-----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, P2MP0ewiop8VL7o9HyykTfGGb2snnvcU+utLbywugobfzc+tGmHqWKjbQL2O0wlj MuTqTyMKfuI+446coWJ+uw== 0000820626-98-000028.txt : 19980701 0000820626-98-000028.hdr.sgml : 19980701 ACCESSION NUMBER: 0000820626-98-000028 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980630 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: 98657629 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 SIX MONTHS ENDED 12/31/97 - ----------------------------------------------------------------------- ------------------------------------------------------------------- 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 For the six months ended December 31, 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 SALARIED 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 ------------------------------------------------------------------- - ----------------------------------------------------------------------- Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Financial Statements and Supplemental Schedules Six months ended December 31, 1997 and year ended June 30, 1997 Contents Report of Independent Auditors 1 Financial Statements Statements of Net Assets Available for Benefits, With Fund Information 2 Statements of Changes in Net Assets Available for Benefits, With Fund Information 4 Notes to Financial Statements 6 Supplemental Schedules Line 27a - Schedule of Assets Held For Investment Purposes 16 Line 27b - Schedule of Loans or Fixed Income Obligations 17 Line 27d - Schedule of Reportable Transactions 18 Report of Independent Auditors Plan Administrator Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. We have audited the accompanying statements of net assets available for benefits of the Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. as of December 31, 1997 and June 30, 1997, and the related statements of changes in net assets available for benefits for six months ended December 31, 1997 and year ended June 30, 1997. 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 net assets available for benefits of the Plan at December 31, 1997 and June 30, 1997, and the changes in its net assets available for benefits for the six months ended December 31, 1997 and year ended June 30, 1997, 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 December 31, 1997, and reportable transactions for the six months then ended, are presented for purposes of complying with 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 net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net 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 Chicago, Illinois June 12, 1998 EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Statement of Net Assets Available for Benefits, With Fund Information December 31, 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: Interest in IMC-Agrico Stock Fund $ 5,517,170 $ - $ - $5,517,170 $ - - $ - $ - $ - $ - Interest in IMC-Agrico Fixed Income Fund 12,927,153 - - - 12,927,153 - - - - Interest in IMC-Agrico Bond Fund 2,375,506 - 2,375,506 - - - - - - - Mutual funds: Fidelity Equity- Income Fund, Inc. 17,457,166 17,457,166 - - - - - - - - Vanguard Wellington Fund, Inc. 4,332,933 - - - - - - 4,332,933 - - Fidelity Magellan Fund, Inc. 5,570,754 - - - - - - - 5,570,754 - Loans to participants 2,150,636 - - - - - - - - 2,150,636 --------------------------------------------------------- - -------------------------------------------------- Total investments 50,331,318 17,457,166 2,375,506 5,517,170 12,927,153 - 4,332,933 5,570,754 2,150,636 Receivables: Participant contributions 102,510 35,220 4,179 10,330 19,238 2,662 12,632 18,249 - Company contributions 698,412 219,194 31,827 72,689 140,212 26,744 84,256 123,490 - Accrued interest and dividends 3,850 - - - - - 3,850 - - - --------------------------------------------------------- - -------------------------------------------------- Total receivables 804,772 254,414 36,006 83,019 159,450 33,256 96,888 141,739 - --------------------------------------------------------- - -------------------------------------------------- Total assets available for benefits 51,136,090 17,711,580 2,411,512 5,600,189 13,086,603 33,256 4,429,821 5,712,493 2,150,636 Liability - Due (to) from brokers (4,291) 214 - (430) (830,213) 825,922 216 - - --------------------------------------------------------- - -------------------------------------------------- Net assets available for benefits $51,131,799 $17,711,794 $2,411,512 $5,599,759 $12,256,390 $859,178 $4,430,037 $5,712,493 $2,150,636 ================================================================================ =========================== See accompanying notes.
EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Statement of Net 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: Interest in IMC-Agrico Stock Fund $ 3,585,065 $ - $ - $3,585,065 $ - - $ - $ - $ - $ - Interest in IMC-Agrico Fixed Income Fund 13,008,979 - - - 13,008,979 - - - - Interest in IMC-Agrico Bond Fund 2,190,985 - 2,190,985 - - - - - - - Mutual funds: Fidelity Equity- Income Fund, Inc. 15,718,839 15,718,839 - - - - - - - - Vanguard Money Market Reserves, Inc. - Prime Portfolio 1,127,892 - - - - - 1,127,892 - - - Vanguard Wellington Fund, Inc. 3,411,307 - - - - - - 3,411,307 - - Fidelity Magellan Fund, Inc. 4,239,219 - - - - - - - 4,239,219 - Loans to participants 2,031,167 - - - - - - - - 2,031,167 --------------------------------------------------------- - --------------------------------------------------- Total investments 45,313,453 15,718,839 2,190,985 3,585,065 13,008,979 1,127,892 3,411,307 4,239,219 2,031,167 Receivables: Participant contribu- tions 208,165 68,099 7,955 24,321 40,063 3,951 25,788 37,988 - Company contributions 1,293,115 411,734 56,081 147,747 260,456 35,022 151,955 230,120 - Accrued interest and dividends 4,610 - - - - - 4,610 - - - --------------------------------------------------------- - --------------------------------------------------- Total receivables 1,505,890 479,833 64,036 172,068 300,519 43,583 177,743 268,108 - --------------------------------------------------------- - --------------------------------------------------- Total assets 46,819,343 16,198,672 2,255,021 3,757,133 13,309,498 1,171,475 3,589,050 4,507,327 2,031,167 Liability - Due (to) from brokers (1,178) (29,870) - (44,856) 64,082 (1,690) 48,898 (37,742) - --------------------------------------------------------- - --------------------------------------------------- Net assets available for benefits $46,818,165 $16,168,802 $2,255,021 $3,712,277 $13,373,580 $1,169,785 $3,637,948 $4,469,585 $2,031,167 ================================================================================ ============================ See accompanying notes.
EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Statement of Changes in Net Assets Available for Benefits, With Fund Information Six months ended December 31, 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 $ 373,670 $ 141,344 $ - $ - $ - - $ 20,995 $ 94,870 $ 27,635 $ 88,826 Income from master trust funds 592,404 - 109,868 81,830 400,706 - - - - Net appreciation in fair value of investments 2,172,642 1,564,380 - - - - - 239,585 368,677 - ----------------------------------------------------------- - -------------------------------------------------- Total investment income 3,138,716 1,705,724 109,868 81,830 400,706 20,995 334,455 396,312 88,826 Contributions: Participants 1,380,561 447,578 48,954 148,386 241,367 32,715 177,040 284,521 - Company 841,358 264,874 37,848 88,960 166,806 30,708 101,762 150,400 - ----------------------------------------------------------- - -------------------------------------------------- Total contributions 2,221,919 712,452 86,802 237,346 408,173 63,423 278,802 434,921 - Transfers from other plans (386,990) (318,945) 12,730 (4,923) (78,333) (6,784) 55,465 (3,350) (42,850) Cash distributed to withdrawing participants (660,011) (175,774) (2,395) (14,394) (168,524) (2,513) (147,999) (121,705) (26,707) Transfers of investment direction - (380,465) (50,514) 1,587,623 (1,679,212) (385,728) 271,366 536,730 100,200 ----------------------------------------------------------- - -------------------------------------------------- Net increase (decrease) in net assets available for benefits 4,313,634 1,542,992 156,491 1,887,482 (1,117,190) (310,607) 792,089 1,242,908 119,469 Net assets available for benefits - Beginning of period 46,818,165 16,168,802 2,255,021 3,712,277 13,373,580 1,169,785 3,637,948 4,469,585 2,031,167 ----------------------------------------------------------- - -------------------------------------------------- Net assets available for benefits - End of period $51,131,799 $17,711,794 $2,411,512 $5,599,759 $12,256,390 $ 859,178 $4,430,037 $5,712,493 $2,150,636 ================================================================================ ============================== See accompanying notes.
EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Statement of Changes in Net Assets Available for Benefits, With Fund Information 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 (loss): Interest and dividends $ 698,850 $ 320,524 $ - $ - $ - - $ 49,062 $ 107,296 $ 56,885 $ 165,083 Income (loss) from master trust funds 993,001 - 229,203 (11,840) 775,638 - - - - Net appreciation in fair value of investments 4,739,535 3,418,642 - - - - - 519,105 801,788 - ----------------------------------------------------------- - -------------------------------------------------- Total investment income 6,431,386 3,739,166 229,203 (11,840) 775,638 49,062 626,401 858,673 165,083 Contributions: Participants 2,536,942 781,385 103,883 288,556 514,997 63,164 290,368 494,589 - Company 1,581,992 513,500 59,946 197,695 293,688 36,159 189,373 291,631 - ----------------------------------------------------------- - -------------------------------------------------- Total contributions 4,118,934 1,294,885 163,829 486,251 808,685 99,323 479,741 786,220 - Transfers from other plans 7,899,978 2,104,726 229,484 826,493 3,372,983 57,822 495,071 531,087 282,312 Cash distributed to withdrawing participants (1,435,280) (373,764) (181,546) (54,115) (598,893) (26,766) 90,706) (87,999) (21,491) Transfers of investment direction - (322,053) (445,676) 1,075,210 (854,040) 242,590 644,124 (298,921) (41,234) ----------------------------------------------------------- - -------------------------------------------------- Net increase (decrease) in net assets available for benefits 17,015,018 6,442,960 (4,706) 2,321,999 3,504,373 422,031 2,154,631 1,789,060 384,670 Net assets available for benefits - Beginning of year 29,803,147 9,725,842 2,259,727 1,390,278 9,869,207 747,754 1,483,317 2,680,525 1,646,497 ----------------------------------------------------------- - -------------------------------------------------- Net assets available for benefits - End of year $46,818,165 $16,168,802 $2,255,021 $3,712,277 $13,373,580 $1,169,785 $3,637,948 $4,469,585 $2,031,167 ================================================================================ ============================== See accompanying notes.
EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Notes to Financial Statements Six months ended December 31, 1997 and year ended June 30, 1997 1. Description of the Plan The following description of the Investment Plan for Salaried 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 which was established on July 1, 1993. Salaried 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, Limited Partnership, formerly Freeport-McMoRan Resource Partners, Limited Partnership, are eligible to participate in the Plan immediately upon 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 subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company changed its year-end from June 30 to December 31 during calendar 1997. As a result of that change, the Plan has also changed its year-end. These financial statements reflect activity for a six- month period ended December 31, 1997, and the previous fiscal year ended June 30, 1997. Contributions The Plan is funded by contributions from participants in the form of payroll deductions/ salary reductions of up to 15% of participants' base monthly salaries, not to exceed $9,500. A participant may change the amount of payroll deduction/salary reduction at any time. 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 nondiscrimination requirements of section 401(k) or the limitations of section 415 of the IRC. In addition, the Plan is also funded by Company contributions, as determined by the Company's Board of Directors, of not less than 20% of a participant's eligible contributions, which are contributions that do not exceed 6% of a participant's base monthly salary. IMC-Agrico MP, Inc. may make additional contributions each year as determined by its Board of Directors. Company contributions are subject to certain limitations imposed by section 415 of the IRC. Total Company contributions were equal to 100% of participants' eligible contributions for the six months ended December 31, 1997 and year ended June 30, 1997. 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 Company 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 The Plan's investments are administered by Marshall & Ilsley Trust Company under a trust agreement dated January 1, 1996. Investment programs available to participants are as follows: Equity Fund - Assets are invested in shares of the Fidelity Equity-Income Fund, Inc., a mutual fund which invests at least 65% 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 - Assets are invested in shares of the IMC-Agrico Bond Fund, a pooled bond fund shared only by other IMC-Agrico MP, Inc. 401(k) plans. The fund invests substantially all of the assets in shares of the Bond Fund of America, Inc., a mutual fund comprised of marketable corporate debt securities, U.S. government securities, mortgage-related securities, other asset-backed securities, and cash or money market instruments. Company Stock Fund - Assets are invested in shares of the IMC- Agrico Stock Fund, a pooled fund shared only by other IMC- Agrico MP, Inc. 401(k) plans, which invests in the common stock of IMC Global Inc. Fixed Income Fund - Assets are invested in shares of IMC- Agrico Fixed Income Fund, a pooled fund shared only by other IMC-Agrico MP, Inc. 401(k) plans, as well as guaranteed investment contracts (GICs), the Marshall Money Market Fund, the LaSalle National Trust, N.A. Income Plus Fund and the M&I Stable Principal Fund. The December 31, 1997 holdings are described below. a. A GIC with CDC Investment Management Corp. with a guaranteed interest rate of 7.5% through June 30, 2000. b. A GIC with Commonwealth Life Insurance Company with a guaranteed interest rate of 7.27% through July 6, 1998. c. A GIC with Rabobank Alternative with a guaranteed interest rate of 6.647% through March 15, 2001. d. A GIC with Sun America Life Company with a guaranteed interest rate of 7.04% through May 29, 2002. e. 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. f. The M&I Stable Principal Fund is primarily invested in traditional and synthetic investment contracts, money market securities and registered first tier money market mutual funds. Money Market Fund - Assets are invested in shares of the Vanguard Money Market Reserves, Inc. - Prime Portfolio, a mutual fund. This mutual fund 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 - Assets are invested in shares of the Vanguard Wellington Fund, Inc., a mutual fund which invests in a diversified portfolio of 60-70% common stocks and 30-40% bonds. Growth Fund - Assets are invested 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 - Assets are loans made to participants as described below. Participants elect their desired investment program upon joining the Plan. Participants may elect to change the investment direction of their existing account balances and their future contributions daily. Vesting All Plan participants are immediately 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. 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 investments 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 Investment Valuation All investments are carried at fair value. Fair value for shares of master trust funds, mutual funds, the LaSalle National Trust, N.A. Income Plus Fund and the M&I Stable Principal 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. 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%) 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. 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 December 31, 1997 and at June 30, 1997. 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. 3. Investment in Trusts Assets of the Bond Fund, the Company Stock Fund, and the Fixed Income Fund were invested in shares of IMC-Agrico MP, Inc. pooled funds shared by other IMC-Agrico MP, Inc. 401(k) plans. The Plan was a 56.4%, 91.2%, and 51.4%, respectively, participant in the IMC-Agrico Bond Fund, the IMC-Agrico Stock Fund, and the IMC-Agrico Fixed Income Fund at December 31, 1997 (53.4%, 91.9%, and 49.8%, respectively, at June 30, 1997). The assets of the pooled funds as of December 31, 1997, were as follows:
IMC-Agrico IMC-Agrico IMC-Agrico Fixed Bond Fund Stock Fund Income Fund --------------------------------------- - -- Bond Fund of America $4,109,791 $ - $ - IMC Global Inc. common stock - 5,843,059 - LaSalle National Trust, N.A. Income Plus Fund - - 15,370,663 M&I Stable Principal Fund - - 1,900,000 Guaranteed Investment Contracts: - - Commonwealth Life Insurance Company, due 1998 - - 1,915,973 Sunamerica Life Insurance Co., due 2002 - - 3,123,827 CDC Investment Management Corp., due 2000 - - 1,500,000 Rabobank Alternative - - 1,039,997 Marshall Money Market Fund 100,694 206,121 236,330 Pending transactions - - (5,748) Accrued interest and dividends 463 1,412 86,454 ---------------------------------------- Net assets $4,210,948 $6,050,592 $25,167,496 ========================================
The assets of the pooled funds as of June 30, 1997, were as follows:
IMC-Agrico IMC-Agrico IMC-Agrico 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 51,474 485,055 112,030 Pending transactions - (460,169) (5,843) Accrued interest and dividends 262 450 87,169 ---------------------------------------- Net assets $4,106,725 $3,899,906 $26,122,490 ========================================
Changes in the pooled balances for the six-month period from July 1 through December 31, 1997, are summarized as follows:
IMC-Agrico IMC-Agrico IMC-Agrico Fixed Bond Fund Stock Fund Income Fund --------------------------------------- - - Additions Interest and dividend income $ 148,014 $ 28,754 $ 844,550 Net appreciation in fair value of investments 54,150 32,897 - Contributions and transfers from other plans 1,017,532 7,068,104 6,273,118 ---------------------------------------- 1,219,696 7,129,755 7,117,668 Deductions Benefits paid 729,815 4,979,069 8,037,667 Investment expenses 385,658 - 34,995 ---------------------------------------- 1,115,473 4,979,069 8,072,662 ---------------------------------------- Net increase (decrease) in assets 104,223 2,150,686 (954,994) Net assets, beginning of period 4,106,725 3,899,906 26,122,490 ---------------------------------------- Net assets, end of period $4,210,948 $6,050,592 $25,167,496 ========================================
Changes in the pooled balances for the year ended June 30, 1997, are summarized as follows:
IMC-Agrico IMC-Agrico IMC-Agrico 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 Net assets, beginning of year 4,217,312 1,425,116 22,474,457 ---------------------------------------- Net assets, end of year $4,106,725 $3,899,906 $26,122,490 ----------------------------------------
4. Net Appreciation in Fair Value of Investments During the six months ended December 31, 1997 and the year ended June 30, 1997, net appreciation in fair value of the Plan's investments came from mutual funds and was determined by quoted market price as follows:
Six months ended Year ended December 31 June 30 1997 1997 --------------------------------- Equity Fund $1,564,380 $3,418,642 Balanced Fund 239,585 519,105 Growth Fund 368,677 801,788 -------------------------------- $2,172,642 $4,739,535 ================================
5. Significant Investments Investments that represent 5% or more of net assets available for benefits at December 31, 1997 and June 30, 1997, were as follows:
Six months ended Year ended December 31 June 30 1997 1997 --------------------------------- Master trust funds: IMC-Agrico Stock Fund $ 5,517,170 $ 3,585,065 IMC-Agrico Fixed Income Fund 12,927,153 13,008,979 Mutual funds: Fidelity Equity-Income Fund, Inc. 17,457,166 15,718,839 Vanguard Wellington Fund, Inc. 4,332,933 3,411,307 Fidelity Magellan Fund, Inc. 5,570,754 4,239,219
6. 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. 7. Year 2000 Issue (Unaudited) The Company has developed a plan to modify its internal information technology to be ready for the Year 2000 and has begun converting critical data processing systems. The project also includes determining whether third-party service providers have reasonable plans in place to become Year 2000 compliant. The Company currently expects the project to be substantially complete by early 1999. The Company does not expect this project to have a significant effect on the Plan's operations. 8. Subsequent Events Effective January 1, 1998, the Plan merged with the Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, Inc. into the IMC-Agrico MP, Inc. Profit Sharing and Savings Plan. Net assets amounting to $51,131,799 were transferred at that time. Supplemental Schedules EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Line 27a - Schedule of Assets Held For Investment Purposes
December 31, 1997 ---------------------- - ------------------- Principal Amount or Number of Current Identity of Issuer Description Shares Cost Value - -------------------------------------------------------------------------------- - -------------------------------- Marshall and Ilsley Trust Company*Fidelity Equity-Income Fund, Inc.333,088 shares$14,159,901 $17,457,166 Vanguard Wellington Fund, Inc.147,128 shares4,015,8574,332,933 Fidelity Magellan Fund, Inc.58,473 shares 5,040,173 5,570,754 Loans to participants (6% - 10.54%) - 2,150,636 ----------- $29,511,489 =========== *Indicates party in interest to the Plan.
EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Line 27b - Schedule of Loans or Fixed Income Obligations Six months ended December 31, 1997
Principal and Interest Paid Identity of Party Loan During the Loan Maturity Interest Collateral ---------- - -------------------- (Social Security Amount Year Issue Date Date Rate Type Value Number) - -------------------------------------------------------------------------------- - --------------------------------------------------- 265-31-6482$4,000 $ -November 15, 1996November 15, 1999 8.25%Participant Account$9,050 265-88-2148 500 -July 31, 1995 July 15, 1998 10.00%Participant Account2,348 1,300 -October 15, 1996October 15, 2001 8.25%Participant Account2,341
EIN 36-3888539 Plan #101 Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. Line 27d - Schedule of Reportable Transactions Six months ended December 31, 1997
Current Value of Asset on Purchase Selling Cost Transaction Identity of Party Involved Description of Assets Price Price of Asset Date Net Gain - -------------------------------------------------------------------------------- - --------------------------------------------------- Category (iii) transactions - Series of transactions in excess of 5% of net assets available for benefits - -------------------------------------------------------------------------------- - ------------------------- Marshall and Ilsley Trust Company* Fidelity Equity-Income Fund, Inc.$5,242,106$ -$5 ,242,106 $5,242,106 $ - - 5,077,0974,043,3465,077,0971,033,751 Fidelity Magellan Fund, Inc.3,199,674 -3,199,6743,199,674 - - 2,214,0821,895,2412,214,082 318,841 There were no reportable category (i), (ii), or (iv) transactions. *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. Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. J. BRADFORD JAMES ------------------------------------------- J. Bradford James Chairman of the Employee Benefits Committee Date: June 30, 1998 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 - ------------------------------------------------------------------------------- - --- J. BRADFORD JAMES - ----------------- J. Bradford James Chief Financial Officer June 30, 1998 B. RUSSELL LOCKRIDGE - -------------------- B. Russell Lockridge Senior Vice President, June 30, 1998 Human Resources MARSCHALL I. SMITH - ------------------ Marschall I. Smith Senior Vice President, June 30, 1998 Secretary and General Counsel ROBERT E. FOWLER, JR. - --------------------- Robert E. Fowler, Jr. President and June 30, 1998 Chief Executive 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. 33-59687) pertaining to the Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. of our report dated June 12, 1998, with respect to the financial statements and supplemental schedules of the Investment Plan for Salaried Employees of IMC-Agrico MP, Inc. included in this Annual Report (Form 11-K) for the six months ended December 31, 1997. ERNST & YOUNG LLP Chicago, Illinois June 30, 1998 Docket No. 272671 -----END PRIVACY-ENHANCED MESSAGE-----