*********************************************

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

 

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2001

Commission file number 1-9759

 

IMC Global Inc.(Exact name of Registrant as specified in its charter)

 

| **Delaware**(State or other jurisdiction of    incorporation or organization)**36-3492467(I.R.S. Employer    Identification No.)**100 South Saunders RoadLake Forest, Illinois 60045(847) 739-1200(Address and telephone number, including area code, of Registrant's principal executiveoffices)**
 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the Registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X   . No____.

 

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of sharesoutstanding of each of the issuer’s classes of common stock as of the latestpracticable date: 114,762,992 shares, excluding 10,422,309 treasury shares as of May 3,2001.

 

 
***********************************************

PART I. FINANCIAL INFORMATION**
Item 1. Financial Statements.
The accompanying interim condensed    consolidated financial statements of IMC Global Inc. (Company) do not include all    disclosures normally provided in annual financial statements. These financial statements,    which should be read in conjunction with the consolidated financial statements contained    in the Company’s Annual Report on Form 10-K for the year ended December 31, 2000, are    unaudited but include all adjustments which the Company's management considers necessary    for a fair presentation. These adjustments consist of normal recurring accruals. Interim    results are not necessarily indicative of the results expected for the full year.

 

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS  (In millions, except per share amounts)  (Unaudited)

 
Three    months ended    March 31
 
2001
2000
 
 
 Net sales
$  520.1 
$  596.6 Cost of goods sold
   453.4 
   478.6 Gross margins
66.7 
118.0 
 
 
 Selling, general and administrative expenses
22.9 
25.0 Restructuring charge
       4.6 
          - Operating earnings
39.2 
93.0 
 
 
 Interest expense
29.6 
29.1 Other (income) expense, net
      (0.8)
       1.3 Earnings from continuing operations before    minority interest
10.4 
62.6 Minority interest
      (7.6)
       1.3 Earnings from continuing operations before taxes
18.0 
61.3 Provision for income taxes
       6.9 
     22.0 Earnings from continuing operations
11.1 
39.3 Earnings from discontinued    operations
          - 
       8.9 Net earnings 
$    11.1 
$    48.2 
 
====== 
====== *Basic and diluted earnings per share:*
 
 Earnings from continuing    operations
$    0.10 
$    0.34 Earnings from discontinued operations
          - 
      0.08 Net earnings per share
$     0.10 
$    0.42 
 
====== 
====== Basic weighted average number    of shares outstanding
114.5 
114.4 
 
 
 Diluted weighted average number    of shares outstanding
114.9 
114.6 
 

(See Notes to Condensed Consolidated Financial Statements)

 

CONDENSED CONSOLIDATED BALANCE SHEET(Dollars in millions)

                                                                                                           (Unaudited)
**Assets**
    March 31,     2001
    December 31, 2000Current assets:  
Cash and cash equivalents

$     10.0 
$     84.5 
Receivables, net

37.7 
35.0 
Note receivable from affiliate

33.4 
47.5 
Inventories, net

368.2 
332.6 
Deferred income taxes

84.4 
84.4 
Other current assets

       10.3 
        8.9 
  Total current assets

544.0 
592.9    Property, plant and equipment, net
2,330.3 
2,345.8 Net assets of discontinued operations held for sale
685.3 
751.9 Other assets
     576.8 
     571.0    Total assets
$4,136.4 
$4,261.6  
====== 
====== **Liabilities and Stockholders’    Equity**  Current liabilities:  
Accounts payable

$   183.1 

$   201.3 

Accrued liabilities

192.1 

211.7 

Short-term debt and current maturities of long-term debt

     215.2 

     217.5 

  Total current liabilities

590.4 

630.5 
Long-term debt, less current maturities
2,086.4 

2,143.1 Deferred income taxes
311.6 

291.6 
Other noncurrent liabilities
506.8 

521.0 
Common equity forwards
13.1 

- 
Stockholders’ equity:  
Common stock, $1 par value, authorized 300,000,000 shares;           issued 125,185,301 shares at March 31 and December 31 

      125.2 

      125.2 

Capital in excess of par value

1,677.2 

1,692.2 

Accumulated deficit

(781.1)

(790.0)

Accumulated other comprehensive income

(100.1)

(58.6)

Treasury stock, at cost, 10,422,309 and 10,413,385 shares at         March 31 and December 31, respectively 

         (293.1)

         (293.4)

  Total stockholders’ equity

     628.1 

     675.4 
   Total liabilities and stockholders’ equity
$4,136.4 

$4,261.6 
 
====== 
====== 
  

(See Notes to Condensed Consolidated Financial Statements)

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In millions)(Unaudited)

Three months    ended           March    31             
2001
2000**Cash Flows from Operating Activities**
 
 Net earnings
$   11.1 
$   48.2 Adjustments to reconcile net earnings to net cash provided by    operating activities:  
Depreciation, depletion and amortization

43.0 
56.2 
Minority interest

(7.6)
1.3 
Deferred income taxes

19.9 
(11.8)
Other charges and credits, net

(23.7)
9.3 
Changes in:
  
     Receivables

(2.7)
(43.5)
     Note receivable from affiliate

14.1 
-
     Inventories

(35.6)
49.5 
     Other current assets

(1.4)
4.8 
     Accounts payable

(18.2)
(8.8)
     Accrued liabilities

(22.9)
22.5 
     Net current assets of discontinued operations

    49.6 
    (2.0)
Net cash provided by operating activities

    25.6 
  125.7    **Cash Flows from Investing Activities**           Capital    expenditures(30.8)(20.3)         Other          -        0.5                Net    cash used in investing activities  (30.8)  (19.8)               Net    cash provided (used) before financing activities    (5.2)  105.9    **Cash Flows from Financing Activities**  Cash distributions to the unitholders of Phosphate Resource    Partners Limited Partnership- (4.5)Payments of long-term debt(183.0)(127.9)Proceeds from issuance of long-term debt, net126.324.8 Changes in short-term debt, net(2.3)(12.7)Stock options exercised and restricted stock awards(1.6)- Cash dividends paid      (8.7)        (8.7)          Net    cash used in financing activities    (69.3) (129.0)Net change in cash and cash equivalents(74.5)(23.1)Cash and cash equivalents - beginning of period      84.5      80.8 Cash and cash equivalents - end of period$   10.0 $   57.7  
===== 
===== 
(See Notes to Condensed Consolidated Financial Statements)

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Dollars in millions, except per share amounts)

1.  Restructuring and Other Charges*2001 Restructuring Charge*
In the first quarter of 2001, the Company announced a new  organizational structure (Reorganization Plan) designed to fully maximize the Company's  global leadership position in phosphate and potash crop nutrients and animal feed  ingredients while reducing costs, streamlining the organization and improving  productivity. The Reorganization Plan was primarily comprised of a shift to a more  functional organization structure which resulted in business unit and corporate headcount  reductions. As a result, the Company recorded a continuing operations restructuring charge  of $4.6 million, $2.4 million after tax and minority interest, or $0.02 per share, in the  first quarter of 2001. A total of 75 employees were terminated and the majority had left  the Company prior to March 31, 2001. Virtually all severance payments will be disbursed  subsequent to March 31, 2001.
*1999 Restructuring Charge*
In the fourth quarter of 1999, the Company announced and  implemented a Company-wide rightsizing program (Rightsizing Program) which was designed to  simplify and focus the Company's core businesses. The key components of the Rightsizing  Program were: (i) the shutdown and permanent closure of the Nichols and Payne Creek  facilities at IMC PhosFeed (PhosFeed) resulting from an optimization program to reduce  rock and concentrate production costs through higher utilization rates at the lowest-cost  facilities; (ii) an asset rightsizing program at Potash resulting from a recently revised  mine plan; and (iii) corporate and business unit headcount reductions. In conjunction with  the Rightsizing Program, the Company recorded a continuing operations restructuring charge  of $167.1 million, $89.3 million after tax and minority interest, or $0.78 per share, in  the fourth quarter of 1999. Restructuring charges of $11.9 million, $6.3 million after  tax, or $0.05 per share, for discontinued operations were also recorded in the fourth  quarter of 1999. 
*1998 Restructuring Charge*
In the fourth quarter of 1998, the Company developed and executed a  plan to improve profitability (Project Profit). Project Profit was comprised of four major  initiatives: (i) the combination of certain activities within the IMC Potash (Potash) and  PhosFeed business units in an effort to realize certain operating and staff function  synergies; (ii) restructuring of the phosphate rock mining, concentrated phosphate  operations and processes in an effort to reduce costs; (iii) simplification of the current  business activities by eliminating businesses not deemed part of the Company's core  competencies; and (iv) reduction of operational and corporate headcount. In conjunction  with Project Profit, the Company recorded a continuing operations restructuring charge of  $179.5 million, $113.0 million after tax and minority interest, or $0.98 per share, in the  fourth quarter of 1998. Restructuring charges of $13.8 million, $10.0 million after tax,  for discontinued operations were also recorded in the fourth quarter of 1998.

Activity related to the restructuring portion of the plans discussed  above during the period January 1, 2001 to March 31, 2001 was as follows: 
 
Accrual as of January 1, 2001
Restructuring    Charge
    Cash Paid
Accrual as ofMarch 31, 2001*Non-employee    exit costs:
  Demolition and closure costs
$ 41.8
$     -
$  (3.9)
$ 37.9
  Idle leased transportation    equipment
4.4
-
(1.5)
2.9
  Other
1.8
-
(0.2)
1.6     *Employee    headcount reductions:
  Severance benefits
    3.4
    4.6
      (2.1)
    5.9     
Total
$ 51.4
$  4.6
$  (7.7)
$ 48.3 
====
====
===== 
====
 

The timing and costs of the Rightsizing Program and Project Profit are  generally on schedule with the time and dollar estimates disclosed in the 2000 Annual  Report on Form 10-K. 
*Other*
In addition to the 2001 Restructuring Charge, the Company also  recorded a $2.4 million, $1.2 million after tax and minority interest, or $0.01 per share,  special charge related to the write-off of certain deferred costs which had no future  benefit based on the Company's current operating plan. This special charge was recorded in  Cost of goods sold.

2.   Divestitures
On February 28, 2001, the Company's Board of Directors  authorized management to proceed with negotiations, on proposed terms, for the sale of IMC  Salt (Salt) as well as a solar evaporation facility located in Ogden, Utah (Ogden). The  Condensed Consolidated Statement of Earnings has been restated to reflect the results of  Salt and Ogden as discontinued operations in accordance with Accounting Principles Board  Opinion (APB) No. 30, *Reporting the Results of Operations*. In the fourth quarter of  2000, the Company recorded an estimated loss on disposal of $611.7 million, $402.7 million  after tax, including an accrual for forecasted operating results through June 30, 2001 in  accordance with APB No. 30.

In December 1999, the Company received Board of Director approval for a  plan to sell the entire IMC Chemicals (Chemicals) business unit and is currently in  discussions with potential buyers regarding the sale of Chemicals, in whole or in parts.  Through the fourth quarter of 2000, the Company recorded estimated losses on disposal  totaling $231.3 million, $166.4 million after tax, including an accrual for forecasted  operating results through June 30, 2001 in accordance with APB No. 30.

For financial reporting purposes, the assets and liabilities of  Chemicals, Salt and Ogden, net of the estimated losses on disposal, have been classified  as Net assets of discontinued operations held for sale. See the table below for the detail  of assets and liabilities.
 
March 31    2001 
December 31    2000**Assets:   
Receivables, net

$158.1 
$193.2
Inventories, net

98.4 
137.0
Other current assets

7.4 
4.0
Property, plant and equipment, net

561.7 
595.6
Other assets

     6.2 
     6.8
Total assets

831.8 
936.6    **Liabilities:   
Accounts payable

75.9 
103.4
Accrued liabilities

45.4 
55.2
Other noncurrent liabilities

   25.2 
   26.1
Total liabilities

  146.5 
  184.7**Net assets of discontinued operations    held for sale
$685.3 
$751.9 
===== 
=====
The Company has not concluded agreement(s) for the sale(s) of such  businesses and there can be no assurance that agreement(s) will be consummated nor can there  be assurance as to the timing or proceeds thereof.

3.   Recently Issued Accounting Guidance*Derivative Instruments Indexed to, and Potentially Settled in, a  Company’s Own Stock*
In accordance with Emerging Issues Task Force (EITF) Issue No.  00-19, "Accounting for Derivative Instruments Indexed to, and Potentially Settled in,  a Company’s Own Stock," the Company reclassified $13.1 million from  Stockholders’ equity to Common equity forwards. This reclassification related to the  Company’s forward stock repurchase program and was calculated based on the difference  between the Company’s stock price as of March 31, 2001 and the forward repurchase  contract price.

The Company will be required to adopt further provisions of EITF No.  00-19 on June 30, 2001. These provisions will require the Company to account for its  forward stock repurchase contract as an asset or liability, with changes in the value of  the contract reflected in the Condensed Consolidated Statement of Earnings. The Company  will record the cumulative effect of this change in accounting principle in the second  quarter of 2001. However, the impact of adopting EITF 00-19 cannot be determined at this  time because it is dependent on the closing market price of the Company’s common  stock on June 30, 2001.
*Accounting for Derivative Instruments and Hedging Activities

On January 1, 2001, the Company adopted Statement of Financial  Accounting Standards (SFAS) No. 133, *Accounting for Derivative Instruments and Hedging  Activities*, as amended by SFAS No. 137 and SFAS No. 138. In accordance with the  provisions of SFAS No. 133, the Company recorded a transition adjustment upon adoption of  SFAS No. 133 to recognize its derivative instruments at fair value. The effect of this  transition adjustment resulted in a $2.9 million, net of tax, increase in Accumulated  other comprehensive income.

The Company uses financial instruments, including forward exchange,  option, futures and swap contracts, to manage its exposure to movements in foreign  exchange rates and commodity prices. The use of these financial instruments modifies the  exposure of these risks with the intent to reduce the risk and variability to the Company.  Initially, upon adoption of SFAS No. 133, and prospectively, on the date a derivative  contract is entered into, the Company designates the derivative as either: (i) a hedge of  a recognized asset or liability or an unrecognized firm commitment (fair value hedge);  (ii) a hedge of a forecasted transaction or of the variability of cash flows to be  received or paid related to a recognized asset or liability (cash flow hedge); (iii) a  hedge of a net investment in a foreign operation (net investment hedge); or (iv) as a  natural hedging instrument whose change in fair value is recognized to act as an economic  hedge against changes in the values of the hedged item (natural hedge). 

The Company formally documents its hedge relationships, including  identification of the hedging instruments and the hedged items, as well as its risk  management objectives and strategies for undertaking the hedge transaction. The Company  also formally assesses, both at inception and at least quarterly thereafter, whether the  derivatives that are used in hedging transactions are effective in offsetting changes in  either the fair value or cash flows of the hedged item. When it is determined that a  derivative ceases to be an effective hedge, the Company discontinues hedge accounting.  Derivatives are recorded in the Condensed Consolidated Balance Sheet at fair value in  other assets and other liabilities.

The Company has various forward currency exchange contracts outstanding  as of March 31, 2001 maturing in various months through July 2002 which have been  designated as cash flow hedges and are being used to hedge transaction exposure related to  assets and liabilities denominated in currencies other than the entities' functional  currency, including intercompany loans, and to reduce the exchange rate risk related to  certain forecasted foreign currency transactions. The principle currency being hedged by  the Company as of March 31, 2001 was the Canadian dollar. The Company also has various  exchange-traded natural gas forward purchase contracts outstanding as of March 31, 2001  maturing in various months through October 2004 which have been designated as cash flow  hedges and are being used to hedge volatility in natural gas prices caused by weather,  supply conditions, political and economic variables, and other unpredictable factors. The  effective portion of changes in the fair value of the Company’s cash flow hedges is  recorded in Accumulated other comprehensive income. As of March 31, 2001, the Company had  unrealized losses totaling $13.3 million related to its cash flow hedges of which $12.1  million is expected to be reclassified into earnings within the next 12 months. Unrealized  gains or losses included in Accumulated other comprehensive income are recognized in  earnings in the same period that the underlying hedged item is realized and reported on  the same line in the Condensed Consolidated Statement of Earnings as the underlying hedged  item. During the first quarter of 2001, the Company recognized all of the unrealized gains  reported in Accumulated other comprehensive income and associated with the transition  adjustment on January 1, 2001. The ineffective portion of changes in the fair value of the  Company’s cash flow hedges are immediately reported in Other (income) expense, net in  the Condensed Consolidated Statement of Earnings, and were not significant during the  quarter ended March 31, 2001.

4.   Sale of Accounts Receivable
In September 2000, the Company entered into an accounts  receivable securitization facility (Securitization Facility) which expires on September  28, 2001, unless extended by the Company and, in any event, no later than September 26,  2003. The Securitization Facility allows the Company to sell without recourse, on an  on-going basis, certain of its trade accounts receivable to a wholly-owned unconsolidated  special purpose entity (SPE). The SPE in turn may sell an interest in such receivables to  a financial conduit for up to a $100.0 million net investment. The proceeds received by  the SPE from the financial conduit are used to pay the Company for a portion of the  purchase price of the receivables. The SPE pays for the remainder of the purchase price of  the receivables through the issuance of notes payable to the Company, which bear interest  at the Federal Funds Rate (5.0% at March 31, 2001) and are due no later than one year  after the termination of the Securitization Facility.

As of March 31, 2001, the outstanding balance of trade accounts  receivable, net of allowances, sold to the SPE was $158.4 million and the net investment  by the financial conduit was approximately $100.0 million, which represents the sale of  substantially all eligible receivables at that date. The Company recognized pretax losses  of $1.8 million on the sale of receivables in the first quarter of 2001, which are  included in Other (income) expense, net. The proceeds of the net investment from the  financial conduit were used to reduce borrowings under the Company's commercial paper  program. The principal amount of notes issued by the SPE to the Company of $33.4 million  was reflected in the Condensed Consolidated Balance Sheet as a Note receivable from  affiliate. Since the inception of the SPE, the Company has received proceeds from new  securitizations of $1,176.6 million and proceeds from collections reinvested in previous  securitizations of $992.8 million.

In April 2001, the Company voluntarily terminated the Securitization  Facility upon payment of $100.0 million with the simultaneous return of $211.3 million of  receivables to the Company.

5.   Inventories 
March 31    2001 
December 31    2000    Products (principally finished)
$307.8 
$272.4Operating materials and supplies
   67.0 
   71.6 
374.8 
344.0Less: Inventory allowances
     6.6 
   11.4Inventories, net
$368.2 
$332.6 
===== 
=====
 

6.   Financing Arrangements

In April 2001, the Company amended its $550.0 million long-term credit  facility, maturing in December 2002, and its $250.0 million short-term credit facility,  maturing in September 2001 (collectively, Credit Facilities).

The principal revisions that were made to the Credit Facilities by the  April 2001 amendments were: (i) to defer the Company’s obligation to secure the  Credit Facilities with the fixed assets of the Company and its domestic subsidiaries until  May 21, 2001; (ii) to amend certain financial covenants (leverage ratio and interest  coverage ratio), including retroactive amendments to those covenants as of March 31, 2001;  and (iii) to trigger the Company’s obligation to secure the Credit Facilities with  substantially all of the stock and other equity interests and the assets (other than fixed  assets) of its domestic subsidiaries (and the Company’s related obligation to  terminate its accounts receivable securitization facility). 

The amount available for borrowing under the Credit Facilities is  reduced by the balances of commercial paper, letters of credit, and guarantees. As of  March 31, 2001, the Company had a total of $378.3 million drawn on the Credit Facilities.  Outstanding letters of credit as of March 31, 2001 totaled $40.5 million. No commercial  paper was outstanding as of March 31, 2001. As of March 31, 2001, net available additional  borrowings under the Credit Facilities were approximately $381.2 million.

A condition to the effectiveness of the April 2001 amendments was the  delivery to the agent under the Credit Facilities of an underwritten commitment letter  providing for a replacement credit facility for the Company in an amount not less than  $500.0 million. In order to satisfy this requirement, the Company has entered into a  commitment letter (Commitment Letter) with The Chase Manhattan Bank and Goldman Sachs  Credit Partners L.P., pursuant to which they have advised the Company of their commitment  to each provide up to $250.0 million of the replacement facilities (Replacement  Facilities). In addition to the Replacement Facilities, the Commitment Letter contemplates  that: (i) the Company will repay or repurchase its 6.625 percent senior notes due October  2001 promptly upon the closing of the Replacement Facilities; and (ii) the Company will  issue $500.0 million of senior unsecured notes (now proposed to be $400.0 million 10.875  percent senior unsecured notes due 2008 and $200.0 million 11.25 percent senior unsecured  notes due 2011).

Set forth below is a brief summary of certain material terms of the  Replacement Facilities specified in the Commitment Letter. However, as the final terms of  the Replacement Facilities have not been determined, the final terms may differ from those  set forth herein and, in certain cases, such differences may be significant. 

It is contemplated that the Replacement Facilities will provide for a  revolving credit facility of up to $250.0 million in revolving credit loans and letters of  credit and a term loan facility of $250.0 million in term loans. At the closing of the  Replacement Facilities, the amount of the revolving credit facility may be reduced by up  to $50.0 million, with a corresponding increase in the term loan facility.  It is  further contemplated that the Replacement Facilities will be guaranteed by substantially  all of the Company’s direct or indirect domestic subsidiaries and will be secured by:  (i) a pledge of certain equity interests and intercompany debt held by the Company or the  subsidiary guarantors in their subsidiaries; (ii) a security interest in accounts  receivables and inventory; and (iii) mortgages on certain real property. 

The Company believes that its cash, other liquid assets and operating  cash flow, together with available borrowings and potential access to credit and capital  markets and receipt of asset sale proceeds, will be sufficient to meet its operating  expenses and capital expenditures and service its debt requirements as they become due  (including current maturities of long-term debt of $210.8 million due in 2001). However,  the ongoing ability of the Company to meet its debt service and other obligations,  including compliance with financial covenants in the Credit Facilities or, as applicable,  the Replacement Facilities will be dependent upon the future performance of the Company  which will be subject to financial, business, and other factors, certain of which are  beyond its control, such as prevailing economic and industry conditions and prices and  other market conditions for the Company’s products and upon the Company’s  ability to complete proposed major asset sales on acceptable terms. However, based on  current market conditions, the Company believes that it is unlikely that it will be able  to comply with applicable financial covenants contained in the Credit Facilities.****Accordingly,  the Company is seeking to implement the Replacement Facilities and the related issuance of  new senior notes. If the Company is unable to implement its pending refinancing plan and,  as is expected in such events, is unable to comply with the currently applicable financial  covenants contained in the Credit Facilities, the Company would be unable to borrow  additional amounts under the Credit Facilities in the absence of an additional waiver or  amendment from the requisite lenders under the Credit Facilities. However, there can be no  assurance that the Company’s efforts to implement its pending refinancing plan or to  obtain an additional waiver or amendment from the requisite lenders under the Credit  Facilities would be successful.

7.   Operating Segmentsa 
IMC    PhosFeedb,c 
IMC    Potashc 
    Otherc 
    Totalb,c*Three months ended March 31,    2001*Net sales from external customers
$  303.4  
$ 216.7 
$       -  
$   520.1Intersegment net sales
17.9  
6.7 
-  
24.6Gross margins
9.6  
62.6 
(5.5) 
66.7Operating earnings (loss)
(4.0) 
57.7 
(14.5) 
39.2 *Three months ended March 31,    2000*Net sales from external customers
$  335.1  
$ 261.5 
$       -  
$   596.6Intersegment net sales
19.5  
5.3 
-  
24.8Gross margins
44.2  
80.4 
(6.6) 
118.0Operating earnings (loss)
33.1  
76.5 
(16.6) 
93.0
aThe operating results of Chemicals, Salt and Ogden were not    included in the segment information as these businesses have been classified as    discontinued       operations (Note 2). bGross margins include special charges of $2.4 million related to the write-off    of certain deferred costs (Note 1).cOperating earnings (loss) include special charges of $5.2 million, $0.8    million and $1.0 million for PhosFeed, Potash and Other, respectively, related to the    Reorganization   Plan (Note 1).

8.   Comprehensive Income (Loss)
Comprehensive income (loss), net of taxes, was as follows:
 
Three months    ended    March 31 
2001
2000Comprehensive income (loss):  Net earnings 
$  11.1 
$  48.2 Net unrealized loss on derivative instruments
(13.3)
- Foreign currency translation adjustment
  (28.2)
    (3.4)
Total comprehensive income (loss) for the period

$(30.4)
$  44.8  
===== 
===== 
9. Earnings Per Share
The numerator for both basic and diluted earnings per share (EPS)  is: (i) earnings from continuing operations; (ii) earnings from discontinued operations  or; (iii) net earnings, as applicable. The denominator for basic EPS is the  weighted-average number of shares outstanding during the period (Denominator). The  following is a reconciliation of the Denominator for the basic and diluted earnings per  share computations:
 
Three months    ended    March 31 
2001
2000   Basic EPS shares
114.5
114.4Effect of dilutive securities 
   0.4
   0.2Diluted EPS shares
114.9
114.6 
====
====
Options to purchase approximately 10.2 million and 7.9 million shares  of common stock as of March 31, 2001 and 2000, respectively, and warrants to purchase  approximately 8.4 million shares of common stock as of March 31, 2000, were not included  in the computation of diluted EPS, because the exercise price was greater than the average  market price of the Company’s common stock and, therefore, the effect of their  inclusion would be antidilutive.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations.1
**Results of Operations**
Three months ended March 31, 2001 vs. three months ended March 31,    2000 
*Overview*
Net sales for the first quarter of 2001 were $520.1 million and    gross margins were $69.1 million, excluding special charges of $2.4 million. Earnings from    continuing operations for the first quarter of 2001 were $14.7 million, or $0.13 per    share, excluding special charges of $3.6 million, after tax and minority interest, or    $0.03 per share (see Note 1 of Notes to Condensed Consolidated    Financial Statements). Net sales for the first quarter of 2000 were $596.6 million and    gross margins were $118.0 million. Earnings from continuing operations for the first    quarter of 2000 were $39.3 million, or $0.34 per share. Net earnings for the first quarter    of 2000 of $48.2 million, or $0.42 per share, included earnings from discontinued    operations of $8.9 million, or $0.08 per share (see Note 2 of Notes    to Condensed Consolidated Financial Statements).

Net sales for the first quarter of 2001 decreased 13 percent from the    prior year period while gross margins, excluding special charges, decreased 41 percent.    This decrease in sales was the result of reduced volumes, while the decrease in margins    occurred because of reduced volumes as well as increased raw material costs and higher    idle plant costs from temporary production cutbacks. 

The operating results of the Company’s significant business units    are discussed in more detail below.
*IMC PhosFeed*
PhosFeed’s net sales for the first quarter of 2001 declined    nine percent to $321.3 million compared to $354.6 million for the same period last year    largely as a result of lower volumes partially offset by higher average sales    realizations. Concentrated phosphates export sales volumes, primarily diammonium phosphate    (DAP), decreased 21 percent in the first quarter of 2001 while domestic shipments declined    ten percent. Overall, decreased shipments of concentrated phosphates, primarily DAP,    unfavorably impacted net sales by $35.0 million. Higher average concentrate sales prices,    driven by higher average DAP realizations, positively impacted net sales by $6.7 million.Average DAP prices increased five percent to $139 per short ton in    the first quarter of 2001 from $132 per short ton in the first quarter of 2000. 

Gross margins, excluding special charges of $2.4 million, decreased 73    percent to $12.0 million for the first quarter of 2001 compared to $44.2 million for the    first quarter of last year. This decrease was mainly the result of increased ammonia    costs, higher idle plant costs from temporary production cutbacks and lower sales volumes,    partially offset by higher prices. All Louisiana phosphate production was shut down during    the entire quarter, representing approximately 45 percent of annualized DAP capacity.

_____________________________________

1   All statements, other than statements of    historical fact, appearing under Part I, Item 2, "Management’s Discussion and    Analysis of Financial Condition and Results of Operations," and Part II,          Item 1, "Legal Proceedings,"constitute    "forward-looking statements" within the meaning of the Private Securities    Litigation Reform Act of 1995.

     Factors that could cause actual results    to differ materially from those expressed or implied by the forward-looking statements    include, but are not limited to, the following: general business and         economic conditions and governmental policies    affecting the agricultural industry in localities where the Company or its customers operate;    weather conditions; the impact of competitive products;          pressure on prices realized by the Company for its products;    constraints on supplies of raw materials used in manufacturing certain of the Company’s    products; capacity constraints limiting the production of          certain products; difficulties or delays in the development,    production, testing and marketing of products; difficulties or delays in receiving    required governmental and regulatory approvals;          market acceptance issues, including the failure of products    to generate anticipated sales levels; difficulties in integrating acquired businesses and    in realizing related cost savings and other benefits;          the effects of and change in trade, monetary, environmental    and fiscal policies, laws and regulations; foreign exchange rates and fluctuations in    those rates; the costs and effects of legal          proceedings, involving the Company; and other risk factors    reported from time to time in the Company’s Securities and Exchange Commission reports.
*IMC Potash*
Potash’s net sales for the first quarter of 2001 decreased 16    percent to $223.4 million compared to $266.8 million for the same period last year mainly    as a result of lower volumes, partially offset by higher average sales prices. Sales    volumes for the quarter decreased 18 percent to 2.1 million short tons compared to 2.6    million short tons in the prior year. Average sales prices increased four percent to $78    per ton in the first quarter of 2001 from $75 per ton in the first quarter of 2000. Gross    margins decreased 22 percent to $62.6 million for the first quarter of 2001 from $80.4    million for the same period in 2000. The decrease in gross margins was primarily the    result of lower sales volumes and higher natural gas costs, partially offset by higher    average sales prices.
*Key Statistics*
The following table summarizes the Company’s significant sales    volumes and average selling prices for the three months ended March 31:
 
2001
2000
Sales volumes (in    thousands of short tons)a:  
IMC Phosphates

1,394
1,636
IMC Potash

2,111

2,579

Average price per tonb:  
DAP

$139

$132

Potash

$78

$75

aSales volumes include tons sold captively. IMC      Phosphates’ volumes represent dry product tons, primarily DAP.bAverage prices represent sales made FOB plant/mine.
*Other (Income) Expense, net*
Other (income) expense, net for the first quarter of 2001 increased    $2.1 million to $0.8 million of income from expense of $1.3 million for the same period in    2000. This fluctuation was mainly caused by foreign currency transactions, partially    offset by fees associated with the accounts receivable securitization.*****Minority Interest*
Minority interest decreased $8.9 million from the same period last    year. This decrease in minority interest expense was primarily the result of significantly    lower earnings for IMC Phosphates Company, a 78.9 percent owned subsidiary of the Company,    as compared to the prior year period.****Restructuring Activities**
In the first quarter of 2001, the Company announced a    Reorganization Plan designed to fully maximize the Company's global leadership position in    phosphate and potash crop nutrients and animal feed ingredients while reducing costs,    streamlining the organization and improving productivity. The Reorganization Plan was    primarily comprised of a shift to a more functional organization structure which resulted    in headcount reductions. See Note 1 of Notes to Condensed    Consolidated Financial Statements.
**Divestitures**
On February 28, 2001, the Company’s Board of Directors    authorized management to proceed with negotiations, on proposed terms, for the sale of    Salt and Ogden. For financial reporting purposes, the assets and liabilities of Salt and    Ogden, net of the estimated loss on disposal, have been classified as Net assets of    discontinued operations held for sale.

In December 1999, the Company received Board of Director approval for a    plan to sell the entire Chemicals business unit. The Company is currently continuing its    discussions with potential buyers regarding the sale of Chemicals, in whole or in parts.    For financial reporting purposes, the assets and liabilities of Chemicals, net of the    estimated loss on disposal, have been classified as Net assets of discontinued operations    held for sale. 

See Note 2 of Notes to Condensed Consolidated    Financial Statements.
**Sale of Accounts Receivables**
See Note 4 of Notes to Condensed    Consolidated Financial Statements.
**Capital Resources and Liquidity**
The Company generates significant cash from operations and has    sufficient borrowing capacity to meet its operating and discretionary spending    requirements. 

Operating activities generated $25.6 million of cash in the first three    months of 2001 compared with $125.7 million for the same period in 2000.The decrease of $100.1 million was primarily driven by a depressed    agricultural economy that reduced operating cash flows and increased working capital as a    result of higher inventories from PhosFeed.

Net cash used in investing activities in the first three months of 2001    of $30.8 million increased $11.0 million from $19.8 million in the first three months of    2000. Capital expenditures for the first three months of 2001 increased $10.5 million to    $30.8 million from $20.3 million in the prior year. The Company estimates that its capital    expenditures from continuing operations for 2001 will approximate $140.0 million, $125.0    million after minority interest, and will be financed primarily from operations.

Cash used in financing activities in the first three months of 2001 of    $69.3 million decreased $59.7 million from $129.0 million in the first three months of    2000. This decrease in cash used in financing activities was primarily a result of lower    net debt payments of $56.8 million in the current year.

See Note 6 of Notes to Condensed Consolidated Financial Statements for    a discussion of financing arrangements.

Item 3. Market Risk. 

The Company is exposed to the impact of interest rate changes on    borrowings, fluctuations in the functional currency of foreign operations and the impact    of fluctuations in the purchase price of natural gas, ammonia and sulphur consumed in    operations, as well as changes in the market value of its financial instruments. The    Company periodically enters into derivatives in order to minimize foreign currency risks    and the effects of changing raw material prices, but not for trading purposes. At March    31, 2001, the Company’s exposure to these market risk factors was not significant and    had not materially changed from December 31, 2000.
**Part II. OTHER INFORMATION**
Item 1. Legal Proceedings1.

On March 28, 2001, and again on April 25, 2001, plaintiffs from  Pensacola, Florida filed a class-action lawsuit against Agrico Chemical Company, a  subsidiary of Phosphate Resource Partners Limited Partnership (Agrico) (and, solely in the  case of the latter action, also directly against IMC) and a number of unrelated  defendants. (First action - *Samples et al. vs. Conoco Inc. et al,* Second action  – *Williams et al. vs. Conoco Inc*, both in the Circuit Court of the First  Judicial Circuit, Escambia County, Florida). The former action primarily seeks unspecified  compensation for alleged diminution in property value, loss of use of groundwater,  restoration costs, unjust enrichment and other damages purportedly arising from releases  to groundwater occurring at the Agrico Superfund Site in Pensacola, Florida. The latter  action asserts a state law claim seeking medical monitoring as a result of such releases.  As a division of Conoco Inc. and then as a subsidiary of The Williams Companies, Agrico  owned and operated this facility for a number of years to produce crop nutrient and crop  nutrient-related materials. While management cannot determine the magnitude of any  exposure to the Company, the Company intends to vigorously contest these actions and to  seek any indemnification to which it may be entitled. Under a CERCLA consent decree,  Conoco Inc. and The Williams Companies have completed soil stabilization and capping at  this site and are continuing to conduct groundwater monitoring. Pursuant to an  indemnification agreement with the Company, The Williams Companies have assumed  responsibility for any on-site remedial costs that Agrico might incur.

For information on other legal and environmental proceedings, see Note  16 of Notes to Consolidated Financial Statements included in Part II, Item 8, of the  Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000.

Item 6. Exhibits and Reports on Form 8-K.

(a)
Exhibits.
Exhibit No.
Description
4.ii.
Second Amendment dated as of April 6, 2001    to the Second Amended and Restated Five-Year Credit Agreement dated as of September 29,    2000 among IMC Global Inc., the financial institutions parties thereto and Bank of    America, N.A., as Administrative Agent
(b)
Reports on Form 8-K.
A report under Item 5 dated    February 2, 2001.** 

 

**************************

SIGNATURES**
Pursuant to the requirements of the Securities Exchange Act of 1934,the Registrant has duly caused this report to be signed on its behalf by the undersignedthereunto duly authorized.
** ****IMC GLOBAL    INC.                                                               **by:**  **/s/ Anne M.    Scavone                                                                 Anne M.    Scavone                                                                          Vice President and    Controller                                                         (on behalf of the Registrant and as Chief Accounting    Officer)
 

Date:  May 14, 2001
** 

 

Exhibit Index****Exhibit No.      **Description                                                                      **Incorporated     Herein by Reference to****Filed with    Electronic    Submission**
4.ii.
Second Amendment dated as of April 6, 2001    to the Second Amended and Restated Five-Year Credit Agreement dated as of September 29,    2000 among IMC Global Inc., the financial institutions parties thereto and Bank of    America, N.A., as Administrative Agent 
X
* SEC File No.1-9164*************** |
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