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Financial

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 in our 10-K SEC filing. 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 our 10-K SEC Filing. 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 of our 10-K SEC Filing.

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 $ (227) $ 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
Year ended 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 percent 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 percent 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.