================================================================================
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
For the fiscal year ended______________________
OR
[ x ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from January 1, 1997 to September 29, 1997
--------------- ------------------
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 September 29, 1997 and December 31, 1996 5
Statements of Changes in Net Assets Available
for Benefits for the Period from January 1, 1997
to September 29, 1997 and for the Years Ended
December 31, 1996 and 1995 7
Notes to Financial Statements 10
SUPPLEMENTAL SCHEDULES:
1. Line 27a - Schedule of Assets Held for
Investment Purposes at September 29, 1997 16
2. Line 27d - Schedule of Reportable Transactions
for the Period from January 1, 1997
to September 29, 1997 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
September 29, 1997 and December 31, 1996, and the related statements of changes
in net assets available for benefits for the period from January 1, 1997 to
September 29, 1997 and each of the two 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 September 29,
1997 and December 31, 1996, and the changes in net assets available for benefits
for the period from January 1, 1997 to September 29, 1997 and the two 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 September 29, 1997, and (2) Line 27d - Schedule of
Reportable Transactions for the period from January 1, 1997 to September 29,
1997 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
3
<PAGE>
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 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
March 19, 1998
4
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AT SEPTEMBER 29, 1997
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------------------------------
MERRILL
GEORGE LYNCH MERRILL MERRILL
FIDELITY PUTNAM COMPANY GLOBAL LYNCH LYNCH
MAGELLAN FUND STOCK ALLOCATION EQUITY INDEX CAPITAL
FUND CLASS A FUND FUND A TRUST 1 FUND A
------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments $51,755,416 $15,416,700 $27,237,361 $7,146,207 $10,709,602 $6,564,033
Interfund transfers
receivable 27,433 7,607 11,513 4,661 5,065 2,866
Contributions receivable 136,729 43,112 64,624 29,955 42,729 26,176
Interest and dividend
income receivable 8,153 2,416 4,025 1,544 1,421 987
-------------- ------------ ------------ ------------ ------------ ------------
TOTAL ASSETS 51,927,731 15,469,835 27,317,523 7,182,367 10,758,817 6,594,062
-------------- ------------ ------------ ------------ ------------ ------------
LIABILITIES:
Interfund transfers
payable - - - - - -
-------------- ------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES - - - - - -
-------------- ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS $51,927,731 $15,469,835 $27,317,523 $7,182,367 $10,758,817 $6,594,062
============== ============ ============ ============ ============ ============
- --------------------------------------------------------------------------------------------------------------------------
5
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (Continued)
AT SEPTEMBER 29, 1997
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-------------------------------------------------------------------------------------------
MERRILL
LYNCH MERRILL
CORPORATE LYNCH MERRILL TEMPLETON
BOND FUND RETIREMENT LYNCH FOREIGN AIM
INVESTMENT PRESERVATION GROWTH FUND CONSTELLATION PARTICIPANT
GRADE A TRUST FUND A CLASS 1 FUND A LOANS TOTAL
----------- ------------ ---------- --------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments $3,141,531 $60,326,647 $1,755,018 $767,411 $994,710 $10,695,970 $196,510,606
Interfund transfers
receivable 1,910 38,906 1,345 692 472 - 102,470
Contributions receivable 13,162 214,060 10,402 4,057 4,772 - 589,778
Interest and dividend
income receivable 664 12,832 513 243 263 - 33,061
----------- ------------ ---------- --------- ------------- ----------- ------------
TOTAL ASSETS 3,157,267 60,592,445 1,767,278 772,403 1,000,217 10,695,970 197,235,915
----------- ------------ ---------- --------- ------------- ----------- ------------
LIABILITIES:
Interfund transfers
payable - - - - - 102,470 102,470
----------- ------------ ---------- --------- ------------- ----------- ------------
TOTAL LIABILITIES - - - - - 102,470 102,470
----------- ------------ ---------- --------- ------------- ----------- ------------
NET ASSETS AVAILABLE
FOR BENEFITS $3,157,267 $60,592,445 $1,767,278 $772,403 $1,000,217 $10,593,500 $197,133,445
=========== ============ ========== ========= ============= =========== ============
- --------------------------------------------------------------------------------------------------------------------------
5a
</TABLE>
<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
GEORGE LYNCH MERRILL
FIDELITY PUTNAM COMPANY GLOBAL LYNCH
MAGELLAN FUND STOCK ALLOCATION EQUITY INDEX
FUND CLASS A FUND FUND A TRUST 1
------------ ----------- ------------ ------------ ------------
<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
============ =========== ============ ============ ============
- ---------------------------------------------------------------------------------------------------------
6
</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
LYNCH MERRILL
MERRILL CORPORATE LYNCH
LYNCH BOND FUND RETIREMENT
CAPITAL INVESTMENT PRESERVATION PARTICIPANT
FUND A GRADE A TRUST LOANS TOTAL
----------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
ASSETS: $5,456,072 $3,419,808 $60,331,108 $8,749,423 $160,343,729
Investments
Interfund transfers 1,810 1,199 15,565 - 54,510
receivable 25,942 15,875 139,263 - 481,493
Contributions receivable
Interest and dividend 624 398 60,252 - 73,744
income receivable ----------- ----------- ------------ ------------ -------------
5,484,448 3,437,280 60,546,188 8,749,423 160,953,476
TOTAL ASSETS ----------- ----------- ------------ ------------ -------------
LIABILITIES:
Interfund transfers - - - 54,510 54,510
payable ----------- ----------- ------------ ------------ -------------
- - - 54,510 54,510
TOTAL LIABILITIES ----------- ----------- ------------ ------------ -------------
NET ASSETS AVAILABLE $5,484,448 $3,437,280 $60,546,188 $8,694,913 $160,898,966
FOR BENEFITS =========== =========== ============ ============ =============
- ---------------------------------------------------------------------------------------------------------
6a
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE PERIOD FROM JANUARY 1, 1997 TO SEPTEMBER 29, 1997
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-------------------------------------------------------------------------------------
MERRILL
GEORGE LYNCH MERRILL MERRILL
FIDELITY PUTNAM COMPANY GLOBAL LYNCH LYNCH
MAGELLAN FUND STOCK ALLOCATION EQUITY INDEX CAPITAL
FUND CLASS A FUND FUND A TRUST 1 FUND A
------------ ------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Contributions:
Participants $ 2,403,471 $ 812,270 $ 898,476 $ 599,412 $ 883,756 $ 490,868
Employer 717,663 227,103 301,793 156,808 174,489 131,852
Transfers of participant balances 4,053,832 1,265,751 5,956,323 1,379,506 4,197,647 737,233
Interest income 169,243 49,113 66,865 27,571 24,202 20,146
Dividend income 1,200,049 357,941 225,375 158,442 - 290,077
Participant loans - - - - - -
Participant loan repayments 736,560 215,274 274,385 121,035 110,656 89,336
Net increase in fair value
of investments 10,294,052 2,161,656 11,744,945 718,615 2,067,365 808,048
------------ ------------ ------------ ----------- ------------ -----------
TOTAL ADDITIONS 19,574,870 5,089,108 19,468,162 3,161,389 7,458,115 2,567,560
------------ ------------ ------------ ----------- ------------ -----------
DEDUCTIONS:
Withdrawals 2,227,203 752,597 785,255 211,352 445,418 175,466
Transfer of participant
balances 7,373,801 1,843,298 6,246,217 1,622,787 1,219,808 1,147,438
Administrative expenses - - - - - -
Participant loans 1,374,736 298,979 - 225,009 205,048 135,042
Participant loan repayments - - - - - -
------------ ------------ ------------ ----------- ------------ -----------
TOTAL DEDUCTIONS 10,975,740 2,894,874 7,031,472 2,059,148 1,870,274 1,457,946
------------ ------------ ------------ ----------- ------------ -----------
NET INCREASE (DECREASE) 8,599,130 2,194,234 12,436,690 1,102,241 5,587,841 1,109,614
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING OF PERIOD 43,328,601 13,275,601 14,880,833 6,080,126 5,170,976 5,484,448
------------ ------------ ------------ ----------- ------------ -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF PERIOD $51,927,731 $ 15,469,835 $ 27,317,523 $ 7,182,367 $ 10,758,817 $ 6,594,062
============ ============ ============ =========== ============ ===========
- ----------------------------------------------------------------------------------------------------------------------------------
<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 PERIOD FROM JANUARY 1, 1997 TO SEPTEMBER 29, 1997
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
-----------------------------------------------------------------------------------------------
MERRILL
LYNCH MERRILL
CORPORATE LYNCH MERRILL TEMPLETON
BOND FUND RETIREMENT LYNCH FOREIGN AIM
INVESTMENT PRESERVATION GROWTH FUND CONSTELLATION PARTICIPANT
GRADE A TRUST FUND A CLASS 1 FUND A LOANS TOTAL
----------- ------------ ----------- ----------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Contributions:
Participants $ 272,687 $ 2,645,938 $ 58,857 $ 33,699 $ 26,711 $ - $ 9,126,145
Employer 70,346 1,114,009 12,095 6,535 6,669 - 2,919,362
Transfers of participant balances 225,524 9,077,582 1,911,218 2,025,376 1,313,297 - 32,143,289
Interest income 12,886 2,828,542 2,413 1,981 1,279 - 3,204,241
Dividend income 147,014 - 6,637 - - - 2,385,535
Participant loans - - - - - 4,379,997 4,379,997
Participant loan repayments 50,784 1,020,405 7,679 6,334 4,102 - 2,636,550
Net increase in fair value
of investments 21,386 - 201,570 41,011 67,107 - 28,125,755
----------- ------------ ----------- ----------- ------------- ------------ ------------
TOTAL ADDITIONS 800,627 16,686,476 2,200,469 2,114,936 1,419,165 4,379,997 84,920,874
----------- ------------ ----------- ----------- ------------- ------------ ------------
DEDUCTIONS:
Withdrawals 80,235 4,941,044 - - - (155,140) 9,463,430
Transfer of participant
balances 896,612 9,629,338 422,323 1,334,877 406,790 - 32,143,289
Administrative expenses - 63,129 - - - - 63,129
Participant loans 103,793 2,006,708 10,868 7,656 12,158 - 4,379,997
Participant loan repayments - - - - - 2,636,550 2,636,550
----------- ------------ ----------- ----------- ------------- ------------ ------------
TOTAL DEDUCTIONS 1,080,640 16,640,219 433,191 1,342,533 418,948 2,481,410 48,686,395
----------- ------------ ----------- ----------- ------------- ------------ ------------
NET INCREASE (DECREASE) (280,013) 46,257 1,767,278 772,403 1,000,217 1,898,587 36,234,479
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING OF PERIOD 3,437,280 60,546,188 - - - 8,694,913 160,898,966
----------- ------------ ----------- ----------- ------------- ------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF PERIOD $ 3,157,267 $ 60,592,445 $ 1,767,278 $ 772,403 $1,000,217 $ 10,593,500 $197,133,445
=========== ============ =========== =========== ============= ============ ============
- ----------------------------------------------------------------------------------------------------------------------------------
<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, 1996
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------------------------
MERRILL
BERGEN GEORGE LYNCH MERRILL
BRUNSWIG FIDELITY PUTNAM COMPANY GLOBAL LYNCH
FIXED MAGELLAN FUND STOCK ALLOCATION EQUITY INDEX
FUND FUND CLASS A FUND FUND A 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>
8
</TABLE>
<PAGE>
<TABLE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 1996
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------------------
MERRILL
LYNCH MERRILL
MERRILL CORPORATE LYNCH
LYNCH BOND FUND RETIREMENT
CAPITAL INVESTMENT PRESERVATION PARTICIPANT
FUND A GRADE A 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>
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, 1995
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
----------------------------------------------------------------------------
MERRILL
BERGEN GEORGE LYNCH MERRILL
BRUNSWIG FIDELITY PUTNAM COMPANY GLOBAL LYNCH
FIXED MAGELLAN FUND STOCK ALLOCATION EQUITY INDEX
FUND FUND CLASS A FUND FUND A TRUST 1
----------- ----------- ---------- ----------- ----------- ------------
<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>
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, 1995
<CAPTION>
SUPPLEMENTAL INFORMATION BY FUND
---------------------------------------------------------------------
MERRILL
LYNCH MERRILL
MERRILL CORPORATE LYNCH
LYNCH BOND FUND RETIREMENT
CAPITAL INVESTMENT PRESERVATION PARTICIPANT
FUND A GRADE A 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>
9a
</TABLE>
<PAGE>
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
=====================================================
NOTES TO FINANCIAL STATEMENTS
-----------------------------
FOR THE PERIOD FROM JANUARY 1, 1997
-----------------------------------
TO SEPTEMBER 29, 1997 AND THE
-----------------------------
YEARS ENDED DECEMBER 31, 1996 AND 1995
--------------------------------------
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 30
days 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 2% to 15% of their pre-tax
compensation through contributions to the Plan up to a maximum
of $9,500 in calendar 1997. 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 period from January 1, 1997 to September 29,
1997 and the years ended December 31, 1996 and 1995, expenses
of $63,129, $93,427 and $119,547, 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. Fidelity Magellan Fund (primarily equity securities);
2. George Putnam Fund Class A (primarily debt and equity
securities);
3. Company Stock Fund (Bergen Brunswig Corporation Class
A Common Stock);
4. Merrill Lynch Global Allocation Fund A (primarily
United States and foreign equity, debt and money
market securities);
5. Merrill Lynch Equity Index Trust 1 (primarily equity
securities included in the Standard & Poors 500
Index);
6. Merrill Lynch Capital Fund A (primarily equity, debt,
convertible and money market securities);
7. Merrill Lynch Corporate Bond Fund Investment Grade A
(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);
9. Merrill Lynch Growth Fund A (primarily United States
and foreign equity securities);
10. Templeton Foreign Fund Class I (primarily foreign
debt and equity securities); and
11. AIM Constellation Fund A (primarily securities of
small- and medium-sized companies).
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.
11
<PAGE>
The Fidelity Magellan Fund, the George Putnam Fund Class A,
the Company Stock Fund, the Merrill Lynch Global Allocation
Fund A, the Merrill Lynch Equity Index Trust 1, the Merrill
Lynch Capital Fund A, the Merrill Lynch Corporate Bond Fund
Investment Grade A, the Merrill Lynch Growth Fund A, the
Templeton Foreign Fund Class 1 and the AIM Constellation Fund
A 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.
Participants may borrow against a maximum of 50% of their
interests in the Plan up to $50,000, except that participants
may not borrow against their interest in the Company Stock
Fund. Participants are entitled to hold two loans
simultaneously: a short-term loan (1 to 5 years) and a
long-term loan (5 to 15 years). The long-term loan applies
only to the purchase of a participant's primary residence.
Such loans are shown as separate investments of the Plan, with
interest rates ranging from 6.00% to 12.00%, and are stated at
cost, which approximates fair value.
The number of participants in each fund was as follows:
<TABLE>
<CAPTION>
September 29, December 31,
1997 1996
------------- ------------
<S> <C> <C>
Fidelity Magellan Fund 2,526 2,468
George Putnam Fund Class A 1,258 1,158
Company Stock Fund 1,870 1,682
Merrill Lynch Global
Allocation Fund A 836 746
Merrill Lynch Equity Index Trust 1 780 561
Merrill Lynch Capital Fund A 789 716
Merrill Lynch Corporate
Bond Fund Investment Grade A 561 532
Merrill Lynch Retirement
Preservation Trust 4,452 2,964
Merrill Lynch Growth Fund A 176 -
Templeton Foreign Fund Class 1 100 -
AIM Constellation Fund A 118 -
Participant Loans 1,585 1,520
</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.
12
<PAGE>
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.
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
-----
Cerrtain reclassifications have been made in the 1996 and
1995 financial statements and notes to conform to 1997
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
13
<PAGE>
distribution date. The Plan obtained its latest determination letter on
February 10, 1997, 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 IN PLAN FISCAL YEAR
Effective in September 1997, the Plan changed its fiscal year from a
twelve-month period ending December 31 to a twelve-month period ending
September 29. The Statements of Changes in Net Assets Available for
Plan Benefits are presented for the period from January 1, 1997 to
September 29, 1997 and the twelve-month periods ended December 31, 1996
and 1995.
4. CHANGE IN INVESTMENT OPTIONS
On June 1, 1997, the following investment options were added to the
Plan:
1. Merrill Lynch Growth Fund A (primarily United States and
foreign equity securities);
2. Templeton Foreign Fund Class I (primarily foreign debt and
equity securities); and
3. AIM Constellation Fund A (primarily securities of small- and
medium-sized companies).
No new Guaranteed Investment Contracts ("GICs") were added to the
Bergen Brunswig Fixed Fund, formerly the Guaranteed Income Fund, during
1995, 1996 and 1997. 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.
5. OTHER
Effective July 1, 1997, the Plan was amended to allow employees of the
Employer to join the Plan after they have completed 30 days of service,
and to entitle participants to defer 2% to 15% of their compensation
through contributions to the Plan.
On March 31, 1996, remaining account balances in the Bergen Brunswig
Fixed Fund were transferred into the Merrill Lynch Retirement
Preservation Trust.
14
<PAGE>
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 and defined benefit plan were made in
December 1995 and June 1996, respectively.
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.
15
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 1
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT SEPTEMBER 29, 1997
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
DESCRIPTION OF FAIR
IDENTITY OF ISSUE INVESTMENT VALUE COST
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FIDELITY MAGELLAN FUND Schedule $ 51,755,416 $ 39,795,616
GEORGE PUTNAM FUND CLASS A Schedule 15,416,700 12,337,488
COMPANY STOCK FUND Schedule 27,237,361 14,023,329
MERRILL LYNCH GLOBAL ALLOCATION FUND A Schedule 7,146,207 6,402,150
MERRILL LYNCH EQUITY INDEX TRUST 1 Schedule 10,709,602 8,168,664
MERRILL LYNCH CAPITAL FUND A Schedule 6,564,033 5,701,161
MERRILL LYNCH CORPORATE BOND FUND
INVESTMENT GRADE A Schedule 3,141,531 3,101,482
MERRILL LYNCH RETIREMENT PRESERVATION TRUST Schedule 60,326,647 59,643,799
MERRILL LYNCH GROWTH FUND A Schedule 1,755,018 1,567,644
TEMPLETON FOREIGN FUND CLASS 1 Schedule 767,411 737,457
AIM CONSTELLATION FUND A Schedule 994,710 927,253
PARTICIPANT LOANS Schedule 10,695,970 10,695,970
-------------- ---------------
TOTAL INVESTMENTS $196,510,606 $163,102,013
============== ===============
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 SEPTEMBER 29, 1997
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
516,315 FIDELITY MAGELLAN FUND $ 51,755,416 $ 39,795,616
---------------------- ============== ===============
810,978 GEORGE PUTNAM FUND CLASS A $ 15,416,700 $ 12,337,488
-------------------------- ============== ===============
COMPANY STOCK FUND
------------------
BERGEN BRUNSWIG CORPORATION
670,458 CLASS A COMMON STOCK $ 27,237,361 $ 14,023,329
============== ===============
441,669 MERRILL LYNCH GLOBAL ALLOCATION FUND CLASS A $ 7,146,207 $ 6,402,150
-------------------------------------------- ============== ===============
167,319 MERRILL LYNCH EQUITY INDEX TRUST 1 $ 10,709,602 $ 8,168,664
---------------------------------- ============== ===============
184,954 MERRILL LYNCH CAPITAL FUND CLASS A $ 6,564,033 $ 5,701,161
---------------------------------- ============== ===============
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 SEPTEMBER 29, 1997
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
FAIR
SHARES DESCRIPTION VALUE COST
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MERRILL LYNCH CORPORATE BOND FUND
---------------------------------
275,331 INVESTMENT GRADE CLASS A $ 3,141,531 $ 3,101,482
------------------------ ============== ===============
60,472,675 MERRILL LYNCH RETIREMENT PRESERVATION TRUST $ 60,326,647 $ 59,643,799
------------------------------------------- ============== ===============
52,233 MERRILL LYNCH GROWTH FUND A $ 1,755,018 $ 1,567,644
--------------------------- ============== ===============
63,898 TEMPLETON FOREGIN FUND CLASS 1 $ 767,411 $ 737,457
------------------------------ ============== ===============
31,749 AIM CONSTELLATION FUND A $ 994,710 $ 927,253
------------------------ ============== ===============
PARTICIPANT LOANS
-----------------
PROMISSORY NOTES WITH VARIOUS DUE DATES
AND INTEREST RATES FROM 6.00% TO 12.00%: $ 10,695,970 $ 10,695,970
============== ===============
18
</TABLE>
<PAGE>
<TABLE>
SUPPLEMENTAL SCHEDULE 2
BERGEN BRUNSWIG PRE-TAX INVESTMENT RETIREMENT ACCOUNT
-----------------------------------------------------
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE PERIOD FROM JANUARY 1, 1997 TO SEPTEMBER 29, 1997
- ----------------------------------------------------------------------------------------------------------------
IDENTITY OF ISSUE TRADE TYPE NO. OF TRADES AMOUNT GAIN
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIDELITY MAGELLAN FUND Purchases 617 $ 9,262,352
Sales 565 10,975,740 $1,324,070
COMPANY STOCK FUND Purchases 391 7,701,861
Sales 184 6,919,508 2,087,726
MERRILL LYNCH RETIREMENT Purchases 773 16,275,119
PRESERVATION TRUST Sales 582 16,513,713 -
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
March 19, 1998
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 March
19, 1998, appearing in this Annual Report on Form 11-K of Bergen Brunswig
Pre-Tax Investment Retirement Account for the period from January 1, 1997 to
September 29, 1997.
/s/ Deloitte & Touche LLP
Costa Mesa, California
March 25, 1998
