PAGE 1
============================================================
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, 1997
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 as of
September 30, 1997 and 1996....................... 5-12
Statements of Changes in Net Assets Available
for Plan Benefits, with Fund Information for
the Years Ended September 30, 1997 and 1996....... 13-20
Notes to Financial Statements..................... 21-28
Supplemental Schedules*:
Schedule I: Schedule of Assets Held for Investment
Purposes at September 30, 1997 .................... 29-30
Schedule II: Schedule of Reportable Transactions
for the Year Ended September 30, 1997.............. 31
EXHIBITS
Exhibit
Number Description
24 Consent of Independent Accountants.
*Other supplemental schedules required by Section
2520.103-10 of the Department of Labor Rules and
Regulations for Reporting and Disclosure under ERISA have
been omitted because they are not applicable.
<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: February 18, 1998
By /s/ Gary M. Pfeiffer
--------------------------------
Gary M. Pfeiffer
Senior Vice President - Finance
and Chief Financial Officer
<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
(the "Plan") at September 30, 1997 and 1996, 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 the Plan 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
the Plan Administrator, 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 Schedules I and II is
presented for purposes of additional analysis and is not a
required part of the basic financial statements but is
additional information required by ERISA. The Fund
Information in the statements of net assets available for
benefits and the statements 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. Schedules I and II 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
January 19, 1998
<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, 1997
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------
3-Way DuPont
Fixed Fidelity Asset Common
Income Magellan Allocation Stock Loan
Fund Fund Fund Fund Fund
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $850,991) ............. $1,847,491<Fa>
Mutual Funds
(cost $963,863).............. $ 571,985<Fa>
Common/Collective Trusts
(cost $679,228).............. $ 159,709
Short-term investments & cash
(cost $41,101) .............. $ 38,831 440 121 1,081
Loans to participants-
principal balance ........... $ 185,745
--------- --------- --------- --------- ---------
38,831 572,425 159,830 1,848,572 185,745
Investments, at Contract Value
Fixed income fund
(contract value $5,532,584).. 5,532,584<Fa>
--------- --------- --------- --------- ---------
Total investments .......... 5,571,415 572,425 159,830 1,848,572 185,745
Receivables
Due from E. I. du Pont
de Nemours and Company....... 18,062 2,817 732 4,787
--------- --------- --------- --------- ---------
Net assets available for plan
benefits ...................... $5,589,477 $ 575,242 $ 160,562 $1,853,359 $ 185,745
========== ========= ========= ========== =========
Unit or share values (note 2) ... $100.04 $99.85 $19.15 $61.56<Fb>
=========== ========= ========= ==========
<FN>
- ---------------------------
<Fa> Represents more than 5% of the net assets available for benefits.
<Fb> Reflects stock split which occurred on June 12, 1997.
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, 1997 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------
Merrill
Merrill Lynch Merrill Merrill
Merrill Merrill Lynch Small Lynch Lynch
Lynch Lynch Basic Company Int'l Equity
Global Capital Value Stock Stock Index
Holdings Fund Fund Index Index Tier 6
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $850,991) .............
Mutual Funds
(cost $963,863).............. $ 83,878 $ 119,539 $ 186,304
Common/Collective Trusts
(cost $679,228).............. $ 12,487 $ 1,864 $ 584,721<Fa>
Short-term investments & cash
(cost $41,101)............... 72 115 127 4 1 232
Loans to participants-
principal balance ...........
--------- --------- --------- --------- --------- ---------
83,950 119,654 186,431 12,491 1,865 584,953
Investments, at Contract Value
Fixed income fund
(contract value $5,532,584)..
--------- --------- --------- --------- --------- ---------
Total investments .......... 83,950 119,654 186,431 12,491 1,865 584,953
Receivables
Due from E. I. du Pont
de Nemours and Company....... 507 673 1,005 68 15 2,186
--------- --------- --------- --------- --------- ---------
Net assets available for plan
benefits ...................... $ 84,457 $ 120,327 $ 187,436 $ 12,559 $ 1,880 $ 587,139
========= ========= ========= ========= ========= =========
Unit or share values (note 2) ... $16.55 $35.53 $38.02 $11.48 $10.07 $63.63
========= ========= ========= ========= ========= =========
<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 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, 1997 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------
Conserva- Moderate Aggressive
tive Asset Asset Asset AIM
Allocation Allocation Allocation Constella- AIM Fidelity
Portfolio Portfolio Portfolio tion A Value A Fund
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $850,991) .............
Mutual Funds
(cost $963,863).............. $ 4,441 $ 5,342 $ 2,456
Common/Collective Trusts
(cost $679,228).............. $ 3,334 $ 9,026 $ 6,892
Short-term investments & cash
(cost $41,101)............... 1 3 1 2 2 1
Loans to participants-
principal balance ...........
--------- --------- --------- --------- --------- ---------
3,335 9,029 6,893 4,443 5,344 2,457
Investments, at Contract Value
Fixed income fund
(contract value $5,532,584)..
--------- --------- --------- --------- --------- ---------
Total investments .......... 3,335 9,029 6,893 4,443 5,344 2,457
Receivables
Due from E. I. du Pont
de Nemours and Company....... 13 40 59 34 43 11
--------- --------- --------- --------- --------- ---------
Net assets available for plan
benefits ...................... $ 3,348 $ 9,069 $ 6,952 $ 4,477 $ 5,387 $ 2,468
========= ========= ========= ========= ========= =========
Unit or share values (note 2) ... $10.41 $10.53 $10.61 $31.23 $36.73 $30.19
========= ========= ========= ========= ========= =========
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, 1997 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------
Franklin
Fidelity Fidelity Fidelity Balance Franklin
Equity Growth & Low-Priced Sheet Franklin Small Cap
Income Income Stock Investment Growth I Growth I
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $850,991) .............
Mutual Funds
(cost $963,863).............. $ 16,603 $ 16,837 $ 34,459 $ 17,573 $ 2,554 $ 26,804
Common/Collective Trusts
(cost $679,228)..............
Short-term investments & cash
(cost $41,101)............... 5 5 11 6 1 9
Loans to participants-
principal balance ...........
--------- --------- --------- --------- --------- ---------
16,608 16,842 34,470 17,579 2,555 26,813
Investments, at Contract Value
Fixed income fund
(contract value $5,532,584)..
--------- --------- --------- --------- --------- ---------
Total investments .......... 16,608 16,842 34,470 17,579 2,555 26,813
Receivables
Due from E. I. du Pont
de Nemours and Company....... 141 117 225 134 23 176
--------- --------- --------- --------- --------- ---------
Net assets available for plan
benefits ...................... $ 16,749 $ 16,959 $ 34,695 $ 17,713 $ 2,578 $ 26,989
========= ========= ========= ========= ========= =========
Unit or share values (note 2) ... $53.04 $37.16 $25.75 $36.25 $27.09 $26.11
========= ========= ========= ========= ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 9
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, 1997 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------
Hotchkis Merrill MFS
& Wiley Janus Janus Lynch MFS Total
Int'l Enterprise Mercury Growth A Research A Return A
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $850,991) .............
Mutual Funds
(cost $963,863).............. $ 17,936 $ 671 $ 2,053 $ 31,484 $ 8,703 $ 1,736
Common/Collective Trusts
(cost $679,228)..............
Short-term investments & cash
(cost $41,101)............... 5 1 10 3
Loans to participants-
principal balance ...........
--------- --------- --------- --------- --------- ---------
17,941 671 2,054 31,494 8,706 1,736
Investments, at Contract Value
Fixed income fund
(contract value $5,532,584)..
--------- --------- --------- --------- --------- ---------
Total investments .......... 17,941 671 2,054 31,494 8,706 1,736
Receivables
Due from E. I. du Pont
de Nemours and Company....... 143 4 21 219 76 11
--------- --------- --------- --------- --------- ---------
Net assets available for plan
benefits ...................... $ 18,084 $ 675 $ 2,075 $ 31,713 $ 8,782 $ 1,747
========= ========= ========= ========= ========= =========
Unit or share values (note 2) ... $24.86 $31.98 $19.18 $33.83 $22.69 $16.92
========= ========= ========= ========= ========= =========
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 NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1997 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
----------------------
Total
Templeton Templeton All
Foreign I Growth I Funds
--------- --------- ----------
<S> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $850,991) ............... $1,847,491
Mutual Funds
(cost $963,863) ............... $20,189 $14,157 1,185,704
Common/Collective Trusts
(cost $679,228) ............... 778,033
Short-term investments & cash
(cost $41,101) ................ 6 5 41,101
Loans to participants-
principal balance ............. 185,745
------- ------- ----------
20,195 14,162 4,038,074
Investments, at Contract Value
Fixed income fund
(contract value $5,532,584) ... 5,532,584
------- ------- ----------
Total investments ............ 20,195 14,162 9,570,658
Receivables
Due from E. I. du Pont
de Nemours and Company ........ 160 93 32,595
------- ------- ----------
Net assets available for plan
benefits ........................ $20,355 $14,255 $9,603,253
======= ======= ==========
Unit or share values (note 2) ..... $ 12.04 $ 23.92
======= =======
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 NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1996
(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 $521,554) ............... $1,159,506<Fa>
Mutual Funds
(cost $810,162)................ $522,539<Fa>
Common/Collective Trusts
(cost $373,311)................ $158,463 $379,297
Short-term investments & cash
(cost $42,465)................. $ 40,140 478 145 1,060 347
Loans to participants-
principal balance ............. $195,879
---------- -------- -------- ---------- -------- --------
40,140 523,017 158,608 1,160,566 195,879 379,644
Investments, at contract value
Fixed income fund
(contract value $5,733,798) ... 5,733,798<Fa>
---------- -------- -------- ---------- -------- --------
Total investments ............. 5,773,938 523,017 158,608 1,160,566 195,879 379,644
Receivables
Due from E. I. du Pont
de Nemours and Company ........ 21,473 4,029 1,022 2,694 1,805
---------- -------- -------- ---------- -------- --------
Net assets available for plan
benefits ........................ $5,795,411 $527,046 $159,630 $1,163,260 $195,879 $381,449
========== ======== ======== ========== ======== ========
Unit or share values (note 2) ..... $ 93.11 $ 76.05 $ 15.39 $ 44.07<Fb> $ 45.41
========== ======== ======== ========== ========
<FN>
- ------------------
<Fa> Represents more than 5% of the net assets available for benefits.
<Fb> Restated to reflect stock split which occurred on June 12, 1997.
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 NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
SEPTEMBER 30, 1996 (Continued)
(Dollars In Thousands, Except Unit or Share Values)
<CAPTION>
FUND INFORMATION
Merrill
Merrill Merrill Lynch
Lynch Lynch Basic Total
Global Capital Value All
Holdings Fund Fund Funds
-------- -------- -------- -----------
<S> <C> <C> <C> <C>
Investments, at fair value
(notes 1, 2 and 3)
DuPont Company common stock
(cost $521,554) ............. $1,159,506
Mutual Funds
(cost $810,162).............. $95,757 $103,724 $122,042 844,062
Common/Collective Trusts
(cost $373,311).............. 537,760
Short-term investments & cash
(cost $42,465)............... 88 95 112 42,465
Loans to participants-
principal balance ........... 195,879
------- -------- -------- ----------
95,845 103,819 122,154 2,779,672
Investments, at Contract Value
Fixed income fund
(contract value $5,733,798).. 5,733,798
------- -------- -------- ----------
Total investments .......... 95,845 103,819 122,154 8,513,470
Receivables
Due from E. I. du Pont
de Nemours and Company....... 737 837 883 33,480
-------- -------- -------- ----------
Net assets available for plan
benefits .................... $96,582 $104,656 $123,037 $8,546,950
======= ======== ======== ==========
Unit or share values (note 2) ... $14.53 $30.51 $29.52
====== ====== ======
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
PAGE 13
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, 1997
(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 ................... $ 412,675 $ 83 $ 24 $ 168 $ 15,669 $ 14
Dividends .................. 17,400 33,398
Distribution of loan
interest income .......... 10,451 1,246 313 2,023 (15,669) 516
Net realized gains (losses). 22,929 16,577 106,469 248,299
Net unrealized appreciation
(depreciation) in fair
value of investments ..... 125,694 19,351 358,548 (125,233)
---------- --------- --------- --------- --------- ---------
Total investment income .. 423,126 167,352 36,265 500,606 123,596
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $273).................. 42,298 6,602 1,858 8,603 2,866
Participants'............... 135,209 27,077 7,284 27,250 11,749
Rollovers................... 11,421 341 110 1,233 102
---------- --------- --------- --------- --------- ---------
612,054 201,372 45,517 537,692 0 138,313
---------- --------- --------- --------- --------- ----------
Withdrawals .................. (429,567) (26,448) (7,237) (51,762) (9,896) (17,147)
Net transfers among funds
Loans ...................... (63,439) (6,825) (1,820) (10,862) 89,178 (1,914)
Loan principal repayments... 53,798 6,776 1,697 11,053 (82,675) 2,888
Interfund transfers......... (317,986) (116,973) (34,511) 216,313 (496,982)
Assets transferred in (out), net (60,638) (9,763) (2,718) (12,377) (6,779) (6,607)
Affiliated company
transfers in (out), net .... (156) 57 4 42 38
---------- --------- --------- --------- --------- ---------
(817,988) (153,176) (44,585) 152,407 (10,134) (519,762)
---------- ---------- --------- --------- --------- ---------
Net increase(decrease)...... (205,934) 48,196 932 690,099 (10,134) (381,449)
Net assets available
for plan benefits:
Beginning of year .......... 5,795,411 527,046 159,630 1,163,260 195,879 381,449
---------- --------- -------- --------- --------- ---------
End of year ................ $5,589,477 $ 575,242 $160,562 $1,853,359 $ 185,745 $ 0
========== ========= ======== ========== ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 14
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, 1997 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Merrill
Merrill Lynch Merrill Merrill
Merrill Merrill Lynch Small Lynch Lynch
Lynch Lynch Basic Company Int'l Equity
Global Capital Value Stock Stock Index
Holdings Fund Fund Index Index Tier 6
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest ................ $ 14 $ 19 $ 24 $ 1 $ 52
Dividends ............... 6,079 10,356 11,362
Distribution of Loan
interest income ....... 215 233 309 5 $ 1 261
Net realized gains(losses) 7,042 3,568 7,641 95 5 1,902
Net unrealized appreciation
(depreciation) in fair
value of investments... 6,594 13,872 31,374 822 16 38,903
--------- --------- --------- --------- --------- ---------
Total investment income 19,944 28,048 50,710 923 22 41,118
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $273) .............. 1,387 1,589 1,951 19 5 1,454
Participants'............ 6,021 6,540 8,698 101 27 6,228
Rollovers................ 90 154 309 17 154
--------- --------- --------- --------- --------- ---------
27,442 36,331 61,668 1,060 54 48,954
--------- --------- --------- --------- --------- ---------
Withdrawals ............... (4,649) (7,743) (6,933) (4) (4) (5,413)
Net transfers among funds
Loans ................... (901) (1,249) (1,226) (769)
Loan principal repayments 1,196 1,289 1,948 21 4 1,394
Interfund transfers...... (33,858) (10,892) 11,059 11,482 1,826 542,983
Assets transferred in(out), net (1,370) (2,074) (2,209) (41)
Affiliated company
transfers in(out), net.. 15 9 92 31
--------- --------- --------- --------- --------- ---------
(39,567) (20,660) 2,731 11,499 1,826 538,185
--------- --------- --------- --------- --------- ---------
Net increase (decrease).... (12,125) 15,671 64,399 12,559 1,880 587,139
Net assets available
for plan benefits:
Beginning of year ....... 96,582 104,656 123,037
--------- --------- --------- -------- --------- ---------
End of year ............. $ 84,457 $ 120,327 $ 187,436 $ 12,559 $ 1,880 $ 587,139
========= ========= ========= ======== ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 15
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, 1997 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Conserva- Moderate Aggressive
tive Asset Asset Asset AIM
Allocation Allocation Allocation Constella- AIM Fidelity
Portfolio Portfolio Portfolio tion A Value A Fund
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest ................ $ 1
Dividends ............... $ 42
Distribution of Loan
interest income ....... $ 1 3 $ 4 $ 2 $ 2
Net realized gains(losses) 4 12 1 28 7 (3)
Net unrealized appreciation
(depreciation) in fair
value of investments... 65 230 201 208 179 29
--------- --------- --------- --------- --------- ---------
Total investment income 70 246 206 238 188 68
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $273) .............. 6 11 19 14 15 4
Participants'............ 21 50 97 57 78 22
Rollovers................ 16 12
--------- --------- --------- --------- --------- ---------
97 307 338 309 281 106
--------- --------- --------- --------- --------- ---------
Withdrawals ............... (24) (53) (1) (21) (47) (1)
Net transfers among funds
Loans ................... (9) (10) (5)
Loan principal repayments 8 16 18 11 9 2
Interfund transfers...... 3,276 8,799 6,597 4,178 5,154 2,366
Assets transferred in(out), net
Affiliated company
transfers in(out), net..
--------- --------- --------- --------- --------- ---------
3,251 8,762 6,614 4,168 5,106 2,362
--------- --------- --------- --------- --------- ---------
Net increase (decrease).... 3,348 9,069 6,952 4,477 5,387 2,468
Net assets available
for plan benefits:
Beginning of year .......
--------- --------- --------- -------- --------- ---------
End of year ............. $ 3,348 $ 9,069 $ 6,952 $ 4,477 $ 5,387 $ 2,468
========= ========= ========= ======== ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 16
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, 1997 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Franklin
Fidelity Fidelity Fidelity Balance Franklin
Equity- Growth & Low-Priced Sheet Franklin Small Cap
Income Income Stock Investment Growth I Growth I
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest ................ $ 1 $ 1 $ 3 $ 1 $ 2
Dividends ............... 71 466 1,325 54
Distribution of Loan
interest income ....... 8 7 10 7 $ 2 9
Net realized gains(losses) 17 (12) 47 21 1 77
Net unrealized appreciation
(depreciation) in fair
value of investments... 547 (91) 1,157 1,244 40 2,241
--------- --------- --------- --------- --------- ---------
Total investment income 644 371 2,542 1,327 43 2,329
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $273) .............. 54 45 80 49 8 62
Participants'............ 253 216 412 244 42 305
Rollovers................ 104 28 73 9 63
--------- --------- --------- --------- --------- ---------
1,055 660 3,107 1,629 93 2,759
--------- --------- --------- --------- --------- ---------
Withdrawals ............... (8) (28) (9) (20) (49)
Net transfers among funds
Loans ................... (25) (47) (14) (5)
Loan principal repayments 44 39 50 33 20 117
Interfund transfers...... 15,658 16,313 31,594 16,085 2,465 24,167
Assets transferred in(out), net
Affiliated company
transfers in(out), net..
--------- --------- --------- --------- --------- ---------
15,694 16,299 31,588 16,084 2,485 24,230
--------- --------- --------- --------- --------- ---------
Net increase (decrease).... 16,749 16,959 34,695 17,713 2,578 26,989
Net assets available
for plan benefits:
Beginning of year .......
--------- --------- --------- -------- --------- ---------
End of year ............. $ 16,749 $ 16,959 $ 34,695 $ 17,713 $ 2,578 $ 26,989
========= ========= ========= ======== ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 17
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, 1997 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Hotchkis Merrill MFS
& Wiley Janus Janus Lynch MFS Total
Int'l Enterprise Mercury Growth A Research A Return A
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment income
Interest ................ $ 1 $ 2 $ 1
Dividends ............... 29 $ 10
Distribution of Loan
interest income ....... 6 $ 1 $ 1 15 4 1
Net realized gains(losses) (18) 1 17 90 14 5
Net unrealized appreciation
(depreciation) in fair
value of investments... 317 26 61 2,999 302 38
--------- --------- --------- --------- --------- ---------
Total investment income 306 28 79 3,135 321 54
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $273) .............. 54 1 8 82 28 3
Participants'............ 269 6 47 393 149 17
Rollovers................ 37 18 22 2 3
--------- --------- --------- --------- --------- ---------
666 35 152 3,632 500 77
--------- --------- --------- --------- --------- ---------
Withdrawals ............... (5) (16) (53) (49)
Net transfers among funds
Loans ................... (1) (4) (28) (5)
Loan principal repayments 58 1 7 81 20 2
Interfund transfers...... 17,366 639 1,936 28,081 8,311 1,673
Assets transferred in(out), net
Affiliated company
transfers in(out), net..
--------- --------- --------- --------- --------- ---------
17,418 640 1,923 28,081 8,282 1,670
--------- --------- --------- --------- --------- ---------
Net increase (decrease).... 18,084 675 2,075 31,713 8,782 1,747
Net assets available
for plan benefits:
Beginning of year .......
--------- --------- --------- -------- --------- ---------
End of year ............. $ 18,084 $ 675 $ 2,075 $ 31,713 $ 8,782 $ 1,747
========= ========= ========= ======== ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 18
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, 1997 (Continued)
(Dollars in Thousands)
<CAPTION>
FUND INFORMATION
Total
Templeton Templeton All
Foreign I Growth I Funds
--------- --------- ----------
<S> <C> <C> <C>
Investment income
Interest ................ $ 1 $ 1 $ 428,758
Dividends ............... 80,592
Distribution of Loan
interest income ....... 8 5
Net realized gains(losses) 1 14 414,851
Net unrealized appreciation
(depreciation) in fair
value of investments... 552 556 480,842
--------- --------- ---------
Total investment income 562 576 1,405,043
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $273) .............. 61 34 69,270
Participants'............ 319 174 239,355
Rollovers................ 52 14,370
--------- --------- ---------
994 784 1,728,038
--------- --------- ---------
Withdrawals ............... (19) (85) (567,291)
Net transfers among funds
Loans ................... (10) (10)
Loan principal repayments 44 31
Interfund transfers...... 19,346 13,535
Assets transferred in(out), net (104,576)
Affiliated company
transfers in(out), net.. 132
--------- --------- ---------
19,361 13,471 (671,735)
--------- --------- ---------
Net increase (decrease).... 20,355 14,255 1,056,303
Net assets available
for plan benefits:
Beginning of year ....... 8,546,950
--------- --------- ----------
End of year ............. $ 20,355 $ 14,255 $9,603,253
========= ========= =========
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
PAGE 19
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, 1996
(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 ................... $ 426,351 $ 50 $ 14 $ 45 $ 15,786 $ 23
Dividends .................. 110,229 13 29,606 16
Distribution of loan
interest income .......... 11,402 1,517 363 1,259 (15,786) 592
Net realized gains (losses). 4,038 5,281 75,619 6,888
Net unrealized appreciation
(depreciation) in fair
value of investments ..... (98,055) 10,075 188,126 49,941
---------- --------- --------- --------- --------- ---------
Total investment income .. 437,753 17,779 15,746 294,655 57,460
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $255).................. 47,885 8,263 2,112 5,719 2,970
Participants'............... 157,480 34,137 8,300 16,299 11,238
Rollovers................... 38,033 2,435 412 694 446
---------- --------- --------- --------- --------- ---------
681,151 62,614 26,570 317,367 72,114
---------- --------- --------- --------- --------- ----------
Withdrawals .................. (331,755) (20,637) (5,333) (33,275) (6,820) (9,262)
Net transfers among funds
Loans ...................... (72,593) (6,729) (1,882) (11,377) 98,085 (2,568)
Loan principal repayments... 57,415 8,468 1,895 6,439 (80,970) 3,166
Interfund transfers......... (112,870) 13,928 4,198 (30,422) 53,042
Assets transferred in......... 8,866 264
Affiliated company
transfers in (out), net .... (93) 169 (12) 677 33
---------- --------- --------- --------- --------- ---------
(451,030) (4,801) (1,134) (67,958) 10,592 44,378
---------- ---------- --------- --------- --------- ---------
Net increase(decrease)...... 230,121 57,813 25,436 249,409 10,592 116,492
Net assets available
for plan benefits:
Beginning of year .......... 5,565,290 469,233 134,194 913,851 185,287 264,957
---------- --------- -------- --------- --------- ---------
End of year ................ $5,795,411 $ 527,046 $159,630 $1,163,260 $ 195,879 $ 381,449
========== ========= ======== ========== ========= =========
The accompanying notes are an integral part of these financial statements.
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 20
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, 1996 (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 ................ $ 8 $ 1 $ 10 $ 8 $ 442,296
Dividends ............... 3,538 1,137 11,508 7,149 163,196
Distribution of Loan
interest income ....... 197 14 226 216
Net realized gains(losses) 933 (133) 971 1,413 95,010
Net unrealized appreciation
(depreciation) in fair
value of investments... 4,003 (2,536) 2,904 154,458
--------- --------- --------- --------- ---------
Total investment income 8,679 1,019 10,179 11,690 854,960
Contributions
DuPont Company's contributions
(net of forfeitures applied
of $255) .............. 1,307 115 1,601 1,418 71,390
Participants'............ 5,568 420 6,570 6,117 246,129
Rollovers................ 102 66 302 334 42,824
--------- --------- --------- --------- ----------
15,656 1,620 18,652 19,559 1,215,303
--------- --------- --------- --------- ----------
Withdrawals ............... (2,496) (241) (3,901) (3,203) (416,923)
Net transfers among funds
Loans ................... (875) (147) (1,107) (807)
Loan principal repayments 1,076 69 1,214 1,228
Interfund transfers...... 17,869 (16,075) 24,735 45,595
Assets transferred in...... 9,130
Affiliated company
transfers in (out), net.. (33) (31) (4) 706
--------- --------- --------- --------- ----------
15,541 (16,394) 20,910 42,809 (407,087)
--------- --------- --------- --------- ----------
Net increase (decrease).... 31,197 (14,774) 39,562 62,368 808,216
Net assets available
for plan benefits:
Beginning of year ....... 65,385 14,774 65,094 60,669 7,738,734
--------- --------- --------- -------- ----------
End of year ............. $ 96,582 $ 0 $ 104,656 $123,037 $8,546,950
========= ========= ========= ======== ==========
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
PAGE 21
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands unless otherwise noted)
NOTE 1 -- DESCRIPTION OF SAVINGS AND INVESTMENT PLAN:
THE PLAN
The following description of the Savings and Investment Plan of
E. I. duPont de Nemours and Company (Plan) provides only general information.
Participants should refer to the Plan agreement for a more comprehensive
description of the Plan's provisions.
The Plan is a defined contribution plan which was established by
the Company's Board of Directors and became effective September 1, 1955. The
Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974 and the Internal Revenue Code.
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 to become stockholders of the
Company. The Plan is a tax qualified contributory profit sharing plan. Any
employee of the Company or employee of the Company's subsidiaries or general
partnerships which have 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.
Eligible employees may participate in the Plan by authorizing the
Company to make a monthly payroll deduction. The amount deducted can be
deposited into a before-tax account, Regular account (for after-tax savings)
or some combination thereof. Effective January 1, 1997, an employee may
elect maximum savings rates in the Plan of 17% before-tax and 22% after-tax
for a total maximum savings rate of 39%. Prior to this increase, the maximum
savings rates were 16% before-tax and 22% after-tax for a total maximum
savings rate of 38%. 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, a participant is allowed to make lump sum savings
deposits in cash or through payroll deduction to the Plan at any time. All
of the above savings and elections are subject to regulatory and Plan
limitations.
A participant with less than five years of service 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 participant withdraws any
matched before-tax or after-tax savings or company contributions contributed
to the account during the last two years. A participant who retires from
active service may elect to make an account withdrawal at any time. Required
minimum distribution will begin in March of the calendar year following the
year in which the participant attains age 70-1/2.
<PAGE>
PAGE 22
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
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 deduction from pay or pension
checks. 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 for the
investment of employee savings and company contributions. Effective July 1,
1997, 22 new investment options were added to the Plan to expand the
investment choices available to participants. The new options included two
index funds, seventeen mutual funds and three asset allocation portfolios.
The investment options offered are 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.
DuPont Common Stock Fund
- ------------------------
DuPont common stock.
Loan Fund
- ---------
Participant loans--amounts transferred from other funds that are loaned to
participants.
Merrill Lynch Funds
- -------------------
A total of seven Merrill Lynch investment options are offered, each with its
own investment objective:
Mutual Funds:
Merrill Lynch Global Holdings - seeks highest total investment return
consistent with prudent risk through global diversification
Merrill Lynch Capital Fund - seeks highest total investment return
consistent with prudent risk
Merrill Lynch Basic Value Fund- seeks capital appreciation and income
Merrill Lynch Growth A - seeks growth of capital and income
<PAGE>
PAGE 23
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
Index Funds:
Merrill Lynch Small Company Stock Index - seeks to track the holdings and
total return of The Russell 2000 Index
Merrill Lynch International Stock Index - seeks to track the holdings and
total return of the Morgan Stanley Capital International EAFE
(Europe, Australasia and Far East) Index
Merrill Lynch Equity Index Tier 6 - seeks to track the holdings and total
return of the Standard & Poor's 500 Composite Stock Price Index
(S&P 500 Index)
Effective July 1, 1997, the Merrill Lynch Growth A mutual fund, Merrill Lynch
Small Company Stock Index and Merrill Lynch International Stock Index were
added to the Plan as new investment options.
Also on July 1, 1997, the assets of the Merrill Lynch Equity Index were
transferred into the Merrill Lynch Equity Index Tier 6 Trust, thereby
eliminating the Equity Index from Merrill Lynch's investment line-up. The
Equity Index Tier 6 Trust is referred to as the Large Company Stock Index in
participant communications. The underlying investment objective, which is to
track the S&P 500 Index, remains unchanged.
Mutual Funds
- ------------
In addition to the four Merrill Lynch mutual funds listed above, seventeen
other mutual funds are offered as investment options. Each of the mutual
funds has its own investment objective and varying degrees of risk. The list
of mutual funds available is:
AIM Constellation A - seeks aggressive capital growth
AIM Value A - seeks long-term capital growth
Fidelity Fund - seeks long-term capital growth
Fidelity Equity-Income - seeks reasonable income and potential for capital
appreciation
Fidelity Growth & Income - seeks high total return
Fidelity Low-Priced Stock - seeks capital appreciation
Fidelity Magellan Fund - seeks capital appreciation
Franklin Balance Sheet Investment - seeks high total return
Franklin Growth I - seeks capital appreciation
Franklin Small Cap Growth I - seeks long-term capital growth
Hotchkis & Wiley International - seeks current income, long-term growth of
income and growth of capital
Janus Enterprise - seeks long-term growth of capital
Janus Mercury - seeks long-term growth of capital
MFS Research A - seeks long-term growth of capital and future income
MFS Total Return A - seeks above-average income consistent with prudent
employment of capital, and growth of capital and income
Templeton Foreign I - seeks long-term capital growth
Templeton Growth I - seeks long-term capital growth
<PAGE>
PAGE 24
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
All of these mutual funds, excluding the Fidelity Magellan Fund, were added
as new investment options effective July 1, 1997.
Asset Allocation Portfolios
- ---------------------------
Four Asset Allocation Portfolios are offered as investment options for
balancing risk and return:
3-Way Asset Allocation Portfolio - seeks long-term return while controlling
risk
Conservative Asset Allocation Portfolio - seeks lower risk with lower
potential return
Moderate Asset Allocation Portfolio - seeks moderate risk and return
Aggressive Asset Allocation Portfolio - seeks higher return with higher
potential risk
The Conservative, Moderate and Aggressive Asset Allocation Portfolios were
added as new investment options effective July 1, 1997. All three portfolios
are composed of other investment options which are available in the Plan.
All three asset allocation portfolios have as their components the Fixed
Income Fund, Merrill Lynch Small Company Stock Index Trust and the Merrill
Lynch Equity Index Tier 6 Trust. The Moderate and Aggressive portfolios also
include the Merrill Lynch International Stock Index. The percentage of
investment in the Fixed Fund or the other Merrill Lynch options varies
depending on the risk.
Participants may allocate their Before and After-Tax savings
deductions and Company contributions among all funds at their discretion.
Asset transfers out of the Plan in the Plan year ending
September 30, 1997 relate primarily to sale of the Medical Products
businesses ($79,406) and formation of an information technology alliance with
Computer Sciences Corporation ($10,388). Asset transfers into the Plan in
the Plan year ending September 30, 1996 relate primarily to formation of the
DuPont-Dow Elastomers joint venture ($8,901). Affiliated company transfers
in (out) represent the net movement of participant account balances between
the Plan and other Company-sponsored defined contribution benefit plans.
ADMINISTRATION
The designated trustee of the Plan 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
authority to designate the Plan's investment options. Reasonable expenses of
administering the Plan, including, but not limited to, recordkeeping
expenses, trustee fees and transactional costs may, at the election of the
Plan Administrator, be paid by participants. Brokerage fees, transfer taxes,
investment fees and other expenses incident to the purchase and sale of
securities and investments shall be included in the cost of such securities
or investments, or deducted from the sales proceeds, as the case may be.
<PAGE>
PAGE 25
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
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 on the
termination date.
NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION AND INCOME RECOGNITION
The accompanying financial statements are prepared on the accrual
basis of accounting. The Plan's investments are stated at fair value, except
for the Fixed Income Fund, which is valued at contract 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. Mutual funds are valued at
quoted market prices which represents the net asset value of shares held by
the Plan at year-end. Common/collective trust funds are stated at the fair
value of all underlying assets as reported by the applicable custodian.
Loans to participants, short-term investments and cash are valued at cost
which approximates fair value. Common stock is valued at its quoted market
price at year-end.
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 when earned. Realized gains and losses on the sale of
the DuPont Common Stock Fund investment securities are based on average
cost of the securities sold. Purchases and sales are recorded on a trade
date basis.
USE OF ESTIMATES
The preparation of financial statements in conformity with
generally accepted accounting principles requires the Plan Administrator to
make estimates and assumptions that affect the reported amounts in the
financial statements. Actual results could differ from those estimates.
<PAGE>
PAGE 26
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
NOTE 3 -- INVESTMENTS
The Fixed Income Fund consists of guaranteed investment contracts
(GIC), separate account portfolios (SAP) and synthetic guaranteed investment
contracts (SYN). The crediting interest rates ranged from 5.41% to 10.65%
for the year ended September 30, 1997 and from 5.38% to 10.65% for the year
ended September 30, 1996. The fund's blended rate of return for the year was
7.4% in 1997 and 7.9% in 1996.
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 contract values and fair values of investment contracts as of
September 30, 1997 are as follows:
Contract Value Fair Value
(Dollars in Thousands)
Guaranteed Investment Contracts $1,354,249 $1,442,989
Synthetic Guaranteed Investment Contracts 3,397,215 3,488,019
Separate Account Guaranteed Investment 789,183 783,017
Contracts
$5,540,647 $5,714,025
========== ==========
The total contract value of $5,540,647 includes direct participant
investments of $5,532,584 and investments of $8,063 held by the Conservative,
Moderate and Aggressive Allocation Portfolios.
Included in the fair value of synthetic guaranteed investment
contracts is $(90,804) related to wrapper contracts which guarantee the
contract value of the synthetic guaranteed investment contracts for
participant-initiated withdrawal events.
<PAGE>
PAGE 27
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
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 favorable tax
determination letter dated October 26, 1995 has been received by the Plan.
Accordingly, no provision has been made for federal income taxes in the
accompanying financial statements.
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,
1997 1996
----------- -----------
(Dollars in Thousands)
Net assets for benefits per the
financial statements $9,603,253 $8,546,950
Less: Amounts allocated to withdrawing
participants (5,488) (4,988)
----------- -----------
Net assets available for benefits per
the Form 5500: $9,597,765 $8,541,962
=========== ===========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
September 30, 1997
----------------------
(Dollars in Thousands)
Benefits paid to participants per the financial
statements $567,291
Add: Amounts allocated to withdrawing participants
at September 30, 1997 5,488
Less: Amounts allocated to withdrawing participants
at September 30, 1996 (4,988)
--------
Benefits paid to participants per the Form 5500 $567,791
========
<PAGE>
PAGE 28
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
NOTES TO FINANCIAL STATEMENTS - (Continued)
(Dollars in thousands unless otherwise noted)
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 -- RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds and
common/collective trust funds managed by the Trustee. Therefore,
transactions in these investments qualify as party-in-interest transactions
which are exempt from the prohibited transaction rules.
NOTE 8 -- SUBSEQUENT EVENTS
Effective with the Plan year beginning October 1, 1997, the Plan
was amended to guarantee a minimum level of Company contributions to the Plan
during each Plan year (October 1 through September 30). The amount of the
guarantee will be determined annually by the Chief Financial Officer of the
Company.
Effective January 1, 1998, the maximum allowable savings rate for
the before-tax account will increase from 17% to 22%. Accordingly, the total
maximum savings rate (before-tax plus after-tax) will increase to 44%.
Plan assets were impacted subsequent to September 30, 1997, by
several business acquisitions and divestitures which occurred during 1997:
- Formation of an information technology alliance with Andersen
Consulting was completed in June, 1997. Assets of $11,744 were
transferred out of the Plan in December, 1997.
- Sale of New England Nuclear life science products business to
Genstar Capital LLC was completed in June, 1997. $9,120 of cash
and 35,928 shares in kind of DuPont common stock were transferred
out of the Plan in January, 1998.
- Purchase of ICI's PET and PEN polyester resins and PTA chemical
intermediates businesses was completed in December, 1997. Assets
of $5,095 were transferred into the Plan in January, 1998.
<PAGE>
<TABLE>
PAGE 29
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
SCHEDULE I
ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SEPTEMBER 30, 1997
Current
<CAPTION>
Description Cost Value
(Dollars in Thousands)
<S> <C> <C>
Aetna Life Insurance Company--7.23%, 12/31/25 (SYN)............ $ 123,044 $ 123,044
Aetna Life Insurance Company--7.70%, 12/31/25 (SYN)............ 209,804 209,804
Aetna Life Insurance Company--9.71%, 12/1/98 (GIC) ............ 56,524 56,524
Aetna Life Insurance Company--9.48%, 12/1/98 (GIC) ............ 55,549 55,549
Aetna Life Insurance Company--8.90%, 12/1/99 (GIC)............. 76,949 76,949
Aetna Life Insurance Company--8.89%, 12/1/00 (GIC)............. 86,864 86,864
Allstate Life Insurance Company--8.50%, 12/1/01 (GIC) ......... 130,610 130,610
Bankers Trust--6.549%, 8/30/02 (SYN) .......................... 236,136 236,136
Bankers Trust--7.80%, 12/31/25 (SYN) .......................... 274,191 274,191
CDC--7.08%, 10/1/02 (SYN)...................................... 269,160 269,160
Citibank--5.41%, 9/1/00 (SYN).................................. 184,816 184,816
Citibank--7.47%, 08/1/01 (SYN)................................. 63,012 63,012
Deutsche Bank--6.38%, 12/31/99 (SYN)........................... 397,633 397,633
John Hancock Mutual Life Insurance Company--9.4%, 12/1/98 (GIC) 55,213 55,213
John Hancock Mutual Life Insurance Company--9.0%, 12/1/99 (GIC) 77,466 77,466
John Hancock Mutual Life Insurance Company--8.89%, 12/1/99 (GIC) 76,900 76,900
John Hancock Mutual Life Insurance Company--8.31%, 12/3/01 (GIC) 86,623 86,623
John Hancock Mutual Life Insurance Company--6.38%, 12/31/99 (SAP) 191,289 191,289
Massachusetts Mutual Life Insurance Company--9.15%, 12/1/00 (GIC) 85,369 85,369
Metropolitan Life Insurance Company--9.64%, 12/1/98, (GIC) ...... 56,226 56,226
Metropolitan Life Insurance Company--7.27%, 7/1/00 (SAP)......... 145,086 145,086
J. P. Morgan--6.62%, 12/31/99 (SYN).............................. 262,090 262,090
J. P. Morgan--6.00%, 12/31/48 (SYN).............................. 291,253 291,253
New York Life Insurance Company--10.15%, 12/1/97 (GIC) .......... 12,635 12,635
New York Life Insurance Company--9.75%, 12/1/97 (GIC) ........... 12,217 12,217
New York Life Insurance Company--9.36%, 12/1/98 (GIC) ........... 55,046 55,046
New York Life Insurance Company--9.66%, 12/1/98 (GIC) ........... 16,856 16,856
New York Life Insurance Company--9.27%, 12/1/00 (GIC) ,.......... 72,479 72,479
New York Life Insurance Company--6.01%, 7/1/00 (SAP)............. 121,819 121,819
New York Life Insurance Company--6.01%, 12/1/00 (SAP)............ 165,955 165,955
New York Life Insurance Company--6.01%, 12/1/00 (SAP)............ 165,034 165,034
Peoples Security Life Insurance Company, a Member of the
Capital Holdings Family--7.29%, 4/1/99 (SYN).................. 286,311 286,311
Peoples Security Life Insurance Company, a Member of the
Capital Holdings Family--6.59%, 1/1/00 (SYN) ................. 243,459 243,459
Prudential Life Insurance Company--10.65%, 12/1/97 (GIC) ........ 13,173 13,173
Prudential Life Insurance Company--8.97%, 12/1/99 (GIC) ......... 80,402 80,402
Prudential Life Insurance Company-- 9.60%, 12/1/00 (GIC) ........ 75,633 75,633
Prudential Life Insurance Company--9.01%, 12/1/99 (GIC) ......... 80,616 80,616
Continued on next page
</TABLE>
<PAGE>
<TABLE>
PAGE 30
SAVINGS AND INVESTMENT PLAN
OF
E. I. DU PONT DE NEMOURS AND COMPANY (THE "COMPANY")
SCHEDULE I
ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SEPTEMBER 30, 1997
(Continued)
Current
<CAPTION>
Description Cost Value
(Dollars in Thousands)
<S> <C> <C>
Travelers Life Insurance Company--10.17%, 12/1/97 (GIC) ......... 12,657 12,657
Travelers Life Insurance Company--9.15%, 12/1/99 (GIC) .......... 78,242 78,242
Union Bank of Switzerland--7.08%, 12/31/25 (SYN) ................ 287,792 287,792
Welington Management Company--6.31%, 1/1/25 (SYN)................ 268,514 268,514
---------- ----------
Total GIC, SAP and SYN <Fa>................................... 5,540,647 5,540,647
Less: Fixed Income Contracts held by Asset Allocation
Portfolios <Fb>......................................... (8,063) (8,063)
---------- ----------
5,532,584 5,532,584
---------- ----------
Fidelity Magellan Fund........................................... 436,737 571,985
3-Way Asset Allocation Fund...................................... 101,029 159,709
DuPont Common Stock.............................................. 850,991 1,847,491
Loans to Participants (8.25% - 8.75%)............................ 185,745 185,745
Short Term Investments and Cash.................................. 41,101 41,101
Merrill Lynch Global Holdings.................................... 68,592 83,878
Merrill Lynch Capital Fund....................................... 100,816 119,539
Merrill Lynch Basic Value Fund................................... 144,127 186,304
Merrill Lynch Small Company Stock Index.......................... 11,665 12,487
Merrill Lynch International Stock Index.......................... 1,848 1,864
Merrill Lynch Equity Index Tier 6................................ 545,930 584,721
Conservative Asset Allocation Portfolio <Fb>..................... 3,269 3,334
Moderate Asset Allocation Portfolio <Fb>......................... 8,796 9,026
Aggressive Asset Allocation Portfolio <Fb>....................... 6,691 6,892
AIM Constellation A.............................................. 4,233 4,441
AIM Value A...................................................... 5,162 5,342
Fidelity Fund.................................................... 2,427 2,456
Fidelity Equity-Income........................................... 16,056 16,603
Fidelity Growth & Income......................................... 16,928 16,837
Fidelity Low-Priced Stock........................................ 33,302 34,459
Franklin Balance Sheet Investment................................ 16,329 17,573
Franklin Growth I................................................ 2,514 2,554
Franklin Small Cap Growth I...................................... 24,563 26,804
Hotchkis & Wiley Int'l........................................... 17,619 17,936
Janus Enterprise................................................. 645 671
Janus Mercury.................................................... 1,992 2,053
Merrill Lynch Growth A........................................... 28,485 31,484
MFS Research A................................................... 8,401 8,703
MFS Total Return A............................................... 1,697 1,736
Templeton Foreign I.............................................. 19,637 20,189
Templeton Growth I............................................... 13,601 14,157
---------- ----------
Total Investment Portfolio $8,253,512 $9,570,658
========== ==========
<FN>
- ----------------------------
<Fa> GIC = Guaranteed Investment Contract; SAP = Separate Account Portfolio;
SYN = Synthetic Guaranteed Investment Contract
<Fb> The Conservative, Moderate and Aggressive Asset Allocation Portfolios
hold investments in Fixed Income Fund Contracts of $2,293, $4,436 and
$1,334, respectively, totaling $8,063.
</TABLE>
<PAGE>
<TABLE>
PAGE 31
SAVINGS AND INVESTMENT PLAN
OF
E.I. DUPONT DE NEMOURS AND COMPANY
SCHEDULE II
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
(DOLLARS IN THOUSANDS)
Transactions or Series of Transactions in Excess
of 5% of Current Value of Plan Assets as of October 1, 1996
<CAPTION>
Contract Current
Identity Value/ Value on
of Party Description Purchase Sales Cost of Transaction Gain on
Involved of Asset Price Price Asset Date Transaction
- -------- ----------- ------- ----- -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
DuPont Common Stock $672,594 $ 672,594 $672,594
DuPont Common Stock $440,796 334,327 440,796 $106,469
ML Equity Index Tier 6 598,681 598,681 598,681
ML Equity Index Tier 6 54,797 52,895 54,797 1,902
Fixed Income GIC 888,763 888,763 888,763
Fixed Income GIC 1,503,802 1,082,626 1,503,802 421,176
</TABLE>
<PAGE>
PAGE 32
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 January 19, 1998, which appears on page 4 of this Form
11-K.
PRICE WATERHOUSE LLP
Philadelphia, Pennsylvania
February 26, 1998
