-----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, TLIRkSQkG/iVJF9G7aMADK8sLaUQ9ikOcAJZdfgjgIWDKEW0dKuV77jqoDw+HQQ3 E0HCeeH5xj9Y1xWqh9isRg== 0000899243-96-000775.txt : 19960627 0000899243-96-000775.hdr.sgml : 19960627 ACCESSION NUMBER: 0000899243-96-000775 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960626 SROS: CSX SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TENNECO INC /DE/ CENTRAL INDEX KEY: 0000823549 STANDARD INDUSTRIAL CLASSIFICATION: FARM MACHINERY & EQUIPMENT [3523] IRS NUMBER: 760233548 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09864 FILM NUMBER: 96585785 BUSINESS ADDRESS: STREET 1: TENNECO BLDG STREET 2: 1010 MILAM STREET CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7137572131 MAIL ADDRESS: STREET 1: TENNECO BLDG STREET 2: 1010 MILAM STREET CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: TENNECO HOLDINGS INC DATE OF NAME CHANGE: 19871229 11-K 1 FORM 11-K - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------- FORM 11-K ---------------- [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995 OR [_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-9864................................................... A. Full title of the plan and the address of the plan, if different from that of the issuer named below: TENNECO INC. THRIFT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: TENNECO INC. 1275 KING STREET GREENWICH, CONNECTICUT 06831 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Tenneco Benefits Committee of the Tenneco Inc. Thrift Plan: We have audited the accompanying statements of net assets available for plan benefits of the Tenneco Inc. Thrift Plan as of December 31, 1995 and 1994, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements and the schedules referred to below are the responsibility of the Tenneco Benefits Committee. Our responsibility is to express an opinion on these financial statements and 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 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 plan benefits of the Tenneco Inc. Thrift Plan as of December 31, 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. Our audits were made 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 31, 1995, included as Schedule I, and reportable transactions for the year ended December 31, 1995, included as Schedule II, are presented for purposes 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 supplemental schedules 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 Houston, Texas April 29, 1996 TENNECO INC. THRIFT PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1995 AND 1994
1995 1994 ------------------------------------------ --------------------------------------- Shares Cost Market Value Shares Cost Market Value --------- ------------- ---------------- --------- ------------- ------------- ASSETS: Investments- Corporate securities- Tenneco Inc. common stock 7,332,492 $331,392,250 $ 363,874,916 6,960,534 $311,316,767 $295,822,695 Tenneco Inc. preferred stock -- -- -- 843 53,045 83,668 Registered investment companies- Capstone Growth Fund, Inc. 2,283,231 29,993,103 31,531,420 2,331,127 30,615,502 29,045,842 Fidelity U.S. Equity Index Portfolio 1,437,115 24,935,106 32,420,246 1,354,866 22,237,362 22,910,784 Fidelity Growth Company Fund 2,388,589 71,105,240 86,689,043 2,450,472 69,108,109 66,799,867 Fidelity U.S. Bond Index Portfolio 1,571,333 16,899,764 17,211,429 1,348,954 14,600,932 13,449,071 ------------ -------------- ------------ ------------ 142,933,213 167,852,138 136,561,905 132,205,564 U.S. Treasury notes 236,829,852 238,545,135 243,433,121 235,507,297 BASIC agreement on U.S. Treasury notes 305,139 (1,410,145) 637,896 8,563,720 Time deposits 227,090,114 227,090,114 170,403,728 170,403,728 Cash surrender value of life insurance policies -- 86,486 -- 88,349 Participant loans receivable -- 27,349,098 -- 27,619,916 ------------- -------------- ------------- ------------ Total investments $938,550,568 1,023,387,742 $862,406,462 870,294,937 ============ ============ Receivables- Employees' contributions 1,040,322 1,015,815 Employers' contributions 948,894 931,072 Due from Trustee for liquidated securities -- 6,000,000 Accrued interest 3,867,269 4,565,864 -------------- ------------ 5,856,485 12,512,751 Cash 355,550 529,903 -------------- ------------ Total assets 1,029,599,777 883,337,591 LIABILITIES: Due to Trustee for purchased securities 154,758 115,049 -------------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,029,445,019 $883,222,542 ============== ============
The accompanying notes to financial statements are an integral part of these financial statements. TENNECO INC. THRIFT PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
1995 1994 --------------- ---------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year $ 883,222,542 $1,187,519,711 -------------- -------------- ADD: Dividends- Tenneco Inc. 11,399,437 9,997,205 Registered investment companies 10,146,008 5,372,629 Interest 24,437,665 21,934,975 -------------- -------------- 45,983,110 37,304,809 Net appreciation (depreciation) in fair value of investments 85,731,035 (70,757,525) -------------- -------------- Net investment income (loss) 131,714,145 (33,452,716) Contributions- Employees 46,974,066 50,607,392 Employers 44,180,868 47,539,778 -------------- -------------- 91,154,934 98,147,170 Repayment of loan interest 1,917,000 2,203,350 Litigation settlement -- 1,998,468 Transfer from EnTrade Corporation 401(k) Retirement Savings Plan -- 396,369 --------------- -------------- Total additions 224,786,079 69,292,641 -------------- -------------- DEDUCT: Withdrawals- Terminated participants- Cash 48,222,971 122,086,714 Securities 7,561,932 7,593,863 -------------- -------------- 55,784,903 129,680,577 -------------- -------------- Active participants- Cash 8,131,839 14,175,007 Securities 1,142,086 484,621 -------------- -------------- 9,273,925 14,659,628 -------------- -------------- Administrative expenses 647,744 723,242 Transfer to Case Corporation Savings Plan -- 228,526,363 Transfer to Albright & Wilson Savings Plan 12,857,030 -- -------------- --------------- Total deductions 78,563,602 373,589,810 -------------- -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $1,029,445,019 $ 883,222,542 ============== ==============
The accompanying notes to financial statements are an integral part of these financial statements. TENNECO INC. THRIFT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 1. DESCRIPTION OF THE THRIFT PLAN: The Tenneco Inc. Thrift Plan (the Thrift Plan) covers the eligible employees of Tenneco Inc. and its subsidiary companies (the Employers) which have adopted the Thrift Plan. The Thrift Plan is administered by the Tenneco Benefits Committee (the Committee). NationsBank (the Trustee) is the Trustee of the Thrift Plan Trust (the Trust). Vesting All participants are 100 percent vested in their entire account balance in the Thrift Plan, including company matching contributions, unless their employment terminated prior to January 1, 1987. 2. SUMMARY OF ACCOUNTING POLICIES: Basis of Accounting The financial statements of the Thrift Plan are presented on the accrual basis of accounting. The investments of the Thrift Plan are reported at quoted market value except for the BASIC agreement on U.S. Treasury notes whose market value is based upon the difference between the quoted market value of the U.S. Treasury notes and the amortized cost of the related securities. The investments held under the Thrift Plan are recorded in the individual participant's accounts at cost. Earnings Individual participants' accounts are credited with an allocation of investment earnings. Allocations are based on the proportion that each participant's investment cost basis account balance bears to the total of all participant investment cost basis account balances. Expenses All administrative expenses, including the Trustee's fees, are paid from earnings from the Trust attributable to unallocated amounts or by the Employers. Such expenses may also be paid from the Trust in the event the Employers' payments and such earnings are insufficient to meet such expenses. Brokerage fees, transfer taxes, individual income taxes and all other charges and expenses resulting from purchases or sales of securities are charged to the accounts of the participants requesting the transaction. An additional transaction fee is charged to an individual participant's account for processing investment purchases or sales over $100 and new loans. In all other cases, including any situation where the allocation of the charge to a participant within a particular investment option is undeterminable, expenses are charged proportionately against all the accounts within that investment option. Any other expenses chargeable against the entire Trust are charged to each individual account in the proportion that such account bears to the total amount of the Trust. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to use estimates and assumptions that affect the accompanying financial statements and disclosures. Actual results could differ from those estimates. 2 3. CONTRIBUTIONS: Eligible employees electing to participate in the Thrift Plan may make salary deferral contributions by payroll deduction of not less than 4 percent nor greater than 8 percent of their base salary, with such contributions limited to $9,240 for 1995 and 1994. If a participant suspends contributions, then, with certain limited exceptions, such suspension must continue for a one-year period. The Employers contribute on behalf of the participant an amount up to the participant's contribution according to the following percentages of the participant's base salary, based on the number of years of participation in the Thrift Plan: 4 percent--through three years; 5 percent--over three through five years; 6 percent--over five through seven years; and 8 percent--over seven years. The participant immediately vests in Employer contributions. Normally, the salary deferral and Employers' contributions are paid each pay period to the Trustee. Effective January 1, 1993, Employer contributions are made in the form of Tenneco Inc. common stock and are funded by the Tenneco Inc. Stock Employee Compensation Trust. Employer contributions and the related earnings made after January 1, 1993, must remain in the form of Tenneco Inc. common stock until the participant reaches age 55 or terminates employment and requests a total plan distribution. The participating employees' and Employers' contributions for the years ended December 31, 1995 and 1994, are summarized below:
1995 1994 ---------------------------- ---------------------------- Employees' Employers' Employees' Employers' Contributions Contributions Contributions Contributions ------------- ------------- ------------- ------------- Albright & Wilson Americas Inc. $ 186,784 $ 162,406 $ 843,677 $ 733,719 Asheville Industries Inc. -- -- 96,578 89,513 Case Corporation -- -- 4,688,758 4,387,486 Channel Industries Gas Company 271,867 264,111 208,258 205,879 Chemrich Inc. 5,072 4,360 35,657 30,675 East Tennessee Natural Gas Company 324,499 318,220 321,899 312,774 Greenville Industries, Inc. -- -- 59,613 59,605 Martin Exploration Company -- -- 1,558 1,558 Midwestern Gas Transmission Company 156,745 156,745 160,489 160,618 Monroe Auto Equipment Company 2,491,977 2,281,632 2,427,764 2,189,270 Newport News Shipbuilding and Dry Dock Company 20,475,446 19,901,579 20,139,418 19,504,398 Newport News Industrial Corporation 103,439 99,990 94,435 90,367 Newport News Reactor Services, Inc. 244,382 223,876 23,140 21,563 Tenneco Packaging Inc. 8,143,684 7,302,845 7,359,363 6,637,830 Rio Linda Chemical Company 22,695 18,986 106,024 84,690 Tenneco Automotive 522,445 478,244 629,900 566,491 Tenneco Energy Resources Corporation 97,884 80,004 85,775 68,076 Tenneco Energy Inc. 1,636,698 1,446,691 1,339,138 1,213,672 Tenneco Gas Marketing Company 372,133 300,547 467,268 382,541 Tennessee Gas Pipeline Company 6,271,333 5,971,594 6,066,828 5,770,687 Tenneco Management Company 2,157,234 1,976,748 1,909,870 1,746,761 TennEcon Services, Inc. 961,683 862,397 996,322 925,233 Walker Manufacturing Company 2,528,066 2,329,893 2,545,660 2,356,372 ----------- ----------- ----------- ----------- $46,974,066 $44,180,868 $50,607,392 $47,539,778 =========== =========== =========== ===========
3 4. INVESTMENT OPTIONS: Participants must invest contributions and other cash amounts credited to their accounts in one or more of the following: Investment Option A--Tenneco Inc. common stock, par value $5 per share. Investment Option B--Fidelity U.S. Equity Index Portfolio--Shares in an index fund that attempts to follow the S&P 500 index. Investment Option C--Fidelity Growth Company Fund--Shares in a growth- oriented common stock mutual fund. Investment Option D--Capstone Growth Fund, Inc. (formally U.S. Trend Fund, Inc.)--Shares in a growth-oriented common stock mutual fund that focuses on long-term capital appreciation and current income. Investment Option E--Fidelity U.S. Bond Index Portfolio--Shares in an index fund that attempts to follow the Lehman Brothers Aggregate Bond Index. Investment Option F--Time Deposits--Interest-bearing deposits in banks and similar institutions supervised by the United States or state regulatory agencies and selected by the Committee. The Committee may select a bank which is a Thrift Plan fiduciary, providing a reasonable rate of interest is paid. Effective November 24, 1993, the Thrift Plan entered into the Benefit Accessible Securities Investment Contract (BASIC) Master Agreement (BASIC Agreement) with Bankers Trust (Delaware) in order to increase the rate of return of the Investment Option F--Time Deposits. Under the BASIC Agreement, a portion of the monies previously invested in time deposits is invested in United States Treasury securities (the Securities) with original maturities ranging from approximately 11 months to 37 months. The BASIC Agreement provides that, in the event of liquidation required to pay withdrawals, the Securities will be sold to Bankers Trust at face value adjusted for any unamortized premium/discount and BASIC Agreement fee. As a result, the Thrift Plan is protected from declines in the market value of the Securities and relinquishes the benefits of appreciation in their market value. As consideration for the BASIC Agreement, the Thrift Plan is required to pay an initial fee to Bankers Trust; such fee is being amortized over the term of the Securities. As of December 31, 1995 and 1994, the BASIC Agreement had an amortized cost of $305,139 and $637,896 and a market value of $(1,410,145) and $8,563,720, respectively. See Exhibits I and II. 5. WITHDRAWALS AND PLAN LOANS: A participant with at least five years of participation in the Thrift Plan may request an in-service withdrawal. A participant may elect to withdraw all or part of his account balance reduced, if he has not attained age 59-1/2, by the portion of his account balance attributable to salary deferral contributions credited to such account. Plan equity as of December 31, 1995 and 1994, includes amounts pending distribution to participants of $2,142,638 and $722,000, respectively. Amounts pending distribution to terminated participants at December 31, 1994, were not presented as a liability on the Form 5500 for the year ended December 31, 1994. 4 Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500.
December 31, 1995 ---------------- Net assets available for plan benefits per the financial statements $1,029,445,019 Less- Amounts allocated to withdrawing participants (2,142,638) -------------- Net assets available for plan benefits per the Form 5500 $1,027,302,381 ==============
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500.
Year Ended December 31, 1995 -------------- Benefits paid to participants per the financial statements $ 65,058,828 Add- Amounts allocated to withdrawing participants at December 31, 1995 2,142,638 -------------- Benefits paid to participants per the Form 5500 $ 67,201,466
============== Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, but not paid as of that date. Active participants and certain other individuals who have not had a plan loan during the previous 12 months may obtain a plan loan with a term not to exceed 54 months from the cash funds in his account. The borrower may have only one plan loan outstanding at any time, and the amount of the loan may not be less than $1,000 and shall not exceed the least of (a) $50,000, (b) one-half the borrower's account balance or (c) an amount the repayment of which (together with interest) in equal monthly installments equals 10 percent of the borrower's monthly base compensation (or 10 percent of the borrower's monthly income in the case of a nonemployee borrower). The loan interest rate is equal to the highest share-secured loan interest rate charged by the Tenneco Inc. Federal Credit Union. The average loan interest rate was 7.38 percent and 7.10 percent during 1995 and 1994, respectively. Loan principal and interest repayments are made through irrevocable semimonthly payments. Termination of employment may accelerate the maturity of the loan, and failure to make any loan repayment on time shall generally constitute default. In the event of default, the Committee will treat the outstanding loan balance as a distribution to the participant under the Thrift Plan and thereby reduce the participant's interest in the Thrift Plan. 6. FEDERAL INCOME TAXES: The Thrift Plan obtained its latest determination letter on September 16, 1994, in which the Internal Revenue Service stated that the Thrift Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Thrift Plan has been amended since receiving the determination letter. However, the Plan administrator and the Thrift Plan's legal counsel believe that the Thrift Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, they believe that the Thrift Plan was qualified and the related trust was tax-exempt as of the financial statement date. 5 A participant is not subject to federal income tax on matching Employer contributions, salary deferral contributions or earnings on such participant's account balance until distributed. 7. PAYABLE TO/RECEIVABLE FROM TRUSTEE FOR SECURITIES: Securities are purchased or sold by the Trustee in anticipation of the transaction requirements of the Thrift Plan participants. The amount payable to the Trustee of $154,758 and $115,049 at December 31, 1995 and 1994, respectively, represents the cost of securities which were purchased by the Trustee as of such date in accordance with the terms of the Thrift Plan over the amount of securities required by the Thrift Plan. At December 31, 1994, the Thrift Plan recorded a receivable from the Trustee for liquidated securities of $6,000,000 which represents the maturity of U.S. Treasury notes on December 31, 1994. 8. TRANSFER TO CASE CORPORATION SAVINGS PLAN: In June 1994, Tenneco Inc. completed an initial public offering of approximately 29 percent of the common stock of Case Corporation (Case). In conjunction with the initial public offering, the participation of Case employees in the Thrift Plan ceased as of June 30, 1994. The Case Corporation Savings Plan (Case Plan) was established for Case employees, and all Case employees' account balances in the Thrift Plan were transferred to the Case Plan. Such transfer totaled $228,526,363. 9. TRANSFER FROM ENTRADE 401(k) RETIREMENT SAVINGS PLAN: In December 1992, Tenneco Inc. purchased EnTrade Corporation. In conjunction with the purchase, activity in the EnTrade Corporation 401(k) Retirement Savings Plan (EnTrade Plan) was frozen and the participants were allowed to participate in the Thrift Plan in January 1993. In July 1994, the undistributed assets of $396,369 from the EnTrade Plan were transferred to the Thrift Plan. 10. LITIGATION SETTLEMENT: During 1991, Tenneco Inc. settled various class action lawsuits against Tenneco Inc. and certain officers and directors on behalf of purchasers of Tenneco Inc.'s common stock during the period April 2, 1990, to December 31, 1991. In 1994, the Thrift Plan participants who held Tenneco Inc. common stock as an investment option during the affected period received final settlement in the amount of $1,998,468. 11. TRANSFER TO ALBRIGHT & WILSON SAVINGS PLAN: In December 1994, Tenneco Inc. announced its intent to offer 100 percent of its Albright & Wilson (A&W) chemical segment in an underwritten public offering. The offering, in the form of a floatation in the United Kingdom, was completed in the first quarter of 1995. In conjunction with the public offering, the participation of A&W employees in the Thrift Plan ceased and their Thrift Plan account balances totaling $12,857,030 were transferred to a new plan established by the new public entity. 6 12. TERMINATION OF THE THRIFT PLAN: Although the participating Employers intend to continue the Thrift Plan indefinitely, they reserve the right to terminate the Thrift Plan or withdraw from participation in the Thrift Plan. Any assets which are not allocated to the accounts of participants upon the complete termination of the Thrift Plan or complete discontinuance of contributions will be allocated among all of the participants' accounts pro rata on the basis of their respective balances. 13. SUBSEQUENT EVENT: In March 1996, Tenneco Inc. announced that it intends to spin off Newport News Shipbuilding and Dry Dock Company to its shareholders in a tax-free transaction and that it was developing strategic options to separate Tenneco Energy from its packaging and automotive parts divisions and to maximize shareowner value through a tax-free spinoff, a sale, strategic alliance or other action. On June 19, 1996, Tenneco Inc. announced a definitive agreement for the acquisition of Tenneco Energy by El Paso Energy Corporation. The spinoffs of Newport News Shipbuilding and Dry Dock Company and Tenneco Inc.'s combined packaging and automotive parts business as well as the merger of Tenneco Energy with a subsidiary of El Paso Energy Corporation are targeted to be completed late in 1996 but remain subject to a number of conditions, including the receipt of a favorable ruling from the Internal Revenue Service on the tax-free nature of the proposed transaction and a favorable Tenneco Inc. shareholder vote on the spinoffs and merger. Tenneco Inc. is currently unable to predict the timing or the ultimate impact that these recent developments will have on the Thrift Plan. EXHIBIT 1 TENNECO INC. THRIFT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT OPTION DECEMBER 31, 1995
Participant-Directed Investment --------------------------------------------------------------------------------------------------- Option A Option B Option C Option D Option E Option F -------------------- --------------- ------------- ------------- ------------- --------------- ASSETS: Investments, at market value- Corporate securities- Tenneco Inc. common stock $233,515,424 $ - $ - $ - $ - $ - Registered investment companies- Capstone Growth Fund, Inc. - - - 31,531,420 - - Fidelity U.S. Equity Index Portfolio - 32,420,246 - - - - Fidelity Growth Company Fund - - 86,689,043 - - - Fidelity U.S. Bond Index Portfolio - - - - 17,211,429 - ------------ --------------- ------------- ------------- ----------- -------------- - 32,420,246 86,689,043 31,531,420 17,211,429 - U.S. Treasury notes - - - - - 238,545,135 BASIC agreement on U.S. Treasury notes - - - - - (1,410,145) Time deposits - - - - - 227,090,114 Cash surrender value of life insurance policies - - - - - - Participant loans receivable - - - - - - ------------ --------------- ------------- ------------- ------------- -------------- Total investments 233,515,424 32,420,246 86,689,043 31,531,420 17,211,429 464,225,104 Receivables- Employees' contributions 244,145 79,042 189,205 37,911 33,163 456,575 Employers' contributions - - - - - - Accrued interest - - - - - 3,867,269 ------------ --------------- ------------- ------------- ------------- ------------ 244,145 79,042 189,205 37,911 33,163 4,323,844 Cash 901 - 272 141 113 354,123 ------------ --------------- ----------- ----------- ----------- ------------ Total assets 233,760,470 32,499,288 86,878,520 31,569,472 17,244,705 468,903,071 LIABILITIES: Due to Trustee for purchased securities 63,061 15,944 49,719 13,054 12,980 - ------------ ----------- ----------- ----------- ----------- -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $233,697,409 $32,483,344 $86,828,801 $31,556,418 $17,231,725 $468,903,071 ============ =========== =========== =========== =========== ============ Participant-Directed Investment Nonparticipant- -------------------------- Directed Discontinued Investment Investment Participant -------------- Options Loans Option A Total ------------ ------------- -------------- ----------------- ASSETS: Investments, at market value- Corporate securities- Tenneco Inc. common stock $ - $ - $130,359,492 $ 363,874,916 Registered investment companies- Capstone Growth Fund, Inc. - - - 31,531,420 Fidelity U.S. Equity Index Portfolio - - - 32,420,246 Fidelity Growth Company Fund - - - 86,689,043 Fidelity U.S. Bond Index Portfolio - - - 17,211,429 ------------ ------------- -------------- -------------- - - - 167,852,138 U.S. Treasury notes - - - 238,545,135 BASIC agreement on U.S. Treasury notes - - - (1,410,145) Time deposits - - - 227,090,114 Cash surrender value of life insurance policies 86,486 - - 86,486 Participant loans receivable - 27,349,098 - 27,349,098 ------------ ------------- -------------- -------------- Total investments 86,486 27,349,098 130,359,492 1,023,387,742 Receivables- Employees' contributions 281 - - 1,040,322 Employers' contributions - - 948,894 948,894 Accrued interest - - - 3,867,269 ------------ ------------- -------------- -------------- 281 - 948,894 5,856,485 Cash - - - 355,550 ------------ ------------- -------------- -------------- Total assets 86,767 27,349,098 131,308,386 1,029,599,777 LIABILITIES: Due to Trustee for purchased securities - - - 154,758 ------------ ------------- -------------- -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $86,767 $27,349,098 $131,308,386 $1,029,445,019 ============ ============= ============== ==============
Exhibit 1 (continued) TENNECO INC. THRIFT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT OPTION DECEMBER 31, 1994
Participant-Directed Investment ------------------------------------------------------------------------- Option A Option B Option C Option D Option E ---------- -------- -------- -------- -------- ASSETS: Investments, at market value- Corporate securities- Tenneco Inc. common stock $220,126,196 $ -- $ -- $ -- $ -- Tenneco Inc. preferred stock -- -- -- -- -- Registered investment companies- Capstone Growth Fund, Inc. -- -- -- 29,045,842 -- Fidelity U.S. Equity Index Portfolio -- 22,910,784 -- -- -- Fidelity Growth Company Fund -- -- 66,799,867 -- -- Fidelity U.S. Bond Index Portfolio -- -- -- -- 13,449,071 ------------ ----------- ----------- ----------- ----------- -- 22,910,784 66,799,867 29,045,842 13,449,071 U.S. Treasury notes -- -- -- -- -- BASIC agreement on U.S. Treasury notes -- -- -- -- -- Time deposits -- -- -- -- -- Cash surrender value of life insurance policies -- -- -- -- -- Participant loans receivable -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- Total investments 220,126,196 22,910,784 66,799,867 29,045,842 13,449,071 Receivables- Employees' contributions 252,618 66,497 157,557 37,699 29,914 Employers' contributions -- -- -- -- -- Due from Trustee for liquidated securities -- -- -- -- -- Accrued interest -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- 252,618 66,497 157,557 37,699 29,914 Cash 278 33 894 17 97 ------------ ----------- ----------- ----------- ----------- Total assets 220,379,092 22,977,314 66,958,318 29,083,558 13,479,082 LIABILITIES: Due to Trustee for purchased securities 24,876 15,890 54,737 10,233 9,313 ------------ ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $220,354,216 $22,961,424 $66,903,581 $29,073,325 $13,469,769 ============ =========== =========== =========== =========== Participant-Directed Investment Nonparticipant- -------------------------------------- Directed Discontinued Investment Investment Participant --------------- Option F Options Loans Option A Total ------------ ------------ ----------- --------------- ----------- ASSETS: Investments, at market value- Corporate securities- Tenneco Inc. common stock $ -- $ -- $ -- $75,696,499 $295,822,695 Tenneco Inc. preferred stock -- 83,668 -- -- 83,668 Registered investment companies- Capstone Growth Fund, Inc. -- -- -- -- 29,045,842 Fidelity U.S. Equity Index Portfolio -- -- -- -- 22,910,784 Fidelity Growth Company Fund -- -- -- -- 66,799,867 Fidelity U.S. Bond Index Portfolio -- -- -- -- 13,449,071 ------------ -------- ----------- ----------- ------------ -- -- -- -- 132,205,564 U.S. Treasury notes 235,507,297 -- -- -- 235,507,297 BASIC agreement on U.S. Treasury notes 8,563,720 -- -- -- 8,563,720 Time deposits 170,403,728 -- -- -- 170,403,728 Cash surrender value of life insurance policies -- 88,349 -- -- 88,349 Participant loans receivable -- -- 27,619,916 -- 27,619,916 ------------ -------- ----------- ----------- ------------ Total investments 414,474,745 172,017 27,619,916 75,696,499 870,294,937 Receivables- Employees' contributions 471,530 -- -- -- 1,015,815 Employers' contributions -- -- -- 931,072 931,072 Due from Trustee for liquidated securities 6,000,000 -- -- -- 6,000,000 Accrued interest 4,565,864 -- -- -- 4,565,864 ------------ -------- ----------- ----------- ------------ 11,037,394 -- -- 931,072 12,512,751 Cash 528,584 -- -- -- 529,903 ------------ -------- ----------- ----------- ------------ Total assets 426,040,723 172,017 27,619,916 76,627,571 883,337,591 LIABILITIES: Due to Trustee for purchased securities -- -- -- -- 115,049 ------------ -------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $426,040,723 $172,017 $27,619,916 $76,627,571 $883,222,542 ============ ======== =========== =========== ============
Exhibit 2 TENNECO INC. THRIFT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT OPTION FOR THE YEAR ENDED DECEMBER 31, 1995
Participant-Directed Investment ---------------------------------------------------------------------------------------------- Option A Option B Option C Option D Option E Option F ------------ ----------- ----------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year $220,354,216 $22,961,424 $66,903,581 $29,073,325 $13,469,769 $426,040,723 ------------ ----------- ----------- ----------- ----------- ------------ ADD: Dividends- Tenneco Inc. 7,882,241 - - - - - Registered investment companies - 783,458 3,867,033 4,382,470 1,106,065 - Interest - - - - - 24,424,327 ------------ ----------- ----------- ----------- ----------- ------------ 7,882,241 783,458 3,867,033 4,382,470 1,106,065 24,424,327 Net appreciation in fair value of investments 36,658,103 7,699,600 21,115,284 3,311,421 1,424,680 - ------------ ----------- ----------- ----------- ----------- ------------ Net investment income 44,540,344 8,483,058 24,982,317 7,693,891 2,530,745 24,424,327 Contributions- Employees 9,043,738 2,718,782 6,991,199 1,592,300 1,257,810 25,359,397 Employers - - - - - - Repayment of loan interest - - - - - - ------------ ----------- ----------- ----------- ----------- ------------ Total additions 53,584,082 11,201,840 31,973,516 9,286,191 3,788,555 49,783,724 ------------ ----------- ----------- ----------- ----------- ------------ DEDUCT: Withdrawals- Terminated participants- Cash 46,583 1,396 7,730 1,357 2,174 48,163,731 Securities 6,399,590 - - - - - Active participants- Cash 1,067 197 288 36 93 7,074,531 Securities 1,055,486 - - - - - Administrative expenses - - - - - 634,419 Transfer to Albright & Wilson Savings Plan 2,909,337 1,107,463 2,119,563 998,541 417,258 3,051,930 ------------ ----------- ----------- ----------- ----------- ------------ Total deductions 10,412,063 1,109,056 2,127,581 999,934 419,525 58,924,611 ------------ ----------- ----------- ----------- ----------- ------------ OPTION TRANSFERS (29,828,826) (570,864) (9,920,715) (5,803,164) 392,926 52,003,235 ------------ ----------- ----------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $233,697,409 $32,483,344 $86,828,801 $31,556,418 $17,231,725 $468,903,071 ============ =========== =========== =========== =========== ============
Participant-Directed Investment Nonparticipant- --------------------------------- Directed Discontinued Investment Investment Participant --------------- Options Loans Option A Total ------------ -------------- --------------- -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year $ 172,017 $27,619,916 $ 76,627,571 $ 883,222,542 --------- ----------- ------------ -------------- ADD: Dividends- Tenneco Inc. - - 3,517,196 11,399,437 Registered investment companies 6,982 - - 10,146,008 Interest 13,338 - - 24,437,665 --------- ----------- ------------ -------------- 20,320 - 3,517,196 45,983,110 Net appreciation in fair value of investments 7,592 - 15,514,355 85,731,035 --------- ----------- ------------ -------------- Net investment income 27,912 - 19,031,551 131,714,145 Contributions- Employees 10,840 - - 46,974,066 Employers - - 44,180,868 44,180,868 Repayment of loan interest - 1,917,000 - 1,917,000 --------- ----------- ------------ -------------- Total additions 38,752 1,917,000 63,212,419 224,786,079 --------- ----------- ------------ -------------- DEDUCT: Withdrawals- Terminated participants- Cash - - - 48,222,971 Securities - - 1,162,342 7,561,932 Active participants- Cash - 1,055,627 - 8,131,839 Securities - - 86,600 1,142,086 Administrative expenses 13,325 - - 647,744 Transfer to Albright & Wilson Savings Plan - 470,820 1,782,118 12,857,030 --------- ----------- ------------ -------------- Total deductions 13,325 1,526,447 3,031,060 78,563,602 --------- ----------- ------------ -------------- OPTION TRANSFERS (110,677) (661,371) (5,500,544) - --------- ----------- ------------ -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $ 86,767 $27,349,098 $131,308,386 $1,029,445,019 ========= =========== ============ ==============
Exhibit 2 (continued) TENNECO INC. THRIFT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT OPTION FOR THE YEAR ENDED DECEMBER 31, 1994
Participant-Directed Investment ---------------------------------------------------------------------------------------------- Option A Option B Option C Option D Option E Option F ------------ ----------- ----------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year $289,546,070 $24,108,869 $67,635,676 $45,945,405 $19,584,321 $647,193,018 ------------ ----------- ----------- ----------- ----------- ------------ ADD: Dividends- Tenneco Inc. 7,734,347 - - - - - Registered investment companies - 765,209 2,671,301 750,371 1,180,488 - Interest - - - - - 21,923,446 ------------ ----------- ----------- ----------- ----------- ------------ 7,734,347 765,209 2,671,301 750,371 1,180,488 21,923,446 Net appreciation (depreciation) in fair value of investments (45,193,152) (558,888) (5,158,061) (4,023,148) (1,674,733) 151,000 ------------ ----------- ----------- ----------- ----------- ------------ Net investment income (loss) (37,458,805) 206,321 (2,486,760) (3,272,777) (494,245) 22,074,446 Contributions- Employees 9,689,742 2,631,256 7,021,040 1,956,836 1,308,954 27,986,672 Employers - - - - - - Repayment of loan interest - - - - - - Litigation settlement - - - - - 1,998,468 Transfer from EnTrade Corporation 401(k) Retirement Savings Plan - - - - - 396,369 ------------ ----------- ----------- ----------- ----------- ------------ Total additions (27,769,063) 2,837,577 4,534,280 (1,315,941) 814,709 52,455,955 ------------ ----------- ----------- ----------- ----------- ------------ DEDUCT: Withdrawals- Terminated participants- Cash 32,393 3,726 9,903 3,751 6,997 122,029,944 Securities 419,628 - - - - - Active participants- Cash 1,109 116 357 141 55 12,097,902 Securities 234,182 - - - - - Administrative expenses - - - - - 697,388 Transfer to Case Corporation Savings Plan 61,283,101 4,210,969 15,557,229 8,549,542 4,281,115 117,556,456 ------------ ----------- ----------- ----------- ----------- ------------ Total deductions 61,970,413 4,214,811 15,567,489 8,553,434 4,288,167 252,381,690 ------------ ----------- ----------- ----------- ----------- ------------ OPTION TRANSFERS 20,547,622 229,789 10,301,114 (7,002,705) (2,641,094) (21,226,560) ------------ ----------- ----------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $220,354,216 $22,961,424 $66,903,581 $29,073,325 $13,469,769 $426,040,723 ============ =========== =========== =========== =========== ============
Participant-Directed Investment Nonparticipant- --------------------------------- Directed Discontinued Investment Investment Participant --------------- Options Loans Option A Total ------------ -------------- --------------- -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, beginning of year $212,662 $32,817,995 $ 60,475,695 $1,187,519,711 -------- ----------- ------------ -------------- ADD: Dividends- Tenneco Inc. - - 2,262,858 9,997,205 Registered investment companies 5,260 - - 5,372,629 Interest 11,529 - - 21,934,975 -------- ----------- ------------ -------------- 16,789 - 2,262,858 37,304,809 Net appreciation (depreciation) in fair value of investments (210) - (14,300,333) (70,757,525) -------- ----------- ------------ -------------- Net investment income (loss) 16,579 - (12,037,475) (33,452,716) Contributions- Employees 12,892 - - 50,607,392 Employers - - 47,539,778 47,539,778 Repayment of loan interest - 2,203,350 - 2,203,350 Litigation settlement - - - 1,998,468 Transfer from EnTrade Corporation 401(k) Retirement Savings Plan - - - 396,369 -------- ----------- ------------ -------------- Total additions 29,471 2,203,350 35,502,303 69,292,641 -------- ----------- ------------ -------------- DEDUCT: Withdrawals- Terminated participants- Cash - - - 122,086,714 Securities - - 7,174,235 7,593,863 Active participants- Cash - 2,075,327 - 14,175,007 Securities - - 250,439 484,621 Administrative expenses 25,854 - - 723,242 Transfer to Case Corporation Savings Plan - 4,326,276 12,761,675 228,526,363 -------- ----------- ------------ -------------- Total deductions 25,854 6,401,603 20,186,349 373,589,810 -------- ----------- ------------ -------------- OPTION TRANSFERS (44,262) (999,826) 835,922 - -------- ----------- ------------ -------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, end of year $172,017 $27,619,916 $ 76,627,571 $ 883,222,542 ======== =========== ============ ==============
SCHEDULE I TENNECO INC. THRIFT PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995
Shares or Current Identity of Issue Description of Asset Face Value Cost Value - --------------------------- ------------------------------------------------------- ------------ -------------- --------------- CORPORATE SECURITIES: Tenneco Inc.* Tenneco Inc. common stock 7,332,492 $331,392,250 $363,874,916 ------------ ------------ Total corporate securities 331,392,250 363,874,916 ------------ ------------ REGISTERED INVESTMENT COMPANIES: Capstone Financial Services Capstone Growth Fund, Inc. 2,283,231 29,993,103 31,531,420 Fidelity Investments Institutional Services Co. Fidelity U.S. Equity Index Portfolio 1,437,115 24,935,106 32,420,246 Fidelity Investments Institutional Services Co. Fidelity Growth Company Fund 2,388,589 71,105,240 86,689,043 Fidelity Investments Institutional Services Co. Fidelity U.S. Bond Index Portfolio 1,571,333 16,899,764 17,211,429 ------------ ------------ Total registered investment companies 142,933,213 167,852,138 ------------ ------------ U.S. TREASURY NOTES: U.S. Government U.S. Treasury note, 7.500%, due January 31, 1996 $ 6,000,000 6,015,255 6,011,015 U.S. Government U.S. Treasury note, 4.625%, due February 15, 1996 6,000,000 6,002,337 5,996,484 U.S. Government U.S. Treasury note, 7.750%, due March 31, 1996 6,000,000 6,048,812 6,035,625 U.S. Government U.S. Treasury note, 7.625%, due April 30, 1996 6,000,000 6,063,123 6,045,235 U.S. Government U.S. Treasury note, 5.500%, due April 30, 1996 6,000,000 5,985,270 6,005,156 U.S. Government U.S. Treasury note, 4.250%, due May 15, 1996 6,000,000 5,998,372 5,978,202 U.S. Government U.S. Treasury note, 7.875%, due June 30, 1996 6,000,000 6,110,107 6,075,938 U.S. Government U.S. Treasury note, 7.875%, due July 31, 1996 6,000,000 6,117,502 6,089,063 U.S. Government U.S. Treasury note, 4.375%, due August 15, 1996 12,000,000 11,898,948 11,936,250 U.S. Government U.S. Treasury note, 7.250%, due August 31, 1996 6,000,000 6,106,539 6,074,531 U.S. Government U.S. Treasury note, 7.000%, due September 30, 1996 6,000,000 6,112,178 6,074,765 U.S. Government U.S. Treasury note, 6.875%, due October 31, 1996 6,000,000 6,113,474 6,077,344 U.S. Government U.S. Treasury note, 4.375%, due November 15, 1996 6,000,000 5,998,105 5,955,938 U.S. Government U.S. Treasury note, 4.375%, due November 15, 1996 12,000,000 11,877,051 11,911,876 U.S. Government U.S. Treasury note, 4.375%, due November 15, 1996 14,000,000 13,876,250 13,897,188 U.S. Government U.S. Treasury note, 6.500%, due November 30, 1996 6,000,000 6,104,503 6,064,922 U.S. Government U.S. Treasury note, 6.125%, due December 31, 1996 6,000,000 6,096,681 6,058,360 U.S. Government U.S. Treasury note, 6.250%, due January 31, 1997 12,000,000 12,223,071 12,131,250 U.S. Government U.S. Treasury note, 6.750%, due February 28, 1997 12,000,000 12,225,768 12,205,781 U.S. Government U.S. Treasury note, 6.875%, due March 31, 1997 12,000,000 12,171,878 12,238,594 U.S. Government U.S. Treasury note, 6.875%, due April 30, 1997 12,000,000 12,108,534 12,254,531 U.S. Government U.S. Treasury note, 6.750%, due May 31, 1997 12,000,000 12,057,043 12,247,500 U.S. Government U.S. Treasury note, 6.375%, due June 30, 1997 6,000,000 5,989,928 6,102,188 U.S. Government U.S. Treasury note, 5.500%, due July 31, 1997 6,000,000 5,930,341 6,030,000 U.S. Government U.S. Treasury note, 5.625%, due August 31, 1997 6,000,000 5,919,017 6,038,460 U.S. Government U.S. Treasury note, 5.500%, due September 30, 1997 6,000,000 5,863,022 6,030,938
SCHEDULE I Continued 2
Shares or Current Identity of Issue Description of Asset Face Value Cost Value - --------------------------- ------------------------------------------------------- ------------ -------------- --------------- U.S. TREASURY NOTES (Continued): U.S. Government U.S. Treasury note, 5.750%, due October 31, 1997 $ 6,000,000 $ 5,858,765 $ 6,057,656 U.S. Government U.S. Treasury note, 7.375%, due November 15, 1997 6,000,000 5,969,212 6,226,860 U.S. Government U.S. Treasury note, 7.375%, due November 15, 1997 6,000,000 5,958,231 6,226,860 U.S. Government U.S. Treasury note, 7.375%, due November 15, 1997 6,000,000 6,000,000 6,226,860 U.S. Government U.S. Treasury note, 7.250%, due February 15, 1998 6,000,000 6,030,535 6,239,765 ------------ ------------ Total U.S. Treasury notes 236,829,852 238,545,135 ------------ ------------ BASIC AGREEMENTS: Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.500%, due New York January 31, 1996 -- 686 4,926 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 4.625%, due New York February 15, 1996 -- 887 6,740 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.750%, due New York March 31, 1996 -- 2,092 15,279 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.625%, due New York April 30, 1996 -- 2,839 20,727 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 5.500%, due New York April 30, 1996 -- 2,282 (17,604) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 4.250%, due New York May 15, 1996 -- 3,038 23,208 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.875%, due New York June 30, 1996 -- 4,342 38,511 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.875%, due New York July 31, 1996 -- 5,035 33,474 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 4.375%, due New York August 15, 1996 -- 8,534 (28,768) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.250%, due New York August 31, 1996 -- 5,577 37,585 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.000%, due New York September 30, 1996 -- 6,301 43,714 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.875%, due New York October 31, 1996 -- 6,979 43,109 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 4.375%, due New York November 15, 1996 -- 2,250 44,417 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 4.375%, due New York November 15, 1996 -- 12,069 (22,756) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 4.375%, due New York November 15, 1996 -- 14,126 (6,812) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.500%, due New York November 30, 1996 -- 7,613 47,194 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.125%, due New York December 31, 1996 -- 8,308 46,629 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.250%, due New York January 31, 1997 -- 17,931 109,752 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.750%, due New York February 28, 1997 -- 19,263 39,250 Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.875%, due New York March 31, 1997 -- 20,293 (46,423) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.875%, due New York April 30, 1997 -- 21,520 (124,477) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.750%, due New York May 31, 1997 -- 21,078 (169,379) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 6.375%, due New York June 30, 1997 -- 15,160 (97,101) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 5.500%, due New York July 31, 1997 -- 10,475 (89,184) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 5.625%, due New York August 31, 1997 -- 11,299 (108,144) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 5.500%, due New York September 30, 1997 -- 11,520 (156,396) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 5.750%, due New York October 31, 1997 -- 12,009 (186,882) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.375%, due New York November 15, 1997 -- 13,341 (244,307) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.375%, due New York November 15, 1997 -- 12,610 (256,019) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.375%, due New York November 15, 1997 -- 12,015 (214,845) Bankers Trust Co. BASIC Agreement on U.S. Treasury note, 7.250%, due New York February 15, 1998 -- 13,667 (195,563) ------------ ------------ Total BASIC Agreements 305,139 (1,410,145) ------------ ------------
SCHEDULE I Continued 3
Shares or Current Identity of Issue Description of Asset Face Value Cost Value - --------------------------- ------------------------------------------------------- ------------ -------------- --------------- TIME DEPOSITS: Bank One - Dayton Bank One-Dayton Flex Fund $ 24,000,000 $ 24,000,000 Bank One - Milwaukee Bank One-Milwaukee Flex Fund 24,000,000 24,000,000 FCC National Bank FCC National Bank Flex Fund 24,000,000 24,000,000 First National Bank of Chicago First National Bank of Chicago Flex Fund 24,000,000 24,000,000 NationsBank Florida* NationsBank Florida Flex Fund 24,000,000 24,000,000 NationsBank South Carolina* NationsBank South Carolina Flex Fund 24,000,000 24,000,000 NationsBank Texas* NationsBank Texas Flex Fund 29,519,163 29,519,163 Wachovia Bank N.A. Wachovia Bank N.A. Flex Fund 24,000,000 24,000,000 Wachovia Bank of Georgia Wachovia Bank of Georgia N.A. Flex Fund 24,000,000 24,000,000 NationsBank Texas* Tenneco Thrift Flex Check #2 5,570,951 5,570,951 ----------- ------------- Total time deposits 227,090,114 227,090,114 ----------- ------------- Philadelphia Life Insurance Co. CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES -- 86,486 Tenneco Inc. Thrift Plan* PARTICIPANT LOANS RECEIVABLE (Interest rates ranging from 7% to 9.75%) -- 27,349,098 ----------- ------------- Total assets held for investment purposes $938,550,568 $1,023,387,742 ============ ==============
* Indicated party in interest. SCHEDULE II TENNECO INC. THRIFT PLAN SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995
Number of Cost Transactions of Assets ---------------- Purchase Selling Sold or Net Gain Identity of Party Involved Description Purchases Sales Price(a) Price(b)(c) Distributed (Loss) - --------------------------- ---------------------- --------- ----- -------------- ----------------- ------------- ----------- NationsBank Texas NationsBank Texas Flex Fund 9 46 $ 65,755,763 $ 37,232,676 $ 37,232,676 $ -- Tenneco Inc. Tenneco Inc. common stock 140 360 38,747,729 53,713,233 49,859,908 3,853,325 Wachovia Bank N.A. Wachovia Bank N.A. Flex Fund 12 12 259,000,000 255,000,000 255,000,000 -- Wachovia Bank of Georgia Wachovia Bank of Georgia Flex Fund 12 12 259,000,000 255,000,000 255,000,000 --
(a) Purchase price includes expenses incurred in connection with transactions (i.e., commissions, transfer fees, etc.). (b) Selling price is net of expenses incurred in connection with transactions. (c) Current value of asset on transaction date is equal to the selling price. NOTE: This schedule is a listing of series of transactions in the same security which exceed 5% of the market value of the Tenneco Inc. Thrift Plan assets held on January 1, 1995. The Trustee initiates and consummates all investment transactions at the direction of the participants. SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Tenneco Benefits Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. TENNECO INC. THRIFT PLAN Date: June 24, 1996 By: /s/ DANA G. MEAD ---------------------------------- Dana G. Mead Chairman of the Tenneco Benefits Committee INDEX TO EXHIBIT
EXHIBIT NUMBER ------- 23 --Consent of Independent Public Accountants
EX-23 2 CONSENT OF ARTHUR ANDERSEN CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report, dated April 29, 1996, included in this Annual Report on Form 11-K for the year ended December 31, 1995, into the previously filed Form S-8 Registration Statement of the Tenneco Inc. Thrift Plan (File No. 33-61137). ARTHUR ANDERSEN LLP Houston,Texas June 24, 1996 -----END PRIVACY-ENHANCED MESSAGE-----