<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, 1995
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, 1995 AND 1994
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
INDEX
- ------------------------------------------------------------------------
PAGE
Report of Independent Accountants 1
Financial Statements:
Statement of Assets Available for Benefits
With Fund Information - December 31, 1995 3
Statement of Assets Available for Benefits
With Fund Information - December 31, 1994 4
Statement of Changes in Assets Available
for Benefits With Fund Information 5
Notes to Financial Statements 6
Supplementary Schedules:
Schedule of Assets Held for Investment Purposes Schedule I
Schedule of Reportable Transactions Schedule II
<PAGE> 4
PRICE WATERHOUSE LLP
REPORT OF INDEPENDENT ACCOUNTANTS
June 24, 1996
To the Participants and
Administrator of the
Westinghouse Savings Program
We have audited the accompanying statements of assets available for benefits of
the Westinghouse Savings Program (the Plan) at December 31, 1995 and 1994, and
the related statement of changes in assets available for benefits for the year
ended December 31, 1995. These financial statements are the responsibility of
the Plan Administrator. 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 presents fairly, in
all material respects, the assets available for benefits of the Plan as of
December 31, 1995 and 1994, and the changes in assets available for benefits for
the year ended December 31, 1995, 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 Department of Labor Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in the
statements of assets available for benefits and the statement of changes in
assets available for benefits is presented for purposes of additional analysis
rather than to present the assets available for Plan benefits
<PAGE> 5
To the Participants and Administrator
Page 2
June 24, 1996
and changes in 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 statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ PRICE WATERHOUSE LLP
<PAGE> 6
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1995
- -------------------------------------------------------------------------------
(in thousands of dollars)
<TABLE>
<CAPTION>
1995
------------------------------------------------------------------------------------------
FIDELITY JPM
WESTINGHOUSE FIXED GROWTH JPM INSTITUTIONAL ULTRA
COMMON INCOME JANUS AND INCOME DIVERSIFIED INTERNATIONAL INVESTORS
STOCK FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Westinghouse
Common Stock $277,079 $ - $ - $ - $ - $ - $ -
Mutual funds - - 89,380 181,653 14,880 10,018 116,321
-------- ---------- ------- -------- ------- ------- --------
277,079 - 89,380 181,653 14,880 10,018 116,321
Loans to participants - - - - - - -
Guaranteed investment contracts - 3,198,787 - - - - -
-------- ---------- ------- -------- ------- ------- --------
Total investments
(Note 1) 277,079 3,198,787 89,380 181,653 14,880 10,018 116,321
Receivables:
Employee contributions 771 - - - - - -
Employer contributions 366 - - - - - -
Other receivables 176 - - - - - -
Loan repayments 252 - - - - - -
Dividends 24 - - - - - -
-------- ---------- ------- -------- ------- ------- --------
Total assets available
for benefits $278,668 $3,198,787 $89,380 $181,653 $14,880 $10,018 $116,321
======== ========== ======= ======== ======= ======= ========
</TABLE>
<TABLE>
<CAPTION>
1995
------------------------------------------------------------------------------
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
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Westinghouse
Common Stock $ - $ - $ - $ - $ - $ 277,079
Mutual funds 6,536 12,579 13,075 151,342 - 595,784
------ ------- ------- -------- ------- ----------
6,536 12,579 13,075 151,342 - 872,863
Loans to participants - - - - 73,029 73,029
Bank and insurance contracts - - - - - 3,198,787
------ ------- ------- -------- ------- ----------
Total investments
(Note 1) 6,536 12,579 13,075 151,342 73,029 4,144,679
Receivables:
Employee contributions - - - - - 771
Employer contributions - - - - - 366
Other receivables - - - - - 176
Loan repayments - - - - - 252
Dividends - - - - - 24
------ ------- ------- -------- ------- ----------
Total assets available
for benefits $6,536 $12,579 $13,075 $151,342 $73,029 $4,146,268
====== ======= ======= ======== ======= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 3 -
<PAGE> 7
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1994
- --------------------------------------------------------------------------------
(in thousands of dollars)
<TABLE>
<CAPTION>
1994
---------------------------------------------------------------------------------------------------
FIDELITY JPM
WESTINGHOUSE FIXED GROWTH JPM INSTITUTIONAL ULTRA
COMMON INCOME JANUS AND INCOME DIVERSIFIED INTERNATIONAL INVESTORS
STOCK FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Westinghouse
Common Stock $193,595 $ - $ - $ - $ - $ - $ -
Mutual funds - - 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 - - - - - - -
Guaranteed investment 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
======== ========== ======= ======== ====== ====== =======
</TABLE>
<TABLE>
<CAPTION>
1994
-----------------------------------------------------------------------------
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
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Westinghouse
Common Stock $ - $ - $ - $ - $ - $ 193,595
Mutual funds 7,133 8,526 9,995 105,008 - 352,729
------ ------ ------ -------- ------- ----------
7,133 8,526 9,995 105,008 - 546,324
Loans to participants - - - - 68,168 68,168
Bank and
insurance contracts - - - - - 3,237,521
------ ------ ------ -------- ------- ----------
Total investments
(Note 1) 7,133 8,526 9,995 105,008 68,168 3,852,013
Receivables:
Employee contributions - - - - - -
Employer contributions - - - - - -
Other receivables - - - - - 652
Dividends - - - - - 13
------ ------ ------ -------- ------- ----------
Total assets
available
for benefits $7,133 $8,526 $9,995 $105,008 $68,168 $3,852,678
====== ====== ====== ======== ======= ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 4 -
<PAGE> 8
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEARS ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
(in thousands of dollars)
<TABLE>
<CAPTION>
1995
-----------------------------------------------------------------------------------------------
FIDELITY JPM
WESTINGHOUSE FIXED GROWTH JPM INSTITUTIONAL ULTRA
COMMON INCOME JANUS AND INCOME DIVERSIFIED INTERNATIONAL INVESTORS
STOCK FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employee - Pre- and
post-tax $ 9,163 $ 84,818 $ 7,627 $ 12,803 $ 1,244 $ 881 $ 9,826
Employer 4,169 27,146 2,161 3,468 342 245 3,201
Rollovers and trust-
to-trust transfers 215 52,085 843 1,967 196 196 795
-------- ---------- ------- -------- ------- ------- --------
Total contributions 13,547 164,049 10,631 18,238 1,782 1,322 13,822
-------- ---------- ------- -------- ------- ------- --------
Investment income:
Net appreciation
(depreciation) in fair
value of investments 65,833 - 12,344 32,838 1,424 383 20,075
Interest - 218,861 - - - - -
Dividends 3,295 - 4,592 8,174 1,251 261 5,393
-------- ---------- ------- -------- ------- ------- --------
Total investment income 69,128 218,861 16,936 41,012 2,675 644 25,468
Interfund transfers 16,349 (89,621) 14,712 26,268 2,419 6,343 19,667
Other - - - - - - -
-------- ---------- ------- -------- ------- ------- --------
Total additions 99,024 293,289 42,279 85,518 6,876 8,309 58,957
-------- ---------- ------- -------- ------- ------- --------
Deductions - Withdrawals 12,948 316,557 2,806 5,412 508 405 3,976
-------- ---------- ------- -------- ------- ------- --------
Total deductions 12,948 316,557 2,806 5,412 508 405 3,976
-------- ---------- ------- -------- ------- ------- --------
Loan activity:
Loans taken (3,525) (31,293) (921) (1,553) (189) (81) (1,501)
Principal repayments 3,012 27,357 1,530 2,498 307 214 2,261
Defaulted loans - - - - - - -
Interest earned - - - - - - -
Other - - - - - - -
-------- ---------- ------- -------- ------- ------- --------
Net loan activity (513) (3,936) 609 945 118 133 760
Transfers to (from) the Plan (1,155) (11,530) (203) (474) (42) (15) (478)
-------- ---------- ------- -------- ------- ------- --------
Net increase (decrease) 84,408 (38,734) 39,879 80,577 6,444 8,022 55,263
Total assets available for
benefits:
Beginning of year 194,260 3,237,521 49,501 101,076 8,436 1,996 61,058
-------- ---------- ------- -------- ------- ------- --------
End of year $278,668 $3,198,787 $89,380 $181,653 $14,880 $10,018 $116,321
======== ========== ======= ======== ======= ======= ========
</TABLE>
<TABLE>
<CAPTION>
1995
---------------------------------------------------------------------------
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
<S> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employee - Pre- and post-tax $ 475 $ 1,459 $ 1,128 $ 9,047 $ - $ 138,471
Employer 132 451 357 2,819 - 44,491
Rollovers and trust-
to-trust transfers 64 34 86 630 - 57,111
------- ------- ------- -------- ------- ----------
Total contributions 671 1,944 1,571 12,496 - 240,073
------- ------- ------- -------- ------- ----------
Investment income:
Net appreciation (depreciation)
in fair value of investments 554 1,417 1,323 35,404 - 171,595
Interest - - - - - 218,861
Dividends 301 704 591 3,724 - 28,286
------- ------- ------- -------- ------- ----------
Total investment income 855 2,121 1,914 39,128 - 418,742
Interfund transfers (1,646) 321 17 5,171 - -
Other - - - - - -
------- ------- ------- -------- ------- ----------
Total additions (120) 4,386 3,502 56,795 - 658,815
------- ------- ------- -------- ------- ----------
Deductions - Withdrawals 485 373 518 9,331 - 353,319
------- ------- ------- -------- ------- ----------
Total deductions 485 373 518 9,331 - 353,319
------- ------- ------- -------- ------- ----------
Loan activity:
Loans taken (77) (273) (179) (2,540) 42,132 -
Principal repayments 100 348 302 2,238 (40,167) -
Defaulted loans - - - - (2,310) (2,310)
Interest earned - - - - 5,206 5,206
Other - - - - - -
------- ------- ------- -------- ------- ----------
Net loan activity 23 75 123 (302) 4,861 2,896
Transfers to (from) the Plan (15) (35) (27) (828) - (14,802)
------- ------- ------- -------- ------- ----------
Net increase (decrease) (597) 4,053 3,080 46,334 4,861 293,590
Total assets available for benefits:
Beginning of year 7,133 8,526 9,995 105,008 68,168 3,852,678
------- ------- ------- -------- ------- ----------
End of year $ 6,536 $12,579 $13,075 $151,342 $ 73,029 $4,146,268
======= ======= ======= ======== ======== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
- 5 -
<PAGE> 9
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
(in thousands of dollars)
- -------------------------------------------------------------------------------
1. DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Westinghouse Electric Corporation (the Corporation) is a global
manufacturer of diverse technologies and services. The major businesses
comprising the Corporation include: Broadcasting, Industry and
Technology.
A summary of the Plan's significant accounting policies follow.
BASIS OF ACCOUNTING
The financial statements of the Westinghouse Savings Program (the Plan)
are prepared on the accrual basis of accounting.
INVESTMENTS
The Corporation's 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 and synthetic guaranteed
investment contracts, 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, 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.
- 6 -
<PAGE> 10
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
(in thousands of dollars)
- -------------------------------------------------------------------------------
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.
GENERAL
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.
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
- 7 -
<PAGE> 11
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
(in thousands of dollars)
- -------------------------------------------------------------------------------
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. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
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,
1995
<S> <C>
Benefits paid to participants per the
financial statements $353,319
ADD - Defaulted loans 2,310
--------
Benefits paid to participants per the Form 5500 $355,629
========
</TABLE>
4. INVESTMENTS
The following table presents the values of investments. Investments that
represent 5 percent or more of the Plan's assets are separately
identified.
<TABLE>
<CAPTION>
DECEMBER 31,
1995
<S> <C>
Investments at fair value as determined by quoted market price:
Common stock - Westinghouse Common
Stock; 16,738 shares $ 277,079
Other 668,813
----------
945,892
Bank and insurance contracts (at contract value):
Metropolitan Group Annuity Contract #13744 208,312
JP Morgan #BDA56TR 213,497
Other 2,776,978
----------
Total investments $4,144,679
==========
</TABLE>
- 8 -
<PAGE> 12
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
(in thousands of dollars)
- -------------------------------------------------------------------------------
The following table summarizes units of participation held by the Plan at
December 31, 1995:
<TABLE>
<CAPTION>
MARKET
UNITS VALUE
<S> <C> <C>
Janus Fund 3,879 $89,380
Fidelity Growth & Income Fund 6,715 $181,653
JPM Diversified Fund 1,303 $14,880
JPM Institutional International Fund 922 $10,018
Ultra Investors Fund 4,455 $116,321
BT Investment Life Short-Range Fund 652 $6,536
BT Investment Life Long-Range Fund 1,144 $12,579
BT Investment Life Mid-Range Fund 1,264 $13,075
BT Investment 500 Index Fund 10,951 $151,342
</TABLE>
5. FINANCIAL INSTRUMENTS
Guaranteed investment contracts are presented in the aggregate, at
contract value, in the financial statements. The fair value of these
investments, as estimated by the trustee and the various investment
managers, is $3,273,128 at December 31, 1995. Synthetic guaranteed
investment contracts exist within the Fixed Income Fund. The contract and
fair value of these synthetic guaranteed investment contracts at December
31, 1995, as estimated by the trustee and the various investment managers,
is $1,648,558 and $1,689,629, respectively. The synthetic guaranteed
investment contracts may invest in derivatives and include collateralized
mortgage obligations (CMOs), real estate investment conduits (REMICS),
other mortgage derivatives, call/put options on Treasury securities, and
U.S. Treasury Bond futures contracts. The notional and fair value of these
derivatives as of December 31, 1995, as estimated by the trustee and the
various investment managers, is $292,129 and $303,730, respectively.
6. INVESTMENT IN MASTER TRUST
The Plan's percentage interest in the assets of the Master Trust with
regard to the Fixed Income Fund is approximately 99 percent as of
December 31, 1995. 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,
1995
<S> <C>
Investments, at contract value -
Fixed Income Fund $3,231,917
==========
</TABLE>
- 9 -
<PAGE> 13
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
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,
1995
<S> <C>
Additions:
Investment income - Interest $ 220,997
Contributions - Plan contributions 166,288
Transfers (101,405)
Other (3,938)
-----------
Total additions 281,942
Deductions - Withdrawals 316,850
-----------
Net decrease 34,908
Total assets available:
Beginning of period 3,266,825
-----------
End of period $ 3,231,917
===========
</TABLE>
The Plan's percentage interest in the assets of the Master Trust was
approximately 99 percent as of December 31, 1994. The financial activity
of the Master Trust, summarized below, is stated on the cash basis of
accounting through October 9, 1994 and on an accrual basis of accounting
thereafter.
The investment assets are as follows:
<TABLE>
<CAPTION>
DECEMBER 31,
1994
<S> <C>
Investments, at contract value -
Fixed Income Fund $3,266,825
==========
</TABLE>
- 10 -
<PAGE> 14
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
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,
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
Total assets available:
Beginning of period 2,522,617
-----------
End of period $ 3,266,825
===========
</TABLE>
7. TAX STATUS OF THE PLAN
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 Administrator 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, 1995.
8. TRANSFERS TO (FROM) THE PLAN
On September 26, 1995, the Plan substantially completed a transfer of
assets in the amount of $4,854 to another sponsored plan in connection
with the divestiture of the Corporation's Westinghouse Communities, Inc.
business unit. Also transferred were approximately 52,441 shares of the
Corporation's common stock applicable to Westinghouse Communities, Inc.
employees of approximately $929.
In addition, during 1995, the Plan substantially transferred assets in
the amount of $11,251 to other sponsored plans in connection with
divestiture of several businesses within the Corporation's Industrial
Products and Services business unit.
- 11 -
<PAGE> 15
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
DECEMBER 31, 1995 AND 1994
NOTES TO FINANCIAL STATEMENTS
(in thousands of dollars)
- -------------------------------------------------------------------------------
On November 11, 1995, the Plan substantially completed a transfer of
assets in the amount of $2,232 from another sponsored plan associated
with the acquisition of KUTV.
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
Assets Available for Benefits With Fund Information is as follows:
$1,155, Westinghouse Common Stock Fund; $11,530, Fixed Income Fund; $203,
Janus Fund; $474, Fidelity Growth and Income Fund; $42, JPM Diversified
Fund; $15, JPM Institutional International Fund; $478, Ultra Investors
Fund; $15, BT Investment Life Short-Range Fund; $35, BT Investment Life
Long-Range Fund; $27, BT Investment Mid-Range Fund; $828, BT Investment
500 Index Fund.
9. SUBSEQUENT EVENTS
On April 1, 1996, the Westinghouse Savings Program Master Trust completed
a transfer from the Fixed Income Fund of assets in the amount of $29,627
to another trust in connection with the divestiture of the Corporation's
Knoll Group business unit. These assets represent the Knoll Group
Retirement Savings Plan's participation in the Master Trust.
Also in connection with the Knoll Group divestiture, an additional $6,604
was transferred from the Plan to another sponsored plan on April 3, 1996,
representing Westinghouse Savings Program participant balances
transferred to the Knoll Savings Plan. By fund, the transfer amounted to
$822, Westinghouse Company Stock; $4,340, Fixed Income Fund; $338, Janus
Fund; $383, Fidelity Growth and Income Fund; $29, JPM Diversified Fund;
$12, JPM Institutional International Fund; $310, Ultra Investors Fund;
$1, BT Life Short-Range Fund; $95, BT Life Long-Range Fund; $6, BT Life
Mid-Range Fund; $268, BT Investment 500 Index Fund.
On March 1, 1996, Westinghouse Electric Corporation sold certain
businesses of its Electronic Systems Group. As a result of this sale,
management estimates approximately 10,000 participant balances, totaling
approximately $490,000 will be transferred, on or around September 1,
1996, from the Westinghouse Savings Program into another qualified plan
established by the purchaser. By fund, management estimates that the
transfer will approximately be as follows: $67,000, Westinghouse Common
Stock; $307,000, Fixed Income Fund; $15,000, Janus Fund; $29,000,
Fidelity Growth and Income Fund; $2,000, JPM Diversified Fund; $2,000,
JPM Institutional International Equity Fund; $21,000, Ultra Investors
Fund; $1,000, BT Life Short-Range Fund; $2,000, BT Life Long-Range Fund;
$1,000, BT Life Mid-Range Fund; $24,000, BT Investment 500 Index Fund;
$19,000, Loans.
- 12 -
<PAGE> 16
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
SCHEDULE I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES -
FORM 5500, ITEM 27(a)
DECEMBER 31, 1995
- -------------------------------------------------------------------------------
(in thousands of dollars)
<TABLE>
<CAPTION>
UNITS/ CURRENT/CONTRACT
DESCRIPTION OF ASSET SHARES COST VALUE
<S> <C> <C> <C>
Fixed Income Fund - Master Trust 293,747 $2,946,858 $3,198,787
Participant loans (12/31/95 loan rate
was 9.75% per annum) 73,029 73,029 73,029
BT Pyramid Funds Large
Capitalization Equity Fund
(Equity 500)* 10,951 119,790 151,342
BT Investment Funds
Lifecycle Short-Range Fund* 652 6,277 6,536
BT Investment Funds
Lifecycle Mid-Range Fund* 1,264 12,172 13,075
BT Investment Funds
Lifecycle Long-Range Fund* 1,144 11,573 12,579
Fidelity Securities Fund
Growth & Income Portfolio 6,715 154,249 181,653
JPM Institutional Diversified
Fund 1,303 13,751 14,880
JPM Institutional Funds
International Equity Fund 922 9,668 10,018
Janus Fund 3,879 79,028 89,380
20th Century Ultra
Investors Fund 4,455 102,519 116,321
Westinghouse Electric
Corporation Common Stock* 16,738 273,485 277,079
------- ---------- ----------
414,799 $3,802,399 $4,144,679
======= ========== ==========
</TABLE>
* Indicates a party-in-interest.
<PAGE> 17
WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE SAVINGS PROGRAM
SCHEDULE II - SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 1995
- -------------------------------------------------------------------------------
(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 957 $782,639 $782,639 $782,639 --
Westinghouse
Fixed Income Fund -
Master Trust 231 $391,808 $372,870 $391,808 $18,938
Purchases:
BT Pyramid Directed
Account Cash Fund 1,204 -- $780,407 $780,407 --
Fixed Income Fund -
Master Trust 22 -- $134,214 $134,214 --
</TABLE>
<PAGE> 18
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: June 28, 1996 By: /s/ B. G. CLAYTON
-------------------------
Name: B. G. Clayton
Title: Plan Administrator
<PAGE> 19
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
23 Consent of Independent Accountants 20
<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 24, 1996,
included in the Annual Report of the Westinghouse Savings Program on Form 11-K
for the year ended December 31, 1995.
/s/ PRICE WATERHOUSE LLP
600 Grant Street
Pittsburgh, Pennsylvania
June 28, 1996
