Item 6. SELECTED FINANCIAL DATA.

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Item 6. SELECTED FINANCIAL DATA.

The following selected historical financial data as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015 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, 2015, 2014 and 2013 and for the years ended December 31, 2014 and 2013 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,
	2017			2016			2015(1)			2014(2)		2013
	(in millions, except per share amounts)
Statement of Operations Data:
Net sales	$	4,130		$	3,685		$	4,308		$	4,743	$	5,475
Cost of sales	3,700			2,845			2,761			2,965		2,955
Gross margin	430			840			1,547			1,778		2,520
Selling, general and administrative expenses	192			174			170			152		166
Transaction costs	—			179			57			—		—
Other operating—net	18			208			92			53		(16		)
Total other operating costs and expenses	210			561			319			205		150
Gain on sale of phosphate business	—			—			—			750		—
Equity in earnings (losses) of operating affiliates	9			(145		)	(35		)	43		42
Operating earnings	229			134			1,193			2,366		2,412
Interest expense—net	303			195			131			177		147
Loss on debt extinguishment	53			167			—			—		—
Other non-operating—net	(2		)	(2		)	4			2		55
(Loss) earnings before income taxes and equity in earnings of non-operating affiliates	(125		)	(226		)	1,058			2,187		2,210
Income tax (benefit) provision	(575		)	(68		)	396			773		687
Equity in earnings of non-operating affiliates—net of taxes	—			—			72			23		10
Net earnings (loss)	450			(158		)	734			1,437		1,533
Less: Net earnings attributable to noncontrolling interests	92			119			34			47		68
Net earnings (loss) attributable to common stockholders	$	358		$	(277	)	$	700		$	1,390	$	1,465
Cash dividends declared per common share	$	1.20		$	1.20		$	1.20		$	1.00	$	0.44
Share and per share data:
Net earnings (loss) per share attributable to common stockholders:
Basic	$	1.53		$	(1.19	)	$	2.97		$	5.43	$	4.97
Diluted	1.53			(1.19		)	2.96			5.42		4.95
Weighted-average common shares outstanding:
Basic	233.5			233.1			235.3			255.9		294.4
Diluted	233.9			233.1			236.1			256.7		296.0
Other Financial Data:
Depreciation, depletion and amortization	$	883		$	678		$	480		$	393	$	411
Capital expenditures	473			2,211			2,469			1,809		824

CF INDUSTRIES HOLDINGS, INC.



	December 31,
	2017		2016		2015(1)		2014(2)		2013
	(in millions)
Balance Sheet Data:
Cash and cash equivalents	$	835	$	1,164	$	286	$	1,997	$	1,711
Total assets(3)	13,463		15,131		12,683		11,200		10,574
Customer advances	89		42		162		325		121
Total debt(3)	4,692		5,778		5,537		4,538		3,054
Total equity	6,684		6,492		4,387		4,572		5,438


(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 7—Equity Method Investments 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 7—Equity Method Investments 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.

(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.


(3)	Total debt and total assets have been retroactively restated for the years ended December 31, 2015, 2014 and 2013 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 11—Financing Agreements for additional information.

(3)

Total debt and total assets have been retroactively restated for the years ended December 31, 2015, 2014 and 2013 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 11—Financing Agreements for additional information.

CF INDUSTRIES HOLDINGS, INC.

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