-----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, FuYCaG6YzecVcrKQp+m3JoB5D8Ll6Q0YB6I0o7YKUcLLMDsM73Mbhly43b5wE+kq 7/lsBeEqbggBifTJeNW7tA== 0000820626-97-000040.txt : 19971222 0000820626-97-000040.hdr.sgml : 19971222 ACCESSION NUMBER: 0000820626-97-000040 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19971219 SROS: CSX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMC GLOBAL INC CENTRAL INDEX KEY: 0000820626 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 363492467 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09759 FILM NUMBER: 97741072 BUSINESS ADDRESS: STREET 1: 2100 SANDERS RD CITY: NORTHBROOK STATE: IL ZIP: 60062 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 FOR YEAR ENDED 06/30/97 - ----------------------------------------------------------------------- ------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- FORM 11-K (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE --- SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the fiscal year ended June 30, 1997 OR --- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) 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: 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. 2100 Sanders Road, Northbrook, Illinois 60062 ------------------------------------------------------------------- - ----------------------------------------------------------------------- CONTENTS -------- Report of independent auditors Financial statements - -------------------- Statements of assets available for benefits, with fund information Statements of changes in assets available for benefits, with fund information Notes to financial statements Supplemental schedules - ---------------------- Line 27a - Schedule of assets held for investment purposes Line 27d - Schedule of reportable transactions REPORT OF INDEPENDENT AUDITORS Plan Administrator 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 Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico as of June 30, 1997 and 1996, 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 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 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 June 30, 1997 and 1996, and the changes in its assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of June 30, 1997, and reportable transactions for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The Fund Information in the statement of assets available for benefits and the statement of changes in assets available for benefits is presented for purposes of additional analysis rather than to present the assets available for benefits and changes in assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ERNST & YOUNG LLP October 24, 1997 EIN: 36-3513204 PLAN #: 019 SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO ------------------------------------------------- STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ----------------------------------------------------------------- June 30, 1997 -------------
Fund Information ---------------------------------------------- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund ---------------------------------------------------------- Investments, at fair value: Mutual funds - Vanguard Wellington Fund, Inc. $ 264,358 $264,358 Fidelity Equity -Income Fund, Inc. 427,813 $427,813 Vanguard Fixed Income Fund 1,296,939 $1,296,939 Master trust fund - IMC Global Fixed Fund 276,805 $276,805 Loans to participants 135,195 $135,195 ---------- -------- -------- -------- ---------- -------- Total invest- ments 2,401,110 276,805 264,358 427,813 1,296,939 135,195 Accrued interest and dividends 6,641 6,641 ---------- -------- -------- -------- ---------- -------- Assets available for benefits $2,407,751 $276,805 $264,358 $427,813 $1,303,580 $135,195 ========== ======== ======== ======== ========== ======== (See Notes to Financial Statements)
EIN: 36-3513204 PLAN #: 019 SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO ------------------------------------------------ STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ----------------------------------------------------------------- June 30, 1996 -------------
Fund Information ---------------------------------------------- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund ---------------------------------------------------------- Investments, at fair value: Mutual funds - Vanguard Welling- ton Fund, Inc.$ 169,632 $169,632 Fidelity Equity- Income Fund, Inc. 233,679 $233,679 Vanguard Fixed Income Fund 1,191,860 $1,191,860 Master trust fund - IMC Global Fixed Fund 183,925 $183,925 Loans to participants 105,082 $105,082 ---------- -------- -------- -------- ---------- -------- Total investments 1,884,178 183,925 169,632 233,679 1,191,860 105,082 Employee contribu- tions receivable 11,538 1,754 1,882 3,258 4,644 Accrued interest and dividends 6,476 6,476 ---------- -------- -------- -------- ---------- -------- Assets available for benefits $1,902,192 $185,679 $171,514 $236,937 $1,202,980 $105,082 ========== ======== ======== ======== ========== ======== (See Notes to Financial Statements)
EIN: 36-3513204 PLAN #: 019 SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO ------------------------------------------------- STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ---------------------------------------------------------------------------- For the Year Ended June 30, 1997 --------------------------------
Fund Information ---------------------------------------------- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund ---------------------------------------------------------- Investment income: Interest and dividends $ 105,970 $ 9,020 $ 7,826 $ 78,820 $ 10,304 Net appreciation in fair value of investments 137,093 40,641 87,847 8,605 Income from master trust fund 13,420 $ 13,420 ---------- -------- -------- -------- ---------- -------- Total investment income 256,483 13,420 49,661 95,673 87,425 10,304 Participant contributions 280,040 39,240 44,515 83,189 113,096 Cash distributed to withdrawing participants or other plans (30,964) (4,883) (1,661) (2,725) (21,695) Transfers of invest- ment direction 43,349 329 14,739 (78,226) 19,809 ---------- -------- -------- -------- ---------- -------- Net increase in assets available for benefits 505,559 91,126 92,844 190,876 100,600 30,113 Assets available for benefits- beginning of year 1,902,192 185,679 171,514 236,9371,202,980 105,082 ---------- -------- -------- -------- ---------- -------- Assets available for benefits- end of year $2,407,751 $276,805 $264,358 $427,813 $1,303,580 $135,195 ========== ======== ======== ======== ========== ======== (See Notes to Financial Statements)
EIN: 36-3513204 PLAN #: 019 SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO ------------------------------------------------ STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ---------------------------------------------------------------------------- For the Year Ended June 30, 1996 --------------------------------
Fund Information ---------------------------------------------- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund ---------------------------------------------------------- Investment income: Interest and dividends $ 92,429 $ 2,657 $ 2,317 $ 3,576 $ 83,879 Net appreciation in fair value of investments (depreciation) 4,529 4,864 8,123 22,108 (30,566) Income from master trust fund 3,566 3,566 Loans to partici- pants - interest 6,914 5 423 2,495 $ 3,991 ---------- -------- -------- -------- ---------- -------- Total investment income 107,438 11,092 10,440 26,107 55,808 3,991 Participant contri- butions 272,495 43,691 41,345 68,099 119,360 Transfers from other plans 2,503 2,503 Cash distributed to withdrawing parti- cipants or other plans (119,511) (1,513) (7,629) (16,012) (85,731) (8,626) Transfers of investment direction 52,058 90,150 75,265 (327,190) 109,717 ---------- -------- -------- -------- ---------- -------- Net increase (decrease) in assets available for benefits 262,925 105,328 134,306 153,459 (235,250) 105,082 Assets available for benefits- beginning of year 1,639,267 80,351 37,208 83,4781,438,230 ---------- -------- -------- -------- ---------- -------- Assets available for benefits- end of year $1,902,192 $185,679 $171,514 $236,937 $1,202,980 $105,082 ========== ======== ======== ======== ========== ======== (See Notes to Financial Statements)
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 ----------------------------- 1. Description of the Plan ----------------------- The following description of the Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico (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 July 1, 1983 and was most recently restated on June 30, 1991. Hourly employees at Carlsbad, New Mexico operations of IMC Global Operations Inc. (the Company) represented by the United Steelworkers of America are eligible to participate in the Plan on the July 1 or January 1 following their date of hire. While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time. The Plan is maintained pursuant to a collective bargaining agreement between the Company and the Union. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Contributions - ------------- The Plan is funded by contributions, known as salary reduction contributions, from participants in the form of payroll deductions of $5 to $250 each pay period, but not to exceed 25 percent of the participant's compensation within the meaning of Section 415 of the Internal Revenue Code (the IRC). A participant may change the amount of payroll deduction on each July 1 or January 1. The Plan provides a qualified cash and deferred arrangement within the meaning of Section 401(k) of the IRC; such contributions were subject to the calendar year maximum of $9,500 in 1997 and 1996. Participant Accounts - -------------------- Separate accounts are maintained for each participant. Each participant's account balance is adjusted for contributions, withdrawals, if any, interest, dividends and net realized and unrealized gains or losses on the last day of each month. Administrative Expenses - ----------------------- Certain administrative expenses of the Plan are borne by the Company. Investment Programs - ------------------- Since January 1, 1996 the Plan investments are administered by Marshall & Ilsley Trust Company under a trust agreement dated January 1, 1996. Prior to that time, the trustee was The Northern Trust Company. Investment programs available to participants are as follows: Fixed Income Fund - Since January 1, 1996, investments of the Fixed Income Fund have been invested in a pooled income fund shared only by other IMC Global Operations Inc. 401(k) plans. Investments are made in guaranteed investment contracts (GICs). Prior to January 1, 1996, investments of the Fixed Income Fund were managed by LaSalle Street Capital Management, Ltd. Investments were made in shares of the LaSalle National Trust, N.A. Income Plus Fund, a pooled fund which primarily invests in investment contracts, U.S. Government money market investments and alternative contracts backed by the U.S. Government, U.S. Government Agency and other AAA rated fixed income instruments. Balanced Fund - Investments are made in shares of the Vanguard Wellington Fund, Inc., a mutual fund which invests in a diversified portfolio of 60-70 percent common stocks and 30-40 percent bonds. Equity Fund - Investments are made in shares of the Fidelity Equity-Income Fund, Inc., a mutual fund which invests at least 65 percent of its assets in income producing equity securities. The balance of the portfolio is invested in all types of domestic and foreign instruments, including bonds. Bond Index Fund - Investments are made in shares of the Vanguard Fixed Income Fund, a pooled fund which invests primarily in a portfolio of securities issued as direct obligations of the U.S. Treasury. Loan Fund - Investments are loans made to participants as described below. Participants elect their desired investment program upon joining the Plan. As of July 1, October 1, January 1 and April 1 of any Plan year, upon giving prescribed notice, participants may elect to transfer their existing account balances in any fund or funds at that date to any other fund, or in 25 percent increments to any combination of funds. Since April 1, 1996, participants may elect to change the investment direction of their future contributions daily; prior to that time they could change their elections four times a year (July 1, October 1, January 1 and April 1). Such a change only affects the investment of the participants' contributions and employer contributions received by the Plan after the effective date of the change. Loans were transferred to the Loan Fund effective January 1, 1996. Vesting - ------- All Plan participants are immediately and nonforfeitably vested in their Plan accounts. Withdrawals - ----------- Participants may withdraw their interest in the Plan upon termination of employment. Under certain conditions of financial hardship, participants may withdraw funds, subject to prior approval of the Employee Benefits Committee, 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 employment and have an account balance in excess of $3,500 may elect (at any time prior to age 65) to defer receipt of distribution until no later than their 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. The amount of any such loan is borrowed from the account of the participant to whom the loan was made and such account does not share in the allocation of income, gains and losses of the investment funds to the extent of the outstanding balance of such loan. 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 weekly payroll deductions. Each loan bears interest at the prevailing rate for loans of similar risk, date of maturity and date of grant. 2. Summary of Significant Accounting Policies ------------------------------------------ Use of Estimates - ---------------- The preparation of financial statements in conformity with generally accepted accounting principles 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. Investment Valuation - -------------------- All investments are carried 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 the mutual funds, the LaSalle National Trust, N.A. Income Plus Fund, The Northern Trust Company Collective Treasury Bond Index Fund and units of The Northern Trust Company Collective Short Term Investment 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. Investment in Trusts - --------------------- As of January 1, 1996, investment assets of the Fixed Income Fund were made in shares of IMC Global Inc. pooled funds shared by other IMC Global Inc. 401(k) plans. The Plan was a .6 percent participant in the IMC Global Fixed Income Fund at June 30, 1997 (.3 percent at June 30, 1996). The assets of the IMC Global Fixed Income Fund were as follows:
June 30, 1997 June 30, 1996 ------------- ------------- LaSalle National Trust, N.A. Income Plus Fund $14,039,255 $26,827,224 Guaranteed Investment Contracts - Commonwealth Life Insurance Company 7,397,502 6,776,887 Hartford Life Insurance Company 6,095,582 5,527,202 CDC Investment Management Corp. 6,248,886 6,138,138 National Westminster Bank Group 4,551,550 4,860,622 Rabobank Alternative 5,024,565 5,111,051 Marshall Money Market Fund 320,066 296,649 Pending transaction (9,417) 6,245 Accrued interest and dividends 77,794 509,020 ----------- ----------- Net assets of pooled fund $43,745,783 $56,053,038 =========== ===========
Changes in the IMC Global Fixed Income Fund are summarized as follows:
Year ended January 1 - June 30, 1997 June 30, 1996 ------------- ------------- Additions: Interest and dividend income $ 3,134,388 $ 1,116,667 Net depreciation in fair value of investments (4,296) Contributions and transfers from other plans 18,681,691 1,934,134 ----------- ----------- 21,816,079 3,046,505 Deductions: Benefits paid 34,010,742 6,312,940 Investment expenses 112,590 49,689 ----------- ----------- 34,123,332 6,362,629 ----------- ----------- Net decrease in assets (12,307,253) (3,316,124) Pooled fund assets, beginning of year 56,053,038 - Assets transferred at January 1, 1996 - 59,369,162 ----------- ----------- Pooled fund assets, end of year $43,745,785 $56,053,038 =========== ===========
Income Recognition - ------------------ Purchases and sales of securities are accounted for on the trade date (date the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date. Interest from investments is recorded as earned on an accrual basis. Contributions - ------------- Participant contributions are recorded each pay period as withheld by the Company. Participant Withdrawals - ----------------------- Withdrawals are recorded when payments are made to participants. Withdrawals requested but not paid are presented in Department of Labor Form 5500 (Annual Return/Report of Employee Benefit Plan) as liabilities. There were no unpaid withdrawals at June 30, 1997 and 1996. 3. Net Appreciation in Fair Value of Investments --------------------------------------------- During 1997 and 1996, net appreciation in fair value of the Plan's investments as determined by quoted market price was as follows:
1997 1996 -------- -------- Mutual funds - Vanguard Wellington Fund $ 40,641 $ 8,123 Fidelity Equity Income Fund 87,847 22,108 Fixed Income Fund - 4,864 Bond Index Fund 8,605 (30,566) -------- -------- Net appreciation in fair value $137,093 $ 4,529 ======== ========
4. Significant Investments ----------------------- Investments that represent 5 percent or more of assets available for benefits at June 30 were as follows:
1997 1996 ---------- ---------- Vanguard Wellington Fund, Inc. $ 264,358 $ 169,632 Fidelity Equity-Income Fund, Inc. 427,813 233,679 Vanguard Fixed Income Fund 1,296,939 1,191,860 IMC Global Fixed Fund 276,805 183,925 Loans to participants 135,195 105,082
5. Federal Income Tax Status ------------------------- The Internal Revenue Service ruled on September 11, 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. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. SUPPLEMENTAL SCHEDULES ---------------------- EIN: 36-3513204 PLAN #: 019 SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO ----------------------------------------------- LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES ----------------------------------------------------------
June 30, 1997 -------------------------------------- Principal amount or number of Current Identity of Issuer Description shares Cost value - ------------------ ------------ ------------- -------- ---------- Marshall & Ilsley Trust Company* Master trust funds - Vanguard Wellington Fund, Inc. 9,097 shares $ 232,906 $ 264,358 Fidelity Equity-Income Fund, Inc. 8,697 shares 360,452 427,813 Vanguard Fixed Income Fund 125,551 shares 1,305,281 1,296,939 IMC Global Inc.* Master trust fund - IMC Global Fixed Fund 25,569 shares 262,209 276,805 Loans to participants (8.25% - 10%) 135,195 ---------- $2,401,110 ========== * Indicates party-in-interest to the Plan.
EIN: 36-3513204 PLAN #: 019 SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO ------------------------------------------------- LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS ---------------------------------------------- YEAR ENDED JUNE 30, 1997 ------------------------
Purchases Sales --------- ----------------------------- Identity of Description Gain Party Involved of Assets Cost Cost Proceeds (loss) - -------------- ------------ ---- ---- -------- ---- Category (iii) transactions - series of transactions in excess of 5 percent of plan assets: Marshall and Ilsley Trust Company* Fidelity Equity- Income Fund, Inc. $212,999 $ 83,299 $ 93,692 $10,393 Marshall and Ilsley Trust Company* Vanguard Welling- ton Fund, Inc. 114,457 50,448 51,165 717 Marshall and Ilsley Trust Company* Vanguard Fixed Income Fund 224,842 128,992 128,368 (624) IMC Global Inc.* IMC Global Fixed Fund 108,205 28,014 28,745 731 Note: There were no category (i), (ii) or (iv) reportable transactions during the year ended June 30, 1997. * Indicates a 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. Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico LYNN F. WHITE ------------------------------------------- Lynn F. White Acting Chairman of the Employee Benefits Committee Date: December 19, 1997 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 - ----------------------------------------------------------------------- LYNN F. WHITE - -------------- Lynn F. White Acting Chief Financial December 19, 1997 Officer B. RUSSELL LOCKRIDGE - -------------------- B. Russell Lockridge Senior Vice President, December 19, 1997 Human Resources MARSCHALL I. SMITH - ------------------ Marschall I. Smith Senior Vice President, December 19, 1997 Secretary and General Counsel ROBERT E. FOWLER, JR. - --------------------- Robert E. Fowler, Jr. President and December 19, 1997 Chief Operating Officer EX-23 2 CONSENT OF INDEPENDENT AUDITORS 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 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 October 24, 1997, with respect to the financial statements and supplemental schedules of the 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 June 30, 1997. ERNST & YOUNG LLP Chicago, Illinois December 18, 1997 Docket No. 70915 -----END PRIVACY-ENHANCED MESSAGE-----