SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Period from January 1, 1993 to December 31, 1993
COMMISSION FILE NO. 1-4825
WEYERHAEUSER COMPANY HOURLY 401(k) PLAN
__________________________________
WEYERHAEUSER COMPANY
A Washington Corporation
Tacoma, Washington 98477
Telephone: 206/924-2345
<PAGE>
Financial Statements and Exhibits
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Item 4: Plan Financial Statements and Schedules prepared in
accordance with the financial reporting requirements of
ERISA.
Weyerhaeuser Company Hourly 401(k) Plan statements of
financial condition as of December 31, 1993 and
1992 and the related statement of changes
in participants' equity for the year ended December 31,
1993 together with report of Independent Public
Accountants.
Exhibits: Consent of Independent Public Accountants
Signatures
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the members of the Committee who administer the
Weyerhaeuser Company Hourly 401(k) Plan have duly caused
this Annual Report to be signed by the undersigned hereunto
duly authorized.
WEYERHAEUSER COMPANY
HOURLY 401(K) PLAN
BY: /s/ S.R. Hill by Paula Stewart
--------------------------
S. R. Hill
Member
Retirement Committee
June 20, 1994
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Date
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
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As independent public accountants, we hereby consent to the
incorporation by reference of our report dated June 17, 1994, on
the financial statements of the Weyerhaeuser Company Hourly
401(k) Plan, included in the Weyerhaeuser Company Hourly 401(k)
Plan annual report on Form 11-K for the year ended December 31,
1993, into the Company's previously filed Registration Statement
File No. 33-41414 on Form S-8.
ARTHUR ANDERSEN & CO.
Seattle, Washington,
June 20, 1994
<PAGE>
WEYERHAEUSER COMPANY
HOURLY 401(k) PLAN
Statements of Financial Condition as of
December 31, 1993 and 1992 and the
Related Statement of Changes in
Participants' Equity for the Year Ended December 31, 1993
Together with Report of
Independent Public Accountants
<PAGE>
WEYERHAEUSER COMPANY HOURLY 401(k) PLAN
Report of Independent Public Accountants
To the Retirement Committee,
Weyerhaeuser Company:
We have audited the accompanying statements of financial
condition of the Weyerhaeuser Company Hourly 401(k) Plan as of
December 31, 1993 and 1992, and the related statement of changes
in participants' equity for the year ended December 31, 1993.
These financial statements are the responsibility of the
sponsoring Company's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial condition
of the Weyerhaeuser Company Hourly 401(k) Plan as of December 31,
1993 and 1992, and the changes in participants' equity for the
year ended December 31, 1993 in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The Fund
Information in the statements of financial condition and the
statement of changes in participants' equity is presented for
purposes of additional analysis rather than to present the
financial condition and changes in participants' equity of each
fund. The Fund Information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Arthur Andersen & Co.
Seattle, Washington,
June 17, 1994
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<TABLE>
WEYERHAEUSER COMPANY
HOURLY 401(k) PLAN
Statements of Financial Condition, with Fund Information
December 31, 1993 and 1992
<CAPTION>
Fund Information
------------------------------------
December 31, 1993
-----------------------------------------------------
Weyerhaeuser
Company Fixed
Common Income Equity
Stock Fund Fund Fund Total
------------ --------- -------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments:
Weyerhaeuser Company common shares, at market
(66,502 and 4,948 shares with a historic cost
basis of $2,777,969 and $170,585 at respective
dates) $ 2,967,652 $ -- $ -- $ 2,967,652
Group annuity contracts, at contract value -- 1,839,220 -- 1,839,220
Equity fund, at market (historic cost basis of
$1,807,595 and $215,122 at respective dates) -- -- 1,880,588 1,880,588
----------- ----------- ------------ -----------
2,967,652 1,839,220 1,880,588 6,687,460
Receivables:
Participants' and employees' contributions -- 68,520 40,897 109,417
Interfund transfers in -- 8,051 2,124 10,175
Accrued interest 5 12,103 9 12,117
Short-term investments 146 90,179 -- 90,325
----------- ----------- ------------ -----------
$ 2,967,803 $ 2,018,073 $ 1,923,618 $ 6,909,494
=========== =========== ============ ===========
LIABILITIES AND PARTICIPANTS' EQUITY
Payables:
Participant withdrawals $ 48,081 $ 7,096 $ 9,787 $ 64,964
Interfund transfer out 10,175 -- -- 10,175
Investments purchased 2,398 -- -- 2,398
Employer credits 93 -- -- 93
----------- ----------- ------------ -----------
60,747 7,096 9,787 77,630
Participants' equity 2,907,056 2,010,977 1,913,831 6,831,864
----------- ----------- ------------ -----------
$ 2,967,803 $ 2,018,073 $ 1,923,618 $ 6,909,494
=========== =========== ============ ===========
The accompanying notes are an integral part of these statements of financial
condition.
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<CAPTION>
Fund Information
-----------------------------------
December 31, 1992
------------------------------------------------
Weyerhaeuser
Company Fixed
Common Income Equity
Stock Fund Fund Fund Total
------------- ------ ---------- ---------
<C> <C> <C> <C>
$ 182,458 $ -- $ -- $ 182,458
-- 327,318 -- 327,318
-- -- 228,694 228,694
---------- ---------- --------- ----------
182,458 327,318 228,694 738,470
22,098 15,246 12,098 49,442
560 1 -- 561
-- 2,319 -- 2,319
-- 7,548 -- 7,548
---------- ---------- --------- ---------
$ 205,116 $ 352,432 $ 240,792 $ 798,340
========== ========== ========= =========
$ -- $ -- $ -- $ --
-- -- 561 561
-- -- -- --
---------- ---------- --------- ---------
-- -- 561 561
205,116 352,432 240,231 797,779
---------- ---------- --------- ---------
$ 205,116 $ 352,432 $ 240,792 $ 798,340
========== ========== ========= =========
</TABLE>
<PAGE>
<TABLE>
WEYERHAEUSER COMPANY
HOURLY 401 (k) PLAN
Statement of Changes in Participants' Equity, with Fund Information for the
Year
Ended December 31, 1993
<CAPTION>
Fund Information
-------------------------------------
Weyerhaeuser
Company Fixed
Common Income Equity
Stock Fund Fund Fund Total
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
Participants' equity at beginning of year $ 205,116 $ 352,432 $ 240,231 $ 797,779
----------- ----------- ----------- -----------
Contributions:
Participants 1,675,263 1,602,655 1,625,780 4,903,698
Employer 843,576 -- -- 843,576
----------- ----------- ----------- -----------
2,518,839 1,602,655 1,625,780 5,747,274
----------- ----------- ----------- -----------
Net investment income:
Dividends and interest 38,695 77,314 4 116,013
Gain on sale of investments -- -- 8,497 8,497
----------- ----------- ----------- -----------
38,695 77,314 8,501 124,510
----------- ----------- ----------- -----------
Realized loss on Weyerhaeuser Company
common shares distributed for participant
withdrawals (173) -- -- (173)
----------- ----------- ----------- -----------
Unrealized appreciation of investments 175,506 -- 79,425 254,931
----------- ----------- ----------- -----------
Transfer between funds 1,526 5,553 (7,079) --
----------- ----------- ----------- -----------
Distributions:
Participant withdrawals (32,637) (25,582) (32,264) (90,483)
Employer credits 184 -- -- 184
----------- ----------- ----------- -----------
(32,453) (25,582) (32,264) (90,299)
----------- ----------- ----------- -----------
Trustee and investment advisor fees -- (1,395) (763) (2,158)
----------- ----------- ----------- -----------
Participants' equity at end of year $ 2,907,056 $ 2,010,977 $ 1,913,831 $ 6,831,864
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of this statement of changes in
participants' equity.
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<PAGE>
WEYERHAEUSER COMPANY
HOURLY 401 (k) PLAN
Notes to Financial Statements
December 31, 1993
Note 1. Synopsis of the Plan. The Weyerhaeuser Company Hourly
401(k) Plan (the Plan) was established effective
July 1, 1991. Participation in the Plan is voluntary.
Any full-time (and permanent part-time employees for
Western Regeneration) hourly employee of Northwest
Hardwoods at the Centralia, Washington or Arlington,
Washington facility; the Hayward Customer Service
Center in Hayward, California; all non-union customer
service centers; and southern containerboard locations
in Franklin, Kentucky, Tampa, Florida and Lithonia,
Georgia; Barnesville, Georgia; Mima Nursery; southern
lumber and plywood division in Bruce and Philadelphia,
Mississippi and Millport, Alabama; Western
Regeneration; Containerboard Packaging Division in
Portland, Oregon; Winchester Homes; and any hourly
employee who is covered by a collective bargaining
agreement with the Graphic Communications International
Union, District Council #2, the Western Council of
Industrial Workers, the International Woodworkers of
America, Region 3 and the International Association of
Machinists, Lodge #1949, Klamath Falls, who has
completed at least one year of service is eligible to
participate in the Plan. Bankers Trust Company acts
as trustee in accordance with a Master Trust Agreement
dated January 1, 1992. The Plan is subject to the
provisions of the Employee Retirement Security Act of
1974 (ERISA).
The Plan is a "qualified cash or deferred arrangement"
(as that term is used in Section 401(k) of the Internal
Revenue Code) which allows participants to designate at
least 1 percent, but not more than 14 percent, of their
wages to be contributed to the Plan by Weyerhaeuser
Company (participant contributions). Employees are
100 percent vested in the employee contributions.
Participant contributions may be suspended under
certain circumstances at the participant's request.
Beginning in 1992, the Plan provides for a matching
contribution to be made by Weyerhaeuser Company (the
Company). The Company selects level of matching based
on competitive trends in the industry, total
compensation, profitability, expected payback in terms
of improved productivity and employee relations and
employee interest. The four possible Company matching
levels that each business unit can select from are as
follows:
(1) No match.
(2) $.30 per $1.00 on the first 5% deferred.
(3) $.50 per $1.00 on the first 5% deferred.
(4) $.70 per $1.00 on the first 7% deferred.
Matching levels may vary for specific employee groups
participating in the Plan. For information regarding
the level of Company matching contributions for a
specific group, see the Summary Plan Document.
Effective January 1, 1993, the company contribution was
at level (2).
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<PAGE>
WEYERHAEUSER COMPANY
HOURLY 401(k) PLAN
Participants have the option to invest up to 100
percent of their contributions, in 25 percent
increments, in any of three investment options:
Weyerhaeuser common shares, fixed income fund and/or
equity fund. The fixed income fund is comprised of
cash and group annuity contracts. The equity fund is a
portfolio of common stocks selected by an investment
manager and maintained by the trustee with the
objective of providing investment results that
approximate the overall performance of the common
stocks included in the Standard and Poor's Composite
Index of 500 stocks.
If a participant has not separated from service,
participant contributions can be withdrawn only after
age 59-1/2 or upon financial hardship. Company
matching contributions may be withdrawn two years after
contributions to the extent vested.
Participants who have separated from service and whose
vested account balance exceeds $3,500 shall receive a
distribution of their entire interest in the Plan when
they so elect or at age 65. The non-vested portion of
the participant's account is forfeited upon
distribution of the account. At December 31, 1993,
there were $18,933 vested account balances and $1,660
unvested account balances related to terminated
employees included in the accompanying statement of
financial condition.
Note 2. Federal Income Taxes. The Plan's administrator
believes the Plan is exempt from federal income taxes,
and a favorable determination letter will be requested
from the Internal Revenue Service. Employees who
participate in the Plan are subject to federal income
tax on distributions from the Plan in accordance with
the provisions of Section 402 of the Internal Revenue
Code of 1986.
Note 3. Expenses. The employer pays all costs of administering
the Plan, including fees and expenses of the trustee,
the record keeper and external auditing fees.
Brokerage fees, stock transfer taxes and other
investment management fees directly incurred by the
trustee in buying and selling any assets of each fund
are paid by the trustee out of such fund as a part of
the cost of such assets, or as a reduction of the
proceeds received from the sale of such assets. A fee
is paid to the investment manager of the Fixed Income
and Equity Funds out of the proceeds of those funds.
Note 4. Cost of Securities. Securities in both the Equity Fund
and the Weyerhaeuser Company Common Stock Fund are
valued at market with costs accounted for on a weighted
average basis. Realized gains and losses and
unrealized appreciation and depreciation are computed
on a current value basis.
Note 5. Participants in Each Fund. As of December 31, 1993,
there were 3,455 participants in the Plan with 2,193
invested in the Equity Fund, 2,213 invested in the
Fixed Income Fund and 2,500 invested in the
Weyerhaeuser Company Common Stock Fund.
- - - - - -5-
<PAGE>
WEYERHAEUSER COMPANY
HOURLY 401(k) PLAN
Note 6. Fair Value of Investments. The following methods and
assumptions were used to estimate the fair value of
each class of financial instruments:
Short-term investments. The carrying value
approximates fair value due to the short maturity of
those instruments.
Group Annuity Contracts. The Plan's administrator has
determined that it is not practicable to estimate the
fair value of the Plan's group annuity contract
holdings given the absence of a market for the trading
of existing contracts. Information pertinent to the
value of the group annuity contracts, as of
December 31, 1993, is as follows:
<TABLE>
<CAPTION>
Issuer Percent of Fund Rates Maturities
-------------------------- --------------- --------- -----------------
<S> <C> <C> <C>
Commonwealth 13.5% 6.6-8.6% 12/01/97-07/01/98
Principle Financial Group 11.1% 5.4-8.2% 06/30/98-03/19/99
Lincoln National 8.4% 6.3-7.0% 05/07/97-01/31/98
Hancock 8.0% 5.9% 09/01/97
Pacific Mutual 7.0% 7.5% 10/15/98
Equitable Life 6.7% 9.3% 04/29/94
Confederation Life 6.5% 7.0-8.9% 04/01/96-04/01/98
Provident National Life 6.1% 7.5% 12/15/97
Prudential 5.6% 7.6% 01/31/99
Metropolitan Life 5.5% 9.3% 06/30/94
Morgan 5.3% 7.7% 10/01/97
Other 16.3% 6.5-8.9% 06/15/96-04/22/00
--------
100.0%
========
</TABLE>
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