1
Exhibit 99.3
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
(x) Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the Fiscal year ended March 31, 1999
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 Number _________________
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ANHEUSER-BUSCH COMPANIES, INC.
One Busch Place
St. Louis, Missouri 63118
2
Item 1. Plan is subject to ERISA, see Item 4 for required information.
Item 2. Plan is subject to ERISA, see Item 4 for required information.
Item 3. Plan is subject to ERISA, see Item 4 for required information.
Item 4. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements<F*>:
Report of independent accountants
Statement of Net Assets Available for Benefits with Fund
Information at March 31, 1999 and March 31, 1998.
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the years ended March 31, 1999
and March 31, 1998.
Notes to financial statements
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefits with Fund Information at March
31, 1999 and March 31, 1998 (Appendix A)
Anheuser-Busch Defined Contribution Master Trust - Statement of
Changes in Net Assets Available for Benefits with Fund Information
for the Year Ended March 31, 1999 and March 31, 1998 (Appendix A)
(b) Exhibits:
None
[FN]
<F*>Other schedules required by Section 2520.103-10 of Department of
Labor Rules and Regulations for Reporting and Disclosure under ERISA
have been omitted because they are not applicable.
2
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the Plan) have
duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN (FOR CERTAIN
HOURLY EMPLOYEES OF ANHEUSER-BUSCH
COMPANIES, INC. AND ITS SUBSIDIARIES)
By: JOBETH G. BROWN
---------------------------------------
JoBeth G. Brown
Committee Member
Dated: September 24, 1999
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[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
REPORT OF INDEPENDENT ACCOUNTANTS
July 30, 1999
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For Certain Hourly
Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
In our opinion, the accompanying statements of net assets available for
benefits with fund information and the related statements of changes in net
assets available for benefits with fund information present fairly, in all
material respects, the net assets available for benefits of the
Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (For Certain
Hourly Employees of Anheuser-Busch Companies, Inc. and its Subsidiaries), at
March 31, 1999 and 1998, and the changes in net assets available for benefits
for the years then ended, in conformity with generally accepted accounting
principles. 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 generally accepted auditing standards 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, evidence 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 the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
5
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 2
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ -- $ --
Employer 209,120 -- -- -- --
----------- -------- -------- ---------- --------
209,120 -- -- -- --
----------- -------- -------- ---------- --------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 39,445,810
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 559,149
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 649,911
Anheuser-Busch Companies, Inc.
Equity Index Fund 2,324,356
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 268,377
Anheuser-Busch Companies, Inc. Index
Balanced Fund
Participant loans<F*>
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
----------- -------- -------- ---------- --------
Total investments 39,445,810 559,149 649,911 2,324,356 268,377
----------- -------- -------- ---------- --------
Total assets 39,654,930 559,149 649,911 2,324,356 268,377
----------- -------- -------- ---------- --------
LIABILITIES
Total liabilities -- -- -- -- --
----------- -------- -------- ---------- --------
Net assets available for benefits $39,654,930 $559,149 $649,911 $2,324,356 $268,377
=========== ======== ======== ========== ========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ --
Employer -- -- -- 209,120
-------- ---------- -------- -----------
-- -- -- 209,120
-------- ---------- -------- -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 39,445,810
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 559,149
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 649,911
Anheuser-Busch Companies, Inc.
Equity Index Fund 2,324,356
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 268,377
Anheuser-Busch Companies, Inc.
Index Balanced Fund 197,907 197,907
Participant loans<F*> 3,203,914 3,203,914
Earthgrains Company, Inc.
Stock Fund -- -- 325,050 325,050
-------- ---------- -------- -----------
Total investments 197,907 3,203,914 325,050 46,974,474
-------- ---------- -------- -----------
Total assets 197,907 3,203,914 325,050 47,183,594
-------- ---------- -------- -----------
LIABILITIES
Total liabilities -- -- -- --
-------- ---------- -------- -----------
Net assets available for benefits $197,907 $3,203,914 $325,050 $47,183,594
======== ========== ======== ===========
<FN>
<F*>Represents more than 5% of net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
6
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 3
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Contributions receivable:
Participants $ 12,658 $ 389 $ 528 $ 1,993 $ 369
Employer 8,680 -- -- -- --
----------- -------- -------- ---------- --------
21,338 389 528 1,993 369
----------- -------- -------- ---------- --------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 25,022,961
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 515,131
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 666,969
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 1,907,206
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 239,017
Anheuser-Busch Companies, Inc. Index
Balanced Fund
Participant loans<F*>
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
----------- -------- -------- ---------- --------
Total investments 25,022,961 515,131 666,969 1,907,206 239,017
----------- -------- -------- ---------- --------
Total assets 25,044,299 515,520 667,497 1,909,199 239,386
----------- -------- -------- ---------- --------
LIABILITIES
Total liabilities -- -- -- -- --
----------- -------- -------- ---------- --------
Net assets available for benefits $25,044,299 $515,520 $667,497 $1,909,199 $239,386
=========== ======== ======== ========== ========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
ASSETS
Contributions receivable:
Participants $ 302 $ -- $ -- $ 16,239
Employer -- -- -- 8,680
-------- ---------- -------- -----------
302 -- -- 24,919
-------- ---------- -------- -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 25,022,961
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 515,131
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 666,969
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 1,907,206
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 239,017
Anheuser-Busch Companies, Inc.
Index Balanced Fund 157,363 157,363
Participant loans<F*> 2,714,867 2,714,867
Earthgrains Company, Inc.
Stock Fund -- -- 427,552 427,552
-------- ---------- -------- -----------
Total investments 157,363 2,714,867 427,552 31,651,066
-------- ---------- -------- -----------
Total assets 157,665 2,714,867 427,552 31,675,985
-------- ---------- -------- -----------
LIABILITIES
Total liabilities -- -- -- --
-------- ---------- -------- -----------
Net assets available for benefits $157,665 $2,714,867 $427,552 $31,675,985
======== ========== ======== ===========
<FN>
<F*>Represents more than 5% of net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
7
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 4
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets
attributed to:
Contributions:
Participants $ 2,020,919 $ 77,254 $ 100,402 $ 429,010 $ 69,877
Employer 1,774,723 -- -- -- --
----------- -------- --------- ---------- --------
Total contributions 3,795,642 77,254 100,402 429,010 69,877
Investment income:
Interest
Net realized and unrealized
appreciation in fair value
of investments 16,088,963 30,135 41,649 384,435 21,751
----------- -------- --------- ---------- --------
Total additions 19,884,605 107,389 142,051 813,445 91,628
----------- -------- --------- ---------- --------
Deductions from net assets
attributed to:
Distributions to participants 2,842,383 16,896 37,326 159,176 57,800
----------- -------- --------- ---------- --------
Net transfers in (out) (2,431,591) (46,864) (122,311) (239,112) (4,837)
----------- -------- --------- ---------- --------
Net increase (decrease) 14,610,631 43,629 (17,586) 415,157 28,991
Net assets available for benefits:
Beginning of year 25,044,299 515,520 667,497 1,909,199 239,386
----------- -------- --------- ---------- --------
End of year $39,654,930 $559,149 $ 649,911 $2,324,356 $268,377
=========== ======== ========= ========== ========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
Additions to net assets
attributed to:
Contributions:
Participants $ 56,295 $ -- $ -- $ 2,753,757
Employer -- -- -- 1,774,723
-------- ---------- --------- -----------
Total contributions 56,295 -- -- 4,528,480
Investment income:
Interest 241,023 241,023
Net realized and unrealized
appreciation in fair value
of investments 23,627 -- 31,139 16,621,699
-------- ---------- --------- -----------
Total additions 79,922 241,023 31,139 21,391,202
-------- ---------- --------- -----------
Deductions from net assets
attributed to:
Distributions to participants 8,580 215,772 41,234 3,379,167
-------- ---------- --------- -----------
Net transfers in (out) (31,100) 463,796 (92,407) (2,504,426)
-------- ---------- --------- -----------
Net increase (decrease) 40,242 489,047 (102,502) 15,507,609
Net assets available for benefits:
Beginning of year 157,665 2,714,867 427,552 31,675,985
-------- ---------- --------- -----------
End of year $197,907 $3,203,914 $ 325,050 $47,183,594
======== ========== ========= ===========
The accompanying notes are an integral part of these financial statements.
8
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 5
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets attributed to:
Contributions:
Participants $ 2,073,605 $105,930 $109,207 $ 322,904 $ 62,758
Employer 1,559,192 -- -- -- --
----------- -------- -------- ---------- --------
Total contributions 3,632,797 105,930 109,207 322,904 62,758
Investment income:
Interest
Dividends
Net realized and unrealized
appreciation in fair
value of investments 2,687,802 29,201 58,465 543,603 52,096
----------- -------- -------- ---------- --------
Total additions 6,320,599 135,131 167,672 866,507 114,854
----------- -------- -------- ---------- --------
Deductions from net assets attributed to:
Distributions to participants 1,449,827 21,547 18,217 97,459 14,419
----------- -------- -------- ---------- --------
Net transfers in (out) (568,508) (41,859) (52,666) 138,473 (11,204)
----------- -------- -------- ---------- --------
Net increase 4,302,264 71,725 96,789 907,521 89,231
Net assets available for benefits:
Beginning of year 20,742,035 443,795 570,708 1,001,678 150,155
----------- -------- -------- ---------- --------
End of year $25,044,299 $515,520 $667,497 $1,909,199 $239,386
=========== ======== ======== ========== ========
INDEXED EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
Additions to net assets attributed to:
Contributions:
Participants $ 50,881 $ -- $ -- $ 2,725,285
Employer -- -- -- 1,559,192
-------- ---------- -------- -----------
Total contributions 50,881 -- -- 4,284,477
Investment income:
Interest 194,687 194,687
Dividends
Net realized and unrealized
appreciation in fair value
of investments 28,639 -- 215,907 3,615,713
-------- ---------- -------- -----------
Total additions 79,520 194,687 215,907 8,094,877
-------- ---------- -------- -----------
Deductions from net assets attributed to:
Distributions to participants 5,448 110,658 24,188 1,741,763
-------- ---------- -------- -----------
Net transfers in (out) 2,215 403,599 (67,890) (197,840)
-------- ---------- -------- -----------
Net increase 76,287 487,628 123,829 6,155,274
Net assets available for benefits:
Beginning of year 81,378 2,227,239 303,723 25,520,711
-------- ---------- -------- -----------
End of year $157,665 $2,714,867 $427,552 $31,675,985
======== ========== ======== ===========
The accompanying notes are an integral part of these financial statements.
9
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 6
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1. DESCRIPTION OF THE PLAN
GENERAL
The Anheuser-Busch Deferred Income Stock Purchase and Savings Plan
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc. and
its Subsidiaries) (the Plan) was established as a result of an
amendment to the Anheuser-Busch Deferred Income Stock Purchase and
Savings Plan for salaried employees which was effective April 1,
1992. This summary is intended to provide only a general description
of the Plan's provisions. Participants should refer to the Plan
document for more complete information.
PLAN ADMINISTRATION
The Plan's named fiduciaries are Anheuser-Busch Companies, Inc. (the
Company), as Sponsor and Plan Administrator, and Mellon Bank, N.A. as
the Trustee. As Sponsor, the Company has the right to amend the
Plan, designate the Plan's named fiduciaries and exercise all
fiduciary functions necessary for the operation of the Plan except
those which are assigned to another named fiduciary by the Plan or
the related trust agreement. The Company has appointed an
Administrative Committee to exercise the authority and responsibility
for the general administration of the Plan. The Trustee has the
exclusive authority and discretion to invest, manage and hold the
assets of the trust in accordance with the provisions of the Plan and
the separate trust agreement.
Effective April 1, 1994, the Plan was amended to incorporate various
changes to the Plan, including changes in participants' contribution
limits, changes in Company matching contributions, the addition of
the Managed Balanced Fund and Indexed Balanced Fund investment
options and the decrease in the vesting period from three years to
two years.
PLAN PARTICIPATION
The Plan covers eligible hourly employees of certain subsidiaries of
the Company which include: Boardwalk and Baseball, Inc.; Busch
Entertainment Corporation; Busch Properties of Florida, Inc.; Sea
World, Inc.; Sea World of Florida, Inc.; and Sea World of Texas, Inc.
Each hourly employee (other than employees covered by a collective
bargaining agreement) of the above subsidiaries is eligible to
participate in the Plan after completing one year of service, in
which 1,000 hours of service are completed. Participation by
eligible employees is voluntary.
CONTRIBUTIONS
A participant may make matched or unmatched contributions. Both
matched and unmatched contributions may be before-tax or after-tax.
A participant may contribute from 1% to 6% of their base compensation
through payroll deductions for Before-Tax Matched Contributions and
After-Tax Matched Contributions. The sum of these matched
contributions may not be less than 2% nor more than 6% of the
participant's base compensation. In addition, a participant may
contribute from 1% to 10% of their base compensation through payroll
deductions for Before-Tax Unmatched Contributions and After-Tax
Unmatched Contributions; however, the unmatched contribution rates
may not exceed 10% of the participant's base compensation and are
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ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 7
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subject to other limitations as set forth in the Plan agreement. In
addition, the sum of Before-Tax contribution rates must not exceed
16% of a participant's base compensation, subject to certain
limitations of the Internal Revenue Code. The participant's employer then
contributes a matching amount determined annually based on the relationship
of the Company's net income to its payroll for the year most recently
ended. However, in no event may the participating employer's matching
contribution be less than 33-1/3% nor more than 75% of the aggregate
participant contributions. Effective April 1, 1998, the participating
employer's matching contribution may not be less than 33-1/3% nor more
than 100% of the aggregate participant contributions.
The Company may also be required to make a Supplemental Contribution
as determined by the Administrative Committee in accordance with the
Plan document. Supplemental Contributions are payable within 180
days of the Plan's year end and are allocated to participants who
have account balances as of the end of the Plan year. For the year
ended March 31, 1999 a Supplemental Contribution of $209,120 was
required, no Supplemental Contribution was required for 1998.
Employee contributions vest and become non-forfeitable immediately.
Company contributions for participants actively employed by the
Company on or prior to March 31, 1989 vest immediately. For
participants subsequently employed, Company contributions vest and
become non-forfeitable after three years of service. Company
contributions also vest upon termination of employment by reason of
death, permanent disability, entry into military service, layoff
exceeding twelve months, upon termination of employment for any
reason, including retirement, after reaching age 60, or in the event
of a "change in control" of the Company as defined by the Plan.
Forfeitures of nonvested balances reduce future employer
contributions. There were $3,349 and $1,484 in forfeitures during
the years ended March 31, 1999 and 1998, respectively.
INVESTMENTS
The Trustee maintains an Anheuser-Busch Companies, Inc. Stock Fund,
an Earthgrains Company, Stock Fund, a Short-Term Fixed Income Fund, a
Medium-Term Fixed Income Fund, an Equity Index Fund, a Managed
Balanced Fund, and an Index Balanced Fund for the investment of
participant and employer contributions. All employer contributions
are invested in the Company Stock Fund. At least one-half of each
participant's Before-Tax Matched Contributions and at least one-half
of each participant's After-Tax Matched Contributions shall be
invested in the Company Stock Fund for certain periods of time. The
participant may direct the remaining one-half of each type of matched
contribution and all of the unmatched contributions in increments of
1% into any fund established under the Plan. Earnings are reinvested
in the fund to which they relate.
The Master Trusts had been established for each of the investment
funds other than the Company Stock Fund for the investment of the
Plan's assets and the assets of the stock purchase and savings plans
sponsored by the Company. On September 1, 1995, the Master Trusts
for each investment fund were combined, along with the Company Stock
Fund, into a single Master Trust.
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ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 8
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DISTRIBUTIONS
The Plan permits in-service withdrawals and an optional annual class
year distribution as defined in the Plan document, subject to certain
restrictions. Distributions for terminations are comprised of the
participant's personal contribution portion of their account and the
part of the Company contribution portion of their account which is
vested. Termination and annual class year distributions for whole
numbers of shares are payable in Company shares, while the value of
fractional shares and all interests in the other funds are payable in
cash. Alternatively, the participant may elect to have non-share
investments transferred to the Company Stock Fund and distributed
thereafter in shares with fractional shares distributed in cash.
In-service distributions other than annual class year distributions
are payable at the election of the participant in Company shares or
in cash.
PARTICIPANT LOANS
A participant may borrow from Before-Tax and/or After-Tax vested
account balances subject to certain conditions. The minimum loan
amount is $1,000; the maximum amount is the lesser of $50,000 less
the highest outstanding loan balance under the Plan during the
one-year period ending on the day before the loan is made, or 50% of
the vested account balance. The interest rate is set quarterly at
prime plus one percentage point at the end of the preceding quarter.
The term of a loan for the purchase of a principal residence may be
up to 10 years; the term of a loan for any other reason may not
exceed 5 years.
PLAN EXPENSES
Under the Master Trust agreement with the Trustee, the Company may
pay all expenses incurred in the administration of the Master Trust,
including trustee fees, but is not obligated to do so. Trustee
expenses not paid by the Company are paid by the Master Trust and
proportionately allocated to the participating plans. All other
expenses incurred in the administration of the Plan are paid by the
participating employers.
AMENDMENT OR TERMINATION OF THE PLAN
The Company anticipates that the Plan will continue without
interruption but reserves the right to terminate its participation in
the Plan subject to the provisions of ERISA. Such termination would
result in the immediate and full vesting of each participant's
account balance. The Trustee would then retain the assets until
otherwise distributable under the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of
12
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 9
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the financial statements and the reported amounts of additions to and
deductions from net assets during the reporting period. Actual results
could differ from those estimates.
INVESTMENT VALUATION
Investments in common stock, U.S. government securities, and
corporate debt instruments are stated at fair value based on the
quoted market price at March 31 each year. Investments in interest
bearing cash, insurance contracts, and interests in common/collective
trusts are stated at fair value as determined by the trustee.
Participant loans are valued at cost which approximates fair value.
Investment securities are exposed to various risks, such as interest
rate, market, and credit. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to
changes in the value of investment securities, it is at least
reasonably possible that changes in risks in the near term could
materially affect the amounts reported in the Statement of Net Assets
Available for Benefits with Fund Information.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment purchases and sales, and related realized gains or losses,
are recorded on the trade date. Interest income is recorded as
earned. Dividend income is recorded on the ex-dividend date. Net
realized and unrealized appreciation in fair value of investments is
comprised of the change in market value from the beginning to the end
of the Plan year for investments retained in the Plan, and realized
gains and losses on security transactions which represent the
difference between proceeds and cost.
ALLOCATION OF ASSETS
The Plan participates in the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust (Master Trust) established for the
investments of this plan and the other stock purchase and savings
plans sponsored by the Company. Units of participation in the Master
Trust are allocated to participating plans based on the relationship
of individual plan contributions to the market value of the Master
Trust. Earned income, realized and unrealized gains and losses, and
administrative expenses are retained in the Master Trust and are
allocated to participating plans by the Trustee, based on units of
participation on the transaction date.
3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION
MASTER TRUST
Effective September 1, 1995 the Company and the Trustee entered into
a new master trust agreement. On September 1, 1995, in accordance
with the agreement, the Plan transferred it's investments in: the
Anheuser-Busch Companies, Inc. Common Stock Fund, the Anheuser-Busch
Companies, Inc. Short Term Fixed Income Master Trust, the
Anheuser-Busch Companies, Inc. Medium Term Fixed Income Master Trust,
the Anheuser-Busch Companies, Inc. Capital Equity Index Fund Master
Trust, the Anheuser-Busch Companies, Inc. Managed Balanced Fund
Master Trust, and the Anheuser-Busch Companies, Inc. Indexed Balanced
Fund Master Trust for units of participation in the Anheuser-Busch
Companies, Inc. Defined Contribution Master Trust.
13
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 10
- ------------------------------------------------------------------------------
Effective March 26, 1996 the Earthgrains Company, Stock Fund was also
added to the Anheuser-Busch Companies, Inc. Defined Contribution Master
Trust. The assets of the Master Trust are held by Mellon Bank, N.A.
(Trustee).
At March 31, 1999 and 1998, the Plan's interest in the net assets of
the Master Trust was approximately 2%.
The following table presents the fair value of investments for the
Master Trust:
MARCH 31,
1999 1998
Investments at fair value:
Anheuser-Busch common stock $2,690,248,415 $1,768,443,386
Short-term fixed income 22,336,551 23,983,370
Medium-term fixed income 45,376,432 48,360,569
Equity index 302,006,045 244,609,595
Managed balanced 23,560,824 21,318,878
Index balanced 26,361,477 21,599,221
Participant loans 87,168,848 83,211,937
Earthgrains Company common stock 29,552,524 35,570,828
-------------- --------------
$3,226,611,116 $2,247,097,784
============== ==============
14
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 11
- ------------------------------------------------------------------------------
Investment income for the Master Trust is as follows:
YEAR ENDED MARCH 31,
1999 1998
Net appreciation in fair value of investments:
Anheuser-Busch common stock $1,048,963,294 $178,962,138
Short-term fixed income 1,148,887 29,847
Medium-term fixed income 114,341 1,391,974
Equity index 45,686,098 50,332,246
Managed balanced 2,004,553 3,829,723
Index balanced 3,289,062 2,946,651
Earthgrains Company common stock 1,575,592 17,367,264
-------------- ------------
1,102,781,827 254,859,843
-------------- ------------
Interest 18,649,560 14,661,835
Dividends 39,115,247 41,880,450
-------------- ------------
$1,160,546,634 $311,402,128
============== ============
Further financial information for the Anheuser-Busch Companies, Inc.
Defined Contribution Master Trust as of and for the years ended March
31, 1999 and 1998 are included as Appendix A.
4. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by
a letter dated January 30, 1995, that the Plan is designed in
accordance with applicable sections of the Internal Revenue Code.
Therefore, the underlying trust of such a Plan is exempt from federal
income taxes under Section 501 of the Internal Revenue Code. The Plan
Administrator and the Plan's tax counsel believe that the Plan is
designed and is currently being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore, no
provision for income taxes has been included in the Plan's financial
statements.
15
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 12
- ------------------------------------------------------------------------------
5. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from participation
in the Plan are as follows:
MARCH 31,
1999 1998
Anheuser-Busch Companies common stock fund $44,985 $126,318
Short-term fixed income fund 1,008 24,628
Medium-term fixed income fund 417 2,244
Equity index fund 1,372 1,713
Managed balanced fund 46
Index balanced fund 46 3,138
Earthgrains Company common stock fund 412 2,722
------- --------
$48,286 $160,763
======= ========
In accordance with generally accepted accounting principles, these
amounts are not reported as distributions payable in the accompanying
financial statements. However, Department of Labor regulations require
that these amounts be reported as liabilities on Form 5500.
Accordingly, net assets available for benefits reported on Form 5500 are
lower than that reflected in the financial statements by the above
amounts.
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
During the years ended March 31, 1999 and 1998, transactions with the
Company included aggregate common stock purchases totaling $2,178,598
and $304,859, respectively and aggregate common stock sales totaling
$451,914 and $667,652, respectively. These transactions are allowable
party-in-interest transactions under Section 408(e) and 408(b)(8) of
ERISA and the regulations promulgated thereunder.
During the years ended March 31, 1999 and 1998, the Plan purchased and
sold investments in the Employee Benefit Temporary Investment Fund of
Mellon Bank N.A., the Plan trustee. Transactions with the Fund included
aggregate investment purchases totaling $2,086,523 and $649,360,
respectively and aggregate investment sales totaling $1,961,043 and
$663,642, respectively. These transactions are allowable
party-in-interest transactions under Sections 408(e) and 408(b)(8) of
ERISA and the regulations promulgated thereunder.
16
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(FOR CERTAIN HOURLY EMPLOYEES OF
ANHEUSER-BUSCH COMPANIES, INC. AND ITS SUBSIDIARIES)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 13
- ------------------------------------------------------------------------------
7. UNIT ACCOUNTING
As of October 17, 1995, the Company began allocating units to
participant accounts. On March 31, 1999, the total number of units
allocated to each of the funds in the Plan and the applicable net asset
value (NAV) of each unit was as follows:
UNITS HELD NAV PER UNIT
Anheuser-Busch Companies, Inc. Stock Fund 1,507,657 26.17
Short-Term Fixed income Fund 30,364 18.42
Medium-Term Fixed income Fund 25,954 25.04
Equity Index Fund 7,991 290.88
Managed Balanced Fund 12,974 20.69
Index Balanced Fund 3,761 52.62
Participant Loans 3,203,914 1.00
Earthgrains Company Stock Fund 22,017 14.76
17
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 1 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock $2,673,153,056 $ -- $ -- $ -- $ --
Interest bearing cash 17,095,359
U.S. government securities 8,687,849 19,234,879
Corporate debt instruments 13,415,531 25,908,975
Insurance contracts 23,560,824
Interest in common/
collective trusts
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> -- 233,171 232,578 302,006,045 --
-------------- ----------- ----------- ------------ -----------
Total investments 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
Total assets 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available
for benefits $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $2,673,153,056
Interest bearing cash 41 17,095,400
U.S. government securities 27,922,728
Corporate debt instruments 39,324,506
Insurance contracts 23,560,824
Interest in common/
collective trusts 26,361,477 26,361,477
Loans to participants 87,168,848 87,168,848
Earthgrains Company, Inc.
common stock 29,477,579 29,477,579
Other investments<F*> -- -- 74,904 302,546,698
----------- ----------- ----------- --------------
Total investments 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
Total assets 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Net assets available for benefits $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
18
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 2 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $1,764,699,829 $ -- $ -- $ -- $ --
Interest bearing cash 3,720,727 129,620
U.S. government securities 9,361,836 19,483,013
Corporate debt instruments 10,442,678 28,354,090
Insurance contracts
Interest in common/
collective trusts 21,318,878
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> 22,830 4,178,856 393,846 244,609,595 --
-------------- ----------- ----------- ------------ -----------
Total investments 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
Total assets 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available
for benefits $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $1,764,699,829
Interest bearing cash 15 3,850,362
U.S. government securities 28,844,849
Corporate debt instruments 38,796,768
Insurance contracts
Interest in common/
collective trusts 10,798,861 32,117,739
Loans to participants 83,211,937 83,211,937
Earthgrains Company, Inc.
common stock 35,407,087 35,407,087
Other investments<F*> 10,800,360 -- 163,726 260,169,213
----------- ----------- ----------- --------------
Total investments 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
Total assets 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (247,200,000)
----------- ----------- ----------- --------------
Net assets available
for benefits $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
19
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 3 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets
attributed to:
Contributions:
Participants $ 56,239,131 $ 934,830 $ 2,369,554 $ 16,634,437 $ 1,670,801
Employer 4,569,194 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 60,808,325 934,830 2,369,554 16,634,437 1,670,801
Investment income:
Interest 1,622,339 1,436,593 2,896,665 5,305,433 120
Dividends 38,905,478
Net realized and unrealized
appreciation in
fair value of investments 1,048,963,294 1,148,887 114,341 45,686,098 2,004,553
-------------- ----------- ----------- ------------ -----------
Total additions 1,150,299,436 3,520,310 5,380,560 67,625,968 3,675,474
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 158,224,057 7,902,458 5,951,000 23,801,297 1,289,091
Interest expense 20,292,030
Administrative expenses 30,996 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 178,547,083 7,902,458 5,951,000 23,801,297 1,289,091
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (13,247,324) 2,735,329 (2,413,697) 13,571,779 (144,437)
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 958,505,029 (1,646,819) (2,984,137) 57,396,450 2,241,946
Net assets available for benefits:
Beginning of year 1,521,243,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
End of year $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
Additions to net assets
attributed to:
Contributions:
Participants $ 1,453,067 $ -- $ -- $ 79,301,820
Employer -- -- -- 4,569,194
----------- ----------- ----------- --------------
Total contributions 1,453,067 -- -- 83,871,014
Investment income:
Interest 7,388,292 118 18,649,560
Dividends 209,769 39,115,247
Net realized and unrealized
appreciation in
fair value of investments 3,289,062 1,575,592 1,102,781,827
----------- ----------- ----------- --------------
Total additions 4,742,129 7,388,292 1,785,479 1,244,417,648
----------- ----------- ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 2,660,475 3,023,381 4,505,220 207,356,979
Interest expense 20,292,030
Administrative expenses -- -- -- 30,996
----------- ----------- ----------- --------------
Total deductions 2,660,475 3,023,381 4,505,220 227,680,005
----------- ----------- ----------- --------------
Net transfers (out) in 2,680,602 (408,000) (3,298,563) (524,311)
----------- ----------- ----------- --------------
Net increase (decrease) 4,762,256 3,956,911 (6,018,304) 1,016,213,332
Net assets available for benefits:
Beginning of year 21,599,221 83,211,937 35,570,828 1,999,897,784
----------- ----------- ----------- --------------
End of year $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
20
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 4 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets
attributed to:
Contributions:
Participants $ 59,963,043 $ 1,211,998 $ 2,770,456 $ 11,176,034 $ 1,497,754
Employer 15,491,761 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 75,454,804 1,211,998 2,770,456 11,176,034 1,497,754
Investment income:
Interest 885,882 1,004,353 2,840,890 2,800,378
Dividends 41,728,864
Net realized and unrealized
appreciation in
fair value of investments 178,962,138 29,847 1,391,974 50,332,246 3,829,723
-------------- ----------- ----------- ------------ -----------
Total additions 297,031,688 2,246,198 7,003,320 64,308,658 5,327,477
-------------- ----------- ----------- ------------ -----------
Deductions from net assets
attributed to:
Distributions to participants 107,016,259 4,258,766 2,520,682 8,076,962 1,164,839
Interest expense 23,273,250
Administrative expenses 15,815 -- (11,148) -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 130,305,324 4,258,766 2,509,534 8,076,962 1,164,839
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (127,872,328) 10,427,353 (884,170) 101,497,681 6,349,379
-------------- ----------- ----------- ------------ -----------
Net increase 38,854,036 8,414,785 3,609,616 157,729,377 10,512,017
Net assets available for benefits:
Beginning of year 1,482,389,350 15,568,585 44,750,953 86,880,218 10,806,861
-------------- ----------- ----------- ------------ -----------
End of year $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
Additions to net assets
attributed to:
Contributions:
Participants $ 1,149,033 $ -- $ -- $ 77,768,318
Employer -- -- -- 15,491,761
----------- ----------- ----------- --------------
Total contributions 1,149,033 -- -- 93,260,079
Investment income:
Interest 125,864 7,003,752 716 14,661,835
Dividends 151,586 41,880,450
Net realized and unrealized
appreciation in
fair value of investments 2,946,651 -- 17,367,264 254,859,843
----------- ----------- ----------- --------------
Total additions 4,221,548 7,003,752 17,519,566 404,662,207
----------- ----------- ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 807,207 3,382,436 2,784,896 130,012,047
Interest expense 23,273,250
Administrative expenses -- -- (15) 4,652
----------- ----------- ----------- --------------
Total deductions 807,207 3,382,436 2,784,881 153,289,949
----------- ----------- ----------- --------------
Net transfers (out) in 10,428,344 3,410,799 (3,234,526) 122,532
----------- ----------- ----------- --------------
Net increase 13,842,685 7,032,115 11,500,159 251,494,790
Net assets available for benefits:
Beginning of year 7,756,536 76,179,822 24,070,669 1,748,402,994
----------- ----------- ----------- --------------
End of year $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============