Item 6. SELECTED FINANCIAL DATA.

The following selected historical financial data as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 have been derived from our audited consolidated financial statements and related notes included elsewhere in this document. The following selected historical financial data as of December 31, 2013, 2012 and 2011 and for the years ended December 31, 2012 and 2011 have been derived from our consolidated financial statements, which are not included in this document.

The selected historical financial data should be read in conjunction with the information contained in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data.



	Year ended December 31,
	2015(1)			2014(2)		2013			2012			2011
	(in millions, except per share amounts)
Statement of Operations Data:
Net sales	$	4,308.3		$	4,743.2	$	5,474.7		$	6,104.0		$	6,097.9
Cost of sales	2,761.2			2,964.7		2,954.5			2,990.7			3,202.3
Gross margin	1,547.1			1,778.5		2,520.2			3,113.3			2,895.6
Selling, general and administrative expenses	169.8			151.9		166.0			151.8			130.0
Transaction costs	56.9			—		—			—			—
Restructuring and integration costs	—			—		—			—			4.4
Other operating—net	92.3			53.3		(15.8		)	49.1			20.9
Total other operating costs and expenses	319.0			205.2		150.2			200.9			155.3
Gain on sale of phosphate business	—			750.1		—			—			—
Equity in earnings of operating affiliates	(35.0		)	43.1		41.7			47.0			50.2
Operating earnings	1,193.1			2,366.5		2,411.7			2,959.4			2,790.5
Interest expense (income)—net	131.6			177.3		147.5			131.0			145.5
Other non-operating—net	3.9			1.9		54.5			(1.1		)	(0.6		)
Earnings before income taxes and equity in earnings of non-operating affiliates	1,057.6			2,187.3		2,209.7			2,829.5			2,645.6
Income tax provision	395.8			773.0		686.5			964.2			926.5
Equity in earnings of non-operating affiliates—net of taxes	72.3			22.5		9.6			58.1			41.9
Net earnings	734.1			1,436.8		1,532.8			1,923.4			1,761.0
Less: Net earnings attributable to noncontrolling interest	34.2			46.5		68.2			74.7			221.8
Net earnings attributable to common stockholders	$	699.9		$	1,390.3	$	1,464.6		$	1,848.7		$	1,539.2
Cash dividends declared per common share(3)	$	1.20		$	1.00	$	0.44		$	0.32		$	0.20
Share and per share data:
Net earnings per share attributable to common stockholders(3):
Basic	$	2.97		$	5.43	$	4.97		$	5.79		$	4.44
Diluted	2.96			5.42		4.95			5.72			4.40
Weighted-average common shares outstanding(3):
Basic	235.3			255.9		294.4			319.3			347.0
Diluted	236.1			256.7		296.0			323.3			350.2
Other Financial Data:
Depreciation, depletion and amortization	$	479.6		$	392.5	$	410.6		$	419.8		$	416.2
Capital expenditures	2,469.3			1,808.5		823.8			523.5			247.2

CF INDUSTRIES HOLDINGS, INC.



	December 31,
	2015(1)		2014(2)		2013		2012		2011
	(in millions)
Balance Sheet Data:
Cash and cash equivalents	$	286.0	$	1,996.6	$	1,710.8	$	2,274.9	$	1,207.0
Total assets(4)	12,738.9		11,254.2		10,618.1		10,157.4		8,974.5
Customer advances	161.5		325.4		120.6		380.7		257.2
Total debt	5,592.7		4,592.5		3,098.1		1,605.0		1,617.8
Total equity	4,387.2		4,572.5		5,438.4		6,282.2		4,932.9


(1)	On July 31, 2015, we acquired the remaining 50% equity interest in CF Fertilisers UK not previously owned by us. CF Fertilisers UK is now wholly owned by us. The financial results of CF Fertilisers UK have been consolidated within our financial results since July 31, 2015. Prior to July 31, 2015, our initial 50% equity interest in CF Fertilisers UK was accounted for as an equity method investment and the financial results of this investment were included in equity in earnings of non-operating affiliates—net of taxes. See Note 4—Acquisitions and Divestitures, to the Consolidated Financial Statements for additional information.

(1)

On July 31, 2015, we acquired the remaining 50% equity interest in CF Fertilisers UK not previously owned by us. CF Fertilisers UK is now wholly owned by us. The financial results of CF Fertilisers UK have been consolidated within our financial results since July 31, 2015. Prior to July 31, 2015, our initial 50% equity interest in CF Fertilisers UK was accounted for as an equity method investment and the financial results of this investment were included in equity in earnings of non-operating affiliates—net of taxes. See Note 4—Acquisitions and Divestitures, to the Consolidated Financial Statements for additional information.


(2)	On March 17, 2014, we completed the sale of our phosphate mining and manufacturing business. The selected historical financial data above includes the results of the phosphate business through March 17, 2014, plus the continuing sales of the phosphate inventory in the distribution network after March 17, 2014. The remaining phosphate inventory was sold in the second quarter of 2014. The results of the phosphate mining and manufacturing business are not reported as discontinued operations in our consolidated statements of operations, as further described in Note 4—Acquisitions and Divestitures, to the Consolidated Financial Statements.

(2)

On March 17, 2014, we completed the sale of our phosphate mining and manufacturing business. The selected historical financial data above includes the results of the phosphate business through March 17, 2014, plus the continuing sales of the phosphate inventory in the distribution network after March 17, 2014. The remaining phosphate inventory was sold in the second quarter of 2014. The results of the phosphate mining and manufacturing business are not reported as discontinued operations in our consolidated statements of operations, as further described in Note 4—Acquisitions and Divestitures, to the Consolidated Financial Statements.


(3)	Share and per share amounts have been retroactively restated for all prior periods presented to reflect the five-for-one split of the Company’s common stock effected in the form of a stock dividend that was distributed on June 17, 2015.


(4)	Deferred income taxes included in total assets have been retroactively restated for all prior periods presented to reflect our adoption during fiscal year 2015 of Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes (an update to Topic 740, Income Taxes), which requires the classification of all deferred tax assets and liabilities as noncurrent. See Note 3—New Accounting Standards and Note 10—Income Taxes, to the Consolidated Financial Statements for additional information.

(4)

Deferred income taxes included in total assets have been retroactively restated for all prior periods presented to reflect our adoption during fiscal year 2015 of Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes (an update to Topic 740, Income Taxes), which requires the classification of all deferred tax assets and liabilities as noncurrent. See Note 3—New Accounting Standards and Note 10—Income Taxes, to the Consolidated Financial Statements for additional information.

CF INDUSTRIES HOLDINGS, INC.

Previous: Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. · Next: Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.