Condensed Consolidating Financial Statements | 3 Months Ended |
Mar. 31, 2014 |
Condensed Consolidating Financial Statements | ' |
Condensed Consolidating Financial Statements | ' |
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19. Condensed Consolidating Financial Statements |
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The following condensed consolidating financial information is presented in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, and relates to the Notes issued by CF Industries, Inc. (CF Industries), a 100% owned subsidiary of CF Industries Holdings, Inc. (Parent), described in Note 12, and the full and unconditional guarantee of such Notes by Parent and to debt securities of CF Industries, and the full and unconditional guarantee thereof by Parent, that may be offered and sold from time to time under the registration statement on Form S-3 filed by Parent and CF Industries with the Securities and Exchange Commission on April 22, 2013. Under the supplemental indentures governing the Notes, the Notes are to be guaranteed by Parent and each of its current and future subsidiaries, other than CF Industries, that from time to time is a borrower or guarantor under the Credit Agreement, or any renewal, replacement or refinancing thereof. At March 31, 2014, none of such subsidiaries of Parent was, or was required to be, a guarantor of the Notes. In the event that a subsidiary of Parent, other than CF Industries, becomes a borrower or a guarantor under the Credit Agreement, it would be required to become a guarantor of the Notes. For purposes of the presentation of condensed consolidating financial information, the subsidiaries of Parent other than CF Industries are referred to as the Other Subsidiaries. |
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Presented below are condensed consolidating statements of operations and statements of cash flows for Parent, CF Industries and the Other Subsidiaries for the three months ended March 31, 2014 and 2013, and condensed consolidating balance sheets for Parent, CF Industries and the Other Subsidiaries at March 31, 2014 and December 31, 2013. The condensed consolidating financial information presented below is not necessarily indicative of the financial position, results of operations, comprehensive income or cash flows of Parent, CF Industries or the Other Subsidiaries on a stand-alone basis. |
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In this condensed consolidating financial information, investments in subsidiaries are presented under the equity method, in which our investments are recorded at cost and adjusted for our ownership share of a subsidiary's cumulative results of operations, distributions and other equity changes, and the eliminating entries reflect primarily intercompany transactions such as sales, accounts receivable and accounts payable and the elimination of equity investments and earnings of subsidiaries. |
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Condensed, Consolidating Statement of Operations |
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| | Three months ended March 31, 2014 | |
| | Parent | | CF Industries | | Other | | Eliminations | | Consolidated | |
Subsidiaries |
| | (in millions) | |
Net sales | | $ | — | | $ | 372 | | $ | 1,223.00 | | $ | (462.4 | ) | $ | 1,132.60 | |
Cost of sales | | | — | | | 188.3 | | | 963.9 | | | (462.4 | ) | | 689.8 | |
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Gross margin | | | — | | | 183.7 | | | 259.1 | | | — | | | 442.8 | |
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Selling, general and administrative expenses | | | 0.7 | | | 1.4 | | | 39.6 | | | — | | | 41.7 | |
Other operating—net | | | — | | | (0.3 | ) | | (5.5 | ) | | — | | | (5.8 | ) |
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Total other operating costs and expenses | | | 0.7 | | | 1.1 | | | 34.1 | | | — | | | 35.9 | |
Gain on sale of phosphate business | | | — | | | 761.5 | | | (14.4 | ) | | — | | | 747.1 | |
Equity in earnings of operating affiliates | | | — | | | — | | | 15.8 | | | — | | | 15.8 | |
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Operating earnings (loss) | | | (0.7 | ) | | 944.1 | | | 226.4 | | | — | | | 1,169.80 | |
Interest expense | | | — | | | 49.4 | | | (9.3 | ) | | (0.1 | ) | | 40 | |
Interest income | | | — | | | (0.1 | ) | | (0.2 | ) | | 0.1 | | | (0.2 | ) |
Net (earnings) of wholly-owned subsidiaries | | | (709.0 | ) | | (151.3 | ) | | — | | | 860.3 | | | — | |
Other non-operating—net | | | — | | | (0.1 | ) | | — | | | — | | | (0.1 | ) |
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Earnings before income taxes and equity in losses of non-operating affiliates | | | 708.3 | | | 1,046.20 | | | 235.9 | | | (860.3 | ) | | 1,130.10 | |
Income tax provision (benefit) | | | (0.2 | ) | | 337.1 | | | 76.3 | | | — | | | 413.2 | |
Equity in losses of non-operating affiliates—net of taxes | | | — | | | (0.1 | ) | | 3.6 | | | — | | | 3.5 | |
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Net earnings | | | 708.5 | | | 709 | | | 163.2 | | | (860.3 | ) | | 720.4 | |
Less: Net earnings attributable to noncontrolling interest | | | — | | | — | | | 11.9 | | | — | | | 11.9 | |
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Net earnings attributable to common stockholders | | $ | 708.5 | | $ | 709 | | $ | 151.3 | | $ | (860.3 | ) | $ | 708.5 | |
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Condensed, Consolidating Statement of Comprehensive Income |
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| | Three months ended March 31, 2014 | |
| | Parent | | CF Industries | | Other | | Eliminations | | Consolidated | |
Subsidiaries |
| | (in millions) | |
Net earnings | | $ | 708.5 | | $ | 709 | | $ | 163.2 | | $ | (860.3 | ) | $ | 720.4 | |
Other comprehensive income (loss) | | | (9.4 | ) | | (9.4 | ) | | (9.4 | ) | | 18.8 | | | (9.4 | ) |
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Comprehensive income | | | 699.1 | | | 699.6 | | | 153.8 | | | (841.5 | ) | | 711 | |
Less: Comprehensive income attributable to noncontrolling interest | | | — | | | — | | | 11.9 | | | — | | | 11.9 | |
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Comprehensive income attributable to common stockholders | | $ | 699.1 | | $ | 699.6 | | $ | 141.9 | | $ | (841.5 | ) | $ | 699.1 | |
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Condensed, Consolidating Statement of Operations |
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| | Three months ended March 31, 2013 | |
| | Parent | | CFI | | Other | | Eliminations | | Consolidated | |
Subsidiaries |
| | (in millions) | |
Net sales | | $ | — | | $ | 334.9 | | $ | 1,414.80 | | $ | (413.2 | ) | $ | 1,336.50 | |
Cost of sales | | | — | | | 222 | | | 849.8 | | | (410.4 | ) | | 661.4 | |
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Gross margin | | | — | | | 112.9 | | | 565 | | | (2.8 | ) | | 675.1 | |
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Selling, general and administrative expenses | | | 1 | | | 1.6 | | | 41.7 | | | — | | | 44.3 | |
Other operating—net | | | — | | | 6.1 | | | 8.5 | | | — | | | 14.6 | |
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Total other operating costs and expenses | | | 1 | | | 7.7 | | | 50.2 | | | — | | | 58.9 | |
Equity in earnings of operating affiliates | | | — | | | — | | | 11.6 | | | — | | | 11.6 | |
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Operating earnings (loss) | | | (1.0 | ) | | 105.2 | | | 526.4 | | | (2.8 | ) | | 627.8 | |
Interest expense | | | — | | | 29.4 | | | 10.3 | | | (0.6 | ) | | 39.1 | |
Interest income | | | — | | | (0.4 | ) | | (2.3 | ) | | 0.6 | | | (2.1 | ) |
Net (earnings) of wholly-owned subsidiaries | | | (407.2 | ) | | (358.3 | ) | | — | | | 765.5 | | | — | |
Other non-operating—net | | | — | | | — | | | 54.7 | | | — | | | 54.7 | |
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Earnings before income taxes and equity in earnings of non-operating affiliates | | | 406.2 | | | 434.5 | | | 463.7 | | | (768.3 | ) | | 536.1 | |
Income tax provision (benefit) | | | (0.3 | ) | | 27.3 | | | 80.4 | | | — | | | 107.4 | |
Equity in earnings of non-operating affiliates—net of taxes | | | — | | | — | | | 0.7 | | | — | | | 0.7 | |
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Net earnings | | | 406.5 | | | 407.2 | | | 384 | | | (768.3 | ) | | 429.4 | |
Less: Net earnings attributable to noncontrolling interest | | | — | | | — | | | 25.7 | | | (2.8 | ) | | 22.9 | |
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Net earnings attributable to common stockholders | | $ | 406.5 | | $ | 407.2 | | $ | 358.3 | | $ | (765.5 | ) | $ | 406.5 | |
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Condensed, Consolidating Statement of Comprehensive Income |
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| | Three months ended March 31, 2013 | |
| | Parent | | CFI | | Other | | Eliminations | | Consolidated | |
Subsidiaries |
| | (in millions) | |
Net earnings | | $ | 406.5 | | $ | 407.2 | | $ | 384 | | $ | (768.3 | ) | $ | 429.4 | |
Other comprehensive income | | | (60.5 | ) | | (60.5 | ) | | (107.1 | ) | | 167 | | | (61.1 | ) |
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Comprehensive income | | | 346 | | | 346.7 | | | 276.9 | | | (601.3 | ) | | 368.3 | |
Less: Comprehensive income attributable to noncontrolling interest | | | — | | | — | | | 25.7 | | | (3.4 | ) | | 22.3 | |
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Comprehensive income attributable to common stockholders | | $ | 346 | | $ | 346.7 | | $ | 251.2 | | $ | (597.9 | ) | $ | 346 | |
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Condensed, Consolidating Balance Sheet |
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| | March 31, 2014 | |
| | Parent | | CF Industries | | Other | | Eliminations | | Consolidated | |
Subsidiaries | and |
| Reclassifications |
| | (in millions) | |
Assets | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.1 | | $ | 1,398.90 | | $ | 2,131.20 | | $ | — | | $ | 3,530.20 | |
Restricted cash | | | — | | | — | | | 653.3 | | | — | | | 653.3 | |
Accounts and notes receivable-net | | | — | | | 1,760.00 | | | 802.1 | | | (2,346.4 | ) | | 215.7 | |
Inventories—net | | | — | | | (1.2 | ) | | 385.6 | | | — | | | 384.4 | |
Prepaid income taxes | | | 1.2 | | | — | | | 18.5 | | | (19.7 | ) | | — | |
Deferred income taxes | | | — | | | — | | | 44.6 | | | — | | | 44.6 | |
Assets held for sale | | | — | | | — | | | — | | | — | | | — | |
Other | | | — | | | 14.6 | | | 68.3 | | | — | | | 82.9 | |
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Total current assets | | | 1.3 | | | 3,172.30 | | | 4,103.60 | | | (2,366.1 | ) | | 4,911.10 | |
Property, plant and equipment—net | | | — | | | — | | | 4,281.90 | | | — | | | 4,281.90 | |
Deferred income taxes | | | — | | | 149.6 | | | — | | | (149.6 | ) | | — | |
Investments in and advances to affiliates | | | 5,837.80 | | | 8,247.50 | | | 933.4 | | | (14,085.2 | ) | | 933.5 | |
Due from affiliates | | | 570.7 | | | — | | | 1.7 | | | (572.4 | ) | | — | |
Goodwill | | | — | | | — | | | 2,094.60 | | | — | | | 2,094.60 | |
Noncurrent assets held for sale | | | — | | | — | | | — | | | — | | | — | |
Other assets | | | — | | | 75 | | | 179.4 | | | — | | | 254.4 | |
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Total assets | | $ | 6,409.80 | | $ | 11,644.40 | | $ | 11,594.60 | | $ | (17,173.3 | ) | $ | 12,475.50 | |
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Liabilities and Equity | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | |
Accounts and notes payable and accrued expenses | | $ | 1,466.10 | | $ | 260.5 | | $ | 1,213.50 | | $ | (2,346.4 | ) | $ | 593.7 | |
Income taxes payable | | | — | | | 366.8 | | | — | | | (19.7 | ) | | 347.1 | |
Customer advances | | | — | | | — | | | 477.3 | | | — | | | 477.3 | |
Liabilities held for sale | | | — | | | — | | | — | | | — | | | — | |
Other | | | — | | | 14.6 | | | 3 | | | — | | | 17.6 | |
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Total current liabilities | | | 1,466.10 | | | 641.9 | | | 1,693.80 | | | (2,366.1 | ) | | 1,435.70 | |
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Long-term debt | | | — | | | 4,592.30 | | | 8.7 | | | (8.7 | ) | | 4,592.30 | |
Deferred income taxes | | | — | | | — | | | 970.6 | | | (149.6 | ) | | 821 | |
Due to affiliates | | | — | | | 572.4 | | | — | | | (572.4 | ) | | — | |
Noncurrent liabilities held for sale | | | — | | | — | | | — | | | — | | | — | |
Other noncurrent liabilities | | | — | | | — | | | 318.2 | | | — | | | 318.2 | |
Equity: | | | | | | | | | | | | | | | | |
Stockholders' equity: | | | | | | | | | | | | | | | | |
Preferred stock | | | — | | | — | | | 16.4 | | | (16.4 | ) | | — | |
Common stock | | | 0.6 | | | — | | | 1.1 | | | (1.1 | ) | | 0.6 | |
Paid-in capital | | | 1,612.00 | | | (12.6 | ) | | 7,823.00 | | | (7,810.4 | ) | | 1,612.00 | |
Retained earnings | | | 4,378.90 | | | 5,902.40 | | | 450.6 | | | (6,353.0 | ) | | 4,378.90 | |
Treasury stock | | | (995.8 | ) | | — | | | — | | | — | | | (995.8 | ) |
Accumulated other comprehensive income (loss) | | | (52.0 | ) | | (52.0 | ) | | (52.4 | ) | | 104.4 | | | (52.0 | ) |
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Total stockholders' equity | | | 4,943.70 | | | 5,837.80 | | | 8,238.70 | | | (14,076.5 | ) | | 4,943.70 | |
Noncontrolling interest | | | — | | | — | | | 364.6 | | | — | | | 364.6 | |
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Total equity | | | 4,943.70 | | | 5,837.80 | | | 8,603.30 | | | (14,076.5 | ) | | 5,308.30 | |
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Total liabilities and equity | | $ | 6,409.80 | | $ | 11,644.40 | | $ | 11,594.60 | | $ | (17,173.3 | ) | $ | 12,475.50 | |
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Condensed, Consolidating Balance Sheet |
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| | December 31, 2013 | |
| | Parent | | CF Industries | | Other | | Eliminations | | Consolidated | |
Subsidiaries | and |
| Reclassifications |
| | (in millions) | |
Assets | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.1 | | $ | 20.4 | | $ | 1,690.30 | | $ | — | | $ | 1,710.80 | |
Restricted cash | | | — | | | — | | | 154 | | | — | | | 154 | |
Accounts and notes receivable-net | | | — | | | 287.1 | | | 1,172.20 | | | (1,228.4 | ) | | 230.9 | |
Inventories—net | | | — | | | 3.3 | | | 271 | | | — | | | 274.3 | |
Prepaid income taxes | | | 0.9 | | | — | | | 33.4 | | | (0.9 | ) | | 33.4 | |
Deferred income taxes | | | — | | | — | | | 60 | | | — | | | 60 | |
Assets held for sale | | | — | | | 68.1 | | | 6.2 | | | — | | | 74.3 | |
Other | | | — | | | — | | | 92.4 | | | — | | | 92.4 | |
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Total current assets | | | 1 | | | 378.9 | | | 3,479.50 | | | (1,229.3 | ) | | 2,630.10 | |
Property, plant and equipment—net | | | — | | | — | | | 4,101.70 | | | — | | | 4,101.70 | |
Deferred income taxes | | | — | | | 149.7 | | | — | | | (149.7 | ) | | — | |
Investments in and advances to affiliates | | | 5,193.40 | | | 8,161.10 | | | 925.8 | | | (13,354.3 | ) | | 926 | |
Due from affiliates | | | 570.7 | | | — | | | 1.7 | | | (572.4 | ) | | — | |
Goodwill | | | — | | | — | | | 2,095.80 | | | — | | | 2,095.80 | |
Noncurrent assets held for sale | | | — | | | 679 | | | — | | | — | | | 679 | |
Other assets | | | — | | | 60.7 | | | 184.8 | | | — | | | 245.5 | |
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Total assets | | $ | 5,765.10 | | $ | 9,429.40 | | $ | 10,789.30 | | $ | (15,305.7 | ) | $ | 10,678.10 | |
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Liabilities and Equity | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | |
Accounts and notes payable and accrued expenses | | $ | 40.6 | | $ | 354.2 | | $ | 715.9 | | $ | (546.6 | ) | $ | 564.1 | |
Income taxes payable | | | — | | | 29.1 | | | 45.1 | | | (0.9 | ) | | 73.3 | |
Customer advances | | | — | | | — | | | 120.6 | | | — | | | 120.6 | |
Liabilities held for sale | | | — | | | 26.8 | | | — | | | — | | | 26.8 | |
Other | | | 648.4 | | | 0.9 | | | 84.9 | | | (690.7 | ) | | 43.5 | |
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Total current liabilities | | | 689 | | | 411 | | | 966.5 | | | (1,238.2 | ) | | 828.3 | |
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Long-term debt | | | — | | | 3,098.10 | | | — | | | — | | | 3,098.10 | |
Deferred income taxes | | | — | | | — | | | 982.9 | | | (149.7 | ) | | 833.2 | |
Due to affiliates | | | — | | | 572.4 | | | — | | | (572.4 | ) | | — | |
Noncurrent liabilities held for sale | | | — | | | 154.5 | | | — | | | — | | | 154.5 | |
Other noncurrent liabilities | | | — | | | — | | | 325.6 | | | — | | | 325.6 | |
Equity: | | | | | | | | | | | | | | | | |
Stockholders' equity: | | | | | | | | | | | | | | | | |
Preferred stock | | | — | | | — | | | 16.4 | | | (16.4 | ) | | — | |
Common stock | | | 0.6 | | | — | | | 1.1 | | | (1.1 | ) | | 0.6 | |
Paid-in capital | | | 1,594.30 | | | (12.6 | ) | | 7,823.00 | | | (7,810.4 | ) | | 1,594.30 | |
Retained earnings | | | 3,725.60 | | | 5,248.60 | | | 354.5 | | | (5,603.1 | ) | | 3,725.60 | |
Treasury stock | | | (201.8 | ) | | — | | | — | | | — | | | (201.8 | ) |
Accumulated other comprehensive income (loss) | | | (42.6 | ) | | (42.6 | ) | | (43.0 | ) | | 85.6 | | | (42.6 | ) |
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Total stockholders' equity | | | 5,076.10 | | | 5,193.40 | | | 8,152.00 | | | (13,345.4 | ) | | 5,076.10 | |
Noncontrolling interest | | | — | | | — | | | 362.3 | | | — | | | 362.3 | |
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Total equity | | | 5,076.10 | | | 5,193.40 | | | 8,514.30 | | | (13,345.4 | ) | | 5,438.40 | |
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Total liabilities and equity | | $ | 5,765.10 | | $ | 9,429.40 | | $ | 10,789.30 | | $ | (15,305.7 | ) | $ | 10,678.10 | |
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Condensed, Consolidating Statement of Cash Flows |
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| | Three months ended March 31, 2014 | |
| | Parent | | CF Industries | | Other | | Eliminations | | Consolidated | |
Subsidiaries |
| | (in millions) | |
Operating Activities: | | | | | | | | | | | | | | | | |
Net earnings | | $ | 708.5 | | $ | 709 | | $ | 163.2 | | $ | (860.3 | ) | $ | 720.4 | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | | | | | | | | | | | | | | | | |
Depreciation, depletion and amortization | | | — | | | 1.6 | | | 103.7 | | | — | | | 105.3 | |
Deferred income taxes | | | — | | | — | | | 17.1 | | | — | | | 17.1 | |
Stock compensation expense | | | 3.8 | | | — | | | — | | | — | | | 3.8 | |
Excess tax benefit from stock-based compensation | | | (4.5 | ) | | — | | | — | | | — | | | (4.5 | ) |
Unrealized loss (gain) on derivatives | | | — | | | — | | | 21.9 | | | — | | | 21.9 | |
Gain on sale of phosphate business | | | — | | | (761.5 | ) | | 14.4 | | | — | | | (747.1 | ) |
Loss (gain) on disposal of property, plant and equipment | | | — | | | — | | | 0.1 | | | — | | | 0.1 | |
Undistributed loss (earnings) of affiliates—net | | | (709.0 | ) | | (151.3 | ) | | (11.4 | ) | | 860.3 | | | (11.4 | ) |
Due to / from affiliates—net | | | 4.5 | | | 1.8 | | | (6.3 | ) | | — | | | — | |
Changes in: | | | | | | | | | | | | | | | | |
Accounts and notes receivable—net | | | — | | | (16.7 | ) | | (278.5 | ) | | 327.4 | | | 32.2 | |
Inventories—net | | | — | | | 5.6 | | | (117.9 | ) | | — | | | (112.3 | ) |
Accrued income taxes | | | (0.2 | ) | | 337.6 | | | (57.5 | ) | | — | | | 279.9 | |
Accounts and notes payable and accrued expenses | | | 0.1 | | | 340.5 | | | 54.2 | | | (327.4 | ) | | 67.4 | |
Customer advances | | | — | | | — | | | 356.8 | | | — | | | 356.8 | |
Other—net | | | — | | | (3.6 | ) | | 24 | | | — | | | 20.4 | |
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Net cash provided by (used in) operating activities | | | 3.2 | | | 463 | | | 283.8 | | | — | | | 750 | |
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Investing Activities: | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | — | | | (16.3 | ) | | (376.1 | ) | | — | | | (392.4 | ) |
Proceeds from sale of property, plant and equipment | | | — | | | — | | | 1.3 | | | — | | | 1.3 | |
Proceeds from sale of phosphate business | | | — | | | 893.1 | | | 460.5 | | | — | | | 1,353.60 | |
Deposits to restricted cash funds | | | — | | | — | | | (505.0 | ) | | — | | | (505.0 | ) |
Withdrawals from restricted cash funds | | | — | | | — | | | 5.7 | | | — | | | 5.7 | |
Other—net | | | — | | | — | | | 5.8 | | | — | | | 5.8 | |
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Net cash provided by (used in) investing activities | | | — | | | 876.8 | | | (407.8 | ) | | — | | | 469 | |
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Financing Activities: | | | | | | | | | | | | | | | | |
Proceeds from long-term borrowings | | | — | | | 1,494.20 | | | — | | | — | | | 1,494.20 | |
Short-term debt—net | | | 764.7 | | | (1,438.8 | ) | | 674.1 | | | — | | | — | |
Financing fees | | | — | | | (15.7 | ) | | — | | | — | | | (15.7 | ) |
Purchase of treasury stock | | | (781.8 | ) | | — | | | — | | | — | | | (781.8 | ) |
Dividends paid on common stock | | | (55.2 | ) | | (55.2 | ) | | (55.2 | ) | | 110.4 | | | (55.2 | ) |
Distributions to/from noncontrolling interest | | | — | | | — | | | (9.6 | ) | | — | | | (9.6 | ) |
Issuances of common stock under employee stock plans | | | 9.4 | | | — | | | — | | | — | | | 9.4 | |
Excess tax benefit from stock-based compensation | | | 4.5 | | | — | | | — | | | — | | | 4.5 | |
Dividends to / from affiliates | | | 55.2 | | | 55.2 | | | — | | | (110.4 | ) | | — | |
Other—net | | | — | | | (1.0 | ) | | (42.0 | ) | | — | | | (43.0 | ) |
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Net cash provided by (used in) financing activities | | | (3.2 | ) | | 38.7 | | | 567.3 | | | — | | | 602.8 | |
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Effect of exchange rate changes on cash and cash equivalents | | | — | | | — | | | (2.4 | ) | | — | | | (2.4 | ) |
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Increase (decrease) in cash and cash equivalents | | | — | | | 1,378.50 | | | 440.9 | | | — | | | 1,819.40 | |
Cash and cash equivalents at beginning of period | | | 0.1 | | | 20.4 | | | 1,690.30 | | | — | | | 1,710.80 | |
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Cash and cash equivalents at end of period | | $ | 0.1 | | $ | 1,398.90 | | $ | 2,131.20 | | $ | — | | $ | 3,530.20 | |
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|
Condensed, Consolidating Statement of Cash Flows |
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| | Three months ended March 31, 2013 | |
| | Parent | | CFI | | Other | | Eliminations | | Consolidated | |
Subsidiaries |
| | (in millions) | |
Operating Activities: | | | | | | | | | | | | | | | | |
Net earnings | | $ | 406.5 | | $ | 407.2 | | $ | 384 | | $ | (768.3 | ) | $ | 429.4 | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | | | | | | | | | | | | | | | | |
Depreciation, depletion and amortization | | | — | | | 16.6 | | | 90.5 | | | — | | | 107.1 | |
Deferred income taxes | | | — | | | — | | | (66.7 | ) | | — | | | (66.7 | ) |
Stock compensation expense | | | 3 | | | — | | | 0.2 | | | — | | | 3.2 | |
Excess tax benefit from stock-based compensation | | | (9.0 | ) | | — | | | — | | | — | | | (9.0 | ) |
Unrealized loss (gain) on derivatives | | | — | | | — | | | (9.0 | ) | | — | | | (9.0 | ) |
Loss (gain) on disposal of property, plant and equipment | | | — | | | — | | | 2.3 | | | — | | | 2.3 | |
Undistributed loss (earnings) of affiliates—net | | | (407.2 | ) | | (361.1 | ) | | (4.2 | ) | | 768.3 | | | (4.2 | ) |
Due to / from affiliates—net | | | 9 | | | — | | | (9.0 | ) | | — | | | — | |
Changes in: | | | | | | | | | | | | | | | | |
Accounts and notes receivable—net | | | (163.0 | ) | | (346.7 | ) | | (882.9 | ) | | 1,367.20 | | | (25.4 | ) |
Inventories—net | | | — | | | (7.9 | ) | | (101.9 | ) | | — | | | (109.8 | ) |
Accrued income taxes | | | (0.3 | ) | | 27.3 | | | (108.8 | ) | | — | | | (81.8 | ) |
Accounts payable and accrued expenses | | | 649.7 | | | 250.7 | | | 540.3 | | | (1,367.2 | ) | | 73.5 | |
Customer advances | | | — | | | — | | | 317.9 | | | — | | | 317.9 | |
Other—net | | | — | | | (2.8 | ) | | 54 | | | — | | | 51.2 | |
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Net cash provided by (used in) operating activities | | | 488.7 | | | (16.7 | ) | | 206.7 | | | — | | | 678.7 | |
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Investing Activities: | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | — | | | (19.0 | ) | | (133.8 | ) | | — | | | (152.8 | ) |
Proceeds from sale of property, plant and equipment | | | — | | | — | | | 3.3 | | | — | | | 3.3 | |
Deposit on CFL acquisition | | | — | | | (45.3 | ) | | — | | | — | | | (45.3 | ) |
Other—net | | | — | | | — | | | (1.9 | ) | | — | | | (1.9 | ) |
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Net cash provided by (used in) investing activities | | | — | | | (64.3 | ) | | (132.4 | ) | | — | | | (196.7 | ) |
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Financing Activities: | | | | | | | | | | | | | | | | |
Short-term debt—net | | | — | | | (11.7 | ) | | 11.7 | | | — | | | — | |
Dividends paid on common stock | | | (25.2 | ) | | (25.2 | ) | | (25.2 | ) | | 50.4 | | | (25.2 | ) |
Dividends to / from affiliates | | | 25.2 | | | 25.2 | | | — | | | (50.4 | ) | | — | |
Distributions to/from noncontrolling interest | | | — | | | — | | | (16.7 | ) | | — | | | (16.7 | ) |
Purchase of treasury stock | | | (500.1 | ) | | — | | | — | | | — | | | (500.1 | ) |
Issuances of common stock under employee stock plans | | | 4.6 | | | — | | | — | | | — | | | 4.6 | |
Excess tax benefit from stock-based compensation | | | 9 | | | — | | | — | | | — | | | 9 | |
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Net cash provided by (used in) financing activities | | | (486.5 | ) | | (11.7 | ) | | (30.2 | ) | | — | | | (528.4 | ) |
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Effect of exchange rate changes on cash and cash equivalents | | | — | | | — | | | (18.2 | ) | | — | | | (18.2 | ) |
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Increase (decrease) in cash and cash equivalents | | | 2.2 | | | (92.7 | ) | | 25.9 | | | — | | | (64.6 | ) |
Cash and cash equivalents at beginning of period | | | — | | | 440.8 | | | 1,834.10 | | | — | | | 2,274.90 | |
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Cash and cash equivalents at end of period | | $ | 2.2 | | $ | 348.1 | | $ | 1,860.00 | | $ | — | | $ | 2,210.30 | |
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