-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, q9szfDSYXiu/VNsvmCBwq6U+dwYdn48Q1/lEjmpbDYaSaU/DUuyEwEZNexJ1TmYm tyNm0F9xQqnU6A255wg7KA== 0000011454-95-000024.txt : 199506300000011454-95-000024.hdr.sgml : 19950630 ACCESSION NUMBER: 0000011454-95-000024 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950629 SROS: NASD SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BERGEN BRUNSWIG CORP CENTRAL INDEX KEY: 0000011454 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 221444512 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05110 FILM NUMBER: 95550781 BUSINESS ADDRESS: STREET 1: 4000 METROPOLITAN DR CITY: ORANGE STATE: CA ZIP: 92668 BUSINESS PHONE: 7143854000 MAIL ADDRESS: STREET 1: 4000 METROPOLITAN DRIVE CITY: ORANGE STATE: CA ZIP: 92668 FORMER COMPANY: FORMER CONFORMED NAME: BERGEN DRUG CO INC DATE OF NAME CHANGE: 19690409 11-K 1 BERGEN BRUNSWIG CORPORATION FORM 11-K FILING PRE-TAX INVESTMENT RETIREMENT ACCOUNT TOTAL NUMBER OF PAGES INCLUDED IN THIS ANNUAL REPORT IS 27. SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934(FEE REQUIRED) For the fiscal year ended December 31, 1994 ----------------- OR [ ] TRANSITION REPORT PURSUANT TO 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934(NO FEE REQUIRED) For the transition period from _______________ to _______________ Commission file number 33-32465 -------- BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- (Full title of the plan) BERGEN BRUNSWIG CORPORATION --------------------------- (Name of issuer of the securities held pursuant to the plan) 4000 Metropolitan Drive, Orange, California 92668-3510 - ------------------------------------------- ----------- (Address of principal executive offices of (Zip code) issuer of securities) 1 BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ===================================================== INDEX ----- PAGE NO. -------- INDEPENDENT AUDITORS' REPORT 3 FINANCIAL STATEMENTS: Statements of Net Assets Available for Plan Benefits at December 31, 1994 and 1993 5 Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1994, 1993 and 1992 7 Notes to Financial Statements 10 SUPPLEMENTAL SCHEDULES: 1. Item 27a - Schedule of Assets Held for Investment Purposes at December 31, 1994 18 2. Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1994 23 SUPPLEMENTAL SCHEDULES OMITTED ------------------------------ Supplemental schedules not listed above are omitted because of the absence of conditions under which they are required. SIGNATURE 24 INDEPENDENT AUDITORS' CONSENT 25 2 INDEPENDENT AUDITORS' REPORT Bergen Brunswig Pre-Tax Investment Retirement Account: We have audited the accompanying statements of net assets available for plan benefits of Bergen Brunswig Pre-Tax Investment Retirement Account (the Plan) at December 31, 1994 and 1993 and the related statements of changes in net assets available for plan benefits for each of the three years in the period ended December 31, 1994. These financial statements are the responsibility of the Plan'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, such financial statements present fairly, in all material respects, the net assets available for plan benefits at December 31, 1994 and 1993, and the changes in net assets available for plan benefits for each of the three years in the period ended December 31, 1994 in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund is presented for the purpose of additional analysis of the basic financial statements rather than to present information regarding the net assets available for plan benefits and changes in net assets available for plan benefits of the individual funds and is not a required part of the basic financial statements. Also, the accompanying supplemental schedules of (1) Item 27a - Schedule of Assets Held for Investment Purposes at December 31, 1994, and (2) Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1994 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental information by fund and 3 supplemental schedules are the responsibility of the Plan's management. Such supplemental information by fund and supplemental schedules have been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche LLP Costa Mesa, California June 19, 1995 4 BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------- MERRILL BERGEN FIDELITY LYNCH MERRILL BRUNSWIG MAGELLAN GEORGE COMPANY GLOBAL LYNCH FIXED DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX FUND EQUITY FUND FUND FUND FUND, INC. TRUST ----------- ----------- ---------- ---------- ---------- ------------ ASSETS: Investments $30,050,462 $26,637,707 $7,648,841 $9,279,647 $1,497,557 $178,255 Interfund transfers receivable - 10,453 2,450 3,591 1,244 294 Contributions receivable - 105,313 28,979 31,288 17,589 3,019 Interest and dividend income receivable - 2,745 655 942 350 71 ----------- ----------- ---------- ---------- ---------- ------------ TOTAL ASSETS 30,050,462 26,756,218 7,680,925 9,315,468 1,516,740 181,639 ----------- ----------- ---------- ---------- ---------- ------------ LIABILITIES: Interfund transfers payable - - - - - - ----------- ----------- ---------- ---------- ---------- ------------ TOTAL LIABILITIES - - - - - - ----------- ----------- ---------- ---------- ---------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $30,050,462 $26,756,218 $7,680,925 $9,315,468 $1,516,740 $181,639 =========== =========== ========== ========== ========== ============ See accompanying notes to financial statements. - ---------------------------------------------------------------------------------------------------------------- 5
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------ MERRILL MERRILL MERRILL LYNCH LYNCH LYNCH CORPORATE RETIREMENT CAPITAL BOND PRESERVATION PARTICIPANT FUND, INC. FUND, INC. TRUST LOANS TOTAL ---------- ------------ ------------- ------------ ------------- ASSETS: Investments $921,861 $800,648 $25,074,975 $6,859,207 $108,949,160 Interfund transfers receivable 563 841 16,710 - 36,146 Contributions receivable 14,938 9,868 142,431 - 353,425 Interest and dividend income receivable 187 218 11,991 - 17,159 ---------- ------------ ------------- ------------ ------------- TOTAL ASSETS 937,549 811,575 25,246,107 6,859,207 109,355,890 ---------- ------------ ------------- ------------ ------------- LIABILITIES: Interfund transfers payable - - - 36,146 36,146 ---------- ------------ ------------- ------------ ------------- TOTAL LIABILITIES - - - 36,146 36,146 ---------- ------------ ------------- ------------ ------------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $937,549 $811,575 $25,246,107 $6,823,061 $109,319,744 ========== ============ ============= ============ ============= See accompanying notes to financial statements. - ---------------------------------------------------------------------------------------------------------------- 5a
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS AT DECEMBER 31, 1993
SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------- MASSACHUSETTS CAPITAL FIDELITY GUARANTEED DEVELOPMENT MAGELLAN GEORGE COMPANY INCOME DIVERSIFIED DIVERSIFIED PUTNAM STOCK PARTICIPANT FUND EQUITY FUND EQUITY FUND FUND FUND LOANS TOTAL ----------- ------------- ----------- ---------- ---------- ----------- ------------ ASSETS: Investments $57,090,302 $ - $24,519,724 $7,525,010 $6,851,036 $4,998,689 $100,984,761 Interfund transfers receivable 2,096,842 1,771,107 296,759 390,429 7,543 1,558 4,564,238 Contributions receivable 131,153 - 152,894 137,442 35,249 - 456,738 Interest and dividend income receivable 37,156 1,311 1,403,185 42 271 13 1,441,978 ----------- ------------- ----------- ---------- ---------- ----------- ------------ TOTAL ASSETS 59,355,453 1,772,418 26,372,562 8,052,923 6,894,099 5,000,260 107,447,715 ----------- ------------- ----------- ---------- ---------- ----------- ------------ LIABILITIES: Interfund transfers payable 2,321,915 1,744,646 308,345 50,152 99,167 40,013 4,564,238 Accrued liabilities - 27,772 1,402,899 - - 13 1,430,684 ----------- ------------- ----------- ---------- ---------- ----------- ------------ TOTAL LIABILITIES 2,321,915 1,772,418 1,711,244 50,152 99,167 40,026 5,994,922 ----------- ------------- ----------- ---------- ---------- ----------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $57,033,538 $ - $24,661,318 $8,002,771 $6,794,932 $4,960,234 $101,452,793 =========== ============= =========== ========== ========== =========== ============ See accompanying notes to financial statements. - ---------------------------------------------------------------------------------------------------------------------------- 6
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------ MERRILL BERGEN FIDELITY LYNCH MERRILL BRUNSWIG MAGELLAN GEORGE COMPANY GLOBAL LYNCH FIXED DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX FUND EQUITY FUND FUND FUND FUND, INC. TRUST ----------- ----------- ---------- ---------- ---------- ------------ ADDITIONS: Contributions: Participants $ - $ 2,753,062 $ 762,969 $ 816,792 $ 242,471 $ 59,189 Employer - 972,711 272,589 308,655 80,455 14,091 Transfers of participant balances 298,869 5,285,004 1,500,784 1,533,878 1,663,118 118,412 Interest income 2,266,687 128,132 29,456 129,835 10,209 2,025 Dividend income - 1,063,898 499,627 195,110 80,405 - Participant loans - - - - - - Participant loan repayments 33 630,858 142,453 212,766 42,690 10,051 Net increase in fair value of investments 973,308 - - 1,381,093 - 3,227 ----------- ----------- ---------- ---------- ---------- ------------ TOTAL ADDITIONS 3,538,897 10,833,665 3,207,878 4,578,129 2,119,348 206,995 ----------- ----------- ---------- ---------- ---------- ------------ DEDUCTIONS: Withdrawals 3,432,834 1,874,329 566,396 462,128 147,741 843 Transfer of participant balances 3,286,641 3,930,858 2,139,559 1,595,465 235,111 16,441 Administrative expenses - - - - - - Participant loans 1,586,419 1,286,711 276,012 - 88,568 8,072 Participant loan repayments - - - - - - Net decrease in fair value of investments - 1,646,867 547,757 - 131,188 - ----------- ----------- ---------- ---------- ---------- ------------ TOTAL DEDUCTIONS 8,305,894 8,738,765 3,529,724 2,057,593 602,608 25,356 ----------- ----------- ---------- ---------- ---------- ------------ NET INCREASE (DECREASE) (4,766,997) 2,094,900 (321,846) 2,520,536 1,516,740 181,639 NET ASSETS AVAILABLE FOR PLAN BENEFITS AT BEGINNING OF YEAR 34,817,459 24,661,318 8,002,771 6,794,932 - - ----------- ----------- ---------- ---------- ---------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $30,050,462 $26,756,218 $7,680,925 $9,315,468 $1,516,740 $181,639 =========== =========== ========== ========== ========== ============ See accompanying notes to financial statements. - ----------------------------------------------------------------------------------------------------------------- 7
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND ---------------------------------------------------------- MERRILL MERRILL MERRILL LYNCH LYNCH LYNCH CORPORATE RETIREMENT CAPITAL BOND PRESERVATION PARTICIPANT FUND, INC. FUND, INC. TRUST LOANS TOTAL ---------- ---------- ------------ ----------- ------------ ADDITIONS: Contributions: Participants $171,141 $ 159,108 $ 3,890,760 $ - $ 8,855,492 Employer 55,332 55,106 1,418,937 - 3,177,876 Transfers of participant balances 986,746 857,619 4,631,818 - 16,876,248 Interest income 5,668 7,297 1,584,572 - 4,163,881 Dividend income 74,595 37,251 - - 1,950,886 Participant loans - - - 4,391,798 4,391,798 Participant loan repayments 22,934 42,014 1,006,028 - 2,109,827 Net increase in fair value of investments - - - - 2,357,628 --------- --------- ----------- ---------- ------------ TOTAL ADDITIONS 1,316,416 1,158,395 12,532,115 4,391,798 43,883,636 --------- --------- ----------- ---------- ------------ DEDUCTIONS: Withdrawals 152,009 170,528 2,734,626 419,144 9,960,578 Transfer of participant balances 106,540 86,226 5,479,407 - 16,876,248 Administrative expenses - - 231,904 - 231,904 Participant loans 47,293 42,573 1,056,150 - 4,391,798 Participant loan repayments - - - 2,109,827 2,109,827 Net decrease in fair value of investments 73,025 47,493 - - 2,446,330 --------- --------- ----------- ---------- ------------ TOTAL DEDUCTIONS 378,867 346,820 9,502,087 2,528,971 36,016,685 --------- --------- ----------- ---------- ------------ NET INCREASE (DECREASE) 937,549 811,575 3,030,028 1,862,827 7,866,951 NET ASSETS AVAILABLE FOR PLAN BENEFITS AT BEGINNING OF YEAR - - 22,216,079 4,960,234 101,452,793 --------- --------- ----------- ---------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $937,549 $811,575 $25,246,107 $6,823,061 $109,319,744 ========= ========= =========== ========== ============ See accompanying notes to financial statements. - ----------------------------------------------------------------------------------------------------------------- 7a
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1993
SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------------------- MASSACHUSETTS CAPITAL FIDELITY GUARANTEED DEVELOPMENT MAGELLAN GEORGE COMPANY INCOME DIVERSIFIED DIVERSIFIED PUTNAM STOCK PARTICIPANT FUND EQUITY FUND EQUITY FUND FUND FUND LOANS TOTAL ----------- ------------- ----------- ---------- ---------- ---------- ------------ ADDITIONS: Contributions: Participants $ 4,112,956 $ 141,133 $ 2,200,290 $ 682,529 $ 935,319 $ - $ 8,072,227 Employer 1,455,101 56,072 792,049 246,289 353,432 - 2,902,943 Transfers of participant balances 3,898,045 4,456 13,482,222 5,970,917 2,370,853 244,660 25,971,153 Transfer from Durr benefit plans 27,895,561 - 221,671 147,780 73,890 - 28,338,902 Transfer from T.C. Smith 401(k) Plan 3,236,686 - - - - - 3,236,686 Rollover from HDI 401(k) Plan 88,289 - - - - - 88,289 Interest income 3,340,015 8,699 81,726 15,565 49,613 - 3,495,618 Dividend income - 8,242 1,690,823 484,975 117,653 - 2,301,693 Participant loans - - - - - 3,010,428 3,010,428 Participant loan repayments 892,498 31,218 407,175 61,402 191,462 - 1,583,755 Net increase in fair value of investments - 232,126 1,848,889 - - - 2,081,015 ----------- ------------- ----------- ---------- ---------- ---------- ------------ TOTAL ADDITIONS 44,919,151 481,946 20,724,845 7,609,457 4,092,222 3,255,088 81,082,709 ----------- ------------- ----------- ---------- ---------- ---------- ------------ DEDUCTIONS: Withdrawals 3,201,581 101,594 618,428 208,294 307,583 - 4,437,480 Transfer of participant balances 16,795,965 2,579,216 5,151,839 87,251 1,194,816 162,066 25,971,153 Administrative expenses 41,121 - - - - - 41,121 Participant loans 2,038,165 47,345 817,209 107,709 - - 3,010,428 Participant loan repayments - - - - - 1,583,755 1,583,755 Net decrease in fair value of investments - - - 67,611 979,646 - 1,047,257 ----------- ------------- ----------- ---------- ---------- ---------- ------------ TOTAL DEDUCTIONS 22,076,832 2,728,155 6,587,476 470,865 2,482,045 1,745,821 36,091,194 ----------- ------------- ----------- ---------- ---------- ---------- ------------ NET INCREASE (DECREASE) 22,842,319 (2,246,209) 14,137,369 7,138,592 1,610,177 1,509,267 44,991,515 NET ASSETS AVAILABLE FOR PLAN BENEFITS AT BEGINNING OF YEAR 34,191,219 2,246,209 10,523,949 864,179 5,184,755 3,450,967 56,461,278 ----------- ------------- ----------- ---------- ---------- ---------- ------------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $57,033,538 $ - $24,661,318 $8,002,771 $6,794,932 $4,960,234 $101,452,793 =========== ============= =========== ========== ========== ========== ============ See accompanying notes to financial statements. - --------------------------------------------------------------------------------------------------------------------------------- 8
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1992
SUPPLEMENTAL INFORMATION BY FUND --------------------------------------------------------------------------- MASSACHUSETTS CAPITAL FIDELITY GUARANTEED DEVELOPMENT MAGELLAN GEORGE COMPANY INCOME DIVERSIFIED DIVERSIFIED PUTNAM STOCK PARTICIPANT FUND EQUITY FUND EQUITY FUND FUND FUND LOANS TOTAL ----------- ------------- ----------- -------- ---------- ----------- ----------- ADDITIONS: Contributions: Participants $ 3,821,773 $ 361,238 $ 1,512,154 $ 32,374 $ 899,235 $ - $ 6,626,774 Employer 1,621,630 128,726 682,291 24,523 388,038 - 2,845,208 Transfers of participant balances 4,336,624 18,780 1,032,885 786,629 176,287 - 6,351,205 Transfer from Bergen Brunswig Corporation Retirement Plan 4,861,763 - - - - - 4,861,763 Transfer from Owens & Minor, Inc. benefit plan 950,427 - - - - - 950,427 Interest income 2,636,632 17,243 65,338 1,765 43,764 - 2,764,742 Dividend income - 84,713 1,488,138 31,625 81,146 - 1,685,622 Participant loans - - - - - 2,508,248 2,508,248 Participant loan repayments 739,958 68,221 306,236 5,548 171,996 - 1,291,959 Net increase in fair value of investments - 78,074 - - 771,253 - 849,327 ----------- ---------- ----------- -------- ---------- ---------- ----------- TOTAL ADDITIONS 18,968,807 756,995 5,087,042 882,464 2,531,719 2,508,248 30,735,275 ----------- ---------- ----------- -------- ---------- ---------- ----------- DEDUCTIONS: Withdrawals 2,543,536 260,468 632,207 11,996 299,032 69,940 3,817,179 Transfer of participant balances 5,912,968 431,127 - 39 - 7,071 6,351,205 Transfer to Commtron Corporation benefit plan 3,415,983 631,042 1,607,603 - 324,102 491,317 6,470,047 Administrative expenses 82,414 - - - - - 82,414 Participant loans 2,006,571 179,826 321,851 - - - 2,508,248 Participant loan repayments - - - - - 1,291,959 1,291,959 Net decrease in fair value of investments - - 825,975 6,250 - - 832,225 ----------- ---------- ----------- -------- ---------- ---------- ----------- TOTAL DEDUCTIONS 13,961,472 1,502,463 3,387,636 18,285 623,134 1,860,287 21,353,277 ----------- ---------- ----------- -------- ---------- ---------- ----------- NET INCREASE (DECREASE) 5,007,335 (745,468) 1,699,406 864,179 1,908,585 647,961 9,381,998 NET ASSETS AVAILABLE FOR PLAN BENEFITS AT BEGINNING OF YEAR 29,183,884 2,991,677 8,824,543 - 3,276,170 2,803,006 47,079,280 ----------- ---------- ----------- -------- ---------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $34,191,219 $2,246,209 $10,523,949 $864,179 $5,184,755 $3,450,967 $56,461,278 =========== ========== =========== ======== ========== ========== =========== See accompanying notes to financial statements. - ----------------------------------------------------------------------------------------------------------------------------- 9
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ===================================================== NOTES TO FINANCIAL STATEMENTS ----------------------------- FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 ---------------------------------------------------- 1. PLAN DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES The following brief description of the Bergen Brunswig Pre-Tax Investment Retirement Account ("Plan") is provided for general information purposes only. Participants should refer to the Plan Agreement for more complete information. A. General ------- The Plan was established effective September 1, 1984. The Plan is a deferred compensation and profit sharing plan covering substantially all employees of Bergen Brunswig Corporation and its subsidiaries ("Employer") who have completed more than six months of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The accounting records of the Plan are maintained on the accrual basis. B. Funding Policy -------------- Participants are entitled to defer 1% to 15% of their pre-tax compensation through contributions to the Plan up to a maximum of $9,240 in 1994. Participants are not allowed to make any other contributions to the Plan except for rollover contributions from other retirement plans. The Employer contributes $.50 for each $1.00 contributed by the participant, up to the participant's investment of 6% of the participant's salary. The Employer may also make an additional contribution to the Plan at the Employer's discretion. Expenses of the Plan up to the amount of forfeitures of Employer contributions determined at the last Plan valuation date are paid by the Plan. Expenses of the Plan in excess of Employer contribution forfeitures are paid directly by the Employer. For the years ended December 31, 1994, 1993 and 1992, expenses of $231,904, $41,121 and $82,414, respectively, were paid by forfeitures of Employer contributions. 10 C. Investments Upon joining the Plan, participants can elect to invest their accounts in the following options: 1. Company Stock Fund (Bergen Brunswig Corporation Class A Common Stock); 2. Fidelity Magellan Diversified Equity Fund (primarily equity securities); 3. George Putnam Fund (primarily debt and equity securities); 4. Merrill Lynch Global Allocation Fund, Inc. (primarily United States and foreign equity, debt and money market securities); 5. Merrill Lynch Equity Index Trust (primarily equity securities included in the Standard & Poors 500 Index); 6. Merrill Lynch Capital Fund, Inc. (primarily equity, debt, convertible and money market securities); 7. Merrill Lynch Corporate Bond Fund, Inc. - Investment Grade Portfolio (primarily high-grade taxable fixed income securities); 8. Merrill Lynch Retirement Preservation Trust (primarily broadly diversified Guaranteed Investment Contracts, U.S. Government and U.S. government agency and money market securities). Participants have direct, daily access to investment and account information (including change of investment direction, fund transfers and deferral percentage) through The Merrill Lynch Participant Service Center. The Company Stock Fund, the Fidelity Magellan Diversified Equity Fund, the George Putnam Fund, the Merrill Lynch Global Allocation Fund, Inc., the Merrill Lynch Equity Index Trust, the Merrill Lynch Capital Fund, Inc. and the Merrill Lynch Corporate Bond Fund, Inc. are stated at fair value as determined by quoted market prices. The Merrill Lynch Retirement Preservation Trust is stated at cost, which approximates market value. The Bergen Brunswig Fixed Fund, formerly the Guaranteed Income Fund (see Note 4.), is stated at contract value 11 which approximates market value. Investment transactions are recorded on a trade-date basis. Participants may borrow against a maximum of 50% of their interests in the Plan up to $50,000, except that participants may not borrow against their interest in the Company Stock Fund. Participants are entitled to hold two loans simultaneously, a short-term loan (1 to 5 years) and a long-term loan (5 to 15 years). The long-term loan applies only to the purchase of a participant's primary residence. Such loans are shown as separate investments of the Plan with interest rates ranging from 7.00% to 12.00%, and are stated at cost, which approximates market value. The number of participants in each fund was as follows:
December 31, ------------------ 1994 1993 ------ ------ Bergen Brunswig Fixed Fund 2,619 - Guaranteed Income Fund - 4,403 Fidelity Magellan Diversified Equity Fund 2,139 2,070 George Putnam Fund 972 957 Company Stock Fund 1,509 1,530 Merrill Lynch Global Allocation Fund, Inc. 386 - Merrill Lynch Equity Index Trust 117 - Merrill Lynch Capital Fund, Inc. 297 - Merrill Lynch Corporate Bond Fund, Inc. 289 - Merrill Lynch Retirement Preservation Trust 2,810 - Participant Loans 1,367 1,153
The total number of participants in the Plan was less than the sum of the number of participants shown above because many were participating in more than one fund. D. Benefit Distribution -------------------- A participant's account shall be distributed in a lump sum upon retirement, less any loans outstanding. Account withdrawals are permitted by participants who have attained age 59-1/2 or who suffer certain financial hardships and meet criteria 12 established by the Internal Revenue Service. All participants not eligible for normal retirement vest in Employer contributions at 20% for each continuous plan year of participation. Participants who terminate employment prior to retirement receive the vested portion of their accounts in a lump sum distribution. Participants are 100% vested in their own contributions at all times. E. Death and Disability Benefits ----------------------------- Upon the death of a participant, the beneficiary receives, in a lump sum, the vested amount in the account. Participants who become disabled will receive distributions in accordance with normal retirement benefits. F. Plan Termination ---------------- The Employer has the right at any time to declare the Plan terminated completely or as to any of the Employer's divisions, facilities or operational units. In the event that the Plan terminates, the accounts of all participants will become fully vested. G. Benefits Payable ---------------- In 1993, the Plan changed its method of accounting for benefits payable to participants to comply with the 1993 AICPA Audit and Accounting Guide, "Audits of Employee Benefit Plans." The new guidance requires that benefits payable to participants who have withdrawn from a defined contribution plan be disclosed in the footnotes to the financial statements rather than be recorded as a liability of the plan. As of December 31, 1994 and 1993, net assets available for plan benefits included benefits of $631,218 and $1,412,810, respectively, due to participants who have withdrawn from the Plan. H. Other ----- Certain reclassifications have been made in the 1993 and 1992 financial statements and notes to conform to 1994 presentations. 13 2. INCOME TAX STATUS The Plan is qualified under Section 401 of the Internal Revenue Code as exempt from Federal income taxes. Accordingly, Employer contributions and earnings realized by the Plan are not taxed to the participant until a distribution from the Plan is received. In addition, any shares of the Company Stock Fund distributed to a participant upon termination are taxed to the participant at the lower of cost or market measured as of the distribution date. The Plan obtained its latest determination letter on December 9, 1985, 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. The Plan has been amended since receiving the determination letter and has requested a new determination letter. However, the Plan administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, they believe that the Plan was qualified and the related trust was tax exempt as of the financial statement date. 3. CHANGE OF TRUSTEE AND ADMINISTRATOR Effective January 1, 1994, the Plan trustee and administrator were changed from Bankers Trust Company of New York and The Wyatt Company, respectively, to Merrill Lynch Trust Company of California. 4. CHANGE IN INVESTMENT OPTIONS Except as noted in 5. below, no new Guaranteed Investment Contracts were added to the Bergen Brunswig Fixed Fund, formerly the Guaranteed Income Fund, during 1992, 1993 and 1994. The expiration of a Guaranteed Investment Contract ("GIC") with IDS Life Insurance Company and lower money market fund rates contributed to a decrease in the combined guaranteed interest rate from 8.98% to 8.21% per annum during 1992. Allocation of investments into a guaranteed investment contract pool which reflected current 3 to 5 year GIC yields contributed to a decrease in the combined guaranteed interest rate from 8.21% to 7.56% per annum in 1993. The surrender of Guaranteed Investment Contracts with Hartford Life Insurance Company, Integrity Life, IDS Life Insurance Company, Life of Virginia and Shearson Lehman Hutton/Federal Home Life contributed to a decrease in the combined guaranteed interest rate from 7.56% to 6.93% per annum in 1994. 14 Effective July 1, 1992, the Plan was amended to entitle participants to defer 2% to 11% of their compensation through contributions to the Plan. During March 1994, the Plan was amended to entitle participants to defer 1% to 15% of their compensation through contributions to the Plan. Effective October 1, 1992, the George Putnam Fund was added as another investment option. On December 28, 1993, the Merrill Lynch Retirement Preservation Trust, a commingled fixed income pooled investment, was added to the Guaranteed Income Fund investment. During 1994, the Merrill Lynch Retirement Preservation Trust became a separate investment option and the Guaranteed Income Fund was renamed as the Bergen Brunswig Fixed Fund. Effective January 1, 1994, the Guaranteed Income Fund Investment was frozen with respect to any future contribution elections and incoming transfers of participant account balances. Future participant contributions previously elected to go into the Guaranteed Income Fund Investment were invested in the Merrill Lynch Retirement Preservation Trust as of January 1, 1994. 5. OTHER Effective December 31, 1991, the Employer elected to terminate the Bergen Brunswig Retirement Plan ("Retirement Plan"). An option was given to Retirement Plan participants to transfer their accrued retirement benefit into the Plan after receiving a refund of their own contributions. During 1992, this option was exercised by 187 Retirement Plan participants and, as a result, an aggregate amount of $4,861,763 was transferred into the Guaranteed Income Fund investment of the Plan. A commingled Guaranteed Investment Contract pool with the Putnam Fiduciary Trust Company GIC Fund was established and designated as the investment for this transfer. This investment was frozen with respect to any future contribution elections. During December 1993, account balances in the Putnam Fiduciary Trust Company GIC Fund were transferred into the Merrill Lynch Retirement Preservation Trust. 15 On February 28, 1992, the Employer acquired substantially all of the net assets and business of the pharmaceutical distribution segment of Owens & Minor, Inc. Employees of Owens & Minor, Inc. became eligible to participate in the Plan on March 1, 1992. On June 19, 1992, the Employer sold its 81%-owned subsidiary, Commtron Corporation, to Ingram Industries, Inc. On October 5, 1992, the Employer acquired substantially all of the outstanding shares of stock of Durr-Fillauer Medical, Inc. ("Durr"). Employees of Durr became eligible to participate in the Plan on April 1, 1993. On November 18, 1992, the Employer acquired all of the outstanding shares of stock of Dr. T.C. Smith Company ("T.C. Smith"). Employees of T.C. Smith became eligible to participate in the Plan on January 1, 1993. During 1992, the Employer elected to discontinue the Massachusetts Capital Development Diversified Equity Fund as of December 31, 1993. On January 1, 1993, this Fund was frozen with respect to any future contribution elections and incoming transfers of participant account balances. During 1993, certain participants directed their account balances to other investment options of the Plan. On December 31, 1993, the remaining account balances were transferred into the Merrill Lynch Retirement Preservation Trust. On January 29, 1993, the Employer acquired substantially all of the assets of Healthcare Distributors of Indiana, Inc. ("HDI"). Employees of HDI became eligible to participate in the Plan on April 1, 1993. Rollovers to the Plan from HDI's 401(k) Plan were made in 1993. As of June 19, 1995, the aggregate amount of rollovers from HDI's defined benefit plans has not been determined. On April 29, 1994, the Employer acquired all of the outstanding shares of stock of Southeastern Hospital Supply Corporation ("Southeastern"). Employees of Southeastern became eligible to participate in the Plan during May 1994. As of June 19, 1995, the aggregate amount of rollovers from Southeastern's benefit plan has not been determined. 16 6. SUBSEQUENT EVENTS During January, March and June 1995, selected GICs with Life Insurance Company of the Southwest and Integrity Life in the Bergen Brunswig Fixed Fund were surrendered at contract value. On January 10, 1995, the Employer acquired all of the outstanding shares of stock of Biddle & Crowther ("B&C"). Employees of B&C became eligible to participate in the Plan during January 1995. As of June 19, 1995, the aggregate amount of rollovers from B&C's benefit plan has not been determined. 17 SUPPLEMENTAL SCHEDULE 1 BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1994
- ----------------------------------------------------------------------------------------------------------- DESCRIPTION OF ASSET INVESTMENT MARKET COST - ----------------------------------------------------------------------------------------------------------- BERGEN BRUNSWIG FIXED FUND Schedule $30,050,462 $30,050,462 FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND Schedule 26,637,707 28,062,388 GEORGE PUTNAM FUND Schedule 7,648,841 8,139,719 COMPANY STOCK FUND Schedule 9,279,647 8,283,143 MERRILL LYNCH GLOBAL ALLOCATION FUND, INC. Schedule 1,497,557 1,620,230 MERRILL LYNCH EQUITY INDEX TRUST Schedule 178,255 175,248 MERRILL LYNCH CAPITAL FUND, INC. Schedule 921,861 990,356 MERRILL LYNCH CORPORATE BOND FUND, INC. Schedule 800,648 844,674 MERRILL LYNCH RETIREMENT PRESERVATION TRUST Schedule 25,074,975 25,074,975 PARTICIPANT LOANS Schedule 6,859,207 6,859,207 ------------ ------------ TOTAL INVESTMENTS $108,949,160 $110,100,402 ============ ============ 18
SUPPLEMENTAL SCHEDULE 1 (DETAIL) BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1994
- ----------------------------------------------------------------------------------------------- SHARES DESCRIPTION MARKET COST - ----------------------------------------------------------------------------------------------- BERGEN BRUNSWIG FIXED FUND -------------------------- 11,917,306 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 11,917,306 $ 11,917,306 PARTN IN GROUP ANNUITY CONTRACT #SP709398 WITH LIFE INSURANCE COMPANY OF THE SOUTHWEST 1,442,947 6.75% 12/29/2002 1,442,947 1,442,947 PARTN IN GROUP ANNUITY CONTRACT #2425051.71L WITH LIFE OF VIRGINIA 3,385,910 6.65% 12/31/2037 3,385,910 3,385,910 PARTN IN GROUP ANNUITY CONTRACT #I90390164 WITH SHEARSON/INTEGRITY LIFE 1,292,077 6.00% 1/26/2039 1,292,077 1,292,077 PARTN IN GROUP ANNUITY CONTRACT #I90390938 WITH INTEGRITY LIFE 1,377,002 9.25% 1/26/2039 1,377,002 1,377,002 PARTN IN GROUP ANNUITY CONTRACT #I90391310 WITH INTEGRITY LIFE 688,477 6.00% 08/31/2038 688,477 688,477 19
SUPPLEMENTAL SCHEDULE 1 (DETAIL), CONTINUED BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1994
- ----------------------------------------------------------------------------------------------- SHARES DESCRIPTION MARKET COST - ----------------------------------------------------------------------------------------------- PARTN IN GROUP ANNUITY CONTRACT WITH INTEGRITY LIFE (SPDA) 2,890,190 #I90391602 9.25% 11/02/2038 2,890,190 2,890,190 PARTN IN GROUP ANNUITY CONTRACT #GA 8939 WITH HARTFORD LIFE INS. CO. 4,327,935 9.25% 11/8/1995 4,327,935 4,327,935 PARTN IN GROUP ANNUITY CONTRACT #I90391134 WITH INTEGRITY LIFE 2,728,618 9.25% 06/29/2038 2,728,618 2,728,618 ------------ ------------ $ 30,050,462 $ 30,050,462 ============ ============ FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND ----------------------------------------- 398,768 FIDELITY MAGELLAN FUND INC. COMMON $ 26,637,707 $ 28,062,388 ============ ============ GEORGE PUTNAM FUND ------------------ 592,474 GEORGE PUTNAM FUND OF BOSTON $ 7,648,841 $ 8,139,719 ============ ============ 20
SUPPLEMENTAL SCHEDULE 1 (DETAIL), CONTINUED BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1994
- ----------------------------------------------------------------------------------------------- SHARES DESCRIPTION MARKET COST - ----------------------------------------------------------------------------------------------- COMPANY STOCK FUND ------------------ BERGEN BRUNSWIG CORPORATION 444,534 CLASS A COMMON STOCK $ 9,279,647 $ 8,283,143 ============ ============ 122,449 MERRILL LYNCH ALLOCATION FUND CLASS A $ 1,497,557 $ 1,620,230 ------------------------------------- ============ ============ 6,101 MERRILL LYNCH EQUITY INDEX TRUST 1 $ 178,255 $ 175,248 ---------------------------------- ============ ============ 35,870 MERRILL LYNCH CAPITAL FUND CLASS A $ 921,861 $ 990,356 ---------------------------------- ============ ============ MERRILL LYNCH CORPORATE BOND ---------------------------- 75,533 INVESTMENT GRADE CLASS A $ 800,648 $ 844,674 ------------------------ ============ ============ 25,074,975 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 25,074,975 $ 25,074,975 ------------------------------------------- ============ ============ 21
SUPPLEMENTAL SCHEDULE 1 (DETAIL), CONTINUED BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1994
- ----------------------------------------------------------------------------------------------- SHARES DESCRIPTION MARKET COST - ----------------------------------------------------------------------------------------------- PARTICIPANT LOANS ----------------- PROMISSORY NOTES VARIOUS DUE DATES: AT 12.00% INTEREST $ 3,376 $ 3,376 AT 11.50% INTEREST 9,538 9,538 AT 11.00% INTEREST 53,310 53,310 AT 10.50% INTEREST 28,174 28,174 AT 10.00% INTEREST 65,776 65,776 AT 9.50% INTEREST 272,688 272,688 AT 9.00% INTEREST 47,017 47,017 AT 8.75% INTEREST 879,019 879,019 AT 8.50% INTEREST 25,594 25,594 AT 8.40% INTEREST 6,484 6,484 AT 8.25% INTEREST 1,142,847 1,142,847 AT 8.15% INTEREST 10,240 10,240 AT 7.75% INTEREST 305,296 305,296 AT 7.50% INTEREST 353,276 353,276 AT 7.25% INTEREST 708,872 708,872 AT 7.00% INTEREST 2,947,700 2,947,700 ------------ ------------ $ 6,859,207 $ 6,859,207 ============ ============ 22
SUPPLEMENTAL SCHEDULE 2 BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT ----------------------------------------------------- ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994
- ------------------------------------------------------------------------------------------------------ ISSUE TRADE TYPE NO. OF TRADES AMOUNT LOSS - ------------------------------------------------------------------------------------------------------ BERGEN BRUNSWIG FIXED FUND Purchases 250 $70,754,840 Sales 498 7,398,787 DIVERSIFIED EQUITY FUNDS: FIDELITY MAGELLAN Purchases 551 59,138,019 DIVERSIFIED EQUITY FUND Sales 501 6,937,465 $ 222,186 GEORGE PUTNAM FUND Purchases 329 17,790,137 Sales 330 2,700,098 56,879 MERRILL LYNCH RETIREMENT Purchases 667 54,440,912 PRESERVATION TRUST Sales 510 9,588,398 23
SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Retirement Strategy Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT by /s/ Neil F. Dimick ------------------------------------ Neil F. Dimick Executive Vice President, Chief Financial Officer, Bergen Brunswig Corporation June 19, 1995 24 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-32465 of Bergen Brunswig Corporation on Form S-8 of our report dated June 19, 1995 appearing in this Annual Report on Form 11-K of Bergen Brunswig Pre-Tax Investment Retirement Account for the year ended December 31, 1994. /s/ Deloitte & Touche LLP - ---------------------------- Costa Mesa, California June 28, 1995 25 -----END PRIVACY-ENHANCED MESSAGE-----