10-Q

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2000

Commission file number 1-9759

IMC Global Inc.
(Exact name of Registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 36-3492467
(I.R.S. Employer
Identification No.)
 

2100 Sanders Road
Northbrook, Illinois 60062
(847) 272-9200
(Address and telephone number, including area code, of registrant's principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes Ö . No____.

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date: 114,499,025 shares, excluding 10,686,276 treasury shares as of May 8, 2000.

PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements.

The accompanying interim condensed consolidated financial statements of IMC Global Inc. (Company) do not include all disclosures normally provided in annual financial statements. These financial statements, which should be read in conjunction with the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1999, are unaudited but include all adjustments which the Company's management considers necessary for a fair presentation. These adjustments consist of normal recurring accruals. Interim results are not necessarily indicative of the results expected for the full year.

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(In millions, except per share amounts)
(Unaudited)

	Three months ended          March 31
	2000	1999
	_________________________
Net sales	$  620.8	$  667.3
Cost of goods sold	467.2	468.9
Gross margins	153.6	198.4
Selling, general and administrative expenses	35.3	35.0
Operating earnings	118.3	163.4
Interest expense	39.2	40.5
Other (income) expense, net	0.7	(4.2)
Earnings from continuing operations before      minority interest	78.4	127.1
Minority interest	1.3	13.4
Earnings from continuing operations before taxes	77.1	113.7
Provision for income taxes	28.9	42.7
Earnings from continuing operations before cumulative      effect of a change in accounting principle	48.2	71.0
Loss from discontinued operations	-	(2.8)
Earnings before cumulative effect of a      change in accounting principle	48.2	68.2
Cumulative effect of a change in accounting principle	-	(7.5)
Net earnings	$48.2	$    60.7
	=====	=====
Basic and diluted earnings per share:
Earnings from continuing operations before cumulative      effect of a change in accounting principle	$   0.42	$    0.62
Loss from discontinued operations	-	(0.02)
Cumulative effect of a change in accounting principle	-	(0.07)
Net earnings per share	$   0.42	$    0.53
	=====	=====
Basic weighted average number of shares outstanding	114.4	114.3
Diluted weighted average number of shares outstanding	114.6	114.5

(See Notes to Condensed Consolidated Financial Statements)

CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions)

Assets	(Unaudited)   March 31   2000	December 31 1999
	_________________________
Current assets:
Cash and cash equivalents	$     57.7	$    80.8
Receivables, net	297.7	254.2
Inventories, net	390.1	439.6
Deferred income taxes	135.3	135.3
Other current assets	13.2	18.0
Total current assets	894.0	927.9
Property, plant and equipment, net	3,218.8	3,250.7
Net assets of discontinued operations held for sale	288.2	301.5
Other assets	704.6	715.8
Total assets	$5,105.6	$5,195.9
	=======	=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$   192.1	$   200.9
Accrued liabilities	282.7	260.1
Short-term debt and current maturities of long-term debt	17.2	29.9
Total current liabilities	492.0	490.9
Long-term debt, less current maturities	2,415.6	2,518.7
Deferred income taxes	577.8	589.6
Other noncurrent liabilities	503.3	516.6
Stockholders' equity:
Common stock, $1 par value, authorized 300,000,000 shares;           issued 125,163,572 shares at March 31 and December 31	125.2	125.2
Capital in excess of par value	1,697.9	1,698.1
Retained deficit	(370.7)	(411.1)
Accumulated other comprehensive income	(40.7)	(37.3)
Treasury stock, at cost, 10,676,276 shares at March 31           and December 31	(294.8)	(294.8)
Total stockholders' equity	1,116.9	1,080.1
Total liabilities and stockholders' equity	$5,105.6	$5,195.9
	======	======

(See Notes to Condensed Consolidated Financial Statements)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)

	Three months ended      March 31
	2000	1999
	__________________________
Cash Flows from Operating Activities
Net earnings	$      48.2	$      60.7
Adjustments to reconcile net earnings to net cash                      provided by operating activities:
Depreciation, depletion and amortization	56.2	66.0
Minority interest	1.3	13.2
Deferred income taxes	(11.8)	6.7
Other charges and credits, net	9.3	(2.9)
Changes in:
Receivables	(43.5)	24.5
Inventories	49.5	58.2
Other current assets	4.8	(7.4)
Accounts payable	(8.8)	(34.0)
Accrued liabilities	22.5	(7.2)
Net current assets of discontinued operations	(2.0)	6.2
Net cash provided by operating activities	125.7	184.0
Cash Flows from Investing Activities
Capital expenditures	(20.3)	(80.4)
Other	0.5	1.2
Net cash used in investing activities	(19.8)	(79.2)
Net cash provided before financing activities	105.9	104.8
Cash Flows from Financing Activities
Cash distributions to the unitholders of Phosphate            Resource Partners Limited Partnership	(4.5)	(5.0)
Payments of long-term debt	(127.9)	(0.9)
Proceeds from issuance of long-term debt, net	24.8	5.1
Changes in short-term debt, net	(12.7)	(144.7)
Stock options exercised and restricted stock awards	-	1.4
Cash dividends paid	(8.7)	(9.1)
Net cash used in financing activities	(129.0)	(153.2)
Net change in cash and cash equivalents	(23.1)	(48.4)
Cash and cash equivalents - beginning of period	80.8	110.6
Cash and cash equivalents - end of period	$     57.7	$    62.2
	=======	======

(See Notes to Condensed Consolidated Financial Statements)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)

1.     Restructuring Activities

1999 Restructuring Charge

During the fourth quarter of 1999, the Company announced and began implementing a Company-wide rightsizing program (Rightsizing Program) which was designed to simplify and focus the Company's core businesses. The key components of the Rightsizing Program are: (i) shutdown and permanent closure of the Nichols and Payne Creek facilities at IMC Phosphates (Phosphates) resulting from an optimization program that will reduce rock and concentrate production costs through higher utilization rates at the lowest-cost facilities; (ii) an asset rightsizing program at IMC Potash (Potash) resulting from a recently revised mine plan; (iii) closure of a facility at IMC Salt (Salt); and (iv) corporate and business unit headcount reductions. In conjunction with the Rightsizing Program, the Company recorded a special charge of $179.0 million, $95.6 million after tax and minority interest, or $0.83 per share, in the fourth quarter of 1999.

Activity related to accruals for the Rightsizing Program during the period January 1, 2000 to March 31, 2000 was as follows:

	Accrual as of January 1, 2000	Cash Paid	Accrual as of March 31, 2000
Non-employee exit costs
Demolition and closure costs	$   46.6	$    2.9	$  43.7
Other	5.5	3.6	1.9
Employee headcount reductions:
Severance benefits	28.8	11.5	17.3
Total	$ 80.9	$ 18.0	$ 62.9
	=====	=====	=====

The timing and costs of the Rightsizing Program are generally on schedule with the time and dollar estimates disclosed in the fourth quarter of 1999. During the first quarter of 2000, 153 employees left the Company in accordance with their target departure date.

1998 Restructuring Charge

During the fourth quarter of 1998, the Company developed and began execution of a plan to improve profitability (Project Profit). Project Profit was comprised of four major initiatives: (i) the combination of certain activities within the Potash and Phosphates business units in an effort to realize certain operating and staff function synergies; (ii) restructuring of the phosphate rock mining, concentrated phosphate and salt production/distribution operations and processes in an effort to reduce costs; (iii) simplification of current business activities by eliminating businesses not deemed part of the Company's core competencies; and (iv) reduction of operational and corporate headcount. In conjunction with Project Profit, the Company recorded a special charge of $193.3 million, $113.4 million after tax and minority interest, in the fourth quarter of 1998.

Activity related to accruals for Project Profit during the period January 1, 2000 to March 31, 2000 was as follows:

	Accrual as of January 1, 2000	Cash Paid	Accrual as of March 31, 2000
Non-employee exit costs:
Demolition and closure costs	$   26.9	$    4.0	$   22.9
Idled leased transportation equipment	8.8	1.4	7.4
Other	2.0	-	2.0
Employee headcount reductions:
Severance benefits	0.4	0.1	0.3
Total	$   38.1	$    5.5	$   32.6
	=====	=====	=====

The timing and costs of Project Profit are generally on schedule with the time and dollar estimates disclosed in the fourth quarter of 1999.

2.     Divestitures

In the fourth quarter of 1999, the Company decided to discontinue its oil and gas business which primarily consisted of Phosphate Resource Partners Limited Partnership's (PLP) interest in the Company's multi-year oil and natural gas exploration program with McMoRan Exploration Company (Exploration Program). The Company sold its interest, through PLP, in the Exploration Program for proceeds of $32.0 million. The Consolidated Statement of Operations has been restated for the applicable 1999 period presented to report the operating results of the oil and gas business as discontinued operations in accordance with Accounting Principles Board Opinion No. 30, "Reporting the Results of Operations."

In December 1999, the Company received Board of Director approval for a plan to sell the entire IMC Chemicals (Chemicals) business unit. For financial reporting purposes, the assets and liabilities of Chemicals, net of the estimated loss on disposal, have been classified as Net assets of discontinued operations held for sale. See the table below for the detail of Chemicals' assets and liabilities.

	March 31	December 31
	2000	1999
	________________________
Assets:
Receivables, net	$ 100.3	$ 106.0
Inventories, net	45.8	50.7
Other current assets	3.9	4.0
Property, plant and equipment, net	222.4	231.7
Other assets	-	6.5
Total assets	372.4	398.9
Liabilities:
Accounts payable	48.5	55.9
Accrued liabilities	26.7	31.9
Other noncurrent liabilities	9.0	9.6
Total liabilities	84.2	97.4
Net assets of discontinued operations held for sale	$ 288.2	$ 301.5
	=====	=====

The Company is also exploring strategic options, including divestiture, for Salt and a production facility located in Ogden, Utah (Ogden) and may combine the possible divestiture of these two businesses with the Chemicals divestiture. If Salt and Ogden are included with the Chemicals divestiture, the net book value at March 31, 2000 of the combined businesses would be approximately $1.5 billion, before consideration of deferred tax assets and liabilities. The Company is currently in discussion with potential buyers and anticipates a sale to be completed by the end of 2000 with projected proceeds in excess of $1.0 billion.

3.     Adoption of SOP 98-5

In April 1998, the American Institute of Certified Public Accountants issued Statement of Position (SOP) 98-5, "Reporting on the Costs of Start-Up Activities," which mandated that costs related to start-up activities be expensed as incurred, effective January 1, 1999. Prior to the adoption of SOP 98-5, the Company capitalized its start-up costs (i.e., pre-operating costs). The Company adopted the provisions of SOP 98-5 in its financial statements beginning January 1, 1999 and, accordingly, recorded a charge for the cumulative effect of an accounting change of $7.5 million, or $0.07 per share, after tax and minority interest, in order to expense start-up costs that had been previously capitalized. The future impact of SOP 98-5 is not expected to be material to the Company's operating results.

4.     Inventories

Inventories as of March 31, 2000 and December 31, 1999 were as follows:

	March 31	December 31
	2000	1999
	_____________________________
Products (principally finished)	$ 310.7	$358.7
Operating materials and supplies	92.2	97.8
	402.9	456.5
Less: Inventory allowances	12.8	16.9
Inventories, net	$ 390.1	$ 439.6
	======	=======

5.     Operating Segments

Segment information for 2000 and 1999 was as follows^a:

IMC
PhosFeed IMC
Potash IMC
Salt
Other
Total

Three months ended March 31, 2000

Net sales from external customers	$ 308.1	$ 203.2	$ 109.5	$ -	$ 620.8
Intersegment net sales	19.5	9.6	0.7	-	29.8
Gross margins	44.2	81.0	35.0	(6.6)	153.6
Operating earnings (loss)	33.1	76.9	25.1	(16.8)	118.3

Three months ended March 31, 1999

Net sales from external customers	$ 381.2	$ 161.2	$ 125.0	$ (0.1)	$ 667.3
Intersegment net sales	37.0	25.8	0.6	-	63.4
Gross margins	95.9	69.9	44.7	(12.1)	198.4
Operating earnings (loss)	85.4	64.9	36.2	(23.1)	163.4

aThe operating results of Chemicals and the oil and gas business have not been included in the segment information above as these businesses have been classified as discontinued operations. See Note 2.

6.     Comprehensive Income

Comprehensive income, net of taxes, was as follows:

	Three months ended        March 31
	2000	1999
Comprehensive income:
Net earnings	$  48.2	$  60.7
Foreign currency translation adjustment	(3.4)	11.6
Total comprehensive income for the period	$ 44.8	$ 72.3
	=====	=====

7.     Earnings Per Share

The numerator for both basic and diluted earnings per share (EPS) is (i) income from continuing operations before the cumulative effect of an accounting change; (ii) loss from discontinued operations; (iii) cumulative effect of an accounting change or; (iv) net income, as applicable. The denominator for basic EPS is the weighted-average number of shares outstanding during the period (Denominator). The following is a reconciliation of the Denominator of the basic and diluted per share computations:

	Three months ended       March 31
	2000	1999
Basic EPS shares	114.4	114.3
Effect of dilutive securities
Stock options and restricted stock awards	0.2	0.2
Diluted EPS shares	114.6	114.5
	=====	=====

Options to purchase approximately 7.9 million and 5.6 million shares of common stock at March 31, 2000 and 1999, respectively, and warrants to purchase approximately 8.4 million shares of common stock at March 31, 2000 and 1999, were not included in the computation of diluted EPS, because the exercise price was greater than the average market price of the Company's common stock and, therefore, the effect of their inclusion would be antidilutive.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations.¹

Results of Operations

Three months ended March 31, 2000 vs. three months ended March 31, 1999

Overview

Net sales for the first quarter of 2000 were $620.8 million and gross margins were $153.6 million. Earnings from continuing operations for the first quarter of 2000 were $48.2 million, or $0.42 per share. Net sales for the first quarter of 1999 were $667.3 million and gross margins were $198.4 million. Earnings from continuing operations for the first quarter of 1999 were $71.0 million, or $0.62 per share. Net earnings for the first quarter of 1999 of $60.7 million, or $0.53 per share, were reduced by a loss from discontinued operations of $2.8 million, or $0.02 per share, and a cumulative effect of a change in accounting principle of $7.5 million, or $0.07 per share. See Notes 2 and 3 of Notes to Condensed Consolidated Financial Statements.

Net sales for the first quarter of 2000 decreased seven percent from the prior year period while gross margins decreased 23 percent. The decrease in sales and margins was mainly attributable to significantly reduced phosphate pricing at Phosphates, reduced salt volumes at the Salt business unit and lower potash pricing at the Potash business unit. These decreases were partially offset by Project Profit and Rightsizing Program cost savings as well as strong potash volumes.

The operating results of the Company's significant business units are discussed in more detail below.

IMC PhosFeed

IMC PhosFeed (PhosFeed) represents the IMC Phosphates and IMC Feed Ingredients business units.

PhosFeed's net sales for the first quarter of 2000 declined 22 percent to $327.6 million compared to $418.2 million for the same period last year largely due to lower average sales realizations. Lower average concentrate sales prices, driven by lower average diammonium phosphate (DAP) realizations, reduced sales by $72.0 million. Average DAP prices fell 25 percent to $132 per short ton in the first quarter of 2000 from $176 per short ton in the first quarter of 1999. Decreased shipments of concentrated phosphates unfavorably impacted net sales by an additional $11.3 million. Also, sales of uranium and urea decreased $9.3 million and $4.4 million, respectively, as a result of exiting these two businesses as part of Project Profit.

Gross margins decreased 54 percent to $44.2 million for the first quarter of 2000 compared to $95.9 million for the first quarter of last year. The decrease is mainly attributable to the lower prices discussed above, partially offset by increased Project Profit and Rightsizing Program savings of approximately $20.0 million.

 l   All statements, other than statements of historical fact, appearing under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Part II, Item 1, "Legal Proceedings," constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following:  general business and economic conditions and governmental policies affecting the agricultural industry in localities where the Company or its customers operate; weather conditions; the impact of competitive products; pressure on prices realized by the Company for its products; constraints on supplies of raw materials used in manufacturing certain of the Company's products; capacity constraints limiting the production of certain products; difficulties or delays in the development, production, testing and marketing of products; difficulties or delays in receiving required governmental and regulatory approvals; market acceptance issues, including the failure of products to generate anticipated sales levels; difficulties in integrating acquired businesses and in realizing related cost savings and other benefits; the effects of and change in trade, monetary, environmental and fiscal policies, laws and regulations; foreign exchange rates and fluctuations in those rates; the costs and effects of legal proceedings, including environmental, and administrative proceedings involving the Company; success in implementing the Company's various initiatives including the divestiture of Chemicals and achieving successful strategic alternatives for the Salt business unit and a production facility located in Ogden, Utah; and other risk factors reported from time to time in the Company's Securities and Exchange Commission reports.

Demand for phosphate products remains depressed and curtailment of full operating capacity will be necessary to stabilize phosphate rock inventories. PhosFeed will balance phosphate rock inventory with demand and will suspend production throughout all phosphate mining operations for an approximate two-week period during the third quarter of 2000.

IMC Potash

Potash's net sales increased 14 percent to $212.8 million in the first quarter of 2000 from $187.0 million for the same period in 1999. Significantly higher domestic and export sales volumes more than offset reduced prices. The early start to the domestic spring planting season coupled with higher export activity led to a double-digit net sales growth over the prior year.

Gross margins increased 16 percent to $81.0 million for the first quarter of 2000 from $69.9 million for the same period in 1999. Gross margins were positively impacted by the higher volumes discussed above, as well as by favorable plant performance from higher operating rates and Rightsizing Program savings; partially offset by a decline in prices.

IMC Salt

Salt's net sales decreased 12 percent to $110.2 million in the first quarter of 2000 compared to $125.6 million in the first quarter of 1999. This decrease in sales was attributable to lower domestic volumes from the unusually warm winter weather in North America, partially offset by increased rock salt volumes in the United Kingdom.

Gross margins decreased 22 percent to $35.0 million in the first quarter of 2000 from $44.7 million for the same period in 1999 as a result of the decreased sales volumes discussed above.

Key Statistics

The following table summarizes the Company's core business sales volumes and average selling prices for the three months ended March 31:

	2000	1999
Sales volumes (in thousands of short tons)a:
IMC Phosphates	1,636	1,690
IMC Potash	2,650	2,181
IMC Salt	4,343	5,210
Average price per tonb:
DAP	$132	$176
Potash	$78	$83
Salt	$25	$24

a     Sales volumes include tons sold captively. Phosphates' volumes represent dry product tons, primarily DAP.

b     Average prices represent sales made FOB plant/mine.

Other (Income) Expense, Net

Other expense, net for the current quarter increased $4.9 million to $0.7 million from income of $4.2 million for the same period in 1999. The fluctuation was mainly attributable to the absence of a gain on the sale of an investment which was recognized in the prior year.

Minority Interest

Minority interest decreased $12.1 million from the same period last year to $1.3 million. The decrease in minority interest expense was primarily attributable to significantly lower earnings of IMC-Agrico Company, a 78.9 percent owned subsidiary of the Company, as compared to the prior year period.

Restructuring Activities

The timing and costs of the Rightsizing Program and Project Profit are generally on schedule with the time and dollar estimates disclosed in the fourth quarter of 1999. During the three months ended March 31, 2000, 153 employees left the Company as part of the Rightsizing Program in accordance with their target departure date. See Note 1 of Notes to Condensed Consolidated Financial Statements.

Divestitures

In December 1999, the Company received Board of Director approval for a plan to sell the entire Chemicals business unit. For financial reporting purposes, the assets and liabilities of Chemicals, net of the estimated loss on disposal, have been classified as Net assets of discontinued operations held for sale. The Company is also exploring strategic options, including divestiture, for Salt and Ogden and may combine the possible divestiture of these two businesses with the Chemicals divestiture. If Salt and Ogden are included with the Chemicals divestiture, the net book value at March 31, 2000 of the combined businesses would be approximately $1.5 billion, before consideration of deferred tax assets and liabilities. The Company is currently in discussion with potential buyers and anticipates a sale to be completed by the end of 2000 with projected proceeds in excess of $1.0 billion.

Capital Resources and Liquidity

The Company generates significant cash from operations and has sufficient borrowing capacity to meet its operating and discretionary spending requirements.

Operating activities generated $125.7 million of cash in the first quarter of 2000 compared with $184.0 million for the same period in 1999. The decrease of $58.3 million was primarily driven by increased working capital as a result of higher receivables from Potash sales partially offset by lower tax payments based on reduced earnings.

Net cash used in investing activities in the first quarter of 2000 of $19.8 million decreased $59.4 million from $79.2 million in the first quarter of 1999. The decrease was primarily a result of lower capital expenditures of $60.1 million. Significantly reduced expenditures at PhosFeed and Potash as well as the absence of capital expenditures for Chemicals, the oil and gas business and the IMC AgriBusiness (AgriBusiness) business unit contributed to the spending level. AgriBusiness was sold by the Company in April 1999. The Company estimates that its capital expenditures from continuing operations for 2000 will approximate $150.0 million, after minority interest, and will be financed primarily from operations.

Cash used in financing activities in the first quarter of 2000 of $129.0 million decreased $24.2 million from $153.2 million in the first quarter of 1999. This decrease in cash used in financing activities was primarily a result of lower net debt payments of $24.7 million in the current year.

In the first quarter of 2000, the Company's Board of Directors authorized the purchase of up to 5.4 million shares of the Company's stock through the use of a forward stock repurchase program executed by a third party financial institution. Under this authorization, the Company entered into a forward repurchase contract pursuant to which a financial institution purchased the entire 5.4 million shares during the first quarter. The forward allows, but does not require, the Company to acquire the shares at any time prior to March 2002.

Item 3.  Market Risk.

The Company is exposed to the impact of interest rate changes on borrowings, fluctuations in the functional currency of foreign operations and the impact of fluctuations in the purchase price of natural gas, ammonia and sulphur consumed in operations, as well as changes in the market value of its financial instruments. The Company periodically enters into derivatives in order to minimize foreign currency risks, but not for trading purposes. At March 31, 2000, the Company's exposure to these market risk factors was not significant and had not materially changed from December 31, 1999.

Part II.  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K.

(a) Exhibits.

Exhibit No.	Description
4	First Amendment to the 364-Day Credit Agreement, dated as of April 11, 2000 among IMC Global Inc., a Delaware corporation, as borrower, the financial institutions parties thereto, and Bank of America, N.A., as Administrative Agent
10	Form of Retention Bonus and Severance Agreement between IMC Global Inc. and R.F. Clark
27	Financial Data Schedule

(b) Reports on Form 8-K.

No reports on Form 8-K have been filed during the quarter ended March 31, 2000.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

IMC GLOBAL INC.

by: /s/ Anne M. Scavone
     Anne M. Scavone
     Vice President and Controller
     (on behalf of the Registrant and as
     Chief Accounting Officer)

Date: May 12, 2000

Exhibit Index

Exhibit No.	Description	Incorporated Herein by Reference to	Filed with Electronic Submission
4	First Amendment to the 364-Day Credit Agreement, dated as of April 11, 2000 among IMC Global Inc., a Delaware corporation, as borrower, the financial institutions parties thereto, and Bank of America, N.A., as Administrative Agent		X
10	Form of Retention Bonus and Severance Agreement between IMC Global Inc. and R.F. Clark		X
27	Financial Data Schedule		X

10-Q

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M;3@4#O&HOP9SX,Z2Z-)U1K`?HF)GZ)#UH^< M+EMCVF=MIH,`SCE6`/>.R215+G#HT+INRJ:J8;O`+JF;KJ_['9KNO.BQ-'VM MAS>P:73?3FT-GD*UC]19 M]QQ?*9]7._+>S3!Q6(QU$*:0D<8_.V`$X(/>O1E@)'"@1*$8A%[S*P-=>VRYW@FA:3X8,!AW>!6]X`1+$3W?MHV.T=3 M=_H)TYSBIIP:"+:V`$.1`QC:0V`N=?^L=>/RGC@XR#T<1B?E2$-V_`IDU@"' MXV%:*N;8DETP,M^6YO,(U7BDL_C5::&&!F2E^';[!AF+$T MA9H]HM8E4FN6@A`N#.3E5\R-N4'NSI&YE04*>@G4HF3\TMRB!9[YQ_5D4SYA M$7,,>P31A.A":-?U%DIXM3-U\\E-6R[XL@.(:T.`*&#ZNC35AD@^)5BMGO\/ M*$TXO@D'@@+.?_>W'PR7C9%,T`2PFHIP\>&1[BX1Y(*^7\P*2#K&Z;?;\[LQ M4?G`*5&2N4`+@$:<'47ZP\YTNW*D.*._[&KC."R'0$0(BM[R%T[?Z0H"84O[ M_&NU*5U(,J]HJSBEE7WI<0W/I9K:E9C%0<\OJK&6)*/Z//WP,LBZ&KK68+\B=6W0KA@[[#4 MFW*[)LMO;MH>:`>)-^,*4+8TMVM@\\%S4"UW_0::N>^!I7V]8B-]2350AQMB M-7$F,I&\S)%-M<3BCL$B%/?5S>GLBGCQ(K`E/_8L:_4CQ%-!0T)^. M[NJ3[H206=-H[=).+M3A?PMO-V+0!3NM_7\'KP.   Subject to the satisfaction of the conditions precedent set forth in Section 3, the definition of "Consolidated EBITDA" set forth in Section 5.12 is amended by deleting the reference to "$100,000,000" therein and substituting "$184,000,000" therefor.

     SECTION 2   Representations and Warranties.   The Company represents and warrants to the Administrative Agent and the Banks that, after giving effect to the effectiveness hereof, (a) each warranty set forth in Section 9 of the Credit Agreement is true and correct as of the date of the execution and delivery of this Amendment by the Company, with the same effect as if made on such date, and (b) no Default or Event of Default exists.

     SECTION 3   Effectiveness.   The amendment set forth in Section 1 above shall become effective when the Administrative Agent shall have received (i) counterparts of this Amendment executed by the Company and the Required Banks and (ii) an amendment fee for each Bank which, on or before March 24, 2000, executes and delivers to the Administrative Agent a counterpart hereof, such fee to be in an amount equal to 0.05% of such Bank's Commitment.

     SECTION 4   Miscellaneous.

     4.1   Continuing Effectiveness, etc.   As herein amended, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. After the effectiveness of this Amendment, all references in the Credit Agreement and the other Loan Documents to "Credit Agreement" or similar terms shall refer to the Credit Agreement as amended hereby.

     4.2   Counterparts.   This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original but all such counterparts shall together constitute one and the same Amendment.

     4.3   Governing Law.   This Amendment shall be a contract made under and governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State.

     4.4   Successors and Assigns.   This Amendment shall be binding upon the Company, the Banks and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Banks and the Administrative Agent and the respective successors and assigns of the Banks and the Administrative Agent.

[Signatures follow]

EX-10

RETENTION BONUS AND SEVERANCE AGREEMENT

This Agreement is entered into by and between Robert F. Clark (the "Employee") and IMC Global Inc. ("IMC") as of this ____ day of ___________, 2000.

WHEREAS, Employee currently serves as the President of IMC Salt. ("Salt"), a wholly-owned subsidiary of IMC; and

WHEREAS, IMC and Salt desire to retain Employee in their employ at least through the effective date of any Change of Control (as defined herein) of Salt; and

WHEREAS, Employee and IMC desire to enter into an agreement that sets forth the terms applicable to a retention bonus and severance benefits being offered by IMC to Employee in exchange for Employee's remaining with Salt for certain periods of time;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, Employee and IMC agree as follows:

1.     Retention Bonus.

1. IMC agrees to provide Employee a Retention Bonus equal to one hundred fifty percent (150 %) of Employee's annual base salary as of the date of this Agreement, less applicable withholding deductions, provided that Employee remains an active employee of Salt in good standing through the effective date of a Change of Control as defined below.
2. For purposes of this Agreement, "Change of Control" shall mean the divestiture by IMC of at least a majority of its ownership interest in Salt or the discontinuation by IMC of substantially all of the business operations of Salt.
3. It is understood and agreed that the Retention Bonus payments set forth in this paragraph are designed and intended to encourage Employee to remain in the employ of Salt at least through the effective date of a Change of Control. It is thus the express intent of the parties that the Retention Bonus payment shall not accrue on a pro-rata basis but shall instead vest in their entirety on the effective date of a Change of Control.
4. As added incentive for cooperation in the sale of Salt and in lieu of calendar year 2000 LTIP eligibility, Employee shall be paid an additional bonus according to the following schedule, provided he remains employed through the effective date of any Change of Control:

Sales Price	% of Base Salary
Up to $1.2 billion	50%
$1.2 - $1.4 billion	75%
$1.4 - $1.5 billion	100%
$1.5 billion or more	200%

5. Any Retention Bonus that Employee becomes entitled to receive shall be paid as a lump sum.

2.     Separation.

(a)     In the event that Employee is discharged involuntarily other than for cause prior to the effective date of IMC having accepted an offer relative to its ownership in Salt that ultimately results in a Change of Control, such that Employee is unable to fulfill the conditions set forth in paragraph 1(a) above, IMC nonetheless agrees to pay to Employee as Severance the amount set forth in paragraph 1(a) above, or according to the Salt Severance Policy dated February 1, 2000, whichever is greater. "Cause" means the gross neglect of duties, misconduct, breach of a material provision of this agreement, or failure to cooperate with the company in effecting any Change of Control as defined herein.

(b)     In the event that Employee is discharged involuntarily other than for cause on or after the effective date of IMC having accepted an offer relative to is ownership in Salt that ultimately results in a Change of Control, or if the successor to the Salt business involuntarily discharges Employee during the Retention Period, or if Employee remains an active employee of Salt in good standing through the effective date of a Change of Control, and upon a Change of Control, Employee (i) is not offered continued employment by the successor to the Salt business; (ii) is offered a position that results in a decrease of annual base compensation; or, (iii) is required to move to a location that is more than 50 miles from his prior location, Salt agrees to pay the Employee as Severance the amounts set forth in Paragraph 1 plus one hundred fifty percent (150%) of Employee's annual base salary as of the date of this Agreement, minus applicable withholding deductions.

(c)     Severance shall be paid in installments in accordance with IMC's regular payroll procedures. At the option of IMC, the present value of the Severance may be paid as a lump sum.

(d)      In the event that Employee becomes entitled to receive Severance pursuant to either paragraph (a) or (b) above, and if Employee timely and appropriately exercises his right to continue his coverage under IMC's medical plan as provided under COBRA, then IMC will pay the employer portion (Employee will pay the employee portion) of such premiums for Employee for the eighteen (18) month period following Employee's separation from employment or, if earlier, until Employee is no longer eligible to continue such coverage under COBRA. Except as provided in this paragraph, Employee's continued participation and coverage under IMC's group health insurance plans shall be governed by COBRA.

(e)     In the event that Employee gives notice within the first sixty (60) days after a Change of Control that Employee will terminate employment one hundred twenty (120) days after a Change of Control, and Employee continues employment with the successor for that one hundred twenty (120) day period, IMC agrees to pay to Employee, in addition to the Retention Bonus described above, 50% of Employee's annual base salary as of the date of this Agreement, minus applicable withholding deductions, and no Severance payment will be due

(f)     In the event that Employee becomes entitled to receive payment under paragraph (e) above, IMC will provide such Employee with the opportunity to continue his coverage under IMC's medical plan as provided under COBRA, provided Employee will pay both the employer and employee portions of such premiums for the eighteen (18) month period following Employee's separation 120 days after a Change of Control.

(g)     In the event that Employee terminates employment under either paragraph 2(a) or 2 (e), employee shall agree to not compete with the company for a period of 12 months. In the event that Employee terminates employment under any other condition of this contract or request of the Company or its successor, Employee shall agree to not compete with the company for a period of 18 months.

3.     Waiver and Release of Claims/Non-Competition Agreement.

     Except as required by law, in order to be eligible to receive any of the Retention Bonus or Severance described in paragraphs 1 and 2 herein, and in partial consideration for such benefits, Employee will be required to execute and not revoke the Waiver and Release of Claims (attached hereto as Exhibit A) and the Non-Competition Agreement (attached hereto as Exhibit B).

4.     At-Will Employment.

     Notwithstanding any other provision of this Agreement, Employee's employment with Salt remains at all times at-will and may be terminated at any time, with or without cause.

5.     Entire Agreement.

     This Agreement sets forth the entire agreement of the parties and terminates and supersedes any and all prior and contemporaneous polices, agreements or understandings, oral or written, between them pertaining to the matters described herein, including without limitation any IMC Salt Severance Policy; provided, however, that this Agreement shall have no effect with respect to any severance benefits to which Employee may be entitled under the IMC Executive Deferred Compensation Plan or under any severance program of any successor to the Salt business.

6.     Amendment; Waiver.

     The parties may not amend this Agreement except by written instrument signed by both parties. No waiver by either party at any time of any breach by the other of any provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions at the same time or any prior or subsequent time.

7.     Assumption.

     This Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of Salt and IMC.

8.     Applicable Law.

     This Agreement shall at all times be governed by and construed, interpreted and enforced in accordance with the internal laws (as opposed to the conflict of laws provisions) of the State of Kansas.

THE PARTIES STATE THAT THEY HAVE READ THE FOREGOING, THAT THEY UNDERSTAND EACH OF ITS TERMS, THAT THEY HAVE VOLUNTARILY DECIDED TO, AND THAT THEY INTEND TO BE BOUND THERETO.

Robert F. Clark	IMC GLOBAL INC.
_______________________	By:_______________________
	Title:______________________
Dated:_____________, 2000	Dated:________________, 2000

EXHIBIT A

WAIVER AND RELEASE OF CLAIMS

In exchange for the payments and benefits described in the attached Retention Bonus and Severance Agreement (the "Agreement"), which I acknowledge I would not otherwise be entitled to receive, I freely and voluntarily agree to this WAIVER AND RELEASE OF CLAIMS ("WAIVER"):

1.     My employment with IMC Salt will terminate effective _____________________.

2.     I acknowledge that the payments and benefits described in the attached Agreement are the sole payments to which I am entitled and that I am not entitled to any additional payments.

3.     I, and anyone claiming through me, hereby waive and release any and all claims that I may have ever had or that I may now have against IMC Salt and/or IMC Global Inc., their parents, divisions, partnerships, affiliates, subsidiaries, and other related entities and their successors and assigns, and past, present and future officers, directors, employees, agents and attorneys of each of them in their individual or official capacity (hereinafter collectively referred to as "Released Parties"). Among the claims that I am waiving are claims relating to my employment or termination of employment, including, but not limited to, claims of discrimination in employment brought under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act or other federal, state or local employment discrimination, employment, wage laws, ordinances or regulations or any common law or statutory claims of wrongful discharge or breach of contract or any other common law or statutory claims; whether for damages, lost wages or for any other relief or remedy.

4.     I understand and agree that this WAIVER will be binding on me and my heirs, administrators and assigns. I acknowledge that I have not assigned any claims or filed or initiated any legal proceedings against any of the Released Parties.

5.     Except as may be required by law, I agree that I will not disclose the existence or terms of this WAIVER to anyone except my accountant, attorney or spouse, each of whom shall also be bound by this confidentiality provision.

6.     I understand that I have twenty-one (21) days to consider whether to sign this WAIVER and return it to the Sr. Vice President, Human Resources of IMC Global Inc. IMC Global Inc. hereby advises me of my right to consult with an attorney before signing the WAIVER and I acknowledge that I have had an opportunity to consult with an attorney and have either held such consultation or have determined not to consult with an attorney.

7.     I understand that I may revoke my acceptance of this WAIVER by delivering notice of my revocation to the Sr. Vice President, Human Resources of IMC Global Inc. within seven (7) days of the day I sign the WAIVER. If I do not revoke my acceptance of this WAIVER within seven days of the day I sign it, it will be legally binding and enforceable.

IMC GLOBAL INC.;	AGREED AND ACCEPTED:
By:__________________________	____________________________
Title: ________________________	____________________________
Date:_________________________	Print Name Date:________________________

EXHIBIT B

NON-COMPETITION AGREEMENT

This Non-Competition Agreement (the "Agreement) is entered into by and between Robert F. Clark (the "Employee") and IMC Salt Inc. ("Salt"), a Delaware corporation, as of this ____ day of ___________ 2000.

WHEREAS, the Employee currently is employed by Salt, a wholly owned subsidiary of IMC Global Inc. ("IMC");

WHEREAS, the Employee, in his position with Salt, has acquired and developed valuable and confidential expertise, knowledge, experience and relationships;

WHEREAS, in order to protect IMC's current business interests, proprietary relationships with its customers, and trade secret and proprietary information, Salt has offered certain severance payments and benefits (the "Severance Benefits") to the Employee upon his termination of employment and under the terms set forth in the Retention Bonus and Severance Agreement, in part in exchange for the terms and conditions herein;

WHEREAS, the parties recognize and acknowledge that if the Employee were to compete with certain businesses of IMC, IMC could suffer significant financial loss; and

NOW, THEREFORE, in consideration of the substantial Severance Benefits available to the Employee and the agreements and covenants contained herein, the sufficiency of which is acknowledged, and intending to be legally bound, the Employee and Salt hereby agree as follows:

1. Confidential Information/Proprietary Rights. Except as required by law, for a period of twelve (12) months if Employee leaves under Paragraph 2(a) or 2(e) of the Retention Bonus and Severance Agreement dated ____________________, 2000 to which this Exhibit B is attached, or for a period of eighteen (18) months if Employee leaves under Paragraph 2(b) of the Retention Bonus and Severance Agreement dated ___________________, 2000, to which this Exhibit B is attached, the longest period of time permitted by applicable law, whichever comes first, the Employee shall preserve the confidentiality of and shall not use or divulge or take action reasonably likely to result in the use or disclosure of any trade secret, proprietary or confidential information of IMC and its subsidiaries, as they may exist from time to time (hereinafter, the "Company"); provided, however, that the Employee may use or disclose such information if it is or becomes public or available to the general public otherwise than through any act or default of a party that has an obligation of confidentiality or non-use with respect to such information. Such information includes but is not limited to (i) the identity, purchase and payment patterns of, and special relations with, customers; (ii) the identity, net prices and credit terms of, and special relations with, suppliers; (iii) inventory selection and management techniques; (iv) product development and marketing plans; and (v) finances.

2. Non-Competition. The Employee agrees to the following obligations that he acknowledges to be reasonably designed to protect the Company's legitimate business interests without unnecessarily or unreasonably restricting his post-employment opportunities.

(a)   The following restrictions apply during the one-year period following the Employee's termination of employment:

1. The Employee will not engage or assist others in engaging in competition with the Company, directly or indirectly, whether as an employer, proprietor, partner, stockholder (other than the holder of less than 5% of the stock of a corporation the securities of which are traded on a national securities exchange or in the over-the-counter market), director, officer, employee, consultant, contractor, agent, or otherwise, in the business of producing and/or distributing soda ash, sodium bicarbonate, sodium sulfate or boron Salt, or any other significant business in which Salt is engaged or is preparing to engage in at the time of termination, provided that in the case of preparing to engage, the Company shall have taken material steps to engage in such business and the Employee was aware of and had a significant role in such preparation.
2. The Employee will not solicit, in competition with the Company, directly or indirectly, any person who is a client, customer or prospect (as such terms are defined below) for the purpose of performing services and/or providing goods and services of the kind performed and/or provided by the Company in the business of producing and/or distributing soda ash, sodium bicarbonate, sodium sulfate or boron Salt, or any other significant business in which Salt is engaged or is preparing to engage in at the time of termination, provided that in the case of preparing to engage, the Company shall have taken material steps to engage in such business and the Employee was aware of and had a significant role in such preparation.
3. The Employee will not induce or persuade or attempt to induce or persuade any employee, contractor or agent of the Company to terminate his or her employment, agency, or other relationship with the Company in order to enter into any employment agency or other relationship in competition with the Company.

The covenants contained in this Section 2(a) shall apply within any jurisdiction of North America, it being understood that the geographic scope of the business and strategic plans of the Company extend throughout North America and are not limited to any particular region thereof and that such business may be engaged in effectively from any location in such area.

As used herein, the terms "client," "customer" and "prospect" shall be defined as any client, customer or prospect of any business in which the Company is or has been substantially engaged within the one year period prior to the Employee's termination of employment with the Company (a) to which or to whom the Employee submitted or assisted in the submission of a presentation or proposal of any kind on behalf of the Company; (b) with which or with whom the Employee had substantial contact relating to the business of the Company; or (c) about which or about whom the Employee acquired substantial confidential or other information as a result of or in connection with the Employee's employment.

Notwithstanding the foregoing, if Salt consents in writing, it shall not be a violation of this Section 2(a) for the Employee to engage in conduct otherwise prohibited by this Section.

(b)   The Employee acknowledges that the provisions contained in this Section 2 are reasonable and necessary because of the substantial harm that would be caused to the Company by the Employee engaging in any of the activities prohibited or restricted herein. It is the desire and intent of the parties that this Agreement be binding and enforceable to the maximum extent permitted by law. Nevertheless, it is the intent, agreement and understanding of each party hereto that if, in any action before any court, agency or other tribunal legally empowered to enforce the covenants contained in this Section 2, any term, restriction, covenant or promise contained therein is found to be unenforceable due to unreasonableness or due to any other reason, then such term, restriction, covenant or promise shall be deemed modified (and the Employee and the Company agree to seek to have the court, agency, or tribunal make such modification) to the minimum extent necessary to make it enforceable by such court or agency.

(c)   The Employee acknowledges that his breach of this Section 2 will result in immediate and irreparable harm to the Company's business interests, for which damages cannot be calculated easily and for which damages are an inadequate full remedy. Accordingly, and without limiting the right of the Company to pursue all other legal or equitable remedies available for the violation by the Employee of the covenants contained in this Section 2, it is expressly agreed that remedies other than injunctive relief cannot fully compensate the Company for the irreparable injury that the Company could suffer due to any such violation, threatened violation or continuing violation and that the Company shall be entitled to injunctive relief, without the necessity of proving actual monetary loss or posting a bond, to prevent any such violation, threatened violation or continuing violation thereof.

(d) The provisions contained in this Section 2 are integral to Salt' consent to enter into and pay Severance Benefits to the Employee under the Retention Bonus and Severance Agreement. Accordingly, it is understood and agreed by the parties that should the Employee or an agent of the Employee breach any aspect of the provisions contained in this Section 2, Salt' obligation to pay any Severance Benefits to the Employee shall immediately cease.

3.     Entire Agreement, Amendment, Waiver. This Agreement constitutes the entire agreement between Salt and the Employee with respect to the subject matter hereof. This Agreement terminates and supersedes any prior agreements made between the parties with respect to the subject matter hereof. The parties may not amend this Agreement except by written instrument signed by both parties. No waiver by either party at any time of any breach by the other of any provision of this Agreement shall be deemed a waiver of similar or dissimilar provision at the same time or any prior or subsequent time.

4.     Severability. The provisions of this Agreement shall be regarded as durable, and if any provision or portion thereof is declared invalid or unenforceable by a court of competent jurisdiction, the validity and enforceability of the remainder and applicability thereof shall not be affected.

5.     Assumption. This Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of Salt and IMC.

6.     Applicable Law. This Agreement shall at all times be governed by and construed, interpreted and enforced in accordance with the internal laws ( as opposed to the conflict of laws provisions) of the State of Kansas.

IN WITNESS WHEREOF, Salt has caused this Agreement to be signed by its duly authorized officer and the Employee has signed this Agreement as of the day and year first above written.

ROBERT F. CLARK                                                 IMC GLOBAL INC.

___________________________                               By:________________________

                                                                                       Title:_______________________

EX-27

 

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