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Proc-Type: 2001,MIC-CLEAR
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***************************************************************************** SECURITIES AND EXCHANGE COMMISSION
FORM 11-K
X |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the year ended December 31, 2000
OR
____ |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________________to_____________________
Commission file number 1-9759
A. |
Full title of the plan and the address of the plan, if different from that of the Issuer named below: |
Savings Plan for Hourly Employees of IMC-Agrico MP, Inc.
Represented by Local #968 International Chemical Workers Union
B. |
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
IMC GLOBAL INC.
100 S. Saunders Road, Lake Forest, Illinois 60045
****************************************************************************
Savings Plan for Hourly Employees of IMC-Agrico MP, Inc.
Represented by Local #968 International Chemical Workers Union
Financial Statements and Supplemental Schedule
Years ended December 31, 2000 and 1999
with Reports of Independent Auditors
Employer Identification #36-3888539
Plan #105
****************************************************************************
Savings Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #968
International Chemical Workers Union
Financial Statements
and Supplemental Schedule
Years ended December 31, 2000 and 1999
Contents
1 |
|
|
|
Financial Statements |
|
Statements of Assets Available for Benefits |
3 |
Statements of Changes in Assets Available for Benefits |
4 |
Notes to Financial Statements |
5 |
|
|
Supplemental Schedule |
|
Schedule H Line 4i - Schedule of Assets (Held at End of Year) |
11 |
****************************************************************************
Report of Independent Auditors
Plan Administrator
Savings Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by
Local #968 International Chemical Workers Union
We have audited the accompanying statement of assets available for benefits of the Savings Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union as of December 31, 2000, and the related statement of changes in assets available for 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 auditing standards generally accepted in the 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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets available for benefits of the Plan at December 31, 2000, and the changes in its assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States.
Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule of assets (held at the end of the year) as of December 31, 2000, is presented for purposes of additional analysis and is not a required part of the financial statements but is 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. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in our audit 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/ Ernst & Young LLP
Ernst & Young LLP
Chicago, Illinois
June 11, 2001
****************************************************************************
Independent Auditors' Report
Plan Administrator
Salary Reduction Plan for Hourly Employees
of IMC Phosphates MP, Inc. Represented by Local #968
International Chemical Workers Union
We have audited the accompanying statement of net assets available for benefits of the Salary Reduction Plan for Hourly Employees of IMC Phosphates MP, Inc. Represented by Local #968 International Chemical Workers Union as of December 31, 1999 and the
related statement of changes in net assets available for 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 benefits of the Plan as of December 31, 1999, and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles.
/s/ Hill, Taylor LLC
May 26, 2000
****************************************************************************
EIN 36-3888539
Plan #105
Savings Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #968
International Chemical Workers Union
Statements of Assets Available for Benefits
|
December 31 |
|
|
2000 |
1999 |
Assets |
|
|
Cash |
$ - |
$ 200 |
Interest in master trust funds |
1,638,999 |
1,403,951 |
Investments, at fair value |
3,991,058 |
3,462,570 |
Receivables: |
|
|
Participant contributions |
16,535 |
16,028 |
Employer contributions |
2,208 |
2,150 |
Total receivables |
18,743 |
18,178 |
Assets available for benefits |
$5,648,800 |
$4,884,899 |
See accompanying notes.
****************************************************************************
EIN 36-3888539
Plan #105
Savings Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #968
International Chemical Workers Union
Statements of Changes in Assets Available for Benefits
|
Year ended December 31 |
||||||
|
2000 |
1999 |
|||||
Additions |
|
|
|||||
Investment income: |
|
|
|||||
Interest and dividends |
$ 268,501 |
$ 97,341 |
|||||
Net realized and unrealized (depreciation) appreciation |
|
|
|||||
Income from master trust funds |
56,489 |
15,437 |
|||||
Total investment income |
185,898 |
305,224 |
|||||
|
|
|
|||||
Contributions: |
|
|
|||||
Participants |
833,996 |
817,299 |
|||||
Employer |
114,175 |
109,494 |
|||||
Total contributions |
948,171 |
926,793 |
|||||
Transfer from other plans |
- |
83,781 |
|||||
Total additions |
1,134,069 |
1,315,798 |
|||||
|
|
|
|||||
Deductions |
|
|
|||||
Distributions |
349,516 |
96,568 |
|||||
Administrative fees |
3,950 |
- |
|||||
Transfers to other plans |
16,702 |
- |
|||||
Total deductions |
370,168 |
96,568 |
|||||
Net increase |
763,901 |
1,219,230 |
|||||
Assets available for benefits - Beginning of year |
4,884,899 |
3,665,669 |
|||||
Assets available for benefits - End of year |
$5,648,800 |
$4,884,899 |
See accompanying notes.
****************************************************************************
EIN 36-3888539
Plan #105
Savings Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #968
International Chemical Workers Union
Years ended December 31, 2000 and 1999
1. Description of the Plan
The following description of the Savings Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union (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 was established on January 1, 1993. Hourly employees of the Florida Concentrated Phosphate Operations of IMC-Agrico MP, Inc. (the Company) who are represented by Local #968 International Chemical Workers Union are eligible to participate in the Plan immediately upon their date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
The Plan is funded by contributions from participants in the form of payroll deductions of $5 to $150 per week. Under certain circumstances, participants may roll over their vested benefits from other qualified benefit plans to the Plan. The Company contributes an amount equal to $.25 per $1.00 contributed weekly by participant up to the first $25 contributed weekly by participant.
Participant Accounts
Each participant's account is credited with the participant's contributions and allocations of: (a) the Company contributions, and (b) Plan earnings and is charged with an allocation of certain administrative expenses. Allocations are based on earnings or account balances as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.
Administrative Expenses
Certain administrative expenses of the Plan are borne by the Company.
Investment Programs
The Plan investments are administered by Marshall & Ilsley Trust Company. Upon joining the Plan, participants can direct their contributions to a selection of five investment fund options, two of which are pooled funds shared only by other IMC-Agrico MP, Inc. and IMC Global, Inc. 401(k) plans.
Participants may elect to change the investment direction of their existing account balances daily.
Vesting
Participants are immediately vested in their accounts.
Withdrawals
Participants may withdraw their interest in the Plan upon termination of employment. Under certain conditions of financial hardship, participants may withdraw funds, but their participation in the Plan will be suspended for at least one year. Full withdrawals are available after age 59 1/2 or in the event of total and permanent disability.
Deferred Distributions
Participants who terminate their employment and have an account balance in excess of $5,000 may elect (at any time prior to age 65) to defer receipt of distribution until no later than his or her 70th birthday.
Loans to Participants
Participants in the Plan may be granted loans subject to certain terms and maximum dollar or Plan account balance limits, as defined by the Plan. Principal repayments, which are over one to five years for general purpose loans and over one to ten years for residential loans, and related interest income are credited to the borrowing participant's account. Loan payments are made by payroll deductions. Each loan bears interest at the prevailing rate for loans of similar risk, date of maturity, and date of grant.
Plan Termination
Although it has not expressed any interest 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.
2. Summary of Significant Accounting Policies
Investment Valuation and Income Recognition
Except for guaranteed investment contracts, investments are stated at fair value. Fair value is the last reported sale price on the last business day of the month for securities traded on a national securities exchange and in over-the-counter markets. Fair value for shares of mutual funds, master trust funds, and the M&I Stable Principal Fund is the net asset value of those shares or units as determined by the respective funds. Loans to participants are valued at cost which approximates fair value. Guaranteed investment contracts are carried at contract value.
Net income or loss from the Master Trust is allocated monthly to each participating Plan based on the ratio of each Plan's equity to the total equity of all participating Plans prior to the allocations.
Purchases and sales of securities are accounted for on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest from investments is recorded on the accrual basis.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Plan administrator to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications
Certain amounts in the 1999 financial statements have been reclassified to conform to the 2000 presentation.
3. Investment in Master Trust Funds
Assets of the Company Stock Fund and the Fixed Income Fund were invested in shares of the IMC-Agrico MP, Inc. pooled funds prior to November 1, 2000, which were shared by other IMC-Agrico MP, Inc. 401(k) plans. On November 1, 2000, the IMC-Agrico Stock Fund and IMC-Agrico Fixed Income Fund were merged into the IMC Global Stock Fund and IMC Global Fixed Income Fund, respectively. All assets were transferred on November 1, 2000. The Plan held a 2% interest in the IMC Global Stock Fund and IMC Global Fixed Income Fund at December 31, 2000. The Plan held a 4.5%, and 3% interest, respectively, in the IMC-Agrico Stock Fund and the IMC-Agrico Fixed Income Fund at December 31, 1999.
The equitable shares in the pooled funds of a participating plan are proportionate to the fair market value of the assets allocable to such participating plan.
The net assets of the IMC Global, Inc. pooled funds as of December 31, 2000, were as follows:
|
|
IMC Global Fixed |
|
|
|
IMC Global Inc. common stock |
$22,406,701 |
$ - |
M&I Stable Principal Fund |
- |
20,346,347 |
LaSalle National Trust, N.A. Income Plus Fund |
- |
- |
Guaranteed Investment Contracts: |
|
|
Allstate Life |
- |
4,121,961 |
Rabobank Alternative |
- |
2,593,751 |
John Hancock |
- |
1,664,382 |
Government Plus Synthetic |
- |
9,285,886 |
Ohio National |
- |
5,223,828 |
SunAmerica Life |
- |
7,981,848 |
Connecticut General Life |
- |
4,495,587 |
Protective Life |
- |
5,135,114 |
Business Men's Assurance |
- |
3,209,268 |
Money Market Fund |
- |
622,304 |
Cash |
524,672 |
- |
Pending investment transactions |
1,527,118 |
- |
Accrued interest and dividends |
2,316 |
80,379 |
Liabilities |
(1,525,000) |
- |
Net assets |
$22,935,807 |
$64,760,655 |
The assets of the IMC-Agrico MP, Inc. pooled funds as of December 31, 1999, were as follows:
|
|
IMC-Agrico Fixed |
|
|
|
IMC Global Inc. common stock |
$ 8,625,974 |
$ - |
M&I Stable Principal Fund |
- |
14,348,030 |
Guaranteed Investment Contracts: |
|
|
CDC Investment Management Corp. |
- |
1,500,000 |
Rabobank Alternative |
- |
829,073 |
SunAmerica Life Company |
- |
3,579,144 |
Government Plus Synthetic |
- |
2,740,361 |
Ohio National |
- |
1,638,848 |
SunAmerica Life Synthetic |
- |
1,310,878 |
Connecticut General Life |
- |
1,600,177 |
John Hancock |
- |
1,568,544 |
Protective Life |
- |
2,078,918 |
Marshall Money Market Fund |
262,964 |
612,159 |
Accrued interest and dividends |
2,074 |
54,885 |
Net assets |
$ 8,891,012 |
$31,861,017 |
Changes in the pooled balances for the year ended December 31, 2000, are summarized as follows:
|
|
IMC-Agrico Fixed Income |
|
IMC Global Fixed Income |
Additions |
|
|
|
|
Interest and dividend income |
$ 305,082 |
$ 1,785,119 |
$ 274,251 |
$ 2,406,558 |
Net realized and unrealized (depreciation) appreciation in fair value of investments - |
|
|
|
|
Contributions and transfers from other funds |
34,821,291 |
32,841,804 |
20,073,427 |
47,411,041 |
|
32,505,310 |
34,626,923 |
22,720,393 |
49,817,599 |
Deductions |
|
|
|
|
Benefits paid |
32,678,862 |
54,976,348 |
15,325,487 |
31,156,748 |
Transfers to other funds |
8,717,460 |
11,511,592 |
- |
165,797 |
|
41,396,322 |
66,487,940 |
15,325,487 |
31,322,545 |
Net (decrease) increase |
(8,891,012) |
(31,861,017) |
7,394,906 |
18,495,054 |
Net assets, beginning of year |
8,891,012 |
31,861,017 |
15,540,901 |
46,265,601 |
Net assets, end of year |
$ - |
$ - |
$22,935,807 |
$64,760,655 |
Changes in the pooled balances for the year ended December 31, 1999, are summarized as follows:
|
|
IMC-Agrico |
Additions |
|
|
Interest and dividend income |
$ 177,356 |
$ 1,680,709 |
Net realized and unrealized depreciation in fair value |
|
|
Contributions and net transfers from other funds |
37,074,481 |
45,454,721 |
|
35,395,967 |
47,135,430 |
Deductions |
|
|
Benefits paid |
35,106,442 |
43,670,982 |
Net increase |
289,525 |
3,464,448 |
Net assets, beginning of year |
8,601,487 |
28,396,569 |
Net assets, end of year |
$ 8,891,012 |
$31,861,017 |
Investments that represent 5% or more of assets available for benefits at December 31, 2000 and 1999, were as follows:
|
December 31 |
|
|
2000 |
1999 |
|
|
|
Vanguard Wellington Fund |
$1,746,049 |
$1,590,787 |
Fidelity Magellan Fund |
1,154,251 |
597,538 |
Fidelity Equity-Income Fund. |
714,880 |
953,513 |
The Internal Revenue Service ruled on September 7, 1995, that the Plan qualified under Section 401(a) of the Internal Revenue Code (IRC), and, therefore, the related trust is not subject to tax under present income tax law. The Plan has been amended since receiving the last determination letter. However, the Plan administrator and the Plan's counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.
*****************************************************************************
*****************************************************************************
EIN 36-3888539
Plan #105
Savings Plan for Hourly Employees of IMC-Agrico MP, Inc.
Represented by Local #968 International Chemical Workers Union
Schedule H Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2000
|
|
Number of Shares |
Current |
|
|
|
|
Marshall and Ilsley Trust Company* |
Vanguard Wellington Fund |
61,894 |
$1,746,049 |
|
Fidelity Magellan Fund |
9,675 |
1,154,251 |
|
Fidelity Equity-Income Fund |
13,379 |
714,880 |
|
|
|
|
Loans to participants |
Varying maturities with interest rates ranging from 7.125% to 9.75% |
|
|
|
|
|
$3,991,058 |
*Indicates party in interest to the Plan.
**********************************
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, I the Undersigned Chairman of the Employee Benefits Committee, have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
SAVINGS PLAN FOR HOURLY EMPLOYEES OF IMC-AGRICO MP, INC.
REPRESENTED BY LOCAL #968 INTERNATIONAL CHEMICAL WORKERS UNION
/s/ Stephen P. Malia
|
Date: June 29, 2001
Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed below by the following persons in their capacities as members of the Employee Benefits Committee and on the dates indicated.
Signature |
Title |
Date |
/s/ J. Bradford James |
Executive Vice President and |
June 29, 2001 |
/s/ Stephen P. Malia |
Senior Vice President |
June 29, 2001 |
/s/ E. Paul Dunn |
Vice President and |
June 29, 2001 |
/s/ Mary Ann Hynes |
Senior Vice President and |
June 29, 2001 |
/s/ James O. Siemers |
Director of Compensation |
June 29, 2001 |
*****************************************************************************
Exhibit 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-70039) pertaining to the Savings Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union of our report dated June 11, 2001, with respect to the 2000 financial statements of the Savings Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union included in the Annual Report (Form 11-K) for the year ended December 31, 2000.
/s/ Ernst & Young LLP
Ernst & Young LLP
Chicago, Illinois
June 27, 2001
*****************************************************************************
Exhibit 23.2
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-70039) pertaining to the Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union of our report dated May 26, 2000, with respect to the financial statements of the Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union included in this Annual Report (Form 11-K) for the year ended December 31, 1999.
/s/ Hill, Taylor LLC
Hill, Taylor LLC
Chicago, Illinois
June 27, 2001
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