PAGE 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1994
SAVINGS AND INVESTMENT PLAN
OF E. I. DU PONT DE NEMOURS AND COMPANY
(FULL TITLE OF THE PLAN)
E. I. DU PONT DE NEMOURS AND COMPANY
1007 MARKET STREET
WILMINGTON, DELAWARE 19898
(NAME AND ADDRESS OF PRINCIPAL EXECUTIVE OFFICE OF ISSUER)
============================================================
PAGE 2
INDEX
Page(s)
Report of Independent Accountants................. 4
Financial Statements:
Statements of Net Assets Available for Plan
Benefits with Fund Information at
September 30, 1994 and 1993..................... 5-8
Statements of Changes in Net Assets Available
for Plan Benefits with Fund Information for
the Years Ended September 30, 1994 and 1993..... 9-12
Notes to Financial Statements................... 13-22
Supplemental Schedules:
Schedule of Assets Held for Investment Purposes at
September 30, 1994 (Schedule I).................. 23
Schedule of Reportable Transactions for the Year
Ended September 30, 1994 (Schedule II)........... 24
EXHIBITS
Exhibit
Number Description
24 Consent of Independent Accountants.
PAGE 3
Pursuant to the requirements of the Securities
and Exchange Act of 1934, E. I. du Pont de Nemours and
Company has duly caused this Annual Report to be signed by
the undersigned hereunto duly authorized.
Savings and Investment Plan of
E. I. du Pont de Nemours and Company
Date: March 27, 1995
By ___________________________________
C. L. Henry
Senior Vice President-Finance
PAGE 4
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of the Savings and
Investment Plan of E. I. du Pont de Nemours and Company
In our opinion, the financial statements listed in the
accompanying index present fairly, in all material respects,
the net assets available for plan benefits of the Savings
and Investment Plan of E. I. du Pont de Nemours and Company
at September 30, 1994 and 1993, and the changes in net
assets available for plan benefits for the years then ended,
in conformity with generally accepted accounting principles.
These financial statements are the responsibility of E. I.
du Pont de Nemours and Company as the Plan's Administrator;
our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our
audits 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 audits provide a reasonable basis for the
opinion expressed above.
As discussed in Note 8, the Plan changed its method of
accounting for benefit obligations related to distributions
currently payable to employees who withdrew funds from the
Plan.
Our audits were performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
additional information included in schedules 1 and 2 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements but is
additional information required by ERISA. The Fund
Information in the statement of net assets available for
benefits and the statement of changes in net assets
available for benefits is presented for purposes of
additional analysis rather than to present the net assets
available for plan benefits and changes in net assets
available for benefits of each fund. Schedules 1 and 2 and
the Fund Information have been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial
statements taken as a whole.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
January 24, 1995
PAGE 5
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1994
(Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION
3-Way DuPont Merrill
Fixed Family Asset Common Lynch
Income of Mutual Allocation Stock Loan Equity
Fund Funds Fund Fund Fund Index
---------- ---------- ---------- --------- --------- ---------
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $349,679) ............. $618,681
Pooled investments (cost
$778,302).................... $324,583 $105,207 $201,346
Fixed income
(contract value $5,100,340).. $5,100,340
Short-term investments & cash
(cost $40,566)................ 39,954 140 45 266 87
Loans to participants-
principal balance ........... $164,277
----------- --------- --------- --------- -------- ---------
Total investments .......... 5,140,294 324,723 105,252 618,947 164,277 201,433
Receivables
Due from E. I. du Pont
de Nemours and Company.. 22,634 3,090 872 1,020 969
----------- --------- --------- --------- -------- ---------
Net assets available for plan
benefits .................... $5,162,928 $327,813 $106,124 $619,967 $164,277 $202,402
=========== ========= ========= ========= ======== =========
Unit or share values (note 2) ... $79.73 $67.41 $11.07 $58.00 $29.24
====== ====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
Continued on next page
PAGE 6
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1994 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
-------- --------- -------- -------- -----------
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $349,679) ............. $618,681
Pooled investments (cost
$778,302).................... $68,431 $16,125 $45,296 $41,894 802,882
Fixed income
(contract value $5,100,340).. 5,100,340
Short-term investments & cash
(cost $40,566)................ 29 7 20 18 40,566
Loans to participants-
principal balance ........... 164,277
-------- -------- ------- -------- ----------
Total investments .......... 68,460 16,132 45,316 41,912 6,726,746
Receivables
Due from E. I. du Pont
de Nemours and Company......... 671 180 535 404 30,375
-------- --------- -------- -------- ---------
Net assets available for plan
benefits .................... $69,131 $16,312 $45,851 $42,316 $6,757,121
======= ======== ======== ======== ===========
Unit or share values (note 2) ... $13.32 $11.67 $27.42 $23.04
====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
PAGE 7
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1993
(Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION
3-Way DuPont Merrill
Fixed Family Asset Common Lynch
Income of Mutual Allocation Stock Loan Equity
Fund Funds Fund Fund Fund Index
---------- ---------- ---------- --------- --------- ---------
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $337,923) ............. $507,873
Pooled investments (cost
$595,998).................... $235,865 $106,643 $212,534
Fixed income
(contract value $4,701,973).. $4,701,973
Short-term investments & cash
(cost $43,311)................. 42,390 336 43 437 23
Loans to participants-
principal balance ........... $152,291
----------- --------- --------- --------- -------- ---------
Total investments .......... 4,744,363 236,201 106,686 508,310 152,291 212,557
Receivables
Due from E. I. du Pont
de Nemours and Company....... 24,882 2,393 866 773 0 1,191
----------- --------- --------- --------- -------- ---------
Net assets available for plan
benefits .................... $4,769,245 $238,594 $107,552 $509,083 $152,291 $213,748
=========== ========= ========= ========= ======== =========
Unit or share values (note 2) ... $73.36 $75.53 $11.39 $46.50 $28.29
====== ====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
Continued on next page
PAGE 8
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1993 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
-------- --------- -------- -------- -----------
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $337,923) ............. $507,873
Pooled investments (cost
$595,998).................... $29,482 $12,271 $34,925 $27,981 659,701
Fixed income
(contract value $4,701,973).. 4,701,973
Short-term investments & cash
(cost $43,311)................. 32 1 41 8 43,311
Loans to participants-
principal balance ........... 152,291
-------- -------- ------- -------- ----------
Total investments .......... 29,514 12,272 34,966 27,989 6,065,149
Receivables
Due from E. I. du Pont
de Nemours and Company....... 328 161 479 304 31,377
-------- --------- -------- -------- ---------
Net assets available for plan
benefits .................... $29,842 $12,433 $35,445 $28,293 $6,096,526
======= ======== ======== ======== ===========
Unit or share values (note 2) ... $13.28 $13.02 $28.46 $23.71
====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
PAGE 9
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(Dollars in Thousands)
FUND INFORMATION
3-Way DuPont Merrill
Fixed Family Asset Common Lynch
Income of Mutual Allocation Stock Loan Equity
Fund Funds Fund Fund Fund Index
------- -------- --------- --------- --------- --------
Investment income
Interest .............. $411,795 $ 28 $ 9 $ 14 $13,012 $ 9
Dividends ............. 28,034 18,962 3
Distribution of loan
investment income.... 10,499 947 279 371 (13,012) 450
-------- -------- --------- --------- -------- --------
Total investment
income ............ 422,294 29,009 288 19,347 0 462
Net realized gains (losses) 264 2,008 29,976 2,868
Net unrealized appre-
ciation (depreciation)
in fair value of
investments ........... (32,438) (5,366) 99,049 4,027
Contributions
DuPont Company's
contributions
(net of forfeiture
of $471) ............ 53,590 6,129 1,960 2,284 2,250
Participants'
savings ............. 257,019 27,146 7,887 6,174 7,771
TRASOP transfers ...... 690 3 1 4,523 3
--------- ---------- ------- -------- -------- --------
733,593 30,113 6,778 161,353 0 17,381
--------- ---------- ------- -------- -------- --------
Withdrawals.............. (242,448) (9,071) (3,292) (24,615) (7,153) (7,580)
Net transfers among funds
Loans ................. (68,863) (4,167) (1,516) (7,850) 87,202 (2,690)
Loan principal repayments 53,425 5,205 1,582 1,959 (66,979) 2,248
Other authorized
transfers ........... (70,521) 67,521 (4,964) (18,088) (20,401)
Acquisitions
(Divestitures), net.... (11,038) (368) (95) (1,858) (1,089) (304)
Affiliated company
transfers in (out) .... (465) (14) 79 (17) 5
---------- --------- ------- -------- -------- --------
(339,910) 59,106 (8,206) (50,469) 11,986 (28,727)
---------- --------- ------- -------- -------- --------
Change in net assets
available for plan
benefits for the
year .................. 393,683 89,219 (1,428) 110,884 11,986 (11,346)
Net assets available
for plan benefits:
Beginning of year ..... 4,769,245 238,594 107,552 509,083 152,291 213,748
---------- --------- ------- -------- -------- --------
End of year ........... $5,162,928 $327,813 $106,124 $619,967 $164,277 $202,402
========== ======== ======= ======== ======== =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
PAGE 10
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1994 (Continued)
(Dollars in Thousands)
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
--------- --------- --------- -------- ------------
Investment income
Interest .............. $ 4 $ 2 $ 5 $ 3 $424,881
Dividends ............. 2,663 1,734 3,406 2,595 57,397
Distribution of Loan
investment income.... 174 49 121 122
------- ----------- -------- -------- -----------
Total investment
income ............ 2,841 1,785 3,532 2,720 482,278
Net realized gains (losses). 393 (108) 288 234 35,923
Net unrealized appre-
ciation (depreciation)
in fair value of
investments............ (709) (1,468) (1,752) (1,417) 59,926
Contributions
DuPont Company's
contributions
(net of forfeiture
of $471) ............ 1,189 384 1,081 834 69,701
Participants'
savings ............. 5,451 1,689 4,633 3,543 321,313
TRASOP transfers ...... 1 1 1 5,223
------- ----------- --------- -------- -----------
9,166 2,282 7,783 5,915 974,364
------- ----------- --------- -------- -----------
Withdrawals ............. (1,101) (499) (1,273) (1,310) (298,342)
Net transfers among funds
Loans ................. (576) (293) (589) (658)
Loan principal repayments 1,035 256 638 631
Other authorized
transfers ........... 30,834 2,180 3,957 9,482
Acquisitions
(Divestitures), net ... (69) (48) (112) (34) (15,015)
Affiliated company
transfers in (out) .... 1 2 (3) (412)
------- ---------- --------- -------- -----------
30,123 1,597 2,623 8,108 (313,769)
------- ----------- --------- -------- -----------
Change in net assets
available for plan
benefits for the
year .................. 39,289 3,879 10,406 14,023 660,595
Net assets available
for plan benefits:
Beginning of year ..... 29,842 12,433 35,445 28,293 6,096,526
------- ----------- --------- -------- -----------
End of year ........... $69,131 $16,312 $45,851 $42,316 $6,757,121
======= =========== ========= ======== ===========
The accompanying notes are an integral part of these financial statements.
PAGE 11
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1993
(Dollars in Thousands)
FUND INFORMATION
U.S. 3-Way DuPont Merrill
Savings Fixed Family Asset Common Lynch
Bond Income of Mutual Allocation Stock Loan Equity
Fund Fund Funds Fund Fund Fund Index
-------- ----------- --------- ---------- --------- --------- -----------
Investment income
Interest .............. $ 206 $ 407,251 $ 34 $ 5 $ 20 $ 12,479 $ 3
Dividends ............. 22 24,366 506 19,147
Distribution of loan
investment income.... 9,941 706 211 1,121 (12,479) 325
------- ---------- -------- ------- -------- -------- ----------
Total investment
income ............ 206 417,214 25,106 722 20,288 0 328
Net realized gains ...... 4,041 2,070 24,069 1,322
Net unrealized appre-
ciation (depreciation)
in fair value of
investments ........... 32,993 11,506 (26,783) 15,915
Contributions
DuPont Company's
contributions
(net of forfeiture
of $393) ............ 47,086 4,607 1,674 17,335 1,751
Participants'
savings ............. 2,697 210,876 22,197 6,782 6,012 7,317
TRASOP transfers ...... 828 2 1 6,648 2
------- ---------- -------- ------- -------- -------- ----------
2,903 676,004 88,946 22,755 47,569 0 26,635
------- ---------- -------- ------- -------- -------- ----------
Withdrawals ............. (14,633) (197,269) (8,428) (2,384) (22,730) (5,524) (4,944)
Net transfers among funds
Loans ................. (7) (69,682) (3,046) (1,280) (10,156) 87,746 (2,572)
Loan principal repayments 2 48,377 3,476 1,011 3,941 (59,483) 1,687
Other authorized
transfers ........... (1,628) (47,026) (219,750) 14,626 (28,300) 193,374
Acquisitions
(Divestitures), net.... (7,142) (513) (176) (615) (831) (439)
Affiliated company
transfers in (out) .... 1,344 46 33 192 65 7
------- ---------- -------- ------- -------- -------- ----------
(16,266) (271,398) (228,215) 11,830 (57,668) 21,973 187,113
------- ---------- -------- ------- -------- -------- ----------
Change in net assets
available for plan
benefits for the
year .................. (13,363) 404,606 (139,269) 34,585 (10,099) 21,973 213,748
Net assets available
for plan benefits:
Beginning of year ..... 13,363 4,364,639 377,863 72,967 519,182 130,318
------- ---------- -------- ------- -------- -------- ----------
End of year ........... $0 $4,769,245 $238,594 $107,552 $509,083 $152,291 $213,748
======= ========== ======== ======= ======== ======== ==========
The accompanying notes are an integral part of these financial statements.
Continued on next page
PAGE 12
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1993 (Continued)
(Dollars in Thousands)
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
--------- ----------- --------- -------- ------------
Investment income
Interest .............. $ 1 $ 1 $420,000
Dividends ............. $ 183 973 $ 866 46,063
Distribution of Loan
investment income.... 43 31 63 38
------- ----------- -------- --------- -----------
Total investment
income ............ 44 214 1,037 904 466,063
Net realized gains ........ 168 174 332 159 32,335
Net unrealized appre-
ciation (depreciation)
in fair value of
investments............ 3,084 715 2,015 1,176 40,621
Contributions
DuPont Company's
contributions
(net of forfeiture
of $393) ............ 376 246 689 265 74,029
Participants'
savings ............. 1,814 1,083 3,062 1,167 263,007
TRASOP transfers ...... 7,481
------- ----------- --------- -------- -----------
5,486 2,432 7,135 3,671 883,536
------- ----------- --------- -------- -----------
Withdrawals ............. (227) (116) (688) (254) (257,197)
Net transfers among funds
Loans ................. (217) (218) (424) (144)
Loan principal repayments 243 139 378 229
Other authorized
transfers ........... 24,605 10,207 29,101 24,791
Acquisitions
(Divestitures), net ... (48) (11) (73) (9,848)
Affiliated company
transfers in (out) .... 16 1,703
------- ---------- --------- -------- -----------
24,356 10,001 28,310 24,622 (265,342)
------- ----------- --------- -------- -----------
Change in net assets
available for plan
benefits for the
year .................. 29,842 12,433 35,445 28,293 618,194
Net assets available
for plan benefits:
Beginning of year ..... 5,478,332
------- ----------- --------- -------- -----------
End of year ........... $29,842 $12,433 $35,445 $28,293 $6,096,526
======= =========== ========= ======== ===========
The accompanying notes are an integral part of these financial statements.
PAGE 13
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS
NOTE 1 -- DESCRIPTION OF SAVINGS AND INVESTMENT PLAN:
THE PLAN
The Savings and Investment Plan of E. I. du Pont de Nemours and
Company (the "Plan") is a defined contribution plan which was established by
the Company's Board of Directors and became effective September 1, 1955.
The purpose of the Plan is to encourage and assist employees in
following a systematic savings program suited to their individual objectives,
and to provide an opportunity for employees, at no cost to themselves, to
become stockholders of the Company. The Plan is a tax qualified contribu-
tory profit sharing plan. Any employee of the Company or its subsidiaries
(including Du Pont Merck Pharmaceutical Company (Dupont Merck), a general
partnership which has adopted the Plan) who has completed at least one year
of continuous service, as determined in accordance with the Company's service
rules, or who has been compensated for 1,000 or more hours in a period of
twelve consecutive months is eligible to participate in the Plan.
An eligible employee may authorize the Company to make a payroll
deduction under the Plan ranging from 1% to 22% of monthly pay. The amount
deducted can be deposited into a before-tax or after-tax account or some
combination thereof. Any amounts in excess of 16% are considered to be
cash supplemental deposits and must be deposited in the after-tax account.
The before-tax provision is permitted under Section 401(k) of the Internal
Revenue Code. Nondiscrimination rules of the Internal Revenue Code require
that the average savings rates in both the before-tax and after-tax accounts
of "Highly Compensated" employees (as defined by the IRS) should be limited
by the average savings rates of "Nonhighly Compensated" employees. At
September 30, 1994 and September 30, 1993, there was no limitation on the
after-tax savings rate (other than the plan limit) for the "Highly
Compensated" employees and the allowable before-tax savings rate was 13% in
both years. At September 30, 1994 and September 30, 1993, the allowable
before-tax savings rate for the "Highly Compensated" employees at Dupont
Merck was 12% and 11%, respectively. In addition, in accordance with
Internal Revenue Code, the Plan limited contributions by any employee to the
before-tax account to $9,240 in 1994 and $8,994 in 1993. The Company will
contribute an amount equal to 50% of the participant's savings deductions
during a month except that no company contribution will be made for any
participant's savings in excess of 6% of monthly pay. In addition, subject to
certain limitations, a participant is allowed to make lump sum savings
deposits in cash or through payroll deduction to the Plan at any time.
A participant with less than five years of participation credit,
who withdraws any matched before-tax or after-tax savings will forfeit a
portion of related company contributions in accordance with specific plan
provisions. Company contributions will be suspended for six months if a
PAGE 14
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
participant withdraws any matched before-tax or after-tax savings or com-
pany contributions contributed to the account during the last two years
of participation or any earnings in the before-tax or after-tax accounts.
A participant who retires from active service may elect to make a full
account withdrawal in the later of the month in which employment was
terminated or March of the calendar year following the year in which the
participant attains age 70 1/2.
Participants may borrow up to one-half of their nonforfeitable
account balances subject to certain minimum and maximum loan limitations.
The loans are executed by promissory notes and have a minimum term of 12
months and a maximum term of 60 months, except for qualified residential
loans which have a maximum term of 120 months. The loans bear an interest
rate equal to the average rate charged by selected major banks to
prime customers for secured loans. The loans are repaid over the term in
monthly installments of principal and interest by payroll deduction. A
participant also has the right to repay the loan in full at any time without
penalty.
INVESTMENT FUNDS
The following investment funds have been established with trustees
for the investment of employee savings and company contributions. The nature
of the investments maintained in each fund is described below:
U.S. Savings Bond Fund -- United States Savings Bonds, Series EE in
$100 denominations. This fund was
eliminated as of May 1, 1993.
Fixed Income Fund -- Investments under agreement with one or more
financial institutions, including insurance
companies, banks and other investment
companies which provide for the return of
principal in full plus the payment of
interest at a predetermined rate for a
specific period of time. The fund's blended
rate of return for the 12 months ending
September 30, 1994 and September 30, 1993
was 8.7% and 9.3%, respectively.
Family of Mutual Funds -- A group of seven different mutual funds, each
with its own investment objectives, offered
through Fidelity Investments Institutional
Operations Company. As of January 13, 1993
these funds were transferred to similar
mutual funds at Merrill Lynch with the
exception of Magellan and Retirement Growth
which were combined into the Magellan fund.
The Magellan Fund continues to be shown under
the caption Family of Mutual Funds.
PAGE 15
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
3-Way Asset Allocation Fund -- 3-Way Asset Allocation Fund with money
invested by Wells Fargo Nikko Investment
Advisors among stocks, bonds, and cash
(money market).
DuPont Common Stock Fund -- DuPont common stock.
Loan Fund -- Participant loans--amounts transferred from
the United States Savings Bond Fund, the
Fixed Income Fund, the Fidelity Family of
Mutual Funds, Merrill Lynch Mutual Funds, the
DuPont Common Stock Fund and/or the 3-Way
Asset Allocation Fund that are loaned to
participants.
Merrill Lynch Funds -- A group of 5 different mutual funds each with
its own investment objective offered through
Merrill Lynch.
Participants may allocate their before and after-tax savings
deductions and company contributions among all funds at their discretion.
Amounts contributed by the Company were not used to purchase U.S.
Savings Bonds but could be allocated to any of the other funds at the
participant's discretion.
TRASOP transfers represent transfers to the Plan from the Tax
Reform Act Stock Ownership Plan sponsored by the Company. Acquisitions
(divestitures) represent transfers between the Plan and other qualified
trusts as the result of the purchase (sale) of certain Company businesses.
Affiliated company transfers in (out) represent the net movement of
participant account balances between the Plan and other Company sponsored
defined contribution benefit plans.
At September 30, 1994 the Plan participants directed their savings
and the related matching company contributions be invested in the following
funds (approximate number of participants in each fund): Fixed Income Fund
(82,400); Family of Mutual Funds (15,500); DuPont Common Stock Fund (49,600);
3-Way Asset Allocation Fund (6,600); Merrill Lynch (ML) Global Holdings
(5,700); ML Balanced Fund(2,300); ML Equity Index (8,200); ML Capital Fund
(4,700); ML Basic Value Fund (3,500). Approximately 22,500 participants had
loans outstanding in the Loan Fund at September 30, 1994.
PAGE 16
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
ADMINISTRATION
The designated trustee of all the aforementioned funds is
Merrill Lynch Trust Company of America (Merrill Lynch). The administration
of the Plan is vested in the Company which may designate one or more persons
to operate and administer the Plan. The Company has the responsibility of
appointing the trustees and the Vice President, Pension Fund Investment,
has the authority to designate the Plan's investment options. All
recordkeeping and trustee fees of the Plan are paid by the Company.
The administrative fees for the Fixed Income Fund are netted against the
investment income of these funds.
While the Company has not expressed any intent to terminate the
Plan, it is free to do so at any time. In the event the Plan is terminated,
all participants become vested and the distribution of all account balances
will be made based upon the valuation of the participant's account.
NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For financial reporting purposes, the assets of the Plan are
reflected on the accrual and fair value bases of accounting. The provi-
sions of the Employee Retirement Income Security Act of 1974 (ERISA) require
presentation based on fair value. The fair value of the United States
Savings Bonds Fund is based on the redemption values for U.S. Savings Bonds
which are published by the Department of Treasury. U.S. Savings Bonds are
nonredeemable for a six month period subsequent to purchase. Such bonds
purchased within six months prior to the September 30 period-end are valued
at cost. The Fixed Income Fund guaranteed investment contracts, separate
account portfolios and synthetic guaranteed investment contracts are fully
benefit responsive and thus, are stated at cost plus accrued interest, using
the contracted interest rates applied to the daily account balances.
Investments in the Family of Mutual Funds, the DuPont Common Stock Fund, and
Merrill Lynch Mutual Funds, except for the Equity Index Fund, are stated at
fair value based on publicly quoted market prices. Investments in the
Merrill Lynch Equity Index Fund and the 3-Way Asset Allocation Fund are
stated at the fair value of all underlying assets as reported by the
applicable custodian. The fair value of loans to participants in the Loan
Fund represent the outstanding principal balances of the loans.
The unit value or price of the Fixed Income Fund, the 3-Way Asset
Allocation Fund, Merrill Lynch Mutual Funds and the DuPont Common Stock
Fund, reflect the prices at which participant's accounts are valued at the
end of the period reported. The "Net Asset Value" per share, or NAV, for
each Fund in the Family of Mutual Funds is computed by adding the value of
all portfolio holdings and other assets, deducting liabilities and then
dividing the result by the number of shares outstanding at month end.
Fidelity Investments Institutional Operations Company calculates each of
these Funds' NAV at the close of each business day of the New York Stock
PAGE 17
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
Exchange. There is no unit value for the United States Savings Bonds Fund
and the Loan Fund since U.S. Savings Bonds and loans are identified directly
with participants' accounts. The Company may, at its option, issue DuPont
common stock in lieu of cash contributions to the DuPont Common Stock Fund
and also in lieu of cash dividends on DuPont common stock. The number of
shares issued is based upon the cash value of the contributions and dividends
divided by the market value of DuPont common stock at the end of the month
of issue. Shares of DuPont common stock are allocated to participants in
the DuPont Common Stock Fund based on the ratio of the amount deposited to
each participant's account to the total amount contributed to the Fund.
Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis. Gains and losses on the sale of
the DuPont Common Stock Fund investment securities are based on average
cost of the securities sold and are recognized on the trade date. Monthly
sales and purchases are netted to minimize brokerage fees.
NOTE 3 -- INVESTMENTS
The following presents the Plan's investments at fair value.
September 30, September 30,
1994 1993
------------ -------------
(Dollars in Thousands)
Investments at fair value
Fixed income (GIC, SAP, SYN).............. $5,100,340 $4,701,973
DuPont common stock ..................... 618,681 507,873
Short-term investments & cash ............ 40,566 43,311
Loans to participants .................... 164,277 152,291
Pooled investments ....................... 802,882 659,701
---------- ----------
Total investments at fair value ........ $6,726,746 $6,065,149
========== ==========
The Plan held 10,666,912 shares of DuPont Common Stock valued at
$58.00 per share and representing more than 5% of the net assets available
for benefits at September 30, 1994. Short-term investments represent
funds deposited in the Merrill Lynch Government Fund, a money market fund.
PAGE 18
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
The pooled investments consist of the following:
September 30, 1994
---------------------------
Fair Market
Value Cost
----------- ----------
(Dollars in Thousands)
3-Way Asset Allocation Fund .............. $ 105,207 $ 99,243
Family of Mutual Funds ................... 324,583 327,554
Merrill Lynch Mutual Funds
Equity Index Trust...................... 201,346 181,405
Global Holdings......................... 68,431 66,056
Balanced Fund........................... 16,125 16,877
Capital Fund ........................... 45,296 45,032
Basic Value Fund........................ 41,894 42,135
---------- ----------
Total Pooled Investments ................. $ 802,882 $ 778,302
========== ==========
Fixed income guaranteed investment contracts, separate account
portfolios (*) and synthetic guaranteed investment contracts (SYN) at
September 30, 1994 consist of the following:
Current
Description Value
----------- -----------
(Dollars in
Thousands)
Aetna Life Insurance Company--8.73%, 12/1/96................... $ 104,500
Aetna Life Insurance Company--8.88%, 12/1/96................... 105,615
Aetna Life Insurance Company--8.52%, 12/1/96 .................. 102,978
Aetna Life Insurance Company--9.71%, 12/1/98 .................. 145,537
Aetna Life Insurance Company--9.48%, 12/1/98 .................. 143,930
Aetna Life Insurance Company--8.9%, 12/1/99 .................. 132,406
Aetna Life Insurance Company--8.89%, 12/1/00 .................. 103,506
Aetna Life Insurance Company--8.12%, 1/2/99 *.................. 167,329
Aetna Life Insurance Company--7.18%, 1/2/99 *.................. 99,808
Allstate Life Insurance Company--8.50%, 12/1/01................ 120,293
Bankers Trust--5.65%, 12/31/01 (SYN)........................... 123,151
Bankers Trust--7.67%, 12/31/25 (SYN)........................... 83,175
Citibank--5.38%, 9/1/00........................................ 157,908
Citibank--7.45%, 12/31/10 (SYN)................................ 50,789
John Hancock Mutual Life Insurance Company--
9.4%, 12/1/98 ... ........................................... 143,375
John Hancock Mutual Life Insurance Company--
9.0%, 12/1/99 ............................................... 132,928
PAGE 19
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
Fixed income guaranteed investment contracts, separate account
portfolios (*) and synthetic guaranteed investment contracts (SYN) at
September 30, 1994 consist of the following (continued):
Current
Description Value
----------- -----------
(Dollars in
Thousands)
John Hancock Mutual Life Insurance Company--8.89%, 12/1/99..... $ 132,358
John Hancock Mutual Life Insurance Company--8.31%, 12/3/01..... 80,206
John Hancock Mutual Life Insurance Company--7.52%, 1/2/99 *.... 157,859
Massachusetts Mutual Life Insurance Company--9.15%, 12/1/00.... 100,989
Metropolitan Life Insurance Company--12.25%, 12/1/94........... 13,001
Metropolitan Life Insurance Company-- 6.7%, 7/1/99 *........... 117,956
Metropolitan Life Insurance Company--9.64%, 12/1/98 ........... 145,047
New York Life Insurance Company--10.15%, 12/1/97 .............. 122,901
New York Life Insurance Company--9.75%, 12/1/97................ 120,140
New York Life Insurance Company--9.36%, 12/1/98................ 143,096
New York Life Insurance Company--9.66%, 12/1/98................ 43,461
New York Life Insurance Company--9.27%, 12/01/00............... 85,466
New York Life Insurance Company--7.31%, 7/1/99 *............... 99,867
New York Life Insurance Company--7.25%, 7/1/99 *............... 136,233
New York Life Insurance Company--6.45%, 4/1/99 *............... 137,471
Peoples Security Life Insurance Company, a Member of the
Capital Holdings Family--6.25%, 1/4/99 (SYN)................ 201,304
Peoples Security Life Insurance Company, a Member of the
Capital Holdings Family--6.65%, 4/1/99 (SYN)................ 231,896
Prudential Life Insurance Company--13.45%, 12/1/94 ............ 14,344
Prudential Life Insurance Company--12.49%, 12/1/94 ............ 13,256
Prudential Life Insurance Company--11.27%, 12/1/95 ............ 47,286
Prudential Life Insurance Company--10.62%, 12/1/95 ............ 45,060
Prudential Life Insurance Company--10.48%, 12/1/95............. 44,592
Prudential Life Insurance Company--10.65%, 12/1/97............. 126,404
Prudential Life Insurance Company--8.97%, 12/1/99 ............. 138,081
Prudential Life Insurance Company-- 9.6%, 12/1/00 ............. 88,382
Prudential Life Insurance Company--8.15%, 7/1/99 *............ 99,823
Prudential Life Insurance Company--7.83%, 1/2/99 *............. 101,578
Prudential Life Insurance Company--9.01%, 12/1/99 ............. 138,296
Travelers Life Insurance Company--10.17%, 12/1/97 ............. 123,052
Travelers Life Insurance Company--9.15%, 12/1/99 .............. 133,707
----------
Total Investment in Fixed Income ......................... 5,100,340
==========
PAGE 20
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
NOTE 4 -- REALIZED AND UNREALIZED GAINS AND LOSSES
Realized and unrealized gains and losses are calculated based upon
historical cost of assets. Such gains and losses are computed on a current
value basis for Form 5500. The difference may result in a differing classi-
fication between realized and unrealized but the total gain or loss will be
unaffected.
NOTE 5 -- INCOME TAX STATUS
The Savings and Investment Plan is a qualified plan pursuant to
Section 401(a) of the Internal Revenue Code and the related Trusts are
exempt from federal taxation under Section 501(a) of the Code. A favor-
able tax determination letter has been received by the Plan. Accordingly,
no provision has been made for federal income taxes in the accompanying
financial statements. The Plan has been amended since receiving the
determination letter. However, the Plan Administrator and the Plan's tax
counsel believe that the Plan is designed and is currently being operated in
compliance with the applicable requirements of the Internal Revenue Code.
Participants in the Plan are not subject to federal income taxes
on account balances arising from employer contributions, tax-deferred
employee deposits, or accrued income until distributions or withdrawals
are made.
NOTE 6 -- CHANGE OF TRUSTEE AND RECORDKEEPER
Effective January 1993 the recordkeeping of the Savings and
Investment Plan was transferred to Merrill Lynch, Pierce, Fenner & Smith
Incorporated. Concurrently with this move, Merrill Lynch became the Trustee
for the Fixed Income, Family of Mutual Funds, 3-Way Asset Allocation, DuPont
Common Stock, Loan and the Merrill Lynch Mutual Funds. Wilmington Trust
Company remained Trustee of the U.S. Savings Bond Fund until its elimination.
PAGE 21
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
NOTE 7 -- WELLS FARGO CONVERSION
In November 1992, the Plan's position in the Wells Fargo 3-Way
Asset Allocation Fund was converted from Monthly (U.S. Tactical Asset
Allocation Fund) to Daily (U.S. Tactical Asset Allocation Fund E). This
conversion resulted in a change of the base unit value to $10 per share with
a relative change in shares held to ensure no gain or loss for participants.
The conversion was necessary to allow daily trading of the Wells Fargo Fund.
NOTE 8 -- ACCOUNTING CHANGE
The Plan changed its method of accounting for benefit obligations
related to distributions currently payable to employees who withdrew funds
from the Plan to comply with recently issued guidance for accounting and
disclosure by employee benefit plans. The 1993 financial statements have been
restated to reflect this change. Accordingly, net assets available for
benefits at September 30, 1993 and October 1, 1992 have been increased from
those previously reported by $2,019 and $4,392, respectively, and withdrawals
have been increased from those previously reported by $2,373 for the period
ending September 30,1993 (dollars in thousands).
Benefit obligations currently payable are as follows:
September 30,
1994 1993
----------- ----------
(Dollars in Thousands)
Fixed Fund................................ $2,143 $1,383
DuPont Common Stock....................... 258 349
3-Way Asset Allocation Fund .............. 43 15
Family of Mutual Funds ................... 135 205
Merrill Lynch Mutual Funds
Equity Index Trust...................... 84 21
Global Holdings......................... 29 3
Balanced Fund........................... 7 1
Capital Fund ........................... 19 40
Basic Value Fund........................ 17 2
---------- ----------
Total benefit obligation payable $2,735 $2,019
========== ==========
PAGE 22
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
NOTE 9 -- 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,
1994 1993
----------- ----------
(Dollars in Thousands)
Net assets for benefits per the
financial statements $6,757,121 $6,096,526
Less: Amounts allocated to withdrawing
participants (2,735) (2,019)
------------ -----------
Net assets available for benefits per
the Form 5500: $6,754,386 $6,094,507
=========== ===========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
September 30, 1994
------------------
(Dollars in Thousands)
Benefits paid to participants per the financial
statements $298,342
Add: Amounts allocated to withdrawing participants
at September 30, 1994 2,735
Less: Amounts allocated to withdrawing participants
at September 30, 1993 (2,019)
---------------
Benefits paid to participants per the Form 5500 $299,058
===============
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.
PAGE 23 SCHEDULE I
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SEPTEMBER 30, 1994
Current
Description Cost Value
----------- ------------ -----------
(Dollars in Thousands)
Aetna Life Insurance Company--8.73%, 12/1/96 $ 104,500 $ 104,500
Aetna Life Insurance Company--8.88%, 12/1/96 105,615 105,615
Aetna Life Insurance Company--8.52%, 12/1/96 102,978 102,978
Aetna Life Insurance Company--9.71%, 12/1/98 145,537 145,537
Aetna Life Insurance Company--9.48%, 12/1/98 143,930 143,930
Aetna Life Insurance Company--8.9%, 12/1/99 132,406 132,406
Aetna Life Insurance Company--8.89%, 12/1/00 103,506 103,506
Aetna Life Insurance Company--8.12%, 1/2/99<FA> 167,329 167,329
Aetna Life Insurance Company--7.18%, 1/2/99<FA> 99,808 99,808
Allstate Life Insurance Company--8.50%, 12/1/01 120,293 120,293
Bankers Trust--5.65%, 12/31/01 <FSYN> 123,151 123,151
Bankers Trust--7.67%, 12/31/25 <FSYN> 83,175 83,175
Citibank--5.38%, 9/1/00 157,908 157,908
Citibank--7.45%, 12/31/10 <FSYN> 50,789 50,789
John Hancock Mutual Life Insurance Company--
9.4%, 12/1/98 143,375 143,375
John Hancock Mutual Life Insurance Company--
9.0%, 12/1/99 132,928 132,928
John Hancock Mutual Life Insurance Company--
8.89%, 12/1/99 132,358 132,358
John Hancock Mutual Life Insurance Company--
8.31%, 12/3/01 80,206 80,206
John Hancock Mutual Life Insurance Company--
7.52%, 1/2/99<FA> 157,859 157,859
Massachusetts Mutual Life Insurance Company--
9.15%, 12/1/00 100,989 100,989
Metropolitan Life Insurance Company--12.25%, 12/1/94 13,001 13,001
Metropolitan Life Insurance Company-- 6.7%, 7/1/99<FA> 117,956 117,956
Metropolitan Life Insurance Company--9.64%, 12/1/98 145,047 145,047
New York Life Insurance Company--10.15%, 12/1/97 122,901 122,901
New York Life Insurance Company--9.75%, 12/1/97 120,140 120,140
New York Life Insurance Company--9.36%, 12/1/98 143,096 143,096
New York Life Insurance Company--9.66%, 12/1/98 43,461 43,461
New York Life Insurance Company--9.27%, 12/01/00 85,466 85,466
New York Life Insurance Company--7.31%, 7/1/99<FA> 99,867 99,867
New York Life Insurance Company--7.25%, 7/1/99<FA> 136,233 136,233
New York Life Insurance Company--6.45%, 4/1/99<FA> 137,471 137,471
Peoples Security Life Insurance Company, a Member of
the Capital Holdings Family--6.25%, 1/4/99 <FSYN> 201,304 201,304
Peoples Security Life Insurance Company, a Member of
the Capital Holdings Family--6.65%, 4/1/99 <FSYN> 231,896 231,896
Prudential Life Insurance Company--13.45%, 12/1/94 14,344 14,344
Prudential Life Insurance Company--12.49%, 12/1/94 13,256 13,256
Prudential Life Insurance Company--11.27%, 12/1/95 47,286 47,286
Prudential Life Insurance Company--10.62%, 12/1/95 45,060 45,060
Prudential Life Insurance Company--10.48%, 12/1/95 44,592 44,592
Prudential Life Insurance Company--10.65%, 12/1/97 126,404 126,404
Prudential Life Insurance Company--8.97%, 12/1/99 138,081 138,081
Prudential Life Insurance Company-- 9.6%, 12/1/00 88,382 88,382
Prudential Life Insurance Company--8.15%, 7/1/99<FA> 99,823 99,823
Prudential Life Insurance Company--7.83%, 1/2/99<FA> 101,578 101,578
Prudential Life Insurance Company--9.01%, 12/1/99 138,296 138,296
Travelers Life Insurance Company--10.17%, 12/1/97 123,052 123,052
Travelers Life Insurance Company--9.15%, 12/1/99 133,707 133,707
--------- ---------
Total GIC, SAP AND SYN 5,100,340 5,100,340
Fidelity Magellan 327,554 324,583
3-Way Asset Allocation Fund 99,243 105,207
DuPont Common Stock 349,679 618,681
Loans to Participants (7.25% - 9.25%) 164,277 164,277
Short Term Investments and Cash 40,566 40,566
Merrill Lynch Equity Index 181,405 201,346
Merrill Lynch Global Holdings 66,056 68,431
Merrill Lynch Balanced Fund 16,877 16,125
Merrill Lynch Capital Fund 45,032 45,296
Merrill Lynch Basic Value Fund 42,135 41,894
---------- ---------
Total Investment Portfolio 6,433,164 6,726,746
<FN>
<FA> Denotes a Separate Account Portfolio
<SYN> Denotes Synthetic Guaranteed Investment Contract
PAGE 24 SCHEDULE II
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
ITEM 27D-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(DOLLARS IN THOUSANDS)
TRANSACTION OR SERIES OF TRANSACTIONS IN
EXCESS OF 5% OF CURRENT VALUE OF PLAN ASSETS
CONTRACT CURRENT
VALUE/ VALUE ON
IDENTITY OF DESCRIPTION PURCHASE SALES COST OF TRANSACTION GAIN(LOSS)
PARTY INVOLVED OF ASSET PRICE PRICE ASSET DATE TRANSACTION
-------------- ------------ -------- ------- --------- ------- ------------
Peoples Security
Life Insurance
Company, a Member
of the Capital
Holdings Family SYN $320,893 $320,893 $320,893 $0
Merrill Lynch Merrill Lynch
Government
Fund 379,733 379,733 379,733 0
Merrill Lynch Merrill Lynch
Government
Fund $385,943 385,943 385,943 0
PAGE 25
EXHIBIT INDEX
Exhibit
Number Description
24 Consent of Independent Accountants.
PAGE 26
Exhibit 24
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-36339) of
E. I. du Pont de Nemours and Company of our report dated
January 24, 1995, which appears on page 4 of this Form 11-K.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
March 27, 1995