<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
Commission File Number 1-977
WESTINGHOUSE SAVINGS PROGRAM
(Full title of the Plan)
Westinghouse Electric Corporation
Westinghouse Building, 11 Stanwix Street
Pittsburgh, Pennsylvania 15222
(Name of issuer of the securities held pursuant to the Plan
and the address of its principal executive office)
<PAGE> 2
Westinghouse Electric Corporation
Westinghouse Savings Program
Financial Statements
December 31, 1994 and 1993
<PAGE> 3
Westinghouse Electric Corporation
Westinghouse Savings Program
Financial Statements
December 31, 1994 and 1993
Index
Page
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits
With Fund Information 3
Statement of Changes in Net Assets Available
for Benefits With Fund Information 4
Notes to Financial Statements 5
Supplementary Schedules:
Schedule of Assets Held for Investment Purposes Schedule I
Schedule of Reportable Transactions Schedule II
<PAGE> 4
REPORT OF INDEPENDENT ACCOUNTANTS
June 26, 1995
To the Participants and
Administrator of the
Westinghouse Savings Program
We have audited the accompanying statement of net assets available for benefits
of the Westinghouse Savings Program (the Plan) at December 31, 1994, and the
related statement of changes in net assets available for benefits for the year
then ended. These financial statements are the responsibility of the Plan
Administrator. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit 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 audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1994, and the changes in net assets available for benefits for the
year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information included in Schedules
I and II is presented for purposes of additional analysis and is not a required
part of the basic financial statements but is additional information required
by the Employee Retirement Income Security Act of 1974. The fund information
in the 1994 statement of net assets available for benefits and the statement of
changes in net assets available for benefits for the year then ended 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 Plan
benefits of each fund. The additional schedules and fund information have been
subjected to the auditing procedures applied in the audit of the basic
financial
<PAGE> 5
To the Participants and Administrator
Page 2
June 26, 1995
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of net assets available for benefits of the
Westinghouse Personal Investment Plan at December 31, 1993, and the related
statement of changes in net assets available for benefits for the year then
ended (not presented herein), and in our report dated May 23, 1994, we
expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying condensed statement of
net assets available for benefits as of December 31, 1993, and the condensed
statement of changes in net assets available for benefits for the year then
ended, when read in conjunction with the financial statements from which it has
been derived, is fairly stated in all material respects in relation thereto.
PRICE WATERHOUSE LLP
<PAGE> 6
Westinghouse Electric Corporation
Westinghouse Savings Program
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1994 and 1993
<TABLE>
<CAPTION>
(in thousands of dollars)
1994
----------------------------------------------------------------------------------------------------
Fidelity JPM
Westinghouse Vanguard Fixed Growth JPM Institutional Ultra
Common Mutual Income Janus and Income Diversified International Investors
Stock Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Westinghouse Common Stock $ 193,595 $ - $ - $ - $ - $ - $ - $ -
Mutual fund - - - 49,501 101,076 8,436 1,996 61,058
--------- ------ ---------- -------- -------- ---------- ---------- ---------
193,595 - - 49,501 101,076 8,436 1,996 61,058
Loans to participants - - - - - - - -
Bank and insurance contracts - - 3,237,521 - - - - -
--------- ------ ---------- -------- -------- ---------- ---------- ---------
Total investments (Note 1) 193,595 - 3,237,521 49,501 101,076 8,436 1,996 61,058
Receivables:
Employee contributions - - - - - - - -
Employer contributions - - - - - - - -
Other receivables 652 - - - - - - -
Dividends 13 - - - - - - -
--------- ------ ---------- -------- -------- ---------- ---------- ---------
Total assets available
for benefits 194,260 - 3,237,521 49,501 101,076 8,436 1,996 61,058
Liabilities - Other payables - - - - - - - -
--------- ------ ---------- -------- -------- ---------- ---------- ---------
Total liabilities - - - - - - - -
--------- ------ ---------- -------- -------- ---------- ---------- ---------
Net assets available
for benefits $ 194,260 $ - $3,237,521 $ 49,501 $101,076 $ 8,436 $ 1,996 $ 61,058
========= ====== ========== ======== ======== ========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
1994 1993
------------------------------------------------------------------------ ---------
BT BT BT
Investment Investment Investment BT
Life Short- Life Long- Life Mid- Investment
Range Range Range 500 Index
Fund Fund Fund Fund Loans Total Total
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Westinghouse Common Stock $ - $ - $ - $ - $ - $ 193,595 $ 204,735
Mutual fund 7,133 8,526 9,995 105,008 - 352,729 160,684
--------- ------ ---------- -------- -------- ---------- ----------
7,133 8,526 9,995 105,008 - 546,324 365,419
Loans to participants - - - - 68,168 68,168 62,777
Bank and insurance contracts - - - - - 3,237,521 2,500,368
--------- ------ ---------- -------- -------- ---------- ----------
Total investments (Note 1) 7,133 8,526 9,995 105,008 68,168 3,852,013 2,928,564
Receivables:
Employee contributions - - - - - - 3,224
Employer contributions - - - - - - 1,236
Other receivables - - - - - 652 228
Dividends - - - - - 13 3,691
--------- ------ ---------- -------- -------- ---------- ----------
Total assets available
for benefits 7,133 8,526 9,995 105,008 68,168 3,852,678 2,936,943
Liabilities - Other payables - - - - - - 2,254
--------- ------ ---------- -------- -------- ---------- ----------
Total liabilities - - - - - - 2,254
--------- ------ ---------- -------- -------- ---------- ----------
Net assets available
for benefits $ 7,133 $8,526 $ 9,995 $105,008 $ 68,168 $3,852,678 $2,934,689
========= ====== ========== ======== ======== ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 3 -
<PAGE> 7
Westinghouse Electric Corporation
Westinghouse Savings Program
Statement of Changes in Net Assets Available for Benefits With Fund Information
Years Ended December 31, 1994 and 1993
<TABLE>
<CAPTION>
(in thousands of dollars)
1994
----------------------------------------------------------------------------------------------------
Fidelity JPM
Westinghouse Vanguard Fixed Growth JPM Institutional Ultra
Common Mutual Income Janus and Income Diversified International Investors
Stock Fund Fund Fund Fund Fund Fund Fund
-------- --------- ---------- --------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employee - Pre- and post-tax $ 9,203 $ 2,418 $ 90,024 $ 5,508 $ 10,007 $ 1,001 $ 76 $ 8,026
Employer 6,253 642 24,287 1,876 2,535 290 21 2,692
Rollovers and trust-
to-trust transfers 1,714 2,753 438,617 4,760 9,549 1,099 306 3,595
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Total contributions 17,170 5,813 552,928 12,144 22,091 2,390 403 14,313
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Investment income:
Net appreciation (depreciati)
in fair value of investments (27,787) (1,208) - (1,130) (3,980) (60) (30) (3,974)
Interest - - 192,762 - - - - -
Dividends 1,508 - - 988 6,377 225 18 1,862
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Total investment income (26,279) (1,208) 192,762 (142) 2,397 165 (12) (2,112)
Interfund transfers (3,140) (161,266) (104,439) 35,572 72,335 5,276 1,606 46,255
Other - - (989) - - - - -
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Total additions (12,249) (156,661) 640,262 47,574 96,823 7,831 1,997 58,456
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Deductions - Withdrawals 9,799 2,892 238,946 1,405 3,125 264 12 1,869
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Total deductions 9,799 2,892 238,946 1,405 3,125 264 12 1,869
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Loan activity:
Loans taken (1,931) (165) (27,781) (441) (776) (49) (4) (537)
Principal repayments 2,777 384 24,787 1,047 1,819 189 15 1,541
Defaulted loans - - - - - - - -
Interest earned - - - - - - - -
Other - - - - - - - -
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Net loan activity 846 219 (2,994) 606 1,043 140 11 1,004
Transfers to (from) the Plan 8,561 (5,324) 338,846 2,726 6,335 729 - 3,467
-------- --------- ---------- --------- --------- ---------- ---------- ---------
Net increase (decrease) (12,641) (164,658) 737,168 49,501 101,076 8,436 1,996 61,058
Net assets available for benefits:
Beginning of year 206,901 164,658 2,500,353 - - - - -
-------- --------- ---------- --------- --------- ---------- ---------- ---------
End of year $194,260 $ - $3,237,521 $ 49,501 $ 101,076 $ 8,436 $ 1,996 $ 61,058
======== ========= ========== ========= ========= ========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
1994 1993
-------------------------------------------------------------------------- ------------
Investment Investment Investment BT
Life Short- Life Long- Life Mid- Investment
Range Range Range 500 Index
Fund Fund Fund Fund Loans Total Total
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employee - Pre- and post-tax $ 446 $ 1,123 $ 1,026 $ 9,055 $ - $ 137,913 $ 134,627
Employer 156 361 317 2,908 - 42,338 44,066
Rollovers and trust-
to-trust transfers 2,417 491 1,613 2,496 - 469,410 154,383
-------- --------- ---------- --------- --------- ---------- ----------
Total contributions 3,019 1,975 2,956 14,459 - 649,661 333,076
-------- --------- ---------- --------- --------- ---------- ----------
Investment income:
Net appreciation (depreciati)
in fair value of investments (281) (89) (42) (2,457) - (41,038) 18,733
Interest - - - - - 192,762 181,097
Dividends 238 176 299 3,185 - 14,876 10,117
-------- --------- ---------- --------- --------- ---------- ----------
Total investment income (43) 87 257 728 - 166,600 209,947
Interfund transfers 4,110 5,767 6,067 91,857 - - -
Other - - - - - (989) -
-------- --------- ---------- --------- --------- ---------- ----------
Total additions 7,086 7,829 9,280 107,044 - 815,272 543,023
-------- --------- ---------- --------- --------- ---------- ----------
Deductions - Withdrawals 508 203 463 6,845 - 266,331 189,867
-------- --------- ---------- --------- --------- ---------- ----------
Total deductions 508 203 463 6,845 - 266,331 189,867
-------- --------- ---------- --------- --------- ---------- ----------
Loan activity:
Loans taken (58) (68) (61) (1,348) 33,219 - -
Principal repayments 87 252 217 1,947 (35,062) - -
Defaulted loans - - - - (1,619) (1,619) (1,953)
Interest earned - - - - 4,248 4,248 4,744
Other - - - - 73 73 (2,286)
-------- --------- ---------- --------- --------- ---------- ----------
Net loan activity 29 184 156 599 859 2,702 505
Transfers to (from) the Plan 526 716 1,022 4,210 4,532 366,346 63
-------- --------- ---------- --------- --------- ---------- ----------
Net increase (decrease) 7,133 8,526 9,995 105,008 5,391 917,989 353,724
Net assets available for benefits:
Beginning of year - - - - 62,777 2,934,689 2,580,965
-------- --------- ---------- --------- --------- ---------- ----------
End of year $ 7,133 $ 8,526 $ 9,995 $ 105,008 $ 68,168 $3,852,678 $2,934,689
======== ========= ========== ========= ========= ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 4 -
<PAGE> 8
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31, 1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
1. Summary of Accounting Policies
Basis of Accounting
The financial statements of the Westinghouse Savings Program (the Plan) are
prepared on the accrual basis of accounting.
Investments
The Westinghouse Electric Corporation (the Corporation) Common Stock Fund and
the various mutual fund shares are presented at fair market value, which is
based on published market quotations. The Fixed Income Fund, composed of
guaranteed investment contracts with insurance companies and banks, is
presented at contract value.
Measurement Date
Purchases and sales of securities are recognized on the trade date.
Dividends
Dividends on mutual fund shares and units of the Corporation's common stock are
credited to each participant's account, as appropriate, for shares held at the
date of record.
Rollovers and Trust-to-Trust Transfers
Corporation employees and retirees may elect to transfer savings from other
plans that are qualified by the Internal Revenue Service (IRS) into the Plan.
Trust-to-trust transfers represent funds transferred from the Westinghouse
Pension Plan; rollovers represent otherwise taxable distributions transferred
from the Westinghouse Pension Plan or other qualified plans of the Corporation
to the Plan.
Master Trust
Effective July 1, 1991, the investment assets of the Westinghouse Personal
Investment Plan were commingled with those of the Westinghouse Personal Savings
Plan (the former Savings Plan) in a Master Trust arrangement. Due to the merger
of these plans during 1994, see Note 2, only the Fixed Income Fund remains as a
Master Trust. The Fixed Income Fund contains the assets of the Plan, as well as
assets of other plans sponsored by Westinghouse subsidiaries. The Master Trust
is administered by Bankers' Trust (the trustee) and governed by the
Westinghouse Savings Program Master Trust Agreement. Although assets in the
Fixed Income Fund are commingled, the trustee maintains records of
contributions received and distributions made to the Master Trust for each
participating plan. Investment income is allocated by the trustee to each plan
based on the beneficial interest of each plan to the total beneficial interests
of the participating plans at the beginning of each month and daily as of
October 9, 1994.
2. Description of Plan
The following description of the Plan provides only general information.
Participants should refer to the Summary Plan Description or the Plan document
for a more complete description of the Plan's provisions.
<PAGE> 9
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
General
During October 1994, net assets of the the former Savings Plan in the amount of
$494,107 were merged into the Plan for administrative efficiencies. This amount
has been reported as a component of transfers to (from) the Plan in the
statement of changes in net assets available for benefits with fund
information. By fund, net assets were transferred as follows: $23,356,
Westinghouse Common Stock Fund, $437,568, Fixed Income Fund; $2,824, Janus
Fund; $6,612, Fidelity Growth and Income Portfolio (Fidelity Growth and Income
Fund); $738, JPM Institutional Diversified Fund (JPM Diversified Fund); $3,749,
Twentieth Century Ultra Investors Fund (Ultra Investors Fund); $546, Bankers'
Trust (BT) Investment Lifecycle Short-Range Fund (BT Investment Life
Short-Range Fund); $762, BT Investment Lifecycle Long-Range Fund (BT Investment
Life Long-Range Fund); $1,027, BT Investment Lifecycle Mid-Range Fund (BT
Investment Life Mid-Range Fund); $6,627, BT Investment Equity 500 Index Fund
(BT Investment 500 Index Fund); and $10,298, Loan Fund. The Plan was formerly
named the Westinghouse Personal Investment Plan (Investment Plan), and upon the
merger of these net assets was renamed the Westinghouse Savings Program.
All represented and nonrepresented employees of the Corporation, a designated
subsidiary, or a designated joint venture are eligible to participate in the
Plan. Casual employees, leased employees and employees of excluded units are
not eligible to participate in the Plan.
Plan Contributions and Withdrawals
Plan participants may elect to contribute 2 percent to 20 percent of their base
earnings on either a pretax or after-tax basis, or a combination thereof, based
on IRS limitations. The Corporation matches contributions in an amount equal to
50 percent of the first 6 percent of the participant's base earnings
contributed.
Prior to February 1, 1994, the participants could elect for their contributions
to be invested in one or more of the following three funds: Westinghouse Common
Stock Fund, Fixed Income Fund or Vanguard Institutional Index Fund (Vanguard
Mutual Fund). Effective February 1, 1994, seven new investment options were
made available to participants. All previous funds remain available, with the
exception that the Vanguard Mutual Fund was replaced by another mutual fund,
the BT Investment 500 Index Fund. The seven new investment options are mutual
funds and include the Fidelity Growth and Income Fund, the Janus Fund, the
Ultra Investors Fund, the BT Investment Life Short-Range Fund, the BT
Investment Life Mid-Range Fund, the BT Investment Life Long-Range Fund and the
JPM Diversified Fund. Participants may direct their investments in 1 percent
multiples in any combination they wish.
In October 1994, the Plan was amended to include an additional investment
option: the JPM Institutional International Equity Fund (JPM Institutional
International Fund).
All participants are permitted to make withdrawals or loans from the Plan
subject to provisions in the Plan document. Inactive or terminated participants
have several payment options, detailed in the Plan document.
<PAGE> 10
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31, 1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
Vesting
A participant's contributions to the Plan are fully vested and nonforfeitable.
If an employee had eligible service before January 1, 1989, the employer
matching contributions are also vested. Employees hired on or after January 1,
1989, must complete 5 years of eligibility service to become vested in the
employer matching contributions.
Plan Expenses
The Corporation is responsible for the general administration of the Plan and
for carrying out the provisions thereof. The investment assets of the Plan are
administered by a trustee appointed by the Board of Directors of the
Corporation. With the exception of investment manager fees, which are paid by
the Plan, expenses of the Plan are borne by the Corporation.
Plan Termination
Although it is the intention of the Corporation to continue the Plan, the
Corporation has the right to terminate the Plan at any time. If such
termination occurs, all amounts credited to participants' accounts shall become
vested and be distributed as soon as practicable.
3. Payables and Withdrawals-in-Process
Withdrawals-in-process at December 31, 1994 and 1993, are not included in the
respective year's statement of net assets available for benefits or the
statement of changes in net assets available for benefits. The
withdrawals-in-process are as follows (in thousands):
<TABLE>
<CAPTION>
December 31,
1994 1993
<S> <C> <C>
Westinghouse Common Stock Fund $ - $ 660
Vanguard Mutual Fund - 492
Fixed Income Fund - 14,222
---- --------
Total withdrawals-in-process $ - $ 15,374
==== ========
</TABLE>
<PAGE> 11
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
4. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500 (in thousands):
<TABLE>
<CAPTION>
December 31,
1994 1993
<S> <C> <C>
Net assets available for benefits per the
financial statements $ 3,852,678 $ 2,934,689
Amounts allocated to withdrawing
participants - (15,374)
----------- -----------
Net assets available for benefits per the
Form 5500 $ 3,852,678 $ 2,919,315
=========== ===========
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500 (in thousands):
<TABLE>
<CAPTION>
Year ended
December 31,
1994
<S> <C>
Benefits paid to participants per the
financial statements $ 266,331
Add - Defaulted loans 1,619
Add - Amounts allocated to withdrawing
participants at December 31 of current year
Less - Amounts allocated to withdrawing
participants at December 31 of prior year (15,374)
---------
Benefits paid to participants per the Form 5500 $ 252,576
=========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31, 1994, but not yet paid as of that date.
- 8 -
<PAGE> 12
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes to Financial Statements
(in thousaands of dollars)
5. Investments
The following table presents the values of investments. Investments that
represent 5 percent or more of the Plan's net assets are separately identified.
<TABLE>
<CAPTION>
December 31,
1994
<S> <C>
Investments at fair value as determined
by quoted market price:
Common stock - Westinghouse Common
Stock; 15,565 shares $ 193,595
Other 420,897
----------
614,492
Bank and insurance contracts (at
contract value):
Metropolitan Group Annuity Contact
#13744 207,093
Other 3,030,428
----------
Total investments $3,852,013
==========
</TABLE>
The following table summarizes units of participation held by the Plan at
December 31, 1994:
<TABLE>
<CAPTION>
Market
Units value
<S> <C> <C>
BT Investment 500 Index Fund 10,136 $105,008
BT Investment Life Short-Range Fund 777 $7,133
BT Investment Life Mid-Range Fund 1,090 $9,995
BT Investment Life Long-Range Fund 897 $8,526
Fidelity Growth & Income Fund 4,792 $101,076
JPM Diversified Fund 855 $8,436
JPM Institutional International Fund 193 $1,996
Janus Fund 2,636 $49,501
Ultra Investors Fund 3,060 $61,058
</TABLE>
6. Financial Instruments
Bank and insurance contracts are presented in the aggregate, at contract value,
in the financial statements. Several of the contracts within the fund have
investments in derivatives. The synthetics within the Fixed Income Fund include
collateralized mortgage
- 9 -
<PAGE> 13
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
obligations (CMOs), other mortgage securities, call/put securities and Treasury
Note futures. The contract and fair value of these investments at December 31,
1994, as estimated by the trustee and the various investment managers, was
$955,170 and $865,406, respectively.
7. Investment in Master Trust
The Plan's percentage interest in the net assets of the Master Trust with
regard to the Fixed Income Fund is approximately 99 percent as of December 31,
1994. The remaining investment funds of the Plan are also held in trust by
Bankers' Trust (the trustee). These funds contain only the assets of the Plan,
and are not part of a master trust.
The investment assets of the Master Trust are as follows:
<TABLE>
<CAPTION>
December 31,
1994
<S> <C>
Investments, at contract value -
Fixed Income Fund $3,266,825
==========
</TABLE>
The changes in investment assets of the Master Trust are as follows:
<TABLE>
<CAPTION>
Year ended
December 31,
1994
<S> <C>
Additions:
Investment income -
Interest $ 194,474
Contributions -
Plan contributions 560,418
Transfers 232,627
Other (3,991)
----------
Total additions 983,528
Deductions -
Withdrawals 239,320
----------
Net increase 744,208
Net assets available:
Beginning of period 2,522,617
----------
End of period $3,266,825
==========
</TABLE>
- 10 -
<PAGE> 14
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes lo Financial Statements
(in Ihousands of dollars)
The Plan's percentage interest in the net assets of the Master Trust was
approximately 85 percent as of December 31, 1993. The financial activity of the
Master Trust, summarized below, is stated on the cash basis of accounting.
The investment assets are as follows:
<TABLE>
<CAPTION>
December 31,
1993
<S> <C>
Investments, at fair value:
Westinghouse Common Stock Fund $ 230,084
Mutual Fund 170,490
---------
400,574
Fixed Income Fund 2,952,606
-----------
$ 3,353,180
===========
</TABLE>
- 11 -
<PAGE> 15
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
The changes in investment assets of the Master Trust are as follows:
<TABLE>
<CAPTION>
Year ended
December 31,
1993
<S> <C>
Additions:
Investment income:
Net appreciation in fair value of investments:
Westinghouse Common Stock Fund $ 7,055
Mutual Fund 9,156
Interest 211,988
Dividends 7,108
-----------
235,307
Contributions -
Plan contributions 332,530
Transfers 53,087
-----------
Total additions 620,924
Deductions:
Withdrawals 219,764
Administrative expenses 857
-----------
Total deductions 220,621
-----------
Net increase 400,303
Net assets available:
Beginning of period 2,952,877
-----------
End of period $ 3,353,180
===========
</TABLE>
8. Tax Status of the Plnn
The former Savings and Investment Plans obtained their latest determination
letters on May 12, 1986, in which the IRS stated that the former Savings and
Investment Plans, as then designed, were in compliance with the applicable
requirements of the Internal Revenue Code (IRC). The Plans have been amended
and restated since receiving the determination letter, and the Plan
Administrator filed for a new tax determination letter on March 31, 1995. The
Plan Adminiskator and the Plan's tax counsel believe that the Plan is currently
designed and being operated in compliance with the applicable requirements of
the IRC. Therefore, they believe that the Plan was qualified and the related
trust was tax-exempt as of December 31, 1994.
- 12 -
<PAGE> 16
Westinghouse Electric Corporation
Westinghouse Savings Program
December 31,1994 and 1993
Notes to Financial Statements
(in thousands of dollars)
9. Transfers From the Plan
On April 13, 1994, the former Investment Plan substantially completed a tansfer
of net assets in the amount of $78,126 to another sponsored plan in connection
with the divestiture of the Corporation's Distribution and Control business
unit (DCBU). In addition, on April 28, 1994, the Investment Plan substantially
transferred net assets in the amount of $34,871 to another sponsored plan in
connection with the divestiture of the Corporation's Westinghouse Electric
Supply Company business unit (WESCO). By fund, the transfers discussed above
which have been reported as a component of transfers to (from) the Plan in the
statement of changes in net assets available for benefits with fund information
are as follows: $98,722, Fixed Income Fund; $5,324, Vanguard Mutual Fund; $31,
Westinghouse Common Stock Fund; $98, Janus Fund; $277, Fidelity Growth and
Income Fund; $9, JPM Diversified Fund; $282, Ultra Investors Fund; $20, BT
Investment Life Short-Range Fund; 46, BT Investment Life Long-Range Fund; $5,
BT Investment Life Mid-Range Fund; $2,417, BT Investment 500 Index Fund; and
$5,766, Loan Fund.
Also included in transfers to (from) the Plan per the financial statements are
transfers of the Corporation's common stock. The transfers included
approximately 585,300 shares applicable to DCBU employees on February 10, 1994,
approximating $8,271, and approximately 455,669 shares applicable to WESCO
employees on April 20, 1994, approximating $6,493.
- 13 -
<PAGE> 17
Westinghouse Electric Corporation
Westinghouse Savings Program
Schedule I - Schedule of Assets Held for Investment Purposes - Form 5500,
Item 27a
December 31, 1994
(in thousands of dollars)
<TABLE>
<CAPTION>
Units/ Current/contract
Description of asset shares Cost value
<S> <C> <C> <C>
Fixed Income Fund 318,213 $ 3,185,514 $ 3,237,521
Participant loans
(1994 loan rate was
9.5% per annum) 68,168 68,168 68,168
BT Pyramid Funds Large
Capitalization Equity Fund
(Equity 500) 10,136 107,214 105,008
BT Investment Funds
Lifecycle Short-Range Fund 777 7,430 7,133
BT Investment Funds
Lifecycle Mid-Range Fund 1,090 10,350 9,995
BT Investment Funds
Lifecycle Long-Range Fund 897 8,778 8,526
Fidelity Securities Fund
Growth & Income Portfolio 4,792 106,054 101,076
JPM Institutional
Diversified Fund 855 8,579 8,436
JPM Institutional Funds
International Equity Fund 193 2,025 1,996
Janus Fund 2,636 50,817 49,501
20th Century Ultra
Investors Fund 3,060 65,404 61,058
Westinghouse Electric
Corporation Common Stock* 15,565 260,096 193,595
------- ----------- -----------
426,382 $ 3,880,429 $ 3,852,013
======= =========== ===========
<FN>
* Indicates a party-in-interest.
</TABLE>
<PAGE> 18
Westinghouse Electric Corporation
Westinghouse Savings Program
Schedule ll - Schedule of Reportable Transactions - Form 5500, Item 27d
Year Ended December 31,1994
(in thousands of dollars)
<TABLE>
<CAPTION>
Current
Number value at Net
Description of Selling transaction gain
of asset transactions price Cost date (loss)
<S> <C> <C> <C> <C> <C>
Sales:
BT Pyramid Directed
Account Cash Fund 350 $440,157 $440,157 $440,157 -
Westinghouse
Fixed Income Fund 53 $65,033 $64,390 $65,033 $643
Purchases:
BT Pyramid Directed
Account Cash Fund 423 - $461,736 $461,736 -
Fixed Income Fund 6 - $218,180 $218,180 -
</TABLE>
<TABLE>
<CAPTION>
Number Value of Loans defaulted
Description of loans loans Loan and deemed
of asset granted granted repayments as distributions
<S> <C> <C> <C> <C>
Participant loans 5,200 $33,219 $35,062 $1,619
</TABLE>
<PAGE> 19
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on behalf of the
Plan by the undersigned thereunto duly authorized.
Westinghouse Savings Program
Dated: July 14, 1995 By: /s/ EARL L. McKINLEY
----------------------
Name: Earl L. McKinley
Title: Plan Administrator
<PAGE> 20
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
23 Consent of Independent
Accountants
<PAGE> 1
EXHIBIT 23
Consent of Independent Accountants
----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-51445) of our report dated June 26, 1995,
included in the Annual Report of the Westinghouse Savings Program on Form 11-K
for the year ended December 31, 1994.
/s/ Price Waterhouse LLP
- ------------------------
600 Grant Street
Pittsburgh, Pennsylvania 15219-2793
July 13, 1995
