-----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, LhNpl3FqRGmrDG5nznqFaqh2ChBfExWCr0UF/tGkJgNc9mTm/xotWI5+O1UboXbB 8GV/AL6rTgGGraw+0aeqYA== 0000820626-02-000023.txt : 20020624 0000820626-02-000023.hdr.sgml : 20020624 20020624161024 ACCESSION NUMBER: 0000820626-02-000023 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011231 FILED AS OF DATE: 20020624 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: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09759 FILM NUMBER: 02685482 BUSINESS ADDRESS: STREET 1: 100 S. SAUNDERS ROAD STREET 2: SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 BUSINESS PHONE: 847-379-1200 MAIL ADDRESS: STREET 1: 100 S. SAUNDERS ROAD STREET 2: SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 FORMER COMPANY: FORMER CONFORMED NAME: IMC FERTILIZER GROUP INC DATE OF NAME CHANGE: 19920703 11-K 1 carlsbad2001.htm IMC RETIREMENT SAVINGS PLAN W01990371

****************************************************************************

 

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, 2001

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 Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

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 Suite 300
Lake Forest, Illinois 60045-2561
847.739.1200

 

 

****************************************************************************

 

 

IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

Financial Statements and Supplemental Schedule

Years ended December 31, 2001 and 2000
with Report of Independent Auditors

 

  

 

Employer Identification #36-3492467
Plan #019

 

****************************************************************************


IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

 

Financial Statements
and Supplemental Schedule

Years ended December 31, 2001 and 2000

 

Contents

 

Report of Independent Auditors

1

 

 

Financial Statements

 

   Statements of Assets Available for Benefits

2

   Statements of Changes in Assets Available for Benefits

3

   Notes to Financial Statements

4

 

 

Supplemental Schedule

 

   Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

10

 

 

Exhibit 23

12

 

****************************************************************************

Report of Independent Auditors

 

Plan Administrator
IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented by United Steelworkers of America at Carlsbad, New Mexico)

We have audited the accompanying statements of assets available for benefits of the IMC Global Inc. Represented Retirement Savings Plan (formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico) as of December 31, 2001 and 2000, and the related statements of changes in assets available for benefits for the years 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 audits.

We conducted our audits 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 audits provide 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, 2001 and 2000, and the changes in its assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States.

Our audits were 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, 2001, 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 audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 /s/ Ernst & Young LLP

Ernst & Young LLP
Chicago, Illinois
April 15, 2002

****************************************************************************

EIN 36-3492467
Plan #019

IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

Statements of Assets Available for Benefits

December 31                         

  

2001

2000

Assets

 

 

Interest in master trust funds

$  7,993,550

$     801,890

Investments, at fair value

14,965,537

3,241,042

Receivables:

 

 

   Participant contributions

50,825

18,319

   Employer contributions

11,648

6,568

   Accrued interest and dividends

-

6,711

Total receivables

62,473

31,598

Assets available for benefits

$23,021,560

$ 4,074,530

 

 

 

See accompanying notes.

 

****************************************************************************

EIN 36-3492467
Plan #019

IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

Statements of Changes in Assets Available for Benefits

 

Year ended December 31

  

2001

2000

Additions

 

 

Investment income:

 

 

Interest and dividends

$     339,125

$   203,216

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


484,517


28,917

Income from master trust funds

525,100

20,953

Total investment income

1,348,742

253,086

Contributions:

 

 

Participants

1,157,236

454,591

Employer

256,991

144,683

Total contributions

1,414,227

599,274

Transfers from other plans

16,682,728

-

Total additions

19,445,697

852,360

 

 

 

Deductions

 

 

Distributions

439,789

278,415

Transfers to other plans

-

28,281

Administrative fees

4,796

1,200

Other

54,082

-

Total deductions

498,667

307,896

Net increase

18,947,030

544,464

Assets available for benefits - Beginning of year

4,074,530

3,530,066

Assets available for benefits - End of year

$23,021,560

$4,074,530

 

 

 

See accompanying notes.

****************************************************************************

EIN 36-3492467
Plan #019

IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

Notes to Financial Statements

Years ended December 31, 2001 and 2000

1. Description of the Plan

Effective October 1, 2001, the following plans were merged into the Salary Reduction Plan for Hourly Employees of IMC Global Operations, Inc. Represented by United Steelworkers of America at Carlsbad: the Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #35 International Chemical Workers Union, the Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #826 International Chemical Workers Union and the Savings Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local #968 International Chemical Workers Union. On October 1, 2001, the Plan was renamed the IMC Global Inc. Represented Retirement Savings Plan (Plan).

The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

General

Hourly employees at Carlsbad, New Mexico, operations of IMC Global Operations Inc. (the Company) represented by the United Steelworkers of America Local 188-A (Carlsbad Union) are eligible to participate in the Plan immediately upon their date of hire. In connection with the plan mergers described above, the following hourly employees are eligible to participate upon their hire date:

Employees represented by Local 1625 International Chemical Workers Union Council of the United Food and Commercial Workers International Union (Concentrates Union), at the Florida concentrates operations,

Employees represented by Local 35C International Chemical Workers Union Council of the United Food and Commercial Workers International Union (Florida Minerals Union), at the Florida minerals operations, and

Employees represented by Local 1625 International Chemical Workers Union Council of the United Food and Commercial Workers International Union (Port Sutton Union) at the Port Sutton facility.

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 $500 each pay period. The Company makes matching contributions as follows:

Carlsbad Union

Effective June 1, 2000

50% of employee contributions up to 6% of compensation

     

 

Prior to June 1, 2000

35% of employee contributions up to 6% of compensation

  

 

 

Florida Minerals Union, Concentrates Union, 
 and Port Sutton Union

 

$0.25 for every $1.00 of contributions up to the first $25 contributed by the employee per pay period

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

Prior to October 1, 2001, the Plan's investments were administered by Marshall & Ilsley Trust Company. Upon joining the Plan, participants could direct their contributions and Company contributions to a selection of six investment fund options, two of which were pooled funds shared only by other IMC Global Inc. and IMC-Agrico MP, Inc. 401(k) plans. Effective October 1, 2001, the Plan's investments are administered by Putnam Fiduciary Trust Company. A selection of twelve investment options are offered, two of which are pooled funds shared by another IMC Global Inc. plan. Additionally, one of the investment options offered as of October 1, 2001, is a self-managed brokerage account whereby participants can invest self-directed contribution in a variety of investments, including mutual funds, stocks, and bonds.

Participants may elect to change the investment direction of their existing account balances and their future contributions 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.

Participants who terminate their employment and have an account balance in excess of $5,000: may (1) receive their distribution in a lump sum; (2) defer their lump sum payment to no later than 70 1/2; or (3) receive annual installment payments for up to 10 years.

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 the over-the-counter market. Fair value for shares of mutual funds and master trust funds 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.

3. Investment in Master Trust Funds

Assets of the IMC Global Stock Fund and the Stable Value Fund (formerly known as the IMC Global Fixed Income Fund) are invested in shares of the IMC Global Inc. pooled funds shared by other IMC Global Inc. 401(k) plans. The Plan held a 6% and 11% interest, respectively, in the IMC Global Stock Fund and the Stable Value Fund at December 31, 2001. The Plan held a 1% interest in the IMC Global Stock Fund and the IMC Global Fixed Income Fund at December 31, 2000.

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 pooled funds as of December 31, 2001, were as follows:

 

IMC Global Stock Fund

Stable Value Fund*

IMC Global Inc. common stock

$25,771,278  

$                 -

Putnam Stable Value Fund

-  

27,562,372

Guaranteed Investment Contracts:

 

 

    Allstate Life Insurance Co.

-  

4,123,600

    Rabobank Nederland

-  

1,982,509

    John Hancock Life Insurance Co.

-  

1,766,076

    Ohio National Life Insurance Co.

-  

5,550,318

    SunAmerica Life Insurance Co.

-  

4,100,827

    Connecticut General Life Insurance Co.

-  

4,736,098

    Protective Life Insurance Co.

-  

5,135,939

    Business Men's Assurance Company

-  

3,208,624

Pending investment transactions

(243,993)

38,847

Accrued interests and dividends

403 

-

Cash equivalents

245,256 

-

Net assets

$25,772,944 

$58,205,210

 

 

 

*Formerly known as the IMC Global Fixed Income Fund.

The net assets of the 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

Guaranteed Investment Contracts:

 

 

    Allstate Life Insurance Co.

-  

4,121,961

    Rabobank Nederland

-  

2,593,751

    John Hancock Life Insurance Co.

-  

1,664,382

    Government Plus Synthetic

-  

9,285,886

    Ohio National Life Insurance Co.

-  

5,223,828

    SunAmerica Life Insurance Co.

-  

7,981,848

    Connecticut General Life Insurance Co.

-  

4,495,587

    Protective Life Insurance Co.

-  

5,135,114

    Business Men's Assurance Company

-  

3,209,268

Money market fund

-  

622,304

Pending investment transactions

1,527,118 

-

Accrued interest and dividends

2,316 

80,379

Cash

524,672 

-

Liabilities

(1,525,000)

-

Net assets

$22,935,807 

$64,760,655

 

 

 

Earnings (losses) and expenses, in the pooled balances for the year ended December 31, 2001, are summarized as follows:

 

IMC Global 
Stock Fund

Stable Value 
Fund*

Interest and dividend income

$    162,705 

$3,840,727 

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

 

 

    IMC Global Inc. common stock

(2,446,492)

    Guaranteed investment contracts

-  

42,416 

Investments expenses

-  

(106,382)

 

$(2,283,787)

$3,776,761 

 

 

 

*Formerly known as the IMC Global Fixed Income Fund.

 

Earnings (losses) and expenses in the pooled balances for the year ended December 31, 2000, are summarized as follows:

 

IMC Global
Stock Fund

IMC Global
Fixed Income Fund

Interest and dividend income

$ 274,251

$2,406,558 

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

2,372,715

-  

Investments expenses

-

(165,797)

 

$2,646,966

$2,240,761 

 

 

 


4. Significant Investments

Individual investments that represent 5% or more of assets available for benefits were as follows:

 

December 31

 

2001

2000

Mutual funds:

 

 

Vanguard Wellington Fund

$               -

$  438,239

Fidelity Equity-Income Fund

-

755,799

Vanguard Fixed Income Fund

-

1,331,536

Fidelity Magellan Fund

2,777,946

519,174

Putnam Asset Allocation-Balanced Portfolio

5,356,236

-

Putnam Equity Income Fund

3,097,793

-

PIMCO Total Return Fund

1,580,753

-

 

 

 

5. Federal Income Tax Status

The Internal Revenue Service ruled on September 11, 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 and restated 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.

****************************************************************************

 

Supplemental Schedule

 

****************************************************************************

EIN 36-3492467
Plan #019

IMC Global Inc. Represented Retirement Savings Plan
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

Schedule H, Line 4i -Schedule of Assets (Held at End of Year)

December 31, 2001


Identity of Issuer


Description

Number of Shares

Current
Value

Putnam Fiduciary Trust Company*

Putnam Asset Allocation - Balanced Portfolio

545,441

$ 5,356,236

 

Putnam Equity Income Fund

210,590

 3,097,793

 

Fidelity Magellan Fund

26,654

2,777,946

 

PIMCO Total Return Fund

151,123

1,580,753

 

Putnam Investors Fund

10,412

121,412

 

Vanguard Windsor II Fund

3,260

83,443

 

S&P 500 Index Fund

2,730

76,036

 

T. Rowe Price Small Cap Stock Fund

2,966

75,164

 

Putnam Asset Allocation - Growth Portfolio

5,573

53,732

 

Putnam International Growth Fund

1,288

25,697

 

Capital Guardian Emerging Markets Equity Fund

3,589

23,440

 

Putnam Asset Allocation - Conservative Portfolio

490

4,269

 

Pending Account

-

80,058

Loans to participants

Varying maturities with interest rates ranging from 6.00% to 9.50%

-

1,609,558

 

 

 

$14,965,537

 

 

 

 

*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.

IMC GLOBAL INC. REPRESENTED RETIREMENT SAVINGS PLAN
(formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc.
Represented By United Steelworkers of America at Carlsbad, New Mexico)

     /s/ Stephen P. Malia                                                       

Stephen P. Malia
Chairman of the Employee Benefits Committee

 

Date: June 24, 2002

 

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. Reid Porter                             
J. Reid Porter

Executive Vice President and Chief Financial Officer

June 24, 2002

/s/ Stephen P. Malia                       
Stephen P. Malia

Senior Vice President Human Resources

June 24, 2002

/s/ E. Paul Dunn, Jr.                       
E. Paul Dunn, Jr.

Vice President Finance and Treasurer

June 24, 2002

/s/ Mary Ann Hynes                       
Mary Ann Hynes

Senior Vice President and General Counsel

June 24, 2002

/s/ James O. Siemers                      
James O. Siemers

Director of Compensation and Benefits

June 24, 2002

 

 

 

 

****************************************************************************

Exhibit 23

Consent of Independent Auditors

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-42074) pertaining to the IMC Global Inc. Represented Retirement Savings Plan (formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico) of our report dated April 15, 2002, with respect to the financial statements of the IMC Global Inc. Represented Retirement Savings Plan (formerly Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico) included in this Annual Report (Form 11-K) for the year ended December 31, 2001.

 

 /s/ Ernst & Young LLP

Ernst & Young LLP
Chicago, Illinois
June 21, 2002

 

****************************************************************************

-----END PRIVACY-ENHANCED MESSAGE-----