-----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, FEqfdvJ8tm8Z07+ugy6dmJ9HESogCGmQ8qxOKP/hH4zFvbnhEFqVSfwv1WrcgOGL cs3lU3o6187AhhBLHdPrnQ== 0000023082-05-000084.txt : 20050629 0000023082-05-000084.hdr.sgml : 20050629 20050629165419 ACCESSION NUMBER: 0000023082-05-000084 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050629 DATE AS OF CHANGE: 20050629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUTER SCIENCES CORP CENTRAL INDEX KEY: 0000023082 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 952043126 STATE OF INCORPORATION: NV FISCAL YEAR END: 0401 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04850 FILM NUMBER: 05925449 BUSINESS ADDRESS: STREET 1: 2100 E GRAND AVE CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3106150311 MAIL ADDRESS: STREET 1: 2100 EAST GRAND AVE CITY: EL SEGUNDO STATE: CA ZIP: 90245 11-K 1 cutw_11k.htm 11-K CUTW INDEPENDENT AUDITORS' REPORT

 

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

 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended: December 31, 2004

 

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to

 

Commission file number: 1-4850

 

A. Full title of plan and the address of the plan, if different from that of the issuer named below: CSC Outsourcing Inc. CUTW Hourly Savings Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Computer Sciences Corporation

2100 East Grand Avenue

El Segundo, California 90245

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

 

Description

Page

Statements of Net Assets Available for Benefits
As of January 5, 2005, December 31, 2004 and 2003

1

 

 

Statements of Changes in Net Assets Available for Benefits
For the Five Day Period Ended January 5, 2005 and the Years Ended December 31, 2004 and 2003

2

 

 

Notes to the Financial Statements

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

STATEMENTS OF NET ASSETS

AVAILABLE FOR BENEFITS

January 5,

          December 31,             

       2005      

      2004     

      2003     

ASSETS

Investments (Notes 1, 2 and 7)

Short-term investments

$                 

$       1,699

$        3,089

Long-term investments

Mellon Balanced Fund

75,025

72,712

Frank Russell Active Equity Fund

68,916

58,199

Mellon Stock Index Fund

120,204

124,536

CSC common stock (Note 9)

444,308

379,051

Participant Loans (Note 6)

35,288

13,249

Interest in Master Trust (Note 5)

                   

     230,304

      221,192

Total investments

                   

     975,744

      872,028

Receivables:

Accrued investment income

4

Unsettled trades receivables

20

42,897

Other

                   

       58,404

                  

Total receivables

                   

       58,428

        42,897

Total assets

                   

  1,034,172

      914,925

LIABILITIES

Accrued expenses

                   

             143

             872

Total liabilities

                   

             143

             872

NET ASSETS AVAILABLE FOR BENEFITS

$                 

 $1,034,029

 $   914,053

 

 

 

 

 

 

 

 

See Notes to Financial Statements

1

 

 

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS

AVAILABLE FOR BENEFITS

For the Five Day Period Ended

For the Years Ended

January 5,

            December 31,            

       2005      

      2004      

      2003      

ADDITIONS

Investment Income:

Net appreciation in fair value of investments

$             20

$    119,265

$    142,362

Interest

1

1,148

511

Dividends

2,787

4,313

Plan interest in Master Trust investment income

(Note 5)

                   

        7,760

         9,822

21

130,960

157,008

Contributions:

Employee

56,050

58,289

Employer

26,262

27,484

Other

                   

       54,967

                    

                   

     137,279

        85,773

Total Additions

              21 

     268,239

      242,781

DEDUCTIONS

Distributions to Participants (Notes 1)

147,642

97,844

Investment management fees

                   

            621

             733

Total Deductions

                   

     148,263

        98,577

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS BEFORE PLAN TRANSFERS

21 

119,976

144,204

TRANSFER TO OTHER PLANS (Note 10)

(1,034,050)

NET ASSETS AVAILABLE FOR BENEFITS :

Beginning of period

   1,034,029 

      914,053

     769,849

End of period

$                  

 $1,034,029

 $   914,053

See Notes to Financial Statements

2

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Note 1 Description of the Plan

The following brief description of the CSC Outsourcing Inc. CUTW Hourly Savings Plan (the "Plan") of Computer Sciences Corporation (the "Company") is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

The Plan became effective August 5, 1995, as a result of the Company acquiring certain employees of the Southern New England Telephone Company. The Plan is administered by a committee consisting of four members, CSC Retirement and Employee Benefits Plans Committee (the "Committee), who are appointed by the Board of Directors of the Company and serve without compensation, being reimbursed by the Company for all expenditures incurred in the discharge of their duties as members of the Committee. The Committee has the power to interpret, construe and administer the Plan and to decide any dispute which may arise under the Plan. The Bank of New York (the "Trustee"), is the trustee of the Plan. Certain administrative expenses (including Trustee fees) incurred for services rendered to the Plan are paid by the Company.

The Plan is a voluntary, contributory, defined contribution plan and is intended to satisfy the requirements of Section 401(a) and 401(k) of the Internal Revenue Code (the "Code"). It is also subject to the provisions of the Employee Retirement Income Security Act of 1974 as amended ("ERISA").

Plan Termination - Although it has not expressed any intent to do so, the Company reserves the right, under the plan, to discontinue contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the participants' rights to the Company's contributions vest immediately.

Interest in the Common/Collective Trust

The Plan's investments are in the common/collective trust ("CCT") which was established for the investment of assets of the Plan and several other Computer Sciences Corporation sponsored retirement plans. Each participating retirement plan has an undivided interest in the CCT. The assets of the CCT are held by the Trustee. At December 31, 2004 and 2003, the Plan's interest in the assets of the CCT was approximately .02% and .03% respectively. Investment income and administrative expenses relating to each discretionary or directed fund within the CCT are allocated to the individual plans based upon average monthly balances invested by each plan in each discretionary or directed fund. As part of the CCT, a portion of the Plan's assets are held in a Master Trust managed by Black Rock Financial Management. At December 31, 2004 and 2003, the Plan's interest in the net assets of the Master Trust was approximately 11.1% and 10.8%, respectively.

3

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Participants in the CCT consist of the Computer Sciences Corporation Matched Asset Plan, CSC Outsourcing Inc. Hourly Savings Plan, CSC Outsourcing Inc. CUTW Hourly Savings Plan, Computer Sciences Corporation Employee Pension Plan, CSC Outsourcing Inc. Hourly Pension Plan, CSC Outsourcing Inc. CUTW Hourly Pension Plan, CSC/Hughes Retirement Plan, CSR's Range Employees Pension Plan, Computer Sciences Corporation Cash Balance Plan, CSC/E-Systems Pension Plan, CSC Pension Equity Plan, Eagle Alliance Employee Pension Plan, and the DynCorp Information Systems LLC Union Pension Plan (the "Plans").

Eligibility and Participation

Employees are eligible to participate on specified enrollment dates if they satisfy the Plan's eligibility requirements, are hourly paid employees of the Company and are members of a collective bargaining unit for which participation in this Plan has been provided by negotiated agreement. A rehired eligible employee is eligible to rejoin the Plan on the next enrollment date.

Participant and Company Contributions

A participant may authorize before-tax and after-tax contributions to the Plan subject to a maximum level of contributions (a certain percentage of base earnings), as specified by the bargaining agreement covering the employee. The Company will contribute, and forward to the Trust fund 66 2/3% of the first 1% to 6% for the employee matched contribution together with the participant's before-tax and after-tax contribution.

The employee base earnings deferred and contributed to the Trust fund cannot exceed applicable limitations of the Code. Effective January 1, 2002, under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Plan permits participants age 50 and over, to make additional "catch-up" contributions in excess of the statutory limit. The "catch-up" provision provided these participants the opportunity to contribute an additional $3,000 and $2,000 on a pre-tax basis in 2004 and 2003, respectively (increasing to $4,000 in 2005 and $5,000 in 2006, with inflation adjustments after that until December 31, 2010). Annual after-tax contributions to the Plan (including employee and Company matching contributions) are limited to $30,000 for each participant. Any compensation deferral in excess of the applicable limitations of the Code, and any after-tax contributions with matching Company contributions in excess of $30,000, together with income allocable to those excess c ontributions will be returned to a participant. Any matching Company contributions attributable to any excess contribution, and income allocable thereto, will be applied to reduce future matching Company contributions.

 

 

 

 

4

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Participant Accounts

Each participant's account is credited with the participant's contribution and allocations of the Company's contribution and Plan earnings, and is charged with an allocation of investment management fees. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

Vesting of Participants' Interests/Forfeitures

Participants are 100 percent vested at all times in their before-tax, after-tax contribution and Company matching accounts.

Distributable Amounts, Withdrawals and Refunds

The entire balance in all accounts for participants who retire, die, become disabled, or are discharged is distributed according to the provisions of the Plan.

 

While still an employee, a participant may make an in-service withdrawal of all or a part of the vested portion of his or her accounts attributable to their contributions, as well as vested Company matching contributions, plus the earnings on those amounts subject to the provisions of the Plan. Upon written notice to the Committee, a participant may make a hardship withdrawal of his or her before-tax and after-tax contributions, as well as Company matching contributions if the Committee finds, after considering the participant's request, that an adequate financial hardship and resulting need for such amount has been demonstrated by the participant. A participant may request a hardship withdrawal only if he or she first takes a loan of any available monies in the Plan. Both types of withdrawals are subject to certain restrictions as described in the Plan document.

Note 2 Summary of Significant Accounting Policies

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

Assets of the Plan

The assets of the Plan are held in a trust with five funds, which represent the investment options. The investment return in the respective funds is allocated to a participant based on his or her account balance. Contributions to, and payments from, the Plan are specifically identified to the applicable funds within the trust.

5

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements.

Security Transactions

Security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis.

Participants in the Stock Fund may elect to receive distributions in certificates for shares of the common stock of the Company.

Valuation of Investment Securities

Investments in common stocks and institutional investment vehicles are stated at fair value based upon closing sales prices reported on recognized securities exchanges on the last business day of the month or, for the listed securities having no sales reported and for unlisted securities, upon last reported bid prices on that date. Investments in short-term securities are stated at cost which approximates fair value. Participant loans are valued at outstanding loan balances.

Payment of Benefits

Benefits are recorded when paid. Amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not yet been paid were $1,386 and $2,275 at December 31, 2004 and 2003, respectively.

 

 

6

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Note 3 Tax Status

The Internal Revenue Service has determined and informed the Company by a letter dated May 13, 2003, that the Plan and related trust are designed in accordance with applicable sections of the Code.

The Committee believes that the Plan is designed and operated to qualify under Section 401(a) of the Code and, with respect to its qualified cash or deferred arrangement, under Section 401(k) of the Code. As such, no provision for income taxes has been included in the Plan's financial statements.

Note 4 Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

January 5,

          December 31,           

     2005    

       2004    

     2003      

Net assets available for benefits per the financial statements

$            

$1,034,029 

$    914,053 

Amounts allocated to withdrawing participants

              

       (1,386)

       (2,275)

Net assets available for benefits per Form 5500

$            

$1,032,643 

$   911,778 

The following is a reconciliation of distributions to participants per the financial statements to the Form 5500:


For the Five Day Period Ended January 5,

Year Ended
         December 31,           

     2005     

    2004    

     2003    

Distributions to participants per the financial    statements

$               

$  147,642 

$    97,844 

Add: Amounts allocated to withdrawing    participants at end of year

1,386 

2,275 

Less: Amounts allocated to withdrawing    participants at beginning of year

(1,386)

(2,275)

(5,538)

Transfer to other plans

       1,386 

                

                

Distributions to participants per the Form 5500

$              

$ 146,753

$    94,581 

Amounts allocated to withdrawing participants are recorded on Form 5500 for distributions that have been processed and approved for payment prior to December 31, 2004 but not paid as of that date.

7

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Note 5 Investment Funds

Participant contributions - Subject to rules the bargaining unit has adopted, each participant has the right to designate one or more investment funds established by the Committee for the investment of his or her compensation deferral contributions and after-tax contributions in percentages determined by the bargaining unit.

The investment funds are held by the CCT. The fixed income fund investments are in a Master Trust.

The following table represents the assets in the Master Trust:

 

January 5,

        December 31,          

 

     2005   

    2004    

 

     2003    

Investments at fair value:

 

 

 

 

   Black Rock Core Bond Total Return

$           

$       5,735

 

$1,996,249

   Collective Short Term Investment Fund

 

 

 

42,443

   Unsettled trade receivable

 

2,075,519

 

 

Accrued income

             

                

 

              6

 

$           

$2,081,254

 

$2,038,698

 

At December 31, 2004 and 2003, the Plan's interest in the net assets of the fixed income investment fund was approximately 11.1% and 10.8%, respectively.

Investment income for the Master Trust is as follows:

For the Five Day Period Ended
January 5,

Year Ended
       December 31,         

     2005     

    2004    

     2003     

Investment income:

   Net (depreciation) appreciation in fair value
      of investments

$      (18)

$   21,511 

$  (41,957)

    Dividends

70,527 

130,500 

    Interest

              

          22 

           61 

$      (18)

$  92,060 

$   88,604 

Investment income and administrative expenses relating to the fixed income investment fund are allocated to individual plans based upon average monthly balances invested by each plan.

 

8

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

The following table presents the individual investments that exceeded 5% of the Plan's net assets available for benefits as of December 31:

       2004    

      2003    

Mellon Balanced Fund

$   75,025

$   72,712

Frank Russell Active Equity Fund

68,916

58,199

Mellon Stock Index Fund

120,204

124,536

CSC common stock

444,308

379,051

Interest in Master Trust

230,304

221,192

Note 6 Participant Loans

The Plan has a loan provision in place which is available to participants covered by the bargaining unit.

The loans are deducted from the participants' accounts according to a priority specified in the Plan's loan rules and, within each account, pro rata from the funds based on their balances at the time. Loan repayments are reinvested in the participants' funds according to their current investment election. The repayments are similarly allocated among participants' accounts according to the priority specified in the Plan's rules.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Note 7 Investments in Common/Collective Trust

The following table presents investments in the CCT at fair value.

 

 

 

                  December 31,                    

 

 

 

          2004          

 

          2003         

Investments at Fair Value as Determined by

 

 

 

 

Quoted Market Price

 

 

 

 

(Overdraft) U.S. and Foreign Currency

$          (27,316)

 

$      2,461,294

 

Short-term investment fund

29,126,982 

 

61,847,211

 

Money market fund

172,263,178 

 

133,017,884

 

Bonds and debentures

421,198,741 

 

364,928,255

 

CSC common stock

812,106,525 

 

750,057,291

 

International equity portfolios

216,604,301 

 

127,067,765

 

Investment in registered investment companies

 

 

 

 

 

Active Allocation Fund

127,118,861 

 

113,850,006

 

 

Brinson Balanced Fund

59,917,799 

 

53,799,264

 

 

Brinson U.S. Equity Fund

200,101,139 

 

159,022,807

 

 

Mellon Corporate Bond Fund

185,455,413 

 

122,096,617

 

 

Mellon EB Enhanced Asset Allocation Fund

75,025 

 

72,712

 

 

Mellon Equity Fund

509,510,729 

 

413,025,228

 

 

Mellon Equity Completion Fund

315,633,585 

 

174,398,903

 

 

Mellon Government Bond Fund

844,740 

 

1,063,103

 

 

Mellon Index Fund

120,204 

 

124,536

 

 

Mellon S&P 500 Index Fund

395,616,320 

 

297,564,493

 

 

Pacific Mutual Enhanced Bond Fund

 

 

44,115,319

 

 

BlackRock Core Bond Fund

5,735 

 

1,996,249

 

 

Vanguard High Yield Bond Fund

34,076,119 

 

20,271,765

 

 

Mellon Balanced 40/60 Fund

46,730,633 

 

33,263,641

 

 

Mellon Balanced 60/40 Fund

82,458,614 

 

57,080,095

 

 

Mellon Balanced 80/20 Fund

100,545,457 

 

71,212,974

 

 

Mellon S&P 500 Select Fund

74,818,379 

 

44,344,320

 

 

Frank Russell Active Equity Fund

145,465,282 

 

129,963,466

 

 

Government TIPS Bond Fund

32,412,517 

 

 

 

 

T.Rowe Stable Value Fund

     24,179,465 

 

                       

 

 

 

3,986,358,427 

 

3,176,645,198

 

 

 

 

10

 

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

 

CCT investments at fair value, continued

                December 31,                  

 

 

 

          2004         

 

          2003        

Investment at Estimated Fair Value

 

 

 

 

Geewax Terker Hedge fund

14,559,374

 

14,304,472

 

Guaranteed investment contracts

            185,352

 

            221,728

 

 

 

14,744,726

 

14,526,200

 

 

 

 

 

 

Investment at Cost, Which Approximates Fair Value

 

 

 

Employee loans

       41,394,081

 

       19,666,768

 

 

Total Common/Collective Trust

$4,042,497,234

 

$3,210,838,166

 

 

Plan's Interest in CCT Assets

$          878,521

 

$          872,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

 

The investment income (loss) of the CCT is summarized as follows:

 

 

          Year Ended December 31,        

 

 

        2004        

 

        2003        

 

 

 

 

 

 

Bonds and debentures

$    (2,631,334)

 

$    (3,203,211)

 

CSC Stock Fund

177,373,848 

 

225,688,912 

 

International equity portfolios

35,974,698 

 

31,616,897 

 

Active Allocation Fund

11,819,623 

 

22,947,087 

 

Brinson Balanced Fund

4,818,511 

 

8,198,982 

 

Brinson Equity Fund

22,672,705 

 

35,011,373 

 

Mellon Capital Aggr. Bond Fund

 

 

(140,146)

 

Mellon Corporate Bond Fund

672,688 

 

1,115,632 

 

Mellon EB Enhanced Asset Allocation Fund

6,932 

 

18,131 

 

Mellon EB Stock Index Fund

 

 

2,612,968 

 

Mellon Equity Fund

45,062,638 

 

81,802,979 

 

Mellon Equity Completion Fund

43,573,215 

 

48,521,154 

 

Mellon Government Bond Fund

(6,713)

 

(25,508)

 

Mellon Index Fund

11,099 

 

25,167 

 

Mellon S&P 500 Index Fund

33,541,980 

 

60,150,473 

 

Pacific Mutual Enhanced Bond Fund

964,629 

 

2,067,203 

 

BlackRock Core Bond Fund

21,511 

 

(41,957)

 

Vanguard High Yield Bond Fund

333,912 

 

1,249,638 

 

Mellon Balanced 40/60 Fund

2,937,989 

 

3,819,800 

 

Mellon Balanced 60/40 Fund

6,176,401 

 

8,449,807 

 

Mellon Balanced 80/20 Fund

8,746,769 

 

13,140,177 

 

Mellon S&P 500 Select Fund

6,464,894 

 

8,613,367 

 

Frank Russell Active Equity Fund

15,967,774 

 

29,714,910 

 

Geewax Terker Hedge fund

79,140 

 

7,248 

 

Government TIPS Bond Fund

1,240,587 

 

 

 

Other Funds

         155,875 

 

                         

Net appreciation in fair value of investments

415,979,371 

 

581,361,083 

Dividends

27,568,838 

 

26,702,043 

Interest

    24,797,058 

 

    24,604,425 

Common/Collective Trust Income

$468,345,267 

 

$632,667,551 

Plan's Interest in the Common/Collective Trust Income

$       130,960 

 

$       157,008 

 

 

12

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

Note 8 Related-Party Transactions

Certain short-term investment funds are managed by The Bank of New York. The Bank of New York is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. The fees associated with these short-term investment funds were paid by the Company and amounted to $1,500 for each of the years ended December 31, 2004 and December 31, 2003.

At December 31, 2004 and 2003, the Plan held 7,882 and 8,570 shares, respectively, of common stock of Computer Sciences Corporation, the sponsoring employer, with a cost basis of $347,084 and $375,275, respectively.

Note 9 Nonparticipant-Directed Investments

Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows as of January 5, 2005 and December 31, 2004 and 2003:

    2005    

     2004    

     2003     

Net assets:

  CSC common stock

$            

$444,308

$379,051

  Short-term investments

42

37

  Accrued income

1

2

  Transfers to participant-directed
     investments receivable

766

223

  Net receivable

            

    54,968

    30,566

    CSC Stock Fund

$            

$500,085

$409,879

 

 

 

 

 

 

 

 

 

 

 

13

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

For the Five Day Period Ended January 5, 2005 and
for the Years Ended December 31, 2004 and 2003

 

Note 9 Nonparticipant-Directed Investments (Continued)

 

    2005    

     2004    

     2003     

Changes in net assets:

Net appreciation in fair value

of investments

             

$115,894 

$  82,029 

Interest income

18 

27 

Employer contributions

20,731 

21,302 

Participant contributions

23,469 

27,935 

Transfers (to) from participant-directed

investments

$  (500,085)

21,638 

152 

Benefits paid to participants

                

  (91,544)

  (34,631)

Net Change

(500,085)

90,206 

96,814 

CSC Stock Fund beginning of the year

  500,085 

409,879 

313,065 

CSC Stock Fund end of the year

$                

$500,085 

$409,879 

 

Note 10 Plan Merger

On October 29, 2004, the committee, as permitted by the plan document, made the decision to merge the Plan into the Computer Sciences Corporation Matched Asset Plan ("MAP"). The Plan participants' investment account balances, which total $1,034,050, were transferred to MAP at January 5, 2005. As a result of the merger, participants of the Plan can participate in MAP effective, January 5, 2005.

 

 

 

 

 

 

 

 

14

 

 

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Act of 1934, the Computer Sciences Corporation Retirement and Employee Benefits Plans Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

 

 

Date: June 29, 2005 By: /s/Leon J. Level

Leon J. Level

Chairman,

Computer Sciences Corporation

Retirement and Employee Benefits Plans Committee

 

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