<PAGE> 1
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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, 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 __________________
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
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<PAGE> 2
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
INDEPENDENT AUDITORS' REPORTS 1
FINANCIAL STATEMENTS:
Statement of net assets available for plan benefits as of December 31, 1994 3
Statement of net assets available for plan benefits as of December 31, 1993 4
Statement of changes in net assets available for plan benefits
for the year ended December 31, 1994 5
Statement of changes in net assets available for plan benefits
for the year ended December 31, 1993 6
Notes to financial statements 7
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of assets held for investment purposes as of December 31, 1994 14
Item 27d - Schedule of reportable (5%) transactions for the year ended December 31, 1994 16
</TABLE>
<PAGE> 3
INDEPENDENT AUDITORS' REPORT
To the Corporate Benefits Committee of
the Beckman Instruments, Inc. Savings and Investment Plan:
We have audited the accompanying statement of net assets available for plan
benefits of the Beckman Instruments, Inc. Savings and Investment Plan (the
Plan) as of December 31, 1994 and the related statement of changes in net
assets available for plan benefits for the year ended December 31, 1994,
including the supplemental schedules as listed in the accompanying Table of
Contents. These financial statements and supplemental schedules are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit 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 audit provides 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, 1994 and the changes in net assets available for plan benefits for
the year ended December 31, 1994, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements, taken as a whole. The supplemental schedules of the Plan are
presented for the purpose 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 audit
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.
Deloitte & Touche LLP
May 30, 1995
<PAGE> 4
Independent Auditors' Report
The Corporate Benefits Committee of the
Beckman Instruments, Inc.
Savings and Investment Plan:
We have audited the accompanying statement of net assets available for plan
benefits of the Beckman Instruments, Inc. Savings and Investment Plan (the
"Plan") as of December 31, 1993, and the related statement of changes in net
assets available for plan benefits for the year then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit 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 audit provides 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 the changes in net assets available for plan benefits
for the year then ended, in conformity with generally accepted accounting
principles.
KPMG Peat Marwick LLP
Orange County, California
June 1, 1994
<PAGE> 5
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Beckman Balanced Interest Equity Index
Stock Fund Fund Income 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 $16,357,614) $19,778,511 $ - $ - $ - $ - $ 19,778,511
Mutual fund (aggregate cost $41,348,681) 36,697,436 3,437,216 40,134,652
Collective trust fund (aggregate cost
$17,221,055) 19,956,592 19,956,592
Group contracts with insurance companies
(aggregate cost $91,110,373) 91,110,373 91,110,373
Other (aggregate cost $212,348) 311,222 311,222
----------- ----------- ----------- ----------- ---------- ------------
Total investments 19,778,511 19,956,592 91,421,595 36,697,436 3,437,216 171,291,350
Cash 469,995 232,048 655,915 156 1,358,114
Other receivables 970 1,023 7,359 99,438 65,238 174,028
----------- ----------- ----------- ----------- ---------- ------------
Total assets 20,249,476 20,189,663 92,084,869 36,797,030 3,502,454 172,823,492
LIABILITIES:
Transfers payable (receivable)
from other funds 11,105 11,288 (231,555) 126,156 83,006
Amounts payable for investments 176,074 8 21 5 176,108
----------- ----------- ----------- ----------- ---------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $20,062,297 $20,178,367 $92,316,403 $36,670,869 $3,419,448 $172,647,384
=========== =========== =========== =========== ========== ============
</TABLE>
See accompanying notes to financial statements. 3
<PAGE> 6
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1993
<TABLE>
<CAPTION>
Beckman Balanced Interest Equity Index
Stock Fund Fund Income 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
other 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. 4
<PAGE> 7
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Interest
Beckman Balanced Income Equity Index
Stock Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Additions to plan assets attributed to:
Realized gains:
Investment in plan sponsor's common
stock $ 489,386 $ - $ - $ - $ - $ 489,386
Other investments 104,677 252,156 2,580,520 15,601 2,952,954
----------- ----------- ----------- ----------- ---------- ------------
Total realized gains 489,386 104,677 252,156 2,580,520 15,601 3,442,340
Unrealized (losses) gains (168,178) (1,045,517) 98,873 (3,828,790) (76,420) (5,020,032)
----------- ----------- ----------- ----------- ---------- ------------
Net appreciation (depreciation) in fair
value of investments 321,208 (940,840) 351,029 (1,248,270) (60,819) (1,577,692)
Dividends 282,277 909,434 1,153,804 90,580 2,436,095
Interest 10,412 10,882 6,592,296 3,663 134 6,617,387
----------- ----------- ----------- ----------- ---------- ------------
Total investment income (expense) 613,897 (20,524) 6,943,325 (90,803) 29,895 7,475,790
Contributions:
Beckman Instruments, Inc. 1,124,288 2,676,705 3,800,993
Employees 673,028 2,822,431 3,867,155 4,092,872 875,765 12,331,251
----------- ----------- ----------- ----------- ---------- ------------
Total contributions 1,797,316 2,822,431 6,543,860 4,092,872 875,765 16,132,244
----------- ----------- ----------- ----------- ---------- ------------
Net additions 2,411,213 2,801,907 13,487,185 4,002,069 905,660 23,608,034
Deductions from plan assets attributed
to distributions of benefits 2,251,747 2,416,759 10,751,118 4,007,107 212,161 19,638,892
Administrative expenses 303 131 19,677 106 3 20,220
----------- ----------- ----------- ----------- ---------- ------------
Net increase (decrease) in net assets
available for plan benefits 159,163 385,017 2,716,390 (5,144) 693,496 3,948,922
Net assets available for plan benefits,
beginning of year 20,446,854 20,599,580 88,095,731 36,935,150 2,621,147 168,698,462
Net interfund transfers (543,720) (806,230) 1,504,282 (259,137) 104,805
----------- ----------- ----------- ----------- ---------- ------------
Net assets available for plan benefits,
end of year $20,062,297 $20,178,367 $92,316,403 $36,670,869 $3,419,448 $172,647,384
=========== ========== =========== =========== ========== ============
</TABLE>
See accompanying notes to financial statements. 5
<PAGE> 8
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
SmithKline
Beckman Beecham Allergan Balanced
Stock Fund Stock Fund Stock Fund Fund
<S> <C> <C> <C> <C>
Additions to plan assets attributed to:
Realized gains:
Investment in plan sponsor's common stock $ 113,371 $ - $ - $ -
Other investments 3,594
----------- --------- --------- -----------
Total realized gains 113,371 3,594
Unrealized gains (losses) 2,619,594 (555,347) (74,421) 1,185,033
----------- --------- --------- -----------
Net appreciation (depreciation) in fair value
of investments 2,732,965 (555,347) (74,421) 1,188,627
Dividends 264,844 5,942 536 684,976
Interest 4,398 530 139 130,993
----------- --------- --------- -----------
Total investment income (expense) 3,002,207 (548,875) (73,746) 2,004,596
Contributions:
Beckman Instruments, Inc. 1,103,066
Employees 492,036 3,242,993
----------- --------- --------- -----------
Total contributions 1,595,102 3,242,993
----------- --------- --------- -----------
Net additions (deductions) 4,597,309 (548,875) (73,746) 5,247,589
Deductions from plan assets attributed
to distributions of benefits 1,069,020 345,846 70,775 1,247,115
----------- --------- --------- -----------
Net increase (decrease) in net assets
available for plan benefits 3,528,289 (894,721) (144,521) 4,000,474
Net assets available for plan benefits,
beginning of year 16,704,803 903,158 145,476 16,302,943
Net interfund transfers 213,762 (8,437) (955) 296,163
----------- --------- --------- -----------
Net assets available for plan benefits,
end of year $20,446,854 $ - $ - $20,599,580
=========== ========= ========= ===========
<CAPTION>
Interest Equity Index
Income Fund Fund Fund Total
<S> <C> <C> <C> <C>
Additions to plan assets attributed to:
Realized gains:
Investment in plan sponsor's common stock $ - $ - $ - $ 113,371
Other investments 187,870 10,037 201,501
----------- ----------- ---------- ------------
Total realized gains 187,870 10,037 314,872
Unrealized gains (losses) 2,478,418 109,430 5,762,707
----------- ----------- ---------- ------------
Net appreciation (depreciation) in fair value
of investments 2,666,288 119,467 6,077,579
Dividends 3,046,662 56,197 4,059,157
Interest 6,780,471 3,135 12 6,919,678
----------- ----------- ---------- ------------
Total investment income (expense) 6,780,471 5,716,085 175,676 17,056,414
Contributions:
Beckman Instruments, Inc. 3,214,300 4,317,366
Employees 4,673,000 4,453,833 815,893 13,677,755
----------- ----------- ---------- ------------
Total contributions 7,887,300 4,453,833 815,893 17,995,121
----------- ----------- ---------- ------------
Net additions (deductions) 14,667,771 10,169,918 991,569 35,051,535
Deductions from plan assets attributed
to distributions of benefits 8,511,851 2,849,466 85,653 14,179,726
----------- ----------- ---------- ------------
Net increase (decrease) in net assets
available for plan benefits 6,155,920 7,320,452 905,916 20,871,809
Net assets available for plan benefits,
beginning of year 83,759,143 29,023,626 987,504 147,826,653
Net interfund transfers (1,819,332) 591,072 727,727
----------- ----------- ---------- ------------
Net assets available for plan benefits,
end of year $88,095,731 $36,935,150 $2,621,147 $168,698,462
=========== =========== ========== ============
</TABLE>
See accompanying notes to financial statements. 6
<PAGE> 9
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993
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 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 re-instate
previously forfeited balances of certain former employees who are
re-employed 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.
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.
7
<PAGE> 10
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 (CONTINUED)
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 spin-off 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 approximately 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.
The number of participants for each fund is as follows:
<TABLE>
<CAPTION>
1994 1993
(unaudited) (unaudited)
<S> <C> <C>
Beckman Stock Fund 2,573 2,616
Balanced Fund 2,492 2,609
Interest Income Fund 3,966 4,162
Equity Fund 2,835 2,964
Index Fund 747 646
Total plan participants 4,148 4,305
</TABLE>
8
<PAGE> 11
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 (CONTINUED)
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 lump-sum distribution until the year following the year
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 anticipated 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 become 100% vested and nonforfeitable without
regard to the years of service of participants.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial statements have been
prepared on the accrual basis of accounting.
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 commingled funds are based on
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 - Principally all of the Plan's administrative
expenses are paid by the Company. Such expenses amounted to
approximately $479,000 and $510,000 for the years ended December 31,
1994 and 1993, respectively.
Reclassifications - Certain reclassifications of prior year amounts have
been made to conform to the current year presentation.
9
<PAGE> 12
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 (CONTINUED)
3. NET ASSETS AVAILABLE FOR PLAN BENEFITS
Net assets available to terminated and continuing participants are as
follows:
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
Net assets available for plan benefits:
Payable to terminated participants $ 2,429,443 $ 4,035,420
Available to continuing participants 170,217,941 164,663,042
------------ ------------
Total net assets available for plan benefits $172,647,384 $168,698,462
============ ============
</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.
The following is a summary of aggregate proceeds, aggregate costs and
resulting gains on the sales of securities for the years ended December
31, 1994 and 1993.
<TABLE>
<CAPTION>
1994
-----------------------------------------------------
Fund Proceeds Cost Gain
------------ ------------ ----------
<S> <C> <C> <C>
Beckman Stock $ 7,893,953 $ 7,404,567 $ 489,386
Balanced 5,851,525 5,746,848 104,677
Interest Income 83,153,476 82,901,320 252,156
Equity 11,848,969 9,268,449 2,580,520
Index 721,470 705,869 15,601
------------ ------------ ----------
Total $109,469,393 $106,027,053 $3,442,340
============ ============ ==========
</TABLE>
10
<PAGE> 13
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 (CONTINUED)
<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
=========== =========== ========
</TABLE>
5. ASSETS HELD FOR INVESTMENT
Information regarding assets held for investment as of December 31, 1994
and 1993 is as follows:
<TABLE>
<CAPTION>
1994 1993
----------------------------------------- ------------------------------------------
Shares Fair/contract Shares Fair/contract
or units Cost value or units Cost value
<S> <C> <C> <C> <C> <C> <C>
Common stock -
Beckman Instruments, Inc. 709,543 $16,357,614 $19,778,511 740,053 $16,669,876 $20,258,951
Mutual funds:
Vanguard Windsor Fund 2,914,808 37,959,420 36,697,436 2,651,601 34,316,961 36,883,767
Vanguard Index Trust - 500 Portfolio 79,991 3,389,261 3,437,216 57,763 2,407,375 2,531,751
----------- ----------- ----------- -----------
Total mutual funds 41,348,681 40,134,652 36,724,336 39,415,518
Balanced fund -
Brinson Partners, commingled funds:
Fixed income:
International cash and management
fund 197,936 1,448,020 1,655,967 3,165,779 3,165,779 3,165,779
Institutional bond fund 96,396 10,583,638 12,279,441 84,168 9,603,440 10,739,437
Equity - institutional equity fund 11,816 5,189,397 6,021,184 51,638 5,891,792 6,588,735
----------- ----------- ----------- -----------
Total balanced fund 17,221,055 19,956,592 18,661,011 20,493,951
</TABLE>
11
<PAGE> 14
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 (CONTINUED)
<TABLE>
<CAPTION>
1994 1993
----------------------------------------- ----------------------------------------
Shares Fair/contract Shares Fair/contract
or units Cost value or units Cost value
<S> <C> <C> <C> <C> <C> <C>
Commingled interest income funds:
Interest income fund:
NOMURA Lending Agreement (8,054,668) $ (8,054,668) $ (8,054,668) - $ - $ -
Society National Bank Magic Fund 826,702 8,267,016 8,365,890
Bankers' Trust Basic 10,029,548 10,029,548 10,029,548
Group insurance contracts:
Aetna Plan 013274, Contract 01402 10,534,837 10,534,837 10,534,837 9,664,988 9,664,988 9,664,988
Capital Holding:
GIC-BDA000039TR 10,231,106 10,231,106 10,231,106
GIC-BDA000039TR-2 3,314,962 3,314,962 3,314,962
Peoples Security Life 10,028,577 10,028,577 10,028,577
John Hancock - GAC 5972 17,894,663 17,894,663 17,894,663 14,624,675 14,624,675 14,624,675
Metropolitan Life Plan -13014 23,656,856 23,656,856 23,656,856 21,904,496 21,904,496 21,904,496
Provident - GIC027-04582-02A 2,819,458 2,819,458 2,819,458 10,071,359 10,071,359 10,071,359
Prudential:
GA6430 2,392,932 2,392,932 2,392,932
GA6430-212 10,195,878 10,195,878 10,195,878 2,204,655 2,204,655 2,204,655
UBS Agreement - Contract 2077 10,069,681 10,069,681 10,069,681
Other 7,688,459 7,688,459 7,688,459
------------ ------------ ------------ ------------
Total interest income fund 91,322,721 91,421,595 86,216,757 86,216,757
------------ ------------ ------------ ------------
Total assets held for investments $166,250,071 $171,291,350 $158,271,980 $166,385,177
============ ============ ============ ============
</TABLE>
12
<PAGE> 15
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 (CONTINUED)
The Plan's investments (including investments bought, sold and held)
appreciated (depreciated) in value during the years ended December 31,
1994 and 1993 as follows:
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
Net appreciation (depreciation) in fair value:
Common stock $ 321,208 $2,103,197
Balanced fund (940,840) 1,188,627
Interest income fund 351,029
Equity fund (1,248,270) 2,666,288
Index fund (60,819) 119,467
----------- ----------
$(1,577,692) $6,077,579
=========== ==========
</TABLE>
6. TAX STATUS
The Plan obtained its latest determination letter in 1990, in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue
Code. The Plan has been amended since receiving the determination
letter. However, the Plan administrator and the Plan's tax counsel
believe that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue
Code. Therefore, they believe that the Plan was qualified and the
related trust was tax-exempt as of the financial statement date.
Accordingly, no provision is made for federal income tax pursuant to
Section 501(a) of the Internal Revenue Code.
13
<PAGE> 16
SCHEDULE 1
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
Shares Fair/contract
or units Cost value
<S> <C> <C> <C>
COMMON STOCK -
Beckman Instruments, Inc. 709,543 $16,357,614 $19,778,511
BALANCED FUND -
Brinson Partners commingled funds:
Fixed income:
International cash management fund 197,936 1,448,020 1,655,967
Institutional bond fund 96,396 10,583,638 12,279,441
Equity - Institutional equity fund 11,816 5,189,397 6,021,184
EQUITY FUND -
Vanguard Windsor Fund 2,914,808 37,959,420 36,697,436
INDEX FUND -
Vanguard Index Trust - 500 Portfolio 79,991 3,389,261 3,437,216
</TABLE>
See accompanying independent auditors' report. 14
<PAGE> 17
SCHEDULE 1
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994 (CONTINUED)
<TABLE>
<CAPTION>
Maturity Shares Fair/contract
date or units Cost value
<S> <C> <C> <C> <C>
COMMINGLED INTEREST
INCOME FUNDS:
Group insurance contracts:
Aetna Plan 013274, Contract 01402 9/1/98 10,534,837 $ 10,534,837 $ 10,534,837
Capital Holding:
GIC-BDA000039TR 2/15/99 10,231,106 10,231,106 10,231,106
GIC-BDA000039TR-2 9/25/03 3,314,962 3,314,962 3,314,962
John Hancock - GAC 7543 6/15/00 17,894,663 17,894,663 17,894,663
Metropolitan Life Plan - 13014 12/15/98 23,656,856 23,656,856 23,656,856
Provident - GIC 027-04582-02A 12/29/95 2,819,458 2,819,458 2,819,458
Prudential:
GA6430 6/30/95 2,392,932 2,392,932 2,392,932
GA6430-212 12/15/00 10,195,878 10,195,878 10,195,878
UBS Agreement - Contract 2077 2/16/01 10,069,681 10,069,681 10,069,681
------------ ------------
Total group insurance contracts 91,110,373 91,110,373
Other:
NOMURA Lending Agreement - (8,054,668) (8,054,668) (8,054,668)
Society National Bank Magic Fund - 826,702 8,267,016 8,365,890
------------ ------------
Total other 212,348 311,222
------------ ------------
Total investments $166,250,071 $171,291,350
============ ============
</TABLE>
See accompanying independent auditors' report. 15
<PAGE> 18
SCHEDULE 2
BECKMAN INSTRUMENTS, INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27d - SCHEDULE OF REPORTABLE 5% TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Number of Number of Gain (loss)
sale purchase Purchase Selling Cost of on
Identity of party involved transactions transactions price price asset transactions
<S> <C> <C> <C> <C> <C> <C>
EB Temporary Investment Fund 171 434 $44,051,985 $44,715,275 $44,715,275 $ -
Bankers' Trust Basic 5 10,264,596 10,264,596
John Hancock 6 7 19,307,202 17,181,018 17,181,018
Prudential 1 10,000,000 10,000,000
Society National Bank Magic Fund 4 2 16,313,117 8,298,378 8,046,101 252,277
UBS Agreement 9 2 10,173,651 580,781 580,781
</TABLE>
See accompanying independent auditors' report. 16
<PAGE> 19
SIGNATURES
The Plan. Pursuant to the requirements of the Securities and Exchange Act of
1934, the Benefits Committee appointed by the Beckman Instruments, Inc. Board
of Directors to administer the 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
By: Beckman Instruments, Inc.
Benefits Committee
Date: June 28, 1995 By: /s/ RICHARD K. SEARS
---------------------------------
Richard K. Sears,
Committee Chairman
Vice President - Human Resources
<PAGE> 20
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit Sequential
Number Description Page Number
- ------- ----------- -----------
<S> <C> <C>
23.1 Consent of Deloitte & Touche LLP 21
23.2 Consent of KPMG Peat Marwick LLP 22
</TABLE>
<PAGE> 1
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation in reference in this Registration Statement
(No. 33-51506) of Beckman Instruments, Inc. Savings and Investment Plan on Form
S-8 of our report dated May 30, 1995, appearing in the Annual Report on Form
11-K of Beckman Instruments, Inc. Savings and Investment Plan for the year
ended December 31, 1994.
Deloitte & Touche LLP
Costa Mesa, California
June 26, 1995
<PAGE> 1
EXHIBIT 23.2
CONSENT OF INDEPENDENT AUDITORS
The Corporate Benefits Committee of the
Beckman Instruments, Inc.
Savings and Investment Plan:
We consent to incorporation by reference in the registration statement (No.
33-51506) on Form S-8 of Beckman Instruments, Inc. of our report dated June 1,
1994, relating to the statement of net assets available for plan benefits of
the Beckman Instruments, Inc. Savings and Investment Plan as of December 31,
1993, and the related statement of changes in net assets available for plan
benefits for the year then ended, which report appears in the December 31, 1994
Annual Report on Form 11-K of Beckman Instruments, Inc. Savings and Investment
Plan.
KPMG Peat Marwick LLP
Orange County, California
June 23, 1995
