Condensed Consolidating Financial Statements

The following condensed consolidating financial information is presented in accordance with SEC Regulation S-X Rule 3-10, Financial statements of guarantors and issuers of guaranteed securities registered or being registered, and relates to (i) the senior notes due 2018, 2020, 2023, 2034, 2043 and 2044 (described in Note 12—Financing Agreements and referred to in this report as the Public Senior Notes) issued by CF Industries, Inc. (CF Industries), a 100% owned subsidiary of CF Industries Holdings, Inc. (Parent), and guarantees of the Public Senior Notes by Parent and by CFE and CFS (the Subsidiary Guarantors), which are 100% owned subsidiaries of Parent, and (ii) debt securities of CF Industries (Other Debt Securities), and guarantees thereof by Parent and the Subsidiary Guarantors, that may be offered and sold from time to time under registration statements that may be filed by Parent, CF Industries and the Subsidiary Guarantors with the SEC.

In the event that a subsidiary of Parent, other than CF Industries, becomes a borrower or a guarantor under the Revolving Credit Agreement (or any renewal, replacement or refinancing thereof), such subsidiary would be required to become a guarantor of the Public Senior Notes, provided that such requirement will no longer apply with respect to the Public Senior Notes due 2023, 2034, 2043 and 2044 following the repayment of the Public Senior Notes due 2018 and 2020 or the subsidiaries of Parent, other than CF Industries, otherwise becoming no longer subject to such a requirement to guarantee the Public Senior Notes due 2018 and 2020. CFE and CFS became guarantors of the Public Senior Notes as a result of this requirement on November 21, 2016.

All of the guarantees of the Public Senior Notes are, and we have assumed for purposes of this presentation of condensed consolidating financial information that the guarantees of any Other Debt Securities would be, full and unconditional (as such term is defined in SEC Regulation S-X Rule 3-10(h)) and joint and several. The guarantee of a Subsidiary Guarantor will be automatically released with respect to a series of the Public Senior Notes (1) upon the release, discharge or termination of such Subsidiary Guarantor’s guarantee of the Revolving Credit Agreement (or any renewal, replacement or refinancing thereof), (2) upon legal defeasance with respect to the Public Senior Notes of such series or satisfaction and discharge of the indenture with respect to such series of Public Senior Notes or (3) in the case of the Public Senior Notes due 2023, 2034, 2043 and 2044, upon the later to occur of (a) the discharge, termination or release of, or the release of such Subsidiary Guarantor from its obligations under, such Subsidiary Guarantor’s guarantee of the Public Senior Notes due 2018, including, without limitation, any such discharge, termination or release as a result of retirement, discharge or legal or covenant defeasance of, or satisfaction and discharge of the supplemental indenture governing, the Public Senior Notes due 2018, and (b) the discharge, termination or release of, or the release of such Subsidiary Guarantor from its obligations under, such Subsidiary Guarantor’s guarantee of the Public Senior Notes due 2020, including, without limitation, any such discharge, termination or release as a result of retirement, discharge or legal or covenant defeasance of, or satisfaction and discharge of the supplemental indenture governing, the Public Senior Notes due 2020.

For purposes of the presentation of condensed consolidating financial information, the subsidiaries of Parent other than CF Industries, CFE and CFS are referred to as the Non-Guarantors.

Presented below are condensed consolidating statements of operations and statements of cash flows for Parent, CF Industries, the Subsidiary Guarantors and the Non-Guarantors for the years ended December 31, 2016, 2015 and 2014 and condensed consolidating balance sheets for Parent, CF Industries, the Subsidiary Guarantors and the Non-Guarantors as of December 31, 2016 and 2015. Prior years have been restated to reflect the Subsidiary Guarantors separately. The condensed consolidating financial information presented below is not necessarily indicative of the financial position, results of operations, comprehensive (loss) income or cash flows of Parent, CF Industries, the Subsidiary Guarantors or the Non-Guarantors on a stand-alone basis.

In these condensed consolidating financial statements, investments in subsidiaries are presented under the equity method, in which our investments are recorded at cost and adjusted for our ownership share of a subsidiary's cumulative results of operations, distributions and other equity changes, and the eliminating entries reflect primarily intercompany transactions such as sales, accounts receivable and accounts payable and the elimination of equity investments and earnings of subsidiaries. The tax provision in the presentation of condensed consolidating financial information has been computed based on the applicable statutory tax rate for the legal entity. Two of our consolidated entities have made elections to be taxed as partnerships for U.S. federal income tax purposes and are included in the non-guarantor column. Due to the partnership tax treatment, these subsidiaries do not record taxes on their financial statements. The tax provision pertaining to the income of these partnerships, plus applicable deferred tax balances are reflected on the financial statements of the parent company owner that is included in the subsidiary guarantors column in the following financial information. Liabilities related to benefit plan obligations are reflected on the legal entity that funds the obligation, while the benefit plan expense is included on the legal entity to which the employee provides services.

Condensed Consolidating Statement of Operations



	Year ended December 31, 2016
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	362		$	2,932		$	2,939		$	(2,548	)	$	3,685
Cost of sales	—			207			2,806			2,380			(2,548		)	2,845
Gross margin	—			155			126			559			—			840
Selling, general and administrative expenses	4			9			105			56			—			174
Transaction costs	(46		)	—			223			2			—			179
Other operating—net	—			7			30			171			—			208
Total other operating costs and expenses	(42		)	16			358			229			—			561
Equity in loss of operating affiliates	—			—			—			(145		)	—			(145		)
Operating earnings (losses)	42			139			(232		)	185			—			134
Interest expense	—			347			85			(155		)	(77		)	200
Interest income	—			(49		)	(8		)	(25		)	77			(5		)
Loss on debt extinguishment	—			167			—			—			—			167
Net loss (earnings) of wholly owned subsidiaries	304			92			(315		)	—			(81		)	—
Other non-operating—net	—			—			—			(2		)	—			(2		)
(Loss) earnings before income taxes and equity in losses of non-operating affiliates	(262		)	(418		)	6			367			81			(226		)
Income tax provision (benefit)	15			(114		)	18			13			—			(68		)
Net (loss) earnings	(277		)	(304		)	(12		)	354			81			(158		)
Less: Net earnings attributable to noncontrolling interests	—			—			—			119			—			119
Net (loss) earnings attributable to common stockholders	$	(277	)	$	(304	)	$	(12	)	$	235		$	81		$	(277	)

Condensed Consolidating Statement of Comprehensive (Loss) Income



	Year ended December 31, 2016
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations		Consolidated
	(in millions)
Net (loss) earnings	$	(277	)	$	(304	)	$	(12	)	$	354		$	81	$	(158	)
Other comprehensive loss	(148		)	(148		)	(68		)	(134		)	350		(148		)
Comprehensive (loss) income	(425		)	(452		)	(80		)	220			431		(306		)
Less: Comprehensive income attributable to noncontrolling interests	—			—			—			119			—		119
Comprehensive (losses) income attributable to common stockholders	$	(425	)	$	(452	)	$	(80	)	$	101		$	431	$	(425	)

Condensed Consolidating Statement of Operations



	Year ended December 31, 2015
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	462		$	4,101		$	2,464		$	(2,719	)	$	4,308
Cost of sales	—			361			3,186			1,933			(2,719		)	2,761
Gross margin	—			101			915			531			—			1,547
Selling, general and administrative expenses	4			8			120			38			—			170
Transaction costs	46			—			7			4			—			57
Other operating—net	—			(8		)	29			71			—			92
Total other operating costs and expenses	50			—			156			113			—			319
Equity in earnings of operating affiliates	—			—			—			(35		)	—			(35		)
Operating (loss) earnings	(50		)	101			759			383			—			1,193
Interest expense	—			285			14			(70		)	(96		)	133
Interest income	—			(69		)	(25		)	(4		)	96			(2		)
Net earnings of wholly owned subsidiaries	(731		)	(802		)	(403		)	—			1,936			—
Other non-operating—net	—			—			5			(1		)	—			4
Earnings before income taxes and equity in earnings of non-operating affiliates	681			687			1,168			458			(1,936		)	1,058
Income tax (benefit) provision	(19		)	(44		)	385			74			—			396
Equity in earnings of non-operating affiliates—net of taxes	—			—			10			62			—			72
Net earnings	700			731			793			446			(1,936		)	734
Less: Net earnings attributable to noncontrolling interest	—			—			—			34			—			34
Net earnings attributable to common stockholders	$	700		$	731		$	793		$	412		$	(1,936	)	$	700

Condensed Consolidating Statement of Comprehensive Income



	Year ended December 31, 2015
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Net earnings	$	700		$	731		$	793		$	446		$	(1,936	)	$	734
Other comprehensive loss	(90		)	(90		)	(98		)	(96		)	284			(90		)
Comprehensive income	610			641			695			350			(1,652		)	644
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			34			—			34
Comprehensive income attributable to common stockholders	$	610		$	641		$	695		$	316		$	(1,652	)	$	610

Condensed Consolidating Statement of Operations



	Year ended December 31, 2014
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	712		$	4,780		$	2,673		$	(3,422	)	$	4,743
Cost of sales	—			528			3,776			2,083			(3,422		)	2,965
Gross margin	—			184			1,004			590			—			1,778
Selling, general and administrative expenses	3			13			103			33			—			152
Other operating—net	—			(5		)	26			32			—			53
Total other operating costs and expenses	3			8			129			65			—			205
Gain on sale of phosphate business	—			764			(14		)	—			—			750
Equity in earnings of operating affiliates	—			—			—			43			—			43
Operating (losses) earnings	(3		)	940			861			568			—			2,366
Interest expense	—			247			1			(70		)	—			178
Interest income	—			—			—			(1		)	—			(1		)
Net earnings of wholly owned subsidiaries	(1,392		)	(969		)	(579		)	—			2,940			—
Other non-operating—net	—			—			2			—			—			2
Earnings before income taxes and equity in earnings of non-operating affiliates	1,389			1,662			1,437			639			(2,940		)	2,187
Income tax (benefit) provision	(1		)	270			515			(11		)	—			773
Equity in earnings of non-operating affiliates—net of taxes	—			—			—			23			—			23
Net earnings	1,390			1,392			922			673			(2,940		)	1,437
Less: Net earnings attributable to noncontrolling interest	—			—			—			47			—			47
Net earnings attributable to common stockholders	$	1,390		$	1,392		$	922		$	626		$	(2,940	)	$	1,390

Condensed Consolidating Statement of Comprehensive Income



	Year ended December 31, 2014
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Net earnings	$	1,390		$	1,392		$	922		$	673		$	(2,940	)	$	1,437
Other comprehensive loss	(117		)	(117		)	(98		)	(110		)	325			(117		)
Comprehensive income	1,273			1,275			824			563			(2,615		)	1,320
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			47			—			47
Comprehensive income attributable to common stockholders	$	1,273		$	1,275		$	824		$	516		$	(2,615	)	$	1,273

Condensed Consolidating Balance Sheet



	December 31, 2016
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations and Reclassifications			Consolidated
	(in millions)
Assets
Current assets:
Cash and cash equivalents	$	—		$	36		$	878		$	250		$	—		$	1,164
Restricted cash	—			—			—			5			—			5
Accounts and notes receivable—net	20			1,259			1,418			495			(2,956		)	236
Inventories	—						164			175			—			339
Prepaid income taxes	—			—			839			2			—			841
Other current assets	—			—			59			11			—			70
Total current assets	20			1,295			3,358			938			(2,956		)	2,655
Property, plant and equipment—net	—			—			131			9,521			—			9,652
Investments in affiliates	3,711			9,370			6,019			139			(19,100		)	139
Due from affiliates	571			—			—			—			(571		)	—
Goodwill	—			—			2,064			281			—			2,345
Other assets	—			85			101			385			(231		)	340
Total assets	$	4,302		$	10,750		$	11,673		$	11,264		$	(22,858	)	$	15,131
Liabilities and Equity
Current liabilities:
Accounts and notes payable and accrued expenses	$	954		$	418		$	1,505		$	717		$	(2,956	)	$	638
Income taxes payable	—			—			—			1			—			1
Customer advances	—			—			42			—			—			42
Other current liabilities	—			—			5			—			—			5
Total current liabilities	954			418			1,552			718			(2,956		)	686
Long-term debt	—			5,903			39			67			(231		)	5,778
Deferred income taxes	—			90			1,374			166			—			1,630
Due to affiliates	—			571			—			—			(571		)	—
Other liabilities	—			59			270			216			—			545
Equity:
Stockholders' equity:
Preferred stock	—			—			—			—			—			—
Common stock	2			—			—			4,383			(4,383		)	2
Paid-in capital	1,380			(13		)	9,045			2,246			(11,278		)	1,380
Retained earnings	2,365			4,120			(329		)	668			(4,459		)	2,365
Treasury stock	(1		)	—			—			—			—			(1		)
Accumulated other comprehensive loss	(398		)	(398		)	(271		)	(351		)	1,020			(398		)
Total stockholders' equity	3,348			3,709			8,445			6,946			(19,100		)	3,348
Noncontrolling interests	—			—			(7		)	3,151			—			3,144
Total equity	3,348			3,709			8,438			10,097			(19,100		)	6,492
Total liabilities and equity	$	4,302		$	10,750		$	11,673		$	11,264		$	(22,858	)	$	15,131

Condensed Consolidating Balance Sheet



	December 31, 2015
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations and Reclassifications			Consolidated
	(in millions)
Assets
Current assets:
Cash and cash equivalents	$	1		$	—		$	121		$	164		$	—		$	286
Restricted cash	—			—			—			23			—			23
Accounts and notes receivable—net	1			2,992			2,674			782			(6,182		)	267
Inventories	—			—			153			168			—			321
Prepaid income taxes	—			—			181			4			—			185
Other current assets	—			24			15			6			—			45
Total current assets	2			3,016			3,144			1,147			(6,182		)	1,127
Property, plant and equipment—net	—			—			133			8,406			—			8,539
Investments in affiliates	4,303			8,148			5,718			298			(18,169		)	298
Due from affiliates	571			—			—			1,643			(2,214		)	—
Goodwill	—			—			2,064			326			—			2,390
Other assets	—			19			73			237			—			329
Total assets	$	4,876		$	11,183		$	11,132		$	12,057		$	(26,565	)	$	12,683
Liabilities and Equity
Current liabilities:
Accounts and notes payable and accrued expenses	$	841		$	648		$	1,139		$	4,472		$	(6,182	)	$	918
Income taxes payable	—			—			1			4			—			5
Customer advances	—			—			162			—			—			162
Other current liabilities	—			—			114			16			—			130
Total current liabilities	841			648			1,416			4,492			(6,182		)	1,215
Long-term debt	—			5,537			—			—			—			5,537
Deferred income taxes	—			52			672			192			—			916
Due to affiliates	—			573			1,641			—			(2,214		)	—
Other liabilities	—			71			311			246			—			628
Equity:
Stockholders' equity:
Preferred stock	—			—			—			16			(16		)	—
Common stock	2			—			—			5			(5		)	2
Paid-in capital	1,378			(13		)	7,474			5,741			(13,202		)	1,378
Retained earnings	3,058			4,565			(179		)	1,230			(5,616		)	3,058
Treasury stock	(153		)	—			—			—			—			(153		)
Accumulated other comprehensive loss	(250		)	(250		)	(203		)	(217		)	670			(250		)
Total stockholders' equity	4,035			4,302			7,092			6,775			(18,169		)	4,035
Noncontrolling interest	—			—			—			352			—			352
Total equity	4,035			4,302			7,092			7,127			(18,169		)	4,387
Total liabilities and equity	$	4,876		$	11,183		$	11,132		$	12,057		$	(26,565	)	$	12,683

Condensed Consolidating Statement of Cash Flows



	Year ended December 31, 2016
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Operating Activities:
Net (loss) earnings	$	(277	)	$	(304	)	$	(12	)	$	354		$	81		$	(158	)
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	—			21			55			602			—			678
Deferred income taxes	—			—			740			(1		)	—			739
Stock-based compensation expense	18			—			—			1			—			19
Unrealized net gain on natural gas and foreign currency derivatives	—			—			(225		)	(35		)	—			(260		)
Loss on embedded derivative	—			—			23			—			—			23
Impairment of equity method investment in PLNL	—			—			—			134			—			134
Loss on debt extinguishment	—			167			—			—			—			167
Loss on disposal of property, plant and equipment	—			—			2			8			—			10
Undistributed earnings of affiliates—net	304			92			(315		)	9			(81		)	9
Changes in:
Intercompany AR/AP—net	(4		)	(10		)	308			(294		)	—			—
Accounts receivable—net	—			44			(11		)	(15		)	—			18
Inventories	—			—			(8		)	1			—			(7		)
Accrued and prepaid income taxes	—			—			(682		)	6			—			(676		)
Accounts and notes payable and accrued expenses	(8		)	(63		)	(12		)	65			—			(18		)
Customer advances	—			—			(120		)	—			—			(120		)
Other—net	—			(6		)	(17		)	82			—			59
Net cash provided by (used in) operating activities	33			(59		)	(274		)	917			—			617
Investing Activities:
Additions to property, plant and equipment	—			—			(25		)	(2,186		)	—			(2,211		)
Proceeds from sale of property, plant and equipment	—			—			4			10			—			14
Withdrawals from restricted cash funds	—			—			—			18			—			18
Investments in unconsolidated affiliates	—			(44		)	(649		)	—			693			—
Other—net	—			6			—			(4		)	—			2
Net cash used in investing activities	—			(38		)	(670		)	(2,162		)	693			(2,177		)
Financing Activities:
Long-term debt—net	—			125			—			(125		)	—			—
Proceeds from long-term borrowings	—			1,244			—			—			—			1,244
Payments of long-term borrowings	—			(1,170		)	—			—			—			(1,170		)
Short-term debt—net	106			(40		)	(371		)	305			—			—
Proceeds from short-term borrowings	—			150			—			—			—			150
Payments of short-term borrowings	—			(150		)	—			—			—			(150		)
Payment to CHS related to credit provision	—			—			(5		)	—			—			(5		)
Financing fees	—			(31		)	—			—			—			(31		)
Dividends paid on common stock	(280		)	(140		)	(140		)	(222		)	502			(280		)
Issuance of noncontrolling interest in CFN	—			—			—			2,800			—			2,800
Distributions to noncontrolling interests	—			—			—			(119		)	—			(119		)
Distribution received for CHS strategic venture	—			—			2,000			(2,000		)	—			—
Dividends to/from affiliates	140			145			217			—			(502		)	—
Other—net	—			—			—			693			(693		)	—
Net cash (used in) provided by financing activities	(34		)	133			1,701			1,332			(693		)	2,439
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(1		)	—			(1		)
(Decrease) increase in cash and cash equivalents	(1		)	36			757			86			—			878
Cash and cash equivalents at beginning of period	1			—			121			164			—			286
Cash and cash equivalents at end of period	$	—		$	36		$	878		$	250		$	—		$	1,164

Condensed Consolidating Statement of Cash Flows



	Year ended December 31, 2015
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Operating Activities:
Net earnings	$	700		$	731		$	793		$	446		$	(1,936	)	$	734
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	—			14			19			447			—			480
Deferred income taxes	—			17			75			(14		)	—			78
Stock-based compensation expense	16			—			—			1			—			17
Unrealized net loss on natural gas and foreign currency derivatives	—			—			139			24			—			163
Gain on remeasurement of CF Fertilisers UK investment	—			—			—			(94		)	—			(94		)
Impairment of equity method investment in PLNL	—			—			—			62			—			62
Loss on sale of equity method investments	—			—			—			43			—			43
Loss on disposal of property, plant and equipment	—			—			—			21			—			21
Undistributed earnings of affiliates—net	(732		)	(802		)	(402		)	(3		)	1,936			(3		)
Due to/from affiliates—net	2			1			(135		)	132			—			—
Changes in:
Intercompany AR/AP—net	(1		)	(104		)	96			9			—			—
Accounts receivable—net	—			(45		)	50			(9		)	—			(4		)
Inventories	—			—			(38		)	(33		)	—			(71		)
Accrued and prepaid income taxes	2			(11		)	(105		)	(34		)	—			(148		)
Accounts and notes payable and accrued expenses	9			61			14			(42		)	—			42
Customer advances	—			—			(164		)	—			—			(164		)
Other—net	—			31			54			(34		)	—			51
Net cash (used in) provided by operating activities	(4		)	(107		)	396			922			—			1,207
Investing Activities:
Additions to property, plant and equipment	—			—			(26		)	(2,443		)	—			(2,469		)
Proceeds from sale of property, plant and equipment	—			—			—			12			—			12
Proceeds from sale of equity method investment	—			—			—			13			—			13
Purchase of CF Fertilisers UK, net of cash acquired	—			—			—			(552		)	—			(552		)
Withdrawals from restricted cash funds	—			—			—			63			—			63
Other—net	—			(82		)	(44		)	1			82			(43		)
Net cash used in investing activities	—			(82		)	(70		)	(2,906		)	82			(2,976		)
Financing Activities:
Proceeds from long-term borrowings	—			1,000			—			—			—			1,000
Short-term debt—net	554			(870		)	(1,431		)	1,747			—			—
Financing fees	—			(47		)	—			—			—			(47		)
Purchases of treasury stock	(556		)	—			—			—			—			(556		)
Dividends paid on common stock	(282		)	(282		)	(282		)	(268		)	832			(282		)
Distributions to noncontrolling interest	—			—			—			(45		)	—			(45		)
Issuances of common stock under employee stock plans	8			—			—			—			—			8
Shares withheld for taxes	(1		)	—			—			—			—			(1		)
Dividends to/from affiliates	282			282			268			—			(832		)	—
Other—net	—			—			—			82			(82		)	—
Net cash provided by (used in) financing activities	5			83			(1,445		)	1,516			(82		)	77
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(19		)	—			(19		)
Increase (decrease) in cash and cash equivalents	1			(106		)	(1,119		)	(487		)	—			(1,711		)
Cash and cash equivalents at beginning of period	—			106			1,240			651			—			1,997
Cash and cash equivalents at end of period	$	1		$	—		$	121		$	164		$	—		$	286

Condensed Consolidating Statement of Cash Flows



	Year ended December 31, 2014
	Parent			CF Industries			Subsidiary Guarantors			Non- Guarantors			Eliminations			Consolidated
	(in millions)
Operating Activities:
Net earnings	$	1,390		$	1,392		$	922		$	673		$	(2,940	)	$	1,437
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	—			7			16			370			—			393
Deferred income taxes	—			136			(69		)	(49		)	—			18
Stock-based compensation expense	17			—			—			—			—			17
Unrealized loss on derivatives	—			—			103			16			—			119
Gain on sale of phosphate business	—			(764		)	14			—			—			(750		)
Loss on disposal of property, plant and equipment	—			—			—			4			—			4
Undistributed (earnings) loss of affiliates—net	(1,392		)	(969		)	(579		)	(12		)	2,940			(12		)
Due to / from affiliates—net	9			1			(15		)	5			—			—
Changes in:
Intercompany AR/AP—net	—			14			(143		)	129			—			—
Accounts receivable—net	—			1			(48		)	86			—			39
Inventories	—			4			64			(4		)	—			64
Accrued and prepaid income taxes	(1		)	(18		)	(64		)	26			—			(57		)
Accounts and notes payable and accrued expenses	—			77			(59		)	(71		)	—			(53		)
Customer advances	—			—			205			—			—			205
Other—net	—			5			17			(25		)	—			(3		)
Net cash provided by (used in) operating activities	23			(114		)	364			1,148			—			1,421
Investing Activities:
Additions to property, plant and equipment	—			(18		)	(24		)	(1,767		)	—			(1,809		)
Proceeds from sale of property, plant and equipment	—			—			—			11			—			11
Proceeds from sale of phosphate business	—			911			—			461			—			1,372
Deposits to restricted cash funds	—			—			—			(505		)	—			(505		)
Withdrawals from restricted cash funds	—			—			—			573			—			573
Sales and maturities of short-term and auction rate securities	—			5			—			—			—			5
Other—net	—			—			5			4			—			9
Net cash provided by (used in) investing activities	—			898			(19		)	(1,223		)	—			(344		)
Financing Activities:
Proceeds from long-term borrowings	—			1,494			—			—			—			1,494
Short-term debt—net	1,897			(2,176		)	(395		)	674			—			—
Financing fees	—			(16		)	—			—			—			(16		)
Dividends paid on common stock	(256		)	(256		)	(256		)	(295		)	807			(256		)
Dividends to/from affiliates	256			256			295			—			(807		)	—
Distributions to/from noncontrolling interest	—			—			—			(46		)	—			(46		)
Purchases of treasury stock	(1,935		)	—			—			—			—			(1,935		)
Shares withheld for taxes	(3		)	—			—			—			—			(3		)
Issuances of common stock under employee stock plans	18			—			—			—			—			18
Other—net	—			(1		)	(27		)	(15		)	—			(43		)
Net cash (used in) provided by financing activities	(23		)	(699		)	(383		)	318			—			(787		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(4		)	—			(4		)
Increase (decrease) in cash and cash equivalents	—			85			(38		)	239			—			286
Cash and cash equivalents at beginning of period	—			21			1,278			412			—			1,711
Cash and cash equivalents at end of period	$	—		$	106		$	1,240		$	651		$	—		$	1,997