SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year ended December 31, 1995
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
OWENS CORNING
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, 1995 and 1994
3. Statements of Changes in Net Assets Available for
Benefits - for the years ended December 31, 1995,
1994 and 1993
4. Notes to Financial Statements
5. Supplemental Schedules:
Schedule I - Item 27a - Schedule of Assets Held for
Investment Purposes as of December 31, 1995
Schedule II - Item 27d - Schedule of Reportable
Transactions for the Year Ended December 31, 1995
(b) Exhibit.
Consent of Arthur Andersen LLP
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
SAVINGS AND PROFIT SHARING PLAN
By /s/ Michael I. Miller
Michael I. Miller
Chairman, Investment Review
Committee
Dated: June 20, 1996
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator,
Owens Corning
Savings and Profit Sharing Plan:
We have audited the accompanying statements of net assets
available for benefits of the OWENS CORNING SAVINGS AND
PROFIT SHARING PLAN as of December 31, 1995 and 1994, and the
related statements of changes in net assets available for
benefits for each of the three years in the period ended
December 31, 1995. These financial statements and
supplemental schedules are the responsibility of the plan
administrator. Our responsibility is to express an opinion
on these financial statements and supplemental schedules
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 Savings and
Profit Sharing Plan as of December 31, 1995 and 1994, and the
changes in its net assets available for benefits for each of
the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The supplemental schedules of assets held for investment
purposes as of December 31, 1995, and reportable transactions
for the year ended December 31, 1995, are presented for the
purpose of additional analysis and are not a required part of
the basic financial statements, but are supplemental
information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The Fund Information
in the 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 supplemental schedules and Fund
Information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Toledo, Ohio,
June 10, 1996.
<TABLE>
-1-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995 AND 1994
1 9 9 5
Supplemental Information By Fund
--------------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3, 4 and 5):
Short-term investments $ 61,477 $ - $ - $ -
Owens Corning common stock, 4,853,852
shares at $44.875 per share
(cost $18,919,524) 217,816,609 - - -
Investment in master trust collective
funds - 51,678,083 13,200,137 35,669,782
Loans to participants - - - -
Accrued interest on loans to
participants (Note 3) - - - -
Due from Owens Corning
(Note 1) 573,722 1,420 435 4,233
Accrued interest income and other 198,013 - - -
------------ ------------ ------------ ------------
Total assets $218,649,821 $ 51,679,503 $ 13,200,572 $ 35,674,015
============ ============ ============ ============
LIABILITIES (Notes 1 and 6):
Accounts payable to brokers and others $ 104,000 $ - $ - $ -
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 6) 218,545,821 51,679,503 13,200,572 35,674,015
------------ ------------ ------------ ------------
Total liabilities and net assets
available for benefits $218,649,821 $ 51,679,503 $ 13,200,572 $ 35,674,015
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-2-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995 AND 1994
(Continued)
1 9 9 5
Supplemental Information By Fund
--------------------------------------
Inter- Loans to
Balanced national partici-
Fund Fund pants Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3, 4 and 5):
Short-term investments $ - $ - $ - $ 61,477
OWENS CORNING common stock, 4,853,852
shares at $44.875 per share
(cost $18,919,524) - - - 217,816,609
Investment in master trust collective
funds 4,727,818 4,818,712 - 110,094,532
Loans to participants - - 7,338,641 7,338,641
Accrued interest on loans to
participants (Note 3) - - 44,962 44,962
Due from Owens Corning
(Note 1) 152 721 - 580,683
Accrued interest income and other - - - 198,013
------------ ------------ ------------ ------------
Total assets $ 4,727,970 $ 4,819,433 $ 7,383,603 $336,134,917
============ ============ ============ ============
LIABILITIES (Notes 1 and 6):
Accounts payable to brokers and others $ - $ - $ - $ 104,000
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 1 and 6) 4,727,970 4,819,433 7,383,603 336,030,917
------------ ------------ ------------ ------------
Total liabilities and net assets
available for benefits $ 4,727,970 $ 4,819,433 $ 7,383,603 $336,134,917
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-3-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995 AND 1994
(Continued)
1 9 9 4
Supplemental Information By Fund
----------------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3, 4 and 5):
Short-term investments $ 1,698,262 $ - $ - $ -
Owens Corning 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 - - - -
Accrued interest on loans to
participants (Note 3) - - - -
Due from Owens Corning (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
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-4-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995 AND 1994
(Continued)
1 9 9 4
Supplemental Information By Fund
--------------------------------------------
Inter- Loans to
Balanced national Partici-
Fund Fund pants Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1, 2, 3, 4 and 5):
Short-term investments $ - $ - $ - $ 1,698,262
Owens Corning 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 - - 7,343,828 7,343,828
Accrued interest on loans to
participants (Note 3) - - 40,708 40,708
Due from Owens Corning (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
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-5-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
1 9 9 5
Supplemental Information By Fund
----------------------------------------------------
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 $ 33,575 $ - $ - $ -
Net interest in master trust
investment income - 8,406,877 3,232,482 3,517,377
Interest on loans to participants - - - -
Realized gain on disposition of
investments 5,697,681 - - -
Unrealized appreciation (depreciation)
of investment in Owens Corning common
stock 59,462,361 - - -
------------ ------------ ------------ ------------
65,193,617 8,406,877 3,232,482 3,517,377
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants 7,374,146 4,407,123 1,105,936 2,319,130
Owens Corning 7,900,648 - - -
------------ ------------ ------------ ------------
15,274,794 4,407,123 1,105,936 2,319,130
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-6-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 5
Supplemental Information By Fund
-----------------------------------------
Inter- Loans to
Balanced national Partici-
Fund Fund pants Total
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME (Notes 2, 3, 4, and 5):
Interest $ - $ - $ - $ 33,575
Net interest in master trust
investment income 558,816 292,659 - 16,008,211
Interest on loans to participants - - 482,859 482,859
Realized gain on disposition of
investments - - - 5,697,681
Unrealized appreciation (depreciation) of
investment in Owens Corning common stock - - - 59,462,361
------------ ------------ ------------ ------------
558,816 292,659 482,859 81,684,687
------------ ------------ ------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants 594,328 899,628 - 16,700,291
Owens Corning - - - 7,900,648
------------ ------------ ------------ ------------
594,328 899,628 - 24,600,939
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-7-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 5
Supplemental Information By Fund
-------------------------------------------
Company Managed Indexed Fixed
Stock Equity Equity Income
Fund Fund Fund Fund
------------ ------------ ----------- -------------
<S> <C> <C> <C> <C>
OTHER:
Distributions to participants (Note 6) (25,279,565) (4,826,481) (833,771) (5,343,361)
Administrative expense (Note 1) (201,627) (38,375) (19,792) (26,852)
Election of redistribution among funds
(Note 1) (9,120,567) 1,163,173 1,147,187 2,884,532
Participants loan activity (Note 3) 229,838 76,868 38,382 (100,303)
Rollovers and other 234,836 158,333 19,208 263,667
------------ ------------ ------------ ------------
(34,137,085) (3,466,482) 351,214 (2,322,317)
------------ ------------ ------------ ------------
Net increase (decrease) 46,331,326 9,347,518 4,689,632 3,514,190
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 172,214,495 42,331,985 8,510,940 32,159,825
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $218,545,821 $ 51,679,503$ 13,200,572 $ 35,674,015
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-8-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 5
Supplemental Information By Fund
--------------------------------------------
Inter- Loans to
Balanced national Partici-
Fund Fund pants Total
------------ --------- --------- ---------
<S> <C> <C> <C> <C>
OTHER:
Distributions to participants (Note 6) (175,427) (197,636) (117,253) (36,773,494)
Administrative expense (Note 1) (7,251) (7,551) - (301,448)
Election of redistribution among funds
(Note 1) 2,156,188 1,769,487 - -
Participants loan activity (Note 3) 40,112 81,642 (366,539) -
Rollovers and other 152,458 8,527 - 837,029
------------ ------------ ------------ ------------
2,166,080 1,654,469 (483,792) (36,237,913)
------------ ------------ ------------ ------------
Net increase (decrease) 3,319,224 2,846,756 (933) 70,047,713
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
beginning of year 1,408,746 1,972,677 7,384,536 265,983,204
------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS -
end of year $ 4,727,970 $ 4,819,433 $ 7,383,603 $336,030,917
=========== ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-9-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 4
Supplemental Information By Fund
-----------------------------------------
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 (depreciation) of
investment in Owens Corning 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 7,581,076 - - -
------------ ------------ ------------ ------------
14,732,683 4,594,277 1,068,789 2,768,488
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-10-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 4
Supplemental Information By Fund
----------------------------------------------
Inter- Loans to
Balanced national Partici-
Fund Fund pants 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 (depreciation) of
investment in Owens Corning 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 - - - 7,581,076
------------ ------------ ------------ ------------
176,551 314,719 - 23,655,507
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-11-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 4
Supplemental Information By Fund
--------------------------------------------
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
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-12-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 4
Supplemental Information By Fund
--------------------------------------------
Inter- Loans to
Balanced national Partici-
Fund Fund pants 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
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-13-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 3
Supplemental Information By Fund
----------------------------------------------------------
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 (depreciation)
of investment in Owens Corning
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 6,645,630 - - -
------------ ------------ ------------ ------------
13,160,816 4,018,581 1,150,426 3,279,363
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-14-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 3
Supplemental
Information
By Fund
-------------
Loans to
Partici-
pants 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 (depreciation)
of investment in Owens Corning
common stock - 33,204,266
------------ ------------
530,802 59,998,416
------------ ------------
CONTRIBUTIONS (Notes 1 and 6):
Participants - 14,963,556
Owens Corning - 6,645,630
------------ ------------
- 21,609,186
------------ ------------
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-15-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 3
Supplemental Information By Fund
----------------------------------------------------------------
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
============ ========================= ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
-16-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(Continued)
1 9 9 3
Supplemental
Information
By Fund
-------------
Loans to
Partici-
pants 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
============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
-17-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT PROVISIONS OF THE PLAN AND
ACCOUNTING POLICIES
Operations of the Plan
- ----------------------
The Owens Corning Savings and Profit Sharing Plan (the Plan)
principally benefits salaried employees of Owens Corning (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 21,125 shares
valued at $822,000 in 1995, 16,439 shares valued at $570,000
in 1994, and 14,218 shares valued at $560,000 in 1993.
Plan Investment Options
- -----------------------
Each participant elects to have his contribution invested in
increments among the investment funds made available under
the Plan. Currently, the following six investment funds are
available to participants:
-18-
OWENS CORNING
SAVINGS AND PROFIT SHARING 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 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 are invested
as participants direct among the plan's investment funds.
-19-
OWENS CORNING
SAVINGS AND PROFIT SHARING 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, 1995, was as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Company Managed Indexed Fixed Inter-
Stock Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Fund
- ---------------- -------- -------- -------- --------
3,196 1,767 887 1,444 437 568
</TABLE>
Basis of Accounting
- -------------------
The accompanying financial statements have been prepared on
the accrual basis. Investments 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.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Future events could
alter such estimates.
Income Taxes
- ------------
The Internal Revenue Service (IRS) has issued a determination
letter dated March 27, 1996, 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. 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.
-20-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(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 Plan accounts of each participant not
previously vested would fully vest. Participants would, in
accordance with the terms of the Plan, 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 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, 1995:
<TABLE>
-21-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
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 $ 211,625 $ 211,625 $ 211,625 .8758
Acorn Fund, Inc. 4,322,946 43,260,104 58,792,069 .8758
Accrued interest and
dividends N/A N/A 880 .8761
-----------
$59,004,574
-----------
Indexed Equity Fund:
- --------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 55,737 $ 55,737 $ 55,737 .8663
Wells Fargo Bank, N.A.
Index Equity Fund 840,567 11,570,307 15,181,052 .8663
Accrued interest and
dividends N/A N/A 242 .8678
-----------
$15,237,031
-----------
Fixed Income Fund:
- ------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 127,222 $ 127,222 $ 127,222 .8524
Pacific Investment
Management Company
Low Duration Fund 4,126,568 40,997,798 41,719,601 .8524
Accrued interest and
dividends N/A N/A 155 .8516
-----------
$41,846,978
-----------
</TABLE>
<TABLE>
-22-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
Shares/ Current or
Contract Contract Plan
Value Cost Value Interest
-------- -------- -------- -----
<S> <C> <C> <C> <C>
Balanced Fund
- -------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 32,266 $ 32,266 $ 32,266 .9292
Dodge & Cox Balanced
Fund 92,598 4,680,620 5,055,872 .9292
Accrued interest and
dividends N/A N/A 170 .9294
-----------
$ 5,088,308
-----------
International Fund
- ------------------
Liquid Reserve Fund
Commingled Employee
Benefit Trust $ 45,277 $ 45,277 $ 45,277 .8941
Templeton Foreign Fund 582,137 5,485,980 5,344,021 .8941
Accrued interest and
dividends N/A N/A 215 .8930
-----------
$ 5,389,513
-----------
Net assets in Master
Trust $126,566,404
===========
</TABLE>
<TABLE>
-23-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
1995
<S> <C> <C> <C> <C> <C> <C>
Managed Indexed Fixed Inter-
Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Total
-------- -------- -------- -------- -------- --------
INVESTMENT INCOME:
Interest $ 16,316 $ 4,477 $ 72,623 $ 2,788 $ 4,080 $ 100,284
Dividends 4,640,843 365 2,446,454 199,294 293,823 7,580,779
Realized gain (loss)
on disposition of
investments 511,398 8,103 (88,712) (96) - 430,693
Change in unrealized
appreciation
of investments 4,356,335 3,704,936 1,649,809 398,945 31,093 10,141,118
----------- ----------- ---------------------- ----------- -----------
$9,524,892 $3,717,881 $4,080,174 $ 600,931 $ 328,996 $18,252,874
=========== =========== =========== =========== ======== ===========
</TABLE>
<TABLE>
-24-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
1994
<S> <C> <C> <C> <C> <C> <C>
Managed Indexed Fixed Inter-
Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Total
---------- ---------- ------ ----------- --------------------
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>
<TABLE>
-25-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
1993
<S> <C> <C> <C> <C>
Managed Indexed Fixed
Equity Equity Income
Fund Fund Fund Total
---------- -------- --------- --- ------------- -
INVESTMENT INCOME:
Interest $ 15,612 $ 5,024 $2,452,724 $ 2,473,360
Dividends 2,391,153 262,096 - 2,653,249
Realized gain (loss)
on disposition of
investments 315,289 - - 315,289
Change in unrealized
appreciation
(depreciation)
of investments 9,357,478 648,373 (87,664) 9,918,187
---------- --------------------- -------------
$12,079,532 $ 915,493$ 2,365,060 $15,360,085
========== ===================== =============
</TABLE>
-26-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) INVESTMENTS (Continued)
Investments are reported at quoted market value in all funds in 1995,
1994 and 1993 except guaranteed investment contracts in the Fixed
Income Fund which were valued at the contract value (Contract Value)
in 1994 and 1993. Changes in unrealized appreciation 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. The maximum amount available for a
loan is the lessor of $50,000 or 50% of a participants vested
accounts. The loan limit is 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 are summarized below:
<TABLE>
1 9 9 5 1 9 9 4 1 9 9 3
-------------------------------------
<S> <C> <C> <C>
Proceeds $23,427,367 $22,676,443 $13,193,290
Cost 17,729,686 22,102,749 1,367,569
----------- ----------- ------------
$ 5,697,681 $ 573,694 $11,825,721
=======================================
</TABLE>
-27-
OWENS CORNING
SAVINGS AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
(Continued)
(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
were carried at Contract Value in 1994 and 1993. The change in unrealized
appreciation/depreciation during each of the three years ended December 31,
1995, 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.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Company Managed Indexed Fixed Inter-
Stock Equity Equity Income Balanced national
Fund Fund Fund Fund Fund Fund
----------- -------- -------- ------ ---------- --------
Unrealized appreciation
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 appreciation
(depreciation) at
December 31, 199 204,312,606 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 appreci-
ation (depreciation)
at December 31, 1994 139,434,724 11,175,629 (94,192) (928,005) (23,694) (173,051)
Change in unrealized
appreciation (depreciation)
during 1995 59,462,361 4,356,335 3,704,936 1,649,809 398,945 31,093
------------------------------------------- ---------- ------------
Unrealized appreciation
(depreciation) at
December 31, 1995 $198,897,085 $15,531,964 $3,610,744 $ 721,804 $375,251 $(141,958)
==================================================================
</TABLE>
-28-
OWENS CORNING
SAVINGS AND PROFIT SHARING 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 $37,000 in 1995 and
$26,000 in 1994, and $40,000 in 1993. 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 , but, 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 617,254 shares of stock valued at
$24,150,000 in 1995, 303,575 shares of stock valued at
$10,780,000 in 1994, and 224,734 shares of stock valued at
$9,610,000 in 1993.
Participants' requests for cash withdrawals made prior to
December 31, 1995, and subsequently paid were as follows:
<TABLE>
<S> <C>
Company Stock Fund $1,366,129
Managed Equity Fund 768,430
Indexed Equity Fund 401,005
Fixed Income Fund 810,975
Balanced Fund 39,791
International Fund 21,248
----------
$3,407,578
==========
</TABLE>
-29-
OWENS CORNING
SAVINGS AND PROFIT SHARING 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, 1995, and
subsequently distributed were 50,293 shares of stock valued
at $2,257,000.
(7) SUBSEQUENT EVENT
Subsequent to year end Owens Corning adopted several
amendments revising the Savings and Profit Sharing Plan. The
most significant amendments affect Company matching and
profit sharing contributions and the vesting schedule.
Effective January 1, 1996 the Company's matching contribution
percentage will be lowered from 50% to 35% of participants
contribution up to 10% of base salary. Also effective in the
1996 plan year the Company may at its discretion, make an
Annual Profit Sharing Contribution to the plan. One-half of
the Company's Annual Profit Sharing Contribution, if any,
will be invested exclusively in Company stock. Effective
January 1, 1996 a new vesting schedule was adopted whereby
participants become 100% vested in Company contributions and
earnings thereon after three years of completed service,
however, employees with less than three years of service on
the effective date will continue to vest at the rate of 20%
per year until they reach three years of service at which
time they will become 100% vested.
<TABLE>
-30-
OWENS CORNING
SAVING AND PROFIT SHARING PLAN
SCHEDULE II
EIN: 34-4323452 PLAN: 004
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
<S> <C> <C> <C>
Current
Identity of Issuer Description of Investment Cost Value
*Citibank, N.A. 61,477 shares of Liquid $ 61,477 $ 61,477
Reserve Fund Commingled
Employee Benefit Trust
*Owens Corning 4,853,852 shares of common $18,919,524 $217,816,609
stock
* Participant loans $ 7,338,641 $ 7,338,641
*Citibank, N.A. Investment in master trust $92,525,527 $110,094,532
collective funds
$118,845,169 $335,311,259
</TABLE>
* Represents a party in interest
<TABLE>
-31-
OWENS CORNING
SAVING AND PROFIT SHARING PLAN
EIN: 34-4323452 Plan: 004 SCHEDULE
IIItem 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<S> <C> <C> <C> <C> <C> <C> <C>
Current Current
Value at
Description Trans- Purchase Sales Cost of Transaction
Party Involved of Asset actions Price Price Asset Date (Loss)
Citibank, N.A. Purchase of 60 $15,475,692 N/A$15,475,692 $15,475,692 N/A
15,475,692
shares of
Liquid Reserve
Fund Commingled
Employee
Benefit Trust
Citibank, N.A. Sale of 55 N/A $17,112,477$17,112,477$17,112,477 $ -
17,112,477
shares of
Liquid Reserve
Fund Commingled
Employee
Benefit Trust
Owens Corning Purchase of 19 $5,725,337 N/A $ 5,725,337 $5,725,337 N/A
150,724
shares of Owens
Corning common
stock
Owens Corning Purchase of 16 $7,694,693 N/A $ 7,694,693 $7,694,693 N/A
217,566
shares of
Owens Corning
common stock
Owens Corning Sale of 7 N/A $6,314,890 $617,209 $6,314,890 $5,697,681
149,619
shares of
Owens Corning
common stock
</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 20,
1996, included in Owens Corning Savings and Profit
Sharing Plan's annual report on Form 11-K for the year ended
December 31, 1995, into the Company's previously filed
Registration Statements on Form S-8 (File Nos. 33-9986 and 33-27209).
ARTHUR ANDERSEN LLP
Toledo, Ohio,
June 20, 1996.
