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 27, 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
SAVINGS AND SUPPLEMENTAL RETIREMENT 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
P.O. Box 50
One Jefferson Square
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 plan equity
and net assets available for plan benefits of the Boise Cascade Corporation
Savings and Supplemental Retirement Plan as of December 27, 1993, 1992, and
1991, and the related combined statements of changes in plan 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 Savings and Supplemental Retirement Plan as of
December 27, 1993, 1992, and 1991, and the combined changes in plan 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, IV, and V 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
June 14, 1994 ARTHUR ANDERSEN & CO.
BOISE CASCADE CORPORATION
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
COMBINED STATEMENTS OF PLAN EQUITY AND NET
ASSETS AVAILABLE FOR PLAN BENEFITS (Note 3)
December 27
1993 1992 1991
Assets
Investments, at current
value (Note 1) $772,829,498 $738,688,783 $728,198,921
Cash (Note 1) 2,053,536 102,821 36,786
Short-term securities at cost,
which approximates market 153,070 458,684 670,000
Company contributions receivable 14,253,301 14,304,554 11,688,763
Interest and dividends receivable 10,985,610 10,754,567 11,366,418
Due from participants 760 6,970 -
Due from other of the Plan's funds 31,149 260 28,095
Accounts receivable - - 13,443
Other - 713 1,982
____________ ____________ ____________
800,306,924 764,317,352 752,004,408
____________ ____________ ____________
Liabilities
ESOP loan (Notes 1 and 2) 260,839,000 275,058,000 285,678,000
Interest payable on ESOP
loan (Note 2) 10,888,013 11,689,965 12,141,315
Due to participants 131,895 28,396 7,533
Investment management fees due 79,229 60,927 49,593
Due to other of the Plan's funds 31,149 260 28,095
Accounts payable - - 351,004
Due to Company - - 18,055
Other 29 - 1,055
____________ ____________ ____________
271,969,315 286,837,548 298,274,650
____________ ____________ ____________
Plan equity and net assets
available for plan benefits at
end of the year $528,337,609 $477,479,804 $453,729,758
Plan equity consists of the following:
Participants' equity $548,909,675 $494,751,010 $468,716,968
Equity allocated to participants
more than ESOP loan
payments (Note 2) (20,572,066) (17,271,206) (14,987,210)
____________ ____________ ____________
$528,337,609 $477,479,804 $453,729,758
The accompanying notes are an integral part of these Financial Statements.
BOISE CASCADE CORPORATION
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
COMBINED STATEMENTS OF CHANGES IN PLAN EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS (Note 3)
Year Ended December 27
1993 1992 1991
Plan equity and net assets
provided by (used for)
Investment income
Interest income $ 27,464,901 $ 29,453,851 $ 31,241,871
Dividend income and mutual
fund distributions 28,062,642 24,523,074 25,645,944
Contributions
Participants' contributions 18,377,895 18,397,315 19,359,039
Company contributions 15,546,089 15,096,162 12,692,035
Forfeitures (Note 1) (521) (3,503) (53,512)
Appreciation (depreciation) of
investments, net (Note 1) 5,944,162 602,395 (4,237,626)
Interest expense on ESOP loan (Note 2)(22,010,029) (23,379,930) (24,282,630)
Amounts transferred from other
plans (Note 1) 1,376,571 411,362 335,441
Payments to participants (Note 1) (23,903,905) (41,350,680) (21,900,534)
____________ ____________ ____________
Increase in plan equity
and net assets 50,857,805 23,750,046 38,800,028
Plan equity and net assets available
for plan benefits at
Beginning of the year 477,479,804 453,729,758 414,929,730
____________ ____________ ____________
End of the year $528,337,609 $477,479,804 $453,729,758
The accompanying notes are an integral part of these Financial Statements.
BOISE CASCADE CORPORATION
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PLAN DESCRIPTION. The Boise Cascade Corporation Savings and Supplemental
Retirement Plan (the "Plan") is a defined contribution plan and is
administered by Boise Cascade Corporation. At December 27, 1993, 6,007 U.S.
salaried employees and 2,586 former salaried employees of Boise Cascade
Corporation and its U.S. subsidiaries (collectively the "Company") were
participating in the Plan.
Participants who are employees of the Company may contribute to the Plan in
whole percentages of their compensation for each pay period. Subject to
limitations set forth in the Internal Revenue Code (the "Code"), the maximum
amount that may be contributed by employees is 16% of their compensation.
The Plan provides that participants may contribute to the Plan in accordance
with Section 401(k) of the Code. These participants defer income taxes by
reducing their current taxable income for federal and most state income tax
purposes by the amount of their contributions. The contributions, including
associated net earnings on investments, become subject to taxation at the
time the participant withdraws them from the Plan (see Note 4). Participants
may also elect to contribute to the Plan without deferring income taxes on
amounts contributed. Taxation of net earnings on such contributions is
deferred until the earnings are distributed from the Plan. Participants may
make pretax and after-tax contributions. Participants' contributions are
recorded in either a "Deferred Earnings Account" or a "Current Earnings
Account" as appropriate.
The Company also contributes to the Plan pursuant to an Employee Stock
Ownership Plan (the "ESOP"). On July 10, 1989, the Plan acquired 6,745,347
shares of Boise Cascade Corporation Series D Convertible Preferred Stock (the
"Preferred Stock") for $303,541,000 using proceeds from loans made or
guaranteed by the Company (see Note 2). Preferred Stock, or the Company's
$2.50 par value common stock (the "Common Stock") into which the Preferred
Stock may be converted (together the "Shares"), are allocated to
participants' accounts in accordance with the terms of the ESOP. A monthly
allocation is made to each eligible participant's individual ESOP account
that is equal in value at the time made to 70% of the participant's
contribution to the Plan (up to a maximum contribution by the participant of
6% of the participant's compensation). An annual allocation may also be made
that is based on the period of time the participant has been employed by the
Company. To be eligible for this service allocation, the participant must
be an employee of the Company on December 2 of that Plan year. A dividend
replacement allocation is made that is equal in value at the time made to the
last dividend paid on Shares that had been credited to each participant's
individual ESOP account on the record date for the dividend payment.
INVESTMENTS. At December 27, 1993, the Plan had investment funds consisting
of: a Fixed Income Fund that invests in contracts with banks, insurance
companies, and other organizations that provide a fixed or variable 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; a Boise Cascade Corporation Common Stock Fund that invests primarily
in the Company's Common Stock; a Money Market Fund that invests in various
types of money market securities; and an ESOP Fund that invests primarily in
Shares of the Company. The Plan also had a Participants' Loan Fund (see
Note 3).
Investments in these funds are made in accordance with guidelines in the
Master Trust Agreement for Defined Contribution Plans between State Street
Bank and Trust Company, as trustee, and the Company (the "Trust"). Except
for contributions to the ESOP that can be made solely by the Company, the
trustee invests the participant's accounts among the remaining funds as
directed by each participant. The cash on the Combined Statements of Plan
Equity and Net Assets Available for Plan Benefits at December 27, 1993,
resulted primarily from participants' contributions made to the Plan at year-
end. The contributions were subsequently sent to State Street Bank and Trust
to be invested in the various funds of the Plan.
The following table sets forth rates of return experienced by each of the
Plan's funds for the periods indicated:
Year Ended December 27
1993 1992 1991
Fixed Income Fund (1)
Blended rate 7.40% 8.30% 8.91%
1988 generation 8.95 8.99 8.98
Diversified Common Stock Fund 9.16 (1.06) 46.53
Boise Cascade Corporation
Common Stock Fund 18.14 7.48 (20.66)
Money Market Fund 2.58 3.16 5.58
Employee Stock Ownership Fund 7.51 7.51 7.51
(1) Commencing in 1989, the Fixed Income Fund of the Plan began partici-
pating in a pooled investment fund that invested primarily in investment
contracts issued by insurance companies and banks. The return received
by that pooled fund 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.
The Fixed Income Fund is reported at contract value in the accompanying
financial statements. The estimated fair value of the fund, based on
current interest rates for similar investments with like maturities, is
approximately $14.8 million greater than the amount reported.
The detail of the investments of each fund is as follows:
Shares Held Current
at the End Cost of Value at End
of the Period Each Item of the Period
1993
Fixed Income Fund
Prudential Asset Management
Company, Inc. $ 74,054,666 $ 74,054,666
State Street Bank and Trust Company
(Pooled Investments) 291,737,766 291,737,766
____________ ____________
$365,792,432 $365,792,432
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 1,000,320 $ 20,187,697 $ 22,517,200
Select Fund 564,057 21,432,514 22,285,882
____________ ____________
$ 41,620,211 $ 44,803,082
Boise Cascade Corporation
Common Stock Fund 2,441,557 $ 66,503,648 $ 59,207,757
Money Market Fund
Eaton Vance Cash Management Fund $ 2,053,500 $ 2,053,500
Employee Stock Ownership Fund
Suspense Account 5,032,541 $226,464,333 $226,464,333
Issued and Allocated Account 1,364,740 61,413,284 61,413,284
____________ ____________
$287,877,617 $287,877,617
Participants' Loan Fund $ 13,095,110 $ 13,095,110
1992
Fixed Income Fund
Prudential Asset Management
Company, Inc. $127,145,848 $127,145,848
State Street Bank and Trust Company
(Pooled Investments) 219,196,115 219,196,115
____________ ____________
$346,341,963 $346,341,963
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 730,817 $ 13,523,757 $ 17,802,692
Select Fund 456,164 16,636,065 17,813,208
____________ ____________
$ 30,159,822 $ 35,615,900
Boise Cascade Corporation
Common Stock Fund 2,398,557 $ 66,252,647 $ 50,969,336
Money Market Fund
Eaton Vance Cash Management Fund $ 2,140,143 $ 2,140,143
Employee Stock Ownership Fund
Suspense Account 5,491,987 $247,139,415 $247,139,415
Issued and Allocated Account 985,699 44,356,474 44,356,474
____________ ____________
$291,495,889 $291,495,889
Participants' Loan Fund $ 12,125,552 $ 12,125,552
Shares Held Current
at the End Cost of Value at End
of the Period Each Item of the Period
1991
Fixed Income Fund
Prudential Asset Management $171,821,461 $171,821,461
Company, Inc.
State Street Bank and Trust Company
(Pooled Investments) 173,364,958 173,364,958
____________ ____________
$345,186,419 $345,186,419
Diversified Common Stock Fund
Twentieth Century Investors, Inc.
Growth Fund 646,139 $ 10,532,500 $ 16,030,704
Select Fund 341,222 11,709,105 15,047,869
____________ ____________
$ 22,241,605 $ 31,078,573
Boise Cascade Corporation
Common Stock Fund 1,913,179 $ 56,670,198 $ 38,263,580
Money Market Fund
Eaton Vance Cash Management Fund $ 2,366,229 $ 2,366,229
Employee Stock Ownership Fund
Suspense Account 5,919,426 $266,374,170 $266,374,170
Issued and Allocated Account 753,070 33,888,161 33,888,161
____________ ____________
$300,262,331 $300,262,331
Participants' Loan Fund $ 11,041,789 $ 11,041,789
The following schedule sets forth the number of employee participants making
contributions to the Plan's investment funds:
Number of Employee Participants
Making Contributions at
December 27
Title of Fund 1993 1992 1991
Fixed Income Fund 2,187 2,426 3,245
Diversified Common Stock Fund 482 377 304
Boise Cascade Corporation Common
Stock Fund 247 289 313
Money Market Fund 46 48 62
Participants contributing to more
than one fund 1,752 1,504 1,603
_____ _____ _____
Total 4,714 4,644 5,527
FORFEITURES. Contributions that are made by participants are fully vested
at the time they are made. Participants' interest in contributions that the
Company has made on their behalf become vested at the earlier of the time the
participant reaches age 65, or (pursuant to definitions in the Plan) the
participant has made contributions to the Plan for 36 months, or has five
years of credited service with the Company. Vesting also occurs upon the
death of the participant, if termination of employment occurs due to total
disability, or if the Company terminates the Plan. Unvested amounts that
have been forfeited will generally be restored to the participant's account
if reemployment occurs within a five-year period, as defined by the Plan.
Forfeited Company contributions, which were credited to the participants'
account prior to July 1, 1989, are returned to the Company and applied to
reduce ESOP cash contributions. Forfeited Company contributions, which were
credited to the participants' account subsequent to July 1, 1989, may be used
to satisfy either future matching, service, or dividend replacement
allocations to be paid by the Company.
PAYMENTS TO PARTICIPANTS. The Plan pays amounts due to participants who are
withdrawing part or all of their interest in the Plan approximately 25 days
after the end of the month during which the participant informs the Plan's
administrator of his or her intention to make the withdrawal.
APPRECIATION (DEPRECIATION) OF INVESTMENTS. Appreciation (depreciation) of
investments in the Diversified Common Stock Fund and the Boise Cascade
Corporation Common Stock Fund are recognized based on quoted market prices.
The cost of any investments sold or distributed is based on average cost.
The table shown below sets forth that portion of the total net appreciation
(depreciation) that was realized through sale or distribution in each of
these funds during the years ended December 27, 1993, 1992, and 1991:
Boise
Cascade
Diversified Corporation
Common Common
Stock Fund Stock Fund Combined
1993
Current value $4,967,386 $4,078,263 $9,045,649
Average cost 4,190,714 4,624,986 8,815,700
__________ __________ __________
Net appreciation (depreciation)
realized $ 776,672 $ (546,723) $ 229,949
1992
Current value $6,138,428 $ 659,514 $6,797,942
Average cost 5,041,629 896,335 5,937,964
__________ __________ __________
Net appreciation (depreciation)
realized $1,096,799 $ (236,821) $ 859,978
1991
Current value $2,869,547 $3,394,106 $6,263,653
Average cost 2,291,522 3,923,737 6,215,259
__________ __________ __________
Net appreciation (depreciation)
realized $ 578,025 $ (529,631) $ 48,394
The changes in the unrealized portion of the net appreciation (depreciation)
of investments during the periods were as follows:
Boise
Cascade
Diversified Corporation
Common Common
Stock Fund Stock Fund Combined
Balance at December 27, 1990 $ 1,415,459 $ (6,699,089) $ (5,283,630)
Unrealized net appreciation
(depreciation) 7,421,509 (11,707,529) (4,286,020)
____________ ____________ ____________
Balance at December 27, 1991 8,836,968 (18,406,618) (9,569,650)
Unrealized net appreciation
(depreciation) (3,380,890) 3,123,307 (257,583)
____________ ____________ ____________
Balance at December 27, 1992 5,456,078 (15,283,311) (9,827,233)
Unrealized net appreciation
(depreciation) (2,273,207) 7,987,420 5,714,213
____________ ____________ ____________
Balance at December 27, 1993 $ 3,182,871 $ (7,295,891) $ (4,113,020)
EXPENSES. The Plan provides that all expenses of administration of the Plan
may be paid out of the assets of the Plan. Expenses not paid by the Plan
will be paid by the Company. In 1993, the Company paid all administration
expenses of the Plan, except for brokerage fees and related taxes on security
transactions. Investment management fees incurred by the investment funds
of the Plan are paid from the assets of the fund to which they relate.
TRANSFERS FROM OTHER PLANS. During the years ended December 27, 1993, 1992,
and 1991, certain participants transferred their account balances from other
tax-qualified profit sharing/401(k) benefit plans sponsored by previous
employers into the Plan.
2. EMPLOYEE STOCK OWNERSHIP FUND
The Preferred Stock that the Company sold to the Plan had an issue price of
$45 per share, can be converted by the Plan's trustee at any time into Common
Stock at a conversion ratio of .80357 share of Common Stock for each share
of Preferred Stock, and pays an annual dividend, in semiannual installments,
of $3.31875 per share. Subject to certain restrictions prior to June 28,
1993, and at any time thereafter, the Company can redeem the Preferred Stock.
The Preferred Stock may not be redeemed for less than the $45 per share
liquidation preference. At December 27, 1993, 1992, and 1991, the Preferred
Stock was valued by independent appraisers at $45 per share.
The Preferred Stock, or the Common Stock into which it may be converted, is
held by the trustee in a separate "ESOP Suspense Account" and is pledged as
collateral for any remaining unpaid portion of the loan drawn by the trustee
to fund the ESOP (the "ESOP Loan"). At December 27, 1993, the ESOP Suspense
Account held 5,032,541 shares of Preferred Stock including 3,960 shares that
had been allocated to participants in accordance with terms of the ESOP. At
December 27, 1992 and 1991, 5,491,987 and 5,919,426 shares of Preferred Stock
were held in the ESOP Suspense Account of which 60,404 and 140,162 shares had
been allocated to participants.
Shares are released from the ESOP Suspense Account as principal and interest
payments are made on the ESOP Loan. The number of Shares released from the
ESOP Suspense Account in any given year is at least equal to the number of
Shares then held in the account multiplied by the ratio of the current prin-
cipal and interest payment due on the ESOP Loan for that year divided by the
sum of the remaining total principal and interest payments due, including
principal and interest due in the current year. Loan payments made on
December 28, 1993, 1992, and 1991, resulted in the release of pledged shares
that had been allocated to participants at the end of the respective
preceding periods.
Shares are allocated to participants through an "Issued and Allocated
Account". The allocation is based on contributions made by participants and
include additional allocations based on the period of time the participant
has been employed by the Company and dividend replacements applicable to
Shares held in the participant's individual ESOP account. At December 27,
1993, 1992, and 1991, participants' equity in the Plan, as measured by
Preferred Stock allocated to them, exceeded the accumulated payments on the
ESOP Loan by $20,572,066, $17,271,206 and $14,987,210.
Principal and interest on the $295,000,000 loan with institutional investors
used to fund the ESOP has been guaranteed by the Company. The Company has
also guaranteed certain tax indemnities on the ESOP Loan. The interest rate
was 8.4235% in 1993 and 8.5% in 1992 and 1991. The lenders may require
prepayment of any outstanding balance subject to the occurrence of events
that are described in the loan agreement. The ESOP Loan will be paid by the
trustee in installments from a combination of cash contributions by the
Company and dividends from the Preferred Stock.
3. LOANS TO PARTICIPANTS
Participants who have made contributions to the Plan pursuant to Code
Section 401(k) may, subject to the terms of the Plan, apply for loans from
the Plan secured by such contributions. Such loans do not constitute
withdrawals from the Plan. The "Investments, at current value" account in
the Combined Statements of Plan Equity and Net Assets Available for Plan
Benefits at December 27, 1993, 1992, and 1991, included $13,095,110,
$12,125,552, and $11,041,789 of outstanding loans to Plan participants. The
interest rate charged on these loans was 7.5% for 1993, 8% for 1992, and 9%
for 1991. Participant loans are reflected in the Combined Statements of
Changes in Plan Equity and Net Assets Available for Plan Benefits as follows:
Year Ended December 27
1993 1992 1991
Loans initiated, net of repayments
and interest $ 545,192 $ 1,027,729 $ 1,355,502
Interest income 1,056,467 1,016,815 939,215
Payments to participants (632,101) (960,781) (325,369)
___________ ___________ ___________
Increase in participants' loans 969,558 1,083,763 1,969,348
Participants' loans:
Beginning of the period 12,125,552 11,041,789 9,072,441
___________ ___________ ___________
End of the period $13,095,110 $12,125,552 $11,041,789
4. FEDERAL INCOME TAXES
The Plan obtained its latest determination letter on June 30, 1990, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code.
As so qualified, the Company is entitled, for federal income tax purposes,
to deduct its contributions to the trust fund up to the maximum amount
permitted by the Code. The Plan has been amended since receiving the
determination letter. The Company believes that the Plan is currently
designed and being operated in compliance with the applicable requirements
of the Internal Revenue Code. Therefore, the Company believes that the Plan
was qualified and the related trust was tax exempt as of the financial
statement date.
Under the Plan, as so qualified, the Company understands that a participant
is not subject to federal income tax on his or her share of employer contri-
butions, the appreciation thereon, or the appreciation on the participant's
contributions until these amounts are paid to the participant.
Schedule I BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN Item 27(a)
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 27, 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 $ 74,054,666 $ 74,054,666
State Street Bank and Trust Company (1) Pooled Investments 291,737,766 291,737,766
$365,792,432 $365,792,432
DIVERSIFIED COMMON STOCK FUND
Twentieth Century Investors, Inc. Growth Fund, 1,000,320 shares $ 20,187,697 $ 22,517,200
Select Fund, 564,057 shares 21,432,514 22,285,882
$ 41,620,211 $ 44,803,082
State Street Bank and Trust Company (1) Short-Term Investment Fund, due dates
and interest rates variable $ 50,113 $ 50,113
BOISE CASCADE CORPORATION COMMON STOCK FUND
Boise Cascade Corporation (1) Boise Cascade Corporation Common Stock,
2,441,557 shares $ 66,503,648 $ 59,207,757
State Street Bank and Trust Company (1) Short-Term Investment Fund, due dates
and interest rates variable $ 102,957 $ 102,957
MONEY MARKET FUND
Eaton Vance Cash Management Fund Not applicable $ 2,053,500 $ 2,053,500
EMPLOYEE STOCK OWNERSHIP FUND
Boise Cascade Corporation (1) Series D Preferred Stock
Suspense Account, 5,032,541 shares $226,464,333 $226,464,333
Issued and Allocated Account,
1,364,740 shares 61,413,284 61,413,284
____________ ____________
$287,877,617 $287,877,617
PARTICIPANTS' LOAN FUND
Boise Cascade Corporation (1) Loans to plan participants,
due dates variable,
7.5% interest rate $ 13,095,110 $ 13,095,110
(1) Known party-in-interest.
BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
FIXED INCOME FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 27
1993 1992 1991
Assets
Investments, at current value $365,792,432 $346,341,963 $345,186,419
Cash 1,271,379 74,304 33,467
Due from other of the Plan's funds 3,099 134 25,315
Due from participants 189 1,166 -
Other - 687 1,755
____________ ____________ ____________
367,067,099 346,418,254 345,246,956
____________ ____________ ____________
Liabilities
Due to participants 131,746 25,749 7,533
Investment management fees due 79,229 60,927 49,593
Due to other of the Plan's funds 3,411 - 2,768
Due to Company - - 17,057
Other - - 904
____________ ____________ ____________
214,386 86,676 77,855
____________ ____________ ____________
Participants' equity and net assets
available for plan benefits at
end of the year $366,852,713 $346,331,578 $345,169,101
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS'
EQUITY AND NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 27
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 26,334,908 $ 28,337,899 $ 30,130,048
Contributions
Participants' contributions 11,209,769 11,689,875 13,704,177
Forfeitures (269) (717) (43,434)
Transfers between funds 1,048,581 (7,574,560) (112,017)
Amounts transferred from other
plans 591,898 191,200 220,874
Loans initiated, net of
repayments and interest (959,894) (1,480,665) (1,297,314)
Payments to participants (17,703,858) (30,000,555) (18,289,269)
____________ ____________ ____________
Increase in participants' equity
and net assets 20,521,135 1,162,477 24,313,065
Participants' equity and net assets
available for plan benefits at:
Beginning of the year 346,331,578 345,169,101 320,856,036
____________ ____________ ____________
End of the year $366,852,713 $346,331,578 $345,169,101
BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
DIVERSIFIED COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 27
1993 1992 1991
Assets
Investments, at current value $ 44,803,082 $ 35,615,900 $ 31,078,573
Cash 498,500 11,152 251
Short-term securities at cost,
which approximates market 50,113 96,125 52,000
Due from participants 91 2,902 -
Interest receivable 140 445 123
Due from other of the Plan's funds 3,466 - 1,453
Accounts receivable - - 19
Other - 26 178
____________ ____________ ____________
45,355,392 35,726,550 31,132,597
____________ ____________ ____________
Liabilities
Due to other of the Plan's funds 1,594 260 315
Due to participants - 87 -
Due to Company - - 546
Other 26 - 102
____________ ____________ ____________
1,620 347 963
____________ ____________ ____________
Participants' equity and net assets
available for plan benefits at
end of the year $ 45,353,772 $ 35,726,203 $ 31,131,634
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS'
EQUITY AND NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 27
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 3,002 $ 3,315 $ 2,790
Dividend income and mutual
fund distributions 4,922,700 1,899,741 1,099,979
Contributions
Participants' contributions 4,087,707 3,689,445 2,466,794
Forfeitures (82) (169) (4,932)
Appreciation (depreciation) of
investments, net (1,496,535) (2,284,091) 7,999,534
Transfers between funds 3,416,695 4,543,257 3,145,138
Amounts transferred from other
plans 688,598 95,794 59,757
Loans initiated, net of
repayments and interest 443,193 251,610 (26,416)
Payments to participants (2,437,709) (3,604,333) (1,181,189)
____________ ____________ ____________
Increase in participants' equity
and net assets 9,627,569 4,594,569 13,561,455
Participants' equity and net assets
available for plan benefits at:
Beginning of the year 35,726,203 31,131,634 17,570,179
____________ ____________ ____________
End of the year $ 45,353,772 $ 35,726,203 $ 31,131,634
BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
BOISE CASCADE CORPORATION COMMON STOCK FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 27
1993 1992 1991
Assets
Investments, at current value $59,207,757 $50,969,336 $38,263,580
Cash 239,819 16,595 2,678
Short-term securities at cost,
which approximates market 102,957 362,559 618,000
Interest and dividends receivable 366,572 640 286,770
Due from participants 379 2,902 -
Due from other of the Plan's funds 60 126 1,327
Other - - 49
___________ ___________ ___________
59,917,544 51,352,158 39,172,404
___________ ___________ ___________
Liabilities
Due to other of the Plan's funds 26,138 - 25,012
Due to participants 149 52 -
Accounts payable - - 351,004
Due to Company - - 361
Other 3 - 37
___________ ___________ ___________
26,290 52 376,414
___________ ___________ ___________
Participants' equity and net assets
available for plan benefits at
end of the year $59,891,254 $51,352,106 $38,795,990
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS'
EQUITY AND NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 27
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 16,107 $ 25,305 $ 32,647
Dividend income 1,839,728 976,065 2,355,059
Contributions
Participants' contributions 2,595,886 2,490,337 2,642,760
Forfeitures (81) (2,395) (3,810)
Appreciation (depreciation) of
investments, net 7,440,697 2,886,486 (12,237,160)
Transfers between funds (1,970,292) 7,900,349 (1,287,522)
Amounts transferred from other
plans 87,683 97,743 30,201
Loans initiated, net of
repayments and interest 40,799 262,517 11,507
Payments to participants (1,511,379) (2,080,291) (1,088,235)
___________ ___________ ___________
Increase (decrease) in participants'
equity and net assets 8,539,148 12,556,116 (9,544,553)
Participants' equity and net assets
available for plan benefits at:
Beginning of the year 51,352,106 38,795,990 48,340,543
___________ ___________ ___________
End of the year $59,891,254 $51,352,106 $38,795,990
BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
MONEY MARKET FUND
SCHEDULE II -- STATEMENTS OF PARTICIPANTS' EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 27
1993 1992 1991
Assets
Investments, at current value $2,053,500 $2,140,143 $2,366,229
Cash 43,838 770 12
Interest receivable 3,410 4,571 7,352
Due from other of the Plan's funds 24,524 - -
Due from participants 101 - -
Accounts receivable - - 13,424
__________ __________ __________
2,125,373 2,145,484 2,387,017
__________ __________ __________
Liabilities
Due to other of the Plan's funds 6 - -
Due to participants - 2,508 -
Due to Company - - 91
Other - - 12
__________ __________ __________
6 2,508 103
__________ __________ __________
Participants' equity and net assets
available for plan benefits at
end of the year $2,125,367 $2,142,976 $2,386,914
SCHEDULE III -- STATEMENTS OF CHANGES IN PARTICIPANTS'
EQUITY AND NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 27
1993 1992 1991
Participants' equity and net assets
provided by (used for)
Investment income
Interest income $ 54,417 $ 70,517 $ 117,484
Contributions
Participants' contributions 484,533 527,658 545,308
Forfeitures (89) (222) (1,336)
Transfers between funds (281,411) (309,279) (87,333)
Amounts transferred from other
plans 8,392 26,625 24,609
Loans initiated, net of repayments
and interest (69,290) (61,191) (43,279)
Payments to participants (214,161) (498,046) (113,015)
__________ __________ __________
Increase (decrease) in participants'
equity and net assets (17,609) (243,938) 442,438
Participants' equity and net assets
available for plan benefits at:
Beginning of the year 2,142,976 2,386,914 1,944,476
__________ __________ __________
End of the year $2,125,367 $2,142,976 $2,386,914
BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
EMPLOYEE STOCK OWNERSHIP FUND
SCHEDULE II -- STATEMENTS OF PLAN EQUITY AND
NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 27
1993 1992 1991
Assets
Investments, at current value $287,877,617 $291,495,889 $300,262,331
Cash - - 378
Company contributions receivable 14,253,301 14,304,554 11,688,763
Dividends receivable 10,615,488 10,748,911 11,072,173
____________ ____________ ____________
312,746,406 316,549,354 323,023,645
____________ ____________ ____________
Liabilities
ESOP loan 260,839,000 275,058,000 285,678,000
Interest payable on ESOP loan 10,888,013 11,689,965 12,141,315
____________ ____________ ____________
271,727,013 286,747,965 297,819,315
____________ ____________ ____________
Plan equity and net assets available
for plan benefits at end of the year $ 41,019,393 $ 29,801,389 $ 25,204,330
Plan equity consists of the following:
Participants' equity $ 61,591,459 $ 47,072,595 $ 40,191,540
Equity allocated to participants
more than ESOP loan payments (20,572,066) (17,271,206) (14,987,210)
____________ ____________ ____________
$ 41,019,393 $ 29,801,389 $ 25,204,330
SCHEDULE III -- STATEMENTS OF CHANGES IN PLAN
EQUITY AND NET ASSETS AVAILABLE FOR PLAN BENEFITS
Year Ended December 27
1993 1992 1991
Plan equity and net assets
provided by (used for)
Investment income
Dividend income $ 21,300,214 $ 21,647,268 $ 22,190,906
Interest income - - 19,687
Company contributions 15,546,089 15,096,162 12,692,035
Interest expense on ESOP loan (22,010,029) (23,379,930) (24,282,630)
Transfers between funds (2,213,573) (4,559,767) (1,658,266)
Payments to participants (1,404,697) (4,206,674) (903,457)
____________ ____________ ____________
Increase in plan equity
and net assets 11,218,004 4,597,059 8,058,275
Plan equity and net assets available
for plan benefits at:
Beginning of the year 29,801,389 25,204,330 17,146,055
____________ ____________ ____________
End of the year $ 41,019,393 $ 29,801,389 $ 25,204,330
Schedule IV EIN-82-01009
Item 27(d)
BOISE CASCADE CORPORATION
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 27, 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)
No reportable
transactions.
BOISE CASCADE CORPORATION EIN 82-01009
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
SUPPLEMENTAL SCHEDULE
SCHEDULE OF THE PLAN'S ACTIVITY IN
THE STATE STREET BANK AND TRUST COMPANY
(POOLED INVESTMENTS)
Year Ended
December 27, 1993
Plan's proportionate share in the net investments
of the State Street Bank and Trust Company (Pooled
Investments) at beginning of the year $219,196,115
____________
Investments 74,341,567
Withdrawals (22,092,285)
Proportionate share of the interest income earned
on investments 20,292,369
____________
72,541,651
____________
Plan's proportionate share in the net investments
of the State Street Bank and Trust Company (Pooled
Investments) at end of the year $291,737,766
The following is a summary of the assets and liabilities of the State Street
Bank and Trust Company (Pooled Investments) and the Plan's proportionate share
in the net assets available:
December 27, 1993
Cash and cash equivalents $ 9,907,884
Fixed income securities 305,106,339
Accrued interest 1,655,634
____________
$316,669,857
Plan's proportionate share in net assets available $291,737,766
Changes in assets and liabilities of the State Street Bank and Trust Company
(Pooled Investments) are as follows:
Year Ended
December 27, 1993
Balance at beginning of the year $236,091,903
____________
Amounts purchased by participating plans 82,947,328
Amounts withdrawn by participating plans (24,193,778)
____________
Net amounts purchased by participating plans 58,753,550
Interest income 21,824,404
____________
Balance at end of the year $316,669,857
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
SAVINGS AND SUPPLEMENTAL RETIREMENT PLAN
Date: June 22, 1994 By /s/ J.M. Gwartney
J.M. Gwartney
Chairman of the
Retirement Committee
BOISE CASCADE CORPORATION
INDEX TO EXHIBIT
Filed with the Report
on Form 11-K for the
Year Ended December 27, 1993
Reference Description Page Number (1)
Exhibit A Consent of Independent Public
Accountants Dated June 22, 1994 22
(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 incor-
poration of our report dated June 14, 1994, included in this Form 11-K for
the year ended December 27, 1993, into the Company's previously filed post-
effective amendment No. 1 to Form S-8 registration statement (File
No. 33-28595).
ARTHUR ANDERSEN & CO.
Boise, Idaho
June 22, 1994