-----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, V3HTgu92g6zg/xEdwieT3mWeb1QgcE9fYHFKe4P31JgiaQ0HDBEBLS+J/R7LCZKp Ok79fFh162q9syqoXnV+gw== 0000950128-97-000820.txt : 19970718 0000950128-97-000820.hdr.sgml : 19970718 ACCESSION NUMBER: 0000950128-97-000820 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 DATE AS OF CHANGE: 19970717 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: 4833 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: 97633602 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. (PUERTO RICO RETIREMENT) 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, 1996 Commission File Number 1-977 WESTINGHOUSE DE PUERTO RICO RETIREMENT SAVINGS PLAN (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 DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Financial Statements and Schedules December 31, 1996 and 1995 (With Independent Auditors' Report Thereon) 3 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Index to Financial Statements and Schedules December 31, 1996 and 1995
Page ------- Independent Auditors' Reports 1 - 2 Statements 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 - 13 Schedule 1 - Item 27(a) - Assets Held for Investment Purposes (at the end of the plan year) 14 Schedule 2 - Item 27(d) - Reportable Transactions 15 - 16
All other schedules required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended (ERISA), have been omitted because there is no information to report. 4 Independent Auditors' Report To the Participants and Administrator of the Westinghouse de Puerto Rico, Inc. Retirement Savings Plan: We have audited the accompanying statement of net assets available for benefits of the Westinghouse de Puerto Rico, Inc. Retirement Savings Plan (the Plan) as of December 31, 1996, 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, 1996, and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic 1996 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, as amended (ERISA). The 1996 fund information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits 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 supplemental schedules and 1996 fund information have been subjected to the auditing procedures applied in the audit of the basic 1996 financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic 1996 financial statements taken as a whole. /s/ KPMG Peat Marwick LLP Pittsburgh, Pennsylvania June 13, 1997 5 REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- June 7, 1996 To the Participants and Administrator of the Westinghouse de Puerto Rico Retirement Savings Plan We have audited the accompanying statement of net assets available for benefits of the Westinghouse de Puerto Rico Retirement Savings Plan (the Plan) at December 31 1995, 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's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and 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, 1995 and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and 11 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 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 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 6 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Statements of Net Assets Available for Benefits, With Fund Information December 31, 1996 and 1995
1996 1995 ------------------------------------------- -------------------------------------- Fund Information Fund Information Participant Directed Participant Directed --------------------------------- ------------------------------ Westinghouse Westinghouse Fixed Vanguard Common Fixed Vanguard Common Income Mutual Stock Income Mutual Stock Fund Fund Fund Total Fund Fund Fund Total ---- ---- ---- ----- ---- ---- ---- ----- Investments, at fair value: Registered investment companies $ -- 910,662 -- 910,662 -- 500,991 -- 500,991 Westinghouse common stock -- -- 450,148 450,148 -- -- 301,563 301,563 Interest-bearing cash -- -- 36 36 -- 16 7,858 7,874 ---------- -------- ------- --------- --------- ------- ------- --------- -- 910,662 450,184 1,360,846 -- 501,007 309,421 810,428 Investments, at contract value: Beneficial interest in the Westinghouse Savings Program Master Trust (note 4) 4,156,850 -- -- 4,156,850 3,607,353 -- -- 3,607,353 ---------- -------- ------- --------- --------- ------- ------- --------- Total investments 4,156,850 910,662 450,184 5,517,696 3,607,353 501,007 309,421 4,417,781 Receivables: Employer Contributions -- -- -- -- -- 3,118 2,425 5,543 Participant Contributions -- -- -- -- -- 7,214 5,611 12,825 Interest and dividends -- 69 32 101 -- 6,572 39 6,611 Total Receivables -- 69 32 101 -- 16,904 8,075 24,979 ---------- -------- ------- --------- --------- ------- ------- --------- Total assets 4,156,850 910,731 450,216 5,517,797 3,607,353 517,911 317,496 4,442,760 Liabilities: Due to Brokers for Securities Purchased -- -- -- -- (46) (6,571) (15,890) (22,507) Transfer of assets (note 6) (522,322) (120,395) (38,694) (681,411) -- -- -- -- Total Liabilities (522,322) (120,395) (38,694) (681,411) (46) (6,571) (15,890) (22,507) ---------- -------- ------- --------- --------- ------- ------- --------- Net assets available for benefits $3,634,528 790,336 411,522 4,836,386 3,607,353 511,340 301,606 4,420,253 ========== ======== ======= ========= ========= ======= ======= =========
See accompanying notes to financial statements. 3 7 1 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Benefits, With Fund Information Year Ended December 31, 1996
Fund Information Participant Directed ------------------------------------------ Westinghouse Fixed Vanguard Common Income Mutual Stock Fund Fund Fund Total ---- ---- ---- ----- Additions: Investment income: Net appreciation in fair value of investments $ -- 108,271 70,663 178,934 Interest and dividends -- 25,433 4,355 29,788 Net investment gain from the Westinghouse Savings Program Master Trust (note 4) 252,180 -- -- 252,180 ---------- -------- ------- --------- Total investment income 252,180 133,704 75,018 460,902 Contributions: Employer 239,217 33,496 21,040 293,753 Participants 601,055 86,143 53,058 740,256 ---------- -------- ------- --------- Total contributions 840,272 119,639 74,098 1,034,009 ---------- -------- ------- --------- Total additions 1,092,452 253,343 149,116 1,494,911 Deductions: Benefits paid to participants 315,373 67,258 14,736 397,367 ---------- -------- ------- --------- Net increase prior to transfer of assets and interfund transfers 777,079 186,085 134,380 1,097,544 Interfund transfers (227,536) 213,306 14,230 -- ---------- -------- ------- --------- Net increase 549,543 399,391 148,610 1,097,544 Transfer of assets (note 6) (522,322) (120,395) (38,694) (681,411) ---------- -------- ------- --------- 27,221 278,996 109,916 416,133 Net assets available for benefits: Beginning of year 3,607,307 511,340 301,606 4,420,253 ---------- -------- ------- --------- End of year $3,634,528 790,336 411,522 4,836,386 ========== ======== ======= =========
See accompanying notes to financial statements. 4 8 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements December 31, 1996 and 1995 (1) Description of Operations and Summary of Significant Accounting Policies Westinghouse de Puerto Rico, Inc. is a wholly owned subsidiary of Westinghouse Electric Corporation. Westinghouse Electric Corporation (the Corporation) is a global provider of diverse technologies and services. The businesses comprising the Corporation are industries and technology, and media related. On November 13, 1996, the Corporation announced that the Board of Directors had approved, subject to certain conditions, a plan to separate the Corporation's industries and technology businesses from its media businesses. Completion of the separation is subject to a number of conditions, including a favorable ruling from the Internal Revenue Service that the transaction will not be taxable for U.S. federal income tax purposes to the Corporation or its shareholders and the registration of the Westinghouse Electric Company (WELCO) common stock under the Securities and Exchange Act of 1934. There can be no assurance that the separation will occur or as to the related timing. Furthermore, if the separation does occur, there can be no assurance that all of the assets, liabilities and contractual obligations will be transferred as currently contemplated or that changes will not be made to the separation plan. Management does not know the impact that the separation may have on the Westinghouse de Puerto Rico, Inc. Retirement Savings Plan (the Plan) as of June 13, 1997. Basis of Accounting The financial statements of the Plan are prepared under the accrual basis of accounting. Reclassification Certain previously reported amounts have been reclassified to conform to the 1996 presentation. (Continued) 5 9 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Investments The Plan's shares of common stock and registered investment companies are presented at fair market value, which is based on published market quotations. Guaranteed investment contracts with insurance companies and synthetic guaranteed investment contracts held in the Westinghouse Savings Program Master Trust (Master Trust), in which the Plan's Fixed Income Fund has a beneficial interest, are presented at contract value. Measurement Date Purchases and sales of securities are recorded on a trade date basis. Dividends Dividends on the Plan's shares of common stock and registered investment companies are credited to each participant's account, as appropriate, for shares held as of the date of record. Payment of Benefits Benefits are recorded when paid. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of Plan activity during the reporting period. Actual results could differ from those estimates. (2) Description of the Plan The following description of the Plan provides only general information. Participants should refer to the Plan document or the summary Plan description for a more complete description of the Plan's provisions. (Continued) 6 10 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued General The Plan is a defined contribution plan effective as of January 1, 1992. The Plan is subject to the provisions of ERISA. The Plan covers all full-time employees rendering service in Puerto Rico who are employees of Westinghouse de Puerto Rico, Inc., Westinghouse Electric Company, S.A. and Westinghouse Electric Corporation (the Companies), and who are not covered under a collective bargaining agreement unless retirement benefits were not the subject of good faith bargaining or the collective bargaining agreement calls for coverage under the Plan. Casual employees, temporary employees or leased employees are not eligible to participate in the Plan. The Savings Plan Committee of Westinghouse de Puerto Rico, Inc. is the Plan Administrator and Westinghouse de Puerto Rico, Inc. is the Plan Sponsor. Contributions Planparticipants may elect to contribute on a pre-tax basis from 1% to 4% of their total compensation excluding bonuses and incentive awards as a basic contribution and from 1% to 4% extra of their total compensation excluding bonuses and incentive awards on a pre-tax basis as a supplementary contribution. The Companies contribute an amount equal to 50% of the employee's basic contribution. The participant's contribution cannot exceed the lesser of 8% of eligible compensation or $7,500 in 1996, subject to the Puerto Rico Internal Revenue Code. The employee's election shall be effective for a minimum of one quarter. Effective March 1, 1997, participants are permitted to make after-tax contributions to the Plan. Plan participants will be eligible to contribute on an after-tax basis from 1% to 4% of their eligible pay. The maximum contribution rate, considering both before-tax and after-tax contributions, will remain at 8% of eligible compensation. Upon enrollment in the Plan, a participant can elect for their contribution to be invested in one or more of the following three funds: the Fixed Income Fund; the Vanguard Institutional Index Fund (Vanguard Mutual Fund); or the Westinghouse Common Stock Fund. Participants may direct their investments in 10% multiples in any combination they wish. (Continued) 7 11 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Rollovers An employee eligible to participate in the Plan may elect to deposit (roll over) into the Plan distributions received from other plans that are qualified by the Puerto Rico Internal Revenue Code. Rollovers are fully vested at all times and are nonforfeitable. Withdrawals All participants are permitted to make withdrawals from the Plan subject to provisions in the Plan document. Distributions from the Plan upon retirement, termination or death shall be paid in cash and/or shares of common stock, as detailed in the Plan document. Loans Effective January 1, 1997, participants are eligible to take a loan from the Plan. The amount of a loan generally cannot exceed the lesser of $50,000 or one-half of the participant's total vested account balance. Loans bear interest at a fixed rate which is equal to the prime rate in effect on the last business day of the calendar quarter prior to the loan origination date, plus 1%. All loans are subject to specific repayment terms and are secured by the participant's nonforfeitable interest in his/her account equivalent to the principal amount of the loan. Vesting and Forfeitures Participant contributions to the Plan plus actual earnings thereon are fully vested and nonforfeitable. If an employee had eligible service before January 1, 1992, the employer matching contributions plus actual earnings thereon are also vested. Employees hired on or after January 1, 1992, must complete three years of eligibility service to become vested in the employer matching contributions plus actual earnings thereon. If a participant terminates employment prior to completing three years of eligibility service, the current value of their employer matching contributions will be forfeited. Forfeited contributions are used to reduce future employer matching contributions. Amounts forfeited in 1996 were $7,769. (Continued) 8 12 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Plan Expenses The Savings Plan Committee 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 Westinghouse de Puerto Rico, Inc. With the exception of investment manager fees, which are paid by the Plan, expenses of the Plan are borne by Westinghouse de Puerto Rico, Inc. Plan Termination Although it is the intention of the Companies to continue the Plan, the Corporation has the right to terminate the Plan at any time, subject to provisions of collective bargaining agreements. If such termination occurs, all amounts credited to participants' accounts shall become vested and be distributed as soon as practicable. The Companies have the right under the Plan to discontinue their contributions at any time. (3) Investments The following table presents the values of investments that represent 5% or more of the Plan's net assets as of December 31, 1996 and 1995. 1996 1995 ---- ---- Beneficial interest in the Westinghouse Savings Program Master Trust $4,156,850 $3,607,353 Vanguard Institutional Index Fund 910,662 500,991 Westinghouse common stock 450,148 301,563 (Continued) 9 13 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued (4) Master Trust (Amounts in Thousands) As of December 31, 1996, the Master Trust includes the Fixed Income Fund of the Plan, as well as the Fixed Income Fund of another plan sponsored by the Corporation. The Master Trust is administered by Bankers Trust and governed by the Westinghouse Savings Program Master Trust Agreement. Although assets in the Master Trust are commingled, the trustee maintains records of contributions received from and distributions made to the Master Trust for each participating plan. As of December 31, 1996 and 1995, the Plan's beneficial interest in the net assets of the Master Trust was approximately 0.2% and 0.1%, respectively. Net assets and net investment income are allocated by the trustee to each plan based on the beneficial interest of each plan to the total beneficial interests of the participating plans on a daily basis. The following table presents the values of investments in the Master Trust as of December 31, 1996:
Contract Market value value Guaranteed investment contracts $1,049,292 864,345 Synthetic guaranteed investment contracts 1,670,842 1,672,145 Other 148,253 148,253 ---------- --------- Master Trust $2,868,387 2,684,743 ========== =========
The aggregate contract and market values of investments in the Master Trust as of December 31, 1995, were $3,231,917 and $3,273,128, respectively. Market values of investments in the Master Trust are based on quoted market prices or on discounted cash flow analysis utilizing estimated current market interest rates. Synthetic guaranteed investment contracts utilize benefit-responsive wrapper contracts issued by various third-party issuers. The wrapper contracts provide market and cash flow risk protection to the Plan and provide for the execution of participant initiated transactions in the Plan at contract value. 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 values of these derivatives, as estimated by the trustee and various investment managers, are $363,828 and $370,880 as of December 31, 1996, and $340,630 and $354,157 as of December 31, 1995, respectively. (Continued) 10 14 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued The aggregate net investment gain from the Master Trust for the year ended December 31, 1996, of $199,468 is solely comprised of interest income. The average yield of all investment contracts for the years ended December 31, 1996 and 1995, was 6.62% and 6.93%, respectively, while the crediting interest rate as of December 31, 1996 and 1995, was 6.66% and 7.03%, respectively. (5) Tax Status The Plan obtained a favorable determination letter dated September 27, 1993, from the Puerto Rico Department of the Treasury which qualifies the Plan as tax exempt under the provisions of the Puerto Rico Internal Revenue Code (the Code). The Plan Administrator and the Plan's tax counsel believe that the Plan is currently being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of December 31, 1996 and 1995. Under the Puerto Rico income tax laws and regulations, a participant is not subject to income taxes on the contributions of the employing company, or on the interest from insurance contracts and investment income received by the Trustee until the participant's account is distributed or withdrawals are made. (6) Transfer of Assets and Other Events On March 1, 1996, the Productos Electronicos Industriales Division (PEI), with approximately 253 plan participants, was sold to Northrop Grumman Corporation. In accordance with the purchase agreement, assets equal to the March 31, 1996 account balances of PEI employees were transferred to a plan sponsored by Northrop Grumman Corporation. Such transfer did not occur until subsequent to December 31, 1996, and, accordingly, the December 31, 1996, market value of these assets by fund was as follows: Fixed Income Fund $522,322 Vanguard Mutual Fund 120,395 Westinghouse Common Stock Fund 38,694 -------- $681,411 ========
(Continued) 11 15 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued The above amounts, which represent Plan assets to be transferred to another plan, have been recorded as liabilities on the statement of net assets available for benefits as of December 31, 1996. On September 30, 1996, the Productos Circuitos de Puerto Rico Division was sold to Productos Circuitos de Puerto Rico P.R., Inc., and, on November 30, 1996, the Wittnauer International Division was sold to Composite Holdings L.L.C. In addition, two other facilities were closed as of December 31, 1996: the Computer and Instrumentation Division (CIPR) and Westinghouse Electric Company, S.A. - Power Generation. Assets equal to the account balances of the affected employees were distributed to participants subsequent to December 31, 1996. The December 31, 1996 market value of these assets by fund was as follows: Fixed Income Fund $ 875,615 Vanguard Mutual Fund 315,622 Westinghouse Common Stock Fund 79,628 ---------- $1,270,865 ==========
The above amounts, which represent Plan assets to be distributed directly to participants, have not been recorded as liabilities on the statement of net assets available for benefits as of December 31, 1996, since benefits are recorded when paid. (7) Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits as reflected in the financial statements to the Form 5500 for the 1996 Plan year: Net assets available for benefits per the financial statements $ 4,854,359 Less amounts allocated to withdrawing participants (1,270,865) ----------- Net assets available for benefits per the Form 5500 $ 3,583,494 ===========
(Continued) 12 16 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued The following is a reconciliation of benefits paid to participants as reflected in the financial statements to the Form 5500 for the 1996 Plan year: Benefits paid to participants per the financial statements $ 397,367 Add amounts allocated to withdrawing participants as of December 31, 1996 1,270,865 Less amounts allocated to withdrawing participants as of December 31, 1995 (111,226) ---------- Benefits paid to participants per the Form 5500 $1,557,006 ==========
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, but not yet paid as of that date. 13 17 Schedule 1 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN EIN: 25-1202929 Plan Number: 007 Item 27(a) - Assets Held for Investment Purposes (at the end of the plan year) December 31, 1996
Column A Column B Column C Column D Column E - - -------- -------- -------- -------- -------- Description of investment including Current/ Identity of issue, borrower, lessor maturity date, rate of interest, contract or similar party collateral, par or maturity value Cost value ----------------------------------- ----------------------------------- ---------- ---------- Registered investment company: Vanguard Group Vanguard Institutional Index Fund - 13,225 shares $ 706,705 910,662 * Westinghouse Electric Corporation Common stock - 22,649 shares 349,056 450,148 * Bankers Trust Company BT Pyramid Directed Cash Fund 36 36 ---------- --------- $1,055,797 1,360,846 ========== ========= * -- Party-in-interest
14 18 Schedule 2 WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN EIN: 25-1202929 Plan Number: 007 Item 27(d) - Reportable Transactions Year Ended December 31, 1996 Single Transactions Involving an Amount in Excess of Five Percent of the Current Value of Plan Assets
Column A Column B Column C Column D Column G Column H Column I -------- -------- -------- -------- -------- -------- -------- Current value of asset on Identity of Purchase Selling Cost of transaction Net gain party involved Description of assets price price asset date (loss) -------------- --------------------- ----- ----- ----- ---- ------ Registered investment company: Vanguard Group Vanguard Institutional Index Fund $116,468 -- 116,468 116,468 N/A Bankers Trust Company BT Pyramid Directed Cash Fund 83,304 -- 83,304 83,304 N/A 79,152 -- 79,152 79,152 N/A 78,606 -- 78,606 78,606 N/A -- 77,474 77,474 77,474 -- -- 76,362 76,362 76,362 -- -- 72,317 72,317 72,317 -- -- 116,468 116,468 116,468 -- 101,849 -- 101,849 101,849 N/A 66,874 -- 66,874 66,874 N/A -- 66,874 66,874 66,874 --
Note 1: Columns E (Lease/Rental) and F (Expense Incurred with Transaction) have been omitted because there is no information to report. (Continued) 15 19 Schedule 2, Continued WESTINGHOUSE DE PUERTO RICO, INC. RETIREMENT SAVINGS PLAN EIN: 25-1202929 Plan Number: 007 Item 27(d) - Reportable Transactions, Continued Series Transactions, When Aggregated, Involving an Amount in Excess of Five Percent of the Current Value of Plan Assets
Number Number Total dollar Total dollar Identity of of of value of value of Net gain party involved Description of assets purchases sales purchases sales (loss) -------------- --------------------- --------- ----- --------- ----- ------ Registered investment company: Vanguard Group Vanguard Institutional Index Fund 25 -- $ 321,870 -- N/A Westinghouse Electric Corporation Common stock 11 -- 91,958 -- N/A Bankers Trust Company BT Pyramid Directed Cash Fund 41 30 580,057 579,350 --
16 20 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 de Puerto Rico Retirement Savings Plan Dated: June 27, 1997 By: /s/ IVONNE VELAZQUEZ -------------------- Name: Ivonne Velazquez Title: Plan Administrator 21 EXHIBIT INDEX Sequential Exhibit No. Description Page No. - - ----------- ----------- ----------- 23.1 Consent of Price Waterhouse LLP 23.2 Consent of KPMG Peat Marwick LLP EX-23.1 2 EXHIBIT 1 EXHIBIT 23.1 Consent of Independent Accountants ---------------------------------- We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-44044) of our report dated June 7, 1996, included in the Annual Report of the Westinghouse de Puerto Rico Retirement Savings Plan on Form 11-K for the year ended December 31, 1996. /s/ Price Waterhouse - - -------------------------- Price Waterhouse San Juan, Puerto Rico June 27, 1997 EX-23.2 3 EXHIBIT 1 EXHIBIT 23.2 Consent of Independent Auditors ------------------------------- We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-44044) of our report dated June 13, 1997, included in the Annual Report of the Westinghouse de Puerto Rico Retirement Savings Plan on Form 11-K for the year ended December 31, 1996. /s/ KPMG PEAT MARWICK LLP - - ----------------------------- Pittsburgh, Pennsylvania June 27, 1997 -----END PRIVACY-ENHANCED MESSAGE-----