-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, gLoC/6RxfnJzXXCB0zX+sDEYv4wPmzPnxbIxKlaaBtEehrlVcTJHiGzjst3gqoDm 7fgoRLhgdjt9DJKXEdC4aw== 0000030554-94-000017.txt : 19941006 0000030554-94-000017.hdr.sgml : 19941006 ACCESSION NUMBER: 0000030554-94-000017 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940318 FILED AS OF DATE: 19940318 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUPONT E I DE NEMOURS & CO CENTRAL INDEX KEY: 0000030554 STANDARD INDUSTRIAL CLASSIFICATION: 2820 IRS NUMBER: 510014090 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00815 FILM NUMBER: 94516641 BUSINESS ADDRESS: STREET 1: 1007 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19898 BUSINESS PHONE: 3027741000 11-K 1 ANNUAL REPORT PAGE 1 ============================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1993 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (FULL TITLE OF THE PLAN) E. I. DU PONT DE NEMOURS AND COMPANY 1007 MARKET STREET WILMINGTON, DELAWARE 19898 (NAME AND ADDRESS OF PRINCIPAL EXECUTIVE OFFICE OF ISSUER) ============================================================ 1 PAGE 2 INDEX Page(s) Report of Independent Accountants.................. 4 Statements of net assets available for Plan benefits at September 30, 1993 and 1992......... 5-7 Statements of changes in net assets available for Plan benefits for the years 1993 and 1992... 8-10 Notes to financial statements..................... 11-18 EXHIBITS Exhibit Number Description 24 Consent of independent accountants. 2 PAGE 3 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, E. I. du Pont de Nemours and Company has duly caused this Annual Report to be signed by the undersigned hereunto duly authorized. Savings and Investment Plan of E. I. du Pont de Nemours and Company Date: January 28, 1994 By ___________________________________ C. L. Henry Senior Vice President-Finance 3 PAGE 4 SIGNATURE REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the Savings and Investment Plan of E. I. du Pont de Nemours and Company In our opinion, the financial statements listed in the accompanying index present fairly, in all material respects, the net assets available for plan benefits of the Savings and Investment Plan of E. I. du Pont de Nemours and Company at September 30, 1993 and 1992, and the changes in net assets available for plan benefits for each of the two years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of E. I. du Pont de Nemours and Company as the Plan's Administrator; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits 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 audits provide a reasonable basis for the opinion expressed above. PRICE WATERHOUSE Philadelphia, Pennsylvania January 28, 1994 4 PA SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS SEPTEMBER 30, 1993 (Dollars In Thousands, Except Unit Values)
3-Way DuPont Merrill Fixed Family Asset Common Lynch Income of Mutual Allocation Stock Loan Equity Fund Funds Fund Fund Fund Index ---------- ---------- ---------- --------- --------- --------- Investments, at fair value (Notes 1 and 3) DuPont Company common stock (cost $337,923) ............. $507,873 Pooled Investments (cost $595,998).................... $235,865 $106,643 $212,534 Fixed income (cost $4,701,973) ........... $4,701,973 Short-term investments & cash (cost $48,287)................ 46,385 534 132 865 201 Loans to participants- principal balance ........... $152,291 ----------- --------- --------- --------- -------- --------- Total investments .......... 4,748,358 236,399 106,775 508,738 152,291 212,735 Receivables Due from the DuPont Company ..................... 24,882 2,394 867 773 0 1,191 Due to participants ............. (5,378) (403) (104) (777) (199) ----------- --------- --------- --------- -------- --------- Net assets available for plan benefits .................... $4,767,862 $238,390 $107,538 $508,734 $152,291 $213,727 =========== ========= ========= ========= ======== ========= Unit or share values (Note 2) ... $73.36 $75.53 $11.39 $46.50 $28.29 ====== ====== ====== ====== ====== The accompanying notes are an integral part of these financial statements. Continued on next page
5 PAGE 6 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS SEPTEMBER 30, 1993 (Continued) (Dollars In Thousands, Except Unit Values)
ML ML Inter- ML ML Basic national Balanced Capital Value Holdings Fund Fund Fund Total -------- --------- -------- -------- ----------- Investments, at fair value (Notes 1 and 3) DuPont Company common stock (cost $337,923) ............. $507,873 Pooled Investments (cost $595,998).................... $29,482 $12,271 $34,925 $27,981 659,701 Fixed income (cost $4,701,973) ........... 4,701,973 Short-term investments & cash (cost $48,287)................ 56 11 71 32 48,287 Loans to participants- principal balance ........... 152,291 -------- -------- ------- -------- ---------- Total investments .......... 29,538 12,282 34,996 28,013 6,070,125 Receivables Due from the DuPont Company ..................... 327 161 479 303 31,377 Due to participants ............. (27) (11) (70) (26) (6,995) -------- --------- -------- -------- --------- Net assets available for plan benefits .................... $29,838 $12,432 $35,405 $28,290 $6,094,507 ======= ======== ======== ======== =========== Unit or share values (Note 2) ... $13.28 $13.02 $28.46 $23.71 ====== ====== ====== ====== The accompanying notes are an integral part of these financial statements.
6 PAGE 7 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS SEPTEMBER 30, 1992 (Dollars In Thousands, Except Unit Values)
U.S 3-Way DuPont Savings Fixed Family Asset Common Total Bond Income of Mutual Allocation Stock Loan All Fund Fund Funds Fund Fund Fund Funds -------- ----------- --------- ---------- --------- --------- ----------- Investments, at fair value (Notes 1 and 3) U.S. Savings Bonds, Series EE (cost $12,155) .............. $12,922 $ 12,922 DuPont Company common stock (cost $314,387) ............. $511,238 511,238 Pooled Investments (cost $397,950).................... $376,360 $72,910 449,270 Fixed income (cost $4,338,404) ........... $4,338,404 4,338,404 Short-term investments & cash (cost $20,551)................. 100 14,926 576 31 4,918 20,551 Loans to participants- principal balance ........... $125,083 125,083 ------- ----------- -------- ------- -------- -------- ----------- Total investments .......... 13,022 4,353,330 376,936 72,941 516,156 125,083 5,457,468 Receivables Due from the DuPont Company ..................... 413 19,084 3,517 496 3,272 5,314 32,096 Transfers receivable (payable) among funds ................. (48) 1,566 (2,141) (381) 679 325 0 Other ......................... (404) (404) Due to participants ............. (33) (13,130) (632) (124) (1,301) (15,220) ------- ---------- -------- ------- -------- -------- ----------- Net assets available for plan benefits .................... $13,354 $4,360,850 $377,680 $ 72,932 $518,806 $130,318 $5,473,940 ======= ========== ======== ======= ======== ======== ========== Unit or share values (Note 2) ... $67.10 $15.26 $47.50 ====== ====== ======
7 PAGE 8 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS SEPTEMBER 30, 1993 (Dollars in Thousands)
U.S. 3-Way DuPont Merrill Savings Fixed Family Asset Common Lynch Bond Income of Mutual Allocation Stock Loan Equity Fund Fund Funds Fund Fund Fund Index -------- ----------- --------- ---------- --------- --------- ----------- Investment income Interest .............. $ 206 $ 407,251 $ 34 $ 5 $ 20 $ 12,479 $ 3 Dividends ............. 22 24,366 506 19,147 0 Distribution of Loan investment income.... 0 9,941 706 211 1,121 (12,479) 325 ------- ---------- -------- ------- -------- -------- ---------- Total investment income ............ 206 417,214 25,106 722 20,288 0 328 Realized gains .......... 4,041 2,070 24,069 1,322 Net unrealized appre- ciation (depreciation) in fair value of investments ........... 32,993 11,506 (26,783) 15,915 Contributions DuPont Company's contributions (net of forfeiture of $393) ............ 47,086 4,607 1,674 17,335 1,751 Participants' savings ............. 2,697 210,876 22,197 6,782 6,012 7,317 TRASOP transfers ...... 828 2 1 6,648 2 ------- ---------- -------- ------- -------- -------- ---------- 2,903 676,004 88,946 22,755 47,569 0 26,635 ------- ---------- -------- ------- -------- -------- ---------- Deliveries and withdrawals ........... (14,624) (194,863) (8,449) (2,363) (22,703) (5,524) (4,965) Net transfers among funds Loans ................. (7) (69,682) (3,046) (1,280) (10,156) 87,746 (2,572) Loan repayments ....... 2 48,377 3,476 1,011 3,941 (59,483) 1,687 Other authorized transfers ........... (1,628) (47,026) (219,750) 14,626 (28,300) 0 193,374 Acquisitions (Divestitures), net.... (7,142) (513) (176) (615) (831) (439) Affiliated company transfers in (out) .... 1,344 46 33 192 65 7 ------- ---------- -------- ------- -------- -------- ---------- (16,257) (268,992) (228,236) 11,851 (57,641) 21,973 187,092 ------- ---------- -------- ------- -------- -------- ---------- Change in net assets available for plan benefits for the year .................. (13,354) 407,012 (139,290) 34,606 (10,072) 21,973 213,727 Net assets available for plan benefits Beginning of year ..... 13,354 4,360,850 377,680 72,932 518,806 130,318 0 ------- ---------- -------- ------- -------- -------- ---------- End of year ........... $0 $4,767,862 $238,390 $107,538 $508,734 $152,291 $213,727 ======= ========== ======== ======= ======== ======== ========== The accompanying notes are an integral part of these financial statements. Continued on next page
8 PAGE 9 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS SEPTEMBER 30, 1993 (Continued) (Dollars in Thousands)
ML ML Inter- ML ML Basic national Balanced Capital Value Holdings Fund Fund Funds Total --------- --------- --------- -------- ----------- Investment income Interest .............. $ 1 $ 0 $ 1 $ 0 $420,000 Dividends ............. 183 973 866 46,063 Distribution of Loan investment income.... 43 31 63 38 0 ------- ----------- -------- -------- ----------- Total investment income ............ 44 214 1,037 904 466,063 Realized gains .......... 168 174 332 159 32,335 Net unrealized appre- ciation (depreciation) in fair value of investments............ 3,084 715 2,015 1,176 40,621 Contributions DuPont Company's contributions (net of forfeiture of $393) ............ 376 246 689 265 74,029 Participants' savings ............. 1,814 1,083 3,062 1,167 263,007 TRASOP transfers ...... 0 0 0 7,481 ------- ----------- --------- -------- ----------- 5,486 2,432 7,135 3,671 883,536 ------- ----------- --------- -------- ----------- Deliveries and withdrawals ........... (231) (117) (728) (257) (254,824) Net transfers among funds Loans ................. (217) (218) (424) (144) 0 Loan repayments ....... 243 139 378 229 0 Other authorized transfers ........... 24,605 10,207 29,101 24,791 0 Acquisitions (Divestitures), net ... (48) (11) (73) (9,848) Affiliated company transfers in (out) .... 0 16 1,703 ------- ---------- --------- -------- ----------- 24,352 10,000 28,270 24,619 (262,969) ------- ----------- --------- -------- ----------- Change in net assets available for plan benefits for the year .................. 29,838 12,432 35,405 28,290 620,567 Net assets available for plan benefits Beginning of year ..... 0 0 0 0 5,473,940 ------- ----------- --------- -------- ----------- End of year ........... $29,838 $12,432 $35,405 $28,290 $6,094,507 ======= =========== ========= ======== =========== The accompanying notes are an integral part of these financial statements.
9 PAGE 10 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS SEPTEMBER 30, 1992 (Dollars in Thousands)
U.S. 3-Way DuPont Savings Fixed Family Asset Common Total Bond Income of Mutual Allocation Stock Loan All Fund Fund Funds Fund Fund Fund Funds -------- ----------- --------- ---------- --------- --------- ----------- Investment income Interest .............. $ 778 $ 385,652 $ 70 $ 34 $ 83 $ 12,403 $ 399,020 Dividends ............. 81 21,280 4,409 17,827 43,597 Distribution of loan interest income.. 1 10,853 1,121 193 235 (12,403) 0 -------- ---------- -------- ------- -------- -------- ---------- Total investment income ............ 779 396,586 22,471 4,636 18,145 0 442,617 Realized gains (losses), net ................... 4,690 2,666 14,288 21,644 Net unrealized appre- ciation in fair value of investments .. 3,729 1,472 10,615 15,816 Contributions DuPont Company's contributions (net of forfeiture of $627) ............ 38,276 5,574 1,571 29,576 74,997 Participants' savings ............. 5,406 223,564 28,938 6,126 5,203 269,237 TRASOP transfers ...... 108 18,990 19,098 -------- ---------- -------- ------- -------- -------- ---------- 6,185 658,534 65,402 16,471 96,817 0 843,409 -------- ---------- -------- ------- -------- -------- ---------- Deliveries and withdrawals ........... (7,986) (153,823) (7,311) (1,773) (16,032) (6,484) (193,409) Net transfers among funds Loans ................. (15) (56,168) (3,643) (870) (6,365) 67,061 0 Loan repayments ....... 4 46,291 4,791 858 973 (52,917) 0 Other authorized transfers ........... (26) (28,315) 37,481 (1,225) (7,915) 0 Acquisitions (Divestitures), net ... 1,355 1 1,356 Affiliated company transfers in (out) .... 3,962 (18) (236) 3,708 -------- ---------- -------- ------- -------- -------- ---------- (8,023) (186,698) 31,319 (3,028) (29,575) 7,660 (188,345) -------- ---------- -------- ------- -------- -------- ---------- Change in net assets available for plan benefits for the year .................. (1,838) 471,836 96,721 13,443 67,242 7,660 655,064 Net assets available for plan benefits Beginning of year ..... 15,192 3,889,014 280,959 59,489 451,564 122,658 4,818,876 -------- ---------- -------- ------- -------- -------- ---------- End of year ........... $13,354 $4,360,850 $377,680 $72,932 $518,806 $130,318 $5,473,940 ======== ========== ======== ======= ======== ======== ========== Reclassified for comparitive purposes.
10 PAGE 11 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS NOTE 1 -- DESCRIPTION OF SAVINGS AND INVESTMENT PLAN: THE PLAN The Savings and Investment Plan of E. I. du Pont de Nemours and Company (the "Plan") is a defined contribution Plan which was established by the Company's Board of Directors and became effective September 1, 1955. The purpose of the Plan is to encourage and assist employees in following a systematic savings program suited to their individual objectives, and to provide an opportunity for employees, at no cost to themselves, to become stockholders of the Company. The Plan is a tax qualified contribu- tory profit sharing plan. Any employee of the Company or its subsidiaries (including Du Pont Merck Pharmaceutical Company (DMPC), a general partner- ship which has adopted the Plan) and who has completed at least one year of continuous service, as determined in accordance with the Company's Service Rules, or who has been compensated for 1,000 or more hours in a period of twelve consecutive months is eligible to participate in the Plan. An eligible employee may authorize the Company to make a payroll deduction under the Plan ranging from 1% to 22% of monthly pay. The amount deducted can be deposited into a before-tax or after-tax account or some combination thereof. Any amounts in excess of 16% are considered to be cash supplemental deposits and must be deposited in the after-tax account. The before-tax provision is permitted under Section 401(k) of the Internal Revenue Code. Nondiscrimination rules of the Internal Revenue Code require that the average savings rates in both the before-tax and after-tax accounts of "Highly Compensated" employees (as defined by the IRS) should be limited by the average savings rates of "Nonhighly Compensated" employees. At September 30, 1993 and September 30, 1992, for the "Highly Compensated" employees there was no limitation on the after-tax savings rate (other than the Plan limit) and the allowable before-tax savings rate was 13% in both years. At September 30, 1993 and September 30, 1992, the allowable before-tax savings rate for DMPC was 11% and 3%, respectively. In addition, in accordance with the Tax Reform Act of 1986, the Plan limited contribu- tions by any employee to the before-tax account to $8,994 in 1993 and $8,728 in 1992. The Company will contribute an amount equal to 50% of the participant's savings deductions during a month except that no Company Contribution will be made for any participant's savings in excess of 6% of monthly pay. In addition, subject to certain limitations, a participant is allowed to make lump sum savings deposits in cash or through payroll deduction to the Plan at any time. A participant with less than five years of participation credit, who withdraws any matched before-tax or after-tax savings will forfeit a portion of related Company contributions in accordance with specific Plan provisions. Company contributions will be suspended for six months if a 11 PAGE 12 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) participant withdraws any matched before-tax or after-tax savings or Com- pany contributions contributed to the account during the last two years of participation or any earnings in the before-tax or after-tax accounts. A participant who retires from active service may elect to make a full account withdrawal in the later of the month in which employment was terminated or March of the calendar year following the year in which the participant attains age 70 1/2. Participants may borrow up to one-half of their nonforfeitable account balances subject to certain minimum and maximum loan limitations. The loans are executed by promissory notes and have a minimum term of 12 months and a maximum term of 60 months, except for qualified residential loans which have a maximum term of 120 months. The loans bear an interest rate equal to the average rate for secured personal loans as determined by the Plan administrator. The loans are repaid over the term in monthly installments of principal and interest by payroll deduction. A participant also has the right to repay the loan in full at any time without penalty. INVESTMENT FUNDS The following investment funds have been established with trustees for the investment of employee savings and Company contributions. The nature of the investments maintained in each fund is described below: U.S. Savings Bond Fund -- United States Savings Bonds, Series EE in $100 denominations. This fund was eliminated as of May 1, 1993. Fixed Income Fund -- Investments under agreement with one or more financial institutions, including insurance companies, banks and other investment companies which provide for the return of principal in full plus the payment of interest at a predetermined rate for a specific period of time. The fund's blended rate of return for the 12 months ending September 30, 1993 and September 30, 1992 was 9.3% and 9.8%, respectively. Family of Mutual Funds -- A group of seven different mutual funds, each with its own investment objectives, offered through Fidelity Investments Institutional Operations Company. As of January 13, 1993 these funds were transferred to similar mutual funds at Merrill Lynch with the exception of Magellan and Retirement Growth which were combined into the Magellan fund. The Magellan Fund continues to be shown under the caption Family of Mutual Funds. 3-Way Asset Allocation Fund -- 3-Way Asset Allocation Fund with money invested by Wells Fargo Nikko Investment Advisors among stocks, bonds, and cash (money market). 12 PAGE 13 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) DuPont Common Stock Fund -- DuPont common stock. Loan Fund -- Participant loans--amounts transferred from the United States Savings Bond Fund, the Fixed Income Fund, the Fidelity Family of Mutual Funds, Merrill Lynch Mutual Funds, the DuPont Common Stock Fund and/or the 3-Way Asset Allocation Fund that are loaned to participants. Merrill Lynch Funds -- A group of 5 different mutual funds each with its own investment objective offered through Merrill Lynch. Participants may allocate their before and after-tax savings deductions and Company contributions among all Funds at their discretion. Amounts contributed by the Company were not to be used to purchase U.S. Savings Bonds. At September 30, 1993 the Plan participants directed their savings and the related matching Company contributions be invested in the following funds (approximate number of participants in each fund): United States Savings Bonds Fund (0); Fixed Income Fund (85,600); Family of Mutual Funds (12,600); DuPont Common Stock Fund (53,300); 3-Way Asset Allocation Fund (6,200); Merrill Lynch (ML)International Holdings (3,800); ML Balanced Fund(2,000); ML Equity Index (8,600); ML Capital Fund (4,000); ML Basic Value Fund (2,600). Approximately 22,600 participants had loans outstanding in the Loan Fund at September 30, 1993. ADMINISTRATION The designated trustee of all the aforementioned funds is Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch). The administration of the Plan is vested in the Office of the Chairman of the Company which may designate one or more persons to operate and administer the Plan. The Finance Committee of the Company has the authority to appoint the trustees and select insurers. All administrative costs of the Plan are paid by the Company. While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time. In the event the Plan is terminated, all participants become vested and the distribution of shares of DuPont common stock and all cash balances, including those resulting from the liquidation of the Fixed Income Fund, the Fidelity Family of Mutual Funds, the 3-Way Asset Allocation Fund, and Merrill Lynch Mutual Funds will be made based upon the valuation of the participant's account. 13 PAGE 14 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES For financial reporting purposes, the assets of the Plan are reflected on the accrual and fair value bases of accounting. The provi- sions of the Employee Retirement Income Security Act of 1974 (ERISA) require presentation based on fair value. The fair value of the United States Savings Bonds Fund is based on the redemption values for U.S. Savings Bonds which are published by the Department of Treasury. U.S. Savings Bonds are nonredeemable for a six month period subsequent to purchase. Such bonds purchased within six months prior to the September 30 period-end are valued at cost. The Fixed Income Fund guaranteed investment contracts and separate account portfolios are stated at cost plus accrued interest, using the con- tracted interest rates applied to the daily account balances. Investments in the Family of Mutual Funds, the DuPont Common Stock Funds, and Merrill Lynch Mutual Funds are recorded at the latest price on the last business day of the period reported. Investments in the 3-Way Asset Allocation Fund are recorded at the fair market value of all assets in the Fund on the last business day of the period reported. The fair value of loans to participants in the Loan Fund represent the outstanding principal balances of the loans. The unit value or price of the Fixed Income Fund, the 3-Way Asset Allocation Fund, Merrill Lynch Mutual Funds and the DuPont Common Stock Fund, reflect the prices at which participant's accounts are valued at the end of the period reported. The "Net Asset Value" per share, or NAV, for each Fund in the Family of Mutual Funds is computed by adding the value of all portfolio holdings and other assets, deducting liabilities and then dividing the result by the number of shares outstanding at month end. Fidelity Investments Institutional Services Company calculates each of these Funds' NAV at the close of each business day of the New York Stock Exchange. There is no unit value for the United States Savings Bonds Fund and the Loan Fund since U.S. Savings Bonds and loans are identified directly with participants' accounts. The Company may, at its option, issue DuPont common stock in lieu of cash contributions to the DuPont Common Stock Fund and also in lieu of cash dividends on DuPont common stock. The number of shares issued is based upon the cash value of the contributions and dividends divided by the market value of DuPont common stock at the end of the month of issue. Shares of DuPont common stock are allocated to participants in the DuPont Common Stock Fund based on the ratio of the amount deposited to each participant's account to the total amount contributed to the Fund. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Gains and losses on the sale of the DuPont Common Stock Fund investment securities are based on average cost of the securities sold and are recognized on the trade date. Monthly sales and purchases are netted to minimize brokerage fees. 14 PAGE 15 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 3 -- INVESTMENTS The following presents the Plan's investments at fair value (Note 2). September 30, September 30, 1993 1992 ------------ ------------- (Dollars in Thousands) Investments at fair value U. S. Savings Bonds ...................... $ 0 $ 12,922 Fixed income (guaranteed investment contracts, separate account portfolios) ............................ 4,701,973 4,338,404 DuPont Common Stock ..................... 507,873 511,238 Short-term investments & cash ............ 48,287 20,551 Loans to participants .................... 152,291 125,083 Pooled investments ....................... 659,701 449,270 ---------- ---------- Total investments at fair value ........ $6,070,125 $5,457,468 ========== ========== The investment in U. S. Savings Bonds was eliminated as of May 1, 1993. The Plan held 10,922,006 shares of DuPont Common Stock at September 30, 1993. Short-term investments and cash represent funds deposited in the the Fixed Income Fund, the Fidelity Family of Mutual Funds, the 3-Way Asset Allocation Fund, the Du Pont Common Stock Fund, and the Merrill Lynch Mutual Funds. The pooled investments consist of the following: September 30, 1993 --------------------------- Fair Market Value Cost ----------- ---------- (Dollars in Thousands) 3-Way Asset Allocation Fund .............. $ 106,643 $ 95,313 Family of Mutual Funds (Magellan)........ 235,865 206,397 Merrill Lynch Mutual Funds ........... Equity Index Trust..................... 212,534 196,619 International Holdings..................... 29,482 26,398 Balanced Fund........................... 12,271 11,555 Capital Fund .......................... 34,925 32,910 Basic Value Fund................. 27,981 26,806 ---------- ---------- Total Pooled Investments ................. $ 659,701 $ 595,998 ========== ========== 15 PAGE 16 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) Fixed income guaranteed investment contracts and separate account portfolios (*) at September 30, 1993 consist of the following: Current Description Value ----------- ----------- (Dollars in Thousands) Aetna Life Insurance Company--13.01%, 2/1/93 ................. $ 9,851 Aetna Life Insurance Company--7.73%, 1/02/97 * EIN #06-0843808............................................. 93,002 Aetna Life Insurance Company--8.52%, 12/1/96 ................. 137,092 Aetna Life Insurance Company--8.73%, 12/1/96 ................. 138,825 Aetna Life Insurance Company--8.88%, 12/1/96 ................. 140,088 Aetna Life Insurance Company--8.89%, 12/1/00 ................. 95,055 Aetna Life Insurance Company--8.80%, 1/02/96 * EIN #06-0843808............................................ 154,518 Aetna Life Insurance Company--8.9%, 12/1/99 .................. 121,585 Aetna Life Insurance Company--9.48%, 12/1/98.................. 154,667 Aetna Life Insurance Company--9.71%, 12/1/98 ................. 156,066 Allstate Life Insurance Company--8.50%, 12/3/01............... 110,869 Bankers Trust--5.896%, 12/31/99............................... 116,363 Citibank--5.37%, 12/31/2010................................... 24,749 Connecticut General Life Insurance Company-- 12.81%, 11/30/93 ........................................... 6,461 John Hancock Mutual Life Insurance Company-- * 7.85%, 12/31/99 EIN #04-1414660............................. 146,825 John Hancock Mutual Life Insurance Company-- 8.31%, 12/3/01 ............................................. 74,052 John Hancock Mutual Life Insurance Company-- 8.89%, 12/1/99 ............................................. 121,552 John Hancock Mutual Life Insurance Company-- 9.0%, 12/1/99 .............................................. 121,953 John Hancock Mutual Life Insurance Company-- 9.4%, 12/1/98 .............................................. 154,183 Massachusetts Mutual Life Insurance Company-- 9.15%, 12/1/00 ............................................. 92,523 Metropolitan Life Insurance Company--12.25%, 12/1/94.......... 57,910 Metropolitan Life Insurance Company-- 6.85%, 7/1/98 * EIN 13-5581829 ............................................. 110,433 Metropolitan Life Insurance Company--9.64%, 12/1/98 .......... 155,640 New York Life Insurance Company--10.15%, 12/1/97 ............. 145,907 New York Life Insurance Company--6.45%, 3/31/94 * EIN #13-5582869 ........................................... 129,141 New York Life Insurance Company--8.36%, 6/30/94 * EIN #13-5582869 ........................................... 126,110 New York Life Insurance Company--8.95%, 6/30/94 * EIN #13-5582869 ........................................... 92,141 16 PAGE 17 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) Fixed income guaranteed investment contracts and separate account portfolios (*) at September 30, 1993 consist of the following (continued): Current Description Value ----------- ----------- (Dollars in Thousands) New York Life Insurance Company--9.27%, 12/31/99.............. $ 78,216 New York Life Insurance Company--9.36%, 12/1/98............... 153,940 New York Life Insurance Company--9.66%, 12/1/98............... 46,626 New York Life Insurance Company--9.75%, 12/1/97............... 143,149 Prudential Life Insurance Company--10.48%, 12/1/95 ........... 72,652 Prudential Life Insurance Company--10.62%, 12/1/95 ........... 73,321 Prudential Life Insurance Company--10.65%, 12/1/97 ........... 149,388 Prudential Life Insurance Company--11.27%, 12/1/95 ........... 76,494 Prudential Life Insurance Company--12.49%, 12/1/94............ 58,922 Prudential Life Insurance Company--12.55%, 12/31/93........... 9,487 Prudential Life Insurance Company--13.45%, 12/1/94 ........... 63,219 Prudential Life Insurance Company-- 8.26%, 1/1/97.* EIN# 22-1211670 ........................................... 94,108 Prudential Life Insurance Company--8.95%, 7/1/96 * EIN# 22-1211670 ........................................... 92,109 Prudential Life Insurance Company--8.97%, 12/1/99 ............ 126,715 Prudential Life Insurance Company--9.6%, 12/1/00 ............. 80,641 Prudential Life Insurance Company--9.01%, 12/1/99 ............ 126,866 Travelers Life Insurance Company--10.17%, 12/1/97 ............ 146,060 Travelers Life Insurance Company--9.15%, 12/1/99 ............. 122,499 ---------- Total investment in fixed income ........................ 4,701,973 Short-Term Investments ....................................... 46,385 ---------- Total investment ......................................... $4,748,358 ========== NOTE 4 -- REALIZED AND UNREALIZED GAINS AND LOSSES Realized and unrealized gains and losses are calculated based upon historical cost of assets. Such gains and losses are computed on a current value basis for Form 5500. The difference may result in a differing classi- fication between realized and unrealized but the total gain or loss will be unaffected. 17 PAGE 18 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 5 -- INCOME TAX STATUS The Savings and Investment Plan is a qualified plan pursuant to Section 401(a) of the Internal Revenue Code and the related Trusts are exempt from federal taxation under Section 501(a) of the Code. A favor- able tax determination letter has been received by the Plan. Accordingly, no provision has been made for federal income taxes in the accompanying financial statements. Participants in the Plan are not subject to federal income taxes on account balances arising from employer contributions, tax-deferred employee deposits, or accrued income until distributions or withdrawals are made. NOTE 6 -- Change of Trustee and Record Keeper Effective January 1993 the record keeping of the Savings and Investment Plan was transferred to Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch). Concurrently with this move, Merrill Lynch became the Trustee for the Fixed Income, Family of Mutual, 3-Way Asset Allocation, DuPont Common Stock, Loan and the Merrill Lynch Mutual Funds. Wilmington Trust Company remained Trustee of the U.S. Savings Bond Fund until its elimination . The Family of Mutual Funds at Fidelity Investments Institutional Operations Company (Fidelity) were transferred to similar mutual funds at Merrill Lynch with the exception of the Magellan and Retirement Growth funds which were combined into the Magellan Fund. NOTE 7 -- Wells Fargo Conversion In November 1992, the Plan's position in the Wells Fargo Three Way Asset Allocation Fund was converted from Monthly (U.S. Tactical Asset Allocation Fund) to Daily (U.S. Tactical Asset Allocation Fund E). This conversion resulted in a change of the base unit value to $10 per share with a relative change in shares held to ensure no gain or loss for participants. The conversion was necessary to allow daily trading of the Wells Fargo Fund. 18 EXHIBIT INDEX Exhibit Number Description 24 Consent of independent accountants. 19 SIGNATURE Exhibit 24 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Prospectus constituting part of the Registration Statements on Form S-8 (No. 33-36339) of E. I. du Pont de Nemours and Company of our report dated January 28, 1994 appearing on page 4 of the annual report of the Savings and Investment Plan of E. I. du Pont de Nemours and Company on form 11-K for the year ended September 30, 1993. PRICE WATERHOUSE Philadelphia, Pennsylvania March 15, 1994 -----END PRIVACY-ENHANCED MESSAGE-----