-----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, TMe+uhUn6OOPy6GUUnVSxHrZwXj0Bm1FBzQZ8eEvA5D79bF4evj6w12S31PLtVF9 sIcRo9jJUPcKWbdQ5oyRJA== 0000950112-94-001799.txt : 19940706 0000950112-94-001799.hdr.sgml : 19940706 ACCESSION NUMBER: 0000950112-94-001799 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: 94536886 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 SALARIED 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 SALARIED 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 Salaried 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 Six Months Ended December 31, 1992 .................................... 5-6 Notes to Financial Statements ........................... 7-17 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS TO THE PLAN ADMINISTRATOR OF THE INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN: We have audited the accompanying statements of net assets available for benefits of the International Paper Company Salaried 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 six 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 Salaried 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 six months ended December 31, 1992, in conformity with generally accepted accounting principles. Arthur Andersen & Co. Memphis, Tennessee, June 15, 1994.
INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1993 (in thousands) Fixed Company Diversified Real Income Stock Equity Balanced Estate Fund Fund Fund Fund Fund Total -------- -------- -------- ----------- ------ ---------- Equity in Net Assets of International Paper Company Combined Defined Contribution Trust Fund (Note 1) .......................... $ 299,694 $ 705,130 $ 48,139 $ 26,910 $ 1,451 $1,081,324 --------- --------- -------- -------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS ... $ 299,694 $ 705,130 $ 48,139 $ 26,910 $ 1,451 $1,081,324 ========= ========= ======== ======== ======= ========== The accompanying Notes to Financial Statements are an integral part of this financial statement.
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INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1992 (in thousands) Fixed Company Diversified Real Income Stock Equity Balanced Estate Fund Fund Fund Fund Fund Total -------- -------- -------- ----------- ------ ---------- Equity in Net Assets of International Paper Company Combined Defined Contribution Trust Fund (Note 1) .......................... $ 301,625 $ 662,993 $ 28,247 $ 13,506 $ 3,214 $1,009,585 --------- --------- -------- -------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS ... $ 301,625 $ 662,993 $ 28,247 $ 13,506 $ 3,214 $1,009,585 ========= ========= ======== ======== ======= ========== The accompanying Notes to Financial Statements are an integral part of this financial statement.
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INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Year Ended December 31, 1993 (in thousands) Fixed Company Diversified Real Income Stock Equity Balanced Estate Fund Fund Fund Fund Fund Total --------- --------- ----------- ------ -------- -------- Increase (decrease) attributable to: Equity in investment activities of Combined Defined Contribution Trust Fund ...................... $ 22,188 $ 30,232 $ 3,476 $ 2,061 $ (202) $ 57,755 --------- --------- -------- -------- ------- ----------- Participants' contributions ........ 5,949 40,107 2,868 1,232 - 50,156 --------- --------- -------- -------- ------- ----------- Company contributions (net of forfeitures of $651) ............. 1,623 23,675 757 535 - 26,590 --------- --------- -------- -------- ------- ----------- Withdrawals and distributions ...... (28,402) (42,124) (2,225) (442) (5) (73,198) --------- --------- -------- -------- ------- ----------- Administrative fees ................ (654) (1,112) (57) (26) - (1,849) --------- --------- -------- -------- ------- ----------- Transfers (to) from other funds .... (10,486) (10,095) 12,093 10,044 (1,556) - --------- --------- -------- -------- ------- ----------- Transfers from other plans (Note 6). 7,851 1,454 2,980 - - 12,285 --------- --------- -------- -------- ------- ----------- Increase (decrease) in net assets ....................... (1,931) 42,137 19,892 13,404 (1,763) 71,739 Net assets available for benefits: December 31, 1992 ................ 301,625 662,993 28,247 13,506 3,214 1,009,585 --------- --------- -------- -------- ------- ----------- December 31, 1993 ................ $299,694 $705,130 $48,139 $26,910 $1,451 $1,081,324 ========= ========= ======== ======== ======= ========== The accompanying Notes to Financial Statements are an integral part of this financial statement.
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INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Six Months Ended December 31, 1992 (in thousands) Fixed Company Diversified Real Income Stock Equity Balanced Estate Fund Fund Fund Fund Fund Total --------- --------- ----------- ------ -------- -------- Increase (decrease) attributable to: Equity in investment activities of Combined Defined Contribution Trust Fund ...................... $ 6,714 $ 30,633 $ 735 $ 237 $ (102) $ 38,217 --------- --------- -------- -------- ------- ----------- Participants' contributions ........ 2,599 8,003 444 76 - 11,122 --------- --------- -------- -------- ------- ----------- Company contributions (net of forfeitures of $114) ............. - 5,227 - - - 5,227 --------- --------- -------- -------- ------- ----------- Withdrawals and distributions ...... (9,593) (8,631) (92) (16) (11) (18,343) --------- --------- -------- -------- ------- ----------- Administrative fees ................ (420) (455) (8) (4) - (887) --------- --------- -------- -------- ------- ----------- Transfers (to) from other funds .... (35,208) 6,881 15,815 12,512 - - --------- --------- -------- -------- ------- ----------- Transfers from other plans ......... 337,533 621,335 11,353 701 3,327 974,249 --------- --------- -------- -------- ------- ----------- Increase in net assets ......... 301,625 662,993 28,247 13,506 3,214 1,009,585 Net assets available for benefits: July 1, 1992 ................... - - - - - - --------- --------- -------- -------- ------- ----------- December 31, 1992 .............. $301,625 $662,993 $28,247 $13,506 $3,214 $1,009,585 ========= ========= ======== ======== ======= ========== The accompanying Notes to Financial Statements are an integral part of this financial statement.
6 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1. Description of the Salaried Savings Plan The following description of the International Paper Company Salaried Savings Plan (the "Plan") provides general information about the provisions of the Plan. Participants should refer to the Plan's Summary Plan Description for detailed Plan provisions. General The Plan, which became effective on July 1, 1992, was established to provide an incentive for employees to accumulate personal funds for their future needs and to assist employees in developing a strong proprietary interest in the success of International Paper Company (the "Company"). The Plan allows for contributions by the participating employees and by the Company. The Plan was established to facilitate the ongoing consolidation of the Company's savings plans. Existing defined contribution plans covering salaried employees have been merged into the Plan; additional plans are expected to be merged in the future. The portion of the Plan which consists of employee basic contributions and Company matching contributions is a "Stock Bonus Employee Stock Ownership Plan" ("ESOP"). 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 8. At December 31, 1993 and 1992, the Plan's net assets consisted of an equity percentage in the net assets of the following investment funds of the Combined Defined Contribution Trust Fund: Investment Fund Percent of Equity --------------- ----------------- 1993 1992 ---- ---- Fixed Income Fund 79% 84% Company Stock Fund 98% 98% Diversified Equity Fund 96% 94% Balanced Fund 98% 100% Real Estate Fund 100% 100% At the close of business on December 31, 1993 and 1992, the Plan had approximately $9.6 and $11.3 million, respectively, invested in contracts for the benefit of participants in the former Hammermill Thrift Plan (the "Thrift Plan"), which were issued by Executive Life Insurance Company of California ("Executive Life"). On April 11, 1991, Executive Life was put into conservatorship by the California Insurance Commissioner, and restrictions were imposed on payments. To enable the former Thrift Plan participants to have access to the portion of the Fixed Income Fund not represented by Executive Life, approximately $11.3 million in Executive Life contracts were segregated into a separate frozen account included in the Fixed Income Fund. On September 3, 1993, the Los Angeles 7 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Salaried Savings Plan - (Continued) Superior Court approved a Rehabilitation Plan for Executive Life, under which all contracts were restructured. Obligations and a majority of liquid assets of Executive Life were assumed by Aurora National Life Assurance Company ("Aurora"). On that same date, the Trustee received from Aurora approximately $1.7 million of the separate frozen account balance, which represented an advance on the final recovery amount. These contracts have been reflected at contract value in the accompanying financial statements. The ultimate realization of these contracts is dependent upon further developments involving the reorganization of Executive Life (see Note 7). As of December 31, 1993 and 1992, the Plan had investments valued at approximately $1.1 and $2.9 million, respectively, in the NationsBank of North Carolina, N.A. Real Estate Fund (the "Fund") for the benefit of participants in the former Dillard Paper Company Employee Stock Ownership Plan. On September 28, 1990, due to lack of liquidity, NationsBank of North Carolina, N.A. ("NationsBank") suspended admissions to and withdrawals from the Fund. NationsBank adopted a plan of liquidation for the Fund in 1991 and completed the sale of approximately 56% of the Fund in November 1993. Proceeds from this sale were transferred to the Trustee and made available for participant direction. NationsBank continues to explore liquidation alternatives for the remaining properties in the 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, any assets of the Plan will be used solely for the benefit of the participants or their beneficiaries. Contributions The Plan provides for employee basic and supplemental contributions and Company matching contributions. The rates of these contributions vary by location within the Company. Employee contributions may be made on either a before-tax or after-tax basis, or in any combination, and are subject to statutory limitations on annual contributions. An employee may only make supplemental contributions if the maximum allowable basic contributions are made. The Company matches employee basic contributions but does not match employee supplemental contributions. All employee basic contributions and Company matching contributions are invested in the ESOP portion of the Company Stock Fund. Supplemental contributions may be invested in the Fixed Income Fund, Balanced Fund, Diversified Equity Fund and Company Stock Fund (the non- ESOP portion of the fund), in multiples of 10%. ESOP amounts subject to diversification may be invested in the Fixed Income Fund, Diversified Equity Fund or Balanced Fund. Amounts eligible for diversification are limited to a portion of the value of employee basic and Company matching contributions, including dividends. Participants who are age 55 or over and who have completed 10 years of service are eligible for the annual diversification election. 8 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Salaried Savings Plan - (Continued) A participant in the Plan becomes vested in the shares of Company common stock purchased with Company matching contributions, including shares purchased with reinvested dividends, according to the following vesting 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 death or total disability; (3) layoff for more than 12 consecutive months; or (4) termination of employment due to permanent closing of the work facility. The vesting schedule of a merged plan shall be substituted for this schedule if it is more favorable to an employee who was participating in such plan on the merger date. The Plan is authorized to accept rollover contributions and direct trust-to-trust transfers of amounts participants are entitled to receive from other qualified profit-sharing, stock bonus and savings plans. Participation An employee is eligible to participate in the Plan if the employee: (1) is a union-free salaried 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 24,556 and 18,720 participants, respectively, in the Plan. Participant contributions to the Plan are voluntary. Valuation of Participants' Accounts Participants' accounts in each fund are adjusted monthly to reflect contributions, the effect of investment income (collected and accrued), dividends paid, realized and unrealized gains and losses, expenses and all other transactions during such month. Cash accounting is the methodology used by the recordkeeper to account for activity in the Fixed Income Fund, Diversified Equity Fund, Balanced Fund and Real Estate Fund. All transactions are expressed in dollars. Share accounting is used to account for activity in the Company Stock Fund. A participant's ownership in the Company Stock Fund is expressed in terms of number of shares and uninvested cash. 9 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Salaried Savings Plan - (Continued) 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 made in shares of Company common stock, in cash or in a combination of shares and cash, as selected by the participant. In the event of retirement, disability, layoff or closing of a work facility, a participant may choose to receive payment from the Plan in a lump-sum, in monthly installments for 60 to 240 months, in a combination of lump-sum and installments or through the purchase of an annuity. In the event of termination of employment, a participant may choose to receive payment from the Plan in a lump-sum or through the purchase of an annuity. Death benefits to a beneficiary are paid in a lump-sum. A participant may make partial or full general withdrawals in the following order: (1) all or part of the value of after-tax supplemental contributions and all or part of the value of after-tax basic contributions made prior to the last 24 months without a suspension of Company matching contributions; (2) all or part of the value of after- tax basic contributions made during the last 24 months with Company matching contributions suspended for 3 months; and (3) all or part of the value of a rollover account, if any. Withdrawals of after-tax amounts contributed after 1986 include a pro-rata portion of earnings on the contributions. If the total amount available to a participant in the Plan for 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 prior to the last 24 months, before-tax contributions and pre-1989 earnings thereon. Participants in the Plan who have attained age 59 1/2 may withdraw before-tax contributions and the value of vested Company matching contributions in addition to all amounts available under a general withdrawal. Participants who make such a withdrawal must suspend contributions to the Plan for 6 months. Withdrawals may be made only at intervals of at least 12 months. Subject to statutory limitations, loans are available to participants up to (on a cumulative outstanding basis) the lesser of 50% of the vested value of an employee's account (excluding Individual Retirement Account balance, if any), or $50,000 less the excess of the highest outstanding loan balance during the preceding 12 months over the outstanding balance of loans from the Plan on the date a loan is made. 10 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 1. Description of the Salaried 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 consist of the Plan's equity in the Combined Defined Contribution Trust Fund. Investments in the Diversified Equity Fund, Balanced Fund, Real Estate Fund, Company Stock Fund and portions of the Fixed Income Fund are reflected at 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, which requires that realized and unrealized appreciation or depreciation be measured based on the value of assets as of the beginning of the plan year or at the time of purchase during the fiscal 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 Diversified Equity Fund consist primarily of an interest in the Vanguard Institutional Index Fund, 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. The assets of the Company Stock Fund consist of shares of Company common stock. 11 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 3. Investments - (Continued) The assets of the Real Estate Fund consist primarily of an interest in the NationsBank of North Carolina, N.A. Real Estate Fund managed by NationsBank of North Carolina, N.A. Dividends, interest and other property received by the Trustee with respect to any fund are reinvested in the same fund. Occasionally, funds may hold cash on a temporary basis pending investment or withdrawals. Cash balances are invested in the Trustee's short-term investment fund. NOTE 4. Federal Income Taxes The Company will apply for an Internal Revenue Service determination letter before the end of the "remedial amendment period," as defined in the U.S. Treasury regulations. In the opinion of management, the Plan qualifies in form and operation for favorable income tax treatment in accordance with the requirements of Sections 401 and 501 of the Internal Revenue Code of 1986, as amended. 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 received by the Trustee during 1994 and 1993, respectively. NOTE 6. Significant Mergers Effective at the close of business on December 31, 1993, assets totalling $5,201,989 for the accounts of employees in the J.B. Papers, Inc. Profit Sharing Plan were merged into the Plan. Effective March 31, 1993, assets totalling $5,303,145 for the accounts of employees in the Arvey Corporation Cash Accumulation Plan and the Arvey Corporation Retirement and Incentive Savings Plan for Sales Representatives were merged into the Plan. 12 INTERNATIONAL PAPER COMPANY SALARIED SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE 7. Subsequent Event The Rehabilitation Plan for Executive Life allowed all policyholders the opportunity to participate in a new contract or to opt out of the plan. In February 1994, the decision was made to opt out of the Rehabilitation Plan, thereby enabling the participants to receive partial liquidity immediately. As a result, the Trustee received an advance approximating $4.8 million from Aurora on March 31, 1994. On that date, the Trustee adjusted the total value of Executive Life contracts to approximately $7.9 million, an amount consistent with information presented by Aurora depicting a total estimated recovery of approximately 85% of the original contract value. All available cash as of April 1, 1994, became available for participant directed transactions within the scope of the Plan. As additional payments from Aurora are received by the Trustee, they will similarly become available for participant directed transactions. 13 NOTE 8. 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 ====================================================================================
14 NOTE 8. 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 ( 13,833) (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 ==========================================================================================
15 NOTE 8. 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 ========================================================================================
16 NOTE 8. 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) Other income 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 ============================================================================================== 17 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 SALARIED 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 18
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