- -----------------------------------------------------------------------
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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:
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
- ----------------------
Line 27a - Schedule of assets held for investment purposes
Line 27d - Schedule of reportable transactions
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, 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: 36-3888539
PLAN #: 102
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
-----------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
-----------------------------------------------------------------
June 30, 1997
-------------
<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>
ASSETS
- ----------------------
Investments, at fair value:
Master trust funds -
IMC-Agrico Stock
Fund $ 363,097 $363,097
IMC-Agrico Fixed
Income Fund 9,677,877
$9,677,877
IMC-Agrico Bond Fund 1,915,740 $1,915,740
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 11,331,108 $11,331,108
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 440,431
$440,431
Vanguard Wellington
Fund, Inc. 1,433,959
$1,433,959
Fidelity Magellan
Fund, Inc. 1,645,669
$1,645,669
Loans to participants 2,770,205
$2,770,205
----------- ----------- ---------- -------- -------
- --- -------- ---------- ---------- ----------
Total investments 29,578,086 11,331,108 1,915,740 363,097
9,677,877 440,431 1,433,959 1,645,669 2,770,205
Receivables:
Participant
contributions 60,874 24,271 4,538 2,481
16,695 1,083 4,505 7,301
Employer contributions 866,599 345,661 64,046 32,305
254,319 15,992 54,447 99,829
Accrued interest
and dividends 1,927
1,927
----------- ----------- ---------- -------- -------
- --- -------- ---------- ---------- ----------
Total receivables 929,400 369,932 68,584 34,786
271,014 19,002 58,952 107,130
----------- ----------- ---------- -------- -------
- --- -------- ---------- ---------- ----------
Assets available
for benefits $30,507,486 $11,701,040 $1,984,324 $397,883
$9,948,891 $459,433 $1,492,911 $1,752,799 $2,770,205
=========== =========== ========== ========
========== ======== ========== ========== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3888539
PLAN #: 102
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
------------------------------------------------
- ----------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
ASSETS
- -------------------
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 2,012,393 143,319
9,972,127 366,862 484,408 878,365 2,568,087
Receivables:
Participant contributions 57,874 20,878 4,639 2,323
18,355 1,208 3,066 7,405
Employer contributions 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>
EIN: 36-3888539
PLAN #: 102
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, 1997
---------------------------------
<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 $ 524,462 $ 220,177
$ 26,163 $ 35,953 $ 19,697 $ 222,472
Net appreciation
(depreciation) in
fair value of
investments 2,757,172 2,313,387
174,062 269,723
Income (loss)
from master trust
funds 788,569 $ 203,143 $(27,791) $
613,217
----------- ----------- ---------- -------- ----------
- -- -------- ---------- ---------- ----------
Total investment
income 4,070,203 2,533,564 203,143 (27,791)
613,217 26,163 210,015 289,420 222,472
Contributions:
Participants 1,562,290 567,803 126,594 63,475
497,744 34,929 88,822 182,923
Employer 1,069,670 430,795 77,395 43,343
296,821 20,038 72,637 128,641
----------- ----------- ---------- -------- ----------
- -- -------- ---------- ---------- ----------
Total contributions 2,631,960 998,598 203,989 106,818
794,565 54,967 161,459 311,564
Transfers from
other plans (484,160) (142,850) (7,954)
(214,047) (42,732) (39,850) (36,727)
Cash distributed
to withdrawing
participants (821,704) (152,924) (59,181) (972)
(505,961) (20,204) (10,315) (7,024) (65,123)
Transfers of
investment direction 381,693 (446,218) 141,812
(1,029,256) 51,668 642,407 176,398 81,496
----------- ----------- ---------- -------- ----------
- -- -------- ---------- ---------- ----------
Net increase (decrease)
in assets available
for benefits 5,396,299 3,618,081 (106,221) 219,867
(341,482) 69,862 963,716 770,358 202,118
Assets available
for benefits -
beginning 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
----------- ----------- ---------- -------- ----------
- -- -------- ---------- ---------- ----------
Assets available
for benefits -
end of year $30,507,486 $11,701,040 $1,984,324 $397,883 $
9,948,891 $459,433 $1,492,911 $1,752,799 $2,770,205
=========== =========== ========== ========
============ ======== ========== ========== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3888539
PLAN #: 102
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 86,096 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 contributions 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>
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. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
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 years 1997 and 1996. 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
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 in shares of the
IMC-Agrico Stock Fund which invests 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
1997 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 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
-----------------------------------------
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 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 47 percent, 9 percent and 37 percent,
respectively, participant in the IMC-Agrico Bond Fund, the IMC-Agrico
Stock Fund and the IMC-Agrico Fixed Income Fund at June 30, 1997 (48
percent, 10 percent and 44 percent at June 30, 1996).
The assets of the pooled funds as of June 30, 1997 were as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
Bond Fund of America $4,054,989
IMC Global Inc. common stock $3,874,570
LaSalle National Trust, N.A.
Income Plus Fund $16,595,668
Guaranteed Investment Contracts -
Commonwealth Life Insurance
Company, due 1998 1,849,375
Hartford Life Insurance Co.,
due 1997 1,822,310
CDC Investment Management Corp.,
due 2000 1,554,771
Rabobank Alternative 1,088,237
Sunamerica Life 3,018,773
Marshall Money Market Fund 51,473 485,055 112,030
Pending transactions (460,169) (5,843)
Accrued interest and dividends 262 450 87,169
---------- ---------- -----------
Net assets of pooled funds $4,106,724 $3,899,906 $26,122,490
========== ========== ===========
</TABLE>
The assets of the pooled funds as of June 30, 1996 were as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
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
========== ========== ===========
</TABLE>
Changes in the pooled balances for the year ended June 30, 1997 are
summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
Additions:
Interest and dividend income $ 323,095 $ 30,788 $ 1,648,852
Net appreciation (depreciation)
in fair value of investments 109,555 (63,865)
Contributions and transfers
from other plans 1,074,222 5,609,841 10,468,985
---------- ---------- -----------
1,506,872 5,576,764 12,117,837
Deductions:
Benefits paid 1,617,459 3,101,974 8,404,560
Investment expenses 65,244
---------- ---------- -----------
1,617,459 3,101,974 8,469,804
---------- ---------- -----------
Net increase (decrease) in assets (110,587) 2,474,790 3,648,033
Pooled fund assets, beginning
of year 4,217,311 1,425,116 22,474,457
---------- ---------- -----------
Pooled fund assets, end of year $4,106,724 $3,899,906 $26,122,490
========== ========== ===========
</TABLE>
Changes in the pooled balances from January 1 through June 30, 1996
are summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
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
========== ========== ===========
</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
- -------------
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, 1997 and 1996.
Withdrawals requested but not paid are presented in Department of Labor
Form 5500 (Annual Return/Report of Employee Benefit Plan) as
liabilities.
The following schedule reconciles the net assets available for
benefits per the Form 5500 to the financial statements for the year
ended June 30, 1996:
<TABLE>
<CAPTION>
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>
Net assets available
for benefits per
Form 5500 $25,163,001 $8,083,558 $2,090,545 $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 $2,090,545 $178,016 $10,290,373 $389,571 $529,195 $982,441 $2,568,087
=========== ========== ========== ======== =========== ======== ======== ======== ==========
</TABLE>
The following schedule reconciles the withdrawal amounts for the year
ended June 30, 1996 per the Form 5500 to the statement of changes in
assets available for benefits:
<TABLE>
<CAPTION>
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>
Withdrawals per
Form 5500 $595,305 $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 $647,119 $111,401 $45,705 $1,484 $428,092 $2,340 $975 $18,682 $38,440
======== ======== ======= ====== ======== ====== ==== ======= =======
</TABLE>
3. Net Appreciation in Fair Value of Investments
---------------------------------------------
During 1997 and 1996, net appreciation in fair value of the Plan's
investments came from mutual funds and was determined by quoted market
price as follows:
<TABLE>
<CAPTION>
1997 1996
---------- ----------
<S> <C> <C>
Equity Fund $2,313,387 $1,257,025
Bond Fund 65,695
Company Stock Fund 2,655
Fixed Income Fund
Money Market Fund (3,951)
Balanced Fund 174,062 86,876
Growth Fund 269,723 (10,512)
---------- ----------
Net appreciation in fair value $2,757,172 $1,397,788
========== ==========
</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>
Master trust funds -
IMC-Agrico Fixed Income Fund $ 9,677,877 $9,972,127
IMC-Agrico Bond Fund 1,915,740 2,012,393
Mutual funds -
Fidelity Equity-Income Fund, Inc. 11,331,108 7,760,254
Fidelity Magellan Fund, Inc. 1,645,669 878,365
Loans to participants 2,770,205 2,568,087
</TABLE>
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
----------------------
<TABLE>
EIN: 36-3888539
PLAN #: 102
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
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 -
Fidelity Equity-
Income Fund, Inc. 230,354 shares $9,335,850 $11,331,108
Vanguard Money
Market Reserves,
Inc. Prime
Portfolio 440,431 shares 440,431 440,431
Vanguard Welling-
ton Fund, Inc. 49,345 shares 1,294,133 1,433,959
Fidelity Magellan
Fund, Inc. 18,074 shares 1,497,183 1,645,669
IMC Global Inc. * Master trust funds -
IMC-Agrico Stock
Fund 10,401 shares 389,520 363,097
IMC-Agrico Fixed
Income Fund 896,105 shares 9,015,626 9,677,877
IMC-Agrico Bond
Fund 171,787 shares 1,730,978 1,915,740
Loans to participants (6.75% - 10%) 2,770,205
-----------
$29,578,086
===========
* Indicates party-in-interest to the Plan.
</TABLE>
<TABLE>
EIN: 36-3888539
PLAN #: 102
INVESTMENT PLAN FOR NON-UNION HOURLY EMPLOYEES
OF IMC-AGRICO MP, INC.
----------------------------------------------
LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED JUNE 30, 1997
--------------------------------
<CAPTION>
Purchases Sales
--------- -----------------------------
Identity of Description
Party Involved of Assets Cost Cost Proceeds Gain
- -------------- ------------ ---- ---- -------- ----
<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 * Mutual fund -
Fidelity Equity-
Income Fund, Inc. $2,966,896 $1,249,177 $1,335,062 $85,885
IMC Global
Inc.* Master trust fund -
IMC-Agrico Fixed
Income Fund 1,701,944 2,503,001 2,609,411
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.
Investment Plan for Non-Union Hourly Employees of
IMC-Agrico MP, Inc.
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
Officer December 19, 1997
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. 33-59685) pertaining to the Investment Plan for Non-Union Hourly
Employees of IMC-Agrico MP, Inc. of our report dated October 24, 1997, 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, 1997.
ERNST & YOUNG LLP
Chicago, Illinois
December 18, 1997
Docket No. 90716
