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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1995
OR
--- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from --------- to ---------
Commission file number 1-9759
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
IMC GLOBAL INC.
2100 Sanders Road, Northbrook, Illinois 60062
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CONTENTS
Report of independent auditors
Financial statements
Statements of assets available for benefits, with fund information
Statements of changes in assets available for benefits, with fund
information
Notes to financial statements
Supplemental schedules Schedule
Schedule of assets held for investment purposes 1
Schedule of reportable transactions 2
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
Investment Plan for Salaried Employees of
IMC Agrico MP, Inc.
We have audited the accompanying statements of assets available for
benefits of the Investment Plan for Salaried Employees of IMC-Agrico
MP, Inc. as of June 30, 1995 and 1994, and the related statements of
changes in assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the assets available for benefits of
the Plan at June 30, 1995 and 1994, and the changes in its assets
available for benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment purposes as of
June 30, 1995, and reportable transactions for the year then ended, are
presented for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, and are not a required part of
the basic financial statements. The Fund Information in the statement
of assets available for benefits and the statement of changes in assets
available for benefits is presented for purposes of additional analysis
rather than to present the assets available for benefits and changes in
assets available for benefits of each fund. The supplemental schedules
and Fund Information have been subjected to the auditing procedures
applied in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
ERNST & YOUNG LLP
November 17, 1995
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
June 30, 1995
<CAPTIONS>
Fund Information
Fixed Money
Equity Bond Income Market Balanced
Growth
Total Fund Fund Fund Fund Fund Fund
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C>
Investments , at fair value:
Mutual funds -
Fidelity Equity-Income
Fund, Inc. $ 6,444,187$6,444,187
Bond Fund of America,
Inc. 2,009,694 $2,009,694
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 770,014 $770,014
Vanguard Wellington
Fund, Inc. 327,863 $327,863
Fidelity Magellan
Fund, Inc. 755,091 $755,091
LaSalle National Trust,
N.A. Income Plus Fund6,513,999 $ 6,513,999
Loans to participants1,518,700250,363 208,203 975,923 54,513 10,979 18,719
Investments, at contract value:
Guaranteed Investment Contracts -
CDC Investment Manage-
ment Corp. 750,000 750,000
Commonwealth Life
Insurance Company 803,597 803,597
Hartford Life
Insurance Co. 781,024 781,024
--------------------------------------------------- -------
Total investments20,674,1696,694,5502,217,8979,824,543824,527338,842 773,810
Receivables:
Employer contributions1,022,694302,731 83,910 336,067 40,232 88,528 171,226
Accrued interest and
dividends 33,033 33,033
--------------------------------------------------- -------
Total receivables 1,055,727 302,731 83,910 369,100 40,232 88,528 171,226
--------------------------------------------------- -------
Assets available for
benefits $21,729,896$6,997,281$2,301,807$10,193,643$864,759$427,370$9
45,036
=================================================== =======
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
June 30, 1994
<CAPTIONS>
Fund Information
Fixed Money
Equity Bond Income Market
Total Fund Fund Fund Fund
ASSETS
<S> <C> <C> <C> <C> C>
Investments, at fair value:
Mutual funds -
Fidelity Equity-Income
Fund, Inc. $ 5,395,053 $5,395,053
Bond Fund of America,
Inc. 1,983,778 $1,983,778
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 665,479 $665,479
LaSalle National Trust,
N.A. Income Plus Fund7,910,227 $7,910,227
Loans to participants1,187,105 141,548 96,528 913,138 35,891
--------- --------- --------- --------- -------
Total investments 17,141,642 5,536,601 2,080,306 8,823,365 701,370
Receivables:
Employer contributions364,708 166,448 73,471 111,633 13,156
Accrued interest and
dividends 38,773 7 38,764 2
--------- --------- --------- --------- -------
Total receivables 403,481 166,455 73,471 150,397 13,158
--------- --------- --------- --------- -------
Assets available for
benefits $17,545,123 $5,703,056 $2,153,777 $8,973,762 $714,528
========= ========= ========= ========= =======
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
For the Year Ended June 30, 1995
<CAPTIONS>
Fund Information
Fixed Money
Equity Bond Income Market Balanced
Growth
Total Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and dividends$ 917,844 $ 181,582$ 159,590$ 526,526$ 38,897$
7,544 $ 3,705
Net appreciation in fair
value of investments 975,181 770,707 44,166 32,708127,600
Loans to participants -
interest 103,476 14,906 10,103 73,480 3,691 390 906
---------- -------- -------- --------------
- - ------ -------
Total investment income1,996,501967,195213,859 600,006 42,588 40,642132,211
Contributions:
Participants 1,496,780 442,042 136,661 464,965 51,887136,851264,374
Employer 1,221,769 359,935 103,839 398,179 47,896106,502205,418
---------- -------- -------- --------------
- - ------ -------
Total contributions2,718,549 801,977 240,500 863,144 99,783243,353469,792
Transfers from other plans328,42082,868 19,949 120,430 3,750 55,260 46,163
Cash distributed to with-
drawing participants(858,697)(179,923)(154,282)(432,521)(83,692)(1,474)(6,805)
Transfers of investment
direction (377,892)(171,996) 68,822 87,802 89,589303,675
---------- -------- -------- --------------
- - ------ -------
Net increase in assets
available for benefits4,184,7731,294,225148,0301,219,881150,231427,370945,036
Assets available for
benefits-beginning of
year 17,545,1235,703,0562,153,7778,973,762714,528
---------- -------- -------- --------------
- - ------ -------
Assets available for
benefits-end of year$21,729,896$6,997,281$2,301,807$10,193,643$864,759$427,370
$945,036
========== ======== ======== ============
=== ======= =======
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
For the Year Ended June 30, 1994
<CAPTION>
Fund Information
Fixed Money
Equity Bond Income Market
Total Fund Fund Fund Fund
<S> <C> <C> <C> <C> C>
Investment income (loss):
Interest and dividends$ 583,527$ 123,284$ 117,809 $ 316,422 $ 26,012
Net appreciation
(depreciation) in fair
value of investments(281,976) (59,752) (222,351) 127
Loans to participants -
interest 66,786 4,585 2,761 58,572 868
--------- --------- --------- --------- -------
Total investment
income (loss) 368,337 68,117 (101,781) 374,994 27,007
Contributions:
Participants 1,382,368 604,244 297,330 435,670 45,124
Employer 549,213 245,893 114,000 169,880 19,440
--------- --------- --------- --------- -------
Total contributions1,931,581 850,137 411,330 605,550 64,564
Transfers from other
plans 15,682,392 4,530,472 2,159,093 8,435,474 557,353
Cash distributed to with-
drawing participants(437,187) (15,669) (13,662) (407,856)
--------- --------- --------- --------- -------
Transfers of investment
direction 269,999 (301,203) (34,400) 65,604
Net increase in assets
available for benefits$17,545,123$5,703,056$2,153,777 $8,973,762 $714,528
========= ========= ========= ========= =======
(See Notes to Financial Statements)
</TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
The following description of the Investment Plan for Salaried
Employees of IMC-Agrico MP, Inc. (the Plan) provides only general
information. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
General
The Plan was established on July 1, 1993. Salaried employees of
IMC-Agrico MP, Inc. (the Company), managing partner of IMC-Agrico
Company and jointly owned by IMC Global Operations Inc. and
Freeport-McMoRan Resource Partners, Limited Partnership, are eligible
to participate in the Plan upon completion of one year of service.
While the Company has not expressed any intent to terminate the Plan,
it is free to do so at any time.
Contributions
The Plan is funded by contributions from participants in the form of
payroll deductions/salary reductions of up to 15 percent of
participants' base monthly salaries. A participant may change the
amount of payroll deduction/salary reduction twice a year, as of July 1
or January 1, upon giving the required notice. The Plan provides a
qualified cash or deferred arrangement within the meaning of Section
401(k) of the Internal Revenue Code (the IRC). Salary reduction
contributions, elected by certain participants, may be reduced (or
refunded) to comply with certain non-discrimination requirements of
Section 401(k) or the limitations of Section 415 of the IRC. In
addition, salary reduction contributions cannot exceed $9,240 for the
calendar years 1995 and 1994. 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 July 1 and January 1 by the Employee
Benefits Committee. In addition, the Plan also is funded by employer
contributions, as determined by the Company's Board of Directors, of
not less than 20 percent of a participant's eligible contributions,
which are contributions that do not exceed six percent of a
participant's base monthly salary. The Company may make additional
contributions each year as determined by its Board of Directors.
Employer contributions are subject to certain limitations imposed by
Section 415 of the IRC. Total employer contributions were equal to 125
percent of participants' eligible contributions for the year ended June
30, 1995 (60 percent for the year ended June 30, 1994). Under certain
circumstances, participants may rollover their vested benefits from
other plans to the Plan.
Participant Accounts
Separate accounts are maintained for each participant. Each
participant's account is adjusted for participant and employer
contributions, withdrawals and fees, if any, interest, dividends and
net realized and unrealized gains or losses.
Administrative Expenses
Certain administrative expenses of the Plan are borne by the Company.
Investment Programs
The Plan's investments are administered by The Northern Trust Company
under a trust agreement dated August 18, 1993. Investment programs
available to participants are as follows:
Equity Fund - Investments are made in shares of the Fidelity Equity-
Income Fund, Inc., a mutual fund which invests at least 65 percent
of its assets in income producing equity securities. The balance of
the portfolio is invested in all types of domestic and foreign
instruments, including bonds.
Bond Fund - Investments are made in shares of the Bond Fund of
America, Inc., a mutual fund which invests substantially all of the
assets of the fund in marketable corporate debt securities, U.S.
Government securities, mortgage related securities, other asset
backed securities and cash or money market instruments.
Fixed Income Fund - Investments of the Fixed Income Fund are managed
by LaSalle Street Capital Management, Ltd. Investments are made in
guaranteed investment contracts (GICs) and in the LaSalle National
Trust, N.A. Income Plus Fund as discussed below:
a. A GIC with CDC Investment Management Corp. with a guaranteed
interest rate of 7.5 percent through June 30, 2000.
b. A GIC with Commonwealth Life Insurance Company with a
guaranteed interest rate of 7.27 percent through July 6,
1998.
c. A GIC with Hartford Life Insurance Company with a guaranteed
interest rate of 8.01 percent through December 19, 1997.
d. The LaSalle National Trust, N.A. Income Plus Fund, a pooled
fund which invests in investment contracts, U.S. Government
money market investments and alternative contracts backed by
U.S. Government, U.S. Government Agency and other AAA rated
fixed income instruments.
Money Market Fund - Investments are made in shares of the Vanguard
Money Market Reserves, Inc. - Prime Portfolio, a mutual fund. The
Prime Portfolio invests in high quality money market obligations
that mature in 13 months or less and include negotiable certificates
of deposit, bankers' acceptances, commercial paper, short-term
corporate obligations, short-term Eurodollar and Yankee bank
obligations, U.S. Treasury obligations and securities issued or
guaranteed by agencies and instrumentalities of the U.S. Government.
Balanced Fund - Investments are made in shares of the Vanguard
Wellington Fund, Inc., a mutual fund which invests in a diversified
portfolio of 60-70 percent common stocks and 30-40 percent bonds.
Growth Fund - Investments are made in shares of the Fidelity
Magellan Fund, Inc., a mutual fund which invests in common stock and
securities of domestic, foreign and multinational issuers.
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 percent increments to any combination of funds.
Participants may not transfer funds between the Fixed Income Fund and
the Bond Fund nor between the Fixed Income Fund and the Money Market
Fund. Participants may elect to change the investment direction of
their future contributions 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 employer contributions received by
the Plan after the effective date of the change. The Balanced Fund and
Growth Fund investment programs were introduced to the Plan effective
July 1, 1994.
Vesting
All Plan participants are immediately and nonforfeitably vested in
their plan accounts.
Former Freeport-McMoRan Inc. Employees
Certain salaried employees at Freeport-McMoRan Inc. who were
participants in the Freeport-McMoRan Inc. Employee Capital Accumulation
Program became salaried employees of the Company and transferred their
assets therein to the Plan on or about July 1, 1993.
Withdrawals
Participants may withdraw their interest in the Plan upon termination
of employment. Subject to certain requirements and limitations,
participants may withdraw funds. Most withdrawals made by
participants, including hardship withdrawals from their Salary
Reduction Accounts, will result in suspension of Plan participation for
at least one year.
Except as noted below, participants will receive distribution of
their interest in the Plan in a lump sum payment.
Deferred Distributions
Participants who terminate their employment and are eligible for
early or normal retirement under any Company pension plan will be
permitted to elect, at any time prior to retirement, to defer receipt
of their Plan distributions until no later than their 70th birthday.
Participants electing deferral must: (1) elect to receive their
distributions in: (a) a lump sum on the date of distribution, or (b) in
equal annual installments not to exceed ten, and (2) make an election
for the method of distribution in the event of their death prior to
total distribution.
Participants who terminate their employment prior to eligibility for
early or normal retirement and whose Plan accounts exceed $3,500 must
consent to distribution of their accounts. Participants may defer
receipt of their Plan distribution until no later than their 70th
birthday.
Loans to Participants
Participants in the Plan may be granted loans subject to certain
terms and maximum dollar or Plan account balance limits, as defined by
the Plan. The amount of any such loan is borrowed from the account of
the participant to whom the loan was made and such account does not
share in the allocation of income, gains and losses of the investment
funds to the extent of the outstanding balance of such loan. Principal
repayments, which are over one to five years for general purpose loans
and over one to ten years for residential loans, and related interest
income are credited to the borrowing participant's account. Loan
payments are made by monthly payroll deductions. Each loan bears
interest at the prevailing rate for loans of similar risk, date of
maturity and date of grant.
2. Summary of Significant Accounting Policies
Investment Valuation
Shares of the LaSalle National Trust, N.A. Income Plus Fund and the
mutual funds are carried at fair value which is the net asset value of
those shares, as determined by the respective funds. Loans to
participants are valued at cost which approximates fair value.
Guaranteed investment contracts are carried at contract value.
Income Recognition
Purchases and sales of securities are accounted for on the trade date
(date the order to buy or sell is executed). Dividend income is
recorded on the ex-dividend date. Interest from investments is
recorded as earned on an accrual basis.
Contributions
Contributions from participants are recorded monthly when due from
the Company. Contributions by the Company are made monthly based on
the minimum contribution percentage (20 percent) required by the Plan.
Any additional contributions by the Company are accrued when approved
by its Board of Directors.
Participant Withdrawals
Withdrawals are recorded when payments are made to participants.
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 June 30, 1995 and
1994.
3. Net Appreciation (Depreciation) in Fair Value of Investments
During 1995 and 1994, net appreciation (depreciation) in fair value
of the Plan's investments came from mutual funds and was determined by
quoted market price was as follows:
1995 1994
Equity Fund $ 770,707 $ (59,752)
Bond Fund 44,166 (222,351)
Money Market Fund 127
Balanced Fund 32,708
Growth Fund 127,600
--------- ---------
Net appreciation (depreciation)
in fair value $ 975,181 $(281,976)
========= =========
4. Significant Investments
Investments that represent 5 percent or more of assets available for
benefits at June 30 were as follows:
1995 1994
Mutual funds -
Fidelity Equity-Income
Fund, Inc. $6,444,187 $5,395,053
Bond Fund of America, Inc. 2,009,694 1,983,778
LaSalle National Trust, N.A.
Income Plus Fund 6,513,999 7,910,227
Loans to participants 1,518,700 1,187,105
5. Federal Income Tax Status
The Internal Revenue Service ruled May 15, 1995 that the Plan
qualified under Section 401(a) of the IRC and, therefore, the related
trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC
to maintain its qualification. The Plan Administrator is not aware of
any course of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
SUPPLEMENTAL SCHEDULES
Schedule 1
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
June 30, 1995
Principal
amount or Current
number of or contract
Description shares Cost value
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 185,765 shares $ 6,141,931 $ 6,444,187
Bond Fund of America,
Inc. 148,977 shares 2,172,488 2,009,694
Vanguard Money Market
Reserves, Inc. - Prime
Portfolio 770,014 shares 770,014 770,014
Vanguard Wellington Fund,
Inc. 14,630 shares 295,354 327,863
Fidelity Magellan Fund,
Inc. 9,043 shares 627,491 755,091
LaSalle National Trust,
N.A. Income Plus Fund6,513,999 shares 6,513,999 6,513,999
Loans to participants
(7% - 10%) $1,518,700 1,518,700 1,518,700
Guaranteed investment
contracts -
CDC Investment Manage-
ment Corp., 7.5%,
through 6/30/00 750,000 750,000 750,000
Commonwealth Life
Insurance Company,
7.27%, through 7/6/98 803,597 803,597 803,597
Hartford Life Insurance
Co. 8.01%, through
12/19/97 781,024 781,024 781,024
---------- ----------
Total investments $20,374,598 $20,674,169
========== ==========
Schedule 2
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED JUNE 30, 1995
Purchases Sales
Description Number Cost Number Cost
Proceeds Loss
Category (i) trans-
actions - individual
transactions in excess
of 5 percent of plan
assets:
LaSalle National
Trust, N.A. Income
Plus Fund 1 $1,500,007 $1,500,007 (A)
Category (iii) trans-
actions - series of
transactions in excess
of 5 percent of plan
assets:
Fidelity Equity-
Income Fund, Inc. 26 $ 898,828 7 378,089 367,145 $10,944
LaSalle National
Trust, N.A. Income
Plus Fund 37 1,418,779 25 2,815,007 2,815,007 (A)
NOTES:
(A)Due to the nature of these transactions, there is no gain or loss
on disposition.
(B)There were no category (ii) or (iv) reportable transactions
during the year ended June 30, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
I, the undersigned Chairman of the Employee Benefits Committee, have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Investment Plan for Salaried Employees of
IMC-Agrico MP, Inc.
ROBERT C. BRAUNEKER
-------------------------------------------
Robert C. Brauneker
Chairman of the Employee Benefits Committee
Date: December 11, 1995
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 11, 1995
Chief Financial Officer
JAMES D. SPEIR
- --------------
James D. Speir President and December 11, 1995
Chief Operating Officer
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-59687) pertaining to the Investment Plan for
Salaried Employees of IMC-Agrico MP, Inc. and in the related Prospectus
of our report dated November 17, 1995, with respect to the financial
statements and supplemental schedules of the Investment Plan for
Salaried Employees of IMC-Agrico MP, Inc. included in this Annual
Report (Form 11-K) for the year ended June 30, 1995.
ERNST & YOUNG LLP
Chicago, Illinois
December 11, 1995
Docket No. 112996
