| for the years ended December 31 | in millions of US dollars | ||||||||
| 2007 | 2006 | 2005 | |||||||
| Operating Activities | |||||||||
| Net income | $ | 1,103.6 | $ | 631.8 | $ | 542.9 | |||
| Adjustments to reconcile net income to cash provided by operating activities | |||||||||
Depreciation and amortization |
291.3 | 242.4 | 242.4 | ||||||
Stock-based compensation |
38.6 | 29.5 | 27.5 | ||||||
Loss (gain) on disposal of property, plant and equipment and long-term investments |
7.9 | (8.6) | 11.8 | ||||||
Provision for auction rate securities |
26.5 | – | – | ||||||
Provision for plant shutdowns – phosphate segment |
– | 6.3 | – | ||||||
Foreign exchange on future income tax |
52.4 | 0.5 | 8.9 | ||||||
Provision for future income tax |
119.6 | 50.0 | 40.1 | ||||||
Undistributed earnings of equity investees |
(35.6) | (24.5) | (33.5) | ||||||
Unrealized gain on derivative instruments |
(21.1) | – | – | ||||||
Other long-term liabilities |
(57.9) | 13.4 | 20.2 | ||||||
Subtotal of adjustments |
421.7 | 309.0 | 317.4 | ||||||
Changes in non-cash operating working capital |
|||||||||
Accounts receivable |
(154.6) | 11.0 | (107.6) | ||||||
Inventories |
60.3 | 13.9 | (119.9) | ||||||
Prepaid expenses and other current assets |
7.0 | 0.2 | (5.8) | ||||||
Accounts payable and accrued charges |
250.9 | (269.1) | 238.1 | ||||||
Subtotal of changes in non-cash operating working capital |
163.6 | (244.0) | 4.8 | ||||||
| Cash provided by operating activities | 1,688.9 | 696.8 | 865.1 | ||||||
| Investing Activities | |||||||||
| Additions to property, plant and equipment | (607.2) | (508.6) | (382.7) | ||||||
| Purchase of long-term investments | (30.7) | (352.5) | (190.9) | ||||||
| Purchase of investments in auction rate securities | (132.5) | – | – | ||||||
| Proceeds from disposal of property, plant and equipment and long-term investments | 4.5 | 22.0 | 12.4 | ||||||
| Other assets and intangible assets | 7.8 | (0.6) | 5.9 | ||||||
| Cash used in investing activities | (758.1) | (839.7) | (555.3) | ||||||
| Cash before financing activities | 930.8 | (142.9) | 309.8 | ||||||
| Financing Activities | |||||||||
| Proceeds from long-term debt obligations | 1.5 | 483.9 | – | ||||||
| Repayment and issue costs of long-term debt obligations | (403.6) | (1.3) | (10.1) | ||||||
| (Repayment of) proceeds from short-term debt obligations | (67.9) | (94.3) | 158.7 | ||||||
| Dividends | (93.6) | (60.9) | (65.4) | ||||||
| Repurchase of common shares | – | – | (851.9) | ||||||
| Issuance of common shares | 26.6 | 47.3 | 93.9 | ||||||
| Cash (used in) provided by financing activities | (537.0) | 374.7 | (674.8) | ||||||
| Increase (Decrease) in Cash and Cash Equivalents | 393.8 | 231.8 | (365.0) | ||||||
| Cash and Cash Equivalents, Beginning of Year | 325.7 | 93.9 | 458.9 | ||||||
| Cash and Cash Equivalents, End of Year | $ | 719.5 | $ | 325.7 | $ | 93.9 | |||
| Cash and cash equivalents comprised of: | |||||||||
Cash |
$ | 23.1 | $ | 7.9 | $ | 18.4 | |||
Short-term investments |
696.4 | 317.8 | 75.5 | ||||||
| $ | 719.5 | $ | 325.7 | $ | 93.9 | ||||
| Supplemental cash flow disclosure | |||||||||
Interest paid |
$ | 93.9 | $ | 106.8 | $ | 86.3 | |||
Income taxes paid |
$ | 221.0 | $ | 226.8 | $ | 141.6 | |||
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