UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
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 [NO FEE REQUIRED]. |
For the fiscal year ended March 31, 2012
OR
| [ ] | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]. |
For the transition period from ____ to ____.
Commission File No. 0-23832
| A. | Full title of the plan and address of the plan, if different from that of the issuer named below: |
PSS WORLD MEDICAL, INC. SAVINGS PLAN
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
PSS WORLD MEDICAL, INC.
4345 Southpoint Boulevard
Jacksonville, Florida 32216
REQUIRED INFORMATION
The PSS World Medical, Inc. Savings Plan (the “Plan”) is subject to the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). The following financial statements and schedules of the Plan have been prepared in accordance with the financial reporting requirements of ERISA.
PSS WORLD MEDICAL, INC. SAVINGS PLAN
March 31, 2012 and 2011
Table of Contents
| Page(s) | |
| Report of Independent Registered Public Accounting Firm | 1 |
| Financial Statements: | |
| Statements of Net Assets Available for Benefits | 2 |
| Statement of Changes in Net Assets Available for Benefits | 3 |
| Notes to Financial Statements | 4 |
| Supplemental Schedule* | |
| Schedule H, Line 4i-Schedule of Assets (Held at End of Year) | 13 |
| Signature | 15 |
| Exhibit Index | 16 |
* Other schedules required by 29 CFR 2520.103–10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable, or are not required for participant–directed investment transactions.
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of the
PSS World Medical, Inc. Savings Plan:
We have audited the accompanying statements of net assets available for benefits of PSS World Medical, Inc. Savings Plan as of March 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the year ended March 31, 2012. 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. We were not engaged to perform an audit of the Plan's internal control over financial reporting. Our audits included 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 also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements 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 PSS World Medical, Inc. Savings Plan as of March 31, 2012 and 2011, and the changes in net assets available for benefits for the year ended March 31, 2012, 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 accompanying supplemental schedule, Schedule H, Line 4i-Schedule of Assets (Held at End of Year) as of March 31, 2012, 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. This supplemental schedule is the responsibility of the Plan’s management. This 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.
/s/ The GriggsGroup CPAs
August 27, 2012
Certified Public Accountants
Ponte Vedra Beach, Florida
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PSS WORLD MEDICAL, INC. SAVINGS PLAN
Statements of Net Assets Available for Benefits
March 31, 2012 and 2011
2012 | 2011 | |||||||
| Assets | ||||||||
| Investments, at fair value | $ | 174,336,684 | $ | 168,470,392 | ||||
| Liabilities | ||||||||
| Benefits payable | 130,472 | 267,125 | ||||||
| Net assets available for benefits, at fair value | 174,206,212 | 168,203,267 | ||||||
| Adjustment from fair value to contract value for | ||||||||
| fully benefit-responsive investment contracts | (438,260 | ) | 3,710 | |||||
| Net assets available for benefits | $ | 173,767,952 | $ | 168,206,977 | ||||
The accompanying notes are an integral part of these financial statements.
2
PSS WORLD MEDICAL, INC. SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended March 31, 2012
| 2012 | ||||
| Additions to net assets available for benefits: | ||||
| Investment income: | ||||
| Net depreciation in fair value of investments | $ | (1,642,935 | ) | |
| Dividends and interest income | 2,304,853 | |||
| Net investment income | 661,918 | |||
| Contributions: | ||||
| Participant | 11,379,696 | |||
Employer | 2,466,813 | |||
Rollovers from qualified plans | 850,628 | |||
| Total contributions | 14,697,137 | |||
| Total additions | 15,359,055 | |||
| Deductions from net assets available for benefits: | ||||
| Benefits paid to participants | (9,777,443 | ) | ||
| Administrative expenses | (20,637 | ) | ||
Total deductions | (9,798,080 | ) | ||
| Total increase in net assets available for benefits | 5,560,975 | |||
| Net assets available for benefits: | ||||
Beginning of year | 168,206,977 | |||
End of year | $ | 173,767,952 | ||
The accompanying notes are an integral part of these financial statements.
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PSS WORLD MEDICAL, INC. SAVINGS PLAN
Notes to Financial Statements
| March 31, 2012 and 2011 |
| (1) | Description of Plan |
The following description of the PSS World Medical, Inc. Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
| (a) | General |
The Plan is a defined contribution retirement plan covering substantially all employees of PSS World Medical, Inc. and its subsidiaries (the “Company” or “employer”). The Plan was created under the provisions of Section 401(a) of the Internal Revenue Code (the “IRC”) and includes a qualified deferred arrangement, as described in Section 401(k) of the IRC, for the benefit of eligible employees of the Company. The Plan also has the features of an employee stock ownership plan (“ESOP”), whereby employee and employer contributions can be invested in the PSS World Medical, Inc. unitized stock fund, whereby participants do not actually own shares of PSS World Medical, Inc. common stock but rather own an interest in the unitized stock fund. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
For the Plan year ended March 31, 2012, the Plan was amended to include the names of additional employers recently acquired by the Company. The new employers were ClaimOne, LLC, Dispensing Solutions, Inc., Linear Medical Solutions, LLC, Southeast Medical Solutions RX, LLC (formerly Stat RX USA, LLC), BottomLine Medical Solutions, LLC, Theratech, Inc., Standard Medical Supply, Inc., Keltman Pharmaceutical, Inc., Federal Medical Supply, Inc., Blue Medical Supply, Inc., Xcel Supply, LLC, and Professional Laboratory Systems, Inc.
| (b) | Eligibility |
Any employee of the Company is eligible to participate in the Plan upon completing 30 days of service. Plan entry dates are the first day of each month within the Plan year.
| (c) | Contributions |
The Plan is funded through voluntary employee salary deferrals and employer contributions. Participants can elect to defer up to 85% but not less than 1% of compensation, as defined by the Plan and as limited by requirements of the IRC. Participants who have attained age 50 before the close of the calendar year are eligible to make an additional elective deferral contribution. Participant elective contributions are invested by Principal Financial Group (“the Trustee”) in the investment options (mainly mutual funds and employer securities) as directed by the participant. The Plan also allows participants to make additional elective contributions from incentive compensation.
The Company may make the following types of contributions: (i) Supplemental ESOP matching contributions, (ii) ESOP matching contributions, (iii) Non-ESOP matching contributions, (iv) ESOP employer contributions, (v) Employer discretionary contributions, and (vi) Qualified non-elective contributions.
4
Supplemental ESOP Matching Contributions
For the Plan year ended March 31, 2012, the Company made no supplemental ESOP matching contributions.
| ESOP Matching Contributions |
For the Plan year ended March 31, 2012, the Company made no ESOP matching contributions.
| Non-ESOP Matching Contributions |
The Company’s Board of Directors may elect annually to make a discretionary contribution in the form of a non-ESOP matching contribution (contributions to be invested at the direction of the participant). Such contributions are allocated to participants based on the formula established by the Board of Directors. The Board of Directors also determines the percentage of participant elective contributions to be matched as well as the maximum amount of match to be contributed. A participant must make elective salary deferrals to be eligible for such matching contributions.
Non-ESOP matching contributions for each eligible participant are equal to the lesser of (i) 50% of a participant’s elective deferral amount up to 6% of a participant’s compensation for the Plan year or (ii) $1,750. The non-ESOP matching contributions for the Plan year ended March 31, 2012 were $2,574,413, of which $2,466,813 was funded by the Company and $107,600 was funded by the reallocation of forfeited contributions.
| ESOP Employer Contributions |
There were no ESOP employer contributions for the Plan year ended March 31, 2012.
| Employer Discretionary Contribution |
The Company’s Board of Directors may also elect annually to make employer discretionary contributions. There were no employer discretionary contributions for the Plan year ended March 31, 2012.
Qualified Non-Elective Contributions
The Company’s Board of Directors may also elect annually to make qualified non-elective contributions. Such contributions may be allocated to a limited number of non-highly compensated employees and are only made to eliminate potential discrimination with respect to participant elective contributions or employer matching contributions that would otherwise favor highly compensated employees. There were no qualified non-elective contributions for the Plan year ended March 31, 2012.
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(d) Vesting
Participants are immediately vested in their contributions. Participants are vested in the Company’s ESOP matching contributions, non-ESOP matching contributions, ESOP employer contributions, and earnings thereon based on years of continuous service, as defined in the Plan, according to the following schedule:
Less than two years of service | 0 | % | ||
Two years but less than three years | 20 | % | ||
| Three years but less than four years | 40 | % | ||
Four years but less than five years | 60 | % | ||
Five years but less than six years | 80 | % | ||
Six years or more | 100 | % |
In the event of total and permanent disability or death, a participant shall become 100% vested in the participant’s account balance.
(e) Forfeited Accounts
Nonvested portions of the Company’s matching contributions are forfeited as of a participant’s termination date and are used to reduce future Company matching contributions. During the Plan year ended March 31, 2012, forfeitures of nonvested accounts totaled $107,962. Forfeitures used to reduce Company matching contributions were $107,600 for the Plan year ended March 31, 2012. As of March 31, 2012 and 2011, forfeited, nonvested accounts of $566 and $204, respectively, were reflected in the accompanying Statements of Net Assets Available for Benefits.
| (f) | Benefits Paid to Participants |
Upon retirement, death, disability, or other severance of employment, a participant or his/her beneficiary may elect to receive an amount equal to the value of the participant’s vested interest in the participant’s account. Balances in participant accounts are paid in a single lump sum.
Participants who have an account balance in the Plan’s unitized stock fund will have their account balances distributed in shares of the Company’s common stock (with fractional shares paid in cash) or cash as elected by the participant with payment to the participant at their direction.
| (g) | Participant Loans |
The Plan does not permit participant loans.
| (h) | Participant Accounts |
Each participant’s account is credited with the participant’s contributions, the Company’s contribution, and an allocation of Plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
| (i) | Voting Rights |
Each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account and is notified by the Transfer Agent of the Company prior to the time that such rights are to be exercised. The Trustee will vote any allocated shares according to the
6
instructions given by a participant. If no instructions are given to the Trustee by a participant, the Trustee will vote any allocated shares on behalf of the collective best interest of Plan participants and beneficiaries.
| (2) | Summary of Significant Accounting Policies |
| (a) | Basis of Accounting |
The accompanying financial statements have been prepared on the accrual basis of accounting.
| (b) | Use of Estimates |
The preparation of the financial statements in conformity with accounting principals generally accepted in the United States of America (“GAAP”) requires the Plan’s management to use estimates and assumptions that affect the accompanying financial statements and disclosures. Actual results could differ from these estimates.
| (c) | Income and Expense Recognition |
Interest income is recorded as earned on the accrual basis of accounting. Dividend income is recorded on the ex-dividend date. Net appreciation or depreciation in fair value of investments is allocated on a daily basis to participant accounts. Purchases and sales of investments are recorded on a trade date basis.
Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments, allocated to the individual accounts.
| (d) | Investment Valuation |
Investments in mutual funds are stated at fair value, which are based on published market quotations on national exchanges. The Plan’s unitized stock fund as of March 31, 2012 is valued at a unit value determined by the amount of shares of common stock and cash held within the unitized stock fund.
Investments in the accompanying Statements of Net Assets Available for Benefits include investments in common collective trusts, the Wells Fargo Stable Return Fund at March 31, 2012 and the ABN AMRO Income Plus Fund at March 31, 2011, which include fully benefit-responsive investment contracts. Investments in common collective trusts are stated at the fair value based on the underlying unit values reported using the financial statements of the collective trust and changes in such amounts through the Plan’s year end. However, contract value is the relevant measurement attribute for that portion of net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Accordingly, the Statements of Net Assets Available for Benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
| (e) | Payment of Benefits |
Benefits are recorded when paid.
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| (f) | Administrative Expenses |
Administrative expenses reflected in the Statement of Changes in Net Assets Available for Benefits of $20,637 represent distribution and redemption fees paid by participants. All other Plan administrative expenses were paid by the Company for the Plan year ended March 31, 2012.
| (g) | Recent Accounting Pronouncement |
In May 2011, the FASB issued an ASU with amendments to achieve common fair value measurement and disclosure requirements in GAAP. The amendments in this update clarified the language used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The following areas were impacted by this ASU: (i) application of the highest and best use and valuation premise concepts; (ii) measuring the fair value of an instrument classified in shareholders’ equity; and (iii) additional quantitative disclosures regarding unobservable inputs used in Level 3 fair value measurements. The amendments are effective for annual periods beginning after December 15, 2011. Plan management does not believe the adoption of this update will have a material impact on the Plan’s financial statements.
| (3) | Fair Value Measurements |
Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
| Level 1: Inputs using unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access. |
| Level 2: Inputs other than quoted prices in markets that are observable for the asset or liability, either directly or indirectly. |
| Level 3: Inputs that are both significant to the fair value measurement and unobservable. |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The following is a description of the valuation methods used for assets measured at fair value.
Mutual funds: The fair values of these securities are based on observable market quotations for identical assets and are priced on a daily basis at the close of business.
Common collective trust: The fair value of the common collective trust is determined by the fund Trustee based on the fair value of the underlying securities within the fund, which represent the net asset value of the shares held by the Plan at year end.
PSS World Medical, Inc. unitized stock fund: The fair values of these securities is based on NAV, which is the closing price of the underlying common stock in the principal active market on which the securities are traded and the uninvested cash position held by the fund, divided by the number units outstanding.
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
8
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.
As of March 31, 2012 and 2011, the fair value of the Plan’s financial assets were measured using Level 1 or Level 2 inputs. The following table presents the Plan's assets, by major category, measured at fair value on a recurring basis as of March 31, 2012 and 2011.
| March 31, 2012 | Level 1 | Level 2 | Total | |||||||||
| Common collective trust | $ | - | $ | 17,968,688 | $ | 17,968,688 | ||||||
| Mutual funds: | ||||||||||||
| U.S. large cap equity | 38,711,970 | - | 38,711,970 | |||||||||
| U.S. mid cap equity | 20,056,624 | - | 20,056,624 | |||||||||
| U.S. small cap equity | 17,846,595 | - | 17,846,595 | |||||||||
| International equity | 24,399,267 | - | 24,399,267 | |||||||||
| Bond funds | 26,444,613 | - | 26,444,613 | |||||||||
| PSS World Medical, Inc. unitized stock fund | 28,908,927 | - | 28,908,927 | |||||||||
| Total | $ | 156,367,996 | $ | 17,968,688 | $ | 174,336,684 | ||||||
| March 31, 2011 | Level 1 | Level 2 | Total | |||||||||
| Common collective trust | $ | - | $ | 16,535,093 | $ | 16,535,093 | ||||||
| Mutual funds: | ||||||||||||
| U.S. large cap equity | 34,931,936 | - | 34,931,936 | |||||||||
| U.S. mid cap equity | 19,328,840 | - | 19,328,840 | |||||||||
| U.S. small cap equity | 17,878,614 | - | 17,878,614 | |||||||||
| International equity | 23,554,491 | - | 23,554,491 | |||||||||
| Bond funds | 22,017,246 | - | 22,017,246 | |||||||||
| PSS World Medical, Inc. unitized stock fund | 34,224,172 | - | 34,224,172 | |||||||||
| Total | $ | 151,935,299 | $ | 16,535,093 | $ | 168,470,392 | ||||||
During the Plan years ended March 31, 2012 and 2011, there were no transfers in or out of Levels 1 and 2.
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(4) Investments
All investment elections are participant-directed funds. The following presents investments that represent 5% or more of the Plan’s net assets as of March 31, 2012 and 2011:
| 2012 | 2012 | 2011 | 2011 | |||||||||||||
| Description of Asset | Units | Value | Units | Value | ||||||||||||
| PSS World Medical Inc. unitized stock fund | 1,279,085 | $ | 28,908,927 | 1,414,905 | $ | 34,224,172 | ||||||||||
| Wells Fargo Stable Return Fund* | 375,867 | 17,968,688 | ||||||||||||||
| PIMCO Total Return Admin Fund | 1,551,948 | 17,211,108 | 1,410,693 | 15,347,835 | ||||||||||||
| Harbor Capital Appreciation Fund | 340,301 | 14,748,651 | ||||||||||||||
| Principal Large Cap S&P 500 Index | 1,432,283 | 14,322,831 | 1,358,540 | 12,783,759 | ||||||||||||
| Janus Perkins Mid Cap Value Fund | 557,634 | 12,385,059 | 512,553 | 12,270,512 | ||||||||||||
| American EuroPacific Growth Fund | 260,451 | 10,280,006 | 245,141 | 10,494,502 | ||||||||||||
| Jennison Dryden Small Company A Fund | 452,347 | 9,983,305 | 468,114 | 10,378,084 | ||||||||||||
| Invesco Van Kampen Growth & Income | 473,734 | 9,640,489 | 428,590 | 8,661,805 | ||||||||||||
| ABN AMRO Income Plus Fund | 2,383,731 | 16,535,093 | ||||||||||||||
| American Funds Growth Fund of America | 427,458 | 13,486,303 | ||||||||||||||
| All other assets less than 5% | 38,887,620 | 34,288,327 | ||||||||||||||
| Total | $ | 174,336,684 | $ | 168,470,392 | ||||||||||||
| * The contract value for the Wells Fargo Stable Return Fund is $17,530,428 as of March 31, 2012. For the Plan year ended March 31, 2012, the ABN AMRO Income Plus Fund was replaced with the Wells Fargo Stable Return Fund. The contract value for the ABN AMRO Income Plus Fund was $16,538,803 as of March 31, 2011. |
During the year ended March 31, 2012, the ABN AMRO Income Plus Fund was replaced with the Wells Fargo Stable Return Fund. The Wells Fargo Stable Return Fund, a common collective trust, invests primarily in investment contracts, including traditional guaranteed investment contracts (“GICs”), and security-backed contracts issued by insurance companies and other financial institutions. Contract value, as reported to the Plan, represents contributions made under the contract, less participant-directed withdrawals, plus accrued interest.
The interest crediting rate of the Wells Fargo Stable Return Fund as of March 31, 2012 was 2.21%. The average market yield of the Wells Fargo Stable Return Fund for the year ended March 31, 2012 was 1.41%. The interest crediting rate of the ABN AMRO Income Plus Fund as of March 31, 2011 was 1.91%. The average market yield of the ABN AMRO Income Plus Fund for the year ended March 31, 2011 was 2.33%.
During the year ended March 31, 2012, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated and depreciated in value as follows:
| Mutual funds | $ | 460,987 | ||
| Bond funds | 376,456 | |||
| Common collective trusts | 206,893 | |||
| PSS World Medical, Inc. unitized stock fund | (2,687,271 | ) | ||
| Net depreciation in fair value of investments | $ | (1,642,935 | ) |
(5) Tax Status
The Internal Revenue Service (“IRS”) has determined and informed the Company by a letter dated November 16, 2011, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Plan management was notified by the IRS that the Plan year ended March 31, 2008 was selected for examination. There have been no developments on, or findings from, the examination.
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Management has evaluated the Plan's tax positions and concluded that as of March 31, 2012 the Plan has taken no uncertain tax positions that require recognition of a liability (or asset) in the financial statements. With few exceptions, the Plan is no longer subject to income tax examination by the U.S. federal, state or local tax authorities for years before 2008.
| (6) | 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 would become fully vested in their employer contributions and earnings thereon.
| (7) | Related Party Transactions |
As of March 31, 2012 and 2011, the Plan owned 1,117,636 and 1,231,426 shares of the Company’s common stock, respectively, which represents approximately 2.2% and 2.2% of the outstanding common stock of the Company, respectively. These shares along with cash represent 1,279,085 and 1,414,905 units of the unitized stock fund as of March 31, 2012 and 2011, respectively.
As of March 31, 2012 and 2011, payables to participants to satisfy the Actual Deferral Percentage Test totaled $153,762 and $259,552 and payables to the Trustee representing pending trades totaled $23,290 and $7,573, respectively. As the Trustee, these transactions qualify as party-in-interest transactions. Fees paid by the Plan to the Trustee for administrative services amounted to $20,637 for the Plan year ended March 31, 2012.
| (8) | Risk and Uncertainties |
The Plan invests in various investment securities including the Company’s common stock (approximately 17% of net assets available for benefits as of March 31, 2012), as described in Note 4, Investments. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the 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.
| (9) | Reconciliation of Financial Statements to Form 5500 |
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of March 31, 2012 and 2011:
| 2012 | 2011 | |||||||
| Net assets available for benefits per the financial statements | $ | 173,767,952 | $ | 168,206,977 | ||||
| Benefits allocated to participants | 130,472 | 267,125 | ||||||
| Adjustment to fair value from contract value for investment | ||||||||
| relating to fully benefit-responsive investment contracts | 438,260 | (3,710 | ) | |||||
| Net assets available for benefits per Form 5500 | $ | 174,336,684 | $ | 168,470,392 | ||||
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The following is a reconciliation of the change in net assets available for benefits per the financial statements to the Form 5500, for the year ended March 31, 2012:
| 2012 | ||||
| Change in net assets available for benefits per the financial statements | $ | 5,560,975 | ||
| Benefits allocated to participants | 130,472 | |||
| Prior year benefits allocated to participants | (267,125 | ) | ||
| Adjustment to fair value from contract value for investment | ||||
| relating to fully benefit-responsive investment contracts | 438,260 | |||
| Prior year adjustment to fair value from contract value for investment | ||||
| relating to fully benefit-responsive investment contracts | 3,710 | |||
| Net income per Form 5500 | $ | 5,866,292 | ||
| (10) | Subsequent Events |
The Plan has evaluated all subsequent events through August 27, 2012 and determined that no significant events have occurred requiring adjustments to the financial statements or disclosures.
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| PSS World Medical, Inc. Savings Plan |
| EIN 59-2280364. Plan # 001 |
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of March 31, 2012 |
| Identity of party involved | Description of investment | Current Value | |||||||||
| * | PSS World Medical, Inc. | PSS World Medical, Inc. unitized stock fund 1,279,085 units | $ | 28,908,927 | |||||||
| Galliard Capital Management | Wells Fargo Stable Return M Fund (1) | 14,954,655 | |||||||||
| Harbor Capital Advisors | Harbor Capital Appreciation Inv Fund | 12,027,611 | |||||||||
| Janus Capital Group | Perkins Mid Cap Value T Fund | 10,936,328 | |||||||||
| Pacific Investment Management Company | PIMCO Total Return Admin Fund | 10,790,317 | |||||||||
| Prudential Investments | Prudential Jennison Small Company A Fund | 9,477,074 | |||||||||
| * | Principal Financial Group | Principal LargeCap S&P 500 Index R5 Fund | 8,334,667 | ||||||||
| Capital Research and Management Company | American Funds EuroPacific Growth A Fund | 6,513,510 | |||||||||
| Oppenheimer Funds | Oppenheimer Global N Fund | 6,375,121 | |||||||||
| Van Kampen Investments | Invesco Van Kampen Growth & Income A Fund | 6,319,469 | |||||||||
| Royce & Associates | Royce Pennsylvania Mutual Fund Inv Fund | 4,656,544 | |||||||||
| Pacific Investment Management Company | PIMCO Real Return Admin Fund | 4,491,635 | |||||||||
| Goldman Sachs Asset Management | Goldman Sachs Growth Opportunities A Fund | 4,316,439 | |||||||||
| Harbor Capital Advisors | Harbor International Investor Fund | 2,655,308 | |||||||||
| * | Principal Financial Group | Principal SmallCap S&P 600 Index R5 Fund | 1,559,745 | ||||||||
| American Century Investment Management | American Century Inflation Adjusted Bond A Fund | 1,536,585 | |||||||||
| * | Principal Financial Group | Principal MidCap S&P 400 Index R5 Fund | 1,103,749 | ||||||||
| * | Principal Financial Group | PSS World Medical, Inc., Moderate Portfolio, 1,860,709 units | |||||||||
| PIMCO Total Return Admin Fund | 3,190,170 | ||||||||||
| * | Principal LargeCap S&P 500 Index R5 Fund | 2,559,063 | |||||||||
| Harbor International Investor Fund | 2,226,519 | ||||||||||
| PIMCO Real Return Admin Fund | 1,690,810 | ||||||||||
| American Funds EuroPacific Growth A Fund | 1,666,550 | ||||||||||
| Wells Fargo Stable Return M Fund (1) | 1,552,162 | ||||||||||
| Invesco Van Kampen Growth & Income A Fund | 1,426,198 | ||||||||||
| Harbor Capital Appreciation Inv Fund | 1,155,934 | ||||||||||
| Perkins Mid Cap Value T Fund | 714,879 | ||||||||||
| * | Principal MidCap S&P 400 Index R5 Fund | 549,270 | |||||||||
| Goldman Sachs Growth Opportunities A Fund | 377,387 | ||||||||||
| * | Principal SmallCap S&P 600 Index R5 Fund | 360,779 | |||||||||
| Royce Pennsylvania Mutual Fund Inv Fund | 359,955 | ||||||||||
| Prudential Jennison Small Company A Fund | 178,826 | ||||||||||
| 18,008,502 | |||||||||||
| * | Principal Financial Group | PSS World Medical, Inc., Moderate Aggressive Portfolio, 905,988 units | |||||||||
| * | Principal LargeCap S&P 500 Index R5 Fund | 1,530,387 | |||||||||
| Harbor International Investor Fund | 1,294,620 | ||||||||||
| PIMCO Total Return Admin Fund | 1,010,871 | ||||||||||
| American Funds EuroPacific Growth A Fund | 947,366 | ||||||||||
| Invesco Van Kampen Growth & Income A Fund | 829,262 | ||||||||||
| Harbor Capital Appreciation Inv Fund | 716,861 | ||||||||||
| Wells Fargo Stable Return M Fund (1) | 401,031 | ||||||||||
| PIMCO Real Return Admin Fund | 393,139 | ||||||||||
| * | Principal MidCap S&P 400 Index R5 Fund | 340,645 | |||||||||
| Perkins Mid Cap Value T Fund | 332,519 | ||||||||||
| Goldman Sachs Growth Opportunities A Fund | 263,308 | ||||||||||
| Royce Pennsylvania Mutual Fund Inv Fund | 251,160 | ||||||||||
| * | Principal SmallCap S&P 600 Index R5 Fund | 167,824 | |||||||||
| Prudential Jennison Small Company A Fund | 166,372 | ||||||||||
| 8,645,365 | |||||||||||
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| Identity of party involved | Description of investment | Current Value | ||||||||||
| * | Principal Financial Group | PSS World Medical, Inc., Aggressive Portfolio, 639,456 units | ||||||||||
| * | Principal LargeCap S&P 500 Index R5 Fund | 1,413,897 | ||||||||||
| Harbor International Investor Fund | 1,150,090 | |||||||||||
| American Funds EuroPacific Growth A Fund | 845,733 | |||||||||||
| Invesco Van Kampen Growth & Income A Fund | 756,084 | |||||||||||
| Harbor Capital Appreciation Inv Fund | 628,545 | |||||||||||
| * | Principal MidCap S&P 400 Index R5 Fund | 298,653 | ||||||||||
| Perkins Mid Cap Value T Fund | 291,526 | |||||||||||
| Goldman Sachs Growth Opportunities A Fund | 246,236 | |||||||||||
| * | Principal SmallCap S&P 600 Index R5 Fund | 176,550 | ||||||||||
| Royce Pennsylvania Mutual Fund Inv Fund | 176,146 | |||||||||||
| Prudential Jennison Small Company A Fund | 116,680 | |||||||||||
| 6,100,140 | ||||||||||||
| * | Principal Financial Group | PSS World Medical, Inc., Moderate Conservative Portfolio, 491,220 units | ||||||||||
| PIMCO Total Return Admin Fund | 1,340,571 | |||||||||||
| PIMCO Real Return Admin Fund | 660,105 | |||||||||||
| Wells Fargo Stable Return M Fund (1) | 631,227 | |||||||||||
| * | Principal LargeCap S&P 500 Index R5 Fund | 400,093 | ||||||||||
| Harbor International Investor Fund | 354,285 | |||||||||||
| Invesco Van Kampen Growth & Income A Fund | 267,063 | |||||||||||
| American Funds EuroPacific Growth A Fund | 264,789 | |||||||||||
| Harbor Capital Appreciation Inv Fund | 177,428 | |||||||||||
| Royce Pennsylvania Mutual Fund Inv Fund | 88,867 | |||||||||||
| * | Principal MidCap S&P 400 Index R5 Fund | 88,798 | ||||||||||
| Perkins Mid Cap Value T Fund | 88,680 | |||||||||||
| Goldman Sachs Growth Opportunities A Fund | 44,645 | |||||||||||
| * | Principal SmallCap S&P 600 Index R5 Fund | 44,547 | ||||||||||
| Prudential Jennison Small Company A Fund | 44,353 | |||||||||||
| 4,495,451 | ||||||||||||
| * | Principal Financial Group | PSS World Medical, Inc., Conservative Portfolio, 250,502 units | ||||||||||
| PIMCO Total Return Admin Fund | 879,179 | |||||||||||
| PIMCO Real Return Admin Fund | 461,231 | |||||||||||
| Wells Fargo Stable Return M Fund (1) | 429,613 | |||||||||||
| * | Principal LargeCap S&P 500 Index R5 Fund | 84,724 | ||||||||||
| Harbor International Investor Fund | 63,318 | |||||||||||
| Invesco Van Kampen Growth & Income A Fund | 42,413 | |||||||||||
| Harbor Capital Appreciation Inv Fund | 42,271 | |||||||||||
| American Funds EuroPacific Growth A Fund | 42,058 | |||||||||||
| Goldman Sachs Growth Opportunities A Fund | 21,277 | |||||||||||
| Royce Pennsylvania Mutual Fund Inv Fund | 21,173 | |||||||||||
| * | Principal MidCap S&P 400 Index R5 Fund | 21,158 | ||||||||||
| Perkins Mid Cap Value T Fund | 21,127 | |||||||||||
| 2,129,542 | ||||||||||||
| $ | 174,336,684 | |||||||||||
| * | Party-in-interest | ||
| (1 | ) | Current value represents the fair value of the investment. The contract value for all investments in the Wells Fargo Stable Return Fund is $17,530,428, as of March 31, 2012. |
See accompanying independent registered public accounting firm’s report.
14
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: August 27, 2012
| PSS WORLD MEDICAL, INC. SAVINGS PLAN |
| By: PSS World Medical, Inc., as Plan Administrator |
| By: /s/ David M. Bronson |
| David M. Bronson |
| Executive Vice President and Chief Financial Officer |
| (Duly Authorized Officer and Principal Financial and Accounting Officer) |
15
EXHIBIT INDEX
Exhibit Number | |
| 23.1 | Consent of Independent Registered Public Accounting Firm – The GriggsGroup CPAs |
16