FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended
December 31, 1993
Commission File No. 33-2098
CBS EMPLOYEE INVESTMENT FUND
(Full title of the plan)
CBS INC.
51 West 52 Street, New York, N.Y. 10019
(Name of issuer of the securities held pursuant to the
plan and address of its principal executive office)
<PAGE>
11-K-Financial Statements
Financial Statements and Exhibit
The following are filed as a part of this annual report:
(a) Financial statements.
Page Number
Report of independent certified public accountants F-1
Financial Statements:
Statements of Net Assets Available for
Benefits as of December 31, 1993 and 1992 F-3
Statements of Changes in Net Assets Available for
Plan Benefits for the years ended December 31,
1993 and 1992 F-5
Notes to Financial Statements F-7
Schedules:
Schedule I - Investments as of December 31,
1993 S-1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Retirement Plans Committee of the Board of Directors of CBS Inc.,
administrator of the Plan, has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
CBS EMPLOYEE INVESTMENT FUND
Date: June 28, 1994 BY ___________________________
Louis J. Rauchenberger, Jr.
Vice President and Treasurer
CBS Inc.
1
<PAGE>
11-K-Financial Statements
REPORT of INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
_______
To the Retirement Plans Committee of the
Board of Directors of
CBS Inc. and Participants of the
CBS Employee Investment Fund:
We have audited the accompanying Statements of Net Assets Available
for Benefits of the CBS EMPLOYEE INVESTMENT FUND (the "Plan") as of
December 31, 1993 and 1992, and the related Statements of Changes in
Net Assets Available for Benefits for the years then ended. 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 net assets available for
benefits of the CBS Employee Investment Fund as of December 31, 1993
and 1992, and the changes in net assets available for benefits for
the years then ended, in conformity with generally accepted
accounting principles.
F-1
<PAGE>
11-K-Financial Statements
As discussed in Note 2 to the financial statements, in 1993 the Plan
changed its method of accounting for withdrawals.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedule of assets held for investment at December 31, 1993 is
presented for purposes of additional analysis and is not a required
part of the basic financial statements. The supplemental schedule of
assets 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.
COOPERS & LYBRAND
New York, New York
June 28, 1994
F-2
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS
as of December 31, 1993
_______
Equity Fixed Income
(Fund A) (Fund B)
Assets:
Cash $ 516,000
Investments, at fair value
(Notes 2 and 5) 129,016,000 $275,217,000
Loans to participants
Contributions receivable:
Employee 20,000 85,000
Interest and dividends receivable 174,000
Interfund receivable 6,000
Total assets 129,732,000 275,302,000
Liabilities:
Payable to brokers for unsettled
trades 362,000
Interfund payable 45,000 94,000
Total liabilities 407,000 94,000
Net assets available
for benefits $129,325,000 $275,208,000
The accompanying notes are an integral
part of the financial statements.
F-3-1
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE BENEFITS
as of December 31, 1993
_______
CBS Inc. CBS Inc.
Contribution Common Stock
(Fund C) (Fund D)
Assets:
Cash
Investments, at fair value
(Notes 2 and 5) $171,594,000 $12,412,000
Loans to participants
Contributions receivable:
Employee 15,000
Interest and dividends receivable 2,000
Interfund receivable 104,000 17,000
Total assets 171,700,000 12,444,000
Liabilities:
Payable to brokers for unsettled
trades
Interfund payable 6,000
Total liabilities 6,000
Net assets available
for benefits $171,694,000 $12,444,000
The accompanying notes are an integral
part of the financial statements.
F-3-2
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS
as of December 31, 1993
_______
Loan
Composite Provision
(Fund E) Fund Total
Assets:
Cash $ 516,000
Investments, at fair value
(Notes 2 and 5) $4,296,000 $ 47,000 592,582,000
Loans to participants 2,252,000 2,252,000
Contributions receivable:
Employee 5,000 125,000
Interest and dividends
receivable 1,000 177,000
Interfund receivable 18,000 145,000
Total assets 4,320,000 2,299,000 595,797,000
Liabilities:
Payable to brokers for
unsettled trades 362,000
Interfund payable 145,000
Total liabilities 507,000
Net assets available
for benefits $4,320,000 $2,299,000 $595,290,000
The accompanying notes are an integral
part of the financial statements.
F-3-3
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS
as of December 31, 1992
_______
Equity Fixed Income
(Fund A) (Fund B)
Assets:
Cash $ 849,000
Investments, at fair value
(Notes 2 and 5) 107,300,000 $248,952,000
Receivable from broker for unsettled
trades 1,367,000
Interest and dividends receivable 128,000
Interfund receivable 149,000
Total assets 109,644,000 249,101,000
Liabilities:
Distributions and withdrawals
payable 382,000 1,147,000
Payable to brokers for unsettled
trades 173,000
Interfund payable 12,000
Total liabilities 567,000 1,147,000
Net assets available
for benefits $109,077,000 $247,954,000
The accompanying notes are an integral
part of the financial statements.
F-4-1
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS
as of December 31, 1992
_______
CBS Inc. CBS Inc.
Contribution Common Stock
(Fund C) (Fund D)
Assets:
Cash $ 159,000
Investments, at fair value
(Notes 2 and 5) 112,767,000 $7,579,000
Receivable from broker for unsettled
trades
Interest and dividends receivable 3,000
Interfund receivable
Total assets 112,929,000 7,579,000
Liabilities:
Distributions and withdrawals
payable 239,000 31,000
Payable to brokers for unsettled
trades
Interfund payable 98,000 39,000
Total liabilities 337,000 70,000
Net assets available
for benefits $112,592,000 $7,509,000
The accompanying notes are an integral
part of the financial statements.
F-4-2
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS
as of December 31, 1992
_______
Total
Assets:
Cash $ 1,008,000
Investments, at fair value
(Notes 2 and 5) 476,598,000
Receivable from broker for unsettled
trades 1,367,000
Interest and dividends receivable 131,000
Interfund receivable 149,000
Total assets 479,253,000
Liabilities:
Distributions and withdrawals
payable 1,799,000
Payable to brokers for unsettled
trades 173,000
Interfund payable 149,000
Total liabilities 2,121,000
Net assets available
for benefits $477,132,000
The accompanying notes are an integral
part of the financial statements.
F-4-3
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
for the year ended December 31, 1993
_______
Equity Fixed Income
(Fund A) (Fund B)
Additions:
Contributions (Note 3):
Employer
Employee $ 8,276,000 $ 12,507,000
Loan repayments 32,000 75,000
Received from Midwest Communications,
Inc. (Note 1) 1,166,000
Investment income:
Dividends 2,735,000
Interest 130,000 22,003,000
Other 31,000
11,204,000 35,751,000
Distributions and withdrawals (Note 4) (4,452,000) (12,216,000)
Appreciation of investments, net (Note 5) 15,153,000
Loans to participants (867,000) (1,363,000)
Net transfers among funds (Note 4) (1,172,000) 3,935,000
Net additions before
cumulative effect 19,866,000 26,107,000
Cumulative effect of accounting change
(Note 2) 382,000 1,147,000
Net additions 20,248,000 27,254,000
Net assets available for
benefits, beginning of year 109,077,000 247,954,000
Net assets available for
benefits, end of year $129,325,000 $275,208,000
The accompanying notes are an integral
part of the financial statements.
F-5-1
<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
for the year ended December 31, 1993
_______
CBS Inc. CBS Inc.
Contribution Common Stock
(Fund C) (Fund D)
Additions:
Contributions (Note 3):
Employer $ 8,820,000
Employee $ 1,767,000
Loan repayments 5,000
Received from Midwest Communications,
Inc. (Note 1)
Investment income:
Dividends 748,000 52,000
Interest 18,000 4,000
Other
9,586,000 1,828,000
Distributions and withdrawals (Note 4) (4,763,000) (489,000)
Appreciation of investments, net (Note 5) 60,040,000 4,197,000
Loans to participants (155,000)
Net transfers among funds (Note 4) (6,000,000) (477,000)
Net additions before
cumulative effect 58,863,000 4,904,000
Cumulative effect of accounting change
(Note 2) 239,000 31,000
Net additions 59,102,000 4,935,000
Net assets available for
benefits, beginning of year 112,592,000 7,509,000
Net assets available for
benefits, end of year $171,694,000 $12,444,000
The accompanying notes are an integral
part of the financial statements.
F-5-2 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
for the year ended December 31, 1993
_______
Loan
Composite Provision
(Fund E) Fund Total
Additions:
Contributions (Note 3):
Employer $ 8,820,000
Employee $ 593,000 23,143,000
Loan repayments 7,000 ($ 119,000) -
Received from Midwest
Communications, Inc.
(Note 1) 1,166,000
Investment income:
Dividends 3,535,000
Interest 3,000 32,000 22,190,000
Other 31,000
603,000 (87,000) 58,885,000
Distributions and withdrawals
(Note 4) (11,000) (21,931,000)
Appreciation of investments,
net (Note 5) 15,000 79,405,000
Loans to participants (1,000) 2,386,000 -
Net transfers among funds
(Note 4) 3,714,000 -
Net additions before
cumulative effect 4,320,000 2,299,000 116,359,000
Cumulative effect of account-
ing change (Note 2) 1,799,000
Net additions 4,320,000 2,299,000 118,158,000
Net assets available for
benefits, beginning of year 477,132,000
Net assets available
for benefits,
end of year $4,320,000 $2,299,000 $595,290,000
The accompanying notes are an integral
part of the financial statements.
F-5-3 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
for the year ended December 31, 1992
_______
Equity Fixed Income
(Fund A) (Fund B)
Additions:
Contributions (Note 3):
Employer
Employee $ 6,921,000 $ 12,953,000
Received from Midwest Communications,
Inc. Plans (Note 1) 1,992,000 1,059,000
Investment income:
Dividends 1,998,000
Interest 162,000 20,492,000
Other 25,000
11,098,000 34,504,000
Distributions and withdrawals (Note 4) (5,290,000) (16,292,000)
Appreciation of investments, net
(Note 5) 17,812,000
Net transfers among funds (Note 4) (4,429,000) 11,009,000
Net additions 19,191,000 29,221,000
Net assets available for
benefits, beginning of year 89,886,000 218,733,000
Net assets available for
benefits, end of year $109,077,000 $247,954,000
The accompanying notes are an integral
part of the financial statements.
F-6-1 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
for the year ended December 31, 1992
_______
CBS Inc. CBS Inc.
Contribution Common Stock
(Fund C) (Fund D)
Additions:
Contributions (Note 3):
Employer $ 8,331,000
Employee $1,495,000
Received from Midwest Communications,
Inc. Plans (Note 1) 71,000
Investment income:
Dividends 601,000 39,000
Interest 28,000 6,000
Other 1,000
8,961,000 1,611,000
Distributions and withdrawals (Note 4) (4,753,000) (442,000)
Appreciation of investments, net
(Note 5) 27,748,000 1,767,000
Net transfers among funds (Note 4) (5,632,000) (948,000)
Net additions 26,324,000 1,988,000
Net assets available for
benefits, beginning of year 86,268,000 5,521,000
Net assets available for
benefits, end of year $112,592,000 $7,509,000
The accompanying notes are an integral
part of the financial statements.
F-6-2 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
for the year ended December 31, 1992
_______
Total
Additions:
Contributions (Note 3):
Employer $ 8,331,000
Employee 21,369,000
Received from Midwest Communications,
Inc. Plans (Note 1) 3,122,000
Investment income:
Dividends 2,638,000
Interest 20,688,000
Other 26,000
56,174,000
Distributions and withdrawals (Note 4) (26,777,000)
Appreciation of investments, net
(Note 5) 47,327,000
Net transfers among funds (Note 4) -
Net additions 76,724,000
Net assets available for
benefits, beginning of year 400,408,000
Net assets available for
benefits, end of year $477,132,000
The accompanying notes are an integral
part of the financial statements.
F-6-3 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
NOTES to FINANCIAL STATEMENTS
_______
1. Description of the Plan:
The Plans were established by the Company to provide a
convenient way for employees of the Company and individuals
involved in the pooled news project to save and invest for their
future financial needs and to participate in the growth of the
Company through ownership of Company stock purchased for
participants by the Company.
All employees of the Company, individuals involved in the pooled
news project, and certain of its subsidiaries in the United
States, as well as U.S. citizens abroad, who are employed on a
full-time or regularly scheduled part-time basis in executive,
non-union office and hourly positions, are eligible to partic-
ipate upon completing one year of Company service. Other groups
designated by the Company or by the terms of a collective
bargaining agreement with the Company are also eligible.
Participants should refer to the Plan agreement for a complete
description.
Effective July 1, 1993, two plan amendments were made to the CBS
Employee Investment Fund (the "Plan"). A new investment fund,
Fund E (Composite Fund), was added to allow participants to have
their contributions invested in common stock, fixed income
securities, and cash, in proportions determined by the
Investment Manager, in accordance with objectives which seek to
minimize risk and enhance returns.
Additionally, a loan provision was added to the Plan to allow
employees to borrow from their account without incurring a
taxable event. Participants may request loans for a minimum of
$1,000, but not to exceed the lesser of $50,000 (reduced by the
highest outstanding balance of any loan from the Plan during the
one-year period ending on the date before the date such loan is
made) or one-half of the market value of the vested portions of
all the participant's separate accounts on the date of the loan.
No more than one loan may be made per year, and not more than
two loans may be outstanding in any one year. Where a
participant has two loans, one of the outstanding loans must be
for the purpose of purchasing a primary residence. Loans may
not be made from Fund C (CBS Inc. Contribution Fund).
The loans bear interest based on the latest quarterly blended
rate for Fund B (Fixed Income Fund) as of the valuation date of
the quarter preceding the loan effective date. The loans must
be repaid within five years, with the exception of a loan used
to acquire a primary residence, for which repayment is not to
exceed fifteen years. In the event of a default on a loan
payment, all remaining payments are considered immediately due
and payable.
F-7
Additionally, the Plan was amended effective December 30, 1993,
to allow the Fund A and Fund E managers to invest in CBS stock.
Following CBS's acquisition of substantially all the assets and
liabilities of Midwest Communications, Inc. ("Midwest") on
February 5, 1992, the Retirement Plans Committee of CBS Inc.
became the administrator of Midwest's Retirement Savings Plan
and the WCCO-TV, Inc. AFTRA 401(K) Plan. The AFTRA 401(K) Plan
was merged into the CBS Employee Investment Fund (the "Plan") as
of September 1, 1992, when 36 participants and approximately
$314,000 were transferred to the Plan. In addition, on May 1,
1992 and September 1, 1992, approximately $2,418,000 and
$390,000, respectively, were transferred into the Plan from the
Midwest Communications, Inc. Retirement Savings Plan. Thus, a
total of approximately $3,122,000 was transferred into the Plan
during 1992. An additional $1,166,000 was transferred in on
November 1, 1993 when another 37 participants were transferred
into the Plan from the Midwest Communications, Inc. Retirement
Savings Plan. This was done in order to allow all eligible
former Midwest Communications, Inc. employees to invest in the
Plan. The transfer will not change plan benefits as specified
in the Plan Agreement.
The investments of the CBS Employee Investment Fund Plan and the
CBS News Special Projects Inc. Employee Investment Fund (the
"News Plan") are held in the same trust to establish a Master
Investment Fund Trust ("Master Trust"). Investments held by the
News Plan as of December 31, 1992 and December 31, 1993,
approximate 1% of total Master Trust assets.
2. Statement of Significant Accounting Policies:
Basis of Accounting:
The financial statements of the Plan have been prepared in
accordance with generally accepted accounting principles.
Cumulative Effect of Change in Accounting for Withdrawals:
In July 1993, the American Institute of Certified Public
Accountants ("AICPA") issued an audit guide entitled "Audits of
Employee Benefit Plans" (the "Guide"). The Guide states that
amounts allocated to accounts of persons who have elected to
withdraw from a plan, but have not yet been paid as of year-end,
should not be reported as a liability on the statement of net
assets available for benefits.
In accordance with the Guide, effective January 1, 1993, the
Plan changed its method of accounting for withdrawals such that
all amounts elected to be withdrawn from the Plan by
participants are no longer recorded as a liability in the
Statement of Net Assets Available for Benefits. The cumulative
effect of this accounting change, as of January 1, 1993,
increased plan equity by approximately $1,799,000. The effect
in the current period was a net decrease in 1993 withdrawals of
approximately $384,000 and an increase in plan equity of
approximately $2,183,000.
F-8
Investment Valuation:
Investments in securities traded on a national securities
exchange are valued at the closing sales price on the last
business day of the year; securities traded in the over-the-
counter market and listed securities for which no sale was
reported on that date are valued at the last reported bid price;
participations in pooled trust funds are stated at the Trust's
beneficial interest in the aggregate fair value of assets held
by the particular fund as reported by the Plan's fund manager.
The carrying value of the Plan's investment in guaranteed
annuity contracts and guaranteed investment contracts is cost
plus accrued interest.
An individual participant's interest in the funds of the Plan is
represented by the dollar value of their individual account.
Investment Transactions and Investment Income:
Purchases and sales of securities are reflected on a trade-date
basis. Gain or loss on sales of securities is based on average
cost.
Dividend income is recorded on the ex-dividend date. Income
from other investments is recorded as earned on an accrual
basis.
Investments are stated at fair value and the net change in the
appreciation or depreciation, which consists of the realized
gains or losses and the unrealized appreciation (depreciation)
on those investments, is reflected in the Statement of Changes
in Net Assets Available for Benefits.
F-9 <PAGE>
3. Contributions:
Contributions from employees and the Company are recorded in the
periods the Company makes payroll deductions from participants.
Employee participation in the Plan is voluntary and
contributions consist of two types:
Required "Basic Employee Contributions" are equivalent to
amounts between 1 per cent and 2-1/2 per cent of base annual
salary and may be increased to 3 per cent if the total of a
participant's age and years of service equals 55 and to 4 per
cent if the participant also has attained age 50. These basic
contributions are fully matched by the Company. The contribu-
tions may be treated as after-tax or before-tax contributions.
Participants may also make additional voluntary "Supplemental
Employee Contributions" up to a combined total (Basic plus
Supplemental Contributions) of 12-1/2 per cent of base pay.
Company contributions become vested at the rate of 33-1/3 per
cent per annum until fully vested after three years of employment.
The overall maximum annual contribution to the Plan for a
participant, including before-tax, after-tax and Company
matching contributions, is $30,000.
Employee contributions are applied to any combination of the
following four funds (in increments of 0.5% of annual base
salary as designated by the employee): an equity fund (Fund A);
a fixed income fund (Fund B); a CBS Inc. common stock fund (Fund
D) and a composite Fund (Fund E). Company contributions are
applied to a fifth fund (Fund C) which invests in Company common
stock. All employer and employee contributions are subject to
specified limitations as described in the Employee Retirement
Income Security Act of 1974 ("ERISA") and other applicable
federal and state laws.
4. Distributions:
Upon termination, participants have the option of receiving
payment of their account balance in Funds A, B, D and E and the
vested portion of Fund C immediately or in monthly payments over
a length of time not to exceed 240 months. For terminated
participants who have an account balance in excess of $3,500, an
option is available to leave their account balance in the Plan
and have it distributed at any valuation date up to the time
they reach age 70.
Non-vested employer contributions are forfeited upon termination
and revert to the Company. These amounts are used to reduce
future required employer contributions.
F-10
Plan participants may make a withdrawal from their basic account
(Funds A, B, D and E) once in a five-year period. A second
withdrawal from the participant's basic account within the same
five-year period will require the participant's contributions
(and employer-matching contributions) to be suspended for one
year. Withdrawals from a participant's supplemental account
(Funds A, B, D and E) are permitted twice in a calendar year.
Further restrictions apply for participants who withdraw before-
tax contributions prior to age 59-1/2. Under these circum-
stances, withdrawal can only be made in the case of financial
hardship and only if the money is not reasonably available from
other sources.
Participants who are 55 years old or older may elect to transfer
their account balance from the CBS Inc. Contribution Fund (Fund
C) to the Fixed Income Fund (Fund B). This election can only be
made twice during their participation in the Plan and these
transferred amounts are not permitted to be withdrawn except
upon termination or retirement.
The Tax Reform Act of 1986 imposed a 10 per cent penalty on
certain withdrawals and distributions made before the
participant reaches age 59-1/2.
Participants were given the option to request loans from their
accounts in 1993. See Note 1 for summary description.
F-11 <PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
Equity
(Fund A)
Fair Value Cost
1993:
Common stocks:
CBS Inc. common
Other $126,388,000 $94,053,000
Money market funds* 2,628,000 2,628,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Commingled fund
$129,016,000 $96,681,000
1992:
Common stocks:
CBS Inc. common
Other $102,239,000 $75,176,000
Preferred stock 1,167,000 958,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds* 394,000 394,000
Corporate debt 3,500,000 3,500,000
$107,300,000 $80,028,000
* At estimated fair value.
F-12-1
<PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
Fixed Income
(Fund B)
Fair Value Cost
1993:
Common stocks:
CBS Inc. common
Other
Money market funds*
Value of interest in unallocated
insurance contracts $205,021,000 $205,021,000
Guaranteed mortgage contract 70,196,000 70,196,000
Commingled fund
$275,217,000 $275,217,000
1992:
Common stocks:
CBS Inc. common
Other
Preferred stock
Value of interest in unallocated
insurance contracts $184,552,000 $184,552,000
Guaranteed mortgage contract 64,400,000 64,400,000
Money market funds*
Corporate debt
$248,952,000 $248,952,000
* At estimated fair value.
F-12-2<PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
CBS Inc.
Contribution
(Fund C)
Fair Value Cost
1993:
Common stocks:
CBS Inc. common $170,920,000 $65,430,000
Other
Money market funds* 674,000 674,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Commingled fund
$171,594,000 $66,104,000
1992:
Common stocks:
CBS Inc. common $112,641,000 $64,687,000
Other
Preferred stock
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds* 126,000 126,000
Corporate debt
$112,767,000 $64,813,000
* At estimated fair value.
F-12-3 <PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
CBS Inc.
Common Stock
(Fund D)
Fair Value Cost
1993:
Common stocks:
CBS Inc. common $12,303,000 $7,300,000
Other
Money market funds* 109,000 109,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Commingled fund
$12,412,000 $7,409,000
1992:
Common stocks:
CBS Inc. common $ 7,502,000 $6,588,000
Other
Preferred stock
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds* 77,000 77,000
Corporate debt
$ 7,579,000 $6,665,000
* At estimated fair value.
F-12-4 <PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
Composite
(Fund E)
Fair Value Cost
1993:
Common stocks:
CBS Inc. common
Other
Money market funds* $1,011,000 $1,011,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Commingled fund 3,285,000 3,271,000
$4,296,000 $4,282,000
1992:
Common stocks:
CBS Inc. common $ $
Other
Preferred stock
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds*
Corporate debt
$ $
* At estimated fair value.
F-12-5 <PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
Loan
Provision
Fund
Fair Value Cost
1993:
Common stocks:
CBS Inc. common
Other
Money market funds* $47,000 $47,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Commingled fund
$47,000 $47,000
1992:
Common stocks:
CBS Inc. common $ $
Other
Preferred stock
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds*
Corporate debt
$ $
* At estimated fair value.
F-12-6 <PAGE>
5. Investments:
Investments held by the Plan at December 31, 1993 and 1992 are
summarized in the following table. Investments that represent
5 per cent or more of Plan equity are separately identified:
Total
Fair Value Cost
1993:
Common stocks:
CBS Inc. common $183,223,000 $ 72,730,000
Other 126,388,000 94,053,000
Money market funds* 4,469,000 4,469,000
Value of interest in unallocated
insurance contracts 205,021,000 205,021,000
Guaranteed mortgage contract 70,196,000 70,196,000
Commingled fund 3,285,000 3,271,000
$592,582,000 $449,740,000
1992:
Common stocks:
CBS Inc. common $120,143,000 $ 71,275,000
Other 102,239,000 75,176,000
Preferred stock 1,167,000 958,000
Value of interest in unallocated
insurance contracts 184,552,000 184,552,000
Guaranteed mortgage contract 64,400,000 64,400,000
Money market funds* 597,000 597,000
Corporate debt 3,500,000 3,500,000
$476,598,000 $400,458,000
* At estimated fair value.
F-12-7<PAGE>
At December 31, 1993 and 1992, the Plan held $183.2 million and
$120.1 million, respectively, of CBS Inc. common stock. In
addition at December 31, 1993 and 1992, the Plan held $205.0
million and $184.6 million, respectively, of unallocated
insurance contracts. These investments represent a
concentration of credit risk. However, the Plan does not
anticipate nonperformance with respect to these investments.
At December 31, 1993 and 1992, the net appreciation
(depreciation) of the fair value of the Plan's investments is
summarized as follows:
CBS Inc.
Equity Contribution
(Fund A) (Fund C)
1993:
Common stocks $15,153,000 $60,040,000
Commingled funds
$15,153,000 $60,040,000
1992:
Common stocks $17,731,000 $27,748,000
Preferred stocks 81,000
$17,812,000 $27,748,000
CBS Inc.
Common Stock Composite
(Fund D) (Fund E)
1993:
Common stocks $ 4,197,000
Commingled funds $ 15,000
$ 4,197,000 $ 15,000
1992:
Common stocks $1,767,000
Preferred stocks
$1,767,000
F-13 <PAGE>
Total
1993:
Common stocks $79,390,000
Commingled funds 15,000
$79,405,000
1992:
Common stocks $47,246,000
Preferred stocks 81,000
$47,327,000
6. Tax Status:
The Plan obtained its latest determination letter on
September 10, 1986, in which the Internal Revenue Service stated
that the Plan, as then designed, was in compliance with the
applicable requirements of the Internal Revenue Code. The Plan
has been amended since receiving the determination letter.
However, the plan administrator and the plan's tax counsel
believe that the Plan is currently designed and being operated
in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements. A plenary Tax Reform
filing for an Internal Revenue Service determination letter will be
made in 1994.
Participants will not be subject to income tax on contributions
made on their behalf by the Company nor on the plan earnings
credited to their account until such time as they withdraw all
or any part of their accumulated balance.
7. Plan Expenses:
The expenses of administering the Plan are borne by the Company.
Brokerage fees are paid by the Plan.
8. Termination Priorities:
The Company has not expressed any intent to discontinue its
contributions. However, it is free to do so at any time,
subject to the provisions of ERISA. In the event such
discontinuance results in the termination of the Plan,
participants will become 100 per cent vested and the net assets
of the Plan shall be allocated among the participants and their
respective beneficiaries of the Plan in the order provided for
in ERISA.
F-14 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.77%
Common Stock - 21.33%:
Hospital/Supply, Service - 2.68%
Abbott Labs 60,000 $ 1,769,000 $ 1,777,000
C.R. Bard Inc. 54,000 1,245,000 1,364,000
Carter Wallace, Inc. 41,000 1,261,000 876,000
FHP Int'l Corp. 60,000 1,531,000 1,628,000
Foundation Health Corp. 58,000 1,244,000 1,798,000
Johnson & Johnson 34,000 1,614,000 1,526,000
Pfizer Inc. 38,000 2,573,000 2,643,000
Schering Plough Corp. 20,000 1,184,000 1,370,000
Wellpoint Health Network 45,000 1,213,000 1,395,000
Zeneca Group PLC 40,000 1,158,000 1,490,000
Total Hospital Supply, Service 14,792,000 15,867,000
Entertainment, Leisure & Toys - .26%:
GC Cos, Inc. 4,000 71,000 139,000
Mattel Inc. 50,000 1,166,000 1,381,000
Total Entertainment, Leisure & Toys 1,237,000 1,520,000
Apparel & Textiles - .91%:
Fruit of the Loom Inc. 37,000 1,313,000 893,000
Kellwood Co. 43,000 1,079,000 1,736,000
Nike Inc. -B- 28,000 1,344,000 1,276,000
Stride Rite Corp. 91,000 1,634,000 1,490,000
Total Apparel & Textiles 5,370,000 5,395,000
Retailing & Distributors - .73%:
Fingerhut Cos. Inc. 74,000 911,000 2,081,000
May Dept. Stores Co. 30,000 648,000 1,181,000
Service Merchandise Inc. 107,000 1,151,000 1,070,000
Total Retailing & Distributors 2,710,000 4,332,000
S-1 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS, Continued
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.77%, Continued:
Common Stock - 21.33%, Continued:
Paper - .57%:
Riverwood Int'l Corp. 50,000 $ 713,000 $ 850,000
Scott Paper Company 37,000 1,263,000 1,522,000
Temple Inland Inc. 20,000 643,000 982,000
Total Paper 2,619,000 3,354,000
Steel - .24%:
Cleveland Cliffs Inc. 37,000 1,070,000 1,364,000
LTV Corp New 4,000 51,000 60,000
Total Steel 1,121,000 1,424,000
Publishing and Broadcasting - 2.77%:
Belo AH Corp. Del 29,000 1,147,000 1,537,000
Capital Cities ABC Inc. 4,000 1,380,000 2,416,000
Comcast Corp. Spl Class A 68,000 974,000 2,448,000
Gaylord Entmt Corp. 30,000 308,000 844,000
Harcourt Gen Inc. 40,000 678,000 1,450,000
New York Times Co. 48,000 1,172,000 1,260,000
Omnicom Group Inc. 30,000 1,159,000 1,388,000
Readers Digest Assn. Inc. 31,000 1,177,000 1,395,000
Tele Communications Inc. 25,000 734,000 756,000
Time Warner Inc. 31,000 679,000 1,372,000
Washington Post Co. Cl. B 6,000 1,423,000 1,528,000
Total Publishing and Broadcasting 10,831,000 16,394,000
Aerospace - .24%:
Boeing Co. 33,000 1,255,000 1,427,000
Total Aerospace 1,255,000 1,427,000
Electrical Equipment - .15%:
Lambert Communications 150,000 901,000 909,000
Total Electrical Equipment 901,000 909,000
S-2 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS, Continued
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.77%, Continued:
Common Stock - 21.33%, Continued:
Electronics - .47%:
Micron Technology Inc. 29,000 $ 438,000 $ 1,362,000
Texas Instrs. Inc. 22,000 1,385,000 1,397,000
Total Electronics 1,823,000 2,759,000
Machinery - .46%:
Coltec Inds. Inc. 70,000 1,082,000 1,313,000
Rockwell Int'l. Corp. 38,000 922,000 1,422,000
Total Machinery 2,004,000 2,735,000
Computers & Office
Equipment - 1.12%:
Hewlett Packard Co. 25,000 1,118,000 1,975,000
Honeywell Inc. 30,000 946,000 1,028,000
Intel Corp. 21,000 1,239,000 1,302,000
Sequent Computer Sys. Inc. 85,000 1,446,000 1,296,000
Stratus Computer Inc. 34,000 1,159,000 1,070,000
Total Computers & Office Equipment 5,908,000 6,671,000
Misc. Capital Goods - .46%:
BWIP Holding Inc. Class A 43,000 625,000 1,086,000
Tenneco Inc. 31,000 1,541,000 1,631,000
Total Misc. Capital Goods 2,166,000 2,717,000
Energy - 1.11%:
Basin Expl. Inc. 101,000 1,187,000 1,149,000
British Petroleum PLC 25,000 1,127,000 1,600,000
Coastal Corp. 45,000 871,000 1,271,000
Mapco Corp. 22,000 1,173,000 1,345,000
Texaco Inc. 19,000 1,099,000 1,217,000
Total Energy 5,457,000 6,582,000
S-3 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS, Continued
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.77%, Continued:
Common Stock - 21.33%, Continued:
Railroads - .42%:
Chicago & Northwestern HL 48,000 $ 941,000 $ 1,187,000
Union Pac. Corp. 21,000 844,000 1,284,000
Total Railroads 1,785,000 2,471,000
Shipping and Freight - .34%:
TNT Freightways Corp. 75,000 934,000 2,025,000
Total Shipping and Freight 934,000 2,025,000
Banks - 2.51%:
Banc One Corp. 33,000 1,239,000 1,291,000
Bank of Boston Corp. 92,000 2,049,000 2,116,000
Bank of New York Inc. 13,000 682,000 741,000
Barnett Banks Inc. 30,000 1,236,000 1,245,000
First Fid. Bancorp New 38,000 803,000 1,729,000
First Intst. Bancorp 30,000 1,776,000 1,924,000
Nationsbank 52,000 2,522,000 2,548,000
Signet Bkg. Corp. 50,000 1,400,000 1,738,000
Wells Fargo & Co. 12,000 824,000 1,552,000
Total Banks 12,531,000 14,884,000
Credit and Finance - 1.68%:
Federal Home Loan Mtg. 47,000 1,031,000 2,344,000
Federal Nat'l Mtg. Assn. 47,000 1,423,000 3,689,000
MBNA Corp. 40,000 916,000 1,335,000
Primerica Corp. New 67,000 877,000 2,592,000
Total Credit and Finance 4,247,000 9,960,000
S-4 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS, Continued
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.77%, Continued:
Common Stock - 21.33%, Continued:
Insurance - 3.21%:
Alleghany Corp. Del. 10,000 $ 827,000 $ 1,371,000
Allmerica Ppty & Cas. Co. 30,000 829,000 1,958,000
American Intl. Group Inc. 38,000 1,850,000 3,291,000
Chubb Corp. 31,000 1,595,000 2,414,000
Cigna Corp. 23,000 1,432,000 1,443,000
General Re Corp. 18,000 1,162,000 1,926,000
Harleysville Group Inc. 50,000 937,000 1,512,000
Horace Mann Educators Co. 47,000 846,000 1,175,000
MGIC Invt. Corp. WIS 12,000 362,000 363,000
Natl. Re Corp. 20,000 405,000 620,000
Sphere Drake Holdings Ltd. 80,000 1,533,000 1,332,000
Transatlantic Hldgs Inc. 31,000 990,000 1,624,000
Total Insurance 12,768,000 19,029,000
Telephone - 1.00%:
American Tel. & Teleg Co. 34,000 1,303,000 1,785,000
Telefonos de Mexico SA 35,000 1,142,000 2,363,000
Vodaphone Group PLC 20,000 1,149,000 1,785,000
Total Telephone 3,594,000 5,933,000
Total Common Stock 94,053,000 126,388,000
Money Market Funds - .44%:
TBC Pooled Employee Funds 2,628,000 $ 2,628,000 $ 2,628,000
Total Money Market Funds 2,628,000 2,628,000
Total Investments Fund A 96,681,000 129,016,000
S-5 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS, Continued
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Fixed Income (Fund B) - 46.45%:
Contracts with Insurance Companies - 34.60%:
Aetna Life Ins. GIC, 6.81%,
7/1/99 65,858,000 65,858,000 65,858,000
Equitable, GIC # 3075, 9.65%,
6/30/94 48,441,000 48,441,000 48,441,000
Equitable, GIC # 3075, 9.10%,
6/30/95 30,263,000 30,263,000 30,263,000
Aetna Life Ins. GIC, 9.27%,
7/1/96 9,438,000 9,438,000 9,438,000
New York Life GAC, 8.0%, 6/30/98 51,021,000 51,021,000 51,021,000
Total Contracts with Insurance
Companies 205,021,000 205,021,000
Guaranteed Morgage Contracts - 11.85%:
Bankers Trust Basic, 9.0% 7/1/97 70,196,000 70,196,000 70,196,000
Total Guaranteed Mortgage Contracts 70,196,000 70,196,000
Total Fixed Income (Fund B) 275,217,000 275,217,000
CBS Inc. Contribution (Fund C) - 28.96%:
Common Stock - 28.85%:
CBS Inc. 592,000 65,430,000 170,920,000
Total Common Stock 65,430,000 170,920,000
Money Market Funds - .11%:
TBC Inc. Pooled Employee Funds 674,000 674,000 674,000
Total Money Market Funds 674,000 674,000
Total CBS Inc. Contribution (Fund C) 66,104,000 171,594,000
S-6 <PAGE>
11-K Financial Statements
CBS EMPLOYEE INVESTMENT FUND
SCHEDULE I - INVESTMENTS, Continued
as of December 31, 1993
Column A Column B Column C Column D
Face Amount Cost
or Number Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
CBS Inc. Common Stock (Fund D) - 2.09%:
Common Stock - 2.08%:
CBS Inc. 30,000 $ 7,300,000 $ 12,303,000
Total Common Stock 7,300,000 12,303,000
Money Market Funds - .01%:
TBC Inc. Pooled Employee Funds 109,000 109,000 109,000
Total Money Market Funds 109,000 109,000
Total CBS Inc. Common Stock
(Fund D) 7,409,000 12,412,000
Composite (Fund E) - .72%:
Money Market Funds - .17%:
TBC Inc. Pooled Employee Funds 1,011,000 1,011,000 1,011,000
Total Money Market Funds 1,011,000 1,011,000
Commingled Fund - .55%:
Chancellor Capital Fund 323,000 3,271,000 3,285,000
Total Commingled Fund 3,271,000 3,285,000
Total Composite (Fund E) $ 4,282,000 $ 4,296,000
Loan Provision Fund - .01%:
Money Market Funds - .01%:
TBC Inc. Pooled Employee Funds 47,000 $ 47,000 $ 47,000
Total Money Market Funds 47,000 47,000
Total Loan Provision Fund 47,000 47,000
Total Investments $449,740,000 $592,582,000
S-7
