FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from .................... to ....................
Commission file number: (1-13888)
---------------------------------------------------------
UCAR CARBON SAVINGS PLAN
(Full title of the plan)
---------------------------------------------------------
UCAR INTERNATIONAL INC.
(Name of issuer of the securities held pursuant to the plan)
39 OLD RIDGEBURY ROAD, J-4, DANBURY, CONNECTICUT 06817-0001
(Address of principal executive office)
<PAGE>
TABLE OF CONTENTS
FINANCIAL STATEMENTS:
- --------------------
Statements of Net Assets Available for Plan Benefits
as of December 31, 1995 and 1994................................... Page 3
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 1995............................... Page 4
Notes to Financial Statements......................................... Page 5
SUPPLEMENTAL SCHEDULES:
- ----------------------
Schedule I: Item 27a - Schedule of Assets Held for
Investment Purposes................................................ Page 13
Schedule II: Item 27d - Schedule of Reportable Transactions........... Page 14
INDEPENDENT AUDITORS' REPORT............................................ Page 15
- ----------------------------
INDEPENDENT AUDITORS' CONSENT........................................... Page 16
- -----------------------------
<PAGE>
UCAR CARBON SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1995 AND 1994
1995 1994
---- ----
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund......................... $ 7,756,495 $ 5,423,403
Fidelity Equity Income Fund.................... 3,207,525 2,357,605
State Street Global Advisors' Domestic
Index Fund................................... 3,988,147 2,094,392
State Street Global Advisors' Daily Bond
Market Fund.................................. 601,564 323,835
Union Carbide Corp. common stock............... 3,988,013 3,798,804
Praxair Inc. common stock...................... 3,786,948 2,589,603
UCAR International Inc. common stock........... 9,743,929 -
United States Savings Bonds, Series "EE"....... 43,700 43,775
At contract value:
Contracts with insurance companies............ 41,069,962 44,770,696
---------- -----------
Total investments.......................... 74,186,283 61,402,113
Receivable for investments sold..................... 585,377 1,317
Contributions receivable (payable).................. (384) 518,770
Investment income receivable........................ 182,228 504,828
Transfers receivable from other plans............... 35,769 33,969
Loans receivable.................................... 3,459,511 3,537,775
Cash and cash equivalents........................... 4,354,597 970,345
----------- ----------
Total assets............................... 82,803,381 66,969,117
LIABILITIES:
Investments purchased payable....................... 18,904 71
----------- -----------
Net assets available for plan benefits..... $ 82,784,477 $ 66,969,046
=========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
<PAGE>
UCAR CARBON SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1995
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfers from other plans................................... $ 66,555
-----------
Investment income:
Dividends................................................ 710,892
Interest................................................. 3,381,098
Net realized and unrealized gains on investments......... 8,755,724
-----------
Total investment income............................... 12,847,714
-----------
Contributions:
Employer................................................. 1,018,747
Employees................................................ 5,242,445
-----------
Total contributions................................... 6,261,192
-----------
Total additions....................................... 19,175,461
-----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants................................ 3,329,753
Investment fees.............................................. 30,277
-----------
Total deductions...................................... 3,360,030
-----------
Net additions for the year............................ 15,815,431
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year............................................ 66,969,046
-----------
End of year.................................................. $ 82,784,477
===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
<PAGE>
UCAR CARBON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) DESCRIPTION OF THE PLAN
The following brief description of UCAR Carbon Savings Plan (herein
referred to as the "Plan") is provided for general information only.
Participants should refer to the plan document for more complete
information.
ADMINISTRATION
The Plan is administered by the Savings Plan Administrative Committee.
PARTICIPATION
The Plan is available to all regular employees of UCAR Carbon Company Inc.
and participating affiliate companies (collectively, the "Company").
CONTRIBUTIONS
Participating employees can contribute 1% to 7-1/2% of their compensation
into the Plan as basic contributions. An additional 1/2% to 10% of employee
compensation may be contributed as supplemental deposits. Employee 401(k)
contributions are subject to applicable Internal Revenue Code limitations.
The Company contributes on behalf of each participating employee an amount
equal to 30% of the employee's basic contributions.
VESTING AND DISTRIBUTIONS
Participants are immediately vested in 100% of their account balance
(including employer contributions plus actual earnings thereon).
Withdrawals from the 401(k) investment programs are made at retirement or
other termination of employment and may be deferred under the terms of the
Plan. Other savings plan withdrawals are subject to conditions stated in
the Plan.
PARTICIPANT ACCOUNTS
Participants' accounts are credited with participant contributions,
contributions from the Company and an allocation of investment income from
the Plan. The allocations of investment income are based upon participants'
account balances.
The Plan permits participants to borrow money from their accounts. A
minimum account balance of $2,000 is required to qualify for a loan. The
minimum loan is $ 1,000 and the maximum loan is 50% of a participants'
account balance up to a maximum loan of $50,000. Participants are required
to repay the loan plus interest. Interest is added to the participant's
account.
5
<PAGE>
INVESTMENT PROGRAMS
Participants may invest their basic and supplemental contributions in one
percentage point increments in any or all of: the Equity Growth Fund, the
Equity Income Fund, the Equity Indexed Fund, the Balanced Fund, the UCAR
Stock Fund, the UCAR Discounted Stock Fund, or the Fixed Income Fund.
Earnings and dividends on investments are reinvested in the corresponding
fund. A brief description of the funds is as follows:
EQUITY GROWTH FUND - This fund currently invests in the Fidelity
Magellan Fund. The Fidelity Magellan Fund invests primarily in common
stocks spread across many sectors of the market, with above average
growth potential and a correspondingly higher level of risk.
EQUITY INCOME FUND - This fund currently invests in the Fidelity
Equity Income Fund. It aims for a yield better than the S&P 500 Index.
EQUITY INDEXED FUND - This fund mirrors the Standard & Poor's
Composite Index of 500 Stocks ("S&P 500 Index") and is managed by
State Street Global Advisors, the institutional investment management
affiliate of State Street Bank and Trust Company (the Plan's Trustee).
This fund currently invests in the State Street Global Advisors'
Domestic Index Fund.
BALANCED FUND - This fund seeks a high level, long-term rate of return
while being cautious about investment risk. The fund is managed by
State Street Global Advisors. It invests 50% in stocks of the S&P 500
Index and 50% in bonds that correspond to those in the Lehman
Corporate and Government Bond Index. Currently this fund invests in
the State Street Global Advisors' Domestic Index and Daily Bond Market
Funds.
UCAR STOCK FUND AND UCAR DISCOUNTED STOCK FUND - On August 15, 1995,
UCAR International Inc. became a publicly held company with common
stock listed on the New York Stock Exchange. As a result, the Company
added two investment options to the Plan: the UCAR Stock Fund and the
UCAR Discounted Stock Fund.
The UCAR Stock Fund invests primarily in common stock of UCAR
International Inc. (herein referred to as "UCAR Stock"). The UCAR
Discounted Stock Fund purchases UCAR Stock at 90% of market price.
Because the stock is discounted, certain restrictions apply. The
restrictions include the following:
- Only the employee contributions and the Company's matching
contributions may be used to invest in this fund.
- Any units purchased must remain in the fund for at least twelve
months.
- Supplemental deposits or loan repayments may not be invested in
this fund.
FIXED INCOME FUND - This fund mainly invests in fixed income contracts
with highly rated insurance companies.
6
<PAGE>
In addition to the preceding funds, three other funds from earlier plans
still exist (the UCC Stock Fund, the Praxair Stock Fund and the U.S.
Savings Bond Fund). Participants may no longer invest their contributions
in these funds.
Prior to February 25, 1991, the Company was a subsidiary of Union Carbide
Corporation ("UCC") and employees of the Company were eligible to
participate in the UCC plans, which included a UCC common stock investment
option. A common stock fund was established solely for the transfer of
existing investments in UCC common stock into the Plan.
On June 30, 1992, UCC spun-off its industrial gases subsidiary, Praxair
Inc. ("Praxair"). Under the terms of the spin-off, UCC distributed to
holders of its common stock one share of Praxair common stock for each
share of UCC common stock. A separate common stock fund has been
established for shares of Praxair common stock awarded to Plan participants
pursuant to the spin-off.
Dividends from both the UCC Stock Fund and the Praxair Stock Fund are
automatically reinvested in the Fixed Income Fund. Participants cannot
elect to invest any future contributions in either stock fund.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared on the accrual basis of
accounting.
INVESTMENTS
Investments are reported at market value, based upon quoted market prices,
except for the Fixed Income Fund. Fixed Income Fund investments currently
consist of investment contracts with insurance companies which are carried
at contract value (see note 7). Unrealized appreciation or depreciation of
investments is recognized currently in the financial statements. Purchases
and sales of investments are recorded on the trade date. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend
date.
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 additions to net assets
and deductions from net assets during the reporting period. Actual results
could differ from those estimates.
7
<PAGE>
RECLASSIFICATION
Certain reclassifications have been made to the 1994 amounts in order to
conform to the 1995 presentation.
(3) FEDERAL INCOME TAXES
On December 7, 1995, the Plan secured a favorable determination as a
qualified plan under Section 401(a) of the Internal Revenue Code (IRC), and
that the trust created under the Plan is exempt from Federal income tax
under Section 501 (a) of the IRC. This determination letter was applicable
for amendments adopted on March 17, 1995. The Plan has been amended since
March 17, 1995. However, the Plan administrator believes that the Plan is
designed and is currently being operated in compliance with the applicable
provisions of the IRC.
Employees are not subject to income tax on their salary reduction
contributions, Company payments or other accumulations in their accounts
until a distribution is made from the Plan. Employee after-tax
contributions are generally not subject to income tax upon distribution
from the Plan. An employee may withdraw an amount equal to his/her
after-tax contributions made prior to 1987 without incurring any income
tax. However, in the case of employee after-tax contributions made after
1986 an employee may exclude from income only the portion of the
distribution that bears the same ratio to the total distribution as the
employee's after-tax contributions bears to the total value of the
employee's after-tax account. For employees making deferred contributions
to the Plan in accordance with Internal Revenue Service Code Section
401(k), distributions are generally taxed as ordinary income subject to
special tax treatment afforded certain distributions that qualify as lump
sum distributions under the Internal Revenue Code.
(4) EXPENSES
All costs and expenses, including transfer taxes and brokerage commissions
incurred in connection with (i) the sale and redemption of bonds in the
U.S. Savings Bond Fund or stock of UCC or Praxair or (ii) the purchase and
sale of stock in the UCAR Stock Fund or UCAR Discounted Stock Fund, shall
be deducted from the proceeds of such stock or bonds and in the case of
purchases for the UCAR Stock Fund or UCAR Discounted Stock Fund, charged to
the applicable fund. Fees of the Fixed Income Fund investment managers are
paid by the Plan. For the year ended December 31, 1995, the Company paid
all costs of administration and bore the expenses of collecting and
distributing amounts from and to the participants and of keeping the
records of the Plan.
(5) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company reserves the
right to amend, modify, suspend or terminate the Plan. In the event of Plan
termination, participants would receive the full value of their accounts.
8
<PAGE>
(6) NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND
<TABLE>
<CAPTION>
EQUITY EQUITY EQUITY UCC PRAXAIR UCAR
GROWTH INCOME INDEXED BALANCED STOCK STOCK STOCK
DECEMBER 31, 1995 FUND FUND FUND FUND FUND FUND FUND
----------------- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund .................... $7,756,495 $ -- $ -- $ -- $ -- $ -- $ --
Fidelity Equity Income Fund ............... -- 3,207,525 -- -- -- -- --
State Street Global Advisors':
Domestic Index Fund...................... -- -- 3,295,545 692,602 -- -- --
Daily Bond Market Fund .................. -- -- -- 601,564 -- -- --
Union Carbide Corp. common stock .......... -- -- -- -- 3,988,013 -- --
Praxair Inc. common stock ................. -- -- -- -- -- 3,786,948 --
UCAR International Inc. common stock ...... -- -- -- -- -- -- 9,615,375
United States Savings Bonds, Series "EE"... -- -- -- -- -- -- --
At contract value:
Contracts with insurance companies ........ -- -- -- -- -- -- --
--------- --------- --------- -------- --------- --------- ---------
Total investments ....................... 7,756,495 3,207,525 3,295,545 1,294,166 3,988,013 3,786,948 9,615,375
Receivable for investments sold ................ -- -- -- -- -- -- 34,984
Contributions receivable (payable).............. -- -- -- -- -- -- --
Investment income receivable ................... -- -- -- -- -- -- --
Transfers receivable from other plans .......... 7,598 8,841 -- 294 -- -- 9,420
Transfers receivable (payable) ................. 9,811 310,478 17,268 9,712 1,167 (6,720) 27,986
Loans receivable ............................... -- -- -- -- -- -- --
Cash and cash equivalents ...................... 1,054 2,655 2,000 -- 6,210 11,060 16,558
--------- --------- --------- --------- --------- --------- ---------
Total assets ............................ 7,774,958 3,529,499 3,314,813 1,304,172 3,995,390 3,791,288 9,704,323
LIABILITIES:
Investments purchased payable .................. -- -- -- -- -- -- 18,904
--------- --------- --------- --------- --------- --------- ---------
NET ASSETS AVAILABLE FOR PLAN BENEFITS... $7,774,958 $3,529,499 $3,314,813 $1,304,172 $3,995,390 $3,791,288 $9,685,419
========= ========= ========== ========= ========= ========= =========
<CAPTION>
UCAR U.S.
DISCOUNTED SAVINGS FIXED TOTAL
STOCK BOND INCOME SAVINGS
DECEMBER 31, 1995 FUND FUND FUND LOANS PLAN
----------------- ---- ---- ---- ----- ----
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund ..................... $ -- $ -- $ -- $ -- $ 7,756,495
Fidelity Equity Income Fund ................ -- -- -- -- 3,207,525
State Street Global Advisors':
Domestic Index Fund ...................... -- -- -- -- 3,988,147
Daily Bond Market Fund ................... -- -- -- -- 601,564
Union Carbide Corp. common stock ........... -- -- -- -- 3,988,013
Praxair Inc. common stock .................. -- -- -- -- 3,786,948
UCAR International Inc. common stock ....... 128,554 -- -- -- 9,743,929
United States Savings Bonds, Series "EE" ... -- 43,700 -- -- 43,700
At contract value:
Contracts with insurance companies ......... -- -- 41,069,962 -- 41,069,962
--------- ------- ---------- --------- ----------
Total investments ........................ 128,554 43,700 41,069,962 -- 74,186,283
Receivable for investments sold ................. 15,300 -- 535,093 -- 585,377
Contributions receivable (payable)............... -- -- (384) -- (384)
Investment income receivable .................... -- -- 179,495 2,733 182,228
Transfers receivable from other plans ........... -- -- 9,616 -- 35,769
Transfers receivable (payable) .................. (12,966) (22,800) (298,806) (35,130) --
Loans receivable ................................ -- -- -- 3,459,511 3,459,511
Cash and cash equivalents ....................... 1,716 3,000 3,689,056 621,288 4,354,597
--------- -------- ---------- --------- ----------
Total assets ............................. 132,604 23,900 45,184,032 4,048,402 82,803,381
LIABILITIES:
Investments purchased payable ................... -- -- -- -- 18,904
---------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS ... $ 132,604 $ 23,900 $ 45,184,032 $ 4,048,402 $ 82,784,477
========== =========== =========== =========== ===========
</TABLE>
9
<PAGE>
(6) NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND (CONTINUED)
<TABLE>
<CAPTION>
EQUITY EQUITY EQUITY UCC
GROWTH INCOME INDEXED BALANCED STOCK
DECEMBER 31, 1994 FUND FUND FUND FUND FUND
----------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund .................... $5,423,403 $ -- $ -- $ -- $ --
Fidelity Equity Income Fund ............... -- 2,357,605 -- -- --
State Street Global Advisors':
Domestic Index Fund ..................... -- -- 1,751,252 343,140 --
Daily Bond Market Fund .................. -- -- -- 323,835 --
Union Carbide Corp. common stock........... -- -- -- -- 3,798,804
Praxair Inc. common stock ................. -- -- -- -- --
United States Savings Bonds, Series "EE"... -- -- -- -- --
At contract value:
Contracts with insurance companies ........ -- -- -- -- --
--------- --------- --------- ------- ---------
Total investments ....................... 5,423,403 2,357,605 1,751,252 666,975 3,798,804
Receivable for investments sold ................ -- -- -- -- --
Contributions receivable (payable).............. 69,039 23,113 16,726 8,613 163
Investment income receivable ................... -- 62,832 (1,176) 746 1,358
Transfers receivable from other plans .......... 6,367 -- -- -- --
Transfers receivable (payable).................. 18,781 (9,575) 1,505 3,128 --
Loans receivable ............................... -- -- -- -- --
Cash and cash equivalents ...................... -- -- -- -- --
--------- --------- --------- ------- ---------
Total assets ............................ 5,517,590 2,433,975 1,768,307 679,462 3,800,325
LIABILITIES:
Investments purchased payable .................. 71 -- -- -- --
--------- --------- --------- ------- ---------
Net assets available for plan benefits... $5,517,519 $2,433,975 $1,768,307 $679,462 $3,800,325
========= ========= ========= ======= =========
<CAPTION>
U.S.
PRAXAIR SAVINGS FIXED TOTAL
STOCK BOND INCOME SAVINGS
DECEMBER 31, 1994 FUND FUND FUND LOANS PLAN
----------------- ---- ---- ---- ----- ----
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments:
At fair value:
Fidelity Magellan Fund .................... $ -- $ -- $ -- $ -- $ 5,423,403
Fidelity Equity Income Fund ............... -- -- -- -- 2,357,605
State Street Global Advisors':
Domestic Index Fund ..................... -- -- -- -- 2,094,392
Daily Bond Market Fund .................. -- -- -- -- 323,835
Union Carbide Corp. common stock .......... -- -- -- -- 3,798,804
Praxair Inc. common stock ................. 2,589,603 -- -- -- 2,589,603
United States Savings Bonds, Series "EE"... -- 43,775 -- -- 43,775
At contract value:
Contracts with insurance companies ........ -- -- 44,770,696 -- 44,770,696
--------- ------ ---------- --------- ----------
Total investments ....................... 2,589,603 43,775 44,770,696 -- 61,402,113
Receivable for investments sold ................ 1,317 -- -- -- 1,317
Contributions receivable (payable) ............. 939 -- 400,177 -- 518,770
Investment income receivable ................... (1,293) 5,407 436,924 30 504,828
Transfers receivable from other plans .......... -- -- 27,602 -- 33,969
Transfers receivable (payable) ................. -- 1,168 91,562 (106,569) --
Loans receivable ............................... -- -- -- 3,537,775 3,537,775
Cash and cash equivalents ...................... -- -- 948,219 22,126 970,345
--------- ------ ---------- --------- ----------
Total assets ............................ 2,590,566 50,350 46,675,180 3,453,362 66,969,117
LIABILITIES:
Investments purchased payable .................. -- -- -- -- 71
--------- ------ ---------- --------- ----------
Net assets available for plan benefits... $2,590,566 $50,350 $46,675,180 $3,453,362 $66,969,046
========= ====== ========== ========= ==========
</TABLE>
10
<PAGE>
(7) FIXED INCOME FUND
The following is a summary of investments in contracts with insurance
companies at contract value within the Fixed Income Fund at December 31,
1995 and 1994. Contract Value represents original deposits under the
contract credited with actual earnings and charged for expenses and
withdrawals.
1995 1994
---- ----
Metropolitan Life Insurance Company:
Contract No. 12309, 10.33%, due 1/15/95..... $ - $ 1,373,651
Contract No. 13919, 7.84%, due 3/31/01...... 3,239,783 -
The Travelers:
Contract No. 15684, 9.41%, due 12/31/94..... - 156,622
Transamerica Life Insurance:
Contract No. GIC, 6.23%, due 10/01/01....... 5,501,663 -
Life Of Virginia:
Contract No. 2832, 8.14%, due 9/30/00....... 3,197,999 -
The Protective Life Insurance Company:
Contract No. 1, 6.05%, due 9/30/99.......... 2,369,271 3,077,710
Contract No. 916, 5.39%, due 3/31/00........ 2,034,347 2,663,200
The Prudential Insurance Company:
Contract No. 6820-212, 6.88%, due 12/31/94.. - 3,886,161
Contract No. 6748-211, 9.31 %, due 12/31/95. - 668,648
Contract No. 6820-211, 8.27%, due 3/15/96... 3,100,517 3,879,287
New York Life Insurance Company:
Contract No. 06740, 5.70%, due 3/31/99.... 5,970,272 7,753,188
Allstate Life Insurance Company:
Contract No. 5618, 7.22%, due 9/30/00..... 5,043,232 6,000,401
Citibank Nevada, N.A.:
Contract No. 2A, 9.40%, due 7/l/95........ - 1,782,550
Aetna Life Insurance Company:
Contract No. 13976, 8.92%, due 6/30/95.... - 1,087,799
Principal Mutual:
Contract No. 10081, 5.20%, due 9/30/00.... 5,755,400 6,264,044
CNA:
Contract No. 12972, 7.12%, due 9/30/00.... 4,857,478 6,177,435
----------- -----------
Total contracts with
insurance companies................ $ 41,069,962 $ 44,770,696
========== ==========
11
<PAGE>
(8) CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY FUND
<TABLE>
<CAPTION>
EQUITY EQUITY EQUITY UCC PRAXAIR
GROWTH INCOME INDEXED BALANCED STOCK STOCK
DECEMBER 31, 1995 FUND FUND FUND FUND FUND FUND
----------------- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfer from other plans .......................... $ 16,440 $ 8,842 $ -- $ 1,359 $ -- $ --
--------- --------- --------- --------- --------- ---------
Investment income:
Dividends ........................................ 405,987 176,680 -- -- 89,988 38,237
Interest ......................................... -- -- -- -- -- --
Net realized and unrealized gain on investments... 1,422,100 567,208 742,235 223,960 1,033,178 1,556,538
--------- ------- ------- ------- --------- ---------
Total investment income ..................... 1,828,087 743,888 742,235 223,960 1,123,166 1,594,775
--------- ------- ------- ------- --------- ---------
Contributions:
Employer ......................................... 126,393 48,416 36,043 22,582 -- --
Employees ........................................ 679,947 251,637 185,694 112,540 -- --
------- ------- ------- ------- --------- ---------
Total contributions ......................... 806,340 300,053 221,737 135,122 -- --
------- ------- ------- ------- --------- ---------
Loan repayment ..................................... 61,974 28,474 18,505 11,403 -- --
Transfer between funds ............................. (312,388) 105,056 598,536 305,704 (915,973) (369,023)
--------- ------- ------- ------- --------- ---------
Total additions ............................. 2,400,453 1,186,313 1,581,013 677,548 207,193 1,225,752
--------- --------- --------- ------- ------- ---------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants ...................... 99,619 37,910 25,773 22,086 12,128 22,030
Loans to participants .............................. 43,395 52,879 8,734 30,752 -- 3,000
Investment fees .................................... -- -- -- -- -- --
------- ------ ------ ------ ------ ------
Total deductions ............................ 143,014 90,789 34,507 52,838 12,128 25,030
------- ------ ------ ------ ------ ------
Net additions for the year .................. 2,257,439 1,095,524 1,546,506 624,710 195,065 1,200,722
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of the year .............................. 5,517,519 2,433,975 1,768,307 679,462 3,800,325 2,590,566
--------- --------- --------- ------- --------- ---------
End of year ........................................ $7,774,958 $3,529,499 $3,314,813 $1,304,172 $3,995,390 $3,791,288
========== ========== ========== ========== ========== ==========
<CAPTION>
UCAR U.S.
UCAR DISCOUNTED SAVINGS FIXED TOTAL
STOCK STOCK BOND INCOME SAVINGS
DECEMBER 31, 1995 FUND FUND FUND FUND LOANS PLAN
----------------- ---- ---- ---- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Transfer from other plans .......................... $ 9,420 $ -- $ -- $ 30,494 $ -- $ 66,555
--------- ------- ------ ---------- --------- ----------
Investment income:
Dividends ........................................ -- -- -- -- -- 710,892
Interest ......................................... -- -- 4,405 3,117,598 259,095 3,381,098
Net realized and unrealized gain on investments... 3,438,608 18,423 -- (246,526) -- 8,755,724
--------- ------ ----- --------- ------- ---------
Total investment income ..................... 3,438,608 18,423 4,405 2,871,072 259,095 12,847,714
--------- ------ ----- --------- ------- ----------
Contributions:
Employer ......................................... 2,910 27,320 -- 755,083 -- 1,018,747
Employees ........................................ 15,185 85,730 -- 3,911,712 -- 5,242,445
------ ------ ------ --------- --------- ---------
Total contributions ......................... 18,095 113,050 -- 4,666,795 -- 6,261,192
------ ------- ------ --------- ---------- ---------
Loan repayment ..................................... 406 -- -- 1,492,016 (1,612,778) --
Transfer between funds ............................. 6,269,499 1,131 (30,855) (5,651,687) -- --
--------- ----- -------- ----------- --------- ---------
Total additions ............................. 9,736,028 132,604 (26,450) 3,408,690 (1,353,683) 19,175,461
--------- ------- -------- --------- ----------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants ...................... 31,607 -- -- 3,002,623 75,977 3,329,753
Loans to participants .............................. 19,002 -- -- 1,866,938 (2,024,700) --
Investment fees .................................... -- -- -- 30,277 -- 30,277
------ ------- -------- ------ ---------- ------
Total deductions ............................ 50,609 -- -- 4,899,838 (1,948,723) 3,360,030
------ ------- -------- --------- ----------- ---------
Net additions for the year .................. 9,685,419 132,604 (26,450) (1,491,148) 595,040 15,815,431
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of the year .............................. -- -- 50,350 46,675,180 3,453,362 66,969,046
--------- ------- ------ ---------- --------- ----------
End of year ........................................ $9,685,419 $132,604 $23,900 $45,184,032 $4,048,402 $82,784,477
========== ======== ======= =========== ========== ===========
</TABLE>
12
<PAGE>
<TABLE>
SCHEDULE I
UCAR CARBON SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
<CAPTION>
MARKET
DESCRIPTION COST VALUE
----------------------------------------------------------------------- ----------- -----------
<S> <C> <C>
* UCAR International Inc. common stock, 288,709 shares, par value $.01... $ 6,939,269 $ 9,743,929
Union Carbide Corp. common stock, 106,347 shares, par value $1 ........ 950,408 3,988,013
Praxair Inc. common stock, 112,623 shares, par value $.01 ............. 1,377,917 3,786,948
United States Savings Bonds, Series "EE" .............................. 43,700 43,700
Fidelity Equity Income Fund, 84,564.322 shares ........................ 2,872,018 3,207,525
Fidelity Magellan Fund, 90,212.789 shares ............................. 6,949,663 7,756,495
* State Street Global Advisors' Daily Bond Market Fund,
45,442.204 shares ............................................... 546,512 601,564
* State Street Global Advisors' Domestic Index Fund, 41,088.658 shares... 3,119,431 3,988,147
Contracts with insurance companies, at contract value:
Metropolitan Life Insurance Company:
Contract No. 13919, 7.84%, due 3/31/01 .......................... 3,239,783 3,239,783
The Transamerica Life Co.:
Contract No. GIC, 6.23 %, due 10/01/01 .......................... 5,501,663 5,501,663
Life Of Virginia:
Contract No. 2832, 8.14%, due 9/30/00 ........................... 3,197,999 3,197,999
Protective Insurance Company:
Contract No. 1, 6.05%, due 9/30/99 .............................. 2,369,271 2,369,271
Contract No. 916, 5.39%, due 3/31/00 ............................ 2,034,347 2,034,347
The Prudential Insurance Company:
Contract No. 6820-211, 8.27%, due 3/15/96 ....................... 3,100,517 3,100,517
New York Life Insurance:
Contract No. 06740, 5.70% due 3/31/99 ........................... 5,970,272 5,970,272
Allstate Life Insurance Company:
Contract No. 5618, 7.22%, due 9/30/00 ........................... 5,043,232 5,043,232
Principal Mutual:
Contract No. 10081, 5.20%, due 9/30/00 .......................... 5,755,400 5,755,400
CNA:
Contract No. 12972, 7.12%, due 9/30/00 .......................... 4,857,478 4,857,478
----------- ---------
Subtotal ..................................................... 63,868,880 74,186,283
Loans to participants ................................................. 4,048,402 4,048,402
----------- ---------
Total .................................................... $67,917,282 $78,234,685
=========== ==========
</TABLE>
* REPRESENTS PARTY-IN-INTEREST.
13
<PAGE>
<TABLE>
SCHEDULE II
UCAR CARBON SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
<CAPTION>
EXPENSE CURRENT
INCURRED VALUE
DESCRIPTION PURCHASE SELLING LEASE WITH COST OF TRANSACTION GAIN
PARTY INVOLVED OF ASSETS PRICE PRICE RENTAL TRANSACTION ASSETS DATE (LOSS)
-------------- --------- ----- ----- ------ ----------- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Metropolitan Life Insurance GIC Fund $6,100,792 $ - $ - $ - $6,100,792 $ 6,100,792 $ -
Metropolitan Life Insurance GIC Fund - 2,861,009 - - 2,861,009 2,861,009 -
--------- ---------- ---- --------- ---------- --------- -------
Total (21 Purchases, 7 Sales) $6,100,792 $2,861,009 $ - $ - $8,961,801 $ 8,961,801 $ -
Transamerica Co. GIC Fund $5,501,663 $ - $ - $ - $5,501,663 $ 5,501,663 $ -
Total (12 Purchases)
Life of Virginia GIC Fund $4,313,110 $ - $ - $ - $4,313,110 $ 4,313,110 $ -
Life of Virginia GIC Fund - 1,115,111 - - 1,115,111 1,115,111 -
--------- --------- ---- --------- --------- --------- -------
Total (13 Purchases, 10 Sales) $4,313,110 $1,115,111 $ - $ - $5,428,221 $ 5,428,221 $ -
Prudential Insurance Co. GIC Fund $ - $3,886,161 $ - $ - $3,886,161 $ 3,886,161 $ -
Total (1 Sale)
* UCAR International Inc. stock Common Stock $9,598,949 $ - $ - $ - $9,598,949 $ 9,598,949 $ -
* UCAR International Inc. stock Common Stock - 3,381,173 - - 2,771,910 3,381,173 609,263
--------- --------- ---- --------- --------- ---------- -------
Total (23 Purchases, 53 Sales) $9,598,949 $3,381,173 $ - $ - $12,370,859 $12,980,122 $609,263
Fidelity Investments Fidelity Magellan Fund $4,384,174 $ - $ - $ - $ 4,384,174 $ 4,384,174 $ -
Fidelity Investments Fidelity Magellan Fund - 3,486,720 - - 2,950,401 3,486,720 536,319
--------- --------- ---- --------- --------- --------- -------
Total (101 Purchases, 83 Sales) $4,384,174 $3,486,720 $ - $ - $ 7,334,575 $ 7,870,894 $536,319
</TABLE>
* REPRESENTS PARTY-IN-INTEREST.
14
<PAGE>
UCAR CARBON SAVINGS PLAN
INDEPENDENT AUDITORS' REPORT
To the Plan Administrators of the UCAR Carbon Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the UCAR Carbon Savings Plan as of December 31, 1995 and 1994, and
the related statement of changes in net assets available for plan benefits for
the year ended December 31, 1995. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all
material respects, the net assets available for plan benefits of the Plan as of
December 31, 1995 and 1994, and the changes in net assets available for plan
benefits for the year 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 I and II are
presented for the purpose of additional analysis and are not a required part of
the basic financial statements but are supplementary 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 supplemental schedules
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.
/s/ KPMG Peat Marwick LLP
- -------------------------
KPMG Peat Marwick LLP
Stamford, Connecticut
June 21, 1996
15
<PAGE>
UCAR CARBON SAVINGS PLAN
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in the Registration Statement on
Form S-8 (No. 33-95548) of UCAR International Inc. of our report dated June 21,
1996 appearing on page 15 of this Annual Report on Form 11-K for the year ended
December 31, 1995.
/s/ KPMG Peat Marwick LLP
- -------------------------
KPMG Peat Marwick LLP
Stamford, Connecticut
June 21, 1996
16
<PAGE>
UCAR CARBON SAVINGS PLAN
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the trustees
(or other persons who administer the employee benefit plan) have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
UCAR CARBON SAVINGS PLAN
Date: June 26, 1996 By: /s/ Fred C. Wolf
-----------------
Fred C. Wolf
VICE PRESIDENT, ADMINISTRATION
AND STRATEGIC PROJECTS
MEMBER OF THE SAVINGS PLAN
ADMINISTRATIVE COMMITTEE
17
