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 GLOBAL INC.
PROFIT SHARING AND SAVINGS PLAN
(Formerly the Investment Plan for Salaried
Employees of IMC Global Operations Inc.)
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
IMC GLOBAL INC.
2100 SANDERS ROAD, NORTHBROOK, ILLINOIS 60062
---------------------------------------------
<PAGE>
Employer Identification #36-3513204
Plan #004
IMC GLOBAL INC.
PROFIT SHARING AND SAVINGS PLAN
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
(Together with Auditors' Report)
DECEMBER 31, 1999 AND 1998
<PAGE>
IMC GLOBAL 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 18
<PAGE>
Independent Auditors' Report
Plan Administrator
IMC Global Inc.
Profit Sharing and Savings Plan
We have audited the accompanying statement of net assets
available for benefits of the IMC Global 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 12, 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 Global Operations, Inc.
Profit Sharing and Savings Plan
We have audited the accompanying statement of net assets
available for benefits of the IMC Global Operations, Inc. Profit
Sharing and Savings Plan as of December 31, 1998 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.
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 net assets
available for benefits of the Plan at December 31, 1998 and the
changes in its net 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 12, 1999
-3-
<PAGE>
IMC GLOBAL INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
-----------------------------------------------
DECEMBER 31, 1999 AND 1998
--------------------------
1999 1998
---- ----
ASSETS
Investments, at fair value:
Master trust funds:
Interest in IMC Global Stock Fund $ 15,320,938 $ 20,353,724
Interest in IMC Global Fixed Income
Fund 44,809,452 54,179,806
Interest in IMC Global Bond Fund 2,408,722 3,203,031
Mutual funds:
Fidelity Equity-Income Fund, Inc. 15,502,501 19,847,478
Vanguard Wellington Fund, Inc. 11,739,074 16,634,658
Fidelity Magellan Fund, Inc. 23,289,304 12,662,803
Templeton Foreign Fund, Inc. 3,589,078 2,709,064
Franklin Balance Sheet Investment
Fund, Inc. 2,696,151 11,497,429
Vanguard Index Trust 500 Fund, Inc. 27,474,916 30,271,745
Loans to participants 3,448,238 5,354,133
------------- -------------
Total investments 150,278,374 176,713,871
------------- -------------
Receivables:
Participant contributions 111,167 264,646
Company contributions 39,304 5,688,830
Due from brokers - 2,129
------------- -------------
Total receivables 150,471 5,955,605
------------- -------------
Total assets 150,428,845 182,669,476
------------- -------------
LIABILITIES
Due to brokers 366 -
------------- -------------
-
NET ASSETS AVAILABLE FOR BENEFITS $ 150,428,479 $ 182,669,476
============= =============
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
IMC GLOBAL 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 $ 1,911,816 $ 1,946,596
Net realized and unrealized appreciation
in fair value of investments 7,588,401 11,866,867
Income (loss) from master trust funds 334,528 (2,057,478)
------------- -------------
Total investment income 9,834,745 11,755,985
------------- -------------
Contributions:
Participants 6,882,934 9,111,962
Company 3,634,035 9,719,918
------------- -------------
Total contributions 10,516,969 18,831,880
------------- -------------
Transfers from other plans - 66,984,629
------------- -------------
Total additions 20,351,714 97,572,494
------------- -------------
DEDUCTIONS
Distributions 27,830,503 16,034,717
Transfers to other plans 24,692,567 -
Administrative expenses 69,641 -
------------- -------------
Total deductions 52,592,711 16,034,717
------------- -------------
NET INCREASE (DECREASE) (32,240,997) 81,537,777
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 182,669,476 101,131,699
------------- -------------
End of year $ 150,428,479 $ 182,669,476
============= =============
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
IMC GLOBAL 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 Global Operations Inc. was amended, restated
and renamed the IMC Global Inc. Profit Sharing and Savings
Plan (the Plan).
Also on January 1, 1998, the following plans were merged with
the Plan: IMC Global-Hutson Co. 401(k) Profit Sharing Plan;
IMC Global-Hutson Agrico Services 401(k) Profit Sharing Plan;
IMC Global-Vigoro Employees' Salary Plan; and the IMC Global
Non-Union Hourly Employees of IMC Global Operations Inc. Plan.
Effective July 1, 1998, the IMC Global Profit Sharing and
Savings-Western Ag Plan 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 was established on March 1, 1988, for salaried
employees of IMC Global Operations Inc. (a wholly owned
subsidiary of IMC Global Inc.) and its wholly owned domestic
subsidiaries (the Company). Employees 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 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.
-6-
<PAGE>
IMC GLOBAL INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (Continued)
Company matching contributions were equal to 100% of the first
3%, and 50% of the second 3% of participants' eligible
contributions for the years 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.
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 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:
-7-
<PAGE>
IMC GLOBAL INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
1. Description of the Plan (Continued)
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.
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.
Bond Fund - Assets are invested in shares of the IMC Global
Bond Fund, a pooled bond fund shared only by other IMC Global
Operations Inc. 401(k) plans. The fund invests substantially all
of the assets in shares of the Bond Fund of America, Inc., a
mutual fund comprised of marketable corporate debt securities,
U.S. government securities, mortgage-related securities, other
asset-backed securities, and cash or money market instruments.
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 GLOBAL 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 GLOBAL 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
monthly payroll deductions. Each loan bears interest at the
prevailing rate for loans of similar risk, date of maturity,
and date of grant.
2. Summary of Significant Accounting Policies
Investment Valuation
All investments 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. Fair
value for shares of master trust funds, mutual funds, the M&I
Stable Principal Fund, and the LaSalle National Trust, N.A.
Income Plus Fund are carried at fair value which is the net
asset value of those shares, as determined by the respective
funds. Loans to participants are valued at cost which
approximates fair value. Guaranteed investment contracts are
carried at contract value.
-10-
<PAGE>
IMC GLOBAL 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.
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 Global Operations
Inc. pooled funds shared by other IMC Global Operations Inc.
401(k) plans. The Plan held a 100%, 98.6%, and 96.9% interest,
respectively, in the IMC Global Bond Fund, the IMC Global
Stock Fund, and the IMC Global Fixed Income Fund at December
31, 1999 (100%, 99.1% and 98.2%, 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.
-11-
<PAGE>
IMC GLOBAL INC.
PROFIT SHARING AND SAVINGS PLAN
-------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(Continued)
3. Investment in Master Trust (Continued)
The assets of the pooled funds as of December 31, 1999, were as
follows:
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
---------- ---------- -----------
Bond Fund of America $ 2,351,242 $ - $ -
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 54,882 488,024 898,258
Pending transactions - 6,657 -
Accrued interest and dividends 2,598 3,130 73,208
---------- ---------- -----------
Net Assets $ 2,408,722 $15,540,901 $ 46,265,601
=========== =========== ============
The assets of the pooled funds as of December 31, 1998, were as follows:
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
---------- ---------- -----------
Bond Fund of America $ 3,158,380 $ - $ -
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 44,397 - -
Accrued interest and dividends 254 3,147 129,668
---------- ---------- -----------
Net Assets $ 3,203,031 $20,525,624 $55,182,285
=========== =========== ===========
-12-
<PAGE>
IMC GLOBAL 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 Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
---------- ---------- -----------
<S> <C> <C> <C>
Additions
Interest and dividend income $ 173,277 $ 307,153 $ 2,919,067
Net realized and unrealized depreciation
in fair value of investments (780,913) (1,958,939) -
Contributions and transfers from other plans 1,729,146 20,621,302 29,755,582
--------- ---------- ----------
1,121,510 18,969,516 32,674,649
--------- ---------- ----------
Deductions
Benefits paid 1,915,819 23,954,239 41,578,994
Investment expenses - - 12,339
--------- ---------- ----------
1,915,819 23,954,239 41,591,333
--------- ---------- ----------
Net decrease in assets (794,309) (4,984,723) (8,916,684)
Net assets, beginning of year 3,203,031 20,525,624 55,182,285
--------- ---------- ----------
Net assets, end of year $2,408,722 $ 15,540,901 $ 46,265,601
========== ============ ============
</TABLE>
Changes in the pooled balances for the year ended December 31, 1998, were
summarized as follows:
<TABLE>
<CAPTION>
IMC Global
IMC Global IMC Global Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- ----------
<S> <C> <C> <C>
Additions
Interest and dividend income $ 212,110 $ 234,583 $ 3,132,655
Net realized and unrealized appreciation
(depreciation) in fair value of investments (59,650) (5,948,352) 321,606
Contributions and transfers from other plans 4,335,440 31,572,913 58,592,605
--------- ---------- ----------
4,487,900 25,859,144 62,046,866
--------- ---------- ----------
Deductions
Benefits paid 3,640,937 23,713,125 47,702,409
Investment expenses - - 24,934
--------- ---------- ----------
3,640,937 23,713,125 47,727,343
--------- ---------- ----------
Net increase in assets 846,963 2,146,019 14,319,523
Net assets, beginning of year 2,356,068 18,379,605 40,862,762
--------- ---------- ----------
Net assets, end of year $ 3,203,031 $ 20,525,624 $ 55,182,285
============ ============ ===========
</TABLE>
-13-
<PAGE>
IMC GLOBAL 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 net assets available for benefits at December 31,
1999 and 1998, were as follows:
<TABLE>
<CAPTION>
December 31
1999 1998
------------ ------------
<S> <C> <C>
Fidelity Equity-Income Fund, Inc. $ 15,502,501 $ 19,847,478
Vanguard Wellington Fund, Inc. 11,739,074 16,634,658
Fidelity Magellan Fund, Inc. 23,289,304 12,662,803
Vanguard Index Trust 500 Fund, Inc. 27,474,916 30,271,745
Franklin Balance Sheet Investment Fund, Inc. 2,696,151 11,497,429
</TABLE>
5. Federal Income Tax Status
The Internal Revenue Service ruled on June 7, 1989, that the
Plan qualified under section 401 (a) of the IRC and,
therefore, the related trust is not subject to tax under
present income tax law. 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 GLOBAL 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: 36-3513204
Plan Number: 004
<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. 289,875 $14,896,153 $15,502,501
Vanguard Wellington Fund, Inc. 419,852 12,330,380 11,739,074
Fidelity Magellan Fund, Inc. 170,455 20,479,102 23,289,304
Templeton Foreign Fund, Inc. 319,882 3,255,257 3,589,078
Franklin Balance Sheet Investment Fund, Inc. 88,485 2,894,769 2,696,151
Vanguard Index Trust 500 Fund, Inc. 203,022 23,185,507 27,474,916
Loans to participants (7.00% - 10.75%) - 3,448,238
----------- -----------
$77,041,168 $87,739,262
=========== ===========
*Indicates party-in-interest to the Plan.
</TABLE>
-15-
<PAGE>
<TABLE>
IMC GLOBAL INC. PROFIT SHARING AND SAVINGS PLAN
-----------------------------------------------
SCHEDULE G, PART 1
------------------
SCHEDULES OF LOANS OR FIXED INCOME OBLIGATIONS
-----------------------------------------------
YEAR ENDED DECEMBER 31, 1999
----------------------------
Employer Identification Number: 36-3513204
Plan Number: 004
<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>
###-##-#### $6,000 $ - 2/14/97 2/15/03 12/23/99 7.75% Participant account $11,838
###-##-#### 6,000 122 3/15/96 3/15/01 12/23/99 8.25% Participant account -
###-##-#### 3,500 71 4/15/97 4/15/02 12/23/99 8.25% Participant account -
###-##-#### 2,900 233 12/15/95 11/3/00 12/23/99 10.25% Participant account 25,415
###-##-#### 25,000 1,626 6/11/99 6/4/04 12/23/99 7.75% Participant account 47,404
###-##-#### 12,000 734 2/14/97 2/15/02 12/23/99 8.25% Participant account 11,805
###-##-#### 5,400 332 6/30/98 6/30/03 8/27/99 8.50% Participant account 10,485
###-##-#### 11,000 1,617 1/31/95 1/15/00 10/4/99 9.50% Participant account 40,521
###-##-#### 15,000 2,142 8/15/96 8/15/01 10/4/99 8.25% Participant account 40,521
###-##-#### 3,672 269 12/15/97 2/15/02 8/27/99 9.76% Participant account 7,697
###-##-#### 2,500 152 11/13/98 11/15/03 8/27/99 8.00% Participant account 7,697
###-##-#### 5,205 237 12/15/97 11/30/99 12/23/99 7.00% Participant account 47,380
###-##-#### 10,000 101 12/31/98 12/31/03 12/23/99 8.00% Participant account 47,380
###-##-#### 4,000 123 9/30/98 9/30/03 8/27/99 8.50% Participant account 19,278
###-##-#### 1,500 61 8/31/98 8/31/03 12/23/99 8.50% Participant account 3,218
###-##-#### 12,000 490 4/15/96 4/15/01 8/27/99 8.25% Participant account 84,754
###-##-#### 12,000 492 5/15/97 5/15/02 8/27/99 8.50% Participant account 84,754
</TABLE>
-16-
<PAGE>
<TABLE>
IMC GLOBAL INC. PROFIT SHARING AND SAVINGS PLAN
-----------------------------------------------
SCHEDULE G, PART 1
------------------
SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS (Continued)
----------------------------------------------------------
YEAR ENDED DECEMBER 31, 1999
----------------------------
Employer Identification Number: 36-3513204
Plan Number: 004
<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> <C> <C>
###-##-#### 13,000 $ - 11/30/94 11/15/99 8/27/99 8.75% Participant account 102,015
###-##-#### 23,900 - 1/15/97 1/15/02 8/27/99 8.25% Participant account 102,015
###-##-#### 14,300 - 4/15/96 4/15/01 12/23/99 8.25% Participant account 80,481
###-##-#### 10,000 1,536 1/20/98 1/31/02 8/27/99 10.50% Participant account 45,327
###-##-#### 24,078 2,252 12/15/97 4/15/02 12/23/99 9.25% Participant account 45,308
###-##-#### 987 - 12/15/97 11/15/02 12/23/99 9.50% Participant account 794
###-##-#### 3,000 457 12/18/95 12/31/99 12/23/99 10.75% Participant account 31,656
###-##-#### 15,000 768 6/15/98 6/15/03 12/23/99 8.50% Participant account 17,929
###-##-#### 8,494 626 12/15/97 1/15/02 8/27/99 9.25% Participant account 12,415
###-##-#### 4,800 615 2/18/97 2/28/02 12/23/99 10.25% Participant account 21,946
###-##-#### 2,053 154 12/15/97 12/15/01 8/27/99 9.25% Participant account -
###-##-#### 7,400 - 5/11/99 4/30/00 12/23/99 7.75% Participant account 359,203
###-##-#### 1,334 91 12/15/97 3/31/99 8/27/99 9.25% Participant account 19,582
###-##-#### 2,500 113 11/13/98 11/15/00 8/27/99 8.25% Participant account 19,582
###-##-#### 5,000 1,046 3/31/98 3/31/02 12/23/99 8.50% Participant account 40,089
</TABLE>
-17-
<PAGE>
<TABLE>
IMC GLOBAL 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: 36-3513204
Plan Number: 004
<CAPTION>
Value of
Asset on
Purchase Selling Cost Transaction Net
Identity of Party Involved Description of Assets Price Price of Asset Date Gain
--------------------------------- --------------------------------- ---------- ---------- ----------- ----------- --------
<S> <S> <C> <C> <C> <C> <C>
Series of securities transactions in excess of 5% of plan assets
-----------------------------------------------------------------
Marshall and Ilsley Trust Company* Fidelity Equity-Income Fund, Inc. $ 8,064,145 $ - $ 8,064,145 $ 8,064,145 $ -
- 8,854,295 7,652,358 8,854,295 1,201,937
Fidelity Magellan Fund, Inc. 16,466,122 - 16,466,122 16,466,122 -
- 12,875,468 11,649,290 12,875,468 1,226,178
Vanguard Wellington Fund, Inc. 11,001,372 - 11,001,372 11,001,372 -
- 7,864,532 7,801,646 7,864,532 62,886
Vanguard Index Trust 500 Fund, Inc. 26,140,120 - 26,140,120 26,140,120 -
- 14,692,296 12,870,002 14,692,296 1,822,294
Templeton Foreign Fund, Inc. 9,981,217 - 9,981,217 9,981,217 -
- 8,587,996 8,268,076 8,587,996 319,920
*Indicates party-in-interest to the Plan.
</TABLE>
-18-
<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 GLOBAL 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
