-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qh/wUgx5MymB0PfJqi2V9GGgOll/X05p0GGEWMUvo4H2csKXCi9l/HUcAFcDrNdH ok+8wyYf17rBBrFPG/gIDg== 0000950128-96-000379.txt : 19960701 0000950128-96-000379.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950128-96-000379 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 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: 96588383 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. SAVINGS PROGRAM 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, 1995 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, 1995 AND 1994 3 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 INDEX - ------------------------------------------------------------------------ PAGE Report of Independent Accountants 1 Financial Statements: Statement of Assets Available for Benefits With Fund Information - December 31, 1995 3 Statement of Assets Available for Benefits With Fund Information - December 31, 1994 4 Statement of Changes in Assets Available for Benefits With Fund Information 5 Notes to Financial Statements 6 Supplementary Schedules: Schedule of Assets Held for Investment Purposes Schedule I Schedule of Reportable Transactions Schedule II 4 PRICE WATERHOUSE LLP REPORT OF INDEPENDENT ACCOUNTANTS June 24, 1996 To the Participants and Administrator of the Westinghouse Savings Program We have audited the accompanying statements of assets available for benefits of the Westinghouse Savings Program (the Plan) at December 31, 1995 and 1994, and the related statement of changes in assets available for benefits for the year ended December 31, 1995. These financial statements are the responsibility of the Plan Administrator. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above presents fairly, in all material respects, the assets available for benefits of the Plan as of December 31, 1995 and 1994, and the changes in assets available for benefits for the year ended December 31, 1995, 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 Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of assets available for benefits and the statement of changes in assets available for benefits is presented for purposes of additional analysis rather than to present the assets available for Plan benefits 5 To the Participants and Administrator Page 2 June 24, 1996 and changes in 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 statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PRICE WATERHOUSE LLP 6 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1995 - ------------------------------------------------------------------------------- (in thousands of dollars)
1995 ------------------------------------------------------------------------------------------ FIDELITY JPM WESTINGHOUSE FIXED GROWTH JPM INSTITUTIONAL ULTRA COMMON INCOME JANUS AND INCOME DIVERSIFIED INTERNATIONAL INVESTORS STOCK FUND FUND FUND FUND FUND FUND Investments, at fair value: Westinghouse Common Stock $277,079 $ - $ - $ - $ - $ - $ - Mutual funds - - 89,380 181,653 14,880 10,018 116,321 -------- ---------- ------- -------- ------- ------- -------- 277,079 - 89,380 181,653 14,880 10,018 116,321 Loans to participants - - - - - - - Guaranteed investment contracts - 3,198,787 - - - - - -------- ---------- ------- -------- ------- ------- -------- Total investments (Note 1) 277,079 3,198,787 89,380 181,653 14,880 10,018 116,321 Receivables: Employee contributions 771 - - - - - - Employer contributions 366 - - - - - - Other receivables 176 - - - - - - Loan repayments 252 - - - - - - Dividends 24 - - - - - - -------- ---------- ------- -------- ------- ------- -------- Total assets available for benefits $278,668 $3,198,787 $89,380 $181,653 $14,880 $10,018 $116,321 ======== ========== ======= ======== ======= ======= ========
1995 ------------------------------------------------------------------------------ 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 Investments, at fair value: Westinghouse Common Stock $ - $ - $ - $ - $ - $ 277,079 Mutual funds 6,536 12,579 13,075 151,342 - 595,784 ------ ------- ------- -------- ------- ---------- 6,536 12,579 13,075 151,342 - 872,863 Loans to participants - - - - 73,029 73,029 Bank and insurance contracts - - - - - 3,198,787 ------ ------- ------- -------- ------- ---------- Total investments (Note 1) 6,536 12,579 13,075 151,342 73,029 4,144,679 Receivables: Employee contributions - - - - - 771 Employer contributions - - - - - 366 Other receivables - - - - - 176 Loan repayments - - - - - 252 Dividends - - - - - 24 ------ ------- ------- -------- ------- ---------- Total assets available for benefits $6,536 $12,579 $13,075 $151,342 $73,029 $4,146,268 ====== ======= ======= ======== ======= ==========
The accompanying notes are an integral part of these financial statements. - 3 - 7 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION DECEMBER 31, 1994 - -------------------------------------------------------------------------------- (in thousands of dollars)
1994 --------------------------------------------------------------------------------------------------- FIDELITY JPM WESTINGHOUSE FIXED GROWTH JPM INSTITUTIONAL ULTRA COMMON INCOME JANUS AND INCOME DIVERSIFIED INTERNATIONAL INVESTORS STOCK FUND FUND FUND FUND FUND FUND Investments, at fair value: Westinghouse Common Stock $193,595 $ - $ - $ - $ - $ - $ - Mutual funds - - 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 - - - - - - - Guaranteed investment 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 ======== ========== ======= ======== ====== ====== =======
1994 ----------------------------------------------------------------------------- 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 Investments, at fair value: Westinghouse Common Stock $ - $ - $ - $ - $ - $ 193,595 Mutual funds 7,133 8,526 9,995 105,008 - 352,729 ------ ------ ------ -------- ------- ---------- 7,133 8,526 9,995 105,008 - 546,324 Loans to participants - - - - 68,168 68,168 Bank and insurance contracts - - - - - 3,237,521 ------ ------ ------ -------- ------- ---------- Total investments (Note 1) 7,133 8,526 9,995 105,008 68,168 3,852,013 Receivables: Employee contributions - - - - - - Employer contributions - - - - - - Other receivables - - - - - 652 Dividends - - - - - 13 ------ ------ ------ -------- ------- ---------- Total assets available for benefits $7,133 $8,526 $9,995 $105,008 $68,168 $3,852,678 ====== ====== ====== ======== ======= ==========
The accompanying notes are an integral part of these financial statements. - 4 - 8 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION YEARS ENDED DECEMBER 31, 1995 - -------------------------------------------------------------------------------- (in thousands of dollars)
1995 ----------------------------------------------------------------------------------------------- FIDELITY JPM WESTINGHOUSE FIXED GROWTH JPM INSTITUTIONAL ULTRA COMMON INCOME JANUS AND INCOME DIVERSIFIED INTERNATIONAL INVESTORS STOCK FUND FUND FUND FUND FUND FUND Additions: Contributions: Employee - Pre- and post-tax $ 9,163 $ 84,818 $ 7,627 $ 12,803 $ 1,244 $ 881 $ 9,826 Employer 4,169 27,146 2,161 3,468 342 245 3,201 Rollovers and trust- to-trust transfers 215 52,085 843 1,967 196 196 795 -------- ---------- ------- -------- ------- ------- -------- Total contributions 13,547 164,049 10,631 18,238 1,782 1,322 13,822 -------- ---------- ------- -------- ------- ------- -------- Investment income: Net appreciation (depreciation) in fair value of investments 65,833 - 12,344 32,838 1,424 383 20,075 Interest - 218,861 - - - - - Dividends 3,295 - 4,592 8,174 1,251 261 5,393 -------- ---------- ------- -------- ------- ------- -------- Total investment income 69,128 218,861 16,936 41,012 2,675 644 25,468 Interfund transfers 16,349 (89,621) 14,712 26,268 2,419 6,343 19,667 Other - - - - - - - -------- ---------- ------- -------- ------- ------- -------- Total additions 99,024 293,289 42,279 85,518 6,876 8,309 58,957 -------- ---------- ------- -------- ------- ------- -------- Deductions - Withdrawals 12,948 316,557 2,806 5,412 508 405 3,976 -------- ---------- ------- -------- ------- ------- -------- Total deductions 12,948 316,557 2,806 5,412 508 405 3,976 -------- ---------- ------- -------- ------- ------- -------- Loan activity: Loans taken (3,525) (31,293) (921) (1,553) (189) (81) (1,501) Principal repayments 3,012 27,357 1,530 2,498 307 214 2,261 Defaulted loans - - - - - - - Interest earned - - - - - - - Other - - - - - - - -------- ---------- ------- -------- ------- ------- -------- Net loan activity (513) (3,936) 609 945 118 133 760 Transfers to (from) the Plan (1,155) (11,530) (203) (474) (42) (15) (478) -------- ---------- ------- -------- ------- ------- -------- Net increase (decrease) 84,408 (38,734) 39,879 80,577 6,444 8,022 55,263 Total assets available for benefits: Beginning of year 194,260 3,237,521 49,501 101,076 8,436 1,996 61,058 -------- ---------- ------- -------- ------- ------- -------- End of year $278,668 $3,198,787 $89,380 $181,653 $14,880 $10,018 $116,321 ======== ========== ======= ======== ======= ======= ========
1995 --------------------------------------------------------------------------- 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 Additions: Contributions: Employee - Pre- and post-tax $ 475 $ 1,459 $ 1,128 $ 9,047 $ - $ 138,471 Employer 132 451 357 2,819 - 44,491 Rollovers and trust- to-trust transfers 64 34 86 630 - 57,111 ------- ------- ------- -------- ------- ---------- Total contributions 671 1,944 1,571 12,496 - 240,073 ------- ------- ------- -------- ------- ---------- Investment income: Net appreciation (depreciation) in fair value of investments 554 1,417 1,323 35,404 - 171,595 Interest - - - - - 218,861 Dividends 301 704 591 3,724 - 28,286 ------- ------- ------- -------- ------- ---------- Total investment income 855 2,121 1,914 39,128 - 418,742 Interfund transfers (1,646) 321 17 5,171 - - Other - - - - - - ------- ------- ------- -------- ------- ---------- Total additions (120) 4,386 3,502 56,795 - 658,815 ------- ------- ------- -------- ------- ---------- Deductions - Withdrawals 485 373 518 9,331 - 353,319 ------- ------- ------- -------- ------- ---------- Total deductions 485 373 518 9,331 - 353,319 ------- ------- ------- -------- ------- ---------- Loan activity: Loans taken (77) (273) (179) (2,540) 42,132 - Principal repayments 100 348 302 2,238 (40,167) - Defaulted loans - - - - (2,310) (2,310) Interest earned - - - - 5,206 5,206 Other - - - - - - ------- ------- ------- -------- ------- ---------- Net loan activity 23 75 123 (302) 4,861 2,896 Transfers to (from) the Plan (15) (35) (27) (828) - (14,802) ------- ------- ------- -------- ------- ---------- Net increase (decrease) (597) 4,053 3,080 46,334 4,861 293,590 Total assets available for benefits: Beginning of year 7,133 8,526 9,995 105,008 68,168 3,852,678 ------- ------- ------- -------- ------- ---------- End of year $ 6,536 $12,579 $13,075 $151,342 $ 73,029 $4,146,268 ======= ======= ======= ======== ======== ==========
The accompanying notes are an integral part of these financial statements. - 5 - 9 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- 1. DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Westinghouse Electric Corporation (the Corporation) is a global manufacturer of diverse technologies and services. The major businesses comprising the Corporation include: Broadcasting, Industry and Technology. A summary of the Plan's significant accounting policies follow. BASIS OF ACCOUNTING The financial statements of the Westinghouse Savings Program (the Plan) are prepared on the accrual basis of accounting. INVESTMENTS The Corporation's 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 and synthetic guaranteed investment contracts, 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, 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. - 6 - 10 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- 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. GENERAL 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. 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 - 7 - 11 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- 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. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 (in thousands):
YEAR ENDED DECEMBER 31, 1995 Benefits paid to participants per the financial statements $353,319 ADD - Defaulted loans 2,310 -------- Benefits paid to participants per the Form 5500 $355,629 ========
4. INVESTMENTS The following table presents the values of investments. Investments that represent 5 percent or more of the Plan's assets are separately identified.
DECEMBER 31, 1995 Investments at fair value as determined by quoted market price: Common stock - Westinghouse Common Stock; 16,738 shares $ 277,079 Other 668,813 ---------- 945,892 Bank and insurance contracts (at contract value): Metropolitan Group Annuity Contract #13744 208,312 JP Morgan #BDA56TR 213,497 Other 2,776,978 ---------- Total investments $4,144,679 ==========
- 8 - 12 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- The following table summarizes units of participation held by the Plan at December 31, 1995:
MARKET UNITS VALUE Janus Fund 3,879 $89,380 Fidelity Growth & Income Fund 6,715 $181,653 JPM Diversified Fund 1,303 $14,880 JPM Institutional International Fund 922 $10,018 Ultra Investors Fund 4,455 $116,321 BT Investment Life Short-Range Fund 652 $6,536 BT Investment Life Long-Range Fund 1,144 $12,579 BT Investment Life Mid-Range Fund 1,264 $13,075 BT Investment 500 Index Fund 10,951 $151,342
5. FINANCIAL INSTRUMENTS Guaranteed investment contracts are presented in the aggregate, at contract value, in the financial statements. The fair value of these investments, as estimated by the trustee and the various investment managers, is $3,273,128 at December 31, 1995. Synthetic guaranteed investment contracts exist within the Fixed Income Fund. The contract and fair value of these synthetic guaranteed investment contracts at December 31, 1995, as estimated by the trustee and the various investment managers, is $1,648,558 and $1,689,629, respectively. The synthetic guaranteed investment contracts may invest in derivatives and include collateralized mortgage obligations (CMOs), real estate investment conduits (REMICS), other mortgage derivatives, call/put options on Treasury securities, and U.S. Treasury Bond futures contracts. The notional and fair value of these derivatives as of December 31, 1995, as estimated by the trustee and the various investment managers, is $292,129 and $303,730, respectively. 6. INVESTMENT IN MASTER TRUST The Plan's percentage interest in the assets of the Master Trust with regard to the Fixed Income Fund is approximately 99 percent as of December 31, 1995. 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, 1995 Investments, at contract value - Fixed Income Fund $3,231,917 ==========
- 9 - 13 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- The changes in investment assets of the Master Trust are as follows:
YEAR ENDED DECEMBER 31, 1995 Additions: Investment income - Interest $ 220,997 Contributions - Plan contributions 166,288 Transfers (101,405) Other (3,938) ----------- Total additions 281,942 Deductions - Withdrawals 316,850 ----------- Net decrease 34,908 Total assets available: Beginning of period 3,266,825 ----------- End of period $ 3,231,917 ===========
The Plan's percentage interest in the assets of the Master Trust was approximately 99 percent as of December 31, 1994. The financial activity of the Master Trust, summarized below, is stated on the cash basis of accounting through October 9, 1994 and on an accrual basis of accounting thereafter. The investment assets are as follows:
DECEMBER 31, 1994 Investments, at contract value - Fixed Income Fund $3,266,825 ==========
- 10 - 14 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- 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 Total assets available: Beginning of period 2,522,617 ----------- End of period $ 3,266,825 ===========
7. TAX STATUS OF THE PLAN 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 Administrator 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, 1995. 8. TRANSFERS TO (FROM) THE PLAN On September 26, 1995, the Plan substantially completed a transfer of assets in the amount of $4,854 to another sponsored plan in connection with the divestiture of the Corporation's Westinghouse Communities, Inc. business unit. Also transferred were approximately 52,441 shares of the Corporation's common stock applicable to Westinghouse Communities, Inc. employees of approximately $929. In addition, during 1995, the Plan substantially transferred assets in the amount of $11,251 to other sponsored plans in connection with divestiture of several businesses within the Corporation's Industrial Products and Services business unit. - 11 - 15 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM DECEMBER 31, 1995 AND 1994 NOTES TO FINANCIAL STATEMENTS (in thousands of dollars) - ------------------------------------------------------------------------------- On November 11, 1995, the Plan substantially completed a transfer of assets in the amount of $2,232 from another sponsored plan associated with the acquisition of KUTV. 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 Assets Available for Benefits With Fund Information is as follows: $1,155, Westinghouse Common Stock Fund; $11,530, Fixed Income Fund; $203, Janus Fund; $474, Fidelity Growth and Income Fund; $42, JPM Diversified Fund; $15, JPM Institutional International Fund; $478, Ultra Investors Fund; $15, BT Investment Life Short-Range Fund; $35, BT Investment Life Long-Range Fund; $27, BT Investment Mid-Range Fund; $828, BT Investment 500 Index Fund. 9. SUBSEQUENT EVENTS On April 1, 1996, the Westinghouse Savings Program Master Trust completed a transfer from the Fixed Income Fund of assets in the amount of $29,627 to another trust in connection with the divestiture of the Corporation's Knoll Group business unit. These assets represent the Knoll Group Retirement Savings Plan's participation in the Master Trust. Also in connection with the Knoll Group divestiture, an additional $6,604 was transferred from the Plan to another sponsored plan on April 3, 1996, representing Westinghouse Savings Program participant balances transferred to the Knoll Savings Plan. By fund, the transfer amounted to $822, Westinghouse Company Stock; $4,340, Fixed Income Fund; $338, Janus Fund; $383, Fidelity Growth and Income Fund; $29, JPM Diversified Fund; $12, JPM Institutional International Fund; $310, Ultra Investors Fund; $1, BT Life Short-Range Fund; $95, BT Life Long-Range Fund; $6, BT Life Mid-Range Fund; $268, BT Investment 500 Index Fund. On March 1, 1996, Westinghouse Electric Corporation sold certain businesses of its Electronic Systems Group. As a result of this sale, management estimates approximately 10,000 participant balances, totaling approximately $490,000 will be transferred, on or around September 1, 1996, from the Westinghouse Savings Program into another qualified plan established by the purchaser. By fund, management estimates that the transfer will approximately be as follows: $67,000, Westinghouse Common Stock; $307,000, Fixed Income Fund; $15,000, Janus Fund; $29,000, Fidelity Growth and Income Fund; $2,000, JPM Diversified Fund; $2,000, JPM Institutional International Equity Fund; $21,000, Ultra Investors Fund; $1,000, BT Life Short-Range Fund; $2,000, BT Life Long-Range Fund; $1,000, BT Life Mid-Range Fund; $24,000, BT Investment 500 Index Fund; $19,000, Loans. - 12 - 16 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM SCHEDULE I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - FORM 5500, ITEM 27(a) DECEMBER 31, 1995 - ------------------------------------------------------------------------------- (in thousands of dollars)
UNITS/ CURRENT/CONTRACT DESCRIPTION OF ASSET SHARES COST VALUE Fixed Income Fund - Master Trust 293,747 $2,946,858 $3,198,787 Participant loans (12/31/95 loan rate was 9.75% per annum) 73,029 73,029 73,029 BT Pyramid Funds Large Capitalization Equity Fund (Equity 500)* 10,951 119,790 151,342 BT Investment Funds Lifecycle Short-Range Fund* 652 6,277 6,536 BT Investment Funds Lifecycle Mid-Range Fund* 1,264 12,172 13,075 BT Investment Funds Lifecycle Long-Range Fund* 1,144 11,573 12,579 Fidelity Securities Fund Growth & Income Portfolio 6,715 154,249 181,653 JPM Institutional Diversified Fund 1,303 13,751 14,880 JPM Institutional Funds International Equity Fund 922 9,668 10,018 Janus Fund 3,879 79,028 89,380 20th Century Ultra Investors Fund 4,455 102,519 116,321 Westinghouse Electric Corporation Common Stock* 16,738 273,485 277,079 ------- ---------- ---------- 414,799 $3,802,399 $4,144,679 ======= ========== ==========
* Indicates a party-in-interest. 17 WESTINGHOUSE ELECTRIC CORPORATION WESTINGHOUSE SAVINGS PROGRAM SCHEDULE II - SCHEDULE OF REPORTABLE TRANSACTIONS DECEMBER 31, 1995 - ------------------------------------------------------------------------------- (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 957 $782,639 $782,639 $782,639 -- Westinghouse Fixed Income Fund - Master Trust 231 $391,808 $372,870 $391,808 $18,938 Purchases: BT Pyramid Directed Account Cash Fund 1,204 -- $780,407 $780,407 -- Fixed Income Fund - Master Trust 22 -- $134,214 $134,214 --
18 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: June 28, 1996 By: /s/ B. G. CLAYTON ------------------------- Name: B. G. Clayton Title: Plan Administrator 19 EXHIBIT INDEX Exhibit No. Description Sequential Page No. 23 Consent of Independent Accountants 20 EX-23 2 WESTINGHOUSE ELEC. SAVINGS PROGRAM 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 24, 1996, included in the Annual Report of the Westinghouse Savings Program on Form 11-K for the year ended December 31, 1995. /s/ PRICE WATERHOUSE LLP 600 Grant Street Pittsburgh, Pennsylvania June 28, 1996 -----END PRIVACY-ENHANCED MESSAGE-----