- -----------------------------------------------------------------------
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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
For the 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 NONUNION 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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<PAGE>
Investment Plan for Nonunion Hourly
Employees of IMC-Agrico MP, 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, 2
With Fund Information
Statements of Changes in Net Assets Available 4
For Benefits, With Fund Information
Notes to Financial Statements 6
Supplemental Schedules
Line 27a - Schedule of Assets Held For Investment Purposes 16
Line 27d - Schedule of Reportable Transactions 17
<PAGE>
Report of Independent Auditors
Plan Administrator
Investment Plan for Nonunion Hourly Employees of
IMC-Agrico MP, Inc.
We have audited the accompanying statements of net assets available for
benefits of the Investment Plan for Nonunion Hourly Employees of IMC-
Agrico MP, 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 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
36-3888539
Plan #102
Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, 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-Agrico
Stock Fund $ 533,851 $ - $ - $533,851 $
- - $ - $ - $ - $ -
Interest in IMC-Agrico
Fixed Income Fund 10,000,587 - - -
10,000,587 - - - -
Interest in IMC-Agrico
Bond Fund 1,835,442 - 1,835,442 -
- - - - - -
Mutual funds:
Fidelity Equity-Income
Fund, Inc. 13,912,995 13,912,995 - -
- - - - - -
Vanguard Wellington
Fund, Inc. 1,896,668 - - -
- - - 1,896,668 - -
Fidelity Magellan
Fund, Inc. 2,473,141 - - -
- - - - 2,473,141 -
Loans to participants 2,673,722 - - -
- - - - - 2,673,722
---------------------------------------------------------
- -------------------------------------------------
Total investments 33,326,406 13,912,995 1,835,442 533,851
10,000,587 - 1,896,668 2,473,141 2,673,722
Receivables:
Company contributions 470,665 192,993 32,733 15,927
132,721 7,735 31,342 57,214 -
Accrued interest and
dividends 1,680 - - -
- - 1,680 - `- -
---------------------------------------------------------
- -------------------------------------------------
Total receivables 472,345 192,993 32,733 15,927
132,721 9,415 31,342 57,214 -
---------------------------------------------------------
- -------------------------------------------------
Total assets available
for benefits 33,798,751 14,105,988 1,868,175 549,778
10,133,308 9,415 1,928,010 2,530,355 2,673,722
Liability - Due (to)
from brokers (1,889) (8,301) - -
(382,819) 389,231 - - -
---------------------------------------------------------
- -------------------------------------------------
Net assets available
for benefits $33,796,862 $14,097,687 $1,868,175 $549,778 $
9,750,489 $398,646 $1,928,010 $2,530,355 $2,673,722
================================================================================
==========================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3888539
Plan #102
Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, 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-Agrico
Stock Fund $ 363,097 $ - $ - $363,097 $
- - $ - $ - $ - $ -
Interest in IMC-Agrico
Fixed Income Fund 9,677,877 - - -
9,677,877 - - - -
Interest in 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 -
Company 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 -
---------------------------------------------------------
- -----------------------------------------------
Net 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 accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3888539
Plan #102
Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, 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 $ 299,561 $ 111,564 $ - $ - $
- - $ 11,780 $ 42,396 $ 12,544 $ 121,277
Net appreciation in
fair value of
investments 1,432,983 1,177,578 - -
- - - 102,100 153,305 -
Income (loss) from
master trust funds 370,717 - 89,725 (22,188)
303,180 - - - -
---------------------------------------------------------
- ------------------------------------------------
Total investment income 2,103,261 1,289,142 89,725 (22,188)
303,180 11,780 144,496 165,849 121,277
Contributions:
Participants 1,016,290 347,767 57,828 30,544
348,423 12,335 85,564 133,829 -
Company 583,835 239,205 40,841 20,054
164,680 9,380 38,638 71,037 -
---------------------------------------------------------
- ------------------------------------------------
Total contributions 1,600,125 586,972 98,669 50,598
513,103 21,715 124,202 204,866 -
Transfers (to) from
other plans 220,180 232,016 (13,757) (20,256)
(2,694) 13,331 12,306 58,913 (59,679)
Cash distributed
to withdrawing
participants (634,190) (151,810) (122,189) (3,200)
(285,494) (6,499) (31,666) (10,562) (22,770)
Transfers of investment
direction - 440,327 (168,597) 146,941
(726,497) (101,114) 185,761 358,490 (135,311)
---------------------------------------------------------
- ------------------------------------------------
Net increase (decrease)
in assets available
for benefits 3,289,376 2,396,647 (116,149) 151,895
(198,402) (60,787) 435,099 777,556 (96,483)
Net assets available
for benefits - Beginning
of period 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
---------------------------------------------------------
- ------------------------------------------------
Net assets available
for benefits - End
of period $33,796,862 $14,097,687 $1,868,175 $549,778
$9,750,489 $398,646 $1,928,010 $2,530,355 $2,673,722
================================================================================
=========================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3888539
Plan #102
Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, 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 $ 524,462 $ 220,177 $ - $ - $
- - $ 26,163 $ 35,953 $ 19,697 $ 222,472
Net appreciation 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 -
Company 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
Net 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
---------------------------------------------------------
- ------------------------------------------------
Net 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 accompanying notes.
</TABLE>
<PAGE>
EIN 36-3888539
Plan #102
Investment Plan for Nonunion Hourly
Employees of IMC-Agrico MP, 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 Nonunion 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 which was established on July
1, 1993. Nonunion hourly employees of IMC-Agrico MP, Inc. (the
Company), managing partner of IMC-Agrico Company and jointly owned by
IMC Global Operations Inc. and Phosphate Resource Partners, Limited
Partnership, formerly Freeport-McMoRan Resource Partners, Limited
Partnership, 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 also is funded by Company contributions, as
determined by the Company's Board of
<PAGE>
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-Agrico MP, 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.
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 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. 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 - Assets are invested in shares of the IMC-
Agrico Stock Fund, a pooled fund shared only by other IMC-
Agrico MP, Inc. 401(k) plans, which invests in the common
stock of IMC Global Inc.
<PAGE>
Fixed Income Fund - Assets are invested in shares of IMC-
Agrico Fixed Income Fund, a pooled fund shared only by other
IMC-Agrico MP, Inc. 401(k) plans, 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 GIC with CDC Investment Management Corp. with a
guaranteed interest rate of 7.5% through June 30,
2000.
b. A GIC with Commonwealth Life Insurance Company with a
guaranteed interest rate of 7.27% through July 6,
1998.
c. A GIC with Rabobank Alternative with a guaranteed
interest rate of 6.647% through March 15, 2001.
d. A GIC with Sun American Life Company with a guaranteed
interest rate of 7.04% through May 29, 2002.
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. 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 - 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.
<PAGE>
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.
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.
<PAGE>
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.
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 and 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.
3. Investment in Trusts
Assets of the Bond Fund, the Company Stock Fund, and the Fixed Income
Fund were invested in shares of IMC-Agrico MP, Inc. pooled funds shared
by other IMC-Agrico MP, Inc. 401(k) plans. The Plan was a 43.6%, 8.8%,
and 39.7%, respectively, participant in the IMC-Agrico Bond Fund, the
IMC-Agrico Stock Fund, and the IMC-Agrico Fixed Income Fund at December
31, 1997 (46.6%, 9.3%, and 37.0%, respectively, at June 30, 1997).
<PAGE>
The assets of the pooled funds as of December 31, 1997, were as
follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico Fixed
Bond Fund Stock Fund Income Fund
---------------------------------------
- --
<S> <C> <C> <C>
Bond Fund of America $4,109,791 $ - $ -
IMC Global Inc. common stock - 5,843,059 -
LaSalle National Trust, N.A.
Income Plus Fund - - 15,370,663
M&I Stable Principal Fund - - 1,900,000
Guaranteed Investment Contracts:
Commonwealth Life Insurance Company,
due 1998 - - 1,915,973
Sunamerica Life - - 3,123,827
CDC Investment Management Corp.,
Due 2000 - - 1,500,000
Rabobank Alternative - - 1,039,997
Marshall Money Market Fund 100,694 206,121 236,330
Pending transactions - - (5,748)
Accrued interest and dividends 463 1,412 86,454
----------------------------------------
Net assets $4,210,948 $6,050,592 $25,167,496
========================================
</TABLE>
<PAGE>
The assets of the pooled funds as of June 30, 1997, were as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico 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 51,474 485,055 112,030
Pending transactions - (460,169) (5,843)
Accrued interest and dividends 262 450 87,169
----------------------------------------
Net assets $4,106,725 $3,899,906 $26,122,490
========================================
</TABLE>
<PAGE>
Changes in the pooled balances for the six-month period from July 1
through December 31, 1997, are summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico Fixed
Bond Fund Stock Fund Income Fund
---------------------------------------
- --
<S> <C> <C> <C>
Additions
Interest and dividend income $ 148,014 $ 28,754 $ 844,550
Net appreciation in fair value
of investments 54,150 32,897 -
Contributions and transfers from
other plans 1,017,532 7,068,104 6,273,118
----------------------------------------
1,219,696 7,129,755 7,117,668
Deductions
Benefits paid 729,815 4,979,069 8,037,667
Investment expenses 385,658 - 34,995
----------------------------------------
1,115,473 4,979,069 8,072,662
----------------------------------------
Net increase (decrease) in net assets104,2232,150,686 (954,994)
Net assets, beginning of period4,106,725 3,899,906 26,122,490
----------------------------------------
Net assets, end of period $4,210,948 $6,050,592 $25,167,496
========================================
</TABLE>
<PAGE>
Changes in the pooled balances for the year ended June 30, 1997, are
summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico 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 net assets(110,587)2,474,790 3,648,033
Net assets, beginning of year 4,217,312 1,425,116 22,474,457
----------------------------------------
Net assets, end of year $4,106,725 $3,899,906 $26,122,490
========================================
</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>
Equity Fund $1,177,578 $2,313,387
Balanced Fund 102,100 174,062
Growth Fund 153,305 269,723
--------------------------------
$1,432,983 $2,757,172
================================
</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-Agrico Fixed Income Fund$10,000,587 $ 9,677,877
IMC-Agrico Bond Fund 1,835,442 1,915,740
Mutual funds:
Fidelity Equity-Income Fund, Inc.13,912,995 11,331,108
Fidelity Magellan Fund, Inc. 2,473,141 1,645,669
Vanguard Wellington Fund, Inc.1,896,668 -
Loans to participants 2,673,722 2,770,205
</TABLE>
6. 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.
<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 the Plan's
operations.
8. Subsequent Events
Effective January 1, 1998, the Plan was merged with the Investment Plan
for Salaried Employees of IMC-Agrico MP, Inc. into the IMC-Agrico MP,
Inc. Profit Sharing and Savings Plan. Net assets amounting to
$33,796,862 were transferred at that time.
<PAGE>
Supplemental Schedules
<PAGE>
<TABLE>
EIN
36-888539
Plan #102
Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, Inc.
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*Fidelity Equity-Income Fund, Inc.265,465 shares$11,306,586
$13,912,995
Vanguard Wellington Fund, Inc.64,403 shares1,781,2951,896,668
Fidelity Magellan Fund, Inc.25,959 shares 2,293,799 2,473,141
Loans to participants (6.75% - 10%) -
2,673,722
-----------
$20,956,526
===========
*Indicates party in interest to the Plan.
</TABLE>
<PAGE>
<TABLE>
EIN
36-888539
Plan #102
Investment Plan for Nonunion Hourly Employees of IMC-Agrico MP, 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 Asset Date Net Gain
- --------------------------------------------------------------------------------
- ---------------------------------------------------
Category (iii) - Series of securities 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.$2,858,865$ -$2
,858,865 $2,858,865 $ -
- 1,414,732 855,1651,414,732 559,567
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 Nonunion Hourly Employees of
IMC-Agrico MP, 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
<PAGE>
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
Nonunion Hourly Employees of IMC-Agrico MP, Inc. of our report dated
June 12, 1998, with respect to the financial statements and
supplemental schedules of the Investment Plan for Nonunion Hourly
Employees of IMC-Agrico MP, 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. 272672
