-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WY26u5TBDivy2YTZilSiusqBcQmzxOAfHtgStVfkfmQhQof51Z+kWuLjbFInvq6I wurE2GTdGRVoS+ETAanemQ== 0001022581-98-000007.txt : 19980629 0001022581-98-000007.hdr.sgml : 19980629 ACCESSION NUMBER: 0001022581-98-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980626 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED FREIGHTWAYS CORP CENTRAL INDEX KEY: 0001022581 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 770425334 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-12149 FILM NUMBER: 98654904 BUSINESS ADDRESS: STREET 1: 175 LINFIELD DR CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 4153261700 MAIL ADDRESS: STREET 1: 175 LINFIELD DRIVE CITY: MENLO PARK STATE: CA ZIP: 94025 11-K 1 UNITED STATES 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, 1997 OR __ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from N/A to N/A COMMISSION FILE NUMBER 1-12149 CONSOLIDATED FREIGHTWAYS 401(k) PLAN Consolidated Freightways Corporation Incorporated in the State of Delaware I.R.S. Employer Identification No. 77-0425334 175 Linfield Drive, Menlo Park, CA 94025 Telephone Number (650) 326-1700 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons administering the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Consolidated Freightways 401(k) Plan June 26, 1998 /s/Stephen D. Richards Stephen D. Richards Senior Vice President and General Counsel CONSOLIDATED FREIGHTWAYS 401(K) PLAN FINANCIAL STATEMENTS AND SCHEDULES AS OF DECEMBER 31, 1997 AND 1996 TOGETHER WITH AUDITORS' REPORT REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Compensation Committee of the Consolidated Freightways Corporation Board of Directors: We have audited the accompanying statements of net assets available for benefits of the Consolidated Freightways 401(k) Plan (the Plan) as of December 31, 1997 and 1996, and the related statement of changes in net assets available for benefits, with fund information, for the year ended December 31, 1997. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1997 and 1996, and the changes in its net assets available for benefits, with fund information, for the year ended December 31, 1997, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/Arthur Andersen LLP Portland, Oregon, June 5, 1998 CONSOLIDATED FREIGHTWAYS 401(K) PLAN AS OF DECEMBER 31, 1997 AND 1996 INDEX TO REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS, FINANCIAL STATEMENTS AND SCHEDULES REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS: Statement of Net Assets Available for Plan Benefits with Fund Information as of December 31, 1997 1 Statement of Net Assets Available for Plan Benefits with Fund Information as of December 31, 1996 2 Statement of Changes in Net Assets Available for Plan Benefits with Fund Information for the Year Ended December 31, 1997 3 NOTES TO FINANCIAL STATEMENTS AND SCHEDULES 4 SUPPLEMENTAL SCHEDULES: Schedule I:Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1997 8 Schedule II:Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1997 9
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1997 Participant Directed U.S. Equity International Growth New Bond Treasury Index Stock Stock Income Index Money Market Trust Fund Fund Fund Trust Trust ASSETS: Investments, at fair value- T. Rowe Price: Shares in registered investment companies $ - $5,794,227 $15,374,235 $3,430,263 $ - $ - Common trust funds 663,834 - - - 27,864 4,631,039 Corporate stock - - - - - - Participant loans - - - - - - Total investments 663,834 5,794,227 15,374,235 3,430,263 27,864 4,631,039 Employee contributions 12,873 38,078 84,989 22,288 1,128 29,843 receivable Net assets available for plan benefits $676,707 $5,832,305 $15,459,224 $3,452,551 $28,992 $4,660,882 The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1997 Participant Directed Retirement Retirement Retirement Strategy Science and Equity Strategy Strategy Trust - Technology Income Trust - Trust - Conservative Fund Fund Balanced Income Plus Growth ASSETS: Investments, at fair value- T. Rowe Price: Shares in registered investment companies $14,915,937 $13,233,974 $ - $ - $ - Common trust funds - - 6,490,622 136,713 298,888 Corporate stock - - - - - Participant loans - - - - - Total investments 14,915,937 13,233,974 6,490,622 136,713 298,888 Employee contributions 98,457 72,324 37,416 2,104 5,343 receivable Net assets available for plan benefits $15,014,394 $13,306,298 $6,528,038 $ 138,817 $304,231 The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1997 CFC Common Participant Stock Fund Loans Total ASSETS: Investments, at fair value- T. Rowe Price: Shares in registered investment companies $ - $ - $ 52,748,636 Common trust funds - - 12,248,960 Corporate stock 1,150,574 - 1,150,574 Participant loans - 2,790,430 2,790,430 Total investments 1,150,574 2,790,430 68,938,600 Employee contributions 13,035 - 417,878 receivable Net assets available for plan benefits $1,163,609 $2,790,430 $69,356,478 The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1996 Participant Directed International Growth New Prime Stock Stock Income Reserve Fund Fund Fund Fund ASSETS: Investments, at fair value- T. Rowe Price: Shares in registered investment companies $5,129,448 $9,987,906 $2,800,080 $3,566,751 Participant loans - - - - Total investments 5,129,448 9,987,906 2,800,080 3,566,751 Employee contributions receivable 56,077 104,367 32,877 42,170 NET ASSETS AVAILABLE FOR PLAN BENEFITS $5,185,525 $10,092,273 $2,832,957 $3,608,921 The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1996 Participant Directed Science and Equity Technology Income Balanced Participant Fund Fund Fund Loans Total ASSETS: Investments, at fair value- T. Rowe Price: Shares in registered investment companies $12,216,872 $7,870,638 $4,665,011 $ - $46,236,706 Participant loans - - - 1,217,755 1,217,755 Total investments 12,216,872 7,870,638 4,665,011 1,217,755 47,454,461 Employee contributions receivable 132,175 80,466 48,800 - 496,932 NET ASSETS AVAILABLE FOR PLAN BENEFITS $12,349,047 $7,951,104 $4,713,811 $1,217,755 $47,951,393 The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1997 Participant Directed U.S. Equity International Growth New Bond Treasury Prime Index Stock Stock Income Index Money Market Reserve Trust Fund Fund Fund Trust Trust Fund ADDITIONS: Participant contributions $196,254 $1,639,589 $ 3,233,632 $ 927,537 $21,024 $ 685,199 $ 547,359 Dividend and interest income - - - - - 111,501 89,292 Net realized and unrealized appreciation (depreciation) in fair value of invesments 46,512 124,826 2,936,512 277,830 1,582 - - Total additions 242,766 1,764,415 6,170,144 1,205,367 22,606 796,700 636,651 DEDUCTIONS: Transfers out (in) to other plans (7,540) 5,946 (8,025) 811 (848) (72,426) 16,620 Distributions to participants 7,780 195,075 441,880 132,259 - 145,907 153,816 Total deductions 240 201,021 433,855 133,070 (848) 73,481 170,436 Net increase prior to interfund transfers, net 242,526 1,563,394 5,736,289 1,072,297 23,454 723,219 466,215 Interfund transfers, net 434,181 (916,614) (369,338) (452,703) 5,538 3,937,663 (4,075,136) Net increase (decrease) 676,707 646,780 5,366,951 619,594 28,992 4,660,882 (3,608,921) NET ASSETS AVAILABLE FOR PLAN BENEFITS, as of December 31, 1996 - 5,185,525 10,092,273 2,832,957 - - 3,608,921 NET ASSETS AVAILABLE FOR PLAN BENEFITS, as of December 31, 1997 $676,707 $5,832,305 $15,459,224 $3,452,551 $28,992 $4,660,882 $ - The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1997 Participant Directed Retirement Retirement Science and Equity Strategy Strategy Technology Income Balanced Trust - Trust - Fund Fund Fund Balanced Income Plus ADDITIONS: Participant contributions $3,895,161 $2,654,125 $ 637,652 $ 832,859 $ 32,882 Dividend and interest income - - - - - Net realized and unrealized appreciation (depreciation) in fair value of invesments 186,809 2,629,613 576,532 309,101 7,645 Total additions 4,081,970 5,283,738 1,214,184 1,141,960 40,527 DEDUCTIONS: Transfers out (in) to other plans (25,730) (28,471) 4,870 (6,250) - Distributions to participants 291,592 250,780 82,679 73,986 - Total deductions 265,862 222,309 87,549 67,736 - Net increase prior to interfund transfers, net 3,816,108 5,061,429 1,126,635 1,074,224 40,527 Interfund transfers, net (1,150,761) 293,765 (5,840,446) 5,453,814 98,290 Net increase (decrease) 2,665,347 5,355,194 (4,713,811) 6,528,038 138,817 NET ASSETS AVAILABLE FOR PLAN BENEFITS, as of December 31, 1996 12,349,047 7,951,104 4,713,811 - - NET ASSETS AVAILABLE FOR PLAN BENEFITS, as of December 31, 1997 $15,014,394 $13,306,298 $ - $6,528,038 $138,817 The accompanying notes are an integral part of this statement.
CONSOLIDATED FREIGHTWAYS 401(K) PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1997 Participant Directed Retirement Strategy Trust - CFC Conservative Common Participant Growth Stock Fund Loans Total ADDITIONS: Participant contributions $101,677 $ 295,530 $ - $15,700,480 Dividend and interest income - - 153,673 354,466 Net realized and unrealized appreciation (depreciation) in fair value of invesments 12,424 (65,749) - 7,043,637 Total additions 114,101 229,781 153,673 23,098,583 DEDUCTIONS: Transfers out (in) to other plans (844) (13,931) - (135,818) Distributions to participants - 2,765 50,797 1,829,316 Total deductions (844) (11,166) 50,797 1,693,498 Net increase prior to interfund transfers, net 114,945 240,947 102,876 21,405,085 Interfund transfers, net 189,286 922,662 1,469,799 - Net increase (decrease) 304,231 1,163,609 1,572,675 21,405,085 NET ASSETS AVAILABLE FOR PLAN BENEFITS, as of December 31, 1996 - - 1,217,755 47,951,393 NET ASSETS AVAILABLE FOR PLAN BENEFITS, as of December 31, 1997 $304,231 $1,163,609 $2,790,430 $69,356,478 The accompanying notes are an integral part of this statement. CONSOLIDATED FREIGHTWAYS 401(K) PLAN NOTES TO FINANCIAL STATEMENTS AND SCHEDULES AS OF DECEMBER 31, 1997 AND 1996 1. DESCRIPTION OF PLAN: The following description of the Consolidated Freightways 401(k) Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for more complete information. General The Plan is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan was established effective May 1, 1993. The Plan was amended in 1997, changing the name from the CF MotorFreight Savings Plan, adding additional investment options and increasing the number of loans available to each participant, among other changes. The overall responsibility for administering the Plan rests with the Consolidated Freightways Corporation Administrative Committee (the Committee) which is appointed by the Chief Executive Officer of the Company. The Plan's trustee, T. Rowe Price Trust Company (the Trustee), is responsible for the management and control of the Plan's assets. The Plan is intended to qualify as a profit sharing plan under section 401(a) of the Internal Revenue Code (the Code), with a salary deferral feature qualified under Section 401(k) of the Code and is subject to the provisions of ERISA. The related trust is intended to comply with Section 501 of the Code. Employees are eligible to participate in the Plan if they are covered by an eligible collective bargaining agreement, are not leased employees and are not nonresident aliens with no U.S. earned income. Employees of subsidiaries with substantially all operations outside of the United States, unless the Employer makes contributions under the Federal Insurance Contributions Act on behalf of the employees and they do not accrue benefits under a Company-funded pension plan other than the Consolidated Freightways Corporation Pension Plan, are not eligible. Contributions An eligible employee may elect to contribute from 1% to 15% of pretax compensation to the Plan, subject to certain Internal Revenue Service limitations. Each participating employee may direct contributions into one or more of the twelve investment funds set up under the Plan. Consolidated Freightways Corporation of Delaware (the Company) makes no matching contributions for participants of the Plan. Participant Accounts A separate account is maintained for each participant of the Plan. Participant contributions are credited to individual investment funds as directed by the participant. Net earnings of the individual investment funds are allocated to each participant's account based upon the value of the participant's fund balance in relation to the Plan's total fund balance. Vesting Participants are fully vested at all times in all contributions made to the Plan plus net earnings thereon. Participant Loans Receivable The Plan has a loan provision allowing participants access to funds in their accounts. Participants can have up to three loans outstanding at one time and may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of (a) the participant's elective contributions and related earnings, (b) 45% of the participant's account or (c) $50,000 reduced by the participant's highest aggregate loan balance within the preceding 12 months. Loans are secured by the participant's account balances. Loan transactions are treated as a transfer to (from) the various investment funds from (to) the Loan Fund. Loans can be made for a term not to exceed 4-1/2 years and bear interest at a reasonable rate determined by the Committee. Loans outstanding at December 31, 1997 bear interest at rates ranging from 7.25% to 10.00%. Principal and interest are paid ratably through payroll deductions. Distributions to Participants Participants become eligible for distribution upon termination of employment, disability, retirement, reaching age 70-1/2 or death. Distributions are payable in the form of (a) lump sum payments, (b) a series of substantially equal installments over a certain period not to exceed the life expectancy of the participant, the joint life expectancies of the participant and the participant's beneficiary or (c) direct rollover into an eligible retirement plan. Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the accounts of all affected participants shall remain fully vested and nonforfeitable. Upon termination of the Plan, the net assets shall be transferred to a successor defined contribution plan or other qualified plan, or be distributed to each participant in the amount credited to his or her account. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting. Valuation of Investments The investments in T. Rowe Price mutual funds and common trust funds in the accompanying financial statements are stated at fair value. Fair value for shares in a registered investment company is determined by quoted market price which represents the net asset value of shares held by the Plan. Participant loans receivable are valued at cost which approximates fair value. Income Recognition Interest income is recorded as earned on the accrual basis. Dividends are recorded on the ex-dividend date. The difference in fair value from one period to the next is included in net realized and unrealized appreciation (depreciation) in fair value of investments in the accompanying statement of changes in net assets available for Plan benefits with fund information. The net realized and unrealized appreciation (depreciation) in fair value of investments also includes realized gains and losses on sales of investments during the year. Purchases and sales of investments are recorded on a trade date basis. Distribution to Participants Benefit payments to participants are recorded upon distribution. Administrative Expenses During 1997 and 1996, all administrative expenses of the Plan were paid by the Company. Estimates Management makes estimates and assumptions when preparing the financial statements in conformity with generally accepted accounting principles. These estimates and assumptions affect the amounts reported in the accompanying financial statements and notes thereto. Actual results could differ from these estimates. 3. INVESTMENTS: Participants may direct their elective deferrals and earnings thereon into twelve investment options. Elections can be changed daily. A description of each investment option follows: Equity Index Trust - This fund invests primarily in common stocks that make up the S&P 500 Index. International Stock Fund - This fund invests primarily in the stocks of established growth companies outside of the United States such as Europe, the Far East, Australia, Canada and other areas. Growth Stock Fund - This fund invests primarily in common stocks of well-established growth companies whose earnings have grown faster than the rate of inflation and the economy in general. New Income Fund - This fund invests primarily in corporate bonds, bank obligations, U.S. government, and mortgage-backed securities. Bond Index Trust - This fund invests primarily in U.S. and foreign government securities and corporate bonds, as well as other securities. U.S. Treasury Money Market Trust - This fund invests primarily in short-term U.S. Treasury obligations and repurchase agreements collateralized by U.S. Treasury obligations. Science and Technology Fund - This fund invests primarily in stocks of companies that are expected to benefit from the development, advancement, and use of science and technology. Equity Income Fund - This fund invests primarily in common stocks of established companies that pay above-average dividends and have prospects of future dividend increases. Retirement Strategy Trust-Balanced - This fund invests primarily in domestic and international stocks (60%) and fixed income securities (40%). Retirement Strategy Trust-Income Plus - This fund invests primarily in fixed income securities (60%) and common stocks (40%). Retirement Strategy Trust-Conservative Growth - This fund invests primarily in domestic and international stocks (80%) and fixed income securities (20%). CFC Common Stock Fund - This fund invests in the common stock of Consolidated Freightways Corporation. During 1997, the Plan discontinued the Prime Reserve Fund and the Balanced Fund as investment options. 4. INCOME TAX STATUS: The Internal Revenue Service has determined and informed the Company by letter dated February 10, 1994, that the Plan and related trust are designed in accordance with applicable sections of the Code. The Plan has been amended since this date. The plan administrator believes that the Plan, as amended, is designed and is currently being operated in compliance with the applicable requirements of the Code. 5. RELATED PARTY TRANSACTIONS: Certain Plan investments are shares in funds managed by T. Rowe Price. T. Rowe Price is the trustee as defined by the Plan and therefore, these investments and investment transactions qualify as party-in- interest. SCHEDULE I CONSOLIDATED FREIGHTWAYS 401(K) PLAN EIN 94-1444798 PLAN NO. 004 ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1997 (Note 5) Identity of Description of Investment Issue, Borrower, Including Maturity Date, Rate Current Lessor or of Interest, Collateral, Par Cost Value Similar Party or Maturity Value Shares in registered investment companies: *T. Rowe Price International Stock Fund (431,760.558 shares) $ 5,619,353 $ 5,794,227 *T. Rowe Price Growth Stock Fund (530,328.922 shares) 13,319,730 15,374,235 *T. Rowe Price New Income Fund (378,198.818 shares) 3,364,342 3,430,263 *T. Rowe Price Science and Technology Fund (547,173.020 shares) 15,301,729 14,915,937 *T. Rowe Price Equity Income Fund (507,632.298 shares) 10,899,408 13,233,974 COMMON TRUST FUNDS: *T. Rowe Price Equity Index Trust (26,789.100 shares) 623,553 663,834 *T. Rowe Price Bond Index Trust (1,956.773 shares) 27,075 27,864 *T. Rowe Price U.S. Treasury Money Market Trust (4,631,039.000 4,631,039 4,631,039 shares) *T. Rowe Price Retirement Strategy Trust- Balanced (384,287.854 6,192,361 6,490,622 shares) *T. Rowe Price Retirement Strategy Trust- Income Plus (8,797.466 shares) 131,216 136,713 *T. Rowe Price Retirement Strategy Trust- Conservative Growth (17,011.268 shares) 287,350 298,888 CORPORATE EQUITY: *T. Rowe Price CFC Common Stock (84,445.798 shares) 1,238,507 1,150,574 PARTICIPANT LOANS: *Plan Participants Participant loans receivable with interest rates from 7.25% to 10.00% and 2,790,430 2,790,430 maturing through 2002 $64,426,093 $68,938,600 * Represents a party-in-interest as of December 31, 1997. Note: Cost is calculated using the moving average cost method. The accompanying notes are an integral part of this schedule. SCHEDULE II CONSOLIDATED FREIGHTWAYS 401(K) PLAN EIN 94-1444798 PLAN NO. 004 ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1997 (Note 5) Purchases Identity of Description of Asset, Including Maturity Date, Party Rate of Interest, Collateral, Number of Purchase Involved and Par or Maturity Transactions Price Value *T. Rowe Price International Stock Fund 145 $2,351,074 *T. Rowe Price Growth Stock Fund 94 6,109,929 *T. Rowe Price U.S. Treasury Money Market Fund 87 5,969,730 *T. Rowe Price Prime Reserve Fund 54 1,498,246 *T. Rowe Price Science & Technology Fund 107 7,151,959 *T. Rowe Price Equity Income Fund 129 5,575,985 *T. Rowe Price Balanced Fund 37 961,520 *T. Rowe Price Retirement Strategy Trust - Balanced 59 6,601,135 *Represents a party-in-interest transaction for the year ended December 31, 1997. NOTE: Net gain or (loss) is calculated using the moving average cost method. The accompanying notes are an integral part of this schedule.
SCHEDULE II CONSOLIDATED FREIGHTWAYS 401(K) PLAN EIN 94-1444798 PLAN NO. 004 ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1997 (Note 5) Sales Identity of Description of Asset, Including Maturity Date, Party Rate of Interest, Collateral, Number of Selling Cost of Net Gain Involved and Par or Maturity Transactions Price Asset or Value (Loss) *T. Rowe Price International Stock Fund 73 $1,503,859 $1,328,357 $ 175,502 *T. Rowe Price Growth Stock Fund 137 1,774,118 1,465,710 308,408 *T. Rowe Price U.S. Treasury Money Market Fund 61 1,350,219 1,350,219 - *T. Rowe Price Prime Reserve Fund 55 5,064,997 5,064,997 - *T. Rowe Price Science & Technology Fund 136 3,228,100 2,976,706 251,394 *T. Rowe Price Equity Income Fund 104 1,587,435 1,340,710 246,725 *T. Rowe Price Balanced Fund 57 6,108,149 5,030,153 1,077,996 *T. Rowe Price Retirement Strategy Trust - Balanced 68 419,615 408,774 10,841 *Represents a party-in-interest transaction for the year ended December 31, 1997. NOTE: Net gain or (loss) is calculated using the moving average cost method. The accompanying notes are an integral part of this schedule.
EX-23 2 AUDITOR CONSENT Exhibit 23 CONSENT OF INDEPENDANT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our reports included and incorporated by reference in this Form 11-K, into the Company's previously filed Registration Statement File Nos. 333-16851, 333-16835, and 333-25167. /s/Arthur Andersen LLP Arthur Andersen LLP Portland, Oregon June 24, 1998 -----END PRIVACY-ENHANCED MESSAGE-----