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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, 1995
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 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 SAVINGS PLAN
By: Norwest Bank Wisconsin, N.A.
Plan Trustee
Date: June 14, 1996 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 statements of net assets
available for benefits (with fund information) and the related
statement of changes in net assets available for benefits
(with fund information) present fairly, in all material
respects, the net assets available for benefits of the Amoco
Foam Products Company Chippewa Falls Savings Plan at December
31, 1995 and 1994, and the changes in net assets available for
benefits for the year ended December 31, 1995, 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 audits. We
conducted our audits of these statements in accordance with
generally accepted auditing standards which 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, assessing the accounting principles used
and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that
our audits provide 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 net assets available
for benefits (with fund information) and statement of changes
in net assets available for benefits (with fund information)
is presented for purposes of additional analysis rather than
to present the net assets available for benefits and changes
in net assets available for benefits of each fund. The fund
information has been subjected to the auditing procedures
applied in the audits of the basic financial statements, and,
in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
PRICE WATERHOUSE LLP
Chicago, Illinois
June 14, 1996
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
December 31,
1995 1994
Assets
Investments:
Amoco Stock Fund $ 185,434 $ 92,096
Equity Fund 323,598 172,864
Money Market Fund 167,564 115,489
Balanced Fund 557,682 317,925
Total investments 1,234,278 698,374
Total assets 1,234,278 698,374
Liabilities - -
Net assets available for benefits $1,234,278 $ 698,374
The accompanying notes are an integral part of these
statements.
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
For the year ended December 31, 1995
Amoco Money
Stock Equity Market Balanced
Fund Fund Fund Fund Total
Additions of assets
attributed to:
Employee contributions $ 44,624 $ 75,835 $ 45,167 $146,705 $ 312,331
Employer contributions 11,878 20,986 13,538 42,874 89,276
Realized gains on
sales of investments 57 2,612 -- 2,991 5,660
Change in unrealized
appreciation in fair
value of investments 26,362 68,522 -- 83,360 178,244
Interest and dividends 5,018 20 8,264 113 13,415
Interfund transfers
(net) 15,985 2,005 4,161 (22,151) --
Total additions 103,924 169,980 71,130 253,892 598,926
Deductions of assets
attributed to:
Distributions to
participants (9,178) (18,051) (17,862) (12,043) (57,134)
Administrative
expenses (1,408) (1,195) (1,193) (2,092) (5,888)
Total deductions (10,586) (19,246) (19,055) (14,135) (63,022)
Net increase in plan
assets during the year 93,338 150,734 52,075 239,757 535,904
Net assets available
for plan benefits:
Beginning of year 92,096 172,864 115,489 317,925 698,374
End of year $185,434 $323,598 $167,564 $557,682 $1,234,278
The accompanying notes are an integral part of these statements.
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AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS SAVINGS PLAN
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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. Effective March 24,
1995, the name of the Plan was changed to the Amoco Foam
Products Company Chippewa Falls Savings Plan. 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 amended during 1995 to change the Plan's name and change
the priority of payout to first, the participant's surviving
spouse, and if no surviving spouse exists, then the
participant's estate. The Plan is subject to the provisions
of the Employee Retirement Income Security Act of 1974
("ERISA").
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,
1995. 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 are charged to the Plan in accordance with the terms
of the Plan. Administrative expenses prior to October 1, 1995,
were paid by the Company.
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NOTES TO FINANCIAL STATEMENTS (continued)
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.
Amoco Stock Fund
Amoco Stock Fund's primary investment objective is to
purchase shares of Amoco Corporation ("Amoco") common stock.
Amounts not invested in Amoco 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
common stock held in the Amoco Stock Fund are used primarily
to purchase additional shares of Amoco 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.
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 Advantage Mutual Funds' Index 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 96 percent of the pro rata weighted market
values of the S&P 500 Index. As of December 31, 1995, 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.
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NOTES TO FINANCIAL STATEMENTS (continued)
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 rate of
return higher than 90-day 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 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 Advantage Mutual Funds' 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 six 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,
manage 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:
Method of Accounting
The financial statements of the Plan are prepared under
the accrual method of accounting.
Investment Valuation
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, 1995 and 1994 was as follows:
December 31,
1995 1994
Amoco Stock Fund
Amoco Corporation common stock,
at market value; $ 185,400 $ 90,757
2,593 and 1,535 shares,
respectively (cost -- $155,765
and $87,385, respectively)
Cash equivalents 21 497
Interest, dividends and other
receivables 13 842
Total 185,434 92,096
Equity Fund
Norwest Advantage Mutual Funds'
Index Fund, at market value; 323,585 170,056
11,243 and 7,866 shares,
respectively (cost -- $261,894
and $171,265, respectively)
Cash equivalents -- 934
Interest, dividends and other
receivables 13 1,874
Total 323,598 172,864
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NOTES TO FINANCIAL STATEMENTS (continued)
December 31,
1995 1994
Money Market Fund
Norwest Short-Term Investment
Fund, at market value; 166,798 113,266
166,798 and 113,266 units,
respectively (cost approximates
market)
Cash equivalents -- 613
Interest, dividends and other
receivables 766 1,610
Total 167,564 115,489
Balanced Fund
Norwest Advantage Mutual Funds'
Growth Balanced Fund, at market 557,654 313,002
value;
26,144 and 17,525 shares,
respectively (cost -- $491,265
and $314,285, respectively)
Cash equivalents -- 1,475
Interest, dividends and other
receivables 28 3,448
Total 557,682 317,925
Total investments $1,234,278 $698,374
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, 1995, was as follows:
Average Gains
Proceeds Cost Realized
Amoco Stock Fund $ 1,174 $ 1,117 $ 57
Equity Fund 20,433 17,821 2,612
Balanced Fund 41,680 38,689 2,991
Total $ 63,287 $ 57,627 $ 5,660
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 amended the Plan during 1995 as described in Note 1. The
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NOTES TO FINANCIAL STATEMENTS (continued)
Company reserves the right to amend, modify or terminate the
Plan at any time in accordance with 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,
1995, amounted to $178,244 and has been reflected in the
statement of changes in net assets available for benefits
(with fund information) for the period. Such amounts were
computed in a manner similar to that discussed in Note 4 for
computing realized income from sales, redemptions and
distributions to securities.
7. Withdrawals and Forfeitures:
Distributions to participants are reported at market
value at the date of distribution. For the year ended
December 31, 1995, the balance of participants' accounts
withdrawn totaled $57,212. Disbursements in cash in settlement
of such accounts amounted to $57,134. The difference of $78
represented the total amount of the Company's contributions
forfeited during the period.
Exhibit 23
AMOCO FOAM PRODUCTS COMPANY
CHIPPEWA FALLS 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 Savings Plan of our
report dated June 14, 1996, appearing in this Form 11-K.
PRICE WATERHOUSE LLP
Chicago, Illinois
June 14, 1996
