SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________
FORM 10-K/A
Amendment No. 1 to
Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended March 31, 1995
Commission File No. 1-4850
COMPUTER SCIENCES CORPORATION
Incorporated in the State of Nevada
Employer Identification No. 95-2043126
2100 East Grand Avenue
El Segundo, California 90245
Telephone (310) 615-0311
________________________
Securities registered pursuant
to Section 12(b) of the Act: Exchanges on Which Registered
___________________________________ __________________________________
Common Stock, $1.00 par value per share New York Stock Exchange
Preferred Stock Purchase Rights Pacific Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
The registrant hereby amends Item 14(a) of its fiscal year 1995 Annual Report
on Form 10-K to include Exhibit 99.3 -- the Annual Report on Form 11-K of the
CSC Credit Services, Inc. Employee Savings Plan.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
Item 14(a) The following documents are filed as part of this report:
1 and 2. Financial Statements and Financial Statement Schedules: These
documents are listed in the Index to Consolidated Financial Statements and
Financial Statement Schedules (Item 8).
3. Exhibits:
Page
----
3.1 Restated Articles of Incorporation (d)
3.2 Amendment to Restated Articles of Incorporation (k)
3.3 By-Laws, dated and effective January 31, 1993 (h)
10.1 Annual Management Incentive Plan (a)
10.2 1978 Stock Option Plan (h)
10.3 Amendment Nos. 1 and 2 to the 1978 Stock Option Plan (h)
10.4 Amendment No. 3 to the 1978 Stock Option Plan (c)
10.5 1980 Stock Option Plan (h)
10.6 Amendment Nos. 1, 2, 3 and 4 to the 1980 Stock Option Plan (b)
10.7 Amendment No. 5 to the 1980 Stock Option Plan (c)
10.8 1984 Stock Option Plan (i)
10.9 Amendment No. 1 to the 1984 Stock Option Plan (b)
10.10 Amendment No. 2 to the 1984 Stock Option Plan (c)
10.11 1987 Stock Incentive Plan (c)
10.12 Schedule to the 1987 Stock Incentive Plan for United Kingdom
personnel (c)
10.13 1990 Stock Incentive Plan (j)
10.14 1992 Stock Incentive Plan (m)
10.15 Amendment No. 1 to the 1992 Stock Incentive Plan (h)
10.16 Form of Indemnification Agreement for Directors (e)
10.17 Form of Indemnification Agreement for Officers (h)
10.18 $250,000,000 Credit Agreement dated as of October 31, 1991 (e)
10.19 Guaranty Agreement dated as of October 31, 1991 (e)
10.20 Information Technology Services Agreements and Stock Purchase
Agreement with General Dynamics Corporation, dated as of
November 4, 1991 (k)
10.21 Restated Supplemental Executive Retirement Plan, dated
June 1, 1993 (f)
10.22 Restated Rights Agreement dated as of December 21, 1988, as
amended December 6, 1993 (g)
10.23 $100 million Credit Agreement dated as of November 2, 1993 (g)
10.24 Guaranty Agreement (Short Term Facility) (g)
10.25 $150 million Credit Agreement dated as of November 2, 1993 (g)
10.26 Guaranty Agreement (Long Term Facility) (g)
10.27 $100 million Credit Agreement dated as of September 15, 1994,
filed herewith (h)
10.28 $150 million Credit Agreement dated as of September 15, 1994,
filed herewith (h)
10.29 $100 million Credit Agreement dated as of January 3, 1995,
filed herewith (h)
11 Calculation of Primary and Fully Diluted Earnings Per Share (h)
21 Significant Active Subsidiaries and Affiliates of the
Registrant (h)
23.1 Independent Auditors' Consent (h)
27 Article 5 Financial Data Schedule (h)
99.1 Annual Report on Form 11-K for the Matched Asset Plan of
Computer Sciences Corporation (h)
99.2 Annual Report on Form 11-K for Computer Sciences Corporation
CSC Outsourcing, Inc. Hourly Savings Plan (h)
99.3 Annual Report on Form 11-K for CSC Credit Services, Inc.
Employee Savings Plan
Notes to Exhibit Index:
(a)-(h) These exhibits are incorporated herein by reference from the
Company's Form 10-K, Commission File No. 1-4850, for the respective
fiscal year noted below:
(a) March 30, 1984 (e) April 3, 1992
(b) April 3, 1987 (f) April 2, 1993
(c) April 1, 1988 (g) April 1, 1994
(d) March 31, 1989 (h) March 31, 1995
(i) These exhibits are incorporated herein by reference from the
Company's Form S-8 filed with the Commission as of August 17, 1984.
(j) This exhibit is incorporated herein by reference from the Company's
Form S-8 filed on August 15, 1990.
(k) This exhibit is incorporated herein by reference from the Company's
Form 8-K filed on November 4, 1991.
(l) This exhibit is incorporated herein by reference from the Company's
Proxy Statement for its August 10, 1992 Annual Meeting of
Stockholders.
(m) This exhibit is incorporated herein by reference from the Company's
Form S-8 filed on August 12, 1992
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
COMPUTER SCIENCES CORPORATION
Dated: January 24, 1996 By:/s/ Denis M. Crane
------------------------
Denis M. Crane,
Vice President and Controller
EXHIBIT INDEX
Page
----
3.1 Restated Articles of Incorporation (d)
3.2 Amendment to Restated Articles of Incorporation (k)
3.3 By-Laws, dated and effective January 31, 1993 (h)
10.1 Annual Management Incentive Plan (a)
10.2 1978 Stock Option Plan (h)
10.3 Amendment Nos. 1 and 2 to the 1978 Stock Option Plan (h)
10.4 Amendment No. 3 to the 1978 Stock Option Plan (c)
10.5 1980 Stock Option Plan (h)
10.6 Amendment Nos. 1, 2, 3 and 4 to the 1980 Stock Option Plan (b)
10.7 Amendment No. 5 to the 1980 Stock Option Plan (c)
10.8 1984 Stock Option Plan (i)
10.9 Amendment No. 1 to the 1984 Stock Option Plan (b)
10.10 Amendment No. 2 to the 1984 Stock Option Plan (c)
10.11 1987 Stock Incentive Plan (c)
10.12 Schedule to the 1987 Stock Incentive Plan for United Kingdom
personnel (c)
10.13 1990 Stock Incentive Plan (j)
10.14 1992 Stock Incentive Plan (m)
10.15 Amendment No. 1 to the 1992 Stock Incentive Plan (h)
10.16 Form of Indemnification Agreement for Directors (e)
10.17 Form of Indemnification Agreement for Officers (h)
10.18 $250,000,000 Credit Agreement dated as of October 31, 1991 (e)
10.19 Guaranty Agreement dated as of October 31, 1991 (e)
10.20 Information Technology Services Agreements and Stock Purchase
Agreement with General Dynamics Corporation, dated as of
November 4, 1991 (k)
10.21 Restated Supplemental Executive Retirement Plan, dated
June 1, 1993 (f)
10.22 Restated Rights Agreement dated as of December 21, 1988,
as amended December 6, 1993 (g)
10.23 $100 million Credit Agreement dated as of November 2, 1993 (g)
10.24 Guaranty Agreement (Short Term Facility) (g)
10.25 $150 million Credit Agreement dated as of November 2, 1993 (g)
10.26 Guaranty Agreement (Long Term Facility) (g)
10.27 $100 million Credit Agreement dated as of September 15, 1994,
filed herewith (h)
10.28 $150 million Credit Agreement dated as of September 15, 1994,
filed herewith (h)
10.29 $100 million Credit Agreement dated as of January 3, 1995,
filed herewith (h)
11 Calculation of Primary and Fully Diluted Earnings Per Share (h)
21 Significant Active Subsidiaries and Affiliates of the
Registrant (h)
23.1 Independent Auditors' Consent (h)
27 Article 5 Financial Data Schedule (h)
99.1 Annual Report on Form 11-K for the Matched Asset Plan of
Computer Sciences Corporation (h)
99.2 Annual Report on Form 11-K for Computer Sciences Corporation
CSC Outsourcing, Inc. Hourly Savings Plan (h)
99.3 Annual Report on Form 11-K for CSC Credit Services, Inc.
Employee Savings Plan
Notes to Exhibit Index:
(a)-(h) These exhibits are incorporated herein by reference from the
Company's Form 10-K, Commission File No. 1-4850, for the respective
fiscal year noted below:
(a) March 30, 1984 (e) April 3, 1992
(b) April 3, 1987 (f) April 2, 1993
(c) April 1, 1988 (g) April 1, 1994
(d) March 31, 1989 (h) March 31, 1995
(i) These exhibits are incorporated herein by reference from the
Company's Form S-8 filed with the Commission as of August 17, 1984.
(j) This exhibit is incorporated herein by reference from the Company's
Form S-8 filed on August 15, 1990.
(k) This exhibit is incorporated herein by reference from the Company's
Form 8-K filed on November 4, 1991.
(l) This exhibit is incorporated herein by reference from the Company's
Proxy Statement for its August 10, 1992 Annual Meeting of
Stockholders.
(m) This exhibit is incorporated herein by reference from the Company's
Form S-8 filed on August 12, 1992
EXHIBIT 99.3
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
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
For the fiscal year ended: September 30, 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: 1-4850
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
CSC Credit Services, Inc. Employee Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Computer Sciences Corporation
2100 East Grand Avenue
El Segundo, California 90245
CSC CREDIT SERVICES, INC.
EMPLOYEE SAVINGS PLAN
Financial Statements and Supplemental Schedules
for the Years Ended September 30, 1995 and 1994
and Independent Auditors' Report
INDEPENDENT AUDITORS' REPORT
To the Plan Committee of CSC Credit Services, Inc.
Employee Savings Plan:
We have audited the accompanying statements of net assets available for
benefits of CSC Credit Services, Inc. Employee Savings Plan (the "Plan") as of
September 30, 1995 and 1994, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used of 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of September
30, 1995 and 1994, and the changes in net assets available for benefits for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1)
assets held for investment as of September 30, 1995 and (2) reportable
transactions for the year ended September 30, 1995 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 statement of changes in net assets available for benefits as of September
30, 1995 and 1994, included in Note 10 to the accompanying financial
statements, is presented for purposes of additional analysis rather than to
present the changes in net assets available for plan benefits of the
individual funds. The supplemental schedules and Fund Information have been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic financial statements taken
as a whole.
DELOITTE & TOUCHE LLP
Houston, Texas
December 22, 1995
CSC CREDIT SERVICES, INC. EMPLOYEE SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS,
SEPTEMBER 30, 1995 AND 1994
ASSETS 1995 1994
INVESTMENTS, at fair value:
Trustee Short-Term Cash Management Fund $ 47,737 $ 662,428
Brinson Trust Company US-Cash Management Fund 77
Computer Sciences Corporation - common stock
(47,092 and 39,972 shares, respectively) 3,031,548 1,738,782
Vanguard Group - Short-Term Bond Fund
(44,003 and 19,032 shares, respectively) 473,470 199,080
Vanguard Group - Windsor Fund Incorporated II
(243,898 and 241,384 shares, respectively) 4,997,471 4,098,705
Brinson Trust Company US
(5,998 and 1,954 units, respectively) 920,580 251,382
Fixed income contracts:
Aurora National Life Assurance Company 239,917 239,917
General American Life Insurance Company 1,030,525 950,582
Hartford Life Insurance Company 1,029,361 949,507
Protective Life Insurance Company 804,642 745,243
Provident National Assurance Company 1,679,121 1,555,894
Prudential Insurance Company of America 687,289 646,495
RECEIVABLES:
Contributions 119,340 115,112
Interest 35,699 31,853
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $15,096,777 $12,184,980
=========== ===========
See accompanying notes to financial statements.
CSC CREDIT SERVICES, INC. EMPLOYEE SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED SEPTEMBER 30, 1995 AND 1994
1995 1994
INVESTMENT INCOME:
Net appreciation in fair value of investments $ 1,939,691 $ 242,482
Interest and dividends 668,871 644,269
----------- -----------
Total 2,608,562 886,751
----------- -----------
CONTRIBUTIONS:
Employer 461,021 408,833
Employee 1,432,790 1,310,753
----------- -----------
Total 1,893,811 1,719,586
----------- -----------
Total additions 4,502,373 2,606,337
BENEFITS PAID TO PARTICIPANTS (1,590,576) (740,865)
----------- -----------
INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 2,911,797 1,865,472
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 12,184,980 10,319,508
----------- -----------
End of year $15,096,777 $12,184,980
=========== ===========
See accompanying notes to financial statements.
CSC CREDIT SERVICES, INC. EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED SEPTEMBER 30, 1995 AND 1994
1. DESCRIPTION OF PLAN
The following description of the CSC Credit Services, Inc. Employee Savings
Plan (the "Plan") provides only general information. Participants should refer
to the plan documents for a more complete description of the Plan's
provisions.
Effective July 1, 1994, the Board of Directors of CSC Credit Services, Inc.
(the "Company") authorized, subject to final execution, the amendment and
restatement of the Plan. The amendments include, among other things, a
modification to the definition of plan compensation, the introduction of
participant loans, sponsorship of the Plan to be assumed by CSC-Enterprises, a
Delaware general partnership and General Partner of CSC-Credit Services Inc.
and an additional participant investment fund option (the "Balanced Fund").
The introduction of these amendments will have no adverse effect on the
administration or the net assets available for benefits of the Plan.
General - Effective October 1, 1987, Associated Credit Services, Inc.,
established the Associated Credit Services, Inc. Employee Savings Plan. The
Plan's name was subsequently changed to the CSC Credit Services, Inc. Employee
Savings Plan.
The Plan is a defined contribution savings plan for employees of the Company.
Employees are eligible to participate after completing an employment year
consisting of at least 1,000 hours of service. The Plan is subject to
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA")
and its subsequent amendments and is considered a "cash or deferred
arrangement" under Section 401(k) of the Internal Revenue Code of 1986. The
general administration and operation of the Plan is vested in the Plan
Committee (the "Committee"). The trustee of the Plan is Texas Commerce Trust
Company N.A. (the "Trustee"), formerly Ameritrust Texas N.A.
Employee contributions are invested at each employee's discretion in the
General Equity Fund, Fixed Income Fund, Common Stock Fund or Balanced
Investment Fund on a percentage allocation basis in any increment of 25%. The
General Equity Fund is invested and reinvested in a pooled investment fund
which, in turn, is invested in equity investments. The Fixed Income Fund is
invested in contracts with insurance companies, a short-term Bond fund and
short-term cash investments. The Company Stock Fund is invested and
reinvested in Computer Sciences Corporation common stock. The Balanced
Investment Fund is invested and reinvested in an actively managed diversified
portfolio of U.S. equities, bonds and cash equivalents.
Contributions - Participants may contribute (not to exceed $9,240 for calendar
years 1995 and 1994) from 2% to 15% of their compensation. Employer
contributions equal 50% of the first 6% of a participant's contributions, not
to exceed 3% of the participant's plan compensation.
Participant Accounts - Each participant's account is credited with the
participant's contributions, the Company's matching contributions and
earnings. Allocations are based primarily on account balances at certain
specified dates as provided under the terms of the Plan.
Vesting - Upon normal retirement, death or disability, a participant is
entitled to the entire balance of his or her account. If a participant's
employment is terminated for any other reason, such participant is entitled to
the total of his or her employee contributions plus a vested percentage of the
Company's matching contributions. Participants vest in Company contributions
as follows:
<CAPATION>
Vesting Service Vesting Percent
Less than 2 years 0
2 years but less than 3 25
3 years but less than 4 50
4 years but less than 5 75
5 years or more 100
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Basis - The financial statements are prepared using the accrual
basis of accounting in accordance with generally accepted accounting
principles.
Investments - Investments are presented in the financial statements at their
fair value using the first-in first-out method. If available, quoted market
prices are used to value investments. Investments in fixed income contracts
are reported at contract values, which management believes approximate fair
values.
Benefit Payments - Benefit payments are recorded when paid.
Administrative Expenses - Administrative expenses are paid by the Company.
3. CONTRIBUTIONS
Included in employee contributions for 1995 and 1994 is $993 and $28,140,
respectively, consisting of lump sum distributions to employees rolled over
from other employee benefit plans.
4. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
September 30,
--------------------------
1995 1994
Net assets available for benefits per the
financial statements $15,096,777 $12,184,980
Amounts allocated to withdrawing participants (617,959) (404,599)
----------- -----------
Net assets available for benefits per the
Form 5500 $14,478,818 $11,780,381
=========== ==========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year Ended
September 30, 1995
Benefits paid to participants per the financial
statements $1,590,576
Add: Amounts allocated to withdrawing participants
at September 30, 1995 617,959
Less: Amounts allocated to withdrawing participants
at September 30, 1994 (404,599)
----------
Benefits paid to participants per the Form 5500 $1,803,936
==========
Amounts allocated to withdrawing participants are recorded on the Form 5500
for benefit claims that have been processed and approved for payment prior to
September 30 but not yet paid as of that date.
5. FEDERAL INCOME TAXES
The Plan obtained its latest tax determination letter on August 1, 1988, in
which the Internal Revenue Service ("IRS") stated that the Plan, as then
designed, was in compliance with the applicable requirements of the Internal
Revenue Code. The Plan has applied for a tax determination letter from the
IRS which incorporates all amendments under the amended and restated plan
document, effective July 1, 1994. The plan administrator and the Plan's tax
counsel believe that the Plan as currently designed is being operated in
compliance with the applicable requirements of the Internal Revenue Code.
Therefore, they believe that the Plan is qualified and considered tax-exempt
as of the financial statement date.
6. FORFEITURES
Upon termination, the nonvested portion of a participant's employer
contribution account is forfeited and held in suspense. If a participant
resumes service under the Plan, he or she may, under certain circumstances,
have the forfeited suspense account reinstated (including gains or losses).
If the terminated employee is not re-employed before completion of five
consecutive one-year breaks in service, his or her forfeited suspense account
shall become available for allocation. The Company reserves the right to use
the forfeited balance to reduce future contributions by the employer.
Accumulated forfeitures amounted to $34,033 and $11,392 for the years ended
September 30, 1995 and 1994, respectively. During 1995 and 1994, the Company
elected to utilize $12,991 and $73,068, respectively, of accumulated
forfeitures to reduce employer contributions to the Plan.
7. TERMINATION OF PLAN
Although it has not expressed any intent to do so, the Company reserves the
right under the Plan to discontinue its contributions and terminate the Plan,
in whole or in part, at any time subject to the provisions of ERISA. In the
event of the Plan's termination, all participants will be 100% vested in their
accounts.
8. CONTINGENCIES
The Plan holds an investment in an Aurora National Life Assurance Company
("Aurora") fixed income contract which matures September 3, 1998. Previously,
this contract was with Executive Life Insurance ("ELIC") and matured September
30, 1992. ELIC was a wholly owned subsidiary of First Executive Corporation
("FEC"). FEC, a holding company, filed for relief under Chapter 11 of the
United States Bankruptcy Code on May 13, 1991. A Rehabilitation/Liquidation
Plan for ELIC was filed on January 13, 1992 and approved on August 13, 1993 by
the California Superior Court. As part of the Rehabilitation/Liquidation Plan
for ELIC, Aurora assumed the Plan's fixed income contract with ELIC. The
contract value with Aurora is subject to contingencies involving the
liquidation of ELIC and realization of amounts from the State of Texas
Guaranty Association. The outcome of these contingencies is not fully known.
However, it is expected that the impact, if any, will have no material effect
on the aggregate assets of the Plan.
9. RELATED-PARTY TRANSACTIONS
During the years ended September 30, 1995 and 1994, the Plan purchased and
sold shares of Computer Sciences Corporation common stock and units of short-
term cash management funds managed by the Trustee as temporary investments, as
shown below:
1995 1994
------------------------ ------------------------
Purchases Sales Purchases Sales
Computer Sciences
Corporation:
Shares 9,596 2,320 9,827 17
Dollars $ 506,700 $ 121,642 $ 395,644 $ 669
========== ========== ========== ==========
Trustee - Short-Term
Cash Management Fund $3,332,206 $3,948,967 $2,903,946 $2,288,118
========== ========== ========== ==========
10. SUPPLEMENTAL SCHEDULE OF FUND INFORMATION
The Plan consists of four investment funds. Each participant directs the
manner in which his or her account balance is invested. The net assets
available for benefits by fund and changes in net assets available for
benefits by fund for the years ended September 30, 1995 and 1994 are as
follows:
1995
---------------------------------------------------------
Fixed General Common Balanced
Combined Income Equity Stock Investment
Funds Fund Fund Fund Fund
Investment income:
Net appreciation
in fair value of
investments $ 1,939,691 $ 12,561 $ 887,871 $ 916,373 $122,886
Interest and
dividends 668,871 422,663 242,524 1,821 1,863
----------- ---------- ---------- ---------- --------
Total 2,608,562 435,224 1,130,395 918,194 124,749
----------- ---------- ---------- ---------- --------
Contributions:
Employer 461,021 139,687 157,866 111,199 52,269
Employee 1,432,790 384,894 499,740 371,311 176,845
----------- ---------- ---------- ---------- --------
Total 1,893,811 524,581 657,606 482,510 229,114
----------- ---------- ---------- ---------- --------
Total additions 4,502,373 959,805 1,788,001 1,400,704 353,863
----------- ---------- ---------- ---------- --------
Benefits paid to
participants (1,590,576) (594,890) (740,670) (225,510) (29,506)
Interfund transfers,
net - (273,510) (152,064) 123,314 302,260
----------- ---------- ---------- ---------- --------
Increase in net
assets available
for benefits 2,911,797 91,405 895,267 1,298,508 626,617
Net assets available
for benefits:
Beginning of year 12,184,980 5,921,583 4,176,247 1,759,262 327,888
----------- ---------- ---------- ---------- --------
End of year $15,096,777 $6,012,988 $5,071,514 $3,057,770 $954,505
=========== ========== ========== ========== ========
1994
---------------------------------------------------------
Fixed General Common Balanced
Combined Income Equity Stock Investment
Funds Fund Fund Fund Fund
Investment income:
Net appreciation
(depreciation) in
fair value of
investments $ 242,482 $ (641) $ (180,158) $ 421,115 $ 2,166
Interest and
dividends 644,269 423,280 219,580 856 553
----------- ---------- ---------- ---------- --------
Total 886,751 422,639 39,422 421,971 2,719
----------- ---------- ---------- ---------- --------
Contributions:
Employer 408,833 146,639 187,255 67,791 7,148
Employee 1,310,753 454,591 623,725 205,847 26,590
----------- ---------- ---------- ---------- --------
Total 1,719,586 601,230 810,980 273,638 33,738
----------- ---------- ---------- ---------- --------
Total additions 2,606,337 1,023,869 850,402 695,609 36,457
----------- ---------- ---------- ---------- --------
Benefits paid to
participants (740,865) (373,704) (328,952) (38,209)
Interfund transfers,
net - (414,958) (35,068) 158,595 291,431
----------- ---------- ---------- ---------- --------
Increase in net
assets available
for benefits 1,865,472 235,207 486,382 815,995 327,888
Net assets available
for benefits:
Beginning of year 10,319,508 5,686,376 3,689,865 943,267 -
----------- ---------- ---------- ---------- --------
End of year $12,184,980 $5,921,583 $4,176,247 $1,759,262 $327,888
=========== ========== ========== ========== ========
Item 27a - Schedule of Assets Held for Investment
CSC CREDIT SERVICES, INC. EMPLOYEE SAVINGS PLAN
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT,
SEPTEMBER 30, 1995
Current
Description of Investment Cost Value
*Computer Sciences Corporation - common stock
(47,092 shares) $1,601,768 $3,031,548
Vanguard Group - Short-Term Bond Fund
(44,003 shares) 464,282 473,470
Vanguard Group - Windsor Fund Incorporated II
(243,898 shares) 3,821,640 4,997,471
Brinson Trust Company US (5,998 units) 795,527 920,580
Brinson Trust Company US-Cash Management Fund 77 77
Aurora National Life Assurance Company - 4.00%
minimum fixed income contract due 9/03/98 239,917 239,917
General American Life Insurance Company -
8.41% fixed income contract due 9/30/96 1,030,525 1,030,525
Hartford Life Insurance Company - 8.41%
fixed income contract due 9/30/96 1,029,361 1,029,361
Protective Life Insurance Company - 7.98%
fixed income contract due 3/31/97 804,642 804,642
Provident National Assurance Company -
7.92% fixed income contract due 3/31/97 1,679,121 1,679,121
Prudential Insurance Company of America -
6.31% fixed income contract due 9/30/98 687,289 687,289
*Texas Commerce Trust Company N.A. - Short
-Term Cash Management Fund 47,737 47,737
*Related party
Item 27d - Schedule of Reportable Transactions
CSC CREDIT SERVICES, INC. EMPLOYEE SAVINGS PLAN
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS,
FOR THE YEAR ENDED SEPTEMBER 30, 1995
Current
Number Number Value on Net
Description of of Purchase of Selling Cost of Transaction Gain or
Investment Purchases Price Sales Price Asset Date (Loss)
Single
transactions
- -------------
None
Series of
transactions
- -------------
*Computer
Sciences
Corporation 20 $ 506,700 $ 506,700
7 $ 121,475 68,664 $ 121,682 $52,811
*Texas Commerce
Trust Company
N.A. - Short-
Term Cash
Management
Fund 171 3,332,206 3,332,206
150 3,948,967 3,948,967 3,948,967
Vanguard Group -
Short-Term Bond
Fund 33 989,167 989,167
12 727,337 724,826 627,487 2,511
Vanguard Group -
Windsor II 25 774,641 774,641
8 746,248 647,570 749,135 98,678
*Related party
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Act of 1934, the
Computer Sciences Corporation Retirement Plans Committee has duly caused this
annual report to be signed on its behalf by the undersigned thereunto duly
authorized.
CSC CREDIT SERVICES, INC.
EMPLOYEE SAVINGS PLAN
Date: January 24, 1996 By:/s/ Leon J. Level
-----------------------------
Leon J. Level
Chairman,
Computer Sciences Corporation
Retirement Plans Committee
EXHIBIT INDEX
23.1 Independent Auditors' Consent
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We hereby consent to the incorporation by reference in Registration Statement
No. 33-17157 of Computer Sciences Corporation on Form S-8 of our report dated
December 22, 1995 appearing in this Annual Report on Form 11-K of CSC Credit
Services, Inc. Employee Savings Plan for the year ended September 30, 1995.
DELOITTE & TOUCHE LLP
Houston, Texas
January 22, 1996