- -----------------------------------------------------------------------
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 year ended December 31, 1998
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-AGRICO MP, INC. REPRESENTED
BY LOCAL #35
INTERNATIONAL CHEMICAL WORKERS UNION
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>
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
Financial Statements
and Supplemental Schedules
Year ended December 31, 1998 and
six months ended December 31, 1997
Contents
--------
Report of Independent Auditors 1
Financial Statements
Statements of Assets Available for Benefits,
With Fund Information 2
Statements of Changes in 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 27b - Schedule of Loans or Fixed Income Obligations 18
Line 27d - Schedule of Reportable Transactions 19
<PAGE>
Report of Independent Auditors
Plan Administrator
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by
Local #35 International Chemical Workers Union
We have audited the accompanying statements of assets available for
benefits of the Salary Reduction Plan for Hourly Employees of IMC-
Agrico MP, Inc. Represented by Local #35 International Chemical Workers
Union as of December 31, 1998 and 1997, and the related statements of
changes in assets available for benefits for the year ended December
31, 1998 and the six months ended December 31, 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, 1998 and 1997, and the changes in its assets
available for benefits for the year ended December 31, 1998 and the six
months ended December 31, 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, 1998, and reportable transactions for the year then ended,
are presented for purposes of additional analysis and are not a
required part of the financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the
responsibility of the Plan's management. 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 Ernst & Young, LLP
May 7, 1999
<PAGE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
Statement of Assets Available for Benefits, With Fund Information
December 31, 1998
<CAPTION>
Fund Information
-----------------------------------------------------------------------
Company Fixed
Stock Income Balanced Equity Growth Loan
Total Fund Fund Fund Fund Fund Fund
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Master trust funds:
Interest in IMC-Agrico
Stock Fund $ 179,584 $179,584 $ - $ - $ - $ - $ -
Interest in IMC-Agrico Fixed
Income Fund 2,885,137 - 2,885,137 - - - -
Mutual funds:
Vanguard Wellington Fund, Inc. 2,103,949 - - 2,103,949 - - -
Fidelity Equity-Income Fund, Inc. 1,209,195 - - - 1,209,195 - -
Fidelity Magellan Fund, Inc. 337,870 - - - - 337,870 -
Loans to participants 378,673 - - - - - 378,673
-----------------------------------------------------------------------------------
Total investments 7,094,408 179,584 2,885,137 2,103,949 1,209,195 337,870 378,673
Receivables:
Participant contributions 19,552 782 6,553 5,821 5,052 1,344 -
Company contributions 2,591 64 1,016 749 620 142 -
-----------------------------------------------------------------------------------
22,143 846 7,569 6,570 5,672 1,486 -
-----------------------------------------------------------------------------------
Assets available for benefits $7,116,551 $180,430 $2,892,706 $2,110,519 $1,214,867 $339,356 $378,673
===================================================================================
See accompanying notes.
</TABLE
<PAGE>
</TABLE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
Statement of Assets Available for Benefits, With Fund Information
December 31, 1997
<CAPTION>
Fund Information
-------------------------------------------------
Fixed Income Balanced Equity Loan
Total Fund Fund Fund Fund
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investments, at fair value:
Mutual funds:
Vanguard Wellington Fund, Inc. $1,849,213 $ - $1,849,213 $ - $ -
Fidelity Equity-Income Fund, Inc. 962,673 - - 962,673 -
Master trust fund:
Interest in IMC-Agrico Fixed Income Fund 2,598,317 2,598,317 - - -
Loans to participants 292,179 - - - 292,179
---------------------------------------------------------------
Total investments 5,702,382 2,598,317 1,849,213 962,673 292,179
Participant contributions receivable 5,767 2,239 1,809 1,719 -
---------------------------------------------------------------
Assets available for benefits $5,708,149 $2,600,556 $1,851,022 $964,392 $292,179
=======================================================
See accompanying notes.
</TABLE
<PAGE>
</TABLE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
Statement of Changes in Assets Available for Benefits,
With Fund Information
Year ended December 31, 1998
<CAPTION>
Fund Information
---------------------------------------------------------------
Company Fixed
Stock Income Balanced Equity Growth Loan
Total Fund Fund Fund Fund Fund Fund
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and dividends $ 117,274 $ - $ - $ 72,102 $ 17,796 $ 1,182 $ 26,194
Net realized and unrealized appreciation
in fair value of investments 261,605 - - 145,691 83,687 32,227 -
Income (loss) from master trust fund 167,135 (841) 167,976 - - - -
---------------------------------------------------------------------------
Total investment income 546,014 (841) 167,976 217,793 101,483 33,409 26,194
Contributions:
Participant 1,268,357 34,470 419,248 400,338 368,155 46,146 -
Company 43,239 947 17,124 12,586 10,532 2,050 -
---------------------------------------------------------------------------
Total contributions 1,311,596 35,417 436,372 412,924 378,687 48,196 -
Transfers to other plans (49,288) - - (34,422) (14,712) (154) -
Distributions (399,920) (474) (206,992) (97,991) (50,043) (10,479) (33,941)
Transfers of investment direction - 146,328 (105,206) (238,807) (164,940) 268,384 94,241
---------------------------------------------------------------------------
<PAGE>
Net increase (decrease) in assets available
for benefits 1,408,402 180,430 292,150 259,497 250,475 339,356 86,494
Asset available for benefits -
Beginning of year 5,708,149 - 2,600,556 1,851,022 964,392 - 292,179
---------------------------------------------------------------------------
Assets available for benefits - End of year $7,116,551 $180,430 $2,892,706 $2,110,519 $1,214,867 $339,356 $378,673
==========================================================
See accompanying notes.
</TABLE
<PAGE>
</TABLE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
Statement of Changes in Assets Available for Benefits,
With Fund Information
Six months ended December 31, 1997
<CAPTION>
Fund Information
-------------------------------------------------
Fixed Income Balanced Equity Loan
Total Fund Fund Fund Fund
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest and dividends $ 59,501 $ - $ 41,633 $ 7,272 $ 10,596
Net realized and unrealized appreciation in fair
value of investments 177,363 - 105,631 71,732 -
Income from master trust fund 79,576 79,576 - - -
-------------------------------------------------------------
Total investment income 316,440 79,576 147,264 79,004 10,596
Participant contributions 517,489 212,416 178,585 126,488 -
Distributions (122,851) (70,979) (16,971) (27,442) (7,459)
Transfers to other plans (419) (96) (213) (110) -
Transfers of investment direction - (147,502) (34,797) 104,401 77,898
--------------------------------------------------------------
Net increase in assets available for benefits 710,659 73,415 273,868 282,341 81,035
Asset available for benefits - Beginning of period 4,997,490 2,527,141 1,577,154 682,051 211,144
--------------------------------------------------------------
Assets available for benefits - End of period $5,708,149 $2,600,556 $1,851,022 $964,392 $292,179
==============================================================
See accompanying notes.
</TABLE
<PAGE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
Notes to Financial Statements
Year ended December 31, 1998 and
six months ended December 31, 1997
1. Description of the Plan
The following description of the Salary Reduction Plan for Hourly
Employees of IMC-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union (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 January 1, 1988, and was amended and
restated on January 1, 1998. Hourly employees of Florida Minerals
Operations of IMC-Agrico MP, Inc. (the Company) who are represented
by Local #35 International Chemical Workers Union 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 the year ended December 31, 1998, and for a six-month period
ended December 31, 1997.
Contributions
The Plan is funded by contributions, known as salary reduction
contributions, from participants in the form of payroll deductions
of $5 to $150 per week. The Plan provides a qualified cash and
deferred arrangement within the meaning of section 401(k) of the
Internal Revenue Code (IRC); such contributions were subject to the
calendar year maximum of $10,000 in 1998 and $9,500 in 1997.
Beginning January 1, 1998, the Company contributes an amount equal
to $.25 per $1.00 contributed weekly by participant up to the first
$10.00 contributed weekly by participant.
<PAGE>
Participant Accounts
Separate accounts are maintained for each participant. Each
participant's account balance is adjusted for contributions,
withdrawals, 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 investments are administered by Marshall & Ilsley Trust
Company under a trust agreement dated January 1, 1996. Investment
programs available to participants are as follows:
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.
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 as well as 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, 1998, holdings are described
below:
a. GIC with CDC Investment Management Corp. with a guaranteed
interest rate of 7.5% through December 31, 2000.
b. GIC with Rabobank Alternative with a guaranteed interest
rate of 6.647% through March 15, 2001.
c. GIC with Sun American Life Company with a guaranteed
interest rate of 7.04% through May 29, 2002.
d. GIC with Government Plus Synthetic with an open maturity
and an average interest rate of 6.77%.
<PAGE>
e. GIC with Ohio National with a guaranteed interest rate of
6.25% through July 16, 2003.
f. GIC with Sunamerica Life Synthetic with a guaranteed
interest rate of 6.053% through July 27, 2003.
g. GIC with Connecticut General Life with a guaranteed
interest rate of 5.35% through October 30, 2003.
h. GIC with General American Synthetic with an open maturity
and an average interest rate of 5.63%.
i. Marshall Money Market Fund.
j. 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.
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.
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 - 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
Participants are immediately vested in their accounts.
<PAGE>
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. Subject to limitations specified
in the Plan, certain withdrawals of funds transferred from other
qualified benefits plans can be made by participants without
penalty.
Deferred Distributions
Participants who terminate their employment and have an account
balance in excess of $5,000 may elect (at any time prior to age 65)
to defer receipt of distribution until no later than his or her
70th birthday.
Loans to Participants
Participants in the Plan may be granted loans subject to certain
terms and maximum dollar or Plan account balance limits, as defined
by the Plan. The amount of any such loan is borrowed from the
account of the participant to whom the loan was made, and such
account does not share in the allocation of income, gains and
losses of the investment funds to the extent of the outstanding
balance of such loan. Principal repayments, which are over one to
five years for general purpose loans and over one to ten years for
residential loans, and related interest income are credited to the
borrowing participant's account. Loan payments are made by weekly
payroll deductions. Each loan bears interest at the prevailing
rate for loans of similar risk, date of maturity, and date of
grant.
2. Summary of Significant Accounting Policies
Investment Valuation
All investments are carried at fair value with the exception of
guaranteed investment contracts. Fair value for shares of the
mutual funds, shares of the IMC-Agrico Stock Fund, the IMC-Agrico
<PAGE>
Fixed Income Fund, the LaSalle National Trust, N.A. Income Stock
Fund, the IMC-Agrico Fixed Income Fund, the LaSalle National Trust,
N.A. Income Plus Fund, and the M&I Principal Fund 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
Participant contributions are recorded each pay period as withheld
by the Company. Contributions by the Company are made monthly
based on the minimum contribution required by the Plan.
Participant Withdrawals
Withdrawals are recorded when payments are made to participants.
There were no unpaid withdrawals at December 31, 1998 or 1997.
Withdrawals requested but not paid are presented in the Department
of Labor Form 5500 (Annual Return/Report of Employee Benefit Plan)
as liabilities.
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 Master Trusts
Assets of the Company Stock Fund and the Fixed Income Fund are
invested in shares of the IMC-Agrico MP, Inc., pooled funds shared
by other IMC-Agrico MP, Inc. 401(k) plans. The Plan held a 2.1%
and 10.1% interest, respectively, in the IMC-Agrico Stock Fund and
the IMC-Agrico Fixed Income Fund at December 31, 1998 (0% and
10.3%, respectively, at December 31, 1997).
<PAGE>
The equitable shares in the pooled funds of a participating plan
are proportionate to the fair market value of the assets allocable
to such participating plan.
The assets of the pooled funds as of December 31, 1998, were as
follows:
</TABLE>
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico Fixed Income
Stock Fund Fund
--------------------------
<S> <C> <C>
IMC Global Inc. common stock $8,405,762 $ -
M&I Stable Principal Fund - 13,729,913
Guaranteed Investment Contracts:
CDC Investment Management Corp. - 1,500,000
Rabobank Alternative - 938,039
Sunamerica Life Capmac - 3,343,745
Government Plus Synthetic - 2,586,737
Ohio National - 1,542,445
Sunamerica Life Synthetic - 1,500,757
Connecticut General Life - 1,519,315
General American Synthetic - 1,517,803
Marshall Money Market Fund 104,275 145,405
Pending transactions 89,751 -
Accrued interest and dividends 1,699 72,410
--------------------------
Net assets $8,601,487 $28,396,569
==========================
</TABLE>
<PAGE>
The assets of the pooled funds as of December 31, 1997, were as
follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico Fixed Income
Stock Fund Fund
---------------------------
<S> <C> <C>
IMC Global Inc. common stock $5,843,059 $ -
M&I Stable Principal Fund - 1,900,000
LaSalle National Trust, N.A.
Income Plus Fund - 15,370,663
Guaranteed Investment Contracts:
Commonwealth Life Insurance - 1,915,973
CDC Investment Management Corp. - 1,500,000
Rabobank Alternative - 1,039,997
Sunamerica Life Capmac - 3,123,827
Marshall Money Market Fund 206,121 236,330
Pending transactions - (5,748)
Accrued interest and dividends 1,412 86,454
---------------------------
Net assets $6,050,592 $25,167,496
===========================
</TABLE>
Changes in the pooled balances for the year ended December 31,
1998, are summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico Fixed Income
Stock Fund Fund
------------------------------
<S> <C> <C>
Additions
Interest and dividend income $ 97,003 $ 1,680,792
Net realized and unrealized
depreciation in fair value
of investments (2,297,412) -
Contributions and transfers
from other plans 19,496,739 24,287,771
------------------------------
17,296,330 25,968,563
<PAGE>
Deductions
Benefits paid 14,679,071 22,707,640
Investment expenses 66,363 31,850
------------------------------
14,745,434 22,739,490
------------------------------
Net increase in assets 2,550,896 3,229,073
Net assets, beginning of year 6,050,591 25,167,496
------------------------------
Net assets, end of year $ 8,601,487 $28,396,569
==============================
</TABLE>
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 Fixed Income
Stock Fund Fund
------------------------
<S> <C> <C>
Additions
Interest and dividend income $ 28,754 $ 844,550
Net realized and unrealized appreciation
in fair value of investments 32,897 -
Contributions and transfers
from other plans 7,068,104 6,273,118
------------------------
7,129,755 7,117,668
Deductions
Benefits paid 4,979,069 8,037,667
Investment expenses - 34,995
------------------------
4,979,069 8,072,662
------------------------
Net increase (decrease) in assets 2,150,686 (954,994)
Net assets, beginning of period 3,899,906 26,122,490
------------------------
Net assets, end of period $6,050,592 $25,167,496
========================
</TABLE>
<PAGE>
4. Significant Investments
Individual investments that represent 5% or more of assets
available for benefits were as follows:
<TABLE>
<CAPTION>
December 31
1998 1997
-------------------------
<S> <C> <C>
Fidelity Equity-Income Fund, Inc. $1,209,195 $ 962,673
Vanguard Wellington Fund, Inc. 2,103,949 1,849,213
Loans to participants 378,673 292,179
</TABLE>
5. Federal Income Tax Status
The Internal Revenue Service ruled September 7, 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.
The Plan has been amended since receiving the determination letter.
However, the Plan administrator and the Plan's counsel believe that
the Plan is designed and is currently being operated in compliance
with the applicable requirements of the IRC.
6. Year 2000 Issue (Unaudited)
The Company has determined that it will be necessary to take
certain steps in order to ensure that the Plan's information
systems are prepared to handle year 2000 dates. The Company is
taking a two-phase approach. The first phase addresses internal
systems that must be modified or replaced to function properly.
Both internal and external resources are being utilized to replace
or modify existing software applications, and test the software and
equipment for the year 2000 modifications. The Company anticipates
substantially completing this phase of the project by mid-1999.
Costs associated with modifying software and equipment are not
estimated to be significant and will be paid by the Company.
<PAGE>
For the second phase of the project, Plan management established
formal communications with its third-party service providers to
determine that they have developed plans to address their own year
2000 problems as they relate to the Plan's operations. All third-
party service providers have indicated that they will be year 2000
compliant by mid-1999. If modification of data processing systems
of either the Plan, the Company, or its service providers is not
completed timely, the year 2000 problem could have a material
impact on the operations of the Plan. Plan management has not
developed a contingency plan, because they are confident that all
systems will be year 2000 ready.
<PAGE>
Supplemental Schedules
<PAGE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc.
Represented by Local #35 International Chemical Workers Union
Line 27a - Schedule of Assets Held for Investment Purposes
December 31, 1998
<CAPTION>
Number Current
Identity of Issuer Description of Shares Cost Value
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Marshall and Ilsley Trust Company* Vanguard Wellington Fund, Inc. 71,685 $1,993,851 $2,103,949
Fidelity Equity-Income Fund, Inc. 21,768 1,103,566 1,209,195
Fidelity Magellan Fund, Inc. 2,796 302,579 337,870
Loans to participants (7.125%-10.5%) - 378,673
-----------------------
$3,399,996 $4,029,687
=======================
*Indicates party in interest to the Plan.
</TABLE
<PAGE>
</TABLE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc.
Represented by Local #35 International Chemical Workers Union
Line 27b - Schedule of Loans or Fixed Income Obligations
December 31, 1998
<CAPTION>
Principal
and
Interest
Identity of Party Original Paid Collateral
(Social Security Loan During the Loan Maturity Default Interest ---------------------------
Number) Amount Year Issue Date Date Date Rate Type Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
265-70-5346 $1,700 $ 593 7/10/97 7/6/00 12/21/98 8.50% Participant Account $ 3,858
262-30-7197 500 - 6/5/97 6/4/98 1/16/98 8.50 Participant Account 1,174
266-08-2427 6,100 2,234 1/8/98 1/6/00 12/21/98 8.50 Participant Account 12,613
592-52-6449 800 - 6/27/96 6/24/98 1/16/98 8.25 Participant Account 2,995
267-29-0378 8,100 535 10/9/97 10/3/02 9/17/98 8.50 Participant Account 18,048
265-70-5618 3,500 - 1/31/94 1/24/99 7/24/98 7.00 Participant Account 9,938
261-91-9095 2,400 240 8/21/97 8/21/98 2/25/98 8.50 Participant Account 4,938
263-98-8459 1,500 - 7/10/97 7/9/98 2/25/98 8.50 Participant Account 3,097
</TABLE
<PAGE>
</TABLE>
<TABLE>
EIN 36-3888539
Plan #103
Salary Reduction Plan for Hourly Employees of IMC-Agrico MP, Inc.
Represented by Local #35 International Chemical Workers Union
Line 27d - Schedule of Reportable Transactions
Year ended December 31, 1998
<CAPTION>
Current Value
of Asset on
Purchase Selling Cost of Transaction Net
Identity of Issuer Description Price Price Asset Date Gain
- ----------------------------------------------------------------------------------------------------------------------------------
Category (iii)- Series of securities transactions in excess of 5% of assets available for benefits
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Marshall and Ilsley Trust Company Vanguard Wellington Fund, Inc. $ 867,022 $ - $ 867,022 $ 867,022 $ -
- 723,555 501,291 723,555 222,264
Fidelity Equity-Income Fund, Inc. 1,181,138 - 1,181,138 1,181,138 -
- 1,003,591 900,651 1,003,591 102,940
Fidelity Magellan Fund, Inc. 493,836 - 493,836 493,836 -
- 188,040 191,103 188,040 (3,063)
There were no category (i), (ii), or (iv) reportable transactions.
</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-Agrico MP, Inc. Represented by Local #35
International Chemical Workers Union
/s/ J. Bradford James
-------------------------------------------
J. Bradford James
Chairman of the Employee Benefits Committee
Date: June 29, 1999
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
- ----------------------------------------------------------------------
/s/ J. Bradford James Senior Vice President June 29, 1999
- ------------------------- and Chief Financial
J. Bradford James Officer
/s/ B. Russell Lockridge Senior Vice President, June 29, 1999
- ------------------------- Human Resources
B. Russell Lockridge
/s/ E. Paul Dunn Vice President and June 29, 1999
- ------------------------- Treasurer
E. Paul Dunn
/s/ Robert E. Fowler, Jr. Chairman and June 29, 1999
- ------------------------- Chief Executive Officer
Robert E. Fowler, Jr.
<PAGE>
EXHIBIT 23
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 333-40781) pertaining to the Salary Reduction
Plan for Hourly Employees of IMC-Agrico MP, Inc. Represented by Local
#35 International Chemical Workers Union of our report dated May 7,
1999, with respect to the financial statements and supplemental
schedules of the Salary Reduction Plan for Hourly Employees of
IMC-Agrico MP, Inc. Represented by Local #35 International Chemical
Workers Union included in this Annual Report (Form 11-K) for the year
ended December 31, 1998.
Chicago, Illinois Ernst & Young, LLP
June 25, 1999
