-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FVLY8VeX2roK90wzoiL17Gnm45i6xo6Ujo1FYASySHfDakopdlBWNgCCf/nesGWK RMUMuWKMenkHeJgP4Yll9Q== 0001193125-10-142950.txt : 20100621 0001193125-10-142950.hdr.sgml : 20100621 20100621142759 ACCESSION NUMBER: 0001193125-10-142950 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100621 DATE AS OF CHANGE: 20100621 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BECKMAN COULTER INC CENTRAL INDEX KEY: 0000840467 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 951040600 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10109 FILM NUMBER: 10907798 BUSINESS ADDRESS: STREET 1: 4300 N HARBOR BLVD STREET 2: PO BOX 3100 CITY: FULLERTON STATE: CA ZIP: 92834-3100 BUSINESS PHONE: 7147736907 MAIL ADDRESS: STREET 1: 4300 N HARBOR BLVD STREET 2: PO BOX 3100 CITY: FULLERTON STATE: CA ZIP: 92834-3100 FORMER COMPANY: FORMER CONFORMED NAME: BECKMAN INSTRUMENTS INC DATE OF NAME CHANGE: 19920703 11-K 1 d11k.htm FORM 11-K Form 11-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK

PURCHASE, SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

(Mark One)      
[X]   

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

  
   For the fiscal year ended December 31, 2009   
   OR   
[]   

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

  
   For the transition period from              to             .   
   Commission File No: 001-10109   

 

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Beckman Coulter, Inc. Savings Plan

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Beckman Coulter, Inc.

250 S. Kraemer Boulevard

Brea, California 92822

 

 

 

 

 

 

 

 

 


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REQUIRED INFORMATION

The Beckman Coulter, Inc. Savings Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Therefore, in lieu of the requirements of Items 1 through 3 of Form 11-K, the financial statements and schedules of the Plan for the fiscal years ended December 31, 2009, which have been prepared in accordance with the financial reporting requirements of ERISA, are filed herewith and incorporated by reference.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    BECKMAN COULTER, INC. SAVINGS PLAN
    By:  

Beckman Coulter, Inc.

     

Benefits Finance and Administration Committee

Date: June 21, 2010

    By:  

/s/ Charles P. Slacik

     

Charles P. Slacik

     

Committee Chairman


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BECKMAN COULTER, INC. SAVINGS PLAN

Brea, California

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULE

December 31, 2009 and 2008


Table of Contents

BECKMAN COULTER, INC. SAVINGS PLAN

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULE

December 31, 2009 and 2008

CONTENTS

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

   1

FINANCIAL STATEMENTS:

  

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS –
DECEMBER 31, 2009 AND 2008

   2

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS –
YEAR ENDED DECEMBER 31, 2009

   3

NOTES TO FINANCIAL STATEMENTS

   4

SUPPLEMENTAL SCHEDULE:

  

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

   15


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Beckman Coulter, Inc.

Benefits Finance and Administration Committee

Brea, California

We have audited the accompanying statements of net assets available for benefits of the Beckman Coulter, Inc. Savings Plan (“the Plan”) as of December 31, 2009 and 2008, and the related statement of changes in net assets available for benefits for the year ended December 31, 2009. 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the year ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.

Our audit was conducted for the purpose of expressing an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i – Schedule of Assets (Held at end of year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is 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. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2009 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2009 financial statements taken as a whole.

/s/ Crowe Horwath LLP

Oak Brook, Illinois

June 18, 2010

 

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BECKMAN COULTER, INC. SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2009 and 2008

 

 

     2009    2008

Investments at fair value

   $ 1,005,012,149    $ 803,514,580

Cash

     —        262,930

Employer contribution receivable

     6,229,669      6,182,361

Employee contribution receivable

     1,292,872      —  
             

Net assets reflecting all investments at fair value

     1,012,534,690      809,959,871

Adjustment from fair value to contract value for fully benefit-responsive investment contracts

     9,710,393      21,269,540
             

Net assets available for benefits

   $ 1,022,245,083    $ 831,229,411
             

See accompanying notes to financial statements.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year ended December 31, 2009

 

Additions to net assets attributed to:

  

Net appreciation in fair value of investments

   $ 188,029,380

Interest

     6,547,975

Dividends

     8,449,117
      

Total investment income

     203,026,472

Contributions:

  

Company matching (employer)

     14,748,258

Retirement Plus (employer)

     5,742,829

Employee

     46,853,135
      

Total contributions

     67,344,222
      

Total additions

     270,370,694

Deductions from net assets attributed to:

  

Distributions of benefits

     79,170,737

Administration expenses and other

     184,285
      

Total deductions

     79,355,022
      

Increase in net assets

     191,015,672

Net assets available for benefits – beginning of year

     831,229,411
      

Net assets available for benefits – end of year

   $    1,022,245,083
      

See accompanying notes to financial statements.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 1 - DESCRIPTION OF PLAN

The following description of the Beckman Coulter, Inc. Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.

General: Beckman Coulter, Inc. (the Company) established and adopted the Plan effective August 1, 1989. The Plan is a defined-contribution plan covering substantially all Company employees who have completed a three-month period of employment with the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan is administered by the Benefits Finance and Administration Committee (the Committee), whose members are appointed by the board of directors of the Company.

Contributions: Participants may elect to contribute up to 45% of their eligible pay in a combination of pretax and after-tax withholdings. Each participant’s pretax contributions in the calendar year may not exceed $16,500 in 2009. Additionally, participants age 50 or older may contribute up to $5,500 in 2009, as a catch-up contribution.

The Company matches 50% of participants’ contributions, up to 7% of participants’ total compensation. Forfeitures are applied to reduce the Company’s contributions.

Retirement Plus employer contributions were established for the benefit of employees of Coulter Corporation and are not applicable to other employees of the Company, except for certain employees of Beckman Coulter Puerto Rico Inc. Employees of Coulter Corporation as of the acquisition date of October 31, 1997, and hired through April 30, 2000, participate (or are eligible for participation) upon completing one year of service. Also, employees in Puerto Rico who are hired on or after January 1, 2007 participate in Retirement Plus on the January 1 following their date of hire. Annually, the Company makes contributions to participants’ Retirement Plus accounts. These contributions consist of a basic contribution which ranges from 3% to 9% of eligible pay for the year and an excess contribution which ranges from 0% to 4% of eligible pay that is above the Social Security taxable wage base for the year. Both ranges are based on the participant’s age.

Upon commencement of benefit payments, participants are subject to federal income tax on the receipt of participant pretax contributions, Company contributions, and earnings on all contributions.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 1 - DESCRIPTION OF PLAN (Continued)

Investment Options: Participants have a choice of various core investment funds for their contributions. Participants may transfer their account balances among the different investment funds. Participants may also transfer up to a maximum of 50% of their overall plan balance, less any outstanding loan amounts, to a Tradelink+ account, which is a self-directed brokerage account that offers discount brokerage services for securities not offered under the Plan. The self-directed brokerage account currently holds predominantly common stocks, preferred stocks, bonds, and mutual funds.

Company contributions may be directed to any of the core investment funds. Participants have the right to elect investment options upon enrollment or reenrollment into the Plan. Additionally, participants may elect to change their investment options and to transfer their account balances among the different investment funds on a daily basis. The Plan also allows participants to invest in the common stock of the Plan Sponsor, Beckman Coulter, Inc.

Income on investment funds is allocated to participants’ accounts based on the participants’ investment fund balance as a percentage of the total investment fund balance.

Participant Loans: Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Repayment is generally required within 5 years or up to 15 years for the purchase of a principal residence. The loans are secured by the balance in the participant’s account and bear interest at prime rate plus 1%. Principal and interest are paid ratably through payroll deductions.

Participant Accounts: Each participant’s account is credited with: (a) the participant’s contributions, (b) the Company’s contributions, and (c) Plan earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested balance.

Vesting and Benefits: Participants immediately vest in the value of their own contributions. Participants’ interests in the Company’s non-Retirement Plus contributions, and the related gains and losses, are fully vested if hired before 2007. Participants hired in 2007 or after become 100% vested in the Company’s non-Retirement Plus contributions after the earlier of completion of 3 years of service, layoff, retirement, death, or age 65. Retirement Plus contributions vest ratably over five years of employment. Participants also become fully vested in Retirement Plus contributions upon reaching normal retirement age, death, or permanent disability.

On termination of service, retirement, permanent layoff, permanent disability, or death, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account; a partial distribution if his or her account balance exceeds $1,000; or installment payments to be paid monthly, quarterly, semiannually or annually over the participant’s life expectancy, but not to exceed 30 years. If the total vested value is greater than $1,000, the participants may elect to postpone their distribution until the year following the year they attain age 70 1/2.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 1 - DESCRIPTION OF PLAN (Continued)

Forfeitures: All forfeitures of benefits reduce total cash contributions made by the Plan sponsor. As of December 31, 2009 and 2008, forfeited nonvested accounts totaled $105,451 and $92,197, respectively. These amounts will be used to reduce future employer contributions.

Continuation of the Plan: The Company anticipates and believes the Plan will continue without interruption but reserves the right to discontinue the Plan. If the Plan is terminated by the Company, the accounts of all affected participants become 100% vested and non-forfeitable without regard to the years of service of participants.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles.

Administrative Expenses: Beginning in 2008, substantially all of the Plan’s administrative expenses are paid by the Plan. The Company paid no expenses on the Plan’s behalf for the year ended December 31, 2009.

Payment of Benefits: Benefits are recorded when paid.

Risks, Concentrations, and Uncertainties: The Plan provides for various investment options including equity, fixed-income, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, liquidity and credit. Due to the level of risk associated with certain investment securities and the sensitivity of certain fair value estimates to changes in valuation assumptions, it is at least reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

The Plan allows participants to invest in the common stock of the Plan Sponsor, Beckman Coulter, Inc. The Plan’s investment in the common stock of the Plan Sponsor was 11.4% and 9.6% of plan net assets as of December 31, 2009 and 2008, respectively.

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures, and actual results could differ from those estimates.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fully Benefit-Responsive Investment Contracts: While Plan investments are presented at fair value in the statements of net assets available for benefits, any material difference between the fair value of the Plan’s direct and indirect interests in fully benefit-responsive investment contracts and their contract value is presented as an adjustment line in the statements of net assets available for benefits, because contract value is the relevant measurement attribute for that portion of the Plan’s net assets available for benefits. Contract value represents contributions made to a contract, plus earnings, less participant withdrawals and administrative expenses. Participants in fully benefit-responsive contracts may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The Plan holds a direct interest in fully benefit-responsive contracts through its investment in the Stable Value Fund (Note 3).

Investment Valuation and Income Recognition: The Plan’s investments are reported at fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Fair value is the price that would be received by the Plan for an asset or paid by the Plan to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the Plan’s principal or most advantageous market for the asset or liability. Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (level 1 measurements) and gives the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs within the fair value hierarchy are defined as follows:

 

Level 1:

   Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of the measurement date.

Level 2:

   Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3:

   Significant unobservable inputs that reflect the Plan’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

In some cases, a valuation technique used to measure fair value may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following descriptions of the valuation methods and assumptions used by the Plan to estimate the fair values of investments apply to investments held directly by the Plan.

Mutual funds and publicly traded common and preferred stocks (including Company common stock): The fair values of mutual fund and common and preferred stock investments are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs).

Collective trusts: The fair values of participation units held in collective trusts, other than stable value funds, are based on the net asset values as reported by the fund managers as of the financial statement dates and recent transaction prices (level 2 inputs). The underlying investments of the collective trusts which are bond funds include corporate bonds and notes, asset-backed securities, mortgage-backed securities, U.S. Government Treasury and agency securities, collateralized mortgage obligations, international debt, and short term investments. The investment objective of these funds is to provide returns equal to or better than AAA quality bond indices for securities with comparable durations. The short term investment collective trust seeks to provide a reasonable rate of return by investing in a full range of high-quality, short-term money market securities. Each collective trust provides for daily redemptions by the Plan at reported net asset values per share, with no advance notice requirement. The fair value of the interest in the stable value fund is based upon the net asset values of the fund after an adjustment to reflect all investments at fair value, including direct and indirect interests in fully benefit-responsive contracts, as reported by the fund manager (level 2 inputs). The fund invests in guaranteed investment contracts and synthetic investment contracts issued by life insurance companies and other financial institutions, with the objective of providing a high level of return that is consistent with also providing stability of investment return, preservation of capital and liquidity to pay benefits. The fund provides for daily redemptions by the Plan at reported net asset value per share, with no advance notification requirements.

U.S. Treasury and agency securities: Fair values reflect the closing price reported in the active market in which the security is traded (level 1 inputs).

Corporate Bonds: Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded (level 1 inputs). Other corporate bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings (level 2 inputs). When quoted prices are not available for identical or similar bonds, the bond is valued using matrix pricing, a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (level 2 inputs).

Wrapper contracts: Fair values of wrapper contracts associated with synthetic investment contracts are based on current bid rates for similar contracts (level 3 inputs).

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Participant loans: Participant loans are reported at their outstanding balances, as the fair value of the loans is not practicable to estimate due to restrictions placed on the transferability of the loans.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Investments measured at fair value on a recurring basis which are held by the Plan as of December 31, 2009 and 2008 are summarized below:

 

     Fair Value Measurements
at December 31, 2009 Using
     Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)

Investments, excluding participant loans:

        

Plan sponsor common stock

   $ 116,126,680    $ —      $ —  

Common stock

     6,610,112      —        —  

Preferred stock

     15,055      —        —  

Corporate bonds - Non-convertible

     88,044      —        —  

Mutual funds

        

Foreign large growth funds

     42,429,965      —        —  

Large blend funds

     56,428,449      —        —  

Large growth funds

     129,744,339      —        —  

Large value funds

     14,236,928      —        —  

Mid-cap growth funds

     73,001,187      —        —  

Money market fund

     333,550      —        —  

Retirement income funds

     5,569,920      —        —  

Small blend funds

     42,272,286      —        —  

Target funds-balanced (1)

     44,997,848      —        —  

Target funds-equity (2)

     178,144,836      —        —  

Other

     4,234,772      —        —  

Collective trusts

        

Stable value fund

     —        13,117,702      —  

Short term investment fund

     —        1,444,946   

Fixed income funds

     —        261,799,004      —  

Wrapper contracts

     —        —        375,425
                    

Total

   $ 714,233,971    $ 276,361,652    $ 375,425
                    

 

(1)

These funds generally invest approximately 50% in equity securities and 50% in debt securities and fixed income securities.

(2)

These funds generally invest approximately 65% or more in equity securities, with the remainder in debt securities and fixed income securities.

 

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Table of Contents

BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

     Fair Value Measurements
at December 31, 2008 Using
     Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)

Investments, excluding participant loans

   $ 515,875,852    $ 272,631,576    $ 216,064

The table below presents a reconciliation of Plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the year ended December 31, 2009:

 

     Fair Value Measurements Using  Significant
Unobservable Inputs (Level 3)
(Wrapper Contracts)

Beginning balance, January 1, 2009

   $ 216,064

Change in estimated fair value of wrapper contracts*

     159,361
      

Ending balance, December 31, 2009

   $ 375,425
      

 

*

Change in estimated fair value of the wrapper contracts is reflected in net appreciation in fair value of investments in the statement of net assets available for benefits.

NOTE 3 - STABLE VALUE FUND

The Stable Value Fund includes investments in collective trusts and synthetic guaranteed investment contracts (GICs). This fund is an investment pool that is managed solely for participants of the Plan, and the Plan holds all of the underlying investments of the Stable Value Fund. The synthetic GICs in this fund may be comprised of cash, collective trusts, U.S. Treasury and agency securities, corporate bonds, and wrapper contracts. The fund is reported at fair value which is based on the fair value of the underlying investments and wrapper contracts at December 31, 2009 and 2008.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 3 - STABLE VALUE FUND (Continued)

Withdrawals resulting from events initiated by the Company, such as Plan or contract termination, are not typically considered participant-initiated transactions. With such an event, some of the contracts contain contingencies that could lead to withdrawal penalties. Certain events that would allow the contract issuers to terminate the contracts and result in the execution of participant transactions at other than contract value include loss of the Plan’s qualified status, plan merger or spin-off, bankruptcy of the Plan sponsor, or closing of units of the Company. However, since no such events are being contemplated at this time and management is not aware of any events that would cause the Plan to transact at less than contract value, these “potential” limitations are determined not to be probable and do not jeopardize the contract value reporting for these investments.

Synthetic GICs operate similarly to a guaranteed investment contract, except that the assets are placed in a trust with ownership by the Plan rather than a general account of the issuer and a financially responsible third party issues a wrapper contract that provides that participants can, and must, execute Plan transactions at contract value.

As of December 31, 2009 and 2008, the average yield earned on amounts invested in the synthetic investment contracts was 3.54% and 5.96%, respectively. As of December 31, 2009 and 2008, the average yield based upon the crediting interest rates to participants on such contracts was 2.30% and 4.19%, respectively. There were no valuation reserves recorded to adjust contract amounts. The crediting rates of the contracts are based on an agreed-upon formula with the issuer but can not be less than zero. Rates are reviewed on a quarterly basis for resetting. Crediting rate resets are applied to specific investment contracts, as determined at the time of purchase. The reset values for security-backed investment rates are a function of contract value, market value, yield, and duration. The Plan’s allocable share of the resulting gains and losses in the fair value of the investment contracts relative to the contract value is reflected as an adjustment from fair value to contract value on the statements of net assets as of December 31, 2009 and 2008.

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 4 - INVESTMENTS

The fair values of individual investments which represent 5% or more of the Plan’s net assets available for benefits at December 31, 2009, are as follows:

 

Common stock:

  

Beckman Coulter, Inc.

   $ 116,126,680

Mutual funds:

  

T. Rowe Price Blue Chip Growth Fund

     129,744,339

T. Rowe Price Mid-Cap Growth Fund

     73,001,187

Vanguard Institutional Index Fund

     56,428,449

T. Rowe Price Retirement 2020 Fund

     52,461,784

Stable value fund:

  

Collective trusts:

  

Dwight Target 2 Fund

     160,527,904

Dwight Target 5 Fund

     88,379,155

The fair values of individual investments which represent 5% or more of the Plan’s net assets available for benefits at December 31, 2008 are as follows:

 

Common stock:

Beckman Coulter, Inc.

   $ 79,516,025

Mutual funds:

  

T. Rowe Price Blue Chip Growth Fund

     93,799,638

T. Rowe Price Mid-Cap Growth Fund

     49,539,081

Vanguard Institutional Index Fund

     45,039,806

Stable value fund:

  

Collective trusts:

  

Dwight Target 2 Fund

     140,544,413

Dwight Target 5 Fund

     81,003,340

 

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BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 4 - INVESTMENTS (Continued)

The net appreciation of the Plan’s investments by investment type for the year ended December 31, 2009 is as follows:

 

Common stock

   $ 41,725,192

Mutual funds

     144,904,615

Other investments

     1,399,573
      
   $ 188,029,380
      

NOTE 5 - TAX STATUS

The Internal Revenue Service has determined and informed the Company by letter, dated August 28, 2002, that the Plan and related trust are designed in accordance with the applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan Administrator believes that the Plan is designed and currently being operated in compliance with applicable requirements of the IRC.

NOTE 6 - PARTY-IN-INTEREST TRANSACTIONS

Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others. Certain Plan investments are shares of mutual funds managed by T. Rowe Price. T. Rowe Price Trust Company is the Plan trustee and an affiliate of T. Rowe Price, therefore these transactions qualify as party-in-interest transactions. Dwight Asset Management Company (Dwight) is the investment advisor for the Stable Value Fund. This fund holds certain investments managed by Dwight, and therefore these investments qualify as party-in-interest transactions. The Plan also allows loans to plan participants, which qualify as party-in-interest transactions. The Plan also paid administrative fees to T. Rowe Price Trust Company and T. Rowe Price Retirement Services (plan recordkeeper) during 2009 which qualify as party-in-interest transactions. Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan.

The Plan also held 1,774,552 and 1,809,650 shares of Company common stock as of December 31, 2009 and 2008, respectively. The Plan received dividends of $1,250,198 on Company common stock during 2009.

 

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Table of Contents

BECKMAN COULTER, INC. SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

 

NOTE 7 - FORM 5500 RECONCILIATION

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2009 and 2008 to net assets per the Form 5500:

 

      2009     2008  

Net assets available for benefits per the financial statements

   $ 1,022,245,083      $ 831,229,411   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts

     (9,710,393     (21,269,540
                

Net assets per the Form 5500

   $ 1,012,534,690      $ 809,959,871   
                

The following is a reconciliation of the increase in net assets available for benefits per the financial statements for the year ended December 31, 2009, to net income per the Form 5500:

 

Increase in net assets available for benefits per the financial statements

   $ 191,015,672   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2009

     (9,710,393

Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2008

     21,269,540   
        

Net income per the Form 5500

   $ 202,574,819   
        

 

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Table of Contents

BECKMAN COULTER, INC. SAVINGS PLAN

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF THE YEAR)

December 31, 2009

 

Plan Sponsor: Beckman Coulter, Inc.

Employer Identification Number: 95-1040600

Plan Number: 011

 

   

(a)

  

(b)

Identity of Issuer,

Borrower, Lessor,

            or Similar Party            

  

(c)

Description of Investment

Including Maturity Date,

Rate of Interest, Collateral,

            Par or Maturity Value            

   (d)
Cost
    (e)
Current
Value
            

Common stock:

       
 

*

  

Beckman Coulter, Inc.

  

Common stock

   *   $ 116,126,680

Mutual funds:

       
 

*

  

T. Rowe Price

  

Blue Chip Growth Fund

   *     129,744,339
 

*

  

T. Rowe Price

  

Equity Income Fund

   *     14,236,928
    

Fidelity

  

Diversified International Fund

   *     42,429,965
    

Vanguard

  

Institutional Index Fund

   *     56,428,449
 

*

  

T. Rowe Price

  

Mid-Cap Growth Fund

   *     73,001,187
    

Neuberger Berman

  

Genesis Fund

   *     38,325,695
 

*

  

T. Rowe Price

  

Prime Reserve Fund

   *     333,550
 

*

  

T. Rowe Price

  

Retirement 2005 Fund

   *     12,499,522
 

*

  

T. Rowe Price

  

Retirement 2010 Fund

   *     32,498,326
 

*

  

T. Rowe Price

  

Retirement 2015 Fund

   *     37,419,323
 

*

  

T. Rowe Price

  

Retirement 2020 Fund

   *     52,461,784
 

*

  

T. Rowe Price

  

Retirement 2025 Fund

   *     32,447,652
 

*

  

T. Rowe Price

  

Retirement 2030 Fund

   *     23,050,036
 

*

  

T. Rowe Price

  

Retirement 2035 Fund

   *     12,858,175
 

*

  

T. Rowe Price

  

Retirement 2040 Fund

   *     12,949,120
 

*

  

T. Rowe Price

  

Retirement 2045 Fund

   *     4,622,702
 

*

  

T. Rowe Price

  

Retirement 2050 Fund

   *     1,404,568
 

*

  

T. Rowe Price

  

Retirement 2055 Fund

   *     931,476
 

*

  

T. Rowe Price

  

Retirement Income Fund

   *     5,569,920
    

Vanguard

  

Small-Cap Index Fund

   *     3,946,591
                
               587,159,308

Collective trust:

       
    

Russell Investments

  

Fixed Income I Fund

   *     12,891,945

Stable value fund:

       
    

Wrapper contracts:

       
    

    NATIXIS Financial

  

Wrapper contract FP 1062-01

   *     —  
    

    State Street

  

Wrapper contract 97077

   *     301,695
    

    Transamerica Life

  

Wrapper contract 76850

   *     73,730
    

Collective trusts:

       
 

*

  

    Dwight Asset Management Company

  

Dwight Target 2 Fund

   *     160,527,904
 

*

  

    Dwight Asset Management Company

  

Dwight Target 5 Fund

   *     88,379,155
    

    Bank of New York

  

Short Term Investment Fund

   *     1,444,946
    

    SEI Trust Company

  

SEI Stable Asset Fund

   *     13,117,702
                
               263,845,132

 

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Table of Contents

BECKMAN COULTER, INC. SAVINGS PLAN

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF THE YEAR)

December 31, 2009

 

Plan Sponsor: Beckman Coulter, Inc.

Employer Identification Number: 95-1040600

Plan Number: 011

 

(a)

  

(b)

Identity of Issuer,

Borrower, Lessor,

            or Similar Party            

  

(c)

Description of Investment

Including Maturity Date,

Rate of Interest, Collateral,

            Par or Maturity Value            

  

(d)

Cost

  

(e)

Current

Value

           

Other:

        
  

Various

  

Tradelink+ Brokerage Accounts

   **    $      10,947,983

*

  

Plan participants

  

Participant loans (interest rates ranging from 4.25% to 13.75%)

   **    14,041,101
             
  

Total assets held for investment

         $ 1,005,012,149
             
*

Indicates party-in-interest investment

**

Information not required for participant-directed plans

 

- 16 -


Table of Contents

EXHIBIT INDEX

 

Exhibit

  

Description

23.1   

Consent of Independent Registered Public Accounting Firm

 

- 17 -

EX-23.1 2 dex231.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Consent of Independent Registered Public Accounting Firm

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statements on Form S-8 (Nos. 333-166748, 333-156005 and 333-72081) of Beckman Coulter, Inc. of our report dated June 18, 2010 appearing in this annual report on Form 11-K related to the Beckman Coulter, Inc. Savings Plan for the year ended December 31, 2009.

 

/s/ Crowe Horwath LLP

Oak Brook, Illinois

June 18, 2010

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