Skip to content
AnalystLens

DOMINION ENERGY, INC Annual Report (Amendment), Year Ended Dec 31, 1994

Filing Date
Filed June 2, 1995
Period End
December 31, 1994
Security
D
In the record · 2016–202610-K1110-Q328-K223

D filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 223 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’17Jan ’17
  2. Material agreement8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 10-K/A filed June 2, 1995. Cited figures are marked; the original filing is the authoritative source.

This filing is Amendment No. 1 to Dominion Resources, Inc.'s 1994 Form 10-K, dated June 1, 1995 and signed by CFO Linwood R.

Robertson. It does not contain the company's full annual financial statements. Instead, it adds Form 11-K annual reports for two employee savings plans: the Dominion Resources Employee Savings Plan and the Virginia Power Hourly Employee Savings Plan.

Both are audited by Deloitte & Touche LLP, with reports dated May 16, 1995. For investors, the main content is a view of the employee retirement plans' holdings, most of which are invested in Dominion Resources common stock. The Dominion Resources Employee Savings Plan had net assets available for benefits of $326.2 milliona at December 31, 1994, down from $382.7 million a year earlier.

The decline of $56.5 millionb came mainly from $54.7 million of unrealized depreciation, which reflects weaker 1994 market values, particularly for Dominion common stock. The plan held 6,431,777 Dominion shares valued at $231.5 million, about 71% of its total investments. It had 6,509 participants, down from 7,370 in 1993.

The Virginia Power Hourly plan had net assets of $69.5 millionc at year-end 1994, down from $82.6 million, with 3,265 participants and 1,417,906 Dominion shares valued at $51.0 million. Taken together, the two plans held roughly $282.6 million of Dominion common stock at year-end 1994, a meaningful block of employee ownership. The filing gives no operating, earnings, or balance sheet data for the parent company, so any assessment of Dominion's overall financial health would require the original 10-K.

02—Key points

Key Highlights

  1. Filing type: Amendment No. 1 to the 1994 Form 10-K, adding Form 11-K plan financials. It is not the complete annual report.
  2. Dominion Resources Employee Savings Plan net assets fell 14.7% to $326.2 million at year-end 1994, from $382.7 million in 1993.
  3. The $56.5 million plan decline was driven by $54.7 million in unrealized depreciation, largely from the Dominion common stock fund.
  4. Dominion common stock was the largest holding in the Dominion plan at $231.5 million (6,431,777 shares), about 71% of plan investments.
  5. Virginia Power Hourly Employee Savings Plan net assets were $69.5 million at year-end 1994, down from $82.6 million, with 1,417,906 Dominion shares valued at $51.0 million.
  6. Participation declined: the Dominion plan had 6,509 participants (from 7,370) and the Virginia Power plan had 3,265 (from 3,551).
  7. Both plans are tax-qualified under IRC Sections 401(a) and 401(k), and matching contributions are invested only in Dominion common stock.

03—Questions

Frequently Asked Questions

  1. Why did the employee savings plan assets decline in 1994?

    The primary cause was $54.7 million of unrealized depreciation in the plan's investments, mostly in Dominion common stock, whose market value fell during 1994. Distributions to participants of $52.2 million also exceeded total additions, which were reduced by the unrealized losses. Contributions of roughly $31.6 million from participants and the companies partly offset these outflows.

  2. How much Dominion common stock do employees hold through these plans?

    At December 31, 1994, the Dominion Resources Employee Savings Plan held 6,431,777 shares valued at $231.5 million, and the Virginia Power Hourly Employee Savings Plan held 1,417,906 shares valued at $51.0 million. Combined, the plans held about $282.6 million in Dominion stock at year-end 1994, down from roughly $352.6 million a year earlier.

  3. Does this filing show Dominion's overall financial performance?

    No. This amendment contains only employee benefit plan financial statements under Form 11-K, along with auditor reports and supplemental schedules. It does not include the company's consolidated income statement, balance sheet, or cash flow statement, which would appear in the original 1994 Form 10-K.

  4. What investment options were available to plan participants?

    The Dominion plan offered a Dominion common stock fund, an interest-bearing fund, a balanced fund, America's Utility Fund, an equity index fund tracking the S&P 500, and a participant loan fund. The Virginia Power Hourly plan offered only a Dominion stock fund and an interest-bearing fund. Participants could invest employee contributions in 10% increments, but company matching contributions were restricted to Dominion stock.

  5. What are the main terms of the company match?

    Participating companies matched 50% of each participant's contributions, capped at 3% of eligible earnings, with the match used to buy Dominion common stock. Participants could contribute up to 16% of eligible earnings, of which up to 10% could be made on a tax-deferred basis. Matching contributions vest after three years of service or five years of service, and vest immediately for participants aged 55 or older.

04—Continue

← View all 10-K filings