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 EMPLOYEE INCENTIVE THRIFT PLAN
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, NY 10154
(212) 546-4000
<PAGE>
BRISTOL-MYERS SQUIBB COMPANY
EMPLOYEE INCENTIVE THRIFT PLAN
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-18
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
Employee Incentive Thrift Plan 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 Plan
- - --------
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
EMPLOYEE INCENTIVE THRIFT PLAN
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 Employee Incentive Thrift Plan
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 Employee Incentive Thrift Plan (the "Plan") at December 31, 1993
and 1992, and the changes in the Plan'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
EMPLOYEE INCENTIVE THRIFT PLAN
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) $49,407 $38,987 $1,527 $7,969 $924 -
Loans to participants 1,270 - - - - $1,270
Contributions receivable 367 302 18 40 7 -
Inter-fund transfers receivable (payable) - (90) 73 24 1 (8)
------- ------- ------ ------ ---- ------
Total assets 51,044 39,199 1,618 8,033 932 1,262
Less:
Withdrawals and distributions payable 357 145 14 198 - -
------- ------- ------ ------ ---- ------
Net assets $50,687 $39,054 $1,604 $7,835 $932 $1,262
======= ======= ====== ====== ==== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-5
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
EMPLOYEE INCENTIVE THRIFT PLAN
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) $51,554 $42,389 $950 $7,217 $998 -
Loans to participants 1,188 - - - - $1,188
Inter-fund transfers receivable (payable) - 173 (21) (37) (15) (100)
------- ------- ---- ------ ---- ------
Total assets 52,742 42,562 929 7,180 983 1,088
Less:
Withdrawals and distributions payable 120 115 1 4 - -
------- ------- ---- ------ ---- ------
Net assets $52,622 $42,447 $928 $7,176 $983 $1,088
======= ======= ==== ====== ==== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-6
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
EMPLOYEE INCENTIVE THRIFT PLAN
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 $52,622 $42,447 $928 $7,176 $983 $1,088
Transfer of participants' net interests into
the Bristol-Myers Squibb Company Savings
and Investment Program from the
Bristol-Myers Squibb Company Employee
Incentive Thrift Plan (Note 1) (395) (355) (4) (30) - (6)
Inter-fund transfers - (752) 455 226 (109) 180
Contributions (Notes 1 and 3):
Participants 2,348 1,741 142 385 80 -
Employer 1,261 1,251 4 6 - -
------- ------- ------- ------ ---- ------
3,609 2,992 146 391 80 -
------- ------- ------- ------ ---- ------
Plan's share of earnings and net
realized and unrealized (losses)/gains
of interest in Master Trust
(Notes 1, 2 and 6) (3,105) (3,865) 118 609 33 -
Withdrawals and distributions to
participants (Notes 1, 3 and 4) (2,044) (1,413) (39) (537) (55) -
------- ------- ------ ------ ---- ------
Net assets, December 31, 1993 $50,687 $39,054 $1,604 $7,835 $932 $1,262
======= ======= ====== ====== ==== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-7
<PAGE>
<TABLE>
BRISTOL-MYERS SQUIBB COMPANY
EMPLOYEE INCENTIVE THRIFT PLAN
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 $64,973 $55,565 $647 $6,797 $1,067 $ 897
Transfer of participants' net
interests into the Bristol-
Myers Squibb Company Savings
and Investment Program from
the Bristol-Myers Squibb
Company Employee Incentive
Thrift Plan (Note 1) (409) (393) 4 (20) - -
Inter-fund transfers - (252) 149 74 (162) 191
Contributions (Notes 1 and 3):
Participants 2,258 1,712 83 384 79 -
Employer 1,229 1,220 1 8 - -
------- ------- ---- ------ ------ ------
3,487 2,932 84 392 79 -
------- ------- ---- ------ ------ ------
Plan's share of earnings and net
realized and unrealized (losses)/
gains of interest in Master Trust
(Notes 1, 2 and 6) (10,946) (11,654) 72 594 42 -
Withdrawals and distributions
to participants (Notes 1, 3 and 4) (4,483) (3,751) (28) (661) (43) -
------- ------- ---- ------ ------ ------
Net assets, December 31, 1992 $52,622 $42,447 $928 $7,176 $ 983 $1,088
======= ======= ==== ====== ====== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-8
<PAGE>
BRISTOL-MYERS SQUIBB COMPANY
EMPLOYEE INCENTIVE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF PLAN
- - ----------------------------
General
- - -------
The Squibb Employee Incentive Thrift Plan became effective on July 1, 1973 as
one of two successor plans to the original Squibb Employee Incentive Thrift
Plan which was adopted effective January 1, 1968 by E. R. Squibb & Sons, Inc.,
a subsidiary of Squibb Corporation.
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 January 1, 1991, the
name of the Squibb Employee Incentive Thrift Plan was changed to the
Bristol-Myers Squibb Company Employee Incentive Thrift Plan (the "Plan").
The Plan 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 Plan with those of the
Bristol-Myers Squibb Company Savings and Investment Program (the "Program"),
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 Plan, the Program 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 Plan's financial statements, Note 6 only includes the
interest of the Savings Plans.
The Bristol-Myers Squibb Company Savings Plan Committee (the "Committee") is
the Administrator of the Plan and Plan Asset Fiduciary.
Contributions
- - -------------
An employee is eligible to participate in the Plan if he or she is a regular
full-time employee of the Company or any subsidiary thereof or any affiliate
which has adopted the Plan who is expected to work at least 1,000 hours in a
twelve consecutive month period, is a union employee located in the U.S. and is
covered by a collective bargaining agreement that provides for participation in
the Plan.
In general, an employee electing to participate in the Plan can elect to
contribute up to 16% of his or her Annual Benefit Salary or Wages (as defined
in the Plan) 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 combined contributions is matched 75% by the
Company. In addition, the Plan 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.
F-9
<PAGE>
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.
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 funds on an after-tax and/or on a pre-tax basis.
The four funds under the Plan are:
Company Stock Fund - Consists of Common Stock of Bristol-Myers Squibb
Company which are registered for the purpose of the Plan with the United
States Securities and Exchange Commission. From time-to-time, the Plan 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 obligations
or other investments of a short-term nature and investments in any
commingled trusts established and maintained by the Trustee, for the
investment 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 Plan 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.
F-10
<PAGE>
From time-to-time, the Plan 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.
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, 465 and 500 participants were contributing on an after-tax
and/or on a pre-tax basis, respectively, in the Plan as follows:
Participants
----------------------
After-Tax Pre-Tax
--------- -------
Company Stock Fund 319 283
Fixed Income Fund 29 49
Diversified Equity Fund 7 5
Money Market Fund 3 3
Fixed Income Fund and Company Stock Fund 55 58
Company Stock Fund and Diversified Equity Fund 9 34
Fixed Income Fund and Diversified Equity Fund 8 16
Money Market Fund and Fixed Income Fund 4 5
Money Market Fund and Company Stock Fund 14 11
Money Market Fund and Diversified Equity Fund 2 -
Fixed Income Fund/Company Stock Fund/Diversified Equity Fund 3 12
Company Stock Fund/Diversified Equity Fund/Money Market Fund 1 6
Company Stock Fund/Fixed Income Fund/Money Market Fund 5 9
Diversified Equity Fund/Fixed Income Fund/Money Market Fund 1 2
All Four Funds 5 7
--- ---
465 500
=== ===
F-11
<PAGE>
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
Plan.
During 1993 and 1992, certain employees, no longer covered by a collective
bargaining agreement, became eligible to participate in the Bristol-Myers
Squibb Company Savings and Investment Program. Accordingly, their equity was
transferred from the Plan at the current market value at the time of the
transfer.
Loans
- - -----
Effective October 1, 1989, 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 Plan, 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) install-
ment 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 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 this previous level of vesting and may immediately enroll in the Plan.
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 Plan's assets in
the Master Trust is determined by the Trustee. The Plan'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 Plan 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.
F-12
<PAGE>
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 Plan, 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:
1993 1992
---- ----
Company Stock Fund $5,702 $1,981
====== ======
NOTE 4 - FEDERAL INCOME TAXES
- - ----------------------------
In the Plan's latest determination letter, the Internal Revenue Service stated
that the Plan, as then designed, was in compliance with the applicable
requirements of the Internal Revenue Code. The Plan has been amended since
receiving the determination letter. However, the plan administrator believes
that the Plan is currently designed and being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore, the plan
administrator believes that the Plan 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 PLAN
- - --------------------------------
Although the Company has not expressed any intent to terminate the Plan, it may
do so at any time. If the Plan is terminated, the interest of each participant
in all funds will vest immediately.
F-13
<PAGE>
<TABLE>
NOTE 6 - MASTER TRUST STATEMENTS
- - --------------------------------
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
========== ======== ======== ======== =======
Plan's interest in net assets $49,407 $38,987 $1,527 $7,969 $924
======= ======= ====== ====== ====
</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-14
<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-15
<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
========= ========= ======= ======= ====
Plan's interest in net investment (loss)/income $(3,105) $(3,865) $118 $609 $33
======== ======== ==== ==== ====
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
========== ======== ======== ======== =======
Plan's interest in net assets $51,554 $42,389 $950 $7,217 $998
======= ======= ==== ====== ====
</TABLE>
F-16
<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
$61,642 Insurance 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 Contracts, Principal Mutual Insurance
$18,984 Company, 8.35%, varying maturity dates 18,984 18,984
Group Annuity Contract, Continental Assurance
$17,069 Company, 8.52%, maturing January 31, 1993 17,069 17,069
</TABLE>
F-17
<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, Continental Assurance
$15,142 Company, 7.25%, maturing January 4, 1999 $ 15,142 $ 15,142
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
-----------------------------------------------
Participation in COLTV Funds:
$17,709 Short-Term Funds $17,709 $17,709
========== ==========
Total Investments $1,075,705 $1,425,365
========== ==========
</TABLE>
F-18
<PAGE>
<TABLE>
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 income $ (137,826) $(190,597) $11,584 $ 40,413 $ 774
=========== ========== ======= ========= =======
Plan's interest in net investment (loss)/income $(10,946) $(11,654) $72 $594 $42
========= ========= === ==== ===
</TABLE>
F-19
<PAGE>
Schedule I
BRISTOL-MYERS SQUIBB COMPANY
----------------------------
EMPLOYEE INCENTIVE THRIFT PLAN
------------------------------
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 $1,270 $1,270
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
