<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:
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS 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
-------------------------------------------------------------------
- -----------------------------------------------------------------------
<PAGE>
Investment Plan for Salaried Employees
of IMC Global Operations Inc.
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 Net 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 17
Line 27d - Schedule of Reportable Transactions 18
<PAGE>
Report of Independent Auditors
Plan Administrator
Investment Plan for Salaried
Employees of IMC Global
Operations Inc.
We have audited the accompanying statements of net assets available for
benefits of the Investment Plan for Salaried Employees of IMC Global
Operations Inc. as of December 31, 1997 and June 30, 1997, and the
related statements of changes in net 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 net assets available for benefits
of the Plan at December 31, 1997 and June 30, 1997, and the changes in
its net 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 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 net assets available for benefits and the statement of
changes in net assets available for benefits is presented for purposes
of additional analysis rather than to present the net assets available
for benefits and changes in net 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
Chicago, Illinois
June 12, 1998
<PAGE>
<TABLE>
EIN
36-3513204
Plan #004
Investment Plan for Salaried Employees of IMC Global Operations Inc.
Statement of Net Assets Available for Benefits, With Fund Information
December 31, 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:
Interest in IMC Global
Stock Fund $ 18,261,772 $ - $ - $18,261,772 $
- - $ - $ - $ - $ -
Interest in IMC Global
Fixed Income Fund 41,120,483 - - -
41,120,483 - - - -
Interest in IMC Global
Bond Fund 2,544,041 - 2,544,041 -
- - - - - -
Mutual funds:
Fidelity Equity-Income
Fund, Inc. 21,946,755 21,946,755 - -
- - - - - -
Vanguard Wellington
Fund, Inc. 6,136,060 - - -
- - - 6,136,060 - -
Fidelity Magellan
Fund, Inc. 6,816,865 - - -
- - - - 6,816,865 -
Loans to participants 3,297,636 - - -
- - - - - 3,297,636
----------------------------------------------------------
- ---------------------------------------------------
Total investments 100,123,612 21,946,755 2,544,041 18,261,772
41,120,483 - 6,136,060 6,816,865 3,297,636
Receivables:
Participant contributions 151,534 35,398 3,393 24,788
48,293 1,859 14,369 23,434 -
Company contributions 1,045,934 236,888 26,592 180,709
325,672 26,040 95,780 154,253 -
Accrued interest and
dividends 2,103 - - -
- - 2,103 - - -
----------------------------------------------------------
- ---------------------------------------------------
Total receivables 1,199,571 272,286 29,985 205,497
373,965 30,002 110,149 177,687 -
----------------------------------------------------------
- ---------------------------------------------------
Total assets available
for benefits 101,323,183 21,219,041 2,574,026 18,467,269
41,494,448 30,002 6,246,209 6,994,552 3,297,636
Liability - Due (to)
from brokers (191,484) 375 (189,120) 116,220
(589,423) 470,433 - 31 -
----------------------------------------------------------
- ---------------------------------------------------
Net assets available
for benefits $101,131,699 $22,219,416 $2,384,906 $18,583,489
$40,905,025 $500,435 $6,246,209 $6,994,583 $3,297,636
================================================================================
=============================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3513204
Plan #004
Investment Plan for Salaried Employees of IMC Global Operations Inc.
Statement of Net 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:
Interest in IMC Global
Stock Fund $12,662,607 $ - $ - $12,662,607 $
- - $ - $ - $ - $ -
Interest in IMC Global
Fixed Income Fund 43,289,253 - - -
43,289,253 - - - -
Interest in IMC Global
Bond Fund 2,209,100 - 2,209,100 -
- - - - - -
Mutual funds:
Fidelity Equity-Income
Fund, Inc. 20,878,378 20,878,378 - -
- - - - - -
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 793,799 - - -
- - 793,799 - - -
Vanguard Wellington
Fund, Inc. 5,811,880 - - -
- - - 5,811,880 - -
Fidelity Magellan
Fund, Inc. 5,803,489 - - -
- - - - 5,803,489 -
Loans to participants 3,271,099 - - -
- - - - - 3,271,099
----------------------------------------------------------
- ---------------------------------------------------
Total investments 94,719,605 20,878,378 2,209,100 12,662,607
43,289,253 793,799 5,811,880 5,803,489 3,271,099
Receivables:
Participant contributions 300,717 72,372 7,462 53,479
91,740 1,980 31,458 42,226 -
Company contributions 1,995,293 467,204 54,896 358,083
635,697 16,677 189,999 272,737 -
Accrued interest and
dividends 2,903 - - -
- - 2,903 - - -
----------------------------------------------------------
- ---------------------------------------------------
Total receivables 2,298,913 539,576 62,358 411,562
727,437 21,560 221,457 314,963 -
----------------------------------------------------------
- ---------------------------------------------------
Total assets available
for benefits 97,018,518 21,417,954 2,271,458 13,074,169
44,016,690 815,359 6,033,337 6,118,452 3,271,099
Liability - Due (to)
from brokers (23) 9,699 6,708 (162,527)
99,552 15,505 20,786 10,254 -
----------------------------------------------------------
- ---------------------------------------------------
Net assets available
for benefits $97,018,495 $21,427,653 $2,278,166 $12,911,642
$44,116,242 $830,864 $6,054,123 $6,128,706 $3,271,099
================================================================================
============================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3513204
Plan #004
Investment Plan for Salaried Employees of IMC Global Operations Inc.
Statement of Changes in Net Assets Available for Benefits, With Fund Information
Six months ended December 31, 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 $ 525,997 $ 184,847 $ - $ - $
- - $ 15,161 $ 142,714 $ 34,155 $ 149,120
Net appreciation in fair
value of investments 2,899,660 2,017,099 - -
- - - 400,682 481,879 -
Income (loss) from
master trust funds 1,361,947 - 104,985 (111,820)
1,368,782 - - - -
----------------------------------------------------------
- ---------------------------------------------------
Total investment
income 4,787,604 2,201,946 104,985 (111,820)
1,368,782 15,161 543,396 516,034 149,120
Contributions:
Participants 2,014,148 479,640 46,182 384,172
566,641 13,006 199,376 325,131 -
Company 1,260,581 288,097 32,074 218,265
390,039 27,741 117,286 187,079 -
-----------------------------------------------------------
- --------------------------------------------------
Total contributions 3,274,729 767,737 78,256 602,437
956,680 40,747 316,662 512,210 -
Transfers from other
plans 112,347 - - 28,709
33,724 - 11,203 38,711 -
Cash and stock distri-
buted to withdrawing
participants (4,061,476) (758,346) (34,729) (274,646)
(2,113,882) (217,303) (524,991) (51,683) (85,896)
Transfers of investment
direction - (1,419,574) (41,772) 5,427,167
(3,456,521) (169,034) (154,184) (149,395) (36,687)
-----------------------------------------------------------
- --------------------------------------------------
Net increase (decrease) in
net assets available for
benefits 4,113,204 791,763 106,740 5,671,847
(3,211,217) (330,429) 192,086 865,877 26,537
Net assets available for
benefits - Beginning of
period 97,018,495 21,427,653 2,278,166 12,911,642
44,116,242 830,864 6,054,123 6,128,706 3,271,099
-----------------------------------------------------------
- --------------------------------------------------
Net assets available for
benefits - End of
period $101,131,699 $22,219,416 $2,384,906 $18,583,489
$40,905,025 $500,435 $6,246,209 $6,994,583 $3,297,636
================================================================================
==============================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3513204
Plan #004
Investment Plan for Salaried Employees of IMC Global Operations Inc.
Statement of Changes in Net Assets Available for Benefits, With Fund Information
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 $ 994,608 $ 430,012 $ - $ - $
- - $ 40,654 $ 176,433 $ 73,594 $ 273,915
Net appreciation in
fair value of
investments 6,264,782 4,368,398 - -
- - - 850,318 1,046,066 -
Income (loss) from
master trust funds 3,189,865 - 211,618 (59,031)
3,037,278 - - - -
-------------------------------------------------------------
- ---------------------------------------------------
Total investment
income 10,449,255 4,798,410 211,618 (59,031)
3,037,278 40,654 1,026,751 1,119,660 273,915
Contributions:
Participants 3,827,716 885,373 87,258 644,561
1,275,279 27,098 353,658 554,489 -
Company 2,464,445 584,240 60,811 443,713
752,786 20,717 242,429 359,749 -
-------------------------------------------------------------
- ---------------------------------------------------
Total contributions 6,292,161 1,469,613 148,069 1,088,274
2,028,065 47,815 596,087 914,238 -
Transfers to other
plans (7,356,501) (1,955,465) (221,530) (840,577)
(3,147,260) (15,090) (415,423) (521,841) (239,315)
Cash and stock
distributed to
withdrawing
participants (17,602,600) (2,496,073) (211,068) (531,620)
(12,213,952) (291,236) (1,170,991) (529,804) (157,856)
Transfers of invest-
ment direction - (994,962) 56,919 3,115,622
(2,318,704) 44,806 812,103 (591,304) (124,480)
-------------------------------------------------------------
- ---------------------------------------------------
Net increase (decrease)
in net assets available
for benefits (8,217,685) 821,523 (15,992) 2,772,668
(12,614,573) (173,051) 848,527 390,949 (247,736)
Net assets available
for benefits -
Beginning of year 105,236,180 20,606,130 2,294,158 10,138,974
56,730,815 1,003,915 5,205,596 5,737,757 3,518,835
-------------------------------------------------------------
- ---------------------------------------------------
Net assets available
for benefits -
End of year $ 97,018,495 $21,427,653 $2,278,166 $12,911,642 $
44,116,242 $ 830,864 $6,054,123 $6,128,706 $3,271,099
================================================================================
===============
See accompanying notes.
</TABLE>
<PAGE>
EIN 36-3513204
Plan #004
Investment Plan for Salaried
Employees of IMC Global Operations Inc.
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 Investment Plan for Salaried
Employees of IMC Global Operations Inc. (the Plan) provides only
general information. Participants should refer to the Plan
document for a more complete description of the Plan's provisions.
General
The Plan was established on March 1, 1988, and was restated on July
1, 1993, and amended through March 1, 1995. Salaried employees of
IMC Global Operations Inc. (a wholly owned subsidiary of IMC Global
Inc.) and its wholly owned domestic subsidiaries (the Company) 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 from participants in the form
of payroll deductions/ salary reductions of up to 15% of
participants' base monthly salaries, not to exceed $9,500. A
participant may change the amount of payroll deduction/salary
reduction at any time. 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 nondiscrimination requirements of section
401(k) or the limitations of section 415 of the IRC. In addition,
the Plan is also funded by Company contributions, as determined by
the Company's Board of Directors, of not less than 20% of a
participant's eligible contributions, which are contributions that
do not exceed 6% of a participant's base monthly salary. IMC
Global Operations Inc. may make additional contributions each year
as determined by its Board of Directors.
Company contributions are subject to certain limitations imposed by
Section 415 of the IRC. Total Company contributions were equal to
100% of participants' eligible contributions for the six months
ended December 31, 1997 and year ended June 30, 1997. Under
certain circumstances, participants may rollover their vested
benefits from other plans to the Plan.
<PAGE>
Participant Accounts
Separate accounts are maintained for each participant. Each
participant's account is adjusted for participant and Company
contributions, withdrawals, and fees, if any, interest, dividends,
and net realized and unrealized gains or losses.
Administrative Expenses
Certain administrative expenses of the Plan are borne by the
Company.
Investment Programs
The Plan's investments are administered by Marshall & Ilsley Trust
Company under a trust agreement dated January 1, 1996. Investment
programs available to participants are as follows:
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 Fund - Assets are invested in shares of the IMC
Global Bond Fund, a pooled bond fund shared only by other
IMC Global Operations Inc. 401(k) plans. The fund
invests substantially all of the assets in shares of the
Bond Fund of America, Inc., a mutual fund comprised of
marketable corporate debt securities, U.S. government
securities, mortgage-related securities, other asset-
backed securities, and cash or money market instruments.
IMC Global Stock Fund - Assets are invested in shares of
the IMC-Global Stock Fund, a pooled fund shared only by
other IMC Global Operations Inc. 401(k) plans, which
invests in the common stock of IMC Global Inc.
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.
<PAGE>
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.
Money Market Fund - Assets are invested in shares of the
Vanguard Money Market Reserves, Inc. - Prime Portfolio, a
mutual fund. This mutual fund 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 - 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.
Growth Fund - Assets are invested 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 - Assets are loans made to participants as
described below.
Participants elect their desired investment program upon joining
the Plan. Participants may elect to change the investment
direction of their existing account balances and their future
contributions daily.
Vesting
All Plan participants are immediately 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.
<PAGE>
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.
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 investments 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, the LaSalle National Trust,
N.A. Income Plus Fund and the M&I Stable Principal 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.
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%) required by the Plan.
Any additional contributions by the Company are accrued when
approved by its Board of Directors.
<PAGE>
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.
3. Investment in Trusts
Assets of the Bond Fund, the Company Stock Fund, and the Fixed
Income Fund were invested in shares of IMC Global Operations Inc.
pooled funds shared by other IMC Global Operations Inc. 401(k)
plans. The Plan was a 100%, 100%, and 99%, respectively,
participant in the IMC Global Bond Fund, the IMC Global Stock Fund,
and the IMC Global Fixed Income Fund at December 31, 1997 (100%,
100%, and 99%, respectively, at June 30, 1997).
The assets of the pooled funds as of December 31, 1997, were as
follows:
<TABLE>
<CAPTION>
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
-----------------------------------
- ----
<S> <C> <C> <C>
Bond Fund of America $2,303,481 $ - $ -
IMC Global Inc. common stock - 17,877,734 -
LaSalle National Trust, N.A.
Income Plus Fund - - 11,108,430
M&I Stable Principal Fund - - 6,350,000
Guaranteed Investment Contracts:
Commonwealth Life Insurance
Company - - 7,663,894
CDC Investment Management Corp. - - 6,028,752
National Westminster Bank Group - - 5,021,562
Rabobank Alternative - 4,210,872
Marshall Money Market Fund 52,245 328,941 413,494
Pending transactions - 169,783 (8,960)
Accrued interest and dividends 342 3,147 74,718
---------- ----------- -----------
Net assets $2,356,068 $18,379,605 $40,862,762
========== =========== ===========
</TABLE>
<PAGE>
The assets of the pooled funds as of June 30, 1997, were as
follows:
<TABLE>
<CAPTION>
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
-----------------------------------
- ----
<S> <C> <C> <C>
Bond Fund of America $2,185,496 $ - $ -
IMC Global Inc. common stock - 12,267,220 -
LaSalle National Trust, N.A.
Income Plus Fund - - 14,039,255
Guaranteed Investment Contracts:
Commonwealth Life Insurance Company - - 7,397,502
Hartford Life Insurance Co - - 6,095,582
CDC Investment Management Corp - - 6,248,886
National Westminster Bank Group - - 4,551,550
Rabobank Alternative - - 5,024,565
Marshall Money Market Fund 30,064 1,215,429 320,066
Pending transactions - (990,823) (9,417)
Accrued interest and dividends 248 1,734 77,794
---------- ----------- -----------
Net assets $2,215,808 $12,493,560 $43,745,783
========== =========== ===========
</TABLE>
Changes in the pooled balances for the period ended December 31,
1997, are summarized as follows:
<TABLE>
<CAPTION>
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
-----------------------------------
- ----
<S> <C> <C> <C>
Additions
Interest and dividend income $ 78,556 $ 90,025 $ 1,435,343
Net appreciation (depreciation)
in fair value of investments 27,576 (192,978) -
Contributions and transfers
from other plans 1,096,004 21,820,601 16,311,567
---------- ----------- -----------
1,202,136 21,717,648 17,746,910
Deductions
Benefits paid 1,061,876 15,831,603 20,574,625
Investment expenses - - 55,306
---------- ----------- -----------
1,061,876 15,831,603 20,629,931
---------- ----------- -----------
Net increase (decrease) in assets 140,260 5,886,045 (2,883,021)
Net assets, beginning of period 2,215,808 12,493,560 43,745,783
---------- ----------- -----------
Net assets, end of period $2,356,068 $18,379,605 $40,862,762
========== =========== ===========
</TABLE>
<PAGE>
Changes in the pooled balances during the year ended June 30, 1997,
are summarized as follows:
<TABLE>
<CAPTION>
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
-----------------------------------
- ----
<S> <C> <C> <C>
Additions
Interest and dividend income $ 158,219 $ 121,232 $ 3,134,388
Net appreciation (depreciation)
in fair value of investments 53,399 (198,841) -
Contributions and transfers
from other plans 826,635 18,950,730 18,681,691
---------- ----------- -----------
1,038,253 18,873,121 21,816,079
Deductions
Benefits paid 1,052,595 16,089,310 34,010,742
Investment expenses - - 112,590
---------- ----------- -----------
1,052,595 16,089,310 34,123,332
---------- ----------- -----------
Net increase (decrease) in assets(14,342) 2,783,811(12,307,253)
Net assets, beginning of year 2,230,150 9,709,749 56,053,036
---------- ----------- -----------
Net assets, end of year $2,215,808 $12,493,560 $43,745,783
========== =========== ===========
</TABLE>
<PAGE>
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. The following schedule
reconciles the withdrawal amounts per the Form 5500 to the statement of changes
in net assets available for benefits:
<TABLE>
IMC Global Fixed Money
Equity Bond Stock Income Market Balanced
Growth Loan
Total Fund Fund Fund Fund Fund Fund
Fund Fund
------------------------------------------------------------------
- --------------------------------------------
Year ended June 30, 1997
<S> <C> <C> <C> <C> <C> <C> <C>
<C> <C>
Withdrawals per
Form 5500$17,617,600$2,496,073$211,068$540,164$12,220,408$291,236$1,170,991 $529,804$157,856
Withdrawal
liabilities
per Form 5500
at June 30, 199615,000 - - 8,544 6,456 - - - -
------------------------------------------------------------------
- ------------------------------------------------
Withdrawals per
statement of
changes in net
assets available
for benefits$17,602,600$2,496,073$211,068$531,620$12,213,952$291,236$1,170,991$529,804$157,856
================================================================================
==================================
</TABLE>
<PAGE>
4. Net Appreciation in Fair Value of Investments
During the six months ended December 31, 1997 and year ended June
30, 1997, 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>
Six months
ended Year ended
December 31 June 30
1997 1997
--------------------------------
<S> <C> <C>
Vanguard Magellan Fund $ 481,879 $1,046,066
Vanguard Wellington Fund 400,682 850,318
Fidelity Equity-Income Fund, Inc. 2,017,099 4,368,398
--------------------------------
- -
$2,899,660 $6,264,782
=================================
</TABLE>
5. Significant Investments
Investments that represent 5% or more of net 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>
Master trust funds:
IMC Global Stock Fund $18,261,772 $12,662,607
IMC Global Fixed Income Fund 41,120,483 43,289,253
Mutual funds:
Fidelity Equity-Income Fund, Inc.21,946,755 20,878,378
Vanguard Wellington Fund, Inc. 6,136,060 5,811,880
Fidelity Magellan Fund, Inc. 6,816,865 5,803,489
</TABLE>
6. Federal Income Tax Status
The Internal Revenue Service ruled June 7, 1989, 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.
<PAGE>
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 Plan's operations.
8. Subsequent Events
Effective January 1, 1998, the Plan changed its name to the IMC
Global Inc. Profit Sharing and Savings Plan.
<PAGE>
Supplemental Schedules
<PAGE>
<TABLE>
EIN: 36-
3513204
Plan #004
Investment Plan for Salaried Employees of IMC Global Operations Inc.
Line 27a - Schedule of Assets Held For Investment Purposes
December 31, 1997
<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*Fidelity Equity-Income Fund, Inc.418,751 s
hares 18,032,186 $21,946,755
Vanguard Wellington Fund, Inc.208,355 shares5,
676,508 6,136,060
Fidelity Magellan Fund, Inc.71,553 shares6,383,5006,816,865
Loans to participants (6.75% - 11.00%) - 3,297,636
--
- ---------
$38,197,316
===========
*Indicates party in interest to the Plan.
</TABLE>
<PAGE>
<TABLE>
EIN:
36-3513204
Plan
#004
Investment Plan for Salaried Employees of IMC Global Operations Inc.
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 Assets Date Net Gain
- --------------------------------------------------------------------------------
- ---------------------------------------------------
Category (iii) - Series of transactions in excess of 5% of net assets available
for benefits
- --------------------------------------------------------------------------------
- ------------
<S> <C> <C> <C> <C> <C> <C>
Marshall and Ilsley
Trust Company* Fidelity Equity-Income Fund, Inc.$9,951,608$ -$9,951,608$ 9,951,608 $
- -
- 10,900,3309,383,48310,900,3301,516,847
Fidelity Magellan Fund, Inc.6,399,554 -6,399,5546,399,554 -
- 5,916,6835,452,0835,916,683 464,600
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.
Investment Plan for Salaried Employees of
IMC Global Operations Inc.
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. 33-22079) pertaining to the
Investment Plan for Salaried Employees of IMC Global Operations
Inc. of our report dated June 12, 1998, with respect to the
financial statements and supplemental schedules of the Investment
Plan for Salaried Employees of IMC Global Operations Inc. 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. 272673
