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 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 Schedules
The following are filed as a part of this annual report:
Financial statements.
Page Number
Report of Independent Accountants F-1
Financial Statements:
Statements of Net Assets Available for Benefits with
Fund Information as of December 31, 1994 and 1993 F-2
Statements of Changes in Net Assets Available
for Benefits with Fund Information for the years ended
December 31, 1994 and 1993 F-8
Notes to Financial Statements F-14
Schedules:
Item 27a - Schedule of Assets Held for Investments
Purposes as of December 31, 1994 F-28
Item 27b - Schedule of Loans in Default as of
December 31, 1994 F-35
Item 27d - Schedule of Reportable transactions
for the year ended December 31, 1994 F-36
Exhibit:
23 - Consent of Independent Accountants F-40
* Refers to item number in Form 5500 (Annual Report/Report of Employee
Benefit Plan) filed with the Department of Labor for the Plan year
ended December 31, 1994, which material is incorporated herein by
reference.
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 29, 1995 BY /s/ Louis J. Rauchenberger, Jr.
Louis J. Rauchenberger, Jr.
Vice President and Treasurer
CBS Inc.<PAGE>
11-K-Financial Statements
Report of Independent 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, 1994 and 1993, 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 Plan as of December 31, 1994 and
1993, and the changes in net assets available for benefits for
the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules presented under items 27a, 27b and 27d
are presented for the purpose of additional analysis and are not
a required part of the basic financial statements but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The Fund Information
in the statement of net assets available for benefits and the statement
of changes in net assets available for benefits 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 supplemental schedules and Fund Information have been
subjected to the auditing procedures applied in the audits 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.
COOPERS & LYBRAND L.L.P.
New York, New York
June 23, 1995.
F-1<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS WITH FUND INFORMATION
As of December 31, 1994
Equity Fixed Income
(Fund A) (Fund B)
Assets:
Cash
Investments, at fair value
(Notes 2 and 5) $135,373,000
Investments, at contract value
(Notes 2 and 5) $308,969,000
Loans to participants (Note 1)
Contributions receivable:
Employer
Employee 102,000 138,000
Interest and dividends receivable 222,000
Receivable from brokers for
unsettled trades 595,000
Interfund receivable 13,000
Total assets 136,292,000 309,120,000
Liabilities:
Cash overdrafts 168,000 352,000
Payable to brokers for
unsettled trades 373,000
Interfund payable 17,000
Total liabilities 558,000 352,000
Net assets available
for benefits $135,734,000 $308,768,000
The accompanying notes are an integral
part of these financial statements.
F-2<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS WITH FUND INFORMATION
As of December 31, 1994
CBS Inc. CBS Inc.
Common Stock- Common Stock-
Employer Contributions Employee Contributions
(Fund C) (Fund D)
Assets:
Cash $ 176,000
Investments, at fair value
(Notes 2 and 5) $139,968,000 24,719,000
Investments, at contract value
(Notes 2 and 5)
Loans to participants (Note 1)
Contributions receivable:
Employer 104,000
Employee 25,000
Interest and dividends receivable 3,000 1,000
Receivable from brokers for
unsettled trades
Interfund receivable 15,000
Total assets 140,075,000 24,936,000
Liabilities:
Cash overdrafts
Payable to brokers for
unsettled trades
Interfund payable 8,000
Total liabilities 8,000
Net assets available
for benefits $140,067,000 $24,936,000
The accompanying notes are an integral
part of these financial statements.
F-3<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS WITH FUND INFORMATION
As of December 31, 1994
Loan
Composite Provision
(Fund E) Fund Total
Assets:
Cash $ 6,000 $ 182,000
Investments, at fair value
(Notes 2 and 5) $6,435,000 120,000 306,615,000
Investments, at contract
value (Notes 2 and 5) 308,969,000
Loans to participants
(Note 1) 5,377,000 5,377,000
Contributions receivable:
Employer 104,000
Employee 11,000 276,000
Interest and dividends
receivable 226,000
Receivable from brokers
for unsettled trades 595,000
Interfund receivable 28,000
Total assets 6,446,000 5,503,000 622,372,000
Liabilities:
Cash overdrafts 537,000 1,057,000
Payable to brokers for
unsettled trades 373,000
Interfund payable 3,000 28,000
Total liabilities 540,000 1,458,000
Net assets available
for benefits $5,906,000 $5,503,000 $620,914,000
The accompanying notes are an integral
part of these financial statements.
F-4<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS WITH FUND INFORMATION
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
Investments, at contract value
(Notes 2 and 5) $275,217,000
Loans to participants (Note 1)
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 these financial statements.
F-5<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS WITH FUND INFORMATION
As of December 31, 1993
CBS Inc. CBS Inc.
Common Stock- Common Stock-
Employer Contributions Employee Contributions
(Fund C) (Fund D)
Assets:
Cash
Investments, at fair value
(Notes 2 and 5) $171,594,000 $12,412,000
Investments, at contract value
(Notes 2 and 5)
Loans to participants (Note 1)
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 these financial statements.
F-6<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of NET ASSETS AVAILABLE for BENEFITS WITH FUND INFORMATION
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 $47,000 317,365,000
Investments, at contract
value (Notes 2 and 5) 275,217,000
Loans to participants
(Note 1) 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 these financial statements.
F-7 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
WITH FUND INFORMATION
For the year ended December 31, 1994
Equity Fixed Income
(Fund A) (Fund B)
Additions:
Additions to net assets
attributed to:
Contributions (Note 3):
Employer
Employee $ 9,436,000 $ 11,698,000
Received from Midwest
Communications, Inc. Retirement
Savings Plan (Note 1) 263,000
Received from Radford Studio Center
Inc. 401(k) and Tax Sheltered Savings
Plan and Trust (Note 1) 144,000 326,000
Investment income:
Dividends 2,155,000
Interest 100,000 22,928,000
Net depreciation of investments (3,247,000)
Other 25,000
Investment income, net (967,000) 22,928,000
Total additions 8,613,000 35,215,000
Deductions:
Deductions from net assets
attributed to:
Distributions and
withdrawals (Note 4) 4,850,000 15,929,000
Total deductions 4,850,000 15,929,000
Net increase/(decrease)
prior to the loans to
participants and
interfund transfers 3,763,000 19,286,000
Loans to participants (1,590,000) (2,520,000)
Loan repayments 509,000 880,000
Net interfund transfers (Note 4) 3,727,000 15,914,000
Net increase/(decrease) 6,409,000 33,560,000
Net assets available for benefits,
beginning of year 129,325,000 275,208,000
Net assets available for
benefits, end of year $135,734,000 $308,768,000
The accompanying notes are an integral
part of these financial statements.
F-8<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
WITH FUND INFORMATION
For the year ended December 31, 1994
CBS Inc. CBS Inc.
Common Stock- Common Stock-
Employer Contributions Employee Contributions
(Fund C) (Fund D)
Additions:
Additions to net assets
attributed to:
Contibutions (Note 3):
Employer $ 9,200,000
Employee $ 2,162,000
Received from Midwest
Communications, Inc.
Retirement Savings Plan (Note 1)
Received from Radford Studio Center
Inc. 401(k) and Tax Sheltered
Savings Plan and Trust (Note 1) 1,000
Investment income:
Dividends 1,099,000 107,000
Interest 38,000 23,000
Net depreciation of investments (2,588,000) (2,894,000)
Other 1,000
Investment income, net (1,451,000) (2,763,000)
Total additions 7,749,000 (600,000)
Deductions:
Deductions from net assets
attributed to:
Distributions and withdrawals
(Note 4) 5,649,000 486,000
Total deductions 5,649,000 486,000
Net increase/(decrease)
prior to loans to the
participants and
interfund transfers 2,100,000 (1,086,000)
Loans to participants (379,000)
Loan repayments 154,000
Net interfund transfers (Note 4) (33,727,000) 13,803,000
Net increase/(decrease) (31,627,000) 12,492,000
Net assets available for benefits,
beginning of year 171,694,000 12,444,000
Net assets available for
benefits, end of year 140,067,000 24,936,000
The accompanying notes are an integral
part of these financial statements.
F-9<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
WITH FUND INFORMATION
For the year ended December 31, 1994
Loan
Composite Provision
(Fund E) Fund Total
Additions:
Additions to net assets
attributed to:
Contributions (Note 3):
Employer $ 9,200,000
Employee $1,449,000 24,745,000
Received from Midwest
Communications, Inc. Retirement
Savings Plan (Note 1) 263,000
Received from Radford Studio Center
Inc. 401(k) and Tax Sheltered
Savings Plan and Trust (Note 1) 1,000 472,000
Investment income:
Dividends 213,000 3,574,000
Interest 1,000 $ 299,000 23,389,000
Net depreciation of
investments (304,000) (9,033,000)
Other 26,000
Investment income, net (90,000) 299,000 17,956,000
Total additions 1,360,000 299,000 52,636,000
Deductions:
Deductions from net assets
attributed to:
Distributions and withdrawals
(Note 4) 98,000 27,012,000
Total deductions 98,000 27,012,000
Net increase/(decrease) prior to
loans to participants and
interfund transfers 1,262,000 299,000 25,624,000
Loans to participants (51,000) 4,540,000
Loan repayments 92,000 (1,635,000)
Net interfund (Note 4) 283,000
Net increase/(decrease) 1,586,000 3,204,000 25,624,000
Net assets available for benefits,
beginning of year 4,320,000 2,299,000 595,290,000
Net assets available for
benefits, end of year $5,906,000 $5,503,000 $620,914,000
The accompanying notes are an integral
part of these financial statements.
F-10<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
with FUND INFORMATION
For the year ended December 31, 1993
Equity Fixed Income
(Fund A) (Fund B)
Additions:
Additions to net assets attributed to:
Contributions (Note 3):
Employer
Employee $ 8,276,000 $ 12,507,000
Received from Midwest Communications,
Inc. Retirement Savings Plan (Note 1) 1,166,000
Investment income:
Dividends 2,735,000
Interest 130,000 22,003,000
Net appreciation of investments 15,153,000
Other 31,000
Investment income, net 18,049,000 22,003,000
Total additions 26,325,000 35,676,000
Deductions:
Deductions from net assets attributed to:
Distributions and withdrawals (Note 4) 4,452,000 12,216,000
Total deductions 4,452,000 12,216,000
Net increase prior to loans to
participants and interfund
transfers 21,873,000 23,460,000
Loans to participants (867,000) (1,363,000)
Loan repayments 32,000 75,000
Net interfund transfers (Note 4) (1,172,000) 3,935,000
Net increase before cumulative
effect of an accounting change 19,866,000 26,107,000
Cumulative effect of an accounting
change (Note 2) 382,000 1,147,000
Net increase 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 these financial statements.
F-11<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
WITH FUND INFORMATION
For the year ended December 31, 1993
CBS Inc. CBS Inc.
Common Stock- Common Stock-
Employer Contributions Employee Contributions
(Fund C) (Fund D)
Additions:
Additions to net assets attributed to:
Contributions (Note 3):
Employer 8,820,000
Employee 1,767,000
Received from Midwest Communications,
Inc. Retirement Savings Plan (Note 1)
Investment income:
Dividends 748,000 52,000
Interest 18,000 4,000
Net appreciation of investments 60,040,000 4,197,000
Other
Investment income, net 60,806,000 4,253,000
Total additions 69,626,000 6,020,000
Deductions:
Deductions from net assets attributed to:
Distributions and withdrawals
(Note 4) 4,763,000 489,000
Total deductions 4,763,000 489,000
Net increase prior to loans
to participants and
interfund transfers 64,863,000 5,531,000
Loans to participants (155,000)
Loan repayments 5,000
Net interfund transfers (Note 4) (6,000,000) (477,000)
Net increase before
cumulative effect of an
accounting change 58,863,000 4,904,000
Cumulative effect of an accounting
change (Note 2) 239,000 31,000
Net increase 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 these financial statements.
F-12<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
STATEMENT of CHANGES in NET ASSETS AVAILABLE for BENEFITS
WITH FUND INFORMATION
For the year ended December 31, 1993
Loan
Composite Provision
(Fund E) Fund Total
Additions:
Additions to net assets
attributed to:
Contributions (Note 3):
Employer $ 8,820,000
Employee $593,000 23,143,000
Received from Midwest Communications,
Inc. Retirement Savings Plan (Note 1) 1,166,000
Investment income:
Dividends 3,535,000
Interest 3,000 32,000 22,190,000
Net appreciation of investments 15,000 79,405,000
Other 31,000
Investment income, net 18,000 32,000 105,161,000
Total additions 611,000 32,000 138,290,000
Deductions:
Deductions from net assets attributed to:
Distributions and withdrawals
(Note 4) 11,000 21,931,000
Total deductions 11,000 21,931,000
Net increase prior to
loans to participants
and interfund
transfers 600,000 32,000 116,359,000
Loans to participants (1,000) 2,386,000
Loan repayments 7,000 (119,000)
Net interfund transfers (Note 4) 3,714,000
Net increase before
cumulative effect of
an accounting change 4,320,000 2,299,000 116,359,000
Cumulative effect of an accounting
change (Note 2) 1,799,000
Net increase 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 these financial statements.
F-13<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
1. Description of the Plan:
The CBS Employee Investment Fund (the "Plan") was established by CBS Inc.
("CBS" or the "Company") to provide a convenient way for employees to save
and invest for their future financial needs and to participate in the
Company's growth through ownership of Company stock purchased for
participants by the Company. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
All employees of the Company, 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
participate 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.
Following CBS's acquisition of substantially all the assets and liabilities
of Midwest Communications, Inc. ("Midwest") on February 5, 1992, the CBS
Retirement Plans Committee of CBS Inc. became the administrator of
Midwest's Retirement Savings Plan. On November 1, 1993, $1,166,000 was
transferred to the Plan when 37 participants were transferred in from the
Midwest Retirement Savings Plan. During 1994, $263,000 was transferred into
the Plan from the Midwest Retirement Savings Plan when the remaining 14
participants transferred to the Plan. This was done in order to allow all
eligible former Midwest Communications, Inc. employees to invest in the Plan.
The participant's loans bear interest based on the latest blended
rate for Fund B (Fixed Income Fund), rounded to the nearest quarter percentage
point, as of the valuation date of the quarter preceding the loan's 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. The defaulted portion on any outstanding loan including accrued
interest is offset against the remaining balance in the participant's account.
Effective July 1, 1993, two plan amendments were made to 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 fund 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
prior year) 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. When 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. Common Stock- Employer Contributions Fund).
F-14<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
Additionally, the Plan was amended effective December 30, 1993,
to allow the Fund A and Fund E managers to invest in CBS Inc. common stock.
Through to October 31, 1994, the Plan was comprised of the CBS Employee
Investment Fund and the CBS News Special Projects Inc. Employee Investment
Fund. Effective October 31, 1994, the CBS News Special Projects Inc. Employee
Investment Fund was merged with and into the CBS Employee Investment Fund.
This resulted in a total of approximately $6,780,000 and 54 participants being
merged with and into the CBS Employee Investment Fund.
As of November 30, 1994, $463,000 was transferred to the Plan
when 19 participants were transferred into the Plan from the Radford Studio
Center Inc. 401(k) and Tax Sheltered Savings Plan and Trust.
These transfers will not change Plan benefits as specified in
the Plan Agreement.
2. Summary of Significant Accounting Policies:
Basis of Accounting:
The financial statements of the Plan have been prepared under
the accrual method of accounting.
F-15<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
Cumulative Effect of Change in Accounting for Withdrawals:
In May 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 1993 was a net decrease in withdrawals of approximately
$384,000 and an increase in plan equity of approximately $2,183,000.
Investment Valuation:
An individual participant's interest in the funds of the Plan is represented
by the dollar value of their individual account.
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.
In September 1994, the Employee Benefit Plans Committee Federal Government
Division issued Statement of Position 94-4, Reporting of Investment Contracts
Held by Health and Welfare Benefit Plans and Defined - Contribution Pension
Plans ("SOP 94-4"), which is effective for Plan years beginning after
December 15, 1994. SOP 94-4 will require the Company to present fully benefit
responsive investment contracts at contract value and all other investment
contracts at fair value. The Company is evaluating the impact of SOP 94-4.
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, except for certain guaranteed annuity and investment contracts,
are stated at fair value. The net change in the appreciation or
depreciation of investments, 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-16<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
Reclassification:
Certain 1993 amounts have been reclassified to conform to the
1994 presentation.
3. Contributions:
Contributions from participants and the Company are recorded in the
period 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 percent and 2-1/2 percent of base annual
salary and may be increased to 3 percent if the total of a
participant's age and years of service equals 55, and to 4 percent if the
participant also has attained age 50. These basic
contributions are fully matched by the Company. The
contributions 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 percent of base pay.
Company contributions become vested at the rate of 33-1/3 percent 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 directed by participants to any combination of the
following four funds (in increments of 0.5 percent 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
separate fund (Fund C) which invests in Company common stock. All employer
and employee contributions are subject to specified limitations as described
in 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
years and six months.
F-17<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
Non-vested employer contributions are forfeited upon termination
and will be used to reduce future employer contributions. At December 31,
1994, forfeited nonvested accounts were $8,000.
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.
The Tax Reform Act of 1986 imposed a 10 percent penalty on certain withdrawals
and distributions made before the participant reaches age 59 years and six
months. Under these circumstances, withdrawals 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. Common Stock-Employer Contributions 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.
Participants were given the option to request loans from their accounts (Loan
Provision Fund) beginning in 1993. See Note 1 for summary description. For
the year ended December 31, 1994, there were 10 loans in default totalling
approximately $57,000. The loans in default were fully collateralized by
the participants' vested funds.
F-18<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
Equity
(Fund A)
Fair Value Cost
1994:
Common stocks:
CBS Inc. common
Other** $134,286,000 $108,453,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds 1,087,000 1,087,000
Registered investment company
Participant loans
$135,373,000 $109,540,000
1993:
Common stocks:
CBS Inc. common
Other** $126,388,000 $94,053,000
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds 2,628,000 2,628,000
Registered investment company
Participant loans
$129,016,000 $96,681,000
**Represents 5 percent or more the Plan's net assets at December 31, 1994
and 1993.
F-19<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
Equity
(Fund B)
Fair Value Cost
1994:
Common stocks:
CBS Inc. common
Other
Value of interest in unallocated
insurance contracts** $232,443,000 $232,443,000
Guaranteed mortgage contract** 76,526,000 76,526,000
Money market funds
Registered investment company
Participant loans
$308,969,000 $308,969,000
1993:
Common stocks:
CBS Inc. common
Other
Value of interest in unallocated
insurance contracts** $205,021,000 $205,021,000
Guaranteed mortgage contract** 70,196,000 70,196,000
Money market funds
Registered investment company
Participant loans
$275,217,000 $275,217,000
** Represents 5 percent or more the Plan's net assets at December 31, 1994
and 1993.
F-20<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
CBS Inc. Common Stock-
Employer Contributions
(Fund C)
Fair Value Cost
1994:
Common stocks:
CBS Inc. common** $139,350,000 $58,270,000
Other
Value of interest in
unallocated insurance
contracts
Guaranteed mortgage contract
Money market funds 618,000 618,000
Registered investment company
Participant loans
$139,968,000 $58,888,000
1993:
Common stocks:
CBS Inc. common** $170,920,000 $65,430,000
Other
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds 674,000 674,000
Registered investment company
Participant loans
$171,594,000 $66,104,000
**Represents 5 percent or more the Plan's net assets at December 31, 1994
and 1993.
F-21<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
CBS Inc. Common Stock-
Employee Contributions
(Fund D)
Fair Value Cost
1994:
Common stocks:
CBS Inc. common** $24,466,000 $23,170,000
Other
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds 253,000 253,000
Registered investment company
Participant loans
$24,719,000 $23,423,000
1993:
Common stocks:
CBS Inc. common $12,303,000 $7,300,000
Other
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds 109,000 109,000
Registered investment company
Participant loans
$12,412,000 $7,409,000
**Represents 5 percent of the Plan's net assets at December 31, 1994
and 1993.
F-22<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
Composite
(Fund E)
Fair Value Cost
1994:
Common stocks:
CBS Inc. common
Other
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds $44,000 $44,000
Registered investment company 6,391,000 6,662,000
Participant loans
$6,435,000 $6,706,000
1993:
Common stocks:
CBS Inc. common
Other
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds $1,011,000 $1,011,000
Registered investment company 3,285,000 3,271,000
Participant loans
$4,296,000 $4,282,000
**Represents 5 percent of the Plan's net assets at December 31, 1994
and 1993.
F-23<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
Loan Provision Fund
Fair Value Cost
1994:
Common stocks:
CBS Inc. common
Other
Value of interest in unallocated
insurance contract
Guaranteed mortgage contract
Money market funds $120,000 $120,000
Registered investment company
Participant loans $5,377,000
$5,497,000 $120,000
1993:
Common stocks:
CBS Inc. common
Other
Value of interest in unallocated
insurance contracts
Guaranteed mortgage contract
Money market funds $47,000 $47,000
Registered investment company
Participant loans 2,252,000
$2,299,000 $47,000
**Represents 5 percent of the Plan's net assets at December 31, 1994
and 1993.
F-24<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements, Continued
5. Investments:
Investments held by the Plan at December 31, 1994 and 1993 are
summarized in the following table:
Total
Fair Value Cost
1994:
Common stocks:
CBS Inc. common** $163,816,000 $81,440,000
Other** 134,286,000 108,453,000
Value of interest in unallocated
insurance contracts** 232,443,000 232,443,000
Guaranteed mortgage contract** 76,526,000 76,526,000
Money market funds 2,122,000 2,122,000
Registered investment company 6,391,000 6,662,000
Participant loans 5,377,000
$620,961,000 $507,646,000
1993:
Common stocks:
CBS Inc. common** 183,223,000 72,730,000
Other** 126,388,000 94,053,000
Value of interest in unallocated
insurance contracts 205,021,000 205,021,000
Guaranteed mortgage contract 70,196,000 70,196,000
Money market funds 4,469,000 4,469,000
Registered investment company 3,285,000 3,271,000
Participant loans 2,252,000
$594,834,000 $449,740,000
**Represents 5 percent of the Plan's net assets at December 31, 1994
and 1993.
F-25<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
At December 31, 1994 and 1993, the Plan held $163.8 million and
$183.2 million, respectively, of CBS Inc. common stock. In
addition at December 31, 1994 and 1993, the Plan held $232.4
million and $205.0 million, respectively, of unallocated
insurance contracts. These investments represent a
concentration of credit risk.
At December 31, 1994 and 1993, the net appreciation
(depreciation) of the fair value of the Plan's investments is
summarized as follows:
CBS Inc. CBS Inc.
Common Stock- Common Stock-
Employer Employee
Equity Contributions Contributions Composite
(Fund A) (Fund C) (Fund D) (Fund E) Total
1994:
Common
stocks $(3,247,000) $(2,588,000) $(2,894,000) $(8,729,000)
Registered
Investment
Companies $(304,000) (304,000)
$(3,247,000) $(2,588,000) $(2,894,000) $(304,000) $(9,033,000)
1993:
Common
stocks $15,153,000 $60,040,000 $ 4,197,000 $79,390,000
Registered
Investment
Company $15,000 15,000
$15,153,000 $60,040,000 $ 4,197,000 $15,000 79,405,000
F-26<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Notes to Financial Statements
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 since been duly amended and restated to comply with the
Tax Reform Act of 1986 and related and subsequent legislation, regulations
and other guidance and to incorporate various other administrative and
procedural amendments. 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 was made timely in March 1995.
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. Reconciliation of Financial Statements to Form 5500:
A liability in the amount of $2,225,000, relating to
participants who have elected to withdraw from the Plan but have
not yet been paid, has been reflected on Form 5500
in the statement of net assets available for benefits, as
well as in the statement of changes in net assets available for benefits in
accordance with Department of Labor Requirements.
8. Plan Expenses:
The expenses of administering the Plan are borne by the Company.
Brokerage fees are paid by the Plan and netted against
investment income.
9. Related-Party Transaction:
The Company made a tender offer to purchase 3,500,000 share of CBS common
stock at a price of $325 per share that expired on August 22, 1994.
Participants had an opportunity to tender their shares in Funds C and D.
The Reitrement Plans Committee of the Board of Directors of the Company
adopted a resolution to reinvest proceeds from shares of the Company's common
stock purchased under this tender offer in Funds A, B, D or E at the
election of each participant. Participants who did not designate how the
proceeds of their Plan shares were to be reinvested had such proceeds
invested in Fund D.
10. 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 percent 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-27 <PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
As of December 31, 1994
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.80%
Common Stock - 21.63%:
Hospital/Supply, Service - 1.49%
FHP Int'l Corp. 60,000 $1,531,000 $1,553,000
Foundation Health Corp. 91,000 2,380,000 2,821,000
Johnson & Johnson 34,000 1,614,000 1,861,000
Pfizer Inc. 19,000 1,297,000 1,491,000
Wellpoint Health Network 52,000 1,403,000 1,515,000
Total Hospital Supply, Service 8,225,000 9,241,000
Entertainment, Leisure & Toys - .20%:
Bell Cablemedia PLC 60,000 1,020,000 1,215,000
Total Entertainment, Leisure & Toys 1,020,000 1,215,000
Apparel & Textiles - .48%:
Fruit of the Loom Inc. 60,000 1,882,000 1,620,000
Kellwood Co. 65,000 1,079,000 1,367,000
Total Apparel & Textiles 2,961,000 2,987,000
Retailing & Distributors - .83%:
Dillard Dept. Stores CLA 53,000 1,389,000 1,418,000
Fingerhut Cos. Inc. 88,000 1,132,000 1,367,000
Limited Inc. 74,000 1,321,000 1,341,000
May Dept. Stores Co. 30,000 648,000 1,013,000
Total Retailing & Distributors 4,490,000 5,139,000
Miscellaneous Non-Durables - .25%:
Omnicom Group Inc. 30,000 1,159,000 1,552,000
Total miscellaneous Non-Durables 1,159,000 1,552,000
Automobiles - .49%:
Chrysler Corp. 62,000 3,061,000 3,038,000
Total Automobiles 3,061,000 3,038,000
Automotive Parts & Equipment - .19%:
Goodyear Tire & Rubber Co. 36,000 1,233,000 1,210,000
Total Automotive Parts & Equipment 1,233,000 1,210,000
F-28<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
As of December 31, 1994
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.80%
Common Stock - 21.63%:
Paper - 1.02%:
Louisiana PAC Corp. 49,000 $1,361,000 $1,322,000
Mead Corp. 29,000 1,365,000 1,410,000
Riverwood Int'l Corp. 50,000 712,000 781,000
Temple Inland Inc. 30,000 1,117,000 1,331,000
Willamette Inds. Inc. 32,000 1,404,000 1,496,000
Total Paper 5,959,000 6,340,000
Steel - .43%:
Cleveland Cliffs Inc. 37,000 1,070,000 1,351,000
LTV Corp. New 80,000 1,271,000 1,320,000
Total Steel 2,341,000 2,671,000
Publishing and Broadcasting - 2.07%:
Belo AH Corp. Del 29,000 1,147,000 1,639,000
Capital Cities ABC Inc. 34,000 1,203,000 2,898,000
Comcast Corp. Spl Class A 117,000 1,243,000 1,835,000
Harcourt Gen Inc. 40,000 678,000 1,410,000
Jones Intercable Inc. 92,000 1,281,000 1,121,000
Multimedia Inc. New 45,000 1,255,000 1,283,000
Tele Communications Inc. 59,000 1,682,000 1,272,000
Time Warner Inc. 40,000 1,005,000 1,405,000
Total Publishing and Broadcasting 9,494,000 12,863,000
Aerospace - .25%:
Boeing Co. 33,000 1,255,000 1,551,000
Total Aerospace 1,255,000 1,551,000
Electronics - 1.02%:
Arrow Electrs Inc. 35,000 1,282,000 1,238,000
Micron Technology Inc. 44,000 260,000 1,919,000
Texas Instrs. Inc. 43,000 2,728,000 3,182,000
Total Electronics 4,270,000 6,339,000
F-29<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
As of December 31, 1994
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.80%
Common Stock - 21.63%:
Machinery - .19%:
Coltec Inds. Inc. 70,000 $1,082,000 $1,199,000
Total Machinery 1,082,000 1,199,000
Computers & Office
Equipment - 1.61%:
Compaq Computer Corp. 43,000 1,310,000 1,699,000
Hewlett Packard Co. 21,000 921,000 2,057,000
Honeywell Inc. 40,000 1,271,000 1,260,000
Intel Corp. 28,000 1,650,000 1,757,000
Sequent Computer Sys. Inc. 78,000 1,327,000 1,540,000
Stratus Computer Inc. 45,000 1,445,000 1,710,000
Total Computers & Office Equipment 7,924,000 10,023,000
Misc. Capital Goods - .58%:
BWIP Holding Inc. Class A 43,000 625,000 736,000
Rockwell Intl corp. 38,000 922,000 1,369,000
Tenneco Inc. 35,000 1,727,000 1,488,000
Total Misc. Capital Goods 3,274,000 3,593,000
Energy - .69%:
Basin Expl. Inc. 101,000 1,187,000 1,111,000
British Petroleum PLC 25,000 1,157,000 2,027,000
Coastal Corp. 45,000 870,000 1,159,000
Total Energy 3,214,000 4,297,000
Oil-Offshore Drilling - .18%:
Parker & Pausley Pete Co. 55,000 1,370,000 1,128,000
Total Oil-offshore Drilling 1,370,000 1,128,000
Diversified Energy - .18%:
Mapco Inc. 22,000 1,173,000 1,128,000
Total Diversified Energy 1,173,000 1,128,000
F30<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
As of December 31, 1994
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.80%
Common Stock - 21.63%:
Railroads - .37%:
Chicago & Northwestern TR 48,000 $941,000 $926,000
Union Pac. Corp. 30,000 1,346,000 1,361,000
Total Railroads 2,287,000 2,287,000
Shipping and Freight - .27%:
TNT Freightways Corp. 65,000 809,000 1,665,000
Total Shipping and Freight 809,000 1,665,000
Banks - 1.98%:
Bank of Boston Corp. 55,000 1,225,000 1,423,000
Citicorp 65,000 2,554,000 2,688,000
First Fid. Bancorp New 38,000 803,000 1,705,000
Nationsbank Corp. 52,000 2,522,000 2,347,000
Shawnut Nat'l Corp. 145 1,000 1,000
Signet Bkg. Corp. 45,000 1,275,000 1,288,000
Wells Fargo & Co. 20,000 2,044,000 2,828,000
Total Banks 10,424,000 12,280,000
Credit and Finance - 2.23%:
Capital One Finl Corp. 92,000 1,415,000 1,472,000
Countrywide Cr Inds Inc. 108,000 1,723,000 1,390,000
Dean Witter Discover & C 41,000 1,446,000 1,389,000
Federal Home Loan Mtg. Corp. 55,000 1,453,000 2,788,000
Federal Nat'l Mtg. Assn. 47,000 1,423,000 3,425,000
First USA Inc. 50,000 1,655,000 1,644,000
MBNA Corp. 75,000 1,236,000 1,753,000
Total Credit and Finance 10,351,000 13,861,000
F-31<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
As of December 31, 1994
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Equity (Fund A) - 21.80%, Continued:
Common Stock - 21.63%, Continued:
Insurance - 3.19%:
Alleghany Corp. Del. 10,000 $801,000 $1,481,000
Allmerica Ppty & Cas. Cos. 90,000 828,000 1,519,000
American Intl. Group Inc. 38,000 1,850,000 3,675,000
General Re Corp. 18,000 1,162,000 2,223,000
Harleysville Group Inc. 50,000 938,000 1,213,000
Horace Mann Educators Co. 57,000 1,077,000 1,211,000
MGIC Invt. Corp. WIS 60,000 1,694,000 1,987,000
Natl. Re Corp. 57,000 1,380,000 1,483,000
Sphere Drake Holdings Ltd. 80,000 1,533,000 1,103,000
Transatlantic Hldgs Inc. 31,000 990,000 1,732,000
Travelers Inc. 67,000 877,000 2,158,000
Total Insurance 13,130,000 19,785,000
Investment Companies - .21%:
Merrill Lynch & Co. Inc. 37,000 1,343,000 1,323,000
Total Investment Co. 1,343,00 1,323,000
Reits - .17%:
First Industrial Realty 55,000 1,293,000 1,073,000
Total Reits 1,293,000 1,073,000
Telephone - 1.05%:
AT&T Corp. 52,000 2,255,000 2,613,000
MCI Communications Corp. 57,000 1,254,000 1,047,000
Telefonos de Mexico SA 20,000 653,000 820,000
Vodafone Group PLC 60,000 1,149,000 2,018,000
Total Telephone 5,311,000 6,498,000
Total Common Stock 108,453,000 134,286,000
Money Market Funds - .18%:
TBC Pooled Employee Funds 1,087,000 1,087,000 1,087,000
Total Money Market Funds 1,087,000 1,087,000
Total Investments Fund A 109,540,000 135,373,000
F-32<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
As of December 31, 1994
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
Fixed Income (Fund B) - 49.76%:
Contracts with Insurance Companies - 37.43%:
Aetna Life Ins. GIC, 6.81%,
7/1/99 68,565,000 $68,564,000 $68,564,000
Equitable, GAC # 3075,
Branch #8 9.10%, 6/30/95 33,014,000 33,014,000 33,014,000
Aetna Life Ins. GIC # LT13789,
9.27%, 7/1/96 10,313,000 10,313,000 10,313,000
New York Life GAC, # 0-06563,
8.0%, 6/30/98 55,103,000 55,103,000 55,103,000
New York Life GAC #GA-06563002,
7.45%, 6/30/2000, 7/1/94 53,126,000 53,126,000 53,126,000
New York Life GIC #GS-06563,
7.55%, 6/30/2000 12,322,000 12,322,000 12,322,000
Total Contracts with
Insurance Companies 232,442,000 232,442,000
Guaranteed Mortgage Contracts -
12.33%:
Bankers Trust Basic, 9.0%,
7/1/97 76,527,000 76,527,000
Total Guaranteed Mortgage Contracts 76,527,000 76,527,000
Total Fixed Income (Fund B) 308,969,000 308,969,000
CBS Inc. Common Stock - Employer Contributions (Fund C) - 22.54%:
Common Stock - 22.44%:
*CBS Inc. 22,522,000 58,270,000 139,350,000
Total Common Stock 58,270,000 139,350,000
Money Market Funds - .10%:
TBC Inc. Pooled Employee Funds 618,000 618,000 618,000
Total Money Market Funds 618,000 618,000
Total CBS Inc. Common Stock -
Employer Contributions (Fund C) 58,888,000 139,968,000
* Party-in-interest
F-33<PAGE>
11-K-Financial Statements
CBS EMPLOYEE INVESTMENT FUND
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
Column A Column B Column C Column D
Face Amount
or Number Cost Basis of
Name of Issuer and Title of Issue of Shares Investments Fair Value
CBS Inc. Common Stock- Employee Contributions (Fund D) - 3.98%:
Common Stock - 3.94%:
*CBS Inc. 443,000 $23,170,000 $24,466,000
Total Common Stock 23,170,000 24,466,000
Money Market Funds - .04%:
TBC Inc. Pooled Employee Funds 253,000 253,000 253,000
Total Money Market Funds 253,000 253,000
Total CBS Inc. Common Stock
Employee Contributions (Fund D) 23,423,000 24,719,000
Composite (Fund E) - 1.04%
Money Market Fund - .007%:
TBC Inc. Pooled Employee Funds 44,000 44,000 44,000
Total Money Market Fund 44,000 44,000
Registered Investment Income - 1.03%:
Chancellor Capital Fund 657,000 6,662,000 6,391,000
Total Registered Investment Income 6,662,000 6,391,000
Total Composite (Fund E) 6,706,000 6,435,000
Loan Provision Fund - .88%:
Money Market Funds - .02%:
TBC Inc. Pooled Employee
Funds 120,000 120,000 120,000
Total Money Market Fund 120,000 120,000
Participant loans (interest rates on
these loans range from 8 percent to
9 percent) 0 5,377,000
Total Loan Provision Fund 120,000 5,497,000
Total Investments $507,646,000 $620,961,000
* Party-in-interest
F-34<PAGE>
CBS EMPLOYEE INVESTMENT FUND
Item 27b-Schedule of Loans in Default
For the year ended December 31, 1994
Loan Desc.,
Amt. Rec. Unpaid Date of
Name and Address Loan During Rep.Yr. Bal.at Loan, Amt. Overdue
of Obligor Amt. Princ. Int. Year-End Int. Rate Princ. Int.
Grace Ballesteros $2,000 $220 $36 $1,571 Promissory $754 $87
89-42 217 Street Note-8/5/93,
Queens, NY 11427 9.25%
Andrew Berry 4,100 188 53 3,636 Promissory 1,081 245
56 Hankins Road Note-8/31/93,
East Windsor, NJ 08520 9.25%
Nancy Bolling 1,500 505 37 995 Promissory 608 24
555 Mt. Prospect Ave. Note-2/28/94,
Newark, NJ 07104 8.5%
Jeffrey James 8,000 74 39 7,926 Promissory 816 394
5 Nabby Road #B142 Note-3/31/94,
Danbury, CT 06811 8.5%
Stephen Levetown 17,500 1,886 975 15,134 Promissory 1,045 468
89 Harbor South Note-9/30/93,
Amityville, NY 11701 9.25%
Shirley Marano 10,000 1,430 245 8,570 Promissory 2,594 338
47-50 59th Street Note-1/31/94,
Woodside, NY 11377 8.5%
Asieh Nassehi-Jauan 4,800 0 0 4,800 Promissory 1,001 499
611 Woodburn Road Note-8/31/93,
Raliegh, NY 27602 9.25%
DeRay Shepherd 12,000 0 0 11,891 Promissory 2,394 1,184
P.O. Box 41794 Note-8/31/93,
Los Angeles, CA 90041 9.25%
Anne Vandelac 1,700 314 81 1,386 Promissory 61 13
401 South 1 St. Note-2/28/94,
Minneapolis, MN 55401 8.5%
Stephanie Young 1,500 54 9 1,273 Promissory 679 81
62-60 99 St. Note-8/31/93,
Rego Park, NY 11374 9.25%
F-35
CBS EMPLOYEE INVESTMENT FUND
Item 27d-Schedule of Reportable Transactions
For the year ended December 31, 1994
(Thousands of Dollars)
Single Transactions
Name of Purchase Selling
Party Description of Asset Price Price Expenses
Mellon Trust CBS, Inc. $29,791,775
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund $31,993,975
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 29,494,146
Mellon Trust New York Life
GAC #GA-
06563002, 7.65%,
6/30/2000
DD 71.194 50,727,753
F-36
CBS EMPLOYEE INVESTMENT FUND
Item 27d - Schedule of Reportable Transactions
For the year ended December 31, 1994
(Thousands of Dollars)
Single Transactions
Name of Current Net Gain
Party Description of Asset Cost Value (Loss)
Mellon Trust CBS, Inc. $10,428,431 $ 29,791,775 $19,363,344
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 31,993,975
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 29,494,146 29,494,146 0
Mellon Trust New York Life
GAC #GA-
06563002, 7.65%,
6/30/2000
DD 71.194 50,727,753
F-37
CBS EMPLOYEE INVESTMENT FUND
Item 27d-Schedule of Reportable Transactions, Continued
For the year ended December 31, 1994
(Thousands of Dollars)
Series Transactions
Name of Purchase Selling
Party Description of Asset Price Price Expenses
Mellon Trust CBS, Inc. $ 22,228,537
Mellon Trust CBS, Inc. $ 34,862,047
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 102,693,889
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 105,040,953
Mellon Trust New York Life
GAC #GA-
06563002, 7.45%,
6/30/2000
DD 07/01/94 61,686,961
Mellon Trust New York Life
GAC #GA-
06563002, 7.45%,
6/30/2000
DD 07/01/94 8,560,987
F-38
CBS EMPLOYEE INVESTMENT FUND
Item 27d - Schedule of Reportable Transactions
For the year ended December 31, 1994
(Thousands of Dollars)
Series Transactions
Name of Current Net Gain
Party Description of Asset Cost Value (Loss)
Mellon Trust CBS, Inc. $ 22,228,537
Mellon Trust CBS, Inc. $ 12,999,085 34,862,047 $21,862,962
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 102,693,889
Mellon Trust TBC Inc. Pooled
Employee
Funds Daily
Liquidity Fund 105,040,953 105,040,953 0
Mellon Trust New York Life
GAC #GA-
06563002, 7.45%,
6/30/2000
DD 07/01/94 61,686,961
Mellon Trust New York Life
GAC #GA-
06563002, 7.45%,
6/30/2000
DD 07/01/94 8,560,987 8,560,987 0
F-39
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements
of CBS Inc. and subsidiaries on Form S-8 (File Nos. 2-87270, 2-58540, and
2-33-2098) and the registration statement of CBS Inc. on Form S-3 (File
No. 33-59462) of our report dated June 23, 1995, on our audits of the
financial statements of the CBS Employee Investment Fund as of December 31,
1994 and 1993 and for the years ended December 31, 1994 and 1993, and the
financial statement schedules as of December 31, 1994, which report is
included in this annual report on Form 11-K.
COOPERS & LYBRAND L.L.P.
New York, New York
June 29, 1995.
