-----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, KdGGdGMO6rcEOf+oc7qXFB1sfKKfy+j1ATZMMQDHyEBOhdATGuN3OvRBWjnT3spp o1E6GQd+6rpTPvl+bM83AA== 0000950112-94-001798.txt : 19940701 0000950112-94-001798.hdr.sgml : 19940701 ACCESSION NUMBER: 0000950112-94-001798 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL PAPER CO /NEW/ CENTRAL INDEX KEY: 0000051434 STANDARD INDUSTRIAL CLASSIFICATION: 2631 IRS NUMBER: 130872805 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03157 FILM NUMBER: 94536879 BUSINESS ADDRESS: STREET 1: TWO MANHATTANVILLE RD CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 9143971500 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL PAPER & POWER CORP DATE OF NAME CHANGE: 19710527 11-K 1 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN =============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 1993 COMMISSION FILE NUMBER 1-3157 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN (FULL TITLE OF THE PLAN) INTERNATIONAL PAPER COMPANY TWO MANHATTANVILLE ROAD PURCHASE, NY 10577 TELEPHONE: (914) 397-1500 (NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE) 13-0872805 (I.R.S. EMPLOYER IDENTIFICATION NO.) =============================================================================== Financial Statements. Financial statements for the International Paper Company Retirement Savings Plan and the report of Arthur Andersen & Co. with respect thereto are as follows: Page(s) ------- Report of Independent Public Accountants ................... 2 Statements of Net Assets Available for Benefits -December 31, 1993 and 1992 ............................... 3-4 Statements of Changes in Net Assets Available for Benefits -Year Ended December 31, 1993 and Three Months Ended December 31, 1992 ....................................... 5-6 Notes to Financial Statements .............................. 7-15 1 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS TO THE PLAN ADMINISTRATOR OF THE INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN: We have audited the accompanying statements of net assets available for benefits of the International Paper Company Retirement Savings Plan as of December 31, 1993 and 1992, and the related statements of changes in net assets available for benefits for the year ended December 31, 1993, and the three months ended December 31, 1992. These financial statements are the responsibility of the plan administrator. 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 net assets available for benefits of the International Paper Company Retirement Savings Plan as of December 31, 1993 and 1992, and the changes in net assets available for benefits for the year ended December 31, 1993, and the three months ended December 31, 1992, in conformity with generally accepted accounting principles. Arthur Andersen & Co. Memphis, Tennessee, June 15, 1994. 2
INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1993 (in thousands) Fixed Company Diversified Income Stock Equity Balanced Fund Fund Fund Fund Total ------- ------- ----------- -------- ------- Equity in Net Assets of International Paper Company Combined Defined Contribution Trust Fund (Note 1) ............... $25,323 $14,864 $2,024 $ 65 $42,276 ------- ------- ------ ------ ------- NET ASSETS AVAILABLE FOR BENEFITS ........... $25,323 $14,864 $2,024 $ 65 $42,276 ======= ======= ====== ====== ======= The accompanying Notes to Financial Statements are an integral part of this financial statement. 3
INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1992 (in thousands) Fixed Company Diversified Income Stock Equity Fund Fund Fund Total ------- ------- ----------- ------- Equity in Net Assets of International Paper Company Combined Defined Contribution Trust Fund (Note 1) ............... $18,468 $11,043 $1,771 $31,282 ------- ------- ------ ------- NET ASSETS AVAILABLE FOR BENEFITS ........... $18,468 $11,043 $1,771 $31,282 ======= ======= ====== ======= The accompanying Notes to Financial Statements are an integral part of this financial statement. 4
INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Year Ended December 31, 1993 (in thousands) Fixed Company Diversified Income Stock Equity Balanced Fund Fund Fund Fund Total -------- -------- ----------- -------- ------- Increase attributable to: Equity in investment activities of Combined Defined Contribution Trust Fund (Note 1) ...... $ 1,322 $ 747 $ 154 $ 4 $ 2,227 ------- ------- ------ ------ ------- Participants' contributions. 336 2,796 148 19 3,299 ------- ------- ------ ------ ------- Company contributions (net of participant forfeitures of $66)................... 945 1,514 - - 2,459 ------- ------- ------ ------ ------- Distributions and withdrawals .............. (1,553) (1,140) (156) (3) (2,852) ------- ------- ------ ------ ------- Administrative fees and expenses ................. (49) (28) (2) - (79) ------- ------- ------ ------ ------- Transfers (to) from other funds .................... (127) (44) 126 45 - ------- ------- ------ ------ ------- Transfers (to) from other plans (Note 6) ........... 5,981 (24) (17) - 5,940 ------- ------- ------ ------ ------- Increase in net assets ................... 6,855 3,821 253 65 10,994 Net Assets Available for Benefits: December 31, 1992 ........ 18,468 11,043 $1,771 - $31,282 ------- ------- ------ ------ ------- December 31, 1993 ........ $25,323 $14,864 $2,024 $ 65 $42,276 ======= ======= ====== ====== ======= The accompanying Notes to Financial Statements are an integral part of this financial statement.
5
INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Three Months Ended December 31, 1992 (in thousands) Fixed Company Diversified Income Stock Equity Fund Fund Fund Total ------- ------- ----------- ------- Increase (decrease) attributable to: Equity in investment activities of Combined Defined Contribution Trust Fund (Note 1) ................ $ 23 $ 68 $ - $ 91 ------- ------- ------ ------- Participants' contributions .......... 88 115 - 203 ------- ------- ------ ------- Company contributions (net of participant forfeitures of $1) ..... - 78 - 78 ------- ------- ------ ------- Distributions and withdrawals ........ (18) (23) - (41) ------- ------- ------ ------- Administrative fees and expenses ..... (1) (1) - (2) ------- ------- ------ ------- Transfers (to) from other funds ...... (1) 1 - - ------- ------- ------ ------- Transfers from other plans ........... 17,313 9,530 1,771 28,614 ------- ------- ------ ------- Increase in net assets ............... 17,404 9,768 1,771 28,943 Net Assets Available for Benefits: October 1, 1992 .................... 1,064 1,275 - 2,339 ------- ------- ------ ------- December 31, 1992 .................. $18,468 $11,043 $1,771 $31,282 ======= ======= ====== ======= The accompanying Notes to Financial Statements are an integral part of this financial statement.
6 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1. Description of the Retirement Savings Plan General The Retirement Savings Plan (the "Plan") is a defined contribution plan providing retirement benefits to certain designated groups of non- bargaining employees of International Paper Company and subsidiaries (the "Company"). The Plan was established January 1, 1991, for certain designated employees not eligible to contribute to any other tax- qualified defined contribution plan of the Company. The assets of the Plan are held by State Street Bank and Trust Company (the "Trustee") and administered under a master trust agreement (referred to herein as the "Combined Defined Contribution Trust Fund"). All administrative costs are charged to the Plan. Selected financial data of the Combined Defined Contribution Trust Fund is included in Note 7. As of December 31, 1993 and 1992, the Plan's net assets consisted of an equity percentage in the net assets of the Combined Defined Contribution Trust Fund as follows: Percent of Equity ----------------- Investment Fund 1993 1992 --------------- ------ ------ Fixed Income Fund ............. 7% 5% Company Stock Fund ............ 2% 2% Diversified Equity Fund ....... 4% 6% Balanced Fund ................. -% -% It is the Company's intention to continue the Plan. However, it reserves the right to amend, suspend or terminate the Plan at any time. In the event of termination, assets of the Plan will be used solely for the benefit of the participants and their beneficiaries. Contributions Participants in the Plan can make basic contributions on either a before-tax or after-tax basis (but not both). The Company will make a matching contribution on the participants' basic contributions. All employee basic and Company matching contributions are invested in the Company Stock Fund. In addition, participants can make supplemental contributions on a before-tax or an after-tax basis (but not both), provided the participant has made the maximum basic contributions. The Company does not make any contributions matching the supplemental contributions. Supplemental contributions may be invested in the Company Stock Fund, the Fixed Income Fund, the Balanced Fund and the Diversified Equity Fund in multiples of 10%. Employee contributions are subject to statutory limitations on annual contributions. 7 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Retirement Savings Plan - (Continued) Participants from the Company's Lock Haven and Nicolet locations can make basic and supplemental contributions from 1% to 4% of prior year's total pay. The Company will make matching contributions equal to 50% of the participants' basic contributions. For all other participants, basic and supplemental contributions may be made on a set weekly dollar amount (usually $3, $6, $9, $12 and $15). Company matching contributions are made according to the following schedule: Years of Service Company Matching Contributions ---------------- ------------------------------ Less than 10 50% of basic contributions 10 but less than 15 75% of basic contributions 15 or more 100% of basic contributions For those participants covered by a pension formula based on the former Retirement Thrift Plan - Defined Benefit Portion, a Company fixed contribution is made for each week worked, based on a set dollar amount which varies by location, and is invested in the Fixed Income Fund. A participant becomes vested in the shares of Company stock purchased with Company matching contributions, including shares purchased with reinvested dividends, according to the following schedule: Years of Vesting Service Percent Vested ------------------------ -------------- Less than 3 ...................... 0% 3 but less than 4 ................ 35% 4 but less than 5 ................ 70% 5 or more ........................ 100% A participant also becomes fully vested if one of the following occurs: (1) attainment of age 65 while employed by the Company; (2) termination of employment due to permanent closing of work facility departments; or (3) termination of employment due to death or total disability. The Plan is authorized to accept rollover contributions and direct trust-to-trust transfers of amounts which participants are entitled to receive from other qualified profit-sharing, stock bonus or savings plans. Participation An employee is eligible to participate in the Plan if the employee: (1) is a union-free hourly employee; (2) is not contributing to another qualified defined contribution plan sponsored by the Company; (3) is employed on a non-temporary basis; and (4) has completed 12 months of continuous employment from the date of hire. As of December 31, 1993 and 1992, there were 7,794 and 5,439 participants, respectively, in the Plan. Participant contributions to the Plan are voluntary. 8 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Retirement Savings Plan - (Continued) Valuation of Participants' Accounts Participants' accounts in each fund are adjusted to reflect their contributions during each month and the effect of income (collected and accrued), realized and unrealized gains and losses, expenses and all other transactions during such month. As of the end of each month, an allocation is made to each participant's account of the Company common stock provided by Company matching contributions during such month, and such account is adjusted to reflect dividends paid or any rights, warrants or options issued on such shares previously allocated to the participant. Distributions and Withdrawals Distributions are normally made when a participant retires, terminates employment or dies. With the exception of the Company Stock Fund, distributions are in cash for the value of the participant's account. Distributions from the Company Stock Fund are either in cash, shares of common stock or both. A participant may make partial or full general withdrawals in the following order: (1) all or part of the value of supplemental after-tax contributions and basic after-tax contributions made prior to the last 24 months without a suspension of future Company matching contributions; (2) all or part of the value of the basic after-tax contributions made during the last 24 months, with future Company matching contributions suspended for three months; (3) all or part of the value of a rollover account, if any; and (4) all or part of the value of Company matching contributions made 24 months prior to January 1, 1993, with future Company matching contributions suspended for six months. Participants who have attained age 59 1/2 may withdraw the value of their before-tax contributions and the value of all vested Company matching contributions, in addition to other amounts available under a general withdrawal, with all contributions suspended for six months. If the total amount available to a participant under a general withdrawal is insufficient to meet his or her financial needs, a participant who has not attained age 59 1/2 may apply to the plan administrator for a "hardship" withdrawal of part or all of the amount of vested Company matching contributions made before the last 24 months, before-tax contributions and certain earnings thereon, with all contributions suspended for 12 months. Withdrawals may be made at intervals of at least 12 months. Subject to statutory limitations, loans are also available to participants up to (on a cumulative outstanding basis) the lesser of 50% of the vested value of the employee's account or $50,000 less the excess of the highest outstanding loan balance during the preceding twelve months over the outstanding balance of loans from the Plan on the date the loan is made. 9 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Retirement Savings Plan - (Continued) Forfeitures Any unvested Company contributions forfeited by an employee upon termination of employment are credited against Company contributions. NOTE 2. Accounting Policies The financial statements of the Plan have been prepared on the accrual basis of accounting. The Plan's net assets available for benefits consists of the Plan's equity in the net assets of the Combined Defined Contribution Trust Fund. Investments in the Company Stock Fund, the Diversified Equity Fund, the Balanced Fund and portions of the Fixed Income Fund are reflected at the quoted market value as of the Plan's year end. Investments in group annuity and investment contracts are reflected at cost plus interest earned through the Plan's year end. The Plan accounts for realized and unrealized appreciation or depreciation of Plan assets using the current value approach, as required by the Department of Labor. This approach requires that realized and unrealized appreciation or depreciation of plan assets be based on the value of the assets as of the beginning of the plan year or at the time of purchase during the year. Contributions, benefit payments and transfers are specifically identified with the Plan. Net investment income of the Combined Defined Contribution Trust Fund is allocated to the Plan in proportion to the Plan's equity in the Combined Defined Contribution Trust Fund. NOTE 3. Investments The assets of the Fixed Income Fund are primarily invested in group annuity and investment contracts with various life insurance companies, commercial banks and other financial institutions, under which each issuer agrees to repay the principal amount plus interest according to the terms of the contract. The ultimate realization of the contract amount is dependent upon the financial condition of the issuer. The Fixed Income Fund's primary investment manager is Bankers Trust Investment Management Group. An additional market-value bond component of the fund is managed by the Pacific Investment Management Company. The assets of the Company Stock Fund consist of shares of Company common stock. The assets of the Diversified Equity Fund consist primarily of an interest in a diversified common stock fund managed by the Vanguard Group of Investment Companies. The assets of the Balanced Fund consist primarily of an interest in the Wellington Fund, a mutual fund sponsored by the Vanguard Group of Investment Companies. Occasionally, the funds hold cash on a temporary basis pending investment or withdrawals. Cash balances are invested in the Trustee's short-term investment fund. 10 INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 4. Federal Income Taxes The Plan was implemented effective January 1, 1991. Before the end of the "remedial amendment period", as defined in the U.S. Treasury regulations, the Company will file an application with the Internal Revenue Service ("IRS") for a formal determination that the Plan qualifies under the provisions of Section 401 of the Internal Revenue Code of 1986, as amended (the "Code"), and that the trust is exempt from federal income tax under the provisions of Section 501 of the Code. In the opinion of management, the Plan in form and in operation satisfies the requirements of Sections 401 and 501 of the Code. Accordingly, no provision for federal income taxes has been made in the accompanying financial statements. NOTE 5. Contributions Receivable Contributions receivable from participants and the Company as of December 31, 1993 and 1992, were remitted to the Trustee during 1994 and 1993, respectively. NOTE 6. Significant Transfers Effective at the close of business on December 31, 1993, assets totalling $5,840,378 for the participants of the Hourly Savings Plan at the Androscoggin Mill were transferred into the Plan. 11
NOTE 7. Selected financial data of the Combined Defined Contribution Trust Fund: INTERNATIONAL PAPER COMPANY COMBINED DEFINED CONTRIBUTION TRUST FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1993 (in thousands) Fixed Company Diversified USG Real Income Stock Equity Balanced Stock Estate Fund Fund Fund Fund Fund Fund Total ---------------------------------------------------------------------------------- Assets Investments, at fair value, and cash Group annuity contracts $311,989 $- $- $- $- $- $311,989 Corporate bonds 1,990 - - - - - 1,990 Mutual funds 37,353 - - - - - 37,353 Commingled funds 6,849 - - - - - 6,849 Mortgages 5,077 - - - - - 5,077 Investments in International Paper Company common stock (cost $408,611) - 691,982 - - - - 691,982 Investments in Diversified Equity Fund (cost $44,166) - - 47,964 - - - 47,964 Investments in Balanced Fund (cost $24,893) - - - 25,650 - - 25,650 Investments in USG Stock Fund (cost $814) - - - - 85 - 85 Real estate - - - - - 1,435 1,435 Cash and temporary investments 1,701 2,101 - 1 7 1,570 5,380 -------------------------------------------------------------------------------- Total investments and cash 364,959 694,083 47,964 25,651 92 3,005 1,135,754 -------------------------------------------------------------------------------- Receivables Dividends and interest 2,053 152 11 23 - 2 2,241 Employee contributions 14 2,250 436 381 - - 3,081 Employer contributions 818 1,763 - - - - 2,581 Loan repayments 30 641 86 17 - - 774 Loans 10,783 28,637 1,901 658 5 - 41,984 Transfers-in 7,536 - 1,857 935 - - 10,328 -------------------------------------------------------------------------------- Total receivables 21,234 33,443 4,291 2,014 5 2 60,989 -------------------------------------------------------------------------------- Total assets 386,193 727,526 52,255 27,665 97 3,007 1,196,743 -------------------------------------------------------------------------------- Liabilities Distributions (6,438) (4,898) (1,066) (249) - - (12,651) Loans (716) (208) (221) (53) - - (1,198) Transfers-out - (2,426) (805) - - (1,556) (4,787) -------------------------------------------------------------------------------- Total liabilities (7,154) (7,532) (2,092) (302) - (1,556) (18,636) -------------------------------------------------------------------------------- Net assets available for benefits $379,039 $719,994 $50,163 $27,363 $97 $1,451 $1,178,107 ================================================================================ 12
NOTE 7. Selected financial data of the Combined Defined Contribution Trust Fund - (Continued): INTERNATIONAL PAPER COMPANY COMBINED DEFINED CONTRIBUTION TRUST FUND STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1992 (in thousands) Fixed Company Diversified USG Real Income Stock Equity Balanced Government Stock Estate Fund Fund Fund Fund Fund Fund Fund Total -------------------------------------------------------------------------------------- Assets Investments, at fair value, and cash Group annuity contracts $334,991 $ - $ - $ - $ - $ - $ - $ 334,991 Corporate bonds 3,918 - - - - - - 3,918 Mutual funds 10,382 - - - - - - 10,382 Commingled funds 7,860 - - - - - - 7,860 Mortgages 6,289 - - - - - - 6,289 U. S. government securities - - - - 693 - - 693 Investments in International Paper Company common stock (cost $378,957) - 652,593 - - - - - 652,593 Investments in Diversified Equity Fund (cost $20,617) - - 21,381 - - - - 21,381 Investments in Balanced Fund (cost $8,662) - - - 8,717 - - - 8,717 Investments in USG Stock Fund (cost $899) - - - - - 83 - 83 Real estate - - - - - - 3,186 3,186 Cash and temporary investments 1 3,194 2 2 2 68 28 3,297 ---------------------------------------------------------------------------------------- Total investments and cash 363,441 655,787 21,383 8,719 695 151 3,214 1,053,390 --------------------------------------------------------------------------------------- Receivables Dividends and interest 2,297 92 2 - 1 1 - 2,393 Employee contributions 216 1,407 308 51 20 - - 2,002 Employer contributions - 1,044 - - - - - 1,044 Loan repayments - 473 - - 3 - - 476 Loans 6,702 26,088 1,051 364 37 5 - 34,247 Transfers-in 66 36 7,574 4,395 - - - 12,071 --------------------------------------------------------------------------------------- Total receivables 9,281 29,140 8,935 4,810 61 6 - 52,233 --------------------------------------------------------------------------------------- Total assets 372,722 684,927 30,318 13,529 756 157 3,214 1,105,623 ---------------------------------------------------------------------------------------- Liabilities Employer contributions ( 207) - - - - - - ( 207) Distributions ( 4,372) ( 5,450) ( 106) ( 8) - - - ( 9,936) Loans ( 570) ( 1,781) ( 192) ( 15) - - - ( 2,558) Administrative fees ( 136) ( 4) - - - - - ( 140) Transfers-out ( 8,348) ( 3,634) ( 2) - ( 72) ( 62) - ( 12,118) --------------------------------------------------------------------------------------- Total liabilities (13,633) (10,869) ( 300) ( 23) ( 72) ( 62) - ( 24,959) --------------------------------------------------------------------------------------- Net assets available for benefits $359,089 $674,058 $30,018 $13,506 $ 684 $ 95 $ 3,214 $1,080,664 ======================================================================================== 13
NOTE 7. Selected financial data of the Combined Defined Contribution Trust Fund - (Continued): INTERNATIONAL PAPER COMPANY COMBINED DEFINED CONTRIBUTION TRUST FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1993 (in thousands) Fixed Company Diversified USG Real Income Stock Equity Balanced Stock Estate Fund Fund Fund Fund Fund Fund Total ------------------------------------------------------------------------------------------ Change attributable to: Investment activities - Dividend and interest income $ 27,599 $ 18,182 $ 1,321 $ 1,366 $ - $ 4 $ 48,472 Unrealized appreciation (depreciation) of investments (173) 6,541 2,201 703 20 (202) 9,090 Net gain (loss) on sale of investments 73 6,238 112 19 (16) (4) 6,422 Other income (expense) (65) (4) (4) 22 - - (51) ------------------------------------------------------------------------------------------ Net investment income (loss) 27,434 30,957 3,630 2,110 4 (202) 63,933 Employee contributions 18,880 42,903 3,016 1,251 - - 66,050 Employer contributions 8,721 25,189 757 535 - - 35,202 Transfers, net (2,667) (8,709) 15,182 10,432 67 (1,556) 12,749 ------------------------------------------------------------------------------------------ Total 52,368 90,340 22,585 14,328 71 (1,758) 177,934 ------------------------------------------------------------------------------------------ Distributions and withdrawals (32,275) (43,264) (2,381) (445) (69) (5) (78,439) Administrative fees (827) (1,140) (59) (26) - - (2,052) ------------------------------------------------------------------------------------------ Total (33,102) (44,404) (2,440) (471) (69) (5) (80,491) ------------------------------------------------------------------------------------------ Net increase (decrease) 19,266 45,936 20,145 13,857 2 (1,763) 97,443 Net assets available for benefits: December 31, 1992 359,773 674,058 30,018 13,506 95 3,214 1,080,664 ------------------------------------------------------------------------------------------ December 31, 1993 $379,039 $719,994 $ 50,163 $ 27,363 $ 97 $1,451 $1,178,107 ========================================================================================== 14
NOTE 7. Selected financial data of the Combined Defined Contribution Trust Fund - (Continued): INTERNATIONAL PAPER COMPANY COMBINED DEFINED CONTRIBUTION TRUST FUND STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS SIX MONTHS ENDED DECEMBER 31, 1992 (in thousands) Fixed Company Diversified USG Real Income Stock Equity Balanced Government Stock Estate Fund Fund Fund Fund Fund Fund Fund Total ----------------------------------------------------------------------------------------- Change attributable to: Investment activities - Dividend and interest income $ 14,133 $ 8,332 $ 425 $ 237 $ 7 $ 1 $ 14 $ 23,149 Unrealized appreciation (depreciation) of investments 44 (27,976) 909 18 - (37) (109) (27,151) Net gain (loss) on sale of investments 153 (349) 51 2 - (1) (1) (145) Otherincome 42 - - - - - - 42 ------------------------------------------------------------------------------------------ Net investment income (loss) 14,372 (19,993) 1,385 257 7 (37) (96) (4,105) Employee contributions 12,631 17,349 1,195 76 27 - - 31,278 Employer contributions 3,300 11,832 - - - - - 15,132 Transfers-in 350,574 686,245 27,750 13,202 657 132 3,324 1,081,884 ----------------------------------------------------------------------------------------- Total 380,877 695,433 30,330 13,535 691 95 3,228 1,124,189 ------------------------------------------------------------------------------------------ Distributions and withdrawals (21,177) (20,788) (299) (25) (7) - (14) (42,310) Administrative fees (611) (587) (13) (4) - - - (1,215) ------------------------------------------------------------------------------------------ Total (21,788) (21,375) (312) (29) (7) - (14) (43,525) ------------------------------------------------------------------------------------------ Net increase 359,089 674,058 30,018 13,506 684 95 3,214 1,080,664 Net assets available for benefits: July 1, 1992 - - - - - - - - ----------------------------------------------------------------------------------------- December 31, 1992 $359,089 $674,058 $30,018 $13,506 $ 684 $ 95 $3,214 $1,080,664 ========================================================================================== 15
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the person who administers the Plan has duly caused this annual report to be signed by the undersigned thereunto duly authorized. INTERNATIONAL PAPER COMPANY RETIREMENT SAVINGS PLAN (Name of Plan) By /s/ ROBERT M. BYRNES --------------------------------------- Robert M. Byrnes, Senior Vice President and Administrator of the Plan Date: June 23, 1994 Purchase, New York 16 -----END PRIVACY-ENHANCED MESSAGE-----