-----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, REbnxMVNEn0JY+UrsKiQeUQY/8FHLzLlqF6P+aJ+XxF+H2jdlVmmuIbpmEIGQqVI TMnl+V4wmQZAGAr0IEiREA== 0000820626-98-000031.txt : 19980701 0000820626-98-000031.hdr.sgml : 19980701 ACCESSION NUMBER: 0000820626-98-000031 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: 98657638 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 six months ended December 31, 1997 OR --- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ---------- to ---------- Commission file number 1-9759 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: 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 ------------------------------------------------------------------- - ----------------------------------------------------------------------- Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented By United Steelworkers of America at Carlsbad, New Mexico Financial Statements and Supplemental Schedules Six months ended December 31, 1997 and year ended June 30, 1997 Contents Report of Independent Auditors 1 Financial Statements Statements of 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 13 Line 27d - Schedule of Reportable Transactions 14 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 December 31, 1997 and June 30, 1997, and the related statements of changes in assets available for benefits for the 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 assets available for benefits of the Plan at December 31, 1997 and June 30, 1997, and the changes in its 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 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. Chicago, Illinois June 12, 1998 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 December 31, 1997
Fund Information ------------------------------------------ - ---- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund --------------------------------------------------- - ------ Instruments, at fair value: Mutual funds: Vanguard Wellington Fund, Inc.$ 291,802$ -$291,802$ -$ -$ - Fidelity Equity- Income Fund, Inc. 588,425 - - 588,425 - - Vanguard Fixed Income Fund1,387,699 - - -1,387,699 - Master trust fund: Interest in IMC Global Fixed Fund 287,221 287,221 - - - - Loans to participants 143,280 - - - - 143,280 ---------------------------------------------------- - --------- Total investments2,698,427287,221291,802 588,4251,387,699 143,280 Accrued interest and dividends 7,081 - - - 7,081 - ---------------------------------------------------- - --------- Assets available for benefits$2,705,508$287,221 $291,802$588,425$1,394,780$143,280 ============================================================= See accompanying notes.
EIN 36-3513204 Plan #019 Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented By United Steelworkers of America at Carlsbad, New Mexico Statement of Assets Available for Benefits, With Fund Information June 30, 1997
Fund Information ------------------------------------------ - ---- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund --------------------------------------------------- - ------ Instruments, at fair value: Mutual funds: Vanguard Wellington Fund, Inc.$ 264,358$ -$264,358$ -$ -$ - Fidelity Equity- Income Fund, Inc. 427,813 - - 427,813 - - Vanguard Fixed Income Fund1,296,939 - - -1,296,939 - Master trust fund: Interest in IMC Global Fixed Fund 276,805 276,805 - - - - Loans to participants 135,195 - - - - 135,195 ---------------------------------------------------- - --------- Total investments2,401,110276,805264,358 427,8131,296,939 135,195 Accrued interest and dividends 6,641 - - - 6,641 - ---------------------------------------------------- - --------- Assets available for benefits$2,407,751$276,805 $264,358$427,813$1,303,580$135,195 ============================================================= See accompanying notes.
EIN 36-3513204 Plan #019 Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented By United Steelworkers of America at Carlsbad, New Mexico Statement of Changes in Net Assets Available for Benefits, With Fund Information Six Months ended December 31, 1997
Fund Information ------------------------------------------ - ---- Fixed Bond Income Balanced Equity Index Loan Total Fund Fund Fund Fund Fund --------------------------------------------------- - ------ Investment income: Interest and dividends$ 59,101$ - $ 6,599$ 4,371$ 41,020$ 7,111 Net appreciation in fair value 107,229 - 19,200 44,759 43,270 - Income from master trust fund 9,268 9,268 - - - - ---------------------------------------------------- - --------- Total investment income 175,598 9,268 25,799 49,130 84,290 7,111 Contributions: Participant contributions 199,172 40,068 27,739 68,808 62,557 - Company contributions 43,351 6,620 6,830 13,146 16,755 - ---------------------------------------------------- - --------- Total contributions242,52346,688 34,569 81,954 79,312 - Transfers to other plans (4,647) - - - (4,647) - Cash distributed to withdrawing participants (115,717) (2,062) (67,459)(29,569) (16,066) (561) Transfers of investment direction -(43,478) 34,535 59,097 (51,689) 1,535 ---------------------------------------------------- - --------- Net increase in assets available for benefits 297,757 10,416 27,444 160,612 91,200 8,085 Assets available for benefits - Beginning of period 2,407,751 276,805 264,358 427,8131,303,580 135,195 ---------------------------------------------------- - --------- Assets available for benefits - End of period$2,705,508$287,221$291,802$588,425$1,394,780$143,280 ============================================================== See accompanying notes.
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 Net Assets Available for Benefits, With Fund Information 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 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 (30,964) (4,883) (1,661) (2,725) (21,695) - Transfers of investment 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 accompanying notes.
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 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 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 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, 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% 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. Effective July 1, 1997, the Company contributed an amount equal to 35% of a participant's eligible contributions, which are contributions that do not exceed 6% of a participant's base monthly salary. 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 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: Fixed Income Fund - Assets are invested in shares of IMC Global Fixed Income Fund, a pooled fund shared only by other IMC Global Operations Inc. 401(k) plans, in 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 contract with CDC Investment Management Corp. with a guaranteed interest rate of 7.5% through June 30, 2000. b. A contract with Commonwealth Life Insurance Company with a guaranteed interest rate of 7.27% through July 6, 1998. c. A contract with National Westminster Bank Group with a guaranteed interest rate of 6.73% through November 15, 1998. d. A contract with RaboBank Alternative, with a guaranteed interest rate of 6.17% through March 15, 2001. 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. 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. 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 Index Fund - Assets are invested 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 - Assets 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% 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 Company contributions received by the Plan after the effective date of the change. 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 their 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 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 and the M&I Stable Principal Fund is the net asset value of those shares or units, as determined by the respective funds. Loans to participants are valued at cost which approximates fair value. 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 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 Fixed Income Fund were invested in shares of IMC Global pooled funds shared by other IMC Global Operations Inc. 401(k) plans. The Plan was an 0.8% participant in the IMC Global Fixed Income Fund at December 31, 1997 (0.6% at June 30, 1997). The assets of the IMC Global Fixed Income Fund were as follows:
December 31 June 30 1997 1997 ------------------------ M&I Stable Principal Fund $ 6,350,000 $ - LaSalle National Trust, N.A. Income Plus Fund 11,108,430 14,039,255 Guaranteed Investment Contracts: Commonwealth Life Insurance Company 7,663,894 7,397,502 Hartford Life Insurance Company - 6,095,582 CDC Investment Management Corp. 6,028,752 6,248,886 National Westminster Bank Group 5,021,562 4,551,550 Rabobank Alternative 4,210,872 5,024,565 Marshall Money Market Fund 413,494 320,066 Pending transactions (8,960) (9,417) Accrued interest and dividends 74,718 77,794 -------------------------- Net assets $40,862,762 $43,745,783 ==========================
Changes in the IMC Global Fixed Income Fund are summarized as follows:
Six months ended Year ended December 31 June 30 1997 1997 ------------------------ Additions Interest and dividend income $ 1,435,343 $3,134,388 Contributions and transfers from other plans16,311,56718,681,691 -------------------------- 17,746,910 21,816,079 Deductions Benefits paid 20,574,625 34,010,742 Investment expenses 55,306 112,590 -------------------------- 20,629,931 34,123,332 -------------------------- Net decrease in assets (2,883,021)(12,307,253) Net assets, beginning of period 43,745,783 56,053,036 -------------------------- Net assets, end of period $40,862,762 $43,745,783 ==========================
4. Net Appreciation in Fair Value of Investments During the periods ended December 31 and June 30, 1997, net appreciation in fair value of the Plan's investments as determined by quoted market price was as follows:
Six months ended Year ended December 31 June 30 1997 1997 ------------------------ Mutual funds: Vanguard Wellington Fund $ 19,200 $ 40,641 Fidelity Equity-Income Fund 44,759 87,847 Bond Index Fund 43,270 8,605 -------------------------- $107,229 $137,093 ==========================
5. Significant Investments Investments that represent 5% or more of assets available for benefits at December 31, 1997 and June 30, 1997, were as follows:
December 31 June 30 1997 1997 ------------------------ Vanguard Wellington Fund, Inc. $ 291,802 $ 264,358 Fidelity Equity-Income Fund, Inc. 588,425 427,813 Vanguard Fixed Income Fund 1,387,699 276,805 IMC Global Fixed Fund 287,221 1,296,939 Loans to participants 143,280 135,195
6. 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. 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. 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
December 31, 1997 ----------------------- - ---------------- Principal Amount or Number of Current Identity of Issuer Description Shares Cost Value - -------------------------------------------------------------------------------- - ------------------------------------------- Marshall and Ilsley Trust Company*Vanguard Wellington Fund, Inc.9,908 shares$ 269,163 $ 291,802 Fidelity Equity-Income Fund, Inc.11,227 shares 503,890 588,425 Vanguard Fixed Income Fund130,056 shares1,353,7921,387,699 Loans to participants (8.25% - 10%) - 143,280 - - --------- $2,411,206 ========== *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 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)- Series of securities transactions in excess of 5% of plan assets - -------------------------------------------------------------------------------- - ------------ Marshall and Ilsley Trust Company* Fidelity Equity-Income Fund, Inc.$183,346$ -$183,346$183,346 $ - - 67,494 39,908 67,494 27,586 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. Salary Reduction Plan for Hourly Employees of IMC Global Operations Inc. Represented by United Steelworkers of America at Carlsbad, New Mexico 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. 33-42074) 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 June 12, 1998, 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 six months ended December 31, 1997. ERNST & YOUNG LLP Chicago, Illinois June 30, 1998 Docket No. 272670 -----END PRIVACY-ENHANCED MESSAGE-----