Summary
This filing is an amendment to the 2000 Form 10-K for SBC Communications Inc. (now AT&T Inc.). It primarily consists of updated exhibits related to employee savings and security plans, including the SBC Savings Plan, SBC Savings and Security Plan, and the Ameritech Savings and Security Plan for Non-Salaried Employees. The core financial statements within these exhibits detail the status of these employee benefit plans as of December 31, 2000. Investors should note that this filing does not present updated consolidated financial statements for SBC Communications Inc. itself, but rather focuses on the assets and liabilities of its employee benefit programs. Key information from the SBC Savings Plan's financial statements reveals a decrease in net assets available for benefits from approximately $6.59 billion in 1999 to $5.73 billion in 2000. This decline was largely driven by significant distributions to participants and a net depreciation in the value of investments, partially offset by substantial participant and employer contributions. The plan holds a significant portion of its assets in SBC common shares, both allocated and unallocated, highlighting a concentrated investment risk for participants within these specific funds.
Key Highlights
- 1The filing is an amendment to SBC Communications Inc.'s 2000 Form 10-K, primarily containing updated exhibits for employee benefit plans.
- 2Net assets available for benefits in the SBC Savings Plan decreased from $6.59 billion in 1999 to $5.73 billion in 2000.
- 3Major factors contributing to the decrease in net assets include significant participant distributions ($1.11 billion) and net depreciation in investment values ($165.2 million).
- 4Participant contributions totaled $235.7 million, and employer contributions were $67.2 million in 2000.
- 5The SBC Savings Plan's investments are heavily concentrated in SBC common shares, representing a significant portion of both allocated and unallocated assets within the Employee Stock Ownership Plan (ESOP) and the SBC Shares Fund.
- 6The plan utilized a leveraged ESOP structure to purchase SBC common shares, with repayment guaranteed by SBC Communications Inc.
- 7Effective January 1, 2001, the Ameritech Savings Plan merged into the SBC Savings Plan due to the SBC-Ameritech merger.