- -----------------------------------------------------------------------
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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, 1996
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 NON-UNION HOURLY 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
- ---------------------- --------
Item 27a - Schedule of assets held for investment purposes 1
Item 27d - Schedule of reportable transactions 2
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
Investment Plan for Non-Union Hourly Employees of
IMC Agrico MP, Inc.
We have audited the accompanying statements of assets available for
benefits of the Investment Plan for Non-Union Hourly Employees of IMC-
Agrico MP, Inc. as of June 30, 1996 and 1995, 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, 1996 and 1995, 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, 1996, 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
October 23, 1996
<TABLE>
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
----------------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
-----------------------------------------------------------------
June 30, 1996
-------------
<CAPTION>
Fund
Information
---------------------------------------------
- -----------------------------------------------
Company Fixed
Money
Equity Bond Stock Income
Market Balanced Growth Loan
Total Fund Fund Fund Fund
Fund Fund Fund Fund
-------------------------------------------------------------
- ------------------------------------------------
ASSETS
- -------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Investments, at fair value:
Master trust funds -
IMC-Agrico Stock
Fund $ 143,319 $143,319
IMC-Agrico Fixed
Income Fund 9,972,127 $9,972,127
IMC-Agrico Bond
Fund 2,012,393 $2,012,393
Mutual funds -
Fidelity Equity-
Income Fund,
Inc. 7,760,254 $7,760,254
Vanguard Money
Market Reserves,
Inc. - Prime
Portfolio 366,862
$366,862
Vanguard Wellington
Fund, Inc. 484,408
$484,408
Fidelity Magellan
Fund, Inc. 878,365
$878,365
Loans to
participants 2,568,087
$2,568,087
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Total
investments 24,185,815 7,760,254 2,012,359 143,319
9,972,127 366,862 484,408 878,365 2,568,087
Receivables:
Participant contri-
butions 57,874 20,878 4,639 2,323
18,355 1,208 3,066 7,405
Employer contri-
butions 865,985 301,827 73,513 32,374
299,891 19,988 41,721 96,671
Accrued interest
and dividends 1,513
1,513
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Total receivables 925,372 322,705 78,152 34,697
318,246 22,709 44,787 104,076
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Assets available
for benefits $25,111,187 $8,082,959 $2,090,545 $178,016
$10,290,373 $389,571 $529,195 $982,441 $2,568,087
=========== ========== ========== ========
=========== ======== ======== ======== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------
June 30, 1995
-------------
<CAPTION>
Fund Information
-------------------------------------------------
- ----------------------------
Fixed Money
Equity Bond Income
Market Balanced Growth
Total Fund Fund Fund Fund Fund Fund
-------------------------------------------------
- ------------------------------
ASSETS
- -------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Mutual funds -
Fidelity Equity-Income Fund, Inc.$ 5,112,192$5,112,192
Bond Fund of America, Inc. 1,893,995 $1,893,995
Vanguard Money Market Reserves, Inc. -
Prime Portfolio 324,965 $324,965
Vanguard Wellington Fund, Inc. 173,130 $173,130
Fidelity Magellan Fund, Inc. 357,827 $357,827
LaSalle National Trust, N.A. Income
Plus Fund 6,997,854 $ 6,997,854
Loans to participants 2,382,032 455,777 183,816 1,636,167 65,087 14,081 27,104
Investments, at contract value:
Guaranteed investment contracts -
CDC Investment Management Corp. 750,000 750,000
Commonwealth Life Insurance Company803,597 803,597
Hartford Life Insurance Company 781,024 781,024
----------- ---------- -----
- ----- ----------- -------- -------- -----
- ---
Total investments 19,576,616 5,567,969 2,077,811 10,968,642 390,052 187,211 384,931
Receivables:
Employer contributions 1,088,060 375,817 117,796 435,418 32,572 30,743 95,714
Accrued interest and dividends 35,502 35,502
----------- ---------- -----
- ----- ----------- -------- -------- -----
- ---
Total receivables 1,123,562 375,817 117,796 470,920 32,572 30,743 95,714
Cash (18,638) 13,473 9,274(42,782) (7,500) 2,079 6,818
----------- ---------- -----
- ----- ----------- -------- -------- -----
- ---
Assets available for benefits $20,681,540$5,957,260$2,204,881 $11,396,780$415,124 $220,032 $487,463
=========== ==========
========== =========== ======== ========
========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------------------
For the Year Ended June 30, 1996
-------------------------------
<CAPTION>
Fund Information
---------------------------------------------
- ---------------------------------------------
Company Fixed
Money
Equity Bond Stock Income
Market Balanced Growth Loan
Total Fund Fund Fund Fund
Fund Fund Fund Fund
---------------------------------------------------------
- ---------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Investment income:
Interest and
dividends $ 716,870 $ 169,776 $ 78,915 $ 185 $
310,968 $ 18,644 $ 12,433 $125,949
Net appreciation
(depreciation) in
fair value of
investments 1,397,788 1,257,025 65,695 2,655
(3,951) 86,876 (10,512)
Income (loss) from
master trust funds 141,085 (64,269) 2,486
202,868
Loans to
participants -
interest 173,465 14,994 5,755 27
52,388 2,020 454 684 97,143
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Total investment
income 2,429,208 1,441,795 89,096 5,353
566,224 16,713 99,763 116,121 97,143
Contributions:
Participants 1,501,743 523,884 135,044 54,475
512,457 32,488 61,006 182,389
Employer 1,087,541 373,172 93,928 39,027
389,118 25,458 49,182 117,656
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Total contribu-
tions 2,589,284 897,056 228,972 93,502
901,575 57,946 110,188 300,045
Transfers from
other plans 58,274 799 760 22,769
22,799 307 10,840
Cash distributed
to withdrawing
participants (647,119) (111,401) (45,705) (1,484)
(428,092) (2,340) (975) (18,682) (38,440)
Transfers of
investment direction (102,550) (384,459) 57,876
(2,168,913) (98,179) 100,187 97,494 2,498,544
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Net increase
(decrease) in
assets available
for benefits 4,429,647 2,125,699 (114,336) 178,016
(1,106,407) (25,553) 309,163 494,978 2,568,087
Assets available
for benefits -
beginning of year 20,681,540 5,957,260 2,204,881
11,396,780 415,124 220,032 487,463
----------- ---------- ---------- -------- ----------
- - -------- -------- -------- ----------
Assets available
for benefits -
end of year $25,111,187 $8,082,959 $2,090,545 $178,016
$10,290,373 $389,571 $529,195 $982,441 $2,568,087
=========== ========== ========== ========
=========== ======== ======== ======== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------------------
For the Year Ended June 30, 1995
--------------------------------
<CAPTION>
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 $ 861,009 $ 144,690$ 149,749$ 545,785 $ 15,668 $ 3,464 $ 1,653
Net appreciation in fair value
of investments 728,843 608,830 39,458 16,001 64,554
Loans to participants - interest170,270 28,213 13,026 122,625 4,260 858 1,288
----------- ---------- ---------- -----
- ------ --------- -------- --------
Total investment income 1,760,122 781,733 202,233 668,410 19,928 20,323 67,495
Contributions:
Participants 1,474,460 518,082 181,004 551,847 43,920 49,353 130,254
Employer 1,301,138 447,681 144,727 517,552 41,751 37,350 112,077
----------- ---------- ---------- -----
- ------ --------- -------- --------
Total contributions 2,775,598 965,763 325,731 1,069,399 85,671 86,703 242,331
Transfers from other plans 41,535 20,768 20,767
Cash distributed to withdrawing
participants (825,834) (214,202) (87,947) (487,406) (16,694) (1,149) (18,436)
Transfers of investment
direction (66,109) (309,822) 66,538 19,932 93,388 196,073
----------- ---------- ---------- -----
- ------ --------- -------- --------
Net increase in assets
available for benefits 3,751,421 1,487,953 130,195 1,316,941 108,837 220,033 487,463
Assets available for benefits -
beginning of year 16,930,119 4,469,307 2,074,686 10,079,839 306,287
----------- ---------- ---------- -----
- ------ --------- -------- --------
Assets available for benefits -
end of year $20,681,540 $5,957,260$2,204,881$11,396,780 $415,124 $220,032 $487,463
=========== ========== ==========
=========== ======== ======== ========
(See Notes to Financial Statements)
</TABLE>
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
1. Description of the Plan
-----------------------
The following description of the Investment Plan for Non-Union Hourly
Employees of IMC-Agrico MP, Inc. (the Plan) provides only general
information. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
General
- -------
The Plan is a defined contribution plan established on July 1, 1993.
Non-union hourly 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. Effective September 1, 1996, participation is
immediate. 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 $9,500 in
calendar year 1996 ($9,240 in calendar year 1995). 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
$9,500 ($9,240 in 1995) 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 6 percent of
a participant's base monthly salary. IMC-Agrico MP, 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 IRC. Total employer contributions were
equal to 100 percent of participants' eligible contributions for the
year ended June 30, 1996 (125 percent for the year ended June 30,
1995). 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
- -------------------
Since January 1, 1996, the Plan's investments are administered by
Marshall & Ilsley Trust Company under a trust agreement dated January
1, 1996. Prior to that time the trustee was The Northern Trust
Company. 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. Since
January 1, 1996, these investments are made through a pooled fund,
IMC-Agrico Bond Fund, shared only by IMC-Agrico MP Inc. 401(k)
plans.
Company Stock Fund - Investments are made solely in the common
stock of IMC Global Inc.
Fixed Income Fund - Since January 1, 1996, investments are made in
shares of IMC-Agrico Fixed Income Fund, a pooled fund shared only
by other IMC-Agrico MP, Inc. 401(k) plans. Prior to that time,
investments of the Fixed Income Fund were managed by LaSalle Street
Capital Management, Ltd. Investments are made in guaranteed
investment contracts (GICs) and, prior to January 1, 1996, in the
LaSalle National Trust, N.A. Income Plus Fund. The 1995 holdings
are described 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.
Loan Fund - Investments are loans made to participants as described
below.
Participants elect their desired investment program upon joining the
Plan. Since April 1, 1996, they may elect to change the investment
direction of their existing account balances and their future
contributions daily. Prior to that time, as of July 1, October 1,
January 1 and April 1 of any Plan year, upon giving prescribed notice,
participants could elect to transfer the investment direction of their
future contributions or 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. Prior to January 1, 1996, participants could
not transfer funds between the Fixed Income Fund and the Bond Fund nor
between the Fixed Income Fund and the Money Market Fund. The Balanced
Fund and Growth Fund investment programs were introduced to the Plan
effective July 1, 1994. The Company Stock Fund investment program was
introduced to the Plan effective July 1,1995. Loans were transferred
to the Loan Fund effective January 1, 1996.
Vesting
- -------
All Plan participants are immediately and nonforfeitably vested in
their plan accounts.
Withdrawals
- -----------
Participants may withdraw their interest in the Plan upon termination
of employment. 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
- --------------------
All investments are carried at fair value. Fair value for shares of
master trust funds, mutual funds and LaSalle National Trust, N.A.
Income Plus Fund are carried at fair value which is the net asset value
of those shares, as determined by the respective funds. Loans to
participants are valued at cost which approximates fair value.
Guaranteed investment contracts are carried at contract value.
Investment in Trusts
- --------------------
As of January 1, 1996, investment assets of the Bond Fund, the
Company Stock Fund and the Fixed Income Fund were made in shares of
IMC-Agrico MP, Inc. pooled funds shared by other IMC-Agrico MP, Inc.
401(k) plans. The Plan was a 48 percent, 10 percent and 44 percent,
respectively, participant in the IMC-Agrico Bond Fund, the IMC-Agrico
Stock Fund and the IMC-Agrico Fixed Income Fund at June 30, 1996.
The assets of the pooled funds as of June 30, 1996 were as follows:
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
Bond Fund of America $4,149,732
IMC Global Inc. common stock $1,367,819
LaSalle National Trust,
N.A. Income Plus Fund $16,082,874
Guaranteed Investment Contracts -
Commonwealth Life Insurance
Company, due 1998 1,694,222
Hartford Life Insurance Co.,
due 1997 1,655,066
CDC Investment Management Corp.,
due 2000 1,527,216
Rabobank Alternative 1,188,626
Marshall Money Market Fund 67,253 27,938 150,359
Pending transaction 29,212
Accrued interest and dividends 326 147 176,094
---------- ---------- ----------
Net assets of pooled funds $4,217,311 $1,425,116 $22,474,457
========== ========== ===========
Changes in the pooled balances from January 1 through June 31, 1996 are
summarized as follows:
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
Additions:
Interest and dividend
income $ 78,275 $ 3,291 $ 469,583
Net depreciation in fair
value of investments (299,333) (39,851) (3,022)
Contributions and transfers
from other plans 243,704 380,265 1,045,316
---------- ---------- ----------
22,646 343,705 1,511,877
Deductions:
Benefits paid 523,275 275,397 1,881,406
Investment expenses 18,636
---------- ---------- ----------
523,275 275,397 1,900,042
---------- ---------- ----------
Net increase (decrease)
in assets (500,629) 68,308 (388,165)
Assets transferred at
January 1, 1996 4,717,940 1,356,808 22,862,622
---------- ---------- ----------
Pooled fund assets at
June 30, 1996 $4,217,311 $1,425,116 $22,474,457
========== ========== ===========
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.
There were no unpaid withdrawals at June 30, 1996. Withdrawals
requested but not paid are presented in Department of Labor Form 5500
(Annual Return/Report of Employee Benefit Plan) as liabilities.
<TABLE>
The following schedule reconciles the net assets available for benefits per
the Form 5500 to the financial statements:
<CAPTION>
Company Fixed
Money
Equity Bond Stock Income
Market Balanced Growth Loan
Total Fund Fund Fund Fund
Fund Fund Fund Fund
-------------------------------------------------------------------------------------------------
Year Ended June 30, 1996
- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available
for benefits per
Form 5500 $25,163,681 $8,083,558 $2,090,405 $ 178,016 $10,341,588 $389,571 $529,195 $982,441 $2,568,087
Amounts allocated to
withdrawing
participants -
June 30, 1995 (51,814) (599) (51,215)
----------- ---------- ---------- ---------- -----------
- -------- -------- -------- ----------
Net assets available
for benefits per
the financial
statements $25,111,187 $8,082,959 $2,090,405 $ 178,016 $10,290,373 $389,571 $529,195 $982,441 $2,568,087
=========== ========== ========== ========== ===========
======== ======== ======== ==========
Year Ended June 30, 1995
- ------------------------
Net assets available
for benefits per
Form 5500 $20,629,842 $5,956,661 $2,204,881 - $11,345,565 $415,240 $220,032 $487,463
Amounts allocated to
withdrawing
participants -
June 30, 1994 (116) (116)
- - June 30, 1995 51,814 599 51,215
----------- ---------- ---------- ---------- -----------
- -------- -------- --------
Net assets available
for benefits per
the financial
statements $20,681,540 $5,957,260 $2,204,881 $ - $11,396,780 $415,124 $220,032 $487,463
=========== ========== ========== ========== ===========
======== ======== ========
</TABLE>
<TABLE>
The following schedule reconciles the withdrawal amounts for the years ended
June 30, 1996 and 1995 per the Form 5500 to the statement of changes in assets
available for benefits:
<CAPTION>
Company Fixed Money
Equity Bond Stock Income
Market Balanced Growth Loan
Total Fund Fund Fund Fund Fund
Fund Fund Fund
-------------------------------------------------------------------------------------
Year Ended June 30, 1996
- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Withdrawals per
Form 5500 $622,305 $110,802 $45,705 $1,484 $376,877 $ 2,340 $ 975 $18,682 $38,440
Withdrawal liabilities
per Form 5500
at June 30, 1995 51,814 599 51,215
-------- -------- ------- ------ -------- ------- ------ ------- -------
Withdrawals per statement
of changes in assets
available for
benefits $674,119 $111,401 $45,705 $1,484 $428,092 $ 2,340 $ 975 $18,682 $38,440
======== ======== ======= ====== ======== ======= ====== ======= =======
Year Ended June 30, 1995
- ------------------------
Withdrawals per
Form 5500 $877,532 $214,801 $87,947 $538,621 $16,578 $1,149 $18,436
Withdrawal liabilities
per Form 5500
at June 30,1994 116 116
at June 30, 1995 (51,814) (599) (51,215)
-------- -------- ------- ------ -------- ------- ------ -------
Withdrawals per state-
ment of changes in
assets available
for benefits $825,834 $214,202 $87,947 $ - $487,406 $16,694 $1,149 $18,436
======== ======== ======= ====== ======== ======= ====== =======
</TABLE>
3. Net Appreciation (Depreciation) in Fair Value of Investments
------------------------------------------------------------
During 1996 and 1995, net appreciation (depreciation) in fair value
of the Plan's investments came from mutual funds and was determined by
quoted market price as follows:
1996 1995
---------- ----------
Equity Fund $1,257,025 $ 608,830
Bond Fund 65,695 39,458
Company Stock Fund 2,655
Money Market Fund (3,951)
Balanced Fund 86,876 16,001
Growth Fund (10,512) 64,554
---------- ----------
Net appreciation (depreciation)
in fair value $1,397,788 $ 728,843
========== ==========
4. Significant Investments
-----------------------
Investments that represent 5 percent or more of assets available for
benefits at June 30 were as follows:
1996 1995
---------- ----------
Master trust funds -
IMC-Agrico Fixed Fund $9,972,127
IMC-Agrico Bond Fund 2,012,393
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 7,760,254 $5,112,192
Bond Fund of America, Inc. 1,893,995
LaSalle National Trust, N.A.
Income Plus Fund 6,997,854
Loans to participants 2,568,087 2,382,032
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 NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
-----------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
June 30, 1996
---------------------------------------
Principal
amount or
number of Current
Description shares Cost value
- ----------------------- -------------- ---------- -----------
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 192,706 shares $ 7,618,131 $ 7,760,254
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 366,862 shares 366,862 366,862
Vanguard Wellington
Fund, Inc. 19,230 shares 482,137 484,408
Fidelity Magellan
Fund, Inc. 11,743 shares 986,957 878,365
Master trust funds -
IMC-Agrico Stock Fund3,795 shares 141,032 143,319
IMC-Agrico Fixed
Income Fund 981,450 shares 9,816,683 9,972,127
IMC-Agrico Bond Fund191,111 shares 1,990,828 2,012,393
Loans to participants
(7% - 10%) 2,568,087
-----------
$24,185,815
===========
Schedule 2
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC
----------------------------------------------
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED JUNE 30, 1996
--------------------------------
Purchases Sales
------------- ---------------------------------
Description Number Cost Number Cost Proceeds Loss
- ------------------ ------ ------ ------ ------ -------- --------
Category (iii)
transactions -
series of transactions
in excess of 5 percent
of plan assets:
Fidelity Equity-
Income Fund, Inc. 43 $1,158,832 24 $224,374 $236,074 $11,700
LaSalle National
Trust, N.A.
Income Plus Fund 32 360,792 16 798,802 798,802 (A)
Marshall Money
Market Fund (C) 57 575,812 53 575,812 575,812 (A)
NOTES:
(A) Due to the nature of these transactions, there is no gain or
loss on disposition.
(B) There were no category (i), (ii) or (iv) reportable
transactions during the year ended June 30, 1996.
(C) Party-in-interest transactions not prohibited by ERISA.
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 Non-Union Hourly Employees of
IMC-Agrico MP, Inc.
BRIAN J. SMITH
-------------------------------------------
Brian J.Smith
Chairman of the Employee Benefits Committee
Date: December 19, 1996
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
- -----------------------------------------------------------------------
BRIAN J. SMITH
- --------------
Brian J. Smith Executive Vice President December 19, 1996
Chief Financial Officer
B. RUSSELL LOCKRIDGE
- --------------------
B. Russell Lockridge Senior Vice President, December 19, 1996
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, December 19, 1996
Secretary and General Counsel
ROBERT E. FOWLER, JR.
- ---------------------
Robert E. Fowler, Jr. President and December 19, 1996
Chief Operating Officer
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-59685) pertaining to the Investment Plan for
Non-Union Hourly Employees of IMC-Agrico MP, Inc. and in the related
Prospectus of our report dated October 23, 1996, with respect to the
financial statements and supplemental schedules of the Investment Plan
for Non-Union Hourly Employees of IMC-Agrico MP, Inc. included in this
Annual Report (Form 11-K) for the year ended June 30, 1996.
ERNST & YOUNG LLP
Chicago, Illinois
December 19, 1996
Docket No. 104774
