-----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, Eygd6pKstIbPC6VMLkQO3G2QR2peMloII7yZnTZExaWiRhKtKGZG4sPeUgpxEgaz iXMwJN5Rd8bYie2MQxlqxg== 0000950128-98-000882.txt : 19980630 0000950128-98-000882.hdr.sgml : 19980630 ACCESSION NUMBER: 0000950128-98-000882 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBS CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-00977 FILM NUMBER: 98656336 BUSINESS ADDRESS: STREET 1: 51 WEST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129754321 MAIL ADDRESS: STREET 1: 51 WEST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 11-K 1 CBS CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1997 Commission File Number 1-977 CBS EMPLOYEE INVESTMENT FUND (Full title of the Plan) CBS CORPORATION 51 West 52nd Street New York, New York 10019 (Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office) 2 CBS EMPLOYEE INVESTMENT FUND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 AND SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1997 3 CBS EMPLOYEE INVESTMENT FUND TABLE OF CONTENTS -----------------
PAGE ---- Independent auditors' report 1 FINANCIAL STATEMENTS: Statements of net assets available for benefits with fund information as of December 31, 1997 and 1996 2-3 Statements of changes in net assets available for benefits with fund information for the years ended December 31, 1997 and 1996 4-5 Notes to financial statements 6-13 SUPPLEMENTAL SCHEDULES: Item 27a - Schedule of assets held for investment purposes as of December 31, 1997 14-23 Item 27d - Schedule of reportable transactions for the year ended December 31, 1997 24
4 INDEPENDENT AUDITORS' REPORT ---------------------------- To the Plan Administrator of the CBS Employee Investment Fund We have audited the accompanying statements of net assets available for benefits with fund information of the CBS Employee Investment Fund ("the Plan") as of December 31, 1997 and 1996, and the related statements of changes in net assets available for benefits with fund information for the years ended December 31, 1997 and 1996. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with 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, present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1997 and 1996, and the changes in net assets available for benefits for the years ended December 31, 1997 and 1996 in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the 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 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. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 1997, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ MITCHELL & TITUS, LLP - ------------------------- New York, New York May 27, 1998 5 CBS EMPLOYEE INVESTMENT FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION As of December 31, 1997
Equity Fixed Income Common Stock- Balanced (Fund A) (Fund B) Employer (Fund E) -------- -------- -------- -------- ASSETS ------ Cash $ - $ - $ - $ 48,000 Investments, at fair value (Notes 2 and 5) 390,411,000 3,205,000 51,621,000 49,928,000 Investments, at contract value (Notes 2 and 5) - 399,099,000 - - Loans to participants (Note 1) - - - - Interest and dividends receivable 443,000 34,000 15,000 65,000 Receivable from brokers for unsettled trades - - - 674,000 --------------- -------------- ------------- ------------- Total assets 390,854,000 402,338,000 51,636,000 50,715,000 --------------- -------------- ------------- ------------- LIABILITIES ----------- Cash overdrafts 2,424,000 9,000 - - Payable to brokers for unsettled trades - - 1,712,000 173,000 Administration services payable - 56,000 - - Unallocated principal amount - - - - --------------- -------------- ------------- ------------- Total liabilities 2,424,000 65,000 1,712,000 173,000 --------------- -------------- ------------- ------------- Net assets available for benefits $ 388,430,000 $ 402,273,000 $ 49,924,000 $ 50,542,000 =============== ============== ============= =============
Loan Provision Fund Total ---- ----- ASSETS ------ Cash $ - $ 48,000 Investments, at fair value (Notes 2 and 5) 6,000 495,171,000 Investments, at contract value (Notes 2 and 5) - 399,099,000 Loans to participants (Note 1) 8,642,000 8,642,000 Interest and dividends receivable - 557,000 Receivable from brokers for unsettled trades - 674,000 ------------ -------------- Total assets 8,648,000 904,191,000 ------------ -------------- LIABILITIES ----------- Cash overdrafts - 2,433,000 Payable to brokers for unsettled trades - 1,885,000 Administration services payable - 56,000 Unallocated principal amount 3,000 3,000 ------------ -------------- Total liabilities 3,000 4,377,000 ------------ -------------- Net assets available for benefits $ 8,645,000 $ 899,814,000 ============ ==============
The accompanying notes are an integral part of these financial statements. -2- 6 CBS EMPLOYEE INVESTMENT FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION As of December 31, 1996
Equity Fixed Income Balanced (Fund A) (Fund B) (Fund E) -------- -------- -------- ASSETS ------ Cash $ 2,000 $ - $ - Investments, at fair value (Notes 2 and 5) 330,512,000 4,506,000 38,438,000 Investments, at contract value (Notes 2 and 5) - 421,355,000 - Loans to participants (Note 1) - - - Interest and dividends receivable 385,000 19,000 243,000 Receivable from brokers for unsettled trades 6,838,000 - 1,000 -------------- -------------- ------------- Total assets 337,737,000 425,880,000 38,682,000 -------------- -------------- ------------- LIABILITIES ----------- Cash overdrafts - 9,000 - Payable to brokers for unsettled trades 1,791,000 - - Unallocated principal amount - - - -------------- -------------- ------------- Total liabilities 1,791,000 9,000 - -------------- -------------- ------------- Net assets available for benefits $ 335,946,000 $ 425,871,000 $ 38,682,000 ============== ============== =============
Loan Provision Fund Total ---- ----- ASSETS ------ Cash $ - $ 2,000 Investments, at fair value (Notes 2 and 5) 6,000 373,462,000 Investments, at contract value (Notes 2 and 5) - 421,355,000 Loans to participants (Note 1) 7,771,000 7,771,000 Interest and dividends receivable - 647,000 Receivable from brokers for unsettled trades - 6,839,000 ------------ -------------- Total assets 7,777,000 810,076,000 ------------ -------------- LIABILITIES ----------- Cash overdrafts - 9,000 Payable to brokers for unsettled trades - 1,791,000 Unallocated principal amount 3,000 3,000 ------------ -------------- Total liabilities 3,000 1,803,000 ------------ -------------- Net assets available for benefits $ 7,774,000 $ 808,273,000 ============ ==============
The accompanying notes are an integral part of these financial statements. -3- 7 CBS EMPLOYEE INVESTMENT FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the year ended December 31, 1997
Equity Fixed Income Common Stock - Balanced (Fund A) (Fund B) Employer (Fund E) -------- -------- -------- -------- ADDITIONS: Contributions (Note 3): Employer $ - $ - $ 8,915,000 $ - Employee 14,860,000 8,828,000 1,305,000 3,098,000 --------------- --------------- ------------- ------------- 14,860,000 8,828,000 10,220,000 3,098,000 --------------- --------------- ------------- ------------- Investment income: Dividends 3,921,000 - 144,000 504,000 Interest 750,000 28,963,000 67,000 993,000 Net appreciation of investments 81,172,000 2,000 9,439,000 6,803,000 Other 2,000 - - - --------------- --------------- ------------- ------------- Investment income, net 85,845,000 28,965,000 9,650,000 8,300,000 --------------- --------------- ------------- ------------- Total additions 100,705,000 37,793,000 19,870,000 11,398,000 --------------- --------------- ------------- ------------- DEDUCTIONS: Distributions and withdrawals (Note 4) 27,241,000 47,288,000 980,000 2,527,000 --------------- --------------- ------------- ------------- Net increase (decrease) prior to loans to participants and interfund transfers 73,464,000 (9,495,000) 18,890,000 8,871,000 Loans to participants (2,413,000) (1,649,000) (253,000) (259,000 Loan repayments 1,990,000 1,224,000 73,000 227,000 Net interfund transfers (20,557,000) (13,678,000) 31,214,000 3,021,000 --------------- --------------- ------------- ------------- NET INCREASE (DECREASE) 52,484,000 (23,598,000) 49,924,000 11,860,000 Net assets available for benefits, beginning of year 335,946,000 425,871,000 - 38,682,000 --------------- --------------- ------------- ------------- Net assets available for benefits, end of year $ 388,430,000 $ 402,273,000 $ 49,924,000 $ 50,542,000 =============== =============== ============= =============
Loan Provision Fund Total --------- ----- ADDITIONS: Contributions (Note 3): Employer $ - $ 8,915,000 Employee - 28,091,000 -------------- -------------- - 37,006,000 -------------- -------------- Investment income: Dividends - 4,569,000 Interest 586,000 31,359,000 Net appreciation of investments - 97,416,000 Other 177,000 179,000 -------------- -------------- Investment income, net 763,000 133,523,000 -------------- -------------- Total additions 763,000 170,529,000 -------------- -------------- DEDUCTIONS: Distributions and withdrawals (Note 4) 952,000 78,988,000 -------------- -------------- Net increase (decrease) prior to loans to participants and interfund transfers (189,000) 91,541,000 Loans to participants 4,574,000 - Loan repayments (3,514,000) - Net interfund transfers - - -------------- ------------- NET INCREASE (DECREASE) 871,000 91,541,000 Net assets available for benefits, beginning of year 7,774,000 808,273,000 -------------- -------------- Net assets available for benefits, end of year $ 8,645,000 $ 899,814,000 ============== ==============
The accompanying notes are an integral part of these financial statements. -4- 8 CBS EMPLOYEE INVESTMENT FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION For the year ended December 31, 1996
CBS Inc. CBS Inc. Common Stock - Common Stock - Employer Employee Equity Fixed Income Contributions Contributions (Fund A) (Fund B) (Fund C) (Fund D) ---------- ---------- ---------- ---------- ADDITIONS: Contributions (Note 3): Employer $ 4,833,000 $ 4,034,000 $ - $ - Employee 12,762,000 9,432,000 - - -------------- --------------- -------------- -------------- 17,595,000 13,466,000 - - -------------- --------------- -------------- -------------- Investment income: Dividends 4,578,000 - - - Interest 576,000 30,029,000 411,000 62,000 Net appreciation of investments 42,021,000 - - - Other 10,000 - 8,000 - -------------- --------------- -------------- -------------- Investment income, net 47,185,000 30,029,000 419,000 62,000 -------------- --------------- -------------- -------------- Total additions 64,780,000 43,495,000 419,000 62,000 -------------- --------------- -------------- -------------- DEDUCTIONS: Distributions and withdrawals (Note 4) 25,949,000 46,205,000 2,401,000 409,000 -------------- --------------- -------------- -------------- Net increase (decrease) prior to loans to participants and interfund transfers 38,831,000 (2,710,000) (1,982,000) (347,000) Other - - (637,000) - Loans to participants (2,251,000) (1,936,000) - (4,000) Loan repayments 1,535,000 1,332,000 7,000 1,000 Net interfund transfers (105,000) 13,820,000 (17,170,000) (2,855,000) -------------- --------------- -------------- -------------- NET INCREASE (DECREASE) 38,010,000 10,506,000 (19,782,000) (3,205,000) Net assets available for benefits, beginning of year 297,936,000 415,365,000 19,782,000 3,205,000 -------------- --------------- -------------- -------------- Net assets available for benefits, end of year $ 335,946,000 $ 425,871,000 $ - $ - ============== =============== ============== ==============
Loan Balanced Provision (Fund E) Fund Total ---------- ------ ------ ADDITIONS: Contributions (Note 3): Employer $ 695,000 $ - $ 9,562,000 Employee 1,839,000 - 24,033,000 -------------- ------------ -------------- 2,534,000 - 33,595,000 -------------- ------------ -------------- Investment income: Dividends 396,000 - 4,974,000 Interest 723,000 547,000 32,348,000 Net appreciation of investments 3,758,000 - 45,779,000 Other 5,000 - 23,000 -------------- ------------ -------------- Investment income, net 4,882,000 547,000 83,124,000 -------------- ------------ -------------- Total additions 7,416,000 547,000 116,719,000 -------------- ------------ -------------- DEDUCTIONS: Distributions and withdrawals (Note 4) 1,667,000 312,000 76,943,000 -------------- ------------ -------------- Net increase (decrease) prior to loans to participants and interfund transfers 5,749,000 235,000 39,776,000 Other - - (637,000) Loans to participants (140,000) 4,331,000 - Loan repayments 142,000 (3,017,000) - Net interfund transfers 6,310,000 - - -------------- ------------- -------------- NET INCREASE (DECREASE) 12,061,000 1,549,000 39,139,000 Net assets available for benefits, beginning of year 26,621,000 6,225,000 769,134,000 -------------- ------------ -------------- Net assets available for benefits, end of year $ 38,682,000 $ 7,774,000 $ 808,273,000 ============== ============ ==============
The accompanying notes are an integral part of these financial statements.. -5- 9 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 1. DESCRIPTION OF THE PLAN: The CBS Employee Investment Fund (the "Plan") was established by CBS Broadcasting Inc. (the "Company" and the "Plan Administrator") (formerly CBS Inc.) a wholly-owned subsidiary of CBS Corporation (the "Corporation") (formerly conducted business as Westinghouse Electric Corporation) to provide a convenient way for employees of the Company to save and invest for their future financial needs. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). On November 24, 1995, pursuant to the Agreement and Plan of Merger (the "Merger") dated August 1, 1995, the Corporation acquired CBS Broadcasting, Inc. Effective June 28, 1996, in connection with the Merger, all amounts held in Funds C and D for which a participant had not elected a transfer to Funds A, B, or E were transferred to Fund B. All employees of the Company and certain of its subsidiaries in the United States, as well as U.S. citizens abroad, who are employed on a full-time or regularly scheduled part-time basis in executive, non-union office and hourly positions, are eligible to participate upon completing one year of Company service. Other groups designated by the Company or by the terms of a collective bargaining agreement with the Company are also eligible. Participants should refer to the Plan document for a complete description of the Plan. The Plan allows employees to request loans from their account without incurring a taxable event. Participants may request loans for a minimum of $1,000, but not to exceed the lesser of $50,000 (reduced by the highest outstanding balance of any loan from the Plan during the prior twelve months) or one half of the market value of the vested portions of all the participant's separate accounts on the date of the loan. No more than one loan may be made per year, and not more than two loans may be outstanding in any one year. When a participant has two loans, one of the outstanding loans must be for the purpose of purchasing a primary residence. Interest on participants' loans are based on the latest blended rate for Fund B (Fixed Income Fund), rounded to the nearest quarter percentage point, as of the valuation date of the calendar quarter preceding the loan's effective date. The loans must be repaid within five years, with the exception of a loan used to acquire a primary residence, for which repayment is not to exceed fifteen years. In the event of a default on a loan payment, all remaining payments are considered immediately due and payable. The defaulted portion of any outstanding loan including accrued interest is offset against the remaining balance in the participant's account. -6- 10 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting ------------------- The financial statements of the Plan have been prepared under the accrual method of accounting. Investment Valuation -------------------- An individual participant's interest in the funds of the Plan is represented by the dollar value of the participant's individual account. Investments, except for certain guaranteed annuity and investment contracts, are stated at fair value. Investments in securities traded on a national securities exchange are valued at the closing sales price on the last business day of the year; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price; participations in pooled trust funds are stated at the Trust's beneficial interest in the aggregate fair value of assets held by the particular fund as reported by the Plan's fund manager. The carrying value of the Plan's investment in the guaranteed annuity contracts and guaranteed investment contracts is cost plus accrued interest. Investment Transactions and Investment Income --------------------------------------------- Purchases and sales of securities are reflected on a trade-date basis. Gain or loss on sales of securities is based on average cost. Dividend income is recorded on the ex-dividend date. Income from other investments is recorded as earned on an accrual basis. The net change in the appreciation or depreciation of investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments, is reflected in the Statement of Changes in Net Assets Available for Benefits With Fund Information. -7- 11 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 2. SIGNIFICANT ACCOUNTING POLICIES: (Continued) 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 and disclosures. Accordingly, actual results could differ from those estimates. Payment of Benefits ------------------- Benefits are recorded when paid. NOTE 3. CONTRIBUTIONS: Contributions from participants and the Company are recorded in the period the Company makes payroll deductions from participants. Employee participation in the Plan is voluntary and their contributions consist of two types: Basic Employee Contributions and Supplemental Employee Contributions. Required "Basic Employee Contributions" are equivalent to amounts between 1 percent and 2-1/2 percent of base annual salary and may be increased to 3 percent if the total of a participant's age and years of service equals 55, and to 4 percent if the participant also has attained age 50. These basic contributions are fully matched by the Company. The contributions may be treated as after-tax or before-tax contributions. Participants may also make additional voluntary "Supplemental Employee Contributions" up to a combined total (Basic plus Supplemental Contributions) of 12 1/2 percent of base pay. Company contributions become vested at the rate of 33-1/3 percent per annum until fully vested after three years of employment. The overall maximum annual contribution to the Plan for a participant, including before-tax, after-tax and Company matching contributions, is $30,000. Employer and employee contributions are directed by participants to any combination of the following four funds (in increments of 0.5 percent of annual base salary as designated by the employee): an equity fund (Fund A); a fixed income fund (Fund B); a balanced fund (Fund E) and an employer common stock fund. All employer and employee contributions are subject to specified limitations as described in ERISA and other applicable federal and state laws. -8- 12 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 4. DISTRIBUTIONS: Upon termination, participants have the option of receiving the balance in their Fund A, B, E and the employer common stock funds in cash or monthly payments over a period of time not to exceed 240 months. For terminated participants who have an account balance in excess of $3,500, an option is available to leave their account balance in the Plan and have it distributed at any valuation date provided however, that payments commence no later than April 1, of the year following the year in which they reach 70 1/2. Terminated participants with account balances of less than $3,500 receive mandatory lumpsum payment. Non-vested employer contributions are forfeited upon termination and are used to reduce future employer contributions. At December 31, 1997 and 1996, forfeited nonvested amounts were $57,000 and $51,000, respectively. Plan participants may make up to two withdrawals from their accounts (Funds A, B, E and the employer common stock fund) in a calendar year. The Tax Reform Act of 1986 imposed a 10 percent penalty on certain withdrawals and distributions made before the participant reaches age 59 years and six months. Under these circumstances, withdrawals can only be made in the case of financial hardship and only if funds are not reasonably available from other sources. -9- 13 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 5. INVESTMENTS: Investments held by the Plan at December 31, 1997 and 1996 are summarized in the following table:
EQUITY FIXED INCOME COMMON STOCK- (FUND A) (FUND B) EMPLOYER ------------------------ ------------------------ ----------------------- *CONTRACT/ FAIR VALUE COST FAIR VALUE COST FAIR VALUE COST ------------ ------------ ----------- ------------ ----------- ----------- 1997: ----- Common stocks** $390,411,000 $338,905,000 $ - $ - $48,081,000 $40,846,000 Value of interest unallocated insurance contracts** - - 399,099,000* 399,099,000 - - Common Collective Trust - - - - - - Money market funds** - - 3,205,000 3,205,000 3,540,000 3,540,000 Participant loans - - - - - - ----------- ----------- ----------- ----------- ---------- ---------- $390,411,000 $338,905,000 $402,304,000 $402,304,000 $51,621,000 $44,386,000 ============ ============ ============ ============ =========== =========== 1996: ----- Common stocks** $322,400,000 $237,897,000 $ - $ - $ - $ - Value of interest unallocated insurance contracts** - - 421,355,000* 421,355,000 - - Money market funds 3,798,000 3,798,000 4,506,000 4,506,000 - - Corporate debt - - - - - - Government securities - - - - - - Other 4,314,000 3,300,000 - - - - Participant loans - - - - - - ----------- ----------- ----------- ----------- ---------- ---------- $330,512,000 $244,995,000 $425,861,000 $425,861,000 $ - $ - ============ ============ ============ ============ ========== ==========
LOAN BALANCED PROVISION (FUND E) FUND TOTAL --------------------- ------------------- -------------------- *CONTRACT/ FAIR VALUE COST FAIR VALUE COST FAIR VALUE COST ----------- ----------- ---------- ---------- ----------- -------- 1997: ----- Common stocks** $ - $ - $ - $ - $438,492,000 $379,751,000 Value of interest unallocated insurance contracts** - - - - 399,099,000* 399,099,000 Common Collective Trust - - 6,000 6,000 6,000 6,000 Money market funds** 49,928,000 49,928,000 - - 56,673,000 56,673,000 Participant loans - - 8,642,000 8,642,000 8,642,000 8,642,000 --------- --------- --------- --------- ----------- ----------- $49,928,000 $49,928,000 $8,648,000 $8,648,000 $902,912,000 $844,171,000 =========== =========== ========== ========== ============ ============ 1996: ----- Common stocks** $25,161,000 $21,925,000 $ - $ - $347,561,000 $259,822,000 Value of interest unallocated insurance contracts** - - - - 421,355,000* 421,355,000 Money market funds 1,335,000 1,335,000 6,000 6,000 9,645,000 9,645,000 Corporate debt 4,863,000 4,876,000 - - 4,863,000 4,876,000 Government securities 7,079,000 7,137,000 - - 7,079,000 7,137,000 Other - - - - 4,314,000 3,300,000 Participant loans - - 7,771,000 7,771,000 7,771,000 7,771,000 --------- --------- --------- --------- ----------- ----------- $38,438,000 $35,273,000 $7,777,000 $7,777,000 $802,588,000 $713,906,000 =========== =========== ========== ========== ============ ============
**Represents 5 percent or more of the Plan's net assets *Represents contract value -10- 14 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 5. INVESTMENTS: (Continued) For the years ended December 31, 1997 and 1996, the net appreciation of the fair value of the investments is summarized as follows:
FIXED COMMON EQUITY INCOME STOCK- BALANCED (FUND A) (FUND B) EMPLOYER (FUND E) TOTAL ------------- -------- ------------ ------------ -------------- 1997: Common stocks $ 81,620,000 $ 2,000 $ 9,439,000 $ 6,765,000 $ 97,826,000 Corporate debt - - - (23,000) (23,000) Government securities - - - 61,000 61,000 Other (448,000) - - - (448,000) ------------- -------- ------------ ------------ -------------- $ 81,172,000 $ 2,000 $ 9,439,000 $ 6,803,000 $ 97,416,000 ============= ======== ============ ============ ============== 1996: Common stocks $ 39,172,000 $ - $ - $ 3,998,000 $ 43,170,000 Corporate debt - - - (68,000) (68,000) Government securities - - - (170,000) (170,000) Other 2,849,000 - - (2,000) 2,847,000 ------------- -------- ------------ ------------ -------------- $ 42,021,000 $ - $ - $ 3,758,000 $ 45,779,000 ============= ======== ============ ============ ==============
The Plan has a number of benefit-responsive investment contracts with certain insurance companies. At December 31, 1997 and 1996, the Plan held $399 million and $421 million, respectively, of unallocated insurance contracts. These investments represent a concentration of credit risk. These contracts are disclosed at their contract and fair value as summarized below:
1997: Effective Contract Investment Contracts Date Rate Contract Value Fair value -------------------- ---- ---- -------------- ---------- Aetna Life (MBIA Insured) 10/01/96 6.81 $ 83,549,000 $ 83,681,000 Allstate Life Ins. Co. 08/16/96 6.67 10,532,000 10,693,000 Bankers Trust 06/19/91 9.00 7,624,000 7,624,000 John Hancock Mutual Life 11/28/95 6.15 55,582,000 55,526,000 John Hancock Mutual Life 06/10/97 5.71 11,060,000 11,061,000 New York Life Ins. Co. 07/01/92 8.00 54,013,000 54,800,000 New York Life Ins. Co. 07/01/94 7.45 64,422,000 66,213,000 New York Life Ins. Co. 09/08/94 7.55 15,329,000 15,793,000 Jackson National Life 08/23/96 6.46 10,837,000 10,900,000 Prudential (MBIA Insured) 05/16/97 6.63 33,081,000 33,104,000 Peoples Security Life 03/27/97 6.62 53,070,000 54,382,000 -------------- --------------- $ 399,099,000 $ 403,777,000 ============== ===============
-11- 15 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 5. INVESTMENTS: (Continued)
1996: Effective Contract Investment Contracts Date Rate Contract Value Fair value -------------------- --------- -------- -------------- ---------- Aetna Life (MBIA Insurance) 06/30/93 6.63% $ 78,222,000 $ 79,345,000 Allstate Life Ins. Co. 08/01/96 6.67 5,168,000 5,320,000 Bankers Trust 06/19/91 9.00 90,932,000 90,466,000 John Hancock Mutual Life 11/28/95 6.15 71,338,000 71,338,000 New York Life Ins. Co. 07/01/92 8.00 64,272,000 66,122,000 New York Life Ins. Co. 07/01/94 7.45 59,954,000 62,101,000 New York Life Ins. Co. 09/08/94 7.55 14,253,000 14,811,000 Jackson National Life 08/23/96 6.46 6,192,000 6,260,000 Prudential GP. Anty 06/30/95 6.64 31,024,000 31,101,000 --------------- ---------------- $ 421,355,000 $ 426,864,000 =============== ================
The average yield, crediting interest rate and minimum interest rate is the same as the contract rate. There are no valuation reserves to adjust contract amounts to fair value. Interest rates are constant during the life of the contract and there are no interest rate resets. There are no limitations on contract guarantees. NOTE 6. TAX STATUS: The Internal Revenue Service has determined and informed the Company by a letter dated May 13, 1997, that the Plan is designed in accordance with applicable sections of the Internal Revenue Code. Participants will not be subject to income tax on contributions made on their behalf by the Company nor on the plan earnings credited to their account until such time as they withdraw all or any part of their accumulated balance. NOTE 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500: The following is a reconciliation of net assets available for benefits according to the financial statements to Form 5500:
DECEMBER 31, ------------------------------------- 1997 1996 ----------------- ---------------- Net assets available for benefits per the financial statements $ 899,814,000 $ 808,273,000 Amounts allocated to withdrawing participants (1,083,000) ----------------- ---------------- Net assets available for benefits per Form 5500 $ 898,731,000 $ 808,273,000 ================= =================
-12- 16 CBS EMPLOYEE INVESTMENT FUND NOTES TO FINANCIAL STATEMENTS NOTE 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500: (Continued) The following is a reconciliation of benefits paid to participants according to the financial statements to Form 5500:
YEAR ENDED DECEMBER 31, --------------------------------- 1997 1996 -------------- --------------- Benefits paid to Participants per the financial statements $ 78,988,000 $ 76,943,000 Add: Amounts allocated to withdrawing participants at December 31 1,083,000 - Less: Amounts allocated to withdrawing participants at December 31 - (7,703,000) -------------- --------------- Benefits paid to participants per Form 5500 $ 80,071,000 $ 69,240,000 ============== ===============
Amounts allocated to withdrawing participants are recorded on 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. NOTE 8. PLAN EXPENSES: The expenses of administering the Plan are borne by the Plan. NOTE 9. PLAN TERMINATION: The Company has not expressed any intent to terminate the Plan. However, it is free to do so at any time, subject to the provisions of ERISA. In the event of termination, participants will become 100 percent vested and the net assets of the Plan shall be allocated among the participants and their respective beneficiaries of the Plan in the order provided for in ERISA. NOTE 10. SUBSEQUENT EVENTS: On January 2, 1998, certain employees of CBS Corporation who were formerly Westinghouse Electric Corporation employees engaged in the business of radio, television and cable broadcasting or who provided management services in a position relocated to CBS Corporation headquarters (Group W employees), and currently participating in the Westinghouse Savings Program will begin participating in the Plan. Effective January 1, 1998, the Company match contribution changed from an automatic match to a performance-based discretionary match on employees' before-tax contributions. -13- 17 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- CORPORATE STOCK - COMMON ------------------------ 130,700.0000 EXEL LTD ORD FOR ADR SHS 4,859,818.10 63.3750 8,283,112.50 3,423,294.40 3,423,294.40 I 289,600.0000 AK STL HLDG CORP COM 5,787,384.49 17.6875 5,122,300.00 665,084.49- 665,084.49- I 42,600.0000 AMR CORP DEL COM 3,793,034.69 128.5000 5,474,100.00 1,681,065.31 1,681,065.31 I 86,100.0000 ALLSTATE CORP COM 5,356,443.00 90.8750 7,824,337.50 2,467,894.50 2,467,894.50 I 119,100.0000 ALUMINUM CO AMER COM 8,701,285.22 70.3750 8,381,662.50 319,622.72- 319,622.72- I 28,300.0000 AMERICAN STD COS INC DEL 1,065,046.00 38.3125 1,084,243.75 19,197.75 19,197.75 I 201,100.0000 ANHEUSER BUSCH COS INC COM 8,659,374.34 44.0000 8,848,400.00 189,025.66 189,025.66 I 184,200.0000 APPLIED MATLS INC COM 5,828,432.90 30.1250 5,549,025.00 279,407.90- 279,407.90- I 107,000.0000 BELO A H CORP COM SER A 3,201,065.03 56.1250 6,005,375.00 2,804,309.97 2,804,309.97 I 190,500.0000 BIOGEN INC COM 6,905,449.95 36.3750 6,929,437.50 23,987.55 23,987.55 I 137,800.0000 BOEING CO COM 6,651,401.70 48.9375 6,743,587.50 92,185.80 92,185.80 I 191,300.0000 BROWNING FERRIS INDS INC COM 5,398,432.46 37.0000 7,078,100.00 1,679,667.54 1,679,667.54 I
-14- 18 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- 92,800.0000 CALENERGY INC COM 3,535,386.94 28.7500 2,668,000.00 867,386.94- 867,386.94- I 178,500.0000 CALLAWAY GOLF CO COM 5,764,157.60 28.5625 5,098,406.25 665,751.35- 665,751.35- I 69,200.0000 CHASE MANHATTAN CORP NEW COM 7,800,600.12 109.5000 7,577,400.00 223,200.12- 223,200.12- I 300,200.0000 CHRYSLER CORP COM 8,498,933.17 35.1875 10,563,287.50 2,064,354.33 2,064,354.33 I 42,500.0000 CITICORP COM 2,068,942.25 126.4375 5,373,593.75 3,304,651.50 3,304,651.50 I 199,900.0000 COLUMBIA/HCA HEALTHCARE CORP COM 5,635,948.32 29.6250 5,922,037.50 286,089.18 286,089.18 I 206,500.0000 COMCAST CORP CL A SPL 3,148,234.02 31.5625 6,517,656.25 3,369,422.23 3,369,422.23 I 207,900.0000 CONTINENTAL AIRLS INC CL B 6,354,525.29 48.1250 10,005,187.50 3,650,662.21 3,650,662.21 I 69,900.0000 CORNING INC COM 2,898,783.29 37.1250 2,595,037.50 303,745.79- 303,745.79- I 59,100.0000 COSTCO COS INC COM 1,501,193.34 44.6250 2,637,337.50 1,136,144.16 1,136,144.16 I 239,400.0000 COUNTRYWIDE CR INDS INC COM 4,970,669.63 42.8750 10,264,275.00 5,293,605.37 5,293,605.37 I 92,956.0000 CROWN CORK & SEAL INC COM 4,470,687.67 50.1250 4,659,419.50 188,731.83 188,731.83 I
-15- 19 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- 47,900.0000 DELTA AIR LINES INC DEL COM 3,783,532.83 119.0000 5,700,100.00 1,916,567.17 1,916,567.17 I 95,900.0000 DUPONT E I DE NEMOURS & CO COM 5,120,842.70 60.0625 5,759,993.75 639,151.05 639,151.05 I 207,900.0000 ENRON CORP COM 7,790,438.93 41.5625 8,640,843.75 858,404.82 858,404.82 I 54,400.0000 FIRST CHICAGO NBD CORP COM 3,687,136.42 83.5000 4,542,400.00 855,263.58 855,263.58 I 88,900.0000 GENERAL MTRS CORP COM 4,188,246.00 60.6250 5,389,562.50 1,201,316.50 1,201,316.50 I 136,100.0000 GOODYEAR TIRE & RUBR CO COM 7,675,931.17 63.6250 8,659,362.50 983,431.33 983,431.33 I 433,200.0000 GULF CDA RES LTD ORD 2,842,528.44 7.0000 3,032,400.00 189,871.56 189,871.56 I 144,500.0000 HARCOURT GEN INC 5,132,678.69 54.7500 7,911,375.00 2,778,696.31 2,778,696.31 I 241,800.0000 HOST MARRIOTT CORP COM 3,938,140.34 19.6250 4,745,325.00 807,184.66 807,184.66 I 163,400.0000 ILLINOVA CORP COM 3,641,562.00 26.9375 4,401,587.50 760,025.50 760,025.50 I 139,100.0000 KLA TENCOR CORP 6,723,560.72 38.6250 5,372,737,50 1,350,823.22- 1,350,823.22- I 209,600.0000 KOMAG INC COM 5,301,182.49 14.8750 3,117,800.00 2,183,382.49- 2,183,382.49- I
-16- 20 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- 107,700.0000 LEAR CORP COM 3,950,977.08 47.5000 5,115,750.00 1,164,772.92 1,164,772.92 I 152,600.0000 MCDONALDS CORP COM 7,056,722,38 47.7500 7,286,650.00 229,927.62 229,927.62 I 128,000.0000 MEAD CORP COM 3,477,514.93 28.0000 3,584,000.00 106,485.07 106,485.07 I 91,400.0000 MILLIPORE CORP COM 3,752,469.97 33.9375 3,101,887.50 650,582.47- 650,582.47- I 234,700.0000 MIRAGE RESORTS INC COM 5,457,935.32 22.7500 5,339,425.00 118,510.32- 118,510.32- I 162,000.0000 MORTON INTL INC IND NEW COM 5,043,314.47 34.3750 5,568,750.00 525,435.53 525,435.53 I 106,400.0000 NATIONAL SEMICONDUCTOR CORP COM 3,008,088.90 25.9375 2,759,750.00 248,338.90- 248,338.90- I 100,900.0000 NIKE INC CL B COM 5,819,317.68 39.2500 3,960,325.00 1,858,992.68- 1,858,992.68- I 100,700.0000 NOVARTIS AG SPON ADR 6,909,606.32 81.0000 8,156,700.00 1,247,093.68 1,247,093.68 I 179,900.0000 ORYX ENERGY CO COM 3,613,159.10 25.5000 4,587,450.00 974,290.90 974,290.90 I 99,100.0000 OWENS ILL INC NEW 2,034,155.66 37.9375 3,759,606.25 1,725,450.59 1,725,450.59 I 2,000.0000 PG&E CORP COM 46,792.60 30.4375 60,875.00 14,082.40 14,082.40 I
-17- 21 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- 146,600.0000 PRAXAIR INC COM 6,247,184.89 45.0000 6,597,000.00 349,815.11 349,815.11 I 127,500.0000 RAYCHEM CORP COM 4,596,480.21 43.0625 5,490,468.75 893,988.54 893,988.54 I 5,669.1530 RAYTHEON CO CL A 230,900.38 49.3125 279,560.11 48,659.73 48,659.73 I 40,900.0000 ROCKWELL INTL CORP NEW COM 2,038,982.07 52.2500 2,137,025.00 98,042.93 98,042.93 I 107,100.0000 SCRIPPS HOWARD INC CL A 3,741,899.68 48.4375 5,187,656.25 1,445,756.57 1,445,756.57 I 239,200.0000 SEAGULL ENERGY CORP COM 5,598,014.20 20.6250 4,933,500.00 664,514.20- 664,514.20- I 151,600.0000 SEARS ROEBUCK & CO COM 7,060,140.98 45.2500 6,859,900.00 200,240.98- 200,240.98- I 245,200.0000 TELE COMMUNICATIONS INTL INC COM SER A 3,904,161.40 18.0000 4,413,600.00 509,438.60 509,438.60 I 62,800.0000 TEMPLE INLAND INC COM 2,602,351.29 52.3125 3,285,225.00 682,873.71 682,873.71 I 115,200.0000 TENNECO INC NEW COM 5,269,826.57 39.5000 4,550,400.00 719,426.57- 719,426.57- I 155,200.0000 TERADYNE INC COM 4,971,938.40 32.0000 4,966,400.00 5,538.40- 5,538.40- I 156,200.0000 TEXAS INSTRS INC COM 7,366,950.88 45.0000 7,029,000.00 337,950.88- 337,950.88- I
-18- 22 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- 158,500.0000 3COM CORP COM 6,642,152.43 34.9375 5,537,593.75 1,104,558.68- 1,104,558.68- I 82,300.0000 TIME WARNER INC COM 3,008,879.69 62.0000 5,102,600.00 2,093,720.31 2,093,720.31 I 157,749.0000 TRAVELERS GROUP INC COM 3,552,242.83 53.8750 8,498,727.38 4,946,484.55 4,946,484.55 I 91,400.0000 USG CORP NEW COM 3,336,952.29 49.0000 4,478,600.00 1,141,647.71 1,141,647.71 I 193,800.0000 UNICOM CORP COM 5,541,726.99 30.7500 5,959,350.00 417,623.01 417,623.01 I 114,500.0000 UNION PAC CORP COM 6,530,720.38 62.4375 7,149,093.75 618,373.37 618,373.37 I 233,508.0000 UNION PAC RES GROUP INC COM 6,346,252.98 24.2500 5,662,569.00 683,683.98- 683,683.98- I 50,900.0000 VARIAN ASSOC INC COM 2,717,216.10 50.5625 2,573,631.25 143,584.85- 143,584.85- I 157,600.0000 WAL MART STORES INC COM 3,552,774.22 39.4375 6,215,350.00 2,662,575.78 2,662,575.78 I 61,500.0000 WEYERHAEUSER CO COM 3,103,472.70 49.0625 3,017,343.75 86,128.95- 86,128.95- I 127,200.0000 XILINX INC COM 4,533,272.34 35.0625 4,459,950.00 73,322.34- 73,322.34- I 124,800.0000 YPF SOCIEDAD ANONIMA SPON ADR REPSTG 3,559,453.53 34.1875 4,266,600.00 707,146.47 CL D SHS 707,146.47 I TOTAL CORPORATE STOCK - COMMON 338,905,012.09 390,411,119.74 51,506,107.65 0.00 C 51,506,107.65 I TOTAL INVESTMENT 338,905,012.09 390,411,119.74 51,506,107.65 0.00 C 51,506,108 I
-19- 23 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- UNALLOCATED INSURANCE CONTRACTS ------------------------------- 7,623,859.7400 BANKERS TRUST BASIC 7,623,859.74 100.0000 7,623,859.74 0.00 9.00% 01/02/1998 54,013,388.0700 NEW YORK LIFE GAC-06563 54,013,388.07 100.0000 54,013,388.07 0.00 8.00% 06/30/1998 83,548,762.8200 AETNA LIFE INS GIC RLT13789 83,548,762.82 100.0000 83,548,762.82 0.00 6.810% 07/01/1999 64,421,514.6500 NEW YORK LIFE GAC UGA-06563002 64,421,514.65 100.0000 64,421,514.65 0.00 7.450% 06/30/2000 DD 07/01/94 15,329,058.7200 NEW YORK LIFE GIC UGS-06563 15,329,058.72 100.0000 15,329,058.72 0.00 7.550% 06/30/2000 33,081,357.4108 PRUDENTIAL GP ANTY GA-8086-211 33,081,357.41 100.0000 33,081,357.41 0.00 6.640% 07/01/2001 DD 06/30/95 66,642,295.9500 JOHN HANCOCK MUTUAL LIFE 08379 66,642,295.95 100.0000 66,642,295.95 0.00 6.150% 06/30/2001 10,531,995.4900 ALLSTATE LIFE INS CO 10,531,995.49 100.0000 10,531,995.49 0.00 6.670% 04/11/2001 DD 08/01/96 10,836,602.2500 PRIMCO GIC JACKSON NATIONAL 10,836,602.25 100.0000 10,836,602.25 0.00 6.460% 03/15/1999 DD 08/01/96 53,069,749.6000 PEOPLES SEC CONT OBD00331TR 53,069,749.60 100.0000 53,069,749.60 0.00 7.00% 11/05/2001 DD 03/27/97 TOTAL UNALLOCATED INSURANCE CONTRACTS 399,098,584.70 399,098,584.70 0.00 COMMON/COLLECTIVE TRUST ----------------------- 3,204,826.0100 TBC INC POOLED EMPLOYEE FUNDS 3,204,826.01 1.0000 3,204,826.01 0.00 DAILY LIQUIDITY FUND TOTAL COMMON/COLLECTIVE TRUST 3,204,826.01 3,204,826.01 0.00 TOTAL INVESTMENT 402,303,410.71 402,303,410.71 0.00
-20- 24 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- CORPORATE STOCK - COMMON ------------------------ 1,633,329.0000 CBS CORP COM 40,846,443.46 29.4375 48,081,122.44 7,234,678.98 7,234,678.98 I TOTAL CORPORATE STOCK - COMMON 40,846,443.46 48,081,122.44 7,234,678.98 0.00 C 7,234,678.98 I COMMON/COLLECTIVE TRUST ----------------------- 3,539,550.8900 TBC INC POOLED EMPLOYEE FUNDS 3,539,550.89 1.0000 3,539,550.89 0.00 DAILY LIQUIDITY FUND TOTAL COMMON/COLLECTIVE TRUST 3,539,550.89 3,539,550.89 0.00 0.00 C 0.00 I TOTAL INVESTMENT 44,385,994.35 51,620,675.33 7,234,678.98 0.00 C 7,234,678.98 I
-21- 25 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- COMMON/COLLECTIVE TRUST ----------------------- 49,927,840.9800 TBC INC POOLED EMPLOYEE FUNDS 49,927,840.98 1.0000 49,927,840.98 0.00 DAILY LIQUIDITY FUND TOTAL COMMON/COLLECTIVE TRUST 49,927,840.98 49,927,840.98 0.00 TOTAL INVESTMENT 49,927,840.98 49,927,840.98 0.00
-22- 26 CBS EMPLOYEE INVESTMENT FUND ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES As of December 31, 1997
SHARES/ MARKET UNREALIZED PAR VALUE SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS --------- -------------------- ---- ----- ----- --------- LOANS TO PARTICIPANTS - OTHER ----------------------------- 8,641,645.2300 CBS INC LOANS TO PARTICIPANTS 8,641,645.23 100.0000 8,641,645.23 0.00 TOTAL LOANS TO PARTICIPANTS - OTHER 8,641,645.23 8,641,645.23 0.00 COMMON/COLLECTIVE TRUST ----------------------- 6,079.8100 TBC INC POOLED EMPLOYEE FUNDS 6,079.81 1.0000 6,079.81 0.00 DAILY LIQUIDITY FUND TOTAL COMMON/COLLECTIVE TRUST 6,079.81 6,079.81 0.00 TOTAL INVESTMENT 8,647,725.04 8,647,725.04 0.00
-23- 27 CBS EMPLOYEE INVESTMENT FUND ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS For the year ended December 31, 1997
Shares/ Cost of Proceeds Cost of Assets Count Par Value Security Description Purchases From Sales Disposed - ----- --------- -------------------- --------- ---------- -------- 144 1,589,713.00 Westinghouse Elec Corp Com 38,451,176.33 0.00 0.00 60 557,899.00 Westinghouse Elec Corp Com 0.00 14,172,764.21 12,011,851.56 547 459,301,520.38 TBC Pooled Employee Funds Daily Liquidity Fund 459,301,520.38 0.00 0.00 516 412,267,584.69 TBC Pooled Employee Funds Daily Liquidity Fund 0.00 412,267,584.69 412,267,584.69 12 4,034,255.57 Bankers Trust Basic 9.00% 01/02/1998 4,034,255.57 0.00 0.00 12 87,342,502.85 Bankers Trust Basic 9.00% 10/02/1998 0.00 87,342,502.85 87,342,502.85 18 18,824,305.21 John Hancock Mutual Life #8379 6.150% 06/30/2001 18,824,305.21 0.00 0.00 11 23,520,239.88 John Hancock Mutual Life #8379 6.150% 06/30/2001 0.00 23.520,239.88 23,520,239.88 21 54,396,065.66 Peoples Sec Cont #BD00331 TR 7.00% 11/05/2001 DD 03/27/97 54,396,065.66 0.00 0.00 33 1,326,316.06 Peoples Sec Cont #BD00331 TR 7.00% 11/05/2001 DD 03/27/97 0.00 1,326,316.06 1,326,316.06
- 24 - 28 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. CBS Employee Investment Fund Dated: June 24, 1998 By: /s/ A. G. Ambrosio -------------------- Name: A. G. Ambrosio Title: Plan Administrator 29 EXHIBIT INDEX Exhibit No. Description 23 Consent of Mitchell & Titus LLP EX-23 2 CBS CORPORATION 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 May 27, 1998, included in the Annual Report of the CBS Employee Investment Fund on Form 11-K for the year ended December 31, 1997. /s/ Mitchell & Titus, LLP --------------------- New York, New York June 24, 1998 -----END PRIVACY-ENHANCED MESSAGE-----