The Bausch & Lomb
401(K) Account Plan
Financial Statements and
Supplemental Schedules
December 31, 2001 and 2000
The Bausch & Lomb 401(K) Account Plan | |
Index to Financial Statements and Schedule | Page 1 |
Page | |
Financial Statements: | |
Report of Independent Accountants | 2 |
Statements of Net Assets Available for Benefits as of December 31, 2001 and 2000 | 3 |
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2001 | 4 |
Notes to Financial Statements | 5 - 9 |
Supplemental Schedule:* | |
Schedule of Assets (Held at End of Year) |
|
*****
*Other schedules required by Section 2520.103 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
Page 2 |
Report of Independent Accountants
To the Participants and Administrator of
The Bausch & Lomb 401 (K) Account Plan
In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of The Bausch & Lomb 401(K) Account Plan (the "Plan"), at December 31, 2001 and 2000, and the changes in net assets available for benefits for the year ended December 31, 2001 in conformity with accounting principles generally accepted in the United States of America. 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 of these statements in accordance with auditing standards generally accepted in the United States of America, which 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, evid ence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes at end of year is presented for the purposes 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. This 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 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
June 7, 2002
The Bausch & Lomb 401(K) Account Plan | |
Statements of Net Assets Available for Benefits | Page 3 |
December 31 | |||
2001 | 2000 | ||
Assets | |||
Investments at fair value | $ 231,874,474 | $ 243,793,043 | |
Investments at contract value | 52,501,457 | 51,219,649 | |
Total Investments | 284,375,931 | 295,012,692 | |
Cash | 1,545,924 | 717,085 | |
Accrued interest and dividends receivable | 449,610 | 4,099,750 | |
Total assets | 286,371,465 | 299,829,527 | |
Liabilities | |||
Amounts due brokers for securities purchased | - | (271,271) | |
Total liabilities | - | (271,271) | |
Net assets available for benefits | $ 286,371,465 | $ 299,558,256 | |
The accompanying notes are an integral part of these financial statements. |
The Bausch & Lomb 401(K) Account Plan | |
Statement of Changes in Net Assets Available for Benefits | Page 4 |
For the | |
Additions | |
Additions to net assets attributed to: | |
Contributions - | |
Participant | $ 20,420,477 |
Employer | 8,383,742 |
Total contributions | 28,804,219 |
Investment income (loss) | |
Interest/dividend | 4,065,569 |
Net appreciation in fair value of investments | (19,661,312) |
Total investment loss | (15,595,743) |
Total | 13,208,476 |
Deductions | |
Benefits paid to participants | (31,197,366) |
Net decrease prior to transfer | (17,988,890) |
Transfer from predecessor plan (Note 1) | 4,802,099 |
Net decrease | (13,186,791) |
Net assets available for benefits: | |
Beginning of year | 299,558,256 |
End of year | $ 286,371,465 |
The accompanying notes are an integral part of these financial statements |
The Bausch & Lomb 401(K) Account Plan | |
Notes to Financial Statements | |
Years ended December 31, 2001 and 2000 | Page 5 |
1. Description of Plan
The Plan is a defined contribution plan covering substantially all U.S. employees of Bausch & Lomb Incorporated (the "Company"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
General
The following description of The Bausch & Lomb 401 (K) Account Plan provides only general information. Participants should refer to the Plan's Summary Plan Description and Plan Document for a more complete description of the Plan's provisions.
Plan Amendment and Merger
The Plan allowed for the merger of the Surgical Instrument Worker's 401(K) Savings Plan, a Bausch & Lomb Surgical Division defined contribution plan. As a result of this plan merger, assets totaling $4,802,099 were transferred into the Plan on January 1, 2001.
Participant Contributions
Employees may elect to participate in the Plan on their date of hire if they are scheduled to work at least 1,000 per Plan year. The allowable employee contribution ranges from 1% to 15% of pre-tax compensation. In addition, a participant may elect to contribute an additional 1% to 6% of compensation on an after-tax basis. In no event may the participant's rate of pre-tax savings contributions when added to the rate of after-tax savings and contributions exceed 21% of eligible compensation. In addition, each participant may contribute rollover contributions received in a lump sum from another qualified defined contribution of defined benefit retirement plan.
Company Contributions
For employees who have completed one year of eligible service, the Company is required to contribute, from its profits, an amount equal to 100% of the first 3% of each participant's pre-tax savings contributions plus 50% of the next 2% of each participant's pre-tax savings contributions. For employees who have completed one year of eligible service, the Company provides a fixed contribution of .5% of a participant's eligible compensation. All Company contributions are invested in Bausch & Lomb Incorporated common stock and must remain in this fund option until the participant reaches the age of 55.
Plan Administrator
The Plan is administered by the Employee Benefits Administration Committee (the "Committee") which is appointed by the Board of Directors of the Company.
Participants' Accounts
Individual accounts are maintained for each Plan participant to reflect the participant's contributions and Company contributions. Income and loss is allocated to the participants' accounts based on the ratio of the account balance of the individual participant to the aggregate of all account balances of all participants in the fund within the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
Vesting
All active Plan participants are 100% vested in their contributions, as well as in all Company contributions.
Page 6 |
Participant Loans
Plan participants may borrow up to one-half of their pre-tax savings contributions and Company contributions, not to exceed $50,000. Participants' loans are secured by their account balances. Loan terms range from one to five years. The interest rate on such loans is determined by the Committee based on prevailing market interest rates at the time the loan is approved. For loans taken during 2001 and 2000, the interest rate charged was one percent over the published prime interest rate on the 25th of each month prior to the application (4.75% and 9.50% at December 31, 2001 and 2000, respectively).
Payment of Benefits
On termination of service due to death, disability, or retirement, a participant may elect to receive a lump-sum payment or life annuity. For payment of benefits due to other reasons, a participant may receive the value of the interest in his or her account as a lump-sum distribution. A participant may withdraw from his or her after-tax savings account prior to termination of employment subject to Plan provisions.
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, participant accounts will remain 100% vested.
2. Summary of Accounting Policies
Basis of Accounting
The financial statements of the Plan are recorded on the accrual basis of accounting. Benefits are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk, it is at least reasonably possible that changes in the values of the investments will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statement of net assets available for benefits.
Investment Valuation
The Plan invests in mutual funds and common stocks which are presented at fair value based on quoted market prices, which represent the net asset value of shares held by the Plan at year end. Loans to participants are valued at cost which approximates fair value.
The Plan's investments also consist of a guaranteed investment contract at Metropolitan Life Insurance Company ("Met Life") which is stated at contract value. Contract value is equal to cost plus accrued interest which approximates fair value because the contract is fully benefit responsive. The average crediting rate for 2001 and 2000 was 6.23% and 6.11%, respectively. The crediting rate
Page 7 |
at December 31, 2001 and 2000 was 6.0% and 6.25%, respectively. The crediting rate is reset by Met Life annually on December 1 based on the contract terms.
The Plan holds a synthetic investment contract with a total contract value of $40,046,410 and $39,498,658 at December 31, 2001 and 2000, respectively. Synthetic investment contracts represent individual assets or a portfolio of assets placed in a trust with ownership by the Plan and a third party issues a wrapper contract that provides that holders can execute transactions at contract value. Individual assets of the synthetic contract are valued at representative quoted market prices. The wrapper is valued as the difference between the fair value of the assets and the contract value of the investment contract.
Net Appreciation (Depreciation) in Fair Value of Investments
The Plan presents in the statement of changes in net assets available for benefits the net depreciation in the fair value of its investments which consists of the realized gains and losses and the unrealized depreciation on those investments.
3. Investments
The following presents investments that represent 5% or more of the Plan's net assets.
December 31, | ||
2001 | 2000 | |
Bausch & Lomb Incorporated common stock* | $ 55,637,076 | $ 55,426,266 |
Fidelity Equity Income Fund | 37,609,646 | 40,182,633 |
Fidelity Spartan US Equity Index Fund | 23,871,055 | 30,759,570 |
Fidelity Puritan Fund | 26,342,307 | 26,277,411 |
Fidelity Contrafund Incorporated Fund | 24,474,017 | 29,327,198 |
Berstein Investment Contract | 17,969,260 | 17,882,690 |
Clover Capital Investment Contract | 20,772,224 | 20,550,446 |
Fidelity OTC Portfolio Fund | 13,011,946 | 18,705,896 |
During 2001, the Plan's investments (including gains and losses on investments bought and sold, as well as held during this year) depreciated in value by $19,661,312 as follows:
Bausch & Lomb Incorporated common stock | $ 3,281,735 |
Mutual funds | 16,379,577 |
$ 19,661,312 | |
*Denotes party-in-interest and investment which is partially non-participant directed. |
Page 8 |
4. Non-participant Directed Investments
The Bausch & Lomb Incorporated Stock Fund is both a participant directed and non-participant directed investment option. Company contributions are invested in the Bausch & Lomb Stock Fund and must remain in this fund option until the participant reaches age 55. In addition, participants may direct contributions to the Bausch & Lomb Stock Fund and may redirect their contributions to another fund at any time. Information about the net assets available for benefits and the significant components of the changes in net assets available for benefits related to the Bausch & Lomb Incorporated Stock Fund is as follows:
December 31, 2001 | December 31, 2000 | ||
Net assets available for benefits: |
| ||
Common stock | $ 55,637,076 | $ 55,426,266 | |
Cash | 758,457 | 652,000 | |
Accrued interest and dividends receivable | 385,108 | 358,458 | |
$ 56,780,641 | $ 56,436,724 |
December 31, 2001 | |
Net assets available for benefits at beginning of year | $ 56,436,724 |
Contributions | |
Participant | 490,216 |
Employer | 8,267,247 |
Interest/dividends | 1,508,710 |
Net depreciation in fair value of investments | (3,532,037) |
Benefits paid to participants | (5,220,872) |
Interfund transfers, net | (1,169,347) |
Net assets available for benefits at end of year | $ 56,780,641 |
5. Federal Income Tax
The Plan received a favorable determination letter dated February 21, 1995 from the Internal Revenue Service (the "IRS"), stating that the Plan, as then designed, was a qualified Plan in accordance with applicable sections of the Internal Revenue Code (the "Code") and its corresponding trust is exempt from taxation. On August 9, 2001, the Plan Administrator applied for a new determination letter prompted by a series of changes in the Code that affect qualified retirement plans. The Plan Administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.
Page 9 |
6. Transactions with Related Parties
Certain participant contributions and all Company contributions are invested in the Company's common stock and, therefore, these transactions qualify as party-in-interest. All legal, accounting and trustee services are provided at the expense of the Company.
The Bausch & Lomb 401(K) Account Plan | Schedule I | ||
Schedule of Assets (Held at End of Year) | Page 1 | ||
For the Plan Year Ended December 31, 2001 | |||
Security Description/Asset ID | Shares/Par Value | Historical Cost | Current Value |
Corporate Stock - Common | |||
United States - USD | |||
**BAUSCH & LOMB INC. COM CUSIP: 071707103 | 1,477,352.00 | 48,425,741.56 | 55,637,076.32 |
Total United States - USD | 48,425,741.56 | 55,637,076.32 | |
Total Corporate Stock - Common | 48,425,741.56 | 55,637,076.32 | |
Loans to Participants/Other | |||
United States - USD | |||
PARTICIPANT LOANS FOR THE BAUSCH & LOMB SAVING TRUST CUSIP: 009910418 | 7,886,805.66 | 7,886,805.66 | |
(INTEREST RATES 8.75% - 10.5%) | |||
Total United States - USD | 7,886,805.66 | ||
Total Loans to Participants/Other | 7,886,805.66 | ||
Value of Interest in Common/Collective Trusts | |||
United States - USD | |||
COLTV SHORT-TERM INVT FD CUSIP: 195998AC3 | 29.160 | 1,545,923.98 | 1,545,923.98 |
Total United States - USD | 1,545,923.98 | 1,545,923.98 | |
Total Value of Interest in Common/Collective Trusts | 1,545,923.98 | ||
**Denotes party-in-interest |
Schedule I | ||
Page 2 | ||
| Shares/Par Value | Current Value |
Value of Interest in Registered Investment Companies | ||
United States - USD | ||
MFO FID CONCORD STR FID U S BD INDEX PORTFOLIO CUSIP: 315911107 | 990,490.84 | 10,697,301.07 |
MFO FID EQTY INC FD SH BEN INT CUSIP: 316138106 | 771,163.54 | 37,609,645.85 |
MFO FID INSTL INVS TR FREEDOM 2010 FD CUSIP: 31617R506 | 175,829.86 | 2,217,214.53 |
MFO FID INSTL INVS TR FREEDOM 2020 FD CUSIP: 31617R605 | 136,578.47 | 1,718,157.15 |
MFO FID INSTL INVS TR FREEDOM 2030 FD CUSIP: 31617R704 | 159,657.91 | 2,005,303.35 |
MFO FIDELITY CONTRAFUND INC OPEN END FD CUSIP: 316071109 | 572,223.93 | 24,474,017.49 |
MFO FIDELITY FMM RET GOVT MM CUSIP: 31619709 | 7,872,917.05 | 7,872,917.05 |
MFO FIDELITY INVT TR DIVERSFIFIED INTL FDOPEN END FD CUSIP: 315810802 | 259,238.88 | 4,946,277.83 |
MFO FIDELITY MAGELLAN PD INC OPEN END FD CUSIP: 316184100 | 130,343.98 | 13,584,449.60 |
MFO FIDELITY OTC PORTFOLIO OPEN END FD CUSIP: 316389105 | 417,450.96 | 13,011,946.42 |
MFO FIDELITY PURITAN PD OPEN END PD CUSIP: 316345107 | 1,490,792.72 | 26,342,307.36 |
MFO FIDELITY SPARTAN US EQTY INDEX RD OPEN END FD CUSIP: 315911206 | 587,378.31 | 23,871,054.52 |
Total United States - USD | 168,350,592 | |
Total Value of Interest in Registered Investment Companies | 168,350,592 | |
Value of Funds Held in Insurance Company General Accounts | ||
Met Life Insurance Company GAC #13388 6.25% CUSIP: 999499VE3 | 12,455,047.00 | 12,455,047.00 |
Total United States - USD | 12,455,047.00 | |
Total Value of Funds Held in Insurance Company General Accounts | 12,455,047.00 | |
Synthetic Investment Contract* | ||
Monumental Life Insurance Company | ||
6.279% to 6.391% | ||
Underlying Securities (Bernstein): |
Schedule I | ||
Page 3 | ||
U.S. Government Securities | ||
United States - USD | ||
FNMA 30 YR PASS-THROUGHS 6.5 30 YEARS SETTLES JAN CUSIP: 01F062814 | 535,000.00 | 535,000.00 |
FNMA 5 01-15-2007 CUSIP: 31359MLZ4 | 375,000.00 | 376,522.50 |
FNMA 6 12-15-2005 CUSIP: 31359MGM9 | 0.12 | 0.13 |
FNMA POOL #538285 7.5 DUE 05-01-2030 REG CUSIP: 31384Y6W1 | 438,686.38 | 452,667.31 |
FNMA PREASSIGN 00145 5.375 11-15-2011 CUSIP: 31359MLSO | 210,0000.00 | 203,403.90 |
FNMA TBA POOL #9999999 7 DUE 01-15-2015 REG CUSIP: 01F070419 | 900,000.00 | 930,942.00 |
FNMA TBA POOL 6.5 15 YR JAN CUSIP: 01F062416 | 1,035,000.00 | 1,055,058.30 |
GNMA POOL #0538208 SER 2031 6.5 DUE 12-15-2031 REG CUSIP: 36212MBW4 | 240,000.00 | 240,823.20 |
GNMA POOL #552246 SER 2031 6.5 DUE 12-15-2031 REG CUSIP: 38213EP75 | 235,000.00 | 235,808.05 |
US TREAS 6.5 NT DUE 10-15-2006 CV OVER1 BIL SEE 3984740 REG CUSIP: 912827Z62 | 215,000.00 | 233,812.50 |
US TREAS BIDS 10.375 DUE 11-15-2012/11-15-2007 REG CUSIP: 912810DB1 | 310,000.00 | 397,187.50 |
US TREAS BIDS 8.125 15/8/2019 USD 100D 8.125 DUE 08-15-2019 REG CUSIP: 912810ED8 | 340,000.00 | 429,304.40 |
US TREAS BDS WI TREAS SEC GOVT NATL 5.375 DUE 02-15-2031 BEO CUSIP: 912810FP8 | 590,000.00 | 581,427.30 |
US TREAS BILLS 06-20-2002 DTD 12/20/2001 CUSIP: 912795JZ5 | 120,000.00 | 118.996.80 |
US TREAS NTS 5 DUE 08-15-2011 REG CUSIP: 9128277B2 | 690,000.00 | 687,840.30 |
US TREAS NTS 6.5 DUE 05-31-2002 REG CUSIP: 9128272W1 | 30,000.00 | 30,571.80 |
US TREAS NTS 6.75 15/5/2005 USD 1000 6.75 DUE 05-15-2005 REG CUSIP: 9128276D9 | 195,000.00 | 212,000.05 |
Assets held for Investment Purposes | ||
US TREAS NTS DTD 08/16/1993 5.75 DUE 08/15/2003 REG CUSIP: 912827L83 | 315,000.00 | 329,912.10 |
Total United States - USD | 6,773,686.50 | 7,051,278.14 |
Total U.S. Government Securities | 7,051,278.14 | |
Corporate Debt Instruments - Preferred | ||
United States - USD | ||
BANC 1 CORP 7.625 DUE 10-15-2026 REG CUSIP: 059438AH4 | 55,000.00 | 59,084.31 |
BK 1 CORP SUB NT 7.875 DUE 08-01-2010 BEO CUSIP: 06423AAG8 | 120,000.00 | 132,524.41 |
BRISTOL MYERS SQUIBB CO NT 4.75 DUE 10-01-2006 BEO CUSIP: 110122AF5 | 110,000.00 | 108,936.30 |
BRIT TELECOMMUNICATIONS P L C NT 8.875 DUE 12-15-2030 BEO CUSIP: 111021AE1 | 95,000.00 | 109,016.30 |
Schedule I | ||
Page 4 | ||
CITIBANK CR CARD ISSUANCE TR CITIBANK CR CARD 2001-A6 5.65 08-16-2008 CUSIP: 17305EAP | 280,000.00 | 287,260.40 |
CITIGROUP INC NT DTD 12/06/200 6.75 DUE 12-01-2005 BEO CUSIP: 172967BA8 | 80,000.00 | 84,697.60 |
CITIGROUP INC SUB NT 7.25 DUE 10-01-2010 BEO CUSIP: 172987AZ4 | 165,000.00 | 176,983.95 |
DAIMLER CHRYSLER AUTO TR 2001-C AST BKD NT CL A-4 4.63 DUE 12-06-2006 BEO CUSIP: 23383V | 120,000.00 | 120,915.60 |
FLEETBOSTON FINL CORP 4.875 DUE 12-01-2006 BEO CUSIP: 339030AD0 | 75,000.00 | 73,323.75 |
HARLEY-DAVIDSON EAGLEMARK MOTORCYCLE TR 2000-2 CL A-2 7.18 05-15-2008 BEO CUSIP: 4129 | 200,000.00 | 211,102.80 |
HSEHD FIN CORP NT 6.5 DUE 11-15-2008 BEO CUSIP: 441812GD0 | 80,000.00 | 80,161.60 |
INTL BK FOR RECON & DEV US3 GLOBAL NT 5 DUE 03-28-2006 BEO CUSIP: 459056QG5 | 130,000.00 | 132,090.40 |
JP MORGAN CHASE & CO NT 6.75 DUE 02-01-2011 BEO CUSIP: 46625HAJ9 | 310,000.00 | 317,768.60 |
KEYSPAN CORP 6.15 DUE 08-01-2006 BEO CUSIP: 49337WAD2 | 170,000.00 | 174,377.50 |
KRAFT FOODS INC GLOBAL NT DTD 11/02/2001 4.625 DUE 11-01-2008 BEO CUSIP: 50075NAA2 | 50,000.00 | 48,930.50 |
KRAFT FOODS INC KRAFT FOODS INC 5.62500 01-11-2011 DUE 11-01-2011 BEO CUSIP: 50075N | 105,000.00 | 101,806.95 |
MBNA CR CARD MASTER NT TR MBNA MASTER CCTR 01-A1 A1 5.75 DUE 10-15-2008 BEO CUSIP: 5 | 600,000.00 | 618,372.00 |
MERRILL LYNCH & CO INC MEDIUM TERM NTS BTRANCHE # TR 00218 5.35 DUE 06-15-2004 CUSIP: | 205,000.00 | 210,717.45 |
MERRILL LYNCH & CO INC MTN 7.18 DUE 02-11-2003 BEO CUSIP: 59018YAW1 | 125,000.00 | 131,101.25 |
MORGAN STANLEY DEAN WITTER & CO. GLOBAL NT DTD 04/25/2001 6.1 DUE 04-15-2006 BEO CUSIP: | 225,000.00 | 231,905.25 |
P/O CITIGROUP CR CARD SER 97-8 CL A 0 BD DUE 08-15-2006 CUSIP: 17303CAP8 | 370,000.00 | 331,825.60 |
PEPSI BOTTLING GROUP INC GTD SR NT 7 DUE 03-01-2029 BEO CUSIP: 713409AC4 | 175,000.00 | 185,491.25 |
WA MUT FIN CORP SR NT DTD 05/24/2001 6.25 DUE 05-15-2006 BEO CUSIP: 939333AB6 | 130,000.00 | 134,569.50 |
WAL-MART STORES INC NT 6.875 DUE 08-10-2009 BEO CUSIP: 931142BE2 | 160,000.00 | 171,545.60 |
Total United States USD | 4,234,508.87 | |
Total Corporate Debt Instruments Preferred | 4,234,508.87 | |
Schedule I | ||
Page 5 | ||
Corporate Debt Instruments - Other | ||
United States - USD | ||
AMERADA HESS CORP NT 7.875 DUE 10-01-2029 BEO CUSIP: 023551AF1 | 55,000.00 | 58,219.15 |
AT&T CORP NTS 6.5 DUE 03-15-2020 BEO CUSIP: 001957AW9 | 250,000.00 | 218,382.50 |
CONOCO FDG CO NT 5.45 DUE 10-15-2006/10-11-2001 BEO CUSIP: 20825UAA2 | 40,000.00 | 40,107.20 |
CONOCO INC NT DTD 04/20/1999 6.95 DUE 04-15-2029 BEO CUSIP: 208251AE8 | 85,000.00 | 86,507.05 |
COX COMMUNICATIONS INC NEW NT 7.75 DUE 11-01-2010 BEO CUSIP: 224044AY3 | 145,000.00 | 155,963.45 |
DAIMLER CHRYSLER N AMER HLDG CORP NT DTD 05/15/2001 6.4 DUE 05-15-2008 | 170,000.00 | 169,772.20 |
DISNEY WALT CO NEW MEDIUM TERM NTS BOOK 4.875 DUE 07-02-2004 BEO | 305,000.00 | 310,136.20 |
FIRST ENERGY CORP NT SER B 6.45 DUE 11-15-2011/11-14-2011 BEO CUSIP: 337932AB3 | 85,000.00 | 83,219.25 |
FORD MTR CO DEL GLOBAL LANDMARK SECS-GLOBLS 7.45 DUE 07-16-2031 BEO | 40,000.00 | 36,701.20 |
FORD MTR CR CO GLOBAL LANDMARK SECS-GLOBLS 6.7 DUE 07-16-2004 BEO | 0.00 | 0.00 |
GEN MTRS ACCEPT CORP GM 8 DUE 11-01-2031 BEO CUSIP: 370425RZ5 | 80,000.00 | 80,935.20 |
GEN MTRS ACCEPT CORP NT DTD 09/12/2001 6.875 DUE 09-15-2011 BEO CUSIP: | 95,000.00 | 92,914.75 |
INGERSOLL RAND CO SER B 6.13 MTN DUE 11-18-2027 BEO ANNUAL OPT PUT "1" | 105,000.00 | 107,757.30 |
INTL PAPER CO NT DTD 08-27-2001 6.75 DUE 09-01-2011/08-31-2001 BEO CUSIP: | 35,000.00 | 35,244.65 |
TCI COMMUNICATIONS INC 7.875 DUE 02-15-2026 REG CUSIP: 872287AF4 | 105,000.00 | 111,479.55 |
TIME WARNER ENTMT CO L P 8.375 DUE 03-15-2023 REG CUSIP: 88731EAF7 | 190,000.00 | 212,378.20 |
TXU CORP SR NT 6.375 DUE 06-15-2006 BEO CUSIP: 873168AC2 | 45,000.00 | 45,243.00 |
TYCO INTL GROUP S A CB 6.375 DUE 02-15-2006 BEO CUSIP: 902118AX6 | 125,000.00 | 127,436.25 |
WA MUT FIN CORP SR NT 6.875 DUE 05-15-2011 BEO CUSIP: 939333AC4 | 160,000.00 | 164,672.00 |
WORLDCOM INC GA NEW 8.25000 05/16/01 8.25 DUE 05-15-2031 BEO CUSIP: 9815OAK2 | 110,000.00 | 115,987.30 |
Total United States - USD | 2,225,000 | 2,253,056.40 |
Total Corporate Debt Instruments - Other | 2,253,056.40 |
Schedule I | ||
Page 6 | ||
Value of Interest in Common/Collective Trusts | ||
United States - USD | ||
COLTV SHORT TERM INVT FD CUSIP: 195998AC3 | 7,237,964.34 | 7,237,964.34 |
Total United States - USD | 7,237,964.34 | |
Total Value of Interest in Common/Collective Trusts | 7,237,964.34 |
Other | ||
United States - USD | ||
QUE PROV CDA DEB DTD 02/09/1994 7.125 DUE 02-09-2024 REG PUT CUSIP: 748148PD9 | 75,000.00 | 79,530.00 |
Total United States - USD | 210,000.00 | 79,530.00 |
Total Other | 79,530.00 | |
Other Liabilities | ||
Pending trade purchases: United States dollar | 0.00 | (3,008,972.21) |
Total - all currencies | (3,008,972.21) | |
Total Other Liabilities | (3,008,972.21) | |
Subtotal | 17,847,365.54 | |
Underlying Securities (Clover Capital): | ||
U.S. Government Securities | ||
United States - USD | ||
FHLMC MULTICLASS SER 1898 CL G 6.0 MTG PARTN CTF DUE 06-15-2005 REG | 692,409.45 |
|
FNMA MTN 6.31 11-01-2004 CUSIP: 31384C5A2 | 750,000.00 | 795,817.50 |
FNMA POOL #535301 6.5 DUE 04-01-2015 REG CUSIP: 31384VU26 | 858,776.02 | 879,438.10 |
FNMA REMIC TR SER 1993-137 CL E 6.75 GTDMTG PASS THRU CTF DUE 02-25-2008 REG | 1,000,000.00 | 1,037,500.01 |
FNMA REMIC TR SER 1993-191 CL PH 6.00 GTD PASS THRU CTF DUE 05-25-2008 REG | 500,000.00 | 513,750.00 |
GNMA POOL #570400 SER 2031 6.5 DUE 09-15-2031 REG CUSIP: 36200RUZ3 | 500,000.00 | 501,715.00 |
GNMA POOL #781029 SER 2029 6.5 DUE 05-15-2029 REG CUSIP: 362258EA2 | 708,377.20 | 710,806.90 |
GNMA POOL #781207 SER 2030 7.5 DUE 08-15-2030 REG CUSIP: 36225BKU1 | 287,339.13 | 297,396.00 |
GNMA POOL #781231 SER 2030 7 DUE 12-15-2030 REG CUSIP: 36225BLLO | 824,929.62 | 842,459.31 |
Schedule I | ||
Page 7 | ||
US TREAS BD STRIPPED PRIN PMT 05-15-2020 REG CUSIP: 91283ATO | 1,900,000.00 | 631,828.00 |
US TREAS BDS 6.375 DUE 08-15-2027 REG CUSIP: 912810FA1 | 850,000.00 | 917,600.50 |
US TREAS BDS 7.25 DUE 08-15-2022 REG CUSIP: 912810EM8 | 1,000,000.00 | 1,176,720.00 |
US TREAS BDS 7.5 DUE 11-15-2016 REG CUSIP: 912810DX3 | 1,400,000.00 | 1,655,500.00 |
Total United States - USD | 11,271,831.42 | 10,669,598.29 |
Total U.S. Government Securities | 10,669,598.29 | |
Corporate Debt Instruments - Preferred | ||
United States - USD | ||
1ST DATA CORP MEDIUM TERM NTS BOOK ENTRY 5.8 DUE 12-15-2008 BEO | 600,000.00 | 601,044.00 |
ANHEUSER BUSCH CO INC 6.75 NT DUE 08-01-2003 BEO CUSIP: 035229BJ1 | 1,100,000.00 | 1,164,108.00 |
EMERSON ELEC CO EMERSON ELEC 7.125 DUE 08-15-2010 BEO CUSIP: 291011AM6 | 1,250,000.00 | 1,329,500.00 |
NORTHN STS PWR CO WIS 5.75 DUE 10-01-2003 REG CUSIP: 665789AM5 | 500,000.00 | 513,585.00 |
PROCTER & GAMBLE CO 8 DUE 11-15-2003 REG PUT CUSIP: 742718BA6 | 750,000.00 | 814,500.00 |
SYSCO CORP 6.5 NT DUE 06-15-2005 REG CUSIP: 871829AB3 | 1,000,000.00 | 1,051,020.00 |
WAL-MART STORES INC NT 6.875 DUE 08-10-2009 BEO CUSIP: 931142BE2 | 1,000,000.00 | 1,072,160.00 |
ZENCA WILMINGTON INC 6.3 DUE 06-15-2003 REG CUSIP: 98934KAA8 | 1,000,000.00 | 1,042,510.00 |
Total United States - USD | 7,200,000.00 | 7,588,427.00 |
Total Corporate Debt Instruments Preferred | 7,588,427.00 | |
Corporate Debt Instruments - Other | ||
United States - USD | ||
CANANDAIGUA WINE INC 8.75 DUE 12-15-2003/12-5-1998 REG CUSIP: 137219AB7 | 500,000.00 | 501,250.00 |
COLUMBIA ENERGY GROUP 6.61 DUE 11-28-2002 REG PUT CUSIP: 197648BZ0 | 824,000.00 | 848,884.80 |
DIAL CORP NEW SR NT DTD 08/09/2001 7 DUE 08-15-2006 BEO CUSIP: 25247DAB7 | 500,000.00 | 497,180.00 |
FORD MTR CR CO GLOBAL LANDMARK SECS-GLOBLS 8.7 DUE 07-16-2004 BEO | 400,000.00 | 406,536.00 |
HUNT J B TRANS SVCS INC 6.25 DUE 09-01-2003 REG CUSIP: 445658AA5 | 500,000.00 | 501,670.00 |
Total United States - USD | 2,724,000.00 | 2,755,520.80 |
Value of Interest in Common/Collective Trusts | ||
United States - USD |
Schedule I | ||
Page 8 | ||
Total United States - USD | 2,724,000.00 | 2,755,520.80 |
Value of Interest in Common/Collective Trusts | ||
United States - USD | ||
COLTV GOVT STIF REG CUSIP: 195998BD0 | 366,752.50 | 366,752.50 |
Total United States - USD | 366,752.50 | |
Total Value of Interest in Common/Collective Trusts | 366,752.50 | |
Subtotal | 21,380,298.59 | |
Underlying Securities (MAS): | ||
Value of Interest in Common/Collective Trusts | ||
United Stats - USD | ||
COLTV SHORT TERM INVT FD CUSIP: 195998AC3 | 217.67 | 217.67 |
Total United States - USD | 217.67 | |
Total Value of Interest in Common/Collective Trusts | 217.67 | |
Value of Interest in Registered Investment Companies | ||
United States - USD | ||
MFO MORGAN STANLEY INSTL FD FXD INC 11 PORTFOLIO INSTL CL CUSIP: 617440805 | 73,542.34 | 818,528.24 |
Total United States - USD | 818,528.24 | |
Total Value of Interest in Registered Investment Companies | 818,528.24 | |
Subtotal | 818,745.91 | |
Total Value $34,972,276.04; Wrapper $5,074,134.00 | 40,046,410.04 | |
Total Investments | 285,921,855.00 | |
*Represents synthetic investment contract whereby assets are placed in a trust (with ownership by the Plan) and a third party issues a wrapper contract |
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the Registration Statement on Form S-8
(Nos. 2-56066, 2-85158, 33-15439, 33-35667, 333-03611, 333-18057, 333-75924, 333-75922 and 333-75920) of Bausch & Lomb Incorporated of our report dated June 7, 2002 appearing on page 2 of this Annual Report of The Bausch & Lomb 401(K) Account on Form 11-K for the fiscal year ended December 31, 2001.
PricewaterhouseCoopers LLP
Rochester, New York
June 26, 2002