Weyerhaeuser Co., Federal Way, Wash., expects to contribute $43 million to its Canadian employee pension plans this year, according to the company's 10-K report. The company attributes $3 million of the contribution to the terminations of employee plans at its Sturgeon Falls, Ontario, and Grande Cache, Alberta, operations, the report said.
Weyerhaeuser does not expect to make any contributions to its plans for U.S. employees in 2004, according to the 10-K. In 2003, the company contributed $12 million to its U.S. plans and $11 million to its Canadian plans, the report said.
The company lowered its discount rate to 6.25% for all plans, as of Dec. 28, according to the filing. The U.S. plans had used a rate of 6.7%, and the Canadian plans had used a rate of 6.5%; the change reflects lower interest rates on long-term corporate bonds, the filing said.
Weyerhaeuser reported worldwide pension plan assets of $4.3 billion as of Dec. 28, with worldwide pension liabilities of almost $4.3 billion, the report said.