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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, 1994
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<PAGE>
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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 22, 1995 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 Foam Products Company
In our opinion, the accompanying statement of financial position (with
fund information) and the related statement of income, expenses, and
changes in plan equity (with fund information) present fairly, in all
material respects, the financial position of the Amoco Foam Products
Company Chippewa Falls Hourly Employee Savings Plan at December 31, 1994
and 1993, and the results of its operations and the changes in its plan
equity for the year ended December 31, 1994, 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.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The fund information in the
statement of financial position (with fund information) and statement of
income, expenses, and changes in plan equity (with fund information) is
presented for purposes of additional analysis rather than to present the
financial position and the income, expenses and changes in plan equity of
each fund. The fund information has been subjected to the auditing
procedures applied in the audits of the basic financial statements, and,
in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
PRICE WATERHOUSE LLP
Chicago, Illinois
May 22, 1995
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
STATEMENT OF FINANCIAL POSITION
(WITH FUND INFORMATION)
December 31,
1994 1993
ASSETS
Investments:
Amoco Stock Fund $ 92,096 $ 44,688
Equity Fund 172,864 81,903
Money Market Fund 115,489 54,382
Balanced Fund 317,925 151,049
Total investments 698,374 332,022
Total assets $ 698,374 $ 332,022
LIABILITIES AND PLAN EQUITY
Plan equity $ 698,374 $ 332,022
Total liabilities and plan equity $ 698,374 $ 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
(WITH FUND INFORMATION)
For the year ended December 31, 1994
<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 $ 34,838 $ 69,766 $ 45,206 $127,879 $277,689
Employer contributions 9,632 21,236 13,103 39,427 83,398
Realized losses on
sales of investments (24) (87) - (3) (114)
Change in unrealized
appreciation in
fair value of investments 5,496 2,361 - 2,478 10,335
Interest and dividends 2,526 32 3,679 61 6,298
Interfund transfers (net) (3,081) 225 2,983 (127) -
Total additions 49,387 93,533 64,971 169,715 377,606
Deductions of assets attributed to:
Distributions to participants (889) (1,463) (3,260) (1,060) (6,672)
Administrative expenses (1,090) (1,109) (604) (1,779) (4,582)
Total deductions (1,979) (2,572) (3,864) (2,839) (11,254)
Net increase in plan
equity during the year 47,408 90,961 61,107 166,876 366,352
Net assets available
for plan benefits:
Beginning of year 44,688 81,903 54,382 151,049 332,022
End of year $ 92,096 $172,864 $115,489 $317,925 $698,374
</TABLE>
The accompanying notes are an integral part of these statements.
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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, pursuant to a collective bargaining
agreement. 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 are 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 1994.
Under the Plan, participating employees can invest a total of 13
percent of pre-tax and/or after-tax earnings. 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, 1994.
Participants are fully vested in their contributed accounts. Vesting in
Company contribution accounts is dependent upon specific criteria as
described in the Plan document. Forfeited Company contributions are used
to decrease the Company contributions.
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 generally 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 expenses for 1994 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 participants. The participant can direct the Trustee to
invest in one or more of 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. Amounts not invested in Amoco
Corporation stock are held as cash or are used to purchase short-term
investments including short-term investment funds of the Trustee.
Dividends paid 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, 1994, the percentage of investments in Amoco Corporation
common stock was 98.5 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 or her 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, a mutual fund managed by Norwest Investment Management
("Norwest"), a part of Norwest Bank Minnesota N.A. The goal of the fund
is to create a portfolio of stocks that duplicates 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 December 31,
1994, 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, to invest additions to
the fund and to raise cash for withdrawals. At December 31, 1994, there
were 7,866 units in the fund at a unit value of $21.62.
Money Market Fund
Amounts invested in the Money Market Fund are used to purchase units
of the Norwest Short-Term Investment Fund, a bank collective fund managed
by Norwest. The manager's goal is to select a portfolio of maturities
that offers a return higher than U.S. Treasury bills. Assets of the
Norwest Short-Term Investment Fund are held in cash or short-term
securities, bonds, notes, shares of money market mutual funds, domestic
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NOTES TO FINANCIAL STATEMENTS (continued)
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 fund manager is
responsible for purchasing the selection of securities for the fund.
Balanced Fund
Amounts invested in the Balanced Fund are used to purchase shares of
the Norwest Growth Balanced Fund. The goal of the Balanced Fund is to
provide the investor with capital appreciation through quality equity
securities and to moderate risk by holding intermediate maturity bonds.
The fund's strategic asset allocation goal is 65 percent invested in
equity securities and 35 percent invested in bonds. The adviser,
Norwest, can change the allocation by as much as 15 percentage points.
The equity securities portion of the fund emphasizes long term
capital appreciation while attempting to minimize return volatility.
Five distinct equity styles, advised by Norwest and sub advisers,
Peregrine Capital Management and Schroder Capital Management, are used to
insure that the portfolio is diversified. In addition, no single equity
security can compose more than 6 percent of the equity security portion
of the portfolio.
The second component of the fund is intermediate bonds. Norwest and
Peregrine Capital Management, as sub adviser, manages this portion of the
fund and seeks to offer a return greater than the Shearson Lehman
Intermediate Government and Corporate Bond Index.
At December 31, 1994, there were 17,525 shares in the fund at a share
value of $17.86.
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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,
1994 and 1993 was as follows:
December 31,
1994 1993
Amoco Stock Fund
Amoco Corporation common stock, at market value; $ 90,757 $ 40,714
1,535 shares and 770 shares, respectively
(cost -- $87,385 and $43,037, respectively)
Cash equivalents 497 3,038
Interest, dividends and other receivables 842 936
Total 92,096 44,688
Equity Fund
Norwest Index Stock Fund, at market value; 170,056 78,866
7,866 units and 3,706 units, respectively
(cost -- $171,265 and $75,798, respectively)
Cash equivalents 934 1,159
Interest, dividends and other receivables 1,874 1,878
Total 172,864 81,903
Money Market Fund
Norwest Short-Term Investment Fund, at market 113,266 53,026
value; 113,266 units and 53,026 units,
respectively (cost approximates market)
Cash equivalents 613 -
Interest, dividends and other receivables 1,610 1,356
Total 115,489 54,382
Balanced Fund
Norwest Growth Balanced Fund, at market value; 313,002 145,757
17,525 shares and 8,218 shares, respectively
(cost -- $314,285 and $137,516, respectively)
Cash equivalents 1,475 1,866
Interest, dividends and other receivables 3,448 3,426
Total 317,925 151,049
Total investments $698,374 $332,022
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4. Sales, Redemptions, and Distributions of Securities:
The aggregate of income realized from sales, redemptions, and
distributions of securities in participants' accounts for the year ended
December 31, 1994, was as follows:
Average Losses
Proceeds Cost Realized
Amoco Stock Fund $ 51,755 $ 51,779 $ (24)
Equity Fund 93,480 93,567 (87)
Balanced Fund 162,902 162,905 (3)
Total $ 308,137 $ 308,251 $ (114)
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 and the Trustee believe 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 did not amend the Plan
during 1994 but reserves the right to amend, modify or terminate the Plan
at any time in accordance with the Employee Retirement Income Security
Act of 1974 ("ERISA"). The Company also reserves the right to make any
amendment necessary to maintain the qualification of the Plan and Trust.
Under current Federal tax law, 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's account until part or all of
the participant's account is withdrawn or distributed. Gains and losses
on the sale of securities within a participant's account are not
reportable for income tax purposes unless withdrawn.
6. Unrealized Appreciation on Investments:
Unrealized appreciation on investments at December 31, 1994,
amounted to $10,335 and has been reflected in the statement of income,
expenses, and changes in plan equity (with fund information) 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, 1994, the balance
of participants' accounts withdrawn totaled $6,718. Disbursements in
cash in settlement of such accounts amounted to $6,672. The difference
of $46 represented the total amount of the Company's contributions
forfeited during the period.
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Exhibit 23
AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS
HOURLY EMPLOYEE SAVINGS PLAN
_________________________________________
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 22,
1995 appearing on page 3 of this Form 11-K.
PRICE WATERHOUSE LLP
Chicago, Illinois
May 22, 1995<PAGE>
