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AT&T INC. Annual Report (Amendment), Year Ended Dec 31, 1993

Filing Date
Filed May 26, 1994
Period End
December 31, 1993
Securities
TT-PCTBBT-PA
In the record · 2016–202610-K1110-Q348-K281

T filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 281 current reports (8-K) between 2016 and 2026.

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  4. Material agreement8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K/A filed May 26, 1994. Cited figures are marked; the original filing is the authoritative source.

This filing is a Form 10-K/A amendment from Southwestern Bell Corporation, not a full 10-K from AT&T Inc. (ticker T).

It does not contain the company's business description, revenue, earnings, or balance sheet. Its only purpose is to attach Form 11-K annual reports for two employee savings plans for fiscal 1993: the Savings Plan for Salaried Employees and the Savings and Security Plan (Non-Salaried Employees). AT&T Inc. (ticker T) is the later successor to SBC, so this filing belongs to that corporate lineage.

Investors should treat the content as employee-benefit plan disclosure, not corporate financial results. The two plans held combined net assets of about $1.87 billiona at December 31, 1993, up from about $1.60 billion a year earlier, a gain of roughly 17%. The salaried plan ended 1993 at $1,095.5 million (up from $944.5 million) and the non-salaried plan at $777.7 million (up from $655.2 million).

Much of the growth came from appreciation in SBC common shares. The unit value of the Corporation Shares fund rose from $6.03 to $7.00b for the salaried plan and from $6.26 to $7.29 for the non-salaried plan, reflecting the stock's performance during 1993. Both plans hold large leveraged Employee Stock Ownership Plan (ESOP) positions in SBC stock, financed by guaranteed ESOP notes due 2000.

The salaried plan's notes totaled about $208.7 millionc and the non-salaried plan's about $145.6 million, both with payments guaranteed by the Corporation. Participant counts fell in 1993, from 18,910 to 15,620 in the salaried plan and from 33,738 to 32,814 in the non-salaried plan. The Diversified Telephone Portfolio was eliminated effective December 31, 1993, with balances moved to other funds or distributed.

02—Key points

Key Highlights

  1. The filing is a 10-K/A amendment from Southwestern Bell Corporation that only attaches two Form 11-K employee plan reports for fiscal 1993; it contains no corporate revenue, earnings, or balance sheet data.
  2. Salaried Employees Savings Plan net assets rose to $1,095.5 million at year-end 1993, up from $944.5 million (about 16%).
  3. Non-Salaried Employees Savings and Security Plan net assets rose to $777.7 million, up from $655.2 million (about 19%).
  4. Corporation Shares unit values increased about 16% for the salaried plan ($6.03 to $7.00) and about 16% for the non-salaried plan ($6.26 to $7.29) during 1993.
  5. Both plans carry leveraged ESOP debt guaranteed by the company: about $208.7 million for the salaried plan and $145.6 million for the non-salaried plan, with principal due through 2000.
  6. Plan participation declined in 1993, with the salaried plan falling from 18,910 to 15,620 participants and the non-salaried plan from 33,738 to 32,814.
  7. The Diversified Telephone Portfolio was eliminated effective December 31, 1993, and SBC common shares reflect a two-for-one stock split effective May 25, 1993.

03—Questions

Frequently Asked Questions

  1. Does this filing contain Southwestern Bell's or AT&T's financial results for 1993?

    No. The document is a 10-K/A amendment that only attaches Form 11-K annual reports for two employee savings plans. It contains no consolidated revenue, net income, or balance sheet for the company. It is also from Southwestern Bell Corporation, not AT&T Inc., although AT&T Inc. is the later successor to SBC.

  2. Why did the plans' net assets grow so much in 1993?

    Most of the growth came from SBC common share appreciation and employer and participant contributions. The salaried plan's net assets increased by about $151 million and the non-salaried plan's by about $122 million. Net appreciation in fair value of investments was about $100 million for the salaried plan and $77 million for the non-salaried plan.

  3. What is the ESOP debt and is the company liable for it?

    The plans borrowed through guaranteed ESOP notes to buy SBC stock for employee accounts. The notes are guaranteed by Southwestern Bell Corporation, so the company must cover payments if the plans cannot. The plans use dividends on the financed shares and employer contributions to make payments, and the debt is scheduled to be repaid through 2000.

  4. Why did the number of plan participants decline?

    The filing does not give a specific reason. The salaried plan's participant count fell by about 17% and the non-salaried plan's by about 3%. The salaried plan's figures reflect that 1992 included employees who accepted an early retirement offer at the end of 1991, but the filing does not directly explain the 1993 change.

04—Continue

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