-----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, Egb2jJoxqnhzj9qnawz6Fzb4lchwPeeGXJoGO4c43NsMlX53mRC2CN0Lc2rwt2P/ zJ6qZeqtgvqpBulUZslxfg== 0000075234-99-000019.txt : 19990707 0000075234-99-000019.hdr.sgml : 19990707 ACCESSION NUMBER: 0000075234-99-000019 CONFORMED SUBMISSION TYPE: 11-K CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990628 FILED AS OF DATE: 19990706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OWENS CORNING CENTRAL INDEX KEY: 0000075234 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] IRS NUMBER: 344323452 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-03660 FILM NUMBER: 00000000 BUSINESS ADDRESS: STREET 1: OWENS CORNING WORLD HEADQUARTERS STREET 2: ONE OWENS CORNING PKWY CITY: TOLEDO STATE: OH ZIP: 43659 BUSINESS PHONE: 4192488000 MAIL ADDRESS: STREET 1: OWENS CORNING WORLD HEADQUARTERS STREET 2: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 FORMER COMPANY: FORMER CONFORMED NAME: OWENS CORNING FIBERGLAS CORP DATE OF NAME CHANGE: 19920703 11-K 1 THIS DOCUMENT IS A COPY OF THE FORM 11-K FILED ON JUNE 29, 1999 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year ended December 30, 1998 OWENS CORNING SAVINGS AND PROFIT SHARING PLAN OWENS CORNING One Owens Corning Parkway Toledo, Ohio 43659 Commission File No. 1-3660 - ----------------------------------------------------------------- REQUIRED INFORMATION (a) Financial Statements. 1. Report of Independent Public Accountants 2. Statements of Assets Available for Benefits - as of December 30, 1998 and December 31, 1997 3. Statements of Changes in Assets Available for Benefits - for the years ended December 30, 1998 and December 31, 1997 4. Notes to Financial Statements 5. Supplemental Schedules: Schedule I - Item 27a - Schedule of Assets Held for Investment Purposes as of December 30, 1998 Schedule II - Item 27d - Schedule of Reportable Transactions for the Year Ended December 30, 1998 (b) Exhibit. Consent of Arthur Andersen LLP In accordance with the instruction to this Form 11-K, "plans subject to the Employee Retirement Income Security Act of 1974 ("ERISA") may file plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA." As the Plan is subject to the filing requirements of ERISA, the aforementioned financial statements and schedules of the Plan have been prepared in accordance with such requirements. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. OWENS CORNING SAVINGS AND PROFIT SHARING PLAN By: /s/ Michael I. Miller Michael I. Miller Chairman, Investment Review Committee Dated: June 28, 1999 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Plan Administrator of the Owens Corning Savings and Profit Sharing Plan: We have audited the accompanying statements of assets available for benefits of the OWENS CORNING SAVINGS AND PROFIT SHARING PLAN as of December 30, 1998 and December 31, 1997, and the related statements of changes in assets available for benefits for the years then ended. These financial statements and supplemental schedules are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and supplemental schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits 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 the Plan's 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 assets available for benefits of the Owens Corning Savings and Profit Sharing Plan as of December 30, 1998 and December 31, 1997, and the changes in assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 30, 1998, and reportable transactions for the year ended December 30, 1998, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of assets available for benefits and the statements of changes in assets available for benefits is presented for purposes of additional analysis rather than to present the assets available for plan benefits and changes in assets available for plan benefits of each fund. The supplemental schedules and 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. ARTHUR ANDERSEN LLP Toledo, Ohio, June 25, 1999 -1- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 30, 1998 AND DECEMBER 31, 1997 1 9 9 8 Supplemental Information By Fund ----------------------------------------------------- Company Low- Templeton Stock Acorn Priced Foreign Fund Fund Stock Fund ------------ ------------ ------------- ------------ ASSETS: Investments (Notes 1 and 2): Investment in master trust collective funds $120,078,725 $ - $ - $ - Investment in mutual funds - 70,585,886 767,719 9,135,005 Loans to participants - - - - Due from Owens Corning (Note 1) 763,156 920,134 21,439 231,572 ------------ ----------- ----------- --------- ASSETS AVAILABLE FOR BENEFITS $120,841,881 $71,506,020 $789,158 $9,366,577 ============ ============ ============ ==========
The accompanying notes are an integral part of these statements. -2- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 8 Supplemental Information By Fund ---------------------------------------------------------------- Spartan U.S. Retirement Growth and Blue Chip Equity Index Money Mkt Puritan Income Growth Fund Portfolio Fund Portfolio Fund ---------------------------------------------------------------- ASSETS: Investments (Notes 1 and 2): Investment in master trust collective funds $ - $ - $ - $ - $ - Investment in mutual funds 38,268,524 29,830,127 16,893,408 15,374,831 11,737,586 Loans to participants - - - - - Due from Owens Corning (Note 1) 557,361 784,609 337,793 384,351 359,761 ----------- ------------ ----------- ---------- ---------- ASSETS AVAILABLE FOR BENEFITS $38,825,885 $30,614,736 $17,231,201 $15,759,182 $12,097,347 =========== ============ =========== =========== ===========
The accompanying notes are an integral part of these statements. -3- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 8 Supplemental Information By Fund -------------------------------------------------------------- Aggressive Diversified Investment Loans to Growth International Grade partici- Fund Fund Bond Fund pants Total -------------------------------------------------------------- ASSETS: Investments (Notes 1 and 2): Investment in master trust collective funds $ - $ - $ - $ - $120,078,725 Investment in mutual funds 3,578,925 2,089,884 4,468,232 - 202,730,127 Loans to participants - - - 9,576,492 9,576,492 Due from Owens Corning (Note 1) 168,103 62,555 62,817 - 4,653,651 ------------ ------------ ----------- ---------- ---------- ASSETS AVAILABLE FOR BENEFITS $3,747,028 $2,152,439 $4,531,049 $9,576,492 $337,038,995 ============ =========== ========== ========== ============
The accompanying notes are an integral part of these statements. -4- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund -------------------------------------------------------- Company Dodge Templeton Stock Acorn & Cox Foreign Fund Fund Fund Fund ------------ ------------ ------------- ---------------- ASSETS: Investments (Notes 1 and 2): Investment in master trust collective funds $143,023,714 $ - $ - $ - Investment in mutual funds - 81,867,979 14,864,379 11,813,570 Loans to participants - - - - Due from Owens Corning (Note 1) 1,215,639 227,384 55,253 62,931 ------------ ------------ ------------ ----------- ASSETS AVAILABLE FOR BENEFITS $144,239,353 $82,095,363 $14,919,632 $11,876,501 ============ ============ ============= ===========
The accompanying notes are an integral part of these statements. -5- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund ---------------------------------------------------------------- Spartan U.S. Retirement Growth and Blue Chip Equity Index Money Mkt Puritan Income Growth Fund Portfolio Fund Portfolio Fund ----------------------------------------------------------------- ASSETS: Investments (Notes 1 and 2): Investment in master trust collective funds $ - $ - $ - $ - $ - Investment in mutual funds 30,753,362 33,691,399 1,713,873 8,038,071 4,948,788 Loans to participants - - - - - Due from Owens Corning (Note 1) 106,209 152,560 14,033 55,149 39,768 ------------- ------------ ------------ ---------- ---------- ASSETS AVAILABLE FOR BENEFITS $30,859,571 $33,843,959 $1,727,906 $8,093,220 $4,988,556 ============= ============ ============ =========== ==========
The accompanying notes are an integral part of these statements. -6- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund ------------------------------------------------------------ Aggressive Diversified Investment Loans to Growth International Grade partici- Fund Fund Bond Fund pants Total ------------------------------------------------------------- ASSETS: Investments (Notes 1 and 2): Investment in master trust collective funds $ - $ - $ - $ - $143,023,714 Investment in mutual funds 1,697,541 1,235,511 2,967,483 - 193,591,956 Loans to participants - - - 8,642,610 8,642,610 Due from Owens Corning (Note 1) 13,923 9,089 7,165 - 1,959,103 ------------ ------------ ---------- ---------- ----------- ASSETS AVAILABLE FOR BENEFITS $1,711,464 $1,244,600 $2,974,648 $8,642,610 $347,217,383 ============ ============ ========== ========== ============
The accompanying notes are an integral part of these statements. -7- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 1 9 9 8 Supplemental Information By Fund --------------------------------------------------------------- Company Dodge Templeton Stock Acorn & Cox Foreign Fund Fund Fund Fund ---------------------------------------------------------------- INVESTMENT INCOME (Note 2): Interest and dividends $ - $ 4,492,928 $ 273,866 $ 997,664 Net Interest in master trust investment income 8,792,590 - - - Interest on loans to participants - 149,098 8,449 31,580 Realized gain (loss) on disposition of investments - 6,595,433 2,303,016 (8,209) Unrealized appreciation (depreciation) of investments - (8,585,146) (1,627,695) (1,427,807) ------------ ------------ ------------ ------------ 8,792,590 2,652,313 957,636 (406,772) ------------ ------------ ------------ ------------ CONTRIBUTIONS (Notes 1 and 4): Participants 3,084,465 4,832,539 393,264 1,347,478 Owens Corning 6,582,098 941,947 - 236,358 ------------ ------------ ------------ ------------ 9,666,563 5,774,486 393,264 1,583,836 ------------ ------------ ------------ ------------ OTHER: Distributions to participants (Note 4) (29,251,895) (13,196,191) (1,307,764) (2,063,702) Election of redistribution among funds (Note 1) (12,790,772) (5,864,784) (14,971,449) (1,731,889) Transfer from Predecessor Trustee 15,784 - - 8,831 Participant loan activity (Note 3) 278,727 107,569 10,818 105,604 Administrative expenses (Note 1) (138,235) (59,873) (1,765) (5,128) Other 29,766 (2,863) (372) (704) ------------ ------------ ------------ ------------ (41,856,625) (19,016,142) (16,270,532) (3,686,988) ------------ ------------ ------------ ------------ Net increase (decrease) (23,397,472) (10,589,343) (14,919,632) (2,509,924) ------------ ------------ ----------- ------------ ASSETS AVAILABLE FOR BENEFITS - beginning of year 144,239,353 82,095,363 14,919,632 11,876,501 ------------ ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - end of year $120,841,881 $71,506,020 $ - $9,366,577 ============ =========== ============ ===========
The accompanying notes are an integral part of these statements. -8- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 8 Supplemental Information By Fund ---------------------------------------------- Low- Spartan U.S. Retirement Priced Equity Index Money Mkt Stock Fund Fund ---------------------------------------------- INVESTMENT INCOME (Note 2): Interest and dividends $ 58,923 $ 760,646 $1,478,569 Net Interest in master trust investment income - - - Interest on loans to participants 1,496 71,787 117,479 Realized gain (loss) on disposition of investments (41,085) 1,955,877 - Unrealized appreciation (depreciation) of investments (84,696) 5,810,072 - ------------ ------------ ------------ (65,362) 8,598,382 1,596,048 ------------ ------------ ------------ CONTRIBUTIONS (Notes 1 and 4): Participants 58,374 2,477,596 1,445,716 Owens Corning 22,151 567,365 830,610 ------------ ------------ ------------ 80,525 3,044,961 2,276,326 ------------ ------------ ------------ OTHER: Distributions to participants (Note 4) (181,103) (5,948,520) (10,262,279) Election of redistribution among funds (Note 1) 938,997 2,350,994 2,919,495 Transfer from Predecessor Trustee 8,832 8,832 237,375 Participant loan activity (Note 3) 8,798 (84,995) (80,290) Administrative expenses (Note 1) (1,458) (1,244) (11,653) Other (71) (2,096) 95,755 ------------ ------------ ------------ 773,995 (3,677,029) (7,101,597) ------------ ------------ ------------ Net increase (decrease) 789,158 7,966,314 (3,229,223) ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - beginning of year - 30,859,571 33,843,959 ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - end of year $ 789,158 $38,825,885 $30,614,736 ============ ============ ============
The accompanying notes are an integral part of these statements. -9- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 8 Supplemental Information By Fund ----------------------------------------------------------- Growth and Blue Chip Diversified Puritan Income Growth International Fund Portfolio Fund Fund ------------------------------------------------------------ INVESTMENT INCOME (Note 2): Interest and dividends $ 1,591,874 $ 744,049 $ 432,684 $ 79,094 Net Interest in master trust investment income - - - - Interest on loans to participants 28,521 31,300 26,519 4,020 Realized gain (loss) on disposition of investments (24,462) 449,222 222,361 16,815 Unrealized appreciation (depreciation) of investments (199,297) 1,678,056 1,746,448 68,369 ------------ ------------ ------------ ------------ 1,396,636 2,902,627 2,428,012 168,298 ------------ ------------ ------------ ------------ CONTRIBUTIONS (Notes 1 and 4): Participants 1,175,980 1,564,004 1,204,730 261,453 Owens Corning 344,578 394,302 367,228 63,669 ------------ ------------ ------------ ------------ 1,520,558 1,958,306 1,571,958 325,122 ------------ ------------ ----------- ------------ OTHER: Distributions to participants (Note 4) (2,825,666) (2,599,105) (1,500,345) (311,587) Election of redistribution among funds (Note 1) 15,271,246 5,360,097 4,486,983 722,176 Transfer from Predecessor Trustee 105,536 8,832 159,802 - Participant loan activity (Note 3) 40,389 42,273 (35,665) 4,502 Administrative expenses (Note 1) (3,397) (3,636) (1,732) (151) Other (2,007) (3,432) (222) (521) ------------ ------------ ------------ ------------ 12,586,101 2,805,029 3,108,821 414,419 ------------ ------------ ----------- ------------ Net increase (decrease) 15,503,295 7,665,962 7,108,791 907,839 ------------ ------------ ----------- ------------ ASSETS AVAILABLE FOR BENEFITS - beginning of year 1,727,906 8,093,220 4,988,556 1,244,600 ------------ ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - end of year $17,231,201 $15,759,182 $12,097,347 $2,152,439 =========== =========== ============ ===========
The accompanying notes are an integral part of these statements. -10- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 8 Supplemental Information By Fund ----------------------------------------------- Investment Aggressive Loans to Grade Growth Partici- Bond Fund Fund pants Total ------------ ------------ ------------ ------------ INVESTMENT INCOME (Note 2): Interest and dividends $ 205,060 $ 215,603 - $11,330,960 Net Interest in master trust investment income - - - 8,792,590 Interest on loans to participants 3,033 9,010 - 482,292 Realized gain (loss) on disposition of investments 35,172 (56,702) - 11,447,438 Unrealized appreciation (depreciation) of investments 4,080 669,304 - (1,948,312) ------------ ------------ ------------ ------------ 247,345 837,215 - 30,104,968 ------------ ------------ ------------ ------------ CONTRIBUTIONS (Notes 1 and 4): Participants 226,591 491,361 - 18,563,551 Owens Corning 64,843 170,903 - 10,586,052 ------------ ----------- ------------ ------------ 291,434 662,264 - 29,149,603 ------------ ------------ ------------ ------------ OTHER: Distributions to participants (Note 4) (1,372,638) (485,957) (435,015) (71,741,767) Election of redistribution among funds (Note 1) 2,343,439 965,467 - - Transfer from Predecessor Trustee 70,643 61,844 - 686,311 Participant loan activity (Note 3) (23,245) (2,802) (371,683) - Administrative expenses (Note 1) (474) (2,382) - (231,128) Other (103) (85) 1,740,580 1,853,625 ------------ ------------ ------------ ------------ 1,017,622 536,085 933,882 (69,432,959) ------------ ------------ ------------ ------------ Net increase (decrease) 1,556,401 2,035,564 933,882 (10,178,388) ------------ ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - beginning of year 2,974,648 1,711,464 8,642,610 347,217,383 ------------ ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - end of year $4,531,049 $3,747,028 $9,576,492 $337,038,995 ============ ============ ============ ============
The accompanying notes are an integral part of these statements. -11- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund ------------------------------------------------------------ Company Dodge Templeton Stock Acorn & Cox Foreign Fund Fund Fund Fund ------------ ------------ ------------- ------------- INVESTMENT INCOME (Note 2): Interest and dividends $ 291,296 $ 7,757,324 $ 971,372 $1,290,363 Net interest in master trust investment income (loss) 141,596,227 (18,414,648) (757,574) (666,117) Interest on loans to participants 167,230 116,319 26,521 29,786 Realized gain on disposition of investments 8,711,037 4,290,294 540,588 452,076 Unrealized appreciation (depreciation) of investments (186,166,231) 22,863,284 1,638,804 (79,725) ------------ ------------ ------------ ----------- (35,400,441) 16,612,573 2,419,711 1,026,383 ------------ ------------ ------------ ----------- CONTRIBUTIONS (Note 1): Participants 5,346,286 5,793,313 1,498,763 1,840,532 Owens Corning 7,104,679 231,944 57,303 64,049 ------------ ------------ -------------- ----------- 12,450,965 6,025,257 1,556,066 1,904,581 ------------ ------------ -------------- -----------
The accompanying notes are an integral part of these statements. -12- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund --------------------------------------------------------- Indexed Fixed Spartan U.S. Retirement Equity Income Equity Index Money Mkt Fund Fund Fund Portfolio ------------ ------------ ------------- ----------- INVESTMENT INCOME (Note 2): Interest and dividends $ - $ - $ 550,486 $1,450,011 Net interest in master trust investment income (loss) 917,720 350,279 - - Interest on loans to participants - - 49,747 87,514 Realized gain on disposition of investments - - 654,718 - Unrealized appreciation (depreciation) of investments - - 5,542,464 3,695 ------------ ------------ ------------ ------------ 917,720 350,279 6,797,415 1,541,220 ------------ ------------ ------------ ------------ CONTRIBUTIONS (Note 1): Participants 681,792 858,289 1,692,212 1,716,804 Owens Corning 3,184 11,076 106,209 152,560 ------------ ------------ -------------- ----------- 684,976 869,365 1,798,421 1,869,364 ------------ ------------ -------------- -----------
The accompanying notes are an integral part of these statements. -13- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund --------------------------------------------------------- Growth and Blue Chip Aggressive Puritan Income Growth Growth Fund Portfolio Fund Fund ------------ ------------ ------------- ----------- INVESTMENT INCOME (Note 2): Interest and dividends $ 105,332 $ 284,128 $ 201,670 $ 334,036 Net interest in master trust investment income (loss) - - - - Interest on loans to participants 2,535 15,733 13,630 4,140 Realized gain on disposition of investments 2,116 53,828 27,279 9,747 Unrealized appreciation (depreciation) of investments (2,619) 329,816 94,051 (298,447) ------------ ------------ ------------ ----------- 107,364 683,505 336,630 49,476 ------------ ------------ ------------ ----------- CONTRIBUTIONS (Note 1): Participants 160,603 615,513 486,780 194,361 Owens Corning 14,033 55,149 39,768 13,923 ------------ ------------ -------------- ----------- 174,636 670,662 526,548 208,284 ------------ ------------ -------------- -----------
The accompanying notes are an integral part of these statements. -14- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund ---------------------------------------------------- Diversified Investment Loans to International Grade partici- Fund Bond Fund pants Total ------------ ------------ ------------- ----------- INVESTMENT INCOME (Note 2): Interest and dividends $ 41,720 $ 63,677 $ - $13,341,415 Net interest in master trust investment income (loss) - - - 123,025,887 Interest on loans to participants 1,824 865 - 515,844 Realized gain on disposition of investments 4,676 2,593 - 14,748,952 Unrealized appreciation (depreciation) of investments (53,572) 46,323 - (156,082,157) ------------ ------------ -------------- ----------- (5,352) 113,458 - (4,450,059) ------------ ------------ -------------- ----------- CONTRIBUTIONS (Note 1): Participants 153,637 69,210 - 21,108,095 Owens Corning 9,089 7,165 - 7,870,131 ------------ ------------ -------------- ----------- 162,726 76,375 - 28,978,226 ------------ ------------ -------------- -----------
The accompanying notes are an integral part of these statements. -15- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund ----------------------------------------------------- Company Managed Templeton Stock Equity Balanced Foreign Fund Fund Fund Fund ------------- ------------ ------------ ------------ OTHER: Distributions to participants (Note 4) $(21,033,778) $(8,144,083) $(1,504,734) $(2,025,417) Administrative expense (Note 1) (135,649) (43,338) (6,701) (5,299) Election of redistribution among funds (Note 1) (18,769,723) (797,702) 3,844,461 1,286,645 Participants loan activity (Note 3) (98,106) (109,553) (42,934) 46,040 Rollovers and other (721,371) 2,254,135 1,006,028 494,181 ------------- --------- ------------ -------------- (40,758,627) (6,840,541) 3,296,120 (203,850) ------------- ----------- ------------ ------------ Net increase (decrease) (63,708,103) 15,797,289 7,271,897 2,727,114 ------------- ------------ ----------- ------------ ASSETS AVAILABLE FOR BENEFITS - beginning of year 207,947,456 66,298,074 7,647,735 9,149,387 ------------- ------------ ------------ ----------- ASSETS AVAILABLE FOR BENEFITS - end of year $144,239,353 $82,095,363 $14,919,632 $11,876,501 ============ =========== =========== ===========
The accompanying notes are an integral part of these statements. -16- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund -------------------------------------------------------- Indexed Fixed Spartan U.S. Retirement Equity Income Equity Index Money Mkt Fund Fund Fund Portfolio ------------- ----------- ------------ ------------ OTHER: Distributions to participants (Note 4) $(551,026) $(1,775,663) $(1,638,953) $(2,832,994) Administrative expense (Note 1) (11,760) (8,169) (960) (6,390) Election of redistribution among funds (Note 1) (20,725,248) (39,810,069) 24,496,625 32,732,196 Participants loan activity (Note 3) (57,693) (141,698) (81,101) (167,776) Rollovers and other 1,992,043 5,976,597 (511,876) 708,339 ------------- ------------ ------------ ----------- (19,353,684) (35,759,002) 22,263,735 30,433,375 ------------- ------------ ------------ ----------- Net increase (decrease) (17,750,988) (34,539,358) 30,859,571 33,843,959 ------------- ------------ ----------- ----------- ASSETS AVAILABLE FOR BENEFITS - beginning of year 17,750,988 34,539,358 - - ------------- ------------ ------------ ----------- ASSETS AVAILABLE FOR BENEFITS - end of year $ - $ - $30,859,571 $33,843,959 ============ ============ =========== ===========
The accompanying notes are an integral part of these statements. -17- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund -------------------------------------------------------- Growth and Blue Chip Aggressive Puritan Income Growth Growth Fund Portfolio Fund Fund ------------- ------------ ------------ ------------ OTHER: Distributions to participants (Note 4) $ (13,785) $(144,333) $ (69,913) $ (9,101) Administrative expense (Note 1) (249) (994) (297) (1,411) Election of redistribution among funds (Note 1) 1,453,450 6,859,479 4,032,106 1,467,527 Participants loan activity (Note 3) 6,490 (11,767) 18,440 (8,755) Rollovers and other - 36,668 145,042 5,444 ------------- ------------ ------------ ------------ 1,445,906 6,739,053 4,125,378 1,453,704 ------------- ------------ ------------ ------------ Net increase (decrease) 1,727,906 8,093,220 4,988,556 1,711,464 ------------ ------------ ----------- ----------- ASSETS AVAILABLE FOR BENEFITS - beginning of year - - - - ------------- ------------ ------------ ------------ ASSETS AVAILABLE FOR BENEFITS - end of year $ 1,727,906 $8,093,220 $4,988,556 $1,711,464 ============ =========== ============ ============
The accompanying notes are an integral part of these statements. -18- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 1998 AND DECEMBER 31, 1997 (continued) 1 9 9 7 Supplemental Information By Fund --------------------------------------------------- Diversified Investment Loans to International Grade Partici- Fund Bond Fund pants Total --------------- ------------ ------------ ------------ OTHER: Distributions to participants (Note 4) $ (8,220) $ (63,883) $(394,859) $(40,210,742) Administrative expense (Note 1) (76) (102) - (221,395) Election of redistribution among funds (Note 1) 1,088,629 2,841,624 - - Participants loan activity (Note 3) 6,893 7,176 634,344 - Rollovers and other - - 492,312 11,877,542 ------------- ------------ ----------- ------------ 1,087,226 2,784,815 731,797 (28,554,595) ------------ ------------ ----------- ------------ Net increase (decrease) 1,244,600 2,974,648 731,797 (4,026,428) ------------ ------------ ---------- ------------ ASSETS AVAILABLE FOR BENEFITS - beginning of year - - 7,910,813 351,243,811 ------------- ------------ ----------- ------------ ASSETS AVAILABLE FOR BENEFITS - end of year $1,244,600 $2,974,648 $8,642,610 $347,217,383 ============ ============ =========== ============
The accompanying notes are an integral part of these statements. -19- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES Operations of the Plan - ---------------------- The Owens Corning Savings and Profit Sharing Plan (the Plan) principally benefits salaried employees of Owens Corning and certain designated subsidiaries (the Company). An eligible employee may elect to enroll in the Plan at any time. Effective April 1, 1997, the Company changed the Plan's trustee from Citibank N.A., New York (the Prior Trustee) to Fidelity Management Trust Company (the Trustee). The change resulted in the liquidation of two investment options and the addition of eight investment options. Administrative expenses of the Plan are charged to the Plan and include professional fees, accounting and other administrative expenses. The following descriptions of the Plan provide only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. Plan Contributions - ------------------ Participants may contribute up to 15% of their base pay to the Plan. All or a portion of the participants' contributions may be designated at the participants' option as deferred income which, pursuant to Section 401(k) of the Internal Revenue Code, is not subject to Federal income tax until such amounts are distributed to the participants. The Plan requires remittance of participant contributions to the Trustee as soon as deducted from the participants' paychecks. The Plan provides a retirement contribution equal to a specified percentage of eligible pay (which percentage varies by employee group) for participants who work at a plant or business unit where a defined benefit pension plan is not available. -20- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES (continued) Plan Contributions (continued) - ------------------ The Company matches 35% of participants' contributions up to 10% of monthly compensation. The Company may, at its discretion, make an annual profit sharing contribution to the Plan. The Company made a profit sharing contribution of approximately $5 million and $2 million in 1998 and 1997, respectively, included as Due from Owens Corning in the financial statements. One-half of the Company's annual profit sharing contribution, if any, will be invested exclusively in Company stock. The Company may, at its option, make Company contributions in the form of cash or an equivalent number of shares of common stock of the Company. For 1998 and 1997, the Company contributed shares of stock to satisfy the portion of the annual profit sharing contribution invested exclusively in Company stock. Plan Investment Options - ----------------------- Each participant elects to have his contribution invested in increments among the investment funds made available under the Plan. In 1998, the Dodge & Cox Balanced Fund was eliminated as an investment option in the Savings and Profit Sharing Plan and the Low- Priced Stock Fund was added. Currently, the following twelve investment funds are available to participants: Company Stock Fund ------------------ Consists primarily of investments in Owens Corning common stock. Acorn Fund ---------- Invests principally in domestic and foreign common stocks but may also include securities convertible into common stocks and equity securities of a class different than common stock. -21- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES (continued) Spartan U.S. Equity Index ------------------------- Primarily invested in the companies whose securities are based upon the value of the Standard & Poor's 500 Index. Retirement Money Market Fund ---------------------------- Primarily invests in high-quality short-term U.S. dollar denominated money market securities of domestic and foreign issuers. Investments include short-term corporate obligations, U.S. government obligations and certificates of deposit. Low-Priced Stock Fund --------------------- Primarily invests in stocks of smaller, less well-known companies that are considered undervalued or out of favor with other investors. Templeton Foreign Fund ---------------------- Invests in stocks and debt securities of companies and governments outside the United States. Puritan Fund ------------ Primarily invests in high-yielding U.S. and foreign securities, common and preferred stocks, and bonds of any quality or maturity. Growth and Income Portfolio --------------------------- Primarily invests in U.S. and foreign stocks. -22- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES (continued) Blue Chip Growth Fund --------------------- Primarily invests in common stocks of well-known and established companies and companies with strong earnings and future growth potential. Aggressive Growth Fund ---------------------- Primarily invests in stocks of small and medium-sized companies in the developing stages of their life cycle that have the potential for accelerated earnings or revenue growth. Diversified International Fund ------------------------------ Primarily invests in stocks of companies located outside the U.S. that are included in the Morgan Stanley EAFE Index. Investment Grade Bond Fund -------------------------- Invests in a broad variety of fixed-income obligations that are primarily rated with medium to high quality of any maturity. The Company matching contributions are invested exclusively in Company common stock. The Trustee, at its sole discretion subject to any provisions in the trust agreement, may hold any portion of any contributions in cash which it considers necessary to meet anticipated disbursements. Company contributions relating to the retirement contribution are invested as participants direct among the Plan's investment funds. Participants may change their investment options and contribution rate on a daily basis and redistribute their account balances daily. Participants may discontinue their contributions to the Plan at any time. The number of employees with a portion of their account invested in each fund at December 30, 1998, was as follows: -23- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES (continued) Spartan U.S. Retirement Low- Company Equity Money Priced Templeton Stock Acorn Index Market Stock Foreign Fund Fund Fund Fund Fund Fund - ---- ---- ---- ---- --- --------- 3896 2,178 1,550 2,270 112 1,012 Growth Blue and Chip Aggressive Puritan Income Growth Growth Fund Portfolio Fund Fund - ---- -------- ------ ---------- 1,193 953 878 438 Diversified Investment International Grade Bond Fund Fund - ---- ---------- 276 223
Basis of Accounting - ------------------- The accompanying financial statements have been prepared on the accrual basis. Investments are reported at quoted market value. Participant withdrawal requests received by the Plan Administrator before year end but not yet distributed to the participants are included in assets available for benefits. Use of Estimates - ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Future events could alter such estimates. -24- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES (continued) Income Taxes - ------------ The Internal Revenue Service (IRS) has issued a determination letter dated March 27, 1996, stating that the Plan meets the requirements of Section 401(a) of the Internal Revenue Code (the Code) and that the trust is exempt from taxation under Section 501(a) of the Code. Participants generally are not subject to Federal income tax on Company contributions or fund earnings until those amounts are distributed to them. Participants may elect to designate all or a portion of their contributions to the Plan as deferred income pursuant to Section 401(k) of the Code. This election permits the participants to exclude from gross taxable income for Federal tax purposes that portion of their contribution so designated, subject to certain limitations, until such time as it is withdrawn from the Plan. The Plan had several amendments throughout 1998; however, no new tax determination letter has been issued. Management believes that the amendments do not change the Plan's status for meeting the requirements of Section 401(a) of the Internal Revenue Code and that the trust is still exempt from taxation. Proceedings in the Event of Plan Termination - -------------------------------------------- Although it has not expressed any intent to do so, the Company has the right to terminate the Plan. In the event of termination or upon a permanent discontinuance of Company contributions, the Plan accounts of each participant not previously vested would fully vest. Participants would, in accordance with the terms of the Plan, receive their contributions to the Plan as well as Company contributions to the Plan on their behalf and the earnings on those contributions. (2) INVESTMENTS Through March 31, 1997, the investments of the Plan were held in the Owens Corning Savings Plan Master Trust (Savings Trust) maintained by the prior Trustee for the Plan and another savings plan of the Company. Investments in the Company Stock Fund were separately identified to the Plan. Mutual Fund holdings were commingled for investment purposes. -25- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (2) INVESTMENTS (continued) Beginning April 1, 1997, investments in the Company Stock Fund are held in the Owens Corning Stock Fund Master Trust (Stock Trust) maintained by the Trustee. Investments in mutual funds previously held in the Savings Trust are now separately identified to the Plan. The Indexed Equity Fund and the Fixed Income Fund were both liquidated on March 31, 1997 and replaced by the Spartan U.S. Equity Index Fund and the Retirement Money Market Fund, respectively. Six additional investments were also added effective April 1, 1997, the Puritan Fund, the Growth and Income Portfolio, the Blue Chip Growth Fund, the Aggressive Growth Fund, the Diversified International Fund and the Investment Grade Bond Fund. In 1998, the Dodge and Cox Balanced Fund was liquidated and the Low-Priced Stock Fund was added. The Plan has a proportionate claim on the net assets of the Commingled Company Stock Fund and receives a proportionate share of the investment income of said fund. Following is a summary of the Stock Trust financial statement for the Commingled Company Stock Fund and the Plan's interest in net assets as of and for the year ended December 30, 1998: Current or Contract Plan Shares Cost Value Interest ------ ---- --------- -------- ASSETS: Investments: Owens Corning Common Stock $4,425,321 $53,088,578 $153,026,115 .775 Money Market 1,971,992 1,971,992 1,971,992 .775 Interest and Dividend Receivable 399,953 .775 ----------- Total Assets 155,398,060 ----------- LIABILITIES: Payables 524,555 .775 ----------- PARTICIPATING PLANS' EQUITY $154,873,505 ===========
-26- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) Company Stock Fund ------------------ INVESTMENT INCOME: Interest 115,873 Dividends 1,435,553 Realized gain on disposition of Investments 19,615,991 Change in unrealized appreciation (10,772,259) of investments ----------- 10,395,158 =========== Plan Interest .846
(2) INVESTMENTS (continued) Investments are reported at quoted market value. Changes in unrealized appreciation (depreciation) are reflected currently as a change in assets available for benefits. Purchases and sales are recorded on the trade date basis. Realized gain and loss on sale of investments is computed using average cost. (3) LOANS Loans may be made from the Plan to active participants. The total amount a participant may borrow is $50,000 or 50% of their total vested account limited to the total of contributions designated as deferrals and related earnings. The minimum amount available for a loan is $1,000. The loan limit is reduced for the highest loan balance outstanding in the prior 12 months. Loans advanced are repaid through regular payroll deductions with interest equal to the prime rate in effect on the last business day of the month prior to the employee's loan application. A loan can be requested for any reason. A borrower has from one to five years to repay the loan. Repayments of principal and interest are invested in one of the twelve investment funds in accordance with the borrower's election. -27- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (4) VESTING, FORFEITURES AND DISTRIBUTIONS Participants become 100% vested in Company contributions and earnings thereon after three years of completed service. Such amounts also become fully vested upon the participant attaining 65 years of age with five years of service, attaining 55 years of age with 10 years of service, termination of the participant's employment due to retirement, disability or death, involuntary termination of the participant's employment (other than for cause), termination of the Plan, or permanent discontinuance of the prescribed Company contributions to the Plan. Such vested contributions and earnings thereon are automatically distributable after termination and upon attaining 65 years of age or death, whichever is earlier. If termination of employment occurs for any reason other than attaining 65 years of age or death, the participant's account will become distributable at 65 years of age or death unless an election for immediate distribution is filed within 90 days of termination with the Plan administrator. Participants may at any time withdraw all or any part of the value of their contributions excluding contributions designated as deferrals; however, participants who voluntarily terminate or are terminated for cause will forfeit the non-vested portion of the Company contributions and related earnings which are applicable to the withdrawal. Forfeitures are applied to reduce subsequent Company contributions to the Plan. The market value forfeited by employees withdrawing from the Plan was $103,000 in 1998 and $85,000 in 1997. Prior to January 1, 1989, Participants were not permitted to withdraw any part of the value of their contributions designated as deferrals or earnings thereon except in the event of termination of employment with the Company or upon proof of financial hardship deemed adequate by the Plan Administrator. Beginning January 1, 1989, earnings on deferred contributions made subsequent to December 31, 1988, may no longer be withdrawn due to hardship, but, Participants may withdraw deferred contributions and earnings thereon upon attainment of age 59 1/2 years. Beginning January 1, 1990, Company contributions and earnings thereon cannot be withdrawn by Participants, even if vested, unless terminated, retired, 65 years of age or deceased. -28- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN NOTES TO FINANCIAL STATEMENTS (continued) (4) VESTING, FORFEITURES AND DISTRIBUTIONS (continued) Participants may elect to receive their distribution from the Company Stock Fund in the form of cash or Company stock. Stock distributions totaled 3,177,320 shares of stock valued at $29,530,000 in 1998. Stock distributions for the first three months of 1997 from the Company Stock Fund totaled 175,550 shares of stock valued at $7,602,000. Stock distributions for the nine months ended December 31, 1997 from the Stock Trust totaled 119,160 shares of stock valued at $4,674,000. (5) PLAN MERGERS AND TRANSFERS In 1998, two subsidiary plans merged into Savings and Profit Sharing Plan. Effective January 1, 1998 the Partek Insulations, Inc. 401(k) Plan merged into the Plan. The OCFL Money Purchase Pension Plan merged into the Plan effective July 1, 1998. On each of the effective dates, all amounts were transferred, and each employee was 100% vested in the amounts under the prior plan. Effective September 30, 1998, the Plan was revised in connection with the transfer of Owens Corning's business of manufacturing and selling glass fiber yarns and specialty materials to Advanced Glassfiber Yarns LLC ("AGY"). Those eligible, salaried employees in the Plan as of September 30, 1998 that were transferred to AGY are fully vested in their accounts under the Plan. Matching contributions received after September 30, 1998 will be made in cash rather than Owens Corning stock. Effective January 1, 2000, the assets relating to these employees will be transferred into a separate plan. (6) SUBSEQUENT EVENT Effective January 1, 1999, the following subsidiaries' plans merged into the Savings and Profit Sharing Plan: Employees' Savings Plan for AmeriMark Building Products, Inc. and Subsidiaries; Fabwel, Inc. 401(k) Plan; Fibreboard Corporation 401(k) Retirement Plan; and the Falcon Foam Corporation Retirement Savings Plan (Falcon of California only). During 1999, in connection with these mergers, assets totaling approximately $52,000,000 will be transferred into the Plan. Employees will be 100% vested in the amounts transferred under the prior plans. -29- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN Schedule I EIN: 34-4323452 PLAN: 004 Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 30, 1998 Current Identity of Issuer Description of Investment Cost Value - ------------------ ------------------------- ------ ------------- *Fidelity Management Trust Company Acorn Fund $ 56,296,237 $ 70,585,886 Low-Priced Stock Fund $ 852,415 $ 767,719 Templeton Foreign Fund $ 10,642,901 $ 9,135,005 Puritan Fund $ 17,095,323 $ 16,893,408 Investment Grade Bond Fund $ 4,417,829 $ 4,468,232 Growth and Income Fund $ 13,366,959 $ 15,374,831 Blue Chip Growth Fund $ 9,987,087 $ 11,737,586 Aggressive Growth Fund $ 3,208,068 $ 3,578,925 Diversified International Fund $ 2,075,088 $ 2,089,884 Retirement Money Market Fund $ 29,830,127 $ 29,830,127 Spartan U.S. Equity Index Fund $ 27,008,660 $ 38,268,524 *Fidelity Management Trust Company Participant loans $ 9,576,492 $ 9,576,492 *Fidelity Management Trust Company Investment in Stock Trust collective funds $ 87,198,024 $120,078,725 ------------ ------------ Total $271,555,210 $332,385,344 ============ ============ * Represents a party in interest
-30- OWENS CORNING SAVINGS AND PROFIT SHARING PLAN Schedule II EIN: 34-4323452 PLAN: 004 Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS AS OF DECEMBER 30, 1998 PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY ACORN FUND 249 $19,640,003 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $19,640,003 $19,640,003 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY ACORN FUND 248 N/A SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $28,910,101 $22,314,668 $28,910,101 $6,595,433 PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY STOCK TRUST COLLECTIVE FUNDS 251 $27,693,038 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $27,693,038 $27,693,038 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY STOCK TRUST COLLECTIVE FUNDS 248 N/A SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $58,064,832 $39,264,227 $58,064,832 $18,800,605 PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY PURITAN FUND 232 $20,912,505 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $20,912,505 $20,912,505 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY PURITAN FUND 187 N/A SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $5,506,537 $5,531,019 $5,506,537 $(24,482) PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY DODGE & COX BALANCED 86 $1,456,513 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $1,456,513 $1,456,513 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY DODGE & COX BALANCED 58 N/A SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $16,993,309 $14,690,293 $16,993,309 $2,303,016 PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY GROWTH & INCOME FUND 242 $12,532,736 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $12,532,736 $12,532,736 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY GROWTH & INCOME FUND 196 N/A SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $7,319,856 $6,870,634 $7,319,856 $449,222 PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY SPARTAN U.S. EQUITY INDEX FUND 248 $12,975,010 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $12,975,010 $12,975,010 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY SPARTAN U.S. EQUITY INDEX FUND 238 N/A SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $13,215,832 $11,259,955 $13,215,832 $1,955,877 PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY RETIREMENT MONEY MARKET PORTFOLIO 255 $26,348,072 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- N/A $26,348,072 $26,348,072 $ - PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PURCHASE PRICE - -------------- --------------------- ------------ -------------- *FIDELITY MANAGEMENT TRUST COMPANY RETIREMENT MONEY MARKET PORTFOLIO 249 $30,198,818 SALES PRICE COST OF ASSET CURRENT VALUE AT TRANSACTION DATE NET GAIN - ----------- ------------- --------------------------------- -------- $30,198,818 $30,198,818 $30,198,818 $ - *REPRESENTS A PARTY IN INTEREST
EX-99 2 EXHIBIT 99 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report, dated June 25, 1999, included in the Owens Corning Savings and Profit Sharing Plan's annual report on Form 11-K for the year ended December 30, 1998, into the Company's previously filed Registration Statements on Form S-8 and active S-3 (File Nos. 33-9563, 33-9986, 33-18262, 33-20997, 33-27209, 33- 31687, 33-48707, 33-57886, 33-60487, 333-09367, 333-32145, 333-47961 and 333-48153, 333-76765). ARTHUR ANDERSEN LLP Toledo, Ohio, June 25, 1999 -----END PRIVACY-ENHANCED MESSAGE-----