- -----------------------------------------------------------------------
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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, 1997
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:
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
IMC GLOBAL INC.
2100 Sanders Road, Northbrook, Illinois 60062
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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
- ----------------------
Line 27a - Schedule of assets held for investment purposes
Line 27d - Schedule of reportable transactions
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
Salary Reduction Plan for Hourly Employees of
IMC Global Operations Inc. Represented by
United Steelworkers of America at Carlsbad, New Mexico
We have audited the accompanying statements of assets available for
benefits of the Salary Reduction Plan for Hourly Employees of IMC
Global Operations Inc. Represented by United Steelworkers of America at
Carlsbad, New Mexico as of June 30, 1997 and 1996, 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, 1997 and 1996, 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, 1997, 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 24, 1997
<TABLE>
EIN: 36-3513204
PLAN #: 019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
-------------------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
-----------------------------------------------------------------
June 30, 1997
-------------
<CAPTION>
Fund Information
----------------------------------------------
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Mutual funds -
Vanguard Wellington
Fund, Inc. $ 264,358 $264,358
Fidelity Equity
-Income Fund,
Inc. 427,813 $427,813
Vanguard Fixed
Income Fund 1,296,939 $1,296,939
Master trust
fund -
IMC Global Fixed
Fund 276,805 $276,805
Loans to
participants 135,195 $135,195
---------- -------- -------- -------- ---------- --------
Total invest-
ments 2,401,110 276,805 264,358 427,813 1,296,939 135,195
Accrued interest
and dividends 6,641 6,641
---------- -------- -------- -------- ---------- --------
Assets available for
benefits $2,407,751 $276,805 $264,358 $427,813 $1,303,580 $135,195
========== ======== ======== ======== ========== ========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3513204
PLAN #: 019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
------------------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
-----------------------------------------------------------------
June 30, 1996
-------------
<CAPTION>
Fund Information
----------------------------------------------
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Mutual funds -
Vanguard Welling-
ton Fund, Inc.$ 169,632 $169,632
Fidelity Equity-
Income Fund,
Inc. 233,679 $233,679
Vanguard Fixed
Income Fund 1,191,860 $1,191,860
Master trust fund -
IMC Global
Fixed Fund 183,925 $183,925
Loans to
participants 105,082 $105,082
---------- -------- -------- -------- ---------- --------
Total
investments 1,884,178 183,925 169,632 233,679 1,191,860 105,082
Employee contribu-
tions receivable 11,538 1,754 1,882 3,258 4,644
Accrued interest
and dividends 6,476 6,476
---------- -------- -------- -------- ---------- --------
Assets available
for benefits $1,902,192 $185,679 $171,514 $236,937 $1,202,980 $105,082
========== ======== ======== ======== ========== ========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3513204
PLAN #: 019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
-------------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------------------
For the Year Ended June 30, 1997
--------------------------------
<CAPTION>
Fund Information
----------------------------------------------
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and
dividends $ 105,970 $ 9,020 $ 7,826 $ 78,820 $ 10,304
Net appreciation
in fair value
of investments 137,093 40,641 87,847 8,605
Income from master
trust fund 13,420 $ 13,420
---------- -------- -------- -------- ---------- --------
Total investment
income 256,483 13,420 49,661 95,673 87,425 10,304
Participant
contributions 280,040 39,240 44,515 83,189 113,096
Cash distributed
to withdrawing
participants or
other plans (30,964) (4,883) (1,661) (2,725) (21,695)
Transfers of invest-
ment direction 43,349 329 14,739 (78,226) 19,809
---------- -------- -------- -------- ---------- --------
Net increase in
assets available
for benefits 505,559 91,126 92,844 190,876 100,600 30,113
Assets available
for benefits-
beginning of
year 1,902,192 185,679 171,514 236,9371,202,980
105,082
---------- -------- -------- -------- ---------- --------
Assets available
for benefits-
end of year $2,407,751 $276,805 $264,358 $427,813 $1,303,580 $135,195
========== ======== ======== ======== ========== ========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3513204
PLAN #: 019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
------------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------------------
For the Year Ended June 30, 1996
--------------------------------
<CAPTION>
Fund Information
----------------------------------------------
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and
dividends $ 92,429 $ 2,657 $ 2,317 $ 3,576 $ 83,879
Net appreciation
in fair value
of investments
(depreciation) 4,529 4,864 8,123 22,108 (30,566)
Income from
master trust fund 3,566 3,566
Loans to partici-
pants - interest 6,914 5 423 2,495 $ 3,991
---------- -------- -------- -------- ---------- --------
Total investment
income 107,438 11,092 10,440 26,107 55,808 3,991
Participant contri-
butions 272,495 43,691 41,345 68,099 119,360
Transfers from
other plans 2,503 2,503
Cash distributed to
withdrawing parti-
cipants or other
plans (119,511) (1,513) (7,629) (16,012) (85,731) (8,626)
Transfers of
investment direction 52,058 90,150 75,265 (327,190) 109,717
---------- -------- -------- -------- ---------- --------
Net increase
(decrease) in
assets available
for benefits 262,925 105,328 134,306 153,459 (235,250) 105,082
Assets available
for benefits-
beginning of
year 1,639,267 80,351 37,208 83,4781,438,230
---------- -------- -------- -------- ---------- --------
Assets available
for benefits-
end of year $1,902,192 $185,679 $171,514 $236,937 $1,202,980 $105,082
========== ======== ======== ======== ========== ========
(See Notes to Financial Statements)
</TABLE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
1. Description of the Plan
-----------------------
The following description of the Salary Reduction Plan for Hourly
Employees of IMC Global Operations Inc. Represented by United
Steelworkers of America at Carlsbad, New Mexico (the Plan) provides
only general information. Participants should refer to the Plan
document for a more complete description of the Plan's provisions.
General
- -------
The Plan was established on July 1, 1983 and was most recently
restated on June 30, 1991. Hourly employees at Carlsbad, New Mexico
operations of IMC Global Operations Inc. (the Company) represented by
the United Steelworkers of America are eligible to participate in the
Plan on the July 1 or January 1 following their date of hire. While
the Company has not expressed any intent to terminate the Plan, it is
free to do so at any time. The Plan is maintained pursuant to a
collective bargaining agreement between the Company and the Union. The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
Contributions
- -------------
The Plan is funded by contributions, known as salary reduction
contributions, from participants in the form of payroll deductions of
$5 to $250 each pay period, but not to exceed 25 percent of the
participant's compensation within the meaning of Section 415 of the
Internal Revenue Code (the IRC). A participant may change the amount
of payroll deduction on each July 1 or January 1. The Plan provides a
qualified cash and deferred arrangement within the meaning of Section
401(k) of the IRC; such contributions were subject to the calendar year
maximum of $9,500 in 1997 and 1996.
Participant Accounts
- --------------------
Separate accounts are maintained for each participant. Each
participant's account balance is adjusted for contributions,
withdrawals, if any, interest, dividends and net realized and
unrealized gains or losses on the last day of each month.
Administrative Expenses
- -----------------------
Certain administrative expenses of the Plan are borne by the
Company.
Investment Programs
- -------------------
Since January 1, 1996 the Plan 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:
Fixed Income Fund - Since January 1, 1996, investments of the Fixed
Income Fund have been invested in a pooled income fund shared only
by other IMC Global Operations Inc. 401(k) plans. Investments are
made in guaranteed investment contracts (GICs). Prior to January
1, 1996, investments of the Fixed Income Fund were managed by
LaSalle Street Capital Management, Ltd. Investments were made in
shares of the LaSalle National Trust, N.A. Income Plus Fund, a
pooled fund which primarily invests in investment contracts, U.S.
Government money market investments and alternative contracts
backed by the U.S. Government, U.S. Government Agency and other AAA
rated fixed income instruments.
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.
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 Index Fund - Investments are made in shares of the Vanguard
Fixed Income Fund, a pooled fund which invests primarily in a
portfolio of securities issued as direct obligations of the U.S.
Treasury.
Loan Fund - Investments are loans made to participants as described
below.
Participants elect their desired investment program upon joining
the Plan. As of July 1, October 1, January 1 and April 1 of any Plan
year, upon giving prescribed notice, participants may elect to transfer
their existing account balances in any fund or funds at that date to
any other fund, or in 25 percent increments to any combination of
funds. Since April 1, 1996, participants may elect to change the
investment direction of their future contributions daily; prior to that
time they could change their elections four times a year (July 1,
October 1, January 1 and April 1). Such a change only affects the
investment of the participants' contributions and employer
contributions received by the Plan after the effective date of the
change. 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. Under certain conditions of financial
hardship, participants may withdraw funds, subject to prior approval of
the Employee Benefits Committee, but their participation in the Plan
will be suspended for at least one year. Full withdrawals are
available after age 59 1/2 or in the event of total and permanent
disability.
Deferred Distributions
- ----------------------
Participants who terminate employment and have an account balance
in excess of $3,500 may elect (at any time prior to age 65) to defer
receipt of distribution until no later than their 70th birthday.
Loans to Participants
- ---------------------
Participants in the Plan may be granted loans subject to certain
terms and maximum dollar or Plan account balance limits, as defined by
the Plan. The amount of any such loan is borrowed from the account of
the participant to whom the loan was made and such account does not
share in the allocation of income, gains and losses of the investment
funds to the extent of the outstanding balance of such loan. Principal
repayments, which are over one to five years for general purpose loans
and over one to ten years for residential loans, and related interest
income are credited to the borrowing participant's account. Loan
payments are made by weekly payroll deductions. Each loan bears
interest at the prevailing rate for loans of similar risk, date of
maturity and date of grant.
2. Summary of Significant Accounting Policies
------------------------------------------
Use of Estimates
- ----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make
estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates.
Investment Valuation
- --------------------
All investments are carried at fair value. Fair value is the last
reported sale price on the last business day of the month for
securities traded on a national securities exchange and in the
over-the-counter market. Fair value for shares of the mutual funds,
the LaSalle National Trust, N.A. Income Plus Fund, The Northern Trust
Company Collective Treasury Bond Index Fund and units of The Northern
Trust Company Collective Short Term Investment Fund is the net asset
value of those shares or units, as determined by the respective funds.
Loans to participants are valued at cost which approximates fair value.
Investment in Trusts
- ---------------------
As of January 1, 1996, investment assets of the Fixed Income Fund
were made in shares of IMC Global Inc. pooled funds shared by other IMC
Global Inc. 401(k) plans. The Plan was a .6 percent participant in the
IMC Global Fixed Income Fund at June 30, 1997 (.3 percent at June 30,
1996).
The assets of the IMC Global Fixed Income Fund were as follows:
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
------------- -------------
<S> <C> <C>
LaSalle National Trust, N.A.
Income Plus Fund $14,039,255 $26,827,224
Guaranteed Investment Contracts -
Commonwealth Life Insurance Company 7,397,502 6,776,887
Hartford Life Insurance Company 6,095,582 5,527,202
CDC Investment Management Corp. 6,248,886 6,138,138
National Westminster Bank Group 4,551,550 4,860,622
Rabobank Alternative 5,024,565 5,111,051
Marshall Money Market Fund 320,066 296,649
Pending transaction (9,417) 6,245
Accrued interest and dividends 77,794 509,020
----------- -----------
Net assets of pooled fund $43,745,783 $56,053,038
=========== ===========
</TABLE>
Changes in the IMC Global Fixed Income Fund are summarized as
follows:
<TABLE>
<CAPTION>
Year ended January 1 -
June 30, 1997 June 30, 1996
------------- -------------
<S> <C> <C>
Additions:
Interest and dividend income $ 3,134,388 $ 1,116,667
Net depreciation in fair
value of investments (4,296)
Contributions and transfers
from other plans 18,681,691 1,934,134
----------- -----------
21,816,079 3,046,505
Deductions:
Benefits paid 34,010,742 6,312,940
Investment expenses 112,590 49,689
----------- -----------
34,123,332 6,362,629
----------- -----------
Net decrease in assets (12,307,253) (3,316,124)
Pooled fund assets, beginning
of year 56,053,038 -
Assets transferred at
January 1, 1996 - 59,369,162
----------- -----------
Pooled fund assets, end of year $43,745,785 $56,053,038
=========== ===========
</TABLE>
Income Recognition
- ------------------
Purchases and sales of securities are accounted for on the trade
date (date the order to buy or sell is executed). Dividend income is
recorded on the ex-dividend date. Interest from investments is
recorded as earned on an accrual basis.
Contributions
- -------------
Participant contributions are recorded each pay period as withheld
by the Company.
Participant Withdrawals
- -----------------------
Withdrawals are recorded when payments are made to participants.
Withdrawals requested but not paid are presented in Department of Labor
Form 5500 (Annual Return/Report of Employee Benefit Plan) as
liabilities. There were no unpaid withdrawals at June 30, 1997 and
1996.
3. Net Appreciation in Fair Value of Investments
---------------------------------------------
During 1997 and 1996, net appreciation in fair value of the Plan's
investments as determined by quoted market price was as follows:
<TABLE>
<CAPTION>
1997 1996
-------- --------
<S> <C> <C>
Mutual funds -
Vanguard Wellington Fund $ 40,641 $ 8,123
Fidelity Equity Income Fund 87,847 22,108
Fixed Income Fund - 4,864
Bond Index Fund 8,605 (30,566)
-------- --------
Net appreciation in fair value $137,093 $ 4,529
======== ========
</TABLE>
4. Significant Investments
-----------------------
Investments that represent 5 percent or more of assets available
for benefits at June 30 were as follows:
<TABLE>
<CAPTION>
1997 1996
---------- ----------
<S> <C> <C>
Vanguard Wellington Fund, Inc. $ 264,358 $ 169,632
Fidelity Equity-Income Fund, Inc. 427,813 233,679
Vanguard Fixed Income Fund 1,296,939 1,191,860
IMC Global Fixed Fund 276,805 183,925
Loans to participants 135,195 105,082
</TABLE>
5. Federal Income Tax Status
-------------------------
The Internal Revenue Service ruled on September 11, 1995 that the
Plan qualified under Section 401(a) of the IRC and, therefore, the
related trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC
to maintain its qualification. The Plan Administrator is not aware of
any course of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
SUPPLEMENTAL SCHEDULES
----------------------
<TABLE>
EIN: 36-3513204
PLAN #: 019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
-----------------------------------------------
LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
<CAPTION>
June 30, 1997
--------------------------------------
Principal
amount or
number of Current
Identity of Issuer Description shares Cost value
- ------------------ ------------ ------------- -------- ----------
<S> <C> <C> <C> <C>
Marshall & Ilsley
Trust Company* Master trust funds -
Vanguard Wellington
Fund, Inc. 9,097 shares $ 232,906 $ 264,358
Fidelity Equity-Income
Fund, Inc. 8,697 shares 360,452 427,813
Vanguard Fixed Income
Fund 125,551 shares 1,305,281 1,296,939
IMC Global Inc.* Master trust fund -
IMC Global Fixed
Fund 25,569 shares 262,209 276,805
Loans to participants (8.25% - 10%) 135,195
----------
$2,401,110
==========
* Indicates party-in-interest to the Plan.
</TABLE>
<TABLE>
EIN: 36-3513204
PLAN #: 019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF
IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
-------------------------------------------------
LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
YEAR ENDED JUNE 30, 1997
------------------------
<CAPTION>
Purchases Sales
--------- -----------------------------
Identity of Description Gain
Party Involved of Assets Cost Cost Proceeds (loss)
- -------------- ------------ ---- ---- -------- ----
<S> <C> <C> <C> <C> <C>
Category (iii) transactions - series
of transactions in excess of 5
percent of plan assets:
Marshall and
Ilsley Trust
Company* Fidelity Equity-
Income Fund, Inc. $212,999 $ 83,299 $ 93,692 $10,393
Marshall and
Ilsley Trust
Company* Vanguard Welling-
ton Fund, Inc. 114,457 50,448 51,165 717
Marshall and
Ilsley Trust
Company* Vanguard Fixed
Income Fund 224,842 128,992 128,368 (624)
IMC Global Inc.* IMC Global Fixed
Fund 108,205 28,014 28,745 731
Note: There were no category (i), (ii) or (iv) reportable transactions during
the year ended June 30, 1997.
* Indicates a party-in-interest to the Plan.
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, I, the
undersigned Chairman of the Employee Benefits Committee, have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
Salary Reduction Plan for Hourly Employees of
IMC Global Operations Inc. Represented by
United Steelworkers of America at Carlsbad, New Mexico
LYNN F. WHITE
-------------------------------------------
Lynn F. White
Acting Chairman of the Employee Benefits Committee
Date: December 19, 1997
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
- -----------------------------------------------------------------------
LYNN F. WHITE
- --------------
Lynn F. White Acting Chief Financial December 19, 1997
Officer
B. RUSSELL LOCKRIDGE
- --------------------
B. Russell Lockridge Senior Vice President, December 19, 1997
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, December 19, 1997
Secretary and General Counsel
ROBERT E. FOWLER, JR.
- ---------------------
Robert E. Fowler, Jr. President and December 19,
1997
Chief Operating Officer
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-42074) pertaining to the Salary Reduction Plan for Hourly
Employees of IMC Global Operations Inc., Represented by United Steelworkers of
America at Carlsbad, New Mexico, of our report dated October 24, 1997, with
respect to the financial statements and supplemental schedules of the Salary
Reduction Plan for Hourly Employees of IMC Global Operations Inc., Represented
by United Steelworkers of America at Carlsbad, New Mexico included in this
Annual Report (Form 11-K) for the year ended June 30, 1997.
ERNST & YOUNG LLP
Chicago, Illinois
December 18, 1997
Docket No. 70915
