Exhibit No. 28(ii)(c)
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1994
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________________ to _______________________
Commission file number 1-2116
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RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE, INC.
401 East Main Street
Thomasville, N.C. 27360
(Full title and address of the Plan)
ARMSTRONG WORLD INDUSTRIES, INC.
Liberty and Charlotte Streets
Lancaster, Pennsylvania 17604
(Name of issuer of the securities held pursuant to
the Plan and the address of its principal executive office)
Page No.
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Item 1. Statements of Net Assets 4
------------------------
September 30, 1994 and 1993
Item 2. Statements of Changes in Plan Equity 5-7
------------------------------------
(a) Year ended September 30, 1994
(b) Year ended September 30, 1993
(c) Year ended September 30, 1992
Notes to Financial Statements 8-11
- -----------------------------
Item 3. Independent Auditors' Report 12
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Exhibits
- --------
24. Consent of Independent Auditor
- 2 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the members of the committee constituting the administrator which administers
the plan have duly caused this annual report to be signed by the undersigned
hereunto duly authorized.
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID
EMPLOYEES OF THOMASVILLE FURNITURE
INDUSTRIES, INC.
March __, 1995 By: /s/ Richard O. Millen
------------------------------------
Richard O. Millen
Chairman of Thomasville Hourly-Paid
Retirement Committee
- 3 -
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Statements of Net Assets
September 30, 1994 and 1993
1994
Asset Asset
Commingled Specialized Money Fixed Armstrong "OTC" Asset Mgr. Mgr. Loan
Equity Equity Market Income Stock Portfolio Manager Income Growth Portfolio
Fund Fund Fund Fund Fund Fd. Fund Fund Fund Fund Total
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Assets:
Investments in
master trust at
fair value (note 3) $465,846 $1,787,904 $20,577 $6,383,024 $850,417 $44,676 $93,661 $1,519 $7,882 $203,387 $9,858,893
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Total assets $465,846 $1,787,904 $20,577 $6,383,024 $850,417 $44,676 $93,661 $1,519 $7,882 $203,387 $9,858,893
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Plan equity $465,846 $1,787,904 $20,577 $6,383,024 $850,417 $44,676 $93,661 $1,519 $7,882 $203,387 $9,858,893
======== ========== ======= ========== ======== ======= ======= ====== ====== ======== ==========
1993
Asset Asset
Commingled Specialized Money Fixed Armstrong "OTC" Asset Mgr. Mgr. Loan
Equity Equity Market Income Stock Portfolio Manager Income Growth Portfolio
Fund Fund Fund Fund Fund Fd. Fund Fund Fund Fund Total
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Assets:
Investments in
master trust at
fair value (note 3) $499,160 $1,803,185 $13,805 $5,900,380 $828,332 $53,964 $ 313 $ -- $ -- $178,401 $9,277,540
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Total assets $499,160 $1,803,185 $13,805 $5,900,380 $828,332 $53,964 $ 313 $ -- $ -- $178,401 $9,277,540
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Plan equity $499,160 $1,803,185 $13,805 $5,900,380 $828,332 $53,964 $ 313 $ -- $ -- $178,401 $9,277,540
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
See accompanying notes to financial statements.
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Statements of Changes in Plan Equity
Years Ended September 30, 1994, 1993, and 1992
1994
Asset Asset
Commingled Specialized Money Fixed Armstrong "OTC" Asset Mgr. Mgr. Loan
Equity Equity Market Income Stock Portfolio Manager Income Growth Portfolio
Fund Fund Fund Fund Fund Fd. Fund Fund Fund Fund Total
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Plan equity at
October 1, 1993 $499,160 $1,803,185 $13,805 $5,900,380 $828,332 $53,964 $ 313 $ -- $ -- $178,401 $9,277,540
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Increases in plan
equity:
Contributions 5,788 38,612 3,846 348,617 47,582 748 833 554 2,976 -- 449,556
Dividends 18,382 191,388 542 -- 24,484 2,542 2,146 106 194 -- 239,784
Interest 912 2,843 55 433,604 534 -- 9 366 -- -- 438,323
Realized gain(loss)
on investments
(note 3) 5,887 7,013 -- -- 22,284 186 (696) (513) (274) -- 33,887
Transfers (to) from
other employee benefit
plans of
Armstrong World
Industries, Inc. 2,576 (27,694) 2,624 (5,428) 786 -- -- -- -- (10,429) (37,565)
Loan activity, net (9,243) (2,792) 154 (26,429) 1,520 -- 298 1,077 -- 35,415 --
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
24,302 209,370 7,221 750,364 97,190 3,476 2,590 1,590 2,896 24,986 1,123,985
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Decreases in plan
equity:
Unrealized
appreciation
(depreciation) of
investments (5,171) (224,772) -- -- 11,076 (2,286) (6,216) (9) (73) -- (227,451)
Benefits paid
(note 4) (45,422) (61,339) -- (148,260) (60,160) -- -- -- -- -- (315,181)
Interfund transfers,
net (7,023) 61,460 (449) (119,460) (26,021) (10,478) 96,974 (62) 5,059 -- --
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
(57,616) (224,651) (449) (267,720) (75,105) (12,764) 90,758 (71) 4,986 -- (542,632)
-------- ---------- ------- ---------- -------- ------- ------- ------ ------ -------- ----------
Plan equity at
September 30, 1994 $465,846 $1,787,904 $20,577 $6,383,024 $850,417 $44,676 $93,661 $1,519 $7,882 $203,387 $9,858,893
======== ========== ======= ========== ======== ======= ======= ====== ====== ======== ==========
See accompanying notes to financial statements. (Continued)
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Statements of Changes in Plan Equity, Continued
1993
Commingled Specialized Money Fixed Armstrong "OTC" Asset Loan
Equity Equity Market Income Stock Portfolio Manager Portfolio
Fund Fund Fund Fund Fund Fd. Fund Fund Total
-------- ---------- ------- ---------- -------- ------- ------- -------- ----------
Plan equity at
October 1, 1992 $ 12,302 $ 52,039 $ 7,626 $1,565,638 $582,701 $ -- $ -- $ 98,931 $2,319,237
-------- ---------- ------- ---------- -------- ------- ------- -------- ----------
Increases in plan equity:
Contributions 8,195 24,213 5,157 331,489 48,934 372 12 -- 418,372
Dividends 16,872 141,129 286 -- 23,698 4,081 -- -- 186,066
Interest 938 2,958 34 423,048 595 6 1 -- 427,580
Realized gain(loss) on
investments (note 3) 7,012 2,555 -- -- (5,799) 782 -- -- 4,550
Unrealized appreciation
(depreciation) of
investments 26,902 236,224 -- -- 241,799 (594) 5 -- 504,336
Transfers (to) from other
employee benefit plans
of Armstrong World
Industries, Inc. 490,254 1,208,043 7,584 3,971,275 9,155 -- -- (13,115) 5,673,196
Loan activity, net (32,520) (68,478) (2,493) 11,809 (1,013) 90 20 92,585 --
-------- ---------- ------- ---------- -------- ------- ------- -------- ----------
517,653 1,546,644 10,568 4,737,621 317,369 4,737 38 79,470 7,214,100
-------- ---------- ------- ---------- -------- ------- ------- -------- ----------
Decreases in plan equity:
Benefits paid (note 4) (2,093) (3,363) (3,225) (179,542) (67,091) (483) -- -- (255,797)
Interfund transfers, net (28,702) 207,865 (1,164) (223,337) (4,647) 49,710 275 -- --
-------- ---------- ------- ---------- -------- ------- ------- -------- ----------
30,795 204,502 (4,389) (402,879) (71,738) 49,227 275 -- (255,797)
-------- ---------- ------- ---------- -------- ------- ------- -------- ----------
Plan equity at
September 30, 1993 $499,160 $1,803,185 $13,805 $5,900,380 $828,332 $53,964 $ 313 $178,401 $9,277,540
======== ========== ======= ========== ======== ======= ======= ======== ==========
See accompanying notes to financial statements. (Continued)
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Statements of Changes in Plan Equity, Continued
1992
Commingled Specialized Money Fixed Income Armstrong Loan
Equity Fund Equity Fund Market Fund Fund Stock Fund Portfolio Fund Total
----------- ----------- ----------- ------------ ---------- -------------- -----
Plan equity at October 1, 1991 $ 6,883 $16,499 $1,741 $1,291,147 $603,178 $ -- $1,919,448
------- ------- ------ ---------- -------- ------- ----------
Increases in plan equity:
Contributions 4,262 20,402 6,209 335,869 52,555 -- 419,297
Dividends 341 4,266 149 -- 22,669 -- 27,425
Interest 49 61 25 128,452 284 -- 128,871
Loan activity, net (535) (2,372) (200) (91,545) (3,521) 98,173 --
Transfers (to) from other
employee benefit plans of
Armstrong World Industries,
Inc. -- -- (700) (10,767) 2,414 758 13,239
------- ------- ------ ---------- -------- ------- ----------
4,117 22,357 5,483 383,543 74,401 98,931 588,832
------- ------- ------ ---------- -------- ------- ----------
Decreases in plan equity:
Realized gain (loss) on
investments (note 3) 3 809 -- -- (5,305) -- (4,493)
Unrealized appreciation
(depreciation) of investments 521 (2,518) -- -- (61,619) -- (63,616)
Benefits paid (note 4) -- (619) -- (97,882) (22,433) -- (120,934)
Interfund transfers, net 778 15,511 402 (11,170) (5,521) -- --
------- ------- ------ ---------- -------- ------- ----------
1,302 13,183 402 (109,052) (94,878) -- (189,043)
------- ------- ------ ---------- -------- ------- ----------
Plan equity at
September 30, 1992 $12,302 $52,039 $7,626 $1,565,638 $582,701 $98,931 $2,319,237
======= ======= ====== ========== ======== ======= ==========
See accompanying notes to financial statements.
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Notes to Financial Statements
(1) Summary of Significant Accounting Policies
------------------------------------------
(a) Basis of Presentation
---------------------
The accompanying financial statements have been prepared on the
accrual basis.
(b) Investments in Master Trust
---------------------------
The fair value of the commingled equity, specialized equity, over-the-
counter portfolio, and Asset Manager funds is based on the underlying
market value of the investments. The money market fund is stated at
cost which approximates fair value. The fixed income fund is stated at
contract value which represents contributions plus interest at the
contract rate, less benefits paid. The value of the Armstrong stock
fund is based on quoted market price. The value of the loan portfolio
fund represents the unpaid principal of employee loans.
Securities transactions are recognized on the settlement date (the
date on which payment for a buy or sell order is made or received),
since adjustment to a trade-date basis would not be material. Dividend
income is recorded on the ex-dividend date.
Realized gains and losses on investments are determined by the average
cost method.
(c) Expenses
--------
All legal, accounting and administrative expenses associated with Plan
operations are paid by the Company.
(2) Plan Description
----------------
Thomasville Furniture Industries, Inc. (the Company), a wholly-owned
subsidiary of Armstrong World Industries, Inc., adopted on February 1,
1988, the Retirement Savings Plan for Hourly-Paid Employees of Thomasville
Furniture Industries, Inc. (the Plan). The Plan is a defined contribution
plan established for the purpose of providing to eligible hourly-paid
employees a means for long-term savings intended for the accumulation of
retirement income in addition to that provided under other retirement plans
maintained for the benefit of employees. Effective January 1, 1992, the
Plan was amended to provide for a participant loan feature.
The Company's Board of Directors amended the Plan, effective October 1,
1992, to permit former participants of the Capital Accumulation Plan for
Commissioned Sales Representatives of Thomasville Furniture Industries,
Inc. (the CAP Plan) to make a rollover contribution into the Plan of their
CAP Plan account balances. During the Plan year ended September 30, 1993,
rollover contributions made to the Plan totaled $5.9 million. The CAP Plan
participants are fully vested with regard to their rollover amounts, but
are ineligible to make further contributions to the Plan. CAP Plan
participants are treated as members of the Plan with regard to provisions
addressing investment, distribution, withdrawal, and loan eligibility.
During the Plan year ended September 30, 1993, four investment options were
added to the Plan. Effective January 1, 1993, an over-the-counter portfolio
mutual fund was made available for participant investment and, effective
September 1, 1993, three Asset Manager mutual funds became investment
options.
Participants may elect to make contributions to the Plan, up to 15 percent
of their before-tax compensation, as deferred compensation as permitted
under Section 401(k) of the Internal Revenue Code.
Separate accounts are maintained for contributions made by or on behalf of
a participant. The accounts in each fund reflect the participants'
contributions together with dividends, interest, other income, and realized
and unrealized gains and losses allocated thereon.
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Notes to Financial Statements, (Continued)
Participants have an immediate 100 percent vested interest with respect to
their contributions and are fully vested with regard to any previously made
matching company contributions.
(3) Investments in Master Trust
---------------------------
Assets are held in a Master Trust administered by Fidelity Management Trust
Co., as Trustee, and are segregated into nine investment options: a
commingled equity mutual fund (Fidelity U.S. Equity Index Portfolio), a
specialized equity mutual fund (Fidelity Magellan), a money market mutual
fund (Fidelity Return Money Market Portfolio), three Asset Manager mutual
funds, an over-the-counter mutual fund (OTC Portfolio Fund), a fixed income
fund, and an Armstrong stock fund. The Plan utilizes the Trustee and
associated investment managers to direct investment activity. The Plan
participates in all nine investment alternatives.
The following is a description of the investment funds to which Plan
participants can elect to allocate their contributions.
1. Commingled Equity Fund - This fund is principally a portfolio of common
stocks constructed and maintained with the objective of providing
investment results which approximate the overall performance of the common
stocks included in the Standard & Poor's Composite Index of 500 stocks. At
September 30, 1994, there were 35 active participants in this investment
fund.
2. Specialized Equity Fund - This fund invests in common stocks of companies
having substantial growth prospects as determined by independent investment
managers. At September 30, 1994, there were 87 active participants in this
investment fund.
3. Money Market Fund - This fund invests in short-term (less than one year
maturity) fixed income instruments such as U.S. Treasury Bills, bank
certificates of deposit, and high grade commercial paper. At September 30,
1994, there were 14 active participants in this investment fund.
4. Fixed Income Fund - Contributions to this fund are invested in the general
accounts of insurance companies and are credited at contracted interest
rates. At September 30, 1994, the interest rates ranged between 5.69% and
12.00%. Invested principal and accumulated interest amounts are guaranteed
against loss by the insurance company. At September 30, 1994, there were
533 active participants in this investment fund.
5. Armstrong Stock Fund - Amounts invested in this fund, along with dividend
earnings thereon, are invested in Armstrong common stock. At September 30,
1994, there were 458 active participants in this investment fund. Common
stock shares held by the fund at September 30, 1994 and 1993 were 19,606
and 19,900, respectively.
6. OTC Portfolio Fund - This fund invests in securities traded in the
over-the-counter securities market with the objective of maximizing capital
appreciation. Over-the-counter securities include common and preferred
stocks, securities convertible into common stock, warrants, and debt
instruments. At September 30, 1994, there were 4 active participant in this
investment fund.
7. Asset Manager Fund - An asset allocation fund which invests in a portfolio
of stocks, bonds, and short-term instruments. The fund has a balanced
investment strategy with a goal of high total return with reduced risk over
the long term. At September 30, 1994, there were 6 active participant in
this investment fund.
8. Asset Manager Income Fund - An asset allocation fund which invests in a
diversified portfolio of stocks, bonds, and short-term instruments. The
fund has a conservative investment strategy focusing on bonds and short-
term instruments to achieve a high level of current income and capital
preservation. At September 30, 1994, there were 2 active participants in
this investment fund.
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Notes to Financial Statements, (Continued)
9. Asset Manager Growth Fund - An asset allocation fund invested in a
diversified mix of stocks, bonds, and short-term instruments. The fund's
investment strategy is an aggressive one emphasizing stocks with the goal
of maximum total return over the long term. At September 30, 1994, there
were 4 active participants in this investment fund.
10. Loan Portfolio Fund - The amount in this fund represents the unpaid
principal balances of loans made by Plan participants in accordance with
established loan provision guidelines. At September 30, 1994, there were
132 loans outstanding.
The following table presents the cost and fair values of the investments in
securities of the Master Trust at September 30, 1994 and 1993:
September 30, 1994 September 30, 1993
------------------ ------------------
Investment Cost Fair Value Cost Fair Value
---------- ---- ---------- ---- ----------
Commingled equity $ 442,376 $ 465,846 $ 470,519 $ 499,160
Specialized equity 1,775,176 1,787,904 1,565,685 1,803,185
Money market 20,577 20,577 13,805 13,805
Fixed income 6,383,024 6,383,024 5,900,380 5,900,380
Armstrong stock 698,694 850,417 687,685 828,332
OTC protfolio 47,556 44,676 54,558 53,964
Asset manager 99,872 93,661 308 313
Asset manager income 1,528 1,519 -- --
Asset manager growth 7,955 7,882 -- --
Loan portfolio 203,387 203,387 178,401 178,401
---------- ---------- ---------- ----------
$9,680,145 $9,858,893 $8,871,341 $9,277,540
========== ========== ========== ==========
The amounts of realized gain (loss) on investments in securities of the Master
Trust for the years ended September 30, 1994, 1993, and 1992 are presented
below:
Aggregate Aggregate Realized
--------- --------- --------
Proceeds Cost Gain(Loss)
-------- ---- ----------
1994
----
Commingled equity $ 64,647 $ 58,760 $ 5,887
Specialized equity 396,430 389,417 7,013
Armstrong stock 87,480 65,196 22,284
OTC portfolio 11,000 10,814 186
Asset manager 9,388 10,084 (696)
Asset manger income 14,762 15,275 (513)
Asset manager growth 4,726 5,000 (274)
---------- ---------- ----------
$ 588,433 $ 554,546 $ 33,887
========== ========== ==========
1993
----
Commingled equity $ 220,464 $ 213,452 $ 7,012
Specialized equity 238,812 236,257 2,555
Armstrong stock 76,506 82,305 (5,799)
OTC portfolio 104,846 104,064 782
---------- ---------- ----------
$ 640,628 $ 636,078 $ 4,550
========== ========== ==========
RETIREMENT SAVINGS PLAN FOR HOURLY-PAID EMPLOYEES
OF THOMASVILLE FURNITURE INDUSTRIES, INC.
Notes to Financial Statements
1992 Aggregate Aggregate Realized
---- --------- --------- --------
Proceeds Cost Gain(Loss)
-------- ---- ----------
Commingled equity $ 402 $ 399 $ 3
Specialized equity 3,619 2,810 809
Armstrong stock 36,505 41,810 (5,305)
------- ------- -------
$40,526 $45,019 $(4,493)
======= ======= =======
(4) Benefits
--------
Under terms of the Plan, a participant (or a beneficiary) is eligible for
benefits upon retirement, termination of employment, or death before
retirement. Disbursement of the total amount credited to a participant's
account is payable (i) in a lump sum or (ii) in the case of retirement, in
such other manner as requested by the participant and approved by the Plan
Administrator.
If the amount of a withdrawal exceeds the amount of contributions made by
the participant and not previously withdrawn, the participant shall be
ineligible to make contributions for a specified period, except that a
participant may elect to withdraw all or any portion of his account
attributable to tax deductible contributions.
Under the rules of the Plan, the participant may borrow up to 90 percent of
his account, other than amounts attributable to tax deductible
contributions or amounts invested in the Armstrong Stock Fund, with the
approval of the Plan Administrator. The amount of the loan is transferred
to a Loan Reserve pledged as security for the loan and is evidenced by a
promissory note payable to the Plan. Interest rates are determined
periodically by the Retirement Savings Plan Committee in accordance with
prevailing interest rates. The loans are reflected in the Loan Portfolio
investment fund. Loan repayments are made by payroll deductions or in a
manner agreed to by the employee and the Plan Administrator.
(5) Obligation for Benefits
-----------------------
All the funds of the Plan are held by investing institutions appointed by
the Company under a trust agreement or insurance contract. Benefits under
the Plan are payable only out of these funds. The Company has no legal
obligation to make any direct payment of benefits accrued under the Plan.
Except as may be provided in an insurance contract, neither the Company nor
any investing institution guarantees the funds of the Plan against any loss
or depreciation or guarantees the payment of any benefit hereunder.
Although the Company has not expressed any intent to terminate the Plan, it
may do so at any time. In case of termination or partial termination, the
total amount in each employee's account will be distributed as the Plan
Administrator directs.
(6) Federal Income Taxes
--------------------
The Internal Revenue Service issued its latest determination letter on
April 13, 1990, which stated that the Plan qualifies under the applicable
provisions of the Internal Revenue Code and therefore is exempt from
federal income taxes. The Plan has been amended to conform with current tax
law changes. The amended Plan instruments will be submitted to the Internal
Revenue Service for a letter of determination that the Plan continues to
qualify as exempt from federal taxes. In the opinion of the Plan
administrator, the Plan remains qualified under the applicable provisions
of the Internal Revenue Code.
Independent Auditors' Report
----------------------------
The Retirement Committee
Thomasville Furniture Industries, Inc.
We have audited the accompanying statements of net assets of the Retirement
Savings Plan for Hourly-Paid Employees of Thomasville Furniture Industries, Inc.
as of September 30, 1994 and 1993 and the related statements of changes in plan
equity for each of the years in the three-year period ended September 30, 1994.
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 and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Retirement Savings Plan for
Hourly-Paid Employees of Thomasville Furniture Industries, Inc. as of September
30, 1994 and 1993 and the changes in its plan equity for each of the years in
the three-year period ended September 30, 1994, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The fund information in the statements of
net assets and the statements of changes in plan equity is presented for
purposes of additional analysis rather than to present the net assets and
changes in plan equity of each fund. The fund information has been subjected to
the auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
KPMG PEAT MARWICK LLP
Philadelphia, Pennsylvania
January 19, 1995
EXHIBIT INDEX
24 Consent of Independent Auditors
Consent of Independent Auditors
-------------------------------
The Retirement Committee
Thomasville Furniture Industries, Inc.:
We consent to incorporation by reference in the Registration Statement No. 33-
18998 on Form S-8 of Armstrong World Industries, Inc. of our report dated
January 19, 1995, relating to the statements of net assets of the Retirement
Savings Plan for Hourly-Paid Employees of Thomasville Furniture Industries, Inc.
as of September 30, 1994 and 1993 and the related statements of changes in plan
equity for each of the years in the three-year period ended September 30, 1994,
which report is included herein.
KPMG PEAT MARWICK LLP
Philadelphia, Pennsylvania
March 23, 1995