AI assistant
Alcon AG — Annual Report 2004
Jul 9, 2004
810_rns_2004-07-09_14ac827c-bc73-4c12-a8e2-d441e2a319e0.zip
Annual Report
Open in viewerOpens in your device viewer
11-K 1 acl11k401k2003.htm Created by EDGAR Ease Plus (EDGAR Ease+ 1.6a) MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
FORM 11-K
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default"
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
For the fiscal year ended December 30, 2003
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default"
OR
| | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ______________to ______________ MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
COMMISSION FILE NUMBER 001-31269
MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project"
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project"
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON, INC. BöSCH 69, P.O. BOX 62 HUNENBERG, SWITZERLAND 41+ 41 785-8888
MARKER FORMAT-SHEET="Three Quarters Rule" FSL="Default" MARKER PAGE="sheet: 1; page: 1" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
SIGNATURE
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default"
Pursuant to the requirements of the Securities Exchange Act of 1934, the Alcon 401(k) Retirement Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Date: July 9, 2004 |
| By: /s/ Dwight D. Horton |
| Dwight D. Horton, Chairman |
| Alcon 401(k) Retirement Plan Committee |
| Vice President, Finance, Global Operations |
MARKER PAGE="sheet: 2; page: 2" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default"
ALCON 401(k) RETIREMENT PLAN
| Page No. | |
|---|---|
| (a) Index to Financial Statements and Supplemental Schedule | |
| Report of Independent Registered Public Accounting Firm | 4 |
| Basic Financial Statements: | |
| Statements of Net Assets Available for Benefits-As of December 30, 2003 and 2002 | 5 |
| Statements of Changes in Net Assets Available for Benefits-For the Years ended December 30, 2003 and 2002 | 6 |
| Notes to Financial Statements | 7-12 |
| Supplemental Schedules: | |
| Schedule H-Line 4i-Schedule of Assets (Held at End of Year) December 30, 2003 | H-1 |
| Other Schedules: | |
| All other schedules required by Section 2520.103-10 of the Department of | |
| Labor Rules and Regulations for Reporting and Disclosure under the Employee | |
| Retirement Income Security Act of 1974 ("ERISA") have been omitted because | |
| they are not applicable. | |
| (b) Index to Exhibits | |
| Exhibit 23 - Consent of Independent Registered Public Accounting Firm |
MARKER PAGE="sheet: 3; page: 3" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Report of Independent Registered Public Accounting Firm
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
The Plan CommitteeAlcon 401(k) Retirement Plan:
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project"
We have audited the accompanying statements of net assets available for benefits of Alcon 401(k) Retirement Plan (the Plan) as of December 30, 2003 and 2002, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project"
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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.
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project"
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Alcon 401(k) Retirement Plan as of December 30, 2003 and 2002, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR"
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule, Schedule H, Line 4i Schedule of Assets (Held at End of Year) as of December 30, 2003, is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plans management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ KPMG LLP MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default"
Fort Worth, Texas June 25, 2004
MARKER PAGE="sheet: 4; page: 4" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Statements of Net Assets Available for Benefits
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
December 30, 2003 and 2002
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default"
(in thousands)
| Assets | 2003 | 2002 |
|---|---|---|
| Investments, at fair value (note 4): | ||
| Investment in Master Trust | $1,003,194 | 796,789 |
| Participant loans | 26,653 | 26,147 |
| Net assets available for benefits (note 8) | $1,029,847 | 822,936 |
| See accompanying notes to financial statements |
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Statements of Changes in Net Assets Available for Benefits
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Years ended December 30, 2003 and 2002
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default"
(in thousands)
| 2003 | 2002 | |||
|---|---|---|---|---|
| Additions (reductions) to net assets attributed to (note 4): | ||||
| Net appreciation (depreciation) in fair value of investment in | ||||
| Master Trust | $ 164,086 | (104,042 | ) | |
| Interest on participant loans | 2,683 | 3,872 | ||
| Investment gain (loss) | 166,769 | (100,170 | ) | |
| Contributions: | ||||
| Employer | 49,821 | 46,447 | ||
| Participants | 35,855 | 31,506 | ||
| Pre-funded Employer contribution (note 1) | (13,000 | ) | 13,000 | |
| 72,676 | 90,953 | |||
| Assets transferred into Plan (note 7) | -- | 160,450 | ||
| Additions | 239,445 | 151,233 | ||
| Deductions from net assets attributed to: | ||||
| Distributions to participants | (32,534 | ) | (39,793 | ) |
| Net increase | 206,911 | 111,440 | ||
| Net assets available for benefits: | ||||
| Beginning of year | 822,936 | 711,496 | ||
| End of year | $ 1,029,847 | 822,936 | ||
| See accompanying notes to financial statements |
MARKER PAGE="sheet: 6; page: 6" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Notes to Financial Statements
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
December 30, 2003 and 2002
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(1) Description of Plan
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
The following brief description of the Alcon 401(k) Retirement Plan (the Plan) (formerly the Alcon Laboratories, Inc. Employees Profit Sharing Trust (the PST)) is provided for general information purposes only. The funds of the Plan and the Profit Sharing Trust for Eligible Employees of Alcon (Puerto Rico), Inc. are held and invested through the Master Trust for the Defined Contribution Plans for Alcon Laboratories, Inc. and Alcon (Puerto Rico), Inc. (the Master Trust). Participants should refer to the Plan documents for more complete information. If an employee participates in the Plan, certain limitations of the Internal Revenue Code (IRC) discussed herein apply in total.
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
On January 1, 2002, the assets of the Alcon Laboratories, Inc. Employees Retirement Plan (the ARP) were transferred into the PST which was renamed the Alcon 401(k) Retirement Plan (note 7).
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(a) General
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
The Plan is a defined contribution plan and trust. Employees of Alcon Laboratories, Inc. and certain other participating employers (the Employer) are eligible for participation in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project"
The Plans accounting year begins each December 31 and ends on the next December 30.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(b) Participant Contributions
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Employees electing to participate in the Plan are eligible to direct their Employer to contribute pursuant to a salary reduction arrangement between 1% and 5% of basic considered compensation as a basic contribution. Salary reduction contributions are subject to the provisions of Section 401(k) of the IRC.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Participants contributing the maximum basic contribution may make additional supplemental contributions of between 1% and 10% of their basic considered compensation pursuant to a salary reduction arrangement.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Participants direct the investment of their contribution into various investment options offered by the Plan through the Master Trust.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Default"
Annual additions to a participants account may not exceed the lesser of $40,000 in 2003 ($40,000 in 2002) or 100% of the participants basic considered compensation. Salary reduction contributions may not exceed $12,000 for 2003 or $11,000 for 2002.
MARKER PAGE="sheet: 7; page: 7" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Notes to Financial Statements
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(1) Description of Plan, continued
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(c) Employer Contributions
MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project"
Each participants basic contributions are matched by the Employer on a $2.40 to $1.00 basis.
MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project"
Supplemental contributions are not matched by the Employer.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
On December 20, 2002, the Employer pre-funded $13,000,000 of anticipated 2003 Employer matching contributions for basic contributions made by the due date of the Employers 2002 U.S. federal income tax return by participants who were employees as of December 31, 2002.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(d) Distributions
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Vested Employer contributions and earnings thereon generally may not be withdrawn by the participant prior to attaining the age of 59.5 years, termination, retirement, death or disability.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
All distributions are based on the value of the participants account. Cash distributions generally can be in the form of a lump sum payment or installments not exceeding the lesser of 20 years or the participants life expectancy.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Supplemental contributions (amounts in excess of the basic contribution) which are not made pursuant to a salary reduction arrangement may be withdrawn in whole or in part by any participant along with the earnings attributable to such contributions subject to certain limitations. Participants over the age of 59.5 years may withdraw, prior to termination of employment, any portion of their supplemental or basic contributions and earnings thereon once per year. Prior to termination, retirement, death or permanent and total disability, participants under the age of 59.5 years generally may not withdraw (1) basic contributions and earnings or losses thereon, or (2) supplemental contributions made pursuant to a salary reduction arrangement and earnings or losses thereon.
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Participants with a proven financial hardship may withdraw all or a portion of their basic contributions and vested participating Employer contributions. Such a withdrawal may not be later reconstituted. In addition, the participants contributions are subject to certain restrictions for the 6-month period immediately following the hardship withdrawal.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(e) Allocation of Trust Income or Loss
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Default"
Trust income or loss allocable to the Plan is allocated at the end of each day to the individual participants accounts based upon the ratio of each participants Plan account balance at the end of the day to the total balance of all participants Plan accounts at the end of such day.
MARKER PAGE="sheet: 8; page: 8" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Notes to Financial Statements
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(1) Description of Plan, continued
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(f) Vesting and Forfeitures
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Participants are immediately vested in their supplemental and basic contributions plus allocated earnings or losses thereon. Vesting in the remainder of their account (i.e., Employer contributions plus allocated earnings or losses thereon) is based on years of service. A participant is 100% vested after five years of service, attainment of age 55, or upon termination by reason of death or permanent and total disability. Upon termination, any amount in which the participant is not vested shall be forfeited with certain limitations. Forfeitures are removed from terminated employees accounts and used to offset recordkeeping and trust and custody expenses first, then to reduce the Employers contribution.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(g) Loans
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
Participants may borrow a minimum of $500 up to a maximum of the lesser of $50,000 minus the highest balance of any outstanding loan issued in the 12 months prior or one-half of the participants vested interest in their account. Participant funds attributed to the former ARP are excluded from the determination of participants vested interest. A participant may have no more than two loans outstanding at any one time. Each loan bears interest at prime rate plus one percent and payments are made through payroll deductions.
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(2) Summary of Significant Accounting Policies
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
The significant accounting policies employed in the preparation of the accompanying financial statements are as follows:
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(a) Basis of Accounting
MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project"
The accompanying financial statements have been prepared on an accrual basis.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(b) Investments
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project"
The investment in the Master Trust is stated at fair value (note 4). Participant loans are valued at the dollar amount of outstanding loans which approximates estimated fair value. Investment transactions are recognized on the trade date.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(c) Use of Estimates
MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Default"
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of net assets at the date of the financial statements and the reported amounts of changes in net assets during the reporting period. Actual results could differ from those estimates.
MARKER PAGE="sheet: 9; page: 9" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Notes to Financial Statements
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(3) Termination of Plan
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
Although the Employer has not expressed any intent to do so, in the event of Plan termination, the Plan Committee will reduce assets of the Plan to cash insofar as practical. Any such proceeds, net of liquidation expenses, which have not previously been allocated to the participant accounts will then be allocated to the participant accounts based on the categories which comprise such unallocated proceeds (i.e., employee contribution, Employer contribution, or income or loss). All such allocations will be fully vested. Thereafter, the Plan Committee will release to each participant any life insurance contract upon a participants life. The Plan Committee will then proceed to distribute the assets of the Plan to the participants in accordance with each participants ownership in the Plan as indicated by their participant account and without regard to any forfeiture provisions.
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(4) Investments
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
The Plan and the Alcon (Puerto Rico) Plan have an undivided interest in the Master Trust. The Plans investment decisions are made by outside investment managers within general guidelines provided by the Plan Committee, who are employees of the Employer. The assets of the Master Trust are held by a custodial trustee. Fair market values were determined by quoted market prices.
MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default"
The following represents the fair value of the investments of the Master Trust as of December 31, 2003 and 2002.
| (in thousands) — 2003 | 2002 | ||
|---|---|---|---|
| Cash and short-term securities | $ (2,956 | ) | 34,976 |
| U.S. Government securities | 95,616 | 110,476 | |
| Corporate debt | 107,048 | 100,765 | |
| Corporate stock - preferred | 18,173 | 513 | |
| Corporate stock - common | 274,213 | 185,827 | |
| Common collective funds | 437,991 | 359,560 | |
| Mutual funds | 72,903 | 12,818 | |
| Other | 10,852 | 1,647 | |
| Participant loans | -- | 26,172 | |
| Total investments | $ 1,013,840 | 832,754 |
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Default"
Participant loans are part of the Plan and, therefore, are considered to be participant directed funds as of December 31, 2003 and 2002. In 2003, participant loans and related income are not included in the Master Trust but are included directly as a part of the Plan. The investment information pertaining to participant loans and related interest income is broken out separately on the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
MARKER PAGE="sheet: 10; page: 10" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Notes to Financial Statements
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(4) Investments, continued
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
As of December 31, 2003 and 2002, the Master Trust included net assets that were nonparticipant-directed of $10,142 and $20,983, respectively.
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
The Plan accounted for approximately 99.0% and 97.5% of net assets of the Master Trust at December 31, 2003 and 2002, respectively.
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Default"
Investment gain (loss), net for the Master Trust is summarized as follows for the years ended December 31, 2003 and 2002:
| (in thousands) — 2003 | 2002 | |||
|---|---|---|---|---|
| Net appreciation (depreciation) in the fair value of | ||||
| investments: | ||||
| Cash and short-term securities | $ (118 | ) | 30 | |
| U.S. Government securities | (488 | ) | 8,018 | |
| Corporate debt | 10,326 | 2,229 | ||
| Corporate stock - preferred | 3,605 | 1 | ||
| Corporate stock - common | 55,918 | (97,999 | ) | |
| Common collective funds | 55,225 | (35,011 | ) | |
| Mutual funds | 15,000 | (2,983 | ) | |
| Other | 6,740 | 5,672 | ||
| Interest income | 17,918 | 24,373 | ||
| Dividend income | 5,787 | 3,628 | ||
| Other income (loss) | (2,242 | ) | (5,119 | ) |
| Interest on participant loans | -- | 3,872 | ||
| 167,671 | (93,289 | ) | ||
| Less expenses | (3,103 | ) | (2,784 | ) |
| $ 164,568 | (96,073 | ) |
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(5) Tax Status
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
By letter dated December 17, 2002 the Internal Revenue Service determined that the Plan was qualified under Section 401(a) of the IRC and is entitled to favorable tax treatment. A qualified plan is required to operate in conformity with the IRC to maintain its qualified status. The Plan Committee and the Plans in-house legal counsel believe that the Plan is currently being operated in compliance with these requirements.
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project"
(6) Forfeited Accounts
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Default"
At December 30, 2003 and 2002, forfeited non-vested accounts totaled $667,916 and $794,316, respectively, and were used to reduce Employer contributions.
MARKER PAGE="sheet: 11; page: 11" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
ALCON 401(k) RETIREMENT PLAN
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
Notes to Financial Statements
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(7) Assets Transferred into Plan
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
Effective January 1, 2002, assets from the ARP totaling $160,449,673 were transferred at fair value into the PST. The transfers of assets to the Plan were recorded as an addition in the statement of changes in net assets available for benefits for the 2002 Plan year.
MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project"
(8) Reconciliation with Form 5500
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project"
Benefits payable to participants of $2,000 at December 30, 2002, are included as a component of net assets available for benefits in the accompanying financial statements. However, such benefits are treated as a benefit expense in 2003 and as a liability of the Plan at December 30, 2002, for purposes of Form 5500.
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project"
(9) Subsequent Event
MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Default"
On January 2, 2004, the Plan made available Alcon, Inc. stock as an investment option under the Plan. In order to provide Alcon, Inc. stock as an investment option, the Board of Directors of Alcon, Inc. approved and filed in December 2003, a Form S-8 with the Securities and Exchange Commission (SEC) to register the shares expected to be purchased under the Plan. Under SEC rules, once the S-8 is filed, the Plan is required to file an annual report on Form 11-K along with the Plans audited financial statements for the latest two fiscal years of the Plan within 180 days after the Plans fiscal year end.
MARKER PAGE="sheet: 12; page: 12" MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default"
ALCON 401(k) RETIREMENT PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project"
December 30, 2003
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default"
(in thousands)
| Identity of Issue | Description of Investment | Cost | Current Value |
|---|---|---|---|
| JPMorgan* | Investment in Master Trust, at fair value | $888,359 | 1,003,194 |
| Participants | Loans - due from 2004 to 2018, bearing interest at various rates based on prime | 26,653 | 26,653 |
| Total Assets Held for Investment Purposes | $915,012 | 1,029,847 | |
| * Party in interest |
See accompanying Report of Independent Registered Public Accounting Firm