-----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, cQBB2YhnlO6ekmwahWn9DwInJywfnxkXhBJUuGkuJPI/XO5ncnn8HlWRLikW9yeY X+K0D6xyMHLuFCp0UFSePg== 0000094610-95-000005.txt : 199507030000094610-95-000005.hdr.sgml : 19950703 ACCESSION NUMBER: 0000094610-95-000005 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STONE CONTAINER CORP CENTRAL INDEX KEY: 0000094610 STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD MILLS [2631] IRS NUMBER: 362041256 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03439 FILM NUMBER: 95551179 BUSINESS ADDRESS: STREET 1: 150 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3123466600 MAIL ADDRESS: STREET 1: 18TH FL, CORPORATE ACCOUNTING STREET 2: 150 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60601 11-K 1 STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN FINANCIAL STATEMENTS AND SCHEDULES DECEMBER 31, 1994 AND 1993 STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN INDEX Page Report of Independent Accountants 1 Financial Statements: Statement of Net Assets Available for Benefits as of December 31, 1994 and 1993 3 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 and 1993 4 Notes to Financial Statements 5 Supplementary Schedules: Assets Held for Investment as of December 31, 1994 Schedule I Transactions or Series of Transactions Involving an Amount in Excess of Five Percent of the Current Value of Assets for the Year Ended December 31, 1994 Schedule II Note: All other supplementary schedules have been omitted because they are not applicable. Report of Independent Accountants May 31, 1995 To the Participants and Administrator of Stone Container Corporation Deferred Income Savings Plan In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Stone Container Corporation Deferred Income Savings Plan (the Plan) at December 31, 1994 and 1993, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. As discussed in Note 6 to the financial statements, the Plan maintains insurance contracts with Confederation Life Insurance Company. In August 1994, the Canadian and Michigan insurance regulatory authorities filed an order of rehabilitation against that insurance company, thereby seizing its assets pending completion of a rehabilitation plan. The amount of any potential loss relating to these contracts cannot be determined at present. No provision for any potential reduction of the principal amount of the contracts or accrued interest has been made in the accompanying financial statements. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by the Employee Retirement Income Security Act of 1974. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 1994 AND 1993
1994 1993 Cash and cash equivalents $ 1,977,565 $ 1,419,110 Fixed investment contracts 55,871,025 54,465,484 Mutual funds 31,298,102 26,317,717 Common stock 22,709,681 9,214,349 Total investments 111,856,373 91,416,660 Contributions receivable: Employee 4,662 301,591 Employer 515,416 512,955 Due from broker 109,345 801,380 Corporate note receivable - 13,000 Accrued income 52,328 3,606 681,751 1,632,532 Total assets 112,538,124 93,049,192 Due to broker 196,722 805,480 Other liabilities 2,362 2,515 Total liabilities 199,084 807,995 Net assets available for benefits $112,339,040 $92,241,197 ============ =========== The accompanying notes are an integral part of these statements.
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1994 AND 1993
1994 1993 Sources of assets: Contributions: Employee $ 11,998,910 $11,539,685 Employer 515,416 512,955 Interest and dividend income 4,617,618 4,364,207 Transfers of assets from other plans 2,435,975 - Net appreciation (depreciation) in fair value of investments 7,967,747 (1,714,762) 27,535,666 14,702,085 Application of assets: Participant withdrawals 6,762,396 4,279,212 Common stock distributed to participants 578,094 279,327 Other 97,333 527,958 7,437,823 5,086,497 Increase in net assets available for benefits 20,097,843 9,615,588 Net assets available for benefits: Beginning of period 92,241,197 82,625,609 End of period $112,339,040 $92,241,197 ============ =========== The accompanying notes are an integral part of these statements.
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 NOTE 1 - DESCRIPTION OF THE PLAN: The following description of the Stone Container Corporation Deferred Income Savings Plan (the Plan) is provided for general informational purposes only. Participants should refer to the Plan agreement for complete information. General The Plan was adopted by the Board of Directors of Stone Container Corporation (the Company) to offer eligible employees of the Company an opportunity to invest a portion of their income in the Plan on a regular basis through salary reduction under the provisions of section 401(K) of the Internal Revenue Code. The Plan is administered by a committee of three individuals appointed by the Company and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan's year end is December 31. Eligibility All salaried employees of the Company are eligible to participate in the Plan as of the first day of the following Plan year by filing a written request indicating their elective contributions. Contributions Employee salary reduction contributions are to be not less than one percent or greater than ten percent of compensation up to the maximum contribution as permitted by the Internal Revenue Code. Compensation is defined as the total of wages, bonuses, commissions and overtime pay. Participants may change their contribution percentages and fund investment alternatives at specified dates during the year. Contributions may be suspended at any time by notifying the Plan Administrator. Contributions and earnings on participants' contributions are fully vested and nonforfeitable at all times. The Company matches participant contributions in an amount equal to $.25 for each $1 of contribution made by participants up to a maximum employer contribution of $150 per participant, per year. Participants are also fully vested, at all times, in the Company's matching contributions and earnings thereon. Distributions The balance in a participant's account is distributable upon termination of the participant's employment for any reason, including death, retirement, permanent disability, resignation or dismissal. Participants who have not terminated employment are entitled to distributions of their account balances upon attainment of age 59-1/2. Participants must commence distribution on their account balances no later than April 1 of the calendar year following the calendar year in which they attain age 70-1/2. All distributions are made in the form of lump-sum payments. Prior to normal distribution of benefits, participants who demonstrate financial hardship may request a withdrawal of all or a portion of their employer and salary reduction contributions account as of December 31, 1988, plus their aggregate salary reduction contributions, but not earnings thereon, made on or after January 1, 1989. All hardship requests are evaluated and subject to approval by the Plan Administrator. Such withdrawals are not allowed more frequently than once in a twelve-month period. Investment alternatives Participants have the option to invest their balances in a fixed income fund, an equity fund, a company stock fund and a balanced fund. The balanced fund was established in 1993. Prior to 1989, certain participants also had the option to invest in a money market fund. Investment decisions for each fund are made by the Harris Trust and Savings Bank (the Trustee) or an investment manager selected by the Plan Administrator. Participants may elect to invest their contributions and the matching Company contribution in the fixed income fund, the equity fund, the company stock fund and the balanced fund in increments of ten percent. All contributions received are held and invested in the short-term investment fund until it is administratively possible for the Trustee to invest such contributions and earnings thereon pursuant to the participant's investment elections. No contributions and earnings thereon shall be held in the short- term investment fund longer than the following accounting date. Termination of the plan The Company anticipates and believes that the Plan will continue without interruption, but reserves the right to discontinue the Plan at any time. If the Plan is terminated, the assets of the Plan shall be allocated among participants and beneficiaries in accordance with the applicable provisions of ERISA. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of accounting The financial statements of the Plan are presented on the accrual basis of accounting. Accordingly, investment income is recognized when earned and expenses are recognized when incurred. Investment valuation Mutual fund investments are valued at the last reported sales prices on the last business day of the year; fixed investment contracts are valued at contract values plus accrued interest; the Company's common stock is valued at the closing price on the last business day of the year; and corporate notes receivable are valued at estimated fair value, as determined by the Trustee, based upon the advice of its investment consultant. The sum of realized gains and losses and the net change in unrealized appreciation or depreciation in the fair value of investments is presented in the Statement of Changes in Net Assets Available for Benefits as net appreciation or depreciation in fair value of investments. Administrative expenses Investment manager expenses for the fixed income fund are paid by the Plan. The investment manager expenses for the fixed income fund for the year ended December 31, 1994 and 1993 were $28,703 and $25,438, respectively. All other administrative expenses are paid by the Company. Payments to withdrawing participants The Plan records payments to withdrawing participants at the time of disbursement, in accordance with generally accepted accounting principles. Under the rules for preparation of its Form 5500, the Plan reflects an accrual for the amount to be paid to participants who have withdrawn from the Plan prior to year end. Amounts payable to participants at December 31, 1994 and 1993 were $2,244,219 and $1,547,769, respectively. NOTE 3 - PLAN MERGERS: Effective July 1, 1994, the Stone Container Corporation Employee Stock Ownership Plan (the ESOP) merged into the Plan. At this time, participants of the ESOP became participants of the Plan and the ESOP was terminated. The net assets of the ESOP, comprised entirely of Stone Container Corporation common stock, were transferred to the Plan's company stock fund in the third quarter of 1994. NOTE 4 - TAX STATUS OF THE PLAN: The Internal Revenue Service has determined and informed the Company by letter dated May 29, 1986 that the Plan is designed in accordance with the applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan Administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. NOTE 5 - SIGNIFICANT INVESTMENTS: Investments with fair values in excess of 5% of net assets available for benefits at either December 31, 1994 or 1993 were: 1994 1993 Stone Container Corporation Common Stock $22,709,681 $9,214,349 Participation in Neuberger & Berman Guardian Fund 8,674,094 8,214,680 Participation in American Balanced Fund, Inc. 7,885,154 4,335,431 Participation in American Mutual Fund, Inc. 7,377,628 6,944,759 Participation in Vanguard U.S. Growth Fund 7,361,226 4,004,763 Hawaiian Trust Co. Pooled GIC Fund 9,804,664 10,122,152 Sun Life Insurance Contract (#FA166 due 3-31-95 9.2%) 5,460,145 5,000,133 At December 31, 1994 and 1993, the Plan held 1,307,032 and 957,335 shares of the Company's common stock respectively. The following table presents changes in the net appreciation or depreciation in fair value of investments (including gains and losses on investments sold during the year and unrealized gains and losses on investments purchased and held during the year) held by the Plan for the years ended December 31, 1994 and 1993. 1994 1993 Common Stock $8,513,208 $(3,902,297) Mutual Funds (545,461) 2,187,535 __________ ___________ Net appreciation (depreciation)in fair value of investments $7,967,747 $(1,714,762) ========== =========== NOTE 6 - CONFEDERATION LIFE The Plan maintains insurance contracts with Confederation Life Insurance Company (Confederation Life). These contracts are held as investments in the fixed income fund. The investment contracts with Confederation Life held as of December 31, 1994 were: Carrying Value Confederation Life #62630 7.68% due 1-31-97 1,201,371 Confederation Life GIC #62618 7.45% Compounded due 2-19-97 1,199,497 Confederation Life #62639 7.72% due 9-26-96 1,198,565 Confederation Life #62640 7.76% due 11-26-96 1,199,649 $4,799,082 ========== In August 1994, following the placement of Confederation Life's Canadian operations under the regulatory control of the Canadian government, Michigan insurance regulators filed an order of rehabilitation against the U.S. Branch of Confederation Life. Michigan insurance regulators are working with Canadian authorities in supervising the rehabilitation, however, a plan has not been finalized. In response to the seizure of Confederation Life, the Plan ceased accruing interest on the investments effective August 31, 1994, resulting in approximately $119,499 of unaccrued interest for the period from September 1, 1994 through December 31, 1994. The contracts were not segregated from the fixed income fund and participants continue to have the right to make contributions, transfers and withdrawals to and from this fund. The carrying values of the Confederation Life contracts in the accompanying financial statements reflect the principal amount of the contracts plus accrued interest, in accordance with the terms stated above. These carrying values represent the Trustee's best estimate of the fair market values of these contracts based on the financial information available, historical precedents and discussions of likely outcomes with regulators and industry representatives. Confederation Life's final rehabilitation plan may result in a reduction in the principal amount of the contracts and/or a reduction in the related interest accrual. However, pending completion of the plan and a full appraisal of the fair value of Confederation Life's assets and liabilities, the amount of any potential loss on these contracts cannot be reasonably estimated. NOTE 7 - INFORMATION BY FUND: The following statements present net assets available for benefits and changes in net assets available for benefits with fund information as of and for the years ended December 31, 1994 and 1993: STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1994
COMPANY FIXED STOCK INCOME FUND EQUITY FUND FUND Cash and cash equivalents $ 1,600,752 $ - $ 43,228 Fixed investment contracts 55,871,025 - - Mutual funds - 23,412,948 - Common stock - - 22,709,681 ___________ ___________ ___________ Total investments 57,471,777 23,412,948 22,752,909 Contributions receivable: Employee 2,052 1,093 818 Employer 242,245 128,227 67,631 Due from broker - 109,345 - Accrued income 3,996 46,678 129 Transfer due from (to) associated funds (1,703,776) (722,527) 2,478,834 ___________ ___________ ___________ (1,455,483) (437,184) 2,547,412 Total assets 56,016,294 22,975,764 25,300,321 ___________ ___________ ___________ Due to broker - 153,496 43,226 Other liabilities - 2,362 - ___________ ___________ ___________ Total liabilities - 155,858 43,226 ___________ ___________ ___________ Net assets available for benefits $56,016,294 $22,819,906 $25,257,095 =========== =========== ===========
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1994 (CONTINUED)
MONEY MARKET BALANCE FUND FUND TOTAL Cash and cash equivalents $333,585 $ - $ 1,977,565 Fixed investment contracts - - 55,871,025 Mutual funds - 7,885,154 31,298,102 Common stock - - 22,709,681 ________ ___________ ____________ Total investments 333,585 7,885,154 111,856,373 Contributions receivable: Employee - 699 4,662 Employer - 77,313 515,416 Due from broker - - 109,345 Accrued income 1,509 16 52,328 Transfer due from (to) associated funds - (52,531) - ________ ___________ ____________ 1,509 25,497 681,751 Total assets 335,094 7,910,651 112,538,124 ________ ___________ ____________ Due to broker - - 196,722 Other liabilities - - 2,362 ________ ___________ ____________ Total liabilities - - 199,084 ________ ___________ ____________ Net assets available for benefits $335,094 $ 7,910,651 $112,339,040 ======== =========== ============
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1993
COMPANY FIXED STOCK INCOME FUND EQUITY FUND FUND Cash and cash equivalents $ 1,055,459 $ - $ 5,548 Fixed investment contracts 54,465,484 - - Mutual funds - 21,982,286 - Common stock - - 9,214,349 ___________ ___________ ___________ Total investments 55,520,943 21,982,286 9,219,897 Contributions receivable: Employee 156,828 78,413 42,223 Employer 266,737 133,368 71,814 Due from broker - 602,216 - Corporate note receivable 13,000 - - Accrued income 2,580 18 69 Transfer due from (to) associated funds (3,086,966) 79,063 315,802 ___________ ___________ ___________ (2,647,821) 893,078 429,908 Total assets 52,873,122 22,875,364 9,649,805 ___________ ___________ ___________ Due to broker - 602,216 4,100 Other liabilities - 2,515 - ___________ ___________ ___________ Total liabilities - 604,731 4,100 ___________ ___________ ___________ Net assets available for benefits $52,873,122 $22,270,633 $ 9,645,705 =========== =========== ===========
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION AS OF DECEMBER 31, 1993 (CONTINUED)
MONEY MARKET BALANCE FUND FUND TOTAL Cash and cash equivalents $358,103 $ - $ 1,419,110 Fixed investment contracts - - 54,465,484 Mutual funds - 4,335,431 26,317,717 Common stock - - 9,214,349 ________ ___________ ____________ Total investments 358,103 4,335,431 91,416,660 Contributions receivable: Employee - 24,127 301,591 Employer - 41,036 512,955 Due from broker - 199,164 801,380 Corporate note receivable - - 13,000 Accrued income 935 4 3,606 Transfer due from (to) associated funds - 2,692,101 - ________ ___________ ____________ 935 2,956,432 1,632,532 Total assets 359,038 7,291,863 93,049,192 ________ ___________ ____________ Due to broker - 199,164 805,480 Other liabilities - - 2,515 ________ ___________ ____________ Total liabilities - 199,164 807,995 ________ ___________ ____________ Net assets available for benefits $359,038 $ 7,092,699 $ 92,241,197 ======== =========== ============
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1994
COMPANY FIXED STOCK INCOME FUND EQUITY FUND FUND Source of assets: Contributions: Employee $ 5,505,223 $ 3,276,336 $ 1,670,639 Employer 261,932 121,391 62,310 Interest and dividend income 3,613,947 645,375 3,674 Cash transfer from (to) associated funds (1,323,288) (1,532,150) 3,409,066 Transfers of assets from other plans - - 2,435,975 Net appreciation (depreciation) in fair value of investments 79,408 (277,564) 8,513,208 ___________ ___________ ___________ 8,137,222 2,233,388 16,094,872 ___________ ___________ ___________ Application of assets: Participant withdrawals 4,963,930 1,517,059 5,881 Common stock distributed to participants - - 578,094 Other 30,120 167,056 (100,493) ___________ ___________ ___________ 4,994,050 1,684,115 483,482 ___________ ___________ ___________ Increase (decrease) in net assets available or benefits 3,143,172 549,273 15,611,390 Net assets available for benefits: Beginning of period 52,873,122 22,270,633 9,645,705 ___________ ___________ ___________ End of period $56,016,294 $22,819,906 $25,257,095 =========== =========== ===========
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1994 (CONTINUED)
MONEY MARKET BALANCE FUND FUND TOTAL Source of assets: Contributions: Employee $ - $1,546,712 $ 11,998,910 Employer - 69,783 515,416 Interest and dividend income 14,315 340,307 4,617,618 Cash transfer from (to) associated funds 6,718 (560,346) - Transfers of assets from other plans - - 2,435,975 Net appreciation (depreciation) in fair value of investments - (347,305) 7,967,747 ________ __________ ____________ 21,033 1,049,151 27,535,666 ________ __________ ____________ Application of assets: Participant withdrawals 44,339 231,187 6,762,396 Common stock distributed to participants - - 578,094 Other 638 12 97,333 ________ __________ ____________ 44,977 231,199 7,437,823 ________ __________ ____________ Increase (decrease) in net assets available for benefits (23,944) 817,952 20,097,843 Net assets available for benefits: Beginning of period 359,038 7,092,699 92,241,197 ________ __________ ____________ End of period $335,094 $7,910,651 $112,339,040 ======== =========== ============
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1993
COMPANY FIXED STOCK INCOME FUND EQUITY FUND FUND Source of assets: Contributions: Employee $ 6,610,621 $ 3,001,024 $ 1,595,644 Employer 251,029 144,219 76,670 Interest and dividend income 4,107,483 154,681 2,500 Cash transfer from (to) associated funds (7,797,943) (1,015,991) 2,237,026 Net appreciation (depreciation) in fair value of investments (333,594) 2,431,896 (3,902,297) ___________ ___________ ___________ 2,837,596 4,715,829 9,543 ___________ ___________ ___________ Application of assets: Participant withdrawals 2,859,182 1,266,861 414 Common stock distributed to participants - - 279,327 Other 285,714 164,743 124,014 ___________ ___________ ___________ 3,144,896 1,431,604 403,755 ___________ ___________ ___________ Increase (decrease) in net assets available or benefits (307,300) 3,284,225 (394,212) Net assets available for benefits: Beginning of period 53,180,422 18,986,408 10,039,917 ___________ ___________ ___________ End of period $52,873,122 $22,270,633 $ 9,645,705 =========== =========== ===========
STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1993 (CONTINUED)
MONEY MARKET BALANCE FUND FUND TOTAL Source of assets: Contributions: Employee $ - $ 332,396 $ 11,539,685 Employer - 41,037 512,955 Interest and dividend income 12,381 87,162 4,364,207 Cash transfer from (to) associated funds (17,139) 6,594,047 - Net appreciation (depreciation) in fair value of investments - 89,233 (1,714,762) ________ __________ ____________ (4,758) 7,143,875 14,702,085 ________ __________ ____________ Application of assets: Participant withdrawals 101,579 51,176 4,279,212 Common stock distributed to participants - - 279,327 Other (46,513) - 527,958 ________ __________ ____________ 55,066 51,176 5,086,497 ________ __________ ____________ Increase (decrease) in net assets available or benefits (59,824) 7,092,699 9,615,588 Net assets available for benefits: Beginning of period 418,862 - 82,625,609 ________ __________ ____________ End of period $359,038 $7,092,699 $ 92,241,197 ======== =========== ============
NOTE 8 - SUBSEQUENT EVENT: Effective April 1, 1995, Bankers Trust Company assumed all trustee responsibilities for the Plan. Harris Trust and Savings Bank remained the Plan's trustee for the plan year ended December 31, 1994 and 1993. This event has no effect on participants' benefits. SCHEDULE I PAGE 1 OF 3 STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN ASSETS HELD FOR INVESTMENT AS OF DECEMBER 31, 1994 (Line 27a of Form 5500) Description Identity of Issue of Investments Cost Fair Value Stone Container Corporation Common Stock* $17,866,356 $22,709,681 Participation in American Mutual Fund Inc. Mutual Fund 7,681,902 7,377,628 Participation in Neuberger & Berman Guardian Fund Mutual Fund 7,351,502 8,674,094 Participation in Vanguard U.S. Growth Fund Mutual Fund 6,718,796 7,361,226 Participation in American Balanced Fund Mutual Fund 8,271,500 7,885,154 Participation in GIC Institutional Insurance Investment Fund Contract 1,203,640 1,340,630 Hartford Life Insurance Company GA 8905 9.24% Insurance due 3-15-90 Contract 3,077,228 3,077,228 Confederation Life GIC #62618 7.45% Compounded Insurance due 2-19-97 Contract 1,199,497 1,199,497 Protective Life Insurance GIC #GA-651 7.20% Insurance due 6-19-97 Contract 2,040,015 2,040,015 SCHEDULE I PAGE 2 OF 3 Description Identity of Issue of Investments Cost Fair Value Allstate GIC GA-5278 7.40% Insurance due 4-10-97 Contract $ 3,667,397 $ 3,667,397 Commonwealth Life ADA-00436FR 7.10% Insurance due 3-10-97 Contract 1,850,451 1,850,451 Ohio National Life GA-5429 7.02% due Insurance 12-11-95 Contract 1,210,109 1,210,109 Ohio National Life GA-5430 7.14% due Insurance 2-9-96 Contract 1,213,928 1,213,928 Ohio National Life GA-5431 7.26% due Insurance 4-10-96 Contract 1,217,753 1,217,753 Confederation Life #62630 7.68% due Insurance 1-31-97 Contract 1,201,371 1,201,371 Life of Virginia GS-2557 7.29% due Insurance 5-10-97 Contract 1,828,419 1,828,419 Sun Life Insurance Contract #FA166 due Insurance 3-31-95 9.2% Contract 5,460,145 5,460,145 Principal Mutual #4-2280 7.20% due Insurance 4-10-97 Contract 1,824,107 1,824,107 Protective Life Insurance GA-666 due 6-26-97 Contract 2,066,769 2,066,769 Confederation Life #62639 7.72% Insurance due 9-26-96 Contract 1,198,565 1,198,565 Confederation Life #62640 7.76% Insurance due 11-26-96 Contract 1,199,649 1,199,649 Hawaiian Trust Co. Insurance Pooled GIC Fund Contract 9,756,774 9,804,664 SCHEDULE I PAGE 3 OF 3 Description Identity of Issue of Investments Cost Fair Value State Mutual Life Insurance GA-91990-A-1 6.06% Contract $ 566,896 $ 566,896 State Mutual Life Insurance GA-91990-A-3 Contract 1,131,796 1,131,796 Prudential Insurance Co. GA-7561-211 Insurance 6.19% Contract 1,972,057 1,972,057 Life Insurance Co. of Georgia GA-303-STN Insurance 6.45% 2-19-88 Contract 2,258,572 2,258,572 Sun Life Assurance Contract #S-0858-G Insurance 5.89% Contract 2,215,626 2,215,626 Metropolitan Life Insurance GAC 20070 6.85% Insurance due 6-30-95 Contract 1,763,492 1,763,492 New York Life Insurance GIC GA-30056 Contract 2,552,523 2,552,523 Continental Assurance Co. Contract Insurance #GP-13068 Contract 2,009,366 2,009,366 Harris Bank Collective Investment Fund Master Trust Reserve Fund Cash Equivalents 1,977,565 1,977,565 $105,553,766 $111,856,373 * Party in interest SCHEDULE II STONE CONTAINER CORPORATION DEFERRED INCOME SAVINGS PLAN TRANSACTIONS OR SERIES OF TRANSACTIONS INVOLVING AN AMOUNT IN EXCESS OF FIVE PERCENT OF THE CURRENT VALUE OF PLAN ASSETS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994 (LINE 27d OF FORM 5500) Description of asset (include interest rate and Number Identity maturity of of Party in case Trans- Purchase Selling involved of loan) actions price price American Participation Balanced in Mutual Fund Fund 57 $5,268,994 Current value Expense of asset on Lease incurred with Cost of transaction Net gain rental transaction asset date or (loss) $5,268,994 EX-23 2 EXHIBIT 23 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-33784) of Stone Container Corporation of our report dated May 31, 1995 appearing on pages 1-2 of the Annual Report of the Stone Container Corporation Deferred Income Savings Plan on Form 11-K for the year ended December 31, 1994. PRICE WATERHOUSE LLP Chicago, Illinois June 29, 1995 -----END PRIVACY-ENHANCED MESSAGE-----