<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
[X] Annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934
For the fiscal year ended December 31, 1993
------------------------------------------
Commission File Number 1-9936
STOCK SAVINGS PLUS PLAN
FOR EMPLOYEES OF
SOUTHERN CALIFORNIA EDISON COMPANY
(Full Title of the Plan)
SCEcorp
(Name of Issuer)
2244 WALNUT GROVE AVENUE (P.O. Box 800), ROSEMEAD, CALIFORNIA 91770
(Address of principal executive office)
<PAGE>
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Participants in the Stock Savings Plus Plan of Southern California
Edison Company and the Board of Directors of SCEcorp:
We have audited the accompanying statements of financial condition
of the Stock Savings Plus Plan of Southern California Edison Company (the
Plan) as of December 31, 1993, and 1992, and the related statements of
income and changes in plan equity and the allocation of income and changes
in plan equity for each of the three years in the period ended December
31, 1993. These financial statements are the responsibility of Southern
California Edison Company'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 financial condition of the Plan as
of December 31, 1993, and 1992, and the income and changes in plan equity
for each of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles.
ARTHUR ANDERSEN & CO.
ARTHUR ANDERSEN & CO.
Los Angeles, California
March 28, 1994
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Guaranteed
SCEcorp Income Common Money
Stock Fund-- Stock Market Balanced Bond Global
Total Fund 3 Yrs. Fund Fund Fund Fund Fund Loans
----- ------- ------- ------ ------- ------- ----- ------ -----
(In thousands)
Assets
Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
receivable . . . . . $ 119 $ 8 $ -- $ -- $ 111 $ -- $ -- $ -- $ --
Loan receivable. . . . 56,487 -- -- -- -- -- -- -- 56,487
Receivable from
broker . . . . . . . 3,318 3,318 -- -- -- -- -- -- --
Investments, at market
value:
SCEcorp common stock --
43,338,557 shares
(cost -- $743,645) . 866,771 866,771 -- -- -- -- -- -- --
Guaranteed income
contracts, at cost
plus reinvested
income . . . . . . . 24,204 -- 24,204 -- -- -- -- -- --
Collective funds:
Common stock
investments (cost --
$68,793) . . . . . . 92,282 -- -- 92,282 -- -- -- -- --
Short-term income
investments,
at cost . . . . . 70,980 13,159 15,933 263 41,348 118 38 121 --
Balanced fund
(cost --
$55,789). . . . . 58,767 -- -- -- -- 58,767 -- -- --
Bond fund (cost --
$18,789). . . . . 19,227 -- -- -- -- -- 19,227 -- --
Global
fund (cost --
$46,344). . . . . 49,680 -- -- -- -- -- -- 49,680 --
---------- -------- ------- ------- ------- ------- ------- ------- -------
Total
investments . . . 1,181,911 879,930 40,137 92,545 41,348 58,885 19,265 49,801 --
---------- -------- ------- ------- ------- ------- ------- ------- -------
$1,241,835 $883,256 $40,137 $92,545 $41,459 $58,885 $19,265 $49,801 $56,487
========== ======== ======= ======= ======= ======= ======= ======= =======
Liabilities and Plan Equity
Payable to brokers
and others . . . . . $ 30 $ -- $ -- $ 27 $ -- $ -- $ 3 $ -- $ --
Plan equity. . . . . . 1,241,805 883,256 40,137 92,518 41,459 58,885 19,262 49,801 56,487
---------- -------- ------- ------- ------- ------- ------- ------- -------
$1,241,835 $883,256 $40,137 $92,545 $41,459 $58,885 $19,265 $49,801 $56,487
========== ======== ======= ======= ======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Guaranteed
SCEcorp Income Common Money
Stock Fund-- Stock Market Balanced Bond
Total Fund 3 Yrs. Fund Fund Fund Fund
----- ------- ------- ------- ------ -------- -----
(In thousands)
Assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest receivable. . . . . . . . . . . $ 105 $ 6 $ -- $ -- $ 99 $ -- $ --
---------- -------- ------- ------- ------- ------- ------
Receivable from broker . . . . . . . . . 10,564 10,564 -- -- -- -- --
---------- -------- ------- ------- ------- ------- ------
Investments, at market value:
SCEcorp common stock -- 36,215,774
shares (cost -- $599,714). . . . . . . 796,747 796,747 -- -- -- -- --
Guaranteed income contracts, at cost
plus reinvested income . . . . . . . . 45,837 -- 45,837 -- -- -- --
Collective funds:
Common stock investments
(cost -- $57,061) . . . . . . . . . 78,530 -- -- 78,530 -- -- --
Short-term income investments,
at cost . . . . . . . . . . . . . . 35,367 12 129 -- 35,226 -- --
Balanced fund (cost --
$52,580). . . . . . . . . . . . . . 62,936 -- -- -- -- 62,936 --
Bond fund (cost --
$17,353). . . . . . . . . . . . . . 17,834 -- -- -- -- -- 17,834
---------- -------- ------- ------- ------- ------- -------
Total investments . . . . . . . . . 1,037,251 796,759 45,966 78,530 35,226 62,936 17,834
---------- -------- ------- ------- ------- ------- -------
$1,047,920 $807,329 $45,966 $78,530 $35,325 $62,936 $17,834
========== ======== ======= ======= ======= ======= =======
Liabilities and Plan Equity
Payable to brokers and others. . . . . . $ 17 $ 2 $ -- $ 13 $ -- $ -- $ 2
Plan equity. . . . . . . . . . . . . . . 1,047,903 807,327 45,966 78,517 35,325 62,936 17,832
---------- -------- ------- ------- ------- ------- -------
$1,047,920 $807,329 $45,966 $78,530 $35,325 $62,936 $17,834
========== ======== ======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Guaranteed
SCEcorp Income Common Money
Stock Fund-- Stock Market Balanced Bond Global
Total Fund 3 Yrs. Fund Fund Fund Fund Fund Loans
----- -------- -------- ------ ------ -------- ---- ------ -----
(In thousands)
Investment Income:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash dividends. . . . . $ 56,701 $ 53,040 $ -- $ 1,280 $ -- $ 1,513 $ 868 $ -- $ --
Interest from Loans . . 1,778 1,561 -- 91 56 29 12 29 --
Interest from
investment. . . . . . 4,496 217 2,973 33 1,224 22 13 14 --
---------- -------- ------- ------- ------- ------- ------ ------ -------
Total investment
income. . . . . . . 62,975 54,818 2,973 1,404 1,280 1,564 893 43 --
---------- -------- ------- ------- ------- ------- ------ ------ -------
Increase (decrease) in
in Value of
Investments . . . . . . (85,413) (104,794) -- 7,141 -- 7,581 1,324 3,335 --
---------- -------- ------- ------- ------- ------- ------ ------ -------
Contributions:
Employer contributions,
including forfei-
tures of $124 . . . . 21,910 17,851 33 1,722 898 796 316 294 --
Participating
employees . . . . . . 72,162 58,520 132 5,786 2,224 3,187 1,315 998 --
ESOP transfers. . . . . 163,063 163,063 -- -- -- -- -- -- --
---------- -------- ------- ------- ------- ------- ------ ------- -------
Total contributions . 257,135 239,434 165 7,508 3,122 3,983 1,631 1,292 --
---------- -------- ------- ------- ------- ------- ------ ------- -------
Total investment
income, change in
value of invest-
ments, and
contributions . . . 234,697 189,458 3,138 16,053 4,402 13,128 3,848 4,670 --
---------- -------- ------- ------- ------- ------- ------ ------- -------
Deductions:
Distributions to
Participants
or their
beneficiaries . . . . 40,470 30,478 2,357 1,704 3,292 1,955 462 222 --
Employer contributions
and dividends
forfeited . . . . . . 124 85 7 16 11 3 1 1 --
Management fee. . . . . 52 -- -- 46 -- -- 6 -- --
Loans to
participants net of
repayments and
loan defaults
of $149 . . . . . . . 149 47,531 -- 4,031 1,604 2,235 1,057 178 (56,487)
---------- ------- ------- ------- ------- ------- ------ ------- -------
Total deductions. . . 40,795 78,094 2,364 5,797 4,907 4,193 1,526 401 (56,487)
---------- ------- ------- ------- ------- ------- ------ ------- -------
Interfund
Conversions . . . . . . -- (35,435) (6,603) 3,745 6,639 (12,986) (892) 45,532 --
---------- -------- ------- ------- ------- ------- ------ ------- -------
Increase (decrease)
in Plan equity
for the year. . . . 193,902 75,929 (5,829) 14,001 6,134 (4,051) 1,430 49,801 56,487
Plan equity, at market
value, beginning
of year . . . . . . . . 1,047,903 807,327 45,966 78,517 35,325 62,936 17,832 -- --
---------- -------- ------- ------- ------- ------- ------- ------- -------
Plan equity, at market
value, end of year. . . $1,241,805 $883,256 $40,137 $92,518 $41,459 $58,885 $19,262 $49,801 $56,487
========== ======== ======= ======= ======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
Guaranteed
SCEcorp Income Common Money
Stock Fund-- Stock Market Balanced Bond
Total Fund 3 Yrs. Fund Fund Fund Fund
----- ------- ---------- ------ ------ -------- -----
(In thousands)
Investment Income:
<S> <C> <C> <C> <C> <C> <C> <C>
Cash dividends . . . . . . . . . . . . . $ 55,333 $ 49,725 $ -- $ 2,070 $ -- $ 2,663 $ 875
Interest . . . . . . . . . . . . . . . . 4,778 135 3,523 27 1,083 -- 10
---------- -------- ------- ------- ------- ------- -------
Total investment income. . . . . . . . 60,111 49,860 3,523 2,097 1,083 2,663 885
---------- -------- ------- ------- ------- ------- -------
Increase (decrease) in Value of
Investments. . . . . . . . . . . . . . . (42,611) (47,809) -- 3,604 -- 1,672 (78)
---------- -------- ------- ------- ------- ------- -------
Contributions:
Employer contributions,
including forfeitures of $78 . . . . . 19,616 16,871 150 1,294 425 694 182
Participating employees. . . . . . . . . 56,629 48,780 414 3,708 1,248 1,972 507
ESOP diversification . . . . . . . . . . 214 214 -- -- -- -- --
--------- -------- ------ ------- ------- ------- -------
Total contributions. . . . . . . . . . 76,459 65,865 564 5,002 1,673 2,666 689
--------- -------- ------ ------- ------- ------- -------
Total investment income,
increase in value of
investments and contributions . . . 93,959 67,916 4,087 10,703 2,756 7,001 1,496
--------- -------- ------ ------- ------- ------- -------
Deductions:
Distributions to Participants
or their beneficiaries . . . . . . . . 52,549 42,513 3,986 1,800 2,194 1,759 297
Employer contributions and
dividends forfeited. . . . . . . . . . 78 63 1 11 -- 3 --
Management fee . . . . . . . . . . . . . 50 -- -- 45 -- -- 5
--------- -------- ------ ------- ------- ------- -------
Total deductions . . . . . . . . . . . 52,677 42,576 3,987 1,856 2,194 1,762 302
--------- -------- ------ ------- ------- ------- -------
Interfund Conversions . . . . . . . . . . . -- (27,784) (7,257) 10,739 3,448 13,362 7,492
--------- -------- ------- ------- ------- ------- -------
Increase (decrease) in Plan equity
for the year. . . . . . . . . . . . 41,282 (2,444) (7,157) 19,586 4,010 18,601 8,686
Plan equity, at market value, beginning
of year. . . . . . . . . . . . . . . . . 1,006,621 809,771 53,123 58,931 31,315 44,335 9,146
---------- -------- ------- ------- ------- ------- -------
Plan equity, at market value, end
of year. . . . . . . . . . . . . . . . . $1,047,903 $807,327 $45,966 $78,517 $35,325 $62,936 $17,832
========== ======== ======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1991
<TABLE>
<CAPTION>
Guaranteed
SCEcorp Income Common Money
Stock Fund-- Stock Market Balanced Bond
Total Fund 3 Yrs. Fund Fund Fund Fund
----- ------- ------- ------ ------ -------- -----
(In thousands)
Investment Income:
<S> <C> <C> <C> <C> <C> <C> <C>
Cash dividends . . . . . . . . . . . . . $ 48,786 $ 44,416 $ -- $ 1,603 $ -- $ 2,108 $ 659
Interest . . . . . . . . . . . . . . . . 6,794 298 4,531 18 1,942 -- 5
---------- -------- ------- ------- ------- ------- -------
Total investment income. . . . . . . . 55,580 44,714 4,531 1,621 1,942 2,108 664
---------- -------- ------- ------- ------- ------- -------
Increase in Value of Investments. . . . . . . 167,317 149,298 -- 11,373 -- 6,096 550
-------- -------- ------- ------- ------- ------- -------
Contributions:
Employer contributions,
including forfeitures of $52 . . . . . . 18,238 16,060 183 870 534 457 134
Participating employees. . . . . . . . . . 51,396 45,246 506 2,463 1,512 1,293 376
ESOP diversification . . . . . . . . . . . 179 179 -- -- -- -- --
--------- -------- ------- ------- ------- ------- -------
Total contributions. . . . . . . . . . 69,813 61,485 689 3,333 2,046 1,750 510
--------- -------- ------- ------- ------- ------- -------
Total investment income,
increase in value of
investments and
contributions . . . . . . . . . . . 292,710 255,497 5,220 16,327 3,988 9,954 1,724
--------- -------- ------- ------- ------- ------- -------
Deductions:
Distributions to Participants
or their beneficiaries . . . . . . . . 43,749 34,636 3,571 1,778 2,102 1,493 169
Employer contributions and
dividends forfeited. . . . . . . . . . 52 39 3 5 -- 4 1
Management fee . . . . . . . . . . . . . 52 -- -- 48 -- -- 4
--------- -------- ------- ------- ------- ------- -------
Total deductions . . . . . . . . . . . 43,853 34,675 3,574 1,831 2,102 1,497 174
--------- -------- ------- ------- ------- ------- -------
Interfund Conversions . . . . . . . . . . . -- (2,662) (4,687) 3,132 3,361 (682) 1,538
--------- -------- ------- ------- ------- ------- -------
Increase (decrease) in Plan
equity for the year . . . . . . . . 248,857 218,160 (3,041) 17,628 5,247 7,775 3,088
Plan equity, at market value,
beginning of year. . . . . . . . . . . . 757,764 591,611 56,164 41,303 26,068 36,560 6,058
---------- -------- ------- ------- ------- ------- -------
Plan equity, at market value,
end of year. . . . . . . . . . . . . . . $1,006,621 $809,771 $53,123 $58,931 $31,315 $44,335 $ 9,146
========== ======== ======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS
Note 1. Investment Program
First Interstate Bank of California (Trustee) has invested all
contributions in accordance with the instructions of participating
employees (Participants). The Participants are allowed to make direct
investment of contributions to the Stock Savings Plus Plan (Plan) of
Southern California Edison Company (Edison) into various investment funds.
The Trustee has invested, and is expected to invest in the future, funds
not immediately required in certain short-term investments.
Participants with an accumulated balance in the Plan have the option
each month to allocate their account balances among various investment
programs in addition to the common stock of SCEcorp (SCEcorp Stock Fund).
Share figures reflect the two-for-one split of SCEcorp common stock
effective June 1, 1993. The investment options available to participants
was changed effective July 1, 1993. The investment programs available as
of December 31, 1993, comprise:
(a) Guaranteed Income Fund -- 3 years -- (Discontinued with respect to new
contributions effective April 1, 1993.) The value of each insurance
contract as of December 31, 1993, is as follows (in thousands):
<TABLE>
<CAPTION>
Insurance Interest Contract
Term Company Rate Value
- ----- --------- -------- --------
<S> <C> <C> <C>
April 1, 1991, to Protective Life Insurance 8.02% $ 3,670
March 31, 1994 Company
July 1, 1991, to Protective Life Insurance 8.00 3,863
June 30, 1994 Company
October 1, 1990, to Provident Life Assurance 6.46 1,939
September 30, 1994 Company
January 1, 1992, to Hartford Life Insurance 5.34 2,543
December 31, 1994 Company
April 1, 1992, to Provident Life and Accident 6.45 2,256
March 31, 1995 Insurance Company
</TABLE>
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 1. Investment Program (Continued)
(a) Guaranteed Income Fund (continued)
<TABLE>
<CAPTION>
Insurance Interest Contract
Term Company Rate Value
- ---- --------- -------- --------
<S> <C> <C> <C>
July 1, 1992, to Provident Life and Accident 5.71% $ 3,745
June 30, 1995 Insurance Company
October 1, 1992, to Transamerica Occidental 4.36 2,282
September 30, 1995 Life Insurance Company
January 1, 1993, to Protective Life Insurance 5.63 1,607
December 31, 1995 Company
April 1, 1993, to Hartford Life Insurance 4.60 2,299
March 31, 1996 Company
-------
Total $ 24,204
========
</TABLE>
(b) Common Stock Fund -- Collective investment in the Wells Fargo Bank
Equity Index Fund consisting of 8,760,903 units at a unit value of
10.563 as of December 31, 1993.
(c) Money Market Fund -- Collective investment in the First Interstate Bank
Short-Term Income Fund consisting of 4,048,467 units at a unit value
of 10.241 as of December 31, 1993.
(d) Balanced Fund -- Collective investment in the Vanguard Group Wellington
Fund discontinued effective July 1, 1993, and replaced with a
collective investment in Frank Russell Trust Company Funds consisting
of 5,358,009 units at a unit value of 10.990 as of December 31, 1993.
(e) Bond Fund -- Collective investment in the Wells Fargo Bond Index Fund
discontinued effective July 1, 1993, and replaced with a collective
investment in the Frank Russell Trust Company Short-Term Bond Fund
consisting of 1,830,584 units at a unit value of 10.525 as of December
31, 1993.
(f) Global Fund -- Collective investment in Frank Russell Trust Company
Equity-Based Funds (effective July 1, 1993) consisting of 4,518,317
units at a unit value of 11.022 as of December 31, 1993.
The number of Participants in each fund was as follows:
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 1. Investment Program (Continued)
<TABLE>
<CAPTION>
December 31,
------------------------------------
1993 1992 1991
------ ------ ------
<S> <C> <C> <C>
SCEcorp Stock Fund. . . . . . . . . . . . . . . . . . . . . . 16,975 16,333 16,185
Guaranteed Income Fund -- 3 years . . . . . . . . . . . . . . 1,492 2,145 2,288
Common Stock Fund . . . . . . . . . . . . . . . . . . . . . . 4,501 4,279 3,491
Money Market Fund . . . . . . . . . . . . . . . . . . . . . . 2,832 1,412 1,452
Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . 2,257 3,297 2,609
Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 1,071 1,658 861
Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . 2,220 -- --
</TABLE>
The conversion of the Participants' investment from the SCEcorp Stock
Fund to all other funds is valued at the month-end closing price. The
conversion of Participants' investment from all other funds to the SCEcorp
Stock Fund, or to any other fund is based on the actual market value
balance (including earnings and market adjustments) in each Participant's
account, as of the date of conversion.
As of January 1, 1994, Plan Participants elected to reallocate their
investment fund balances as indicated in the table below. In order to
reflect year-end market values for the January 1, 1994, conversion, the
Trustee converted securities necessary to reflect "Post-Allocation"
investment distributions prior to December 31, 1993. The Post-Allocation
amounts are not allocated to Plan Participants until January 1, 1994.
<TABLE>
<CAPTION>
January 1, 1994
------------------------------
Pre- Post-
Allocation Allocation
---------- -----------
(In thousands)
Fund Balances, at market value:
<S> <C> <C>
SCEcorp Stock Fund. . . . . . . . . . . . . . . . . . . . . . . . . . $ 879,930 $ 868,116
Guaranteed Income Fund. . . . . . . . . . . . . . . . . . . . . . . . 40,137 24,140
Common Stock Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 92,545 97,384
Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 41,348 51,829
Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,885 62,802
Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,265 20,192
Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,801 57,448
---------- ----------
$1,181,911 $1,181,911
========== ==========
</TABLE>
As of June 1, 1993, a loan option was offered to Participants. As of
December 31, 1993, 4,869 Participants had loans outstanding. Funds for
the loan are withdrawn from the Participant's vested balance and repaid
through payroll deduction. The interest rate charged is prime plus 1%.
As of December 31, 1993 the interest rate is 7%.
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 2. Unrealized Market Appreciation (Depreciation)
Unrealized market appreciation or depreciation of units in the SCEcorp
Stock Fund, Common Stock Fund, Balanced Fund, Global Fund and Bond Fund
held by the Plan is the difference between the acquisition cost and the
market value of such investments. Unrealized market appreciation at the
beginning of each year is reconciled to the unrealized market appreciation
at the end of each year, by fund, as follows:
<TABLE>
<CAPTION>
Realized (Gain)/Loss
Unrealized Increase ------------------------
Market (Decrease) Unrealized
Appreciation, in Value Transfer Withdrawals Market
Beginning of from and Interfund Appreciation,
of Year Investments ESOP Forfeitures Conversions End of Year
------- ----------- ------- ----------- ----------- -----------
(In thousands)
Year ended December 31, 1993:
<S> <C> <C> <C> <C> <C> <C>
SCEcorp Stock Fund. . . . . . . $197,033 $(104,794) $74,781 $ (7,707) $(36,187) $123,126
Common Stock Fund . . . . . . . 21,469 7,141 -- (35) (5,086) 23,489
Balanced Fund . . . . . . . . . 10,356 7,581 -- (75) (14,884) 2,978
Bond Fund . . . . . . . . . . . 481 1,324 -- (12) (1,355) 438
Global Fund . . . . . . . . . . -- 3,335 -- 1 -- 3,336
-------- -------- ------- -------- -------- --------
Total. . . . . . . . . . . . $229,339 $(85,413) $74,781 $ (7,828) $(57,512) $153,367
======== ======== ======= ======== ======== ========
Year ended December 31, 1992:
SCEcorp Stock Fund. . . . . . . $270,988 $(47,809) $ -- $(14,743) $(11,403) $197,033
Common Stock Fund . . . . . . . 18,211 3,604 -- (346) -- 21,469
Balanced Fund . . . . . . . . . 9,195 1,672 -- (511) -- 10,356
Bond Fund . . . . . . . . . . . 592 (78) -- (33) -- 481
-------- -------- ------ -------- -------- --------
Total. . . . . . . . . . . . $298,986 $(42,611) $ -- $(15,633) $(11,403) $229,339
======== ======== ====== ======== ======== ========
Year ended December 31, 1991:
SCEcorp Stock Fund. . . . . . . $137,174 $149,298 $ -- $(12,287) $(3,197) $270,988
Common Stock Fund . . . . . . . 7,574 11,373 -- (736) -- 18,211
Balanced Fund . . . . . . . . . 3,629 6,096 -- (530) -- 9,195
Bond Fund . . . . . . . . . . . 46 550 -- (4) -- 592
-------- -------- ------ -------- ------- --------
Total. . . . . . . . . . . . $148,423 $167,317 $ -- $(13,557) $(3,197) $298,986
======== ======== ====== ======== ======= ========
</TABLE>
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 3. Distributions and Forfeitures
The balances in the accounts of Participants withdrawing from the Plan
during 1993, 1992 and 1991, and amounts disbursed to such Participants in
settlement thereof, were as follows:
<TABLE>
<CAPTION>
Cash and
Securities Non-Vested
Balances in Disbursed in Portion of
Participants' Settlement of Balances
Accounts Withdrawals Forfeited
------------ ------------- -----------
(In thousands)
Year Ended December 31, 1993
At average cost:
<S> <C> <C> <C>
SCEcorp stock fund. . . . . . . . . . . . . . . . . $22,856 $22,777 $ 79
All other funds . . . . . . . . . . . . . . . . . . 9,910 9,871 39
------- ------- ----
Total at cost. . . . . . . . . . . . . . . . . . $32,766 $32,648 $118
======= ======= ====
At market value:
SCEcorp stock fund. . . . . . . . . . . . . . . . . $30,563 $30,478 $ 85
All other funds . . . . . . . . . . . . . . . . . . 10,031 9,992 39
------- ------- ----
Total at market value. . . . . . . . . . . . . . $40,594 $40,470 $124
======= ======= ====
Year Ended December 31, 1992
At average cost:
SCEcorp stock fund. . . . . . . . . . . . . . . . . $27,833 $27,775 $ 58
All other funds . . . . . . . . . . . . . . . . . . 9,161 9,146 15
------- ------- ----
Total at cost. . . . . . . . . . . . . . . . . . $36,994 $36,921 $ 73
======= ======= ====
At market value:
SCEcorp stock fund. . . . . . . . . . . . . . . . . $42,576 $42,513 $ 63
All other funds . . . . . . . . . . . . . . . . . . 10,051 10,036 15
------- ------- ----
Total at market value. . . . . . . . . . . . . . $52,627 $52,549 $ 78
======= ======= ====
Year Ended December 31, 1991
At average cost:
SCEcorp stock fund. . . . . . . . . . . . . . . . . $22,387 $22,351 $ 36
All other funds . . . . . . . . . . . . . . . . . . 7,856 7,843 13
------- -------- ----
Total at cost. . . . . . . . . . . . . . . . . . $30,243 $30,194 $ 49
======= ======= ====
At market value:
SCEcorp stock fund. . . . . . . . . . . . . . . . . $34,675 $34,636 $ 39
All other funds . . . . . . . . . . . . . . . . . . 9,126 9,113 13
------- ------- ----
Total at market value. . . . . . . . . . . . . . $43,801 $43,749 $ 52
======= ======= ====
</TABLE>
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 3. Distributions and Forfeitures (Continued)
"All other funds" include: (a) the Guaranteed Income Fund -- 3 years,
(b) the Common Stock Fund, (c) the Money Market Fund, (d) the Balanced
Fund (e) the Bond Fund and (f) the Global Fund. The detail of the
distributions by fund is reflected, at market, in the accompanying
Statements of Income and Changes in Plan Equity for the years ended
December 31, 1993, 1992 and 1991.
The cost of funds reflects the increase due to diversification. Each
time funds are diversified, the market value of the funds invested becomes
the new cost. Thus, the cost basis is adjusted to the market value of the
previous fund prior to transfer.
Cash contributions by Edison are reduced by the difference between the
balances of the Participants' accounts (so calculated) and the amounts
disbursed in settlement thereof (so calculated). For purposes of the
Plan, this difference is deemed to be the funds forfeited by withdrawing
Participants.
Participant withdrawals, which are settled in cash, are funded through
sales of investments being distributed. Therefore, the market values
reflected in the preceding table represent the proceeds received by the
Plan upon disposition.
Note 4. Plan Equity
In 1993, distributions and withdrawals made by Participants as of
December 31, 1993, but not yet paid by the Plan are classified as a
component of plan equity instead of liabilities. Accordingly, prior-year
balances were reclassified to conform to the December 31, 1993,
presentation. Included in plan equity as of December 31, 1993, and 1992
are distributions and withdrawals which withdrawing Participants had
elected to receive as follows:
<TABLE>
<CAPTION>
December 31,
---------------------
1993 1992
------- -------
(In thousands)
SCEcorp Stock Fund:
SCEcorp common stock, at market value (67,649
<S> <C> <C>
and 239,030 shares at respective dates). . . . . . . . . . . . . . . . . . . . $1,353 $ 5,259
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,518 4,978
All other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657 3,850
------ -------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,528 $14,087
====== =======
</TABLE>
<PAGE>
<PAGE>
STOCK SAVINGS PLUS PLAN
OF
SOUTHERN CALIFORNIA EDISON COMPANY
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 4. Plan Equity (continued)
At December 31, 1993, there were 43,338,557 shares held by the SCEcorp
Stock Fund with a market value of $20.00 per share. The average
unrealized market appreciation per share of a particular Participant can
be determined as the difference between the average cost of all shares
purchased for the Participant's account and the quoted market price of
$20.00 per share at December 31, 1993. The balances in each Participant's
account in all other funds are measured in dollars and reflect interfund
conversions, earnings and market appreciation or depreciation.
Note 5. Tax Status Of The Plan And Trust
The Plan, as amended effective October 1, 1986, qualifies under Section
401(a) of the Internal Revenue Code (Code), is exempt from taxation under
Section 501(a) of the Code and meets the requirements applicable to cash
or deferred compensation arrangements under Section 401(k) of the Code.
Distributions from qualified plans are taxable to the recipients under the
provisions of Section 402 of the Code. It is Edison's opinion that
amendments to the Plan made subsequent to October 1, 1986, will not affect
the tax status of the Plan.
Note 6. Amendment to the Plan
The Company has elected to amend the Plan to accept the systematic
transfer of amounts from the Employee Stock Ownership Plan (ESOP) that
have been held for 84 months or more. Two transfers, comprising
approximately 50% of the ESOP balance were made in 1993. The remaining
balance in the plan will be transferred in 1994.
The Plan was amended in 1993 to provide a participant loans feature, to
provide for monthly processing of plan transactions instead of quarterly,
to change the investment funds as described in Note 1, and to make certain
other administrative changes.
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the plan) have duly caused
this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
SOUTHERN CALIFORNIA EDISON COMPANY
STOCK SAVINGS PLUS PLAN
By Georgia R. Nelson
--------------------------------------------
Georgia R. Nelson
Chair
Employee Benefits/Health Care Committee
March 28, 1994
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
1 Summary Annual Report of Stock Savings Plus Plan of Southern
California Edison Company for the year ended December 31, 1992.
2 Consent of Independent Public Accountants.
<PAGE>
<PAGE>
EXHIBIT 1
1992 SUMMARY ANNUAL REPORT FOR
STOCK SAVINGS PLUS PLAN (SSPP)
This is a summary of the annual report for the Southern California Edison
Company Stock Savings Plus Plan, EIN 95-1240335-002, for January 1, 1992,
through December 31, 1992. The annual report has been filed with the
Internal Revenue Service, as required under the Employee Retirement Income
Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided by a trust and insurance. Plan
expenses were $66,763,640. These expenses included $66,713,491 in
benefits paid to participants and beneficiaries, and $50,149 in other
expenses. A total of 16,921 persons were participants in or beneficiaries
of the plan at the end of the plan year, although not all of these persons
had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$1,033,816,713 as of December 31, 1992, compared to $1,006,621,371 as of
January 1, 1992. During the plan year, the plan experienced an increase
in its net assets of $27,195,342. This increase includes unrealized
appreciation in the value of the plan's assets at the end of the year and
the price the plan originally paid for these assets. The plan had a total
income of $93,745,461 including employer contributions of $19,615,568,
employee contributions of $56,629,814, gains of $8,218,027 from the sale
of assets and earnings from investments of $9,282,052.
Minimum Funding Standards
Enough money was contributed to the plan to keep it funded in accordance
with the minimum standards of ERISA.
Your Rights to Additional Information
You have the right to receive a copy of the full annual report, or any
part thereof, on request. The items listed below are included in that
report:
1. An accountant's report
2. Assets held for investment; and
3. Transactions in excess of three percent of plan assets.
To obtain a copy of the full annual report, or any part thereof, write or
all the office of the Secretary of the Employee Benefits/Health Care
Committee (The Committee is the Plan Administrator), 8631 Rush Street,
Rosemead, California 91770, (818) 302-5209. The charge to cover copying
costs will be $2.25 for the full report, or $0.10 per page for any part
thereof.
<PAGE>
<PAGE>
1992 SUMMARY ANNUAL REPORT FOR
STOCK SAVINGS PLUS PLAN (SSPP)
Page 2
You also have the right to receive from the Plan Administrator, on request
and at no charge, a statement of the assets and liabilities of the plan
and accompanying notes or both. If you request a copy of the full annual
report from the Plan Administrator, these statements and accompanying
notes will be included as part of that report. The charge to cover
copying costs given above does not include a charge for the copying of
these portions of the report because these portions are furnished without
charge.
You also have the legally protected right to examine the annual report at
the main office of the plan, 8631 Rush Street, Rosemead, California 19770,
and at the U. S. Department of Labor in Washington, D.C., or to obtain a
copy from the U. S. Department of Labor upon payment of copying costs.
Requests to the Department should be addressed to: Public Disclosure
Room, Pension and Welfare Benefit Administration, Department of Labor, 200
Constitution Avenue, N.W., Washington, D.C. 20210.
<PAGE>
<PAGE>
Exhibit 2
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation by reference of our report dated March 28, 1994 (the Report
of Independent Public Accountants), appearing on page 2 in this report on
Form 11-K for the Stock Savings Plus Plan of Southern California Edison
Company into the previously filed Registration Statements of SCEcorp which
follow:
<TABLE>
<CAPTION>
Registration Form File No. Effective Date
<S> <C> <C>
Form S-8 33-32302 June 2, 1993
Form S-8 33-46713 June 2, 1993
Form S-8 33-46714 June 2, 1993
Form S-3 33-47389 June 2, 1993
Form S-8 33-51225 November 30, 1993
Form S-3 33-44148 September 17, 1993
</TABLE>
ARTHUR ANDERSEN & CO.
ARTHUR ANDERSEN & CO.
Los Angeles, California
March 28, 1994
