<PAGE>
- -----------------------------------------------------------------------
-------------------------------------------------------------------
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
For six months ended December 31, 1997
OR
--- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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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- -----------------------------------------------------------------------
<PAGE>
Salary Reduction Plan for Hourly Employees
of IMC Global Operations Inc. Represented By
United Steelworkers of America at Carlsbad, New Mexico
Financial Statements
and Supplemental Schedules
Six months ended December 31, 1997
and year ended June 30, 1997
Contents
Report of Independent Auditors 1
Financial Statements
Statements of Assets Available for Benefits, With Fund Information 2
Statements of Changes in Net Assets Available for Benefits, With Fund
Information 4
Notes to Financial Statements 6
Supplemental Schedules
Line 27a - Schedule of Assets Held For Investment Purposes 13
Line 27d - Schedule of Reportable Transactions 14
<PAGE>
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 December 31, 1997 and June 30, 1997, and the
related statements of changes in assets available for benefits for the
six months ended December 31, 1997 and year ended June 30, 1997. 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 December 31, 1997 and June 30, 1997, and the changes in its
assets available for benefits for the six months ended December 31,
1997 and year ended June 30, 1997, 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
December 31, 1997, and reportable transactions for the six months then
ended, are presented for purposes of complying with 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.
Chicago, Illinois
June 12, 1998
<PAGE>
<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
December 31, 1997
<CAPTION>
Fund Information
------------------------------------------
- ----
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
---------------------------------------------------
- ------
<S> <C> <C> <C> <C> <C> <C>
Instruments, at fair value:
Mutual funds:
Vanguard
Wellington
Fund, Inc.$ 291,802$ -$291,802$ -$ -$ -
Fidelity Equity-
Income Fund,
Inc. 588,425 - - 588,425 - -
Vanguard Fixed
Income Fund1,387,699 - - -1,387,699 -
Master trust fund:
Interest in
IMC Global
Fixed Fund 287,221 287,221 - - - -
Loans to
participants 143,280 - - - - 143,280
----------------------------------------------------
- ---------
Total investments2,698,427287,221291,802 588,4251,387,699 143,280
Accrued interest
and dividends 7,081 - - - 7,081 -
----------------------------------------------------
- ---------
Assets available
for benefits$2,705,508$287,221 $291,802$588,425$1,394,780$143,280
=============================================================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN 36-3513204
Plan #019
Salary Reduction Plan for Hourly Employees
of IMC Global Operations Inc. Represented By
United Steelworkers of America at Carlsbad, New Mexico
Statement of Assets Available for Benefits, With Fund Information
June 30, 1997
<CAPTION>
Fund Information
------------------------------------------
- ----
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
---------------------------------------------------
- ------
<S> <C> <C> <C> <C> <C> <C>
Instruments, at
fair value:
Mutual funds:
Vanguard
Wellington
Fund, Inc.$ 264,358$ -$264,358$ -$ -$ -
Fidelity Equity-
Income Fund,
Inc. 427,813 - - 427,813 - -
Vanguard Fixed
Income Fund1,296,939 - - -1,296,939 -
Master trust fund:
Interest in IMC
Global Fixed
Fund 276,805 276,805 - - - -
Loans to
participants 135,195 - - - - 135,195
----------------------------------------------------
- ---------
Total investments2,401,110276,805264,358 427,8131,296,939 135,195
Accrued interest
and dividends 6,641 - - - 6,641 -
----------------------------------------------------
- ---------
Assets available
for benefits$2,407,751$276,805 $264,358$427,813$1,303,580$135,195
=============================================================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN 36-3513204
Plan #019
Salary Reduction Plan for Hourly Employees
of IMC Global Operations Inc. Represented By
United Steelworkers of America at Carlsbad, New Mexico
Statement of Changes in Net Assets Available for Benefits,
With Fund Information
Six Months ended December 31, 1997
<CAPTION>
Fund Information
------------------------------------------
- ----
Fixed Bond
Income Balanced Equity Index Loan
Total Fund Fund Fund Fund Fund
---------------------------------------------------
- ------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and
dividends$ 59,101$ - $ 6,599$ 4,371$ 41,020$ 7,111
Net appreciation
in fair value 107,229 - 19,200 44,759 43,270 -
Income from
master trust
fund 9,268 9,268 - - - -
----------------------------------------------------
- ---------
Total investment
income 175,598 9,268 25,799 49,130 84,290 7,111
Contributions:
Participant
contributions 199,172 40,068 27,739 68,808 62,557 -
Company
contributions 43,351 6,620 6,830 13,146 16,755 -
----------------------------------------------------
- ---------
Total contributions242,52346,688 34,569 81,954 79,312 -
Transfers to
other plans (4,647) - - - (4,647) -
Cash distributed
to withdrawing
participants (115,717) (2,062) (67,459)(29,569) (16,066) (561)
Transfers of
investment direction -(43,478) 34,535 59,097 (51,689) 1,535
----------------------------------------------------
- ---------
Net increase
in assets
available for
benefits 297,757 10,416 27,444 160,612 91,200 8,085
Assets available
for benefits -
Beginning of
period 2,407,751 276,805 264,358 427,8131,303,580 135,195
----------------------------------------------------
- ---------
Assets available
for benefits -
End of period$2,705,508$287,221$291,802$588,425$1,394,780$143,280
==============================================================
See accompanying notes.
</TABLE>
<PAGE>
<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 Net Assets Available for Benefits,
With Fund Information
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 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 (30,964) (4,883) (1,661) (2,725) (21,695) -
Transfers of
investment
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 accompanying notes.
</TABLE>
<PAGE>
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
Notes to Financial Statements
Six months ended December 31, 1997
and year ended June 30, 1997
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 immediately upon 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 subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
The Company changed its year-end from June 30 to December 31 during
calendar 1997. As a result of that change, the Plan has also
changed its year-end. These financial statements reflect activity
for a six-month period ended December 31, 1997, and the previous
fiscal year ended June 30, 1997.
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% 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.
Effective July 1, 1997, the Company contributed an amount equal to
35% of a participant's eligible contributions, which are
contributions that do not exceed 6% of a participant's base monthly
salary.
<PAGE>
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
The Plan's investments are administered by Marshall & Ilsley Trust
Company under a trust agreement dated January 1, 1996. Investment
programs available to participants are as follows:
Fixed Income Fund - Assets are invested in shares of IMC
Global Fixed Income Fund, a pooled fund shared only by
other IMC Global Operations Inc. 401(k) plans, in
guaranteed investment contracts (GICs), the Marshall
Money Market Fund, the LaSalle National Trust, N.A.
Income Plus Fund and the M&I Stable Principal Fund. The
December 31, 1997 holdings are described below.
a. A contract with CDC Investment Management Corp.
with a guaranteed interest rate of 7.5% through
June 30, 2000.
b. A contract with Commonwealth Life Insurance
Company with a guaranteed interest rate of 7.27%
through July 6, 1998.
c. A contract with National Westminster Bank Group
with a guaranteed interest rate of 6.73% through
November 15, 1998.
d. A contract with RaboBank Alternative, with a
guaranteed interest rate of 6.17% through March
15, 2001.
e. 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.
f. The M&I Stable Principal Fund is primarily
invested in traditional and synthetic investment
contracts, money market securities and registered
first tier money market mutual funds.
<PAGE>
Balanced Fund - Assets are invested in shares of the
Vanguard Wellington Fund, Inc., a mutual fund which
invests in a diversified portfolio of 60-70% common
stocks and 30-40% bonds.
Equity Fund - Assets are invested in shares of the
Fidelity Equity-Income Fund, Inc., a mutual fund which
invests at least 65% 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 - Assets are invested 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 - Assets 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% 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 Company contributions received by the Plan after
the effective date of the change.
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 their 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.
<PAGE>
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
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 and the M&I Stable
Principal 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.
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 December 31, 1997
and at June 30, 1997.
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.
<PAGE>
3. Investment in Trusts
Assets of the Fixed Income Fund were invested in shares of IMC
Global pooled funds shared by other IMC Global Operations Inc.
401(k) plans. The Plan was an 0.8% participant in the IMC Global
Fixed Income Fund at December 31, 1997 (0.6% at June 30, 1997).
The assets of the IMC Global Fixed Income Fund were as follows:
<TABLE>
<CAPTION>
December 31 June 30
1997 1997
------------------------
<S> <C> <C>
M&I Stable Principal Fund $ 6,350,000 $ -
LaSalle National Trust, N.A.
Income Plus Fund 11,108,430 14,039,255
Guaranteed Investment Contracts:
Commonwealth Life Insurance Company 7,663,894 7,397,502
Hartford Life Insurance Company - 6,095,582
CDC Investment Management Corp. 6,028,752 6,248,886
National Westminster Bank Group 5,021,562 4,551,550
Rabobank Alternative 4,210,872 5,024,565
Marshall Money Market Fund 413,494 320,066
Pending transactions (8,960) (9,417)
Accrued interest and dividends 74,718 77,794
--------------------------
Net assets $40,862,762 $43,745,783
==========================
</TABLE>
<PAGE>
Changes in the IMC Global Fixed Income Fund are summarized as
follows:
<TABLE>
<CAPTION>
Six months
ended Year ended
December 31 June 30
1997 1997
------------------------
<S> <C> <C>
Additions
Interest and dividend income $ 1,435,343 $3,134,388
Contributions and transfers from other plans16,311,56718,681,691
--------------------------
17,746,910 21,816,079
Deductions
Benefits paid 20,574,625 34,010,742
Investment expenses 55,306 112,590
--------------------------
20,629,931 34,123,332
--------------------------
Net decrease in assets (2,883,021)(12,307,253)
Net assets, beginning of period 43,745,783 56,053,036
--------------------------
Net assets, end of period $40,862,762 $43,745,783
==========================
</TABLE>
4. Net Appreciation in Fair Value of Investments
During the periods ended December 31 and June 30, 1997, net
appreciation in fair value of the Plan's investments as determined
by quoted market price was as follows:
<TABLE>
<CAPTION>
Six months
ended Year ended
December 31 June 30
1997 1997
------------------------
<S> <C> <C>
Mutual funds:
Vanguard Wellington Fund $ 19,200 $ 40,641
Fidelity Equity-Income Fund 44,759 87,847
Bond Index Fund 43,270 8,605
--------------------------
$107,229 $137,093
==========================
</TABLE>
<PAGE>
5. Significant Investments
Investments that represent 5% or more of assets available for
benefits at December 31, 1997 and June 30, 1997, were as follows:
<TABLE>
<CAPTION>
December 31 June 30
1997 1997
------------------------
<S> <C> <C>
Vanguard Wellington Fund, Inc. $ 291,802 $ 264,358
Fidelity Equity-Income Fund, Inc. 588,425 427,813
Vanguard Fixed Income Fund 1,387,699 276,805
IMC Global Fixed Fund 287,221 1,296,939
Loans to participants 143,280 135,195
</TABLE>
6. 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.
7. Year 2000 Issue (Unaudited)
The Company has developed a plan to modify its internal information
technology to be ready for the Year 2000 and has begun converting
critical data processing systems. The project also includes
determining whether third-party service providers have reasonable
plans in place to become Year 2000 compliant. The Company
currently expects the project to be substantially complete by early
1999. The Company does not expect this project to have a
significant effect on the Plan's operations.
<PAGE>
Supplemental Schedules
<PAGE>
<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>
December 31,
1997
-----------------------
- ----------------
Principal
Amount or
Number of Current
Identity of Issuer Description Shares Cost
Value
- --------------------------------------------------------------------------------
- -------------------------------------------
<S> <C> <C> <C>
<C>
Marshall and Ilsley Trust Company*Vanguard Wellington Fund, Inc.9,908 shares$ 269,163 $ 291,802
Fidelity Equity-Income Fund, Inc.11,227 shares 503,890 588,425
Vanguard Fixed Income Fund130,056 shares1,353,7921,387,699
Loans to participants (8.25% - 10%) - 143,280
-
- ---------
$2,411,206
==========
*Indicates party in interest to the Plan.
</TABLE>
<PAGE>
<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
Six months ended December 31, 1997
<CAPTION>
Current Value
of
Asset on
Purchase Selling Cost
Transaction
Identity of Party Involved Description of Assets
Price Price of Asset Date Net Gain
- --------------------------------------------------------------------------------
- ---------------------------------------------------
Category (iii)- Series of securities transactions in excess of 5% of plan assets
- --------------------------------------------------------------------------------
- ------------
<S> <C> <C> <C> <C> <C> <C>
Marshall and Ilsley
Trust Company* Fidelity Equity-Income Fund, Inc.$183,346$ -$183,346$183,346 $ -
- 67,494 39,908 67,494 27,586
There were no reportable category (i), (ii), or (iv) transactions.
*Indicates party in interest to the Plan.
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, I, the undersigned Chairman of the Employee Benefits
Committee, have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
Salary Reduction Plan for Hourly Employees of
IMC Global Operations Inc. Represented by
United Steelworkers of America at Carlsbad, New
Mexico
J. BRADFORD JAMES
-------------------------------------------
J. Bradford James
Chairman of the Employee Benefits Committee
Date: June 30, 1998
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
- -------------------------------------------------------------------
- ----
J. BRADFORD JAMES
- -----------------
J. Bradford James Chief Financial Officer June 30, 1998
B. RUSSELL LOCKRIDGE
- --------------------
B. Russell Lockridge Senior Vice President, June 30, 1998
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, June 30, 1998
Secretary and General Counsel
ROBERT E. FOWLER, JR.
- ---------------------
Robert E. Fowler, Jr. President and
June 30, 1998
Chief Executive 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 June 12, 1998, 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 six
months ended December 31, 1997.
ERNST & YOUNG LLP
Chicago, Illinois
June 30, 1998
Docket No. 272670
