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 INVESTMENT GROWTH 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 Investment Growth 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 Investment Growth
Plan have duly caused this Annual Report to be signed
by the undersigned hereunto duly authorized.
WEYERHAEUSER COMPANY
INVESTMENT GROWTH 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 Investment Growth Plan, included in the Weyerhaeuser
Company Investment Growth Plan annual report on Form 11-K
for the year ended December 31, 1993, into the Company's
previously filed Registration Statement File No. 2-81463 on
Form S-8.
ARTHUR ANDERSEN & CO.
Seattle, Washington,
June 20, 1994
<PAGE>
WEYERHAEUSER COMPANY
INVESTMENT GROWTH 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 INVESTMENT GROWTH 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 Investment Growth 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 Investment Growth 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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<PAGE>
<TABLE>
WEYERHAEUSER COMPANY INVESTMENT GROWTH 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
(9,809,728 and 9,426,093 shares with a historic
cost basis of $263,346,811 and $232,751,071
at respective dates) $437,759,112 $ -- $ -- $ 437,759,112
Group annuity contracts, at contract value -- 154,445,469 -- 154,445,469
Equity fund, at market (historic cost basis of
$52,600,350 and $40,101,313 at respective dates) -- -- 73,257,790 73,257,790
----------- ----------- ------------ -----------
437,759,112 154,445,469 73,257,790 665,462,371
Receivables:
Participants' and employer's contributions -- -- 38,418 38,418
Interfund transfers in -- 1,269,495 18,746 1,288,241
Accrued interest 9,938 989,295 333 999,566
Investments sold -- 1,074 -- 1,074
Short-term investments 815,096 7,371,295 -- 8,186,391
----------- ----------- ---------- -----------
$438,584,146 $164,076,628 $73,315,287 $675,976,061
============ ============ =========== ============
LIABILITIES AND PARTICIPANTS' EQUITY
Payables:
Participant withdrawals $ 2,997,801 $ 909,107 $ 262,829 $ 4,169,737
Interfund transfers out 1,288,241 -- -- 1,288,241
Investment purchases 350,127 -- -- 350,127
Employer credits 32,277 -- -- 32,277
------------ ------------- --------------- -------------
4,668,446 909,107 262,829 5,840,382
Participants' equity 433,915,700 163,167,521 73,052,458 670,135,679
------------ ------------- --------------- -------------
$438,584,146 $164,076,628 $ 73,315,287 $ 675,976,061
============ ============= =============== =============
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>
$347,587,179 $ -- $ -- $ 347,587,179
-- 140,090,048 -- 140,090,048
-- -- 55,200,617 55,200,617
------------ ----------- -------------- --------------
347,587,179 140,090,048 55,200,617 542,877,844
1,374,278 485,266 368,637 2,228,181
366,630 -- -- 366,630
3,408 963,296 75 966,779
-- -- -- --
1,028,813 3,137,038 -- 4,165,851
------------ ----------- ------------- -------------
$350,360,308 $ 144,675,648 $ 55,569,329 $ 550,605,285
============ =========== ============= =============
$ 707,364 $ 336,965 $ 64,932 $ 1,109,261
-- 343,763 22,867 366,630
-- -- -- --
20,457 -- -- 20,457
------------ ------------- ------------- -------------
727,821 680,728 87,799 1,496,348
349,632,487 143,994,920 55,481,530 549,108,937
------------ ------------- ------------- -------------
$350,360,308 $ 144,675,648 $ 55,569,329 $ 550,605,285
============ ============= ============= =============
</TABLE>
<PAGE>
<TABLE>
WEYERHAEUSER COMPANY INVESTMENT GROWTH 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 $ 349,632,487 $ 143,994,920 $ 55,481,530 $ 549,108,937
------------- ------------- ------------ -------------
Contributions:
Participants 11,089,058 13,159,733 12,879,537 37,128,328
Employer 18,815,668 -- -- 18,815,668
------------- ------------- ------------ -------------
29,904,726 13,159,733 12,879,537 55,943,996
------------- ------------- ------------ -------------
Net investment income:
Dividends and interest 11,235,857 11,512,377 2,972 22,751,206
Gain on sale of investments -- -- 558,085 558,085
------------- ------------- ------------ -------------
11,235,857 11,512,377 561,057 23,309,291
------------- ------------- ------------ -------------
Realized gain on Weyerhaeuser
Company common shares distributed
for participant withdrawals 1,005,455 -- -- 1,005,455
------------- ------------- ------------ -------------
Unrealized appreciation
of investments 72,920,663 -- 5,558,351 78,479,014
------------- ------------- ------------ -------------
Transfers between funds (5,372,944) 4,084,619 1,288,325 --
------------- ------------- ------------ -------------
Distributions:
Participant withdrawals (25,087,157) (9,391,194) (2,675,049) (37,153,400)
Employer credits (Notes 1 and 4) (323,387) -- -- (323,387)
------------- ------------- ------------ -------------
(25,410,544) (9,391,194) (2,675,049) (37,476,787)
------------- ------------- ------------ -------------
Trustee and investment advisor fees -- (192,934) (41,293) (234,227)
------------- ------------- ------------ -------------
Participants' equity at end of year $ 433,915,700 $ 163,167,521 $ 73,052,458 $ 670,135,679
============= ============= ============ =============
The accompanying notes are an integral part of this statement of changes in
participants' equity.
</TABLE>
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<PAGE>
WEYERHAEUSER COMPANY INVESTMENT GROWTH PLAN
Notes to Financial Statements
December 31, 1993
Note 1. Synopsis of the Plan. The Weyerhaeuser Company
Investment Growth Plan (the Plan) was established
effective April 1, 1968. Participation in the Plan is
voluntary. Any full-time and part-time salaried
employee of Weyerhaeuser Company (the Company) or of a
participating subsidiary who has completed at least one
year of service is eligible to participate in the Plan.
No salaried person covered by a collective bargaining
agreement may participate unless such agreement
expressly provides for participation. The President of
the Company designates participating subsidiaries from
among the eligible domestic corporations of which the
voting stock is owned by the Company and/or one of its
other subsidiaries. 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 includes 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 base salary to be contributed to the
Plan by the Company (employee contributions). Employee
contributions may be suspended under certain
circumstances at the participant's request.
The Plan provides for a Company matching contribution.
In 1992, the matching amount was 50 cents for each
dollar deferred between 1 and 5 percent of base salary.
In 1993, the matching amount was 70 cents for each
dollar deferred between 1 and 7 percent of base salary.
The employee and employer contributions are paid
biweekly to the trustee. The interest of a participant
in the employer's contribution becomes fully vested
upon the earliest date one of the following events
occurs: (1) retirement at normal or early retirement
age under the employer's retirement plan; (2) attaining
age 65; (3) death or total and permanent disability
while in employer's employ; (4) termination of service
due to a plant closure or (5) upon termination of the
Plan. In addition, the interest of any other
participant in the employer's contribution becomes 10
percent vested after two full years of continuous
service and vests an additional 10 percent after the
third year. Thereafter, vesting continues at an
additional 20 percent per year until 100 percent vested
after seven years of service. If a participant is not
fully vested in his employer contributions upon
separation from service and does not return to active
employment with the Company within five years, he
forfeits his employer contributions to the extent they
are not vested.
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.
- - - - - -4-
<PAGE>
WEYERHAEUSER COMPANY INVESTMENT GROWTH PLAN
If a participant has not separated from service,
participant contributions made after January 1, 1983
can be withdrawn only after age 59-1/2 or upon
financial hardship. Company matching contributions
made after January 1, 1983 can be withdrawn two years
after contribution 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 $67,579,618 vested account balances and
$1,857,443 unvested account balances related to
terminated employees included in the accompanying
statement of financial condition.
Note 2. Federal Income Taxes. A ruling has been obtained from
the Internal Revenue Service stating that the Plan as
amended to January 1, 1985 qualifies under Section
401(a) of the Internal Revenue Code of 1986 (the Code),
and as a result, is exempt from federal income taxes
under Section 501(a) of the Code. 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 Code.
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. Employer Credits. Forfeited employer contributions, as
discussed in Note 1, are recorded as a liability of the
Plan as employer credits and are used to reduce the
current Company contributions payable to the Plan.
Note 5. Cost of Securities. Securities in both the Equity Fund
and 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 6. Participants in Each Fund. As of December 31, 1993,
there were 12,614 participants in the Plan with 7,665
invested in the Equity Fund, 9,317 invested in the
Fixed Income Fund and 12,333 invested in the
Weyerhaeuser Company Common Stock Fund.
- - - - - -5-
<PAGE>
WEYERHAEUSER COMPANY INVESTMENT GROWTH PLAN
Note 7. 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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