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, 1994
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, 1994 and 1993, 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, 1994 and 1993, 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 LLP
Houston, Texas
April 13, 1995
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
- -----------------------------------------------------------------
December 31,
------------------------------
1994 1993
------------- ------------
ASSETS:
Investments, at fair value -
Common stock of Browning-Ferris
Industries, Inc. $ 87,635,287 $ 71,845,702
Equity investment funds 75,180,548 67,414,918
Other investments 272,123 705,022
------------ ------------
163,087,958 139,965,642
Guaranteed investment contracts,
at contract value 46,666,648 40,190,661
------------ ------------
209,754,606 180,156,303
------------ ------------
Receivables -
Employer contribution 1,236,362 736,047
Employee contributions 3,515,250 2,097,453
Dividends receivable 526,355 470,784
------------ ------------
5,277,967 3,304,284
------------ ------------
215,032,573 183,460,587
------------ ------------
LIABILITIES:
Accrued expenses 103,247 63,309
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $214,929,326 $183,397,278
============ ============
The accompanying notes are an integral part of these financial
statements.
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
- ------------------------------------------------------------------
December 31,
------------------------------
1994 1993
------------ ------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation in fair
value of investments $ 2,145,663 $ 3,565,903
Interest income 2,874,198 2,816,112
Dividends on common stock
of Browning-Ferris
Industries, Inc. 2,016,375 1,790,376
Dividends and gain
distributions on equity
investments 3,674,606 5,053,796
------------ ------------
10,710,842 13,226,187
------------ ------------
Contributions -
Employer 9,728,505 9,002,933
Employee 28,779,643 25,912,537
------------ ------------
38,508,148 34,915,470
------------ ------------
Total additions 49,218,990 48,141,657
------------ ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 17,389,177 15,161,985
Administrative expenses 297,765 369,070
------------ ------------
Total deductions 17,686,942 15,531,055
------------ ------------
Net increase 31,532,048 32,610,602
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 183,397,278 150,786,676
------------ ------------
End of year $214,929,326 $183,397,278
============ ============
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 and certain expatriate 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 Admini-
stration Committee ("the Plan Administrator"), which is currently
composed of five 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 costs associated with internal
administration 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 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) allow certain beneficiaries to defer
receipt of a lump sum benefit under the Plan.
Effective December 30, 1994, the Plan was amended and restated
in its entirety to incorporate amendments dated June 12, 1985
through September 7, 1993, dealing with, among other matters,
compliance with the Tax Reform Act of 1986, subsequent legislation
and various regulations and rulings issued by government agencies
thereon. There were no other amendments to the Plan during the
period January 1, 1993 through December 31, 1994.
Investment programs -
The following 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 cont-
ributions in these five funds not more than once monthly, or they
can discontinue, increase, or decrease their savings participation
rate within the 1 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, administrative expenses are allocated
equally to each participant. Previously, expenses were allocated
by fund in proportion to the participant's balances in each fund.
Vesting -
Participants are fully vested in all amounts reflected in
their accounts.
Distribution of benefits -
Benefits are payable to participants or to a designated bene-
ficiary 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.
Distribution of a participant's account balance depends lar-
gely on the value of the account and the Fund from which the
distribution is paid. If the account balance is $3,500 or less,
the distribution is lump-sum cash. If the account balance is
$3,500 or greater, the participant has the option to defer receipt
in accordance with the Plan or take a lump-sum cash payment. In
either case, with certain requirements, the participant may elect
to roll all or a portion of such distribution to a qualified
retirement plan. In addition, 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 ceased 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, 1994 and 1993 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
participant 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.
-------------------------------------------------
December 31, 1994 December 31, 1993
-------------------------------------------------
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. 3,088,468 $ 87,635,287 2,790,124 $ 71,845,702
------------ ------------
Equity Investment
Funds -
Fidelity Growth
and Income
Portfolio 1,362,280 28,730,491 1,106,544 24,587,411
Fidelity Balanced
Fund 1,979,803 24,331,779 1,775,703 23,776,666
Fidelity Growth
Company Fund 811,382 22,118,278 655,569 19,050,841
------------ ------------
75,180,548 67,414,918
------------ -----------
Other Investments -
Short Term Invest-
ment Funds 272,123 705,022
------------ ------------
Guaranteed Investment
Contracts 46,666,648 40,190,661
------------ ------------
Total $209,754,606 $180,156,303
============ ============
During 1994 and 1993, the Plan's investments (including
investments bought, sold and held during the year) appreciated
(depreciated) in value as follows:
------------------------------
1994 1993
------------ ------------
Common Stock of Browning-Ferris
Industries, Inc. $ 6,997,699 $ (931,484)
Equity Investment Funds (4,852,036) 4,497,387
----------- -----------
Net Appreciation $ 2,145,663 $ 3,565,903
=========== ===========
(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, 1994
- ----------------------------------------------------------------------------
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 -- 24,331,779 28,730,491
Other investments 272,123 -- --
----------- ----------- -----------
272,123 24,331,779 28,730,491
Guaranteed investment
contracts, at contract
value 46,666,648 -- --
----------- ----------- -----------
46,938,771 24,331,779 28,730,491
----------- ----------- -----------
Receivables -
Employer contribution -- -- --
Employee contributions 962,900 571,873 738,358
Dividends receivable -- -- --
----------- ----------- -----------
962,900 571,873 738,358
----------- ----------- -----------
47,901,671 24,903,652 29,468,849
----------- ----------- -----------
LIABILITIES:
Accrued expenses 74,338 14,455 9,292
----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $47,827,333 $24,889,197 $29,459,557
=========== =========== ===========
(Remaining Funds and Total on following page.)
- ----------------------------------------------------------------------------
ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1994 (Continued)
- ----------------------------------------------------------------------------
Fund 4
Fidelity Fund 5
Growth BFI
Company Common
Fund Stock (A) Total
- ----------------------------------------------------------------------------
ASSETS:
Investments, at fair value -
Common stock of Browning-
Ferris Industries, Inc. $ -- $87,635,287 $ 87,635,287
Equity investment funds 22,118,278 -- 75,180,548
Other investments -- -- 272,123
----------- ----------- ------------
22,118,278 87,635,287 163,087,958
Guaranteed investment contracts,
at contract value -- -- 46,666,648
----------- ----------- ------------
22,118,278 87,635,287 209,754,606
----------- ----------- ------------
Receivables -
Employer contribution -- 1,236,362 1,236,362
Employee contributions 630,943 611,176 3,515,250
Dividends receivable -- 526,355 526,355
----------- ----------- ------------
630,943 2,373,893 5,277,967
----------- ----------- ------------
22,749,221 90,009,180 215,032,573
----------- ----------- ------------
LIABILITIES:
Accrued expenses 3,097 2,065 103,247
----------- ----------- ------------
NET ASSETS AVAILABLE FOR BENEFITS $22,746,124 $90,007,115 $214,929,326
=========== =========== ============
- -----------
(A) The following table separately identifies participant-directed and non
participant-directed Net Assets Available for Benefits of Fund 5:
Non
Participant- Participant-
Directed Directed Total
------------ ------------ -----------
ASSETS:
Common stock of Browning-
Ferris Industries, Inc. $31,085,546 $56,549,741 $87,635,287
Contributions receivable 611,176 1,236,362 1,847,538
Dividends receivable 186,610 339,745 526,355
----------- ----------- -----------
31,883,332 58,125,848 90,009,180
----------- ----------- -----------
LIABILITIES:
Accrued expenses 2,065 -- 2,065
----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS (Fund 5) $31,881,267 $58,125,848 $90,007,115
=========== =========== ===========
- ----------------------------------------------------------------------------
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
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
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 CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1994
- ----------------------------------------------------------------------------
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 $ -- $(2,066,662) $(1,456,527)
Interest income 2,874,198 -- --
Dividends on common stock
of Browning-Ferris
Industries, Inc. -- -- --
Dividends & gain distributions
on equity investments -- 759,392 2,045,885
----------- ----------- -----------
2,874,198 (1,307,270) 589,358
----------- ----------- -----------
Contributions -
Employer -- -- --
Employee 8,429,379 4,717,517 5,672,027
----------- ----------- -----------
8,429,379 4,717,517 5,672,027
----------- ----------- -----------
Total additions 11,303,577 3,410,247 6,261,385
----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to
participants 4,766,348 2,248,528 1,985,071
Administrative expenses 218,537 41,588 25,761
----------- ----------- -----------
Total deductions 4,984,885 2,290,116 2,010,832
----------- ----------- -----------
TRANSFERS BETWEEN FUNDS 77,197 (351,023) 189,865
----------- ----------- -----------
Net increase 6,395,889 769,108 4,440,418
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 41,431,444 24,120,089 25,019,139
----------- ----------- -----------
End of year $47,827,333 $24,889,197 $29,459,557
=========== =========== ===========
(Remaining Funds and Total on following page.)
- ----------------------------------------------------------------------------
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1994 (Continued)
- ----------------------------------------------------------------------------
Fund 4
Fidelity Fund 5
Growth BFI
Company Common
Fund Stock (A) Total
- ----------------------------------------------------------------------------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation
(depreciation) in fair
value of investments $(1,328,847) $ 6,997,699 $ 2,145,663
Interest income -- -- 2,874,198
Dividends on common stock
of Browning-Ferris
Industries, Inc. -- 2,016,375 2,016,375
Dividends & gain distributions
on equity investments 869,329 -- 3,674,606
----------- ----------- ------------
(459,518) 9,014,074 10,710,842
----------- ----------- ------------
Contributions -
Employer -- 9,728,505 9,728,505
Employee 4,996,447 4,964,273 28,779,643
----------- ----------- ------------
4,996,447 14,692,778 38,508,148
----------- ----------- ------------
Total additions 4,536,929 23,706,852 49,218,990
----------- ----------- ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to
participants 1,539,629 6,849,601 17,389,177
Administrative expenses 9,052 2,827 297,765
----------- ----------- ------------
Total deductions 1,548,681 6,852,428 17,686,942
----------- ----------- ------------
TRANSFERS BETWEEN FUNDS 347,895 (263,934) --
----------- ----------- ------------
Net increase 3,336,143 16,590,490 31,532,048
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 19,409,981 73,416,625 183,397,278
----------- ----------- ------------
End of year $22,746,124 $90,007,115 $214,929,326
=========== =========== ============
(A) On following page
- ----------------------------------------------------------------------------
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS TO INVESTMENT PROGRAMS
YEAR ENDED DECEMBER 31, 1994 (Continued)
- ----------------------------------------------------------------------------
(A) The following table separately identifies participant-directed and non
participant-directed Changes in Net Assets Available for Benefits of Fund 5:
Non
Participant- Participant-
Directed Directed Total
------------ ------------ -----------
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income -
Net appreciation in fair
value of investments $ 2,582,557 $ 4,415,142 $ 6,997,699
Dividends on common stock
of Browning-Ferris
Industries, Inc. 720,305 1,296,070 2,016,375
----------- ----------- -----------
3,302,862 5,711,212 9,014,074
----------- ----------- -----------
Contributions 4,964,273 9,728,505 14,692,778
----------- ----------- -----------
Total additions 8,267,135 15,439,717 23,706,852
----------- ----------- -----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Distributions to participants 2,837,766 4,011,835 6,849,601
Administrative expenses 2,207 620 2,827
----------- ----------- -----------
Total deductions 2,839,973 4,012,455 6,852,428
----------- ----------- -----------
TRANSFERS BETWEEN FUNDS (263,934) -- (263,934)
----------- ----------- -----------
Net increase 5,163,228 11,427,262 16,590,490
NET ASSETS AVAILABLE FOR
BENEFITS:
Beginning of year 26,718,039 46,698,586 73,416,625
----------- ----------- -----------
End of year $31,881,267 $58,125,848 $90,007,115
=========== =========== ===========
- ---------------------------------------------------------------------------
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 (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 $ 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
=========== =========== ============
SCHEDULE I
----------
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
- --------------------------------------------------------------------------
Number of
Shares or Current
Units Cost Value
- --------------------------------------------------------------------------
Common Stock of Browning-Ferris
Industries, Inc. * 3,088,468 $ 72,424,255 $ 87,635,287
------------ ------------
Equity Investment Funds:
Fidelity Balanced Fund * 1,979,803 25,125,903 24,331,779
Fidelity Growth and Income
Portfolio * 1,362,280 28,507,337 28,730,491
Fidelity Growth Company Fund * 811,382 22,721,534 22,118,278
------------ ------------
Total Equity Investment Funds 76,354,774 75,180,548
------------ ------------
Guaranteed Investment Contracts:
Protective Life GIC,
01/31/98, 7.58% 1,966,394 1,966,394
CNA Insurance Company GIC,
01/31/98, 7.59% 3,035,690 3,035,690
Metropolitan Life Insurance GIC,
04/30/96, 8.10% 3,327,529 3,327,529
Aetna Life Insurance GIC,
10/31/95, 8.26% 6,200,180 6,200,180
Life of Virginia GIC,
04/30/95, 7.02% 5,814,011 5,814,011
Pacific Mutual Life Insurance GIC,
10/31/96, 6.32% 3,469,574 3,469,574
Lincoln National Life Insurance GIC,
04/30/97, 6.55% 3,440,707 3,440,707
Peoples Security Life GIC,
04/30/96, 4.60% 4,214,525 4,214,525
Provident Life GIC,
04/30/96, 4.59% 4,119,917 4,119,917
Sun Life of Canada GIC,
01/31/98, 5.72% 3,232,879 3,232,879
John Hancock Mutual GIC,
07/30/98, 7.68% 4,555,069 4,555,069
Combined Insurance GIC,
07/30/98, 7.76% 3,290,173 3,290,173
------------ ------------
Total Guaranteed Investment
Contracts 46,666,648 46,666,648
------------ ------------
Other Investments -
Fidelity Short Term
Investment Fund * 272,123 272,123
------------ ------------
Total Assets Held for
Investment Purposes $195,717,800 $209,754,606
============ ============
* Party in Interest
SCHEDULE II
-----------
BFI EMPLOYEE STOCK OWNERSHIP AND SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
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, 1994:
Year Ended December 31, 1994
- ----------------------------
Purchase Selling Cost of
Description Price Price * Asset Net Gain
- ----------- ----------- ----------- ----------- -----------
Common Stock of
Browning-Ferris
Industries, Inc. $16,137,173 $ 7,345,975 $ 5,793,792 $1,552,183
Fidelity Growth and
Income Portolio 8,314,930 2,715,322 2,582,301 133,021
Fidelity Short Term
Investment Fund 23,795,837 24,260,674 24,260,674 --
* 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 April 13, 1995 included in this Annual
Report on Form 11-K, into the Browning-Ferris Industries, Inc. previously
filed Form S-8 Registration Statement File No. 33-56583.
ARTHUR ANDERSEN LLP
Houston, Texas
April 13, 1995
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
/s/ Gerald K. Burger
April 17, 1995 _________________________
Gerald K. Burger
/s/ Jeffrey E. Curtiss
_________________________
Jeffrey E. Curtiss
/s/ J. Gregory Muldoon
_________________________
J. Gregory Muldoon
/s/ Susan J. Piller
_________________________
Susan J. Piller
/s/ Bruce E. Ranck
_________________________
Bruce E. Ranck
The Members of the Benefits Administration Committee
