UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS
Pursuant to Section 15(d) of the Securities Exchange Act of
1934
(Mark One)
x ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2021
OR
¨ TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from
to
Commission File Number: 1-06571
Employer Identification Number: 22-1918501
Plan Number: 001
(Full title of the plan)
(Name of issuer of the securities held pursuant to the
plan)
126 East Lincoln Avenue.
(Address of principal executive office)
Merck US Savings Plan
Index
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Financial Statements:
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Supplemental Schedule*:
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16 |
* 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 are omitted because they are
not applicable.
Report of Independent Registered Public Accounting
Firm
To
the Administrator and Plan Participants of Merck US Savings
Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of Merck US Savings Plan
(the “Plan”) as of December 31, 2021
and 2020 and the related statement of changes in net assets
available for benefits for the year ended December 31, 2021,
including the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements
present fairly, in all material respects, the net assets available
for benefits of the Plan as of December 31, 2021
and 2020, and the changes in net assets available for benefits for
the year ended December 31, 2021 in conformity with accounting
principles generally accepted in the United States of
America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance
with the standards of the PCAOB. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement,
whether due to error or fraud.
Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
Supplemental Information
The supplemental Schedule H, Line 4i - Schedule of Assets (Held at
End of Year) as of December 31, 2021 has been subjected to audit
procedures performed in conjunction with the audit of the Plan’s
financial statements. The supplemental schedule is the
responsibility of the Plan’s management. Our audit procedures
included determining whether the supplemental schedule reconciles
to the financial statements or the underlying accounting and other
records, as applicable, and performing procedures to test the
completeness and accuracy of the information presented in the
supplemental schedule. In forming our opinion on the supplemental
schedule, we evaluated whether the supplemental schedule, including
its form and content, is presented in conformity with the
Department of Labor’s Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974.
In our opinion, the supplemental schedule is fairly stated, in all
material respects, in relation to the financial statements as a
whole.
/s/ PricewaterhouseCoopers LLP
New York, New York
June 15, 2022
We have served as the Plan’s auditor since 2002.
Merck US Savings Plan
Statements of Net Assets Available for Benefits
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December 31, |
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thousands) |
2021 |
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2020 |
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Assets |
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Investments |
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Investment in
Master Trust, at fair value |
$ |
13,559,803 |
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$ |
12,324,572 |
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Receivables |
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Employer
contributions |
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359 |
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317 |
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Participant
contributions |
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835 |
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677 |
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Notes receivable
from participants |
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60,768 |
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62,750 |
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Total
receivables |
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61,962 |
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63,744 |
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Total
assets |
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13,621,765 |
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12,388,316 |
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Liabilities |
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Payables |
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Employer
contributions received in advance |
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(585) |
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(769) |
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Participant
contributions received in advance |
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(1,560) |
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(1,958) |
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Total
Liabilities |
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(2,145) |
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(2,727) |
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Net assets available for
benefits |
$ |
13,619,620 |
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$ |
12,385,589 |
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The accompanying notes are an integral part of these financial
statements.
Merck US Savings Plan
Statement of Changes in Net Assets Available for
Benefits
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Year Ended |
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December 31, |
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(in thousands) |
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2021 |
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Additions to net assets attributed to |
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Investment income |
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Plan interest in
Master Trust investment income |
$ |
1,859,180 |
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Interest income on notes receivable from
participants |
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3,113 |
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Contributions to the Plan |
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By
participants |
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467,376 |
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By
employer |
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156,166 |
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Total
contributions |
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623,542 |
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Transfers in |
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4,535 |
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Total
additions |
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2,490,370 |
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Deductions from net assets attributed to |
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Participant withdrawals |
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(1,254,254) |
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Administrative expenses |
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(472) |
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Transfers out |
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(1,613) |
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Total
deductions |
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(1,256,339) |
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Net
increase |
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1,234,031 |
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Net assets available for benefits |
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Beginning of year |
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12,385,589 |
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End of year |
$ |
13,619,620 |
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The accompanying notes are an integral part of these financial
statements.
Merck US Savings Plan
Notes to Financial Statements
1.Description
of Plan
The following description of the Merck US Savings Plan (the “Plan”)
provides only general information. Participants should refer to the
Plan document for a more complete description of the Plan’s
provisions.
General
The Plan is designed to provide a systematic means of saving and
investing for the future as well as an easy and economical way for
employees to become shareholders of Merck & Co., Inc.
(“Merck” or the “Company”). Regular full-time, part-time, and
temporary employees as defined by the Plan document are eligible to
participate in the Plan on or after their dates of hire or after
they transfer into a U.S. benefits-eligible position. Merck is the
Plan sponsor (the “Sponsor”).
Participants direct the investment of their contributions into any
fund investment option available under the Plan, including Merck
common stock. The Plan offers a three-tiered approach to
investing:
*Retirement
Portfolios - a custom set of target date retirement
funds;
*Core
Funds - a selection of investment options (active and passive) that
span a range of asset classes;
*Fidelity
Brokerage Link® - a self-directed brokerage account that provides
access to more than 12,000 mutual funds.
The Plan is administered by management committees appointed by the
Company’s Chief Executive Officer, the Compensation and Benefits
Committee of the Board of Directors of Merck or their
delegates.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”).
Master Trust
The assets of the Plan are maintained, for investment purposes
only, on a commingled basis with a portion of the MSD Puerto Rico
Savings & Security Plan (the “Puerto Rico Plan”) and all of the
assets of the MSD Employee Stock Purchase and Savings Plan in the
Merck & Co., Inc. Qualified Plans Master Trust (the "Master
Trust)". The plans own specific interests in the Master Trust
assets.
The portion of Master Trust assets allocable to each plan is based
upon the participants’ account balances within each plan.
Investment income for the Master Trust is allocated to each plan
based on the specific investments held in the Master
Trust.
Contributions
Participants may contribute up to 25% of their annual eligible
compensation through a combination of before-tax and Roth
contributions (in 1% increments), up to the combined statutory
elective deferral limit ($19,500 in 2021). Participants may also
contribute up to 25% of their annual eligible compensation on an
after-tax basis. Upon reaching the statutory elective deferral
limit for combined before-tax and Roth contributions, the
participant may elect to suspend contributions for the remainder of
the year or elect to continue on an after-tax basis. The sum of
before-tax, Roth and after-tax contributions cannot exceed 50% of
annual eligible compensation.
In addition, the Company makes matching contributions of $0.75 for
every $1.00 of an employee's contributions, up to 6% of such
employee's eligible compensation (maximum match is 4.5% of eligible
compensation) per pay period (to the statutory limit). The
combination of before-tax, Roth, after-tax and Company matching
contributions may not exceed the statutory limit ($58,000 in 2021).
Participant and Company matching contributions are invested
according to a participant’s elections.
Participants are automatically enrolled in the Plan 60 days after
first becoming eligible with a before-tax base pay contribution
rate of 6%. In addition, each participant with a before-tax base
pay contribution rate of at least 1% may elect to participate in an
annual automatic increase program, in whole percentages of at least
1% and not more than 3% per year. The automatic percentage
increase, which is capped at 10% may not cause a participant’s
before-tax base pay contribution rate to exceed 25%.
This feature applies to before-tax bonus and base pay
contributions.
Merck US Savings Plan
Notes to Financial Statements
In addition, the Plan permits matched before-tax and Roth "catch-up
contributions" of up to the statutory limit ($6,500 in 2021) by
participants who are at least age 50 by year-end.
Participant Accounts
Each participant’s account is credited with the participant’s
contributions, the Company’s contributions and an allocation of
Plan earnings. The allocation is based on participants’ account
balances, as defined in the Plan document.
Vesting
Participants are immediately vested in their contributions, all
Company matching contributions, plus actual earnings
thereon.
Notes Receivable from Participants
Participants may borrow from their account balances with interest
charged at the prime rate plus 1%. Loan terms range from one to
five years for a short-term loan or up to fifteen years for the
purchase of a primary residence and bear interest at rates that
range from 4.25% to 10.50%. The minimum loan
is
$1,000 and the maximum loan is the lesser of (i) $50,000 less
the highest outstanding loan balance(s) during the one-year period
prior to the new loan application date, or (ii) 50% of the
participant’s account balance less any current outstanding loan
balance(s) and defaulted loan amounts. Principal and interest are
paid ratably through payroll deductions. Loan terms are
grandfathered into the Plan in accordance with the legacy plan
guidelines, including loan terms for participants that transferred
into the Plan from a legacy plan.
Payment of Benefits
Participants are entitled to receive automatic, voluntary,
in-service (which include hardship withdrawals), or mandatory
distributions as provided in the applicable Plan
provisions.
Other Matters
Transfers in and out during 2021 relate to transfers between the
Plan and the MSD Employee Stock Purchase and Savings Plan for
employees who changed their status during the year.
2.Summary
of Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared on the accrual
basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and changes
therein, and disclosure of contingent assets and liabilities at the
date of the financial statements. Management believes that these
estimates are adequate. Actual results could differ from those
estimates.
Investment Valuation and Income Recognition
All investments are recorded at fair value in the accompanying
financial statements. Valuation of investments of the Plan
represents the Plan’s specific interest in the Master Trust. The
Plan’s investment in the Master Trust is stated at fair value and
is based on the beginning of year value of the Plan’s interest in
the Master Trust plus actual Plan contributions and specific
investment income less Plan distributions, specific investment
losses and allocated expenses.
Merck US Savings Plan
Notes to Financial Statements
Purchases and sales of securities are recorded on a trade-date
basis. Dividend income is recorded on the ex-dividend date.
Interest income is recorded as earned. Realized gains and losses
from security transactions are reported on the average cost
method.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid
principal balance plus any accrued but unpaid interest. Delinquent
participant loans are reclassified as benefit payments based upon
the terms of the Plan document. No allowance for credit losses has
been recorded as of December 31, 2021 and 2020.
Contributions
Employee and Company matching contributions are recorded in the
period in which the Company makes the payroll deductions from the
participants’ earnings.
Payment of Benefits
Benefits are recorded when paid.
Administrative Expenses
Administrative expenses paid from plan assets include recordkeeping
(for inactive participants), loan setup and other fees. Other
administrative expenses are paid by the Company.
Risks and Uncertainties
The Plan provides for various investment options in investment
securities. Investment securities, in general, are exposed to
various risks and may decline in value for a number of reasons,
including changes in prevailing interest rates and credit
availability, increases in defaults, increases in voluntary
prepayments for investments that are subject to prepayment risk
under normal market conditions, widening of credit spreads and
overall market volatility. Due to the level of risk associated with
certain investment securities, it is reasonably possible that
changes in the values of investment securities will occur in the
near term and that such changes could materially affect
participants’ account balances and the amounts reported in the
Statements of Net Assets Available for Benefits.
3.Related-Party
Transactions
Contributions are held and managed by Fidelity Management Trust
Company (“Fidelity” or the “Trustee”), which invests cash received,
interest and dividend income and makes distributions to the
participants. The Trustee also administers the participants’
payment of interest and principal on the notes receivable from
participants. These transactions qualify as permitted
party-in-interest transactions.
Certain Plan investments are shares of registered investment
companies (mutual funds) and common/collective trusts managed by
the Trustee or its affiliates. Fidelity is the trustee as defined
by the Plan and, therefore, these transactions qualify as
party-in-interest transactions. The total market value of the
Plan’s portion of the investments managed by the Trustee was $807.3
million and $728.6 million at December 31, 2021 and 2020,
respectively. During 2021, the Plan’s portion of interest and
dividends, realized and unrealized gains from investments managed
by the Trustee was $6.8 million, $20.9 million and $183.3 million,
respectively.
Merck also is a party-in-interest to the Plan under the definition
provided in Section 3(14) of ERISA. Therefore, Plan
transactions of Merck common stock qualify as party-in-interest
transactions. The market value of the Plan’s portion of the
investment in Merck common stock was $831.9 million and $939.9
million at December 31, 2021 and 2020, respectively. During
2021, the Plan’s portion of dividends, realized gains and
unrealized losses from Merck common stock was $29.6 million, $38.9
million and $75.8 million, respectively. The Plan’s portion of
purchases and sales of Merck common stock during 2021 was $25.3
million and $78.3 million, respectively.
4.Plan
Termination
Although it has not expressed any intent to do so, the Company has
the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA.
Upon termination of the
Merck US Savings Plan
Notes to Financial Statements
Plan, each participant thereby affected would receive the entire
value of his or her account as though he or she had retired as of
the date of such termination.
5.Tax
Status
The Plan obtained a tax determination letter from the Internal
Revenue Service (“IRS”) dated February 8, 2018, indicating that the
Plan had been designed in accordance with applicable sections of
the Internal Revenue Code (“IRC”). The Plan has been amended since
receiving the determination letter. However, the Sponsor believes
that the Plan is designed and currently operates in compliance with
the IRC. Therefore, no provision for income taxes has been
made.
Accounting principles generally accepted in the United States of
America require Plan management to evaluate tax positions taken by
the Plan and recognize a tax liability (or asset) if the Plan has
taken an uncertain position that more likely than not would not be
sustained upon examination by the IRS. The Plan administrator has
analyzed the tax positions taken by the Plan and has concluded
that, as of December 31, 2021 and 2020, there are no uncertain
tax positions taken or expected to be taken that would require
recognition of a liability (or asset) or disclosure in the
financial statements. The Plan is subject to routine audits by
taxing jurisdictions.
Merck US Savings Plan
Notes to Financial Statements
6.Master
Trust
The net assets of the Master Trust and the Plan's interest are as
follows:
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2021 |
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(in thousands) |
Master Trust |
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Merck US Savings Plan Interest |
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Registered investment companies (mutual funds) |
$ |
969,745 |
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$ |
918,129 |
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Common/collective trusts |
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9,051,462 |
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8,636,693 |
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Equity securities |
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2,688,404 |
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2,540,022 |
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Fixed income securities |
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421,467 |
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400,721 |
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Self-directed brokerage accounts |
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236,885 |
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224,242 |
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Merck common stock |
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934,840 |
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831,850 |
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Accrued interest and dividends |
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11,436 |
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10,348 |
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Other net assets/(liabilities) |
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(2,167) |
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(2,202) |
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$ |
14,312,072 |
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$ |
13,559,803 |
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2020 |
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(in thousands) |
Master Trust |
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Merck US Savings Plan Interest |
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Registered investment companies (mutual funds) |
$ |
1,041,025 |
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$ |
986,211 |
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Common/collective trusts |
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8,009,005 |
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7,645,939 |
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Equity securities |
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2,331,490 |
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2,205,546 |
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Fixed income securities |
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360,208 |
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343,080 |
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Self-directed brokerage accounts |
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194,698 |
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186,272 |
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Merck common stock |
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1,060,305 |
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939,903 |
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Accrued interest and dividends |
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11,405 |
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|
10,293 |
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Other net assets/(liabilities) |
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7,842 |
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|
7,328 |
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$ |
13,015,978 |
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$ |
12,324,572 |
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Merck US Savings Plan
Notes to Financial Statements
Total investment income of the Master Trust for the year ended
December 31, 2021, is as follows:
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2021 |
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Master Trust |
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(in thousands) |
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Investment income, net |
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Net appreciation |
$ |
1,802,821 |
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Interest and dividends |
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149,618 |
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Total investment
income |
$ |
1,952,439 |
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7.Fair
Value Measurements
Fair value is defined as the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in
an orderly transaction between market participants on the
measurement date. Entities are required to use a fair value
hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs when measuring fair value. There are
three levels of inputs that may be used to measure fair
value:
Level 1
– Quoted prices in active markets for identical assets or
liabilities. The Master Trust's Level 1 investments primarily
include registered investment companies (mutual funds),
self-directed brokerage accounts and common stocks.
Level 2
– Observable inputs other than Level 1 prices, such as quoted
prices for similar assets or liabilities, or other inputs that are
observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities. The
Master Trust's Level 2 investments primarily include investments in
certain fixed income investments such as government and agency
obligations, corporate obligations and mortgage and asset-backed
securities.
Level 3
– Unobservable inputs that are supported by little or no market
activity and that are financial instruments whose values are
determined using pricing models, discounted cash flow
methodologies, or similar techniques, as well as instruments for
which the determination of fair value requires significant judgment
or estimation. The Master Trust did not hold any Level 3
investments at December 31, 2021 and 2020.
If the inputs used to measure the financial assets and liabilities
fall within more than one level described above, the categorization
is based on the lowest level input that is significant to the fair
value measurement of the instrument. There have been no changes in
the valuation methodologies used at December 31, 2021 and
2020.
Within the Master Trust, investments are recorded at fair value as
follows:
Registered Investment Companies (Mutual Funds)
Registered investment companies (mutual funds) are valued at their
respective net asset values. The net asset values are typically
determined by the fund at the close of regular trading. Investments
in registered investment companies (mutual funds) generally may be
redeemed daily.
Merck US Savings Plan
Notes to Financial Statements
Common/Collective Trusts
The common/collective trusts are valued at their respective net
asset values, as a practical expedient for fair value. The fair
value of investments in the common/collective trusts are determined
by their trustee. The Master Trust's investments in
common/collective trusts generally may be redeemed
daily.
Fixed Income Securities
Fixed income securities, including U.S. government and agency
obligations, corporate obligations and mortgage and asset-backed
securities, are generally valued on the basis of valuations
furnished by a pricing service approved by the Trustee or at fair
value as determined in good faith by the Trustee and the Company.
The Trustee has the discretionary authority to hire a pricing
service to determine valuations using methods based on current
market transactions, prices for comparable securities and various
relationships between securities which are generally recognized by
institutional traders.
Self-Directed Brokerage Accounts
Self-directed brokerage accounts are comprised of mutual funds,
which are valued at the net asset value reported by the managers of
the funds, typically determined at the close of regular
trading.
Common Stocks
Common stocks, for which market quotations are readily available,
are generally valued at the last reported sales price on their
principal exchange on the valuation date, or official close price
for certain markets. If no sales are reported for that day, these
investments are valued at the more recent of (i) the last
published sale price or (ii) the mean between the last
reported bid and asked prices for long positions, or at fair value
as determined in good faith by the Trustee and the
Company.
Merck US Savings Plan
Notes to Financial Statements
Master Trust Investments Measured at Fair Value
Master Trust investments measured at fair value as of
December 31, 2021 are summarized below:
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December 31, 2021 |
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Fair Value Measurements Using |
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(in thousands) |
Quoted Prices |
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Total |
|
In Active |
Significant |
|
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Markets for |
Other |
Significant |
|
Identical |
Observable |
Unobservable |
|
Assets |
Inputs |
Inputs |
|
(Level 1) |
(Level 2) |
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in the Master Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies |
$ |
969,745 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
969,745 |
|
|
Equity securities |
|
2,688,404 |
|
|
|
— |
|
|
|
— |
|
|
|
2,688,404 |
|
|
Fixed income securities |
|
— |
|
|
|
421,467 |
|
|
|
— |
|
|
|
421,467 |
|
|
Self-directed Brokerage Accounts |
|
236,885 |
|
|
|
— |
|
|
|
— |
|
|
|
236,885 |
|
|
Merck Common Stock |
|
934,840 |
|
|
|
— |
|
|
|
— |
|
|
|
934,840 |
|
|
|
Investments measured within the fair value hierarchy |
$ |
4,829,874 |
|
$ |
421,467 |
|
$ |
— |
|
|
$ |
5,251,341 |
|
|
Common/Collective Trusts measured at NAV practical expedient
(1)
|
|
|
|
|
|
|
|
|
$ |
9,051,462 |
|
|
|
Master Trust investments at fair value |
|
|
|
|
|
|
|
|
|
$ |
14,302,803 |
|
|
|
|
(1)
Certain investments that were measured at net asset value (NAV) per
share or its equivalent have not been classified in the fair value
hierarchy. The fair value amounts presented in this table also do
not include the Master Trust's accrued interest and dividends or
other net assets.
The Plan's interests within the Master Trust as specifically
identified in Note 6 are leveled in the same manner as the Master
Trust investment categories presented above.
Merck US Savings Plan
Notes to Financial Statements
Master Trust Investments Measured at Fair Value
Master Trust investments measured at fair value as of
December 31, 2020 are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
Fair Value Measurements Using |
|
|
(in thousands) |
Quoted Prices |
|
|
|
|
|
Total |
|
In Active |
Significant |
|
|
Markets for |
Other |
Significant |
|
Identical |
Observable |
Unobservable |
|
Assets |
Inputs |
Inputs |
|
(Level 1) |
(Level 2) |
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in the Master Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies |
$ |
1,041,025 |
|
|
$ |
— |
|
$ |
|
— |
|
|
$ |
1,041,025 |
|
|
Equity securities |
|
2,331,490 |
|
|
|
— |
|
|
|
— |
|
|
|
2,331,490 |
|
|
Fixed income securities |
|
— |
|
|
|
360,208 |
|
|
|
— |
|
|
|
360,208 |
|
|
Self-directed Brokerage Accounts |
|
194,698 |
|
|
|
— |
|
|
|
— |
|
|
|
194,698 |
|
|
Merck Common Stock |
|
1,060,305 |
|
|
|
— |
|
|
|
— |
|
|
|
1,060,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured within the fair value hierarchy |
$ |
4,627,518 |
|
|
$ |
360,208 |
|
$ |
|
— |
|
|
$ |
4,987,726 |
|
|
|
Common/Collective Trusts measured at NAV practical expedient
(1)
|
|
|
|
|
|
|
|
|
|
$ |
8,009,005 |
|
|
|
|
Master Trust investments at fair value |
|
|
|
|
|
|
|
$ |
12,996,731 |
|
(1)
Certain investments that were measured at net asset value (NAV) per
share or its equivalent have not been classified in the fair value
hierarchy. The fair value amounts presented in this table also do
not include the Master Trust's accrued interest and dividends or
other net liabilities.
The Plan's interests within the Master Trust as specifically
identified in Note 6 are leveled in the same manner as the Master
Trust investment categories presented above.
8.Subsequent
Events
The Plan has evaluated subsequent events through the date the
financial statements were issued and no events were noted which
warrant adjustments to, or disclosure in the financial
statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merck US Savings Plan |
|
|
|
|
Schedule H |
|
Schedule H, Line 4i - Schedule of Assets (Held at End of
Year) |
|
|
|
|
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
(b) |
(c) |
|
(d) |
|
(e) |
|
Identity of Issue, Borrower, Lessor or Similar Party |
Description of Investment Including Maturity Date, Rate of
Interest, Collateral, Par or Maturity Value |
|
Cost |
Current Value |
|
|
** |
|
Master Trust |
|
Investment in Master Trust |
|
*** |
|
$ |
13,559,802,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Notes receivable from participants |
|
Interest rates ranging from 4.25% to 10.50% and with maturities
through 2047 |
|
|
|
$ |
60,768,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
13,620,570,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Denotes a party-in-interest to the Plan. |
|
** |
There are certain investments within the Master Trust that are
party-in-interest. |
|
*** |
Cost information not required to be presented for participant
directed investments. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the Plan) have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Merck US Savings Plan
|
|
|
|
|
|
|
|
By:
|
/s/ Aaron Rosenberg |
|
Aaron Rosenberg |
|
Senior Vice President and Treasurer |
June 15, 2022
EXHIBIT INDEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number |
|
Document |
|
Page |
|
|
|
|
|
|
|
23 |
|
Consent of Independent Registered Public Accounting
Firm |
|
16 |
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