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:
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
(Formerly the Investment Plan for Salaried
Employees of the 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
---------------------------------------------
<PAGE>
Employer Identification #36-3888539
Plan #101
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
(Together with Auditors' Report)
DECEMBER 31, 1999 AND 1998
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
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
IMC-Agrico MP, Inc.
Profit Sharing and Savings Plan
We have audited the accompanying statement of net assets
available for benefits of the IMC-Agrico MP, Inc. Profit Sharing
and Savings Plan 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 Act of 1974. These
supplemental schedules are the responsibility of the Plan's
management.
-1-
<PAGE>
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
-2-
<PAGE>
Report of Independent Auditors
Plan Administrator
IMC-Agrico MP, Inc. Profit Sharing and Savings Plan
We have audited the accompanying statement of assets available
for benefits of the IMC-Agrico MP, Inc. Profit Sharing and
Savings Plan 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
-3-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
-----------------------------------------------
DECEMBER 31, 1999 AND 1998
--------------------------
1999 1998
------------ ------------
ASSETS
Cash $ 397 $ -
Investments, at fair value:
Master trust funds:
Interest in IMC Agrico Stock Fund 8,166,796 8,216,850
Interest in IMC Agrico Fixed Income
Fund 27,382,481 24,747,852
Interest in IMC Agrico Bond Fund 3,402,257 4,486,669
Mutual funds:
Fidelity Equity-Income Fund, Inc. 26,205,983 30,060,508
Vanguard Wellington Fund, Inc. 5,345,833 6,149,712
Fidelity Magellan Fund, Inc. 14,427,552 11,253,966
Templeton Foreign Fund, Inc. 965,918 237,379
Franklin Balance Sheet Investment
Fund, Inc. 381,701 459,165
Vanguard Index Trust 500 Fund, Inc. 8,248,162 5,018,118
Loans to participants 4,155,759 4,955,634
------------ ------------
Total investments 98,682,839 95,585,853
------------ ------------
Receivables:
Participant contributions 68,752 98,872
Company contributions 24,485 2,368,099
------------ ------------
Total receivables 93,237 2,466,971
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $ 98,776,076 $ 98,052,824
============ ============
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF CHANGES IN
NET ASSETS AVAILABLE FOR BENEFITS
---------------------------------
YEARS ENDED DECEMBER 31, 1999 AND 1998
--------------------------------------
1999 1998
------------ --------------
ADDITIONS
Investment income:
Interest and dividends $ 1,273,135 $ 1,218,335
Net realized and unrealized appreciation
in fair value of investments 5,477,514 6,754,240
Income (loss) from master trust funds 534,415 (615,339)
------------- -------------
Total investment income 7,285,064 7,357,236
------------- -------------
Contributions:
Participants 4,723,564 5,067,772
Company 2,229,799 5,254,947
------------- -------------
Total contributions 6,953,363 10,322,719
------------- -------------
Transfers from other plans - 33,370,424
------------- -------------
Total additions 14,238,427 51,050,379
------------- -------------
DEDUCTIONS
Distributions 12,221,210 4,129,354
Transfers to other plans 1,293,965 -
------------- -------------
Total deductions 13,515,175 4,129,354
------------- -------------
NET INCREASE 723,252 46,921,025
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 98,052,824 51,131,799
------------- -------------
End of year $ 98,776,076 $ 98,052,824
============= =============
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
1. Description of the Plan
Effective January 1, 1998, the Investment Plan for Salaried
Employees of IMC-Agrico MP, Inc. was amended, restated and
renamed the IMC-Agrico MP, Inc. Profit Sharing and Savings
Plan (the Plan). Also on January 1, 1998, the Investment Plan
for Non-Union Hourly Employees of IMC-Agrico MP, Inc. was
merged into the Plan.
The following description of 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. 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, 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 from participants in the
form of payroll deductions/salary reductions of up to 15% of
participants' base monthly salaries, not to exceed $10,000 in
1999 and 1998. A participant may change the amount of payroll
deduction/salary reduction at any time. The Plan provides a
qualified cash and deferred arrangement within the meaning of
section 401(k) of the Internal Revenue Code (the IRC). Salary
reduction contributions, elected by certain participants, may
be reduced (or refunded) to comply with certain
nondiscrimination requirements of section 401(k) or the
limitations of section 415 of the IRC. In addition, the Plan
is also funded by Company matching contributions, as
determined by the Company's Board of Directors which are
subject to certain limitations imposed by section 415 of the
IRC. Company matching contributions were equal to 100% of the
first 3 %, and 50% of the second 3% of participants' eligible
contributions for the year ended December 31, 1999 and 1998.
The Company may also make a profit-sharing contribution,
subject to certain limitations and requirements. All or any
portion of the profit-sharing contributions that will be
applied to the Company Stock Fund may be in the form of cash
or shares of IMC Global, Inc. common stock. Generally, a
participant must be employed on the last day of the Plan year
to be eligible for profit-sharing contributions.
-6-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (continued)
Under certain circumstances, participants may rollover their
vested benefits from other qualified benefit plans to the
Plan.
Participant Accounts
Separate accounts are maintained for each participant. Each
participant's account balance is adjusted for participant and
Company contributions, withdrawals, fees, 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:
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, 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 6.65% through March 15, 2001.
c. GIC with Sunamerica Life Company with a guaranteed interest
rate of 7.04% through May 29, 2002.
-7-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (continued)
d. GIC with Government Plus Synthetic with an open maturity and
interest rate resets at January 1, 2000, April 1, 2000, July 1,
2000, and October 1, 2000.
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 6.05% through July 27, 2003.
g. GIC with Connecticut General Life with a guaranteed interest
rate 5.35% through October 30, 2003.
h. GIC with John Hancock with a guaranteed interest rate of
6.11% through March 31, 2004.
i. GIC with Protective Life with a guaranteed interest rate of
6.25%, 1/2 due December 31, 2002, and remainder due June 30, 2004.
j. Marshall Money Market Fund.
k. 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.
Bond Fund - Assets are invested in shares of the IMC-Agrico
Bond Fund, a pooled bond fund shared only by other IMC-Agrico MP,
Inc. 401(k) plans. The fund invests substantially all of the
assets in shares of the Bond Fund of America, Inc., a mutual fund
comprised of marketable corporate debt securities, U.S.
government securities, mortgage-related securities, other asset-
backed securities, and cash or money market instruments.
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.
-8-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (continued)
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.
International Equity Fund - Assets are invested in shares of
the Templeton Foreign Fund, Inc., a mutual fund which invests in
companies and governments outside of the United States.
Aggressive Equity Fund - Assets are invested in shares of
the Franklin Balance Sheet Investment Fund, Inc., a mutual fund
which invests in stock and securities of companies that it judges
to be undervalued.
Index Equity - Assets are invested in shares of Vanguard
Index Trust 500 Fund, Inc., a mutual fund which invests in S&P
500 companies.
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 the portion of their
Plan account related to participant contributions, Company
matching contributions, and earnings thereon. Participants are
vested in the Company profit-sharing portion of their account
after either five years of service, attaining age 65, or death
while an employee.
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, will
result in suspension of Plan participation for at least one
year.
-9-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (continued)
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) 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 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 for shares of
master trust funds, mutual funds, the LaSalle National Trust,
N.A. Income Plus Fund, and the M&I Stable Principal Fund is
the net asset value of those shares, 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.
-10-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
2. Summary of Significant Accounting Policies (continued)
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. Matching
contributions by the Company are made monthly based on the
minimum contribution percentage required by the Plan. Any
profit-sharing contributions by the Company are accrued when
approved by its Board of Directors.
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.
3. Investment in Master Trust
Assets of the Bond Fund, the Company Stock Fund, and the Fixed
Income Fund are invested in shares of IMC-Agrico MP, Inc.
pooled funds shared by other IMC-Agrico
-11-
<PAGE>
IMC-AGRICO MP, INC. PROFIT SHARING AND SAVINGS PLAN
---------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
3. Investment in Master Trust (Continued)
MP, Inc. 401(k) plans. The Plan held a 100%, 91.9%, and 86.5%
interest, respectively, in the IMC-Agrico Bond Fund, the IMC-
Agrico Stock Fund, and the IMC-Agrico Fixed Income Fund at
December 31, 1999 (100%, 95.5% and 87.1%, 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
allocable to such participating plan.
The assets of the pooled funds as of December 31, 1999, 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 $ 3,327,639 $ - $ -
IMC Global Inc. common stock - 8,625,974 -
M&I Stable Principal Fund - - 14,348,030
Guaranteed Investment Contracts:
CDC Investment Management Corp. - - 1,500,000
Rabobank Alternative - - 829,073
Sunamerica Life Company - - 3,579,144
Government Plus Synthetic - - 2,740,361
Ohio National - - 1,638,848
Sunamerica Life Synthetic - - 1,310,878
Connecticut General Life - - 1,600,177
John Hancock - - 1,568,544
Protective Life - - 2,078,918
Marshall Money Market Fund 69,168 262,964 612,159
Accrued interest and dividends 4,022 2,074 54,885
----------- ----------- ------------
Net Assets $ 3,400,829 $ 8,891,012 $ 31,861,017
=========== =========== ============
</TABLE>
The assets of the pooled funds as of December 31, 1998, 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 $ 4,395,805 $ - $ -
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 Company - - 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 86,098 104,275 145,405
Pending transactions - 89,751 -
Accrued interest and dividends 371 1,699 72,410
----------- ----------- ------------
Net Assets $ 4,482,274 $ 8,601,487 $ 28,396,569
=========== =========== ============
</TABLE>
-12-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
3. Investment in Master Trust (Continued)
Changes in the pooled balances for the year ended December 31, 1999, were
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 $ 269,452 $ 177,356 $ 1,680,709
Net realized and unrealized depreciation
in fair value of investments (176,433) (1,855,870) -
Contributions and transfers from other plans 903,207 37,074,481 45,454,721
------------- ------------- --------------
996,226 35,395,967 47,135,430
------------- ------------- --------------
Deductions
Benefits paid 2,077,671 35,106,442 43,670,982
------------- ------------- --------------
Net increase (decrease) in assets (1,081,445) 289,525 3,464,448
Net assets, beginning of year 4,482,274 8,601,487 28,396,569
------------- ------------- --------------
Net assets, end of year $ 3,400,829 $ 8,891,012 $ 31,861,017
============= ============= ==============
</TABLE>
Changes in the pooled balances for the year ended December 31, 1998, were
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 $ 314,120 $ 97,003 $ 1,680,792
Net realized and unrealized depreciation
in fair value of investments (78,774) (2,297,412) -
Contributions and transfers from other plans 2,921,167 19,496,739 24,287,771
------------- ------------- --------------
3,156,513 17,296,330 25,968,563
------------- ------------- --------------
Deductions
Benefits paid 2,885,187 14,679,071 22,707,640
Investment expenses - 66,363 31,850
------------- ------------- --------------
2,885,187 14,745,434 22,739,490
Net increase in assets 271,326 2,550,896 3,229,073
Net assets, beginning of year 4,210,948 6,050,591 25,167,496
------------- ------------- --------------
Net assets, end of year $ 4,482,274 $ 8,601,487 $ 28,396,569
============= ============= ==============
</TABLE>
-13-
<PAGE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
4. Significant Investments
Investments (all are participant-directed) that represent 5%
or more of assets available for benefits at December 31, 1999
and 1998, were as follows:
December 31
1999 1998
------------ ------------
Fidelity Equity-Income Fund, Inc. $ 26,205,983 $ 30,060,508
Vanguard Wellington Fund, Inc. 5,345,833 6,149,712
Fidelity Magellan Fund, Inc. 14,427,552 11,253,966
Vanguard Index Trust 500 Fund, Inc. 8,248,162 5,018,118
5. Federal Income Tax Status
The Internal Revenue Service ruled on 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. 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>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
SCHEDULE H, PART IV, ITEM 4(i)
------------------------------
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------
AS OF DECEMBER 31, 1999
-----------------------
Employer Identification Number: 36-3888539
Plan Number: 101
<CAPTION>
Number of Current
Identity of Issuer Description Shares Cost Value
---------------------------------- ------------------------------------------- -------- ----------- ------------
<S> <S> <C> <C> <C>
Marshall and Ilsley Trust Company* Fidelity Equity-Income Fund, Inc. 490,014 $24,680,301 $ 26,205,983
Vanguard Wellington Fund, Inc. 191,195 5,562,649 5,345,833
Fidelity Magellan Fund, Inc. 105,596 12,279,427 14,427,552
Templeton Foreign Fund, Inc. 86,089 894,402 965,918
Franklin Balance Sheet Investment Fund, Inc. 12,527 396,782 381,701
Vanguard Index Trust 500 Fund, Inc. 60,949 7,492,258 8,248,162
Loans to participants (7.00% - 10.75%) - 4,155,759 4,155,759
----------- ------------
$55,461,578 $ 59,730,908
=========== ============
*Indicates party-in-interest to the Plan.
</TABLE>
-15-
<PAGE>
<TABLE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
SCHEDULE G, PART 1
------------------
SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
---------------------------------------------
YEAR ENDED DECEMBER 31, 1999
-----------------------------
Employer Identification Number: 36-3888539
Plan Number: 101
<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
----------------- ------- ------------- ---------- -------- -------- ------- ------------------ -------
<C> <C> <C> <C> <C> <C> <C> <S> <C>
###-##-#### $4,000 $ 748 12/31/98 12/31/01 9/28/99 7.75% Participant account $ 54,445
###-##-#### 5,000 1,065 1/31/95 1/16/00 12/22/99 9.50% Participant account 47,409
###-##-#### 17,000 - 2/20/98 2/14/03 8/27/99 8.50% Participant account 109,634
###-##-#### 17,000 - 5/31/95 5/15/00 8/27/99 10.00% Participant account 224,208
###-##-#### 15,000 - 3/31/94 3/15/99 8/27/99 7.00% Participant account 224,208
###-##-#### 9,900 1,543 2/15/99 2/11/02 9/28/99 7.75% Participant account 15,953
</TABLE>
-16-
<PAGE>
<TABLE>
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
SCHEDULE H, PART IV, ITEM 4(j)
------------------------------
SCHEDULE OF REPORTABLE TRANSACTIONS
-----------------------------------
YEAR ENDED DECEMBER 31, 1999
----------------------------
Employer Identification Number: 36-3888539
Plan Number: 101
<CAPTION>
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* Fidelity Equity-Income Fund, Inc. $11,447,583 $ - $11,447,583 $11,447,583 $ -
- 14,234,057 11,997,250 14,234,057 2,236,807
Fidelity Magellan Fund, Inc. 11,235,155 - 11,235,155 11,235,155 -
- 9,490,972 8,124,411 9,490,972 1,366,561
Vanguard Index Trust 500 Fund, Inc. 18,457,698 - 18,457,698 18,457,698 -
- 16,347,108 15,362,677 16,347,108 984,431
*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.
IMC-AGRICO MP, INC.
PROFIT SHARING AND SAVINGS PLAN
/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
