-----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, YAnS4WtQ0yPdW6T1K7jgFgyc2k6/pq+PD49EdRL+etAWeu0BOh3ihTcXhm5ME5C8 VOuPKF94l9KcI8Bmk4p1cA== 0000731939-94-000010.txt : 19940706 0000731939-94-000010.hdr.sgml : 19940706 ACCESSION NUMBER: 0000731939-94-000010 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: TEMPLE INLAND INC CENTRAL INDEX KEY: 0000731939 STANDARD INDUSTRIAL CLASSIFICATION: 2631 IRS NUMBER: 751903917 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-87570 FILM NUMBER: 94536698 BUSINESS ADDRESS: STREET 1: 303 S TEMPLE DR STREET 2: PO DRAWER N CITY: DIBOLL STATE: TX ZIP: 75941 BUSINESS PHONE: 4098292211 MAIL ADDRESS: STREET 1: 303 SOUTH TEMPLE DIRVE CITY: DIBOLL STATE: TX ZIP: 75941 11-K 1 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 (x) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]. For the fiscal year ended December 31, 1993 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]. For the transition period from to . Commission File Number: 33-32124 A. Full title of the plan and address of the plan, if different from that of the issuer named below: Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees 4030 Vincennes Road Indianapolis, Indiana 46268-0937 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Temple-Inland Inc. 303 South Temple Drive P. O. Drawer N Diboll, Texas 75941 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. INLAND CONTAINER CORPORATION SAVINGS AND STOCK PURCHASE PLAN FOR HOURLY EMPLOYEES By: Inland Container Corporation, Plan Administrator By: /s/ Frank F. Hirschman DATE: June 29, 1994 3 Audited Financial Statements and Schedules Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees December 31, 1993 and 1992 with Report of Independent Auditors 4 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Audited Financial Statements and Schedules December 31, 1993 and 1992 Contents Report of Independent Auditors 1 Audited Financial Statements Statements of Net Assets Available for Benefits, With Fund Information 2 Statements of Changes in Net Assets Available for Benefits, With Fund Information 4 Notes to the Financial Statements 6 Schedules Schedule of Assets Held for Investment Purposes 13 Schedule of Reportable Transactions 14 5 REPORT OF INDEPENDENT AUDITORS Plan Administrator Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees We have audited the accompanying statements of net assets available for benefits, with fund information of Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees (the Plan) as of December 31, 1993 and 1992, and the related statements of changes in net assets available for benefits, with fund information for the years then ended. These financial statements are the responsibility of the Plan'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 net assets available for benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1993 and reportable transactions for the year ended December 31, 1993, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 financial statements taken as a whole. /s/ Ernst & Young June 20, 1994 Indianapolis, Indiana -1- 6 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Statements of Net Assets Available for Benefits, With Fund Information
December 31, 1993 Fund Information Temple- Inland Fixed U.S. Common Income Equity Treasury Index Loan Stock Fund Fund Fund Fund Fund Fund Total Assets Investments (Note C): At fair value Temple-Inland Inc. common stock $4,385,464 $ - $ - $ - $ - $ - $4,385,464 Guaranteed interest contracts - 2,383,476 - - - - 2,383,476 Equity mutual fund - - 582,223 170,294 168,042 - 920,559 Participant loans - - - - - 542,966 542,966 Total investments 4,385,464 2,383,476 582,223 170,294 168,042 542,966 8,232,465 Receivables: Employers contribution 107,351 - - - - - 107,351 Participants contribution 60,636 57,012 37,816 13,155 26,603 - 195,222 Loan repayments 5,464 6,346 3,024 556 2,181 - 17,571 Total receivables 173,451 63,358 40,840 13,711 28,784 - 320,144 Net assets available for benefits $4,558,915 $2,446,834 $623,063 $184,005 $196,826 $542,966 $8,552,609
See accompanying notes. -2- 7 Inland Container Corporation Stock Purchase Plan for Hourly Employees Statements of Net Assets Available for Benefits, With Fund Information
December 31, 1992 Fund Information Temple- Inland Common Fixed Income Equity Stock Fund Fund Fund Total Assets Investments (Note C): At fair value Temple-Inland Inc. common stock $2,972,838 $ - $ - $2,972,838 Guaranteed interest contracts - 1,105,669 - 1,105,669 Equity interest in Temple-Inland Forest Products Corporation Master Trust - 721,818 - 721,818 Equity mutual fund - - 179,767 179,767 Short-term investments 17,443 5,000 2,500 24,943 Total investments 2,990,281 1,832,487 182,267 5,005,035 Receivables: Employers contribution 50,545 - - 50,545 Participants contribution 25,025 42,288 5,181 72,494 Interest receivable 79 8,149 6 8,234 Total receivables 75,649 50,437 5,187 131,273 Total assets 3,065,930 1,882,924 187,454 5,136,308 Liabilities Accrued administrative expenses - 1,177 - 1,177 Net assets available for benefits $3,065,930 $1,881,747 $187,454 $5,135,131
See accompanying notes. -3- 8 Inland Container Corporation Stock Purchase Plan for Hourly Employees Statements of Changes in Net Assets Available for Benefits, With Fund Information
Year Ended December 31, 1993 Fund Information Temple- Inland Fixed U.S. Common Income Equity Treasury Index Loan Stock Fund Fund Fund Fund Fund Fund Total Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair $ 58,717 $ 34,484 $ 4,755 $ (7,766) $ 1,952 $ - $ 92,142 value of investments (Note C) Realized gain/loss (1,159) (2,097) 30,785 31 119 - 27,679 Interest - 139,681 - 9,758 - 5,913 155,352 Dividends 81,997 213 17,290 - 2,288 - 101,788 Loan repayments 12,520 13,671 6,203 1,192 4,836 (38,422) - Miscellaneous income - 12,326 - - - - 12,326 Equity in earnings of Temple-Inland Forest Products Master Trust - 10,706 - - - - 10,706 152,075 208,984 59,033 3,215 9,195 (32,509) 399,993 Contributions: Employee 620,773 672,579 270,109 73,949 152,165 - 1,789,575 Employers 996,793 - - - - - 996,793 1,617,566 672,579 270,109 73,949 152,165 - 2,786,368 Total additions 1,769,641 881,563 329,142 77,164 161,360 (32,509) 3,186,361 Deductions from net assets attributed to: Administrative expenses 9,937 9,148 2,527 - - - 21,612 Benefits paid to participants 127,252 255,278 3,904 638 1,358 1,100 389,530 Total deductions 137,189 264,426 6,431 638 1,358 1,100 411,242 Net increase prior to transfers 1,632,452 617,137 322,711 76,526 160,002 (33,609) 2,775,219 Interfund transfers (213,909) (390,631) 21,310 1,342 5,313 576,575 - Transfers in from merging plan (Note E) 74,442 338,581 91,588 106,137 31,511 - 642,259 Net increase 1,492,985 565,087 435,609 184,005 196,826 542,966 3,417,478 Net assets available for benefits: Beginning of year 3,065,930 1,881,747 187,454 - - - 5,135,131 End of year $4,558,915 $2,446,834 $623,063 $184,005 $196,826 $542,966 $8,552,609
See accompanying notes. -4- 9 Inland Container Corporation Stock Purchase Plan for Hourly Employees Statements of Changes in Net Assets Available for Benefits, With Fund Information
Year Ended December 31, 1992 Fund Information Temple- Inland Common Fixed Income Equity Stock Fund Fund Fund Total Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments (Note C) $(2,176) $ - 8,671 $6,495 Interest 1,026 95,398 39 96,463 Dividends 45,798 - 9,952 55,750 Equity in earnings of Temple-Inland Forest Products Master Trust - 15,987 - 15,987 44,648 111,385 18,662 174,695 Contributions: Employee 402,866 746,366 102,616 1,251,848 Employers 799,758 - - 799,758 1,202,624 746,366 102,616 2,051,606 Total additions 1,247,272 857,751 121,278 2,226,301 Deductions from net assets attributed to: Administrative expenses 13 1,268 119 1,400 Benefits paid to participants 48,851 62,705 4,429 115,985 Total deductions 48,864 63,973 4,458 117,385 Net increase prior to interfund transfers 1,198,408 793,778 116,730 2,108,916 Interfund transfers (net) 66,460 (73,555) 7,095 - Net increase 1,264,868 720,223 123,825 2,108,916 Net assets available for benefits: Beginning of year 1,801,062 1,161,524 63,629 3,026,215 End of year $3,065,930 $1,881,747 $187,454 $5,135,131
See accompanying notes. -5- 10 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements Years Ended December 31, 1993 and 1992 Note A-Description of Plan The following description of the Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees (Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General The Board of Directors of Inland Container Corporation (the Company), a wholly owned subsidiary of Temple-Inland Inc., approved the formation of the Plan effective January 1, 1990. The Plan allows eligible employees to make contributions on a before-tax basis as permitted by section 401(k) of the Internal Revenue Code and to purchase stock of Temple-Inland Inc. through participation in the Plan. All non-union hourly employees who have been employed for one or more years by the Company or its participating subsidiaries (the employers), may participate, with participation in the Plan being voluntary. Contributions Voluntary employee contributions to the Plan are made through periodic payroll deductions at a rate of 1% to 16% of the participant's base compensation (as defined by the Plan), not to exceed the maximum amount specified by federal tax law. Employees are permitted to make voluntary non-deductible contributions to the Plan in addition to, or in lieu of deductible contributions, limited to 16% of the participant's compensation in each Plan year. The Company's contribution is an amount equal to 100% of the participant's contributions not to exceed 3% of the participant's compensation in such payroll period, plus an amount equal to 50% of the contributions made in excess of 3% limited to 6% of the participant's compensation in such payroll period. The Company's contribution will be limited to $2,500 per participant in each Plan year. Investment Options Beginning July 1, 1993, participants may designate their contributions be made to any of five funds: Temple-Inland Common Stock Fund - Funds are invested in Temple-Inland Common Stock. Dividends paid to the Fund are used to purchase more shares of Temple-Inland Common Stock. All matching Employer Contributions, when made, are always invested in this Fund. -6- 11 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements (continued) Years Ended December 31, 1993 and 1992 Note A Description of Plan (continued) Fixed Income Fund - Funds are invested in the Vanguard Investment Contract Trust, a collective trust invested primarily in investment contracts issued by insurance companies and commercial banks. Equity Fund - Funds are invested in the Vanguard Windsor Fund, a managed mutual fund that seeks to provide long-term growth of capital and income by investing primarily in selected common stocks. U.S. Treasury Fund - Funds are invested in the Vanguard Intermediate-Term U.S. Treasury Portfolio, a mutual fund that seeks to provide a durable stream of income by investing at least eighty-five percent (85%) of its assets in U.S. Treasury bonds of maturities in the range of five (5) to fifteen (15) years. Index Fund - Funds are invested in the Vanguard S & P 500 Index Trust. The objective of the S & P Index Trust is to match the investment performance of the Standard & Poor s 500 market index, a widely recognized market index emphasizing large-capitalization stocks. The Loan Fund is available only for transfers from the other funds. Vesting Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the Company matched contributions is based on years of continuous service. Participant's are 1/3 vested after 12 months of participation, 2/3 after 24 months and 100% after 36 months. Upon termination, the nonvested portion of the employers' account will be forfeited and applied to reduce the employers' future contributions. Withdrawals A participant in the Plan may withdraw funds only in the case of severe financial hardship, as defined by Internal Revenue Service regulations and only once in a 12-month period. Withdrawals are first taken proportionately from the Fixed Income and Equity Funds with all amounts from these funds being required to be exhausted before any withdrawals from the Temple-Inland Common Stock Fund can occur. A participant may withdraw funds -7- 12 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements (continued) Years Ended December 31, 1993 and 1992 Note A-Description of Plan (continued) from non-deductible contribution participant accounts once in a 12-month period. After 60 months of participation, participants may withdraw the vested portion of the employers' account (employers' contributions). Prior thereto, participants cannot withdraw the last 24 months of employers' contributions. Participants, when withdrawing, must suspend future contributions to the Plan; the length of suspension period is determined by a schedule and is dependent on the type of withdrawals made (deductible or non-deductible). Payment of Benefits A participant who terminates employment is able to receive the full value of his participant account. A participant can also receive all or part of the employer s account based on vested status. However, a participant who has attained the age of fifty-nine and one-half years can make a partial or complete withdrawal without the requirement of having completed five or more years of service with the Company. The normal form of distribution is a lump-sum cash payment. Administration The Plan is administered by an officer of the Company who is appointed by the Chairman of the Board or the President of Inland Container Corporation. All significant costs of administering the Plan are paid by the Plan. Note B Summary of Accounting Policies Investments Common stock is carried at aggregate current value with the net change in realized and unrealized appreciation (depreciation) reflected in the statements of changes in net assets available for benefits. Current value of common stock is based upon the last sales price as reported by the New York Stock Exchange on the last business day of the year. Current value of the equity mutual fund is based upon the last net asset value per share as reported by the National Association of Securities Dealers on the last business day of the year. The guaranteed interest contract and short-term investments are carried at cost which approximates current value. -8- 13 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements (continued) Years Ended December 31, 1993 and 1992 Note B-Summary of Accounting Policies (continued) The Plan's equity in the Temple-Inland Forest Products Corporation Master Trust is based on a percentage allocation of the aggregate current value of the Trust s assets. The Plan's equity in the earnings of the Trust is based on a percentage allocation of the Trust s investment income, realized and unrealized appreciation (depreciation) and administrative expenses. The Temple-Inland Forest Products Corporation Master Trust was established as an investment vehicle for the Fixed Income Fund and comprises the assets of twelve defined contribution plans, each of which has an interest in the Trust as determined in accordance with the Temple-Inland Forest Products Corporation Master Trust Agreement. The plans individually represent employees of a specific geographical or operating location of Temple-Inland Inc. Investment Income Dividends are recorded as income on the dividend record date. Realized gains or losses on investment securities sold are determined on the basis of first-in, first-out (FIFO) cost. The net change in realized and unrealized appreciation (depreciation) of investments is reflected in the statements of changes in net assets available for benefits. Reclassification Certain 1992 amounts have been reclassified to conform to the presentation of the 1993 financial statements. Note C-Investments The Plan s investments (including investments bought, sold and held during the year) appreciated (depreciated) in value as follows: Year Ended December 31 1993 1992 Investments at fair value as determined by quoted market price: Temple-Inland Inc. Common Stock Fund $ 57,558 $(2,176) Fixed Income Fund 32,387 - Equity Fund 35,540 8,671 U.S. Treasury Fund (7,735) - Index Fund 2,071 - Net change in fair value $119,821 $ 6,495 -9- 14 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements (continued) Years Ended December 31, 1993 and 1992 Note C-Investments (continued) Guaranteed Investment Contracts At December 31, 1993 and 1992 the Plan had funds in guaranteed interest contracts in the following amounts: December 31 1993 1992 Continental Assurance Company $ 410,011 $ 438,557 Prudential Insurance Company of America 627,466 667,112 Vanguard Investment Contract Trust 1,331,171 - Fidelity Bankers Life Insurance Company 14,828 - $2,383,476 $1,105,669 Temple-Inland Forest Products Corporation Master Trust Net assets of the Temple-Inland Forest Products Corporation Master Trust (reported at current value) are comprised of the following as of December 31, 1992: Fixed income securities $ 7,607,979 Cash equivalents 9,892,064 $17,500,043 The investment committee has engaged an investment management firm to monitor the Trust s entire portfolio and to initiate purchase and sale decisions. Results of the Trust's operations for the plan year 1992 were as follows: Investment income $614,981 Net realized and unrealized (depreciation) on investments (105,810) $509,171 The Plan's proportionate interest in the Trust s net assets was 4.12% in 1992. -10- 15 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements (continued) Years Ended December 31, 1993 and 1992 Note C-Investments (continued) The Trust was liquidated April 1, 1993 and the Plan's proportionate interest was transferred to the Vanguard Investment Contract Trust. Note D Differences Between Financial Statements and Form 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: December 31 1993 1992 Net assets available for benefits per the financial statements $8,552,609 $5,135,131 Amounts allocated to withdrawn participants (2,103) (32,301) Net assets available for benefits per the Form 5500 $8,550,506 $5,102,830 The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: Year Ended December 31 1993 1992 Benefits paid to participants per the financial statements $389,530 $115,985 Amounts allocated to withdrawn participants at December 31, 1993 2,103 - Amounts allocated to withdrawn participants at December 31, 1992 (32,301) 32,301 Benefits paid to participants per the Form 5500 $359,332 $148,286 Amounts allocated to withdrawn participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to year-end but not yet paid. -11- 16 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Notes to the Financial Statements (continued) Years Ended December 31, 1993 and 1992 Note E-Plan Merger Effective July 1, 1993, the portion of the Pakway Profit Sharing and Savings Plan which related to Pakway s salaried employees was merged into the Plan, which provides benefits to participants in the former plan. This merger resulted in no loss of assets or benefits to the participants. Additional information pertaining to this merger and all provisions of the Inland Container employee benefit plans are available from the Plan Sponsor. Note F-Plan Termination The Company has the right to terminate the Plan. In the event the Plan is terminated, each participant's account shall be nonforfeitable with respect to both the participant's and the employer s contributions, and the net assets are to be set aside for the payment of withdrawals to the participants. Note G-Tax Status Although an application has been submitted to the Internal Revenue Service requesting a determination letter regarding the Plan's tax status, a reply has not yet been received. It is anticipated the Plan will qualify as defined by Sections 401(a) and 401(k) of the Internal Revenue Code and will, therefore, not be subject to tax using present income tax laws. Participants are not subject to federal income tax until contributed amounts and earnings are distributed to them. -12- 17 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Schedule of Assets Held for Investment Purposes December 31, 1993 Item 27(a)
(b) (c) (d) (e) Description of Investment including Identity of issue, borrower, maturity date, rate of interest, Current lessor, or similar party collateral, par or maturity value Cost Value Temple-Inland Common Stock Fund Temple-Inland Common Stock Fund Company stock fund invested primarily in Temple-Inland common stock (392,260 units which approximates 86,658 shares common stock) $3,890,054 $4,385,464 Fixed Income Fund Continental Assurance Company Guaranteed interest contract, $410,011 principal amount 410,011 410,011 Prudential Insurance Company of Guaranteed interest contract, America $627,466 principal amount 627,466 627,466 Vanguard Investment Contract Collective trust invested primarily Trust in investment contracts, $1,331,171 principal amount 1,331,171 1,331,171 Fidelity Bankers Life Insurance Deferred annuity contract, $14,828 Company principal amount 14,828 14,828 2,383,476 2,383,476 Equity Fund Vanguard Windsor Fund Equity mutual fund, 41,856 shares 595,875 582,223 U.S. Treasury Fund Vanguard Intermediate Term U.S. U.S. Treasury mutual fund, 15,901 Treasury Portfolio shares 178,061 170,294 Index Fund Vanguard S&P 500 Index Trust Index fund, 3,834 shares 166,089 168,042 Loan Fund Participant Loans Participant loans with interest rates ranging from 7.5-8.75% 542,966 542,966 $7,756,521 $8,232,465
-13- 18 Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees Schedule of Reportable Transactions Year ended December 31, 1993 Item 27(d)
(a) (b) (c) (d) (g) (h) (i) Description of Asset Current Value (include interest rate of Assets on and maturity in case of Number of Purchase Selling Cost of Transaction Net Gain Identity of Party Involved a loan) Transactions Price Price Asset Sold Date or (Loss) Category (iii)--A series of transactions in excess of 5% of plan assets: INB National Bank Woodward treasury fund, $256,856 principal amount 7 256,856 - - 256,856 - Continental Assurance Co. Guaranteed interest contract 59 - 457,015 457,015 - - The Prudential Insurance Guaranteed interest contract 58 - 695,660 695,660 - - Co. of America INB National Bank Woodward treasury fund, $261,856 principal amount 6 - 261,856 261,856 - - INB National Bank Temple-Inland Inc. common stock, 14,507 shares 9 677,528 - - 677,528 - INB National Bank Woodward treasury fund, $741,493 principal amount 6 741,493 - - 741,493 - INB National Bank Woodward treasury fund, $759,220 principal amount 7 - 759,220 759,220 - - INB National Bank Temple-Inland Inc. common stock, 72,232 shares 105 - 3,193,638 3,193,638 - - Vanguard Temple-Inland Inc. common stock, 82,564.510 units 30 875,471 - - 875,471 - Vanguard Guaranteed interest contract 63 442,991 - - 442,991 - Vanguard Windsor Fund 33 287,475 - - 287,475 -
(a) Information concerning "Lease Rental" and "Expense Incurred with Transaction" has not been presented as it is not applicable. (b) Information concerning "Purchase or Selling Price" for common stock transactions is presented on an average per share basis. (c) There were no category (i), (ii) or (iv) reportable transactions during 1993. (d) Commissions and fees related to purchases and sales of investments are included in the cost of the investment or the proceeds from the sale. -14- 19 EXHIBIT 1 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 Number 33-32124) pertaining to the Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees of our report dated June 20, 1994, with respect to the financial statements and schedules of the Inland Container Corporation Savings and Stock Purchase Plan for Hourly Employees included in this Annual Report (Form 11-K) for the year ended December 31, 1993. /s/ ERNST & YOUNG June 24, 1994 Indianapolis, Indiana -----END PRIVACY-ENHANCED MESSAGE-----