TOTAL NUMBER OF PAGES
INCLUDED IN THIS ANNUAL
REPORT IS 26.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934(FEE REQUIRED)
For the fiscal year ended December 31, 1995
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934(NO FEE REQUIRED)
For the transition period from _______________ to _______________
Commission file number 33-32465
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
- --------------------------------------------------------------------------------
(Full title of the plan)
BERGEN BRUNSWIG CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
4000 METROPOLITAN DRIVE, ORANGE, CALIFORNIA 92868-3510
- -------------------------------------------- ------------------
(Address of principal executive offices of (Zip code)
issuer of securities)
1
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
INDEX
-----
PAGE NO.
--------
INDEPENDENT AUDITORS' REPORT 3
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan
Benefits at December 31, 1995 and 1994 5
Statements of Changes in Net Assets Available
for Plan Benefits for the Years Ended
December 31, 1995, 1994 and 1993 7
Notes to Financial Statements 10
SUPPLEMENTAL SCHEDULES:
1. Item 27a - Schedule of Assets Held for
Investment Purposes at December 31, 1995 16
2. Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1995 20
SUPPLEMENTAL SCHEDULES OMITTED
------------------------------
Supplemental schedules not listed above are omitted because
of the absence of conditions under which they are required.
SIGNATURE 21
INDEPENDENT AUDITORS' CONSENT - Exhibit 23 22
2
INDEPENDENT AUDITORS' REPORT
Bergen Brunswig Pre-Tax Investment
Retirement Account:
We have audited the accompanying statements of net assets available for plan
benefits of Bergen Brunswig Pre-Tax Investment Retirement Account (the Plan) at
December 31, 1995 and 1994 and the related statements of changes in net assets
available for plan benefits for each of the three years in the period ended
December 31, 1995. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for plan benefits at December 31, 1995 and
1994, and the changes in net assets available for plan benefits for each of the
three years in the period ended December 31, 1995 in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund is
presented for the purpose of additional analysis of the basic financial
statements rather than to present information regarding the net assets available
for plan benefits and changes in net assets available for plan benefits of the
individual funds and is not a required part of the basic financial statements.
Also, the accompanying supplemental schedules of (1) Item 27a - Schedule of
Assets Held for Investment Purposes at December 31, 1995, and (2) Item 27d -
Schedule of Reportable Transactions for the year ended December 31, 1995 are
presented for the purpose of additional analysis and are not a required part of
the basic financial statements, but are supplementary information required by
the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This supplemental
information by fund and
3
supplemental schedules are the responsibility of the Plan's management. Such
supplemental information by fund and supplemental schedules have been subjected
to the auditing procedures applied in our audit of the basic financial
statements and, in our opinion, are fairly stated, in all material respects,
when considered in relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
Costa Mesa, California
June 21, 1996
4
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1995
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------
MERRILL
BERGEN FIDELITY LYNCH MERRILL
BRUNSWIG MAGELLAN GEORGE COMPANY GLOBAL LYNCH
FIXED DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX
FUND EQUITY FUND FUND FUND FUND, INC. TRUST
----------- ----------- ----------- ----------- ----------- -----------
ASSETS:
Investments ................ $26,572,577 $37,716,649 $ 9,758,488 $11,260,578 $ 2,818,630 $ 1,126,355
Interfund transfers
receivable ............... -- 11,717 2,734 3,946 1,040 611
Contributions receivable ... -- 133,872 32,707 38,059 18,520 12,652
Interest and dividend
income receivable ........ -- 3,540 898 1,232 315 199
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS ......... 26,572,577 37,865,778 9,794,827 11,303,815 2,838,505 1,139,817
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES:
Interfund transfers
payable .................. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES .... -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS .......... $26,572,577 $37,865,778 $ 9,794,827 $11,303,815 $ 2,838,505 $ 1,139,817
=========== =========== =========== =========== =========== ===========
<FN>
See accompanying notes to financial statements
</FN>
- ------------------------------------------------------------------------------------------------------------------
5
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED)
AT DECEMBER 31, 1995
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------
MERRILL MERRILL
MERRILL LYNCH LYNCH
LYNCH CORPORATE RETIREMENT
CAPITAL BOND PRESERVATION PARTICIPANT
FUND, INC. FUND, INC. TRUST LOANS TOTAL
------------ ------------ ------------ ------------ ------------
ASSETS:
Investments ................ $ 2,627,950 $ 1,564,076 $ 32,542,657 $ 8,102,049 $134,090,009
Interfund transfers
receivable ............... 812 915 18,928 -- 40,703
Contributions receivable ... 19,306 10,829 159,782 -- 425,727
Interest and dividend
income receivable ........ 252 222 23,703 -- 30,361
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ......... 2,648,320 1,576,042 32,745,070 8,102,049 134,586,800
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Interfund transfers
payable .................. -- -- -- 40,703 40,703
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES .... -- -- -- 40,703 40,703
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS .......... $ 2,648,320 $ 1,576,042 $ 32,745,070 $ 8,061,346 $134,546,097
============ ============ ============ ============ ============
<FN>
See accompanying notes to financial statements
</FN>
- --------------------------------------------------------------------------------------------------------------
5a
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------
MERRILL
BERGEN FIDELITY LYNCH MERRILL
BRUNSWIG MAGELLAN GEORGE COMPANY GLOBAL LYNCH
FIXED DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX
FUND EQUITY FUND FUND FUND FUND, INC. TRUST
----------- ----------- ----------- ----------- ----------- -----------
ASSETS:
Investments ................ $30,050,462 $26,637,707 $ 7,648,841 $ 9,279,647 $ 1,497,557 $ 178,255
Interfund transfers
receivable ............... -- 10,453 2,450 3,591 1,244 294
Contributions receivable ... -- 105,313 28,979 31,288 17,589 3,019
Interest and dividend
income receivable ........ -- 2,745 655 942 350 71
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS ......... 30,050,462 26,756,218 7,680,925 9,315,468 1,516,740 181,639
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES:
Interfund transfers
payable .................. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES .... -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS .......... $30,050,462 $26,756,218 $ 7,680,925 $ 9,315,468 $ 1,516,740 $ 181,639
=========== =========== =========== =========== =========== ===========
<FN>
See accompanying notes to financial statements
</FN>
- ------------------------------------------------------------------------------------------------------------------
6
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED)
AT DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------
MERRILL MERRILL
MERRILL LYNCH LYNCH
LYNCH CORPORATE RETIREMENT
CAPITAL BOND PRESERVATION PARTICIPANT
FUND, INC. FUND, INC. TRUST LOANS TOTAL
------------ ------------ ------------ ------------ ------------
ASSETS:
Investments .................. $ 921,861 $ 800,648 $ 25,074,975 $ 6,859,207 $108,949,160
Interfund transfers
receivable ................. 563 841 16,710 -- 36,146
Contributions receivable ..... 14,938 9,868 142,431 -- 353,425
Interest and dividend
income receivable .......... 187 218 11,991 -- 17,159
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS ........... 937,549 811,575 25,246,107 6,859,207 109,355,890
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Interfund transfers
payable .................... -- -- -- 36,146 36,146
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES ...... -- -- -- 36,146 36,146
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS ............ $ 937,549 $ 811,575 $ 25,246,107 $ 6,823,061 $109,319,744
============ ============ ============ ============ ============
<FN>
See accompanying notes to financial statements
</FN>
- -----------------------------------------------------------------------------------------------------------
6a
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------------------
MERRILL
BERGEN FIDELITY LYNCH MERRILL
BRUNSWIG MAGELLAN GEORGE COMPANY GLOBAL LYNCH
FIXED DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX
FUND EQUITY FUND FUND FUND FUND, INC. TRUST
------------ ------------ ------------ ------------ ------------ ------------
ADDITIONS:
Contributions:
Participants ...................... $ -- $ 2,608,218 $ 660,003 $ 839,362 $ 333,183 $ 99,559
Employer .......................... -- 947,231 246,656 323,317 111,970 39,450
Other rollovers ................... -- 202,893 26,294 28,582 15,830 41,475
Rollover from HDI defined benefit plan -- 44,930 17,935 21,062 51,845 1,003
Rollover from Southeastern 401(k) plan -- 326,315 66,313 56,910 178,548 75,036
Transfer from B&C 401(k) plan ........ -- 755,994 177,226 120,425 135,899 120,877
Transfers of participant balances .... 24,647 5,102,253 521,460 1,379,463 714,975 590,567
Interest income ...................... 1,918,083 160,091 38,465 56,790 17,361 5,932
Dividend income ...................... -- 2,106,723 686,936 217,848 208,391 --
Participant loans .................... -- -- -- -- -- --
Participant loan repayments .......... -- 724,129 169,596 249,273 78,774 28,061
Net increase in fair value
of investments ...................... -- 7,560,679 1,513,535 2,360,915 215,163 137,990
------------ ------------ ------------ ------------ ------------ ------------
TOTAL ADDITIONS ............... 1,942,730 20,539,456 4,124,419 5,653,947 2,061,939 1,139,950
------------ ------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Withdrawals .......................... 3,155,792 2,186,643 845,117 693,330 144,713 8,041
Transfer of participant
balances ............................ 1,298,175 5,988,877 847,721 2,972,270 519,921 142,733
Administrative expenses .............. -- -- -- -- -- --
Participant loans .................... 966,648 1,254,376 317,679 -- 75,540 30,998
Participant loan repayments .......... -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
TOTAL DEDUCTIONS .............. 5,420,615 9,429,896 2,010,517 3,665,600 740,174 181,772
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) ............... (3,477,885) 11,109,560 2,113,902 1,988,347 1,321,765 958,178
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT BEGINNING OF YEAR ........ 30,050,462 26,756,218 7,680,925 9,315,468 1,516,740 181,639
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR .............. $ 26,572,577 $ 37,865,778 $ 9,794,827 $ 11,303,815 $ 2,838,505 $ 1,139,817
============ ============ ============ ============ ============ ============
<FN>
See accompanying notes to financial statements.
</FN>
- ----------------------------------------------------------------------------------------------------------------------------------
7
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1995
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------------------------------
MERRILL MERRILL
MERRILL LYNCH LYNCH
LYNCH CORPORATE RETIREMENT
CAPITAL BOND PRESERVATION PARTICIPANT
FUND, INC. FUND, INC. TRUST LOANS TOTAL
------------ ------------ ------------ ------------ ------------
ADDITIONS:
Contributions:
Participants ...................... $ 277,817 $ 200,288 $ 3,605,178 $ -- $ 8,623,608
Employer .......................... 98,998 72,159 1,380,536 -- 3,220,317
Other rollovers ................... 17,779 41,573 186,142 -- 560,568
Rollover from HDI defined benefit plan 28,347 -- 31,494 -- 196,616
Rollover from Southeastern 401(k) plan 121,923 102,548 244,351 -- 1,171,944
Transfer from B&C 401(k) plan ........ 260,541 143,665 584,265 463,864 2,762,756
Transfers of participant balances .... 758,495 323,529 7,617,901 -- 17,033,290
Interest income ...................... 11,317 10,615 1,994,091 -- 4,212,745
Dividend income ...................... 216,207 68,937 -- -- 3,505,042
Participant loans .................... -- -- -- 4,139,590 4,139,590
Participant loan repayments .......... 46,600 53,662 1,180,473 -- 2,530,568
Net increase in fair value
of investments ...................... 203,188 106,611 -- -- 12,098,081
------------ ------------ ------------ ------------ ------------
TOTAL ADDITIONS ............... 2,041,212 1,123,587 16,824,431 4,603,454 60,055,125
------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Withdrawals .......................... 136,400 76,992 2,924,148 834,601 11,005,777
Transfer of participant
balances ............................ 142,566 226,870 4,894,157 -- 17,033,290
Administrative expenses .............. -- -- 119,547 -- 119,547
Participant loans .................... 51,475 55,258 1,387,616 -- 4,139,590
Participant loan repayments .......... -- -- -- 2,530,568 2,530,568
------------ ------------ ------------ ------------ ------------
TOTAL DEDUCTIONS .............. 330,441 359,120 9,325,468 3,365,169 34,828,772
------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) ............... 1,710,771 764,467 7,498,963 1,238,285 25,226,353
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT BEGINNING OF YEAR ........ 937,549 811,575 25,246,107 6,823,061 109,319,744
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR .............. $ 2,648,320 $ 1,576,042 $ 32,745,070 $ 8,061,346 $134,546,097
============ ============ ============ ============ ============
<FN>
See accompanying notes to financial statements.
</FN>
- ------------------------------------------------------------------------------------------------------------------
7a
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------------------------------------
MERRILL
BERGEN FIDELITY LYNCH MERRILL
BRUNSWIG MAGELLAN GEORGE COMPANY GLOBAL LYNCH
FIXED DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX
FUND EQUITY FUND FUND FUND FUND, INC. TRUST
------------ ------------ ------------ ------------ ------------ ------------
ADDITIONS:
Contributions:
Participants ................. $ -- $ 2,753,062 $ 762,969 $ 816,792 $ 242,471 $ 59,189
Employer ..................... -- 972,711 272,589 308,655 80,455 14,091
Transfers of participant balances 298,869 5,285,004 1,500,784 1,533,878 1,663,118 118,412
Interest income ................. 2,266,687 128,132 29,456 129,835 10,209 2,025
Dividend income ................. -- 1,063,898 499,627 195,110 80,405 --
Participant loans ............... -- -- -- -- -- --
Participant loan repayments ..... 33 630,858 142,453 212,766 42,690 10,051
Net increase in fair value
of investments ................. 973,308 -- -- 1,381,093 -- 3,227
------------ ------------ ------------ ------------ ------------ ------------
TOTAL ADDITIONS .......... 3,538,897 10,833,665 3,207,878 4,578,129 2,119,348 206,995
------------ ------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Withdrawals ..................... 3,432,834 1,874,329 566,396 462,128 147,741 843
Transfer of participant
balances ....................... 3,286,641 3,930,858 2,139,559 1,595,465 235,111 16,441
Administrative expenses ......... -- -- -- -- -- --
Participant loans ............... 1,586,419 1,286,711 276,012 -- 88,568 8,072
Participant loan repayments ..... -- -- -- -- -- --
Net decrease in fair value
of investments ................. -- 1,646,867 547,757 -- 131,188 --
------------ ------------ ------------ ------------ ------------ ------------
TOTAL DEDUCTIONS ......... 8,305,894 8,738,765 3,529,724 2,057,593 602,608 25,356
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) .......... (4,766,997) 2,094,900 (321,846) 2,520,536 1,516,740 181,639
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT BEGINNING OF YEAR ... 34,817,459 24,661,318 8,002,771 6,794,932 -- --
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR ......... $ 30,050,462 $ 26,756,218 $ 7,680,925 $ 9,315,468 $ 1,516,740 $ 181,639
============ ============ ============ ============ ============ ============
<FN>
See accompanying notes to financial statements.
</FN>
- ------------------------------------------------------------------------------------------------------------------------------
8
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1994
SUPPLEMENTAL INFORMATION BY FUND
--------------------------------------------------------
MERRILL MERRILL
MERRILL LYNCH LYNCH
LYNCH CORPORATE RETIREMENT
CAPITAL BOND PRESERVATION PARTICIPANT
FUND, INC. FUND, INC. TRUST LOANS TOTAL
------------ ------------ ------------ ------------ ------------
ADDITIONS:
Contributions:
Participants ................. $ 171,141 $ 159,108 $ 3,890,760 $ -- $ 8,855,492
Employer ..................... 55,332 55,106 1,418,937 -- 3,177,876
Transfers of participant balances 986,746 857,619 4,631,818 -- 16,876,248
Interest income ................. 5,668 7,297 1,584,572 -- 4,163,881
Dividend income ................. 74,595 37,251 -- -- 1,950,886
Participant loans ............... -- -- -- 4,391,798 4,391,798
Participant loan repayments ..... 22,934 42,014 1,006,028 -- 2,109,827
Net increase in fair value
of investments ................. -- -- -- -- 2,357,628
------------ ------------ ------------ ------------ ------------
TOTAL ADDITIONS .......... 1,316,416 1,158,395 12,532,115 4,391,798 43,883,636
------------ ------------ ------------ ------------ ------------
DEDUCTIONS:
Withdrawals ..................... 152,009 170,528 2,734,626 419,144 9,960,578
Transfer of participant
balances ....................... 106,540 86,226 5,479,407 -- 16,876,248
Administrative expenses ......... -- -- 231,904 -- 231,904
Participant loans ............... 47,293 42,573 1,056,150 -- 4,391,798
Participant loan repayments ..... -- -- -- 2,109,827 2,109,827
Net decrease in fair value
of investments ................. 73,025 47,493 -- -- 2,446,330
------------ ------------ ------------ ------------ ------------
TOTAL DEDUCTIONS ......... 378,867 346,820 9,502,087 2,528,971 36,016,685
------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) .......... 937,549 811,575 3,030,028 1,862,827 7,866,951
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT BEGINNING OF YEAR ... -- -- 22,216,079 4,960,234 101,452,793
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR ......... $ 937,549 $ 811,575 $ 25,246,107 $ 6,823,061 $109,319,744
============ ============ ============ ============ ============
<FN>
See accompanying notes to financial statements.
</FN>
- -------------------------------------------------------------------------------------------------------------
8a
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------------------------
MASSACHUSETTS
CAPITAL FIDELITY
GUARANTEED DEVELOPMENT MAGELLAN GEORGE COMPANY
INCOME DIVERSIFIED DIVERSIFIED PUTNAM STOCK PARTICIPANT
FUND EQUITY FUND EQUITY FUND FUND FUND LOANS TOTAL
------------ ------------ ----------- ---------- ---------- ----------- ------------
ADDITIONS:
Contributions:
Participants .................... $ 4,112,956 $ 141,133 $ 2,200,290 $ 682,529 $ 935,319 $ -- $ 8,072,227
Employer ........................ 1,455,101 56,072 792,049 246,289 353,432 -- 2,902,943
Transfers of participant balances .. 3,898,045 4,456 13,482,222 5,970,917 2,370,853 244,660 25,971,153
Transfer from Durr benefit plans ... 27,895,561 -- 221,671 147,780 73,890 -- 28,338,902
Transfer from T.C. Smith 401(k) Plan 3,236,686 -- -- -- -- -- 3,236,686
Rollover from HDI 401(k) Plan ..... 88,289 -- -- -- -- -- 88,289
Interest income .................... 3,340,015 8,699 81,726 15,565 49,613 -- 3,495,618
Dividend income .................... -- 8,242 1,690,823 484,975 117,653 -- 2,301,693
Participant loans .................. -- -- -- -- -- 3,010,428 3,010,428
Participant loan repayments ........ 892,498 31,218 407,175 61,402 191,462 -- 1,583,755
Net increase in fair value
of investments .................... -- 232,126 1,848,889 -- -- -- 2,081,015
------------ ------------ ----------- ---------- ---------- ----------- ------------
TOTAL ADDITIONS ............. 44,919,151 481,946 20,724,845 7,609,457 4,092,222 3,255,088 81,082,709
------------ ------------ ----------- ---------- ---------- ----------- ------------
DEDUCTIONS:
Withdrawals ........................ 3,201,581 101,594 618,428 208,294 307,583 -- 4,437,480
Transfer of participant
balances .......................... 16,795,965 2,579,216 5,151,839 87,251 1,194,816 162,066 25,971,153
Administrative expenses ............ 41,121 -- -- -- -- -- 41,121
Participant loans .................. 2,038,165 47,345 817,209 107,709 -- -- 3,010,428
Participant loan repayments ........ -- -- -- -- -- 1,583,755 1,583,755
Net decrease in fair value
of investments .................... -- -- -- 67,611 979,646 -- 1,047,257
------------ ------------ ----------- ---------- ---------- ----------- ------------
TOTAL DEDUCTIONS ............ 22,076,832 2,728,155 6,587,476 470,865 2,482,045 1,745,821 36,091,194
------------ ------------ ----------- ---------- ---------- ----------- ------------
NET INCREASE (DECREASE) ............. 22,842,319 (2,246,209) 14,137,369 7,138,592 1,610,177 1,509,267 44,991,515
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT BEGINNING OF YEAR ...... 34,191,219 2,246,209 10,523,949 864,179 5,184,755 3,450,967 56,461,278
------------ ------------ ----------- ---------- ---------- ----------- ------------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR ............ $ 57,033,538 $ -- $24,661,318 $8,002,771 $6,794,932 $ 4,960,234 $101,452,793
============ ============ =========== ========== ========== =========== ============
<FN>
See accompanying notes to financial statements.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
9
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
----------------------------------------------------
1. PLAN DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES
The following brief description of the Bergen Brunswig Pre-Tax
Investment Retirement Account ("Plan") is provided for general
information purposes only. Participants should refer to the Plan
Agreement for more complete information.
A. GENERAL
-------
The Plan was established effective September 1, 1984. The Plan
is a deferred compensation and profit sharing plan covering
substantially all employees of Bergen Brunswig Corporation and
its subsidiaries ("Employer") who have completed more than six
months of service. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA").
The accounting records of the Plan are maintained on the
accrual basis.
B. FUNDING POLICY
--------------
Participants are entitled to defer 1% to 15% of their pre-tax
compensation through contributions to the Plan up to a maximum
of $9,240 in 1995. Participants are not allowed to make any
other contributions to the Plan except for rollover
contributions from other retirement plans. The Employer
contributes $.50 for each $1.00 contributed by the
participant, up to the participant's investment of 6% of the
participant's salary. The Employer may also make an additional
contribution to the Plan at the Employer's discretion.
Expenses of the Plan up to the amount of forfeitures of
Employer contributions determined at the last Plan valuation
date are paid by the Plan. Expenses of the Plan in excess of
Employer contribution forfeitures are paid directly by the
Employer. For the years ended December 31, 1995, 1994 and
1993, expenses of $119,547, $231,904 and $41,121,
respectively, were paid by forfeitures of Employer
contributions.
10
C. INVESTMENTS
-----------
Upon joining the Plan, participants can elect to invest their
accounts in the following options:
1. Company Stock Fund (Bergen Brunswig Corporation
Class A Common Stock);
2. Fidelity Magellan Diversified Equity Fund
(primarily equity securities);
3. George Putnam Fund (primarily debt and equity
securities);
4. Merrill Lynch Global Allocation Fund, Inc.
(primarily United States and foreign equity, debt
and money market securities);
5. Merrill Lynch Equity Index Trust (primarily equity
securities included in the Standard & Poors 500
Index);
6. Merrill Lynch Capital Fund, Inc. (primarily equity,
debt, convertible and money market securities);
7. Merrill Lynch Corporate Bond Fund, Inc. -
Investment Grade Portfolio (primarily high-grade
taxable fixed income securities);
8. Merrill Lynch Retirement Preservation Trust
(primarily broadly diversified Guaranteed
Investment Contracts, U.S. Government and U.S.
government agency and money market securities).
Participants have direct, daily access to investment and
account information (including change of investment direction,
fund transfers and deferral percentage) through The Merrill
Lynch Participant Service Center.
The Company Stock Fund, the Fidelity Magellan Diversified
Equity Fund, the George Putnam Fund, the Merrill Lynch Global
Allocation Fund, Inc., the Merrill Lynch Equity Index Trust,
the Merrill Lynch Capital Fund, Inc. and the Merrill Lynch
Corporate Bond Fund, Inc. are stated at fair value as
determined by quoted market prices. The Merrill Lynch
Retirement Preservation Trust is stated at cost, which
approximates fair value. The Bergen Brunswig Fixed Fund,
formerly the Guaranteed Income Fund (see Note 4.), is stated
at contract value,
11
which approximates fair value. Investment transactions are
recorded on a trade-date basis.
Participants may borrow against a maximum of 50% of their
interests in the Plan up to $50,000, except that participants
may not borrow against their interest in the Company Stock
Fund. Participants are entitled to hold two loans
simultaneously, a short-term loan (1 to 5 years) and a
long-term loan (5 to 15 years). The long-term loan applies
only to the purchase of a participant's primary residence.
Such loans are shown as separate investments of the Plan, with
interest rates ranging from 6.00% to 12.75%, and are stated at
cost, which approximates fair value.
The number of participants in each fund was as follows:
DECEMBER 31,
----------------------
1995 1994
------- --------
Bergen Brunswig Fixed Fund 2,236 2,619
Fidelity Magellan Diversified
Equity Fund 2,169 2,139
George Putnam Fund 942 972
Company Stock Fund 1,459 1,509
Merrill Lynch Global
Allocation Fund, Inc. 465 386
Merrill Lynch Equity Index Trust 266 117
Merrill Lynch Capital Fund, Inc. 463 297
Merrill Lynch Corporate
Bond Fund, Inc. 385 289
Merrill Lynch Retirement
Preservation Trust 2,671 2,810
Participant Loans 1,421 1,367
The total number of participants in the Plan was less than the
sum of the number of participants shown above because many
were participating in more than one fund.
D. BENEFIT DISTRIBUTION
--------------------
A participant's account shall be distributed in a lump sum
upon retirement, less any loans outstanding. Account
withdrawals are permitted by participants who have attained
age 59-1/2 or who suffer certain financial hardships and meet
criteria
12
established by the Internal Revenue Service. All participants
not eligible for normal retirement vest in Employer
contributions at 20% for each continuous plan year of
participation. Participants who terminate employment prior to
retirement receive the vested portion of their accounts in a
lump sum distribution. Participants are 100% vested in their
own contributions at all times.
E. DEATH AND DISABILITY BENEFITS
-----------------------------
Upon the death of a participant, the beneficiary receives, in
a lump sum, the vested amount in the account. Participants who
become disabled will receive distributions in accordance with
normal retirement benefits.
F. PLAN TERMINATION
----------------
The Employer has the right at any time to declare the Plan
terminated completely or as to any of the Employer's
divisions, facilities or operational units.
In the event that the Plan terminates, the accounts of all
participants will become fully vested.
G. OTHER
-----
Certain reclassifications have been made in the 1994
and 1993 financial statements and notes to conform to 1995
presentations.
2. INCOME TAX STATUS
The Plan is qualified under Section 401 of the Internal Revenue Code as
exempt from Federal income taxes. Accordingly, Employer contributions
and earnings realized by the Plan are not taxed to the participant
until a distribution from the Plan is received. In addition, any shares
of the Company Stock Fund distributed to a participant upon termination
are taxed to the participant at the lower of cost or market measured as
of the distribution date. The Plan obtained its latest determination
letter on January 24, 1996, in which the Internal Revenue Service
stated that the Plan, as then designed, was in compliance with the
applicable requirements of the Internal Revenue Code.
13
3. CHANGE OF TRUSTEE AND ADMINISTRATOR
Effective January 1, 1994, the Plan trustee and administrator were
changed from Bankers Trust Company of New York and The Wyatt Company,
respectively, to Merrill Lynch Trust Company of California.
4. CHANGE IN INVESTMENT OPTIONS
No new Guaranteed Investment Contracts ("GICs") were added to the
Bergen Brunswig Fixed Fund, formerly the Guaranteed Income Fund, during
1993, 1994 and 1995. Allocation of investments into a GIC pool which
reflected current 3 to 5 year GIC yields contributed to a decrease in
the combined guaranteed interest rate from 8.21% to 7.56% per annum in
1993. The surrender of GICs with Hartford Life Insurance Company,
Integrity Life, IDS Life Insurance Company, Life of Virginia and
Shearson Lehman Hutton/Federal Home Life contributed to a decrease in
the combined guaranteed interest rate from 7.56% to 6.93% per annum in
1994. The surrender of GICs with Life Insurance Company of the
Southwest, Shearson/Integrity, Integrity Life and Hartford Life
Insurance Company contributed to a decrease in the combined guaranteed
interest rate from 6.93% to 6.81% per annum in 1995.
During March 1994, the Plan was amended to entitle participants to
defer 1% to 15% of their compensation through contributions to the
Plan.
On December 28, 1993, the Merrill Lynch Retirement Preservation Trust,
a commingled fixed income pooled investment, was added to the
Guaranteed Income Fund investment. During 1994, the Merrill Lynch
Retirement Preservation Trust became a separate investment option and
the Guaranteed Income Fund was renamed as the Bergen Brunswig Fixed
Fund.
Effective January 1, 1994, the Guaranteed Income Fund Investment was
frozen with respect to any future contribution elections and incoming
transfers of participant account balances. Future participant
contributions previously elected to go into the Guaranteed Income Fund
Investment were invested in the Merrill Lynch Retirement Preservation
Trust as of January 1, 1994.
14
5. OTHER
During December 1993, account balances in the Putnam Fiduciary Trust
Company GIC Fund were transferred into the Merrill Lynch Retirement
Preservation Trust.
During 1992, the Employer elected to discontinue the Massachusetts
Capital Development Diversified Equity Fund as of December 31, 1993. On
January 1, 1993, this Fund was frozen with respect to any future
contribution elections and incoming transfers of participant account
balances. During 1993, certain participants directed their account
balances to other investment options of the Plan. On December 31, 1993,
the remaining account balances were transferred into the Merrill Lynch
Retirement Preservation Trust.
On January 29, 1993, the Employer acquired substantially all of the
assets of Healthcare Distributors of Indiana, Inc. ("HDI"). Employees
of HDI became eligible to participate in the Plan on April 1, 1993.
On April 29, 1994, the Employer acquired all of the outstanding shares
of stock of Southeastern Hospital Supply Corporation ("Southeastern").
Employees of Southeastern became eligible to participate in the Plan
during May 1994.
On January 10, 1995, the Employer acquired all of the outstanding
shares of stock of Biddle & Crowther ("B&C"). Employees of B&C became
eligible to participate in the Plan during January 1995. Rollovers to
the Plan from B&C's 401(k) Plan were made in December 1995. As of June
21, 1996, the aggregate amount of rollovers from B&C's defined benefit
plan has not been determined.
On August 2, 1995, the Employer acquired Colonial Healthcare Supply
Co. ("Colonial"). Employees of Colonial became eligible to participate
in the Plan on January 1, 1996. Rollovers to the Plan from Colonial's
401(k) plan aggregating approximately $10,890,000, including
participant loans of $427,000, were made during April 1996.
6. SUBSEQUENT EVENTS
During February 1996, the GIC with Life of Virginia in the Bergen
Brunswig Fixed Fund was surrendered at contract value.
On March 31, 1996, remaining account balances in the Bergen Brunswig
Fixed Fund were transferred into the Merrill Lynch Retirement
Preservation Trust.
15
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------
DESCRIPTION OF FAIR
ASSET INVESTMENT VALUE COST
- --------------------------------------------------------------------------------------------------------
BERGEN BRUNSWIG FIXED FUND Schedule $ 26,572,577 $ 26,572,577
FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND Schedule 37,716,649 32,446,970
GEORGE PUTNAM FUND Schedule 9,758,488 8,810,237
COMPANY STOCK FUND Schedule 11,260,578 8,657,446
MERRILL LYNCH GLOBAL ALLOCATION FUND, INC Schedule 2,818,630 2,728,406
MERRILL LYNCH EQUITY INDEX TRUST Schedule 1,126,355 995,753
MERRILL LYNCH CAPITAL FUND, INC Schedule 2,627,950 2,510,208
MERRILL LYNCH CORPORATE BOND FUND, INC Schedule 1,564,076 1,500,127
MERRILL LYNCH RETIREMENT PRESERVATION TRUST Schedule 32,542,657 32,542,657
PARTICIPANT LOANS Schedule 8,102,049 8,102,049
------------ ------------
TOTAL INVESTMENTS $134,090,009 $124,866,430
============ ============
16
SUPPLEMENTAL SCHEDULE 1 (DETAIL)
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
DETAIL - ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1995
- ------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- ------------------------------------------------------------------------------------------------------------
BERGEN BRUNSWIG FIXED FUND
--------------------------
22,983,513 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 22,983,513 $ 22,983,513
PARTN IN GROUP ANNUITY CONTRACT
#2425051.71L WITH LIFE OF VIRGINIA
3,589,064 6.65% 12/31/2037 3,589,064 3,589,064
------------ ------------
$ 26,572,577 $ 26,572,577
============ ============
FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND
-----------------------------------------
438,668 FIDELITY MAGELLAN FUND INC. COMMON $ 37,716,649 $ 32,446,970
============ ============
GEORGE PUTNAM FUND
------------------
629,580 GEORGE PUTNAM FUND OF BOSTON $ 9,758,488 $ 8,810,237
============ ============
17
SUPPLEMENTAL SCHEDULE 1 (DETAIL), CONTINUED
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1995
- ------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- ------------------------------------------------------------------------------------------------------------
COMPANY STOCK FUND
------------------
BERGEN BRUNSWIG CORPORATION
452,687 CLASS A COMMON STOCK $ 11,260,578 $ 8,657,446
============= ============
203,071 MERRILL LYNCH ALLOCATION FUND CLASS A $ 2,818,630 $ 2,728,406
------------------------------------- ============= ============
28,094 MERRILL LYNCH EQUITY INDEX TRUST 1 $ 1,126,355 $ 995,753
---------------------------------- ============= ============
86,021 MERRILL LYNCH CAPITAL FUND CLASS A $ 2,627,950 $ 2,510,208
---------------------------------- ============= ============
MERRILL LYNCH CORPORATE BOND
----------------------------
132,101 INVESTMENT GRADE CLASS A $ 1,564,076 $ 1,500,127
------------------------ ============= ============
32,542,657 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 32,542,657 $ 32,542,657
------------------------------------------- ============= ============
18
SUPPLEMENTAL SCHEDULE 1 (DETAIL), CONTINUED
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1995
- ------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- ------------------------------------------------------------------------------------------------------------
PARTICIPANT LOANS
PROMISSORY NOTES VARIOUSE DUE DATES:
AT 12.75% INTEREST $ 20,291 $ 20,291
AT 12.00% INTEREST 3,376 3,376
AT 11.75% INTEREST 7,321 7,321
AT 11.50% INTEREST 27,026 27,026
AT 11.00% INTEREST 269,948 269,948
AT 10.50% INTEREST 62,077 62,077
AT 10.00% INTEREST 801,905 801,905
AT 9.75% INTEREST 613,398 613,398
AT 9.50% INTEREST 530,901 530,901
AT 9.00% INTEREST 193,374 193,374
AT 8.75% INTEREST 368,363 368,363
AT 8.50% INTEREST 83,747 83,747
AT 8.40% INTEREST 19,555 19,555
AT 8.25% INTEREST 438,094 438,094
AT 8.15% INTEREST 176,917 176,917
AT 8.00% INTEREST 9,986 9,986
AT 7.75% INTEREST 160,733 160,733
AT 7.50% INTEREST 598,737 598,737
AT 7.25% INTEREST 378,855 378,855
AT 7.00% INTEREST 3,206,990 3,206,990
AT 6.00% INTEREST 130,455 130,455
------------- -------------
$ 8,102,049 $ 8,102,049
============= =============
19
SUPPLEMENTAL SCHEDULE 2
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- -----------------------------------------------------------------------------------------------
ISSUE TRADE TYPE NO. OF TRADES AMOUNT GAIN
- -----------------------------------------------------------------------------------------------
BERGEN BRUNSWIG FIXED FUND Purchases 397 $ 1,942,731
Sales 749 5,420,615
DIVERSIFIED EQUITY FUNDS:
FIDELITY MAGELLAN Purchases 815 12,948,158
DIVERSIFIED EQUITY FUND Sales 738 9,429,895 $ 866,319
MERRILL LYNCH RETIREMENT Purchases 976 16,796,855
PRESERVATION TRUST Sales 761 9,284,726
COMPANY STOCK FUND Purchases 488 3,285,614
Sales 246 3,595,947 754,290
20
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Retirement Strategy Committee has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
BERGEN BRUNSWIG PRE-TAX
INVESTMENT RETIREMENT ACCOUNT
by /s/ Neil F. Dimick
---------------------------------------
Neil F. Dimick
Executive Vice President,
Chief Financial Officer,
Bergen Brunswig Corporation
June 21, 1996
21
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-32465 of Bergen Brunswig Corporation on Form S-8 of our report dated June 21,
1996 appearing in this Annual Report on Form 11-K of Bergen Brunswig Pre-Tax
Investment Retirement Account for the year ended December 31, 1995.
/s/ Deloitte & Touche LLP
Costa Mesa, California
June 26, 1996
22