Exhibit 28(ii)(f)
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
--------------------------------------------------
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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SAVINGS PLAN FOR SALARIED EMPLOYEES OF
AMERICAN OLEAN TILE COMPANY, INC.
1000 Cannon Avenue
Lansdale, PA 19446
(Full title 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.
-------
Item 1. Statements of Net Assets 4
------------------------
September 30, 1994 and 1993
Item 2. Statements of Changes in Plan Equity
------------------------------------
for Participants 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
----------------------------
- 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.
AMERICAN OLEAN TILE COMPANY, INC.
SAVINGS PLAN FOR SALARIED EMPLOYEES
March 24, 1995 By: /s/ Michael J. Farley
-------------------------------------
Michael J. Farley
Chairperson, Employee Benefits
Administrative Authority for the
American Olean Tile Company, Inc.,
Savings Plan for Salaried Employees
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
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) $1,266,140 $2,508,818 $386,345 $10,986,093 $93,825 $231,492 $136,309 $86,261 $114,092 $400,699 $16,210,074
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Total assets $1,266,140 $2,508,818 $386,345 $10,986,093 $93,825 $231,492 $136,309 $86,261 $114,092 $400,699 $16,210,074
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Plan equity $1,266,140 $2,508,818 $386,345 $10,986,093 $93,825 $231,492 $136,309 $86,261 $114,092 $400,699 $16,210,074
========== ========== ======== =========== ======= ======== ======== ======= ======== ======== ===========
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) $1,344,427 $2,250,245 $379,911 $10,423,771 $47,845 $175,265 $ 80 $ -- $ 17,153 $423,830 $15,062,527
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Total assets $1,344,427 $2,250,245 $379,911 $10,423,771 $47,845 $175,265 $ 80 $ -- $ 17,153 $423,830 $15,062,527
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Plan equity $1,344,427 $2,250,245 $379,911 $10,423,771 $47,845 $175,265 $ 80 $ -- $ 17,153 $423,830 $15,062,527
========== ========== ======== =========== ======= ======== ======== ======= ======== ======== ===========
See accompanying notes to financial statements.
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY, 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 $1,344,427 $2,250,245 $379,911 $10,423,771 $47,845 $175,265 $ 80 $ -- $ 17,153 $423,830 $15,062,527
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Increases in
plan equity:
Contributions 150,243 348,055 97,377 503,274 24,197 49,110 16,577 6,175 26,507 -- 1,221,515
Dividends 49,197 235,582 14,498 -- 2,038 10,178 6,318 3,829 1,546 -- 323,186
Interest 3,485 10,873 2,020 781,273 88 665 77 22 697 -- 799,200
Realized gain
(loss) on
investments
(note 3) 25,528 8,108 -- -- 2,523 (2,385) (1,953) (105) (44) -- 31,672
Unrealized
depreciation
of investments (28,451) (265,483) -- -- (2,562) (6,072) (6,785) (3,817) (1,196) -- (314,366)
Loan activity,
net (28,243) (26,926) (30,254) 51,581 1,133 2,884 735 1,041 (645) 28,694 --
Transfers (to)
from other
employee plans
of Armstrong
World
Industries,
Inc. 3,792 24,651 (14,041) 7,226 13,362 (4,555) -- -- (1,119) (51,825) (22,509)
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
175,551 334,860 69,600 1,343,354 40,779 49,825 14,969 7,145 25,746 (23,131) 2,038,698
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Decreases in plan
equity:
Benefits paid (104,101) (284,290) (29,592) (455,164) (6,656) (6,736) (412) -- (4,200) -- (891,151)
Interfund
transfers,
net (149,737) 208,003 (33,574) (325,868) 11,857 13,138 121,672 79,116 75,393 -- --
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
(253,838) (76,287) (63,166) (781,032) 5,201 6,402 121,260 79,116 71,193 -- (891,151)
---------- ---------- -------- ----------- ------- -------- -------- ------- -------- -------- -----------
Plan equity at
September 30,
1994 $1,266,140 $2,508,818 $386,345 $10,986,093 $93,825 $231,492 $136,309 $86,261 $114,092 $400,699 $16,210,074
========== ========== ======== =========== ======= ======== ======== ======= ======== ======== ===========
See accompanying notes to financial statements. (Continued)
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY, INC.
Statements of Changes in Plan Equity, Continued
1993
Asset
Commingled Specialized Money Fixed Armstrong "OTC" Asset Mgr. Loan
Equity Equity Market Income Stock Portfolio Manager Growth Portfolio
Fund Fund Fund Fund Fund Fd. Fund Fund Fund Total
---------- ---------- -------- ----------- ------- -------- -------- -------- -------- -----------
Plan equity at
October 1, 1992 $1,205,383 $1,397,522 $461,412 $10,144,449 $21,271 $ -- $ -- $ -- $275,100 $13,505,137
---------- ---------- -------- ----------- ------- -------- -------- -------- -------- -----------
Increases in plan
equity:
Contributions 157,397 268,666 76,458 623,188 12,670 27,550 80 591 -- 1,166,600
Dividends 39,894 194,534 12,385 -- 1,054 13,252 -- -- -- 261,119
Interest 4,374 8,879 2,992 828,198 21 915 -- 46 -- 845,425
Realized gain(loss) on
investments (note 3) 20,198 919 -- -- (52) 162 -- -- -- 21,227
Unrealized
appreciation
(depreciation)
of investments 90,326 296,726 -- -- 12,140 (3,087) -- 164 -- 396,269
Loan activity, net (26,357) (18,752) (25,237) (71,144) 311 2,548 -- 71 138,560 --
Transfers (to) from
other employee benefit
plans of Armstrong
World Industries Inc. 1,478 76,216 -- 8,930 2,576 11,638 -- -- 10,170 111,008
---------- ---------- -------- ----------- ------- -------- -------- -------- -------- -----------
287,310 827,188 66,598 1,389,172 28,720 52,978 80 872 148,730 2,801,648
---------- ---------- -------- ----------- ------- -------- -------- -------- -------- -----------
Decreases in plan equity:
Benefits paid (114,149) (124,922) (72,439) (924,027) (1,051) (7,670) -- -- -- (1,244,258)
Interfund transfers,
net (34,117) 150,457 (75,660) (185,823) (1,095) 129,957 -- 16,281 -- --
---------- ---------- -------- ----------- ------- -------- -------- -------- -------- -----------
(148,266) 25,535 (148,099) (1,109,850) (2,146) 122,287 -- 16,281 -- (1,244,258)
---------- ---------- -------- ----------- ------- -------- -------- -------- -------- -----------
Plan equity at
September 30, 1993 $1,344,427 $2,250,245 $379,911 $10,423,771 $47,845 $175,265 $ 80 $ 17,153 $423,830 $15,062,527
========== ========== ======== =========== ======= ======== ======== ======== ======== ===========
See accompanying notes to financial statements. (Continued)
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY, INC.
Statements of Changes in Plan Equity, Continued
1992
Commingled Specialized Money Fixed Armstrong Loan
Equity Fund Equity Fund Market Fund Income Fund Stock Fund Portfolio Fund Total
----------- ----------- ----------- ----------- ---------- -------------- -----------
Plan equity at October 1,
1991 $ 897,517 $1,079,119 $ 437,425 $ 9,247,970 $ -- $ 230,494 $11,892,525
---------- ---------- ---------- ----------- ------- ---------- -----------
Increases in plan equity:
Contributions 144,238 205,304 82,848 708,363 5,387 -- 1,146,140
Dividends 39,528 160,851 17,977 -- 436 -- 218,792
Interest 780 8,144 -- 851,354 -- 42,349 902,627
Realized gain (loss) on
investments (note 3) 6,188 (319) -- -- (3) -- 5,866
Unrealized appreciation
(depreciation) of
investments 60,139 (50,625) -- -- (3,582) -- 5,932
Transfers from (to)
other employee benefit
plans of Armstrong World
Industries, Inc. 78,421 20,620 27,440 58,510 18,779 6,380 210,150
---------- ---------- ---------- ----------- ------- ---------- -----------
329,294 343,975 128,265 1,618,227 21,017 48,729 2,489,507
---------- ---------- ---------- ----------- ------- ---------- -----------
Decreases in plan equity:
Benefits paid (76,406) (72,564) (11,693) (716,136) (41) -- (876,840)
Fees -- -- (35) (20) -- -- (55)
Interfund transfers, net 54,978 46,992 (92,550) (5,592) 295 (4,123) --
---------- ---------- ---------- ----------- ------- ---------- -----------
(21,428) (25,572) (104,278) (721,748) 254 (4,123) (876,895)
---------- ---------- ---------- ----------- ------- ---------- -----------
Plan equity at September
30, 1992 $1,205,383 $1,397,522 $ 461,412 $10,144,449 $21,271 $ 275,100 $13,505,137
========== ========== ========== =========== ======= ========== ===========
See accompanying notes to financial statements.
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
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
----------------
The Plan is a defined contribution plan, the purpose of which is to provide
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 of American Olean Tile Company, Inc. (the
Company), a wholly-owned subsidiary of Armstrong World Industries, Inc.
(Armstrong). The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Participants may contribute to the Plan in each of the following methods:
1. Up to 15%, but not less than 2%, of their compensation as deferred
compensation as permitted under Section 401(k) of the Internal Revenue
Code.
2. Up to 10%, but not less than 2%, of their compensation.
Until December 31, 1989, the Company made a matching contribution to the
Plan in an amount equal to 50% of a participant's contribution, up to $400
per calendar year. Effective January 1, 1990, the matching Company
contribution feature was discontinued.
In the event of a withdrawal during employment of amounts attributable to
before-tax contributions, a participant will not be permitted to resume
making contributions until the first day of January, April, July, or
October which follows twelve months from the date of the withdrawal.
In the event of a withdrawal during employment of amounts attributable to
after-tax contributions, a participant will not be permitted to resume
making contributions until the first day of the following January, April,
July, or October.
Separate accounts are maintained for contributions made by or on behalf of
a participant. The accounts in each fund reflect the participants' and
Company-matching contributions together with allocated dividends, interest,
realized gains (losses) on investments, and unrealized appreciation
(depreciation) of investments.
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
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.
Under the rules of the Plan, a participant may borrow up to 50% of his or
her account other than amounts attributable to after-tax contributions or
amounts invested in the Armstrong Stock Fund attributable to Company-
matching contributions, subject to a $50,000 maximum, with the approval of
the Plan Administrator. The amount of the loan is transferred to a loan
portfolio fund pledged as security for the loan and is evidenced by a
promissory note payable to the Plan. Interest rates are determined
periodically by the Company in accordance with prevailing interest rates.
Loan repayments are made by payroll deductions or in a manner agreed to by
the participant and the Plan Administrator.
(3) Investments in Master Trust
---------------------------
Through the Plan year ended September 30, 1991, assets of the Plan were
held in a Master Trust administered by Wachovia Bank and Trust Co., N.A.,
as Trustee. Effective October 1, 1991, the Company appointed the Fidelity
Management Trust Co. as the new Trustee of the Plan. The investment options
offered to Plan participants by Fidelity are comparable to those which were
made available by Wachovia, except that the Plan permitted an investment
option in Armstrong common stock effective October 1, 1991.
Assets in the Master Trust, administered by Fidelity, 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 203 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 292 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 149 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 531
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 57 active participants in this investment fund. Common
stock shares held by the fund at September 30, 1994 and 1993 were 2,163 and
1,149, 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 47 active participants in
this investment fund.
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Notes to Financial Statements, (Continued)
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 19 active participants 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 3 active participants in
this investment fund.
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 33 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
134 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 $ 1,144,126 $ 1,266,140 $ 1,193,962 $ 1,344,427
Specialized equity 2,528,200 2,508,818 2,004,144 2,250,245
Money market 386,345 386,345 379,911 379,911
Fixed income 10,986,093 10,986,093 10,423,771 10,423,771
Armstrong stock 87,829 93,825 39,287 47,845
OTC portfolio 240,651 231,492 178,352 175,265
Asset manager 143,094 136,309 80 80
Asset manager income 90,078 86,261 -- --
Asset manager growth 115,124 114,092 16,989 17,153
Loan portfolio 400,699 400,699 423,830 423,830
----------- ----------- ----------- -----------
$16,122,239 $16,210,074 $14,660,326 $15,062,527
=========== =========== =========== ===========
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
--------- --------- --------
1994 Proceeds Cost Gain (Loss)
---- -------- ---- -----------
Commingled equity $304,239 $278,711 $ 25,528
Specialized equity 585,116 577,008 8,108
Armstrong stock 8,409 5,886 2,523
OTC portfolio 68,779 71,164 (2,385)
Asset manager 36,646 38,599 (1,953)
Asset manager income 2,906 3,011 (105)
Asset manager growth 23,364 23,408 (44)
---------- -------- --------
$1,029,459 $997,787 $ 31,672
========== ======== ========
SAVINGS PLAN FOR SALARIED EMPLOYEES
OF AMERICAN OLEAN TILE COMPANY
Notes to Financial Statements, (Continued)
1993 Aggregate Aggregate Realized
---- --------- --------- --------
Proceeds Cost Gain (Loss)
-------- ---- -----------
Commingled equity $233,149 $212,951 $ 20,198
Specialized equity 252,641 251,722 919
Armstrong stock 2,396 2,448 (52)
OTC portfolio 16,404 16,242 162
-------- -------- --------
$504,590 $483,363 $ 21,227
======== ======== ========
1992
----
Commingled equity $ 93,842 $ 87,654 $ 6,188
Specialized equity 77,944 78,263 (319)
Armstrong stock 41 44 (3)
-------- -------- --------
$171,827 $165,961 $ 5,866
======== ======== ========
(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. In addition, a participant may elect to withdraw all or any
part of his account attributable to his contributions.
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.
(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 has made a determination that the Plan has
complied with the requirements of ERISA and, therefore, is qualified under
the provisions of Section 401(a) of the Internal Revenue Code and is exempt
from federal income tax.
Independent Auditors' Report
The Executive Committee
American Olean Tile Company, Inc.:
We have audited the accompanying statements of net assets of the Savings Plan
for Salaried Employees of American Olean Tile Company, Inc. (the Plan) 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 Plan 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 20, 1995
EXHIBIT INDEX
24 Consent of Independent Auditors
Consent of Independent Auditors
-------------------------------
The Executive Committee
American Olean Tile Company, Inc.:
We consent to incorporation by reference in the Registration Statement
No. 33-60070 on Form S-8 of Armstrong World Industries, Inc. of our report
dated January 20, 1995 relating to the statements of net assets of the Savings
Plan for Salaried Employees of American Olean Tile Company, Inc. as of
September 30, 1994 and 1993 and the related 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