent otherwise taxable distributions transferred from the Westinghouse Pension Plan or other qualified plans of the Corporation to the Plan. Master Trust Effective July 1, 1991, the investment assets of the Westinghouse Personal Investment Plan were commingled with those of the Westinghouse Personal Savings Plan (the former Savings Plan) in a Master Trust arrangement. Due to the merger of these plans during 1994, see Note 2, only the Fixed Income Fund remains as a Master Trust. The Fixed Income Fund contains the assets of the Plan, as well as assets of other plans sponsored by Westinghouse subsidiaries. The Master Trust is administered by Bankers' Trust (the trustee) and governed by the Westinghouse Savings Program Master Trust Agreement. Although assets in the Fixed Income Fund are commingled, the trustee maintains records of contributions received and distributions made to the Master Trust for each participating plan. Investment income is allocated by the trustee to each plan based on the beneficial interest of each plan to the total beneficial interests of the participating plans at the beginning of each month and daily as of October 9, 1994. 2. Description of Plan The following description of the Plan provides only general information. Participants should refer to the Summary Plan Description or the Plan document for a more complete description of the Plan's provisions. 9 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes to Financial Statements (in thousands of dollars) General During October 1994, net assets of the the former Savings Plan in the amount of $494,107 were merged into the Plan for administrative efficiencies. This amount has been reported as a component of transfers to (from) the Plan in the statement of changes in net assets available for benefits with fund information. By fund, net assets were transferred as follows: $23,356, Westinghouse Common Stock Fund, $437,568, Fixed Income Fund; $2,824, Janus Fund; $6,612, Fidelity Growth and Income Portfolio (Fidelity Growth and Income Fund); $738, JPM Institutional Diversified Fund (JPM Diversified Fund); $3,749, Twentieth Century Ultra Investors Fund (Ultra Investors Fund); $546, Bankers' Trust (BT) Investment Lifecycle Short-Range Fund (BT Investment Life Short-Range Fund); $762, BT Investment Lifecycle Long-Range Fund (BT Investment Life Long-Range Fund); $1,027, BT Investment Lifecycle Mid-Range Fund (BT Investment Life Mid-Range Fund); $6,627, BT Investment Equity 500 Index Fund (BT Investment 500 Index Fund); and $10,298, Loan Fund. The Plan was formerly named the Westinghouse Personal Investment Plan (Investment Plan), and upon the merger of these net assets was renamed the Westinghouse Savings Program. All represented and nonrepresented employees of the Corporation, a designated subsidiary, or a designated joint venture are eligible to participate in the Plan. Casual employees, leased employees and employees of excluded units are not eligible to participate in the Plan. Plan Contributions and Withdrawals Plan participants may elect to contribute 2 percent to 20 percent of their base earnings on either a pretax or after-tax basis, or a combination thereof, based on IRS limitations. The Corporation matches contributions in an amount equal to 50 percent of the first 6 percent of the participant's base earnings contributed. Prior to February 1, 1994, the participants could elect for their contributions to be invested in one or more of the following three funds: Westinghouse Common Stock Fund, Fixed Income Fund or Vanguard Institutional Index Fund (Vanguard Mutual Fund). Effective February 1, 1994, seven new investment options were made available to participants. All previous funds remain available, with the exception that the Vanguard Mutual Fund was replaced by another mutual fund, the BT Investment 500 Index Fund. The seven new investment options are mutual funds and include the Fidelity Growth and Income Fund, the Janus Fund, the Ultra Investors Fund, the BT Investment Life Short-Range Fund, the BT Investment Life Mid-Range Fund, the BT Investment Life Long-Range Fund and the JPM Diversified Fund. Participants may direct their investments in 1 percent multiples in any combination they wish. In October 1994, the Plan was amended to include an additional investment option: the JPM Institutional International Equity Fund (JPM Institutional International Fund). All participants are permitted to make withdrawals or loans from the Plan subject to provisions in the Plan document. Inactive or terminated participants have several payment options, detailed in the Plan document. 10 Westinghouse Electric Corporation Westinghouse Savings Program December 31, 1994 and 1993 Notes to Financial Statements (in thousands of dollars) Vesting A participant's contributions to the Plan are fully vested and nonforfeitable. If an employee had eligible service before January 1, 1989, the employer matching contributions are also vested. Employees hired on or after January 1, 1989, must complete 5 years of eligibility service to become vested in the employer matching contributions. Plan Expenses The Corporation is responsible for the general administration of the Plan and for carrying out the provisions thereof. The investment assets of the Plan are administered by a trustee appointed by the Board of Directors of the Corporation. With the exception of investment manager fees, which are paid by the Plan, expenses of the Plan are borne by the Corporation. Plan Termination Although it is the intention of the Corporation to continue the Plan, the Corporation has the right to terminate the Plan at any time. If such termination occurs, all amounts credited to participants' accounts shall become vested and be distributed as soon as practicable. 3. Payables and Withdrawals-in-Process Withdrawals-in-process at December 31, 1994 and 1993, are not included in the respective year's statement of net assets available for benefits or the statement of changes in net assets available for benefits. The withdrawals-in-process are as follows (in thousands):
December 31, 1994 1993 Westinghouse Common Stock Fund $ - $ 660 Vanguard Mutual Fund - 492 Fixed Income Fund - 14,222 ---- -------- Total withdrawals-in-process $ - $ 15,374 ==== ========
11 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes to Financial Statements (in thousands of dollars) 4. Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 (in thousands):
December 31, 1994 1993 Net assets available for benefits per the financial statements $ 3,852,678 $ 2,934,689 Amounts allocated to withdrawing participants - (15,374) ----------- ----------- Net assets available for benefits per the Form 5500 $ 3,852,678 $ 2,919,315 =========== ===========
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 (in thousands):
Year ended December 31, 1994 Benefits paid to participants per the financial statements $ 266,331 Add - Defaulted loans 1,619 Add - Amounts allocated to withdrawing participants at December 31 of current year Less - Amounts allocated to withdrawing participants at December 31 of prior year (15,374) --------- Benefits paid to participants per the Form 5500 $ 252,576 =========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 1994, but not yet paid as of that date. - 8 - 12 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes to Financial Statements (in thousaands of dollars) 5. Investments The following table presents the values of investments. Investments that represent 5 percent or more of the Plan's net assets are separately identified.
December 31, 1994 Investments at fair value as determined by quoted market price: Common stock - Westinghouse Common Stock; 15,565 shares $ 193,595 Other 420,897 ---------- 614,492 Bank and insurance contracts (at contract value): Metropolitan Group Annuity Contact #13744 207,093 Other 3,030,428 ---------- Total investments $3,852,013 ==========
The following table summarizes units of participation held by the Plan at December 31, 1994:
Market Units value BT Investment 500 Index Fund 10,136 $105,008 BT Investment Life Short-Range Fund 777 $7,133 BT Investment Life Mid-Range Fund 1,090 $9,995 BT Investment Life Long-Range Fund 897 $8,526 Fidelity Growth & Income Fund 4,792 $101,076 JPM Diversified Fund 855 $8,436 JPM Institutional International Fund 193 $1,996 Janus Fund 2,636 $49,501 Ultra Investors Fund 3,060 $61,058
6. Financial Instruments Bank and insurance contracts are presented in the aggregate, at contract value, in the financial statements. Several of the contracts within the fund have investments in derivatives. The synthetics within the Fixed Income Fund include collateralized mortgage - 9 - 13 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes to Financial Statements (in thousands of dollars) obligations (CMOs), other mortgage securities, call/put securities and Treasury Note futures. The contract and fair value of these investments at December 31, 1994, as estimated by the trustee and the various investment managers, was $955,170 and $865,406, respectively. 7. Investment in Master Trust The Plan's percentage interest in the net assets of the Master Trust with regard to the Fixed Income Fund is approximately 99 percent as of December 31, 1994. The remaining investment funds of the Plan are also held in trust by Bankers' Trust (the trustee). These funds contain only the assets of the Plan, and are not part of a master trust. The investment assets of the Master Trust are as follows:
December 31, 1994 Investments, at contract value - Fixed Income Fund $3,266,825 ==========
The changes in investment assets of the Master Trust are as follows:
Year ended December 31, 1994 Additions: Investment income - Interest $ 194,474 Contributions - Plan contributions 560,418 Transfers 232,627 Other (3,991) ---------- Total additions 983,528 Deductions - Withdrawals 239,320 ---------- Net increase 744,208 Net assets available: Beginning of period 2,522,617 ---------- End of period $3,266,825 ==========
- 10 - 14 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes lo Financial Statements (in Ihousands of dollars) The Plan's percentage interest in the net assets of the Master Trust was approximately 85 percent as of December 31, 1993. The financial activity of the Master Trust, summarized below, is stated on the cash basis of accounting. The investment assets are as follows:
December 31, 1993 Investments, at fair value: Westinghouse Common Stock Fund $ 230,084 Mutual Fund 170,490 --------- 400,574 Fixed Income Fund 2,952,606 ----------- $ 3,353,180 ===========
- 11 - 15 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes to Financial Statements (in thousands of dollars) The changes in investment assets of the Master Trust are as follows:
Year ended December 31, 1993 Additions: Investment income: Net appreciation in fair value of investments: Westinghouse Common Stock Fund $ 7,055 Mutual Fund 9,156 Interest 211,988 Dividends 7,108 ----------- 235,307 Contributions - Plan contributions 332,530 Transfers 53,087 ----------- Total additions 620,924 Deductions: Withdrawals 219,764 Administrative expenses 857 ----------- Total deductions 220,621 ----------- Net increase 400,303 Net assets available: Beginning of period 2,952,877 ----------- End of period $ 3,353,180 ===========
8. Tax Status of the Plnn The former Savings and Investment Plans obtained their latest determination letters on May 12, 1986, in which the IRS stated that the former Savings and Investment Plans, as then designed, were in compliance with the applicable requirements of the Internal Revenue Code (IRC). The Plans have been amended and restated since receiving the determination letter, and the Plan Administrator filed for a new tax determination letter on March 31, 1995. The Plan Adminiskator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of December 31, 1994. - 12 - 16 Westinghouse Electric Corporation Westinghouse Savings Program December 31,1994 and 1993 Notes to Financial Statements (in thousands of dollars) 9. Transfers From the Plan On April 13, 1994, the former Investment Plan substantially completed a tansfer of net assets in the amount of $78,126 to another sponsored plan in connection with the divestiture of the Corporation's Distribution and Control business unit (DCBU). In addition, on April 28, 1994, the Investment Plan substantially transferred net assets in the amount of $34,871 to another sponsored plan in connection with the divestiture of the Corporation's Westinghouse Electric Supply Company business unit (WESCO). By fund, the transfers discussed above which have been reported as a component of transfers to (from) the Plan in the statement of changes in net assets available for benefits with fund information are as follows: $98,722, Fixed Income Fund; $5,324, Vanguard Mutual Fund; $31, Westinghouse Common Stock Fund; $98, Janus Fund; $277, Fidelity Growth and Income Fund; $9, JPM Diversified Fund; $282, Ultra Investors Fund; $20, BT Investment Life Short-Range Fund; 46, BT Investment Life Long-Range Fund; $5, BT Investment Life Mid-Range Fund; $2,417, BT Investment 500 Index Fund; and $5,766, Loan Fund. Also included in transfers to (from) the Plan per the financial statements are transfers of the Corporation's common stock. The transfers included approximately 585,300 shares applicable to DCBU employees on February 10, 1994, approximating $8,271, and approximately 455,669 shares applicable to WESCO employees on April 20, 1994, approximating $6,493. - 13 - 17 Westinghouse Electric Corporation Westinghouse Savings Program Schedule I - Schedule of Assets Held for Investment Purposes - Form 5500, Item 27a December 31, 1994 (in thousands of dollars)
Units/ Current/contract Description of asset shares Cost value Fixed Income Fund 318,213 $ 3,185,514 $ 3,237,521 Participant loans (1994 loan rate was 9.5% per annum) 68,168 68,168 68,168 BT Pyramid Funds Large Capitalization Equity Fund (Equity 500) 10,136 107,214 105,008 BT Investment Funds Lifecycle Short-Range Fund 777 7,430 7,133 BT Investment Funds Lifecycle Mid-Range Fund 1,090 10,350 9,995 BT Investment Funds Lifecycle Long-Range Fund 897 8,778 8,526 Fidelity Securities Fund Growth & Income Portfolio 4,792 106,054 101,076 JPM Institutional Diversified Fund 855 8,579 8,436 JPM Institutional Funds International Equity Fund 193 2,025 1,996 Janus Fund 2,636 50,817 49,501 20th Century Ultra Investors Fund 3,060 65,404 61,058 Westinghouse Electric Corporation Common Stock* 15,565 260,096 193,595 ------- ----------- ----------- 426,382 $ 3,880,429 $ 3,852,013 ======= =========== =========== * Indicates a party-in-interest.
18 Westinghouse Electric Corporation Westinghouse Savings Program Schedule ll - Schedule of Reportable Transactions - Form 5500, Item 27d Year Ended December 31,1994 (in thousands of dollars)
Current Number value at Net Description of Selling transaction gain of asset transactions price Cost date (loss) Sales: BT Pyramid Directed Account Cash Fund 350 $440,157 $440,157 $440,157 - Westinghouse Fixed Income Fund 53 $65,033 $64,390 $65,033 $643 Purchases: BT Pyramid Directed Account Cash Fund 423 - $461,736 $461,736 - Fixed Income Fund 6 - $218,180 $218,180 -
Number Value of Loans defaulted Description of loans loans Loan and deemed of asset granted granted repayments as distributions Participant loans 5,200 $33,219 $35,062 $1,619
19 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on behalf of the Plan by the undersigned thereunto duly authorized. Westinghouse Savings Program Dated: July 14, 1995 By: /s/ EARL L. McKINLEY ---------------------- Name: Earl L. McKinley Title: Plan Administrator 20 EXHIBIT INDEX Exhibit No. Description Sequential Page No. 23 Consent of Independent Accountants EX-23 2 WESTINGHOUSE ELEC. 1 EXHIBIT 23 Consent of Independent Accountants ---------------------------------- We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-51445) of our report dated June 26, 1995, included in the Annual Report of the Westinghouse Savings Program on Form 11-K for the year ended December 31, 1994. /s/ Price Waterhouse LLP - ------------------------ 600 Grant Street Pittsburgh, Pennsylvania 15219-2793 July 13, 1995 -----END PRIVACY-ENHANCED MESSAGE-----