-----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, U2IbV4IKkDpA6mz1Nqw2WZSm2zPfPfynrJD4lwnb5eggXHF41kaaSsqrXDf08Go6 6n7PIZ9kSKzaV7Q+bqe/mg== 0001193125-06-139162.txt : 20060629 0001193125-06-139162.hdr.sgml : 20060629 20060629140241 ACCESSION NUMBER: 0001193125-06-139162 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060629 DATE AS OF CHANGE: 20060629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARD C R INC /NJ/ CENTRAL INDEX KEY: 0000009892 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 221454160 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1204 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06926 FILM NUMBER: 06932986 BUSINESS ADDRESS: STREET 1: 730 CENTRAL AVE CITY: MURRAY HILL STATE: NJ ZIP: 07974 BUSINESS PHONE: 9082778000 MAIL ADDRESS: STREET 1: 730 CENTRAL AVENUE CITY: MURRAY HILL STATE: NJ ZIP: 07974 11-K 1 d11k.htm FORM 11-K Form 11-K
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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended December 31, 2005

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File No: 1-6926

 


 

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

BARD EMPLOYEES’ SAVINGS TRUST 401(K) PLAN

 

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

C. R. Bard, Inc.

730 Central Avenue

Murray Hill, NJ 07974

 



Table of Contents

REQUIRED INFORMATION:

Items 1 through 3; Not required; see Item 4 below.

Item 4. Financial Statements and Exhibits.

 

  a) Report of Independent Registered Public Accounting Firm

Statements of Net Assets Available for Benefits - December 31, 2005 and 2004

Statements of Changes in Net Assets Available for Benefits - Years ended December 31, 2005 and 2004

Notes to Financial Statements

Supplemental Schedules

 

1). Schedule H, Line 4i

  

- Schedule of Assets Held for Investment Purposes

  

- December 31, 2005

2). Schedule H, Line 4j

  

- Schedule of Reportable Transactions

  

- Year ended December 31, 2005

 

  b) Exhibits

 

23.1    Consent of Independent Registered Public Accounting Firm

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized.

 

Bard Employees’ Savings Trust 401(K) Plan

(Name of Plan)

By:

 

/s/ Todd C. Schermerhorn

 

Todd C. Schermerhorn

Senior Vice President and Chief Financial Officer

 

Dated: June 29, 2006


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BARD EMPLOYEES’ SAVINGS TRUST 401(K) PLAN

Index

 

     Page

Report of Independent Registered Public Accounting Firm

   1

Statements of Net Assets Available for Benefits - December 31, 2005 and 2004

   2

Statements of Changes in Net Assets Available for Benefits - Years ended December 31, 2005 and 2004

   3

Notes to Financial Statements

   4-10

Supplemental Schedules

  

1 Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes - December 31, 2005

   11

2 Schedule H, Line 4j - Schedule of Reportable Transactions - Year ended December 31, 2005

   12


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Report of Independent Registered Public Accounting Firm

The Retirement Committee

Bard Employees’ Savings Trust 401(k) Plan:

We have audited the accompanying statements of net assets available for benefits of the Bard Employees’ Savings Trust 401(k) Plan (the “Plan”) as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended. 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 consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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 Bard Employees’ Savings Trust 401(k) Plan as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 2005 and reportable transactions for the year then ended 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. These supplemental schedules are the responsibility of the Plan’s management. The supplemental 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.

 

/s/ KPMG LLP

Short Hills, New Jersey

June 28, 2006

 

1


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BARD EMPLOYEES’ SAVINGS TRUST 401(k) PLAN

Statements of Net Assets Available for Benefits

December 31, 2005 and 2004

 

     2005    2004

Assets:

     

Investments (note 3)

   $ 261,721,698    244,344,004

Loans to participants

     3,949,973    3,367,598
           

Total assets

     265,671,671    247,711,602
           

Receivables:

     

Participants’ contributions

     548,105    459,296

Employer’s contributions

     277,665    1,830,943
           

Total receivables

     825,770    2,290,239
           

Net assets available for benefits

   $ 266,497,441    250,001,841
           

See accompanying notes of financial statements

 

2


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BARD EMPLOYEES’ SAVINGS TRUST 401(k) PLAN

Statements of Changes in Net Assets Available for Benefits

Years ended December 31, 2005 and 2004

 

     2005    2004

Investment income:

     

Interest and dividend income

   $ 5,047,682    3,774,954

Interest income, participant loans

     188,629    178,758

Net appreciation in fair value of investments (note 3)

     7,312,299    49,832,493
           
     12,548,610    53,786,205
           

Contributions:

     

Employer

     5,655,180    5,926,046

Participant

     17,840,441    16,774,222
           
     23,495,621    22,700,268
           

Total additions

     36,044,231    76,486,473
           

Deductions:

     

Payment of benefits

     19,548,631    14,230,830
           

Net increase

     16,495,600    62,255,643

Net assets available for benefits:

     

Beginning of year

     250,001,841    187,746,198
           

End of year

   $ 266,497,441    250,001,841
           

See accompanying notes of financial statements

 

3


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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

(1) Plan Description

The following description of the Bard Employees’ Savings Trust 401(k) Plan (the Plan) is provided for general information purposes. Participants of the Plan should refer to the plan document for more detailed and complete information.

 

  (a) Background

The Plan is a defined contribution plan for which contributions are made by C. R. Bard, Inc. (the Company) and plan participants. Effective January 1, 1998, Company matching contributions were designated as an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Internal Revenue Code (the Code). This portion of the Plan invests primarily in qualifying employer securities. All domestic employees of the Company not covered by a collective bargaining agreement who have been scheduled for 1,000 hours of service are eligible to participate in the Plan.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

 

  (b) Contributions

Plan participants may elect to make tax deferred contributions through payroll deductions between 1% and 25% of their compensation, as defined by the Plan. Compensation eligible for contributions to the Plan includes base pay, overtime and commissions. The Company matches 100% of participants’ first 3% of compensation contributed to the Plan and 50% of the next 1% of compensation contributed to the Plan. Prior to March 2005, the Company matched 100% of participants’ first 2% of compensation contributed to the Plan and 25% of the next 2% to 4% of compensation contributed to the Plan.

The Company may elect, at its discretion, to make additional matching contributions. However, matching contributions (when aggregated with elective deferral contributions) are not to exceed the maximum tax deductible amount, in accordance with current federal tax regulations.

The Company declared a discretionary matching contribution of 100% on the first 1% of compensation, as defined by the Plan, related to 2004. The total 2004 discretionary matching contribution was $1,830,943 and was paid on March 1, 2005.

As of December 31, 2005, participants may direct their contributions to be invested in any of the following investment funds:

Vanguard 500 Index Fund – Seeks to provide long-term growth of capital and income from dividends by holding all of the 500 stocks that make up the unmanaged Standard & Poor’s 500 Composite Stock Price index, a widely recognized benchmark of U.S. stock market performance.

 

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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

Vanguard International Growth Fund – Seeks to provide long-term growth of capital by investing in stocks of high-quality, seasoned companies based outside the United States. Stocks are selected from more than 15 countries.

Vanguard LifeStrategy Conservative Growth Fund – Seeks to provide a high level of income and moderate long-term growth of capital and income by investing in five Vanguard funds: a domestic stock fund, an international stock fund, two bond funds, and an asset allocation fund. The fund’s asset allocation ranges are expected to be 25%-50% stocks, 50%-75% bonds, and 0%-25% cash investments.

Vanguard LifeStrategy Growth Fund – Seeks to provide long-term growth of capital by investing in four other Vanguard funds; a domestic stock fund, an international stock fund, a bond fund, and an asset allocation fund. The fund’s asset allocation ranges are expected to be 65%-90% stocks, 10%-35% bonds, and 0%-25% cash investments.

Vanguard LifeStrategy Moderate Growth Fund – Seeks to provide a reasonable level of income and long-term growth of capital and income by investing in four Vanguard funds: a domestic stock fund, an international stock fund, a bond fund, and an asset allocation fund. The fund’s asset allocation ranges are expected to be 45%-70% stocks, 30%-55% bonds, and 0%-25% cash investments.

Vanguard Mid-Cap Index Fund – Seeks to track the investment returns of the S&P 400 MidCap Index, which measures the performance of the stocks of all regularly traded midsize companies. This fund provides a way to match the performance of companies with market capitalizations of $1.5 billion to $13 billion.

Vanguard Prime Money Market Fund – Seeks to provide high income and a stable share price of $1 by investing in short-term, high-quality money market instruments issued by financial institutions, nonfinancial corporations, the U.S. government, and federal agencies.

Vanguard PRIMECAP Fund – Seeks long-term growth of capital by investing in stocks of companies with above-average prospects for continued earnings growth, strong industry positions, and skilled management teams.

Vanguard Small-Cap Index Fund – Seeks to track the investment returns of the Russell 2000 Index, which measures the performance of the 2,000 smallest companies out of the 3,000 largest U.S. companies. This fund provides a way to match the performance of a diversified group of small companies.

Vanguard Total Bond Market Index Fund – Seeks to provide a high level of interest income by attempting to match the performance of the unmanaged Lehman Brothers Aggregate Bond Index, which is a widely recognized measure of the entire taxable U.S. bond market.

 

5


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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

Vanguard Wellington Fund – Seeks to provide income and long-term growth of capital without undue risk to capital by investing about 65% of its assets in stocks and the remaining 35% in bonds.

Vanguard Retirement Savings Trust – Seeks to provide collective investment of assets of tax-exempt pension and profit-sharing plans, primarily in a pool of investment contracts that are issued by insurance companies and commercial banks and in contracts that are backed by high quality bonds, bond trusts, and bond mutual funds.

Bard Common Stock Fund – Seeks to provide the potential for long-term growth through increases in the value of the stock and reinvestment of its dividends.

All employee contributions are fully vested and nonforfeitable. Participants may transfer or redirect their contributions each day that the New York Stock Exchange is open for business. Prior to February, 2006, the Company contributions were initially invested solely in the Bard Common Stock Fund and were made in cash or Company stock. Effective February 1, 2006, a Plan amendment was made to allow participants to separately direct the investment of the Company contributions. If no separate direction is made Company contributions are defaulted to be invested in the same manner as a participant’s pre-tax elections, until such time as a participant directs them to be invested differently.

The Plan provides for various investment options in investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term.

 

  (c) Forfeitures

In 2005, employer contributions were reduced by $1,021,136 from forfeited nonvested accounts. In addition, total assets of the Plan include forfeited nonvested amounts totaling $78,257. These amounts will be used to reduce future Company matching contributions.

In 2004, employer contributions were reduced by $744,165 from forfeited nonvested accounts. In addition, total assets of the Plan included forfeited nonvested amounts totaling $44,248.

 

  (d) Vesting

Participants are vested in the Company’s matching contribution as follows:

 

Years of Service

   % vested  

Under 2

   0 %

2 but < 3

   25  

3 but < 4

   50  

4 but < 5

   75  

5 or more

   100  

 

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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

  (e) Loans to Plan Participants

Under the terms of the Plan, participants may borrow from their account balances with interest charged at the prime rate plus 1%, determined on January 1 of each Plan year. A participant may borrow up to one-half of their vested account balance, limited to $50,000. The loan must be repaid pursuant to a fixed payment schedule not to exceed five years from the date of the loan, unless such loan is for the purchase of a primary residence, in which case the loan may be repaid within fifteen years.

 

  (f) Income Allocations

Investment income for an accounting period shall be allocated to participants’ accounts in proportion to the total of their respective account balances at the beginning of such accounting period plus any contributions or loan repayments credited to the account during the period.

 

  (g) Distributions

Participants will receive the full amount of their vested account balance when one of the following events occurs; normal retirement, termination of service, death or disability. Early withdrawals are permitted at the participant’s request after attainment of age 59-1/2. Certain hardship withdrawals are also permitted. Distributions may be made in a lump sum payment or in a series of installments over three to ten years.

 

(2) Summary of Significant Accounting Policies

 

  (a) Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

 

  (b) Valuation of Investments

Investments in all funds are in the form of units of participation within the account, with the unit value of each account calculated periodically by the trustee reflecting transaction gains and losses, appreciation or depreciation of the market value of the account investments, interest and dividends. The net appreciation (depreciation) in market value of investments is based on the beginning of the year market value or value at the time of purchase during the year and is included in the statement of changes in net assets available for benefits.

 

  (c) Plan Administration

Under a trust agreement dated January 1, 1998, Vanguard Fiduciary Trust Company is the appointed trustee of the Plan and administers the Plan’s assets together with

 

7


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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

the income therefrom. All expenses incurred for the Plan by the trustee and the Company may be either paid by the Company or from the assets of the Plan. Substantially all expenses of the Plan were paid by the Company during 2005 and 2004.

 

  (d) Basis of Accounting

Accounting records maintained by the trustee are on the accrual basis of accounting. Investment transactions are recorded on a trade date basis. All Plan assets had a readily determinable market value as of December 31, 2005 and 2004.

 

  (e) Tax Status

The Internal Revenue Service has determined and informed the plan sponsor by a letter dated December 4, 2001, that the Plan is designed in accordance with applicable sections of the Code. The Plan has been amended since receiving the determination letter. However, the plan administrator and the Plan’s legal counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax exempt as of the financial statement date.

 

  (f) Payments of Benefits

Benefits are recorded when paid.

 

  (g) Risks and Uncertainties

The assets for the Plan are primarily financial instruments, which are monetary in nature. As a result, interest rates and changes in the equity markets have a more significant impact on the Plan’s performance than do the effects of general levels of inflation. Interest rates and equity prices do not necessarily move in the same direction or in the same magnitude as the prices of goods and services as measured by the consumer price index. Investments in funds are subject to risk conditions of the individual fund objectives, stock and bond market fluctuations, interest rate changes, economic conditions and world affairs.

The Plan’s exposure to a concentration of credit risk is limited by the diversification of investments across participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with exception of the Bard Common Stock Fund, which principally invests in a single security.

 

(3) Investments

At December 31, 2005 and 2004, the Plan’s assets were allocated among various investment funds.

 

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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

The following investments represent 5% or more of the Plan’s net assets available for benefits at December 31, 2005 and 2004:

 

     2005    2004

Vanguard 500 Index Fund, 413,108 and 427,499 units, respectively

   $ 47,474,321    47,726,010

Bard Common Stock Fund, 2,632,914 and 2,692,379 units, respectively*

     109,292,277    108,610,580

Vanguard PRIMECAP Fund, 336,715 and 334,769 units, respectively

     21,990,890    20,856,109

Vanguard Retirement Savings Trust, 30,627,198 and 28,425,988 units, respectively

     30,627,198    28,425,988

 

* Nonparticipant directed.

During 2005, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $7,312,299 as follows:

 

Bard common stock

   $ 3,011,984

Mutual funds

     4,300,315
      
   $ 7,312,299
      

 

(4) Related-Party Transactions

As of December 31, 2005 and 2004, the Plan holds 1,657,953 and 1,697,571 shares of C. R. Bard, Inc. common stock, respectively, with a market value of $109,292,277 and $108,610,580 at December 31, 2005 and 2004, respectively. Certain plan investments are shares of various funds managed by Vanguard Fiduciary Trust Company. Vanguard Fiduciary Trust Company is the trustee and record keeper of the Plan and, therefore, these transactions are considered related-party transactions.

 

(5) Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become fully vested in their account balances.

 

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BARD EMPLOYEE’S SAVINGS TRUST 401(k) PLAN

Notes to Financial Statements

December 31, 2005 and 2004

 

(6) Nonparticipant-Directed Investments

Information about the net assets and the significant components of the changes in net assets relating to nonparticipant directed investments is as follows:

 

     December 31
     2005    2004

Bard Common Stock Fund 1,657,953 and 1,697,571 shares, respectively

   $ 109,292,277    108,610,580

Contribution receivable

     339,951    1,876,847
           
   $ 109,632,228    110,487,427
           

 

     Years ended December 31  
     2005     2004  

Change in net assets:

    

Contributions

   $ 8,456,633     8,193,617  

Net appreciation in fair value of investments

     3,011,984     40,142,350  

Payment of benefits

     (6,763,948 )   (4,120,209 )

Participant loan withdrawals

     (1,121,515 )   (840,141 )

Other deductions

     (6,901 )   (6,408 )

Transfers to participant – directed investments

     (4,431,452 )   (5,799,815 )
              
   $ (855,199 )   37,569,394  
              

 

10


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Schedule 1

BARD EMPLOYEES’ SAVINGS TRUST 401(k) PLAN

Schedule H, Line 4(i) – Schedule of Assets Held for Investment Purposes

December 31, 2005

 

Identity of issue, borrower,

lessor, or similar party

  

Description of investments including

maturity date, number of shares or units,

rate of interest, collateral, par, or maturity value

   Cost   

Current

value

Vanguard Retirement Savings Trust*
The Vanguard Group

  

Units of participation in Vanguard Retirement Savings Trust, 30,627,199 units, $1.00 per unit

   $ 30,627,198    30,627,198

Vanguard 500 Index Fund*
The Vanguard Group

  

Units of participation in Vanguard 500 Index Fund, 413108 units, $114.92 per unit

     41,845,454    47,474,321

Vanguard International Growth Fund*
The Vanguard Group

  

Units of participation in Vanguard International Growth Fund, 285,419 units, $21.00 per unit

     5,161,664    5,993,793

Vanguard LifeStrategy Conservative Growth Fund*
The Vanguard Group

  

Units of participation in Vanguard LifeStrategy Conservative Growth Fund, 103,624 units, $15.49 per unit

     1,524,018    1,605,138

Vanguard LifeStrategy Growth Fund*
The Vanguard Group

  

Units of participation in Vanguard LifeStrategy Growth Fund, 238,986 units, $21.00 per unit

     4,471,793    5,018,724

Vanguard LifeStrategy Moderate Growth Fund*
The Vanguard Group

  

Units of participation in Vanguard LifeStrategy Moderate Growth Fund, 206,794 units, $18.47 per unit

     3,459,719    3,819,497

Vanguard Prime Money Market Fund*
The Vanguard Group

  

Units of participation in Vanguard Prime Money Market Fund, 4,273,586 units, $1.00 per unit

     4,273,586    4,273,586

Vanguard PRIMECAP Fund*
The Vanguard Group

  

Units of participation in Vanguard PRIMECAP Fund, 336,715 units, $65.31 per unit

     18,835,395    21,990,890

Vanguard Total Bond Market Index Fund*
The Vanguard Group

  

Units of participation in Vanguard Total Bond Market Index Fund, 669,177 units, $10.06 per unit

     6,819,137    6,731,924

Vanguard Wellington Fund*
The Vanguard Group

  

Units of participation in Vanguard Wellington Fund, 282,915 units, $30.35 per unit

     8,221,373    8,586,479

Vanguard Midcap Index Fund*
The Vanguard Group

  

Units of participation in Vanguard Midcap Index Trust, 557,410 units, $17.63 per unit

     8,051,775    9,827,133

Vanguard Small Cap Index Fund*
The Vanguard Group

  

Units of participation in Vanguard Small Cap Index Fund, 227,235 units, $28.52 per unit

     5,353,562    6,480,738

Bard Common Stock Fund*
The Vanguard Group

  

Units of participation in Bard Common Stock Fund, 2,632,914 units, $41.51 per unit

     47,749,803    109,292,277

Other Participant loans

  

With interest rates ranging from 5% to 10.50% and maturing through 2019

     3,949,973    3,949,973
              
      $ 190,344,450    265,671,671
              

 

* Represents a party-in-interest.

See accompanying independent auditors’ report.

 

11


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Schedule 2

BARD EMPLOYEES’ SAVINGS TRUST 401(k) PLAN

Schedule H, Line 4(j) – Schedule of Reportable Transactions

Year ended December 31, 2005

 

Identity of party involved

  

Description of assets

   Purchase
price
   Selling price    Historical
cost of asset
   Current value
of asset on
transaction date
   Historical
gain

The Vanguard Group

  

Vanguard 500 Index Inv

   $ 7,116,714          7,116,714    —  

The Vanguard Group

  

Vanguard 500 Index Inv

      8,698,916    8,028,866    8,698,916    670,050

The Vanguard Group

  

Vanguard Retire Savings Trust

     9,243,328          9,243,328    —  

The Vanguard Group

  

Vanguard Retire Savings Trust

      7,042,118    7,042,118    7,042,118    —  

Plan Sponsor

  

Bard Common Stock Fund

     19,950,764          19,950,764    —  

Plan Sponsor

  

Bard Common Stock Fund

      22,281,051    13,070,303    22,281,051    9,210,748

Reportable transactions are those purchases and sales of the same security that individually or in the aggregate exceed 5% of plan assets at January 1, 2005.

See accompanying independent auditors’ report.

 

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Consent of Independent Registered Public Accounting Firm

To the Retirement Committee of the Bard Employees’ Savings Trust 401(k) Plan:

We consent to the incorporation by reference in the registration statement (No. 333-30217) on Form S-8 of C. R. Bard, Inc. of our report dated June 28, 2006, with respect to the statements of net assets available for benefits of the Bard Employees’ Savings Trust 401(k) Plan as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended, which report appears in the December 31, 2005 Form 11-K of the Bard Employees’ Savings Trust 401(k) Plan.

 

/s/ KPMG LLP

Short Hills, New Jersey

June 28, 2006

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