<PAGE> 1
===============================================================================
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
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 ________________
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
BECKMAN INSTRUMENTS, INC. SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
BECKMAN INSTRUMENTS, INC.
2500 Harbor Boulevard
Fullerton, California 92634
===============================================================================
<PAGE> 2
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Financial Statements and Supplemental Schedules
December 31, 1993, 1992 and 1991
(With Independent Auditors' Report Thereon)
<PAGE> 3
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Index to Financial Statements and Supplementary Schedule
Financial Statements
Independent Auditors' Report
Statement of Net Assets Available for Plan Benefits--
December 31, 1993
Statement of Net Assets Available for Plan Benefits--
December 31, 1992
Statement of Changes in Net Assets Available for Plan
Benefits--Year ended December 31, 1993
Statement of Changes in Net Assets Available for Plan
Benefits--Year ended December 31, 1992
Statement of Changes in Net Assets Available for Plan
Benefits--Year ended December 31, 1991
Notes to Financial Statements
Schedule
Investments--December 31, 1993
Schedule 1
Schedules not included have been omitted because they are either not applicable
or the information is included in the financial statements.
<PAGE> 4
[KPMG PEAT MARWICK LETTERHEAD]
Independent Auditors' Report
The Corporate Benefits Committee of the
Beckman Instruments, Inc.
Savings and Investment Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Beckman Instruments, Inc. Savings and Investment Plan (the
"Plan") as of December 31, 1993 and 1992, and the related statements of changes
in net assets available for plan benefits for each of the years in the
three-year period ended December 31, 1993. In connection with our audits of
the financial statements, we have also audited the financial statement schedule
as listed in the accompanying index. These financial statements and
supplementary schedule are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
financial statement schedule 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 plan benefits as of
December 31, 1993 and 1992, and the changes in net assets available for plan
benefits for each of the years in the three-year period ended December 31,
1993, in conformity with generally accepted accounting principles. Also in our
opinion, the related financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, presents fairly, in all
material respects, the information set forth therein.
/s/ KPMG PEAT MARWICK
Orange County, California
June 1, 1994
<PAGE> 5
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1993
<TABLE>
<CAPTION>
Interest
Beckman Balanced Income Equity Index
Stock Fund Fund Fund Fund Fund Total
----------- --------- --------- ------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value (note 5):
Common stock of plan sponsor
(aggregate cost $16,669,876) $20,258,951 -- -- -- -- 20,258,951
Mutual fund (aggregate cost
$36,724,336) -- -- -- 36,883,767 2,531,751 39,415,518
Collective trust fund (aggregate cost
$18,661,011) -- 20,493,951 -- -- -- 20,493,951
Group contracts with insurance
companies (aggregate cost
$76,187,209) -- -- 76,187,209 -- -- 76,187,209
Bankers' Trust Basic-(aggregate cost
$10,029,548) -- -- 10,029,548 -- -- 10,029,548
----------- ---------- ---------- ---------- --------- -----------
Total investments 20,258,951 20,493,951 86,216,757 36,883,767 2,531,751 166,385,177
Cash 171,367 -- 1,761,308 233 -- 1,932,908
Other receivables 334,378 19,365 15,996 1,751 8,887 380,377
----------- ---------- ---------- ---------- --------- -----------
Total assets 20,764,696 20,513,316 87,994,061 36,885,751 2,540,638 168,698,462
----------- ---------- ---------- ---------- --------- -----------
Liabilities:
Transfers payable (receivable) from
funds 317,842 (86,264) (101,670) (49,399) (80,509) --
----------- ---------- ---------- ---------- --------- -----------
Net assets available for plan benefits $20,446,854 20,599,580 88,095,731 36,935,150 2,621,147 168,698,462
=========== ========== ========== ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1992
<TABLE>
<CAPTION>
SmithKline Interest
Beckman Beecham Allergan Balanced Income Equity Index
Stock Fund Stock Fund Stock Fund Fund Fund Fund Fund Total
---------- ---------- ---------- -------- ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair
value (note 5):
Common stock of plan
sponsor (aggregate
cost $15,409,461) $16,378,942 -- -- -- -- -- -- 16,378,942
Common stock (aggregate
cost $358,180) -- 849,524 138,424 -- -- -- -- 987,948
Mutual fund (aggregate
cost $29,835,634) -- -- -- -- -- 29,094,511 844,459 29,938,970
Collective trust fund
(aggregate cost
$15,591,679) -- -- -- 16,239,552 -- -- -- 16,239,552
Commingled interest
income funds
(aggregate cost
$71,911,435) -- -- -- -- 71,911,435 -- -- 71,911,435
Bankers' Trust Basic
(aggregate cost
$10,311,678) -- -- -- -- 10,311,678 -- -- 10,311,678
----------- --------- ------- ---------- ---------- ---------- -------- -----------
Total investments 16,378,942 849,524 138,424 16,239,552 82,223,113 29,094,511 844,459 145,768,525
Cash 70,615 107,249 24,418 -- 1,899,329 208 -- 2,101,819
Other receivables 21 184,525 30,445 -- -- 866 2,000 217,857
----------- --------- ------- ---------- ---------- ---------- -------- -----------
Total assets 16,449,578 1,141,298 193,287 16,239,552 84,122,442 29,095,585 846,459 148,088,201
----------- --------- ------- ---------- ---------- ---------- -------- -----------
Liabilities:
Transfers payable
(receivable) from
other funds (255,225) 238,140 47,811 (63,391) 101,751 71,959 (141,045) --
Other payables -- -- -- -- 261,548 -- -- 261,548
----------- --------- ------- ---------- ---------- ---------- -------- -----------
Total liabilities (255,225) 238,140 47,811 (63,391) 363,299 71,959 (141,045) 261,548
----------- --------- ------- ---------- ---------- ---------- -------- -----------
Net assets available for
plan benefits $16,704,803 903,158 145,476 16,302,943 83,759,143 29,023,626 987,504 147,826,653
=========== ========= ======= ========== ========== ========== ======== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1993
<TABLE>
<CAPTION>
SmithKline Interest
Beckman Beecham Allergan Balanced Income Equity Index
Stock Fund Stock Fund Stock Fund Fund Fund Fund Fund Total
----------- ---------- ---------- ---------- ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to plan assets
attributed to:
Realized gains on:
Investment in employer's
common stock $ 113,371 -- -- -- -- -- -- 113,371
Other investments -- -- -- 3,594 -- 187,870 10,037 201,501
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Total realized gains 113,371 -- -- 3,594 -- 187,870 10,037 314,872
Unrealized gains (losses) 2,619,594 (555,347) (74,421) 1,185,033 -- 2,478,418 109,430 5,762,707
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Net appreciation (depreciation)
in fair value of investments 2,732,965 (555,347) (74,421) 1,188,627 -- 2,666,288 119,467 6,077,579
Dividends 264,844 5,942 536 684,976 -- 3,046,662 56,197 4,059,157
Interest 4,398 530 139 130,993 6,780,471 3,135 12 6,919,678
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Total investment income
(expense) 3,002,207 (548,875) (73,746) 2,004,596 6,780,471 5,716,085 175,676 17,056,414
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Contributions:
Beckman Instruments, Inc. 1,103,066 -- -- -- 3,214,300 -- -- 4,317,366
Employees 492,036 -- -- 3,242,993 4,673,000 4,453,833 815,893 13,677,755
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Total contributions 1,595,102 -- -- 3,242,993 7,887,300 4,453,833 815,893 17,995,121
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Net additions (deductions) 4,597,309 (548,875) (73,746) 5,247,589 14,667,771 10,169,918 991,569 35,051,535
Deductions from plan assets
attributed to distributions
of benefits 1,069,020 345,846 70,775 1,247,115 8,511,851 2,849,466 85,653 14,179,726
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Net increase (decrease) in
net assets available for
plan benefits 3,528,289 (894,721) (144,521) 4,000,474 6,155,920 7,320,452 905,916 20,871,809
Net assets available for plan
benefits, beginning of year 16,704,803 903,158 145,476 16,302,943 83,759,143 29,023,626 987,504 147,826,653
Net interfund transfers 213,762 (8,437) (955) 296,163 (1,819,332) 591,072 727,727 --
----------- -------- -------- ---------- ---------- ---------- --------- -----------
Net assets available for plan
benefits, end of year $20,446,854 - - 20,599,580 88,095,731 36,935,150 2,621,147 168,698,462
=========== ======== ======== ========== ========== ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1992
<TABLE>
<CAPTION>
SmithKline Interest
Beckman Beechman Allergan Balanced Income Equity Index
Stock Fund Stock Fund Stock Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ---------- ---------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to plan assets
attributed to:
Realized gains on:
Investment in employer's
common stock $ 134,136 -- -- -- -- -- -- 134,136
Investment in other
common stock -- 17,512,209 1,913,796 -- -- -- -- 19,426,005
Other investments -- -- -- 1,382,134 -- 826,835 2,034 2,211,003
------------ ----------- ---------- ----------- ---------- ---------- ------- -----------
Total realized gains 134,136 17,512,209 1,913,796 1,382,134 -- 826,835 2,034 21,771,144
Unrealized gains (losses) 382,565 (19,773,737) (1,964,999) (596,419) -- 2,093,372 14,945 (19,844,273)
------------ ----------- ---------- ----------- ---------- ---------- ------- -----------
Net appreciation
(depreciation) in fair
value of investments 516,701 (2,261,528) (51,203) 785,715 -- 2,920,207 16,979 1,926,871
Dividends 22,849 620,535 52,670 411,539 -- 1,001,098 9,375 2,118,066
Interest 1,871 4,418 594 225,063 5,962,359 3,382 -- 6,197,687
------------ ------------ ---------- ---------- --------- ---------- ------- ----------
Total investment
income (expense) 541,421 (1,636,575) 2,061 1,422,317 5,962,359 3,924,687 26,354 10,242,624
------------ ----------- ---------- ----------- ---------- ---------- ------- -----------
Contributions:
Beckman Instruments, Inc. 158,281 -- -- -- 3,727,174 -- -- 3,885,455
Employees 54,372 -- -- 2,904,226 5,094,051 4,312,744 100,415 12,465,808
------------ ------------ ---------- ---------- --------- ----------- -------- ----------
Total contributions 212,653 -- -- 2,904,226 8,821,225 4,312,744 100,415 16,351,263
------------ ----------- ---------- ----------- ---------- ---------- ------- -----------
Total additions 754,074 (1,636,575) 2,061 4,326,543 14,783,584 8,237,431 126,769 26,593,887
Deductions from plan assets
attributed to distributions
of benefits 57,632 1,321,091 200,550 1,032,381 5,646,965 1,726,665 -- 9,985,284
------------ ----------- --------- --------- ---------- ---------- --------- ---------
Net increase (decrease) in
net assets available for
plan benefits 696,442 (2,957,666) (198,489) 3,294,162 9,136,619 6,510,766 126,769 16,608,603
Net assets available for plan
benefits, beginning of year 1,135,101 28,635,540 4,014,875 12,200,561 62,731,096 22,500,877 - 131,218,050
Net interfund transfer 14,873,260 (24,774,716) (3,670,910) 808,220 11,891,428 11,983 860,735 --
----------- ------------ --------- ---------- ---------- ---------- -------- -----------
Net assets available for plan
benefits, end of year $16,704,803 903,158 145,476 16,302,943 83,759,143 29,023,626 987,504 147,826,653
=========== =========== ========= ========== ========== ========== ======= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 9
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1991
<TABLE>
<CAPTION>
SmithKline Interest
Beckman Beecham Allergan Balanced Income Equity
Stock Fund Stock Fund Stock Fund Fund Fund Fund Total
----------- ---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to plan assets
attributed to:
Realized gains on:
Investment in employer's
common stock $ 56,314 -- -- -- -- -- 56,314
Investment in other
common stock -- 1,624,017 202,463 -- -- -- 1,826,480
Other investments -- -- -- 58,557 -- 1,273,316 1,331,873
---------- ---------- --------- ---------- ---------- ---------- -----------
Total realized gains 56,314 1,624,017 202,463 58,557 -- 1,273,316 3,214,667
Unrealized gains, net 154,116 7,996,347 1,005,423 1,360,981 -- 2,432,610 12,949,477
---------- ---------- --------- ---------- ---------- ---------- -----------
Net appreciation in fair
value of Investments 210,430 9,620,364 1,207,886 1,419,538 -- 3,705,926 16,164,144
Dividends 18,480 670,446 58,400 137,170 -- 934,552 1,819,048
Interest 116 2,146 330 492,154 4,897,372 4,456 5,396,574
---------- ---------- --------- ---------- ---------- ---------- -----------
Total investment income 229,026 10,292,956 1,266,616 2,048,862 4,897,372 4,644,934 23,379,766
---------- ---------- --------- ---------- ---------- ---------- -----------
Contributions:
Beckman Instruments, Inc. -- -- -- -- 3,611,143 -- 3,611,143
Employees -- -- -- 2,473,146 5,105,471 3,832,586 11,411,203
---------- ---------- --------- ---------- ---------- ---------- -----------
Total contributions -- -- -- 2,473,146 8,716,614 3,832,586 15,022,346
---------- ---------- --------- ---------- ---------- ---------- -----------
Total additions 229,026 10,292,956 1,266,616 4,522,008 13,613,986 8,477,520 38,402,112
Deductions from plan assets
attributed to distributions
of benefits 64,572 1,443,637 241,488 738,605 4,697,822 1,794,587 8,980,711
---------- ---------- --------- ---------- ---------- ---------- -----------
Net increase in net assets
available for plan benefits 164,454 8,849,319 1,025,128 3,783,403 8,916,164 6,682,933 29,421,401
Net assets available for plan
benefits, beginning of year 1,050,977 21,967,885 3,326,614 8,007,449 51,720,150 15,723,574 101,796,649
Net interfund transfers (80,330) (2,181,664) (336,867) 409,709 2,094,782 94,370 --
---------- ---------- --------- ---------- ---------- ---------- -----------
Net assets available for
plan benefits, end of year $1,135,101 28,635,540 4,014,875 12,200,561 62,731,096 22,500,877 131,218,050
========== ========== ========= ========== ========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 10
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
December 31, 1993 and 1992
(1) Description of Plan
General
Beckman Instruments, Inc. (the "Company") established and adopted the
Beckman Instruments, Inc. Savings and Investment Plan (the "Plan")
effective August 1, 1989. The Company established the Plan as a result
of the distribution of all its stock previously held by SmithKline
Beckman Corporation.
The Plan is a defined contribution plan covering substantially all
employees of the Company who have completed three months of continuous
employment and 500 hours of service. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). The Plan is administered by the Corporate Benefits Committee
(the "Committee") whose members are appointed by the Board of Directors
of the Company.
The Plan was restated in August 1992 and the Plan document incorporates
all amendments made to the Plan through August 1992.
Contributions
Participants may elect to contribute up to 15% of their eligible
compensation in the form of pre-tax and/or after-tax withholdings,
although the combined contribution cannot exceed 15% of eligible
compensation.
Company matching contributions to the Plan are allocated to participants
based on a specified percentage of actual employee contributions.
Forfeitures of the Company match will be first used to reinstate
previously forfeited balances of certain former employees that are
reemployed by the Company and then will be used to reduce future Company
contributions.
Upon commencement of benefit payments, participants are subject to
Federal income tax on the receipt of participant pre-tax contributions,
Company matching contributions and earnings on all contributions.
Investment Options
Participants have a choice of five different investment funds for their
contributions. Participants have a choice of the Interest Income Fund
and the Beckman Stock Fund for the Company contributions. As of
November 30, 1992, the Allergan Stock Fund and SmithKline Beecham Stock
Fund were terminated as investment options and, accordingly, investments
from past contributions were transferred to the remaining five funds in
the Plan.
(Continued)
<PAGE> 11
2
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
Participants have the right to elect investment options upon enrollment
or re-enrollment into the Plan. Additionally, participants may elect to
change their investment options and transfer their account balances
among the different investment funds.
Income on investment funds is allocated to participants' accounts based
on the participants' investment fund balance as a percentage of the
total investment fund balance.
A description of each investment fund follows:
Beckman Stock Fund - The Beckman Stock Fund is invested in Beckman
Instruments, Inc. common stock.
SmithKline Beecham Stock Fund - The SmithKline Beecham Stock Fund was
invested in SmithKline Beecham equity units. SmithKline Beckman
Corporation merged with Beecham Group p.l.c. to form SmithKline Beecham
subsequent to the spinoff of Beckman Instruments, Inc. common stock to
its shareholders.
Allergan Stock Fund - The Allergan Stock Fund was invested in Allergan,
Inc. common stock. Allergan, Inc. was previously a subsidiary of
SmithKline Beckman Corporation.
Balanced Fund - The Balanced Fund is invested primarily in stocks, bonds
and cash. The stock portfolio consists of large, intermediate and small
companies. The bond portfolio consists of U.S. Treasury, U.S. Agency
and corporate issues. The Fund is managed by Brinson Partners, Inc.
under the name "U.S. Balanced Portfolio."
Interest Income Fund - The Interest Income Fund is invested in a
portfolio of group annuity contracts issued by major insurance companies
and banks.
Equity Fund - The Equity Fund is invested in a portfolio of common
stocks to meet the objective of long-term growth of capital and income.
The Fund is managed by The Vanguard Group under the name "Windsor Fund."
Index Fund - The Index Fund invests in all of the stocks included in the
S&P 500 Index in about the same proportions as they are represented in
the S&P 500 Index. The fund is managed by The Vanguard Group under the
name "Vanguard Index Trust-500 Portfolio."
(Continued)
<PAGE> 12
3
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
The number of participants for each Fund is as follows:
<TABLE>
<CAPTION>
1993 1992
---- ----
(unaudited) (unaudited)
<S> <C> <C>
Beckman Stock Fund 2,616 2,490
SmithKline Beecham Stock
Fund - 34
Allergan Stock Fund - 28
Balanced Fund 2,609 2,559
Interest Income Fund 4,162 4,221
Equity Fund 2,964 2,934
Index Fund 646 336
Total Plan participants 4,305 4,276
</TABLE>
Benefits and Vesting
Participants become entitled to payment of the total vested value of
their accounts at the time of termination, retirement, permanent layoff,
permanent disability or death. Upon death, one lump sum distribution is
made during the year of death. If total vested value is greater than
$3,500, the participants may elect to postpone their one lump sum
distribution until as late as the year following the year in which they
attain age 70-1/2.
Participants' interests in the Company's contributions, income, gains
and losses on investments become fully vested following completion of
three years of service. Participants also become fully vested upon
reaching normal retirement age, permanent layoff, death or permanent
disability. Participants immediately vest in the value of their
contributions.
Continuation of the Plan
The Company anticipates and believes the Plan will continue without
interruption but reserves the right to discontinue the Plan. If the
Plan is terminated by the Company, the accounts of all affected
participants shall become 100% vested and nonforfeitable without regard
to the years of service of such participants.
(2) Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual
basis of accounting.
(Continued)
<PAGE> 13
4
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
Investment Valuation
Investments are stated at fair value. The fair value of the common
stock is based upon quotations obtained from national securities
exchanges on the last business day of the Plan year. The fair values of
the mutual funds and the commingled funds are based upon the net asset
value reported by the funds. The purchases and sales of securities are
recorded as of the date of trade. The average cost method is used in
determining gains and losses on the sales of securities.
Investments in group contracts with insurance companies are stated at
contract value which approximates market.
Expenses of the Plan
Administrative expenses are paid by the Company.
Reclassifications
Reclassifications of prior year amounts have been made to conform to the
current year presentation.
(3) Net Assets Available to Participants
Net assets available to terminated and continuing participants are as
follows:
<TABLE>
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Net assets available for plan benefits:
Available to terminated participants $ 4,035,420 2,795,872
Available to continuing participants 164,663,042 145,030,781
----------- -----------
Total net assets available to
participants $ 168,698,462 147,826,653
=========== ===========
</TABLE>
(4) Realized Gains and Losses
Upon sale of investments, the fair value of common stock is based upon
quotations obtained from national securities exchanges on the date of
trade. The fair values of the mutual funds and the commingled funds are
based upon the net asset value reported by the funds. The cost of the
financial instruments is determined by using the average cost method.
(Continued)
<PAGE> 14
5
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
The following is a summary of aggregate proceeds, aggregate costs and
resulting gains or losses on the sales of securities for the years ended
December 31, 1993, 1992, and 1991.
<TABLE>
<CAPTION>
1993
------------------------------------------------
Fund Proceeds Cost Gain
---- -------- ---- ----
<S> <C> <C> <C>
Beckman Stock $ 3,563,319 3,449,948 113,371
SmithKline Beecham Stock 207,630 207,630 -
Allergan Stock 54,989 54,989 -
Balanced 4,298,999 4,295,405 3,594
Interest Income 43,013,627 43,013,627 -
Equity 8,337,645 8,149,775 187,870
Index 260,322 250,285 10,037
----------- ---------- -------
Total $59,736,531 59,421,659 314,872
=========== ========== =======
1992
-------------------------------------------------
Fund Proceeds Cost Gain
---- -------- ---- ----
Beckman Stock $ 10,690,198 10,556,062 134,136
SmithKline Beecham Stock 35,328,211 17,816,002 17,512,209
Allergan Stock 5,104,658 3,190,862 1,913,796
Balanced 30,069,410 28,687,276 1,382,134
Interest Income 50,031,920 50,031,920 -
Equity 7,321,448 6,494,613 826,835
Index 2,034 - 2,034
------------ ----------- ----------
Total $138,547,879 116,776,735 21,771,144
============ =========== ==========
1991
-------------------------------------------------
Fund Proceeds Cost Gain
---- -------- ---- ----
Beckman Stock $ 181,558 125,244 56,314
SmithKline Beecham Stock 4,336,745 2,712,728 1,624,017
Allergan Stock 748,979 546,516 202,463
Balanced 5,239,808 5,181,251 58,557
Interest Income 44,014,984 44,014,984 -
Equity 7,127,247 5,853,931 1,273,316
----------- ---------- ---------
Total $61,649,321 58,434,654 3,214,667
=========== ========== =========
</TABLE>
(Continued)
<PAGE> 15
6
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(5) Assets Held for Investment
Information regarding assets held for investment as of December 31, 1993
and 1992 is as follows:
<TABLE>
<CAPTION>
1993 1992
--------------------------------------- ------------------------------------------
Shares or Fair Shares or Fair
Units Cost Value Units Cost Value
--------- ---- ----- --------- ---- -----
<S> <C> <C> <C> <C> <C> <C>
Common stocks:
Allergan, Inc. - $ - - 5,324 $ 64,003 138,424
Beckman Instru-
ments, Inc. 740,053 16,669,876 20,258,951 686,029 15,409,461 16,378,942
SmithKline Beecham
Corporation - - - 25,646 294,177 849,524
Mutual fund:
Vanguard Windsor Fund 2,651,601 34,316,961 36,883,767 2,283,714 29,006,121 29,094,511
Vanguard Index Trust-
500 Portfolio 57,763 2,407,375 2,531,751 20,612 829,513 844,459
Balanced funds:
Brinson Partners,
commingled funds:
Fixed income:
International cash
management fund 3,165,779 3,165,779 3,165,779 2,611,580 2,611,580 2,611,580
Institutional
bond fund 84,168 9,603,440 10,739,437 102,729 8,044,643 8,446,161
Equity:
Institutional
equity fund 51,638 5,891,792 6,588,735 34,075 4,935,456 5,181,811
----------- ----------- --------- ---------
18,661,011 20,493,951 15,591,679 16,239,552
Commingled interest
income funds:
Interest income
fund:
Bankers' Trust
Basic 10,029,548 10,029,548 10,029,548 10,311,678 10,311,678 10,311,678
Group insurance
contracts:
Aetna Plan
Contract 9,664,988 9,664,988 9,664,988 8,866,962 8,866,962 8,866,962
Peoples Security
Life 10,028,577 10,028,577 10,028,577 101,506 101,506 101,506
John Hancock
Life GAC 14,624,675 14,624,675 14,624,675 13,417,133 13,417,133 13,417,133
Metropolitan,
8% rate, matures
6-15-98 21,904,496 21,904,496 21,904,496 20,281,941 20,281,941 20,281,941
Provident
National
Assurance GIC - - - 7,592,894 7,592,894 7,592,894
Provident
National
Assurance GIC 10,071,359 10,071,359 10,071,359 12,230,712 12,230,712 12,230,712
Other 9,893,114 9,893,114 9,893,114 9,420,287 9,420,287 9,420,287
----------- ----------- ----------- -----------
86,216,757 86,216,757 82,223,113 82,223,113
----------- ----------- ----------- -----------
$ 158,271,980 166,385,177 $143,418,067 145,768,525
=========== =========== =========== ===========
</TABLE>
(Continued)
<PAGE> 16
7
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
The Plan's investments (including investments bought, sold and held)
appreciated/(depreciated) in value during the years ended December 31,
1993, 1992 and 1991 as follows:
<TABLE>
<CAPTION>
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
Net appreciation (depreciation)
in fair value:
Common stocks $ 2,103,197 (1,796,030) 11,038,680
Equity fund 2,666,288 2,920,207 3,705,926
Index fund 119,467 16,979 __
Balanced fund 1,188,627 785,715 1,419,538
--------- --------- ---------
$ 6,077,579 1,926,871 16,164,144
========= ========= ==========
</TABLE>
(6) Tax Status
The Company received a determination letter from the Internal Revenue
Service in 1991 indicating that the Plan qualifies under Sections 401(a)
and 401(k) of the Internal Revenue Code, and accordingly, no provision
is made for Federal income tax pursuant to Section 501(a) of the
Internal Revenue Code.
<PAGE> 17
Schedule 1
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Schedule of Assets Held for Investment Purposes
December 31, 1993
<TABLE>
<CAPTION>
Shares or Fair
Units Cost Value
--------- ---- -----
<S> <C> <C> <C>
Common stocks:
Beckman 740,053 $ 16,669,876 20,258,951
---------- ----------
Equity fund:
Vanguard Windsor Fund 2,651,601 34,316,961 36,883,767
---------- -----------
Index fund:
Vanguard Index Trust-
500 Portfolio 57,763 2,407,375 2,531,751
---------- ----------
Balanced fund:
Brinson Partners commingled funds:
Fixed income:
International cash management
fund 3,165,779 3,165,779 3,165,779
Institutional bond fund 84,168 9,603,440 10,739,437
Equity:
Institutional equity fund 51,638 5,891,792 6,588,735
---------- ----------
18,661,011 20,493,951
---------- ----------
</TABLE>
(Continued)
See accompanying independent auditors' report.
<PAGE> 18
Schedule 1 (Continued)
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
Schedule of Assets Held for Investment Purposes
December 31, 1993
<TABLE>
<CAPTION>
Maturity Shares or Fair
Date Units Cost Value
-------- --------- ---- -----
<S> <C> <C> <C> <C>
Interest Income Fund:
Bankers' Trust Basic 11/25/02 10,029,548 $ 10,029,548 10,029,548
----------- -----------
Group Insurance Contracts:
Aetna Plan 013274,
contract 01402 9/1/95 9,664,988 9,664,988 9,664,988
9/1/96
9/1/97
9/1/98
Capital Holding:
GIC-BDA00039TR 2/15/99 10,028,577 10,028,577 10,028,577
GIC-BDA00039TR-2 9/25/03 3,498,130 3,498,130 3,498,130
John Hancock:
GAC #5972 12/15/96 14,624,675 14,624,675 14,624,675
12/15/97
12/15/98
Metropolitan Life:
GAC #11771 6/30/94 4,190,329 4,190,329 4,190,329
Plan 13014 6/15/98 21,904,496 21,904,496 21,904,496
Provident:
GIC 027-04582-02A 12/29/95 10,071,359 10,071,359 10,071,359
Prudential:
GA 6430 12/31/94 2,204,655 2,204,655 2,204,655
--------- -----------
Total group insurance
contracts 76,187,209 76,187,209
----------- -----------
Total investments $ 158,271,980 166,385,177
=========== ===========
</TABLE>
See accompanying independent auditors' report.
<PAGE> 19
SIGNATURES
The Plan. Pursuant to the requirements of the Securities and Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
as Directed by Beckman Instruments, Inc.
By: Mellon Bank, as Trustee
Date: June 24, 1994 By: /s/ SUSAN M. HOLLINGSWORTH
------------------------------------
Susan M. Hollingsworth
Associate Counsel
<PAGE> 20
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit Sequential
Number Description Page Number
- - - ------ ----------- -----------
<S> <C>
23 Consent of KPMG Peat Marwick 21
</TABLE>
<PAGE> 1
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
The Corporate Benefits Committee of the
Beckman Instruments, Inc.
Savings and Investment Plan:
We consent to the incorporation by reference in the registration statement
(No. 33-51506) on Form S-8 of Beckman Instruments, Inc. Savings and Investment
Plan of our report dated June 1, 1994 relating to the statements of net
assets available for plan benefits, including the schedule of investments, of
Beckman Instruments, Inc. Savings and Investment Plan as of December 31, 1993
and 1992 and the related statements of changes in net assets available for plan
benefits for each of the years in the three-year period ended December 31,
1993, which report appears in the December 31, 1993 annual report on Form 11-K.
/s/ KPMG PEAT MARWICK
Orange County, California
June 27, 1994
