-----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, Ntd/45u1QFJ1fEcXd3aFngIAxp9tIwdCVMJ2DberZohEMP4wZoYN47ol1ls13qRQ JbWJcCwr3cU1PAwOZdTgtA== 0000827052-94-000016.txt : 19940330 0000827052-94-000016.hdr.sgml : 19940330 ACCESSION NUMBER: 0000827052-94-000016 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCECORP CENTRAL INDEX KEY: 0000827052 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 954137452 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 34 SEC FILE NUMBER: 001-09936 FILM NUMBER: 94518438 BUSINESS ADDRESS: STREET 1: 2244 WALNUT GROVE AVE STREET 2: P O BOX 800 CITY: ROSEMEAD STATE: CA ZIP: 91770 BUSINESS PHONE: 8183022222 11-K 1 STOCK SAVINGS PLUS PLAN FORM 11-K 12/31/93 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT [X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 1993 ------------------------------------------ Commission File Number 1-9936 STOCK SAVINGS PLUS PLAN FOR EMPLOYEES OF SOUTHERN CALIFORNIA EDISON COMPANY (Full Title of the Plan) SCEcorp (Name of Issuer) 2244 WALNUT GROVE AVENUE (P.O. Box 800), ROSEMEAD, CALIFORNIA 91770 (Address of principal executive office) REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Participants in the Stock Savings Plus Plan of Southern California Edison Company and the Board of Directors of SCEcorp: We have audited the accompanying statements of financial condition of the Stock Savings Plus Plan of Southern California Edison Company (the Plan) as of December 31, 1993, and 1992, and the related statements of income and changes in plan equity and the allocation of income and changes in plan equity for each of the three years in the period ended December 31, 1993. These financial statements are the responsibility of Southern California Edison Company'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 financial condition of the Plan as of December 31, 1993, and 1992, and the income and changes in plan equity for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. ARTHUR ANDERSEN & CO. ARTHUR ANDERSEN & CO. Los Angeles, California March 28, 1994 STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 1993
Guaranteed SCEcorp Income Common Money Stock Fund-- Stock Market Balanced Bond Global Total Fund 3 Yrs. Fund Fund Fund Fund Fund Loans ----- ------- ------- ------ ------- ------- ----- ------ ----- (In thousands) Assets Interest receivable . . . . . $ 119 $ 8 $ -- $ -- $ 111 $ -- $ -- $ -- $ -- Loan receivable. . . . 56,487 -- -- -- -- -- -- -- 56,487 Receivable from broker . . . . . . . 3,318 3,318 -- -- -- -- -- -- -- Investments, at market value: SCEcorp common stock -- 43,338,557 shares (cost -- $743,645) . 866,771 866,771 -- -- -- -- -- -- -- Guaranteed income contracts, at cost plus reinvested income . . . . . . . 24,204 -- 24,204 -- -- -- -- -- -- Collective funds: Common stock investments (cost -- $68,793) . . . . . . 92,282 -- -- 92,282 -- -- -- -- -- Short-term income investments, at cost . . . . . 70,980 13,159 15,933 263 41,348 118 38 121 -- Balanced fund (cost -- $55,789). . . . . 58,767 -- -- -- -- 58,767 -- -- -- Bond fund (cost -- $18,789). . . . . 19,227 -- -- -- -- -- 19,227 -- -- Global fund (cost -- $46,344). . . . . 49,680 -- -- -- -- -- -- 49,680 -- ---------- -------- ------- ------- ------- ------- ------- ------- ------- Total investments . . . 1,181,911 879,930 40,137 92,545 41,348 58,885 19,265 49,801 -- ---------- -------- ------- ------- ------- ------- ------- ------- ------- $1,241,835 $883,256 $40,137 $92,545 $41,459 $58,885 $19,265 $49,801 $56,487 ========== ======== ======= ======= ======= ======= ======= ======= ======= Liabilities and Plan Equity Payable to brokers and others . . . . . $ 30 $ -- $ -- $ 27 $ -- $ -- $ 3 $ -- $ -- Plan equity. . . . . . 1,241,805 883,256 40,137 92,518 41,459 58,885 19,262 49,801 56,487 ---------- -------- ------- ------- ------- ------- ------- ------- ------- $1,241,835 $883,256 $40,137 $92,545 $41,459 $58,885 $19,265 $49,801 $56,487 ========== ======== ======= ======= ======= ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 1992
Guaranteed SCEcorp Income Common Money Stock Fund-- Stock Market Balanced Bond Total Fund 3 Yrs. Fund Fund Fund Fund ----- ------- ------- ------- ------ -------- ----- (In thousands) Assets Interest receivable. . . . . . . . . . . $ 105 $ 6 $ -- $ -- $ 99 $ -- $ -- ---------- -------- ------- ------- ------- ------- ------ Receivable from broker . . . . . . . . . 10,564 10,564 -- -- -- -- -- ---------- -------- ------- ------- ------- ------- ------ Investments, at market value: SCEcorp common stock -- 36,215,774 shares (cost -- $599,714). . . . . . . 796,747 796,747 -- -- -- -- -- Guaranteed income contracts, at cost plus reinvested income . . . . . . . . 45,837 -- 45,837 -- -- -- -- Collective funds: Common stock investments (cost -- $57,061) . . . . . . . . . 78,530 -- -- 78,530 -- -- -- Short-term income investments, at cost . . . . . . . . . . . . . . 35,367 12 129 -- 35,226 -- -- Balanced fund (cost -- $52,580). . . . . . . . . . . . . . 62,936 -- -- -- -- 62,936 -- Bond fund (cost -- $17,353). . . . . . . . . . . . . . 17,834 -- -- -- -- -- 17,834 ---------- -------- ------- ------- ------- ------- ------- Total investments . . . . . . . . . 1,037,251 796,759 45,966 78,530 35,226 62,936 17,834 ---------- -------- ------- ------- ------- ------- ------- $1,047,920 $807,329 $45,966 $78,530 $35,325 $62,936 $17,834 ========== ======== ======= ======= ======= ======= ======= Liabilities and Plan Equity Payable to brokers and others. . . . . . $ 17 $ 2 $ -- $ 13 $ -- $ -- $ 2 Plan equity. . . . . . . . . . . . . . . 1,047,903 807,327 45,966 78,517 35,325 62,936 17,832 ---------- -------- ------- ------- ------- ------- ------- $1,047,920 $807,329 $45,966 $78,530 $35,325 $62,936 $17,834 ========== ======== ======= ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1993
Guaranteed SCEcorp Income Common Money Stock Fund-- Stock Market Balanced Bond Global Total Fund 3 Yrs. Fund Fund Fund Fund Fund Loans ----- -------- -------- ------ ------ -------- ---- ------ ----- (In thousands) Investment Income: Cash dividends. . . . . $ 56,701 $ 53,040 $ -- $ 1,280 $ -- $ 1,513 $ 868 $ -- $ -- Interest from Loans . . 1,778 1,561 -- 91 56 29 12 29 -- Interest from investment. . . . . . 4,496 217 2,973 33 1,224 22 13 14 -- ---------- -------- ------- ------- ------- ------- ------ ------ ------- Total investment income. . . . . . . 62,975 54,818 2,973 1,404 1,280 1,564 893 43 -- ---------- -------- ------- ------- ------- ------- ------ ------ ------- Increase (decrease) in in Value of Investments . . . . . . (85,413) (104,794) -- 7,141 -- 7,581 1,324 3,335 -- ---------- -------- ------- ------- ------- ------- ------ ------ ------- Contributions: Employer contributions, including forfei- tures of $124 . . . . 21,910 17,851 33 1,722 898 796 316 294 -- Participating employees . . . . . . 72,162 58,520 132 5,786 2,224 3,187 1,315 998 -- ESOP transfers. . . . . 163,063 163,063 -- -- -- -- -- -- -- ---------- -------- ------- ------- ------- ------- ------ ------- ------- Total contributions . 257,135 239,434 165 7,508 3,122 3,983 1,631 1,292 -- ---------- -------- ------- ------- ------- ------- ------ ------- ------- Total investment income, change in value of invest- ments, and contributions . . . 234,697 189,458 3,138 16,053 4,402 13,128 3,848 4,670 -- ---------- -------- ------- ------- ------- ------- ------ ------- ------- Deductions: Distributions to Participants or their beneficiaries . . . . 40,470 30,478 2,357 1,704 3,292 1,955 462 222 -- Employer contributions and dividends forfeited . . . . . . 124 85 7 16 11 3 1 1 -- Management fee. . . . . 52 -- -- 46 -- -- 6 -- -- Loans to participants net of repayments and loan defaults of $149 . . . . . . . 149 47,531 -- 4,031 1,604 2,235 1,057 178 (56,487) ---------- ------- ------- ------- ------- ------- ------ ------- ------- Total deductions. . . 40,795 78,094 2,364 5,797 4,907 4,193 1,526 401 (56,487) ---------- ------- ------- ------- ------- ------- ------ ------- ------- Interfund Conversions . . . . . . -- (35,435) (6,603) 3,745 6,639 (12,986) (892) 45,532 -- ---------- -------- ------- ------- ------- ------- ------ ------- ------- Increase (decrease) in Plan equity for the year. . . . 193,902 75,929 (5,829) 14,001 6,134 (4,051) 1,430 49,801 56,487 Plan equity, at market value, beginning of year . . . . . . . . 1,047,903 807,327 45,966 78,517 35,325 62,936 17,832 -- -- ---------- -------- ------- ------- ------- ------- ------- ------- ------- Plan equity, at market value, end of year. . . $1,241,805 $883,256 $40,137 $92,518 $41,459 $58,885 $19,262 $49,801 $56,487 ========== ======== ======= ======= ======= ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1992
Guaranteed SCEcorp Income Common Money Stock Fund-- Stock Market Balanced Bond Total Fund 3 Yrs. Fund Fund Fund Fund ----- ------- ---------- ------ ------ -------- ----- (In thousands) Investment Income: Cash dividends . . . . . . . . . . . . . $ 55,333 $ 49,725 $ -- $ 2,070 $ -- $ 2,663 $ 875 Interest . . . . . . . . . . . . . . . . 4,778 135 3,523 27 1,083 -- 10 ---------- -------- ------- ------- ------- ------- ------- Total investment income. . . . . . . . 60,111 49,860 3,523 2,097 1,083 2,663 885 ---------- -------- ------- ------- ------- ------- ------- Increase (decrease) in Value of Investments. . . . . . . . . . . . . . . (42,611) (47,809) -- 3,604 -- 1,672 (78) ---------- -------- ------- ------- ------- ------- ------- Contributions: Employer contributions, including forfeitures of $78 . . . . . 19,616 16,871 150 1,294 425 694 182 Participating employees. . . . . . . . . 56,629 48,780 414 3,708 1,248 1,972 507 ESOP diversification . . . . . . . . . . 214 214 -- -- -- -- -- --------- -------- ------ ------- ------- ------- ------- Total contributions. . . . . . . . . . 76,459 65,865 564 5,002 1,673 2,666 689 --------- -------- ------ ------- ------- ------- ------- Total investment income, increase in value of investments and contributions . . . 93,959 67,916 4,087 10,703 2,756 7,001 1,496 --------- -------- ------ ------- ------- ------- ------- Deductions: Distributions to Participants or their beneficiaries . . . . . . . . 52,549 42,513 3,986 1,800 2,194 1,759 297 Employer contributions and dividends forfeited. . . . . . . . . . 78 63 1 11 -- 3 -- Management fee . . . . . . . . . . . . . 50 -- -- 45 -- -- 5 --------- -------- ------ ------- ------- ------- ------- Total deductions . . . . . . . . . . . 52,677 42,576 3,987 1,856 2,194 1,762 302 --------- -------- ------ ------- ------- ------- ------- Interfund Conversions . . . . . . . . . . . -- (27,784) (7,257) 10,739 3,448 13,362 7,492 --------- -------- ------- ------- ------- ------- ------- Increase (decrease) in Plan equity for the year. . . . . . . . . . . . 41,282 (2,444) (7,157) 19,586 4,010 18,601 8,686 Plan equity, at market value, beginning of year. . . . . . . . . . . . . . . . . 1,006,621 809,771 53,123 58,931 31,315 44,335 9,146 ---------- -------- ------- ------- ------- ------- ------- Plan equity, at market value, end of year. . . . . . . . . . . . . . . . . $1,047,903 $807,327 $45,966 $78,517 $35,325 $62,936 $17,832 ========== ======== ======= ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1991
Guaranteed SCEcorp Income Common Money Stock Fund-- Stock Market Balanced Bond Total Fund 3 Yrs. Fund Fund Fund Fund ----- ------- ------- ------ ------ -------- ----- (In thousands) Investment Income: Cash dividends . . . . . . . . . . . . . $ 48,786 $ 44,416 $ -- $ 1,603 $ -- $ 2,108 $ 659 Interest . . . . . . . . . . . . . . . . 6,794 298 4,531 18 1,942 -- 5 ---------- -------- ------- ------- ------- ------- ------- Total investment income. . . . . . . . 55,580 44,714 4,531 1,621 1,942 2,108 664 ---------- -------- ------- ------- ------- ------- ------- Increase in Value of Investments. . . . . . . 167,317 149,298 -- 11,373 -- 6,096 550 -------- -------- ------- ------- ------- ------- ------- Contributions: Employer contributions, including forfeitures of $52 . . . . . . 18,238 16,060 183 870 534 457 134 Participating employees. . . . . . . . . . 51,396 45,246 506 2,463 1,512 1,293 376 ESOP diversification . . . . . . . . . . . 179 179 -- -- -- -- -- --------- -------- ------- ------- ------- ------- ------- Total contributions. . . . . . . . . . 69,813 61,485 689 3,333 2,046 1,750 510 --------- -------- ------- ------- ------- ------- ------- Total investment income, increase in value of investments and contributions . . . . . . . . . . . 292,710 255,497 5,220 16,327 3,988 9,954 1,724 --------- -------- ------- ------- ------- ------- ------- Deductions: Distributions to Participants or their beneficiaries . . . . . . . . 43,749 34,636 3,571 1,778 2,102 1,493 169 Employer contributions and dividends forfeited. . . . . . . . . . 52 39 3 5 -- 4 1 Management fee . . . . . . . . . . . . . 52 -- -- 48 -- -- 4 --------- -------- ------- ------- ------- ------- ------- Total deductions . . . . . . . . . . . 43,853 34,675 3,574 1,831 2,102 1,497 174 --------- -------- ------- ------- ------- ------- ------- Interfund Conversions . . . . . . . . . . . -- (2,662) (4,687) 3,132 3,361 (682) 1,538 --------- -------- ------- ------- ------- ------- ------- Increase (decrease) in Plan equity for the year . . . . . . . . 248,857 218,160 (3,041) 17,628 5,247 7,775 3,088 Plan equity, at market value, beginning of year. . . . . . . . . . . . 757,764 591,611 56,164 41,303 26,068 36,560 6,058 ---------- -------- ------- ------- ------- ------- ------- Plan equity, at market value, end of year. . . . . . . . . . . . . . . $1,006,621 $809,771 $53,123 $58,931 $31,315 $44,335 $ 9,146 ========== ======== ======= ======= ======= ======= =======
The accompanying notes are an integral part of these financial statements. STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS Note 1. Investment Program First Interstate Bank of California (Trustee) has invested all contributions in accordance with the instructions of participating employees (Participants). The Participants are allowed to make direct investment of contributions to the Stock Savings Plus Plan (Plan) of Southern California Edison Company (Edison) into various investment funds. The Trustee has invested, and is expected to invest in the future, funds not immediately required in certain short-term investments. Participants with an accumulated balance in the Plan have the option each month to allocate their account balances among various investment programs in addition to the common stock of SCEcorp (SCEcorp Stock Fund). Share figures reflect the two-for-one split of SCEcorp common stock effective June 1, 1993. The investment options available to participants was changed effective July 1, 1993. The investment programs available as of December 31, 1993, comprise: (a) Guaranteed Income Fund -- 3 years -- (Discontinued with respect to new contributions effective April 1, 1993.) The value of each insurance contract as of December 31, 1993, is as follows (in thousands):
Insurance Interest Contract Term Company Rate Value - ----- --------- -------- -------- April 1, 1991, to Protective Life Insurance 8.02% $ 3,670 March 31, 1994 Company July 1, 1991, to Protective Life Insurance 8.00 3,863 June 30, 1994 Company October 1, 1990, to Provident Life Assurance 6.46 1,939 September 30, 1994 Company January 1, 1992, to Hartford Life Insurance 5.34 2,543 December 31, 1994 Company April 1, 1992, to Provident Life and Accident 6.45 2,256 March 31, 1995 Insurance Company
STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS (Continued) Note 1. Investment Program (Continued) (a) Guaranteed Income Fund (continued)
Insurance Interest Contract Term Company Rate Value - ---- --------- -------- -------- July 1, 1992, to Provident Life and Accident 5.71% $ 3,745 June 30, 1995 Insurance Company October 1, 1992, to Transamerica Occidental 4.36 2,282 September 30, 1995 Life Insurance Company January 1, 1993, to Protective Life Insurance 5.63 1,607 December 31, 1995 Company April 1, 1993, to Hartford Life Insurance 4.60 2,299 March 31, 1996 Company ------- Total $ 24,204 ========
(b) Common Stock Fund -- Collective investment in the Wells Fargo Bank Equity Index Fund consisting of 8,760,903 units at a unit value of 10.563 as of December 31, 1993. (c) Money Market Fund -- Collective investment in the First Interstate Bank Short-Term Income Fund consisting of 4,048,467 units at a unit value of 10.241 as of December 31, 1993. (d) Balanced Fund -- Collective investment in the Vanguard Group Wellington Fund discontinued effective July 1, 1993, and replaced with a collective investment in Frank Russell Trust Company Funds consisting of 5,358,009 units at a unit value of 10.990 as of December 31, 1993. (e) Bond Fund -- Collective investment in the Wells Fargo Bond Index Fund discontinued effective July 1, 1993, and replaced with a collective investment in the Frank Russell Trust Company Short-Term Bond Fund consisting of 1,830,584 units at a unit value of 10.525 as of December 31, 1993. (f) Global Fund -- Collective investment in Frank Russell Trust Company Equity-Based Funds (effective July 1, 1993) consisting of 4,518,317 units at a unit value of 11.022 as of December 31, 1993. The number of Participants in each fund was as follows: STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS (Continued) Note 1. Investment Program (Continued)
December 31, ------------------------------------ 1993 1992 1991 ------ ------ ------ SCEcorp Stock Fund. . . . . . . . . . . . . . . . . . . . . . 16,975 16,333 16,185 Guaranteed Income Fund -- 3 years . . . . . . . . . . . . . . 1,492 2,145 2,288 Common Stock Fund . . . . . . . . . . . . . . . . . . . . . . 4,501 4,279 3,491 Money Market Fund . . . . . . . . . . . . . . . . . . . . . . 2,832 1,412 1,452 Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . 2,257 3,297 2,609 Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 1,071 1,658 861 Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . 2,220 -- --
The conversion of the Participants' investment from the SCEcorp Stock Fund to all other funds is valued at the month-end closing price. The conversion of Participants' investment from all other funds to the SCEcorp Stock Fund, or to any other fund is based on the actual market value balance (including earnings and market adjustments) in each Participant's account, as of the date of conversion. As of January 1, 1994, Plan Participants elected to reallocate their investment fund balances as indicated in the table below. In order to reflect year-end market values for the January 1, 1994, conversion, the Trustee converted securities necessary to reflect "Post-Allocation" investment distributions prior to December 31, 1993. The Post-Allocation amounts are not allocated to Plan Participants until January 1, 1994.
January 1, 1994 ------------------------------ Pre- Post- Allocation Allocation ---------- ----------- (In thousands) Fund Balances, at market value: SCEcorp Stock Fund. . . . . . . . . . . . . . . . . . . . . . . . . . $ 879,930 $ 868,116 Guaranteed Income Fund. . . . . . . . . . . . . . . . . . . . . . . . 40,137 24,140 Common Stock Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 92,545 97,384 Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 41,348 51,829 Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,885 62,802 Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,265 20,192 Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,801 57,448 ---------- ---------- $1,181,911 $1,181,911 ========== ==========
As of June 1, 1993, a loan option was offered to Participants. As of December 31, 1993, 4,869 Participants had loans outstanding. Funds for the loan are withdrawn from the Participant's vested balance and repaid through payroll deduction. The interest rate charged is prime plus 1%. As of December 31, 1993 the interest rate is 7%. STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS (Continued) Note 2. Unrealized Market Appreciation (Depreciation) Unrealized market appreciation or depreciation of units in the SCEcorp Stock Fund, Common Stock Fund, Balanced Fund, Global Fund and Bond Fund held by the Plan is the difference between the acquisition cost and the market value of such investments. Unrealized market appreciation at the beginning of each year is reconciled to the unrealized market appreciation at the end of each year, by fund, as follows:
Realized (Gain)/Loss Unrealized Increase ------------------------ Market (Decrease) Unrealized Appreciation, in Value Transfer Withdrawals Market Beginning of from and Interfund Appreciation, of Year Investments ESOP Forfeitures Conversions End of Year ------- ----------- ------- ----------- ----------- ----------- (In thousands) Year ended December 31, 1993: SCEcorp Stock Fund. . . . . . . $197,033 $(104,794) $74,781 $ (7,707) $(36,187) $123,126 Common Stock Fund . . . . . . . 21,469 7,141 -- (35) (5,086) 23,489 Balanced Fund . . . . . . . . . 10,356 7,581 -- (75) (14,884) 2,978 Bond Fund . . . . . . . . . . . 481 1,324 -- (12) (1,355) 438 Global Fund . . . . . . . . . . -- 3,335 -- 1 -- 3,336 -------- -------- ------- -------- -------- -------- Total. . . . . . . . . . . . $229,339 $(85,413) $74,781 $ (7,828) $(57,512) $153,367 ======== ======== ======= ======== ======== ======== Year ended December 31, 1992: SCEcorp Stock Fund. . . . . . . $270,988 $(47,809) $ -- $(14,743) $(11,403) $197,033 Common Stock Fund . . . . . . . 18,211 3,604 -- (346) -- 21,469 Balanced Fund . . . . . . . . . 9,195 1,672 -- (511) -- 10,356 Bond Fund . . . . . . . . . . . 592 (78) -- (33) -- 481 -------- -------- ------ -------- -------- -------- Total. . . . . . . . . . . . $298,986 $(42,611) $ -- $(15,633) $(11,403) $229,339 ======== ======== ====== ======== ======== ======== Year ended December 31, 1991: SCEcorp Stock Fund. . . . . . . $137,174 $149,298 $ -- $(12,287) $(3,197) $270,988 Common Stock Fund . . . . . . . 7,574 11,373 -- (736) -- 18,211 Balanced Fund . . . . . . . . . 3,629 6,096 -- (530) -- 9,195 Bond Fund . . . . . . . . . . . 46 550 -- (4) -- 592 -------- -------- ------ -------- ------- -------- Total. . . . . . . . . . . . $148,423 $167,317 $ -- $(13,557) $(3,197) $298,986 ======== ======== ====== ======== ======= ========
STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS (Continued) Note 3. Distributions and Forfeitures The balances in the accounts of Participants withdrawing from the Plan during 1993, 1992 and 1991, and amounts disbursed to such Participants in settlement thereof, were as follows:
Cash and Securities Non-Vested Balances in Disbursed in Portion of Participants' Settlement of Balances Accounts Withdrawals Forfeited ------------ ------------- ----------- (In thousands) Year Ended December 31, 1993 At average cost: SCEcorp stock fund. . . . . . . . . . . . . . . . . $22,856 $22,777 $ 79 All other funds . . . . . . . . . . . . . . . . . . 9,910 9,871 39 ------- ------- ---- Total at cost. . . . . . . . . . . . . . . . . . $32,766 $32,648 $118 ======= ======= ==== At market value: SCEcorp stock fund. . . . . . . . . . . . . . . . . $30,563 $30,478 $ 85 All other funds . . . . . . . . . . . . . . . . . . 10,031 9,992 39 ------- ------- ---- Total at market value. . . . . . . . . . . . . . $40,594 $40,470 $124 ======= ======= ==== Year Ended December 31, 1992 At average cost: SCEcorp stock fund. . . . . . . . . . . . . . . . . $27,833 $27,775 $ 58 All other funds . . . . . . . . . . . . . . . . . . 9,161 9,146 15 ------- ------- ---- Total at cost. . . . . . . . . . . . . . . . . . $36,994 $36,921 $ 73 ======= ======= ==== At market value: SCEcorp stock fund. . . . . . . . . . . . . . . . . $42,576 $42,513 $ 63 All other funds . . . . . . . . . . . . . . . . . . 10,051 10,036 15 ------- ------- ---- Total at market value. . . . . . . . . . . . . . $52,627 $52,549 $ 78 ======= ======= ==== Year Ended December 31, 1991 At average cost: SCEcorp stock fund. . . . . . . . . . . . . . . . . $22,387 $22,351 $ 36 All other funds . . . . . . . . . . . . . . . . . . 7,856 7,843 13 ------- -------- ---- Total at cost. . . . . . . . . . . . . . . . . . $30,243 $30,194 $ 49 ======= ======= ==== At market value: SCEcorp stock fund. . . . . . . . . . . . . . . . . $34,675 $34,636 $ 39 All other funds . . . . . . . . . . . . . . . . . . 9,126 9,113 13 ------- ------- ---- Total at market value. . . . . . . . . . . . . . $43,801 $43,749 $ 52 ======= ======= ====
STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS (Continued) Note 3. Distributions and Forfeitures (Continued) "All other funds" include: (a) the Guaranteed Income Fund -- 3 years, (b) the Common Stock Fund, (c) the Money Market Fund, (d) the Balanced Fund (e) the Bond Fund and (f) the Global Fund. The detail of the distributions by fund is reflected, at market, in the accompanying Statements of Income and Changes in Plan Equity for the years ended December 31, 1993, 1992 and 1991. The cost of funds reflects the increase due to diversification. Each time funds are diversified, the market value of the funds invested becomes the new cost. Thus, the cost basis is adjusted to the market value of the previous fund prior to transfer. Cash contributions by Edison are reduced by the difference between the balances of the Participants' accounts (so calculated) and the amounts disbursed in settlement thereof (so calculated). For purposes of the Plan, this difference is deemed to be the funds forfeited by withdrawing Participants. Participant withdrawals, which are settled in cash, are funded through sales of investments being distributed. Therefore, the market values reflected in the preceding table represent the proceeds received by the Plan upon disposition. Note 4. Plan Equity In 1993, distributions and withdrawals made by Participants as of December 31, 1993, but not yet paid by the Plan are classified as a component of plan equity instead of liabilities. Accordingly, prior-year balances were reclassified to conform to the December 31, 1993, presentation. Included in plan equity as of December 31, 1993, and 1992 are distributions and withdrawals which withdrawing Participants had elected to receive as follows:
December 31, --------------------- 1993 1992 ------- ------- (In thousands) SCEcorp Stock Fund: SCEcorp common stock, at market value (67,649 and 239,030 shares at respective dates). . . . . . . . . . . . . . . . . . . . $1,353 $ 5,259 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,518 4,978 All other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657 3,850 ------ ------- Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,528 $14,087 ====== =======
STOCK SAVINGS PLUS PLAN OF SOUTHERN CALIFORNIA EDISON COMPANY NOTES TO FINANCIAL STATEMENTS (Continued) Note 4. Plan Equity (continued) At December 31, 1993, there were 43,338,557 shares held by the SCEcorp Stock Fund with a market value of $20.00 per share. The average unrealized market appreciation per share of a particular Participant can be determined as the difference between the average cost of all shares purchased for the Participant's account and the quoted market price of $20.00 per share at December 31, 1993. The balances in each Participant's account in all other funds are measured in dollars and reflect interfund conversions, earnings and market appreciation or depreciation. Note 5. Tax Status Of The Plan And Trust The Plan, as amended effective October 1, 1986, qualifies under Section 401(a) of the Internal Revenue Code (Code), is exempt from taxation under Section 501(a) of the Code and meets the requirements applicable to cash or deferred compensation arrangements under Section 401(k) of the Code. Distributions from qualified plans are taxable to the recipients under the provisions of Section 402 of the Code. It is Edison's opinion that amendments to the Plan made subsequent to October 1, 1986, will not affect the tax status of the Plan. Note 6. Amendment to the Plan The Company has elected to amend the Plan to accept the systematic transfer of amounts from the Employee Stock Ownership Plan (ESOP) that have been held for 84 months or more. Two transfers, comprising approximately 50% of the ESOP balance were made in 1993. The remaining balance in the plan will be transferred in 1994. The Plan was amended in 1993 to provide a participant loans feature, to provide for monthly processing of plan transactions instead of quarterly, to change the investment funds as described in Note 1, and to make certain other administrative changes. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHERN CALIFORNIA EDISON COMPANY STOCK SAVINGS PLUS PLAN By Georgia R. Nelson -------------------------------------------- Georgia R. Nelson Chair Employee Benefits/Health Care Committee March 28, 1994 EXHIBIT INDEX Exhibit Number Description 1 Summary Annual Report of Stock Savings Plus Plan of Southern California Edison Company for the year ended December 31, 1992. 2 Consent of Independent Public Accountants. EX-1 2 1992 SUMMARY ANNUAL REPORT FOR SSPP EXHIBIT 1 1992 SUMMARY ANNUAL REPORT FOR STOCK SAVINGS PLUS PLAN (SSPP) This is a summary of the annual report for the Southern California Edison Company Stock Savings Plus Plan, EIN 95-1240335-002, for January 1, 1992, through December 31, 1992. The annual report has been filed with the Internal Revenue Service, as required under the Employee Retirement Income Security Act of 1974 (ERISA). Basic Financial Statement Benefits under the plan are provided by a trust and insurance. Plan expenses were $66,763,640. These expenses included $66,713,491 in benefits paid to participants and beneficiaries, and $50,149 in other expenses. A total of 16,921 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits. The value of plan assets, after subtracting liabilities of the plan, was $1,033,816,713 as of December 31, 1992, compared to $1,006,621,371 as of January 1, 1992. During the plan year, the plan experienced an increase in its net assets of $27,195,342. This increase includes unrealized appreciation in the value of the plan's assets at the end of the year and the price the plan originally paid for these assets. The plan had a total income of $93,745,461 including employer contributions of $19,615,568, employee contributions of $56,629,814, gains of $8,218,027 from the sale of assets and earnings from investments of $9,282,052. Minimum Funding Standards Enough money was contributed to the plan to keep it funded in accordance with the minimum standards of ERISA. Your Rights to Additional Information You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report: 1. An accountant's report 2. Assets held for investment; and 3. Transactions in excess of three percent of plan assets. To obtain a copy of the full annual report, or any part thereof, write or all the office of the Secretary of the Employee Benefits/Health Care Committee (The Committee is the Plan Administrator), 8631 Rush Street, Rosemead, California 91770, (818) 302-5209. The charge to cover copying costs will be $2.25 for the full report, or $0.10 per page for any part thereof. 1992 SUMMARY ANNUAL REPORT FOR STOCK SAVINGS PLUS PLAN (SSPP) Page 2 You also have the right to receive from the Plan Administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes or both. If you request a copy of the full annual report from the Plan Administrator, these statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge. You also have the legally protected right to examine the annual report at the main office of the plan, 8631 Rush Street, Rosemead, California 19770, and at the U. S. Department of Labor in Washington, D.C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Pension and Welfare Benefit Administration, Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. EX-2 3 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS Exhibit 2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report dated March 28, 1994 (the Report of Independent Public Accountants), appearing on page 2 in this report on Form 11-K for the Stock Savings Plus Plan of Southern California Edison Company into the previously filed Registration Statements of SCEcorp which follow:
Registration Form File No. Effective Date Form S-8 33-32302 June 2, 1993 Form S-8 33-46713 June 2, 1993 Form S-8 33-46714 June 2, 1993 Form S-3 33-47389 June 2, 1993 Form S-8 33-51225 November 30, 1993 Form S-3 33-44148 September 17, 1993
ARTHUR ANDERSEN & CO. ARTHUR ANDERSEN & CO. Los Angeles, California March 28, 1994 -----END PRIVACY-ENHANCED MESSAGE-----