SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ 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
OR
[ ] 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 1-6805
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
BFI Employee Stock Ownership and Savings Plan (the
"Plan")
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Browning-Ferris Industries, Inc.,
a Delaware corporation
757 N. Eldridge
Houston, Texas 77079
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Benefits Administration Committee of the
BFI Employee Stock Ownership and Savings Plan:
We have audited the accompanying statements of net assets available for
benefits of the BFI Employee Stock Ownership and Savings Plan as of
December 31, 1993 and 1992, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements and the schedules referred to below are the responsibility of
the Plan Administrator. Our responsibility is to express an opinion on
these financial statements and schedules 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, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the
BFI Employee Stock Ownership and Savings Plan as of December 31, 1993 and
1992, and the changes in its net assets available for benefits for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes and reportable transactions are
presented for purposes of additional analysis and are not a required
part of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974.
The supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
ARTHUR ANDERSEN & CO.
Houston, Texas
June 10, 1994
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
COMBINED FUNDS
- - -----------------------------------------------------------------
December 31,
------------------------------
1993 1992
------------- ------------
ASSETS:
Investments, at fair value -
Common stock of Browning-Ferris
Industries, Inc. $ 71,845,702 $ 63,778,545
Equity investment funds 67,414,918 48,712,967
Other investments 705,022 98,211
------------ ------------
139,965,642 112,589,723
Guaranteed investment contracts,
at contract value 40,190,661 36,124,209
------------ ------------
180,156,303 148,713,932
------------ ------------
Receivables -
Employer contribution 736,047 493,832
Employee contributions 2,097,453 1,037,042
Accrued interest and dividends
receivable 470,784 633,267
------------ ------------
3,304,284 2,164,141
------------ ------------
183,460,587 150,878,073
------------ ------------
LIABILITIES:
Accrued expenses 63,309 91,397
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $183,397,278 $150,786,676
============ ============
The accompanying notes are an integral part of these financial
statements.
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
COMBINED FUNDS
- - ------------------------------------------------------------------
December 31,
------------------------------
1993 1992
------------ ------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation in fair
value of investments $ 3,565,903 $ 9,850,654
Interest income 2,816,112 2,702,490
Dividends on common stock
of Browning-Ferris
Industries, Inc. 1,790,376 1,557,746
Dividends and gain
distributions on equity
investments 5,053,796 4,248,732
------------ ------------
13,226,187 18,359,622
Contributions -
Employer 9,002,933 8,989,348
Employee 25,912,537 25,347,363
------------ ------------
34,915,470 34,336,711
------------ ------------
Total additions 48,141,657 52,696,333
------------ ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 15,161,985 13,953,226
Administrative expenses 369,070 596,880
------------ ------------
Total deductions 15,531,055 14,550,106
------------ ------------
Net increase 32,610,602 38,146,227
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 150,786,676 112,640,449
------------ ------------
End of year $183,397,278 $150,786,676
============ ============
The accompanying notes are an integral part of these financial
statements.
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(1) Description of the Plan -
- - ----------------------------
Organization and administration -
Browning-Ferris Industries, Inc. ("the Company") established the BFI
Employee Stock Ownership and Savings Plan ("the Plan") effective
January 1, 1980. The Plan is a defined contribution plan covering
all United States personnel of the Company with one or more years of
service, except certain employees subject to collective bargaining
agreements. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA), as amended.
Management of the Plan is provided by the Benefits Administration
Committee ("the Plan Administrator"), which is currently composed of
six members, all of whom are management employees of the Company.
Members of the Plan Administrator do not receive any compensation from
the Plan. Fees charged by the trustee and certain other expenses are
reflected in the accompanying financial statements. Certain other fees
relating to internal administrative costs are paid by the Company and
are not charged to the Plan. Effective May 1, 1993, Fidelity Management
Trust Company became the sole trustee of the Plan's assets under a
trust agreement dated April 12, 1993, replacing Wachovia Bank and
Trust Company, N.A., which had previously been the sole trustee of the
Plan.
Amendments -
Effective January 1, 1992, the Plan was amended to increase the
Company's matching contribution from a rate of $.50 per $1.00 on the
first 4% contributed by each participating employee to a rate of $.50
per $1.00 on the first 5% contributed by each employee, limited to the
maximum amount allowed by the Internal Revenue Code of 1986 ("Code"),
as amended.
Effective September 7, 1993, the Plan was amended to (i) change
the manner in which distributions are valued consistent with the new
trust agreement with Fidelity Management Trust Company, (ii) comply with
the requirements of the Unemployment Compensation Amendments of 1992,
and (iii) clarify that beneficiaries may defer receipt of benefits under
the Plan. There were no other amendments to the Plan during the period
January 1, 1992 through December 31, 1993.
Investment programs -
The following table details the investment options available to
each Plan participant:
Fund 1 Guaranteed Investment Contract Fund
Fund 2 Fidelity Balanced Fund
Fund 3 Fidelity Growth and Income Portfolio
Fund 4 Fidelity Growth Company Fund
Fund 5 BFI Common Stock
Participants may currently invest their contributions in any or
all of the five funds in increments of five percent; however, no more
than twenty-five percent of a participant's contributions can be invested
in Fund 5. Effective January 1, 1992, a participant may contribute up
to five percent of his total earnings as a "Basic Contribution". The
Company's matching contributions (defined as fifty percent of the Basic
Contribution subject to Internal Revenue Service ("IRS") limitations)
are invested in Fund 5.
Participants can change the allocation of their savings contributions
in these five funds not more than once monthly, or they can discontinue,
increase, or decrease their savings participation rate within the 1
percent to 15 percent contribution levels permitted by the Plan, by giving
at least thirty (30) days written notice, prior to the end of a calendar
quarter.
Participant accounts -
Each participant's account is credited with the participant's
contribution, the Company's matching contribution and allocation of Plan
earnings. Plan earnings are allocated by fund in proportion to the
participant's balances in each fund.
Effective May 1, 1993, Plan expenses are allocated equally to each
participant. Previously, expenses were allocated by fund in proportion
to the participants balances in each fund.
Vesting -
Participants are fully vested in their voluntary contributions and
in all amounts credited to their accounts.
Distribution of benefits -
Benefits are payable to participants or to a designated beneficiary
only at the time of their retirement, death or termination of employment.
In limited circumstances, account withdrawals may be made for financial
hardship in accordance with IRS guidelines for such withdrawals. Funds
1 through 4 are distributed in cash only, and effective April 12, 1993,
are based on the account balances as of the date the distribution is
processed. Previously, distributions were based upon the account
balances as of the last day of the month in which employment ceases.
For Fund 5, the participant determines whether the form of distribution
will be either the shares of the Company's common stock with uninvested
amounts in cash or in a lump-sum cash distribution. The market value
of the Company's common stock at the date the shares are sold for cash
(at the end of the month in which employment ceases prior to April 12,
1993) is used to determine the amount of the distribution. The amount
allocated to accounts of participants who have withdrawn from
participation in the earnings and operations of the Plan for the Plan
years ended December 31, 1993 and 1992 was less than 2% of net assets
available for benefits for each of the two years.
The Company may terminate the Plan at any time by appropriate
resolution of its board of directors. If the Plan is so terminated,
all amounts credited to the accounts of each member shall be paid after
payment of all appropriate expenses.
(2) Summary of significant accounting policies -
- - -----------------------------------------------
The assets of the Plan are reflected at quoted market value, if
available. Investments that have no quoted market price are shown at
cost which approximates estimated market value. Investments in guaranteed
investment contracts are reported at contract value.
The financial statements are presented on the accrual basis whereby
interest and dividend income are recognized as earned and expenses are
recorded as incurred.
(3) Federal income taxes -
- - -------------------------
The Plan obtained its latest determination letter on October 7, 1988,
in which the IRS stated that the Plan, as then designed, was in compliance
with the applicable requirements of the Code. Although the Plan has been
amended since receiving the determination letter, the Plan Administrator
believes that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Code and that the Plan
is qualified and the related trust is tax-exempt. Neither the Company's
contributions nor the income of the trust fund are taxable to the
participants prior to distribution.
(4) Investments -
- - ----------------
Investments that represent 5% or more of the Plan's net assets are
separately identified in the following table. Investments are presented
at fair value, except for the guaranteed investment contracts, which are
presented at contract value.
-------------------------------------------------
December 31, 1993 December 31, 1992
-------------------------------------------------
Number of Number of
Shares Fair Value/ Shares Fair Value/
or Contract or Contract
Units Value Units Value
----------------------- -----------------------
Common Stock of
Browning-Ferris
Industries, Inc. 2,790,124 $ 71,845,702 2,441,284 $ 63,778,545
------------ ------------
Equity Investment
Funds -
Fidelity Growth
and Income
Portfolio 1,106,544 24,587,411 872,405 17,195,098
Fidelity Balanced
Fund 1,775,703 23,776,666 1,496,946 18,397,465
Fidelity Growth
Company Fund 655,569 19,050,841 474,689 13,120,404
------------ ------------
67,414,918 48,712,967
------------ -----------
Other Investments -
Short Term Invest-
ment Funds 705,022 98,211
------------ ------------
Guaranteed Investment
Contracts 40,190,661 36,124,209
------------ ------------
Total $180,156,303 $148,713,932
============ ============
During 1993 and 1992, the Plan's investments (including
investments bought, sold and held during the year) appreciated
(depreciated) in value as follows:
------------------------------
1993 1992
------------ ------------
Common Stock of Browning-Ferris
Industries, Inc. $ (931,484) $ 10,240,689
Equity Investment Funds 4,497,387 (390,035)
------------ ------------
Net Appreciation $ 3,565,903 $ 9,850,654
============ ============
(5) Allocation to investment programs -
- - ----------------------------------------
The following schedules reflect the allocation of net assets
available for benefits and changes in net assets available for benefits
to the separate investment programs for the respective periods:
- - ----------------------------------------------------------------------------
ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1993
- - ----------------------------------------------------------------------------
Fund 1 Fund 3
Guaranteed Fund 2 Fidelity
Investment Fidelity Growth and
Contract Balanced Income
Fund Fund Portfolio
- - ----------------------------------------------------------------------------
ASSETS:
Investments, at fair value -
Common stock of Browning-
Ferris Industries, Inc. $ -- $ -- $ --
Equity investment funds -- 23,776,666 24,587,411
Other investments 705,022 -- --
----------- ----------- -----------
705,022 23,776,666 24,587,411
Guaranteed investment
contracts, at contract
value 40,190,661 -- --
----------- ----------- -----------
40,895,683 23,776,666 24,587,411
----------- ----------- -----------
Receivables -
Employer contribution -- -- --
Employee contributions 583,646 351,989 436,782
Accrued interest and
dividends receivable -- -- --
----------- ----------- -----------
583,646 351,989 436,782
----------- ----------- -----------
41,479,329 24,128,655 25,024,193
----------- ----------- -----------
LIABILITIES -
Accrued expenses 47,885 8,566 5,054
----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $41,431,444 $24,120,089 $25,019,139
=========== =========== ===========
(Remaining Funds and Total on following page.)
- - ----------------------------------------------------------------------------
ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1993 (Continued)
- - ----------------------------------------------------------------------------
Fund 4
Fidelity Fund 5
Growth BFI
Company Common
Fund Stock Total
- - ----------------------------------------------------------------------------
ASSETS:
Investments, at fair value -
Common stock of Browning-
Ferris Industries, Inc. $ -- $71,845,702 $ 71,845,702
Equity investment funds 19,050,841 -- 67,414,918
Other investments -- -- 705,022
----------- ----------- ------------
19,050,841 71,845,702 139,965,642
Guaranteed investment
contracts, at contract
value -- -- 40,190,661
----------- ----------- ------------
19,050,841 71,845,702 180,156,303
----------- ----------- ------------
Receivables -
Employer contribution -- 736,047 736,047
Employee contributions 360,944 364,092 2,097,453
Accrued interest and
dividends receivable -- 470,784 470,784
----------- ----------- ------------
360,944 1,570,923 3,304,284
----------- ----------- ------------
19,411,785 73,416,625 183,460,587
----------- ----------- ------------
LIABILITIES -
Accrued expenses 1,804 -- 63,309
----------- ----------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS $19,409,981 $73,416,625 $183,397,278
=========== =========== ============
- - ----------------------------------------------------------------------------
ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1992
- - ----------------------------------------------------------------------------
Fund 1 Fund 3
Guaranteed Fund 2 Fidelity
Investment Fidelity Growth and
Contract Balanced Income
Fund Fund Portfolio
- - ----------------------------------------------------------------------------
ASSETS:
Investments, at fair value -
Common stock of Browning-
Ferris Industries, Inc. $ -- $ -- $ --
Equity investment funds -- 18,397,465 17,195,098
Other investments -- -- --
----------- ----------- -----------
-- 18,397,465 17,195,098
Guaranteed investment
contracts, at contract
value 36,124,209 -- --
----------- ----------- -----------
36,124,209 18,397,465 17,195,098
----------- ----------- -----------
Receivables -
Employer contribution -- -- --
Employee contributions 305,964 182,323 206,449
Accrued interest and
dividends receivable 220,144 33 22
----------- ----------- -----------
526,108 182,356 206,471
----------- ----------- -----------
36,650,317 18,579,821 17,401,569
----------- ----------- -----------
LIABILITIES -
Accrued expenses 22,216 11,314 10,575
----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $36,628,101 $18,568,507 $17,390,994
=========== =========== ===========
(Remaining Funds and Total on following page.)
- - ----------------------------------------------------------------------------
ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1992 (Continued)
- - ----------------------------------------------------------------------------
Fund 4
Fidelity Fund 5
Growth BFI
Company Common
Fund Stock Total
- - ----------------------------------------------------------------------------
ASSETS:
Investments, at fair value -
Common stock of Browning-
Ferris Industries, Inc. $ -- $63,778,545 $ 63,778,545
Equity investment funds 13,120,404 -- 48,712,967
Other investments -- 98,211 98,211
----------- ----------- ------------
13,120,404 63,876,756 112,589,723
Guaranteed investment
contracts, at contract
value -- -- 36,124,209
----------- ----------- ------------
13,120,404 63,876,756 148,713,932
----------- ----------- ------------
Receivables -
Employer contribution -- 493,832 493,832
Employee contributions 155,652 186,654 1,037,042
Accrued interest and
dividends receivable -- 413,068 633,267
----------- ----------- ------------
155,652 1,093,554 2,164,141
----------- ----------- ------------
13,276,056 64,970,310 150,878,073
----------- ----------- ------------
LIABILITIES -
Accrued expenses 8,069 39,223 91,397
----------- ----------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS $13,267,987 $64,931,087 $150,786,676
=========== =========== ============
- - ----------------------------------------------------------------------------
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1993
- - ----------------------------------------------------------------------------
Fund 1 Fund 3
Guaranteed Fund 2 Fidelity
Investment Fidelity Growth and
Contract Balanced Income
Fund Fund Portfolio
- - ----------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation
(depreciation) in fair
value of investments $ -- $ 1,549,898 $ 2,319,402
Interest income 2,810,217 250 2,143
Dividends on common stock
of Browning-Ferris
Industries, Inc. -- -- --
Dividends & gain distributions
on equity investments -- 2,001,865 1,294,174
----------- ----------- -----------
2,810,217 3,552,013 3,615,719
----------- ----------- -----------
Contributions -
Employer -- -- --
Employee 8,358,926 4,344,989 4,771,137
----------- ----------- -----------
8,358,926 4,344,989 4,771,137
----------- ----------- -----------
Total additions 11,169,143 7,897,002 8,386,856
----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to
participants 4,633,004 2,164,718 1,635,058
Administrative expenses 224,107 47,316 32,607
----------- ----------- -----------
Total deductions 4,857,111 2,212,034 1,667,665
----------- ----------- -----------
TRANSFERS BETWEEN FUNDS (1,508,689) (133,386) 908,954
----------- ----------- -----------
Net increase 4,803,343 5,551,582 7,628,145
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 36,628,101 18,568,507 17,390,994
----------- ----------- -----------
End of year $41,431,444 $24,120,089 $25,019,139
=========== =========== ===========
(Remaining Funds and Total on following page.)
- - ----------------------------------------------------------------------------
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1993
- - ----------------------------------------------------------------------------
Fund 4
Fidelity Fund 5
Growth BFI
Company Common
Fund Stock Total
- - ----------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation
(depreciation) in fair
value of investments $ 628,087 $ (931,484) $ 3,565,903
Interest income 2,150 1,352 2,816,112
Dividends on common stock
of Browning-Ferris
Industries, Inc. -- 1,790,376 1,790,376
Dividends & gain distributions
on equity investments 1,757,757 -- 5,053,796
----------- ----------- ------------
2,387,994 860,244 13,226,187
----------- ----------- ------------
Contributions -
Employer -- 9,002,933 9,002,933
Employee 3,926,994 4,510,491 25,912,537
----------- ----------- ------------
3,926,994 13,513,424 34,915,470
----------- ----------- ------------
Total additions 6,314,988 14,373,668 48,141,657
----------- ----------- ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to
participants 1,310,996 5,418,209 15,161,985
Administrative expenses 16,672 48,368 369,070
----------- ----------- ------------
Total deductions 1,327,668 5,466,577 15,531,055
----------- ----------- ------------
TRANSFERS BETWEEN FUNDS 1,154,674 (421,553) --
----------- ----------- ------------
Net increase 6,141,994 8,485,538 32,610,602
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 13,267,987 64,931,087 150,786,676
----------- ----------- ------------
End of year $19,409,981 $73,416,625 $183,397,278
=========== =========== ============
- - ----------------------------------------------------------------------------
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1992
- - ----------------------------------------------------------------------------
Fund 1 Fund 3
Guaranteed Fund 2 Fidelity
Investment Fidelity Growth and
Contract Balanced Income
Fund Fund Portfolio
- - ----------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation
(depreciation) in
fair value of
investments $ -- $ (126,439) $ (565,213)
Interest income 2,677,741 2,498 5,228
Dividends on common stock
of Browning-Ferris
Industries, Inc. -- -- --
Dividends & gain distributions
on equity investments -- 1,371,164 2,180,846
----------- ----------- -----------
2,677,741 1,247,223 1,620,861
----------- ----------- -----------
Contributions -
Employer -- -- --
Employee 8,513,426 4,156,029 4,308,273
----------- ----------- -----------
8,513,426 4,156,029 4,308,273
----------- ----------- -----------
Total additions 11,191,167 5,403,252 5,929,134
----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to
participants 4,683,007 2,090,446 1,305,556
Administrative expenses 159,101 78,838 69,598
----------- ----------- -----------
Total deductions 4,842,108 2,169,284 1,375,154
----------- ----------- -----------
TRANSFERS BETWEEN FUNDS (434,814) 229,439 605,827
----------- ----------- -----------
Net increase 5,914,245 3,463,407 5,159,807
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 30,713,856 15,105,100 12,231,187
----------- ----------- -----------
End of year $36,628,101 $18,568,507 $17,390,994
=========== =========== ===========
(Remaining Funds and Total on following page.)
- - ----------------------------------------------------------------------------
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1992 (Continued)
- - ----------------------------------------------------------------------------
Fund 4
Fidelity Fund 5
Growth BFI
Company Common
Fund Stock Total
- - ----------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation
(depreciation) in fair
value of investments $ 301,617 $10,240,689 $ 9,850,654
Interest income 4,716 12,307 2,702,490
Dividends on common stock
of Browning-Ferris
Industries, Inc. -- 1,557,746 1,557,746
Dividends & gain distributions
on equity investments 696,722 -- 4,248,732
----------- ----------- ------------
1,003,055 11,810,742 18,359,622
----------- ----------- ------------
Contributions -
Employer -- 8,989,348 8,989,348
Employee 3,773,089 4,596,546 25,347,363
----------- ----------- ------------
3,773,089 13,585,894 34,336,711
----------- ----------- ------------
Total additions 4,776,144 25,396,636 52,696,333
----------- ----------- ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to
participants 1,180,975 4,693,242 13,953,226
Administrative expenses 54,232 235,111 596,880
----------- ----------- ------------
Total deductions 1,235,207 4,928,353 14,550,106
----------- ----------- ------------
TRANSFERS BETWEEN FUNDS (309,496) (90,956) --
----------- ----------- ------------
Net increase 3,231,441 20,377,327 38,146,227
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 10,036,546 44,553,760 112,640,449
----------- ----------- ------------
End of year $13,267,987 $64,931,087 $150,786,676
=========== =========== ============
SCHEDULE I
----------
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
- - ------------------------------------------------------------------------------
Number of
Shares or Current
Units Cost Value
- - ------------------------------------------------------------------------------
Common Stock of Browning-Ferris
Industries, Inc. * 2,790,124 $ 62,357,850 $ 71,845,702
------------ ------------
Equity Investment Funds:
Fidelity Growth and Income
Portfolio * 1,106,544 22,407,348 24,587,411
Fidelity Balanced Fund * 1,775,703 22,134,214 23,776,666
Fidelity Growth Company Fund * 655,569 18,033,854 19,050,841
------------ ------------
Total Equity Investment Funds 62,575,416 67,414,918
------------ ------------
Guaranteed Investment Contracts:
New York Life Insurance Co. GIC,
10/31/94, 8.19% 4,228,733 4,228,733
Massachusetts Mutual Life Insurance GIC,
10/31/94, 8.23% 7,358,564 7,358,564
Metropolitan Life Insurance GIC,
04/30/96, 8.10% 3,078,197 3,078,197
Aetna Life Insurance GIC,
10/31/95, 8.25% 5,727,119 5,727,119
Life of Virginia GIC,
04/30/95, 7.02% 5,432,641 5,432,641
Pacific Mutual Life Insurance GIC,
10/31/96, 6.32% 3,263,333 3,263,333
Lincoln National Life Insurance GIC,
04/30/97, 6.55% 3,229,195 3,229,195
Peoples Security Life GIC,
04/30/96, 4.60% 4,029,184 4,029,184
Provident Life GIC,
04/30/96, 4.59% 785,735 785,735
Sun Life of Canada GIC,
01/31/98, 5.72% 3,057,960 3,057,960
------------ ------------
Total Guaranteed Investment
Contracts 40,190,661 40,190,661
------------ ------------
Other Investments:
Fidelity Short Term
Investment Fund * 705,022 705,022
------------ ------------
Total Assets Held for
Investment Purposes $165,828,949 $180,156,303
============ ============
* Party in Interest
SCHEDULE I
----------
(Continued)
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1992
- - -------------------------------------------------------------------------------
Number of
Shares or Current
Units Cost Value
- - -------------------------------------------------------------------------------
Common Stock of Browning-Ferris
Industries, Inc. * 2,441,284 $ 52,624,881 $ 63,778,545
------------ ------------
Equity Investment Funds:
Fidelity Growth and Income
Portfolio * 872,405 17,227,386 17,195,098
Fidelity Balanced Fund * 1,496,946 18,189,931 18,397,465
Fidelity Growth Company Fund * 474,689 12,617,986 13,120,404
------------ ------------
Total Equity Investment Funds 48,035,303 48,712,967
------------ ------------
Guaranteed Investment Contracts:
Massachusetts Mutual Life Insurance GIC,
10/31/93, 9.11% 5,382,467 5,382,467
New York Life Insurance Co. GIC,
10/31/94, 8.19% 3,882,575 3,882,575
Massachusetts Mutual Life Insurance GIC,
10/31/94, 8.23% 6,753,621 6,753,621
Metropolitan Life Insurance GIC,
04/30/96, 8.10% 5,657,542 5,657,542
Aetna Life Insurance GIC,
10/31/95, 8.25% 5,254,619 5,254,619
Life of Virginia GIC,
04/30/95, 7.02% 5,047,115 5,047,115
Pacific Mutual Life Insurance GIC,
10/31/96, 6.32% 1,115,584 1,115,584
Lincoln National Life Insurance GIC,
04/30/97, 6.55% 3,030,686 3,030,686
------------ ------------
Total Guaranteed Investment
Contracts 36,124,209 36,124,209
------------ ------------
Other Investments:
Wachovia Bank Diversified Short Term
Investment Fund * 98,211 98,211
------------ ------------
Total Assets Held for
Investment Purposes $136,882,604 $148,713,932
============ ============
* Party in Interest
SCHEDULE II
-----------
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
The following table presents individual transactions and series of
transactions which were greater than 5% of the Plan's net assets as of
January 1, 1993 and 1992:
Year Ended December 31, 1993
- - ----------------------------
Purchase Selling Cost of
Description Price Price * Asset Net Gain
- - ----------- ----------- ----------- ----------- -----------
Common Stock of
Browning-Ferris
Industries, Inc. $13,063,915 $ 4,082,064 $ 3,823,704 $ 258,360
Wachovia Bank
Diversified
Short Term
Investment Fund 13,635,816 13,734,027 13,734,027 --
Fidelity Institutional
Retirement Services
Company Short-Term
Investment Fund 14,669,197 13,964,175 13,964,175 --
Year Ended December 31, 1992
- - ----------------------------
Purchase Selling Cost of
Description Price Price * Asset Net Gain
- - ----------- ----------- ----------- ----------- -----------
Common Stock of
Browning-Ferris
Industries, Inc. $10,680,479 $ -- $ -- $ --
Wachovia Bank
Diversified
Short Term
Investment Fund 55,046,798 57,104,210 57,104,210 --
* Expenses incurred are netted against selling price.
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation
by reference of our report dated June 10, 1994, included in this Annual
Report on Form 11-K, into the Browning-Ferris Industries, Inc. previously
filed Form S-8 Registration Statement File No. 33-48207.
ARTHUR ANDERSEN & CO.
Houston, Texas
June 10, 1994
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Benefits Administration Committee, which administers the employee
benefit plan, has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
BFI EMPLOYEE STOCK OWNERSHIP
AND SAVINGS PLAN
June 10, 1994
Gerald K. Burger
Jeffrey E. Curtiss
Henry L. Hirvela
J. Gregory Muldoon
Susan J. Piller
Bruce E. Ranck
The Members of the Benefits Administration Committee
