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Wec Energy Group Annual Report (Amendment), Year Ended Dec 31, 1994

Filing Date
Filed June 26, 1995
Period End
December 31, 1994
Security
WEC
In the record · 2016–202610-K1110-Q338-K260

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 260 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K/A filed June 26, 1995. Cited figures are marked; the original filing is the authoritative source.

Wisconsin Energy Corporation filed this Amendment No. 1 to its 1994 Annual Report on Form 10-K, dated June 23, 1995, for the sole purpose of adding two exhibits: Exhibit (99)-1 and Exhibit (99)-2, which are information furnished in lieu of Form 11-K annual reports for its Management Employee Savings Plan and Represented Employee Savings Plan for the year ended December 31, 1994.

The amendment does not revise the company's consolidated financial statements or business discussion, and the rest of Item 14 and the Exhibit Index are stated to be unchanged. The included schedules are condensed parent-company financial statements (Schedule I). They show 1994 net income of $180,868 thousanda, compared with $190,135 thousand in 1993 and $171,239 thousand in 1992, with equity in subsidiaries' earnings of $180,898 thousand in 1994.

Total stockholders' equity at year-end 1994 was $1,747,355 thousandb, up from $1,666,701 thousand in 1993, and common stock rose from $577,935 thousand to $628,446 thousand, with the company reporting $50,494 thousand from sales of common stock in 1994. The savings plan statements show total net assets available for benefits of $116,003,835 for the Management Employee Savings Plan and $109,338,095 for the Represented Employee Savings Plan at December 31, 1994.

Plan transfers in were significant in 1994, largely reflecting rollovers of Tax Reduction Act Stock Ownership Plan (TRASOP) balances after that plan was terminated on September 21, 1994. The WEC Common Stock Fund is the largest single investment in both plans, with a market value of $44,877,961c in the Management plan and $59,584,708 in the Represented plan.

02—Key points

Key Highlights

  1. Filing is Amendment No. 1 (Form 10-K/A) to the 1994 Form 10-K, signed by Chairman, President and CEO R. A. Abdoo on June 23, 1995, adding only Exhibits (99)-1 and (99)-2.
  2. Parent-company net income was $180,868 thousand in 1994, down from $190,135 thousand in 1993.
  3. Total stockholders' equity at December 31, 1994 was $1,747,355 thousand, compared with $1,666,701 thousand a year earlier.
  4. Common stock increased to $628,446 thousand from $577,935 thousand, and the parent sold $50,494 thousand of common stock in 1994.
  5. Parent-company dividends on common stock were $150,708 thousand in 1994, versus $140,876 thousand in 1993.
  6. Management Employee Savings Plan net assets were $116,003,835 and Represented Employee Savings Plan net assets were $109,338,095 at December 31, 1994.
  7. The TRASOP was terminated on September 21, 1994, and its rollovers accounted for $32,854,902 of Management plan transfers in and $44,973,783 of Represented plan transfers in.

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The amendment adds Exhibits (99)-1 and (99)-2, which are information furnished in lieu of Form 11-K annual reports for the Management Employee Savings Plan and the Represented Employee Savings Plan for the year ended December 31, 1994. The filing states that the remainder of Item 14 and the Exhibit Index are unchanged.

  2. How did parent-company earnings and equity change in 1994?

    Parent-company net income was $180,868 thousand in 1994, compared with $190,135 thousand in 1993. Total stockholders' equity rose to $1,747,355 thousand from $1,666,701 thousand, driven mainly by higher common stock and undistributed subsidiaries' earnings.

  3. What role did the TRASOP termination play in the savings plans?

    The Tax Reduction Act Stock Ownership Plan was terminated effective September 21, 1994, and participants could roll eligible common stock into the savings plans. Plan transfers in included $32,854,902 of TRASOP rollovers to the Management Employee Savings Plan and $44,973,783 to the Represented Employee Savings Plan.

  4. How were the savings plan assets invested?

    Both plans held a Blended Rate Income Fund of guaranteed investment contracts and mutual or pooled funds. The WEC Common Stock Fund had a market value of $44,877,961 in the Management plan and $59,584,708 in the Represented plan at December 31, 1994.

04—Continue

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