Mosaic is proud of our long-term economic impact on the communities where we operate and the improved profitability for farmers and, more broadly, rural communities.

In fiscal 2011, Mosaic employed nearly 7,700 people in eight countries and paid employee benefits and wages totaling more than $770 million worldwide. We surpassed local minimum wages in the United States and Canada by at least 65 percent and 200 percent, respectively. Mosaic also made tax and royalty payments to governments totaling $829.4 million in fiscal 2011. In fiscal 2011, Mosaic community investments reached $11.6 million, and we accrued an additional $12.6 million in formal commitments for future funding of multi-year agreements. In addition, our total supply chain spending exceeded $1 billion in 2011.

We expect to be a key employer and community presence in each of our communities for generations to come. Mosaic will need to attract and retain a large number of employees over the next decade. Our significant investments in local education, health services, and land and water infrastructure will help us meet increased production.

In addition to our more than 800 employees in Brazil, our strategic investments in this key agricultural market make us one of the largest producers and distributors of blended crop nutrients in the region. Our Potash operations in Saskatchewan directly employ nearly 2,000 people, and we expect this number to grow in the coming years. In Florida, we directly employ more than 3,300 people. Additionally, Mosaic has advocated for investment in transportation infrastructure, particularly at the Port of Tampa. Globally, the phosphate industry, of which Mosaic is one of the largest participants, is estimated to contribute $4.3 billion annually in personal income and more than $5.8 billion annually in total economic contributions to the regional economy.

We also recognize the importance and impact of doing business with local suppliers, as defined by businesses and contractors located within 100 miles of our facilities. In the United States, nearly 60 percent of our procurement budget is spent locally, and in Canada about 50 percent is spent locally. In Brazil, local procurement is as high as 97.5 percent at our Quebracho facility.