Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.

The following selected historical financial data as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014 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, 2014, 2013 and 2012 and for the years ended December 31, 2013 and 2012 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,
	2016			2015(1)			2014(2)		2013			2012
	(in millions, except per share amounts)
Statement of Operations Data:
Net sales	$	3,685		$	4,308		$	4,743	$	5,475		$	6,104
Cost of sales	2,845			2,761			2,965		2,955			2,991
Gross margin	840			1,547			1,778		2,520			3,113
Selling, general and administrative expenses	174			170			152		166			152
Transaction costs	179			57			—		—			—
Other operating—net	208			92			53		(16		)	49
Total other operating costs and expenses	561			319			205		150			201
Gain on sale of phosphate business	—			—			750		—			—
Equity in (losses) earnings of operating affiliates	(145		)	(35		)	43		42			47
Operating earnings	134			1,193			2,366		2,412			2,959
Interest expense (income)—net	195			131			177		147			131
Loss on debt extinguishment	167			—			—		—			—
Other non-operating—net	(2		)	4			2		55			(1		)
(Loss) earnings before income taxes and equity in earnings of non-operating affiliates	(226		)	1,058			2,187		2,210			2,829
Income tax (benefit) provision	(68		)	396			773		687			964
Equity in earnings of non-operating affiliates—net of taxes	—			72			23		10			58
Net (loss) earnings	(158		)	734			1,437		1,533			1,923
Less: Net earnings attributable to noncontrolling interests	119			34			47		68			75
Net (loss) earnings attributable to common stockholders	$	(277	)	$	700		$	1,390	$	1,465		$	1,848
Cash dividends declared per common share	$	1.20		$	1.20		$	1.00	$	0.44		$	0.32
Share and per share data:
Net (loss) earnings per share attributable to common stockholders:
Basic	$	(1.19	)	$	2.97		$	5.43	$	4.97		$	5.79
Diluted	(1.19		)	2.96			5.42		4.95			5.72
Weighted-average common shares outstanding:
Basic	233.1			235.3			255.9		294.4			319.3
Diluted	233.1			236.1			256.7		296.0			323.3
Other Financial Data:
Depreciation, depletion and amortization	$	678		$	480		$	393	$	411		$	420
Capital expenditures	2,211			2,469			1,809		824			524

CF INDUSTRIES HOLDINGS, INC.



	December 31,
	2016		2015(1)		2014(2)		2013		2012
	(in millions)
Balance Sheet Data:
Cash and cash equivalents	$	1,164	$	286	$	1,997	$	1,711	$	2,275
Total assets(3)	15,131		12,683		11,200		10,574		10,122
Customer advances	42		162		325		121		381
Total debt(3)	5,778		5,537		4,538		3,054		1,570
Total equity	6,492		4,387		4,572		5,438		6,282


(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 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 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. See Note 4—Acquisitions and Divestitures 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. See Note 4—Acquisitions and Divestitures for additional information.


(3)	Total debt and total assets have been retroactively restated for the years ended December 31, 2015, 2014, 2013 and 2012 to reflect our adoption during fiscal year 2016 of Accounting Standards Update 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, which resulted in the reclassification of deferred debt issuance costs from other assets to an offset of long-term debt on our consolidated balance sheets. See Note 3—New Accounting Standards and Note 12—Financing Agreements for additional information.

(3)

Total debt and total assets have been retroactively restated for the years ended December 31, 2015, 2014, 2013 and 2012 to reflect our adoption during fiscal year 2016 of Accounting Standards Update 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, which resulted in the reclassification of deferred debt issuance costs from other assets to an offset of long-term debt on our consolidated balance sheets. See Note 3—New Accounting Standards and Note 12—Financing Agreements for additional information.

CF INDUSTRIES HOLDINGS, INC.

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