-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DiXCaVxIywB9c6EnzAM92FI9jwL6RKbwj85WbE+q8kP2iiff50uj1zqhc8l63N7N 2GSCyLTby+XFXkrtG6PddA== 0000820626-01-500027.txt : 20010702 0000820626-01-500027.hdr.sgml : 20010702 ACCESSION NUMBER: 0000820626-01-500027 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMC GLOBAL INC CENTRAL INDEX KEY: 0000820626 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 363888539 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09759 FILM NUMBER: 1672248 BUSINESS ADDRESS: STREET 1: 100 S. SAUNDERS ROAD STREET 2: SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 BUSINESS PHONE: 8472729200 MAIL ADDRESS: STREET 1: 2345 WAUKEGAN ROAD - SUITE E-200 CITY: BANNOCKBURN STATE: IL ZIP: 60015-5516 FORMER COMPANY: FORMER CONFORMED NAME: IMC FERTILIZER GROUP INC DATE OF NAME CHANGE: 19920703 11-K 1 local968.htm SAVINGS PLAN IMC AGRICO REP BY LOCAL 968 W01990264

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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


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

 

Reports of Independent Auditors

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

 

 

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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
     in fair value of investments - Mutual funds


(139,092)


192,446

   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

Notes to Financial Statements

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
Stock Fund

IMC Global Fixed
Income Fund

 

 

 

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
Stock Fund

IMC-Agrico Fixed
Income Fund

  

  

  

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
Stock Fund

IMC-Agrico Fixed Income
Fund


IMC Global
Stock Fund

IMC Global Fixed Income
Fund

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 -
  IMC Global, Inc. common stock



(2,621,063)



- - 



2,372,715



- -

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
Stock Fund

IMC-Agrico
Fixed Income
Fund

Additions

  

  

Interest and dividend income

$     177,356 

$  1,680,709

Net realized and unrealized depreciation in fair value
  of investments - IMC Global, Inc. common stock


(1,855,870)


- -

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
=========


4. Significant Investments

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


5. Federal Income Tax Status

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.

 

 

 

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Supplemental Schedule


 

 

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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

 


Identity of Issuer


Description

Number of Shares

Current
Value

  

  

  

  

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%

  


     375,878

  

  

  

$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                                                        
Stephen P. Malia
Chairman of the Employee Benefits Committee

 

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                      
J. Bradford James

Executive Vice President and
Chief Financial Officer

June 29, 2001

/s/ Stephen P. Malia                       
Stephen P. Malia

Senior Vice President
Human Resources

June 29, 2001

/s/ E. Paul Dunn                             
E. Paul Dunn

Vice President and
Treasurer

June 29, 2001

/s/ Mary Ann Hynes                       
Mary Ann Hynes

Senior Vice President and
General Counsel

June 29, 2001

/s/ James O. Siemers                      
James O. Siemers

Director of Compensation
and Benefits

June 29, 2001

 

 

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 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

 

 

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  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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