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, 1993
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from
to
----------- ------------
COMMISSION FILE NUMBER 1-1136
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
BRISTOL-MYERS SQUIBB COMPANY SAVINGS AND INVESTMENT PROGRAM
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
BRISTOL-MYERS SQUIBB COMPANY
345 Park Avenue
New York, New York 10154
<PAGE>
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
DECEMBER 31, 1993
Page No.
-----------
Required Information F-2
Signature F-3
Report of Independent Accountants F-4
Statement of Net Assets - December 31, 1993 and 1992 F-5 to F-6
Statement of Changes in Net Assets - For the Years
Ended December 31, 1993 and 1992 F-7 to F-8
Notes to Financial Statements F-9 to F-20
Schedule I - Schedule of Investments S-1
Exhibit A - Consent of Independent Accountants E-1
F-1
<PAGE>
REQUIRED INFORMATION
1. The Financial Statements and Schedule of the Bristol-Myers Squibb Company
Savings and Investment Program prepared in accordance with the financial
reporting requirements of the Employee Retirement Income Security Act of
1974, as amended.
Exhibit A. Consent of Price Waterhouse, Independent Accountants.
F-2
<PAGE>
SIGNATURE
The Program
- - -----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Bristol-Myers Squibb Company Savings Plan Committee has duly caused this annual
report to be signed on its behalf by the undersigned, hereunto duly authorized.
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
Date: June 29, 1994 By: /s/ Michael F. Mee
--------------------- -----------------------------------
Michael F. Mee
Senior Vice President
and Chief Financial Officer
Chairman, Bristol-Myers Squibb
Company Savings Plan Committee
F-3
<PAGE>
To the Participants of the Bristol-Myers
Squibb Company Savings and Investment Program
and the Savings Plan Committee of
Bristol-Myers Squibb Company
Report of Independent Accountants
---------------------------------
In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the net assets of the
Bristol-Myers Squibb Company Savings and Investment Program (the
"Program") at December 31, 1993 and 1992, and the changes in the Program's
net assets for the years then ended, in conformity with generally accepted
accounting principles. These financial statements are the responsibility
of the plan administrator; our responsibility is to express an opinion on
these financial statements based on our audits. We conducted our audits
of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by the plan administrator, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information
included in Schedule I, although required by ERISA, is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. The information in Schedule I has been subjected to
the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
/s/ PRICE WATERHOUSE
- - ---------------------------
PRICE WATERHOUSE
New York, New York
June 8, 1994
F-4
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
STATEMENT OF NET ASSETS
DECEMBER 31, 1993
($000 OMITTED)
<CAPTION>
Fixed Money
Company Diversified Income Market Loan
Total Stock Fund Equity Fund Fund Fund Fund
---------- ---------- ----------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Interest in Master Trust (Notes 1, 2 and 6) $1,374,530 $646,459 $186,367 $526,342 $15,362 -
Loans to participants 26,838 - - - - $26,838
Inter-fund transfers (payable) receivable - (3,576) 1,235 3,140 (149) (650)
---------- -------- -------- -------- ------- -------
Total assets 1,401,368 642,883 187,602 529,482 15,213 26,188
Less:
Withdrawals and distributions payable 7,749 3,709 1,074 2,859 107 -
---------- -------- -------- -------- ------- -------
Net assets $1,393,619 $639,174 $186,528 $526,623 $15,106 $26,188
========== ======== ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-5
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
STATEMENT OF NET ASSETS
DECEMBER 31, 1992
($000 OMITTED)
<CAPTION>
Fixed Money
Company Diversified Income Market Loan
Total Stock Fund Equity Fund Fund Fund Fund
---------- ---------- ----------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Interest in Master Trust (Notes 1, 2, and 6) $1,360,849 $706,115 $157,168 $480,804 $16,762 -
Loans to participants 26,503 - - - - $26,503
Inter-fund transfers (payable) receivable - (28) 69 (129) 98 (10)
---------- -------- -------- -------- ------- -------
Total assets 1,387,352 706,087 157,237 480,675 16,860 26,493
Less:
Withdrawals and distributions payable 6,024 1,696 535 3,738 55 -
---------- -------- -------- -------- ------- -------
Net assets $1,381,328 $704,391 $156,702 $476,937 $16,805 $26,493
========== ======== ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-6
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1993
($000 OMITTED)
<CAPTION>
Fixed Money
Company Diversified Income Market Loan
Total Stock Fund Equity Fund Fund Fund Fund
---------- ---------- ----------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net assets, January 1, 1993 $1,381,328 $704,391 $156,702 $476,937 $16,805 $26,493
Transfer of participants' net interests from
the Bristol-Myers Squibb Company Savings
and Investment Program to the S.C. Johnson
& Son, Inc. Savings Plan (Note 1) (28,603) (14,476) (4,772) (9,047) (308) -
Transfer of participants' net interests
from the Bristol-Myers Squibb Company
Employee Incentive Thrift Plan into
the Bristol-Myers Squibb Company
Savings and Investment Program (Note 1) 395 355 4 30 - 6
Inter-fund transfers - (32,731) 10,639 25,169 (2,766) (311)
Contributions (Notes 1 and 3):
Participants 87,178 43,077 17,631 24,431 2,039 -
Employer 41,297 40,346 241 686 24 -
---------- -------- -------- -------- ------- -------
128,475 83,423 17,872 25,117 2,063 -
---------- -------- -------- -------- ------- -------
Program's share of earnings and net
realized and unrealized (losses)/gains
of interest in Master Trust
(Notes 1, 2 and 6) (8,036) (64,737) 16,444 39,695 562 -
Withdrawals and distributions to
participants (Notes 1, 3 and 4) (79,940) (37,051) (10,361) (31,278) (1,250) -
---------- -------- -------- -------- ------- -------
Net assets, December 31, 1993 $1,393,619 $639,174 $186,528 $526,623 $15,106 $26,188
========== ======== ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-7
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1992
($000 OMITTED)
<CAPTION>
Fixed Money
Company Diversified Income Market Loan
Total Stock Fund Equity Fund Fund Fund Fund
---------- ---------- ----------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net assets, January 1, 1992 $1,454,853 $822,265 $136,306 $458,316 $19,615 $18,351
Consolidation of the Concept, Inc.
Employees' Savings Plan and Trust
into the Bristol-Myers Squibb Company
Savings and Investment Program (Note 1) 6,785 2,177 833 3,661 114 -
Transfer of participants' net interests
from the Bristol-Myers Squibb Company
Employee Incentive Thrift Plan into
the Bristol-Myers Squibb Company
Savings and Investment Program (Note 1) 409 393 (4) 20 - -
Inter-fund transfers - 2,313 3,158 (10,524) (3,089) 8,142
Contributions (Notes 1 and 3):
Participants 90,908 52,426 12,654 23,601 2,227 -
Employer 42,845 42,197 117 511 20 -
---------- -------- -------- -------- ------- -------
133,753 94,623 12,771 24,112 2,247 -
---------- -------- -------- -------- ------- -------
Program's share of earnings and net
realized and unrealized (losses)/gains
of interest in Master Trust
(Notes 1, 2, and 6) (124,626) (176,658) 11,481 39,819 732 -
Withdrawals and distributions to
participants (Notes 1, 3 and 4) (89,846) (40,722) (7,843) (38,467) (2,814) -
---------- -------- -------- -------- ------- -------
Net assets, December 31, 1992 $1,381,328 $704,391 $156,702 $476,937 $16,805 $26,493
========== ======== ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-8
<PAGE>
BRISTOL-MYERS SQUIBB COMPANY
SAVINGS AND INVESTMENT PROGRAM
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF PLAN
- - ----------------------------
General
- - -------
The Bristol-Myers Company Savings Plan became effective on January 1, 1971
and was amended effective as of May 3, 1982 and designated as the
Bristol-Myers Company Savings and Investment Program (the "Savings Program").
The Savings Program consisted of Part I, the Bristol-Myers Company Savings
Plan (the "Savings Plan") and Part II, the Bristol-Myers Company Pre-Tax
Investment Plan (the "Pre-Tax Plan"), providing employees with a choice to
participate on either an after-tax or a pre-tax basis or a combination of
both. On October 4, 1989, Squibb Corporation merged with a subsidiary of
Bristol-Myers Company and Bristol-Myers Company changed its name to
Bristol-Myers Squibb Company (the "Company"). Effective October 4, 1989, the
name of the Savings Program was changed to the Bristol-Myers Squibb Company
Savings and Investment Program.
Effective January 1, 1991, the Savings Plan and the Pre-Tax Plan were amended
and consolidated into a single plan, the Bristol-Myers Squibb Company Savings
and Investment Program (the "Program"). The Program eliminated the Part I
and Part II distinction while maintaining after-tax and pre-tax options.
The Program operates within a master trust (the "Master Trust"), held by The
Northern Trust Company (the "Trustee") under the terms of a Trust Agreement
(the "Trust"), which consolidates the assets of the Program with those of the
Bristol-Myers Squibb Company Employee Incentive Thrift Plan (the "Thrift
Plan"), the Bristol-Myers Squibb Puerto Rico, Inc. Savings and Investment
Program (the "Puerto Rico Savings Program"), the Drackett/Bristol-Myers
Squibb Employees' Pension Plan and certain assets of the Bristol-Myers Squibb
Pension Trust Plans. The assets of the Program, the Thrift Plan and the
Company Stock and Diversified Equity Funds of the Puerto Rico Savings Program
(collectively the "Savings Plans") are not commingled with the assets of the
pension plans and the Fixed Income Fund of the Puerto Rico Savings Program.
For purposes of the Program's financial statements, Note 6 only includes the
interest of the Savings Plans.
Effective January 1, 1992, the Program was amended and consolidated to
integrate and merge the portion of the Concept, Inc. Employees' Savings Plan
and Trust that was maintained for the benefit of certain employees and former
employees of Concept, Inc. who work or reside in the U.S. into the Program.
The net assets attributable to the Concept, Inc. Employees' Savings Plan and
Trust participants, amounting to $6.8 million, were transferred at the
December 31, 1991 market values into the Program.
On December 31, 1992, the Company completed the sale of The Drackett Company,
its household products business, to S.C. Johnson & Son, Inc. ("SCJ"). SCJ
established a savings plan for the Drackett participants which mirrors the
Program. The net assets attributable to Drackett participants, amounting to
$28.6 million, were transferred at the January 31, 1993 market values into
that plan.
F-9
<PAGE>
On December 21, 1993, the Company completed the sale of certain assets of
Edward Weck Incorporated ("Weck") to Teleflex. Teleflex amended its savings
plan to accept all Program assets of transferring Weck participants. The
net assets attributable to Weck participants, amounting to approximately
$9.5 million, were transferred at the January 31, 1994 market values into
the Teleflex savings plan.
The Bristol-Myers Squibb Company Savings Plan Committee (the "Committee") is
the Administrator of the Program and Plan Asset Fiduciary.
Contributions
- - -------------
In general, an employee electing to participate in the Program can elect to
contribute up to 16% of his or her Annual Benefit Salary or Wages (as
defined in the Program) on an after-tax basis or to reduce his or her
compensation by up to 16% and have such amount contributed on his or her
behalf on a pre-tax basis. Participants may also elect a combination of
contributions up to a combined total both on an after-tax and on a pre-tax
basis of 16%. For each participant, the first 6% of total contributions is
matched 75% by the Company. In addition, the Program permits the acceptance
of eligible rollover contributions (a distribution from another qualified
pension or profit sharing plan or from a conduit individual retirement
account), provided certain prerequisites are met. Participant contributions
may be invested, as directed by the participant, in any one or equally in
any two or more of the following funds: the Company Stock Fund, the
Diversified Equity Fund, the Fixed Income Fund and the Money Market Fund.
Company matching contributions are automatically invested in the Company
Stock Fund. These contributions may not be transferred out of the Company
Stock Fund unless the participant is 55 years old or older. If the
participant is 55 years old or older, he or she may elect to have the
investment of Company matching contributions follow the participant
contribution investment direction. Company matching contributions, invested
as indicated by the participant in any one or equally in any two or more of
the funds, made to the Program prior to the January 1, 1991 merger of the
Squibb Corporation Incentive Savings and Stock Ownership Plan, will still be
transferrable among the four investment funds.
Investments
- - -----------
The contributions of participants and the Company are remitted monthly to
the Trustee. Each participant must direct that his or her contributions be
invested in one or more of the four funds on an after-tax and/or on a
pre-tax basis.
The four funds under the Program are:
Company Stock Fund - Consists of Common Stock of Bristol-Myers Squibb
Company which are registered for the purpose of the Program with the
United States Securities and Exchange Commission. From time-to-time, the
F-10
<PAGE>
Program may invest in U.S. Government obligations or other investments of a
short-term nature which will ultimately be used for the purchase of shares
of Common Stock of Bristol-Myers Squibb Company.
Diversified Equity Fund - Consists of participating units of an S&P 500
Equity Index Fund (the "Index Fund") managed by Bankers Trust Company.
The Index Fund includes the common stock of those companies included in
the S&P 500, including Bristol-Myers Squibb Company and its subsidiaries.
Also included within this fund are investments in U.S. Government oblig-
ations or other investments of a short-term nature and investments in any
commingled trusts established and maintained by the Trustee, for the invest-
ment of funds of trusts of profit sharing and pension plans, which trusts
are exempt from tax under Section 501(a) of the Internal Revenue Code, as
the Trustee in its discretion may choose.
Fixed Income Fund - Consists primarily of a group of annuity contracts
issued by various insurance companies to the Trustee of the Program under
which the insurance companies provide a guarantee of principal and credit
interest monthly at a guaranteed rate. Contracts with New York Life
Insurance Company ("New York Life"), Prudential Life Insurance Company
("Prudential"), Principal Mutual Life Insurance Company ("Principal
Mutual"), Continental Assurance Company ("CNA"), ITT Hartford Life
Insurance Company ("ITT Hartford") and Metropolitan Life Insurance
Company ("Metropolitan Life") were in place at December 31, 1993. One New
York Life contract will mature March 31, 1995. A second New York Life
contract will mature in two installments at June 30 of 1996 and 1997. One
Prudential contract has one remaining maturity installment at December 31,
1994. A second Prudential contract will mature in three remaining
installments at December 31, 1994, 1995 and 1996. The Principal Mutual
contract has one remaining maturity installment at January 31, 1994. One
CNA contract will mature January 2, 1998. A second CNA contract will
mature January 4, 1999. One Metropolitan Life contract will mature July 1,
1999 and a second contract will mature July 1, 2000. The ITT Hartford
contract will mature December 31, 1996.
From time-to-time, the Program may invest in obligations of the U.S.
Government or its agencies, bank investment contracts, other investments of
a short-term nature and/or investments in qualified commingled trust funds
managed by the Trustee for the investment of funds of profit sharing and
savings plans and programs.
At any point in time, the fund's interest rate will be a combined rate
based upon the balances and interest rates of the investments which
comprise the fund, and depend on the amount of contributions invested in
the fund, the amounts withdrawn from the fund and the amounts transferred
to and from the fund. The fund's effective annual rate is measured by
investment performance using general market reporting methods. This rate
was 8.3% and 8.8% for the years ending December 31, 1993 and 1992,
respectively.
Money Market Fund - Consists of (i) obligations with a term of no more than
two years issued or guaranteed by the U.S. Government or its agencies,
including but not limited to U.S. Treasury bills and notes; (ii) other
short term obligations, including but not limited to, commercial paper,
bankers' acceptances, certificates of deposit and time deposits; (iii)
mutual funds or commingled or pooled investments specified in clauses (i)
or (ii) above; and/or (iv) the Northern Trust Company Collective Capital
Reserve Short-Term Investment Fund.
F-11
<PAGE>
The 1993 participant contributions were invested in one or more funds on an
after-tax and/or on a pre-tax basis at the discretion of the participant. At
December 31, 1993, 9,567 and 13,537 participants were contributing on an
after-tax and/or on a pre-tax basis, respectively, in the Program as follows:
Participants
----------------------
After-Tax Pre-Tax
--------- -------
Company Stock Fund 2,668 4,344
Fixed Income Fund 2,501 1,591
Diversified Equity Fund 532 944
Money Market Fund 29 41
Fixed Income Fund and Company Stock Fund 1,334 1,395
Company Stock Fund and Diversified Equity Fund 980 2,119
Fixed Income Fund and Diversified Equity Fund 557 1,107
Money Market Fund and Fixed Income Fund 58 85
Money Market Fund and Company Stock Fund 88 166
Money Market Fund and Diversified Equity Fund 35 73
Fixed Income Fund/Company Stock Fund/Diversified Equity Fund 491 1,053
Company Stock Fund/Diversified Equity Fund/Money Market Fund 53 151
Company Stock Fund/Fixed Income Fund/Money Market Fund 63 94
Diversified Equity Fund/Fixed Income Fund/Money Market Fund 55 134
All Four Funds 123 240
------ ------
9,567 13,537
====== ======
Withdrawals and transfers
- - -------------------------
While remaining in employment, a participant may withdraw all or part of the
value attributable to contributions made subject to certain restrictions of the
Program.
During 1993 and 1992, certain employees, no longer covered by a collective
bargaining agreement, became eligible to participate in the Program.
Accordingly, their equity was transferred into the Program from the Thrift Plan
at the current market value at the time of the transfer.
Loans
- - -----
Effective January 1, 1984, the Committee may, at its discretion, make loans to
participants. The amount of the loan may not exceed the lesser of (1) 50% of
the participant's entire vested interest under the Program, determined as of
the valuation date, and (2) $50,000 less the highest outstanding loan balance
during the previous twelve months.
Termination of employment
- - -------------------------
Upon the termination of a participant's employment, the participant, or in the
event of his or her death, the participant's spouse or designated beneficiary,
may, under varying circumstances, receive (1) a lump sum payment, (2)
installment payments over a period not to exceed the joint life expectancy of
the participant and the participant's spouse (five years if payment is by
reason of death) or (3) an annuity. In each case the payment will be based on
F-12
<PAGE>
the vested value in the respective funds allocated to the participant. A
participant vests in Company contributions at the rate of 20% for each year
of qualifying service so that after five years of qualifying service he or
she is 100% vested. Upon death or normal retirement, a participant will
become 100% vested regardless of his or her years of qualifying service.
Participants who return to work for the Company who were partially or fully
vested will be reinstated to their previous level of vesting and may
immediately enroll in the Program.
NOTE 2 - ACCOUNTING POLICIES
- - ----------------------------
Valuation
- - ---------
Securities traded on a national securities exchange are valued at their last
reported sales price at the end of the year or, if there was not a sale that
day, the last reported bid price. Securities traded in the over-the-counter
market are valued at the last reported bid price at the end of the year. The
investments in the Fixed Income Fund and in the Money Market Fund are valued
at cost plus interest earned. The proportionate interest of the Program's
assets in the Master Trust is determined by the Trustee. The Program's
interest consists of the dollar amount of collective participant ownership
interest held.
Income, expenses and realized and unrealized gains and losses on securities
- - ---------------------------------------------------------------------------
Income, expenses and realized and unrealized gains and losses from
participation in the Master Trust are apportioned to the Program based on the
dollar amount of ownership interest held at the end of each month. Interest
is accrued as earned, and dividends are recorded on the ex-dividend date.
Realized gains and losses for securities sold are recorded on the trade date
and are determined using the average cost method. Unrealized gains and
losses represent the difference between the cost and fair value of
securities.
All expenses of administering the Program, including the fees and expenses of
the Trustee, are borne by the Company.
NOTE 3 - TERMINATION FORFEITURES
- - --------------------------------
Forfeitures of amounts contributed by the Company and certain of its
affiliates due to terminations, net of amounts reinstated, are reported as
reductions of Company contributions. Forfeitures for the years ended
December 31, 1993 and 1992 were ($000 Omitted):
Fund 1993 1992
------------------ ---- ----
Company Stock $710 $530
Diversified Equity 10 18
Fixed Income (21) 60
Money Market 1 6
---- ----
$700 $614
==== ====
F-13
<PAGE>
NOTE 4 - FEDERAL INCOME TAXES
- - -----------------------------
In the Program's latest determination letter, the Internal Revenue Service
stated that the Program, as then designed, was in compliance with the
applicable requirements of the Internal Revenue Code. The Program has been
amended since receiving the determination letter. However, the plan
administrator believes that the Program is currently designed and being
operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, the plan administrator believes that the Program
was qualified and the related Trust was tax-exempt as of December 31, 1993.
Under present federal income tax laws and regulations, a participant will not
be subject to federal income taxes on the contributions by the employing
company, or on the interest, dividends or profits on the sale of securities
received by the Trustee until the participant's account is distributed to the
participant or, prior to January 1, 1982, unqualifiedly made available to the
participant.
NOTE 5 - TERMINATION OF THE PROGRAM
- - -----------------------------------
Although the Company has not expressed any intent to terminate the Program,
it may do so at any time. If the Program is terminated, the interest of each
participant in all funds will vest immediately.
F-14
<PAGE>
NOTE 6 - MASTER TRUST STATEMENTS
- - --------------------------------
<TABLE>
At December 31, 1993, the net assets of the Master Trust relating to the Savings Plans were as follows ($000 Omitted):
<CAPTION>
Company Diversified Fixed Income Money Market
Total Stock Fund Equity Fund Fund Fund
---------- ---------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Investments, at fair value $1,434,973 $696,038 $188,438 $534,259 $16,238
Interest receivable 245 124 21 52 48
Receivable from sale of securities 2,300 2,300 - - -
Payable for purchase of securities (2,500) (2,500) - - -
---------- -------- -------- -------- -------
Net assets $1,435,018 $695,962 $188,459 $534,311 $16,286
========== ======== ======== ======== =======
Program's interest in net assets $1,374,530 $646,459 $186,367 $526,342 $15,362
========== ======== ======== ======== =======
</TABLE>
<TABLE>
At December 31, 1993, the investments of the Master Trust relating to the Savings Plans were as follows ($000 Omitted):
<CAPTION>
Principal amount
or number of Market
shares or units Company Stock Fund Cost Value
- - ---------------- ----------------------------------------------- --------- ---------
<S> <C> <C> <C>
11,898,337 Bristol-Myers Squibb Company Common Stock $487,291 $691,591
$4,447 Participation in COLTV Funds: Short-Term Funds 4,447 4,447
-------- --------
Total Company Stock Fund $491,738 $696,038
======== ========
Diversified Equity Fund
------------------------------------------------
189,671 Bankers Trust Company S&P 500 Equity Index Fund $134,429 $187,518
$1 Bankers Trust Company Discretionary Cash Fund 1 1
$919 Participation in COLTV Funds: Short-Term Funds 919 919
-------- --------
Total Diversified Equity Fund $135,349 $188,438
======== ========
Fixed Income Fund
-----------------------------------------------
Group Annuity Contracts, New York Life Insurance
Company, with interest rates ranging from
$212,468 9.00% to 9.45%, varying maturity dates $212,468 $212,468
</TABLE>
F-15
<PAGE>
<TABLE>
NOTE 6 - MASTER TRUST STATEMENTS (con't)
- - ----------------------------------------
<CAPTION>
Principal amount
or number of Market
shares or units Fixed Income Fund Cost Value
- - ---------------- ----------------------------------------------- ---------- ----------
<S> <C> <C> <C>
Group Annuity Contracts, Prudential Life Insurance
Company, with interest rates ranging from 8.79%
$150,385 to 9.14%, varying maturity dates $150,385 $150,385
Group Annuity Contracts, Metropolitan Life
$65,957 Insurance Company, 7.0%, varying maturity dates 65,957 65,957
Group Annuity Contract, Continental Assurance
$16,239 Company, 7.25%, maturing January 4, 1999 16,239 16,239
Group Annuity Contract, Continental Assurance
$35,268 Company, 6.95%, maturing January 2, 1998 35,268 35,268
Group Annuity Contract, Principal Mutual Life
$10,285 Insurance Company, 8.35%, maturing January 31, 1994 10,285 10,285
Group Annuity Contract, ITT Hartford Life Insurance
$25,102 Company, 5.09%, maturing December 31, 1996 25,102 25,102
$18,555 Participation in COLTV Funds: Short-Term Funds 18,555 18,555
-------- --------
Total Fixed Income Fund $534,259 $534,259
======== ========
Money Market Fund
-----------------------------------------------
$16,238 Participation in COLTV Funds: Short-Term Funds $16,238 $16,238
======= =======
Total Investments $1,177,584 $1,434,973
========== ==========
</TABLE>
F-16
<PAGE>
<TABLE>
NOTE 6 - MASTER TRUST STATEMENTS (con't)
- - ----------------------------------------
For the year ended December 31, 1993, net investment income of the Master Trust relating to the Savings Plans was as
follows ($000 Omitted):
<CAPTION>
Company Diversified Fixed Income Money Market
Total Stock Fund Equity Fund Fund Fund
---------- ---------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest $ 42,946 $ 1,712 $ 226 $40,413 $595
Dividends 32,933 32,933 - - -
--------- --------- ------- ------- ----
75,879 34,645 226 40,413 595
--------- --------- ------- ------- ----
Net realized gain/(loss) on securities
sold or distributed:
Proceeds 116,582 29,899 5,699 80,984 -
Cost 112,198 26,835 4,270 81,093 -
--------- --------- ------- ------- ----
Net realized gain/(loss) 4,384 3,064 1,429 (109) -
--------- --------- ------- ------- ----
Change in unrealized appreciation:
Net appreciation at the end of the year 257,389 204,300 53,089 - -
Net appreciation at the beginning of
the year 349,660 311,525 38,135 - -
--------- --------- ------- ------- ----
(92,271) (107,225) 14,954 - -
--------- --------- ------- ------- ----
Net investment (loss)/income $(12,008) $(69,516) $16,609 $40,304 $595
========= ========= ======= ======= ====
Program's interest in net investment (loss)/income $(8,036) $(64,737) $16,444 $39,695 $562
========= ========= ======= ======= ====
At December 31, 1992, the net assets of the Master Trust relating to the Savings Plans were as follows ($000 Omitted):
Investments, at fair value $1,425,365 $761,150 $158,534 $487,972 $17,709
Interest receivable 269 153 16 49 51
Payable for purchase of securities (3,000) (3,000) - - -
---------- -------- -------- -------- -------
Net assets $1,422,634 $758,303 $158,550 $488,021 $17,760
========== ======== ======== ======== =======
Program's interest in net assets $1,360,849 $706,115 $157,168 $480,804 $16,762
========== ======== ======== ======== =======
</TABLE>
F-17
<PAGE>
<TABLE>
NOTE 6 - MASTER TRUST STATEMENTS (con't)
- - ----------------------------------------
At December 31, 1992, the investments of the Master Trust relating to the Savings Plans were as follows ($000 Omitted):
<CAPTION>
Principal amount
or number of Market
shares or units Company Stock Fund Cost Value
- - ---------------- ---------------------------------------------- -------- --------
<S> <C> <C> <C>
11,249,452 Bristol-Myers Squibb Company Common Stock $446,407 $757,932
$3,218 Participation in COLTV Funds: Short-Term Funds 3,218 3,218
-------- --------
Total Company Stock Fund $449,625 $761,150
======== ========
Diversified Equity Fund
----------------------------------------------
176,646 Bankers Trust Company S&P 500 Equity Index Fund $120,364 $158,499
$35 Participation in COLTV Funds: Short-Term Funds 35 35
-------- --------
Total Diversified Equity Fund $120,399 $158,534
======== ========
Fixed Income Fund
----------------------------------------------
Group Annuity Contracts, New York Life Insurance
Company, with interest rates ranging from 9.00%
$194,457 to 9.45%, varying maturity dates $194,457 $194,457
Group Annuity Contracts, Prudential Life Insurance
Company, with interest rates ranging from 8.79%
$138,022 to 9.14%, varying maturity dates 138,022 138,022
Group Annuity Contracts, Metropolitan Life Insurance
$61,642 Company, 7.0%, varying maturity dates 61,642 61,642
Short Term Investment, Repo Kidder Peabody, U.S.
$33,000 Treasury Bond, 3.6%, maturing January 4, 1993 33,000 33,000
Group Annuity Contract, Principal Mutual Insurance
$18,984 Company, 8.35%, varying maturity dates 18,984 18,984
Group Annuity Contract, Continental Assurance Company
$17,069 8.52%, maturing January 31, 1993 17,069 17,069
Group Annuity Contract, Continental Assurance Company,
$15,142 7.25%, maturing January 4, 1999 15,142 15,142
</TABLE>
F-18
<PAGE>
<TABLE>
NOTE 6 - MASTER TRUST STATEMENTS (con't)
- - ----------------------------------------
<CAPTION>
Principal amount
or number of Market
shares or units Fixed Income Fund Cost Value
- - ---------------- ---------------------------------------------- ---------- ----------
<S> <C> <C> <C>
Group Annuity Contract, Phoenix Home Life Insurance
$1,262 Company, 9.03%, maturing July 31, 1993 $ 1,262 $ 1,262
$8,394 Participation in COLTV Funds: Short-Term Funds 8,394 8,394
-------- --------
Total Fixed Income Fund $487,972 $487,972
======== ========
Money Market Fund
----------------------------------------------
$17,709 Participation in COLTV Funds: Short-Term Funds $17,709 $17,709
========== ==========
Total Investments $1,075,705 $1,425,365
========== ==========
</TABLE>
F-19
<PAGE>
<TABLE>
NOTE 6 - MASTER TRUST STATEMENTS (con't)
- - ----------------------------------------
For the year ended December 31, 1992, net investment income of the Master Trust relating to the Savings Plans was as
follows ($000 Omitted):
<CAPTION>
Company Diversified Fixed Income Money Market
Total Stock Fund Equity Fund Fund Fund
---------- ---------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest $ 42,974 $ 1,578 $ 209 $ 40,413 $ 774
Dividends 22,101 22,101 - - -
---------- --------- ------- ---------- -------
65,075 23,679 209 40,413 774
---------- --------- ------- ---------- -------
Net realized gain on securities sold or
distributed:
Proceeds 1,074,833 21,737 5,045 1,024,912 23,139
Cost 1,061,751 9,383 4,317 1,024,912 23,139
---------- --------- ------- ---------- -------
Net realized gain 13,082 12,354 728 - -
---------- --------- ------- ---------- -------
Change in unrealized appreciation:
Net appreciation at the end of the year 349,660 311,525 38,135 - -
Net appreciation at the beginning of
the year 565,643 538,155 27,488 - -
---------- ---------- ------- ---------- -------
(215,983) (226,630) 10,647 - -
---------- ---------- ------- ---------- -------
Net investment (loss)/income $(137,826) $(190,597) $11,584 $ 40,413 $ 774
========== ========== ======= ========== =======
Program's interest in net investment $(124,626) $(176,658) $11,481 $39,819 $732
(loss)/income ========== ========== ======= ========== =======
</TABLE>
F-20
<PAGE>
SCHEDULE I
BRISTOL-MYERS SQUIBB COMPANY
----------------------------
SAVINGS AND INVESTMENT PROGRAM
------------------------------
SCHEDULE OF INVESTMENTS
-----------------------
DECEMBER 31, 1993
-----------------
($000 OMITTED)
Market
Loan Fund Cost Value
- - ------------------------------------------------- -------- -------
Participant Loans Receivable, with interest rates
ranging from 7.0% to 12.5%, varying maturity
dates $26,838 $26,838
S-1
<PAGE>
EXHIBIT A
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No. 33-44788) of
Bristol-Myers Squibb Company of our report dated June 8, 1994 appearing on
page F-4 of this Form 11-K.
/s/ PRICE WATERHOUSE
- - --------------------------
PRICE WATERHOUSE
New York, New York
June 8, 1994
E-1
<PAGE>
