SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark one)
[ 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 1-5057
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
BOISE CASCADE CORPORATION
INDIVIDUAL RETIREMENT ACCOUNT PLAN
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
BOISE CASCADE CORPORATION
One Jefferson Square
P.O. Box 50
Boise, Idaho 83728-0001
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Boise Cascade Corporation:
We have audited the accompanying combined statements of participants'
equity and net assets available for plan benefits of the Boise Cascade
Corporation Individual Retirement Account Plan as of December 31, 1993, 1992,
and 1991, and the related combined statements of changes in participants'
equity and net assets available for plan benefits for the years then ended.
These financial statements and the schedules referred to below are the
responsibility of Boise Cascade Corporation. 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 signifi-
cant 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 combined financial position of the
Boise Cascade Corporation Individual Retirement Account Plan as of
December 31, 1993, 1992, and 1991, and the combined changes in participants'
equity and net assets available for plan 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 basic
financial statements taken as a whole. The supplemental schedules I, II,
III, and IV are presented for purposes of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974 and/or the Securities and Exchange Commission rules and regulations
under the Securities Exchange Act of 1934. Such schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
Boise, Idaho
April 15, 1994 ARTHUR ANDERSEN & CO.
BOISE CASCADE CORPORATION
INDIVIDUAL RETIREMENT ACCOUNT PLAN
COMBINED STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current
value (Note 1) $5,296,043 $6,190,557 $5,043,112
Cash 5,449 12,849 929
Short-term securities at cost,
which approximates market (Note 1) 774,713 15,160 1,544,000
Interest receivable 2,149 363 1,984
Other 32 - -
__________ __________ __________
6,078,386 6,218,929 6,590,025
__________ __________ __________
Liabilities
Other 1,050 863 725
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $6,077,336 $6,218,066 $6,589,300
COMBINED STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 222,761 $ 326,940 $ 451,507
Dividend income and mutual fund
distributions 158,881 44,518 35,773
Contributions
Participants' contributions 112,417 140,890 172,644
Amounts transferred from other
plans (Note 1) 29,849 147,531 193,211
Appreciation (depreciation) of
investments, net (Note 1) (37,552) (104,612) 390,882
Payments to participants (Note 1) (627,086) (926,501) (429,107)
__________ __________ __________
Increase (decrease) in participants'
equity and net assets (140,730) (371,234) 814,910
Participants' equity and net assets
available for plan benefits at
Beginning of the year 6,218,066 6,589,300 5,774,390
__________ __________ __________
End of the year $6,077,336 $6,218,066 $6,589,300
The accompanying notes are an integral part of these Financial Statements.
BOISE CASCADE CORPORATION
INDIVIDUAL RETIREMENT ACCOUNT PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PLAN DESCRIPTION. The Boise Cascade Corporation Individual Retirement
Account Plan (the "Plan") is an individual retirement account plan
administered by Boise Cascade Corporation (the "Company"). At
December 31, 1993, there were 298 employees, 109 former employees, and 69
spouses who were participants in the Plan.
All contributions to the Plan are made by participants in the Plan and are
fully vested at the time of contribution. Contributions are limited to
an annual amount that does not exceed the lesser of 100% of a
participant's compensation or $2,000 to an individual participant account
or $2,250 to an account for an individual and his or her spouse. Contri-
butions for a particular year can be made at any time during that year or
prior to April 15 of the following year. Annual contributions made to
individual retirement accounts in excess of these limitations are subject
to an Internal Revenue Code (the "Code") penalty. Subject to the terms
of the Plan and Internal Revenue Service regulations, participants may
transfer to the Plan amounts distributed or withdrawn from another
individual retirement account plan or from a tax-qualified employee
benefit plan maintained by a previous employer.
INVESTMENTS. At December 31, 1993, there were three investment funds in
the Plan: a Fixed Income Fund that invests primarily in bank and
insurance investment contracts that provide a fixed interest rate; a
Diversified Common Stock Fund that invests primarily in mutual funds that
invest in common stocks or securities that are convertible into common
stocks; and a Money Market Fund that invests in various types of money
market securities. The short-term securities on the Combined Statements
of Participants' Equity and Net Assets Available for Plan Benefits at
December 31, 1991, resulted primarily from a maturity of an investment in
the Fixed Income Fund that was invested with State Street Bank and Trust
Company prior to reinvestment in a fixed rate investment contract.
Investments in these funds are made in accordance with guidelines in the
Individual Retirement Account Plan Trust Agreement between State Street
Bank and Trust Company, as trustee, and the Company. The trustee invests
participants' accounts among the three funds as directed by each
participant.
The following schedule sets forth the number of employee participants with
contributions in the funds:
Number of Employee
Participants with Contributions
in Funds as of December 31
Title of Fund 1993 1992 1991
Fixed Income Fund 152 176 212
Diversified Common Stock Fund 50 36 43
Money Market Fund 6 6 8
Employees with contributions
in more than one fund 90 103 110
____ ____ ____
Total employee participants 298 321 373
The detail of the investments of each fund is as follows:
Shares Held Current
at the End Cost of Value at End
1993 of the Year Each Item of the Year
Fixed Income Fund
Prudential Asset
Management Company, Inc. $ 647,954 $ 647,954
Hartford Life Insurance
Company 2,226,921 2,226,921
Peoples Security Life
Insurance Company 881,403 881,403
__________ __________
$3,756,278 $3,756,278
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 31,421 $ 622,352 $ 703,827
Select Fund 18,445 692,806 727,845
__________ __________
$1,315,158 $1,431,672
Money Market Fund
Eaton Vance Cash
Management Fund $ 108,093 $ 108,093
1992
Fixed Income Fund
Prudential Asset
Management Company, Inc. $1,788,600 $1,788,600
Hartford Life Insurance
Company 2,119,205 2,119,205
Peoples Security Life
Insurance Company 851,865 851,865
__________ __________
$4,759,670 $4,759,670
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 27,019 $ 492,532 $ 658,178
Select Fund 16,870 608,929 653,193
__________ __________
$1,101,461 $1,311,371
Money Market Fund
Eaton Vance Cash
Management Fund $ 119,516 $ 119,516
1991
Fixed Income Fund
Prudential Asset
Management Company, Inc. $2,723,953 $2,723,953
Peoples Security Life
Insurance Company 866,843 866,843
__________ __________
$3,590,796 $3,590,796
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 26,368 $ 419,454 $ 681,079
Select Fund 14,742 504,762 625,074
__________ __________
$ 924,216 $1,306,153
Money Market Fund
Eaton Vance Cash
Management Fund $ 146,163 $ 146,163
The following tables set forth rates of return experienced by each of the
Plan's funds for the periods indicated:
Year Ended December 31
1993 1992 1991
Fixed Income Fund (1)
Blended rate 4.17% 5.47% 6.32%
1988 Generation 9.01 8.99 8.97
Diversified Common Stock Fund 9.33 (4.41) 49.70
Money Market Fund 2.54 3.15 5.54
(1) Commencing in 1989, the Fixed Income Fund of the Plan began investing
primarily in investment contracts issued by insurance companies and
banks. The return received by the fund from these contracts varies
in response to prevailing market conditions at the time the
investments were made. Prior to 1989, investments were made under
annual contracts issued by insurance companies that had assured rates
of return for the year of contribution and five subsequent years (a
"generation"). The assured minimum rate of return was 8.95% for the
1988 generation.
APPRECIATION (DEPRECIATION) OF INVESTMENTS. Appreciation (depreciation)
of investments in the Diversified Common Stock Fund is recognized based
on quoted market prices. The cost of investments sold or distributed is
based on average cost. The following table sets forth that portion of the
total net appreciation (depreciation) that was realized through sale or
distribution in the Diversified Common Stock Fund during the years ended
December 31, 1993, 1992, and 1991.
1993
Current value $ 317,991
Average cost 262,147
_________
Net appreciation realized $ 55,844
1992
Current value $ 366,441
Average cost 299,026
_________
Net appreciation realized $ 67,415
1991
Current value $ 240,700
Average cost 203,505
_________
Net appreciation realized $ 37,195
The change in the unrealized portion of net appreciation
(depreciation) of investments in the Diversified Common Stock Fund
was as follows:
Balance at December 31, 1990 $ 28,250
Unrealized appreciation 353,687
_________
Balance at December 31, 1991 381,937
Unrealized depreciation (172,027)
_________
Balance at December 31, 1992 209,910
Unrealized depreciation (93,396)
_________
Balance at December 31, 1993 $ 116,514
EXPENSES. All expenses of administration of the Plan are paid by the
Company. The expenses of administration include the fees and expenses of
the trustee. Investment management fees incurred are paid from the assets
of the fund to which they relate.
PAYMENTS TO PARTICIPANTS. Payments to participants withdrawing part or
all of their account balances are made approximately 25 days after the
last day of the month during which the participant informs the Plan
administrator of that withdrawal.
2. FEDERAL INCOME TAXES
The Company has received a determination letter dated September 25, 1987,
from the Internal Revenue Service holding that the Plan is qualified under
Section 408 of the Code and, therefore, the Plan's related trust is exempt
from federal income taxes. Subject to certain limitations on maximum
annual contributions (see Note 1), participants' tax-deductible
contributions and appreciation on all contributions are not subject to
federal income taxes until such amounts are withdrawn by or distributed
to the participant.
Schedule I EIN 82-01009
Item 27(a)
BOISE CASCADE CORPORATION
INDIVIDUAL RETIREMENT ACCOUNT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Description of Investment Including
Name of Issue, Borrower, Maturity Date, Rate of Interest,
Lessor, or Similar Party Collateral, Par, or Maturity Value Cost Current Value
FIXED INCOME FUND
Prudential Asset Management Company, Inc. Contract GA-8947, due dates
and interest rates variable $ 647,954 $ 647,954
Hartford Life Insurance Company Floating Rate Contract, due
90 days from day of notice,
interest rate variable 1,107,027 1,107,027
Hartford Life Insurance Company Floating Rate Contract, due
June 19, 1995, interest rate
variable 1,119,894 1,119,894
Peoples Security Life Insurance Company Floating Rate Contract, due
30 days from day of notice,
interest rates variable 881,403 881,403
__________ __________
$3,756,278 $3,756,278
State Street Bank and Trust Company (1) Short-Term Investment Fund, due
dates and interest rates variable $ 774,713 $ 774,713
DIVERSIFIED COMMON STOCK FUND
Twentieth Century Investors, Inc. Growth Fund, 31,421 shares $ 622,352 $ 703,827
Select Fund, 18,445 shares 692,806 727,845
__________ __________
$1,315,158 $1,431,672
MONEY MARKET FUND
Eaton Vance Cash Management Fund Not applicable $ 108,093 $ 108,093
(1) Known party-in-interest.
BOISE CASCADE CORPORATION EIN 82-01009
INDIVIDUAL RETIREMENT ACCOUNT PLAN
FIXED INCOME FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $3,756,278 $4,759,670 $3,590,796
Cash 1,691 9,935 599
Short-term securities at cost,
which approximates market 774,713 15,160 1,544,000
Interest receivable 1,945 67 1,984
Other 6 - -
__________ __________ __________
4,534,633 4,784,832 5,137,379
__________ __________ __________
Liabilities
Other 1,050 863 725
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $4,533,583 $4,783,969 $5,136,654
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 219,863 $ 323,040 $ 443,532
Contributions
Participants' contributions 56,067 69,322 129,407
Amounts transferred from other
plans 22,870 41,589 145,445
Payments to participants (467,868) (629,709) (350,753)
Transfers between funds (81,318) (156,927) 54,010
__________ __________ __________
Increase (decrease) in participants'
equity and net assets (250,386) (352,685) 421,641
Participants' equity and net assets
available for plan benefits at
Beginning of the year 4,783,969 5,136,654 4,715,013
__________ __________ __________
End of the year $4,533,583 $4,783,969 $5,136,654
BOISE CASCADE CORPORATION EIN 82-01009
INDIVIDUAL RETIREMENT ACCOUNT PLAN
DIVERSIFIED COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $1,431,672 $1,311,371 $1,306,153
Cash 3,597 2,914 330
Other 26 - -
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $1,435,295 $1,314,285 $1,306,483
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Dividend income and mutual fund
distributions $ 158,906 $ 44,518 $ 35,773
Contributions
Participants' contributions 53,850 70,543 40,181
Amounts transferred from other
plans 3,976 86,508 47,766
Appreciation (depreciation) of
investments, net (37,552) (104,612) 390,882
Payments to participants (149,499) (251,777) (61,973)
Transfers between funds 91,329 162,622 (54,010)
__________ __________ __________
Increase in participants' equity
and net assets 121,010 7,802 398,619
Participants' equity and net assets
available for plan benefits at
Beginning of the year 1,314,285 1,306,483 907,864
__________ __________ __________
End of the year $1,435,295 $1,314,285 $1,306,483
BOISE CASCADE CORPORATION EIN 82-01009
INDIVIDUAL RETIREMENT ACCOUNT PLAN
MONEY MARKET FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31
1993 1992 1991
Assets
Investments, at current value $ 108,093 $ 119,516 $ 146,163
Cash 161 - -
Interest receivable 204 296 -
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $ 108,458 $ 119,812 $ 146,163
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 31
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 2,873 $ 3,900 $ 7,975
Contributions
Participants' contributions 2,500 1,025 3,056
Amounts transferred from other
plans 3,003 19,434 -
Payments to participants (9,719) (45,015) (16,381)
Transfers between funds (10,011) (5,695) -
__________ __________ __________
Decrease in participants' equity
and net assets (11,354) (26,351) (5,350)
Participants' equity and net assets
available for plan benefits at
Beginning of the year 119,812 146,163 151,513
__________ __________ __________
End of the year $ 108,458 $ 119,812 $ 146,163
Schedule IV EIN 82-01009
Item 27(d)
BOISE CASCADE CORPORATION
INDIVIDUAL RETIREMENT ACCOUNT PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
Description of Total Expense Current
Asset (Include Total Dollar Incurred Value of
Interest Rate and Number Dollar Value with Asset on
Identity of Maturity in of Trans- Value of of Sales Lease Trans- Cost of Transaction Net Gain
Party Involved Case of Loan) actions Purchases Price Rental action Asset Date or (Loss)
State Street Bank State Street
and Trust Company(1) Short-Term
Investment Fund,
interest rates and
due dates variable 36 $1,278,976 $ - $ - $ - $1,278,976 $1,278,976 $ -
State Street Bank State Street
and Trust Company(1) Short-Term
Investment Fund,
interest rates and
due dates variable 27 - 519,422 - - 519,422 519,422 -
Twentieth Century 10,570 shares of
Investors, Inc. Growth Fund 28 246,552 - - - 246,552 246,552 -
Twentieth Century 6,168 shares of
Investors, Inc. Growth Fund 28 - 149,524 - - 116,732 149,524 32,792
Twentieth Century 5,563 shares of
Investors, Inc. Select Fund 30 229,292 - - - 229,292 229,292 -
Twentieth Century 3,988 shares of
Investors, Inc. Select Fund 17 - 168,467 - - 145,415 168,467 23,052
(1) Known party-in-interest.
SIGNATURES
The Plan. 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 hereunto duly authorized.
BOISE CASCADE CORPORATION
INDIVIDUAL RETIREMENT ACCOUNT PLAN
Date: June 15, 1994 By /s/J. M. Gwartney
J. M. Gwartney
Chairman of the
Retirement Committee
BOISE CASCADE CORPORATION
INDEX TO EXHIBITS
Filed with the Report
on Form 11-K for the
Year Ended December 31, 1993
Reference Description Page
Number(1)
Exhibit A Consent of Independent Public 14
Accountants Dated June 15, 1994
(1) This material appears only in the manually signed original of the
report on Form 11-K.
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation
of our report dated April 15, 1994, included in this Form 11-K for the year
ended December 31, 1993, into the Company's previously filed post-effective
amendment No. 1 to Form S-8 registration statement (File No. 2-96196).
ARTHUR ANDERSEN & CO.
Boise, Idaho
June 15, 1994
