11-K 1 agricoprofit.htm IMC-AGRICO MP, INC. PROFIT SHARING & SAVINGS PLAN W01990370

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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:

 

IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

 

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

 

 

 

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IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

 

Financial Statements and Supplemental Schedule

Years ended December 31, 2000 and 1999
with Reports of Independent Auditors

 

  

Employer Identification #36-3888539
Plan #101

 

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IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

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

 

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Report of Independent Auditors

 

Plan Administrator
IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

We have audited the accompanying statement of assets available for benefits of the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan 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 end of 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

 

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Independent Auditors' Report

 

Plan Administrator
IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

 

We have audited the accompanying statement of net assets available for benefits of the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan 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 #101

IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

Statements of Assets Available for Benefits

 

 

December 31

 

2000

1999

Assets

 

 

Cash

$              122

$            397

Interest in master trust funds

47,640,851

38,951,534

Investments, at fair value

66,226,673

59,730,908

Receivables:

 

 

   Participant contributions

152,273

68,752

   Employer contributions

1,732,746

24,485

   Pending investment sales

             8,653

                  -

Total receivables

      1,893,672

         93,237

Assets available for benefits

$115,761,318
==========

$98,776,076
=========

 

See accompanying notes.

 

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EIN 36-3888539
Plan #101

IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

Statements of Changes in Assets Available for Benefits

 

 

Year ended December 31

Additions

2000

1999

Investment income:

 

 

   Interest and dividends

$    3,603,131 

$  1,273,135

   Net realized and unrealized (depreciation) appreciation
     in fair value of investments - Mutual funds


(2,711,189)


5,477,514

   Income from master trust funds

     1,326,991 

      534,415

Total investment income

2,218,933 

7,285,064

 

 

 

Contributions:

 

 

   Participants

4,793,311 

4,723,564

   Employer

     6,026,733 

     2,229,799

Total contributions

10,820,044 

6,953,363

Transfers from other plans

   34,080,508 

                   -

Total additions

47,119,485 

14,238,427

 

 

 

Deductions

 

 

Distributions

30,128,543 

12,221,210

Administrative fees

5,700 

-

Transfers to other plans

                    - 

     1,293,965

Total deductions

    30,134,243 

   13,515,175

Net increase

16,985,242 

723,252

Assets available for benefits - Beginning of year

    98,776,076 

   98,052,824

Assets available for benefits - End of year

$115,761,318 
========== 

$ 98,776,076
=========

 

See accompanying notes.

 

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EIN 36-3888539
Plan #101

IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

Notes to Financial Statements

Years ended December 31, 2000 and 1999

 

1. Description of the Plan

The following description of the IMC-Agrico MP, Inc. Profit Sharing and 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 a defined-contribution plan which was established on July 1, 1993. Employees of IMC-Agrico MP, Inc. (the Company), managing partner of IMC-Agrico Company and jointly owned by IMC-Global Operations Inc. and Phosphate Resource Partners, L.P., 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/ salary reductions from 1% to 15% of participants' eligible pay (subject to Internal Revenue Service (IRS) limits) in before-tax dollars, after-tax dollars, or a combination of both. The Plan is also funded by Company matching contributions, which are subject to certain limitations imposed by Section 415 of the Internal Revenue Code (IRC). For the years ended December 31, 2000 and 1999, the Company matched up to 6% of a participant's eligible pay as follows: $1 for every $1 a participant contributes to the Plan, up to the first 3% of a participant's eligible pay and $.50 for every $1 that a participant contributes to the Plan on the next 3% of a participants eligible pay. The Company also makes a profit-sharing contribution, subject to certain limitations and requirements. All or any portion of the profit-sharing contributions, initially deposited, to the IMC Global Stock Fund, may be in the form of cash or shares of IMC Global, Inc. common stock. Generally, a participant must be employed on the last day of the Plan year to be eligible for profit-sharing contributions.

Under certain circumstances, participants may roll over their vested benefits from other qualified benefit plans to the Plan.

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's investments are administered by Marshall & Ilsley Trust Company. Upon joining the Plan, participants can direct their contributions, Company matching contributions, and Company profit-sharing contributions to a selection of nine investment funds, three 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 and their future contributions daily.

Vesting

Participants are immediately vested in the portion of their Plan account related to participant contributions, Company matching contributions, and earnings thereon. Participants are vested in the Company profit-sharing portion of their account after either five years of service, attaining age 65, or death while an employee. Forfeitures of nonvested participant accounts are used to offset Company contributions.

Withdrawals

Participants may withdraw their interest in the Plan upon termination of employment. Subject to certain requirements and limitations, active participants may withdraw funds. Most withdrawals made by participants, including hardship withdrawals, will result in suspension of Plan participation for at least one year.

Participants can elect to: 1) receive their distribution in a lump sum; 2) defer their lump sum payment to a later date; or 3) receive annual installment payments up to ten years. Participants electing deferral must: (1) elect to receive their distributions in:  (a) a lump sum on the date of distribution; or (b) equal annual installments not to exceed ten; and (2) make an election for the method of distribution in the event of their death prior to total distribution.

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 contributing at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.

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 the over-the-counter market. Fair value for shares of master trust funds, mutual funds, and 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 Bond Fund, 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 Bond Fund, IMC-Agrico Stock Fund, and the IMC-Agrico Fixed Income Fund merged into the IMC Global Bond Fund, IMC Global Stock Fund, and IMC Global Fixed Income Fund, respectively. The Plan held a 76%, 68%, and 45% interest, respectively, in the IMC Global Bond Fund, the IMC Global Stock Fund, and the IMC Global Fixed Income Fund at December 31, 2000. The Plan held a 100%, 92%, and 86.5% interest, respectively, in the IMC-Agrico Bond Fund, IMC-Agrico Stock Fund, and 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
Bond Fund


IMC Global
Stock Fund

IMC Global
Fixed Income
Fund

 

 

 

 

Bond Fund of America

$3,860,168

$                - 

$                -

IMC Global Inc. common stock

-

22,406,701 

-

M&I Stable Principal Fund

-

20,346,347

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

116,885

524,672 

-

Pending investment transactions

-

1,527,118 

-

Accrued interest and dividends

7,339

2,316 

80,379

Liabilities

                -

  (1,525,000)

                  -

Net assets

$3,984,392
========

$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
Bond Fund


IMC-Agrico
Stock Fund

IMC-Agrico
Fixed Income
Fund

 

 

 

 

Bond Fund of America

$3,327,639

$              -

$                -

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

69,168

262,964

612,159

Accrued interest and dividends

         4,022

         2,074

         54,885

Net assets

$3,400,829
========

$8,891,012
========

$31,861,017
=========


Changes in the pooled balances for the year ended December 31, 2000, are summarized as follows

 


IMC-Agrico
Bond Fund


IMC-Agrico
Stock Fund

IMC-Agrico
Fixed Income
Fund


IMC Global
Bond Fund


IMC Global
Stock Fund


IMC Global
Fixed Fund

 

 

 

 

 

 

 

Additions

 

 

 

 

 

 

Interest and dividend income

$    197,365 

$    305,082 

$  1,785,119 

$   131,916 

$    274,251

$ 2,406,558

Net realized and unrealized
  appreciation (depreciation) in
  fair value of investments:

 

 

 

 

 

 

Common Collective trust fund

86,673 

(159,050)

-

-

IMC Global, Inc. common stock

(2,621,063)

 

2,372,715

-

Contributions and transfers from
  other funds


    561,238
 


 34,821,291
 


  32,841,804
 


 3,011,769
 


  20,073,427


  47,411,041

 

845,276 

32,505,310 

34,626,923 

2,984,635 

22,720,393

49,817,599

 

 

 

 

 

 

 

Deductions

 

 

 

 

 

 

Benefits paid

1,636,821 

32,678,862 

54,976,348 

1,408,965 

15,325,487

31,156,748

Investment expenses

-

165,797

Transfers to other funds

  2,609,284 

   8,717,460 

11,511,592 

              - 

                -

                -

 

  4,246,105 

 41,396,322 

  66,487,940 

 1,408,965 

  15,325,487

  31,322,545

Net increase in assets

(3,400,829)

(8,891,012)

(31,861,017)

1,575,670 

7,394,906

18,495,054

Net assets, beginning of year

  3,400,829 

   8,891,012 

  31,861,017 

 2,408,722 

  15,540,901

  46,265,601

Net assets, end of year

$             - 
======== 

$              - 
========= 

$               - 
========= 

$3,984,392 
======== 

$22,935,807
=========

$64,760,655
=========


Changes in the pooled balances for the year ended December 31, 1999, are summarized as follows:

 


IMC-Agrico
Bond Fund


IMC-Agrico
Stock Fund

IMC-Agrico
Fixed Income
Fund

 

 

 

 

Additions

 

 

 

Interest and dividend income

$    269,452 

$     177,356 

$  1,680,709

Net realized and unrealized depreciation in fair
  value of investments:

 

 

 

Common collective trust fund

(176,433)

-

IMC Global, Inc. common stock

(1,855,870)

-

Contributions and transfers from other funds

       903,207 

  37,074,481 

  45,454,721

 

996,226 

35,395,967 

47,135,430

 

 

 

 

Deductions

 

 

 

Benefits paid

   2,077,671 

  35,106,442 

  43,670,982

Net increase (decrease)

(1,081,445)

289,525 

3,464,448

Net assets, beginning of year

   4,482,274 

   8,601,487 

  28,396,569

Net assets, end of year

$ 3,400,829 
======== 

$ 8,891,012 
======== 

$31,861,017
=========


4. Significant Investments

Individual investments that represent 5% or more of net assets available for benefits at December 31, 2000 and 1999, were as follows:

 

December 31

 

2000

1999

Mutual funds:

 

 

   Fidelity Equity-Income Fund

$23,250,869

$26,205,983

   Vanguard Wellington Fund

*

5,345,833

   Fidelity Magellan Fund, Inc.

19,743,633

14,427,552

   Vanguard Index Trust 500 Fund

11,716,973

8,248,162

*Did not exceed the 5% threshold.

5. Federal Income Tax Status

The IRS ruled May 15, 1995, that the Plan qualified under Section 401(a) of the IRC, and, therefore, the related trust is not subject to tax under present income tax law. The Plan has been amended since receiving the 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 #101

IMC-Agrico MP, Inc. Profit Sharing and Savings Plan

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*

Fidelity Equity Income Fund

435,165

$23,250,869

 

Fidelity Magellan Fund

165,495

19,743,633

 

Franklin Balance Sheet Investment Fund

34,501

1,230,681

 

Templeton Foreign Fund

111,116

1,148,950

 

Vanguard Wellington Fund

191,678

5,407,256

 

Vanguard Index Trust 500 Fund

96,151

11,716,973

 

 

 

 

Loans to participants

Varying maturities with interest rates
  ranging from 6.75% to 10.05%

 


    3,728,311

 

 

 

$66,226,673
=========

 

*Indicates party in interest to the Plan.

 

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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.

 

IMC-AGRICO MP, INC. PROFIT SHARING AND SAVINGS PLAN

     /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. 33-59687) pertaining to the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan of our report dated June 11, 2001, with respect to the 2000 financial statements of the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan included in this 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. 33-59687) pertaining to the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan of our report dated May 26, 2000, with respect to the financial statements of the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan 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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