Code Stops Working After X Rows

I'm using Excel 2007 and my s/s is 360000 rows deep.
To cut+paste formulas+formats from one column to another I'm using the following


Sub move_formula_and_formats_from_I_to_L()

Dim cell As Range

Application.ScreenUpdating = False

For Each cell In Range("I1", Cells(Rows.Count, "I").End(xlUp))
With cell
If .HasFormula And Not .Offset(1).HasFormula Then
.Cut Destination:=.Offset(1, 3)
End If
End With
Next cell

Application.ScreenUpdating = True

End Sub
The code stops working after 159000 rows and highlights (in yellow) the line:
.Cut Destination:=.Offset(1, 3)