SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the Fiscal Year ended December 31, 1994
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
OWENS-CORNING FIBERGLAS CORPORATION
Fiberglas Tower
Toledo, Ohio 43659
Commission File No. 1-3660
- --------------------------------------------------------------------------
REQUIRED INFORMATION
(a) Financial Statements.
1. Report of Independent Public Accountants
2. Statements of Net Assets Available for Benefits - as of
December 31, 1994 and 1993
3. Statements of Changes in Net Assets Available for Benefits - for
the years ended December 31, 1994, 1993 and 1992
4. Notes to Financial Statements
(b) Exhibit.
Consent of Arthur Andersen LLP
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
By /s/ Michael I. Miller
Michael I. Miller
Chairman, Investment Review Committee
Dated: June 29, 1995<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator,
Owens-Corning Fiberglas Corporation
Savings and Deferral Investment Plan:
We have audited the accompanying statements of net assets available for
benefits of the OWENS-CORNING FIBERGLAS CORPORATION SAVINGS AND DEFERRAL
INVESTMENT PLAN as of December 31, 1994 and 1993, and the related statements
of changes in net assets available for benefits for each of the three years
in the period ended December 31, 1994. 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 in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits 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 the plan administrator, 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
Owens-Corning Fiberglas Corporation Savings and Deferral Investment Plan as
of December 31, 1994 and 1993, and the changes in its net assets available
for benefits for each of the three years in the period ended December 31,
1994, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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 plan benefits of each fund.
The Fund Information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
Toledo, Ohio,
June 26, 1995.
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
1 9 9 4
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 4 and 5):
Short-term investments $ 1,698,262 $ - $ - $ -
Owens-Corning Fiberglas Corporation
common stock, 5,382,034 shares at
$31.875 per share (cost $32,117,610) 171,552,334 - - -
Investment in master trust collective
funds - 42,333,889 8,512,989 32,161,424
Loans to participants (Note 3) - - - -
Accrued interest on loans to
participants (Note 3) - - - -
Due from Owens-Corning Fiberglas
Corporation (Note 1) 576,583 1,119 157 2,338
Accrued interest income 2,545 - - -
------------ ------------ ------------ ------------
Total assets $173,829,724 $ 42,335,008 $ 8,513,146 $ 32,163,762
============ ============ ============ ============
LIABILITIES (Notes 1 and 6):
Accounts payable to brokers and others $ 1,615,229 $ 3,023 $ 2,206 $ 3,937
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 6) 172,214,495 42,331,985 8,510,940 32,159,825
------------ ------------ ------------ ------------
Total liabilities and net assets
available for benefits $173,829,724 $ 42,335,008 $ 8,513,146 $ 32,163,762
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
(Continued)
1 9 9 4
----------------------------------------------------
Loans to
Inter- Partici-
Balanced national pants
Fund Fund (Note 3) Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 4 and 5):
Short-term investments $ - $ - $ - $ 1,698,262
Owens-Corning Fiberglas Corporation
common stock, 5,382,034 shares at
$31.875 per share (cost $32,117,610) - - - 171,552,334
Investment in master trust collective
funds 1,409,052 1,972,356 - 86,389,710
Loans to participants (Note 3) - - 7,343,828 7,343,828
Accrued interest on loans to
participants (Note 3) - - 40,708 40,708
Due from Owens-Corning Fiberglas
Corporation (Note 1) 38 676 - 580,911
Accrued interest income - - - 2,545
------------ ------------ ------------ ------------
Total assets $ 1,409,090 $ 1,973,032 $ 7,384,536 $267,608,298
============ ============ ============ ============
LIABILITIES (Notes 1 and 6):
Accounts payable to brokers and others $ 344 $ 355 $ - $ 1,625,094
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 6) 1,408,746 1,972,677 7,384,536 265,983,204
------------ ------------ ------------ ------------
Total liabilities and net assets
available for benefits $ 1,409,090 $ 1,973,032 $ 7,384,536 $267,608,298
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
(Continued)
1 9 9 3
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 4 and 5):
Short-term investments $ 847,100 $ - $ - $ -
Owens-Corning Fiberglas Corporation
common stock, 5,079,001 shares at
$44.375 per share (cost $21,068,063) 225,380,669 - - -
Investment in master trust collective
funds - 51,493,798 9,290,932 42,028,759
Loans to participants (Note 3) - - - -
Accrued interest on loans to
participants (Note 3) - - - -
Due from Owens-Corning Fiberglas
Corporation (Note 1) 435,956 5,307 900 (5,021)
Accrued interest income 450 - - -
------------ ------------ ------------ ------------
Total assets $226,664,175 $ 51,499,105 $ 9,291,832 $ 42,023,738
============ ============ ============ ============
LIABILITIES (Notes 1 and 6):
Accounts payable to brokers and others $ 799,390 $ 2,287 $ 2,075 $ 4,641
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 6) 225,864,785 51,496,818 9,289,757 42,019,097
------------ ------------ ------------ ------------
Total liabilities and net assets
available for benefits $226,664,175 $ 51,499,105 $ 9,291,832 $ 42,023,738
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
(Continued)
1 9 9 3
------------------------------------
Loans to
Partici-
pants
(Note 3) Total
--------- ---------
<S> <C> <C>
ASSETS:
Investments (Notes 1, 2, 4 and 5):
Short-term investments $ - $ 847,100
Owens-Corning Fiberglas Corporation
common stock, 5,382,034 shares at
$31.875 per share (cost $32,117,610) - 225,380,669
Investment in master trust collective
funds - 102,813,489
Loans to participants (Note 3) 8,205,726 8,205,726
Accrued interest on loans to
participants (Note 3) 44,743 44,743
Due from Owens-Corning Fiberglas
Corporation (Note 1) - 437,142
Accrued interest income - 450
------------ ------------
Total assets $ 8,250,469 $337,729,319
============ ============
LIABILITIES (Notes 1 and 6):
Accrued expense $ - $ 808,393
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 6) 8,250,469 336,920,926
------------ ------------
Total liabilities and net assets
available for benefits $ 8,250,469 $337,729,319
============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 4
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ 27,954 $ - $ - $ -
Net interest in master trust
investment income - (3,692,796) 118,601 1,076,970
Interest on loans to participants - - - -
Realized gain on disposition of
investments 573,694 - - -
Unrealized appreciation of investment in
Owens-Corning Fiberglas Corporation
common stock (64,877,882) - - -
------------ ------------ ------------ ------------
(64,276,234) (3,692,796) 118,601 1,076,970
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants 7,151,607 4,594,277 1,068,789 2,768,488
Owens-Corning Fiberglas Corporation 7,581,076 - - -
------------ ------------ ------------ ------------
14,732,683 4,594,277 1,068,789 2,768,488
------------ ------------ ------------ ------------
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 4
----------------------------------------------------
Loans to
Inter- Partici-
Balanced national pants
Fund Fund (Note 3) Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ - $ - $ - $ 27,954
Net interest in master trust
investment income 17,996 (45,716) - (2,524,945)
Interest on loans to participants - - 574,977 574,977
Realized gain on disposition of
investments - - - 573,694
Unrealized appreciation of investment in
Owens-Corning Fiberglas Corporation
common stock - - - (64,877,882)
------------ ------------ ------------ ------------
17,996 (45,716) 574,977 (66,226,202)
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants 176,551 314,719 - 16,074,431
Owens-Corning Fiberglas Corporation - - - 7,581,076
------------ ------------ ------------ ------------
176,551 314,719 - 23,655,507
------------ ------------ ------------ ------------
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 4
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OTHER:
Distributions to participants (Note 6) (16,876,670) (5,773,478) (887,705) (4,181,640)
Administrative expense (Note 1) (188,089) (37,013) (26,603) (46,543)
Election of redistribution among funds (Note 1) 12,217,557 (4,474,808) (1,073,655) (9,668,800)
Participants loan activity (Note 3) 623,632 214,007 10,990 (98,546)
Rollovers and other 116,831 4,978 10,766 290,799
------------ ------------ ------------ ------------
(4,106,739) (10,066,314) (1,966,207) (13,704,730)
------------ ------------ ------------ ------------
Net increase (decrease) (53,650,290) (9,164,833) (778,817) (9,859,272)
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 225,864,785 51,496,818 9,289,757 42,019,097
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $172,214,495 $ 42,331,985 $ 8,510,940 $ 32,159,825
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 4
----------------------------------------------------
Loans to
Inter- Partici-
Balanced national pants
Fund Fund (Note 3) Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OTHER:
Distributions to participants (Note 6) (46,157) (6,370) (713,182) (28,485,202)
Administrative expense (Note 1) (3,441) (3,554) - (305,243)
Election of redistribution among funds (Note 1) 1,226,196 1,663,360 110,150 -
Participants loan activity (Note 3) 37,601 50,194 (837,878) -
Rollovers and other - 44 - 423,418
------------ ------------ ------------ ------------
1,214,199 1,703,674 (1,440,910) (28,367,027)
------------ ------------ ------------ ------------
Net increase (decrease) 1,408,746 1,972,677 (865,933) (70,937,722)
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year - - 8,250,469 336,920,926
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $ 1,408,746 $ 1,972,677 $ 7,384,536 $265,983,204
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 3
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ 90,544 $ - $ - $ -
Net interest in master trust
investment income - 11,337,955 824,124 2,185,004
Interest on loans to participants - - - -
Realized gain on disposition of investments 11,825,721 - - -
Unrealized appreciation of investment in
Owens-Corning Fiberglas Corporation
common stock 33,204,266 - - -
------------ ------------ ------------ ------------
45,120,531 11,337,955 824,124 2,185,004
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants 6,515,186 4,018,581 1,150,426 3,279,363
Owens-Corning Fiberglas Corporation 6,645,630 - - -
------------ ------------ ------------ ------------
13,160,816 4,018,581 1,150,426 3,279,363
------------ ------------ ------------ ------------
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 3
------------------------------------
Loans to
Partici-
pants
(Note 3) Total
--------- ---------
<S> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ - $ 90,544
Net interest in master trust
investment income - 14,347,083
Interest on loans to participants 530,802 530,802
Realized gain on disposition of investments - 11,825,721
Unrealized appreciation of investment in
Owens-Corning Fiberglas Corporation
common stock - 33,204,266
------------ ------------
530,802 59,998,416
------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants - 14,963,556
Owens-Corning Fiberglas Corporation - 6,645,630
------------ ------------
- 21,609,186
------------ ------------
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 3
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OTHER:
Distributions to participants (Note 6) (21,810,682) (2,687,453) (545,593) (4,617,086)
Administrative expense (Note 1) (187,578) (28,077) (25,086) (57,472)
Election of redistribution among funds (Note 1) (9,353,902) 5,924,033 (124,837) 3,592,050
Participants loan activity (Note 3) (322,460) 132,133 (16,073) (248,855)
Rollovers and other - 90,035 (323) 6,624
------------ ------------ ------------ ------------
(31,674,622) 3,430,671 (711,912) (1,324,739)
------------ ------------ ------------ ------------
Net increase (decrease) 26,606,725 18,787,207 1,262,638 4,139,628
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 199,258,060 32,709,611 8,027,119 37,879,469
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $225,864,785 $ 51,496,818 $ 9,289,757 $ 42,019,097
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 3
------------------------------------
Loans to
Partici-
pants
(Note 3) Total
--------- ---------
<S> <C> <C>
OTHER:
Distributions to participants (Note 6) - (29,660,814)
Administrative expense (Note 1) - (298,213)
Election of redistribution among funds (Note 1) (37,344) -
Participants loan activity (Note 3) 455,255 -
Rollovers and other - 96,336
------------ ------------
417,911 (29,862,691)
------------ ------------
Net increase (decrease) 948,713 51,744,911
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 7,301,756 285,176,015
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $ 8,250,469 $336,920,926
============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 2
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ 21,827 $ - $ - $ -
Net interest in master trust
investment income 158 6,160,456 560,698 2,368,043
Interest on loans to participants - - - -
Realized gain on disposition of investments 5,362,724 - - -
Unrealized appreciation of investment in
Owens-Corning Fiberglas Corporation
common stock 71,221,910 - - -
------------ ------------ ------------ ------------
76,606,619 6,160,456 560,698 2,368,043
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants 6,441,474 3,459,832 1,093,402 3,432,796
Owens-Corning Fiberglas Corporation 6,484,729 - - -
------------ ------------ ------------ ------------
12,926,203 3,459,832 1,093,402 3,432,796
------------ ------------ ------------ ------------
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 2
------------------------------------
Loans to
Partici-
pants
(Note 3) Total
--------- ---------
<S> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ - $ 21,827
Net interest in master trust
investment income - 9,089,355
Interest on loans to participants 526,355 526,355
Realized gain on disposition of investments - 5,362,724
Unrealized appreciation of investment in
Owens-Corning Fiberglas Corporation
common stock - 71,221,910
------------ ------------
526,355 86,222,171
------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants - 14,427,504
Owens-Corning Fiberglas Corporation - 6,484,729
------------ ------------
- 20,912,233
------------ ------------
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 2
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OTHER:
Distributions to participants (Note 6) (12,036,710) (1,580,163) (601,685) (4,207,951)
Administrative expense (Note 1) (155,514) (20,084) (23,795) (41,694)
Election of redistribution among funds (Note 1) (6,103,022) 1,544,236 691,667 4,392,201
Participants loan activity (Note 3) (934,468) (126,614) (62,957) (601,219)
Rollovers and other 44,162 - - -
------------ ------------ ------------ ------------
(19,185,552) (182,625) 3,230 (458,663)
------------ ------------ ------------ ------------
Net increase (decrease) 70,347,270 9,437,663 1,657,330 5,342,176
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 128,910,790 23,271,948 6,369,789 32,537,293
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $199,258,060 $ 32,709,611 $ 8,027,119 $ 37,879,469
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 2
------------------------------------
Loans to
Partici-
pants
(Note 3) Total
--------- ---------
<S> <C> <C>
OTHER:
Distributions to participants (Note 6) - (18,426,509)
Administrative expense (Note 1) - (241,087)
Election of redistribution among funds (Note 1) (525,082) -
Participants loan activity (Note 3) 1,725,258 -
Rollovers and other - 44,162
------------ ------------
1,200,176 (18,623,434)
------------ ------------
Net increase (decrease) 1,726,531 88,510,970
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 5,575,225 196,665,045
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $ 7,301,756 $285,176,015
============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
Operations of the Plan
- ----------------------
The Owens-Corning Fiberglas Corporation Savings and Deferral Investment Plan
(the Plan) principally benefits salaried employees of Owens-Corning
Fiberglas Corporation (the Company) and certain designated subsidiaries. An
eligible employee may elect to enroll in the Plan as of the beginning of any
calendar month after date of hire.
Administrative expenses of the Plan are charged to the Plan and include
professional fees, accounting and other administrative expenses.
The following descriptions of the Plan provide only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan provisions.
Plan Contributions
- ------------------
Participants may contribute up to 15% of their base pay to the Plan. All or
a portion of the participants' contributions may be designated at the
participants' option as deferred income which, pursuant to Section 401(k) of
the Internal Revenue Code, is not subject to Federal income tax until such
amounts are distributed to the participants. The Plan requires participant
contributions to be remitted to the plan's trustee, Citibank N.A., New York,
(the Trustee) on a monthly basis.
The Company contributes a 50% matching contribution for participant
contributions up to 10% of base salary.
Effective January 1, 1994, the Plan was amended to provide a retirement
contribution of up to 4% of eligible pay for participants who work at a
plant or business unit where a defined benefit pension plan is not
available.
The Company may, at its option, make Company contributions in the form of
cash or shares of common stock of the Company which are valued at the market
value of the shares on the date of contribution. Contributions are remitted
to the Trustee on or before the last day of the month following employee
contributions. The Company satisfied a portion of its plan liability
through contributions of common stock of the Company. These contributions
totaled 16,439 shares valued at $570,000 in 1994, 14,218 shares valued at
$560,000 in 1993, and 45,628 shares valued at $1,526,000 in 1992.
Plan Investment Options
- -----------------------
Each participant elects to have his contribution invested in 10% increments
among the investment funds made available under the Plan. Currently, the
following six investment funds are available to participants:<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
(Continued)
Company Stock Fund
- ------------------
Consists primarily of investments in Owens-Corning Fiberglas Corporation
common stock.
Managed Equity Fund
- -------------------
Presently invested primarily in shares of the Acorn Fund, Inc., which
invests principally in domestic and foreign common stocks, but may also
include securities convertible into common stocks and equity securities of
a class different than common stock.
Indexed Equity Fund
- -------------------
Presently invested primarily in a group trust maintained by Wells Fargo
Bank, N.A. which consists of a portfolio of equity securities maintained to
approximate the total rate of return of the securities of the companies
whose stocks make up the Standard & Poors' Composite Index.
Fixed Income Fund
- -----------------
Presently invested primarily in the Pacific Investment Management Company
(PIMCO) Low Duration Fund, which invests in a variety of short-term
securities such as bonds, notes and debentures, having a maturity of no
longer than three years.
Balanced Fund
- -------------
Presently invested primarily in the Dodge & Cox Balanced Fund, which invests
in both debt and equity securities.
International Fund
- ------------------
Presently invested primarily in the Templeton Group Foreign Fund, which
invests in stocks and debt securities of companies and governments outside
the United States.
The Company matching contributions are invested only in Company common
stock. The Trustee, at its sole discretion subject to any provisions in the
trust agreement, may hold any portion of any contributions in cash which it
considers necessary to meet anticipated disbursements. Company
contributions under the retirement contribution, for participants who work
at a plant or business unit where a defined benefit pension plan is not
available, are invested as participants direct among the plan's investment
funds.
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
(Continued)
Participants may change their investment options and contribution rate on a
monthly basis and redistribute their account balances monthly. Participants
may discontinue their contributions to the Plan at any time.
The number of employees with a portion of their account invested in each
fund at December 31, 1994, was as follows:
Company Managed Indexed Fixed Inter-
Stock Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Fund
- -------- -------- -------- -------- -------- --------
3,257 1,702 767 1,489 230 348
Basis of Accounting
- -------------------
The accompanying financial statements have been prepared on the accrual
basis. Investments in the common stock of the Company are reported at
quoted market value. Participants' withdrawal requests received by the plan
administrator before yearend but not yet distributed to the participants are
included as a component of net assets available for benefits.
Income Taxes
- ------------
The Internal Revenue Service (IRS) has issued a determination letter dated
March 31, 1989, stating that the Plan meets the requirements of Section
401(a) of the Internal Revenue Code (the Code) and that the trust is exempt
from taxation under Section 501(a) of the Code. The Plan administrator has
requested a determination letter from the IRS stating that the Plan
continues to meet the applicable requirements of the Code. In the opinion
of the plan administrator, subsequent amendments have not affected the tax
status of the Plan. Participants generally are not subject to Federal
income tax on Company contributions or fund earnings until those amounts are
distributed to them. Participants may elect to designate all or a portion
of their contributions to the Plan as deferred income pursuant to Section
401(k) of the Code. This election permits the participants to exclude from
gross taxable income for Federal tax purposes that portion of their
contribution so designated, subject to certain limitations, until such time
as it is withdrawn from the Plan.
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS
Proceedings in the Event of Plan Termination
- --------------------------------------------
Although it has not expressed any intent to do so, the Company has the right
to terminate the Plan. In the event of termination or upon a permanent
discontinuance of Company contributions, the equity of each participant not
previously vested would fully vest. Participants would receive their
contributions to the Plan as well as Company contributions to the Plan on
their behalf and the earnings on those contributions.
Investments of the Plan are held in the Owens-Corning Fiberglas Corporation
Savings Plans Master Trust (Master Trust) maintained by the Trustee for the
Plan and another savings plan of the Company. Investments in the Company
Stock Fund are separately identified to the Plan. Investments in the
Managed Equity Fund, Indexed Equity Fund, Fixed Income Fund, Balanced Fund,
and International Fund are commingled for investment purposes.
The plan has a proportionate claim on the net assets of the commingled funds
and receives a proportionate share of the investment income of said funds.
Following is a summary of the Master Trust financial statement for the
commingled funds and the Plan's interest in net assets by fund as of and for
the year ended December 31, 1994:
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
<TABLE>
Shares/ Current or
Contract Contract Plan
Value Cost Value Interest
-------- -------- -------- --------
<S> <C> <C> <C> <C>
ASSETS:
Investments-
Managed Equity Fund:
- --------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 219,612 $ 219,612 $ 219,612 .8976
Acorn Fund, Inc. 3,835,218 35,767,442 46,943,071 .8976
Accrued interest and
dividends N/A N/A 702 .8974
-----------
$47,163,385
-----------
Indexed Equity Fund:
- --------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 46,231 $ 46,231 $ 46,211 .8751
Wells Fargo Bank, N.A.
Index Equity Fund 737,585 9,776,204 9,682,012 .8751
Accrued interest and
dividends N/A N/A 92 .8696
-----------
$ 9,728,335
-----------
Fixed Income Fund:
- ------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 259,633 $ 259,633 $ 259,633 .8809
Pacific Investment
Management Company
Low Duration Fund 3,275,384 32,600,972 31,672,968 .8809
Principal Mutual Life
Insurance Company 4,575,078 4,575,078 4,575,078 .8809
Accrued interest and
dividends N/A N/A 270 .8815
-----------
$36,507,949
-----------<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
</TABLE>
<TABLE>
Shares/ Current or
Contract Contract Plan
Value Cost Value Interest
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Balanced Fund
- -------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 18,841 $ 18,841 $ 18,841 .9458
Dodge & Cox Balanced
Fund 32,533 1,494,506 1,470,811 .9458
Accrued interest and
dividends N/A N/A 87 .9425
-----------
$ 1,489,739
-----------
International Fund
- ------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 35,617 $ 35,617 $ 35,617 .9139
Templeton Foreign Fund 240,632 2,295,429 2,122,377 .9139
Accrued interest and
dividends N/A N/A 143 .9161
-----------
$ 2,158,137
-----------
Net assets in Master
Trust $97,047,545
===========<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
</TABLE>
<TABLE>
Managed Indexed Fixed Inter-
Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Total
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 9,459 $ 3,122 $ 699,169 $ 542 $ 986 $ 713,278
Dividends 2,483,356 201,648 1,668,162 39,283 123,017 4,515,466
Realized gain (loss)
on disposition of
investments 1,697,490 2,958,570 (363,796) 2,558 - 4,294,822
Change in unrealized
appreciation
(depreciation)
of investments (8,214,698) (3,027,224) (808,234) (23,694) (173,051)(12,246,901)
----------- ----------- ----------- ----------- ----------- -----------
$(4,024,393) $ 136,116 $ 1,195,301 $ 18,689 $ (49,048)$(2,723,335)
=========== =========== =========== =========== =========== ===========
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
Investments are reported at quoted market value in all funds except
guaranteed investment contracts in the Fixed Income Fund which are valued at
the contract value (Contract Value). Changes in unrealized appreciation and
depreciation are reflected as changes in net assets available for benefits.
Purchase and sales are recorded on the trade date basis. Realized gain and
loss on sale of investments is computed using average cost.
(3) LOANS
Loans may be made from the Plan to active participants. The total amount a
participant may borrow is 50% of the participant's total vested account
limited to the total of the participant's contributions designated as
deferrals and related earnings. The minimum amount available for a loan is
$1,000 and the maximum is $50,000, reduced for the highest loan balance
outstanding in the prior 12 months.
Loans advanced are repaid through regular payroll deductions with interest
equal to the prime rate in effect at the time of the advance. Loans
advanced between November 1, 1989 and December 31, 1990, are repaid with
interest equal to the 5-year U.S. Treasury note rate in effect at the time
of the advance plus 2%. The monthly loan payment cannot exceed 30% of the
borrower's base pay.
A loan can be requested for any reason. A borrower has from one to five
years to repay the loan. Repayments of principal and interest are invested
in one of the six investment funds in accordance with the borrower's
election.
(4) REALIZED GAINS/LOSSES
Gains or losses are realized when investments are sold. Cost of investments
sold is determined on an average cost basis.
Gains realized in the Company Stock Fund on the Company's common stock are
summarized below:
1 9 9 4 1 9 9 3 1 9 9 2
--------- --------- ---------
Proceeds $22,676,443 $13,193,290 $6,153,187
Cost 22,102,749 1,367,569 790,462
----------- ----------- ----------
$ 573,694 $11,825,721 $5,362,725
=========== =========== ==========
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
<TABLE>
(5) UNREALIZED APPRECIATION/DEPRECIATION OF INVESTMENTS
Unrealized appreciation/depreciation, equal to the difference between cost and quoted market value of
investments, is recognized in determining the value of each fund except guaranteed investment contracts in
the Fixed Income Fund which are carried at Contract Value. The change in unrealized
appreciation/depreciation during each of the three years ended December 31, 1994, is set forth below. The
balances for the Managed Equity Fund, Indexed Equity Fund, Fixed Income Fund, Balanced Fund, and
International Fund are the commingled amounts in the Master Trust, while the Company Stock Fund amounts are
specific to the Plan. See Note 2 for the Plan's ownership in the commingled funds.
Company Managed Indexed Fixed Inter-
Stock Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Unrealized appreciation
at December 31, 1991 99,886,430 5,108,418 1,979,028 - - -
Change in unrealized
appreciation (depreciation)
during 1992 71,221,910 4,924,431 305,631 (32,107) - -
---------- ---------- ---------- ---------- ---------- ----------
Unrealized appreciation
(depreciation) at
December 31, 1992 171,108,340 10,032,849 2,284,659 (32,107) - -
Change in unrealized
appreciation (depreciation)
during 1993 33,204,266 9,357,478 648,373 (87,664) - -
---------- ---------- ---------- ---------- ---------- --------
Unrealized appreci-
ation (depreciation)
at December 31, 1993 204,312,606 19,390,327 2,933,032 (119,771) - -
Change in unrealized
appreciation (depreciation)
during 1994 (64,877,882) (8,214,698) (3,027,224) (808,234) (23,694) (173,051)
---------- ---------- ---------- ---------- ---------- --------
Unrealized appreciation
(depreciation) at
December 31, 1994 139,434,724 11,175,629 (94,192) (928,005) (23,694) (173,051)
========== ========== ========== ========== ========== ========
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(6) VESTING, FORFEITURES AND DISTRIBUTIONS
Company contributions and dividends thereon vest at the rate of 20% for each
year of service by the participant with the Company. Employees with at
least 5 years of service are fully vested in all Company contributions.
Such amounts also become fully vested and immediately distributable upon the
participant attaining 65 years of age, termination of the participant's
employment due to retirement, disability or death, or involuntary
termination of the participant's employment (other than for cause),
termination of the Plan, or permanent discontinuance of the prescribed
Company contributions to the Plan.
Participants may at any time withdraw all or any part of the value of their
contributions excluding contributions designated as deferrals; however,
participants who voluntarily terminate or are terminated for cause will
forfeit the nonvested portion of the Company contributions and related
earnings which are applicable to the withdrawal. Forfeitures are applied to
reduce subsequent Company contributions to the Plan. The market value
forfeited by employees withdrawing from the Plan was $26,000 in 1994,
$40,000 in 1993, and $27,000 in 1992. Prior to January 1, 1989,
participants were not permitted to withdraw any part of the value of their
contributions designated as deferrals or earnings thereon except in the
event of termination of employment with the Company or upon proof of
financial hardship deemed adequate by the plan administrator. Beginning
January 1, 1989, earnings on deferred contributions made subsequent to
December 31, 1988, may no longer be withdrawn due to hardship and
participants may withdraw deferred contributions and earnings thereon upon
attainment of age 59-1/2 years. Beginning January 1, 1990, Company
contributions and earnings thereon cannot be withdrawn by participants, even
if vested, unless terminated, retired or deceased.
Participants may elect to receive their distribution from the Company Stock
Fund in the form of cash or Company stock. Stock distributions totaled
303,575 shares of stock valued at $10,780,000 in 1994, 224,734 shares of
stock valued at $9,610,000 in 1993, and 248,682 shares of stock valued at
$6,855,000 in 1992.
Participants' requests for cash withdrawals made prior to December 31, 1994,
and subsequently paid were as follows:
Company Stock Fund 857,782
Managed Equity Fund 1,015,988
Indexed Equity Fund 268,374
Fixed Income Fund 1,857,712
Balanced Fund 64,365
International Fund 1,767
----------
$4,065,988
==========
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND DEFERRAL INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(6) VESTING, FORFEITURES AND DISTRIBUTIONS (Continued)
Participants' requests for distributions in the form of Company stock made
prior to December 31, 1994, and subsequently distributed were 163,676 shares
of stock valued at $5,217,000.
(7) UNIT VALUES
As of January 1, 1993, the interest of each participant in the Company Stock
Fund is represented by shares of Company stock and is represented by dollars
for each of the other investment funds.
Prior to January 1, 1993, the interest of each participant in the Company
Stock Fund was represented by Company stock units and the interest of each
participant in each of the other investment funds was represented by
investment fund units. On each valuation date (month-end), the fund units
were revalued by dividing the total market value of each fund as of the
valuation date by the number of outstanding units for each fund as of the
end of the prior month. Contributions and dividends received on Company
stock were allocated to participants in units, the number of which was
calculated by dividing the amount allocated to each participant by the
investment fund's most recent unit valuation.
Unit values used in the allocation of contributions, forfeitures, transfers
and withdrawals to participants during 1992 follow:
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- -------- ------- --------
January $ 8.8701 $3.8427 $3.6020 $2.5885
February 12.5860 3.9832 3.6462 2.6037
March 11.4144 3.9549 3.5761 2.6191
April 11.7930 3.8351 3.6789 2.6353
May 11.2078 3.8493 3.6953 2.6511
June 10.1203 3.7555 3.6397 2.6671
July 11.9134 3.8964 3.7884 2.6842
August 10.9934 3.8350 3.7106 2.6996
September 10.9534 3.9017 3.7538 2.7148
October 10.2443 4.1083 3.7670 2.7257
November 11.2055 4.3511 3.8952 2.7374
December 12.0423 4.5282 3.9409 2.7529
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the Fiscal Year ended December 31, 1994
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
OWENS-CORNING FIBERGLAS CORPORATION
Fiberglas Tower
Toledo, Ohio 43659
Commission File No. 1-3660
- --------------------------------------------------------------------------
REQUIRED INFORMATION
(a) Financial Statements.
1. Report of Independent Public Accountants
2. Statements of Net Assets Available for Benefits - as of
December 31, 1994 and 1993
3. Statements of Changes in Net Assets Available for Benefits -
for the years ended December 31, 1994, 1993 and 1992
4. Notes to Financial Statements
(b) Exhibit.
Consent of Arthur Andersen LLP
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
By /s/ Michael I. Miller
Michael I. Miller
Chairman, Investment Review Committee
Dated: June 29, 1995<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator,
Owens-Corning Fiberglas Corporation
Savings and Security Plan:
We have audited the accompanying statements of net assets available for
benefits of the OWENS-CORNING FIBERGLAS CORPORATION SAVINGS AND SECURITY
PLAN as of December 31, 1994 and 1993, and the related statements of changes
in net assets available for benefits for each of the three years in the
period ended December 31, 1994. 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 in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits 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 the plan administrator, 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
Owens-Corning Fiberglas Corporation Savings and Security Plan as of December
31, 1994 and 1993, and the changes in its net assets available for benefits
for each of the three years in the period ended December 31, 1994, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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 plan benefits of each fund.
The Fund Information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
Toledo, Ohio,
June 26, 1995.
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
1 9 9 4
--------------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3 and 4):
Short-term investments $ 697,356 $ - $ - $ -
Owens-Corning Fiberglas Corporation
common stock, 580,259 shares at
$31.875 per share (cost $17,486,064) 18,495,756 - - -
Investment in master trust collective
funds - 4,829,496 1,215,346 4,346,525
Accrued interest income 1,250 - - -
Due from Owens-Corning Fiberglas
Corporation (Note 1) 485,402 80,027 18,493 76,724
------------ ------------ ------------ ------------
Total assets $ 19,679,764 $ 4,909,523 $ 1,233,839 $ 4,423,249
============ ============ ============ ============
LIABILITIES (Notes 1 and 5):
Accounts payable to brokers and others $ 692,696 $ - $ - $ -
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 5) 18,987,068 4,909,523 1,233,839 4,423,249
------------ ------------ ------------ ------------
Total liabilities and net assets
available for benefits $ 19,679,764 $ 4,909,523 $ 1,233,839 $ 4,423,249
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
(Continued)
1 9 9 4
------------------------------------------
Inter-
Balanced national
Fund Fund Total
--------- --------- ---------
<S> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3 and 4):
Short-term investments $ - $ - $ 697,356
Owens-Corning Fiberglas Corporation
common stock, 580,259 shares at
$31.875 per share (cost $17,486,064) - - 18,495,756
Investment in master trust collective
funds 80,687 185,781 10,657,835
Accrued interest income - - 1,250
Due from Owens-Corning Fiberglas
Corporation (Note 1) 4,275 11,209 676,130
------------ ------------ ------------
Total assets $ 84,962 $ 196,990 $ 30,528,327
============ ============ ============
LIABILITIES (Notes 1 and 5):
Accounts payable to brokers and others $ - $ - $ 692,696
------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 5) $ 84,962 $ 196,990 $ 29,835,631
------------ ------------ ------------
Total liabilities and net assets
available for benefits $ 84,962 $ 196,990 $ 30,528,327
============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
(Continued)
1 9 9 3
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund Total
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3 and 4):
Short-term investments $ 138,062 $ - $ - $ - $ 138,062
Owens-Corning Fiberglas Corporation
common stock, 402,693 shares at
$44.375 per share (cost $11,531,843) 17,869,502 - - - 17,869,502
Investment in master trust collective
funds - 3,644,995 1,126,239 4,061,874 8,833,108
Accrued interest income 206 - - - 206
Due from Owens-Corning Fiberglas
Corporation (Note 1) 351,071 39,315 11,094 41,162 442,642
----------- ---------- ----------- ----------- -----------
Total assets $18,358,841 $3,684,310 $ 1,137,333 $ 4,103,036 $27,283,520
=========== ========== =========== =========== ===========
LIABILITIES (Notes 1 and 5):
Accounts payable to brokers and others $ 129,957 $ - $ - $ - $ 129,957
----------- ---------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 5) 18,228,884 3,684,310 1,137,333 4,103,036 27,153,563
----------- ---------- ----------- ----------- -----------
Total liabilities and net assets
available for benefits $18,358,841 $3,684,310 $ 1,137,333 $ 4,103,036 $27,283,520
=========== ========== =========== =========== ===========
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 4
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 1, 2, 3, and 4):
Interest $ 8,607 $ - $ - $ -
Net interest in master trust
investment income (loss) - (331,597) 17,515 118,331
Realized gain on disposition of
investments 53,763 - - -
Unrealized appreciation (depreciation) of
investment in Owens-Corning Fiberglas
Corporation common stock (5,327,966) - - -
------------ ------------ ------------ ------------
(5,265,596) (331,597) 17,515 118,331
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 5):
Participants 4,362,861 2,110,553 429,578 1,512,410
Owens-Corning Fiberglas Corporation 3,072,697 - - -
------------ ------------ ------------ ------------
7,435,558 2,110,553 429,578 1,512,410
------------ ------------ ------------ ------------
OTHER:
Distributions to participants (Note 5) (1,927,757) (630,131) (197,954) (682,076)
Election of redistribution among funds (Note 1) 578,610 85,655 (148,570) (610,582)
Administrative expenses (Note 1) (83,295) (19,410) (7,330) (19,286)
Rollovers and other 20,664 10,143 3,267 1,416
------------ ------------ ------------ ------------
(1,411,778) (553,743) (350,587) (1,310,528)
------------ ------------ ------------ ------------
Net increase 758,184 1,225,213 96,506 320,213
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 18,228,884 3,684,310 1,137,333 4,103,036
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $ 18,987,068 $ 4,909,523 $ 1,233,839 $ 4,423,249
============ ============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 4
------------------------------------------
Inter-
Balanced national
Fund Fund Total
--------- --------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME (Notes 1, 2, 3, and 4):
Interest $ - $ - $ 8,607
Net interest in master trust
investment income (loss) 693 (3,332) (198,390)
Realized gain on disposition of
investments - - 53,763
Unrealized appreciation (depreciation) of
investment in Owens-Corning Fiberglas
Corporation common stock - - (5,327,966)
------------ ------------ ------------
693 (3,332) (5,463,986)
------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 5):
Participants 58,031 136,176 8,609,609
Owens-Corning Fiberglas Corporation - - 3,072,697
------------ ------------ ------------
58,031 136,176 11,682,306
------------ ------------ ------------
OTHER:
Distributions to participants (Note 5) (2,904) (882) (3,441,704)
Election of redistribution among funds (Note 1) 29,390 65,497 -
Administrative expenses (Note 1) (248) (469) (130,038)
Rollovers and other - - 35,490
------------ ------------ ------------
26,238 64,146 (3,536,252)
------------ ------------ ------------
Net increase 84,962 196,990 2,682,068
------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year - - 27,153,563
------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $ 84,962 $ 196,990 $ 29,835,631
============ ============ ============
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 3
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund Total
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 1, 2, 3, and 4):
Interest $ 4,014 $ - $ - $ - $ 4,014
Net interest in master trust
investment income - 741,576 91,369 180,056 1,013,001
Unrealized appreciation of investment
in Owens-Corning Fiberglas Corporation
common stock 2,766,520 - - - 2,766,520
----------- ---------- ---------- ---------- -----------
2,770,534 741,576 91,369 180,056 3,783,535
----------- ---------- ---------- ---------- -----------
CONTRIBUTIONS (Notes 1 and 5):
Participants 3,369,881 1,144,432 414,042 1,557,351 6,485,706
Owens-Corning Fiberglas Corporation 2,194,422 - - - 2,194,422
----------- ---------- ---------- ---------- -----------
5,564,303 1,144,432 414,042 1,557,351 8,680,128
----------- ---------- ---------- ---------- -----------
OTHER:
Distributions to participants (Note 5) (1,366,525) (250,355) (107,059) (470,393) (2,194,332)
Election of redistribution among funds
(Note 1) (171,299) 69,855 (59,598) 161,042 -
Administrative expenses (Note 1) (87,246) (12,336) (6,462) (18,067) (124,111)
Rollovers and other - 10,339 - - 10,339
----------- ---------- ---------- ---------- -----------
(1,625,070) (182,497) (173,119) (327,418) (2,308,104)
----------- ---------- ---------- ---------- -----------
Net increase 6,709,767 1,703,511 332,292 1,409,989 10,155,559
----------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 11,519,117 1,980,799 805,041 2,693,047 16,998,004
----------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $18,228,884 $3,684,310 $1,137,333 $4,103,036 $27,153,563
=========== ========== ========== ========== ===========
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
<TABLE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
(Continued)
1 9 9 2
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund Total
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 1, 2, 3, and 4):
Interest $ 5,676 $ - $ - $ - $ 5,676
Net interest in master trust
investment income - 325,944 51,336 134,525 511,805
Unrealized appreciation of investment
in Owens-Corning Fiberglas Corporation
common stock 3,325,111 - - - 3,325,111
----------- ---------- ---------- ---------- -----------
3,330,787 325,944 51,336 134,525 3,842,592
----------- ---------- ---------- ---------- -----------
CONTRIBUTIONS (Notes 1 and 5):
Participants 2,285,322 806,023 364,749 1,231,778 4,687,872
Owens-Corning Fiberglas Corporation 1,625,860 - - - 1,625,860
----------- ---------- ---------- ---------- -----------
3,911,182 806,023 364,749 1,231,778 6,313,732
----------- ---------- ---------- ---------- -----------
OTHER:
Distributions to participants (Note 5) (706,191) (134,470) (100,065) (269,573) (1,210,299)
Election of redistribution among funds
(Note 1) (63,329) 10,326 (33,033) 86,036 -
Administrative expenses (Note 1) (54,317) (6,863) (4,689) (11,981) (77,850)
----------- ---------- ---------- ---------- -----------
(823,837) (131,007) (137,787) (195,518) (1,288,149)
----------- ---------- ---------- ---------- -----------
Net increase 6,418,132 1,000,960 278,298 1,170,785 8,868,175
----------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 5,100,985 979,839 526,743 1,522,262 8,129,829
----------- ---------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $11,519,117 $1,980,799 $ 805,041 $2,693,047 $16,998,004
=========== ========== ========== ========== ===========
The accompanying notes are an integral part of these statements.
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
Operations of the Plan
----------------------
The Owens-Corning Fiberglas Corporation Savings and Security Plan (the
Plan) which was adopted effective January 1, 1990, benefits designated
groups of employees of Owens-Corning Fiberglas Corporation (the Company)
and certain subsidiaries. An eligible employee may elect to participate
in the Plan on the first day of any month after employment commences by
filing an election to participate by the 25th day of the preceding
month.
Administrative expenses of the Plan including professional fees,
accounting fees and other administrative expenses are paid by the Plan
or the Company at the discretion of the Company. The Company paid
approximately 0% of administrative expenses in 1994, 0% in 1993 and 50%
in 1992.
The following descriptions of the Plan provide only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan provisions.
Plan Contributions
------------------
Participants may contribute up to 15% of their base pay. All or a
portion of the participants' contributions may be designated at the
participants' option as deferred income which, pursuant to Section
401(k) of the Internal Revenue Code, is not subject to federal income
tax until such amounts are distributed to the participants. The Plan
requires participant contributions to be remitted to the Plan's trustee,
Citibank N.A., New York, (the Trustee) on a monthly basis.
The Company makes up to a 50% matching contribution for participant
contributions up to 7% of the participant's base pay at certain plant
locations.
Effective January 1, 1992, the Plan was amended to provide a retirement
contribution of up to 3% of eligible pay for participants who work at
a plant or business unit where a defined benefit pension plan is not
available.
The Company may, at its option, make Company contributions in the form
of cash or shares of common stock of the Company which are valued at the
market value of the shares on the fifteenth trading day of the month
in which the contribution is to be made. Contributions are remitted to
the Trustee on or before the last day of the month following employee
contributions. The Company satisfied a portion of its plan liability
in 1994 through contribution of 29,559 shares of common stock of the
Company valued at $987,011. No Company contributions in the form of
shares of common stock were made in 1993 or 1992. <PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
(Continued)
Plan Investment Options
-----------------------
Each participant elects to have his contribution invested in 10%
increments among the investment funds made available under the Plan.
Currently, the following six investment funds are available to
participants:
Company Stock Fund
------------------
Consists primarily of investments in Owens-Corning Fiberglas Corporation
common stock.
Managed Equity Fund
-------------------
Presently invested primarily in shares of the Acorn Fund, Inc., which
invests principally in domestic and foreign common stocks, but may also
include securities convertible into common stocks and equity securities
of a class different than common stock.
Indexed Equity Fund
-------------------
Presently invested primarily in a group trust maintained by Wells Fargo
Bank, N.A. which consists of a portfolio of equity securities maintained
to approximate the total rate of return of the securities of the
companies whose stocks make up the Standard & Poors' Composite Index.
Fixed Income Fund
-----------------
Presently invested primarily in the Pacific Investment Management
Company (PIMCO) Low Duration Fund, which invests in a variety of short-
term securities such as bonds, notes and debentures, having a maturity
of no longer than three years.
Balanced Fund
-------------
Presently invested primarily in the Dodge & Cox Balanced Fund, which
invests in both debt and equity securities.
International Fund
------------------
Presently invested primarily in the Templeton Group Foreign Fund, which
invests in stocks and debt securities of companies and governments
outside the United States.
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
(Continued)
The Company matching contributions are invested only in Company common
stock. The Trustee, at its sole discretion subject to any provisions
in the trust agreement, may hold any portion of any contributions in
cash which it considers necessary to meet anticipated disbursements.
Company contributions under the retirement contribution, for
participants who work at a plant or business unit where a defined
benefit pension plan is not available, are invested as participants
direct among the plan's investment funds.
Participants may change their investment options, contribution rate and
redistribute their account balances monthly. Participants may
discontinue their contributions to the Plan at any time.
The number of employees with a portion of their account invested in each
fund at December 31, 1994, was as follows:
Company Managed Indexed Fixed Inter-
Stock Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Fund
------- -------- ------- ------- -------- --------
5,783 2,014 945 1,874 180 298
Basis of Accounting
-------------------
The accompanying financial statements have been prepared on the accrual
basis. Investments in the common stock of the Company are reported at
quoted market value. Participants' withdrawal requests received by the
plan administrator before year end but not yet distributed to the
participants are included as a component of net assets available for
benefits.
Income Taxes
------------
The Plan administrator has requested a determination letter from the
Internal Revenue Service stating that the Plan meets the requirements
of Section 401(a) of the Internal Revenue Code (the Code) and that the
trust is exempt from taxation under Section 501(a) of the Code. The
Plan administrator believes that the Plan meets the Internal Revenue
Service requirements. Participants in plans that meet the requirements
of the Code generally are not subject to Federal income tax on Company
contributions or fund earnings until those amounts are distributed to
them. Participants may elect to designate all or a portion of their
contributions to the Plan as deferred income pursuant to Section 401(k)
of the Code. This election permits the participants to exclude from
gross taxable income for Federal tax purposes that portion of their
contribution so designated, subject to certain limitations, until such
time as it is withdrawn from the Plan. <PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND ACCOUNTING POLICIES
(Continued)
Proceedings in the Event of Plan Termination
--------------------------------------------
Although it has not expressed any intent to do so, the Company has the
right to terminate the Plan. In the event of termination or upon a
permanent discontinuance of Company contributions, the equity of each
participant not previously vested would fully vest. Participants would
receive their contributions to the Plan as well as Company
contributions to the Plan on their behalf and the earnings on those
contributions.
(2) INVESTMENTS
Investments of the Plan are held in the Owens-Corning Fiberglas
Corporation Savings Plans Master Trust (Master Trust) maintained by the
Trustee for the Plan and another savings plan of the Company.
Investments in the Company Stock Fund are separately identified to the
Plan. Investments in the Managed Equity Fund, Indexed Equity Fund,
Fixed Income Fund, Balanced Fund, and International Fund are commingled
for investment purposes.
The Plan has a proportionate claim on the net assets of the commingled
funds and receives a proportionate share of the investment income of
said funds. Following is a summary of the Master Trust financial
statements for the commingled funds and the Plan's interest in net
assets by fund as of and for the year ended December 31, 1994:
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
<TABLE>
Shares/ Current or
Contract Contract Plan
Value Cost Value Interest
--------- ------ ----------- ----------
<S> <C> <C> <C> <C>
ASSETS:
Investments-
Managed Equity Fund:
- --------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 219,612 $ 219,612 $ 219,612 .1024
Acorn Fund, Inc. 3,835,218 35,767,442 46,943,071 .1024
Accrued interest and
dividends N/A N/A 702 .1026
-----------
$47,163,385
-----------
Indexed Equity Fund:
- --------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 46,231 $ 46,231 $ 46,231 .1249
Wells Fargo Bank, N.A.
Index Equity Fund 737,585 9,776,204 9,682,012 .1249
Accrued interest and
dividends N/A N/A 92 .1304
-----------
$ 9,728,335
-----------
</TABLE> <PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
<TABLE>
Shares/ Current or
Contract Contract Plan
Value Cost Value Interest
--------- ------ ----------- ----------
<S> <C> <C> <C> <C>
Fixed Income Fund:
- ------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 259,633 $ 259,633 $ 259,633 .1191
Pacific Investment
Management Company
Low Duration Fund 3,275,384 32,600,972 31,672,968 .1191
Principal Mutual Life
Insurance Company 4,575,078 4,575,078 4,575,078 .1191
Accrued interest and
dividends N/A N/A 270 .1185
-----------
$36,507,949
-----------
Balanced Fund
- -------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 18,841 $ 18,841 $ 18,841 .0542
Dodge & Cox Balanced
Fund 32,533 1,494,506 1,470,811 .0542
Accrued interest and
dividends N/A N/A 87 .0575
-----------
$ 1,489,739
-----------
International Fund
- ------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 35,617 $ 35,617 $ 35,617 .0861
Templeton Foreign Fund 240,632 2,295,429 2,122,377 .0861
Accrued interest and
dividends N/A N/A 143 .0839
-----------
$ 2,158,137
-----------
Net assets in Master Trust $97,047,545
===========
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
<TABLE>
Managed Indexed Fixed Inter-
Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Total
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 9,459 $ 3,122 $ 699,169 $ 542 $ 986 $ 713,278
Dividends 2,483,356 201,648 1,668,162 39,283 123,017 4,515,466
Realized gain (loss)
on disposition of
investments 1,697,490 2,958,570 (363,796) 2,558 - 4,294,822
Change in unrealized
appreciation
(depreciation)
of investments (8,214,698) (3,027,224) (808,234) (23,694) (173,051)(12,246,901)
----------- ----------- ----------- ----------- ----------- -----------
$(4,024,393) $ 136,116 $ 1,195,301 $ 18,689 $ (49,048)$(2,723,335)
=========== =========== =========== =========== =========== ===========
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
Investments are reported at quoted market value in all funds except
guaranteed investment contracts in the Fixed Income Fund which are
valued at the contract value (Contract Value). Changes in unrealized
appreciation and depreciation are reflected as changes in net assets
available for benefits. Purchase and sales are recorded on the trade
date basis. Realized gain and loss on sale of investments is computed
using average cost.
(3) UNREALIZED APPRECIATION/DEPRECIATION OF INVESTMENTS
Unrealized appreciation/depreciation, equal to the difference between
cost and quoted market value of investments, is recognized in
determining the value of each fund except for certain investments in
the Fixed Income Fund which are carried at Contract Value. The change
in unrealized appreciation/depreciation during each of the three years
ended December 31, 1994, is set forth below. The balances for the
Managed Equity Fund, Indexed Equity Fund, Fixed Income Fund, Balanced
Fund and International Fund are the commingled amounts in the Master
Trust, while the Company Stock Fund amounts are specific to the Plan.
See Note 2 for the Plan's ownership in the commingled funds.
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(3) UNREALIZED APPRECIATION/DEPRECIATION OF INVESTMENTS (Continued)
<TABLE>
Company Managed Indexed Fixed Inter-
Stock Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Unrealized appreci-
ation (depreciation)
at January 1, 1992 $ 246,027 $ 5,108,418 $1,979,028 $ - $ - $ -
Change in unrealized
appreciation
(depreciation)
during 1992 3,325,111 4,924,431 305,631 (32,107) - -
----------- ----------- ---------- ---------- ---------- ----------
Unrealized appreci-
ation at December
31, 1992 3,571,138 10,032,849 2,284,659 (32,107) - -
Change in unrealized
appreciation
(depreciation)
during 1993 2,766,520 9,357,478 648,373 (87,664) - -
----------- ----------- ---------- ---------- ---------- ----------
Unrealized appreci-
ation (depreciation)
at December 31, 1993 6,337,658 19,390,327 2,933,032 (119,771) - -
Change in unrealized
appreciation
(depreciation)
during 1994 (5,327,966) (8,214,698) (3,027,224) (808,234) (23,694) (173,051)
----------- ----------- ---------- ---------- ---------- ----------
Unrealized appreci-
ation (depreciation)
at December 31,
1994 $ 1,009,692 $11,175,629 $ (94,192) $ (928,005) $ (23,694) $ (173,051)
=========== =========== ========== ========== ========== ==========
/TABLE
<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(4) REALIZED GAINS/LOSSES
Gains or losses are realized when investments are sold.
(5) VESTING, FORFEITURES AND DISTRIBUTIONS
Company contributions and earnings thereon vest at the rate of 20% on
each year following date of hire by the participant with the Company.
Employees with at least five years of employment are fully vested in
all Company contributions. Such amounts also become fully vested upon
the participant attaining 65 years of age, termination of the
participant's employment due to a permanent plant closing, retirement,
disability or death, termination of the Plan, or permanent
discontinuance of the prescribed Company contributions to the Plan.
Such vested contributions and earnings thereon are automatically
distributable upon attaining 65 years of age or death. If termination
of employment occurs for any reason other than attaining 65 years of
age or death, the participant's account will become distributable at
65 years of age or death unless an election for immediate distribution
is filed within 60 days of termination with the Plan administrator.
Participants may elect to withdraw all or any part of the value of
their contributions excluding contributions designated as deferrals on
a semi-annual basis. Withdrawals of deferrals may only be made upon
proof of financial hardship deemed adequate by the Plan administrator.
Upon attainment of age 59-1/2 years, participants may elect to
withdraw deferrals and earnings thereon. Participants who voluntarily
terminate or are terminated for cause will forfeit the nonvested
portion of the Company contributions and related earnings which are
applicable to the distribution. Forfeitures are applied to reduce
subsequent Company contributions to the Plan. The market value
forfeited by employees receiving distributions from the Plan was
approximately $19,000 in 1994, $7,000 in 1993 and $6,000 in 1992.
Participants may elect to receive their distributions from the Company
Stock Fund in the form of cash or Company stock. Stock distributions
totaled 9,638 shares of stock valued at $350,000 in 1994, 2,166 shares
of stock valued at $90,000 in 1993, and 1,753 shares of stock valued
at $49,000 in 1992.
Participants' requests for cash withdrawals made prior to December 31,
1994, and subsequently paid were as follows:
Company Stock Fund $ 97,421
Managed Equity Fund 40,568
Indexed Equity Fund 7,204
Fixed Income Fund 57,418
Balanced Fund 1,172
International Fund 3,475
----------
$ 207,258
==========<PAGE>
OWENS-CORNING FIBERGLAS CORPORATION
SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(5) VESTING, FORFEITURES AND DISTRIBUTIONS (Continued)
Participants' requests for distributions in the form of Company stock
made prior to December 31, 1994, and subsequently distributed were
4,058 shares of stock valued at $124,000.
(6) UNIT VALUES
As of January 1, 1993, the interest of each participant in the Company
Stock Fund was represented by shares of Company stock and was
represented by dollars for each of the other investment funds.
Prior to January 1, 1993, the interest of each participant in the
Company Stock Fund was represented by Company stock units and the
interest of each participant in each of the other investment funds was
represented by investment fund units. On each valuation date
(month-end), the fund units were revalued by dividing the total market
value of each fund as of the valuation date by the number of
outstanding units for each fund as of the end of the prior month.
Contributions and dividends received on Company stock were allocated
to participants in units, the number of which was calculated by
dividing the amount allocated to each participant by the investment
fund's most recent unit valuation.
Unit values used in the allocation of contributions, forfeitures,
transfers and withdrawals to participants during 1992 are as follow:
<TABLE>
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- ---------- ---------
<S> <C> <C> <C> <C>
January $0.9919 $1.3729 $1.3289 $1.1880
February 1.4006 1.4243 1.3466 1.1950
March 1.2733 1.4141 1.3204 1.2016
April 1.3143 1.3702 1.3589 1.2089
May 1.2499 1.3744 1.3642 1.2156
June 1.1292 1.3397 1.3419 1.2225
July 1.3274 1.3901 1.3969 1.2299
August 1.2223 1.3661 1.3647 1.2360
September 1.2177 1.3091 1.3804 1.2429
October 1.1404 1.4638 1.3849 1.2475
November 1.2441 1.5491 1.4304 1.2529
December 1.3385 1.6129 1.4466 1.2594
</TABLE>
EXHIBIT 99
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report, dated June 26, 1995, included in Owens-Corning
Fiberglas Corporation Savings and Deferral Investment Plan's annual report
on Form 11-K for the year ended December 31, 1994, into the Company's
previously filed Registration Statement on Form S-8 (File No. 33-31687).
ARTHUR ANDERSEN LLP
Toledo, Ohio,
June 26, 1995.
EXHIBIT 99
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report, dated June 26, 1995, included in Owens-Corning
Fiberglas Corporation Savings and Security Plan's annual report on Form 11-K
for the year ended December 31, 1994, into the Company's previously filed
Registration Statement on Form S-8 (File No. 33-31687).
ARTHUR ANDERSEN LLP
Toledo, Ohio,
June 26, 1995.
