<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
---
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1994
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 FERTILIZER, INC.
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
IMC FERTILIZER GROUP, INC.
2100 Sanders Road, Northbrook, Illinois 60062
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<PAGE>
CONTENTS
Report of independent auditors
Financial statements
--------------------
Statements of assets available for plan benefits
Statements of changes in assets available for plan benefits
Notes to financial statements
Supplemental schedules Schedule
---------------------- --------
Investments 1
Reportable transactions 2
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
Investment Plan for Salaried Employees of
IMC Fertilizer, Inc.
We have audited the accompanying statements of assets available for
plan benefits of the Investment Plan for Salaried Employees of IMC
Fertilizer, Inc. as of June 30, 1994 and 1993, and the related
statements of changes in assets available for plan benefits for the
years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the assets available for plan
benefits of the Plan as of June 30, 1994 and 1993, and the changes in
its assets available for plan benefits for the years then ended, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
schedules of investments and reportable transactions as of or for the
year ended June 30, 1994, respectively, are presented for purposes of
complying with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974, and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to the
auditing procedures applied in our audit of the 1994 basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the 1994 basic financial statements taken as a
whole.
ERNST & YOUNG LLP
December 12, 1994
<PAGE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
---------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS
-----------------------------------------------
June 30, 1994
-------------
<CAPTION>
IMC Fixed Money
Equity Bond Fertilizer
Income Market
Total Fund Fund Stock Fund
Fund Fund
----------------------
--------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
---------------------------------
Investments:
IMC Global Inc. common stock
(187,858 shares; cost
- $7,339,837) $ 6,504,583 $ 6,504,583
Guaranteed investment contracts -
Provident National
Assurance Company 569,980 $ 569,980
Hartford Life Insurance
Company 15,016,997 15,016,997
Mutual funds -
Fidelity Equity-Income
Fund, Inc. (320,185
shares; cost -
$8,840,090) 10,236,311
$10,236,311
Bond Fu
nd of America, Inc.
(138,083 shares; cost
- $1,898,659) 1,821,316 $1,821,316
Dreyfus Treasury Cash
Management Fund
(15,981,543 shares; cost
$15,981,543) 15,981,543 15,981,543
Vanguard Money Market
Reserves, Inc. - Prime
Portfolio (594,684 shares;
cost - $594,684) 594,684 $594,684
LaSalle National Trust,
N.A. Income Plus Fund
(28,436,997 shares; cost
- $28,436,997) 28,436,997 28,436,997
The Northern Trust Company
Collective Short Term
Investment Fund (11
8,039
units; cost - $118,039)
118,039 118,039
Loans to participants
3,232,233 362,025 103,618
395,8542,326,31444,422
-----------
----------
---------
----------
----------
-------
Total investments 82,512,683
10,598,336
1,924,934
7,018,476
62,331,831
639,106
Receivables:
Employer contributions
1,048,172 292,276 62,700 217,850 466,965 8,381
Accrued interest and
dividends 139,644 6 167 139,471
-----------
----------
----------
----------
-----------
--------
Total receivables 1,
187,816 292,282 62,700 218,017 606,436 8,381
-----------
----------
----------
----------
-----------
--------
<PAGE>
Assets available for
plan benefits $83,700,499
$10,890,618
$1,987,634
$7,236,493
$62,938,267
$647,487
===========
===========
==========
==========
===========
========
(See Notes to Financial Statements)
</TABLE>
<PAGE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
---------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR PLAN BENEFITS
-----------------------------------------------
June 30, 1993
-------------
<CAPTION>
IMC Fixed Money
Equity Bond Fertilizer
Income Market
Total Fund Fund Stock Fund
Fund Fund
--------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
---------------------------------
Investments:
IMC Global Inc. common stock
(122,987 shares; cost
- $5,124,278) $ 3,612,743 $3,612,743
Guaranteed investment contracts -
New York Life Insura
nce
Company 7,252,248 $ 7,252,248
Provident National
Assurance Company 7,966,658 7,966,658
Hartford Life Insurance
Company 13,898,192 13,898,192
Mutual funds -
Fidelity Equity-Income
Fund, Inc. (269,636
shares; cost -
$6,964,631) 8,614,882
$8,614,882
Bond Fund of America,
Inc. (111,147 shares;
cost - $1,511,888) 1,637,191 $1,637,191
Vanguard Money Market
Reserves, Inc. - Prime
Portfolio (753,238
shares; cost - $753,238)
753,238 $753,238
LaSalle N
ational Trust,
N.A. Income Plus Fund
(22,778,242 shares;
cost - $22,778,242)22,778,242 22,778,242
The Northern Trust
Company Collective Short
Term Investment Fund
(7,570,782 units;
cost - $7,570,782) 7,570,782 334,080 36,421 45,911 7,154,370
Loans to participants3,250,636 377,234 100,394 328,0812,375,98268,945
-----------
----------
----------
----------
-----------
--------
Total investments 77,334,812
9,326,1961,774,006
3,986,735
61,425,692
822,183
Receivables:
Employer
contributions 131,751 26,192 6,729 21,900 74,447 2,483
Accrued interest and
dividends 83,787 769 94 213 82,711
-----------
----------
----------
----------
-----------
--------
Total receivables 215,538 26,961 6,823 22,113 157,158 2,483
-----------
----------
----------
----------
-----------
--------
Assets available for
<PAGE>
plan benefits $77,550,350
$9,353,157
$1,780,829
$4,008,848
$61,582,850
$824,666
===========
==========
==========
==========
===========
========
(See Notes to Financial Statements)
</TABLE>
<PAGE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
---------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
----------------------------------------------------------
For the Year Ended June 30, 1994
--------------------------------
<CAPTION>
IMC Fixed Money
Equity Bond Fertilizer
Income Market
Total Fund Fund Stock Fund
Fund Fund
---------------------------------
---------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Interest and dividends
$ 4,500,945
$ 311,357
$ 129,889
$ 4,161
$ 4,036,168
$ 19,370
Net appreciation
(depreciation) in fair
value of investments 785,721 264,900(155,880) 676,701
Loans to participants
- interest 256,544 29,447 9,392 31,111 182,372 4,222
-----------
-----------
----------
----------
-----------
--------
Total investment
income (loss) 5,543,210 605,704 (16,599) 711,9734,218,54023,592
Contributions:
Participants 3,987,547
1,090,869 240,553 709,0321,912,83434,259
Employer 1,584,033 431,520 95,921 318,745 723,904 13,943
-----------
-----------
----------
----------
-----------
--------
Total contributions 5,571,580
1,522,389 336,474
1,027,7772,636,73848,202
Transfers from other plans
363,978 105,586 49,148 46,854 159,847 2,543
Cash and stock distributed
to withdrawing
participants (5,328,619)
(1,111,924)(56,989)(368,891)
(3,619,500)
(171,315)
Transfers of investment
direction 415,706 (105,229)
1,809,932
(2,040,208)
(80,201)
-----------
-----------
----------
---------
-----------
--------
Net increase (decrease)
in assets available for
plan benefits 6,150,149
1,537,461 206,805
3,227,6451,355,417
(177,179)
Assets available for
plan benefits - beginning
of year 77,550,350
9,353,1571,780,829
4,008,848
61,582,850
824,666
-----------
----------
----------
----------
----------
--------
Assets available for plan
benefits - end of year
$83,700,499
$10,890,618
$1,987,634
$7,236,493
$62,938,267
$647,487
==========
===========
==========
==========
===========
========
(See Notes to Financial Statements)
</TABLE>
<PAGE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
---------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
----------------------------------------------------------
For the Year Ended June 30, 1993
--------------------------------
<CAPTION>
IMC Fixed Money
Equity Bond Fertilizer
Income Market
Total Fund Fund Stock Fund
Fund Fund
--------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Interest and dividends
$ 4,994,629
$ 270,370
$ 139,733
$ 105,473
$ 4,455,466
$ 23,587
Net appreciation
(depreciation) in fair
value of investments(254,996)
1,209,476 124,095
(1,588,567)
Loans to participants
- interest 278,973 30,277 9,117 23,292 211,159 5,128
-----------
----------
----------
----------
-----------
--------
Total investment
income (loss) 5,018,606
1,510,123 272,945
(1,459,802)
4,666,62528,715
Contributions:
Participants 4,136,121 796,935 165,314 738,5162,376,46358,893
Employer 691,986 130,472 30,840 125,366 392,158 13,150
----------
----------
----------
----------
-----------
--------
Total contributions 4,828,107 927,407 196,154 863,8822,768,62172,043
Transfers from other plans
518,080 18,193 8,200 236,977 253,015 1,695
Cash and stock distributed
to withdrawing
participants (6,817,990)
(551,701)(188,497)
(488,692)
(5,534,412)
(54,688)
Transfers of investment
direction 422,949 (382,333)376,270 (354,038)
(62,848)
-----------
----------
----------
---------
-----------
--------
Net increase (decrease) in
assets available for plan
benefits 3,546,803
2,326,971 (93,531)(471,365)
1,799,811
(15,083)
Assets available for plan
benefits - beginning of
year 74,003,547
7,026,1861,874,360
4,480,213
59,783,039
839,749
-----------
----------
----------
---------
------------
--------
Assets available for plan
benefits - end of year
$77,550,350
$9,353,157
$1,780,829
$4,008,848
$61,582,850
$824,666
===========
==========
==========
==========
===========
========
(See Notes to Financial Statements)
</TABLE>
<PAGE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
--------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
1. Description of the Plan
-----------------------
General
-------
The Investment Plan for Salaried Employees of IMC Fertilizer, Inc.
(the Plan) was established on March 1, 1988 and was most recently
restated January 1, 1992. Salaried employees of IMC Global Operations
Inc. (formerly IMC Fertilizer, Inc. and a wholly-owned subsidiary of
IMC Global Inc., formerly IMC Fertilizer Group, Inc.) and its
wholly-owned domestic subsidiaries (the Company) are eligible to
participate in the Plan.
The Plan is funded by contributions from participants in the form
of payroll deductions/salary reductions of up to 15 percent of
participants' base monthly salaries. The Plan provides a qualified
cash or deferred arrangement within the meaning of Section 401(k) of
the Internal Revenue Code. Salary reduction contributions, elected by
certain participants, may be reduced (or refunded) to comply with
certain non-discrimination requirements of Section 401(k) or the
limitations of Section 415 of the Internal Revenue Code. In addition,
salary reduction contributions cannot exceed $9,240 for the calendar
year 1994 ($8,994 in 1993). The limitation on salary reduction
contributions can be adjusted or recharacterized as after-tax
contributions not to exceed the lesser of the 15 percent or $9,240
limits described above each January 1 and July 1 by the Employee
Benefits Committee. In addition, the Plan also is funded by employer
contributions, as determined by IMC Global Inc.'s Board of Directors,
of not less than 20 percent of a participant's eligible contributions.
Contributions that do not exceed six percent of a participant's base
monthly salary constitute eligible contributions. IMC Global Inc. may
make additional contributions each year as determined by its Board of
Directors. Employer contributions are subject to certain limitations
imposed by Section 415 of the Internal Revenue Code. Total employer
contributions were equal to 60 percent of participants' eligible
contributions for the year ended June 30, 1994 (25 percent for the year
ended June 30, 1993). Under certain circumstances, participants may
rollover their vested benefits from other plans to the Plan. While the
Company has not expressed any intent to terminate the Plan, it is free
to do so at any time.
Certain administrative expenses of the Plan are borne by the
Company.
Investments
-----------
The Plan's investments at June 30, 1994 and 1993 were administered
by The Northern Trust Company under a trust agreement dated March 7,
1988. Investments, based on participants' contributions, are made in
the following funds:
Equity Fund - Investments are made in shares of the Fidelity
Equity-Income Fund, Inc., a mutual fund which invests at least 65
percent of its assets in income producing equity securities. The
balance of the portfolio is invested in all types of domestic and
foreign instruments, including bonds.
<PAGE>
Bond Fund - Investments are made in shares of the Bond Fund of
America, Inc., a mutual fund which invests substantially all of the
assets of the fund in marketable corporate debt securities, U.S.
Government securities, mortgage-related securities, other
asset-backed securities and cash or money market instruments.
IMC Fertilizer Stock Fund - Investments are made solely in the
common stock of IMC Global Inc.
Fixed Income Fund - Investments of the Fixed Income Fund, with the
exception of guaranteed investment contracts, are managed by
LaSalle Street Capital Management, Ltd. Investments are made in
the following guaranteed investment contracts or funds:
(a) A contract with New York Life Insurance Company with a
guaranteed interest rate of 8.8 percent through June 30,
1994. Contributions were accepted for investment from
October 1, 1989 through December 31, 1990.
(b) A contract with Provident National Assurance Company with a
guaranteed interest rate of 8.78 percent through June 30,
1994. Contributions were accepted for investment from
October 1, 1989 through December 31, 1990.
Each of the above contracts has matured in four installments:
one-fourth of the contract balance was paid out on June 30,
1991, one-third on June 30, 1992, one-half on June 30, 1993, and
the balance on June 30, 1994. Proceeds from the maturity of the
June 30, 1991 installment payment were reinvested with Hartford
Life Insurance Company further described in (c) below. Proceeds
from the maturity of the June 30, 1992 and 1993 installment
payments were temporarily reinvested in The Northern Trust
Company Collective Short Term Investment Fund before being
reinvested in the LaSalle National Trust, N.A. Income Plus Fund
further described in (e) below. Proceeds from the maturity of
the June 30, 1994 installment payment were temporarily
reinvested in the Dreyfus Treasury Cash Management Fund.
(c) A contract with Hartford Life Insurance Company with a
guaranteed interest rate of 8.05 percent through June 30,
1995.
(d) Another contract with Provident National Assurance Company
with a guaranteed interest rate of 8.3 percent through June
30, 1995. Contributions were accepted for investment from
January 1, 1991 through December 31, 1991.
The Provident National Assurance Company contract also matures,
or has matured, in four installments: one-fourth of the
contract balance was paid out on June 30, 1992, one-third on
June 30, 1993, one-half was paid out on June 30, 1994, and the
balance will be paid on June 30, 1995. Proceeds from the
maturity of the June 30, 1992 and 1993 installment payments were
temporarily reinvested in The Northern Trust Company Collective
Trust Short Term Investment Fund before being reinvested in the
LaSalle National Trust, N.A. Income Plus Fund described in (e)
below. Proceeds from the maturity of the June 30, 1994
installment payment were temporarily reinvested in the Dreyfus
Treasury Cash Management Fund.
<PAGE>
(e) An interest in the LaSalle National Trust, N.A. Income Plus
Fund, a pooled fund which invests primarily in guaranteed
investment contracts, U.S. Government money market
investments and contracts backed by the U.S. Government or
U.S. Government sponsored agencies.
Money Market Fund - Investments are made in shares of the Vanguard
Money Market Reserves, Inc. - Prime Portfolio, a mutual fund. The
Prime Portfolio invests in high quality money market obligations
that mature in 13 months or less and include negotiable
certificates of deposit, bankers' acceptances, commercial paper,
short-term corporate obligations, short-term Eurodollar and Yankee
bank obligations, U.S. Treasury obligations and securities issued
or guaranteed by agencies and instrumentalities of the U.S.
Government.
Investment Programs
-------------------
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, a participant may elect to
transfer his or her existing account balances in any fund or funds at
that date to any other fund, or in 25 percent increments to any
combination of funds. Effective July 1, 1991, participants may not
transfer funds of existing account balances between the Fixed Income
Fund and the Bond Fund, the Bond Fund and the Money Market Fund nor
between the Fixed Income Fund and the Money Market Fund. A participant
may elect to change the investment direction of his or her future
contributions four times a year (July 1, October 1, January 1 and April
1). Such a change only affects the investment of the participant's
contributions and employer contributions received by the Plan after the
effective date of the change.
A participant may change the amount of payroll deduction/salary
reduction twice a year, as of July 1 and January 1, upon giving the
required notice.
Vesting and Participation
-------------------------
All Plan participants are immediately and nonforfeitably vested in
their plan accounts. Employees become eligible to participate in the
Plan upon completion of one year of service.
Withdrawals
-----------
A participant may withdraw his or her 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 12 months.
Except as noted below, a participant will receive distribution of
his or her 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
<PAGE>
of their Plan distributions until no later than their 70th birthday.
Participants electing deferral must: (1) irrevocably elect to invest
their Plan accounts in either the Fixed Income Fund or the Money Market
Fund or 50 percent in one of the aforementioned funds and 50 percent in
the other, (2) 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 (3) make an election for the method of distribution in
the event of their death prior to total distribution.
Participants who terminate their employment prior to eligibility
for early or normal retirement and whose Plan accounts exceed $3,500
must consent to distribution of their accounts. Participants may defer
receipt of their Plan distribution until no later than their 70th
birthdays; their Plan accounts will be invested only in the Fixed
Income Fund from the valuation date closest to termination of
employment until their election to receive a 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 investment
funds to the extent of the outstanding balance of such loan. Principal
repayments, which are over one to five years for general purpose loans
and over one to ten years for residential loans, and related interest
income are credited to the borrowing participant's account. Loan
payments are made by monthly payroll deductions. Each loan bears
interest at the prevailing rate for loans of similar risk, date of
maturity and date of grant.
2. Summary of Significant Accounting Policies
------------------------------------------
Investment Valuation
--------------------
All investments are carried at fair value, except the guaranteed
investment contracts which are carried at contract 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 or units of the
Fidelity Equity-Income Fund, Inc., the Bond Fund of America, Inc., the
LaSalle National Trust, N.A. Income Plus Fund, the Vanguard Money
Market Reserves, Inc. - Prime Portfolio, the Dreyfus Treasury Cash
Management Fund and The Northern Trust Company Collective Trust Short
Term Investment Fund is the net asset value of those shares or units,
as computed 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
-------------
<PAGE>
Contributions from participants are recorded monthly when due from
the Company. Contributions by the Company are made monthly based on
the minimum contribution percentage (20 percent) required by the Plan.
Any additional contributions by the Company are accrued when approved
by its Board of Directors.
<PAGE>
Employee Withdrawals
--------------------
Withdrawals are recorded when payments are made to participants.
Withdrawals requested but not paid are presented in Department of Labor
Form 5500 (Return/Report of Employee Benefit Plan) as liabilities. The
following schedule reconciles the withdrawal amounts per the Form 5500
to the statement of changes in assets available for plan benefits:
<TABLE>
<CAPTION>
IMC Fixed Money
Equity Bond FertilizerIncome Market
Total Fund Fund Stock Fund Fund Fund
--------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Year ended June 30, 1994
------------------------
Withdrawals per Form 5500
$4,822,405
$ 509
,839 $ 40,258$159,270
$4,028,733
$ 84,305
Withdrawal liabilities per
Form 5500
at June 30, 1993 1,587,995 687,510 23,427 210,009 577,097 89,952
at June 30, 1994 (1,081,781)(85,425) (6,696) (388) (986,330)
(2,942)
----------
--------------------------
----------
--------
Withdrawals per statement
of changes in assets
available for plan
benefits $5,328,619
$1,111,924$ 56,989$368,891
$3,619,500
$171,315
==========
===================================
========
Year ended June 30, 1993
Withdrawals per Form 5500
$7,980,744
$1,202,923$210,831$697,673
$5,736,185
$133,132
Withdrawal liabilities
per Form 5500:
at June 30, 1992 425,241 36,288 1,093 1,028 375,324 11,508
at June 30, 1993 (1,587,995)
(687,510)(23,427)(210,009)(577,097)
(89,952)
----------
--------------------------
----------
--------
Withdrawals per statement
of changes in assets
available for plan
benefits $6,817,990
$ 551,701$188,497$488,692
$5,534,412
$ 54,688
==========
==========================
====
==============
</TABLE>
Reclassifications
-----------------
Certain 1993 amounts have been reclassified in the financial
statements to conform to the 1994 presentation.
<PAGE>
3. Net Appreciation (Depreciation) in Fair Value of Investments
------------------------------------------------------------
During 1994 and 1993, net appreciation (depreciation) in fair value
of the Plan's investments as determined by quoted market price was as
follows:
<TABLE>
<CAPTION>
IMC Fixed Money
Equity Bond Fertili
zer Income Market
Total Fund Fund Stock Fund Fund Fund
--------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Year ended June 30, 1994
------------------------
Common stocks $ 676,701 $ 676,701
Mutual funds 109,020$ 264,900
$(155,880)
-----------
----------
---------
----------
Net appreciation
(depreciation) in
fair value $ 785,721
$ 264,900
$(155,880)
$ 676,701
===========
==========
=========
==========
Year ended June 30, 1993
------------------------
Common stocks $(1,588,567) $(1,588,567)
Mutual funds 1,333,571
$1,209,476
$ 124,095
-----------
----------
------------------
Net appreciation
(depreciation) in fair
value $ (254,996)
$1,209,476$124,095
$(1,588,567)
==========
==========
==================
</TABLE>
<PAGE>
4. Significant Investments
-----------------------
Investments that represent five percent or more of assets available
for plan benefits at June 30 were as follows:
1994 1993
----------- -----------
IMC Global Inc. common stock $ 6,504,583 $ 3,612,743
Guaranteed investment contracts -
New York Life Insurance Company 7,252,248
Provident National Assurance
Company 569,980 7,966,658
Hartford Life Insurance Company 15,016,997 13,898,192
Mutual funds -
Fidelity Equity-Income Fund,
Inc. 10,236,311 8,614,882
Dreyfus Treasury Cash Management
Fund 15,981,543
LaSalle National Trust, N.A.
Income Plus Fund 28,436,997 22,778,242
The Northern Trust Company
Collective Short Term Investment
Fund 118,039 7,570,782
5. Federal Income Tax Status
-------------------------
The Company has received a favorable determination letter from the
Internal Revenue Service stating that the Plan qualifies under Sections
401(a) and 401(k) of the Internal Revenue Code (Code) and that the
trust is exempt from taxation under Section 501(a) of the Code. The
Plan is required to operate in conformity with the Code in order to
maintain its qualified status. The Plan Administrator is not aware of
any course of events or series of transactions that would affect the
qualified status of the Plan.
<PAGE>
SUPPLEMENTAL SCHEDULES
----------------------
<PAGE>
Schedule 1
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
--------------------------------------
INVESTMENTS
-----------
June 30, 1994
---------------------------------------------
Principal amount
or number of Fair market
Description shares or units Cost value
---------------------- ------------------- ----------- -----------
IMC Global Inc.
common stock 187,858 shares $ 7,339,837 $ 6,504,583
Guaranteed investment
contracts -
Provident National
Assurance Company $ 569,980 569,980 569,980
Hartford Life
Insurance Company 15,016,997 15,016,997 15,016,997
Mutual funds -
Fidelity Equity-
Income Fund, Inc. 320,185 shares 8,840,090 10,236,311
Bond Fund of America,
Inc. 138,083 shares 1,898,659 1,821,316
Dreyfus Treasury Cash
Management Fund 15,981,543 shares 15,981,543 15,981,543
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 594,684 shares 594,684 594,684
LaSalle National Trust,
N.A. Income Plus Fund 28,436,997 shares 28,436,997 28,436,997
The Northern Trust
Company Collective Short
Term Investment Fund (1) 118,039 units 118,039 118,039
Loans to participants $3,232,233 3,232,233 3,232,233
----------- -----------
Total investments $82,029,059 $82,512,683
=========== ===========
NOTE:
(1) Party-in-interest transactions not prohibited by ERISA.
<PAGE>
Schedule 2
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC FERTILIZER, INC.
---------------------------------------
REPORTABLE TRANSACTIONS
-----------------------
FOR THE YEAR ENDED JUNE 30, 1994
--------------------------------
Purchases Sales (2)
------------------- -------------------
Description Number Cost Number Proceeds
------------------------- ------ ---------- ------ ------------
Guaranteed investment
contracts -
New York Life Insurance
Company 13 $ 649,731 11 $ 7,901,979
Provident National
Assurance Company - 01A 12 607,055 1 7,521,118
Mutual funds -
Dreyfus Treasury Cash
Management Fund 1 15,981,543
LaSalle National Trust, N.A.
Income Plus Fund 25 9,624,017 24 3,965,262
The Northern Trust Company
Collective Short Term
Investment Fund (1) 86 3,263,406 48 10,716,149
NOTES:
(1) Party-in-interest transactions not prohibited by ERISA.
(2) Due to the nature of these transactions, there is no gain or loss
on disposition.
<PAGE>
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 Fertilizer, Inc.
ROBERT C. BRAUNEKER
-------------------------------------------
Robert C. Brauneker
Chairman of the Employee Benefits Committee
Date: December 22, 1994
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
-----------------------------------------------------------------------
ROBERT C. BRAUNEKER
-------------------
Robert C. Brauneker Executive Vice President December 22, 1994
Chief Financial Officer
JOHN E. GALVIN
--------------
John E. Galvin Vice President and Treasurer December 22, 1994
C. STEVEN HOFFMAN
-----------------
C. Steven Hoffman Senior Vice President, December 22, 1994
Marketing
ALLEN C. MILLER
---------------
Allen C. Miller Senior Vice President, December 22, 1994
Human Resources
MARSCHALL I. SMITH
------------------
Marschall I. Smith Senior Vice President, December 22, 1994
Secretary and General Counsel
JAMES D. SPEIR
--------------
James D. Speir President and December 22, 1994
Chief Operating Officer
<PAGE>
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-22079) pertaining to the Investment Plan for
Salaried Employees of IMC Fertilizer, Inc. and in the related
Prospectus of our report dated December 12, 1994 with respect to the
financial statements of the Investment Plan for Salaried Employees of
IMC Fertilizer, Inc. included in this Annual Report (Form 11-K) for the
year ended June 30, 1994.
ERNST & YOUNG LLP
Chicago, Illinois
December 22, 1994
Docket No. 069435
