<PAGE>
THIS DOCUMENT IS A COPY OF THE FORM 11-K ANNUAL REPORT CONCERNING THE
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES FILED ON JULY 1, 1994
PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION.
Exhibit 99b to
Form 10-K for 1993
File No. 1-8611
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the year ended December 31, 1993
Commission File Number 1-8611
________________________________
U S WEST
Savings Plan/ESOP for Salaried Employees
________________________________
U S WEST, Inc.
7800 East Orchard Road, Englewood, Colorado 80111
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
Page
<S> <C>
Report of Independent Accountants 2
Statements of Net Assets Available for Plan Benefits
with Fund Information 3-4
Statement of Changes in Net Assets Available for
Plan Benefits with Fund Information 5
Notes to Financial Statements 6-9
SUPPLEMENTAL SCHEDULES
Item 27a - Schedule of Assets Held for
Investment Purposes 10-12
Item 27a - Schedule of Assets Held for
Investment Purposes: Schedule of
Acquisitions/Dispositions 13
Item 27b - Schedule of Loans or Fixed
Income Obligations 14-17
Item 27d - Schedule of Reportable Transactions 18
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Defined Contribution Plans Committee of
U S WEST, Inc.:
We have audited the accompanying statements of net assets available
for plan benefits of the U S WEST Savings Plan/ESOP for Salaried
Employees as of December 31, 1993 and 1992, and the related statement
of changes in net assets available for plan benefits for the year
ended December 31, 1993. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements 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 plan
benefits of the U S WEST Savings Plan/ESOP for Salaried Employees as
of December 31, 1993 and 1992, and the changes in net assets
available for plan benefits for the year ended December 31, 1993 in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules listed on page 1 are presented for the purpose of
additional analysis and are not a required part of the basic
financial statements but are supplementary information required by
the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974.
The Fund Information in the statements of net assets available for
plan benefits and the statement of changes in net assets available
for plan benefits is presented for the purpose of additional analysis
rather than to present the net assets available for plan benefits and
changes in net assets available for plan benefits of each fund. The
supplemental schedules and Fund Information have been subjected to
the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
/S/ COOPERS & LYBRAND
Denver, Colorado
June 21, 1994
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
________
1. Plan Description:
The U S WEST Savings Plan/ESOP for Salaried Employees (the
"Plan") was established by U S WEST, Inc. (the "Company" or "U S
WEST") to provide a convenient way for salaried employees to
save on a regular and long-term basis. Employees may designate
up to 16% of their salary as allotments to the Plan. The
Company provides a matching contribution in Company stock of 83-
1/3% on the participants' allotments from 1% to 6% of salary.
The Plan participant becomes 100% vested in Company
contributions after completion of three years of service with
the Company. Allotments from 7% to 16% of salary are unmatched.
Employee allotments may be either before or after tax.
Participants are able to invest in various combinations of six
funds: U S WEST Shares, Interest Income (formerly Guaranteed
Interest), U. S. Asset Allocation (formerly Balanced Fund), U.
S. Stock (formerly Diversified Equity Portfolio), Global Assets
and International Stock. A complete description of the Plan is
contained in the summary plan description and amendments
distributed to all participants.
The U S WEST Savings and Security Plan/ESOP and the U S WEST
Savings Plan/ESOP for Salaried Employees (the "Plans")
participate in a master trust. The master trust serves as the
investment vehicle for the assets of the Global Assets Fund and
the International Stock Fund. Master trust investment income,
realized and unrealized gains and losses and expenses are
allocated to the Plans based upon each Plan's relative ownership
in the master trust at the beginning of every semi-monthly
valuation period. The Plan's proportionate interest in the net
assets available for plan benefits and changes in net assets
available for plan benefits has been presented in the financial
statements. As of December 31, 1993, the Plan's interest in
assets of the Global Assets Fund and the International Stock
Fund in the master trust was 76.65% and 75.51%, respectively.
The Plan was amended effective January 1, 1988 to include an
Employee Stock Ownership Plan (ESOP) and renamed the U S WEST
Savings Plan/ESOP for Salaried Employees. As discussed in Note
7, during 1989 the Plan borrowed $260 million which funded the
purchase of 7.6 million shares of U S WEST, Inc. stock. The
Plan will repay the debt with cash contributions to the ESOP and
certain dividends on Company stock. Shares in the ESOP are
released as principal and interest are paid on the debt. These
shares, as well as shares purchased in the open market with cash
contributions to the U S WEST Shares Fund, are allocated to
participant accounts to satisfy the Company match obligation.
<PAGE>
Pursuant to the Plan, loans are made available to participating
employees based upon a participant's before-tax allotments and
earnings and losses thereon, up to a maximum of $50,000. Except
under certain provisions, the loans provide for periodic
repayments over a period not to exceed four years (fourteen
years for residential loans) at an interest rate as determined
by the Defined Contribution Plans Committee. Participants also
may make lump-sum repayments at any time after the six month
period following the date of the issuance of the loan.
Bankers Trust Company is the Trustee and Record Keeper for the
Plan.
The Internal Revenue Service has determined that the Plan meets
the requirements of Section 401(a) of the Internal Revenue Code
and is exempt from federal income taxes under Section 501(a) of
the Code.
Effective January 1, 1994, the Plan was merged with the U S WEST
Savings and Security Plan/ESOP. The name of the merged plan is
the U S WEST Savings Plan/ESOP. The merger did not have any
significant impacts on the provisions of either plan.
2. Accounting Policies:
The value of investments are determined as follows: U S WEST
Shares and other securities listed on recognized United States
and international stock exchanges on the basis of the last
published sales price on December 31 as reported on the
composite tape or, if no sales were made on that date, at the
last published sales price on the immediately preceding day on
which sales were made; over-the-counter securities and
government obligations based on the bid prices on December 31,
from published sources where available and, if not available,
from other sources considered reliable; and contracts with banks
and insurance companies and other investment contracts at
principal plus reinvested interest.
Purchases and sales of securities are reflected as of the trade
date.
The Plan presents in the statement of changes in net assets the
net appreciation (depreciation) in the fair value of its
investments which consists of the realized gains or losses and
the unrealized appreciation (depreciation) on those investments.
Dividend income is recorded on the ex-dividend date. Interest
earned on investments is recorded on the accrual basis.
<PAGE>
3. Unit Value and Participating Employees:
The interest of an employee in each type of investment of the
Plan is represented by units as described in the Plan. The
value per unit was as follows:
<TABLE>
<CAPTION>
U.S.
Valuation USW Interest Asset Interna-
Date Shares Income Allo- U. S. Global tional
Income cation Stock Assets Stock
<S> <C> <C> <C> <C> <C> <C>
12-31-92 3.1060 3.5670 1.8006 9.3983 - -
01-15-93 3.1656 3.5771 1.8127 9.4365 1.0000 1.0000
01-31-93 3.1255 3.5881 1.8375 9.4745 1.0108 0.9928
02-15-93 3.2962 3.5985 1.8543 9.6188 1.0206 1.0122
02-28-93 3.5272 3.6077 1.8888 9.6010 1.0262 1.0124
03-15-93 3.3654 3.6174 1.8978 9.7860 1.0345 1.0213
03-31-93 3.5270 3.6290 1.9024 9.7999 1.0424 1.0677
04-15-93 3.4762 3.6393 1.9364 9.7360 1.0494 1.1079
04-30-93 3.4162 3.6492 1.8981 9.5632 1.0451 1.1212
05-15-93 3.3150 3.6588 1.9035 9.5744 1.0483 1.1215
05-31-93 3.4763 3.6700 1.9226 9.8164 1.0572 1.1473
06-15-93 3.5568 3.6803 1.9427 9.7431 1.0577 1.1331
06-30-93 3.7078 3.6911 1.9739 9.8436 1.0658 1.1239
07-15-93 3.7377 3.7021 1.9932 9.8224 1.0684 1.1339
07-31-93 3.7876 3.7130 1.9930 9.8024 1.0699 1.1538
08-15-93 3.7075 3.7237 2.0180 9.8647 1.0802 1.1915
08-31-93 3.7675 3.7348 2.0719 10.1721 1.0933 1.2126
09-15-93 3.7775 3.7454 2.0729 10.1404 1.0935 1.2064
09-30-93 3.9781 3.7555 2.0637 10.0901 1.0922 1.2029
10-15-93 4.0283 3.7663 2.1197 10.3293 1.1011 1.2474
10-31-93 4.0482 3.7768 2.0944 10.2978 1.0992 1.2487
11-15-93 3.7793 3.7872 2.0720 10.2301 1.0929 1.2261
11-30-93 3.7794 3.7979 2.0636 10.1988 1.0873 1.1823
12-15-93 3.7893 3.8087 2.0660 10.2098 1.0905 1.2290
12-31-93 3.7086 3.8200 2.0817 10.3200 1.0999 1.2681
</TABLE>
<TABLE>
<CAPTION>
The number of employees participating in each fund was as
follows:
December 31,
1993 1992
<S> <C> <C>
U S WEST Shares 19,390 19,651
Interest Income Fund 11,755 12,505
U. S. Asset Allocation Fund 7,730 7,083
U. S. Stock Fund 12,101 12,287
Global Assets Fund 1,790 -
International Stock Fund 3,024 -
</TABLE>
The total number of participants in the Plan was less than the
sum of the number of participants shown above because many
participants were in more than one fund.
<PAGE>
4. Employee Allotments and Employing Company Contributions:
Allotments and contributions receivable at December 31, 1993 and
1992, and Company contributions for the year ended December 31,
1993, reflect reductions for forfeited contributions as
described in the summary plan description distributed to all
participants.
Beginning in 1990, all dividends paid with allocation of Company
shares are credited to the participant's account as additional
units and are excludable for participant tax purposes. Certain
other dividends are paid annually to participants in December
and are taxable to the participant.
5. Plan Termination:
In the event that the Plan is terminated, subject to conditions
set forth by the Employee Retirement Income Security Act
(ERISA), the Plan provides that the net assets be distributed to
participating employees in an amount equal to their respective
interests in such assets.
6. Plan Expenses:
Plan expenses are paid from the Plan, except certain expenses
incurred by U S WEST related to Plan administration.
7. Debt:
During 1989, the Plan issued $260 million in notes for the
purpose of purchasing Company stock, $90 million of which was
borrowed by U S WEST, and loaned to the Plan and $170 million of
which was borrowed by the Plan directly from outside lenders.
These borrowings from outside lenders are guaranteed by
U S WEST. The borrowings bear interest at 8.4% and have
maturities through December 1995 and March 1999, respectively.
Annual maturities for the next five years are as follows:
<TABLE>
<CAPTION>
Year ended December 31 $ in Millions
<S> <C>
1994 $ 32.5
1995 35.3
1996 20.0
1997 21.8
1998 23.6
Thereafter 6.3
------
$139.5
======
</TABLE>
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1993
_______
<TABLE>
<CAPTION>
Description of Investment
(Number of Shares or
Name of Issuer and Principal Amount;
Title of Issue Interest Rate; Maturity) Cost Value
(Thousands of Dollars)
U S WEST SHARES
<S> <C> <C> <C>
U S WEST Common Shares * 15,558,656 $454,019 $713,753
Temporary Investments 3,426 3,426
------- -------
Total U S WEST Shares Fund $457,445 $717,179
------- -------
<CAPTION>
INTEREST INCOME FUND
Corporate Obligations
<S> <C> <C> <C>
Premier Auto Tr $970,196; 3.48%; 10/31/99 $ 970 $ 970
General Motors
Acceptance Corp. 612,368; 4.00%; 09/15/98 611 611
------- -------
Total Corporate Obligations $ 1,581 $ 1,581
------- -------
<CAPTION>
Contracts with Insurance Companies and Banks
<S> <C> <C> <C>
Prudential Asset $26,466,582; 7.86%; 06/30/95 $ 26,467 $ 26,467
10,206,678; 8.36%; 09/30/95 10,207 10,207
Pacific Mutual 13,929,319; 8.62%; 03/31/94 13,929 13,929
Allstate 11,638,788; 7.78%; 04/01/97 11,639 11,639
9,020,762; 8.83%; 01/01/96 9,021 9,021
Principal Mutual 11,386,998; 7.60%; 06/30/95 11,387 11,387
6,001,170; 7.40%; 12/31/96 6,001 6,001
Protective Life 10,645,938; 8.63%; 03/31/96 10,646 10,646
8,883,011; 6.10%; 09/01/97 8,883 8,883
6,000,904; 5.65%; 12/31/97 6,001 6,001
Security Pacific 10,230,079; 9.03%; 09/30/94 10,230 10,230
Provident Life 8,603,002; 5.74%; 06/30/97 8,603 8,603
Canada Life 7,295,234; 8.54%; 12/31/94 7,295 7,295
Confederation Life 6,111,007; 7.46%; 09/30/96 6,111 6,111
New York Life 5,936,319; 7.93%; 06/30/96 5,936 5,936
Business Men's
Assurance 2,057,977; 5.80%; 06/01/97 2,058 2,058
------- -------
Total Contracts with Insurance Companies
& Banks $154,414 $154,414
------- -------
</TABLE>
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Continued)
December 31, 1993
_______
<TABLE>
<CAPTION>
Description of Investment
(Number of Shares or
Name of Issuer and Principal Amount;
Title of Issue Interest Rate; Maturity) Cost Value
(Thousands of Dollars)
INTEREST INCOME FUND, Continued
<S> <C> <C> <C>
Other Investment Contracts
NISA Guarantee $15,521,793; 5.96%; open $ 15,522 $ 15,522
Prudential 23,697,098; 6.16%; open 23,697 23,697
Wells Fargo/Bankers
Trust Guarantee 12,635,183; 5.67%; open 12,635 12,635
------- -------
Total Other Investment Contracts $ 51,854 $ 51,854
------- -------
<S> <C> <C> <C>
U.S. Treasury Notes $1,500,000; 3.875% to 4.625%; $ 1,508 $ 1,505
11/30/94 to 11/30/95
Other Governmental
Obligations $4,115,670; various; 4,097 4,108
01/07/94 to 02/25/2001 ------- -------
Total Government Obligations $ 5,605 $ 5,613
------- -------
Temporary Investments $ 8,917 $ 8,917
------- -------
Total Interest Income Fund $222,371 $222,379
------- -------
<CAPTION>
U. S. ASSET ALLOCATION FUND
<S> <C> <C> <C>
Wells Fargo Tactical
Asset Allocation Fund* 3,536,559 $101,375 $126,035
Temporary Investments 1,464 1,464
------- -------
Total U. S. Asset Allocation Fund $102,839 $127,499
------- -------
U. S. STOCK FUND
<S> <C> <C> <C>
Wells Fargo Equity
Index Fund* 2,345,795 $144,518 $241,534
Temporary Investments 1,436 1,436
------- -------
Total U. S. Stock Fund $145,954 $242,970
------- -------
</TABLE>
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Continued)
December 31, 1993
_______
<TABLE>
<CAPTION>
Description of Investment
(Number of Shares or
Name of Issuer and Principal Amount;
Title of Issue Interest Rate; Maturity) Cost Value
(Thousands of Dollars)
LOAN FUND
<S> <C> <C> <C>
Outstanding Loans to
Participants $39,268,205; 7.5% to 12.0% $ 39,268 $ 39,268
Temporary Investments 5 5
--------- ---------
Total Loan Fund $ 39,273 $ 39,273
--------- ---------
<CAPTION>
ESOP
<S> <C> <C> <C>
U S WEST Common Shares* 3,379,251 $ 117,110 $ 155,023
Temporary Investments 15 15
--------- ---------
Total ESOP $ 117,125 $ 155,038
--------- ---------
Total all Funds $1,085,007 $1,504,338
========= =========
<FN>
* Investment value represents 5% or more of the total plan net assets
available for plan benefits.
</TABLE>
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
SCHEDULE OF ACQUISITIONS/DISPOSITIONS
For the year ended December 31, 1993
_________
<TABLE>
<CAPTION>
Number of
Name of Seller Shares or Acquired Disposition
or Purchaser Principal Amount Cost Proceeds
(Thousands of Dollars)
<S> <C> <C> <C>
U S WEST Savings Plan
Loans $22,676,138 $22,676 $ -
18,127,640 - 18,128
Protective Life 13,143,361 - 13,143
9,187,454 9,187 -
6,083,686 6,084 -
3,719,709 3,720 -
863,000 863 -
863,000 - 863
304,443 - 304
82,782 - 83
Pacific Merchant 11,799,808 - 11,800
1,575,920 1,576 -
Pacific Mutual 11,105,421 11,105 -
10,000,000 - 10,000
Sunlife of America 5,467,500 - 5,468
466,275 466 -
Manufacturers Hanover 5,441,372 - 5,441
108,141 108 -
Business Men's Assurance 2,099,175 2,099 -
41,198 - 41
Prudential Asset 1,965,000 1,965 -
1,965,000 - 1,965
Principal Mutual 976,554 - 977
783,392 783 -
443,996 444 -
443,993 - 444
Allstate Life 855,800 856 -
855,800 - 856
Prudential Asset Management 836,000 836 -
836,000 - 836
Canada Life 597,800 598 -
597,800 - 598
Confederation Life 447,600 448 -
447,600 - 448
WFB Money Market 4,527 - 5
4,663 5 -
</TABLE>
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1993
_________
<TABLE>
<CAPTION>
DISPOSITIONS
Number of Proceeds Gain or
Security Description Transactions or Cost (Loss)
(Thousands of Dollars)
<S> <C> <C> <C>
Bankers Trust Discretionary
Cash Fund 7 $ 43,607 $ -
Bankers Trust Directed
Cash Fund 409 277,790 -
U S WEST Common Shares 46 26,099 8,888
<CAPTION>
ACQUISITIONS
<S> <C> <C> <C>
Bankers Trust Discretionary
Cash Fund 56 $ 43,607 -
Bankers Trust Directed
Cash Fund 412 273,793 -
U S WEST Common Shares 19 37,991 -
</TABLE>
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1992
(Thousands of Dollars)
__________
<TABLE>
<CAPTION>
|-----------Fund Information-----------|
U S WEST Interest U. S. Asset
Shares Income Allocation Subtotal
ASSETS
<S> <C> <C> <C> <C>
INVESTMENTS AT VALUE
(cost $1,010,308):
U S WEST common shares $560,318 $ - $ - $560,318
Government obligations - 19,444 - 19,444
Bank & insurance company
contracts - 156,771 - 156,771
Other investment contracts - 36,297 - 36,297
Other marketable securities - 2,110 95,686 97,796
Temporary investments 2,382 10,437 3,824 16,643
------- ------- ------ -------
Total investments 562,700 225,059 99,510 887,269
------- ------- ------ -------
RECEIVABLES
Allotments & contributions 4,357 1,263 791 6,411
Fund & other transfers, net - 406 1,632 2,038
Dividends & interest 15 74 4 93
Loans to plan participants - - - -
------- ------- ------- -------
Total assets 567,072 226,802 101,937 895,811
------- ------- ------- -------
LIABILITIES
PAYABLES
Notes - - - -
Expenses 1,780 737 206 2,723
Fund & other transfers, net 3,557 - - 3,557
------- ------- ------- -------
Total liabilities 5,337 737 206 6,280
------- ------- ------- -------
Net assets available for
plan benefits $561,735 $226,065 $101,731 $889,531
======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1992
(Thousands of Dollars)
__________
<TABLE>
<CAPTION>
|-------------Fund Information---------------|
Participant
Subtotal U.S Stock Loans ESOP Total
ASSETS
<S> <C> <C> <C> <C> <C>
INVESTMENTS AT VALUE
(cost $1,010,308):
U S WEST common shares $560,318 $ - $ - $165,244 $ 725,562
Government obligations 19,444 - - - 19,444
Bank & insurance company
contracts 156,771 - - - 156,771
Other investment contracts 36,297 - - - 36,297
Other marketable securities 97,796 230,396 - - 328,192
Temporary investments 16,643 2,096 - 5 18,744
------- ------- ------- ------- ---------
Total investments 887,269 232,492 - 165,249 1,285,010
------- ------- ------- ------- ---------
RECEIVABLES
Allotments & contributions 6,411 1,934 - - 8,345
Fund & other transfers, net 2,038 2,237 - - 4,275
Dividends & interest 93 7 - 23 123
Loans to plan participants - - 34,730 - 34,730
------- ------- ------- ------- ---------
Total assets 895,811 236,670 34,730 165,272 1,332,483
------- ------- ------- ------- ---------
LIABILITIES
PAYABLES
Notes - - - 169,403 169,403
Expenses 2,723 379 5 - 3,107
Fund & other transfers, net 3,557 - 281 - 3,838
------- ------- ------- ------- ---------
Total liabilities 6,280 379 286 169,403 176,348
------- ------- ------- ------- ---------
Net assets available for
plan benefits $889,531 $236,291 $34,444 $ (4,131) $1,156,135
======= ======= ====== ======== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1993
(Thousands of Dollars)
__________
<TABLE>
<CAPTION>
|--------------------Fund Information-------------------|
U S WEST Interest U.S. Asset
ASSETS Shares Income Allocation U.S. Stock Subtotal
<S> <C> <C> <C> <C> <C>
INVESTMENTS AT VALUE
(cost $1,090,583)
U S WEST common
shares $713,753 $ - $ - $ - $713,753
Government obligations - 5,613 - - 5,613
Bank & insurance
company contracts - 154,414 - - 154,414
Other investment
contracts - 51,854 - - 51,854
Other marketable
securities - 1,581 126,035 241,534 369,150
Temporary investments 3,426 8,917 1,464 1,436 15,243
------- ------- ------- ------- ---------
Total investments 717,179 222,379 127,499 242,970 1,310,027
------- ------- ------- ------- ---------
RECEIVABLES
Allotments &
contributions 2,213 551 433 870 4,067
Fund & other
transfers, net - - 285 - 285
Dividends & interest 8 20 4 7 39
Loans to plan
participants - - - - -
------- ------- ------- ------- ---------
Total assets 719,400 222,950 128,221 243,847 1,314,418
------- ------- ------- ------- ---------
LIABILITIES
PAYABLES
Notes - - - - -
Expenses 3,286 914 1,182 1,360 6,742
Fund & other
transfers, net 376 919 - 1,410 2,705
------- ------- ------- ------- ---------
Total liabilities 3,662 1,833 1,182 2,770 9,447
------- ------- ------- ------- ---------
Net assets available
for plan benefits $715,738 $221,117 $127,039 $241,077 $1,304,971
======= ======= ======= ======= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
December 31, 1993
(Thousands of Dollars)
__________
<TABLE>
<CAPTION>
|----------Fund Information---------|
Interna- Parti-
Global tional cipant
ASSETS Subtotal Assets Stock Loans ESOP Total
<S> <C> <C> <C> <C> <C> <C>
INVESTMENTS AT VALUE
(cost $1,090,583)
U S WEST common
shares $713,753 $ - $ - $ - $155,023 $868,776
Government
obligations 5,613 - - - - 5,613
Bank & insurance
company contracts 154,414 - - - - 154,414
Other investment
contracts 51,854 - - - - 51,854
Other marketable
securities 369,150 13,312 34,512 - - 416,974
Temporary
investments 15,243 286 85 5 15 15,634
--------- ------ ------ ------ ------- --------
Total
investments 1,310,027 13,598 34,597 5 155,038 1,513,265
--------- ------ ------ ------ ------- ---------
RECEIVABLES
Allotments &
contributions 4,067 76 180 - - 4,323
Fund & other
transfers, net 285 812 1,258 118 - 2,473
Dividends &
interest 39 - - - 21 60
Loans to plan
participants - - - 39,268 - 39,268
--------- ------ ------ ------ ------- ---------
Total assets 1,314,418 14,486 36,035 39,391 155,059 1,559,389
--------- ------ ------ ------ ------- ---------
LIABILITIES
PAYABLES
Notes - - - - 139,476 139,476
Expenses 6,742 35 92 10 - 6,879
Fund & other
transfers, net 2,705 - - - - 2,705
--------- ------ ------ ------ ------- -------
Total
liabilities 9,447 35 92 10 139,476 149,060
--------- ------ ------ ------ ------- -------
Net assets
available for
plan benefits $1,304,971 $14,451 $35,943 $39,381 $ 15,583$1,410,329
========= ====== ====== ====== ====== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
for the year ended December 31, 1993
(Thousands of Dollars)
__________
<TABLE>
<CAPTION>
|----------------Fund Information-----------------|
U S WEST Interest U.S. Asset
Shares Income Allocation U.S. Stock Subtotal
<S> <C> <C> <C> <C> <C>
Net assets
January 1, 1993 $561,735 $226,065 $101,731 $236,291 $1,125,822
------- ------- ------- ------- ---------
ADDITIONS
(DEDUCTIONS)
Employee
allotments 20,655 17,357 12,413 27,826 78,251
Company contributions
Cash 13,694 - - - 13,694
Allocation of
company shares 31,139 - - - 31,139
Fund & other
transfers, net 3,559 (21,270) 2,567 (30,274) (45,418)
------- ------- ------- ------- -------
Total additions
(deductions) 69,047 (3,913) 14,980 (2,448) 77,666
INCOME
USW common
shares dividends
Cash 24,725 - - - 24,725
Allocation of
company shares 6,861 - - - 6,861
Interest & other
dividends 261 15,843 5,943 6,805 28,852
Net appreciation
(depreciation)
in fair value of
investments 109,846 (35) 10,846 16,356 137,013
------- ------- ------- ------- -------
Total additions
& income 210,740 11,895 31,769 20,713 275,117
------- ------- ------- ------- -------
PAYMENTS
Payment of
interest on loans - - - - -
Plan expenses 610 370 394 331 1,705
Participant
distributions 56,127 16,473 6,067 15,596 94,263
------- ------- ------- ------- -------
Net assets
December 31, 1993 $715,738 $221,117 $127,039 $241,077 $1,304,971
======= ======= ======= ======= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
U S WEST SAVINGS PLAN/ESOP FOR SALARIED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
for the year ended December 31, 1993
(Thousands of Dollars)
__________
<TABLE>
<CAPTION>
|--------------Fund Information--------------|
Interna- Parti-
Global tional cipant
Subtotal Assets Stock Loans ESOP Total
<S> <C> <C> <C> <C> <C> <C>
Net assets
January 1,
1993 $1,125,822 $ - $ - $34,444 $(4,131) $1,156,135
ADDITIONS
(DEDUCTIONS)
Employee
allotments 78,251 1,273 1,965 - - 81,489
Company
contributions
Cash 13,694 - - - 28,408 42,102
Allocation
of company
shares 31,139 - - - (31,139) -
Fund & other
transfers,
net (45,418) 12,719 31,232 3,446 79 2,058
--------- ------ ------ ----- ------- -------
Total
additions
(deductions) 77,666 13,992 33,197 3,446 (2,652) 125,649
INCOME
USW common shares
dividends
Cash 24,725 - - - 14,961 39,686
Allocation
of company
shares 6,861 - - - (6,861) -
Interest &
other
dividends 28,852 - 3 3,427 140 32,422
Net apprecia-
tion (depre-
ciation) in
fair value
of invest-
ments 137,013 712 3,006 - 27,779 168,510
--------- ------ ------ ------ ------ ---------
Total
addi-
tions &
income 275,117 14,704 36,206 6,873 33,367 366,267
--------- ------ ------ ------ ------ ---------
PAYMENTS
Payment of
interest
on loans - - - - 13,653 13,653
Plan expenses 1,705 62 10 156 - 1,933
Participant
distribu-
tions 94,263 191 253 1,780 - 96,487
------- ------ ------ ------ ------ ---------
Net assets
Dec. 31,
1993 $1,304,971 $14,451 $35,943 $39,381 $15,583 $1,410,329
========= ====== ====== ====== ====== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
U S WEST SAVINGS AND SECURITY PLAN/ESOP FOR SALARIED EMPLOYEES
ITEM 27b-SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
SCHEDULE OF PARTICIPANT LOANS IN DEFAULT
(Continued)
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Identity and Original Amount Received Unpaid
Address of Obligor Amount During Reporting Balance
of Year at End
Loan Principal Interest of Year
(a) (b) (c) (d) (e) (f)
<S> <C> <C> <C> <C>
Palma Cilea $8,000 $1,150 $473 $1,507
Newburgh, NY
Sherry Harris 4,000 431 177 3,855
Seattle, WA
Robin Raybourne 3,500 330 114 2,851
Salem, OR
Robert Sampson 20,000 1,680 129 2,843
Salt Lake City,
UT
Katherine Majcher 3,000 663 213 2,119
Scottsdale, AZ
Mary Panos 16,500 338 1,048 28,515
Glendale, AZ
Runyon Jackson 12,000 1,483 432 11,490
Troutdale, OR
Larry Clark 3,000 0 0 1,463
Denver, CO
Kathy Smith 2,000 589 31 33
Redmond, WA
Terrence Cole 8,000 168 37 3,892
Plymouth, MN
Katherine Gaines 20,000 792 232 14,338
Morristown, NJ
Mary Meyer 4,000 1,054 116 910
St. Paul, MN
Stella Ley 10,000 2,188 117 256
Seattle, WA
Sharilyn Nodsle 19,000 829 353 21,513
Bainbridge Is,
WA
Jeffrey Acord 3,000 0 0 1,178
Evergreen, CO
Bryon Washington 4,000 0 0 2,970
Redmond, WA
Linda Montgomery 2,500 637 35 32
Lakewood, CO
Connie Wellito 4,000 0 0 4,748
Aurora, CO
Margia Wright 5,000 87 36 5,811
Champlin, MN
Jeffrey Gould 7,000 656 134 4,405
Loveland, CO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Identity and Original Amount Received Unpaid
Address of Obligor Amount During Reporting Balance
of Year at End
Loan Principal Interest of Year
(a) (b) (c) (d) (e) (f)
<S> <C> <C> <C> <C>
Tyrone Moreno 3,000 0 0 76
Omaha, NE
William Prohs 3,000 650 41 154
Colorado
Springs, CO
Cathy Kilstron 8,000 406 106 6,919
Eagan, MN
Rebecca Kenny 10,000 240 18 1,809
Denver, CO
Richard Whitworth 5,000 1,325 83 128
Bothell, WA
H. L. Walter 21,000 0 0 527
Falls Church, VA
Diane Smith 2,500 0 0 3,001
Phoenix, AZ
Marilyn Subala 3,000 38 1 39
Redmond, WA
Terri Dunnington 1,000 913 49 88
Northglenn, CO
Chris Zamora 9,000 901 30 233
Westminster, CO
Ruth Rogers 10,000 1,220 34 38
Castle Rock, CO
Mary Cornell 3,000 151 4 78
Avondale, AZ
April Valenzuela 2,000 639 100 1,199
Boston, MA
Michael Lopez 3,000 0 0 2,341
Somerville, NJ
Larry Luman 12,000 1,820 638 9,217
Lisle, IL
Marilyn Felkner 6,500 400 118 6,545
Salt Lake City,
UT
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Identity and Original Amount Received Unpaid
Address of Obligor Amount During Reporting Balance
of Year at End
Loan Principal Interest of Year
(a) (b) (c) (d) (e) (f)
<S> <C> <C> <C> <C>
Wendy Smalley 5,500 2,768 165 128
Clearfield, UT
Susan Ridley 3,000 726 42 77
Snohomish, WA
Charles Patka 7,000 1,504 82 179
Renton, WA
Wesley Devries 12,500 4,205 264 406
Roy, WA
Frankie White 1,000 0 0 1,039
Seattle, WA
Carol Dickson 2,000 699 39 185
Kent, WA
Florencia Santos 8,500 652 242 6,085
Bellevue, WA
Emiko Kawai 14,000 707 17 361
Portland, OR
David Applegate 10,000 0 0 5,686
Renton, WA
David League 10,000 808 96 3,055
Highlands Ranch,
CO
Deirdre Murray 6,000 273 5 278
Arlington, VA
Darcy Koke 10,500 363 165 12,135
Kent, WA
Frank Ethoffer 3,000 1,097 74 98
Omaha, NE
Anne Stiker 7,000 429 181 7,552
Littleton, CO
Frances Hicks 1,500 373 19 49
Aurora, CO
Jean Ajayi 7,000 0 0 7,348
Denver, CO
</TABLE>
NOTE: None of the participant loans in default or classified as
uncollectible were with a party-in-interest. No loans were renegotiated
during the year. All loans are secured by the participant's account.
The company will collect overdue amounts through either payroll deductions
or foreclosure upon a distributable event.
<PAGE>
<TABLE>
<CAPTION>
Identity and Loan Maturity Interest Type of Amount Overdue
Address of Date Date Rate Loan
Obligor (Per-
sonal/
Residen- Prin- Inte-
tial) cipal rest
(a) (b) (g1) (g2) (g3) (g4) (h) (i)
<S> <C> <C> <C> <C> <C> <C>
Palma Cilea 09/91 09/95 10.00 P $3,343 $1,070
Newburgh, NY
Sherry Harris 08/91 08/95 10.00 P 1,431 563
Seattle, WA
Robin Raybourne 11/91 11/95 10.00 P 635 365
Salem, OR
Robert Sampson 08/89 08/93 11.00 P 2,766 77
Salt Lake City,
UT
Katherine Majcher 04/91 04/95 10.25 P 780 261
Scottsdale, AZ
Mary Panos 07/90 07/04 11.50 R 921 13,086
Glendale, AZ
Runyon Jackson 11/92 11/95 9.25 P 2,182 1,264
Troutdale, OR
Larry Clark 02/90 02/93 10.50 P 1,365 98
Denver, CO
Kathy Smith 09/90 09/93 10.75 P 32 1
Redmond, WA
Terrence Cole 08/90 08/94 10.50 P 2,000 317
Plymouth, MN
Katherine Gaines 06/90 06/94 10.50 P 9,687 1,671
Morristown, NJ
Mary Meyer 03/90 03/93 10.50 P 879 31
St. Paul, MN
Stella Ley 10/88 10/92 10.50 P 254 2
Seattle, WA
Sharilyn Nodsle 01/93 01/97 9.00 P 2,944 3,342
Bainbridge Is,
WA
Jeffrey Acord 03/89 03/92 11.00 P 1,111 67
Evergreen, CO
Bryon Washington 08/88 08/92 10.50 P 2,613 357
Redmond, WA
Linda Montgomery 11/89 11/93 10.50 P 32 0
Lakewood, CO
Connie Wellito 03/93 03/97 8.75 P 648 748
Aurora, CO
Margia Wright 03/93 03/97 8.75 P 723 898
Champlin, MN
Jeffrey Gould 11/91 11/94 10.00 P 1,689 351
Loveland, CO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Identity and Loan Maturity Interest Type of Amount Overdue
Address of Date Date Rate Loan (Personal/Residential
Obligor Prin- Inte-
cipal rest
(a) (b) (g1) (g2) (g3) (g4) (h) (i)
<S> <C> <C> <C> <C> <C> <C>
Tyrone Moreno 01/87 01/91 9.50 P 75 1
Omaha, NE
William Prohs 11/89 11/93 10.50 P 152 2
Colorado
Springs, CO
Cathy Kilstron 05/92 05/93 9.50 P 2,150 709
Eagan, MN
Rebecca Kenny 03/88 03/92 11.00 P 1,745 65
Denver, CO
Richard
Whitworth 12/89 12/93 10.50 P 127 1
Bothell, WA
H. L. Walter 12/86 12/90 9.50 P 523 4
Falls Church,
VA
Diane Smith 09/92 09/96 9.25 P 782 501
Phoenix, AZ
Marilyn
Subala 01/89 01/93 11.00 P 39 0
Redmond, WA
Terri
Dunnington 12/92 12/93 9.00 P 87 1
Northglenn, CO
Chris Zamora 05/89 05/93 11.00 P 231 2
Westminster, CO
Ruth Rogers 05/89 05/93 11.00 P 37 1
Castle Rock, CO
Mary Cornell 04/89 04/93 11.00 P 77 1
Avondale, AZ
April
Valenzuela 09/91 09/93 10.00 P 1,132 67
Boston, MA
Michael Lopez 09/89 09/92 10.50 P 2,103 238
Somerville, NJ
Larry Luman 02/91 02/95 10.50 P 4,044 1,141
Lisle, IL
Marilyn
Felkner 10/92 10/95 9.25 P 1,601 761
Salt Lake City,
UT
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Identity and Loan Maturity Interest Type of Amount Overdue
Address of Date Date Rate Loan
Obligor (Personal/
Residen- Principal Interest
tial)
(a)(b) (g1) (g2) (g3) (g4) (h) (i)
<S> <C> <C> <C> <C> <C> <C>
Wendy Smalley 12/90 12/92 10.50 P 125 2
Clearfield,
UT
Susan Ridley 11/89 11/93 10.50 P 76 1
Snohomish, WA
Charles Patka 10/89 10/93 10.50 P 178 1
Renton, WA
Wesley
Devries 12/90 12/93 10.50 P 403 3
Roy, WA
Frankie White 04/93 04/96 9.75 P 200 139
Seattle, WA
Carol Dickson 09/91 09/93 10.00 P 183 2
Kent, WA
Florencia
Santos 07/92 07/96 9.25 P 812 808
Bellevue, WA
Emiko Kawai 02/89 02/93 11.00 P 359 2
Portland, OR
David
Applegate 06/89 06/93 11.00 P 5,128 558
Renton, WA
David League 08/89 08/93 11.00 P 2,945 110
Highlands Ranch,
CO
Deirdre
Murray 01/90 01/92 10.50 P 276 2
Arlington, VA
Darcy Koke 05/92 05/96 9.50 P 3,326 1,998
Kent, WA
Frank
Ethoffer 12/89 12/92 10.50 P 97 1
Omaha, NE
Anne Stiker 01/93 01/97 9.00 P 961 1,181
Littleton, CO
Frances Hicks 09/90 09/93 10.75 P 49 0
Aurora, CO
Jean Ajayi 10/89 10/93 10.50 P 6,152 1,196
Denver, CO
</TABLE>
NOTE: None of the participant loans in default or classified as
uncollectible were with a party-in-interest. No loans were renegotiated
during the year. All loans are secured by the participant's account.
The company will collect overdue amounts through either payroll
deductions or foreclosure upon a distributable event.
