-----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, J/9oIcdj6hcZx896zpPnKP8KHENTvjdGdEmc2XIfgV+M6S6Mv6ZzkOicOspB+1Px QBX2ZTJMlk2WWJq6AExo1Q== 0000030554-96-000009.txt : 19960328 0000030554-96-000009.hdr.sgml : 19960328 ACCESSION NUMBER: 0000030554-96-000009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960327 FILED AS OF DATE: 19960327 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUPONT E I DE NEMOURS & CO CENTRAL INDEX KEY: 0000030554 STANDARD INDUSTRIAL CLASSIFICATION: PLASTIC MAIL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [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: 96538860 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, 1995 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) ============================================================ PAGE 2 INDEX Page(s) Report of Independent Accountants................. 4 Financial Statements: Statements of Net Assets Available for Plan Benefits, with Fund Information at September 30, 1995 and 1994..................... 5-8 Statements of Changes in Net Assets Available for Plan Benefits, with Fund Information for the Years Ended September 30, 1995 and 1994..... 9-12 Notes to Financial Statements................... 13-22 Supplemental Schedule: Schedule of Assets Held for Investment Purposes at September 30, 1995 (Schedule I).................. 23 EXHIBITS Exhibit Number Description 24 Consent of Independent Accountants. PAGE 3 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: March 27, 1996 By ___________________________________ J. C. Sargent Vice President and Treasurer PAGE 4 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, 1995 and 1994, and the changes in net assets available for plan benefits for the 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. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by ERISA. The Fund Information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for benefits of each fund. Schedule I and the Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. PRICE WATERHOUSE LLP Philadelphia, Pennsylvania March 21, 1996 PAGE 5 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION SEPTEMBER 30, 1995 (Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION 3-Way DuPont Merrill Fixed Fidelity Asset Common Lynch Income Magellan Allocation Stock Loan Equity Fund Fund Fund Fund Fund Index ------------- ----------- ---------- ----------- -------- -------- Investments, at fair value (notes 1, 2 and 3) DuPont Company common stock (cost $461,493) ............. $911,320 Pooled investments (cost $834,356).................... $465,326 $133,165 $263,648 Fixed income (contract value $5,507,691).. $5,507,691 Short-term investments & cash (cost $35,981)................. 34,700 302 86 590 170 Loans to participants- principal balance ........... $185,287 ---------- -------- -------- -------- -------- -------- Total investments .......... 5,542,391 465,628 133,251 911,910 185,287 263,818 Receivables Due from E. I. du Pont de Nemours and Company.. 22,899 3,605 943 1,941 1,139 ---------- -------- -------- -------- -------- -------- Net assets available for plan benefits .................... $5,565,290 $469,233 $134,194 $913,851 $185,287 $264,957 ========== ======== ======== ======== ======== ======== Unit or share values (note 2) ... $86.30 $92.37 $13.86 $68.75 $37.84 ====== ====== ====== ====== ====== Represents more than 5% of the net assets available for benefits. The accompanying notes are an integral part of these financial statements. Continued on next page
PAGE 6 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION SEPTEMBER 30, 1995 (Continued) (Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION Merrill Merrill Merrill Merrill Lynch Lynch Lynch Lynch Basic Total Global Balanced Capital Value All Holdings Fund Fund Fund Funds -------- --------- -------- -------- ----------- Investments, at fair value (notes 1, 2 and 3) DuPont Company common stock (cost $461,493) ............. $ 911,320 Pooled investments (cost $834,356).................... $64,762 $14,607 $64,440 $60,131 1,066,079 Fixed income (contract value $5,507,691).. 5,507,691 Short-term investments & cash (cost $35,981)................. 42 10 42 39 35,981 Loans to participants- principal balance ........... 185,287 -------- -------- ------- -------- ---------- Total investments .......... 64,804 14,617 64,482 60,170 7,706,358 Receivables Due from E. I. du Pont de Nemours and Company....... 581 157 612 499 32,376 -------- --------- -------- -------- --------- Net assets available for plan benefits .................... $65,385 $14,774 $65,094 $60,669 $7,738,734 ======= ======== ======== ======== =========== Unit or share values (note 2) ... $13.78 $11.56 $31.11 $27.54 ====== ====== ====== ====== The accompanying notes are an integral part of these financial statements.
PAGE 7 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION SEPTEMBER 30, 1994 (Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION 3-Way DuPont Merrill Fixed Fidelity Asset Common Lynch Income Magellan Allocation Stock Loan Equity Fund Fund Fund Fund Fund Index ------------- -------- ---------- ----------- -------- -------- Investments, at fair value (notes 1, 2 and 3) DuPont Company common stock (cost $349,679) ............. $618,681 Pooled investments (cost $778,302).................... $324,583 $105,207 $201,346 Fixed income (contract value $5,100,340).. $5,100,340 Short-term investments & cash (cost $40,566)................. 39,954 140 45 266 87 Loans to participants- principal balance ........... $164,277 ---------- -------- -------- -------- -------- -------- Total investments .......... 5,140,294 324,723 105,252 618,947 164,277 201,433 Receivables Due from E. I. du Pont de Nemours and Company....... 22,634 3,090 872 1,020 969 ---------- -------- -------- -------- -------- -------- Net assets available for plan benefits .................... $5,162,928 $327,813 $106,124 $619,967 $164,277 $202,402 ========== ======== ======== ======== ======== ======== Unit or share values (note 2) ... $79.73 $67.41 $11.07 $58.00 $29.24 ====== ====== ====== ====== ====== Represents more than 5% of the net assets available for benefits. The accompanying notes are an integral part of these financial statements. Continued on next page
PAGE 8 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION SEPTEMBER 30, 1994 (Continued) (Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION Merrill Merrill Merrill Merrill Lynch Lynch Lynch Lynch Basic Total Global Balanced Capital Value All Holdings Fund Fund Fund Funds -------- --------- -------- -------- ----------- Investments, at fair value (notes 1, 2 and 3) DuPont Company common stock (cost $349,679) ............. $618,681 Pooled investments (cost $778,302).................... $68,431 $16,125 $45,296 $41,894 802,882 Fixed income (contract value $5,100,340).. 5,100,340 Short-term investments & cash (cost $40,566)................. 29 7 20 18 40,566 Loans to participants- principal balance ........... 164,277 -------- -------- ------- -------- ---------- Total investments .......... 68,460 16,132 45,316 41,912 6,726,746 Receivables Due from E. I. du Pont de Nemours and Company....... 671 180 535 404 30,375 -------- --------- -------- -------- --------- Net assets available for plan benefits .................... $69,131 $16,312 $45,851 $42,316 $6,757,121 ======== ======== ======== ======== =========== Unit or share values (note 2) ... $13.32 $11.67 $27.42 $23.04 ====== ====== ====== ====== The accompanying notes are an integral part of these financial statements.
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, WITH FUND INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 1995 (Dollars in Thousands)
FUND INFORMATION 3-Way DuPont Merrill Fixed Fidelity Asset Common Lynch Income Magellan Allocation Stock Loan Equity Fund Fund Fund Fund Fund Index ------- --------- --------- --------- --------- -------- Investment income Interest ................. $424,680 $ 38 $ 12 $ 47 $14,289 $ 18 Dividends ................ 1,578 24,198 Distribution of loan interest income ........ 11,219 1,061 279 746 (14,289) 475 -------- -------- --------- --------- -------- -------- Total investment income ............... 435,899 2,677 291 24,991 0 493 Net realized gains (losses). 9,320 2,589 39,591 3,735 Net unrealized appre- ciation (depreciation) in fair value of investments .............. 110,579 23,290 180,824 55,238 Contributions DuPont Company's contributions (net of forfeiture of $236) ............... 51,396 6,417 1,863 3,832 2,184 Participants' savings ................ 178,950 26,493 7,517 10,990 7,719 Trust to Trust transfers.. 19,671 45 14 35,079 19 --------- ---------- ------- -------- -------- -------- 685,916 155,531 35,564 295,307 0 69,388 --------- ---------- ------- -------- -------- -------- Withdrawals................. (250,037) (9,727) (2,809) (25,764) (6,061) (7,877) Net transfers among funds Loans .................... (76,484) (5,583) (1,692) (10,549) 99,180 (2,329) Loan principal repayments. 56,081 5,608 1,395 3,937 (72,196) 2,431 Other authorized transfers .............. (13,001) (4,516) (4,433) 30,781 941 Affiliated company transfers in (out), net... (113) 107 45 172 87 1 ---------- --------- ------- -------- -------- -------- (283,554) (14,111) (7,494) (1,423) 21,010 (6,833) ---------- --------- ------- -------- -------- -------- Change in net assets available for plan benefits for the year ..................... 402,362 141,420 28,070 293,884 21,010 62,555 Net assets available for plan benefits: Beginning of year ........ 5,162,928 327,813 106,124 619,967 164,277 202,402 ---------- -------- -------- -------- -------- --------- End of year ..............$5,565,290 $469,233 $134,194 $913,851 $185,287 $264,957 ========== ======== ======== ======== ======== ========= The accompanying notes are an integral part of these financial statements. Continued on next page
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, WITH FUND INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 1995 (Continued) (Dollars in Thousands)
FUND INFORMATION Merrill Merrill Merrill Merrill Lynch Lynch Lynch Lynch Basic Total Global Balanced Capital Value All Holdings Fund Fund Fund Funds --------- --------- --------- -------- ------------ Investment income Interest ................. $ 6 $ 2 $ 7 $ 5 $439,104 Dividends ................ 2,706 1,816 3,613 2,044 35,955 Distribution of Loan interest income ........ 185 49 146 129 ------- ----------- -------- -------- ----------- Total investment income ............... 2,897 1,867 3,766 2,178 475,059 Net realized gains (losses). (269) (610) 287 607 55,250 Net unrealized appre- ciation (depreciation) in fair value of investments............... 2,313 459 7,124 8,141 387,968 Contributions DuPont Company's contributions (net of forfeiture of $286) ............... 1,251 375 1,189 883 69,390 Participants' savings ................ 5,404 1,437 5,019 3,707 247,236 Trust to Trust transfers.. 9 2 7 6 54,852 ------- ----------- --------- -------- ----------- 11,605 3,530 17,392 15,522 1,289,755 ------- ----------- --------- -------- ----------- Withdrawals ................ (1,829) (713) (1,647) (1,847) (308,311) Net transfers among funds Loans .................... (855) (273) (799) (616) Loan principal repayments 1,017 263 715 749 Other authorized transfers .............. (13,701) (4,164) 3,558 4,535 Affiliated company transfers in (out), net... 17 (181) 24 10 169 ------- ---------- --------- -------- ----------- (15,351) (5,068) 1,851 2,831 (308,142) ------- ----------- --------- -------- ----------- Change in net assets available for plan benefits for the year ..................... (3,746) (1,538) 19,243 18,353 981,613 Net assets available for plan benefits: Beginning of year ........ 69,131 16,312 45,851 42,316 6,757,121 ------- ----------- --------- -------- ----------- End of year .............. $65,385 $14,774 $65,094 $60,669 $7,738,734 ======= =========== ========= ======== =========== The accompanying notes are an integral part of these financial statements.
PAGE 11 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 1994 (Dollars in Thousands)
FUND INFORMATION 3-Way DuPont Merrill Fixed Fidelity Asset Common Lynch Income Magellan Allocation Stock Loan Equity Fund Fund Fund Fund Fund Index ----------- --------- ---------- --------- --------- ----------- Investment income Interest ................... $ 411,795 $ 28 $ 9 $ 14 $ 13,012 $ 9 Dividends .................. 28,034 18,962 3 Distribution of loan interest income .......... 10,499 947 279 371 (13,012) 450 ---------- -------- ------- -------- -------- ---------- Total investment income .. 422,294 29,009 288 19,347 0 462 Net realized gains ........... 264 2,008 29,976 2,868 Net unrealized appreciation (depreciation) in fair value of investments ....... (32,438) (5,366) 99,049 4,027 Contributions DuPont Company's contributions (net of forfeiture of $471) ...... 53,590 6,129 1,960 2,284 2,250 Participants' savings ...... 185,933 27,146 7,887 6,174 7,771 Trust to Trust transfers ... 71,776 3 1 4,523 3 ---------- -------- ------- -------- -------- ---------- 733,593 30,113 6,778 161,353 0 17,381 ---------- -------- ------- -------- -------- ---------- Withdrawals .................. (242,448) (9,071) (3,292) (24,615) (7,153) (7,580) Net transfers among funds Loans ...................... (68,863) (4,167) (1,516) (7,850) 87,202 (2,690) Loan principal repayments 53,425 5,205 1,582 1,959 (66,979) 2,248 Other authorized transfers . (70,521) 67,521 (4,964) (18,088) (20,401) Acquisitions (Divestitures), net ........ (11,038) (368) (95) (1,858) (1,089) (304) Affiliated company transfers in (out), net .... (465) (14) 79 (17) 5 ---------- -------- ------- -------- -------- ---------- (339,910) 59,106 (8,206) (50,469) 11,986 (28,727) ---------- -------- ------- -------- -------- ---------- Change in net assets available for plan benefits for the year ...... 393,683 89,219 (1,428) 110,884 11,986 (11,346) Net assets available for plan benefits: Beginning of year .......... 4,769,245 238,594 107,552 509,083 152,291 213,748 ---------- -------- ------- -------- -------- ---------- End of year ................ $5,162,928 $327,813 $106,124 $619,967 $164,277 $202,402 ========== ======== ======= ======== ======== ========== The accompanying notes are an integral part of these financial statements. Continued on next page
PAGE 12 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION FOR THE YEAR ENDED SEPTEMBER 30, 1994 (Continued) (Dollars in Thousands)
FUND INFORMATION Merrill Merrill Merrill Merrill Lynch Lynch Lynch Lynch Basic Total Global Balanced Capital Value All Holdings Fund Fund Fund Funds --------- ---------- --------- --------- ----------- Investment income Interest ................ $ 4 2 $ 5 3 $424,881 Dividends ............... 2,663 $ 1,734 3,406 $ 2,595 57,397 Distribution of Loan interest income ....... 174 49 121 122 -------- ----------- -------- --------- ----------- Total investment income .............. 2,841 1,785 3,532 2,720 482,278 Net realized gains ........ 393 (108) 288 234 35,923 Net unrealized appre- ciation (depreciation) in fair value of investments ............. (709) (1,468) (1,752) (1,417) 59,926 Contributions DuPont Company's contributions (net of forfeiture of $471) .............. 1,189 384 1,081 834 69,701 Participants' savings ............... 5,451 1,689 4,633 3,543 250,227 Trust to Trust transfers. 1 1 1 76,309 ------- ----------- --------- -------- ----------- 9,166 2,282 7,783 5,915 974,364 ------- ----------- --------- -------- ----------- Withdrawals ............... (1,101) (499) (1,273) (1,310) (298,342) Net transfers among funds Loans ................... (576) (293) (589) (658) Loan principal repayments 1,035 256 638 631 Other authorized transfers ............. 30,834 2,180 3,957 9,482 Acquisitions (Divestitures), net ..... (69) (48) (112) (34) (15,015) Affiliated company transfers in (out), net.. 1 2 (3) (412) ------- ---------- --------- -------- ----------- 30,123 1,597 2,623 8,108 (313,769) ------- ----------- --------- -------- ----------- Change in net assets available for plan benefits for the year .................... 39,289 3,879 10,406 14,023 660,595 Net assets available for plan benefits: Beginning of year ....... 29,842 12,433 35,445 28,293 6,096,526 ------- ----------- --------- -------- ----------- End of year ............. $69,131 $16,312 $45,851 $42,316 $6,757,121 ======= =========== ========= ======== =========== The accompanying notes are an integral part of these financial statements.
PAGE 13 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 (Dupont Merck), a general partnership which has adopted the Plan) 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, 1995 and September 30, 1994, there was no limitation on the after-tax savings rate (other than the plan limit) for the "Highly Compensated" employees and the allowable before-tax savings rate was 13% in both years. At September 30, 1995 and September 30, 1994, the allowable before-tax savings rate for the "Highly Compensated" employees at Dupont Merck was 12%, in both years. In addition, in accordance with Internal Revenue Code, the Plan limited contributions by any employee to the before-tax account to $9,240 in 1995 and 1994. 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 PAGE 14 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 charged by selected major banks to prime customers for secured loans. 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: 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, 1995 and September 30, 1994 was 8.2% and 8.7%, respectively. Fidelity Magellan Fund -- A growth mutual fund offered through Fidelity Investments Institutional Operations Company. PAGE 15 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) 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). DuPont Common Stock Fund -- DuPont common stock. Loan Fund -- Participant loans--amounts transferred from the Fixed Income Fund, the Fidelity Magellan Fund, 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. Trust to Trust transfers represent transfers to the Plan from the DuPont Pension Plan and Tax Reform Act Stock Ownership Plan sponsored by the Company. Acquisitions (divestitures) represent transfers between the Plan and other qualified trusts as the result of the purchase (sale) of certain Company businesses. Affiliated company transfers in (out) represent the net movement of participant account balances between the Plan and other Company sponsored defined contribution benefit plans. At September 30, 1995 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): Fixed Income Fund (81,000); Fidelity Magellan Fund (16,500); DuPont Common Stock Fund (56,500); 3-Way Asset Allocation Fund (6,900); Merrill Lynch (ML) Global Holdings (5,700); ML Balanced Fund(2,100); ML Equity Index (8,600); ML Capital Fund (5,200); ML Basic Value Fund (4,100). Approximately 22,900 participants had loans outstanding in the Loan Fund at September 30, 1995. PAGE 16 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) ADMINISTRATION The designated trustee of all the aforementioned funds is Merrill Lynch Trust Company of America (Merrill Lynch). The administration of the Plan is vested in the Company which may designate one or more persons to operate and administer the Plan. The Company has the responsibility of appointing the trustees and the Vice President, Pension Fund Investment, has the authority to designate the Plan's investment options. All recordkeeping and trustee fees of the Plan are paid by the Company. Brokerage fees, transfer taxes, investment fees and other expenses incident to the purchase and sale of securities and investments in the Fixed Income Fund, Fidelity Magellan Fund, DuPont Common Stock Fund, 3-Way Asset Allocation Fund, and Merrill Lynch Funds shall be included in the cost of such securities or investments, or deducted from the sales proceeds, as the case may be. 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 all account balances will be made based upon the valuation of the participant's account. 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 Fixed Income Fund guaranteed investment contracts, separate account portfolios and synthetic guaranteed investment contracts are fully benefit responsive and thus, are stated at cost plus accrued interest, using the contracted interest rates applied to the daily account balances. Investments in the Fidelity Magellan Fund, the DuPont Common Stock Fund, and Merrill Lynch Mutual Funds, except for the Equity Index Fund, are stated at fair value based on publicly quoted market prices. Investments in the Merrill Lynch Equity Index Fund and the 3-Way Asset Allocation Fund are stated at the fair value of all underlying assets as reported by the applicable custodian. 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, Fidelity Magellan 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. There is no unit value for the loan fund since loans are identified directly with participants' accounts. PAGE 17 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) 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. Certain reclassifications have been made to the Plan's 1994 financial statements to conform with the 1995 presentation. NOTE 3 -- INVESTMENTS The following presents the Plan's investments at fair value. September 30, September 30, 1995 1994 ------------ ------------- (Dollars in Thousands) Investments at fair value Fixed income ............................. $5,507,691 $5,100,340 DuPont common stock ...................... 911,320 618,681 Short-term investments & cash ............ 35,981 40,566 Loans to participants .................... 185,287 164,277 Pooled investments ....................... 1,066,079 802,882 ---------- ---------- Total investments at fair value ........ $7,706,358 $6,726,746 ========== ========== The Plan held 13,255,556 shares of DuPont Common Stock valued at $68.75 per share. Short-term investments represent funds deposited in the Merrill Lynch Government Fund, a money market fund. PAGE 18 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) The pooled investments consist of the following:
September 30, 1995 -------------------------- Fair Market Value Cost ----------- ---------- (Dollars in Thousands) 3-Way Asset Allocation Fund .............. $ 133,165 $ 103,911 Fidelity Magellan Fund ................... 465,326 357,718 Merrill Lynch Mutual Funds Equity Index Trust ..................... 263,648 188,469 Global Holdings ........................ 64,762 60,074 Balanced Fund .......................... 14,607 14,901 Capital Fund ........................... 64,440 57,052 Basic Value Fund ....................... 60,131 52,231 ---------- ---------- Total Pooled Investments ................. $1,066,079 $ 834,356 ========== ==========
Fixed income guaranteed investment contracts (GIC), separate account portfolios (SAP) and synthetic guaranteed investment contracts (SYN) at September 30, 1995 consist of the following:
Current Description Value ----------- ----------- (Dollars in Thousands) Aetna Life Insurance Company--8.73%, 12/1/96 (GIC) ............ $ 63,124 Aetna Life Insurance Company--8.88%, 12/1/96 (GIC) ............ 63,915 Aetna Life Insurance Company--8.52%, 12/1/96 (GIC) ............ 62,055 Aetna Life Insurance Company--9.71%, 12/1/98 (GIC) ............ 122,100 Aetna Life Insurance Company--9.48%, 12/1/98 (GIC) ............ 120,498 Aetna Life Insurance Company--8.9%, 12/1/99 (GIC) ............ 122,561 Aetna Life Insurance Company--8.89%, 12/1/00 (GIC) ............ 112,701 Aetna Life Insurance Company--7.96%, 1/1/00 (SAP) ............. 180,716 Aetna Life Insurance Company--7.28%, 1/1/00 (SAP) ............. 107,049 Allstate Life Insurance Company--8.50%, 12/3/01 (GIC) ......... 130,518 Bankers Trust--6.49%, 8/31/02 (SYN) ........................... 208,039 Bankers Trust--7.36%, none (SYN) .............................. 237,304 Citibank--5.38%, 9/1/00 (SYN) ................................. 166,403 Citibank--7.45%, 8/1/01 (SYN) ................................. 54,570 John Hancock Mutual Life Insurance Company-- 9.4%, 12/1/98 (GIC) ......................................... 119,946 John Hancock Mutual Life Insurance Company-- 9.0%, 12/1/99 (GIC) ......................................... 123,158
PAGE 19 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 (GIC), separate account portfolios (SAP) and synthetic guaranteed investment contracts (SYN) at September 30, 1995 consist of the following (continued):
Current Description Value ----------- ----------- (Dollars in Thousands) John Hancock Mutual Life Insurance Company--8.89%, 12/1/99 (GIC). $ 122,506 John Hancock Mutual Life Insurance Company--8.31%, 12/3/01 (GIC). 86,871 John Hancock Mutual Life Insurance Company--6.63%, 1/1/00 (SAP).. 168,678 Massachusetts Mutual Life Insurance Company--9.15%, 12/1/00 (GIC) 110,229 Metropolitan Life Insurance Company-- 7.31%, 7/1/00 (SAP) ....... 126,040 Metropolitan Life Insurance Company--9.64%, 12/1/98 (GIC) ....... 121,611 J. P. Morgan--6.578%, 1/1/99 (SYN) .............................. 85,256 J. P. Morgan--6.990%, none (SYN) ................................ 229,992 New York Life Insurance Company--10.15%, 12/1/97 (GIC) .......... 93,721 New York Life Insurance Company--9.75%, 12/1/97 (GIC) ........... 91,284 New York Life Insurance Company--9.36%, 12/1/98 (GIC) ........... 119,669 New York Life Insurance Company--9.66%, 12/1/98 (GIC) ........... 36,445 New York Life Insurance Company--9.27%, 12/01/00 (GIC) .......... 93,389 New York Life Insurance Company--7.25%, 7/1/00 (SAP) ............ 107,147 New York Life Insurance Company--7.17%, 7/1/00 (SAP) ............ 146,076 New York Life Insurance Company--6.5%, 4/1/00 (SAP) ............. 146,363 Peoples Security Life Insurance Company, a Member of the Capital Holdings Family--6.395%, 1/1/00 (SYN) ................ 214,104 Peoples Security Life Insurance Company, a Member of the Capital Holdings Family--7.39%, 1/1/00 (SYN) ................. 248,600 Prudential Life Insurance Company--11.27%, 12/1/95 (GIC) ........ 10,523 Prudential Life Insurance Company--10.62%, 12/1/95 (GIC) ........ 9,969 Prudential Life Insurance Company--10.48%, 12/1/95 (GIC) ........ 9,853 Prudential Life Insurance Company--10.65%, 12/1/97 (GIC) ........ 96,831 Prudential Life Insurance Company--8.97%, 12/1/99 (GIC) ......... 127,897 Prudential Life Insurance Company-- 9.6%, 12/1/00 (GIC) ......... 96,867 Prudential Life Insurance Company--8.19%, 7/1/00 (SAP) ......... 107,968 Prudential Life Insurance Company--7.78%, 1/2/00 (SAP) .......... 109,493 Prudential Life Insurance Company--9.01%, 12/1/99 (GIC) ......... 128,143 Travelers Life Insurance Company--10.17%, 12/1/97 (GIC) ......... 93,854 Travelers Life Insurance Company--9.15%, 12/1/99 (GIC) .......... 124,052 Union Bank of Switzerland--7.46%, none (SYN) .................... 249,603 ---------- Total Investment in Fixed Income ............................. 5,507,691 ==========
PAGE 20 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) The crediting rates for SAP and SYN contracts are reset annually and are based on the market value of the underlying portfolio of assets backing these contracts. Inputs used to determine the crediting rate include each contract's portfolio market value, current yield-to-maturity, duration (i.e., weighted average life), and market value relative to contract value. All contracts have a guaranteed rate of 0% or higher. The carrying values and fair values of investment contracts as of September 30, 1995 are as follows: Carrying Value (contract value) Fair Value (Dollars in Thousands) Guaranteed Investment Contracts $2,614,290 $2,763,124 Synthetic Guaranteed Investment Contracts 1,693,871 1,693,872 Separate Account Guaranteed Investment 1,199,530 1,225,319 Contracts $5,507,691 $5,682,315 ========== ========== Included in the fair value of synthetic guaranteed investment contracts is $(33,917) related to wrapper contracts which guarantee the contract value of the synthetic guaranteed investment contracts for participant-initiated withdrawal events. PAGE 21 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) 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. 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 -- 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: September 30, 1995 1994 ----------- ----------- (Dollars in Thousands) Net assets for benefits per the financial statements $7,738,734 $6,757,121 Less: Amounts allocated to withdrawing participants (3,978) (2,735) ----------- ----------- Net assets available for benefits per the Form 5500: $7,734,756 $6,754,386 =========== =========== PAGE 22 SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") NOTES TO FINANCIAL STATEMENTS - (Continued) The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: Year ended September 30, 1995 ---------------------- (Dollars in Thousands) Benefits paid to participants per the financial statements $308,311 Add: Amounts allocated to withdrawing participants at September 30, 1995 3,978 Less: Amounts allocated to withdrawing participants at September 30, 1994 (2,735) ------------ Benefits paid to participants per the Form 5500 $309,554 ============ Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to September 30 but not yet paid as of that date. NOTE 7 -- SUBSEQUENT EVENTS Effective January 1, 1996, the 3-Way Asset Allocation Fund Advisor's name has changed from Wells Fargo Nikko Investment Advisors to BZW Global Investors. Concurrently, the Trustee's name has changed from Wells Fargo Institutional Trust Company to BZW Global Trust Company, N.A. The change is a result of the acquisition of Wells Fargo Nikko Investment Advisors by Barclay's PLC. The acquisition is not expected to effect the management of the 3-Way Asset Allocation Fund. On March 1, 1996 Merrill Lynch merged the Balanced Fund into the Global Allocation Fund; thereby, eliminating the Balanced Fund from Merrill Lynch's investment line-up. Prior to the merger, participants were permitted to transfer their Balanced Fund holding to any of the other investment options available in the Plan. At the discretion of the Administrator, the Plan's position remaining in the Balanced Fund, immediately prior to the merger, was converted to the Merrill Lynch Capital Fund. PAGE 23 SCHEDULE I SAVINGS AND INVESTMENT PLAN OF E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY") ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES SEPTEMBER 30, 1995
Current Description Cost Value - ----------- ----------- ---------- (Dollars in Thousands) Aetna Life Insurance Company--8.73%, 12/1/96 (GIC) ..... $ 63,124 $ 63,124 Aetna Life Insurance Company--8.88%, 12/1/96 (GIC) ...... 63,915 63,915 Aetna Life Insurance Company--8.52%, 12/1/96 (GIC) ...... 62,055 62,055 Aetna Life Insurance Company--9.71%, 12/1/98 (GIC) ...... 122,100 122,100 Aetna Life Insurance Company--9.48%, 12/1/98 (GIC) ...... 120,498 120,498 Aetna Life Insurance Company--8.9%, 12/1/99 (GIC) ...... 122,561 122,561 Aetna Life Insurance Company--8.89%, 12/1/00 (GIC) ...... 112,701 112,701 Aetna Life Insurance Company--7.96%, 1/1/00 (SAP) ....... 180,716 180,716 Aetna Life Insurance Company--7.28%, 1/1/00 (SAP) ....... 107,049 107,049 Allstate Life Insurance Company--8.50%, 12/3/01 (GIC).... 130,518 130,518 Bankers Trust--6.49%, 8/31/02 (SYN) ..................... 208,039 208,039 Bankers Trust--7.36%, none (SYN) ........................ 237,304 237,304 Citibank--5.38%, 9/1/00 (SYN) ........................... 166,403 166,403 Citibank--7.45%, 8/1/01 (SYN) ........................... 54,570 54,570 John Hancock Mutual Life Insurance Company-- 9.4%, 12/1/98 (GIC) ................................... 119,946 119,946 John Hancock Mutual Life Insurance Company-- 9.0%, 12/1/99 (GIC) ................................... 123,158 123,158 John Hancock Mutual Life Insurance Company-- 8.89%, 12/1/99 (GIC) .................................. 122,506 122,506 John Hancock Mutual Life Insurance Company-- 8.31%, 12/3/01 (GIC) .................................. 86,871 86,871 John Hancock Mutual Life Insurance Company-- 6.63%, 1/1/00 (SAP) ................................... 168,678 168,678 Massachusetts Mutual Life Insurance Company-- 9.15%, 12/1/00 (GIC) .................................. 110,229 110,229 Metropolitan Life Insurance Company--7.31%,7/1/00 (SAP) . 126,040 126,040 Metropolitan Life Insurance Company--9.64%,12/1/98 (GIC). 121,611 121,611 J. P. Morgan--6.578%, 1/1/99 (SYN) ...................... 85,256 85,256 J. P. Morgan--6.99%, none (SYN) ......................... 229,992 229,992 New York Life Insurance Company--10.15%, 12/1/97 (GIC)... 93,721 93,721 New York Life Insurance Company--9.75%, 12/1/97 (GIC) ... 91,284 91,284 New York Life Insurance Company--9.36%, 12/1/98 (GIC) ... 119,669 119,669 New York Life Insurance Company--9.66%, 12/1/98 (GIC) ... 36,445 36,445 New York Life Insurance Company--9.27%, 12/01/00 (GIC)... 93,389 93,389 New York Life Insurance Company--7.25%, 7/1/00 (SAP) .... 107,147 107,147 New York Life Insurance Company--7.17%, 7/1/00 (SAP) .... 146,076 146,076 New York Life Insurance Company--6.5%, 4/1/00 (SAP) ..... 146,363 146,363 Peoples Security Life Insurance Company, a Member of the Capital Holdings Family--6.395%, 1/1/00 (SYN) ...... 214,104 214,104 Peoples Security Life Insurance Company, a Member of the Capital Holdings Family--7.39%, 1/1/00 (SYN) ....... 248,600 248,600 Prudential Life Insurance Company--11.27%, 12/1/95 (GIC). 10,523 10,523 Prudential Life Insurance Company--10.62%, 12/1/95 (GIC). 9,969 9,969 Prudential Life Insurance Company--10.48%, 12/1/95 (GIC). 9,853 9,853 Prudential Life Insurance Company--10.65%, 12/1/97 (GIC). 96,831 96,831 Prudential Life Insurance Company--8.97%, 12/1/99 (GIC).. 127,897 127,897 Prudential Life Insurance Company-- 9.6%, 12/1/00 (GIC).. 96,867 96,867 Prudential Life Insurance Company--8.19%, 7/1/00 (SAP) .. 107,968 107,968 Prudential Life Insurance Company--7.78%, 1/2/00 (SAP) .. 109,493 109,493 Prudential Life Insurance Company--9.01%, 12/1/99 (GIC).. 128,143 128,143 Travelers Life Insurance Company--10.17%, 12/1/97 (GIC).. 93,854 93,854 Travelers Life Insurance Company--9.15%, 12/1/99 (GIC)... 124,052 124,052 Union Bank of Switzerland--7.46%, none (SYN) ............ 249,603 249,603 --------- --------- Total GIC, SAP AND SYN $5,507,691 $5,507,691 Fidelity Magellan Fund 357,718 465,326 3-Way Asset Allocation Fund 103,911 133,165 DuPont Common Stock 461,493 911,320 Loans to Participants (7.25% - 9.25%) 185,287 185,287 Short Term Investments and Cash 35,981 35,981 Merrill Lynch Equity Index 188,469 263,648 Merrill Lynch Global Holdings 60,074 64,762 Merrill Lynch Balanced Fund 14,901 14,607 Merrill Lynch Capital Fund 57,052 64,440 Merrill Lynch Basic Value Fund 52,231 60,131 ---------- ---------- Total Investment Portfolio $7,024,808 $7,706,358 ========== ========== GIC Guaranteed Investment Contract SAP Denotes a Separate Account Portfolio SYN Denotes Synthetic Guaranteed Investment Contract
PAGE 24 EXHIBIT INDEX Exhibit Number Description 24 Consent of Independent Accountants. PAGE 25 Exhibit 24 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-36339) of E. I. du Pont de Nemours and Company of our report dated March 21, 1996, which appears on page 4 of this Form 11-K. PRICE WATERHOUSE LLP Philadelphia, Pennsylvania March 27, 1996 -----END PRIVACY-ENHANCED MESSAGE-----