<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, 1994
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>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
INDEX
Financial Statements and Exhibits Page No.
Financial Statements:
Statement of Financial Condition -
Combined Funds - December 31,
1994 and 1993. 3
Statement of Income and Changes in
Plan Equity - Combined Funds - Years
Ended December 31, 1994, 1993,
and 1992. 4
Notes to Financial Statements 5
Schedules (1994 Information Only):
Schedule I 15
Schedule II 16
Independent Auditors' Report 17
Signatures 18
Exhibits:
Auditors' Consent
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
COMBINED FUNDS
<CAPTION>
December 31 1994 1993
<S> <C> <C>
PLAN ASSETS
Investments:
Common stock of Thomas & Betts
Corporation at market value -
85,513 and 66,011 shares (cost
$5,271,677 and $3,831,974 in 1994
and 1993, respectively) $ 5,831,171 $ 3,861,617
VMMR Federal Portfolio at market value
which approximates cost 25,523,561 17,848,406
Vanguard Short-Term Federal Bond
Fund at market value (cost
$1,522,559 and $1,512,686 in 1994
and 1993, respectively) 1,434,080 1,496,058
Vanguard Index Trust Fund at market
value (cost $7,686,993 and $6,609,530
in 1994 and 1993, respectively) 7,976,642 7,127,473
Vanguard U.S. Growth Fund at market value
(cost $5,732,218 and $5,540,804 in
1994 and 1993, respectively) 5,960,771 5,655,316
Vanguard Wellington Fund at market
value (cost $11,615,378 and $9,948,556
in 1994 and 1993, respectively) 11,391,468 10,276,366
Metropolitan Life Guaranteed
Interest Fund at contract value - 8,548,005
Intermediate U.S. Treasury Bond Fund
at fair value (Cost $320,353 in 1994) 312,465 -
International Growth Portfolio
at fair value (Cost $798,321 in 1994) 765,900 -
Employee Loan Fund 2,433,286 2,268,628
Employee loan payments receivable 91,851 87,728
Receivable from Thomas & Betts Corporation:
Employees' contributions 574,493 467,600
Employer's contributions 261,562 220,322
836,055 687,922
TOTAL ASSETS $62,557,250 $57,857,519
PLAN EQUITY
Plan equity - including net unrealized
appreciation of investments $62,557,250 $57,857,519
TOTAL EQUITY $62,557,250 $57,857,519
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
COMBINED FUNDS
<CAPTION>
Years ended December 31 1994 1993 1992
<S> <C> <C> <C>
Rollover from FL Industries Investment
& Savings Plan $ - $ - $15,346,465
Investment Income:
Dividends on Thomas & Betts
Corporation common stock 164,767 130,829 80,550
Interest and other dividends 2,257,827 2,512,481 2,929,577
2,422,594 2,643,310 3,010,127
Net realized gain (loss) on sales
of investments (5,846) 14,966 299,894
Unrealized appreciation (depreciation)
of investments (94,267) 84,887 514,920
Contributions:
Employees 6,467,676 6,534,368 5,134,045
Employer 2,728,759 2,129,734 1,764,799
9,196,435 8,664,102 6,898,844
Administrative expenses (54,185) (46,215) (23,542)
Withdrawals, distributions and
forfeitures (6,765,000) (5,261,014) (11,536,920)
Income and changes in plan equity
for the year 4,699,731 6,100,036 14,509,788
Plan equity at beginning of year 57,857,519 51,757,483 37,247,695
Plan equity at end of year $62,557,250 $57,857,519 $51,757,483
<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 fair
value and the group interest contracts are carried at
contract value which represents 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.
During 1993 contributions made to the Plan were 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.
During 1994 the Guaranteed Interest Fund was closed and two
new funds, Intermediate U.S. Treasury Bond Fund and
International Growth Portfolio, were
added.
(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 were 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,
1992, respectively.
(8) The Intermediate U.S. Treasury Bond Fund is a fund that
invests in either corporate debt securities or securities
issued by the U.S. Government which mature in five to
twelve years.
(9) The International Growth Portfolio invests in the stocks
of companies located outside the United States.
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 investment funds set up
under the Plan. The Corporation's contribution is allocated
among the 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. The following table presents the fair values of investments
at December 31, 1994, and 1993.
<PAGE>
<TABLE>
<CAPTION>
1994 1993
Number of Number of
shares/units shares/units
or principle Fair of principal Fair
amount Value amount Value
<S> <C> <C> <C> <C>
Investments at fair value
as determined by quoted market
price:
Thomas & Betts common stock 85,513 $ 5,831,171 66,011 $ 3,861,617
Vanguard Wellington Fund 587,492 11,391,468 503,743 10,276,366
Vanguard Index 500 Portfolio 185,633 7,976,642 162,616 7,127,473
Vanguard U.S. Growth Fund 388,830 5,960,771 378,789 5,655,316
International Growth Portfolio 57,029 765,900 - -
Investments at estimated fair value:
VMMR Federal Portfolio 25,523,561 25,523,561 17,848,406 17,848,406
Intermediate U.S. Treasury
Bond Fund 32,447 312,465 - -
Vanguard Short-Term Federal
Bond Fund 147,996 1,434,080 144,686 1,496,058
Participant Loans 2,433,286 2,433,286 2,268,628 2,268,628
Investments at contract value:
Guaranteed Interest Fund - - 8,548,005 8,548,005
Total investments at fair value $61,629,344 $57,081,869
During the years ended December 31, 1994, 1993, and 1992, the Plan's
investments (including investments bought and held during the year)
appreciated (depreciated) in value by $(100,113), $99,853 and
$814,814, respectively as follows:
1994 1993 1992
Thomas & Betts common stock $ 607,896 $(470,984) $308,877
Vanguard Short-Term Federal Bond Fund (96,720) (8,164) (9,672)
Vanguard Index 500 Portfolio (147,909) 385,166 189,385
Vanguard U.S. Growth Fund 147,795 (142,986) 271,894
Vanguard Wellington Fund (565,510) 336,821 54,330
Intermediate U.S. Treasury Bond Fund (10,181) - -
International Growth Portfolio (35,484) - -
Net appreciation(depreciation)
in fair value $(100,113) $ 99,853 $814,814
</TABLE>
<PAGE>
4. Investment programs of the Plan are participant-directed. Net assets
available for benefits for December 31, 1994, and 1993 and changes in net
assets available for benefits by investment funds for the years ended
December 31, 1994, 1993, and 1992 are as follows:
<TABLE>
<CAPTION>
1994
NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
T&B VMMR Vanguard Vanguard Vanguard
Stock Federal Federal Vanguard Growth Wellington
Fund Portfolio Bond Index 500 Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investments at fair value $ 5,831,171 $25,523,561 $1,434,080 $ 7,976,642 $5,960,771 $11,391,468
Employee loan payments
receivable 9,042 40,070 1,850 12,433 9,825 17,198
Receivable from Thomas & Betts
Corporation:
Employees' contributions 65,326 194,592 19,373 76,616 72,873 128,304
Employer's contributions 29,973 95,801 8,816 33,624 30,924 55,479
95,299 290,393 28,189 110,240 103,797 183,783
Net assets available for
benefits $ 5,935,512 $25,854,024 $1,464,119 $ 8,099,315 $6,074,393 $11,592,449
<CAPTION>
Intermediate International
U.S. Treasury Growth
Bond Portfolio Loan Fund Total
<S> <C> <C> <C> <C>
Investments at fair value $ 312,465 $ 765,900 $2,433,286 $61,629,344
Employee loan payments
receivable $ 312 $ 1,121 $ - $ 91,851
Receivable from Thomas & Betts
Corporation:
Employees' contributions 3,821 13,589 - 574,493
Employer's contributions 1,607 5,337 - 261,562
5,428 18,926 - 836,055
$318,205 $785,947 $2,433,286 $62,557,250
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1994
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
T&B VMMR Vanguard Vanguard Vanguard
Stock Federal Federal Vanguard Growth Wellington
Fund Portfolio Bond Index 500 Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest & Other
Dividends $1,164,767 $ 882,486 $ 83,621 $ 241,692 $ 69,195 $ 499,208
Net appreciation (depreciation)
in fair value of
investments 607,896 - (96,720) $ (147,909) $ 147,795 (565,510)
Contributions:
Employees 645,742 2,174,075 202,901 965,051 810,453 1,603,153
Employer 282,918 1,037,664 85,260 377,961 330,178 589,207
Total additions 1,701,323 4,094,225 275,062 1,436,795 1,357,621 2,126,058
Administrative expenses (5,681) (24,143) (1,344) (6,017) (5,124) (9,544)
Withdrawals, distributions
and forfeitures (308,248) (2,624,024) (108,964) (972,210) (722,775) (1,418,961)
Transfers in (out), net 614,594 6,241,031 (221,424) 398,476 (296,984) 459,184
Net increase (decrease) 2,001,988 7,687,089 (56,670) 857,044 332,738 1,156,737
Net assets available for plan benefits:
Beginning of year 3,933,524 18,166,935 1,520,789 7,242,271 5,741,655 10,435,712
End of year 5,935,512 25,854,024 1,464,119 8,099,315 6,074,393 11,592,449
<CAPTION>
Intermediate International
Met Life U.S. Treasury Growth
Fund Bond Portfolio Loan Fund Total
<S> <C> <C> <C> <C>
Investment Income:
Interest & Other
Dividends $ 313,483 $ 7,543 $ 9,956 $ 150,643 $ 2,422,594
Net appreciation (depreciation)
in fair value of
investments - (10,181) (35,484) - $ (100,113)
Contributions:
Employees - 16,371 49,930 - 6,467,676
Employer - 6,313 19,258 - 2,728,759
Total additions 313,483 20,046 43,660 150,643 11,518,916
Administrative expenses (2,057) (59) (209) (7) (54,185)
Withdrawals, distributions
and forfeitures (392,685) - (11,265) (205,868) (6,765,000)
Transfers in (out), net (8,466,746) 298,218 753,761 219,890 -
Net increase (decrease) (8,548,005) 318,205 785,947 164,658 4,699,731
Net assets available for plan benefits:
Beginning of year 8,548,005 - - $2,268,628 $57,857,519
End of year $ - $ 318,205 $ 785,947 $2,433,286 $62,557,250
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1993
NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
T&B VMMR Vanguard Vanguard Vanguard
Stock Federal Federal Vanguard Growth Wellington
Fund Portfolio Bond Index 500 Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value $ 3,861,617 $17,848,406 $ 1,496,058 $ 7,127,473 $5,655,316 $10,276,366
Investments, at contract value - - - - - -
Total investments 3,861,617 17,848,406 1,496,058 7,127,473 5,655,316 10,276,366
Employee loan payments
receivable 8,076 40,133 3,000 12,297 9,380 14,842
Receivable from Thomas & Betts
Corporation:
Employees' contribution 43,431 184,158 15,252 71,543 52,415 100,801
Employer's contribution 20,400 94,238 6,479 30,959 24,544 43,702
63,831 278,396 21,731 102,502 76,959 144,503
Net assets available for
benefits $ 3,933,524 $18,166,935 $ 1,520,789 $ 7,242,272 $5,741,655 $10,435,711
<CAPTION>
Met Life
Fund Loan Fund Total
<S> <C> <C> <C>
Investments, at fair value $ - $ 2,268,628 $48,533,864
Investments, at contract value 8,548,005 - 8,548,005
Total investments 8,548,005 2,268,628 57,081,869
Employee loan payments
receivable - - 87,728
Receivable from Thomas & Betts
Corporation:
Employees' contributions - - 467,600
Employer's contributions - - 220,322
- - 687,922
Net assets available for
benefits $8,548,005 $ 2,268,628 $57,857,519
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1993
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
T&B VMMR Vanguard Vanguard Vanguard
Stock Federal Federal Vanguard Growth Wellington
Fund Portfolio Bond Index 500 Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest & Other
Dividends $ 130,829 $ 440,073 $ 57,139 $ 166,496 $ 78,887 $ 543,505
Net appreciation (depreciation)
in fair value of
investments (470,984) - (8,164) $ 385,166 $ (142,986) 336,821
Contributions:
Employees 579,950 2,555,815 193,649 995,265 957,725 1,251,964
Employer 207,965 844,547 61,078 294,054 330,972 391,118
Total additions 447,760 3,840,435 303,702 1,840,981 1,224,598 2,523,408
Administrative expenses (3,977) (18,009) (620) (4,413) (4,833) (6,358)
Withdrawals, distributions
and forfeitures (238,572) (1,805,344) (56,632) (390,326) (213,422) (773,256)
Transfers in (out), net 327,803 4,376,747 815,859 986,117 (715,950) 3,758,415
Net increase (decrease) 533,014 6,393,829 1,062,309 2,432,359 290,393 5,502,209
Net assets available for plan benefits:
Beginning of year 3,400,510 11,733,106 458,480 4,809,913 5,451,262 4,933,502
End of year 3,933,524 18,166,935 1,520,789 7,242,272 5,741,657 10,435,711
<CAPTION>
Met Life
Fund Loan Fund Total
<S> <C> <C> <C>
Investment Income:
Interest & Other
Dividends $ 1,079,813 $ 146,568 $ 2,643,310
Net appreciation (depreciation)
in fair value of
investments - - 99,853
Contributions:
Employees - - 6,534,368
Employer - - 2,129,734
Total additions 1,079,813 146,568 11,407,265
Administrative expenses (7,998) (7) (46,215)
Withdrawals, distributions
and forfeitures (1,651,293) (132,169) (5,261,014)
Transfers in (out), net (9,890,490) 341,499 -
Net increase (decrease) (10,469,968) 355,891 6,100,036
Net assets available for plan benefits:
Beginning of year 19,017,973 1,912,737 51,757,483
End of year $ 8,548,005 $ 2,268,628 $57,857,519
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1992
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY INVESTMENT FUND
T&B VMMR Vanguard Vanguard Vanguard
Stock Federal Federal Vanguard Growth Wellington
Fund Portfolio Bond Index 500 Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Rollover from FL Industries
Investment & Savings Plan $ - $ 7,297,275 $ - $ - $4,447,369 $3,484,513
Investment Income:
Interest & other dividends 80,550 251,834 8,040 $ 160,150 $ 89,509 157,473
Net appreciation (depreciation)
in fair value of
investments 308,877 - (9,672) 189,385 271,894 54,330
Contributions:
Employees 375,999 1,912,665 32,161 732,360 422,604 375,087
Employer 130,172 688,892 11,080 225,054 144,581 108,316
Total additions 895,598 10,150,666 41,609 1,306,949 5,375,957 4,179,719
Administrative expenses (1,562) (8,088) (56) (1,814) (2,257) (1,906)
Withdrawals, distributions and
forfeitures (696,541) (2,482,162) (749) (1,169,237) (148,932) (102,444)
Transfers in (out), net 390,217 4,112,690 417,676 112,609 226,494 858,093
Net increase (decrease) 587,712 11,773,106 458,480 248,507 5,451,262 4,933,462
Net assets available for benefits:
Beginning of year 2,812,798 - - 4,561,406 - -
End of year $3,400,510 $11,773,106 $ 458,480 $4,809,913 $5,451,262 $ 4,933,462
<CAPTION>
Met Life
Fund Loan Fund Total
<S> <C> <C> <C>
Rollover from FL Industries
Investment & Savings Plan $ - $ 117,308 $15,346,465
Investment Income:
Interest & other dividends 2,137,421 125,150 3,010,127
Net appreciation (depreciation)
in fair value of
investments - - 814,814
Contributions:
Employees 1,283,169 - 5,134,045
Employer 456,704 - 1,764,799
Total additions 3,877,294 242,458 26,070,250
Administrative expenses (7,859) - (23,542)
Withdrawals, distributions and
forfeitures (6,658,956) (277,899) (11,536,920)
Transfers in (out), net (6,564,866) 447,087 -
Net increase (decrease) (9,354,387) 411,646 14,509,788
Net assets available for benefits:
Beginning of year 28,372,400 1,501,091 37,247,695
End of year $19,018,013 $1,912,737 $51,757,483
</TABLE>
<PAGE>
5. As of December 31, 1994, the number of participants in each
investment fund was as follows:
Participants
1093 T&B Stock Fund
2135 Vanguard Money Market Reserves-Federal Portfolio
356 Vanguard Federal Bond Fund
1090 Vanguard Index Trust - 500 Portfolio
914 Vanguard World Fund - U.S. Growth Portfolio
1462 Wellington Fund
721 Loan Fund
50 Intermediate U.S. Treasury Bond Fund
157 International Growth Portfolio
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.
6. 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 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 become fully
vested in their accounts.
7. 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 Plan has
been amended since receiving the determination letter.
However, the Plan administrator and the Plan's tax counsel
believe that the Plan is designed and is currently being
operated in compliance with the applicable requirements of
the Internal Revenue Code.
8. 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>
<PAGE>
<TABLE>
<CAPTION>
Schedule 1
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
Schedule of Investment Assets
Identity of Issue Description Cost Fair Value
<S> <C> <C> <C>
Equity Securities
Thomas & Betts Corporation
common stock 85,513 shares $ 5,271,677 $ 5,831,171
Mutual Funds
Vanguard Wellington Fund 587,492 units 11,615,378 11,391,468
VMMR Federal Portfolio 25,523,561 units 25,523,561 25,523,561
Intermediate U.S. Treasury
Bond Fund 32,447 units 320,353 312,465
Vanguard Index 500 Portfolio 185,633 units 7,686,993 7,976,642
Short-Term Federal Bond Fund 147,996 units 1,522,559 1,434,080
Vanguard U.S. Growth Fund 388,830 units 5,732,218 5,960,771
International Growth Portfolio 57,029 units 798,321 765,900
Total mutual funds 26,922,988 53,199,383 53,364,887
Loan Fund
Participant loans Interest rate range
7% to 8.75% with
maturity date range
January 24, 1995,
to December 12, 1999 3,433,286 2,433,286
Total investments $60,904,346 $61,629,344
<FN>
See accompanying independent auditors' report.
</TABLE>
PAGE
<PAGE>
<TABLE>
<CAPTION>
Schedule 2
THOMAS & BETTS CORPORATION
EMPLOYEES' INVESTMENT PLAN
Reportable Transactions
Year ended December 31, 1994
Total
Description of Number Of Purchase Selling Gain/
Security Transactions Price/Cost Price (Loss)
<S> <C> <C> <C> <C>
Purchases:
Thomas & Betts stock 109 $ 2,888,228 - -
Vanguard Wellington Fund 120 4,621,638 - -
VMMR Federal Portfolio 223 18,599,938 - -
Vanguard Index 500
Portfolio 167 6,542,057 - -
Vanguard U.S. Growth Fund 91 1,737,440 -
$34,389,301 -
Sales:
Thomas & Betts stock 111 $ 1,440,444 $ 1,526,572 $86,128
Vanguard Wellington Fund 152 3,005,670 2,941,026 (64,644)
VMMR Federal Portfolio 217 10,924,783 10,924,783 -
Vanguard Index 500 Portfolio 158 5,557,800 5,544,979 (12,821)
Vanguard U.S. Growth Fund 142 1,568,580 1,579,780 1,200
$22,497,277 $22,517,140 $19,863
<FN>
See accompanying independent auditors' report.
</TABLE>
<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,
1994, and 1993, and the results of its operations and changes in
plan equity for each of the years in the three-year period ended
December 31, 1994, 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 supplementary
information included in Schedules 1 and 2 is presented for purposes
of additional analysis and complying with the Department of Labor
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 and is not a
required part of the basic financial statements. Such
supplementary information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
KPMG PEAT MARWICK LLP
Memphis, Tennessee
June 29, 1995
<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 29, 1995 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 20, 1995, relating to the statements of
financial condition of Thomas & Betts Corporation Employees'
Investment Plan as of December 31, 1994, and 1993 and the related
statements of income and changes in plan equity for each of the
years in the three-year period ended December 31, 1994, which
report appears in the December 31, 1994, annual report on Form 11-K
of Thomas & Betts Corporation Employees' Investment Plan.
KPMG PEAT MARWICK LLP
Memphis, Tennessee
June 29, 1995
