UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the fiscal year ended December 31, 1997.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the transition period from __________________ to
____________________.
Commission file number: 1-6179
THIOKOL CORPORATION
RETIREMENT SAVINGS AND
INVESTMENT PLAN
CORDANT TECHNOLOGIES INC.
2475 Washington Blvd., Ogden, Utah 84401-2398
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
Audited Financial Statements
December 31, 1997 and 1996
Report of Independent Auditors............................................1
Statements of Net Assets Available for Benefits...........................2
Statements of Changes in Net Assets Available for Benefits................3
Notes to Financial Statements.............................................4
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
Report of Independent Auditors
Compensation Committee
of the Board of Directors
Cordant Technologies Inc. (formerly Thiokol Corporation)
We have audited the accompanying statements of net assets available for
benefits of the Thiokol Corporation Retirement Savings and Investment Plan
as of December 31, 1997 and 1996, and the related statements of changes in
net assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
at December 31, 1997 and 1996, and the changes in its net assets available
for benefits for the years then ended in conformity with generally accepted
accounting principles.
/s/ Ernst & Young LLP
Salt Lake City, Utah
May 8, 1998
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
December 31
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
Investments, at fair value - Note C
Fixed Income Fund $144,438,172 $151,694,719
Government Securities Fund 4,237,775 4,327,067
Balanced Fund 28,689,472 22,325,299
Equity Index Fund 107,359,441 78,075,858
International Equity Fund 11,565,497 11,226,393
Aggressive Equity Fund 13,160,704 12,225,414
Thiokol Corporation Stock Fund 50,614,820 25,804,218
------------ ------------
TOTAL INVESTMENTS 360,065,881 305,678,968
Loans to participants 18,099,598 18,654,151
Accrued income receivable 1,573,071 693,665
------------ ------------
TOTAL ASSETS 379,738,550 325,026,784
LIABILITIES
Administrative expenses payable 66,121 71,501
------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS $379,672,429 $324,955,283
============ ============
</TABLE>
See notes to Financial Statements.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<TABLE>
<CAPTION>
Year Ended December 31
1997 1996
------------- -------------
<S> <C> <C>
Contributions and investment income
Company contributions $ 4,845,885 $ 5,087,618
Participant contributions 14,841,422 15,268,833
Rollover contributions 455,142 542,942
Dividend income 1,389,591 2,710,576
Interest income 11,186,841 10,237,856
------------- -------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 32,718,881 33,847,825
Net gain on sale of plan assets - Note D 15,768,058 11,167,579
Net unrealized appreciation in fair
value of investments - Note C 36,001,929 10,447,953
Participant payments (29,376,838) (30,956,489)
Administrative expenses (555,988) (444,005)
Plan transfers 161,104 (21,660)
-------------- -------------
NET INCREASE 54,717,146 24,041,203
Net assets available for benefits at
beginning of year 324,955,283 300,914,080
-------------- -------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 379,672,429 $ 324,955,283
============== =============
</TABLE>
See notes to Financial Statements.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
General:
- --------
All investments of the Thiokol Corporation Retirement Savings and
Investment Plan (the Plan) are held in the Thiokol Corporation Master
Savings Trust (the Trust) by The Northern Trust Company (the Trustee). The
Trustee invests the assets of three employee retirement savings and
investment plans of Thiokol Corporation (the Company) pursuant to
instructions provided to it by the investment managers. The investment
managers are appointed by the Compensation Committee of the Thiokol Board
of Directors.
The Company's and participants' contributions, loans made to participants,
repayments received from participants, and benefit payments or withdrawals
are specifically identified for each plan. Income (loss) is allocated to
the various plans based upon each plan's proportionate share of the fair
value of the Trust's assets related to that income. Asset values in the
Plan reflect the deduction of brokerage commissions, related transaction
costs and other fees assessed by the various investment managers. Costs
incurred by the Plan to administer the daily valuation system are allocated
daily to each investment fund as a reduction of the Net Asset Value (NAV)
at an annual rate of fifteen one hundredths of one percent. All other Plan
administrative and general expenses are paid by the Company.
Investments:
- ------------
There are seven investment options and one employee loan option under the
Plan. Investment options are: the Fixed Income Fund, the Government
Securities Fund, the Balanced Fund, the Equity Index Fund, the
International Equity Fund, the Aggressive Equity Fund, and the Thiokol
Corporation Stock Fund.
Investments in the stock of the Company are recorded at fair market value
as determined by the closing price on the New York Stock Exchange.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
The investment managers for the Equity Index, Balanced, International
Equity, and Aggressive Equity Funds provide the unit value of their
respective funds on a daily basis to the Trustee based upon each
investment's closing price from the appropriate exchange or closing bid
prices from investment brokerage firms.
The Fixed Income and Government Securities Funds are valued at contract
value, which represents periodic deposit amounts net of funds used to pay
participants' withdrawals, plus credited interest at the contract rate. The
interest rate for each contract is reviewed and may be adjusted
semi-annually to reflect current interest rates. The stated interest rate
has been adjusted for estimated contract transaction and plan
administration costs.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements
and accompanying notes, such as the adjustment on the stated interest rate
for the Fixed Income and Government Securities Funds. Actual results could
differ from those estimates.
Funds may be invested on a temporary basis in common trust funds.
Participation units in common trust funds, comprised exclusively of
short-term investments, are valued at par value, which is equal to
redemption value.
Gain or loss on the sale of Plan assets is determined by utilizing a
historical average unit cost of investments. Unrealized appreciation or
depreciation is determined by the change in fair value for the twelve-month
period.
NOTE B - DESCRIPTION OF THE PLAN
The Plan is a defined-contribution 401(k) plan established to provide
eligible employees with an incentive to make systematic savings for
retirement from current income through payroll deductions and to provide an
opportunity to acquire an equity interest in the Company or to invest in
one of the other six investment choices. All regular domestic employees of
the Company are eligible to participate in the Plan. Employees covered by a
collective bargaining agreement and Huck International domestic employees
participate in other plans.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE B - DESCRIPTION OF THE PLAN
Participation in the Plan is voluntary. Participants may make contributions
to the Plan for any whole percentage up to a maximum of 17% of base pay
subject to limitations imposed by Federal Tax Regulations. The Company
contributes an amount equal to 50% of the participants' base pay up to 6%,
adjusted for any current forfeitures and reinstatement of prior
forfeitures.
Company contributions are allocated among the investment funds in
accordance with the participants' elections. Participants may transfer
amounts from one investment fund to another subject to certain
restrictions.
Information about the Plan's vesting and benefit provisions is contained in
the booklet entitled Your Employee Benefits and is available from the
Company's human resources department.
Active participants may obtain loans from the Plan. The maximum loan amount
is subject to certain restrictions and each loan is secured by the
participant's account balance. The interest charged on loans is based upon
rates as determined by the Plan Administration Committee subject to
Department of Labor regulations.
The Company has the right to terminate, amend, modify, or suspend the Plan
at any time. In the event the Plan is terminated, the entire value of the
investment funds shall be applied for the exclusive benefit of
participants, and no part of the funds will revert to the Company. Upon
termination of the Plan, the Company will have no obligation to continue
making contributions to the Plan.
NOTE C - INVESTMENTS
A description of the investment funds follows:
Fixed Income Fund:
- ------------------
This fund is managed by Connecticut General Life Insurance Company (CIGNA)
under a group annuity contract issued to the Trustee, which provides for a
fixed rate of return. The stated annual rate of return was 6.35% for 1997,
and 5.50% and 5.75% for the first and second halves of 1996 respectively.
The average yield for the fund was 6.35% and 5.63% for 1997 and 1996
respectively. The majority of Fund assets consist of intermediate-term
investment grade corporate bonds.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE C - INVESTMENTS
The fund is maintained in a separate account at the insurance company to
prevent the assets from being subject to the claims of the general
creditors of CIGNA.
Government Securities Fund:
- ---------------------------
This fund is managed by Metropolitan Life Insurance Company (MetLife) under
a group annuity contract. The fund invests in intermediate-term United
States Government and Government National Mortgage Association fixed income
securities backed by the full faith and credit of the United States
Treasury and in other highly rated short-term securities. The stated annual
rate of return was 5.85% for 1997, and 5.00% and 5.25% for the first and
second halves of 1996 respectively. The average yield for the fund was
5.85% and 5.13% for 1997 and 1996 respectively.
The fund is maintained in a separate account at the insurance company to
prevent the assets from being subject to the claims of the general
creditors of MetLife.
Balanced Fund:
- --------------
This fund is managed by the investment management firm of Dodge and Cox.
The fund is invested in both common stocks and bonds. The value of
investments can fluctuate due to general stock and bond market conditions
as well as the performance of the individual securities in which the fund
is invested. Investments in any single stock or bond issue, with the
exception of United States government securities, are seldom in excess of
2% of total fund assets.
Equity Index Fund:
- ------------------
This fund is managed by the Bankers Trust Company. The fund is invested
primarily in common stocks and securities convertible into common stocks
and in other similar types of equity investments which closely mirror the
Standard and Poor's 500 Composite Stock Price Index. The value of
investments can fluctuate due to general stock market conditions and the
performance of the individual securities which comprise the Standard and
Poor's 500 Composite Stock Price Index.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE C - INVESTMENTS
International Equity Fund:
- --------------------------
This fund is managed by the investment management firm of Rowe Price
- -Fleming International. This fund is broadly diversified by investing in
the equity securities of established foreign companies. Generally this fund
is invested in over 300 stocks in more than 25 countries. This fund may
invest in corporate and government debt securities, futures, options and
enter into forward foreign currency exchange contracts. The fund is managed
on a team basis by several portfolio managers that are each responsible for
a geographic region. The portfolio managers are supported by more than 100
financial analysts. The value of this fund fluctuates with world stock and
currency market conditions and the performance of the individual securities
in the fund.
Aggressive Equity Fund:
- -----------------------
This fund is managed by the investment management firms of Peregrine
Capital Management and Provident Investment Counsel. They began management
of the fund on November 1, 1996, replacing Target Investors, Inc. (Target).
The Company terminated its relationship with Target due to less than
expected investment returns. During November 1996, the Target fund was
liquidated and transferred to the two new managers. As a result of the
transfer, the fund under Target realized a net loss of $987,750, and the
fund under the new managers recognized a realized gain of $641,174
resulting in a net realized loss of $346,576 for 1996 (See Note D).
This fund is invested in the common stocks of small, rapidly growing
companies. A small growth company is one which is still in the early stage
of its life cycle, yet has demonstrated, or is expected to achieve,
long-term earnings growth. Investments in any single stock rarely exceed 4%
of total fund assets. The value of investments can fluctuate due to general
stock market conditions and the performance of the individual securities in
the fund.
Thiokol Corporation Stock Fund:
- -------------------------------
This fund is invested primarily in Thiokol Corporation common stock. Its
performance depends primarily upon the performance of the Company's stock.
As with other stocks, the market value of this stock can fluctuate, and
participants' investments in this fund can increase or decrease in value.
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
During 1997 and 1996, the unrealized appreciation (depreciation) of the
Plan's investments was as follows:
<TABLE>
<CAPTION>
Appreciation
(Depreciation)
in Fair Value
During the Period Fair Value Cost
----------------- ------------- -------------
<S> <C> <C> <C>
December 31, 1997:
Fair value as determined by
redemption or contract value:
Fixed Income Fund $ -- $ 144,438,172 $ 144,438,172
Government Securities Fund -- 4,237,775 4,237,775
Fair value as determined by quoted market prices:
Balanced Fund 1,808,822 28,689,472 24,465,668
Equity Index Fund 20,654,398 107,359,441 66,499,787
International Equity Fund (833,617) 11,565,497 11,317,447
Aggressive Equity Fund (188,934) 13,160,704 13,684,364
Thiokol Corporation Stock Fund 14,561,260 50,614,820 27,011,956
------------- ------------- -------------
$ 36,001,929 $ 360,065,881 $ 291,655,169
============= ============= =============
December 31, 1996:
Fair value as determined by
redemption or contract value:
Fixed Income Fund $ -- $ 151,694,719 $ 151,694,719
Government Securities Fund -- 4,327,067 4,327,067
Fair value as determined by quoted market prices:
Balanced Fund 1,334,762 22,325,299 19,926,772
Equity Index Fund 7,636,373 78,075,858 57,748,582
International Equity Fund 646,356 11,226,393 10,172,019
Aggressive Equity Fund (326,185) 12,225,414 12,564,827
Thiokol Corporation Stock Fund 1,156,647 25,804,218 16,935,126
------------- ------------- -------------
$ 10,447,953 $ 305,678,968 $ 273,369,112
============= ============= =============
</TABLE>
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1997
-----------------------------------------------
Fixed Gov't
Income Sec. Balanced
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 1,941,813 $ 51,733 $ 474,114
Participant contributions 5,762,142 162,756 1,490,283
Rollover contributions 156,877 16,589 39,194
Dividend income -- -- 908,428
Interest income 10,090,165 261,102 117,954
-------------- -------------- --------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 17,950,997 492,180 3,029,973
Net gain on sale of plan assets -- -- 2,222,175
Net unrealized appreciation
(depreciation) in fair value of
investments -- -- 1,808,822
Participant payments (18,380,913) (204,343) (1,376,824)
Administrative expenses (230,690) (6,560) (41,095)
Plan transfers 29,822 -- 26,279
Participant transfers (8,044,329) (330,710) 2,599,784
-------------- -------------- --------------
NET (DECREASE) INCREASE (8,675,113) (49,433) 8,269,114
Net assets available for benefits
at beginning of year 160,949,060 4,452,613 23,592,014
-------------- -------------- --------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 152,273,947 $ 4,403,180 $ 31,861,128
============== ============== ==============
</TABLE>
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1997
---------------------------------------------------------------------------------
Equity Int'l Aggressive Company
Index Equity Equity Stock
Fund Fund Fund Fund Total
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 1,364,586 $ 256,850 $ 275,984 $ 480,805 $ 4,845,885
Participant contributions 4,282,909 822,257 861,418 1,459,657 14,841,422
Rollover contributions 184,083 14,448 31,053 12,898 455,142
Dividend income 602 27,267 15,618 437,676 1,389,591
Interest income 356,441 54,654 75,943 230,582 11,186,841
------------- ------------- ------------- ------------- -------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 6,188,621 1,175,476 1,260,016 2,621,618 32,718,881
Net gain on sale of plan assets 5,564,131 1,215,706 1,310,337 5,455,709 15,768,058
Net unrealized appreciation
(depreciation) in fair value of
investments 20,654,398 (833,617) (188,934) 14,561,260 36,001,929
Participant payments (5,806,628) (604,028) (603,210) (2,400,892) (29,376,838)
Administrative expenses (176,519) (19,785) (19,365) (61,974) (555,988)
Plan transfers 75,875 21,476 20,448 (12,796) 161,104
Participant transfers 2,733,787 (999,905) (1,040,499) 5,081,872 --
------------- ------------- ------------- ------------- -------------
NET (DECREASE) INCREASE 29,233,665 (44,677) 738,793 25,244,797 54,717,146
Net assets available for benefits
at beginning of year 82,610,948 12,317,367 13,427,435 27,605,846 324,955,283
------------- ------------- ------------- ------------- -------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 111,844,613 $ 12,272,690 $ 14,166,228 $ 52,850,643 $ 379,672,429
============= ============= ============= ============= =============
</TABLE>
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1996
------------------------------------------------------------
Fixed Gov't
Income Sec. Balanced
Fund Fund Fund
----------------- ----------------- -----------------
<S> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 2,264,600 $ 57,800 $ 450,653
Participant contributions 6,536,539 178,897 1,414,081
Rollover contributions 228,688 - 67,198
Dividend income - - 699,042
Interest income 9,220,567 233,686 111,110
------------ ----------- ------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 18,250,394 470,383 2,742,084
Net gain (loss) on sale of plan assets - - 696,968
Net unrealized appreciation
(depreciation) in fair value of
investments - - 1,334,762
Participant payments (21,617,565) (690,793) (1,149,620)
Administrative expenses (230,683) (6,537) (30,096)
Plan transfers (40,357) 3 51
Participant transfers (9,201,847) (32,287) 3,321,599
------------ ----------- ------------
NET (DECREASE) INCREASE (12,840,058) (259,231) 6,915,748
Net assets available for benefits
at beginning of year 173,789,118 4,711,844 16,676,266
------------- ----------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $160,949,060 $4,452,613 $23,592,014
============= =========== ============
</TABLE>
<PAGE>
THIOKOL CORPORATION
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE D - CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS BY
INVESTMENT FUND
<TABLE>
<CAPTION>
Year Ended December 31, 1996
---------------------------------------------------------------------------------
Equity Int'l Aggressive Company
Index Equity Equity Stock
Fund Fund Fund Fund Total
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Contributions and investment
income:
Company contributions $ 1,317,795 $ 250,693 $ 320,403 $ 425,674 $ 5,087,618
Participant contributions 4,100,772 800,488 1,005,347 1,232,709 15,268,833
Rollover Contributions 176,901 12,850 39,043 18,262 542,942
Dividend income 1,335,591 185,401 74,033 416,509 2,710,576
Interest income 342,901 61,105 86,676 181,811 10,237,856
------------- ------------- ------------- ------------- -------------
TOTAL CONTRIBUTIONS AND
INVESTMENT INCOME 7,273,960 1,310,537 1,525,502 2,274,965 33,847,825
Net gain (loss) on sale of plan assets 5,243,406 577,571 (346,576) 4,996,210 11,167,579
Net unrealized appreciation
(depreciation) in fair value of
investments 7,636,373 646,356 (326,185) 1,156,647 10,447,953
Participant payments (4,801,836) (550,314) (515,729) (1,630,632) (30,956,489)
Administrative expenses (106,176) (15,065) (17,674) (37,774) (444,005)
Plan transfers 10,556 36 36 8,015 (21,660)
Participant transfers 1,209,568 2,668,506 1,814,990 219,471 --
------------- ------------- ------------- ------------- -------------
NET (DECREASE) INCREASE 16,465,851 4,637,627 2,134,364 6,986,902 24,041,203
Net assets available for benefits
at beginning of year 66,145,097 7,679,740 11,293,071 20,618,944 300,914,080
------------- ------------- ------------- ------------- -------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ 82,610,948 $ 12,317,367 $ 13,427,435 $ 27,605,846 $ 324,955,283
============= ============= ============= ============= =============
</TABLE>
<PAGE>
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE E - INCOME TAX STATUS
The Company has received a favorable letter of determination from the
Internal Revenue Service stating that the Plan qualifies under section 401
and the Trust is exempt from tax under section 501(a) of the Internal
Revenue Code (IRC). The Plan is required to operate in conformity with the
IRC to maintain its qualification. The Company is not aware of any course
of action or series of events that have occurred that would adversely
affect the Plan's qualified status. Participants are not subject to income
tax on Company contributions or income credited to their accounts until
such time as these amounts are distributed.
NOTE F - QUARTERLY NET ASSET VALUE INFORMATION
The NAV of each fund was established at $10.00 on January 1, 1995. A
participant's fund balance is computed by multiplying the NAV by the number
of units owned. The investment fund NAV at the end of each quarter for 1997
and 1996 was as follows:
<TABLE>
<CAPTION>
March 31 June 30 Sept 30 Dec 31
--------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Calendar Year 1997
Fixed Income Fund $ 11.2903 $ 11.4647 $ 11.6437 $ 11.8256
Government Securities Fund 11.1744 11.3336 11.4969 11.6625
Balanced Fund 14.8108 16.4264 17.7097 17.7295
Equity Index Fund 17.2947 20.3152 21.8366 22.4551
International Equity Fund 12.9622 14.5394 14.4370 13.3608
Aggressive Equity Fund 9.3690 10.9900 12.7147 11.5949
Thiokol Corporation Stock Fund 19.3789 24.3948 29.8851 28.2672
Calendar Year 1996
Fixed Income Fund $ 10.6708 $ 10.8135 $ 10.9622 $ 11.1209
Government Securities Fund 10.6097 10.7396 10.8787 11.0196
Balanced Fund 13.1734 13.4550 13.7435 14.6521
Equity Index Fund 14.4606 15.0990 15.5518 16.8403
International Equity Fund 11.8484 12.3096 12.3838 12.9706
Aggressive Equity Fund 10.4971 10.8888 10.4508 10.5032
Thiokol Corporation Stock Fund 15.5724 14.0127 16.5682 15.7884
</TABLE>
<PAGE>
RETIREMENT SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE G - YEAR 2000 (UNAUDITED)
The Plan is dependent on information systems controlled and maintained by
the Company and third party service providers. The Company and the third
party service providers have indicated their systems are Year 2000
compliant or they expect their systems to be Year 2000 compliant by March
31, 1999. The Company and the third party service providers bear all costs
associated with becoming Year 2000 compliant. No material impact to the
Plan is anticipated from Year 2000 issues.
NOTE H - SUBSEQUENT EVENTS
On January 22, 1998, the Company's Board of Directors declared a
two-for-one stock split in the form of a stock dividend payable March 13,
1998, for each stockholder of record on February 27, 1998. The Company
Stock Fund is valued in units, rather than shares, and therefore the split
will not impact the number of units or the value allocated to the
participants accounts. The NAV is also unaffected by the stock split.
On May 5, 1998, Thiokol Corporation announced effective immediately the
change of the corporate name to Cordant Technologies Inc. During 1998, the
plan name will be changed to Cordant Technologies Inc. Retirement Savings
and Investment Plan.
<PAGE>
Exhibit
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-10316) pertaining to certain Retirement Savings and
Investment Plans of Thiokol Corporation of our report dated May 8, 1998,
with respect to the financial statements of the Thiokol Corporation
Retirement Savings and Investment Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1997.
/s/ Ernst & Young LLP
Salt Lake City, Utah
June 25, 1998
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
THIOKOL CORPORATION
RETIREMENT SAVINGS AND
INVESTMENT PLAN
Date: June 29, 1998 /s/Richard L. Corbin
------------------------------------
Richard L. Corbin
Senior Vice President and
Chief Financial Officer for the Plan
Administrative Committee
