PAGE 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1995
SAVINGS AND INVESTMENT PLAN
OF E. I. DU PONT DE NEMOURS AND COMPANY
(FULL TITLE OF THE PLAN)
E. I. DU PONT DE NEMOURS AND COMPANY
1007 MARKET STREET
WILMINGTON, DELAWARE 19898
(NAME AND ADDRESS OF PRINCIPAL EXECUTIVE OFFICE OF ISSUER)
============================================================
<PAGE>
PAGE 2
INDEX
Page(s)
Report of Independent Accountants................. 4
Financial Statements:
Statements of Net Assets Available for Plan
Benefits, with Fund Information at
September 30, 1995 and 1994..................... 5-8
Statements of Changes in Net Assets Available
for Plan Benefits, with Fund Information for
the Years Ended September 30, 1995 and 1994..... 9-12
Notes to Financial Statements................... 13-22
Supplemental Schedule:
Schedule of Assets Held for Investment Purposes at
September 30, 1995 (Schedule I).................. 23
EXHIBITS
Exhibit
Number Description
24 Consent of Independent Accountants.
<PAGE>
PAGE 3
Pursuant to the requirements of the Securities
and Exchange Act of 1934, E. I. du Pont de Nemours and
Company has duly caused this Annual Report to be signed by
the undersigned hereunto duly authorized.
Savings and Investment Plan of
E. I. du Pont de Nemours and Company
Date: March 27, 1996
By ___________________________________
J. C. Sargent
Vice President and Treasurer
<PAGE>
PAGE 4
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of the Savings and
Investment Plan of E. I. du Pont de Nemours and Company
In our opinion, the financial statements listed in the
accompanying index present fairly, in all material respects,
the net assets available for plan benefits of the Savings
and Investment Plan of E. I. du Pont de Nemours and Company
at September 30, 1995 and 1994, and the changes in net
assets available for plan benefits for the years then ended,
in conformity with generally accepted accounting principles.
These financial statements are the responsibility of E. I.
du Pont de Nemours and Company as the Plan's Administrator;
our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our
audits of these statements in accordance with generally
accepted auditing standards which 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, assessing the accounting principles
used and significant estimates made by management, and
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the
opinion expressed above.
Our audits were performed for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The additional information included in schedule I is
presented for purposes of additional analysis and is not a
required part of the basic financial statements but is
additional information required by ERISA. 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 benefits of each fund. Schedule I and
the 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.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
March 21, 1996
<PAGE>
<TABLE>
PAGE 5
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1995
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
3-Way DuPont Merrill
Fixed Fidelity Asset Common Lynch
Income Magellan Allocation Stock Loan Equity
Fund Fund Fund Fund Fund Index
------------- ----------- ---------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $461,493) ............. $911,320
Pooled investments (cost
$834,356).................... $465,326 $133,165 $263,648
Fixed income
(contract value $5,507,691).. $5,507,691
Short-term investments & cash
(cost $35,981)................. 34,700 302 86 590 170
Loans to participants-
principal balance ........... $185,287
---------- -------- -------- -------- -------- --------
Total investments .......... 5,542,391 465,628 133,251 911,910 185,287 263,818
Receivables
Due from E. I. du Pont
de Nemours and Company.. 22,899 3,605 943 1,941 1,139
---------- -------- -------- -------- -------- --------
Net assets available for plan
benefits .................... $5,565,290<Fa> $469,233<Fa> $134,194 $913,851<Fa> $185,287 $264,957
========== ======== ======== ======== ======== ========
Unit or share values (note 2) ... $86.30 $92.37 $13.86 $68.75 $37.84
====== ====== ====== ====== ======
<FN>
<Fa>Represents more than 5% of the net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 6
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1995 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
-------- --------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $461,493) ............. $ 911,320
Pooled investments (cost
$834,356).................... $64,762 $14,607 $64,440 $60,131 1,066,079
Fixed income
(contract value $5,507,691).. 5,507,691
Short-term investments & cash
(cost $35,981)................. 42 10 42 39 35,981
Loans to participants-
principal balance ........... 185,287
-------- -------- ------- -------- ----------
Total investments .......... 64,804 14,617 64,482 60,170 7,706,358
Receivables
Due from E. I. du Pont
de Nemours and Company....... 581 157 612 499 32,376
-------- --------- -------- -------- ---------
Net assets available for plan
benefits .................... $65,385 $14,774 $65,094 $60,669 $7,738,734
======= ======== ======== ======== ===========
Unit or share values (note 2) ... $13.78 $11.56 $31.11 $27.54
====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
PAGE 7
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1994
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
3-Way DuPont Merrill
Fixed Fidelity Asset Common Lynch
Income Magellan Allocation Stock Loan Equity
Fund Fund Fund Fund Fund Index
------------- -------- ---------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $349,679) ............. $618,681
Pooled investments (cost
$778,302).................... $324,583 $105,207 $201,346
Fixed income
(contract value $5,100,340).. $5,100,340
Short-term investments & cash
(cost $40,566)................. 39,954 140 45 266 87
Loans to participants-
principal balance ........... $164,277
---------- -------- -------- -------- -------- --------
Total investments .......... 5,140,294 324,723 105,252 618,947 164,277 201,433
Receivables
Due from E. I. du Pont
de Nemours and Company....... 22,634 3,090 872 1,020 969
---------- -------- -------- -------- -------- --------
Net assets available for plan
benefits .................... $5,162,928<Fa> $327,813 $106,124 $619,967<Fa> $164,277 $202,402
========== ======== ======== ======== ======== ========
Unit or share values (note 2) ... $79.73 $67.41 $11.07 $58.00 $29.24
====== ====== ====== ====== ======
<FN>
<Fa>Represents more than 5% of the net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 8
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1994 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
-------- --------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $349,679) ............. $618,681
Pooled investments (cost
$778,302).................... $68,431 $16,125 $45,296 $41,894 802,882
Fixed income
(contract value $5,100,340).. 5,100,340
Short-term investments & cash
(cost $40,566)................. 29 7 20 18 40,566
Loans to participants-
principal balance ........... 164,277
-------- -------- ------- -------- ----------
Total investments .......... 68,460 16,132 45,316 41,912 6,726,746
Receivables
Due from E. I. du Pont
de Nemours and Company....... 671 180 535 404 30,375
-------- --------- -------- -------- ---------
Net assets available for plan
benefits .................... $69,131 $16,312 $45,851 $42,316 $6,757,121
======== ======== ======== ======== ===========
Unit or share values (note 2) ... $13.32 $11.67 $27.42 $23.04
====== ====== ====== ======
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
PAGE 9
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1995
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
3-Way DuPont Merrill
Fixed Fidelity Asset Common Lynch
Income Magellan Allocation Stock Loan Equity
Fund Fund Fund Fund Fund Index
------- --------- --------- --------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest ................. $424,680 $ 38 $ 12 $ 47 $14,289 $ 18
Dividends ................ 1,578 24,198
Distribution of loan
interest income ........ 11,219 1,061 279 746 (14,289) 475
-------- -------- --------- --------- -------- --------
Total investment
income ............... 435,899 2,677 291 24,991 0 493
Net realized gains (losses). 9,320 2,589 39,591 3,735
Net unrealized appre-
ciation (depreciation)
in fair value of
investments .............. 110,579 23,290 180,824 55,238
Contributions
DuPont Company's
contributions
(net of forfeiture
of $236) ............... 51,396 6,417 1,863 3,832 2,184
Participants'
savings ................ 178,950 26,493 7,517 10,990 7,719
Trust to Trust transfers.. 19,671 45 14 35,079 19
--------- ---------- ------- -------- -------- --------
685,916 155,531 35,564 295,307 0 69,388
--------- ---------- ------- -------- -------- --------
Withdrawals................. (250,037) (9,727) (2,809) (25,764) (6,061) (7,877)
Net transfers among funds
Loans .................... (76,484) (5,583) (1,692) (10,549) 99,180 (2,329)
Loan principal repayments. 56,081 5,608 1,395 3,937 (72,196) 2,431
Other authorized
transfers .............. (13,001) (4,516) (4,433) 30,781 941
Affiliated company
transfers in (out), net... (113) 107 45 172 87 1
---------- --------- ------- -------- -------- --------
(283,554) (14,111) (7,494) (1,423) 21,010 (6,833)
---------- --------- ------- -------- -------- --------
Change in net assets
available for plan
benefits for the
year ..................... 402,362 141,420 28,070 293,884 21,010 62,555
Net assets available
for plan benefits:
Beginning of year ........ 5,162,928 327,813 106,124 619,967 164,277 202,402
---------- -------- -------- -------- -------- ---------
End of year ..............$5,565,290 $469,233 $134,194 $913,851 $185,287 $264,957
========== ======== ======== ======== ======== =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 10
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1995 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
--------- --------- --------- -------- ------------
<S> <C> <C> <C> <C> <C>
Investment income
Interest ................. $ 6 $ 2 $ 7 $ 5 $439,104
Dividends ................ 2,706 1,816 3,613 2,044 35,955
Distribution of Loan
interest income ........ 185 49 146 129
------- ----------- -------- -------- -----------
Total investment
income ............... 2,897 1,867 3,766 2,178 475,059
Net realized gains (losses). (269) (610) 287 607 55,250
Net unrealized appre-
ciation (depreciation)
in fair value of
investments............... 2,313 459 7,124 8,141 387,968
Contributions
DuPont Company's
contributions
(net of forfeiture
of $286) ............... 1,251 375 1,189 883 69,390
Participants'
savings ................ 5,404 1,437 5,019 3,707 247,236
Trust to Trust transfers.. 9 2 7 6 54,852
------- ----------- --------- -------- -----------
11,605 3,530 17,392 15,522 1,289,755
------- ----------- --------- -------- -----------
Withdrawals ................ (1,829) (713) (1,647) (1,847) (308,311)
Net transfers among funds
Loans .................... (855) (273) (799) (616)
Loan principal repayments 1,017 263 715 749
Other authorized
transfers .............. (13,701) (4,164) 3,558 4,535
Affiliated company
transfers in (out), net... 17 (181) 24 10 169
------- ---------- --------- -------- -----------
(15,351) (5,068) 1,851 2,831 (308,142)
------- ----------- --------- -------- -----------
Change in net assets
available for plan
benefits for the
year ..................... (3,746) (1,538) 19,243 18,353 981,613
Net assets available
for plan benefits:
Beginning of year ........ 69,131 16,312 45,851 42,316 6,757,121
------- ----------- --------- -------- -----------
End of year .............. $65,385 $14,774 $65,094 $60,669 $7,738,734
======= =========== ========= ======== ===========
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
PAGE 11
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1994
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
3-Way DuPont Merrill
Fixed Fidelity Asset Common Lynch
Income Magellan Allocation Stock Loan Equity
Fund Fund Fund Fund Fund Index
----------- --------- ---------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest ................... $ 411,795 $ 28 $ 9 $ 14 $ 13,012 $ 9
Dividends .................. 28,034 18,962 3
Distribution of loan
interest income .......... 10,499 947 279 371 (13,012) 450
---------- -------- ------- -------- -------- ----------
Total investment income .. 422,294 29,009 288 19,347 0 462
Net realized gains ........... 264 2,008 29,976 2,868
Net unrealized appreciation
(depreciation) in fair
value of investments ....... (32,438) (5,366) 99,049 4,027
Contributions
DuPont Company's
contributions (net of
forfeiture of $471) ...... 53,590 6,129 1,960 2,284 2,250
Participants' savings ...... 185,933 27,146 7,887 6,174 7,771
Trust to Trust transfers ... 71,776 3 1 4,523 3
---------- -------- ------- -------- -------- ----------
733,593 30,113 6,778 161,353 0 17,381
---------- -------- ------- -------- -------- ----------
Withdrawals .................. (242,448) (9,071) (3,292) (24,615) (7,153) (7,580)
Net transfers among funds
Loans ...................... (68,863) (4,167) (1,516) (7,850) 87,202 (2,690)
Loan principal repayments 53,425 5,205 1,582 1,959 (66,979) 2,248
Other authorized transfers . (70,521) 67,521 (4,964) (18,088) (20,401)
Acquisitions
(Divestitures), net ........ (11,038) (368) (95) (1,858) (1,089) (304)
Affiliated company
transfers in (out), net .... (465) (14) 79 (17) 5
---------- -------- ------- -------- -------- ----------
(339,910) 59,106 (8,206) (50,469) 11,986 (28,727)
---------- -------- ------- -------- -------- ----------
Change in net assets
available for plan
benefits for the year ...... 393,683 89,219 (1,428) 110,884 11,986 (11,346)
Net assets available
for plan benefits:
Beginning of year .......... 4,769,245 238,594 107,552 509,083 152,291 213,748
---------- -------- ------- -------- -------- ----------
End of year ................ $5,162,928 $327,813 $106,124 $619,967 $164,277 $202,402
========== ======== ======= ======== ======== ==========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 12
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 1994 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Merrill
Merrill Merrill Merrill Lynch
Lynch Lynch Lynch Basic Total
Global Balanced Capital Value All
Holdings Fund Fund Fund Funds
--------- ---------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
Investment income
Interest ................ $ 4 2 $ 5 3 $424,881
Dividends ............... 2,663 $ 1,734 3,406 $ 2,595 57,397
Distribution of Loan
interest income ....... 174 49 121 122
-------- ----------- -------- --------- -----------
Total investment
income .............. 2,841 1,785 3,532 2,720 482,278
Net realized gains ........ 393 (108) 288 234 35,923
Net unrealized appre-
ciation (depreciation)
in fair value of
investments ............. (709) (1,468) (1,752) (1,417) 59,926
Contributions
DuPont Company's
contributions
(net of forfeiture
of $471) .............. 1,189 384 1,081 834 69,701
Participants'
savings ............... 5,451 1,689 4,633 3,543 250,227
Trust to Trust transfers. 1 1 1 76,309
------- ----------- --------- -------- -----------
9,166 2,282 7,783 5,915 974,364
------- ----------- --------- -------- -----------
Withdrawals ............... (1,101) (499) (1,273) (1,310) (298,342)
Net transfers among funds
Loans ................... (576) (293) (589) (658)
Loan principal repayments 1,035 256 638 631
Other authorized
transfers ............. 30,834 2,180 3,957 9,482
Acquisitions
(Divestitures), net ..... (69) (48) (112) (34) (15,015)
Affiliated company
transfers in (out), net.. 1 2 (3) (412)
------- ---------- --------- -------- -----------
30,123 1,597 2,623 8,108 (313,769)
------- ----------- --------- -------- -----------
Change in net assets
available for plan
benefits for the
year .................... 39,289 3,879 10,406 14,023 660,595
Net assets available
for plan benefits:
Beginning of year ....... 29,842 12,433 35,445 28,293 6,096,526
------- ----------- --------- -------- -----------
End of year ............. $69,131 $16,312 $45,851 $42,316 $6,757,121
======= =========== ========= ======== ===========
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
PAGE 13
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS
NOTE 1 -- DESCRIPTION OF SAVINGS AND INVESTMENT PLAN:
THE PLAN
The Savings and Investment Plan of E. I. du Pont de Nemours and
Company (the "Plan") is a defined contribution plan which was established by
the Company's Board of Directors and became effective September 1, 1955.
The purpose of the Plan is to encourage and assist employees in
following a systematic savings program suited to their individual objectives,
and to provide an opportunity for employees, at no cost to themselves, to
become stockholders of the Company. The Plan is a tax qualified contribu-
tory profit sharing plan. Any employee of the Company or its subsidiaries
(including Du Pont Merck Pharmaceutical Company (Dupont Merck), a general
partnership which has adopted the Plan) who has completed at least one year
of continuous service, as determined in accordance with the Company's service
rules, or who has been compensated for 1,000 or more hours in a period of
twelve consecutive months is eligible to participate in the Plan.
An eligible employee may authorize the Company to make a payroll
deduction under the Plan ranging from 1% to 22% of monthly pay. The amount
deducted can be deposited into a before-tax or after-tax account or some
combination thereof. Any amounts in excess of 16% are considered to be
cash supplemental deposits and must be deposited in the after-tax account.
The before-tax provision is permitted under Section 401(k) of the Internal
Revenue Code. Nondiscrimination rules of the Internal Revenue Code require
that the average savings rates in both the before-tax and after-tax accounts
of "Highly Compensated" employees (as defined by the IRS) should be limited
by the average savings rates of "Nonhighly Compensated" employees. At
September 30, 1995 and September 30, 1994, there was no limitation on the
after-tax savings rate (other than the plan limit) for the "Highly
Compensated" employees and the allowable before-tax savings rate was 13% in
both years. At September 30, 1995 and September 30, 1994, the allowable
before-tax savings rate for the "Highly Compensated" employees at Dupont
Merck was 12%, in both years. In addition, in accordance with Internal
Revenue Code, the Plan limited contributions by any employee to the
before-tax account to $9,240 in 1995 and 1994. The Company will contribute
an amount equal to 50% of the participant's savings deductions during a month
except that no company contribution will be made for any participant's
savings in excess of 6% of monthly pay. In addition, subject to certain
limitations, a participant is allowed to make lump sum savings deposits in
cash or through payroll deduction to the Plan at any time.
A participant with less than five years of participation credit,
who withdraws any matched before-tax or after-tax savings will forfeit a
portion of related company contributions in accordance with specific plan
provisions. Company contributions will be suspended for six months if a
<PAGE>
PAGE 14
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
participant withdraws any matched before-tax or after-tax savings or com-
pany contributions contributed to the account during the last two years
of participation or any earnings in the before-tax or after-tax accounts.
A participant who retires from active service may elect to make a full
account withdrawal in the later of the month in which employment was
terminated or March of the calendar year following the year in which the
participant attains age 70-1/2.
Participants may borrow up to one-half of their nonforfeitable
account balances subject to certain minimum and maximum loan limitations.
The loans are executed by promissory notes and have a minimum term of 12
months and a maximum term of 60 months, except for qualified residential
loans which have a maximum term of 120 months. The loans bear an interest
rate equal to the average rate charged by selected major banks to prime
customers for secured loans. The loans are repaid over the term in monthly
installments of principal and interest by payroll deduction. A participant
also has the right to repay the loan in full at any time without penalty.
INVESTMENT FUNDS
The following investment funds have been established with trustees
for the investment of employee savings and company contributions. The nature
of the investments maintained in each fund is described below:
Fixed Income Fund -- Investments under agreement with one or more
financial institutions, including insurance
companies, banks and other investment
companies which provide for the return of
principal in full plus the payment of
interest at a predetermined rate for a
specific period of time. The fund's blended
rate of return for the 12 months ending
September 30, 1995 and September 30, 1994
was 8.2% and 8.7%, respectively.
Fidelity Magellan Fund -- A growth mutual fund offered through Fidelity
Investments Institutional Operations Company.
<PAGE>
PAGE 15
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
3-Way Asset Allocation Fund -- 3-Way Asset Allocation Fund with money
invested by Wells Fargo Nikko Investment
Advisors among stocks, bonds, and cash
(money market).
DuPont Common Stock Fund -- DuPont common stock.
Loan Fund -- Participant loans--amounts transferred from
the Fixed Income Fund, the Fidelity Magellan
Fund, Merrill Lynch Mutual Funds, the
DuPont Common Stock Fund and/or the 3-Way
Asset Allocation Fund that are loaned to
participants.
Merrill Lynch Funds -- A group of 5 different mutual funds each with
its own investment objective offered through
Merrill Lynch.
Participants may allocate their before and after-tax savings
deductions and company contributions among all funds at their discretion.
Trust to Trust transfers represent transfers to the Plan from the
DuPont Pension Plan and Tax Reform Act Stock Ownership Plan sponsored by the
Company. Acquisitions (divestitures) represent transfers between the Plan and
other qualified trusts as the result of the purchase (sale) of certain
Company businesses. Affiliated company transfers in (out) represent the net
movement of participant account balances between the Plan and other Company
sponsored defined contribution benefit plans.
At September 30, 1995 the Plan participants directed their savings
and the related matching company contributions be invested in the following
funds (approximate number of participants in each fund): Fixed Income Fund
(81,000); Fidelity Magellan Fund (16,500); DuPont Common Stock Fund (56,500);
3-Way Asset Allocation Fund (6,900); Merrill Lynch (ML) Global Holdings
(5,700); ML Balanced Fund(2,100); ML Equity Index (8,600); ML Capital Fund
(5,200); ML Basic Value Fund (4,100). Approximately 22,900 participants had
loans outstanding in the Loan Fund at September 30, 1995.
<PAGE>
PAGE 16
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
ADMINISTRATION
The designated trustee of all the aforementioned funds is
Merrill Lynch Trust Company of America (Merrill Lynch). The administration
of the Plan is vested in the Company which may designate one or more persons
to operate and administer the Plan. The Company has the responsibility of
appointing the trustees and the Vice President, Pension Fund Investment,
has the authority to designate the Plan's investment options. All
recordkeeping and trustee fees of the Plan are paid by the Company.
Brokerage fees, transfer taxes, investment fees and other expenses incident
to the purchase and sale of securities and investments in the Fixed Income
Fund, Fidelity Magellan Fund, DuPont Common Stock Fund, 3-Way Asset
Allocation Fund, and Merrill Lynch Funds shall be included in the cost of
such securities or investments, or deducted from the sales proceeds, as the
case may be.
While the Company has not expressed any intent to terminate the
Plan, it is free to do so at any time. In the event the Plan is terminated,
all participants become vested and the distribution of all account balances
will be made based upon the valuation of the participant's account.
NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For financial reporting purposes, the assets of the Plan are
reflected on the accrual and fair value bases of accounting. The provi-
sions of the Employee Retirement Income Security Act of 1974 (ERISA) require
presentation based on fair value. The Fixed Income Fund guaranteed
investment contracts, separate account portfolios and synthetic guaranteed
investment contracts are fully benefit responsive and thus, are stated at
cost plus accrued interest, using the contracted interest rates applied to
the daily account balances. Investments in the Fidelity Magellan Fund, the
DuPont Common Stock Fund, and Merrill Lynch Mutual Funds, except for the
Equity Index Fund, are stated at fair value based on publicly quoted market
prices. Investments in the Merrill Lynch Equity Index Fund and the 3-Way
Asset Allocation Fund are stated at the fair value of all underlying assets
as reported by the applicable custodian. The fair value of loans to
participants in the Loan Fund represent the outstanding principal balances of
the loans.
The unit value or price of the Fixed Income Fund, the 3-Way Asset
Allocation Fund, Fidelity Magellan Fund, Merrill Lynch Mutual Funds and the
DuPont Common Stock Fund, reflect the prices at which participant's accounts
are valued at the end of the period reported. There is no unit value for the
loan fund since loans are identified directly with participants' accounts.
<PAGE>
PAGE 17
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
The Company may, at its option, issue DuPont common stock in lieu of cash
contributions to the DuPont Common Stock Fund and also in lieu of cash
dividends on DuPont common stock. The number of shares issued is based upon
the cash value of the contributions and dividends divided by the market value
of DuPont common stock at the end of the month of issue. Shares of DuPont
common stock are allocated to participants in the DuPont Common Stock Fund
based on the ratio of the amount deposited to each participant's account to
the total amount contributed to the Fund.
Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis. Gains and losses on the sale of
the DuPont Common Stock Fund investment securities are based on average
cost of the securities sold and are recognized on the trade date.
Certain reclassifications have been made to the Plan's 1994
financial statements to conform with the 1995 presentation.
NOTE 3 -- INVESTMENTS
The following presents the Plan's investments at fair value.
September 30, September 30,
1995 1994
------------ -------------
(Dollars in Thousands)
Investments at fair value
Fixed income ............................. $5,507,691 $5,100,340
DuPont common stock ...................... 911,320 618,681
Short-term investments & cash ............ 35,981 40,566
Loans to participants .................... 185,287 164,277
Pooled investments ....................... 1,066,079 802,882
---------- ----------
Total investments at fair value ........ $7,706,358 $6,726,746
========== ==========
The Plan held 13,255,556 shares of DuPont Common Stock valued at
$68.75 per share. Short-term investments represent funds deposited in the
Merrill Lynch Government Fund, a money market fund.
<PAGE>
<TABLE>
PAGE 18
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
The pooled investments consist of the following:
<CAPTION>
September 30, 1995
--------------------------
Fair Market
Value Cost
----------- ----------
(Dollars in Thousands)
<S> <C> <C>
3-Way Asset Allocation Fund .............. $ 133,165 $ 103,911
Fidelity Magellan Fund ................... 465,326 357,718
Merrill Lynch Mutual Funds
Equity Index Trust ..................... 263,648 188,469
Global Holdings ........................ 64,762 60,074
Balanced Fund .......................... 14,607 14,901
Capital Fund ........................... 64,440 57,052
Basic Value Fund ....................... 60,131 52,231
---------- ----------
Total Pooled Investments ................. $1,066,079 $ 834,356
========== ==========
</TABLE>
<TABLE>
Fixed income guaranteed investment contracts (GIC), separate
account portfolios (SAP) and synthetic guaranteed investment contracts (SYN)
at September 30, 1995 consist of the following:
<CAPTION>
Current
Description Value
----------- -----------
(Dollars in
Thousands)
<S> <C>
Aetna Life Insurance Company--8.73%, 12/1/96 (GIC) ............ $ 63,124
Aetna Life Insurance Company--8.88%, 12/1/96 (GIC) ............ 63,915
Aetna Life Insurance Company--8.52%, 12/1/96 (GIC) ............ 62,055
Aetna Life Insurance Company--9.71%, 12/1/98 (GIC) ............ 122,100
Aetna Life Insurance Company--9.48%, 12/1/98 (GIC) ............ 120,498
Aetna Life Insurance Company--8.9%, 12/1/99 (GIC) ............ 122,561
Aetna Life Insurance Company--8.89%, 12/1/00 (GIC) ............ 112,701
Aetna Life Insurance Company--7.96%, 1/1/00 (SAP) ............. 180,716
Aetna Life Insurance Company--7.28%, 1/1/00 (SAP) ............. 107,049
Allstate Life Insurance Company--8.50%, 12/3/01 (GIC) ......... 130,518
Bankers Trust--6.49%, 8/31/02 (SYN) ........................... 208,039
Bankers Trust--7.36%, none (SYN) .............................. 237,304
Citibank--5.38%, 9/1/00 (SYN) ................................. 166,403
Citibank--7.45%, 8/1/01 (SYN) ................................. 54,570
John Hancock Mutual Life Insurance Company--
9.4%, 12/1/98 (GIC) ......................................... 119,946
John Hancock Mutual Life Insurance Company--
9.0%, 12/1/99 (GIC) ......................................... 123,158
</TABLE>
<PAGE>
<TABLE>
PAGE 19
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
Fixed income guaranteed investment contracts (GIC), separate
account portfolios (SAP) and synthetic guaranteed investment contracts (SYN)
at September 30, 1995 consist of the following (continued):
<CAPTION>
Current
Description Value
----------- -----------
(Dollars in
Thousands)
<S> <C>
John Hancock Mutual Life Insurance Company--8.89%, 12/1/99 (GIC). $ 122,506
John Hancock Mutual Life Insurance Company--8.31%, 12/3/01 (GIC). 86,871
John Hancock Mutual Life Insurance Company--6.63%, 1/1/00 (SAP).. 168,678
Massachusetts Mutual Life Insurance Company--9.15%, 12/1/00 (GIC) 110,229
Metropolitan Life Insurance Company-- 7.31%, 7/1/00 (SAP) ....... 126,040
Metropolitan Life Insurance Company--9.64%, 12/1/98 (GIC) ....... 121,611
J. P. Morgan--6.578%, 1/1/99 (SYN) .............................. 85,256
J. P. Morgan--6.990%, none (SYN) ................................ 229,992
New York Life Insurance Company--10.15%, 12/1/97 (GIC) .......... 93,721
New York Life Insurance Company--9.75%, 12/1/97 (GIC) ........... 91,284
New York Life Insurance Company--9.36%, 12/1/98 (GIC) ........... 119,669
New York Life Insurance Company--9.66%, 12/1/98 (GIC) ........... 36,445
New York Life Insurance Company--9.27%, 12/01/00 (GIC) .......... 93,389
New York Life Insurance Company--7.25%, 7/1/00 (SAP) ............ 107,147
New York Life Insurance Company--7.17%, 7/1/00 (SAP) ............ 146,076
New York Life Insurance Company--6.5%, 4/1/00 (SAP) ............. 146,363
Peoples Security Life Insurance Company, a Member of the
Capital Holdings Family--6.395%, 1/1/00 (SYN) ................ 214,104
Peoples Security Life Insurance Company, a Member of the
Capital Holdings Family--7.39%, 1/1/00 (SYN) ................. 248,600
Prudential Life Insurance Company--11.27%, 12/1/95 (GIC) ........ 10,523
Prudential Life Insurance Company--10.62%, 12/1/95 (GIC) ........ 9,969
Prudential Life Insurance Company--10.48%, 12/1/95 (GIC) ........ 9,853
Prudential Life Insurance Company--10.65%, 12/1/97 (GIC) ........ 96,831
Prudential Life Insurance Company--8.97%, 12/1/99 (GIC) ......... 127,897
Prudential Life Insurance Company-- 9.6%, 12/1/00 (GIC) ......... 96,867
Prudential Life Insurance Company--8.19%, 7/1/00 (SAP) ......... 107,968
Prudential Life Insurance Company--7.78%, 1/2/00 (SAP) .......... 109,493
Prudential Life Insurance Company--9.01%, 12/1/99 (GIC) ......... 128,143
Travelers Life Insurance Company--10.17%, 12/1/97 (GIC) ......... 93,854
Travelers Life Insurance Company--9.15%, 12/1/99 (GIC) .......... 124,052
Union Bank of Switzerland--7.46%, none (SYN) .................... 249,603
----------
Total Investment in Fixed Income ............................. 5,507,691
==========
</TABLE>
<PAGE>
PAGE 20
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
The crediting rates for SAP and SYN contracts are reset annually
and are based on the market value of the underlying portfolio of assets
backing these contracts. Inputs used to determine the crediting rate include
each contract's portfolio market value, current yield-to-maturity, duration
(i.e., weighted average life), and market value relative to contract value.
All contracts have a guaranteed rate of 0% or higher.
The carrying values and fair values of investment contracts as of
September 30, 1995 are as follows:
Carrying Value
(contract value) Fair Value
(Dollars in Thousands)
Guaranteed Investment Contracts $2,614,290 $2,763,124
Synthetic Guaranteed Investment Contracts 1,693,871 1,693,872
Separate Account Guaranteed Investment 1,199,530 1,225,319
Contracts
$5,507,691 $5,682,315
========== ==========
Included in the fair value of synthetic guaranteed investment
contracts is $(33,917) related to wrapper contracts which guarantee the
contract value of the synthetic guaranteed investment contracts for
participant-initiated withdrawal events.
<PAGE>
PAGE 21
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
NOTE 4 -- REALIZED AND UNREALIZED GAINS AND LOSSES
Realized and unrealized gains and losses are calculated based upon
historical cost of assets. Such gains and losses are computed on a current
value basis for Form 5500. The difference may result in a differing classi-
fication between realized and unrealized but the total gain or loss will be
unaffected.
NOTE 5 -- INCOME TAX STATUS
The Savings and Investment Plan is a qualified plan pursuant to
Section 401(a) of the Internal Revenue Code and the related Trusts are
exempt from federal taxation under Section 501(a) of the Code. A favor-
able tax determination letter has been received by the Plan. Accordingly,
no provision has been made for federal income taxes in the accompanying
financial statements.
Participants in the Plan are not subject to federal income taxes
on account balances arising from employer contributions, tax-deferred
employee deposits, or accrued income until distributions or withdrawals
are made.
NOTE 6 -- RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:
September 30,
1995 1994
----------- -----------
(Dollars in Thousands)
Net assets for benefits per the
financial statements $7,738,734 $6,757,121
Less: Amounts allocated to withdrawing
participants (3,978) (2,735)
----------- -----------
Net assets available for benefits per
the Form 5500: $7,734,756 $6,754,386
=========== ===========
<PAGE>
PAGE 22
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
September 30, 1995
----------------------
(Dollars in Thousands)
Benefits paid to participants per the financial
statements $308,311
Add: Amounts allocated to withdrawing participants
at September 30, 1995 3,978
Less: Amounts allocated to withdrawing participants
at September 30, 1994 (2,735)
------------
Benefits paid to participants per the Form 5500 $309,554
============
Amounts allocated to withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for payment
prior to September 30 but not yet paid as of that date.
NOTE 7 -- SUBSEQUENT EVENTS
Effective January 1, 1996, the 3-Way Asset Allocation Fund
Advisor's name has changed from Wells Fargo Nikko Investment Advisors to BZW
Global Investors. Concurrently, the Trustee's name has changed from Wells
Fargo Institutional Trust Company to BZW Global Trust Company, N.A. The
change is a result of the acquisition of Wells Fargo Nikko Investment
Advisors by Barclay's PLC. The acquisition is not expected to effect the
management of the 3-Way Asset Allocation Fund.
On March 1, 1996 Merrill Lynch merged the Balanced Fund into the
Global Allocation Fund; thereby, eliminating the Balanced Fund from Merrill
Lynch's investment line-up. Prior to the merger, participants were permitted
to transfer their Balanced Fund holding to any of the other investment
options available in the Plan. At the discretion of the Administrator, the
Plan's position remaining in the Balanced Fund, immediately prior to the
merger, was converted to the Merrill Lynch Capital Fund.
<PAGE>
<TABLE>
PAGE 23 SCHEDULE I
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SEPTEMBER 30, 1995
<CAPTION>
Current
Description Cost Value
- ----------- ----------- ----------
(Dollars in Thousands)
<S> <C> <C>
Aetna Life Insurance Company--8.73%, 12/1/96 (GIC) ..... $ 63,124 $ 63,124
Aetna Life Insurance Company--8.88%, 12/1/96 (GIC) ...... 63,915 63,915
Aetna Life Insurance Company--8.52%, 12/1/96 (GIC) ...... 62,055 62,055
Aetna Life Insurance Company--9.71%, 12/1/98 (GIC) ...... 122,100 122,100
Aetna Life Insurance Company--9.48%, 12/1/98 (GIC) ...... 120,498 120,498
Aetna Life Insurance Company--8.9%, 12/1/99 (GIC) ...... 122,561 122,561
Aetna Life Insurance Company--8.89%, 12/1/00 (GIC) ...... 112,701 112,701
Aetna Life Insurance Company--7.96%, 1/1/00 (SAP) ....... 180,716 180,716
Aetna Life Insurance Company--7.28%, 1/1/00 (SAP) ....... 107,049 107,049
Allstate Life Insurance Company--8.50%, 12/3/01 (GIC).... 130,518 130,518
Bankers Trust--6.49%, 8/31/02 (SYN) ..................... 208,039 208,039
Bankers Trust--7.36%, none (SYN) ........................ 237,304 237,304
Citibank--5.38%, 9/1/00 (SYN) ........................... 166,403 166,403
Citibank--7.45%, 8/1/01 (SYN) ........................... 54,570 54,570
John Hancock Mutual Life Insurance Company--
9.4%, 12/1/98 (GIC) ................................... 119,946 119,946
John Hancock Mutual Life Insurance Company--
9.0%, 12/1/99 (GIC) ................................... 123,158 123,158
John Hancock Mutual Life Insurance Company--
8.89%, 12/1/99 (GIC) .................................. 122,506 122,506
John Hancock Mutual Life Insurance Company--
8.31%, 12/3/01 (GIC) .................................. 86,871 86,871
John Hancock Mutual Life Insurance Company--
6.63%, 1/1/00 (SAP) ................................... 168,678 168,678
Massachusetts Mutual Life Insurance Company--
9.15%, 12/1/00 (GIC) .................................. 110,229 110,229
Metropolitan Life Insurance Company--7.31%,7/1/00 (SAP) . 126,040 126,040
Metropolitan Life Insurance Company--9.64%,12/1/98 (GIC). 121,611 121,611
J. P. Morgan--6.578%, 1/1/99 (SYN) ...................... 85,256 85,256
J. P. Morgan--6.99%, none (SYN) ......................... 229,992 229,992
New York Life Insurance Company--10.15%, 12/1/97 (GIC)... 93,721 93,721
New York Life Insurance Company--9.75%, 12/1/97 (GIC) ... 91,284 91,284
New York Life Insurance Company--9.36%, 12/1/98 (GIC) ... 119,669 119,669
New York Life Insurance Company--9.66%, 12/1/98 (GIC) ... 36,445 36,445
New York Life Insurance Company--9.27%, 12/01/00 (GIC)... 93,389 93,389
New York Life Insurance Company--7.25%, 7/1/00 (SAP) .... 107,147 107,147
New York Life Insurance Company--7.17%, 7/1/00 (SAP) .... 146,076 146,076
New York Life Insurance Company--6.5%, 4/1/00 (SAP) ..... 146,363 146,363
Peoples Security Life Insurance Company, a Member of
the Capital Holdings Family--6.395%, 1/1/00 (SYN) ...... 214,104 214,104
Peoples Security Life Insurance Company, a Member of
the Capital Holdings Family--7.39%, 1/1/00 (SYN) ....... 248,600 248,600
Prudential Life Insurance Company--11.27%, 12/1/95 (GIC). 10,523 10,523
Prudential Life Insurance Company--10.62%, 12/1/95 (GIC). 9,969 9,969
Prudential Life Insurance Company--10.48%, 12/1/95 (GIC). 9,853 9,853
Prudential Life Insurance Company--10.65%, 12/1/97 (GIC). 96,831 96,831
Prudential Life Insurance Company--8.97%, 12/1/99 (GIC).. 127,897 127,897
Prudential Life Insurance Company-- 9.6%, 12/1/00 (GIC).. 96,867 96,867
Prudential Life Insurance Company--8.19%, 7/1/00 (SAP) .. 107,968 107,968
Prudential Life Insurance Company--7.78%, 1/2/00 (SAP) .. 109,493 109,493
Prudential Life Insurance Company--9.01%, 12/1/99 (GIC).. 128,143 128,143
Travelers Life Insurance Company--10.17%, 12/1/97 (GIC).. 93,854 93,854
Travelers Life Insurance Company--9.15%, 12/1/99 (GIC)... 124,052 124,052
Union Bank of Switzerland--7.46%, none (SYN) ............ 249,603 249,603
--------- ---------
Total GIC, SAP AND SYN $5,507,691 $5,507,691
Fidelity Magellan Fund 357,718 465,326
3-Way Asset Allocation Fund 103,911 133,165
DuPont Common Stock 461,493 911,320
Loans to Participants (7.25% - 9.25%) 185,287 185,287
Short Term Investments and Cash 35,981 35,981
Merrill Lynch Equity Index 188,469 263,648
Merrill Lynch Global Holdings 60,074 64,762
Merrill Lynch Balanced Fund 14,901 14,607
Merrill Lynch Capital Fund 57,052 64,440
Merrill Lynch Basic Value Fund 52,231 60,131
---------- ----------
Total Investment Portfolio $7,024,808 $7,706,358
========== ==========
GIC Guaranteed Investment Contract
SAP Denotes a Separate Account Portfolio
SYN Denotes Synthetic Guaranteed Investment Contract
</TABLE>
<PAGE>
PAGE 24
EXHIBIT INDEX
Exhibit
Number Description
24 Consent of Independent Accountants.
<PAGE>
PAGE 25
Exhibit 24
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-36339) of
E. I. du Pont de Nemours and Company of our report dated
March 21, 1996, which appears on page 4 of this Form 11-K.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
March 27, 1996
