-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, FlX6OjrUN9ABm7x4N1sbZiRQx2TNOwtkjWyGnLSKpaoYJ8Xse+4vbgTxQ3YTATjo HW6Yjp/HULrhsVPKBScl7g== 0000093397-94-000010.txt : 19940603 0000093397-94-000010.hdr.sgml : 19940603 ACCESSION NUMBER: 0000093397-94-000010 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMOCO CORP CENTRAL INDEX KEY: 0000093397 STANDARD INDUSTRIAL CLASSIFICATION: 2911 IRS NUMBER: 361812780 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00170 FILM NUMBER: 94532318 BUSINESS ADDRESS: STREET 1: 200 E RANDOLPH DR STREET 2: MAIL CODE 3107A CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3128566111 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD OIL CO /IN/ DATE OF NAME CHANGE: 19850425 11-K 1 AMOCO FOAM 11K LIVE FILING SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number 1-170-2 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: AMOCO FOAM PRODUCTS COMPANY CHIPPEWA FALLS HOURLY EMPLOYEE SAVINGS PLAN 1500 West River Street Chippewa Falls, WI 54729-1954 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: AMOCO CORPORATION 200 East Randolph Drive Chicago, Illinois 60601 Telephone 312-856-6111 SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. AMOCO FOAM PRODUCTS COMPANY CHIPPEWA FALLS HOURLY EMPLOYEE SAVINGS PLAN By Norwest Bank Wisconsin, N.A. Plan Trustee Date: May 27, 1994 By Dale C. Luthy Dale C. Luthy Vice President, Trust Officer 2. REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors of Amoco Corporation In our opinion, the accompanying statement of financial position and the related statement of income, expenses, and changes in plan equity present fairly, in all material respects, the financial position of the Amoco Foam Products Company Chippewa Falls Hourly Employee Savings Plan at December 31, 1993, and the results of its operations and the changes in its plan equity for the year ended December 31, 1993, in conformity with generally accepted accounting principles. These financial statements are the responsibility of Amoco Foam Products Company's management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for the opinion expressed above. PRICE WATERHOUSE Chicago, Illinois May 27, 1994 3. AMOCO FOAM PRODUCTS COMPANY CHIPPEWA FALLS HOURLY EMPLOYEE SAVINGS PLAN STATEMENT OF FINANCIAL POSITION December 31, 1993 ASSETS Investments at market value: Amoco Stock Fund $ 44,688 Equity Fund 81,903 Money Market Fund 54,382 Balanced Fund 151,049 Total Investments 332,022 Total assets $332,022 LIABILITIES AND PLAN EQUITY Plan equity $332,022 Total liabilities and plan equity $332,022 The accompanying notes are an integral part of these statements. 4. AMOCO FOAM PRODUCTS COMPANY CHIPPEWA FALLS HOURLY EMPLOYEE SAVINGS PLAN STATEMENT OF INCOME, EXPENSES, AND CHANGES IN PLAN EQUITY For the year ended December 31, 1993
Amoco Money Stock Equity Market Balanced Fund Fund Fund Fund Total Additions of assets attributed to: Employee contributions $31,906 $61,456 $43,892 $108,100 $245,354 Employer contributions 8,679 20,343 12,831 37,071 78,924 Realized gains (losses) on sales of investments - 97 - 92 189 Change in unrealized appreciation (depreciation) in fair value of investments (2,323) 3,068 - 8,241 8,986 Interest and dividends 733 19 886 28 1,666 Interfund transfers (net) 6,198 (2,112) (2,807) (1,279) - Total additions 45,193 82,871 54,802 152,253 335,119 Deductions of assets attributed to: Distributions to participants (56) (387) (173) (392) (1,008) Administrative expenses (449) (581) (247) (812) (2,089) Total deductions (505) (968) (420) (1,204) (3,097) Net increase in plan equity during the year 44,688 81,903 54,382 151,049 332,022 Net assets available for plan benefits: Beginning of year - - - - - End of year $44,688 $81,903 $54,382 $151,049 $332,022 The accompanying notes are an integral part of this statement.
5. AMOCO FOAM PRODUCTS COMPANY CHIPPEWA FALLS HOURLY EMPLOYEE SAVINGS PLAN __________________________________________ NOTES TO FINANCIAL STATEMENTS 1. Description of the Plan: Amoco Foam Products Company (the "Company") established the Amoco Foam Products Company Chippewa Falls Hourly Employee Savings Plan (the "Plan") effective January 1, 1993. The purpose of the Plan is to encourage eligible employees to regularly save part of their earnings and to assist them in accumulating additional security for their retirement. The Plan provides that both employee and Company contributions will be held in a trust by an independent trustee for the benefit of participating employees. Norwest Bank Wisconsin, N.A. is the trustee of the Plan (the "Trustee"). The Company reserves the right to amend or terminate the Plan at any time. The Plan was not amended during 1993. Under the Plan, participating employees can invest a total of 13 percent of pre-tax and/or after-tax earnings, but only the first three percent will be matched by the Company at a rate of $.50 for every $1.00 contributed by the employee. Company contributions are automatically invested in the same way as participants' contributions are invested. There were 223 participants in the Plan at December 31, 1993. Participants are fully vested in their contributed accounts. Vesting in Company contribution accounts is dependent upon specific criteria as described in the Plan document. Trustee fees, brokerage commissions, and other transaction fees and expenses related to the Amoco Stock Fund, the Equity Fund, the Money Market Fund, and the Balanced Fund are paid out of those respective funds. As a result, the returns on those investments are net of the fees and expenses of the managers of those funds and certain other brokerage commissions and other fees and expenses incurred in connection with those investment elections. Administrative fees for the current plan year were paid by the Company, but may be charged to the Plan in future years at the discretion of Company management and in accordance with the terms of the Plan. The contributions are invested in up to four savings options as determined by individual employees. The employee can direct the Trustee to invest in the following options: Amoco Stock Fund; Equity Fund; Money Market Fund; and Balanced Fund. 6. NOTES TO FINANCIAL STATEMENTS (continued) Amoco Stock Fund Amoco Stock Fund's primary investment objective is to purchase shares of Amoco Corporation common stock, which have no par value. Amounts not invested in Amoco Corporation stock are held as cash or are used to purchase short-term investments or invest in short-term investment funds of the Trustee. Dividend payments on Amoco Corporation common stock held in the Amoco Stock Fund are used primarily to purchase additional shares of Amoco Corporation common stock or to meet the cash demands of the Amoco Stock Fund. The percentage of assets of the Amoco Stock Fund in investments other than Amoco Corporation common stock under normal circumstances is less than 5 percent. However, this figure may change as transactions are made and may be substantially higher or lower at a given time. On December 31, 1993, the percentage of investments in Amoco Corporation common stock was 91.1 percent. Shares of common stock held in the fund and dividends and other distributions on common stock are not specifically allocated to participant accounts. Instead, each participant's investment in the Amoco Stock Fund is based on the proportion of his investment in the fund to all Plan participants. The manager of the Amoco Stock Fund is Norwest Bank Wisconsin, N.A. Equity Fund Amounts invested in the Equity Fund are placed in the Norwest Index Stock Fund, which is managed by Norwest Investment Management. The goal of the fund is to create a portfolio of stocks which will duplicate the Standard & Poor's ("S&P") 500 Index return with minimum deviations. The portfolio strategy provides for the purchase of stocks representing over 98 percent of the pro rata weighted market values of the S&P 500 Index. As of year end December 31, 1993, the Equity Fund represented 96 percent of the pro rata weighted market values of the S&P 500 Index. In order to reduce costs, transactions are made only to reproduce the composition of the index, to invest cash received from dividends or buyouts and to invest additions to the fund and raise cash for withdrawals. The Money Market Fund Amounts invested in the Money Market Fund are used to purchase units of the Norwest Short-Term Investment Fund. Assets of the Norwest Short- Term Investment Fund are held in cash or other short-term securities, 7. NOTES TO FINANCIAL STATEMENTS (continued) bonds, notes, shares of money market mutual funds, domestic and foreign bank deposits, bankers acceptances, repurchase agreements, and floating rates or put issues. The portfolio guidelines state that no more than 20 percent of the fund will be held in instruments maturing in 91 days or more. For added liquidity, at least 20 percent of the fund must mature or become available on demand each day. The manager of the fund, Norwest Investment Management, has the responsibility of purchasing the selection of securities for the fund. The manager's goal is to select a portfolio of maturities which will offer a return higher than U.S. Treasury bills. Balanced Fund Amounts invested in the Balanced Fund are used to purchase units of the Norwest Growth Balanced Fund. The goal of the Balanced Fund is to provide the investor with capital appreciation through quality stocks and to moderate risk by holding intermediate maturity bonds. The fund's strategic allocation is 65 percent invested in stocks and 35 percent held in bonds. The asset manager, Norwest Investment Management, can change these holdings by as much as 15 percentage points in order to improve investor returns. The equity portion of the fund emphasizes long term capital appreciation while attempting to minimize return volatility. Five distinct equity styles, managed by Norwest Investment Management, Norwest Capital Management, Peregrine Capital Management, and Schroder Capital Management, are used to insure that the portfolio is well diversified. In addition, no single stock can compose more than 6 percent of the portfolio. The second component of the fund is intermediate bonds. Peregrine Capital Management operates this portion of the fund and seeks to offer a return greater than the Shearson Lehman Intermediate Government and Corporate Bond Index. 8. NOTES TO FINANCIAL STATEMENTS (continued) 2. Summary of Significant Accounting Policies: All investments of the funds are stated at fair value as determined by quoted market prices. Realized gains and losses are recognized upon the disposition of investments by comparing the proceeds, or market value, to the average cost, (see Note 4). 3. Investments: The composition of various savings plan funds as of December 31, 1993 is as follows: December 31, 1993 Market Amoco Stock Fund Amoco Corporation common stock, at market value; $ 40,714 770 shares (cost $43,037) Cash equivalents 3,038 Contributions receivable and accrued interest 936 Total 44,688 Equity Fund Norwest Index Stock Fund, at market value; 78,866 3,706 units (cost $75,798) Cash Equivalents 1,159 Contributions receivable and accrued interest 1,878 Total 81,903 Money Market Fund Norwest Short-Term Investment Fund, at market 53,026 value; 53,026 units (cost approximates market) Contributions receivable and accrued interest 1,356 Total 54,382 Balanced Fund Norwest Growth Balanced Fund, at market value; 145,757 8,218 units (cost $137,516) Cash Equivalents 1,866 Contributions receivable and accrued interest 3,426 Total 151,049 Total investments $332,022 4. Sales, Redemptions, and Distributions of Securities: 9. NOTES TO FINANCIAL STATEMENTS (continued) The aggregate of income realized from sales, redemptions, and distributions of securities in participants' accounts for the year ended December 31, 1993, was as follows: Average Gains Proceeds Cost Realized Equity Fund $ 3,500 $ 3,403 $ 97 Balanced Fund 1,818 1,726 92 Total $ 5,318 $ 5,129 $ 189 Average cost is calculated as the weighted average of the fair value of the disposed securities at the beginning of the year or acquisition cost if acquired during the year. 5. Taxes: The Company believes that the Plan qualifies under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code") and that the related Trust is exempt from Federal income taxes under Section 501(a) of the Code. The Company intends during 1994 to request a ruling from the Internal Revenue Service that the Plan and Trust, as amended as of the date of such request, qualify under Sections 401(a) and 501(a) of the Code, respectively. The Company reserves the right to make any amendment necessary to maintain the qualification of the Plan and Trust. Under present Federal income tax laws, it is expected that a participant will not be subject to income taxes on amounts contributed by the Company or on income accrued to the participant account until part or all of the participant account is withdrawn or distributed. Gains and losses on the sale of securities within a participant account are not reportable for income tax purposes unless withdrawn. 6. Unrealized Appreciation on Investments: Unrealized appreciation on investments at December 31, 1993, amounted to $8,986 and has been reflected in the statement of income, expenses, and changes in plan equity for the period. 7. Withdrawals and Forfeitures: Distributions to participants are reported at market value at the date of distribution. For the year ended December 31, 1993, the balance of participants' accounts withdrawn totaled $1,008. Disbursements in cash in settlement of such accounts amounted to $1,008. There were no forfeitures during the period. 10. EX-23 2 EXH23 LIVE FILING Exhibit 23 AMOCO FOAM PRODUCTS COMPANY CHIPPEWA FALLS HOURLY EMPLOYEE SAVINGS PLAN _________________________________________ CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 No. 33-55748 of the Amoco Foam Products Company Chippewa Falls Hourly Employee Savings Plan of our report dated May 27, 1994 appearing on page 3 of this Form 11-K. PRICE WATERHOUSE Chicago, Illinois May 27, 1994 -----END PRIVACY-ENHANCED MESSAGE-----