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DOMINION ENERGY, INC Annual Report (Amendment), Year Ended Dec 31, 1997

Filing Date
Filed June 10, 1998
Period End
December 31, 1997
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 10, 1998. Cited figures are marked; the original filing is the authoritative source.

This filing is Amendment No. 1 to Dominion Resources, Inc.'s 1997 Form 10-K, filed June 10, 1998.

It does not contain the company's consolidated financial statements. Its only purpose is to add the 1997 Form 11-K annual reports for three employee savings plans: the Dominion Resources Employee Savings Plan, the Dominion Subsidiary Savings Plan, and the Virginia Power Hourly Employee Savings Plan. Investors looking for company earnings, revenue, or balance sheet data should consult the original 1997 10-K instead.

The filing is also titled under the name Dominion Resources, Inc., not Dominion Energy, which was adopted later. The largest plan, the Dominion Resources Employee Savings Plan, reported net assets available for benefits of $468.2 milliona at December 31, 1997, up from $396.1 million a year earlier. The increase of $72.0 million came from $72.1 million of investment income and $103.2 million of contributions, offset by $31.1 million of benefit payments and expenses.

About 49% of plan assets, or $227.4 millionb, was held in Dominion Resources common stock, so employee retirement savings remained heavily tied to the parent company's share price. The plan had 5,443 participants at year-end 1997, down from 5,801 in 1996. The filing also discloses two plan changes relevant to investors.

Effective May 1, 1998, the Employee Savings Plan adopted a KSOP feature, which combines a 401(k) with an employee stock ownership plan and lets participants elect cash dividends on vested DRI shares. The Virginia Power Hourly plan adopted the same KSOP feature and raised its maximum contribution rates.

The Dominion Subsidiary Savings Plan also restated its 1996 financials to record a plan asset transfer in the proper period. These are plan-level items and have limited direct effect on the parent company's financial position.

02—Key points

Key Highlights

  1. Filing type: Amendment No. 1 to the 1997 Form 10-K, which adds only Form 11-K plan financial statements and auditor consents. It contains no consolidated company financials.
  2. Dominion Resources Employee Savings Plan net assets rose to $468.2 million at December 31, 1997, from $396.1 million in 1996, a gain of about 18%.
  3. Roughly $227.4 million, or about 49% of Employee Savings Plan assets, was invested in Dominion Resources common stock, concentrating employee retirement savings in the parent company's shares.
  4. Virginia Power Hourly Employee Savings Plan net assets grew to $109.5 million from $91.1 million, with 3,054 participants at year-end 1997.
  5. Dominion Subsidiary Savings Plan net assets were $5.4 million at year-end 1997, up from $1.9 million, and included a restatement of 1996 figures for an omitted asset transfer.
  6. A KSOP feature, which combines a 401(k) with an employee stock ownership plan, takes effect May 1, 1998 for the Employee Savings Plan and the Virginia Power Hourly plan, allowing participants to take cash dividends on vested DRI shares.
  7. The Employee Savings Plan's total investment income of $72.2 million in 1997 included $51.3 million of net appreciation, largely from the DRI common stock position.

03—Questions

Frequently Asked Questions

  1. Does this filing contain Dominion Resources' consolidated financial statements?

    No. It is an amendment that adds the 1997 Form 11-K annual reports for three employee savings plans. Company-wide results such as revenue, net income, and balance sheet figures must be found in the original 1997 Form 10-K.

  2. How large are the employee savings plans, and how fast are they growing?

    At December 31, 1997, the Dominion Resources Employee Savings Plan held $468.2 million in net assets, the Virginia Power Hourly plan held $109.5 million, and the Dominion Subsidiary Savings Plan held $5.4 million. The main plan grew about 18% in 1997, driven by investment gains and employee and company contributions.

  3. Why does employee ownership of company stock matter to investors?

    About half of the main plan's assets were in Dominion Resources common stock. This ties employees' retirement savings closely to the share price, which can support alignment with shareholders. It also means a sharp fall in the stock would reduce the retirement assets of a large employee group at the same time.

  4. What is the KSOP change, and why is it relevant?

    Effective May 1, 1998, the plans added a KSOP feature that combines a 401(k) with an employee stock ownership plan. Participants may elect to receive cash dividends on vested DRI shares rather than reinvesting them. The Virginia Power Hourly plan also raised its maximum contribution rates to 15% pre-tax, 20% after-tax, and 2 to 20% combined.

04—Continue

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