-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, jy0nINelB3BMcKjol0Lz+zRNBcr9mSlzFIg3eo+KvOYPW6I4+U1vn35KAoXyITfC ugdGUWYfRvRg1tSgDAP2hA== 0000106535-94-000021.txt : 19940702 0000106535-94-000021.hdr.sgml : 19940702 ACCESSION NUMBER: 0000106535-94-000021 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEYERHAEUSER CO CENTRAL INDEX KEY: 0000106535 STANDARD INDUSTRIAL CLASSIFICATION: 2600 IRS NUMBER: 910470860 STATE OF INCORPORATION: WA FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04825 FILM NUMBER: 94535741 BUSINESS ADDRESS: STREET 1: 33663 WEYERHAEUSER WAY SOUTH CITY: TACOMA STATE: WA ZIP: 98477 BUSINESS PHONE: 2069242345 MAIL ADDRESS: STREET 1: 33663 WEYERHAEUSER WAY SOUTH CITY: TACOMA STATE: WA ZIP: 98477 11-K 1 NORPAC HOURLY 401(K) PLAN SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Period from January 1, 1993 to December 31, 1993 COMMISSION FILE NO. 1-4825 NORPAC HOURLY 401(k) PLAN __________________________________ WEYERHAEUSER COMPANY A Washington Corporation Tacoma, Washington 98477 Telephone: 206/924-2345 Financial Statements and Exhibits - - - - - ---------------------------------- Item 4: Plan Financial Statements and Schedules prepared in accordance with the financial reporting requirements of ERISA. NORPAC Hourly 401(k) Plan statements of financial condition as of December 31, 1993 and 1992 and the related statement of changes in participants' equity for the year ended December 31, 1993 together with report of Independent Public Accountants. Exhibits: Consent of Independent Public Accountants Signatures - - - - - ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Committee who administer the NORPAC Hourly 401(k) Plan have duly caused this Annual Report to be signed by the undersigned hereunto duly authorized. NORPAC HOURLY 401(k) PLAN BY: /s/ S.R. Hill by Paula Stewart -------------------- S. R. Hill Member Retirement Committee June 20, 1994 - - - - - --------------------- Date CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report dated June 17, 1994, on the financial statements of the NORPAC Hourly 401(k) Plan, included in the NORPAC Hourly 401(k) Plan annual report on Form 11-K for the year ended December 31, 1993, into the Company's previously filed Registration Statement File No. 33-25928 on Form S-8. ARTHUR ANDERSEN & CO. Seattle, Washington, June 20, 1994 NORPAC HOURLY 401(k) PLAN Statements of Financial Condition as of December 31, 1993 and 1992 and the Related Statement of Changes in Participants' Equity for the Year Ended December 31, 1993 Together with Report of Independent Public Accountants NORPAC HOURLY 401(k) PLAN Report of Independent Public Accountants To the Retirement Committee, Weyerhaeuser Company: We have audited the accompanying statements of financial condition of the NORPAC Hourly 401(k) Plan as of December 31, 1993 and 1992, and the related statement of changes in participants' equity for the year ended December 31, 1993. These financial statements are the responsibility of the sponsoring 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 NORPAC Hourly 401(k) Plan as of December 31, 1993 and 1992, and the changes in participants' equity for the year ended December 31, 1993 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 Fund Information in the statements of financial condition and the statement of changes in participants' equity is presented for purposes of additional analysis rather than to present the financial condition and changes in participants' equity of each fund. The Fund Information has been subjected to the auditing procedures applied in the audits 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. Arthur Andersen & Co. Seattle, Washington, June 17, 1994 - - - - - -1- NORPAC HOURLY 401(k) PLAN Statements of Financial Condition, with Fund Information December 31, 1993 and 1992
Fund Information ----------------------------------------- December 31, 1993 -------------------------------------------------------- Weyerhaeuser Company Fixed Common Income Equity Stock Fund Fund Fund Total -------------- -------- -------- ------- ASSETS Investments: Weyerhaeuser Company common shares, at market (40,638 and 21,097 shares with a historic cost basis of $1,449,871 and $616,107 at respective dates) $ 1,813,471 $ -- $ -- $ 1,813,471 Group annuity contracts, at contract value -- 2,339,805 -- 2,339,805 Equity fund, at market (historic cost basis of $1,485,729 and $1,048,565 at respective dates) -- -- 1,867,890 1,867,890 ----------- ------------ ----------- ----------- 1,813,471 2,339,805 1,867,890 6,021,166 Receivables: Participants' and employer's contributions 44,873 29,562 29,078 103,513 Interfund transfers in -- 32,007 -- 32,007 Accrued interest -- 15,179 8 15,187 Short-term investments 1 113,095 -- 113,096 ----------- ----------- ----------- ----------- $ 1,858,345 $ 2,529,648 $ 1,896,976 $ 6,284,969 =========== =========== =========== =========== LIABILITIES AND PARTICIPANTS' EQUITY Payables: Participant withdrawals $ -- $ -- $ -- $ -- Interfund transfers out 8,624 -- 23,383 32,007 Investments purchased 1,523 -- -- 1,523 ----------- ----------- ----------- ----------- 10,147 -- 23,383 33,530 Participants' equity 1,848,198 2,529,648 1,873,593 6,251,439 ----------- ----------- ----------- ----------- $ 1,858,345 $ 2,529,648 $ 1,896,976 $ 6,284,969 =========== =========== =========== =========== The accompanying notes are an integral part of these statements of financial condition. - - - - - -2- Fund Information - - - - - --------------------------------------- December 31, 1992 - - - - - --------------------------------------------------- Weyerhaeuser Company Fixed Common Income Equity Stock Fund Fund Fund Total - - - - - ----------- -------- --------- ------- $ 777,952 $ -- $ -- $ 777,952 -- 1,840,443 -- 1,840,443 -- -- 1,292,506 1,292,506 --------- ----------- ----------- ----------- 777,952 1,840,443 1,292,506 3,910,901 36,178 26,547 22,946 85,671 -- 17,015 5,392 22,407 -- 12,848 2 12,850 3,718 41,813 -- 45,531 --------- ----------- ----------- ----------- $ 817,848 $ 1,938,666 $ 1,320,846 $ 4,077,360 ========= =========== =========== =========== $ 878 $ 13,532 $ 14,847 $ 29,257 22,407 -- -- 22,407 -- -- -- -- --------- ----------- ----------- ----------- 23,285 13,532 14,847 51,664 794,563 1,925,134 1,305,999 4,025,696 --------- ----------- ----------- ----------- $ 817,848 $ 1,938,666 $ 1,320,846 $ 4,077,360 ========= =========== =========== ===========
NORPAC HOURLY 401 (k) PLAN Statement of Changes in Participants' Equity, with Fund Information for the Year Ended December 31, 1993
Fund Information -------------------------------------- Weyerhaeuser Company Fixed Common Income Equity Stock Fund Fund Fund Total ------------ --------- ---------- ----------- Participants' equity at beginning of year $ 794,563 $ 1,925,134 $ 1,305,999 $ 4,025,696 Contributions: Participants 165,985 500,354 462,916 1,129,255 Employer 579,655 -- -- 579,655 ----------- ----------- ----------- ----------- 745,640 500,354 462,916 1,708,910 ----------- ----------- ----------- ----------- Net investment income: Dividends and interest 37,645 163,108 -- 200,753 Gain on sale of investments -- -- 13,941 13,941 ----------- ----------- ----------- ----------- 37,645 163,108 13,941 214,694 ----------- ----------- ----------- ----------- Realized gain on Weyerhaeuser Company common shares distributed for participant withdrawals 461 -- -- 461 ----------- ----------- ------------ ----------- Unrealized appreciation of investments 207,875 -- 138,225 346,100 ----------- ----------- ------------ ------------ Transfers between funds 63,411 (18,656) (44,755) -- ----------- ----------- ----------- ------------ Distributions: Participant withdrawals (2,311) (37,558) (1,612) (41,481) Employer credits 914 -- -- 914 ----------- ----------- ----------- ----------- (1,397) (37,558) (1,612) (40,567) ----------- ----------- ----------- ----------- Trustee and investment advisor fees -- (2,734) (1,121) (3,855) ----------- ----------- ----------- ----------- Participants' equity at end of year $ 1,848,198 $ 2,529,648 $ 1,873,593 $ 6,251,439 =========== =========== =========== ===========
The accompanying notes are an integral part of this statement of changes in participants' equity. - - - - - -3- NORPAC HOURLY 401(k) PLAN Notes to Financial Statements December 31, 1993 Note 1. Synopsis of the Plan. The NORPAC Hourly 401(k) Plan (the Plan) was established effective January 1, 1989. Participation in the Plan is voluntary. Any hourly employee of the NORPAC facility who has completed at least one year of service, is eligible to participate in the Plan. Bankers Trust Company acts as trustee in accordance with a Master Trust Agreement dated January 1, 1992. The Plan is subject to the provisions of the Employee Retirement Security Act of 1974 (ERISA). The Plan is a "qualified cash or deferred arrangement" (as that term is used in Section 401(k) of the Internal Revenue Code) which allows participants to designate at least 1 percent, but not more than 14 percent, of their wages to be contributed to the Plan by Weyerhaeuser Company (participant contributions). Employees are 100 percent vested in the employee contributions. Participant contributions may be suspended under certain circumstances at the participant's request. Beginning in April 1992, the Plan provides for a matching contribution to be made by Weyerhaeuser Company (the Company). The Company selects level of matching based on competitive trends in the industry, total compensation, profitability, expected payback in terms of improved productivity and employee relations and employee interest. The four possible company matching levels are as follows: (1) No match. (2) $.30 per $1.00 on the first 5% deferred. (3) $.50 per $1.00 on the first 5% deferred. (4) $.70 per $1.00 on the first 7% deferred. The Company contribution was initially set at level (3). There was no Company matching prior to July 1992. Effective January 1, 1993, the company contribution was increased to level (4). Participants have the option to invest up to 100 percent of their contributions, in 25 percent increments, in any of three investment options: Weyerhaeuser common shares, fixed income fund and/or equity fund. The fixed income fund is comprised of cash and group annuity contracts. The equity fund is a portfolio of common stocks selected by an investment manager and maintained by the trustee with the objective of providing investment results that approximate the overall performance of the common stocks included in the Standard and Poor's Composite Index of 500 stocks. If a participant has not separated from service, participant contributions can be withdrawn only after age 59-1/2 or upon financial hardship. Company matching contributions may be withdrawn two years after contribution to the extent vested. - - - - - -4- NORPAC HOURLY 401(k) PLAN Participants who have separated from service and whose vested account balance exceeds $3,500 shall receive a distribution of their entire interest in the Plan when they so elect or at age 65. The non-vested portion of the participant's account is forfeited upon distribution of the account. At December 31, 1993, there were $581,276 vested account balances and $2,742 unvested account balances related to terminated employees included in the accompanying statement of financial condition. Note 2. Federal Income Taxes. A ruling has been obtained from the Internal Revenue Service stating that the Plan qualifies under Section 401(a) of the Internal Revenue Code of 1986 (the Code), and as a result, is exempt from federal income taxes under Section 501(a) of the Code. Employees who participate in the Plan are subject to federal income tax on distributions from the Plan in accordance with the provisions of Section 402 of the Code. Note 3. Expenses. The employer pays all costs of administering the Plan, including fees and expenses of the trustee, the record keeper and external auditing fees. Brokerage fees, stock transfer taxes and other investment management fees directly incurred by the trustee in buying and selling any assets of each fund are paid by the trustee out of such fund as a part of the cost of such assets, or as a reduction of the proceeds received from the sale of such assets. A fee is paid to the investment manager of the Fixed Income and Equity Funds out of the proceeds of those funds. Note 4. Cost of Securities. Securities in both the Equity Fund and the Weyerhaeuser Company Common Stock Fund are valued at market with costs accounted for on a weighted average basis. Realized gains and losses and unrealized appreciation and depreciation are computed on a current value basis. Note 5. Participants in Each Fund. As of December 31, 1993, there were 332 participants in the Plan with 259 invested in the Equity Fund, 282 invested in the Fixed Income Fund and 329 invested in the Weyerhaeuser Company Common Stock Fund. - - - - - -5- NORPAC HOURLY 401(k) PLAN Note 6. Fair Value of Investments. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Short-term investments. The carrying value approximates fair value due to the short maturity of those instruments. Group Annuity Contracts. The Plan's administrator has determined that it is not practicable to estimate the fair value of the Plan's group annuity contract holdings given the absence of a market for the trading of existing contracts. Information pertinent to the value of the group annuity contracts, as of December 31, 1993, is as follows:
Issuer Percent of Fund Rates Maturities ------------------------- --------------- --------- ----------------- Commonwealth 13.5% 6.6-8.6% 12/01/97-07/01/98 Principle Financial Group 11.1% 5.4-8.2% 06/30/98-03/19/99 Lincoln National 8.4% 6.3-7.0% 05/07/97-01/31/98 Hancock 8.0% 5.9% 09/01/97 Pacific Mutual 7.0% 7.5% 10/15/98 Equitable Life 6.7% 9.3% 04/29/94 Confederation Life 6.5% 7.0-8.9% 04/01/96-04/01/98 Provident National Life 6.1% 7.5% 12/15/97 Prudential 5.6% 7.6% 01/31/99 Metropolitan Life 5.5% 9.3% 06/30/94 Morgan 5.3% 7.7% 10/01/97 Other 16.3% 6.5-8.9% 06/15/96-04/22/00 --------- 100.0% =========
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