TOTAL NUMBER OF
PAGES INCLUDED IN THIS
ANNUAL REPORT IS 21.
================================================================================
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
For the fiscal year ended DECEMBER 31, 1996
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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
<PAGE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
================================================================================
INDEX
-----
PAGE NO.
--------
INDEPENDENT AUDITORS' REPORT 3
FINANCIAL STATEMENTS:
Statements of Net Assets Available for
Benefits at December 31, 1996 and 1995 5
Statements of Changes in Net Assets
Available for Benefits for the Years Ended
December 31, 1996, 1995 and 1994 7
Notes to Financial Statements 10
SUPPLEMENTAL SCHEDULES:
1. Line 27a - Schedule of Assets Held for
Investment Purposes at December 31, 1996 16
2. Line 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996 19
SUPPLEMENTAL SCHEDULES OMITTED
------------------------------
Supplemental schedules not listed above are omitted because of the absence of
conditions under which they are required.
SIGNATURE 20
INDEPENDENT AUDITORS' CONSENT - Exhibit 23 21
2
<PAGE>
INDEPENDENT AUDITORS' REPORT
================================================================================
Bergen Brunswig Pre-Tax Investment
Retirement Account:
We have audited the accompanying statements of net assets available for benefits
of Bergen Brunswig Pre-Tax Investment Retirement Account (the Plan) as of
December 31, 1996 and 1995, and the related statements of changes in net assets
available for benefits for each of the three years in the period ended December
31, 1996. 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 benefits of the Plan at December 31, 1996
and 1995, and the changes in net assets available for benefits for each of the
three years in the period ended December 31, 1996 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 benefits and changes in net assets available for benefits of the individual
funds, and is not a required part of the basic financial statements. Also, the
accompanying supplemental schedules of (1) Line 27a - Schedule of Assets Held
for Investment Purposes at December 31, 1996, and (2) Line 27d - Schedule of
Reportable Transactions for the year ended December 31, 1996 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 and supplemental schedules are the responsibility of the Plan's
management. Such supplemental information by fund and
3
<PAGE>
supplemental schedules have been subjected to the auditing procedures applied in
our audits 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 6, 1997
4
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 1996
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
======================================================================
MERRILL
FIDELITY LYNCH MERRILL
MAGELLAN GEORGE COMPANY GLOBAL LYNCH
DIVERSIFIED PUTNAM STOCK ALLOCATION EQUITY INDEX
EQUITY FUND FUND FUND FUND, INC. TRUST
----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments $43,174,752 $13,229,541 $14,822,027 $6,043,308 $5,117,690
Interfund transfers
receivable 17,373 4,847 6,448 2,106 5,162
Contributions receivable 131,108 39,621 50,254 33,941 45,489
Interest and dividend
income receivable 5,368 1,592 2,104 771 2,635
----------- ----------- ----------- ---------- ----------
TOTAL ASSETS 43,328,601 13,275,601 14,880,833 6,080,126 5,170,976
----------- ----------- ----------- ---------- ----------
LIABILITIES:
Interfund transfers
payable - - - -
----------- ----------- ----------- ---------- ----------
TOTAL LIABILITIES - - - - -
----------- ----------- ----------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $43,328,601 $13,275,601 $14,880,833 $6,080,126 $5,170,976
=========== =========== =========== ========== ==========
<FN>
See accompanying notes to financial statements.
</FN>
- --------------------------------------------------------------------------------------------------------
5
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (CONTINUED)
AT DECEMBER 31, 1996
<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 $5,456,072 $3,419,808 $60,331,108 $8,749,423 $160,343,729
Interfund transfers
receivable 1,810 1,199 15,565 - 54,510
Contributions receivable 25,942 15,875 139,263 - 481,493
Interest and dividend
income receivable 624 398 60,252 - 73,744
---------- ---------- ----------- ---------- ------------
TOTAL ASSETS 5,484,448 3,437,280 60,546,188 8,749,423 160,953,476
---------- ---------- ----------- ---------- ------------
LIABILITIES:
Interfund transfers
payable - - - 54,510 54,510
---------- ---------- ----------- ---------- ------------
TOTAL LIABILITIES - - - 54,510 54,510
---------- ---------- ----------- ---------- ------------
NET ASSETS AVAILABLE
FOR BENEFITS $5,484,448 $3,437,280 $60,546,188 $8,694,913 $160,898,966
========== ========== =========== ========== ============
<FN>
See accompanying notes to financial statements.
</FN>
- ------------------------------------------------------------------------------------------------------------------
5a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 1995
<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 $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 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>
- -----------------------------------------------------------------------------------------------------------------
6
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (CONTINUED)
AT DECEMBER 31, 1995
<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 $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 BENEFITS $2,648,320 $1,576,042 $32,745,070 $8,061,346 $134,546,097
========== ========== =========== ========== ============
<FN>
See accompanying notes to financial statements.
</FN>
- ----------------------------------------------------------------------------------------------------------
6a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
<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 $ - $ 2,981,565 $ 769,417 $ 851,204 $ 455,569 $ 400,665
Employer - 1,037,309 273,198 323,827 155,515 155,765
Other rollovers - 134,883 46,839 22,039 81,063 38,301
Transfer from Colonial 401(k) plan - 1,868,799 799,475 256,439 957,657 1,499,564
Transfer from B&C defined benefit plan - 15,768 11,518 7,077 1,825 9,019
Transfers of participant balances 1,457 5,899,635 1,399,885 3,411,886 1,922,961 2,967,327
Interest income 393,019 216,649 58,688 68,688 25,064 18,757
Dividend income - 6,599,683 1,153,937 223,110 555,562 17,408
Participant loans - - - - - -
Participant loan repayments - 913,501 215,275 274,835 96,057 83,862
Net increase in fair value
of investments - - 637,622 1,774,607 134,572 785,839
------------ ----------- ----------- ----------- ---------- ----------
TOTAL ADDITIONS 394,476 19,667,792 5,365,854 7,213,712 4,385,845 5,976,507
------------ ----------- ----------- ----------- ---------- ----------
DEDUCTIONS:
Withdrawals 465,940 2,830,677 504,719 708,887 234,993 568,443
Transfer of participant
balances 26,359,126 7,951,574 1,025,695 2,927,807 794,196 1,257,857
Administrative expenses - - - - - -
Participant loans 141,987 1,491,949 354,666 - 115,035 119,048
Participant loan repayments - - - - - -
Net decrease in fair value
of investments - 1,930,769 - - - -
------------ ----------- ----------- ----------- ---------- ----------
TOTAL DEDUCTIONS 26,967,053 14,204,969 1,885,080 3,636,694 1,144,224 1,945,348
------------ ----------- ----------- ----------- ---------- ----------
NET INCREASE (DECREASE) (26,572,577) 5,462,823 3,480,774 3,577,018 3,241,621 4,031,159
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING OF YEAR 26,572,577 37,865,778 9,794,827 11,303,815 2,838,505 1,139,817
------------ ----------- ----------- ----------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $ - $43,328,601 $13,275,601 $14,880,833 $6,080,126 $5,170,976
============ =========== =========== =========== ========== ==========
<FN>
See accompanying notes to financial statements.
</FN>
- --------------------------------------------------------------------------------------------------------------------------
7
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1996
<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 $ 458,509 $ 266,181 $ 3,477,456 $ - $ 9,660,566
Employer 158,287 95,748 1,339,991 - 3,539,640
Other rollovers 48,420 58,874 108,028 - 538,447
Transfer from Colonial 401(k) plan 1,523,486 1,041,104 2,392,322 - 10,338,846
Transfer from B&C defined benefit plan 17,505 - 164,049 - 226,761
Transfers of participant balances 1,091,739 925,515 34,371,294 - 51,991,699
Interest income 22,376 16,063 3,540,190 - 4,359,494
Dividend income 542,611 194,406 - - 9,286,717
Participant loans - - - 4,488,333 4,488,333
Participant loan repayments 95,838 67,119 1,314,503 - 3,060,990
Net increase in fair value
of investments 97,213 - - - 3,429,853
---------- ---------- ----------- ---------- -----------
TOTAL ADDITIONS 4,055,984 2,665,010 46,707,833 4,488,333 100,921,346
---------- ---------- ----------- ---------- -----------
DEDUCTIONS:
Withdrawals 277,604 99,731 6,471,155 793,776 12,955,925
Transfer of participant
balances 815,812 536,867 10,322,765 - 51,991,699
Administrative expenses - - 93,427 - 93,427
Participant loans 126,440 119,840 2,019,368 - 4,488,333
Participant loan repayments - - - 3,060,990 3,060,990
Net decrease in fair value
of investments - 47,334 - - 1,978,103
---------- ---------- ----------- ---------- ------------
TOTAL DEDUCTIONS 1,219,856 803,772 18,906,715 3,854,766 74,568,477
---------- ---------- ----------- ---------- ------------
NET INCREASE (DECREASE) 2,836,128 1,861,238 27,801,118 633,567 26,352,869
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING OF YEAR 2,648,320 1,576,042 32,745,070 8,061,346 134,546,097
---------- ---------- ----------- ---------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $5,484,448 $3,437,280 $60,546,188 $8,694,913 $160,898,966
========== ========== =========== ========== ============
<FN>
See accompanying notes to financial statements.
</FN>
- -------------------------------------------------------------------------------------------------------------
7a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1995
<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 $ - $ 2,608,218 $ 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
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
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>
- ---------------------------------------------------------------------------------------------------------------------------
8
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1995
<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 $ 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
BENEFITS AT BEGINNING OF YEAR 937,549 811,575 25,246,107 6,823,061 109,319,744
---------- ---------- ----------- ---------- ------------
NET ASSETS AVAILABLE FOR
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>
- -----------------------------------------------------------------------------------------------------------
8a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR 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
BENEFITS AT BEGINNING OF YEAR 34,817,459 24,661,318 8,002,771 6,794,932 - -
----------- ----------- ---------- ---------- ---------- --------
NET ASSETS AVAILABLE FOR
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>
===================================================================================================================
9
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR 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
---------- ---------- ------------ ----------- ------------
<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
BENEFITS AT BEGINNING OF YEAR - - 22,216,079 4,960,234 101,452,793
---------- ---------- ----------- ----------- ------------
NET ASSETS AVAILABLE FOR
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>
===================================================================================================================
9a
</TABLE>
<PAGE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
=====================================================
NOTES TO FINANCIAL STATEMENTS
-----------------------------
FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
----------------------------------------------------
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
$9,500 in 1996. 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, 1996, 1995 and 1994, expenses of $93,427, $119,547 and
$231,904, 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 fair value. Investment transactions are recorded on a
trade-date basis.
11
<PAGE>
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 11.00%, and are stated at cost,
which approximates fair value.
The number of participants in each fund was as follows:
<TABLE>
<CAPTION>
DECEMBER 31,
------------
1996 1995
---- ----
<S> <C> <C>
Fidelity Magellan Diversified
Equity Fund 2,468 2,169
George Putnam Fund 1,158 942
Company Stock Fund 1,682 1,459
Merrill Lynch Global
Allocation Fund, Inc. 746 465
Merrill Lynch Equity Index Trust 561 266
Merrill Lynch Capital Fund, Inc. 716 463
Merrill Lynch Corporate
Bond Fund, Inc. 532 385
Merrill Lynch Retirement
Preservation Trust 2,964 2,671
Participant Loans 1,520 1,421
Bergen Brunswig Fixed Fund - 2,236
</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 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 retire or terminate
employment prior to retirement may elect to receive the vested
portion of their accounts in a lump sum distribution or leave the
vested portion of their accounts in the Plan if such accounts
aggregate $3,500 or more. Participants are 100% vested in their own
contributions at all times.
12
<PAGE>
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 1995 and 1994
financial statements and notes to conform to 1996 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.
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.
13
<PAGE>
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 1994,
1995 and 1996. 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.
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
On March 31, 1996, remaining account balances in the Bergen Brunswig Fixed
Fund were transferred into the Merrill Lynch Retirement Preservation
Trust.
During February 1996, the GIC with Life of Virginia in the Bergen Brunswig
Fixed Fund was 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. Rollovers to the Plan from
B&C's 401(k) Plan were made in December 1995. The aggregate amount of
rollovers from B&C's defined benefit plan was made during June 1996.
14
<PAGE>
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
including participant loans were made during April 1996.
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.
6. SUBSEQUENT EVENT
On June 1, 1997, the following investment options were added to the Plan:
1. Merrill Lynch Growth Fund (Class A Shares) (primarily
United States and foreign equity securities);
2. Templeton Foreign Fund (Class I Shares) (primarily
foreign debt and equity securities); and
3. AIM Constellation Fund (Class A Shares) (primarily
securities of small- and medium-sized companies).
15
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 1
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1996
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
DESCRIPTION OF FAIR
IDENTITY OF ISSUE INVESTMENT VALUE COST
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND Schedule $ 43,174,752 $ 40,184,933
GEORGE PUTNAM FUND Schedule 13,229,541 11,826,388
COMPANY STOCK FUND Schedule 14,822,027 11,197,431
MERRILL LYNCH GLOBAL ALLOCATION FUND, INC. Schedule 6,043,308 5,864,806
MERRILL LYNCH EQUITY INDEX TRUST Schedule 5,117,690 4,363,940
MERRILL LYNCH CAPITAL FUND, INC. Schedule 5,456,072 5,269,223
MERRILL LYNCH CORPORATE BOND FUND, INC. Schedule 3,419,808 3,400,331
MERRILL LYNCH RETIREMENT PRESERVATION TRUST Schedule 60,331,108 60,331,108
PARTICIPANT LOANS Schedule 8,749,423 8,749,423
---------------- ---------------
TOTAL INVESTMENTS $160,343,729 $151,187,583
================ ===============
16
</TABLE>
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 1 (DETAIL)
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
DETAIL - LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1996
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FIDELITY MAGELLAN DIVERSIFIED EQUITY FUND
-----------------------------------------
535,335 FIDELITY MAGELLAN FUND INC. COMMON $ 43,174,752 $ 40,184,933
================ ===============
GEORGE PUTNAM FUND
------------------
806,679 GEORGE PUTNAM FUND OF BOSTON $ 13,229,541 $ 11,826,388
================ ===============
COMPANY STOCK FUND
------------------
BERGEN BRUNSWIG CORPORATION
515,549 CLASS A COMMON STOCK $ 14,822,027 $ 11,197,431
================ ===============
415,348 MERRILL LYNCH GLOBAL ALLOCATION FUND CLASS A $ 6,043,308 $ 5,864,806
-------------------------------------------- ================ ===============
104,101 MERRILL LYNCH EQUITY INDEX TRUST 1 $ 5,117,690 $ 4,363,940
---------------------------------- ================ ===============
175,719 MERRILL LYNCH CAPITAL FUND CLASS A $ 5,456,072 $ 5,269,223
---------------------------------- ================ ===============
17
</TABLE>
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 1 (DETAIL), CONTINUED
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
DETAIL - LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1996
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MERRILL LYNCH CORPORATE BOND
----------------------------
302,103 INVESTMENT GRADE CLASS A $ 3,419,808 $ 3,400,331
------------------------ ================ ===============
60,331,108 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 60,331,108 $ 60,331,108
------------------------------------------- ================ ===============
PARTICIPANT LOANS
-----------------
PROMISSORY NOTES WITH VARIOUS DUE DATES
AND INTEREST RATES FROM 6.00% TO 11.00%: $ 8,749,423 $ 8,749,423
================ ===============
18
</TABLE>
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 2
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
IDENTITY OF ISSUE TRADE TYPE NO. OF TRADE AMOUNT GAIN
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BERGEN BRUNSWIG FIXED FUND Purchases 108 $394,476
Sales 191 26,967,053
FIDELITY MAGELLAN Purchases 735 19,670,511
DIVERSIFIED EQUITY FUND Sales 710 12,281,640 $349,092
MERRILL LYNCH RETIREMENT Purchases 926 46,617,457
PRESERVATION TRUST Sales 740 18,847,101
MERRILL LYNCH EQUITY INDEX TRUST Purchases 379 5,150,845
Sales 265 1,945,349 162,691
COMPANY STOCK FUND Purchases 468 5,423,536
Sales 215 3,636,694 753,143
19
</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 6, 1997
20
<PAGE>
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 6,
1997, appearing in this Annual Report on Form 11-K of Bergen Brunswig Pre-Tax
Investment Retirement Account for the year ended December 31, 1996.
/s/ Deloitte & Touche LLP
Costa Mesa, California
June 25, 1997
21