-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, MwiNUBbHJYQ+uQYQN8O3uGShlV7YM5H6J2RwZkm/ITSmxpBCfNGMLWlDMQ49WWuX gS3BQnM8wObZ9WEU2pl9GQ== 0000732718-94-000013.txt : 19940711 0000732718-94-000013.hdr.sgml : 19940711 ACCESSION NUMBER: 0000732718-94-000013 CONFORMED SUBMISSION TYPE: 11-K CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: US WEST INC CENTRAL INDEX KEY: 0000732718 STANDARD INDUSTRIAL CLASSIFICATION: 4813 IRS NUMBER: 840926774 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08611 FILM NUMBER: 00000000 BUSINESS ADDRESS: STREET 1: 7800 E ORCHARD RD STREET 2: SUITE 480 CITY: ENGLEWOOD STATE: CO ZIP: 80111 BUSINESS PHONE: 3037936629 MAIL ADDRESS: STREET 1: 7800 EAST ORCHARD ROAD STREET 2: SUITE 480 CITY: ENGLEWOOD STATE: CO ZIP: 80111 11-K 1 FORM 11-K FOR USW SAVINGS PLAN/ESOP THIS DOCUMENT IS A COPY OF THE FORM 11-K ANNUAL REPORT CONCERNING THE U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES FILED ON JULY 1, 1994 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION. Exhibit 99b to Form 10-K for 1993 File No. 1-8611 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 year ended December 31, 1993 Commission File Number 1-8611 ________________________________ U S WEST Savings Plan/ESOP for Salaried Employees ________________________________ U S WEST, Inc. 7800 East Orchard Road, Englewood, Colorado 80111
TABLE OF CONTENTS Page Report of Independent Accountants 2 Statements of Net Assets Available for Plan Benefits with Fund Information 3-4 Statement of Changes in Net Assets Available for Plan Benefits with Fund Information 5 Notes to Financial Statements 6-9 SUPPLEMENTAL SCHEDULES Item 27a - Schedule of Assets Held for Investment Purposes 10-12 Item 27a - Schedule of Assets Held for Investment Purposes: Schedule of Acquisitions/Dispositions 13 Item 27b - Schedule of Loans or Fixed Income Obligations 14-17 Item 27d - Schedule of Reportable Transactions 18
REPORT OF INDEPENDENT ACCOUNTANTS Defined Contribution Plans Committee of U S WEST, Inc.: We have audited the accompanying statements of net assets available for plan benefits of the U S WEST Savings Plan/ESOP for Salaried Employees as of December 31, 1993 and 1992, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1993. 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 U S WEST Savings Plan/ESOP for Salaried Employees as of December 31, 1993 and 1992, and the changes in net assets available for plan benefits for the year ended December 31, 1993 in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed on page 1 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 Fund Information in the statements of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for the purpose 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 audit 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/ COOPERS & LYBRAND Denver, Colorado June 21, 1994 U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES NOTES TO FINANCIAL STATEMENTS ________ 1. Plan Description: The U S WEST Savings Plan/ESOP for Salaried Employees (the "Plan") was established by U S WEST, Inc. (the "Company" or "U S WEST") to provide a convenient way for salaried employees to save on a regular and long-term basis. Employees may designate up to 16% of their salary as allotments to the Plan. The Company provides a matching contribution in Company stock of 83- 1/3% on the participants' allotments from 1% to 6% of salary. The Plan participant becomes 100% vested in Company contributions after completion of three years of service with the Company. Allotments from 7% to 16% of salary are unmatched. Employee allotments may be either before or after tax. Participants are able to invest in various combinations of six funds: U S WEST Shares, Interest Income (formerly Guaranteed Interest), U. S. Asset Allocation (formerly Balanced Fund), U. S. Stock (formerly Diversified Equity Portfolio), Global Assets and International Stock. A complete description of the Plan is contained in the summary plan description and amendments distributed to all participants. The U S WEST Savings and Security Plan/ESOP and the U S WEST Savings Plan/ESOP for Salaried Employees (the "Plans") participate in a master trust. The master trust serves as the investment vehicle for the assets of the Global Assets Fund and the International Stock Fund. Master trust investment income, realized and unrealized gains and losses and expenses are allocated to the Plans based upon each Plan's relative ownership in the master trust at the beginning of every semi-monthly valuation period. The Plan's proportionate interest in the net assets available for plan benefits and changes in net assets available for plan benefits has been presented in the financial statements. As of December 31, 1993, the Plan's interest in assets of the Global Assets Fund and the International Stock Fund in the master trust was 76.65% and 75.51%, respectively. The Plan was amended effective January 1, 1988 to include an Employee Stock Ownership Plan (ESOP) and renamed the U S WEST Savings Plan/ESOP for Salaried Employees. As discussed in Note 7, during 1989 the Plan borrowed $260 million which funded the purchase of 7.6 million shares of U S WEST, Inc. stock. The Plan will repay the debt with cash contributions to the ESOP and certain dividends on Company stock. Shares in the ESOP are released as principal and interest are paid on the debt. These shares, as well as shares purchased in the open market with cash contributions to the U S WEST Shares Fund, are allocated to participant accounts to satisfy the Company match obligation. Pursuant to the Plan, loans are made available to participating employees based upon a participant's before-tax allotments and earnings and losses thereon, up to a maximum of $50,000. Except under certain provisions, the loans provide for periodic repayments over a period not to exceed four years (fourteen years for residential loans) at an interest rate as determined by the Defined Contribution Plans Committee. Participants also may make lump-sum repayments at any time after the six month period following the date of the issuance of the loan. Bankers Trust Company is the Trustee and Record Keeper for the Plan. The Internal Revenue Service has determined that the Plan meets the requirements of Section 401(a) of the Internal Revenue Code and is exempt from federal income taxes under Section 501(a) of the Code. Effective January 1, 1994, the Plan was merged with the U S WEST Savings and Security Plan/ESOP. The name of the merged plan is the U S WEST Savings Plan/ESOP. The merger did not have any significant impacts on the provisions of either plan. 2. Accounting Policies: The value of investments are determined as follows: U S WEST Shares and other securities listed on recognized United States and international stock exchanges on the basis of the last published sales price on December 31 as reported on the composite tape or, if no sales were made on that date, at the last published sales price on the immediately preceding day on which sales were made; over-the-counter securities and government obligations based on the bid prices on December 31, from published sources where available and, if not available, from other sources considered reliable; and contracts with banks and insurance companies and other investment contracts at principal plus reinvested interest. Purchases and sales of securities are reflected as of the trade date. The Plan presents in the statement of changes in net assets the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Dividend income is recorded on the ex-dividend date. Interest earned on investments is recorded on the accrual basis. 3. Unit Value and Participating Employees: The interest of an employee in each type of investment of the Plan is represented by units as described in the Plan. The value per unit was as follows:
U.S. Valuation USW Interest Asset Interna- Date Shares Income Allo- U. S. Global tional Income cation Stock Assets Stock 12-31-92 3.1060 3.5670 1.8006 9.3983 - - 01-15-93 3.1656 3.5771 1.8127 9.4365 1.0000 1.0000 01-31-93 3.1255 3.5881 1.8375 9.4745 1.0108 0.9928 02-15-93 3.2962 3.5985 1.8543 9.6188 1.0206 1.0122 02-28-93 3.5272 3.6077 1.8888 9.6010 1.0262 1.0124 03-15-93 3.3654 3.6174 1.8978 9.7860 1.0345 1.0213 03-31-93 3.5270 3.6290 1.9024 9.7999 1.0424 1.0677 04-15-93 3.4762 3.6393 1.9364 9.7360 1.0494 1.1079 04-30-93 3.4162 3.6492 1.8981 9.5632 1.0451 1.1212 05-15-93 3.3150 3.6588 1.9035 9.5744 1.0483 1.1215 05-31-93 3.4763 3.6700 1.9226 9.8164 1.0572 1.1473 06-15-93 3.5568 3.6803 1.9427 9.7431 1.0577 1.1331 06-30-93 3.7078 3.6911 1.9739 9.8436 1.0658 1.1239 07-15-93 3.7377 3.7021 1.9932 9.8224 1.0684 1.1339 07-31-93 3.7876 3.7130 1.9930 9.8024 1.0699 1.1538 08-15-93 3.7075 3.7237 2.0180 9.8647 1.0802 1.1915 08-31-93 3.7675 3.7348 2.0719 10.1721 1.0933 1.2126 09-15-93 3.7775 3.7454 2.0729 10.1404 1.0935 1.2064 09-30-93 3.9781 3.7555 2.0637 10.0901 1.0922 1.2029 10-15-93 4.0283 3.7663 2.1197 10.3293 1.1011 1.2474 10-31-93 4.0482 3.7768 2.0944 10.2978 1.0992 1.2487 11-15-93 3.7793 3.7872 2.0720 10.2301 1.0929 1.2261 11-30-93 3.7794 3.7979 2.0636 10.1988 1.0873 1.1823 12-15-93 3.7893 3.8087 2.0660 10.2098 1.0905 1.2290 12-31-93 3.7086 3.8200 2.0817 10.3200 1.0999 1.2681
The number of employees participating in each fund was as follows: December 31, 1993 1992 U S WEST Shares 19,390 19,651 Interest Income Fund 11,755 12,505 U. S. Asset Allocation Fund 7,730 7,083 U. S. Stock Fund 12,101 12,287 Global Assets Fund 1,790 - International Stock Fund 3,024 -
The total number of participants in the Plan was less than the sum of the number of participants shown above because many participants were in more than one fund. 4. Employee Allotments and Employing Company Contributions: Allotments and contributions receivable at December 31, 1993 and 1992, and Company contributions for the year ended December 31, 1993, reflect reductions for forfeited contributions as described in the summary plan description distributed to all participants. Beginning in 1990, all dividends paid with allocation of Company shares are credited to the participant's account as additional units and are excludable for participant tax purposes. Certain other dividends are paid annually to participants in December and are taxable to the participant. 5. Plan Termination: In the event that the Plan is terminated, subject to conditions set forth by the Employee Retirement Income Security Act (ERISA), the Plan provides that the net assets be distributed to participating employees in an amount equal to their respective interests in such assets. 6. Plan Expenses: Plan expenses are paid from the Plan, except certain expenses incurred by U S WEST related to Plan administration. 7. Debt: During 1989, the Plan issued $260 million in notes for the purpose of purchasing Company stock, $90 million of which was borrowed by U S WEST, and loaned to the Plan and $170 million of which was borrowed by the Plan directly from outside lenders. These borrowings from outside lenders are guaranteed by U S WEST. The borrowings bear interest at 8.4% and have maturities through December 1995 and March 1999, respectively. Annual maturities for the next five years are as follows:
Year ended December 31 $ in Millions 1994 $ 32.5 1995 35.3 1996 20.0 1997 21.8 1998 23.6 Thereafter 6.3 ------ $139.5 ======
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1993 _______
Description of Investment (Number of Shares or Name of Issuer and Principal Amount; Title of Issue Interest Rate; Maturity) Cost Value (Thousands of Dollars) U S WEST SHARES U S WEST Common Shares * 15,558,656 $454,019 $713,753 Temporary Investments 3,426 3,426 ------- ------- Total U S WEST Shares Fund $457,445 $717,179 ------- ------- INTEREST INCOME FUND Corporate Obligations Premier Auto Tr $970,196; 3.48%; 10/31/99 $ 970 $ 970 General Motors Acceptance Corp. 612,368; 4.00%; 09/15/98 611 611 ------- ------- Total Corporate Obligations $ 1,581 $ 1,581 ------- ------- Contracts with Insurance Companies and Banks Prudential Asset $26,466,582; 7.86%; 06/30/95 $ 26,467 $ 26,467 10,206,678; 8.36%; 09/30/95 10,207 10,207 Pacific Mutual 13,929,319; 8.62%; 03/31/94 13,929 13,929 Allstate 11,638,788; 7.78%; 04/01/97 11,639 11,639 9,020,762; 8.83%; 01/01/96 9,021 9,021 Principal Mutual 11,386,998; 7.60%; 06/30/95 11,387 11,387 6,001,170; 7.40%; 12/31/96 6,001 6,001 Protective Life 10,645,938; 8.63%; 03/31/96 10,646 10,646 8,883,011; 6.10%; 09/01/97 8,883 8,883 6,000,904; 5.65%; 12/31/97 6,001 6,001 Security Pacific 10,230,079; 9.03%; 09/30/94 10,230 10,230 Provident Life 8,603,002; 5.74%; 06/30/97 8,603 8,603 Canada Life 7,295,234; 8.54%; 12/31/94 7,295 7,295 Confederation Life 6,111,007; 7.46%; 09/30/96 6,111 6,111 New York Life 5,936,319; 7.93%; 06/30/96 5,936 5,936 Business Men's Assurance 2,057,977; 5.80%; 06/01/97 2,058 2,058 ------- ------- Total Contracts with Insurance Companies & Banks $154,414 $154,414 ------- -------
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1993 _______
Description of Investment (Number of Shares or Name of Issuer and Principal Amount; Title of Issue Interest Rate; Maturity) Cost Value (Thousands of Dollars) INTEREST INCOME FUND, Continued Other Investment Contracts NISA Guarantee $15,521,793; 5.96%; open $ 15,522 $ 15,522 Prudential 23,697,098; 6.16%; open 23,697 23,697 Wells Fargo/Bankers Trust Guarantee 12,635,183; 5.67%; open 12,635 12,635 ------- ------- Total Other Investment Contracts $ 51,854 $ 51,854 ------- ------- U.S. Treasury Notes $1,500,000; 3.875% to 4.625%; $ 1,508 $ 1,505 11/30/94 to 11/30/95 Other Governmental Obligations $4,115,670; various; 4,097 4,108 01/07/94 to 02/25/2001 ------- ------- Total Government Obligations $ 5,605 $ 5,613 ------- ------- Temporary Investments $ 8,917 $ 8,917 ------- ------- Total Interest Income Fund $222,371 $222,379 ------- ------- U. S. ASSET ALLOCATION FUND Wells Fargo Tactical Asset Allocation Fund* 3,536,559 $101,375 $126,035 Temporary Investments 1,464 1,464 ------- ------- Total U. S. Asset Allocation Fund $102,839 $127,499 ------- ------- U. S. STOCK FUND Wells Fargo Equity Index Fund* 2,345,795 $144,518 $241,534 Temporary Investments 1,436 1,436 ------- ------- Total U. S. Stock Fund $145,954 $242,970 ------- -------
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Continued) December 31, 1993 _______
Description of Investment (Number of Shares or Name of Issuer and Principal Amount; Title of Issue Interest Rate; Maturity) Cost Value (Thousands of Dollars) LOAN FUND Outstanding Loans to Participants $39,268,205; 7.5% to 12.0% $ 39,268 $ 39,268 Temporary Investments 5 5 --------- --------- Total Loan Fund $ 39,273 $ 39,273 --------- --------- ESOP U S WEST Common Shares* 3,379,251 $ 117,110 $ 155,023 Temporary Investments 15 15 --------- --------- Total ESOP $ 117,125 $ 155,038 --------- --------- Total all Funds $1,085,007 $1,504,338 ========= ========= * Investment value represents 5% or more of the total plan net assets available for plan benefits.
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES SCHEDULE OF ACQUISITIONS/DISPOSITIONS For the year ended December 31, 1993 _________
Number of Name of Seller Shares or Acquired Disposition or Purchaser Principal Amount Cost Proceeds (Thousands of Dollars) U S WEST Savings Plan Loans $22,676,138 $22,676 $ - 18,127,640 - 18,128 Protective Life 13,143,361 - 13,143 9,187,454 9,187 - 6,083,686 6,084 - 3,719,709 3,720 - 863,000 863 - 863,000 - 863 304,443 - 304 82,782 - 83 Pacific Merchant 11,799,808 - 11,800 1,575,920 1,576 - Pacific Mutual 11,105,421 11,105 - 10,000,000 - 10,000 Sunlife of America 5,467,500 - 5,468 466,275 466 - Manufacturers Hanover 5,441,372 - 5,441 108,141 108 - Business Men's Assurance 2,099,175 2,099 - 41,198 - 41 Prudential Asset 1,965,000 1,965 - 1,965,000 - 1,965 Principal Mutual 976,554 - 977 783,392 783 - 443,996 444 - 443,993 - 444 Allstate Life 855,800 856 - 855,800 - 856 Prudential Asset Management 836,000 836 - 836,000 - 836 Canada Life 597,800 598 - 597,800 - 598 Confederation Life 447,600 448 - 447,600 - 448 WFB Money Market 4,527 - 5 4,663 5 -
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS For the year ended December 31, 1993 _________
DISPOSITIONS Number of Proceeds Gain or Security Description Transactions or Cost (Loss) (Thousands of Dollars) Bankers Trust Discretionary Cash Fund 7 $ 43,607 $ - Bankers Trust Directed Cash Fund 409 277,790 - U S WEST Common Shares 46 26,099 8,888 ACQUISITIONS Bankers Trust Discretionary Cash Fund 56 $ 43,607 - Bankers Trust Directed Cash Fund 412 273,793 - U S WEST Common Shares 19 37,991 -
EX-99 2 STATEMENT OF NET ASSETS U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1992 (Thousands of Dollars) __________
|-----------Fund Information-----------| U S WEST Interest U. S. Asset Shares Income Allocation Subtotal ASSETS INVESTMENTS AT VALUE (cost $1,010,308): U S WEST common shares $560,318 $ - $ - $560,318 Government obligations - 19,444 - 19,444 Bank & insurance company contracts - 156,771 - 156,771 Other investment contracts - 36,297 - 36,297 Other marketable securities - 2,110 95,686 97,796 Temporary investments 2,382 10,437 3,824 16,643 ------- ------- ------ ------- Total investments 562,700 225,059 99,510 887,269 ------- ------- ------ ------- RECEIVABLES Allotments & contributions 4,357 1,263 791 6,411 Fund & other transfers, net - 406 1,632 2,038 Dividends & interest 15 74 4 93 Loans to plan participants - - - - ------- ------- ------- ------- Total assets 567,072 226,802 101,937 895,811 ------- ------- ------- ------- LIABILITIES PAYABLES Notes - - - - Expenses 1,780 737 206 2,723 Fund & other transfers, net 3,557 - - 3,557 ------- ------- ------- ------- Total liabilities 5,337 737 206 6,280 ------- ------- ------- ------- Net assets available for plan benefits $561,735 $226,065 $101,731 $889,531 ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1992 (Thousands of Dollars) __________
|-------------Fund Information---------------| Participant Subtotal U.S Stock Loans ESOP Total ASSETS INVESTMENTS AT VALUE (cost $1,010,308): U S WEST common shares $560,318 $ - $ - $165,244 $ 725,562 Government obligations 19,444 - - - 19,444 Bank & insurance company contracts 156,771 - - - 156,771 Other investment contracts 36,297 - - - 36,297 Other marketable securities 97,796 230,396 - - 328,192 Temporary investments 16,643 2,096 - 5 18,744 ------- ------- ------- ------- --------- Total investments 887,269 232,492 - 165,249 1,285,010 ------- ------- ------- ------- --------- RECEIVABLES Allotments & contributions 6,411 1,934 - - 8,345 Fund & other transfers, net 2,038 2,237 - - 4,275 Dividends & interest 93 7 - 23 123 Loans to plan participants - - 34,730 - 34,730 ------- ------- ------- ------- --------- Total assets 895,811 236,670 34,730 165,272 1,332,483 ------- ------- ------- ------- --------- LIABILITIES PAYABLES Notes - - - 169,403 169,403 Expenses 2,723 379 5 - 3,107 Fund & other transfers, net 3,557 - 281 - 3,838 ------- ------- ------- ------- --------- Total liabilities 6,280 379 286 169,403 176,348 ------- ------- ------- ------- --------- Net assets available for plan benefits $889,531 $236,291 $34,444 $ (4,131) $1,156,135 ======= ======= ====== ======== =========
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1993 (Thousands of Dollars) __________
|--------------------Fund Information-------------------| U S WEST Interest U.S. Asset ASSETS Shares Income Allocation U.S. Stock Subtotal INVESTMENTS AT VALUE (cost $1,090,583) U S WEST common shares $713,753 $ - $ - $ - $713,753 Government obligations - 5,613 - - 5,613 Bank & insurance company contracts - 154,414 - - 154,414 Other investment contracts - 51,854 - - 51,854 Other marketable securities - 1,581 126,035 241,534 369,150 Temporary investments 3,426 8,917 1,464 1,436 15,243 ------- ------- ------- ------- --------- Total investments 717,179 222,379 127,499 242,970 1,310,027 ------- ------- ------- ------- --------- RECEIVABLES Allotments & contributions 2,213 551 433 870 4,067 Fund & other transfers, net - - 285 - 285 Dividends & interest 8 20 4 7 39 Loans to plan participants - - - - - ------- ------- ------- ------- --------- Total assets 719,400 222,950 128,221 243,847 1,314,418 ------- ------- ------- ------- --------- LIABILITIES PAYABLES Notes - - - - - Expenses 3,286 914 1,182 1,360 6,742 Fund & other transfers, net 376 919 - 1,410 2,705 ------- ------- ------- ------- --------- Total liabilities 3,662 1,833 1,182 2,770 9,447 ------- ------- ------- ------- --------- Net assets available for plan benefits $715,738 $221,117 $127,039 $241,077 $1,304,971 ======= ======= ======= ======= =========
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION December 31, 1993 (Thousands of Dollars) __________
|----------Fund Information---------| Interna- Parti- Global tional cipant ASSETS Subtotal Assets Stock Loans ESOP Total INVESTMENTS AT VALUE (cost $1,090,583) U S WEST common shares $713,753 $ - $ - $ - $155,023 $868,776 Government obligations 5,613 - - - - 5,613 Bank & insurance company contracts 154,414 - - - - 154,414 Other investment contracts 51,854 - - - - 51,854 Other marketable securities 369,150 13,312 34,512 - - 416,974 Temporary investments 15,243 286 85 5 15 15,634 --------- ------ ------ ------ ------- -------- Total investments 1,310,027 13,598 34,597 5 155,038 1,513,265 --------- ------ ------ ------ ------- --------- RECEIVABLES Allotments & contributions 4,067 76 180 - - 4,323 Fund & other transfers, net 285 812 1,258 118 - 2,473 Dividends & interest 39 - - - 21 60 Loans to plan participants - - - 39,268 - 39,268 --------- ------ ------ ------ ------- --------- Total assets 1,314,418 14,486 36,035 39,391 155,059 1,559,389 --------- ------ ------ ------ ------- --------- LIABILITIES PAYABLES Notes - - - - 139,476 139,476 Expenses 6,742 35 92 10 - 6,879 Fund & other transfers, net 2,705 - - - - 2,705 --------- ------ ------ ------ ------- ------- Total liabilities 9,447 35 92 10 139,476 149,060 --------- ------ ------ ------ ------- ------- Net assets available for plan benefits $1,304,971 $14,451 $35,943 $39,381 $ 15,583$1,410,329 ========= ====== ====== ====== ====== =========
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION for the year ended December 31, 1993 (Thousands of Dollars) __________
|----------------Fund Information-----------------| U S WEST Interest U.S. Asset Shares Income Allocation U.S. Stock Subtotal Net assets January 1, 1993 $561,735 $226,065 $101,731 $236,291 $1,125,822 ------- ------- ------- ------- --------- ADDITIONS (DEDUCTIONS) Employee allotments 20,655 17,357 12,413 27,826 78,251 Company contributions Cash 13,694 - - - 13,694 Allocation of company shares 31,139 - - - 31,139 Fund & other transfers, net 3,559 (21,270) 2,567 (30,274) (45,418) ------- ------- ------- ------- ------- Total additions (deductions) 69,047 (3,913) 14,980 (2,448) 77,666 INCOME USW common shares dividends Cash 24,725 - - - 24,725 Allocation of company shares 6,861 - - - 6,861 Interest & other dividends 261 15,843 5,943 6,805 28,852 Net appreciation (depreciation) in fair value of investments 109,846 (35) 10,846 16,356 137,013 ------- ------- ------- ------- ------- Total additions & income 210,740 11,895 31,769 20,713 275,117 ------- ------- ------- ------- ------- PAYMENTS Payment of interest on loans - - - - - Plan expenses 610 370 394 331 1,705 Participant distributions 56,127 16,473 6,067 15,596 94,263 ------- ------- ------- ------- ------- Net assets December 31, 1993 $715,738 $221,117 $127,039 $241,077 $1,304,971 ======= ======= ======= ======= =========
The accompanying notes are an integral part of these financial statements. U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION for the year ended December 31, 1993 (Thousands of Dollars) __________
|--------------Fund Information--------------| Interna- Parti- Global tional cipant Subtotal Assets Stock Loans ESOP Total Net assets January 1, 1993 $1,125,822 $ - $ - $34,444 $(4,131) $1,156,135 ADDITIONS (DEDUCTIONS) Employee allotments 78,251 1,273 1,965 - - 81,489 Company contributions Cash 13,694 - - - 28,408 42,102 Allocation of company shares 31,139 - - - (31,139) - Fund & other transfers, net (45,418) 12,719 31,232 3,446 79 2,058 --------- ------ ------ ----- ------- ------- Total additions (deductions) 77,666 13,992 33,197 3,446 (2,652) 125,649 INCOME USW common shares dividends Cash 24,725 - - - 14,961 39,686 Allocation of company shares 6,861 - - - (6,861) - Interest & other dividends 28,852 - 3 3,427 140 32,422 Net apprecia- tion (depre- ciation) in fair value of invest- ments 137,013 712 3,006 - 27,779 168,510 --------- ------ ------ ------ ------ --------- Total addi- tions & income 275,117 14,704 36,206 6,873 33,367 366,267 --------- ------ ------ ------ ------ --------- PAYMENTS Payment of interest on loans - - - - 13,653 13,653 Plan expenses 1,705 62 10 156 - 1,933 Participant distribu- tions 94,263 191 253 1,780 - 96,487 ------- ------ ------ ------ ------ --------- Net assets Dec. 31, 1993 $1,304,971 $14,451 $35,943 $39,381 $15,583 $1,410,329 ========= ====== ====== ====== ====== =========
The accompanying notes are an integral part of these financial statements. EX-99 3 SCHEDULE OF LOANS U S WEST SAVINGS AND SECURITY PLAN/ESOP FOR SALARIED EMPLOYEES ITEM 27b-SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS SCHEDULE OF PARTICIPANT LOANS IN DEFAULT (Continued) DECEMBER 31, 1993
Identity and Original Amount Received Unpaid Address of Obligor Amount During Reporting Balance of Year at End Loan Principal Interest of Year (a) (b) (c) (d) (e) (f) Palma Cilea $8,000 $1,150 $473 $1,507 Newburgh, NY Sherry Harris 4,000 431 177 3,855 Seattle, WA Robin Raybourne 3,500 330 114 2,851 Salem, OR Robert Sampson 20,000 1,680 129 2,843 Salt Lake City, UT Katherine Majcher 3,000 663 213 2,119 Scottsdale, AZ Mary Panos 16,500 338 1,048 28,515 Glendale, AZ Runyon Jackson 12,000 1,483 432 11,490 Troutdale, OR Larry Clark 3,000 0 0 1,463 Denver, CO Kathy Smith 2,000 589 31 33 Redmond, WA Terrence Cole 8,000 168 37 3,892 Plymouth, MN Katherine Gaines 20,000 792 232 14,338 Morristown, NJ Mary Meyer 4,000 1,054 116 910 St. Paul, MN Stella Ley 10,000 2,188 117 256 Seattle, WA Sharilyn Nodsle 19,000 829 353 21,513 Bainbridge Is, WA Jeffrey Acord 3,000 0 0 1,178 Evergreen, CO Bryon Washington 4,000 0 0 2,970 Redmond, WA Linda Montgomery 2,500 637 35 32 Lakewood, CO Connie Wellito 4,000 0 0 4,748 Aurora, CO Margia Wright 5,000 87 36 5,811 Champlin, MN Jeffrey Gould 7,000 656 134 4,405 Loveland, CO
Identity and Original Amount Received Unpaid Address of Obligor Amount During Reporting Balance of Year at End Loan Principal Interest of Year (a) (b) (c) (d) (e) (f) Tyrone Moreno 3,000 0 0 76 Omaha, NE William Prohs 3,000 650 41 154 Colorado Springs, CO Cathy Kilstron 8,000 406 106 6,919 Eagan, MN Rebecca Kenny 10,000 240 18 1,809 Denver, CO Richard Whitworth 5,000 1,325 83 128 Bothell, WA H. L. Walter 21,000 0 0 527 Falls Church, VA Diane Smith 2,500 0 0 3,001 Phoenix, AZ Marilyn Subala 3,000 38 1 39 Redmond, WA Terri Dunnington 1,000 913 49 88 Northglenn, CO Chris Zamora 9,000 901 30 233 Westminster, CO Ruth Rogers 10,000 1,220 34 38 Castle Rock, CO Mary Cornell 3,000 151 4 78 Avondale, AZ April Valenzuela 2,000 639 100 1,199 Boston, MA Michael Lopez 3,000 0 0 2,341 Somerville, NJ Larry Luman 12,000 1,820 638 9,217 Lisle, IL Marilyn Felkner 6,500 400 118 6,545 Salt Lake City, UT
Identity and Original Amount Received Unpaid Address of Obligor Amount During Reporting Balance of Year at End Loan Principal Interest of Year (a) (b) (c) (d) (e) (f) Wendy Smalley 5,500 2,768 165 128 Clearfield, UT Susan Ridley 3,000 726 42 77 Snohomish, WA Charles Patka 7,000 1,504 82 179 Renton, WA Wesley Devries 12,500 4,205 264 406 Roy, WA Frankie White 1,000 0 0 1,039 Seattle, WA Carol Dickson 2,000 699 39 185 Kent, WA Florencia Santos 8,500 652 242 6,085 Bellevue, WA Emiko Kawai 14,000 707 17 361 Portland, OR David Applegate 10,000 0 0 5,686 Renton, WA David League 10,000 808 96 3,055 Highlands Ranch, CO Deirdre Murray 6,000 273 5 278 Arlington, VA Darcy Koke 10,500 363 165 12,135 Kent, WA Frank Ethoffer 3,000 1,097 74 98 Omaha, NE Anne Stiker 7,000 429 181 7,552 Littleton, CO Frances Hicks 1,500 373 19 49 Aurora, CO Jean Ajayi 7,000 0 0 7,348 Denver, CO
NOTE: None of the participant loans in default or classified as uncollectible were with a party-in-interest. No loans were renegotiated during the year. All loans are secured by the participant's account. The company will collect overdue amounts through either payroll deductions or foreclosure upon a distributable event.
Identity and Loan Maturity Interest Type of Amount Overdue Address of Date Date Rate Loan Obligor (Per- sonal/ Residen- Prin- Inte- tial) cipal rest (a) (b) (g1) (g2) (g3) (g4) (h) (i) Palma Cilea 09/91 09/95 10.00 P $3,343 $1,070 Newburgh, NY Sherry Harris 08/91 08/95 10.00 P 1,431 563 Seattle, WA Robin Raybourne 11/91 11/95 10.00 P 635 365 Salem, OR Robert Sampson 08/89 08/93 11.00 P 2,766 77 Salt Lake City, UT Katherine Majcher 04/91 04/95 10.25 P 780 261 Scottsdale, AZ Mary Panos 07/90 07/04 11.50 R 921 13,086 Glendale, AZ Runyon Jackson 11/92 11/95 9.25 P 2,182 1,264 Troutdale, OR Larry Clark 02/90 02/93 10.50 P 1,365 98 Denver, CO Kathy Smith 09/90 09/93 10.75 P 32 1 Redmond, WA Terrence Cole 08/90 08/94 10.50 P 2,000 317 Plymouth, MN Katherine Gaines 06/90 06/94 10.50 P 9,687 1,671 Morristown, NJ Mary Meyer 03/90 03/93 10.50 P 879 31 St. Paul, MN Stella Ley 10/88 10/92 10.50 P 254 2 Seattle, WA Sharilyn Nodsle 01/93 01/97 9.00 P 2,944 3,342 Bainbridge Is, WA Jeffrey Acord 03/89 03/92 11.00 P 1,111 67 Evergreen, CO Bryon Washington 08/88 08/92 10.50 P 2,613 357 Redmond, WA Linda Montgomery 11/89 11/93 10.50 P 32 0 Lakewood, CO Connie Wellito 03/93 03/97 8.75 P 648 748 Aurora, CO Margia Wright 03/93 03/97 8.75 P 723 898 Champlin, MN Jeffrey Gould 11/91 11/94 10.00 P 1,689 351 Loveland, CO
Identity and Loan Maturity Interest Type of Amount Overdue Address of Date Date Rate Loan (Personal/Residential Obligor Prin- Inte- cipal rest (a) (b) (g1) (g2) (g3) (g4) (h) (i) Tyrone Moreno 01/87 01/91 9.50 P 75 1 Omaha, NE William Prohs 11/89 11/93 10.50 P 152 2 Colorado Springs, CO Cathy Kilstron 05/92 05/93 9.50 P 2,150 709 Eagan, MN Rebecca Kenny 03/88 03/92 11.00 P 1,745 65 Denver, CO Richard Whitworth 12/89 12/93 10.50 P 127 1 Bothell, WA H. L. Walter 12/86 12/90 9.50 P 523 4 Falls Church, VA Diane Smith 09/92 09/96 9.25 P 782 501 Phoenix, AZ Marilyn Subala 01/89 01/93 11.00 P 39 0 Redmond, WA Terri Dunnington 12/92 12/93 9.00 P 87 1 Northglenn, CO Chris Zamora 05/89 05/93 11.00 P 231 2 Westminster, CO Ruth Rogers 05/89 05/93 11.00 P 37 1 Castle Rock, CO Mary Cornell 04/89 04/93 11.00 P 77 1 Avondale, AZ April Valenzuela 09/91 09/93 10.00 P 1,132 67 Boston, MA Michael Lopez 09/89 09/92 10.50 P 2,103 238 Somerville, NJ Larry Luman 02/91 02/95 10.50 P 4,044 1,141 Lisle, IL Marilyn Felkner 10/92 10/95 9.25 P 1,601 761 Salt Lake City, UT
Identity and Loan Maturity Interest Type of Amount Overdue Address of Date Date Rate Loan Obligor (Personal/ Residen- Principal Interest tial) (a)(b) (g1) (g2) (g3) (g4) (h) (i) Wendy Smalley 12/90 12/92 10.50 P 125 2 Clearfield, UT Susan Ridley 11/89 11/93 10.50 P 76 1 Snohomish, WA Charles Patka 10/89 10/93 10.50 P 178 1 Renton, WA Wesley Devries 12/90 12/93 10.50 P 403 3 Roy, WA Frankie White 04/93 04/96 9.75 P 200 139 Seattle, WA Carol Dickson 09/91 09/93 10.00 P 183 2 Kent, WA Florencia Santos 07/92 07/96 9.25 P 812 808 Bellevue, WA Emiko Kawai 02/89 02/93 11.00 P 359 2 Portland, OR David Applegate 06/89 06/93 11.00 P 5,128 558 Renton, WA David League 08/89 08/93 11.00 P 2,945 110 Highlands Ranch, CO Deirdre Murray 01/90 01/92 10.50 P 276 2 Arlington, VA Darcy Koke 05/92 05/96 9.50 P 3,326 1,998 Kent, WA Frank Ethoffer 12/89 12/92 10.50 P 97 1 Omaha, NE Anne Stiker 01/93 01/97 9.00 P 961 1,181 Littleton, CO Frances Hicks 09/90 09/93 10.75 P 49 0 Aurora, CO Jean Ajayi 10/89 10/93 10.50 P 6,152 1,196 Denver, CO
NOTE: None of the participant loans in default or classified as uncollectible were with a party-in-interest. No loans were renegotiated during the year. All loans are secured by the participant's account. The company will collect overdue amounts through either payroll deductions or foreclosure upon a distributable event. -----END PRIVACY-ENHANCED MESSAGE-----