Securities and Exchange Commission
Washington, D.C. 20549
Form 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
OR
[] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-7784
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
CENTURY TELEPHONE ENTERPRISES, INC.
100 CENTURY PARK DRIVE
MONROE, LA 71203
1
<PAGE>
Independent Auditors' Report
----------------------------
The Board of Directors
Century Telephone Enterprises, Inc.:
We have audited the accompanying statements of net assets
available for benefits of Century Telephone Enterprises, Inc.
Dollars and Sense Plan (Combined Funds and individual Century
Common Stock Fund, Asset Allocation Fund, Growth Stock Fund, S &
P 500 Stock Fund, Money Market Fund, Loan Fund, Bond Index Fund,
Sweep Account Fund, Balanced Equity Fund, Limited Maturity Bond
Fund, and IDS Income Fund) as of December 31, 1993 and 1992, and
the related combined and individual fund statements of changes in
net assets available for benefits for each of the years in the
three-year period ended December 31, 1993. In connection with
our audits of the aforementioned financial statements, we have
also audited the related financial statement schedules of Assets
Held for Investment Purposes as of December 31, 1993 and
Reportable Transactions for the year ended December 31, 1993.
These financial statements and financial statement schedules are
the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements and
financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of Century Telephone Enterprises, Inc.
Dollars and Sense Plan (Combined Funds and individual Century
Common Stock Fund, Asset Allocation Fund, Growth Stock Fund, S &
P 500 Stock Fund, Money Market Fund, Loan Fund, Bond Index Fund,
Sweep Account Fund, Balanced Equity Fund, Limited Maturity Bond
Fund, and IDS Income Fund) as of December 31, 1993 and 1992, and
the combined and individual fund changes in net assets available
for benefits for each of the years in the three-year period ended
December 31, 1993, in conformity with generally accepted
accounting principles. Also, in our opinion, the related
financial statement schedules, when considered in relation to the
basic financial statements taken as a whole, present fairly, in
all material respects, the information set forth therein.
KPMG PEAT MARWICK
/s/ KPMG PEAT MARWICK
Shreveport, Louisiana
June 24, 1994
2
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Combined Funds
<TABLE>
<CAPTION>
December 31,
- - ----------------------------------------------------------------
1993 1992
- - ----------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
Investments
Century Common Stock Fund $14,820,367 11,783,895
Asset Allocation Fund 4,779,814 2,063,235
Growth Stock Fund 2,891,461 1,498,123
S & P 500 Stock Fund 2,999,749 1,477,753
Money Market Fund 2,194,149 1,477,687
Loan Fund 2,164,399 872,281
Bond Index Fund 922,203 486,581
- - -----------------------------------------------------------------
30,772,142 19,659,555
- - -----------------------------------------------------------------
Cash 147,623 101,932
Contributions receivable 336,053 554,572
- - -----------------------------------------------------------------
483,676 656,504
- - -----------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $31,255,818 20,316,059
=================================================================
See accompanying notes to financial statements.
</TABLE>
3
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Combined Funds
<TABLE>
<CAPTION>
Year ended December 31,
- - ----------------------------------------------------------------------------
1993 1992 1991
- - ----------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income (loss)
Net appreciation (depreciation) in
fair value of investments $(1,092,924) 3,759,396 368,643
Other income 291,988 - -
Interest income 168,720 85,437 143,738
Dividends - Common Stock of
Century Telephone Enterprises, Inc. 153,782 117,722 104,295
- - -----------------------------------------------------------------------------
Total investment income (loss) (478,434) 3,962,555 616,676
- - -----------------------------------------------------------------------------
Contributions
Participants 3,727,780 3,302,194 1,888,088
Rollover from acquired
subsidiary's plan 7,235,564 - -
Company 1,607,955 1,216,373 795,890
- - -----------------------------------------------------------------------------
Total contributions 12,571,299 4,518,567 2,683,978
- - -----------------------------------------------------------------------------
Participant withdrawals (1,141,894) (734,515) (353,322)
Other, net (11,212) 14,803 -
- - -----------------------------------------------------------------------------
Net increase 10,939,759 7,761,410 2,947,332
Net assets available for benefits:
Beginning of year 20,316,059 12,554,649 9,607,317
- - -----------------------------------------------------------------------------
End of year $31,255,818 20,316,059 12,554,649
=============================================================================
See accompanying notes to financial statements.
</TABLE>
4
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Century Common Stock Fund
<TABLE>
<CAPTION>
December 31,
- - -----------------------------------------------------------------
1993 1992
- - -----------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
Century Common Stock $14,820,367 11,783,895
- - -----------------------------------------------------------------
Cash 147,623 101,932
Contributions receivable 336,053 486,227
- - -----------------------------------------------------------------
483,676 588,159
- - -----------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $15,304,043 12,372,054
=================================================================
See accompanying notes to financial statements.
</TABLE>
5
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Century Common Stock Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - -------------------------------------------------------------------------------
1993 1992 1991
- - -------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income (loss)
Net appreciation (depreciation) in
fair value of investments $(1,811,099) 3,257,836 (121,597)
Interest income 7,335 1,872 3,997
Dividends - Common Stock of
Century Telephone Enterprises, Inc. 153,782 117,722 104,295
- - -------------------------------------------------------------------------------
Total investment income (loss) (1,649,982) 3,377,430 (13,305)
Contributions - Company 1,607,955 1,216,373 795,890
Contributions - Participants 1,592,486 1,218,757 1,024,031
Participant withdrawals (557,117) (506,730) (231,931)
Transfers between funds - net 1,984,980 (1,308,228) (88,139)
Other, net (46,333) (8,156) -
- - -------------------------------------------------------------------------------
Net increase 2,931,989 3,989,446 1,486,546
Net assets available for benefits:
Beginning of year 12,372,054 8,382,608 6,896,062
- - -------------------------------------------------------------------------------
End of year $15,304,043 12,372,054 8,382,608
===============================================================================
See accompanying notes to financial statements.
</TABLE>
6
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Asset Allocation Fund
<TABLE>
<CAPTION>
December 31,
- - ----------------------------------------------------------------------------
1993 1992
- - ----------------------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
Asset Allocation Fund $4,779,814 2,063,235
Contributions receivable - 19,868
- - ----------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $4,779,814 2,083,103
============================================================================
See accompanying notes to financial statements.
</TABLE>
7
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Asset Allocation Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - ----------------------------------------------------------------------------
1993 1992 1991
- - ----------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation in fair
value of investments $ 282,958 138,187 -
Other income 118,371 - -
- - ----------------------------------------------------------------------------
Total investment income 401,329 138,187 -
Contributions - Participants 661,640 460,541 -
Participant withdrawals (138,202) (37,698) -
Transfers between funds - net 1,797,281 1,513,953 -
Other, net (25,337) 8,120 -
- - ----------------------------------------------------------------------------
Net increase 2,696,711 2,083,103 -
Net assets available for benefits:
Beginning of year 2,083,103 - -
- - ----------------------------------------------------------------------------
End of year $4,779,814 2,083,103 -
============================================================================
See accompanying notes to financial statements.
</TABLE>
8
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Growth Stock Fund
<TABLE>
<CAPTION>
December 31,
- - ----------------------------------------------------------------------
1993 1992
- - ----------------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
Growth Stock Fund $2,891,461 1,498,123
Contributions receivable - 14,361
- - ----------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $2,891,461 1,512,484
======================================================================
See accompanying notes to financial statements.
</TABLE>
9
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Growth Stock Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - -----------------------------------------------------------------------------
1993 1992 1991
- - -----------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation in fair
value of investments $238,607 247,389 -
Other income 84,109 - -
- - -----------------------------------------------------------------------------
Total investment income 322,716 247,389 -
Contributions - Participants 491,678 385,824 -
Participant withdrawals (84,792) (24,434) -
Transfers between funds - net 651,646 901,890 -
Other, net (2,271) 1,815 -
- - -----------------------------------------------------------------------------
Net increase 1,378,977 1,512,484 -
Net assets available for benefits:
Beginning of year 1,512,484 - -
- - -----------------------------------------------------------------------------
End of year $2,891,461 1,512,484 -
=============================================================================
See accompanying notes to financial statements.
</TABLE>
10
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
S & P 500 Stock Fund
<TABLE>
<CAPTION>
December 31,
- - -----------------------------------------------------------------------
1993 1992
- - -----------------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
S & P 500 Stock Fund $2,999,749 1,477,753
Contributions receivable - 15,576
- - ------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $2,999,749 1,493,329
========================================================================
See accompanying notes to financial statements.
</TABLE>
11
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
S & P 500 Stock Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - ----------------------------------------------------------------------------
1993 1992 1991
- - ----------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation in fair
value of investments $ 173,271 110,046 -
Other income 36,728 - -
- - -----------------------------------------------------------------------------
Total investment income 209,999 110,046 -
Contributions - Participants 477,422 392,177 -
Participant withdrawals (82,906) (19,023) -
Transfers between funds - net 903,277 1,010,373 -
Other, net (1,372) (244) -
- - -----------------------------------------------------------------------------
Net increase 1,506,420 1,493,329 -
Net assets available for benefits:
Beginning of year 1,493,329 - -
- - -----------------------------------------------------------------------------
End of year $2,999,749 1,493,329 -
=============================================================================
See accompanying notes to financial statements.
</TABLE>
12
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Money Market Fund
<TABLE>
<CAPTION>
December 31,
- - -----------------------------------------------------------------------
1993 1992
- - -----------------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
Money Market Fund $2,194,149 1,477,687
Contributions receivable - 14,364
- - -----------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $2,194,149 1,492,051
=======================================================================
See accompanying notes to financial statements.
</TABLE>
13
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Money Market Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - ----------------------------------------------------------------------------
1993 1992 1991
- - ----------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Other income $ 28,463 - -
Interest income 18,231 23,069 -
- - ----------------------------------------------------------------------------
Total investment income 46,694 23,069 -
Contributions - Participants 378,329 430,572 -
Participant withdrawals (167,454) (89,302) -
Transfers between funds - net 377,776 1,130,623 -
Other, net 66,753 (2,911) -
- - ----------------------------------------------------------------------------
Net increase 702,098 1,492,051 -
Net assets available for benefits:
Beginning of year 1,492,051 - -
- - ----------------------------------------------------------------------------
End of year $2,194,149 1,492,051 -
============================================================================
See accompanying notes to financial statements.
</TABLE>
14
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Loan Fund
<TABLE>
<CAPTION>
December 31,
- - ---------------------------------------------------------------------
1993 1992
- - ---------------------------------------------------------------------
<S> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS
Loans to Participants $2,164,399 872,281
====================================================================
See accompanying notes to financial statements.
</TABLE>
15
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Loan Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - --------------------------------------------------------------------------
1993 1992 1991
- - --------------------------------------------------------------------------
<S> <C> <C> <C>
Interest income $ 124,601 20,380 -
Participant withdrawals (70,922) (17,959) -
Transfers between funds - net 1,238,439 869,860 -
- - --------------------------------------------------------------------------
Net increase 1,292,118 872,281 -
Net assets available for benefits:
Beginning of year 872,281 - -
- - --------------------------------------------------------------------------
End of year $2,164,399 872,281 -
=========================================================================
See accompanying notes to financial statements.
</TABLE>
16
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Bond Index Fund
<TABLE>
<CAPTION>
December 31,
- - -----------------------------------------------------------------------
1993 1992
- - -----------------------------------------------------------------------
<S> <C> <C>
PLAN ASSETS
Bond Index Fund $ 922,203 486,581
Contributions receivable - 4,176
- - -----------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $ 922,203 490,757
=======================================================================
See accompanying notes to financial statements.
</TABLE>
17
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Bond Index Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - ---------------------------------------------------------------------------
1993 1992 1991
- - ---------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation in fair
value of investments $ 23,339 15,889 -
Other income 24,317 - -
- - ---------------------------------------------------------------------------
Total investment income 47,656 15,889 -
Contributions - Participants 126,225 99,963 -
Participant withdrawals (38,449) (8,439) -
Transfers between funds - net 295,609 381,405 -
Other, net 405 1,939 -
- - ---------------------------------------------------------------------------
Net increase 431,446 490,757 -
Net assets available for benefits:
Beginning of year 490,757 - -
- - ---------------------------------------------------------------------------
End of year $ 922,203 490,757 -
===========================================================================
See accompanying notes to financial statements.
</TABLE>
18
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Sweep Account Fund
<TABLE>
<CAPTION>
December 31,
- - ---------------------------------------------------------------------
1993 1992
- - ---------------------------------------------------------------------
<S> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS $ - -
=====================================================================
See accompanying notes to financial statements.
</TABLE>
19
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Sweep Account Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - -------------------------------------------------------------------------
1993 1992 1991
- - -------------------------------------------------------------------------
<S> <C> <C> <C>
Interest income $ 18,553 40,116 -
Rollover from acquired
subsidiary's plan 7,235,564 - -
Participant withdrawals (2,052) (1,116) -
Transfers between funds - net (7,249,008) (39,000) -
Other, net (3,057) - -
- - -------------------------------------------------------------------------
Net change - - -
Net assets available for benefits:
Beginning of year - - -
- - -------------------------------------------------------------------------
End of year $ - - -
=========================================================================
See accompanying notes to financial statements.
</TABLE>
20
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Balanced Equity Fund
<TABLE>
<CAPTION>
December 31,
- - -----------------------------------------------------------------------------
1993 1992
- - -----------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS $ - -
=============================================================================
See accompanying notes to financial statements.
</TABLE>
21
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Balanced Equity Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - --------------------------------------------------------------------------
1993 1992 1991
- - --------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation (depreciation) in
fair value of investments $ - (39,107) 461,505
Interest income - - 20,663
- - --------------------------------------------------------------------------
Total investment income - (39,107) 482,168
Contributions - Participants - 124,004 375,436
Participant withdrawals - (20,321) (43,943)
Transfers between funds - net - (2,202,306) 71,332
Other, net - 10,337 -
- - --------------------------------------------------------------------------
Net increase (decrease) - (2,127,393) 884,993
Net assets available for benefits:
Beginning of year - 2,127,393 1,242,400
- - --------------------------------------------------------------------------
End of year $ - - 2,127,393
==========================================================================
See accompanying notes to financial statements.
</TABLE>
22
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
Limited Maturity Bond Fund
<TABLE>
<CAPTION>
December 31,
- - -------------------------------------------------------------------
1993 1992
- - -------------------------------------------------------------------
<S> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS $ - -
===================================================================
See accompanying notes to financial statements.
</TABLE>
23
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
Limited Maturity Bond Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - -------------------------------------------------------------------------
1993 1992 1991
- - -------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation (depreciation) in
fair value of investments $ - (116) 28,774
Interest income - - 11,215
- - -------------------------------------------------------------------------
Total investment income - (116) 39,989
Contributions - Participants - 38,420 115,809
Participant withdrawals - (4,718) (11,711)
Transfers between funds - net - (496,338) 9,652
Other, net - 8,509 -
- - -------------------------------------------------------------------------
Net increase (decrease) - (454,243) 153,739
Net assets available for benefits:
Beginning of year - 454,243 300,504
- - -------------------------------------------------------------------------
End of year $ - - 454,243
=========================================================================
See accompanying notes to financial statements.
</TABLE>
24
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Net Assets Available for Benefits
IDS Income Fund
<TABLE>
<CAPTION>
December 31,
- - -------------------------------------------------------------------------
1993 1992
- - -------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS AVAILABLE FOR BENEFITS $ - -
=========================================================================
See accompanying notes to financial statements.
</TABLE>
25
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Changes in Net Assets Available for Benefits
IDS Income Fund
<TABLE>
<CAPTION>
Year ended December 31,
- - ---------------------------------------------------------------------------
1993 1992 1991
- - ---------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income
Net appreciation (depreciation) in
fair value of investments $ - 29,272 (39)
Interest income - - 107,863
- - ---------------------------------------------------------------------------
Total investment income - 29,272 107,824
Contributions - Participants - 151,936 372,812
Participant withdrawals - (4,775) (65,737)
Transfers between funds - net - (1,762,232) 7,155
Other, net - (4,606) -
- - ---------------------------------------------------------------------------
Net increase (decrease) - (1,590,405) 422,054
Net assets available for benefits:
Beginning of year - 1,590,405 1,168,351
- - ---------------------------------------------------------------------------
End of year $ - - 1,590,405
===========================================================================
See accompanying notes to financial statements.
</TABLE>
26
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Notes to Financial Statements
December 31, 1993
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROVISIONS OF
THE PLAN
Basis of Presentation
The Century Telephone Enterprises, Inc. Dollars and Sense Plan
(the Plan) was established on May 1, 1986. The accompanying
financial statements of the Plan have been prepared on the
accrual basis of accounting and present the net assets
available for benefits and changes in net assets available for
benefits.
The assets of the Plan are invested by the Trustee in various
investment programs (funds) which are described in Note 2.
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
Restatement of Plan
Effective with the change in Trustee on April 1, 1992, the
Plan was restated for the Tax Reform Act of 1986 and new
investment funds were established, including a Loan Fund (see
Loans to Participants).
Participation
Participation in the Plan is available to each of the
employees of Century Telephone Enterprises, Inc. and its
participating Subsidiaries (the Company), other than part-time
or temporary employees. In order to participate in the Plan,
an employee must execute a Salary Deferral Agreement with the
Company.
In the Salary Deferral Agreement, an employee agrees to a
deferral of between one percent and ten percent of
compensation, excluding bonuses, overtime pay and certain
other non-salary compensation. The amount of compensation
deferred by each participant is credited to an account
(Participant Contribution Account) maintained for each
participant by the Trustee. The Participant Contribution
Account is self-directed.
As of the end of each payroll period, the Company contributes
to the account (Employer Contribution Account) of each
participant a contribution equal to 45% (40% prior to April
1993 and 25% prior to April 1992) of each such participant's
contribution during such payroll period, however, this
matching contribution applies only to the first 6% of such
participant's compensation contributed to the Plan. The
Board of Directors of the Company may, at its discretion,
elect at the end of each year to contribute an additional
amount to the Plan. Such additional contributions were
$336,053 in 1993, $404,928 in 1992, and $409,666 in 1991.
Company contributions may be made in the form of cash or
Century Telephone Enterprises, Inc. Common Stock (Century
Common Stock). If made in the form of cash, such cash is
applied by the Trustee to the purchase of Century Common
Stock. During 1993, 1992 and 1991, the Company contributed
$1,607,955, $1,216,373, and $795,890, respectively, to the
Plan.
(Continued)
27
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Notes to Financial Statements
An employee is permitted to transfer to the Plan as a
contribution his interest in another plan qualified under
Section 401(k) of the Internal Revenue Code, as amended (the
Code). Such contribution must qualify as a "rollover" amount
described in Section 402(a)(5) of the Code, or a "rollover"
contribution described in Section 408(d)(3) of the Code. Such
a rollover will be credited to a rollover account on behalf of
the participant (the Participant Rollover Account).
The interest of a participant in his Participant Contribution
Account, his Participant Rollover Account and his Employer
Contribution Account is fully vested and non-forfeitable at
all times.
Reports to Participants
All participants are furnished with quarterly statements which
set forth the status of their accounts in the Plan.
Distributions and Withdrawals
If the employment of a participant with the employer ceases
because of death, the attainment of age 65, disability,
termination of employment or for any other reason, the
participant's entire interest in the Plan will be distributed
to him or to his beneficiary in a lump sum. If the
participant dies without designating a beneficiary, his
interest in the Plan will be paid to his spouse, if any.
No withdrawals will be permitted from an Employer Contribution
Account. A withdrawal may be made from a Participant
Contribution Account or a Rollover Account only as a result of
financial hardship related to unreimbursable educational
expenses, medical expenses which are not reimbursable by
insurance, the need to pay for the funeral expenses of a
family member, or to prevent eviction or foreclosure from the
Participant's principal residence. The determination of the
existence of a financial hardship and the amount required to
be distributed to meet the need created by the hardship shall
be made uniformly and without discrimination at the sole
discretion of the Plan Administrator.
Plan Termination
Although it has not expressed any intent to do so, the Company
has the right under the Plan to discontinue its contributions
at any time and to terminate the Plan subject to the
provisions of the Employee Retirement Income Security Act of
1974.
(Continued)
28
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Notes to Financial Statements
Loans to Participants
The Plan has a provision whereby a participant can borrow from
his Participant Contribution Account or Participant Rollover
Account. The maximum loan is 50% of the account balance, up
to $50,000. The loans are repaid through payroll deductions
and the interest rate is the Wells Fargo Bank Prime Rate plus
3%. The loan repayment period may be for any period not to
exceed five years except for loans for the purchase of the
Participant's principal residence which may be for any period
not to exceed ten years.
Trustee
The Trustee of the Plan, as of December 31, 1993, was Wells
Fargo Bank, N.A. Prior to April 1, 1992, Ameritrust Texas,
N.A., was the Trustee of the Plan. The financial statements
include the activity of the funds maintained by Wells Fargo
from April 1, 1992 through December 31, 1993 and the activity
of the funds maintained by Ameritrust from January 1, 1991
through March 31, 1992. The Board of Directors of the Company
may remove the Trustee and appoint a successor trustee.
The Company and the Trustee have entered into a Trust
Agreement which provides for the establishment of a Trust for
the purpose of holding and investing the contributions to the
Trust pursuant to the provisions of the Plan. Prior to April
1, 1992, the Company had entered into an Investment Management
Agreement with IDS Trust Company, a subsidiary of IDS
Financial Services, Inc., to serve as investment manager with
respect to investments in the IDS Income Fund.
Administration
The Company has appointed a committee to administer the Plan.
The individuals who administer the Plan serve at the
discretion of the Board of Directors of the Company and may be
removed by the Board of Directors at any time. The cost of
plan administration is absorbed by the Company.
Realized Gains and Losses
Effective January 1, 1990, the Department of Labor requires
the Plan to report realized gains and losses on the
disposition of Plan investments based on a revalued cost of
the investments. Revalued cost is defined as the current
value of the investments at the beginning of the plan year, as
carried forward from the end of the prior plan year, or
historical cost if the investment was acquired since the
beginning of the plan year.
Market Value Determination
Investments in Century Common Stock are valued at the closing
market quote on December 31, 1993, 1992, and 1991,
respectively. Other investments in the funds, which consist
of units of mutual funds, are valued by the Trustee based on
the market value at year-end of the underlying assets of each
fund. Loans to participants are valued at principle amount
outstanding which approximates market value.
(Continued)
29
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Notes to Financial Statements
(2) PROVISIONS OF THE FUNDS
The following is a description of each of the funds available
to Plan participants as of December 31, 1993.
(a) Century Common Stock Fund - consists of shares of
Century Common Stock (47.4% and 58.0% of net assets at
December 31, 1993 and 1992, respectively).
(b) Asset Allocation Fund - consists primarily of investments
among common stocks, U. S. Treasury bonds and money
market instruments (15.3% and 10.1% of net assets at
December 31, 1993 and 1992, respectively).
(c) Growth Stock Fund - consists primarily of equities
expected to generate above market prices of growth in
revenues and earnings (9.3% and 7.4% of net assets at
December 31, 1993 and 1992, respectively).
(d) S & P 500 Stock Fund - consists primarily of investments
in the same stocks and in substantially the same
percentages as the S & P 500 Index (9.6% and 7.3% of net
assets at December 31, 1993 and 1992, respectively).
(e) Money Market Fund - consists primarily of short-
term investments in various money market instruments (7.0%
and 7.3% of net assets at December 31, 1993 and 1992,
respectively).
(f) Bond Index Fund - consists primarily of investments in
government and corporate bonds (3.0% and 2.4% of net
assets at December 31, 1993 and 1992, respectively).
(g) Loan Fund -represents loans to participants from
the participants' investment accounts (6.9% and 4.3%
of net assets at December 31, 1993 and 1992,
respectively).
The following is a description of certain of the funds that
were available to Plan participants prior to April 1, 1992.
(a) The Balanced Equity Fund - consisted primarily of
investments in equity securities of public companies in
attractive economic sectors.
(b) The Limited Maturity Bond Fund - consisted primarily of
investments in government and corporate fixed income
instruments with maturities of less than two years.
(c) The IDS Income Fund - consisted primarily of
investments in guaranteed investment contracts and various
money market instruments.
(Continued)
30
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Notes to Financial Statements
A participant may instruct that his contribution be allocated
among the various funds. A participant may change his
investment allocation instructions at any time, however, a
participant can only change the contribution percentage on a
quarterly basis.
All amounts allocated to a participant's Employer Contribution
Account are invested in Century Common Stock. A participant
has no power to transfer amounts from an Employer Contribution
Account to an investment fund other than the Century Common
Stock Fund.
(3) INCOME TAXES
The Plan and related trusts meet the necessary requirements of
Internal Revenue Code Section 401(a) and, accordingly, the
trust underlying the Plan is exempt from income taxation
pursuant to Internal Revenue Code Section 501(a). A favorable
determination letter was obtained in March 1988 prior to
required amendments to the Plan due to the Tax Reform Act of
1986 and restatement due to the change in the Trustee. The
Plan is in the process of obtaining a determination letter for
the restated Plan.
(4) RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by
Wells Fargo Bank, N.A. Wells Fargo Bank, N.A. is the Trustee
as defined by the Plan and, therefore, these transactions
qualify as party-in-interest. Fees paid by the Plan to Wells
Fargo Bank, N.A. for the investment management services
amounted to $113,026 for the year ended December 31, 1993.
Additionally, Ameritrust Texas, N.A. was the Trustee prior to
April 1, 1992 and, accordingly, qualified as a party-in-
interest.
(5) ROLLOVER FROM ACQUIRED SUBSIDIARY'S PLAN
During 1993 the Company acquired all of the outstanding common
stock of a telephone company and the Plan received a
$7,235,564 rollover from the acquired subsidiary's plan.
(6) CONCENTRATION OF INVESTMENTS
As of December 31, 1993, 47.4% of the net assets available for
benefits were invested in the common stock of the Company.
All of the remaining net assets available for benefits are
shares of mutual funds managed by Wells Fargo Bank, N.A.
(7) SUBSEQUENT EVENTS
Effective April 1994, the Company increased its matching
contribution to 50% of each participant's contribution during
a payroll period; however, this matching contribution shall
apply only to the first 6% of each participant's compensation.
Also effective April 1994, a participant who has attained age
55 may direct the investment of the balances in their Employer
Contribution Account.
31
<PAGE>
Schedule I
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1993
<TABLE>
<CAPTION>
Identity of issuer, borrower, Description Current
lessor or similar party of Investment Cost Value
- - ------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment in Century common stock 1,317,566 units/
575,836 shares $15,134,575 14,820,367 Note 2
Investments in Mutual Funds for
Qualified Employee Benefit Plans:
Asset Allocation Fund 465,415 units 4,698,589 4,779,814 Note 2
Growth Stock Fund 262,621 units 2,662,497 2,891,461 Note 2
S & P 500 Stock Fund 287,332 units 2,889,492 2,999,749 Note 2
Money Market Fund 2,194,149 units 2,194,149 2,194,149 Note 2
Loan Fund - 2,164,399 2,164,399 Note 2
Bond Index Fund 92,777 units 928,440 922,203
- - ------------------------------------------------------------------------------------
$30,672,141 30,772,142
====================================================================================
</TABLE>
Note 1:The above data is based on information which has been certified as
accurate and complete by the trustee, Wells Fargo Bank, N.A. Wells
Fargo Bank, N. A. sponsors these funds and, accordingly, is a party-
in-interest. Additionally, Century Telephone Enterprises, Inc. as
sponsor of the Plan is considered a party-in-interest.
Note 2:These investments represent amounts greater than 5% of net assets
available for benefits.
32
<PAGE>
Schedule II
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Item 27d - Schedule of Reportable Transactions
For the Year Ended December 31, 1993
<TABLE>
<CAPTION>
Current Value of
Redemption Asset at Date of
Purchase or Selling Lease Expense Cost of Acquisition or Net
Description of Transaction Price Price Rental Incurred Asset Disposition Gain
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(Note 2) (Note 3)
Category (3) - A series of transactions
in excess of 5% of beginning of year
Plan assets available for benefits
Investments in Century common stock
(134 purchases, 93 sales) $10,266,710 5,535,008 - - 4,628,326 - 906,682
Investments in Mutual Funds for
Qualified Employee Benefit Plans:
Asset Allocation Fund
(97 purchases, 112 sales) 5,662,076 3,228,455 - - 2,894,853 - 333,602
Growth Stock Fund (111
purchases, 92 sales) 3,108,701 1,953,970 - - 1,704,831 - 249,139
S & P 500 Stock Fund
(98 purchases, 104 sales) 3,593,086 2,244,360 - - 2,075,901 - 168,459
Money Market Fund (90
purchases, 120 sales) 10,209,869 9,535,850 - - 9,535,850 - -
Bond Index Fund (57
purchases, 36 sales) 1,023,258 95,546 - - 94,817 - 729
</TABLE>
Notes: (1) The above data is based on information which has been certified
as accurate and complete by the trustee Wells Fargo Bank, N.A.
Wells Fargo Bank, N.A. sponsors these funds and accordingly, is
a party-in-interest. Additionally, Century Telephone Enterprises,
Inc. as sponsor of the Plan is considered a party-in-interest.
(2) The purchase price also denotes cost and current value of the
security on the transaction date.
(3) Current value is substantially the same amount as purchase price
or selling price of the security at the transaction date.
33
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Plan Administration Committee has duly caused this
annual report to be signed on its behalf by the undersigned
thereunto duly authorized.
Century Telephone Enterprises,Inc.
Dollars and Sense Plan
June 28, 1994 /s/ Ray B. Finney
---------------------------------
Ray B. Finney
Plan Administration Committee Member
34
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
Index to Exhibit
Exhibit
Number
- - -----------------------------------------------------------------------------
23.1 Consent of KPMG Peat Marwick
35
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Century Telephone Enterprises, Inc.:
We consent to incorporation by reference in the Registration
Statements (No. 33-5836 and No. 33-48554) on Form S-8 of Century
Telephone Enterprises, Inc. of our report dated June 24, 1994,
relating to the statements of net assets available for benefits
of Century Telephone Enterprises, Inc. Dollars and Sense Plan as
of December 31, 1993 and 1992, and the related statements of
changes in net assets available for benefits for each of the
years in the three-year period ended December 31, 1993, and
related financial statement schedules as of and for the year
ended December 31, 1993, which report appears in the December 31,
1993 annual report on Form 11-K of Century Telephone Enterprises,
Inc. Dollars and Sense Plan.
KPMG PEAT MARWICK
/s/ KPMG PEAT MARWICK
---------------------
Shreveport, Louisiana
June 24, 1994
36
