-----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, MuYsa7t0EZ8gY+yAnbEb52jshckAwgEU56q7PIbfsnj6rHi3MZefxTh3ExUgFqFZ umIMvpZLQOjfEYLcCS8dAQ== 0000068366-96-000022.txt : 19960724 0000068366-96-000022.hdr.sgml : 19960724 ACCESSION NUMBER: 0000068366-96-000022 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960722 SROS: CSE SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: THIOKOL CORP /DE/ CENTRAL INDEX KEY: 0000068366 STANDARD INDUSTRIAL CLASSIFICATION: GUIDED MISSILES & SPACE VEHICLES & PARTS [3760] IRS NUMBER: 362678716 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06179 FILM NUMBER: 96597226 BUSINESS ADDRESS: STREET 1: 2475 WASHINGTON BLVD CITY: OGDEN STATE: UT ZIP: 84401 BUSINESS PHONE: 8016292000 FORMER COMPANY: FORMER CONFORMED NAME: MORTON THIOKOL INC DATE OF NAME CHANGE: 19890705 FORMER COMPANY: FORMER CONFORMED NAME: MORTON NORWICH PRODUCTS INC/DE DATE OF NAME CHANGE: 19821004 11-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] for the fiscal year ended December 31, 1995 ----------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] for the transition period from to ----------------- ------------------ Commission file number: 1-6179 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. ------------------------ (Full title of the plan and address of the plan, if different from that of the issuer named below) THIOKOL CORPORATION 2475 Washington Blvd., Ogden, Utah 84401-2398 --------------------------------------------- (Name of issuer of the securities held pursuant to the plan and the address of its principal executive office) Retirement Savings and Investment Plan for Space Services Unit Employees of Thiokol Corporation and Huck International, Inc. Audited Financial Statements December 31, 1995 and 1994 With Report of Independent Auditors RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. Audited Financial Statements December 31, 1995 and 1994 Report of Independent Auditors........................................... 1 Statements of Net Assets Available for Benefits.......................... 2 Statements of Changes in Net Assets Available for Benefits............... 3 Notes to Financial Statements............................................ 4 Report of Indepedent Auditors Compensation Committee of the Board of Directors Thiokol Corporation We have audited the accompanying statements of net assets available for benefits of the Retirement Savings and Investment Plan for Space Services Unit Employees of Thiokol Corporation and Huck International, Inc. as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1995 and 1994, and the changes in its net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. /s/ Ernst & Young LLP April 10, 1996
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31 1995 1994 ----------- ----------- ASSETS Investments, at fair value - Note C Fixed Return Fund $14,355,619 $21,470,089 Government Securities Fund 865,610 825,538 Balanced Fund 1,994,955 Equity Index Fund 8,214,892 7,082,715 International Equity Fund 686,710 Aggressive Equity Fund 1,502,986 Thiokol Corporation Stock Fund 4,339,338 3,767,074 ----------- ----------- TOTAL INVESTMENTS 31,960,110 33,145,416 Loans to participants 1,599,031 2,461,774 Accrued income receivable 120,266 ----------- ----------- TOTAL ASSETS 33,679,407 35,607,190 LIABILITIES Withdrawals payable 34,144 148 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $33,645,263 $35,607,042 =========== =========== See notes to Financial Statements.
2
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Year Ended December 31 1995 1994 ------------ ------------ Contributions and investment income Company contributions $ 1,354,540 $ 1,418,498 Participant contributions 3,351,854 3,418,184 Rollover contributions 2,732,343 750,441 Dividend income 408,972 133,670 Interest income 1,249,038 1,403,337 ------------ ------------ TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 9,096,747 7,124,130 Net gain on sale of plan assets - Note D 1,157,494 211,693 Net unrealized appreciation in fair value of investments - Note C 2,170,570 41,296 Participant payments (13,483,444) (1,343,019) Administrative expenses (52,982) Plan transfers (850,164) 201,446 ------------ ------------ NET (DECREASE) INCREASE (1,961,779) 6,235,546 Net assets available for benefits at beginning of year 35,607,042 29,371,496 ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 33,645,263 $ 35,607,042 ============ ============ See notes to Financial Statements.
3 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE A - SIGNIFICANT ACCOUNTING POLICIES General: - -------- All investments of the Thiokol Corporation Retirement Savings and Investment Plan for Space Services Unit Employees of Thiokol Corporation and Huck International, Inc. (the Plan) are held by the Thiokol Corporation Master Savings Trust (the Trust). The Trust invests the assets of four employee retirement savings and investment plans and one pension plan of Thiokol Corporation (the Company). The Northern Trust Company (the Trustee) is custodian of the Trust's investments. Effective January 1, 1995, the Company enhanced the Plan by converting to a daily valuation system and expanding the investment fund choices by adding three new funds: the Balanced Fund, the International Equity Fund, and the Aggressive Equity Fund. See Note C for a description of the seven funds in which the assets of the Plan are invested. Under the daily valuation system, a Net Asset Value (NAV) is computed daily for each fund based on the current fair value of the fund's assets. On January 1, 1995, the NAV of each fund was established at $10.00. A participant's fund balance is computed by multiplying the NAV by the number of units owned. The Company's and participants' contributions, loans made to participants, repayments received from participants, and benefit payments or withdrawals are specifically identified for each plan. Income (loss) is allocated to the various plans based upon each plan's proportionate share of the fair value of the Trust's assets related to that income. Asset values in the Plan reflect the deduction of brokerage commissions, related transaction costs and other fees assessed by the various investment managers. Costs incurred by the Plan to administer the daily valuation system are allocated daily to each investment fund as a reduction of the NAV at an annual rate of fifteen one hundreths of one percent. All other Plan administrative and general expenses are paid by the Company. Reclassification: - ----------------- Certain reclassifications were made to the 1994 financial statements to conform with the 1995 presentation. 4 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE A - SIGNIFICANT ACCOUNTING POLICIES (Continued) Investments: - ------------ There are seven investment options and one employee loan option under the Plan. Investment options are: the Fixed Return Fund, the Government Securities Fund, the Balanced Fund, the Equity Index Fund, the International Equity Fund, the Aggressive Equity Fund, and the Company Stock Fund. Investment managers for each fund are appointed by the Compensation Committee of the Company's Board of Directors. Investments in the stock of the Company are recorded at fair market value as determined by the closing price on the New York Stock Exchange. The investment managers for the Equity Index, Balanced, International Equity, and Aggressive Equity funds provide the composite value of their respective funds on a daily basis to the Trustee based upon each investment's closing price from the appropriate exchange or closing bid prices from investment brokerage firms. The Fixed Return and Government Securities Contracts are valued at contract value, which represents periodic deposit amounts net of funds used to pay participants' withdrawals, plus credited interest at the contract rate. The interest rate for each contract is reviewed and may be adjusted semi-annually to reflect current interest rates. The stated interest rate has been adjusted for estimated contract transaction and plan administration costs. Funds may be invested on a temporary basis in common trust funds. Participation units in common trust funds, comprised exclusively of short-term investments, are valued at par value, which is equal to redemption value. Gain or loss on the sale of Plan assets is determined by utilizing an historical average unit cost of investments. Unrealized appreciation or depreciation is determined by the change in fair value for the twelve-month period. 5 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE B - DESCRIPTION OF THE PLAN The Plan is a defined-contribution 401(k) plan established to provide eligible employees with an incentive to make systematic savings for retirement from current income through payroll deductions and to provide an opportunity to acquire an equity interest in the Company or to invest in one of the other six investment choices. All Huck International, Inc. employees except Kingston bargaining employees, are eligible to participate in the Plan. During the year all operations ceased at the Iuka, Mississippi Nozzle facility and the Space Services Unit of the Company. There are no longer any active employees from these two locations participating in the Plan, though some former employees have balances in the Plan. Participation in the Plan is voluntary. Participants may make contributions to the Plan for any whole percentage up to a maximum of 17% of base pay subject to limitations imposed by Federal Tax Regulations. The Company contributes an amount equal to 50% of the participants' base pay up to 8%, adjusted for any current forfeitures and reinstatement of prior forfeitures. Company contributions are allocated among the investment funds in accordance with the participants' elections. Participants may transfer amounts from one investment fund to another subject to certain restrictions. Information about the Plan's vesting and benefit provisions is contained in the booklet entitled Your Employee Benefits and is available from the Company's human resources department. Active participants may obtain loans from the Plan. The maximum loan amount is subject to certain restrictions and each loan is secured by the participant's account balance. The interest charged on loans is based upon rates as determined by the Plan Administration Committee subject to Department of Labor regulations. The Company has the right to terminate, amend, modify or suspend the Plan at any time. In the event the Plan is terminated, the entire value of the investment funds shall be applied for the exclusive benefit of participants, and no part of the funds will revert to the Company. Upon termination of the Plan, the Company will have no obligation to continue making contributions to the Plan. 6 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE C - INVESTMENTS A description of the investment funds follows: Fixed Return Fund: - ------------------ This fund is in the custody of and managed by Connecticut General Life Insurance Company, under a group annuity contract issued to the Trustee, which provides for a fixed rate of return. The stated annual rate of return was 5.10% and 5.50% for the first and second halves of 1995 respectively, and 6.25% for all of 1994. The average yield for the fund was 5.30% and 6.25% for 1995 and 1994 respectively. The majority of Fund assets consist of intermediate-term investment grade corporate bonds. Government Securities Fund: - --------------------------- This fund is in the custody of and managed by Metropolitan Life Insurance Company under a group annuity contract. The fund invests in intermediate-term United States Government and Government National Mortgage Association fixed income securities backed by the full faith and credit of the United States Treasury and in other highly rated short-term securities. The effective annual rate of return was 4.60% and 5.00% for the first and second halves of 1995 respectively, and 5.75% for all of 1994. The average yield for the fund was 4.80% and 5.75% for 1995 and 1994 respectively. Balanced Fund: - -------------- This fund is managed by the investment management firm of Dodge and Cox. The fund is invested in both common stocks and bonds. The value of investments can fluctuate due to general stock and bond market conditions as well as the performance of the individual securities in which the fund is invested. Investments in any single stock or bond issue, with the exception of United States government securities, are seldom in excess of 2% of total fund assets. 7 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE C - INVESTMENTS (Continued) Equity Index Fund: - ------------------ This fund is in the custody of and managed by the Bankers Trust Company. The fund is invested primarily in common stocks and securities convertible into common stocks and in other similar types of equity investments which closely mirror the Standard and Poor's 500 Composite Stock Price Index. The value of investments can fluctuate due to general stock market conditions and the performance of the individual securities which comprise the Standard and Poor's 500 Composite Stock Price Index. On November 28, 1994 at the Company's request, Banker's Trust transferred the Plan's assets from one S&P 500 index fund to a different S&P 500 index fund, both of which are managed by Banker's Trust. This transfer permitted a change from a monthly to a daily valuation system. As a result of the transfer, the previous fund realized a net gain of $105,590, and the new fund recognized a realized gain of $32,636 resulting in a total realized gain of $138,226 for the year (See Note D). International Equity Fund: - -------------------------- This fund is managed by the investment management firm of Rowe Price - Fleming International. This fund is broadly diversified by investing in the equity securities of established foreign companies. Generally this fund is invested in over 300 stocks in more than 25 countries. This fund may invest in corporate and government debt securities, futures, options and enter into forward foreign currency exchange contracts. The fund is managed on a team basis by several portfolio managers that are each responsible for a geographic region. The portfolio managers are supported by more than 100 financial analysts. The value of this fund fluctuates with world stock and currency market conditions and the performance of the individual securities in the fund. Aggressive Equity Fund: - ----------------------- This fund is managed by the investment management firm of Target Investors, Inc. This fund is invested in the common stocks of small, rapidly growing companies. A small growth company is one which is still in the early state of its life cycle, yet has demonstrated, or is expected to achieve, long-term earnings growth. Investments in any single stock rarely exceed 4% of total fund assets. The value of investments can fluctuate due to general stock market conditions and the performance of the individual securities in the fund. 8 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE C - INVESTMENTS (Continued) Thiokol Corporation Stock Fund: - ------------------------------- This fund is in the custody of The Northern Trust Company. The fund is invested primarily in Thiokol Corporation common stock. Its performance depends primarily upon the performance of the Company's stock. As with other stocks, the market value of this stock can fluctuate, and participants' investments in this fund can increase or decrease in value. Prior to the Plan being on a daily valuation system, the unit value used to determine a participant's account balance was shares of Company stock. With the conversion to a daily valuation system, the NAV is the unit used to determine a participant's account balance. 9 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS
NOTE C - INVESTMENTS (Continued) During 1995 and 1994, the unrealized appreciation (depreciation) of the Plan's investments was as follows: Appreciation (Depreciation) In Fair Value During the Period Fair Value Cost ----------------- ----------- ----------- December 31, 1995: Fair value determined by redemption or contract value: Fixed Return Fund $14,355,619 $14,355,619 Government Securities Fund 865,610 865,610 Fair value determined by quoted market prices: Balanced Fund $ 131,743 1,994,955 1,863,212 Equity Index Fund 1,745,494 8,214,892 6,555,841 International Equity Fund 42,269 686,710 644,441 Aggressive Equity Fund (96,364) 1,502,986 1,599,350 Thiokol Corporation Stock Fund 347,428 4,339,338 2,568,537 ----------- ----------- ----------- $2,170,570 $31,960,110 $28,452,610 =========== =========== =========== December 31, 1994: Fair value determined by redemption or contract value: Fixed Return Fund $21,470,089 $21,470,089 Government Securities Fund 825,538 825,538 Fair value determined by quoted market prices: Thiokol Corporation Stock $ 123,275 3,767,074 2,343,702 Equity Index Fund (81,979) 7,082,715 7,169,157 ----------- ----------- ----------- $ 41,296 $33,145,416 $31,808,486 =========== =========== ===========
10 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND Year Ended December 31, 1995 ------------------------------------------------ Fixed Gov't Return Sec. Balanced Fund Fund Fund ----------- --------- ---------- Contributions and investment income: Company contributions $ 605,300 $ 43,248 $ 46,719 Participant contributions 1,506,692 100,358 116,219 Rollover contributions 1,262,169 76,154 362,968 Dividend income 49,030 Interest income 1,131,270 45,155 2,591 ----------- --------- ---------- TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 4,505,431 264,915 577,527 Net gain on sale of plan assets 33,876 Net unrealized appreciation (depreciation) in fair value of investments 131,743 Participant payments (9,077,480) (351,198) (302,818) Administrative expense (28,727) (1,317) (1,432) Plan transfers (618,735) (9,030) (3,481) Participant transfers (2,638,631) 125,025 1,608,223 ----------- --------- ---------- NET (DECREASE) INCREASE (7,858,142) 28,395 2,043,638 Net assets available for benefits at beginning of year 23,124,034 849,965 ----------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $15,265,892 $ 878,360 $2,043,638 =========== ========= ==========
11
RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 1995 - ------------------------------------------------------------------------------------------------------------ Equity Int'l Aggressive Company Index Equity Equity Stock Fund Fund Fund Fund Total - ------------ ------------ ------------ ------------ ------------ $ 329,809 $ 47,423 $ 52,790 $ 229,251 $ 1,354,540 830,560 121,409 136,309 540,307 3,351,854 453,223 138,577 342,253 96,999 2,732,343 241,419 26,672 91,851 408,972 34,086 4,790 5,095 26,051 1,249,038 - ------------ ------------ ------------ ------------ ------------ 1,889,097 338,871 536,447 984,459 9,096,747 550,957 52,522 92,150 427,989 1,157,494 1,745,494 42,269 (96,364) 347,428 2,170,570 (2,566,910) (409,326) (289,249) (486,463) (13,483,444) (12,048) (1,236) (1,844) (6,378) (52,982) (162,513) (1,210) (2,592) (52,603) (850,164) (463,540) 759,003 1,337,183 (727,263) - ------------ ------------ ------------ ------------ ------------ 980,537 780,893 1,575,731 487,169 (1,961,779) 7,627,656 4,005,387 35,607,042 - ------------ ------------ ------------ ------------ ------------ $ 8,608,193 $ 780,893 $ 1,575,731 $ 4,492,556 $ 33,645,263 ============ ============ ============ ============ ============
12 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND (Continued) Year Ended December 31, 1994 ---------------------------------------------------------------------------- Fixed Equity Company Gov't. Return Index Stock Sec. Fund Fund Fund Fund Total ------------ ------------ ------------ ------------ ------------ Contributions and investment income: Company contributions $ 775,261 $ 371,940 $ 237,529 $ 33,768 $ 1,418,498 Participant contributions 1,849,749 926,538 563,295 78,602 3,418,184 Rollover contributions 302,453 184,386 161,958 101,644 750,441 Dividend income 42,777 90,893 133,670 Interest income 1,309,109 39,567 15,428 39,233 1,403,337 ------------ ------------ ------------ ------------ ------------ TOTAL CONTRIBUTIONS AND INVESTMENT INCOME 4,236,572 1,565,208 1,069,103 253,247 7,124,130 Net gain on sale of plan assets 138,226 73,467 211,693 Net unrealized (depreciation) appreciation in fair value of investments (81,979) 123,275 41,296 Participant payments (926,343) (227,179) (177,357) (12,140) (1,343,019) Plan transfers 108,444 48,054 37,086 7,862 201,446 Participant transfers (222,672) 285,336 (82,566) 19,902 ------------ ------------ ------------ ------------ ------------ NET INCREASE 3,196,001 1,727,666 1,043,008 268,871 6,235,546 Net assets available for benefits at beginning of year 19,928,033 5,899,990 2,962,379 581,094 29,371,496 ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 23,124,034 $ 7,627,656 $ 4,005,387 $ 849,965 $ 35,607,042 ============ ============ ============ ============ ============
13 RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS NOTE E - INCOME TAX STATUS The Company has received a favorable letter of determination from the Internal Revenue Service stating that the Plan qualifies under section 401 and the Trust is exempt from tax under section 501(a) of the Internal Revenue Code (IRC). The Plan is required to operate in conformity with the IRC to maintain its qualification. The Company is not aware of any course of action or series of events that have occurred that would adversely affect the Plan's qualified status. Participants are not subject to income tax on Company contributions or income credited to their accounts until such time as these amounts are distributed.
NOTE F - QUARTERLY NET ASSET VALUE INFORMATION The investment fund NAV at the end of each quarter for 1995 was as follows: March 31 June 30 Sept 30 Dec 31 --------------- -------------- -------------- -------------- Fixed Return Fund 10.1762 10.3031 10.4429 10.5299 Government Securities Fund 10.1619 10.2773 10.4047 10.4827 Balanced Fund 10.7836 11.6447 12.2787 12.7871 Equity Index Fund 11.1327 12.1974 13.1570 13.7356 International Equity Fund 9.9686 10.4582 10.9479 11.2173 Aggressive Equity Fund 10.5847 11.6723 13.0732 11.1457 Thiokol Corporation Stock 10.6422 11.3253 13.3508 12.0976
The price per share and the total number of shares of Thiokol Corporation stock held by the plan at the end of each quarter for 1994 is as follows: Price per Total Share Shares ---------- ---------- March 31 $ 26.500 122,069.07 June 30 24.125 121,893.10 September 30 24.375 131,122.96 December 31 27.875 131,873.33
14 Exhibit Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-10316) pertaining to certain Retirement Savings and Investment Plans of Thiokol Corporation of our report dated April 10, 1996, with respect to the financial statements of the Retirement Savings and Investment Plan for Space Services Unit Employees of Thiokol Corporation and Huck International, Inc. included in this Annual Report (Form 11-K) for the year ended December 31, 1995. /s/ Ernst & Young LLP Salt Lake City, Utah July 18, 1996 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. RETIREMENT SAVINGS AND INVESTMENT PLAN FOR SPACE SERVICES UNIT EMPLOYEES OF THIOKOL CORPORATION AND HUCK INTERNATIONAL, INC. ---------------------------- (Full title of the plan) Date: 22 July 1996 /s/ Richard L. Corbin --------------------- ---------------------------- Richard L. Corbin, Senior Vice President and Chief Financial Officer for the Plan Administrative Committee -----END PRIVACY-ENHANCED MESSAGE-----