-----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, LlyRKEndRMVI6EA+2EyGNtfNvXANmJ1Q+5jN2hPy3FhKkIePBh5uERmQwyqIQXMi oTjpavqAq75MhYsyzoOBgA== 0000820626-97-000041.txt : 19971222 0000820626-97-000041.hdr.sgml : 19971222 ACCESSION NUMBER: 0000820626-97-000041 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: 97741074 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: INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. 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 Investment Plan for Non-Union Hourly Employees of IMC Agrico MP, Inc. We have audited the accompanying statements of assets available for benefits of the Investment Plan for Non-Union Hourly Employees of IMC- Agrico MP, Inc. 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: 36-3888539 PLAN #: 102 INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. ----------------------------------------- STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ----------------------------------------------------------------- June 30, 1997 -------------
Fund Information ---------------------------------------------- - ------------------------------------ Company Fixed Money Equity Bond Stock Income Market Balanced Growth Loan Total Fund Fund Fund Fund Fund Fund Fund Fund --------------------------------------------------------- - ------------------------------------- ASSETS - ---------------------- Investments, at fair value: Master trust funds - IMC-Agrico Stock Fund $ 363,097 $363,097 IMC-Agrico Fixed Income Fund 9,677,877 $9,677,877 IMC-Agrico Bond Fund 1,915,740 $1,915,740 Mutual funds - Fidelity Equity-Income Fund, Inc. 11,331,108 $11,331,108 Vanguard Money Market Reserves, Inc. - Prime Portfolio 440,431 $440,431 Vanguard Wellington Fund, Inc. 1,433,959 $1,433,959 Fidelity Magellan Fund, Inc. 1,645,669 $1,645,669 Loans to participants 2,770,205 $2,770,205 ----------- ----------- ---------- -------- ------- - --- -------- ---------- ---------- ---------- Total investments 29,578,086 11,331,108 1,915,740 363,097 9,677,877 440,431 1,433,959 1,645,669 2,770,205 Receivables: Participant contributions 60,874 24,271 4,538 2,481 16,695 1,083 4,505 7,301 Employer contributions 866,599 345,661 64,046 32,305 254,319 15,992 54,447 99,829 Accrued interest and dividends 1,927 1,927 ----------- ----------- ---------- -------- ------- - --- -------- ---------- ---------- ---------- Total receivables 929,400 369,932 68,584 34,786 271,014 19,002 58,952 107,130 ----------- ----------- ---------- -------- ------- - --- -------- ---------- ---------- ---------- Assets available for benefits $30,507,486 $11,701,040 $1,984,324 $397,883 $9,948,891 $459,433 $1,492,911 $1,752,799 $2,770,205 =========== =========== ========== ======== ========== ======== ========== ========== ========== (See Notes to Financial Statements)
EIN: 36-3888539 PLAN #: 102 INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. ----------------------------------------------- STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ---------------------------------------------------------------- June 30, 1996 -------------
Fund Information ---------------------------------------------- - ------------------------------------ Company Fixed Money Equity Bond Stock Income Market Balanced Growth Loan Total Fund Fund Fund Fund Fund Fund Fund Fund ------------------------------------------------ - ---------------------------------------------- ASSETS - ------------------- Investments, at fair value: Master trust funds - IMC-Agrico Stock Fund $ 143,319 $143,319 IMC-Agrico Fixed Income Fund 9,972,127 $9,972,127 IMC-Agrico Bond Fund 2,012,393 $2,012,393 Mutual funds - Fidelity Equity-Income Fund, Inc. 7,760,254 $7,760,254 Vanguard Money Market Reserves, Inc. - Prime Portfolio 366,862 $366,862 Vanguard Wellington Fund, Inc. 484,408 $484,408 Fidelity Magellan Fund, Inc. 878,365 $878,365 Loans to participants 2,568,087 $2,568,087 ----------- ---------- ---------- -------- ---- - ------- -------- -------- -------- ---------- Total investments 24,185,815 7,760,254 2,012,393 143,319 9,972,127 366,862 484,408 878,365 2,568,087 Receivables: Participant contributions 57,874 20,878 4,639 2,323 18,355 1,208 3,066 7,405 Employer contributions 865,985 301,827 73,513 32,374 299,891 19,988 41,721 96,671 Accrued interest and dividends 1,513 1,513 ----------- ---------- ---------- -------- ---- - ------- -------- -------- -------- ---------- Total receivables 925,372 322,705 78,152 34,697 318,246 22,709 44,787 104,076 ----------- ---------- ---------- -------- ---- - ------- -------- -------- -------- ---------- Assets available for benefits $25,111,187 $8,082,959 $2,090,545 $178,016 $10,290,373 $389,571 $529,195 $982,441 $2,568,087 =========== ========== ========== ======== =========== ======== ======== ======== ========== (See Notes to Financial Statements)
EIN: 36-3888539 PLAN #: 102 INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. ----------------------------------------------- STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ---------------------------------------------------------------------------- For the Year Ended June 30, 1997 ---------------------------------
Fund Information ---------------------------------------------- - ------------------------------------ Company Fixed Money Equity Bond Stock Income Market Balanced Growth Loan Total Fund Fund Fund Fund Fund Fund Fund Fund --------------------------------------------------------- - ------------------------------------------------ Investment income: Interest and dividends $ 524,462 $ 220,177 $ 26,163 $ 35,953 $ 19,697 $ 222,472 Net appreciation (depreciation) in fair value of investments 2,757,172 2,313,387 174,062 269,723 Income (loss) from master trust funds 788,569 $ 203,143 $(27,791) $ 613,217 ----------- ----------- ---------- -------- ---------- - -- -------- ---------- ---------- ---------- Total investment income 4,070,203 2,533,564 203,143 (27,791) 613,217 26,163 210,015 289,420 222,472 Contributions: Participants 1,562,290 567,803 126,594 63,475 497,744 34,929 88,822 182,923 Employer 1,069,670 430,795 77,395 43,343 296,821 20,038 72,637 128,641 ----------- ----------- ---------- -------- ---------- - -- -------- ---------- ---------- ---------- Total contributions 2,631,960 998,598 203,989 106,818 794,565 54,967 161,459 311,564 Transfers from other plans (484,160) (142,850) (7,954) (214,047) (42,732) (39,850) (36,727) Cash distributed to withdrawing participants (821,704) (152,924) (59,181) (972) (505,961) (20,204) (10,315) (7,024) (65,123) Transfers of investment direction 381,693 (446,218) 141,812 (1,029,256) 51,668 642,407 176,398 81,496 ----------- ----------- ---------- -------- ---------- - -- -------- ---------- ---------- ---------- Net increase (decrease) in assets available for benefits 5,396,299 3,618,081 (106,221) 219,867 (341,482) 69,862 963,716 770,358 202,118 Assets available for benefits - beginning of year 25,111,187 8,082,959 2,090,545 178,016 10, 290,373 389,571 529,195 982,441 2,568,087 ----------- ----------- ---------- -------- ---------- - -- -------- ---------- ---------- ---------- Assets available for benefits - end of year $30,507,486 $11,701,040 $1,984,324 $397,883 $ 9,948,891 $459,433 $1,492,911 $1,752,799 $2,770,205 =========== =========== ========== ======== ============ ======== ========== ========== ========== (See Notes to Financial Statements)
EIN: 36-3888539 PLAN #: 102 INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. ----------------------------------------------- STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION ----------------------------------------------------------------------------- For the Year Ended June 30, 1996 ---------------------------------
Fund Information ---------------------------------------------- - ------------------------------------ Company Fixed Money Equity Bond Stock Income Market Balanced Growth Loan Total Fund Fund Fund Fund Fund Fund Fund Fund --------------------------------------------------------- - ------------------------------------------------ Investment income: Interest and dividends $ 716,870 $ 169,776 $ 78,915 $ 185 $ 310,968 $ 18,644 $ 12,433 $125,949 Net appreciation (depreciation) in fair value of investments 1,397,788 1,257,025 65,695 2,655 (3,951) 86,876 (10,512) Income (loss) from master trust funds 141,085 (64,269) 2,486 202,868 Loans to participants - interest 173,465 14,994 5,755 27 52,388 2,020 454 684 $ 97,143 ----------- ---------- ---------- -------- ------- - ---- -------- -------- -------- ---------- Total investment income 2,429,208 1,441,795 86,096 5,353 566,224 16,713 99,763 116,121 97,143 Contributions: Participants 1,501,743 523,884 135,044 54,475 512,457 32,488 61,006 182,389 Employer 1,087,541 373,172 93,928 39,027 389,118 25,458 49,182 117,656 ----------- ---------- ---------- -------- ------- - ---- -------- -------- -------- ---------- Total contributions 2,589,284 897,056 228,972 93,502 901,575 57,946 110,188 300,045 Transfers from other plans 58,274 799 760 22,769 22,799 307 10,840 Cash distributed to withdrawing participants (647,119) (111,401) (45,705) (1,484) (428,092) (2,340) (975) (18,682) (38,440) Transfers of investment direction (102,550) (384,459) 57,876 (2,168,913) (98,179) 100,187 97,494 2,498,544 ----------- ---------- ---------- -------- -------- - --- -------- -------- -------- ---------- Net increase (decrease) in assets available for benefits 4,429,647 2,125,699 (114,336) 178,016 (1,106,407) (25,553) 309,163 494,978 2,568,087 Assets available for benefits - beginning of year 20,681,540 5,957,260 2,204,881 11,396,780 415,124 220,032 487,463 ----------- ---------- ---------- -------- -------- - --- -------- -------- -------- ---------- Assets available for benefits - end of year $25,111,187 $8,082,959 $2,090,545 $178,016 $10,290,373 $389,571 $529,195 $982,441 $2,568,087 =========== ========== ========== ======== =========== ======== ======== ======== ========== (See Notes to Financial Statements)
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. ---------------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- 1. Description of the Plan ----------------------- The following description of the Investment Plan for Non-Union Hourly Employees of IMC-Agrico MP, Inc. (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 established on July 1, 1993. Non-union hourly employees of IMC-Agrico MP, Inc. (the Company), managing partner of IMC-Agrico Company and jointly owned by IMC Global Operations Inc. and Freeport-McMoRan Resource Partners, Limited Partnership, are eligible to participate in the Plan upon completion of one year of service. Effective September 1, 1996, participation is immediate. While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time. 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 of up to 15 percent of participants' base monthly salaries. A participant may change the amount of payroll deduction/salary reduction twice a year, as of July 1 or January 1, upon giving the required notice. The Plan provides a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Internal Revenue Code (the IRC). Salary reduction contributions, elected by certain participants, may be reduced (or refunded) to comply with certain non-discrimination requirements of Section 401(k) or the limitations of Section 415 of the IRC. In addition, salary reduction contributions cannot exceed $9,500 in calendar years 1997 and 1996. The limitation on salary reduction contributions can be adjusted or recharacterized as after-tax contributions not to exceed the lesser of the 15 percent or $9,500 limits described above each July 1 and January 1 by the Employee Benefits Committee. In addition, the Plan also is funded by employer contributions, as determined by the Company's Board of Directors, of not less than 20 percent of a participant's eligible contributions, which are contributions that do not exceed 6 percent of a participant's base monthly salary. IMC-Agrico MP, Inc. may make additional contributions each year as determined by its Board of Directors. Employer contributions are subject to certain limitations imposed by Section 415 of the IRC. Total employer contributions were equal to 100 percent of participants' eligible contributions for the year ended June 30, 1996 (125 percent for the year ended June 30, 1995). Under certain circumstances, participants may rollover their vested benefits from other plans to the Plan. Participant Accounts - -------------------- Separate accounts are maintained for each participant. Each participant's account is adjusted for participant and employer contributions, withdrawals, and fees, if any, interest, dividends and net realized and unrealized gains or losses. Administrative Expenses - ----------------------- Certain administrative expenses of the Plan are borne by the Company. Investment Programs - ------------------- Since January 1, 1996, the Plan's 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: 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 Fund - Investments are made in shares of the Bond Fund of America, Inc., a mutual fund which invests substantially all of the assets of the fund in marketable corporate debt securities, U.S. Government securities, mortgage related securities, other asset backed securities and cash or money market instruments. Since January 1, 1996, these investments are made through a pooled fund, IMC-Agrico Bond Fund, shared only by IMC-Agrico MP Inc. 401(k) plans. Company Stock Fund - Investments are made in shares of the IMC-Agrico Stock Fund which invests in the common stock of IMC Global Inc. Fixed Income Fund - Since January 1, 1996, investments are made in shares of IMC-Agrico Fixed Income Fund, a pooled fund shared only by other IMC-Agrico MP, Inc. 401(k) plans. Prior to that time, investments of the Fixed Income Fund were managed by LaSalle Street Capital Management, Ltd. Investments are made in guaranteed investment contracts (GICs) and, prior to January 1, 1996, in the LaSalle National Trust, N.A. Income Plus Fund. The 1997 holdings are described below. a. A GIC with CDC Investment Management Corp. with a guaranteed interest rate of 7.5 percent through June 30, 2000. b. A GIC with Commonwealth Life Insurance Company with a guaranteed interest rate of 7.27 percent through July 6, 1998. c. A GIC with Hartford Life Insurance Company with a guaranteed interest rate of 8.01 percent through December 19, 1997. d. The LaSalle National Trust, N.A. Income Plus Fund, a pooled fund which invests in investment contracts, U.S. Government money market investments and alternative contracts backed by U.S. Government, U.S. Government Agency and other AAA rated fixed income instruments. Money Market Fund - Investments are made in shares of the Vanguard Money Market Reserves, Inc. - Prime Portfolio, a mutual fund. The Prime Portfolio invests in high quality money market obligations that mature in 13 months or less and include negotiable certificates of deposit, bankers' acceptances, commercial paper, short-term corporate obligations, short-term Eurodollar and Yankee bank obligations, U.S. Treasury obligations and securities issued or guaranteed by agencies and instrumentalities of the U.S. Government. 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. Growth Fund - Investments are made in shares of the Fidelity Magellan Fund, Inc. a mutual fund which invests in common stock and securities of domestic, foreign and multinational issuers. Loan Fund - Investments are loans made to participants as described below. Participants elect their desired investment program upon joining the Plan. Since April 1, 1996, they may elect to change the investment direction of their existing account balances and their future contributions daily. Prior to that time, as of July 1, October 1, January 1 and April 1 of any Plan year, upon giving prescribed notice, participants could elect to transfer the investment direction of their future contributions or 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. Prior to January 1, 1996, participants could not transfer funds between the Fixed Income Fund and the Bond Fund nor between the Fixed Income Fund and the Money Market Fund. The Company Stock Fund investment program was introduced to the Plan effective July 1,1995. 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. Subject to certain requirements and limitations, participants may withdraw funds. Most withdrawals made by participants, including hardship withdrawals from their Salary Reduction Accounts, will result in suspension of Plan participation for at least one year. Except as noted below, participants will receive distribution of their interest in the Plan in a lump sum payment. Deferred Distributions - ---------------------- Participants who terminate their employment and are eligible for early or normal retirement under any Company pension plan will be permitted to elect, at any time prior to retirement, to defer receipt of their Plan distributions until no later than their 70th birthday. Participants electing deferral must: (1) elect to receive their distributions in: (a) a lump sum on the date of distribution, or (b) in 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. Participants who terminate their employment prior to eligibility for early or normal retirement and whose Plan accounts exceed $3,500 must consent to distribution of their accounts. Participants may defer receipt of their Plan 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 monthly 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 for shares of master trust funds, mutual funds and LaSalle National Trust, N.A. Income Plus Fund are carried at fair value which is the net asset value of those shares, 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. Investment in Trusts - -------------------- As of January 1, 1996, investment assets of the Bond Fund, the Company Stock Fund and the Fixed Income Fund were made in shares of IMC-Agrico MP, Inc. pooled funds shared by other IMC-Agrico MP, Inc. 401(k) plans. The Plan was a 47 percent, 9 percent and 37 percent, respectively, participant in the IMC-Agrico Bond Fund, the IMC-Agrico Stock Fund and the IMC-Agrico Fixed Income Fund at June 30, 1997 (48 percent, 10 percent and 44 percent at June 30, 1996). The assets of the pooled funds as of June 30, 1997 were as follows:
IMC-Agrico IMC-Agrico IMC-Agrico Company Fixed Bond Fund Stock Fund Income Fund --------- ---------- ----------- Bond Fund of America $4,054,989 IMC Global Inc. common stock $3,874,570 LaSalle National Trust, N.A. Income Plus Fund $16,595,668 Guaranteed Investment Contracts - Commonwealth Life Insurance Company, due 1998 1,849,375 Hartford Life Insurance Co., due 1997 1,822,310 CDC Investment Management Corp., due 2000 1,554,771 Rabobank Alternative 1,088,237 Sunamerica Life 3,018,773 Marshall Money Market Fund 51,473 485,055 112,030 Pending transactions (460,169) (5,843) Accrued interest and dividends 262 450 87,169 ---------- ---------- ----------- Net assets of pooled funds $4,106,724 $3,899,906 $26,122,490 ========== ========== ===========
The assets of the pooled funds as of June 30, 1996 were as follows:
IMC-Agrico IMC-Agrico IMC-Agrico Company Fixed Bond Fund Stock Fund Income Fund --------- ---------- ----------- Bond Fund of America $4,149,732 IMC Global Inc. common stock $1,367,819 LaSalle National Trust, N.A. Income Plus Fund $16,082,874 Guaranteed Investment Contracts - Commonwealth Life Insurance Company, due 1998 1,694,222 Hartford Life Insurance Co., due 1997 1,655,066 CDC Investment Management Corp., due 2000 1,527,216 Rabobank Alternative 1,188,626 Marshall Money Market Fund 67,253 27,938 150,359 Pending transaction 29,212 Accrued interest and dividends 326 147 176,094 ---------- ---------- ----------- Net assets of pooled funds $4,217,311 $1,425,116 $22,474,457 ========== ========== ===========
Changes in the pooled balances for the year ended June 30, 1997 are summarized as follows:
IMC-Agrico IMC-Agrico IMC-Agrico Company Fixed Bond Fund Stock Fund Income Fund --------- ---------- ----------- Additions: Interest and dividend income $ 323,095 $ 30,788 $ 1,648,852 Net appreciation (depreciation) in fair value of investments 109,555 (63,865) Contributions and transfers from other plans 1,074,222 5,609,841 10,468,985 ---------- ---------- ----------- 1,506,872 5,576,764 12,117,837 Deductions: Benefits paid 1,617,459 3,101,974 8,404,560 Investment expenses 65,244 ---------- ---------- ----------- 1,617,459 3,101,974 8,469,804 ---------- ---------- ----------- Net increase (decrease) in assets (110,587) 2,474,790 3,648,033 Pooled fund assets, beginning of year 4,217,311 1,425,116 22,474,457 ---------- ---------- ----------- Pooled fund assets, end of year $4,106,724 $3,899,906 $26,122,490 ========== ========== ===========
Changes in the pooled balances from January 1 through June 30, 1996 are summarized as follows:
IMC-Agrico IMC-Agrico IMC-Agrico Company Fixed Bond Fund Stock Fund Income Fund --------- ---------- ----------- Additions: Interest and dividend income $ 78,275 $ 3,291 $ 469,583 Net depreciation in fair value of investments (299,333) (39,851) (3,022) Contributions and transfers from other plans 243,704 380,265 1,045,316 ---------- ---------- ----------- 22,646 343,705 1,511,877 Deductions: Benefits paid 523,275 275,397 1,881,406 Investment expenses 18,636 ---------- ---------- ----------- 523,275 275,397 1,900,042 ---------- ---------- ----------- Net increase (decrease) in assets (500,629) 68,308 (388,165) Assets transferred at January 1, 1996 4,717,940 1,356,808 22,862,622 ---------- ---------- ----------- Pooled fund assets at June 30, 1996 $4,217,311 $1,425,116 $22,474,457 ========== ========== ===========
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 - ------------- Contributions from participants are recorded monthly when due from the Company. Contributions by the Company are made monthly based on the minimum contribution percentage (20 percent) required by the Plan. Any additional contributions by the Company are accrued when approved by its Board of Directors. Participant Withdrawals - ----------------------- Withdrawals are recorded when payments are made to participants. There were no unpaid withdrawals at June 30, 1997 and 1996. Withdrawals requested but not paid are presented in Department of Labor Form 5500 (Annual Return/Report of Employee Benefit Plan) as liabilities. The following schedule reconciles the net assets available for benefits per the Form 5500 to the financial statements for the year ended June 30, 1996:
Company Fixed Money Equity Bond Stock Income Market Balanced Growth Loan Total Fund Fund Fund Fund Fund Fund Fund Fund Net assets available for benefits per Form 5500 $25,163,001 $8,083,558 $2,090,545 $178,016 $10,341,588 $389,571 $529,195 $982,441 $2,568,087 Amounts allocated to withdrawing participants - June 30, 1995 (51,814) (599) (51,215) ----------- ---------- ---------- -------- ----------- -------- -------- -------- ---------- Net assets available for benefits per the financial statements $25,111,187 $8,082,959 $2,090,545 $178,016 $10,290,373 $389,571 $529,195 $982,441 $2,568,087 =========== ========== ========== ======== =========== ======== ======== ======== ==========
The following schedule reconciles the withdrawal amounts for the year ended June 30, 1996 per the Form 5500 to the statement of changes in assets available for benefits:
Company Fixed Money Equity Bond Stock Income Market Balanced Growth Loan Total Fund Fund Fund Fund Fund Fund Fund Fund Withdrawals per Form 5500 $595,305 $110,802 $45,705 $1,484 $376,877 $2,340 $975 $18,682 $38,440 Withdrawal liabilities per Form 5500 at June 30, 1995 51,814 599 51,215 -------- -------- ------- ------ -------- ------ ---- ------- ------- Withdrawals per statement of changes In assets available for benefits $647,119 $111,401 $45,705 $1,484 $428,092 $2,340 $975 $18,682 $38,440 ======== ======== ======= ====== ======== ====== ==== ======= =======
3. Net Appreciation in Fair Value of Investments --------------------------------------------- During 1997 and 1996, net appreciation in fair value of the Plan's investments came from mutual funds and was determined by quoted market price as follows:
1997 1996 ---------- ---------- Equity Fund $2,313,387 $1,257,025 Bond Fund 65,695 Company Stock Fund 2,655 Fixed Income Fund Money Market Fund (3,951) Balanced Fund 174,062 86,876 Growth Fund 269,723 (10,512) ---------- ---------- Net appreciation in fair value $2,757,172 $1,397,788 ========== ==========
4. Significant Investments ----------------------- Investments that represent 5 percent or more of assets available for benefits at June 30 were as follows:
1997 1996 ----------- ---------- Master trust funds - IMC-Agrico Fixed Income Fund $ 9,677,877 $9,972,127 IMC-Agrico Bond Fund 1,915,740 2,012,393 Mutual funds - Fidelity Equity-Income Fund, Inc. 11,331,108 7,760,254 Fidelity Magellan Fund, Inc. 1,645,669 878,365 Loans to participants 2,770,205 2,568,087
5. Federal Income Tax Status ------------------------- The Internal Revenue Service 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. 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: 36-3888539 PLAN #: 102 INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. 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 - Fidelity Equity- Income Fund, Inc. 230,354 shares $9,335,850 $11,331,108 Vanguard Money Market Reserves, Inc. Prime Portfolio 440,431 shares 440,431 440,431 Vanguard Welling- ton Fund, Inc. 49,345 shares 1,294,133 1,433,959 Fidelity Magellan Fund, Inc. 18,074 shares 1,497,183 1,645,669 IMC Global Inc. * Master trust funds - IMC-Agrico Stock Fund 10,401 shares 389,520 363,097 IMC-Agrico Fixed Income Fund 896,105 shares 9,015,626 9,677,877 IMC-Agrico Bond Fund 171,787 shares 1,730,978 1,915,740 Loans to participants (6.75% - 10%) 2,770,205 ----------- $29,578,086 =========== * Indicates party-in-interest to the Plan.
EIN: 36-3888539 PLAN #: 102 INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES OF IMC-AGRICO MP, INC. ---------------------------------------------- LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS ---------------------------------------------- FOR THE YEAR ENDED JUNE 30, 1997 --------------------------------
Purchases Sales --------- ----------------------------- Identity of Description Party Involved of Assets Cost Cost Proceeds Gain - -------------- ------------ ---- ---- -------- ---- Category (iii) transactions - series of transactions in excess of 5 percent of plan assets: Marshall and Ilsley Trust Company * Mutual fund - Fidelity Equity- Income Fund, Inc. $2,966,896 $1,249,177 $1,335,062 $85,885 IMC Global Inc.* Master trust fund - IMC-Agrico Fixed Income Fund 1,701,944 2,503,001 2,609,411 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. Investment Plan for Non-Union Hourly Employees of IMC-Agrico MP, Inc. 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 Officer December 19, 1997 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. 33-59685) pertaining to the Investment Plan for Non-Union Hourly Employees of IMC-Agrico MP, Inc. of our report dated October 24, 1997, with respect to the financial statements and supplemental schedules of the Investment Plan for Non-Union Hourly Employees of IMC-Agrico MP, Inc. 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. 90716 -----END PRIVACY-ENHANCED MESSAGE-----