<PAGE>
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
For the transition period from to
Commission file number 1-4682
A. Full title of the plan, if different from that of the
issuer named below:
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
Thomas & Betts Corporation
1555 Lynnfield Road
Memphis, Tennessee 38119
<PAGE>
<PAGE> THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
INDEX
Financial Statements and Exhibits. Page No.
Financial Statements:
Statement of Financial Condition -
Combined Funds - December 31,
1993 and 1992. 3-4
Statement of Income and Changes in
Plan Equity - Combined Funds - Years
Ended December 31, 1993, 1992,
and 1991. 5
Statement of Financial Condition -
December 31, 1993 and 1992 and
Statement of Income and Changes in
Plan Equity - Years Ended December 31,
1993, 1992, and 1991 for the following:
T&B Stock Fund 6-7
Vanguard Money Market Reserves -
Federal Portfolio 8-9
Vanguard Short-Term Federal
Bond Fund 10-11
Vanguard Index Trust - 500
Portfolio 12-13
Vanguard World Fund, U.S.
Growth Portfolio 14-15
Vanguard Wellington Fund 16-17
Guaranteed Interest Fund 18-19
Employee Loan Fund 20-21
Notes to Financial Statements 22-27
Schedules:
Schedules I, II, and III have been
omitted because the required infor-
mation is shown in the financial
statements.
Independent Auditors' Report 28
Signatures 29
Exhibits:
Auditors' Consent
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
COMBINED FUNDS
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
Common stock of Thomas & Betts
Corporation at market value -
66,011 and 51,319 shares (cost
$3,831,974 and $2,779,484 in 1993
and 1992, respectively) $ 3,861,617 $ 3,361,408
VMMR Federal Portfolio at market value
which approximates cost 17,848,406 11,457,517
Vanguard Short-Term Federal Bond
Fund at market value (cost
$1,512,686 and $457,296 in 1993
and 1992, respectively) 1,496,058 448,412
Vanguard Index Trust Fund at market
value (cost $6,609,530 and $3,656,084
in 1993 and 1992, respectively) 7,127,473 4,742,290
Vanguard Growth Fund at market value
(cost $5,540,804 and $5,123,254 in
1993 and 1992, respectively) 5,655,316 5,380,837
Vanguard Wellington Fund at market
value (cost $9,948,556 and $4,819,227
in 1993 and 1992, respectively) 10,276,366 4,871,270
First Atlanta Guaranteed Interest
Fund - 5,289,026
Principal Mutual Guaranteed
Interest Fund - 4,208,798
Metropolitan Life Guaranteed
Interest Fund 8,548,005 9,598,413
Employee Loan Fund 2,268,628 1,912,737
Employee loan payments receivable 87,728 67,721
Receivable from Thomas & Betts Corporation:
Employee contributions 467,600 454,222
Corporation contributions 220,322 167,079
687,922 621,301
TOTAL ASSETS $57,857,519 $51,959,730
PLAN LIABILITIES AND EQUITY
Liabilities - accrued withdrawals,
distributions and forfeitures $ - $ 202,247
Plan equity - including net unrealized
appreciation of investments 57,857,519 51,757,483
TOTAL LIABILITIES AND EQUITY $57,857,519 $51,959,730
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
COMBINED FUNDS
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from Holmberg Electronics
Corporation Cash or Deferred Trust $ - $ - $ 967,507
Rollover from FL Industries Investment
& Savings Plan - 15,346,465 -
Investment Income:
Dividends on Thomas & Betts
Corporation common stock 130,829 80,550 112,232
Interest and other dividends 2,512,481 2,929,577 2,634,392
2,643,310 3,010,127 2,746,624
Capital gain distribution - - 11,695
Net realized gain on sales
of investments 14,966 299,894 81,666
Unrealized appreciation of investments 84,887 514,920 1,226,741
Contributions:
Employees 6,534,368 5,134,045 4,240,563
Thomas & Betts Corporation 2,129,734 1,764,799 1,389,739
8,664,102 6,898,844 5,630,302
Administrative expenses (46,215) (23,542) -
Withdrawals, distributions and
forfeitures (5,261,014) (11,536,920) (4,828,237)
Income and changes in plan equity
for the year 6,100,036 14,509,788 5,836,298
Plan equity at beginning of year 51,757,483 37,247,695 31,411,397
Plan equity at end of year $57,857,519 $51,757,483 $37,247,695
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
T&B STOCK FUND
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
Common stock of Thomas & Betts
Corporation at market value - 66,011
and 51,319 shares (cost $3,831,974
and $2,779,484 in 1993 and 1992,
respectively) $3,861,617 $3,361,408
Employee loan payments receivable 8,076 7,024
Receivable from Thomas & Betts Corporation:
Employee contributions 43,431 33,820
Corporation contributions 20,400 12,029
63,831 45,849
TOTAL ASSETS $3,933,524 $3,414,281
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 13,771
TOTAL LIABILITIES - 13,771
Plan equity - including net unrealized
appreciation of investments 3,933,524 3,400,510
TOTAL LIABILITIES AND EQUITY $3,933,524 $3,414,281
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
T&B STOCK FUND
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from Holmberg Electronics
Corporation Cash or Deferred Trust $ - $ - $ 63,797
Investment Income:
Dividends on Thomas & Betts
Corporation common stock 130,829 80,550 112,232
Interest - - 3,845
130,829 80,550 116,077
Net realized gain (loss) on sales
of investments (43,476) 175,890 51,533
Unrealized appreciation (depreciation)
of investments (427,508) 132,987 473,120
Contributions:
Employees 579,950 375,999 384,300
Thomas & Betts Corporation 207,965 130,172 124,737
787,915 506,171 509,037
Withdrawals, distributions and
forfeitures (238,572) (696,541) (539,184)
Administrative expenses (3,976) (1,562) -
Interfund transfers 327,802 390,217 (259,924)
Income and changes in plan equity
for the year 533,014 587,712 414,456
Plan equity at beginning of year 3,400,510 2,812,798 2,398,342
Plan equity at end of year $ 3,933,524 $ 3,400,510 $ 2,812,798
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
VANGUARD MONEY MARKET RESERVES
FEDERAL PORTFOLIO (VMMR)
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
VMMR Federal Portfolio at market
value which approximates cost $17,848,406 $11,457,517
Employee loan payments receivable 40,133 39,835
Receivable from Thomas & Betts Corporation:
Employee contributions 184,158 233,778
Corporation contributions 94,238 88,914
278,396 322,692
TOTAL ASSETS $18,166,935 $11,820,044
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 46,938
TOTAL LIABILITIES - 46,938
Plan equity - including net unrealized
appreciation of investments 18,166,935 11,773,106
TOTAL LIABILITIES AND EQUITY $18,166,935 $11,820,044
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
VANGUARD MONEY MARKET RESERVES FEDERAL PORTFOLIO
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from FL Industries
Investment & Savings Plan $ - $ 7,297,275 $ -
Interest income 440,073 251,834 -
Contributions:
Employees 2,555,815 1,912,665 -
Thomas & Betts Corporation 844,547 688,892 -
3,400,362 2,601,557 -
Withdrawals, distributions and
forfeitures (1,805,344) (2,482,162) -
Administrative expenses (18,008) (8,088) -
Interfund transfers 4,376,746 4,112,690 -
Income and changes in plan equity
for the year 6,393,829 11,773,106 -
Plan equity at beginning of year 11,773,106 - -
Plan equity at end of year $18,166,935 $11,773,106 $
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
VANGUARD SHORT-TERM FEDERAL BOND FUND
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
Vanguard Short-Term Federal
Bond Fund at market value (cost
$1,512,686 and $457,296 in 1993
and 1992, respectively) $1,496,058 $ 448,412
Employee loan payments receivable 3,000 1,551
Receivable from Thomas & Betts Corporation:
Employee contributions 15,252 7,731
Corporation contributions 6,479 2,625
21,731 10,356
TOTAL ASSETS $1,520,789 $ 460,319
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 1,839
TOTAL LIABILITIES - 1,839
Plan equity - including net unrealized
depreciation of investments 1,520,789 458,480
TOTAL LIABILITIES AND EQUITY $1,520,789 $ 460,319
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
VANGUARD SHORT-TERM FEDERAL BOND FUND
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Interest and dividend income $ 57,137 $ 8,040 $ -
Net realized gain (loss) on
sales of investments 906 (788) -
Unrealized depreciation of investments (9,070) (8,884) -
Contributions:
Employees 193,649 32,161 -
Thomas & Betts Corporation 61,078 11,080 -
254,727 43,241 -
Administrative expenses (620) (56) -
Withdrawals, distributions and
forfeitures (56,632) (749) -
Interfund transfers 815,861 417,676 -
Income and changes in plan equity
for the year 1,062,309 458,480 -
Plan equity at beginning of year 458,480 - -
Plan equity at end of year $1,520,789 $ 458,480 $ -
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
VANGUARD INDEX TRUST - 500 PORTFOLIO
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
Vanguard Index Trust Fund at
market value (cost $6,609,530
and $3,656,084 in 1993 and
1992, respectively) $7,127,473 $4,742,290
Employee loan payments receivable 12,297 10,390
Receivable from Thomas & Betts Corporation:
Employee contributions 71,543 57,013
Corporation contributions 30,959 19,653
102,502 76,666
TOTAL ASSETS $7,242,272 $4,829,346
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 19,433
TOTAL LIABILITIES - 19,433
Plan equity - including net unrealized
appreciation of investments 7,242,272 4,809,913
TOTAL LIABILITIES AND EQUITY $7,242,272 $4,829,346
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
VANGUARD INDEX TRUST - 500 PORTFOLIO
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from Holmberg Electronics
Corporation Cash or Deferred Trust $ - $ - $ 208,882
Interest and dividend income 166,494 160,150 125,240
Capital gain distributions - - 11,695
Net realized gain on sales
of investments 55,646 108,194 30,133
Unrealized appreciation of investments 329,520 81,191 753,621
Contributions:
Employees 995,265 732,360 557,035
Thomas & Betts Corporation 294,054 225,054 175,447
1,289,319 957,414 732,482
Administrative expenses (4,413) (1,814) -
Withdrawals, distributions and
forfeitures (390,326) (1,169,237) (302,188)
Interfund transfers 986,119 112,609 556,580
Income and changes in plan equity
for the year 2,432,359 248,507 2,116,445
Plan equity at beginning of year 4,809,913 4,561,406 2,444,961
Plan equity at end of year $7,242,272 $4,809,913 $4,561,406
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
VANGUARD WORLD FUND, U.S. GROWTH PORTFOLIO
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
Vanguard Growth Fund at market
value (cost $5,540,804 and
$5,123,254 in 1993 and
1992, respectively) $5,655,316 $5,380,837
Employee loan payments receivable 9,380 5,011
Receivable from Thomas & Betts Corporation:
Employee contributions 52,415 63,787
Corporation contributions 24,544 23,670
76,959 87,457
TOTAL ASSETS $5,741,655 $5,473,305
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 22,043
TOTAL LIABILITIES - 22,043
Plan equity - including net unrealized
appreciation of investments 5,741,655 5,451,262
TOTAL LIABILITIES AND EQUITY $5,741,655 $5,473,305
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
VANGUARD WORLD FUND, U.S. GROWTH PORTFOLIO
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from FL Industries
Investment & Savings Plan $ - $4,447,369 $ -
Interest and dividend income 78,885 89,509 -
Net realized gain (loss) on sales
of investments (53,624) 14,311 -
Unrealized appreciation (depreciation)
of investments (89,362) 257,583 -
Contributions:
Employees 957,725 422,604 -
Thomas & Betts Corporation 330,972 144,581 -
1,288,697 567,185 -
Administrative expenses (4,833) (2,257) -
Withdrawals, distributions and
forfeitures (213,422) (148,932) -
Interfund transfers (715,948) 226,494 -
Income and changes in plan equity
for the year 290,393 5,451,262 -
Plan equity at beginning of year 5,451,262 - -
Plan equity at end of year $5,741,655 $5,451,262 $ -
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
VANGUARD WELLINGTON FUND
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
Vanguard Wellington Fund at
market value (cost $9,948,556
and $4,819,227 in 1993 and
1992, respectively) $10,276,366 $4,871,270
Employee loan payments receivable 14,843 3,910
Receivable from Thomas & Betts Corporation:
Employee contributions 100,801 58,093
Corporation contributions 43,702 20,188
144,503 78,281
TOTAL ASSETS $10,435,712 $4,953,461
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 19,959
TOTAL LIABILITIES - 19,959
Plan equity - including net unrealized
appreciation of investments 10,435,712 4,933,502
TOTAL LIABILITIES AND EQUITY $10,435,712 $4,953,461
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
VANGUARD WELLINGTON FUND
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from FL Industries
Investment & Savings Plan $ - $3,484,513 $ -
Interest and dividend income 543,503 157,473 -
Net realized gain on sales
of investments 55,514 2,287 -
Unrealized appreciation of investments 281,307 52,043 -
Contributions:
Employees 1,251,964 375,087 -
Thomas & Betts Corporation 391,118 108,356 -
1,643,082 483,443 -
Administrative expenses (6,358) (1,906) -
Withdrawals, distributions and
forfeitures (773,256) (102,444) -
Interfund transfers 3,758,418 858,093 -
Income and changes in plan equity
for the year 5,502,210 4,933,502 -
Plan equity at beginning of year 4,933,502 - -
Plan equity at end of year $10,435,712 $4,933,502 $ -
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
GUARANTEED INTEREST FUND
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Investments:
First Atlanta Mutual Guaranteed
Interest Fund $ - $ 5,289,026
Principal Mutual Guaranteed
Interest Fund - 4,208,798
Metropolitan Life Guaranteed
Interest Fund 8,548,005 9,598,413
8,548,005 19,096,237
TOTAL ASSETS $ 8,548,005 $19,096,237
PLAN LIABILITIES AND EQUITY
Liabilities:
Accrued withdrawals, distributions
and forfeitures - 78,264
TOTAL LIABILITIES - 78,264
Plan equity 8,548,005 19,017,973
TOTAL LIABILITIES AND EQUITY $ 8,548,005 $19,096,237
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
GUARANTEED INTEREST FUND
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from Holmberg Electronics
Corporation Cash or Deferred Trust $ - $ - $ 687,424
Interest income 1,079,813 2,137,421 2,392,569
Contributions:
Employees - 1,283,132 3,299,228
Thomas & Betts Corporation - 456,704 1,089,555
- 1,739,836 4,388,783
Withdrawals, distributions and
forfeitures (1,651,293) (6,658,956) (3,853,363)
Administrative expenses (7,998) (7,859) -
Interfund transfers (9,890,490) (6,564,869) (741,244)
Income and changes in plan equity
for the year (10,469,968) (9,354,427) 2,874,169
Plan equity at beginning of year 19,017,973 28,372,400 25,498,231
Plan equity at end of year $ 8,548,005 $19,017,973 $28,372,400
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
EMPLOYEE LOAN FUND
<CAPTION>
December 31 1993 1992
<S> <C> <C>
PLAN ASSETS
Employee Loans $2,268,628 $1,912,737
TOTAL ASSETS $2,268,628 $1,912,737
PLAN EQUITY 2,268,628 1,912,737
TOTAL EQUITY $ 2,268,628 $1,912,737
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
EMPLOYEE LOAN FUND
<CAPTION>
Years ended December 31 1993 1992 1991
<S> <C> <C> <C>
Rollover from Holmberg Electronics
Corporation Cash or Deferred Trust $ - $ - $ 7,404
Rollover from FL Industries Investment
& Savings Plan - 117,308 -
Interest income 146,568 125,150 112,738
Withdrawals (132,169) (277,899) (133,502)
Interfund transfers 341,492 447,087 444,588
Income and changes in plan equity
for the year 355,891 411,646 431,228
Plan equity at beginning of year 1,912,737 1,501,091 1,069,863
Plan equity at end of year $2,268,628 $1,912,737 $1,501,091
<FN>
See accompanying notes to financial statements.
/TABLE
<PAGE>
<PAGE> THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. The accompanying financial statements have been prepared on
an accrual basis. Security transactions are recorded on the
trade date, and dividend income is recorded on the ex-
dividend date. Security investments are carried at market
value and the group annuity contracts are carried at net
contribution value plus accumulated interest.
On January 2, 1992, the Corporation acquired FL Holdings,
Inc., operating as American Electric. As a result of this
acquisition, the American Electric Investment and Savings
plan was merged into the Thomas & Betts Corporation
Employees' Investment Plan (the Plan), effective July 1,
1992. All assets and liabilities were transferred at fair
market values. The benefits under the Plan are similar to
those that had been offered under the American Electric
plan.
The Investment Plan Committee of the Corporation decided to
engage The Vanguard Group as the plan trustee, effective
July 1, 1992. In addition to the Thomas & Betts Stock Fund,
Guaranteed Interest Fund and Equity Fund which previously
existed, Plan participants are now able to participate in
any or all of the Vanguard funds listed in Note 2.
2. On April 4, 1984, the Board of Directors of the Corporation
adopted the Employees' Investment Plan in which eligible
employees may elect to participate by authorizing a
withholding of an amount equal to 1%, 2%, 3%, 4% or 5% of
compensation as a basic contribution to the Plan. The
Corporation contributed an amount equal to 50% of each
participating employee's basic contribution through July 31,
1993. Effective August 1, 1993, the Corporation contributes
75% of the first 3% and 50% of the remaining 2% of each
participating employee's basic contribution.
Each employee who has authorized a basic contribution at the
maximum rate of 5% of compensation may authorize a
"supplemental contribution" of 1% to 10% of compensation.
The Corporation does not make any matching contributions
with respect to the amount of supplemental contributions
made by the employees.
Contributions made to the Plan are invested in seven
investment funds known as the T&B Stock Fund, Vanguard Money
Market Reserves - Federal Portfolio, Vanguard Short-term
Government Bond Fund, Vanguard Index Trust - 500 Portfolio,
Vanguard World Fund - U.S. Growth Portfolio, Vanguard
Wellington Fund, and Guaranteed Interest Fund.
(1) The T&B Stock Fund's assets are entirely invested in
common stock of Thomas & Betts Corporation.
(2) The Vanguard Money Market Reserves - Federal Portfolio
is a fund that invests in short-term securities that
are guaranteed or backed by the U.S. Government and its
agencies.
(3) The Vanguard Short-term Federal Bond Fund is a fund
that invests in bonds issued by the U.S. Government and
agency obligations.
(4) The Vanguard Index Trust - 500 Fund is a fund that
invests in the common stock of major corporations, with
the view to achieve a return on investments equal to
the Standard & Poor's 500 Index.
(5) The Vanguard World Fund - U.S. Growth Portfolio is a
fund that invests in high-quality, established growth
stocks of companies based in the United States.
(6) The Vanguard Wellington Fund is a balanced fund that
invests in common stocks (with emphasis on "blue chip"
stocks), corporate bonds, U.S. Government securities
and preferred stock.
(7) The Guaranteed Interest Fund's assets are invested with
Metropolitan Life Insurance Company, First Atlanta Bank
and Principal Mutual Life Insurance Company under group
annuity contracts that guarantee interest at annual
rates of 7.55 percent through June 30, 1994, 9.52
percent through June 30, 1993 and 9.30 percent through
June 30, 1993, respectively.
On January 1, 1990 the Corporation established a Loan Fund
allowing participants in the Employees' Investment Plan with
vested account balances of at least $2,000 to borrow
directly from their savings. Participants may borrow up to
50% of their vested account balance or a maximum of $50,000
for a period of 1 to 5 years. The minimum loan amount
allowed is $1,000. The interest rate charged is set at the
prime rate plus 1% on the last day of the quarter in which
the loan is approved. This rate does not change for the
life of the loan. Loan repayments, both principal and
interest, are deposited into the participants' investment
fund(s) based on the allocation designated at the time of
repayment.
Each participating employee may direct basic and
supplemental contributions in any one or more of the seven
investment funds set up under the Plan. The Corporation's
contribution is allocated among the seven funds in the same
proportion as the employee's basic contribution. Each
employee may change the amount and allocation of his
contribution or reallocate existing balances among funds by
notifying the Vanguard Group by phone on any business day.
Changes are generally effective on the following business
day.
3. As of December 31, 1993, the number of participants in each
investment fund was as follows:
Participants
874 T&B Stock Fund
2144 Vanguard Money Market Reserves - Federal
Portfolio
258 Vanguard Federal Bond Fund
929 Vanguard Index Trust - 500 Portfolio
836 Vanguard World Fund - U.S. Growth Portfolio
1264 Wellington Fund
1171 Guaranteed Interest Fund
653 Loan Fund
The total number of participants in the Plan was less than
the total participants shown above because many were
participating in more than one fund.
4. The Corporation's contributions vest at the end of each year
starting with the second year of credited service, at the
rate of 25% each year. A participant in the Plan whose
employment terminates for any reason before his death,
attainment of age 60, or total and permanent disability is
entitled to receive the vested portion, plus earnings
thereon, of his Employer Contribution Account. The non-
vested portion of the Employer Contribution Account will be
forfeited and retained in the Plan to reduce future
contributions to be made by the Corporation to the Plan. A
participant is entitled to receive 100% of his own
contributions plus earnings thereon. An employee who
elected to participate in the Plan at July 1, 1984
(inception date) has a vested and nonforfeitable right to
his Employer Contribution Account. Employees of FL
Industries, Inc. hired prior to July 1, 1992 shall have a
100% nonforfeitable right to the amounts in their accounts
attributable to transferred contributions from the American
Electric Investment and Savings Plan and shall at all times
have a 100% nonforfeitable right to the amount in their
Employer Contribution accounts.
The Board of Directors of the Corporation may terminate the
Plan, in whole or in part, or permanently discontinue
contributions thereunder for any reason at any time. In the
case of such termination or permanent discontinuance of
contributions thereunder, the participants shall be fully
vested in their accounts.
5. The Internal Revenue Service has issued a determination
letter to the effect that the Plan is a qualified plan under
Section 401(a) of the Internal Revenue Code of 1986 and is
exempt from income tax under Section 501(c). The
Corporation intends to submit all Plan changes since the
last determination to the Internal Revenue Service for
determination.
6. Under the present Federal income tax laws and regulations,
participants and their beneficiaries are not taxed at the
time contributions are made by the Corporation under the
Plan, although the Corporation will receive an immediate
income tax deduction in the amount of such contribution. All
earnings of the Trust Fund, realized and unrealized, are not
taxable to any participant or his beneficiaries except upon
a distribution by the Trust Fund.
If a participant makes a withdrawal, generally the entire
amount distributed to the withdrawing participant will be
taxable to him as ordinary income. If an employee's
participation in the Plan terminates, there are a number of
distribution alternatives available depending upon age and
vested account balance. To the extent that a distribution
consists of the Corporation's securities, the portion of the
distribution representing contributions to the Plan will be
taxable at the time of the distribution as ordinary income
while the portion of the distribution representing any
unrealized appreciation in the value of the Corporation's
securities will not be taxable until disposition of such
shares. The participant or his beneficiaries may be able to
elect to have the ordinary income portion of the
distribution taxed at special rates which in most cases will
be lower than the applicable ordinary income tax rates. If
the participating employee has not participated in the Plan
for five or more years before the year in which his
participation terminates, the special election will not be
available to the participant or his beneficiaries, except in
the case of termination due to the participant's death.
<PAGE>
7. Net realized gain (loss) on dispositions of investments is
as follows:
<TABLE>
<CAPTION>
Vanguard
Federal Vanguard
T&B Short-Term Index Trust
Stock Fund Bond Fund 500
<S> <C> <C> <C>
Year ended December 31, 1993
Amount realized $1,448,732 $ 193,339 $ 3,180,819
Cost - first in, first out 1,492,208 192,433 3,125,173
Net realized gain (loss) $ (43,476) $ 906 $ 55,646
Year ended December 31, 1992
Amount realized $ 856,045 $ 70,937 $ 430,974
Cost - first in, first out 680,155 71,725 322,780
Net realized gain (loss) $ 175,890 $ (788) $ 108,194
Year ended December 31, 1991
Amount realized $ 459,255 $ 0 $ 145,885
Cost - first in, first out 407,722 0 115,752
Net realized gain $ 51,533 $ 0 $ 30,133
</TABLE>
<TABLE>
<CAPTION>
Vanguard Vanguard
World Fund Wellington Combined
U.S. Growth Fund Funds
<S> <C> <C> <C>
Year ended December 31, 1993
Amount realized $1,588,842 $1,933,354 $29,863,153
Cost - first in, first out 1,642,466 1,877,840 29,848,187
Net realized gain (loss) $ (53,624) $ 55,514 $ 14,966
Year ended December 31, 1992
Amount realized $1,474,975 $ 305,098 $ 3,138,029
Cost - first in, first out 1,460,664 302,811 2,838,135
Net realized gain $ 14,311 $ 2,287 $ 299,894
Year ended December 31, 1991
Amount realized $ 0 $ 0 $ 605,140
Cost - first in, first out 0 0 523,474
Net realized gain $ 0 $ 0 $ 81,666
/TABLE
<PAGE>
8. Net unrealized appreciation (depreciation) of investments
included in plan equity is as follows:
<TABLE>
<CAPTION>
Vanguard
Federal Vanguard
T&B Short-Term Index Trust
Stock Fund Bond Fund 500
<S> <C> <C> <C>
Year ended December 31, 1993
Balance at beginning of year $ 581,924 $ (8,884) $ 1,086,206
Change for the year (427,508) (9,070) 329,520
Balance at end of year $ 154,416 $(17,954) $ 1,415,726
Year ended December 31, 1992
Balance at beginning of year $448,937 $ 0 $ 1,005,015
Change for the year 132,987 (8,884) 81,191
Balance at end of year $581,924 $ (8,884) $ 1,086,206
Year ended December 31, 1991
Balance at beginning of year $(24,183) $ 0 $ 251,394
Change for the year 473,120 0 753,621
Balance at end of year $448,937 $ 0 $ 1,005,015
</TABLE>
<TABLE>
<CAPTION>
Vanguard Vanguard
World Fund Wellington Combined
U.S. Growth Fund Funds
<S> <C> <C> <C>
Year ended December 31, 1993
Balance at beginning of year $ 257,583 $ 52,043 $ 1,968,872
Change for the year (89,362) 281,307 84,887
Balance at end of year $ 168,221 $333,350 $ 2,053,759
Year ended December 31, 1992
Balance at beginning of year $ 0 $ 0 $ 1,453,952
Change for the year 257,583 52,053 514,920
Balance at end of year $257,583 $ 52,043 $1,968,872
Year ended December 31, 1991
Balance at beginning of year $ 0 $ 0 $ 227,211
Change for the year 0 0 1,226,741
Balance at end of year $ 0 $ 0 $1,453,952
</TABLE>
<PAGE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Investment Plan Committee
Thomas & Betts Corporation
We have audited the financial statements of Thomas & Betts
Corporation Employees' Investment Plan as listed in the
accompanying index. These financial statements are the
responsibility of the Corporation'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 position
of Thomas & Betts Corporation Employees' Investment Plan at
December 31, 1993 and 1992, and the results of its operations and
changes in plan equity for each of the years in the 3-year period
ended December 31, 1993, in conformity with generally accepted
accounting principles.
KPMG PEAT MARWICK
Memphis, Tennessee
June 24, 1994<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who
administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
Date: June 27, 1994 By:/s/ Ronald P. Babcock
Ronald P. Babcock
Vice President - Finance
<PAGE>
EXHIBIT 24
The Investment Plan Committee
Thomas & Betts Corporation
We consent to incorporation by reference in the Registration
Statement (No. 33-1404) on Form S-8 of Thomas & Betts Corporation
of our report dated June 24, 1994, relating to the statements of
financial condition of Thomas & Betts Corporation Employees'
Investment Plan as of December 31, 1993 and 1992 and the related
statements of income and changes in plan equity for each of the
years in the three-year period ended December 31, 1993, which
report appears in the December 31, 1993 annual report on Form 11-
K of Thomas & Betts Corporation Employees' Investment Plan.
KPMG PEAT MARWICK
Memphis, Tennessee
June 24, 1994
