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, 1999
OR
----- TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ____________.
Commission file number 1-9759
A. Full title of the plan and the address of the plan,
if different from that of the issuer named below:
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA AT
CARLSBAD, NEW MEXICO
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
IMC GLOBAL INC.
2100 SANDERS ROAD, NORTHBROOK, ILLINOIS 60062
------------------------------------------------
<PAGE>
Employer Identification #36-3513204
Plan #019
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
(Together with Auditors' Report)
DECEMBER 31, 1999 AND 1998
<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
TABLE OF CONTENTS
-----------------
Page
-----
Independent Auditors' Report 1
Financial Statements:
Statements of Net Assets Available for Benefits
as of December 31, 1999 and 1998 4
Statements of Changes in Net Assets Available
for Benefits for the years ended December 31, 1999
and 1998 5
Notes to Financial Statements 6
Supplemental Schedules:
Schedule of Assets Held for Investment Purposes
as of December 31, 1999 15
Schedule of Loans or Fixed Income Obligations
for the year ended December 31, 1999 16
Schedule of Reportable Transactions
for the year ended December 31, 1999 17
<PAGE>
Independent Auditors' Report
Plan Administrator
Salary Reduction Plan for Hourly Employees of
IMC Global Operations Inc. Represented by
United Steelworkers of America at Carlsbad, New Mexico
We have audited the accompanying statement of net assets
available for benefits of the Salary Reduction Plan for Hourly
Employees of IMC Global Operations Inc. Represented by United
Steelworkers of America at Carlsbad, New Mexico as of December
31, 1999, and the related statement of changes in net assets
available for benefits for the year then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of the
Plan as of December 31, 1998, were audited by other auditors
whose report dated May 7, 1999, expressed an unqualified opinion
on those statements.
We conducted our audit 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 audit provides 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 as of December 31, 1999, and
the changes in net assets available for benefits for the year
then ended in conformity with generally accepted accounting
principles.
Our audit was performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental schedules of assets held for investment purposes as
of December 31, 1999; and loans or fixed income obligations and
reportable transactions for the year ended December 31, 1999,
respectively, are presented for the purpose of additional
analysis and are not a required part of the basic 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
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<PAGE>
Act of 1974. These supplemental schedules are the responsibility
of the Plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audit 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.
/s/ Hill, Taylor LLC
May 26, 2000
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<PAGE>
Report of Independent Auditors
Plan Administrator
Salary Reduction Plan for Hourly Employees of
IMC Global Operations Inc. Represented by
United Steelworkers of America at Carlsbad, New Mexico
We have audited the accompanying statement of assets available
for benefits of the Salary Reduction Plan for Hourly Employees of
IMC Global Operations Inc. Represented by United Steelworkers of
America at Carlsbad, New Mexico as of December 31, 1998 and the
related statement of changes in assets available for benefits for
the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards
generally accepted in the United States. 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 audit provides 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 the changes in
its assets available for benefits for the year then ended, in
conformity with accounting principles generally accepted in the
United States.
/s/ Ernst & Young LLP
Chicago, Illinois Ernst & Young LLP
May 7, 1999
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
-----------------------------------------------
DECEMBER 31, 1999 AND 1998
--------------------------
1999 1998
--------- -----------
ASSETS
Cash $ 50 $ -
Investments, at fair value:
Master trust funds:
Interest in IMC Global Stock Fund 218,413 173,633
Interest in IMC Global Fixed Income
Fund 477,816 300,220
Mutual funds:
Vanguard Wellington Fund, Inc. 384,066 308,562
Fidelity Equity-Income Fund, Inc. 717,153 611,011
Vanguard Fixed Income Fund 1,235,106 1,465,329
Fidelity Magellan Fund, Inc. 311,735 173,028
Loans to participants 159,138 116,982
----------- -----------
Total investments 3,503,477 3,148,765
----------- -----------
Receivables:
Participant contributions 15,972 15,247
Company contributions 4,176 4,005
Accrued interest and dividends 6,441 7,031
----------- -----------
Total receivables 26,589 26,283
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $ 3,530,066 $ 3,175,048
=========== ===========
The accompanying notes are an integral part of these financial statements.
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
STATEMENTS OF CHANGES IN
NET ASSETS AVAILABLE FOR BENEFITS
---------------------------------
YEARS ENDED DECEMBER 31, 1999 AND 1998
--------------------------------------
1999 1998
---------- -----------
ADDITIONS
Investment income:
Interest and dividends $ 112,441 $ 115,927
Net realized and unrealized appreciation
(depreciation) in fair value of investments (40,001) 163,073
Income (loss) from master trust funds (22,678) 650
---------- -----------
Total investment income 49,762 279,650
---------- -----------
Contributions:
Participants 397,906 383,369
Company 105,326 101,370
---------- -----------
Total contributions 503,232 484,739
---------- -----------
Total additions 552,994 764,389
---------- -----------
DEDUCTIONS
Distributions 193,523 250,921
Transfers to other plans 4,453 43,928
---------- -----------
Total deductions 197,976 294,849
---------- -----------
NET INCREASE 355,018 469,540
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 3,175,048 2,705,508
---------- -----------
End of year $3,530,066 $ 3,175,048
========== ===========
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKER OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
1. Description of the Plan
The following description of the Salary Reduction Plan for
Hourly Employees of IMC Global Operations Inc. Represented by
United Steelworkers of America at Carlsbad, New Mexico (the
Plan) provides only general information. Participants should
refer to the Plan document for a more complete description of
the Plan's provisions.
General
The Plan was established on July 1, 1983, and was amended and
restated on January 1, 1998. Hourly employees at Carlsbad,
New Mexico, operations of IMC Global Operations Inc. (the
Company) represented by the United Steelworkers of America
are eligible to participate in the Plan immediately upon
their date of hire. While the Company has not expressed any
intent to terminate the Plan, it is free to do so at any
time. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Contributions
The Plan is funded by contributions, known as salary
reduction contributions, from participants in the form of
payroll deductions of $5 to $346 each pay period, but not to
exceed 25% of the participant's compensation within the
meaning of section 415 of the Internal Revenue Code (the
IRC). The Plan provides a qualified cash and deferred
arrangement within the meaning of section 401(k) of the IRC;
such contributions were subject to the calendar year maximum
of $10,000 in 1999 and 1998. Effective July 1, 1997, the
Company contributes an amount equal to 35% of a participant's
eligible contributions, up to 6% of a participant's base
monthly salary. With the consent of the Plan administrator,
amounts may be rolled over from other qualified plans.
Separate accounts are maintained for each participant. Each
participant's account balance is adjusted for contributions,
withdrawals, if any, interest, dividends, and net realized
and unrealized gains or losses daily.
Administrative Expenses
Certain administrative expenses of the Plan are borne by the
Company.
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKER OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (Continued)
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:
Company 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 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, 1999 holdings are described
below:
a. GIC with CDC Investment Management Corp. with a
guaranteed interest rate of 7.5% through June 30, 2000.
b. GIC with Rabobank Alternative with a guaranteed interest
rate of 6.17% through March 15, 2001.
c. GIC with Government Plus Synthetic with an open maturity
with interest rate resets at January 1, 2000, April 1,
2000, July 1, 2000, and October 1, 2000.
d. GIC with Ohio National with a guaranteed interest rate
of 6.25% through July 16, 2003.
e. GIC with Sunamerica Life Synthetic with a guaranteed
interest rate of 6.053% through July 27, 2003.
f. GIC with Connecticut General Life with a guaranteed
interest rate 5.35% through October 30, 2003.
-7-
<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (Continued)
g. GIC with Protective Life with a guaranteed interest rate of
5.84% through July 30, 2002.
h. Marshall Money Market Fund.
i. 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.
Bond Index Fund - Assets are invested in shares of the
Vanguard Fixed Income Fund, a pooled fund which invests
primarily in a portfolio of securities issued as direct
obligations of the U.S. Treasury.
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 and nonforfeitably vested in
their accounts.
-8-
<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (Continued)
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 Benefit Committee, but
their participation in the Plan will be suspended for at
least one year. Full withdrawals are available after age 59 1/2
or in the event of total and permanent disability.
Deferred Distributions
Participants who terminate their employment and have an
account balance in excess of $5,000 may elect (at any time
prior to age 65) to defer receipt of distribution until no
later than their 70th birthday.
Loans to Participants
Participants in the Plan may be granted loans subject to
certain terms and maximum dollar or Plan account balance
limits, as defined by the Plan. The amount of any such loan
is borrowed from the account of the participant to whom the
loan was made, and such account does not share in the
allocation of income, gains, and losses of the investment
funds to the extent of the outstanding balance of such loan.
Principal repayments, which are over one to five years for
general purpose loans and over one to fifteen 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 with the exception of guaranteed investment
contracts are carried at fair value. Fair value is the last
reported sales price on the last business day of the month
for securities traded on a national securities exchange and
in the over-the-counter market. Fair value for shares of the
mutual funds, the IMC Global Company Stock Fund and the
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
2. Summary of Significant Accounting Policies (Continued)
IMC Global Fixed Income Fund, the M&I Stable Principal Fund,
and the LaSalle National Trust, N.A. is the net asset value
of those shares or units, as determined by the respective
funds. Loans to participants are valued at cost which
approximates fair value. 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 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. 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, 1999 and 1998.
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.
New Accounting Pronouncement
Certain amounts in the Plan's 1998 financial statements have
been reclassified to conform to the 1999 financial statement
presentation as a result of adopting SOP 99-3, Accounting for
and Reporting of Certain Defined Contribution Plan
Investments and other Disclosures Matters, in 1999.
-10-
<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
3. Investment in Master Trust
Assets of the Company Stock Fund and the Fixed Income Fund
are invested in shares of IMC-Global pooled funds shared by
other IMC Global Operations Inc. 401(k) plans. The Plan held
a 1.4% and 1.0% interest, respectively, in the IMC-Global
Stock Fund and the IMC-Global Fixed Income Fund at December
31, 1999 (0.8% and 0.5%, respectively, at December 31, 1998).
The equitable shares in the pooled funds of a participating
plan are proportionate to the fair market value of the assets
applicable to such participating plan.
The assets of the pooled funds as of December 31, 1999, were
as follows:
IMC Global
IMC Global Fixed
Stock Fund Income Fund
---------- -----------
IMC Global Inc. common stock $ 15,043,090 $ -
M&I Stable Principal Fund - 18,899,717
Guaranteed Investment Contracts:
CDC Investment Management Corp. - 6,028,752
Rabobank Alternative - 2,260,361
Government Plus Synthetic - 6,028,795
Ohio National - 3,277,696
Sunamerica Life Synthetic - 3,058,666
Connecticut General Life - 2,666,961
Protective Life - 3,073,187
Marshall Money Market Fund 488,024 898,258
Pending transactions 6,657 -
Accrued interest and dividends 3,130 73,208
------------ ------------
Net Assets $ 15,540,901 $ 46,265,601
============ ============
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
3. Investment in Master Trust (Continued)
The assets of the pooled funds as of December 31, 1998, were as follows:
IMC Global
IMC Global Fixed
Stock Fund Income Fund
---------- -----------
IMC Global Inc. common stock $ 19,945,932 $ -
M&I Stable Principal Fund - 25,300,570
Guaranteed Investment Contracts:
CDC Investment Management Corp. - 6,028,752
Rabobank Alternative - 3,135,194
National Westminster Bank Group - 2,729,535
Government Plus Synthetic - 5,690,822
Ohio National - 3,084,891
Sunamerica Life Synthetic - 3,501,766
Connecticut General Life - 2,532,191
General American Synthetic - 2,529,671
Marshall Money Market Fund 576,545 519,225
Pending transactions - -
Accrued interest and dividends 3,147 129,668
------------ ------------
Net Assets $ 20,525,624 $ 55,182,285
============ ============
Changes in the pooled balances for the year ended December 31, 1999, were
summarized as follows:
IMC Global
IMC Global Fixed
Stock Fund Income Fund
---------- -----------
Additions
Interest and dividend income $ 307,153 $ 2,919,067
Net realized and unrealized depreciation
in fair value of investments (1,958,939) -
Contributions and transfers from other plans 20,621,302 29,755,582
------------ --------------
18,969,516 32,674,649
------------ --------------
Deductions
Benefits paid 23,954,239 41,578,994
Investment expenses - 12,339
------------ --------------
23,954,239 41,591,333
------------ --------------
Net decrease in assets (4,984,723) (8,916,684)
Net assets, beginning of year 20,525,624 55,182,285
------------ --------------
Net assets, end of year $15,540,901 $ 46,265,601
============ ==============
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
3. Investment in Master Trust (Continued)
Changes in the pooled balances for the year ended December 31, 1998, were
summarized as follows:
IMC Global
IMC Global Fixed
Stock Fund Income Fund
---------- ------------
Additions
Interest and dividend income $ 234,583 $ 3,132,655
Net realized and unrealized appreciation
(depreciation) in fair value of investments (5,948,352) 321,606
Contributions and transfers from other plans 31,572,913 58,592,605
------------ ------------
25,859,144 62,046,866
------------ ------------
Deductions
Benefits paid 23,713,125 47,702,409
Investment expenses - 24,934
------------ ------------
23,713,125 47,727,343
------------ ------------
Net increase in assets 2,146,019 14,319,523
Net assets, beginning of year 18,379,605 40,862,762
------------ ------------
Net assets, end of year $ 20,525,624 $ 55,182,285
============ ============
4. Significant Investments
Investments (all are participant-directed) that represent 5%
or more of net assets available for benefits at December 31,
1999 and 1998, were as follows:
1999 1998
--------- -----------
Vanguard Wellington Fund, Inc. $ 384,066 $ 308,562
Fidelity Equity-Income Fund, Inc. 717,153 611,011
Vanguard Fixed Income Fund 1,235,106 1,465,329
Fidelity Magellan Fund, Inc. 311,735 173,028
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<PAGE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES
OF IMC GLOBAL OPERATIONS INC. REPRESENTED BY
UNITED STEELWORKERS OF AMERICA
AT CARLSBAD, NEW MEXICO
-----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
5. Federal Income Tax Status
The Internal Revenue Service ruled on September 11, 1995,
that the Plan qualified under section 401(a) of the IRC and,
therefore, the related trust is not subject to tax under
present income tax law. 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.
-14-
<PAGE>
Supplemental Schedules
<PAGE>
<TABLE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO
-----------------------------------------------------------------------
SCHEDULE H, PART IV, ITEM 4(i)
------------------------------
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
------------------------------------------------
YEAR ENDED DECEMBER 31, 1999
-----------------------------
Employer Identification Number: 36-3513204
Plan Number: 019
<CAPTION>
Number of Current
Identity of Issuer Description Shares Cost Value
-------------------------------------- ---------------------------------- --------- ---------- -----------
<S> <S> <C> <C> <C>
Marshall and Ilsley Trust Company* Vanguard Wellington Fund, Inc. 13,736 $ 395,523 $ 384,066
Fidelity Equity-Income Fund, Inc. 13,410 680,653 717,153
Vanguard Fixed Income Fund 121,926 1,281,054 1,235,106
Fidelity Magellan Fund, Inc. 2,282 269,751 311,735
Loans to participants (7.00% - 10.75%) - 159,138 159,138
---------- ----------
$2,786,119 $2,807,198
========== ==========
*Indicates party-in-interest to the Plan.
</TABLE>
-15-
<PAGE>
<TABLE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO
---------------------------------------------------------------------
SCHEDULE G, PART I
------------------
SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
---------------------------------------------
YEAR ENDED DECEMBER 31, 1999
----------------------------
Employer Identification Number: 36-3513204
Plan Number: 019
<CAPTION>
Principal and
Original Interest Paid
Social Security Loan During the Loan Maturity Default Interest Collateral
Number Amount Year Issue Date Date Date Rate Type Value
------------------ --------- ------------- ---------- --------- ------- -------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <S> <C>
###-##-#### $4,700 $ 89 12/17/97 12/11/02 8/26/99 8.50% Participant account $ -
###-##-#### 2,700 1,405 1/29/99 1/26/00 9/28/99 7.75% Participant account 5,621
</TABLE>
-16-
<PAGE>
<TABLE>
SALARY REDUCTION PLAN FOR HOURLY EMPLOYEES OF IMC GLOBAL OPERATIONS INC.
REPRESENTED BY UNITED STEELWORKERS OF AMERICA AT CARLSBAD, NEW MEXICO
----------------------------------------------------------------------
SCHEDULE H, PART IV, ITEM 4(j)
------------------------------
SCHEDULE OF REPORTABLE TRANSACTIONS
-----------------------------------
YEAR ENDED DECEMBER 31, 1999
----------------------------
Employer Identification Number: 36-3513204
Plan Number: 019
<CAPTION>
Current
Value of
Asset on
Purchase Selling Cost Transaction Net
Identity of Party Involved Description of Assets Price Price of Asset Date Gain
---------------------------------- ------------------------------- -------- ------- --------- ---------- --------
Series of securities transactions in excess of 5% of plan assets
----------------------------------------------------------------
<S> <S> <C> <C> <C> <C> <C>
Marshall and Ilsley Trust Company* Vanguard Wellington Fund, Inc. $178,921 $ - $178,921 $178,921 $ -
- 85,351 81,137 85,351 4,214
Fidelity Equity-Income Fund, Inc. 265,979 - 265,979 265,979 -
- 133,264 113,723 133,264 19,541
Vanguard Fixed Income Fund 241,770 - 241,770 241,770 -
- 343,238 341,361 343,238 1,877
Fidelity Magellan Fund, Inc. 193,448 - 193,448 193,448 -
- 84,772 76,891 84,772 7,881
*Indicates party-in-interest to the Plan.
</TABLE>
-17-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, I, the Undersigned Chairman of the Employee Benefits
Committee, have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
Salary Reduction Plan for Hourly Employees of IMC Global
Operations Inc. Represented by United Steelworkers
of America at Carlsbad, New Mexico
/s/ J. Bradford James
-----------------------
J. Bradford James
Chairman of the Employee Benefits Committee
Date: June 28, 2000
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 28, 2000
--------------------- and Chief Financial
J. Bradford James Officer
/s/ Stephen P. Malia Senior Vice President June 28, 2000
--------------------- Human Resources
Stephen P. Malia
/s/ E. Paul Dunn, Jr. Vice President and June 28, 2000
--------------------- Treasurer
E. Paul Dunn, Jr.
/s/ Mary Ann Hynes Senior Vice President June 28, 2000
--------------------- and General Counsel
Mary Ann Hynes
