Summary of segment data for sales, cost of sales and gross margin |
Segment data for sales, cost of sales and gross margin for the three and six months ended June 30, 2023 and 2022 are presented in the table below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ammonia | | Granular Urea(1) | | UAN(1) | | AN(1) | | Other(1) | | Consolidated | | (in millions) | Three months ended June 30, 2023 | | | | | | | | | | | | Net sales | $ | 525 | | | $ | 460 | | | $ | 548 | | | $ | 104 | | | $ | 138 | | | $ | 1,775 | | Cost of sales | 303 | | | 222 | | | 289 | | | 81 | | | 76 | | | 971 | | Gross margin | $ | 222 | | | $ | 238 | | | $ | 259 | | | $ | 23 | | | $ | 62 | | | 804 | | Total other operating costs and expenses | | | | | | | | | | | 77 | | Equity in earnings of operating affiliate | | | | | | | | | | | 7 | | Operating earnings | | | | | | | | | | | $ | 734 | | Three months ended June 30, 2022 | | | | | | | | | | | | Net sales | $ | 1,115 | | | $ | 833 | | | $ | 976 | | | $ | 253 | | | $ | 212 | | | $ | 3,389 | | Cost of sales | 442 | | | 360 | | | 343 | | | 151 | | | 102 | | | 1,398 | | Gross margin | $ | 673 | | | $ | 473 | | | $ | 633 | | | $ | 102 | | | $ | 110 | | | 1,991 | | Total other operating costs and expenses(2) | | | | | | | | | | | 241 | | Equity in earnings of operating affiliate | | | | | | | | | | | 28 | | Operating earnings | | | | | | | | | | | $ | 1,778 | | | | | | | | | | | | | | Six months ended June 30, 2023 | | | | | | | | | | | | Net sales | $ | 949 | | | $ | 1,071 | | | $ | 1,215 | | | $ | 263 | | | $ | 289 | | | $ | 3,787 | | Cost of sales | 583 | | | 549 | | | 635 | | | 185 | | | 168 | | | 2,120 | | Gross margin | $ | 366 | | | $ | 522 | | | $ | 580 | | | $ | 78 | | | $ | 121 | | | 1,667 | | Total other operating costs and expenses | | | | | | | | | | | 131 | | Equity in earnings of operating affiliate | | | | | | | | | | | 24 | | Operating earnings | | | | | | | | | | | $ | 1,560 | | Six months ended June 30, 2022 | | | | | | | | | | | | Net sales | $ | 1,755 | | | $ | 1,598 | | | $ | 1,991 | | | $ | 476 | | | $ | 437 | | | $ | 6,257 | | Cost of sales | 722 | | | 630 | | | 688 | | | 322 | | | 206 | | | 2,568 | | Gross margin | $ | 1,033 | | | $ | 968 | | | $ | 1,303 | | | $ | 154 | | | $ | 231 | | | 3,689 | | Total other operating costs and expenses(2) | | | | | | | | | | | 307 | | | | | | | | | | | | | | Equity in earnings of operating affiliate | | | | | | | | | | | 54 | | Operating earnings | | | | | | | | | | | $ | 3,436 | | _______________________________________________________________________________(1)The cost of the products that are upgraded into other products is transferred at cost into the upgraded product results. (2)Total other operating costs and expenses for the three and six months ended June 30, 2022 includes $162 million of asset impairment and restructuring charges related to our U.K. operations. See Note 5—United Kingdom Operations Restructuring for additional information.
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