filings.toolsItem 6. SELECTED FINANCIAL DATA.
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Item 6. SELECTED FINANCIAL DATA.
The following selected historical financial data as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 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, 2017, 2016 and 2015 and for the years ended December 31, 2016 and 2015 have been derived from our consolidated financial statements that 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, | |||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015**(1)** | |||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||
| Statement of Operations Data: | |||||||||||||||||||
| Net sales | $ | 4,590 | $ | 4,429 | $ | 4,130 | $ | 3,685 | $ | 4,308 | |||||||||
| Cost of sales | 3,416 | 3,512 | 3,696 | 2,842 | 2,752 | ||||||||||||||
| Gross margin | 1,174 | 917 | 434 | 843 | 1,556 | ||||||||||||||
| Selling, general and administrative expenses | 239 | 214 | 191 | 173 | 169 | ||||||||||||||
| Transaction costs | — | — | — | 179 | 57 | ||||||||||||||
| Other operating—net | (73 | ) | (27 | ) | 18 | 208 | 92 | ||||||||||||
| Total other operating costs and expenses | 166 | 187 | 209 | 560 | 318 | ||||||||||||||
| Equity in (losses) earnings of operating affiliates | (5 | ) | 36 | 9 | (145 | ) | (35 | ) | |||||||||||
| Operating earnings | 1,003 | 766 | 234 | 138 | 1,203 | ||||||||||||||
| Interest expense—net | 217 | 228 | 303 | 195 | 131 | ||||||||||||||
| Loss on debt extinguishment | 21 | — | 53 | 167 | — | ||||||||||||||
| Other non-operating—net | (7 | ) | (9 | ) | 3 | 2 | 14 | ||||||||||||
| Earnings (loss) before income taxes and equity in earnings of non-operating affiliates | 772 | 547 | (125 | ) | (226 | ) | 1,058 | ||||||||||||
| Income tax provision (benefit) | 126 | 119 | (575 | ) | (68 | ) | 396 | ||||||||||||
| Equity in earnings of non-operating affiliates—net of taxes | — | — | — | — | 72 | ||||||||||||||
| Net earnings (loss) | 646 | 428 | 450 | (158 | ) | 734 | |||||||||||||
| Less: Net earnings attributable to noncontrolling interests | 153 | 138 | 92 | 119 | 34 | ||||||||||||||
| Net earnings (loss) attributable to common stockholders | $ | 493 | $ | 290 | $ | 358 | $ | (277 | ) | $ | 700 | ||||||||
| Cash dividends declared per common share | $ | 1.20 | $ | 1.20 | $ | 1.20 | $ | 1.20 | $ | 1.20 | |||||||||
| Share and per share data: | |||||||||||||||||||
| Net earnings (loss) per share attributable to common stockholders: | |||||||||||||||||||
| Basic | $ | 2.24 | $ | 1.25 | $ | 1.53 | $ | (1.19 | ) | $ | 2.97 | ||||||||
| Diluted | 2.23 | 1.24 | 1.53 | (1.19 | ) | 2.96 | |||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||
| Basic | 220.2 | 232.6 | 233.5 | 233.1 | 235.3 | ||||||||||||||
| Diluted | 221.6 | 233.8 | 233.9 | 233.1 | 236.1 | ||||||||||||||
| Other Financial Data: | |||||||||||||||||||
| Depreciation and amortization | $ | 875 | $ | 888 | $ | 883 | $ | 678 | $ | 480 | |||||||||
| Capital expenditures | 404 | 422 | 473 | 2,211 | 2,469 |
CF INDUSTRIES HOLDINGS, INC.
| December 31, | |||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015**(1)** | |||||||||||||||
| (in millions) | |||||||||||||||||||
| Balance Sheet Data: | |||||||||||||||||||
| Cash and cash equivalents | $ | 287 | $ | 682 | $ | 835 | $ | 1,164 | $ | 286 | |||||||||
| Total assets | 12,172 | 12,661 | 13,463 | 15,131 | 12,683 | ||||||||||||||
| Customer advances | 119 | 149 | 89 | 42 | 162 | ||||||||||||||
| Total debt | 3,957 | 4,698 | 4,692 | 5,778 | 5,537 | ||||||||||||||
| Total equity | 5,637 | 5,731 | 6,684 | 6,492 | 4,387 |
| (1) | On July 31, 2015, we acquired the remaining 50% equity interest in CF Fertilisers UK not previously 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. |
CF INDUSTRIES HOLDINGS, INC.
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