TOTAL NUMBER OF PAGES
INCLUDED IN THIS ANNUAL
REPORT IS 27.
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, 1994
-----------------
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 92668-3510
- ------------------------------------------- -----------
(Address of principal executive offices of (Zip code)
issuer of securities)
1
<PAGE>
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, 1994 and 1993 5
Statements of Changes in Net Assets Available
for Plan Benefits for the Years Ended
December 31, 1994, 1993 and 1992 7
Notes to Financial Statements 10
SUPPLEMENTAL SCHEDULES:
1. Item 27a - Schedule of Assets Held for
Investment Purposes at December 31, 1994 18
2. Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1994 23
SUPPLEMENTAL SCHEDULES OMITTED
------------------------------
Supplemental schedules not listed above are omitted
because of the absence of conditions under which they
are required.
SIGNATURE 24
INDEPENDENT AUDITORS' CONSENT 25
2
<PAGE>
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, 1994 and 1993 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, 1994. 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, 1994 and
1993, and the changes in net assets available for plan benefits for each of the
three years in the period ended December 31, 1994 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, 1994, and (2) Item 27d -
Schedule of Reportable Transactions for the year ended December 31, 1994 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
<PAGE>
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 19, 1995
4
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994
<CAPTION>
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
----------- ----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
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.
- ----------------------------------------------------------------------------------------------------------------
5
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1994
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
------------------------------------------------------------
MERRILL MERRILL
MERRILL LYNCH LYNCH
LYNCH CORPORATE RETIREMENT
CAPITAL BOND PRESERVATION PARTICIPANT
FUND, INC. FUND, INC. TRUST LOANS TOTAL
---------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
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.
- ----------------------------------------------------------------------------------------------------------------
5a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993
<CAPTION>
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
----------- ------------- ----------- ---------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments $57,090,302 $ - $24,519,724 $7,525,010 $6,851,036 $4,998,689 $100,984,761
Interfund transfers
receivable 2,096,842 1,771,107 296,759 390,429 7,543 1,558 4,564,238
Contributions receivable 131,153 - 152,894 137,442 35,249 - 456,738
Interest and dividend
income receivable 37,156 1,311 1,403,185 42 271 13 1,441,978
----------- ------------- ----------- ---------- ---------- ----------- ------------
TOTAL ASSETS 59,355,453 1,772,418 26,372,562 8,052,923 6,894,099 5,000,260 107,447,715
----------- ------------- ----------- ---------- ---------- ----------- ------------
LIABILITIES:
Interfund transfers
payable 2,321,915 1,744,646 308,345 50,152 99,167 40,013 4,564,238
Accrued liabilities - 27,772 1,402,899 - - 13 1,430,684
----------- ------------- ----------- ---------- ---------- ----------- ------------
TOTAL LIABILITIES 2,321,915 1,772,418 1,711,244 50,152 99,167 40,026 5,994,922
----------- ------------- ----------- ---------- ---------- ----------- ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $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.
- ----------------------------------------------------------------------------------------------------------------------------
6
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
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
----------- ----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
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.
- -----------------------------------------------------------------------------------------------------------------
7
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------
MERRILL MERRILL
MERRILL LYNCH LYNCH
LYNCH CORPORATE RETIREMENT
CAPITAL BOND PRESERVATION PARTICIPANT
FUND, INC. FUND, INC. TRUST LOANS TOTAL
---------- ---------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
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.
- -----------------------------------------------------------------------------------------------------------------
7a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
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
----------- ------------- ----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
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.
- ---------------------------------------------------------------------------------------------------------------------------------
8
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1992
<CAPTION>
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
----------- ------------- ----------- -------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Contributions:
Participants $ 3,821,773 $ 361,238 $ 1,512,154 $ 32,374 $ 899,235 $ - $ 6,626,774
Employer 1,621,630 128,726 682,291 24,523 388,038 - 2,845,208
Transfers of participant balances 4,336,624 18,780 1,032,885 786,629 176,287 - 6,351,205
Transfer from Bergen Brunswig
Corporation Retirement Plan 4,861,763 - - - - - 4,861,763
Transfer from Owens &
Minor, Inc. benefit plan 950,427 - - - - - 950,427
Interest income 2,636,632 17,243 65,338 1,765 43,764 - 2,764,742
Dividend income - 84,713 1,488,138 31,625 81,146 - 1,685,622
Participant loans - - - - - 2,508,248 2,508,248
Participant loan repayments 739,958 68,221 306,236 5,548 171,996 - 1,291,959
Net increase in fair value
of investments - 78,074 - - 771,253 - 849,327
----------- ---------- ----------- -------- ---------- ---------- -----------
TOTAL ADDITIONS 18,968,807 756,995 5,087,042 882,464 2,531,719 2,508,248 30,735,275
----------- ---------- ----------- -------- ---------- ---------- -----------
DEDUCTIONS:
Withdrawals 2,543,536 260,468 632,207 11,996 299,032 69,940 3,817,179
Transfer of participant
balances 5,912,968 431,127 - 39 - 7,071 6,351,205
Transfer to Commtron
Corporation benefit plan 3,415,983 631,042 1,607,603 - 324,102 491,317 6,470,047
Administrative expenses 82,414 - - - - - 82,414
Participant loans 2,006,571 179,826 321,851 - - - 2,508,248
Participant loan repayments - - - - - 1,291,959 1,291,959
Net decrease in fair value
of investments - - 825,975 6,250 - - 832,225
----------- ---------- ----------- -------- ---------- ---------- -----------
TOTAL DEDUCTIONS 13,961,472 1,502,463 3,387,636 18,285 623,134 1,860,287 21,353,277
----------- ---------- ----------- -------- ---------- ---------- -----------
NET INCREASE (DECREASE) 5,007,335 (745,468) 1,699,406 864,179 1,908,585 647,961 9,381,998
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT BEGINNING OF YEAR 29,183,884 2,991,677 8,824,543 - 3,276,170 2,803,006 47,079,280
----------- ---------- ----------- -------- ---------- ---------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $34,191,219 $2,246,209 $10,523,949 $864,179 $5,184,755 $3,450,967 $56,461,278
=========== ========== =========== ======== ========== ========== ===========
<FN>
See accompanying notes to financial statements.
- -----------------------------------------------------------------------------------------------------------------------------
9
</TABLE>
<PAGE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
=====================================================
NOTES TO FINANCIAL STATEMENTS
-----------------------------
FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
----------------------------------------------------
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 1994. 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, 1994, 1993 and 1992, expenses of $231,904, $41,121 and
$82,414, respectively, were paid by forfeitures of Employer
contributions.
10
<PAGE>
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 market value. The Bergen Brunswig Fixed Fund, formerly
the Guaranteed Income Fund (see Note 4.), is stated at contract value
11
<PAGE>
which approximates market 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 7.00% to 12.00%, and are stated at cost, which
approximates market value.
The number of participants in each fund was as follows:
<TABLE>
<CAPTION>
December 31,
------------------
1994 1993
------ ------
<S> <C> <C>
Bergen Brunswig Fixed Fund 2,619 -
Guaranteed Income Fund - 4,403
Fidelity Magellan Diversified
Equity Fund 2,139 2,070
George Putnam Fund 972 957
Company Stock Fund 1,509 1,530
Merrill Lynch Global
Allocation Fund, Inc. 386 -
Merrill Lynch Equity Index Trust 117 -
Merrill Lynch Capital Fund, Inc. 297 -
Merrill Lynch Corporate
Bond Fund, Inc. 289 -
Merrill Lynch Retirement
Preservation Trust 2,810 -
Participant Loans 1,367 1,153
</TABLE>
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
<PAGE>
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. Benefits Payable
----------------
In 1993, the Plan changed its method of accounting for benefits
payable to participants to comply with the 1993 AICPA Audit and
Accounting Guide, "Audits of Employee Benefit Plans." The new
guidance requires that benefits payable to participants who have
withdrawn from a defined contribution plan be disclosed in the
footnotes to the financial statements rather than be recorded as a
liability of the plan. As of December 31, 1994 and 1993, net assets
available for plan benefits included benefits of $631,218 and
$1,412,810, respectively, due to participants who have withdrawn from
the Plan.
H. Other
-----
Certain reclassifications have been made in the 1993 and 1992
financial statements and notes to conform to 1994 presentations.
13
<PAGE>
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
December 9, 1985, 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. The Plan has been amended since receiving
the determination letter and has requested a new determination letter.
However, the Plan administrator and the Plan's tax counsel believe that the
Plan is currently designed and being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore, they
believe that the Plan was qualified and the related trust was tax exempt as
of the financial statement date.
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
Except as noted in 5. below, no new Guaranteed Investment Contracts were
added to the Bergen Brunswig Fixed Fund, formerly the Guaranteed Income
Fund, during 1992, 1993 and 1994. The expiration of a Guaranteed
Investment Contract ("GIC") with IDS Life Insurance Company and lower money
market fund rates contributed to a decrease in the combined guaranteed
interest rate from 8.98% to 8.21% per annum during 1992. Allocation of
investments into a guaranteed investment contract 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 Guaranteed Investment Contracts 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.
14
<PAGE>
Effective July 1, 1992, the Plan was amended to entitle participants to
defer 2% to 11% of their compensation through contributions to the Plan.
During March 1994, the Plan was amended to entitle participants to defer 1%
to 15% of their compensation through contributions to the Plan.
Effective October 1, 1992, the George Putnam Fund was added as another
investment option.
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.
5. OTHER
Effective December 31, 1991, the Employer elected to terminate the Bergen
Brunswig Retirement Plan ("Retirement Plan"). An option was given to
Retirement Plan participants to transfer their accrued retirement benefit
into the Plan after receiving a refund of their own contributions. During
1992, this option was exercised by 187 Retirement Plan participants and, as
a result, an aggregate amount of $4,861,763 was transferred into the
Guaranteed Income Fund investment of the Plan. A commingled Guaranteed
Investment Contract pool with the Putnam Fiduciary Trust Company GIC Fund
was established and designated as the investment for this transfer. This
investment was frozen with respect to any future contribution elections.
During December 1993, account balances in the Putnam Fiduciary Trust
Company GIC Fund were transferred into the Merrill Lynch Retirement
Preservation Trust.
15
<PAGE>
On February 28, 1992, the Employer acquired substantially all of the net
assets and business of the pharmaceutical distribution segment of Owens &
Minor, Inc. Employees of Owens & Minor, Inc. became eligible to
participate in the Plan on March 1, 1992.
On June 19, 1992, the Employer sold its 81%-owned subsidiary, Commtron
Corporation, to Ingram Industries, Inc.
On October 5, 1992, the Employer acquired substantially all of the
outstanding shares of stock of Durr-Fillauer Medical, Inc. ("Durr").
Employees of Durr became eligible to participate in the Plan on April 1,
1993.
On November 18, 1992, the Employer acquired all of the outstanding shares
of stock of Dr. T.C. Smith Company ("T.C. Smith"). Employees of T.C. Smith
became eligible to participate in the Plan on January 1, 1993.
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. Rollovers to
the Plan from HDI's 401(k) Plan were made in 1993. As of June 19, 1995,
the aggregate amount of rollovers from HDI's defined benefit plans has not
been determined.
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. As of June 19, 1995, the aggregate amount of rollovers from
Southeastern's benefit plan has not been determined.
16
<PAGE>
6. SUBSEQUENT EVENTS
During January, March and June 1995, selected GICs with Life Insurance
Company of the Southwest and Integrity Life in the Bergen Brunswig Fixed
Fund were surrendered at contract value.
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. As of June 19, 1995, the
aggregate amount of rollovers from B&C's benefit plan has not been
determined.
17
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 1
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1994
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION OF
ASSET INVESTMENT MARKET COST
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BERGEN BRUNSWIG FIXED FUND Schedule $30,050,462 $30,050,462
FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND Schedule 26,637,707 28,062,388
GEORGE PUTNAM FUND Schedule 7,648,841 8,139,719
COMPANY STOCK FUND Schedule 9,279,647 8,283,143
MERRILL LYNCH GLOBAL ALLOCATION FUND, INC. Schedule 1,497,557 1,620,230
MERRILL LYNCH EQUITY INDEX TRUST Schedule 178,255 175,248
MERRILL LYNCH CAPITAL FUND, INC. Schedule 921,861 990,356
MERRILL LYNCH CORPORATE BOND FUND, INC. Schedule 800,648 844,674
MERRILL LYNCH RETIREMENT PRESERVATION TRUST Schedule 25,074,975 25,074,975
PARTICIPANT LOANS Schedule 6,859,207 6,859,207
------------ ------------
TOTAL INVESTMENTS $108,949,160 $110,100,402
============ ============
18
</TABLE>
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 1 (DETAIL)
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
DETAIL - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1994
<CAPTION>
- -----------------------------------------------------------------------------------------------
SHARES DESCRIPTION MARKET COST
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BERGEN BRUNSWIG FIXED FUND
--------------------------
11,917,306 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 11,917,306 $ 11,917,306
PARTN IN GROUP ANNUITY CONTRACT
#SP709398 WITH LIFE INSURANCE
COMPANY OF THE SOUTHWEST
1,442,947 6.75% 12/29/2002 1,442,947 1,442,947
PARTN IN GROUP ANNUITY CONTRACT
#2425051.71L WITH LIFE OF VIRGINIA
3,385,910 6.65% 12/31/2037 3,385,910 3,385,910
PARTN IN GROUP ANNUITY CONTRACT
#I90390164 WITH SHEARSON/INTEGRITY LIFE
1,292,077 6.00% 1/26/2039 1,292,077 1,292,077
PARTN IN GROUP ANNUITY CONTRACT
#I90390938 WITH INTEGRITY LIFE
1,377,002 9.25% 1/26/2039 1,377,002 1,377,002
PARTN IN GROUP ANNUITY CONTRACT
#I90391310 WITH INTEGRITY LIFE
688,477 6.00% 08/31/2038 688,477 688,477
19
</TABLE>
<PAGE>
<TABLE>
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, 1994
<CAPTION>
- -----------------------------------------------------------------------------------------------
SHARES DESCRIPTION MARKET COST
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PARTN IN GROUP ANNUITY CONTRACT
WITH INTEGRITY LIFE (SPDA)
2,890,190 #I90391602 9.25% 11/02/2038 2,890,190 2,890,190
PARTN IN GROUP ANNUITY CONTRACT
#GA 8939 WITH HARTFORD LIFE INS. CO.
4,327,935 9.25% 11/8/1995 4,327,935 4,327,935
PARTN IN GROUP ANNUITY CONTRACT
#I90391134 WITH INTEGRITY LIFE
2,728,618 9.25% 06/29/2038 2,728,618 2,728,618
------------ ------------
$ 30,050,462 $ 30,050,462
============ ============
FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND
-----------------------------------------
398,768 FIDELITY MAGELLAN FUND INC. COMMON $ 26,637,707 $ 28,062,388
============ ============
GEORGE PUTNAM FUND
------------------
592,474 GEORGE PUTNAM FUND OF BOSTON $ 7,648,841 $ 8,139,719
============ ============
20
</TABLE>
<PAGE>
<TABLE>
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, 1994
<CAPTION>
- -----------------------------------------------------------------------------------------------
SHARES DESCRIPTION MARKET COST
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMPANY STOCK FUND
------------------
BERGEN BRUNSWIG CORPORATION
444,534 CLASS A COMMON STOCK $ 9,279,647 $ 8,283,143
============ ============
122,449 MERRILL LYNCH ALLOCATION FUND CLASS A $ 1,497,557 $ 1,620,230
------------------------------------- ============ ============
6,101 MERRILL LYNCH EQUITY INDEX TRUST 1 $ 178,255 $ 175,248
---------------------------------- ============ ============
35,870 MERRILL LYNCH CAPITAL FUND CLASS A $ 921,861 $ 990,356
---------------------------------- ============ ============
MERRILL LYNCH CORPORATE BOND
----------------------------
75,533 INVESTMENT GRADE CLASS A $ 800,648 $ 844,674
------------------------ ============ ============
25,074,975 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 25,074,975 $ 25,074,975
------------------------------------------- ============ ============
21
</TABLE>
<PAGE>
<TABLE>
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, 1994
<CAPTION>
- -----------------------------------------------------------------------------------------------
SHARES DESCRIPTION MARKET COST
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PARTICIPANT LOANS
-----------------
PROMISSORY NOTES
VARIOUS DUE DATES:
AT 12.00% INTEREST $ 3,376 $ 3,376
AT 11.50% INTEREST 9,538 9,538
AT 11.00% INTEREST 53,310 53,310
AT 10.50% INTEREST 28,174 28,174
AT 10.00% INTEREST 65,776 65,776
AT 9.50% INTEREST 272,688 272,688
AT 9.00% INTEREST 47,017 47,017
AT 8.75% INTEREST 879,019 879,019
AT 8.50% INTEREST 25,594 25,594
AT 8.40% INTEREST 6,484 6,484
AT 8.25% INTEREST 1,142,847 1,142,847
AT 8.15% INTEREST 10,240 10,240
AT 7.75% INTEREST 305,296 305,296
AT 7.50% INTEREST 353,276 353,276
AT 7.25% INTEREST 708,872 708,872
AT 7.00% INTEREST 2,947,700 2,947,700
------------ ------------
$ 6,859,207 $ 6,859,207
============ ============
22
</TABLE>
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 2
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
- ------------------------------------------------------------------------------------------------------
ISSUE TRADE TYPE NO. OF TRADES AMOUNT LOSS
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BERGEN BRUNSWIG FIXED FUND Purchases 250 $70,754,840
Sales 498 7,398,787
DIVERSIFIED EQUITY FUNDS:
FIDELITY MAGELLAN Purchases 551 59,138,019
DIVERSIFIED EQUITY FUND Sales 501 6,937,465 $ 222,186
GEORGE PUTNAM FUND Purchases 329 17,790,137
Sales 330 2,700,098 56,879
MERRILL LYNCH RETIREMENT Purchases 667 54,440,912
PRESERVATION TRUST Sales 510 9,588,398
23
</TABLE>
<PAGE>
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 19, 1995
24
<PAGE>
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 19,
1995 appearing in this Annual Report on Form 11-K of Bergen Brunswig Pre-Tax
Investment Retirement Account for the year ended December 31, 1994.
/s/ Deloitte & Touche LLP
- ----------------------------
Costa Mesa, California
June 28, 1995
25
