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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(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, 1993
OR
[ ] 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 1-170-2
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
1500 West River Street
Chippewa Falls, WI 54729-1954
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
AMOCO CORPORATION
200 East Randolph Drive
Chicago, Illinois 60601
Telephone 312-856-6111
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SIGNATURE
The Plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
By Norwest Bank Wisconsin, N.A.
Plan Trustee
Date: May 27, 1994 By Dale C. Luthy
Dale C. Luthy
Vice President, Trust Officer
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Amoco Corporation
In our opinion, the accompanying statement of financial position and the
related statement of income, expenses, and changes in plan equity present
fairly, in all material respects, the financial position of the Amoco
Foam Products Company Chippewa Falls Hourly Employee Savings Plan at
December 31, 1993, and the results of its operations and the changes in
its plan equity for the year ended December 31, 1993, in conformity with
generally accepted accounting principles. These financial statements are
the responsibility of Amoco Foam Products Company's management; our
responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit of these statements in
accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for the opinion expressed
above.
PRICE WATERHOUSE
Chicago, Illinois
May 27, 1994
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
STATEMENT OF FINANCIAL POSITION
December 31, 1993
ASSETS
Investments at market value:
Amoco Stock Fund $ 44,688
Equity Fund 81,903
Money Market Fund 54,382
Balanced Fund 151,049
Total Investments 332,022
Total assets $332,022
LIABILITIES AND PLAN EQUITY
Plan equity $332,022
Total liabilities and plan equity $332,022
The accompanying notes are an integral part of these statements.
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
STATEMENT OF INCOME, EXPENSES, AND CHANGES IN PLAN EQUITY
For the year ended December 31, 1993
<TABLE>
<CAPTION>
Amoco Money
Stock Equity Market Balanced
Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C>
Additions of assets attributed to:
Employee contributions $31,906 $61,456 $43,892 $108,100 $245,354
Employer contributions 8,679 20,343 12,831 37,071 78,924
Realized gains (losses) on
sales of investments - 97 - 92 189
Change in unrealized
appreciation (depreciation) in
fair value of investments (2,323) 3,068 - 8,241 8,986
Interest and dividends 733 19 886 28 1,666
Interfund transfers (net) 6,198 (2,112) (2,807) (1,279) -
Total additions 45,193 82,871 54,802 152,253 335,119
Deductions of assets attributed to:
Distributions to participants (56) (387) (173) (392) (1,008)
Administrative expenses (449) (581) (247) (812) (2,089)
Total deductions (505) (968) (420) (1,204) (3,097)
Net increase in plan
equity during the year 44,688 81,903 54,382 151,049 332,022
Net assets available for plan benefits:
Beginning of year - - - - -
End of year $44,688 $81,903 $54,382 $151,049 $332,022
The accompanying notes are an integral part of this statement.
</TABLE>
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
__________________________________________
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan:
Amoco Foam Products Company (the "Company") established the Amoco
Foam Products Company Chippewa Falls Hourly Employee Savings Plan (the
"Plan") effective January 1, 1993. The purpose of the Plan is to
encourage eligible employees to regularly save part of their earnings and
to assist them in accumulating additional security for their retirement.
The Plan provides that both employee and Company contributions will be
held in a trust by an independent trustee for the benefit of
participating employees. Norwest Bank Wisconsin, N.A. is the trustee of
the Plan (the "Trustee"). The Company reserves the right to amend or
terminate the Plan at any time.
The Plan was not amended during 1993.
Under the Plan, participating employees can invest a total of 13
percent of pre-tax and/or after-tax earnings, but only the first three
percent will be matched by the Company at a rate of $.50 for every $1.00
contributed by the employee. Company contributions are automatically
invested in the same way as participants' contributions are invested.
There were 223 participants in the Plan at December 31, 1993.
Participants are fully vested in their contributed accounts. Vesting in
Company contribution accounts is dependent upon specific criteria as
described in the Plan document.
Trustee fees, brokerage commissions, and other transaction fees and
expenses related to the Amoco Stock Fund, the Equity Fund, the Money
Market Fund, and the Balanced Fund are paid out of those respective
funds. As a result, the returns on those investments are net of the fees
and expenses of the managers of those funds and certain other brokerage
commissions and other fees and expenses incurred in connection with those
investment elections. Administrative fees for the current plan year were
paid by the Company, but may be charged to the Plan in future years at
the discretion of Company management and in accordance with the terms of
the Plan.
The contributions are invested in up to four savings options as
determined by individual employees. The employee can direct the Trustee
to invest in the following options: Amoco Stock Fund; Equity Fund; Money
Market Fund; and Balanced Fund.
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NOTES TO FINANCIAL STATEMENTS (continued)
Amoco Stock Fund
Amoco Stock Fund's primary investment objective is to purchase
shares of Amoco Corporation common stock, which have no par value.
Amounts not invested in Amoco Corporation stock are held as cash or are
used to purchase short-term investments or invest in short-term
investment funds of the Trustee. Dividend payments on Amoco Corporation
common stock held in the Amoco Stock Fund are used primarily to purchase
additional shares of Amoco Corporation common stock or to meet the cash
demands of the Amoco Stock Fund.
The percentage of assets of the Amoco Stock Fund in investments
other than Amoco Corporation common stock under normal circumstances is
less than 5 percent. However, this figure may change as transactions are
made and may be substantially higher or lower at a given time. On
December 31, 1993, the percentage of investments in Amoco Corporation
common stock was 91.1 percent.
Shares of common stock held in the fund and dividends and other
distributions on common stock are not specifically allocated to
participant accounts. Instead, each participant's investment in the
Amoco Stock Fund is based on the proportion of his investment in the fund
to all Plan participants. The manager of the Amoco Stock Fund is Norwest
Bank Wisconsin, N.A.
Equity Fund
Amounts invested in the Equity Fund are placed in the Norwest Index
Stock Fund, which is managed by Norwest Investment Management. The goal
of the fund is to create a portfolio of stocks which will duplicate the
Standard & Poor's ("S&P") 500 Index return with minimum deviations. The
portfolio strategy provides for the purchase of stocks representing over
98 percent of the pro rata weighted market values of the S&P 500 Index.
As of year end December 31, 1993, the Equity Fund represented 96 percent
of the pro rata weighted market values of the S&P 500 Index. In order to
reduce costs, transactions are made only to reproduce the
composition of the index, to invest cash received from dividends or
buyouts and to invest additions to the fund and raise cash for
withdrawals.
The Money Market Fund
Amounts invested in the Money Market Fund are used to purchase units
of the Norwest Short-Term Investment Fund. Assets of the Norwest Short-
Term Investment Fund are held in cash or other short-term securities,
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NOTES TO FINANCIAL STATEMENTS (continued)
bonds, notes, shares of money market mutual funds, domestic and foreign
bank deposits, bankers acceptances, repurchase agreements, and floating
rates or put issues. The portfolio guidelines state that no more than 20
percent of the fund will be held in instruments maturing in 91 days or
more. For added liquidity, at least 20 percent of the fund must mature
or become available on demand each day.
The manager of the fund, Norwest Investment Management, has the
responsibility of purchasing the selection of securities for the fund.
The manager's goal is to select a portfolio of maturities which will
offer a return higher than U.S. Treasury bills.
Balanced Fund
Amounts invested in the Balanced Fund are used to purchase units of
the Norwest Growth Balanced Fund. The goal of the Balanced Fund is to
provide the investor with capital appreciation through quality stocks and
to moderate risk by holding intermediate maturity bonds. The fund's
strategic allocation is 65 percent invested in stocks and 35 percent held
in bonds. The asset manager, Norwest Investment Management, can change
these holdings by as much as 15 percentage points in order to improve
investor returns.
The equity portion of the fund emphasizes long term capital
appreciation while attempting to minimize return volatility. Five
distinct equity styles, managed by Norwest Investment Management, Norwest
Capital Management, Peregrine Capital Management, and Schroder Capital
Management, are used to insure that the portfolio is well diversified.
In addition, no single stock can compose more than 6 percent of the
portfolio.
The second component of the fund is intermediate bonds. Peregrine
Capital Management operates this portion of the fund and seeks to offer a
return greater than the Shearson Lehman Intermediate Government and
Corporate Bond Index.
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NOTES TO FINANCIAL STATEMENTS (continued)
2. Summary of Significant Accounting Policies:
All investments of the funds are stated at fair value as determined
by quoted market prices. Realized gains and losses are recognized upon
the disposition of investments by comparing the proceeds, or market
value, to the average cost, (see Note 4).
3. Investments:
The composition of various savings plan funds as of December 31,
1993 is as follows:
December 31, 1993
Market
Amoco Stock Fund
Amoco Corporation common stock, at market value; $ 40,714
770 shares (cost $43,037)
Cash equivalents 3,038
Contributions receivable and accrued interest 936
Total 44,688
Equity Fund
Norwest Index Stock Fund, at market value; 78,866
3,706 units (cost $75,798)
Cash Equivalents 1,159
Contributions receivable and accrued interest 1,878
Total 81,903
Money Market Fund
Norwest Short-Term Investment Fund, at market 53,026
value; 53,026 units (cost approximates market)
Contributions receivable and accrued interest 1,356
Total 54,382
Balanced Fund
Norwest Growth Balanced Fund, at market value; 145,757
8,218 units (cost $137,516)
Cash Equivalents 1,866
Contributions receivable and accrued interest 3,426
Total 151,049
Total investments $332,022
4. Sales, Redemptions, and Distributions of Securities:
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NOTES TO FINANCIAL STATEMENTS (continued)
The aggregate of income realized from sales, redemptions, and
distributions of securities in participants' accounts for the year ended
December 31, 1993, was as follows:
Average Gains
Proceeds Cost Realized
Equity Fund $ 3,500 $ 3,403 $ 97
Balanced Fund 1,818 1,726 92
Total $ 5,318 $ 5,129 $ 189
Average cost is calculated as the weighted average of the fair value
of the disposed securities at the beginning of the year or acquisition
cost if acquired during the year.
5. Taxes:
The Company believes that the Plan qualifies under Section 401(a) of
the Internal Revenue Code of 1986, as amended (the "Code") and that the
related Trust is exempt from Federal income taxes under Section 501(a) of
the Code. The Company intends during 1994 to request a ruling from the
Internal Revenue Service that the Plan and Trust, as amended as of the
date of such request, qualify under Sections 401(a) and 501(a) of the
Code, respectively. The Company reserves the right to make any amendment
necessary to maintain the qualification of the Plan and Trust.
Under present Federal income tax laws, it is expected that a
participant will not be subject to income taxes on amounts contributed by
the Company or on income accrued to the participant account until part or
all of the participant account is withdrawn or distributed. Gains and
losses on the sale of securities within a participant account are not
reportable for income tax purposes unless withdrawn.
6. Unrealized Appreciation on Investments:
Unrealized appreciation on investments at December 31, 1993,
amounted to $8,986 and has been reflected in the statement of income,
expenses, and changes in plan equity for the period.
7. Withdrawals and Forfeitures:
Distributions to participants are reported at market value at the
date of distribution. For the year ended December 31, 1993, the balance
of participants' accounts withdrawn totaled $1,008. Disbursements in
cash in settlement of such accounts amounted to $1,008. There were no
forfeitures during the period.
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Exhibit 23
AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
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CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 No. 33-55748 of the Amoco Foam Products Company
Chippewa Falls Hourly Employee Savings Plan of our report dated May 27,
1994 appearing on page 3 of this Form 11-K.
PRICE WATERHOUSE
Chicago, Illinois
May 27, 1994<PAGE>
