Segment Disclosures

3 Months Ended

Mar. 31, 2012

Segment Disclosures

Segment Disclosures

22.   Segment Disclosures

        We are organized and managed based on two segments, which are differentiated primarily by their products, the markets they serve and the regulatory environments in which they operate. Our two segments are the nitrogen segment and the phosphate segment. The Company's management uses gross margin to evaluate segment performance and allocate resources. Total other operating costs and expenses (consisting of selling, general and administrative expenses, restructuring and integration costs and other operating-net) and non-operating expenses (interest and income taxes), are centrally managed and are not included in the measurement of segment profitability reviewed by management.

        Segment data for sales, cost of sales and gross margin for the three months ended March 31, 2012 and 2011 are presented in the table below.

	Nitrogen		Phosphate		Consolidated
	(in millions)
Three months ended March 31, 2012
Net sales
Ammonia	$	401.7	$	—	$	401.7
Granular urea		349.4		—		349.4
UAN		423.7		—		423.7
AN		63.8		—		63.8
DAP		—		209.3		209.3
MAP		—		46.6		46.6
Other		33.1		—		33.1
		1,271.7		255.9		1,527.6
Cost of sales		609.6		206.2		815.8
Gross margin	$	662.1	$	49.7	$	711.8
Total other operating costs and expenses						56.1
Equity in earnings of operating affiliates						15.5
Operating earnings					$	671.2
Three months ended March 31, 2011
Net sales
Ammonia	$	202.5	$	—	$	202.5
Granular urea		224.3		—		224.3
UAN		402.3		—		402.3
AN		61.3		—		61.3
DAP		—		186.0		186.0
MAP		—		62.1		62.1
Other		35.5		—		35.5
		925.9		248.1		1,174.0
Cost of sales		483.4		165.6		649.0
Gross margin	$	442.5	$	82.5	$	525.0
Total other operating costs and expenses						2.1
Equity in earnings of operating affiliates						11.5
Operating earnings					$	534.4

        Total assets at March 31, 2012 and December 31, 2011, are presented below.

	Nitrogen		Phosphate		Other		Consolidated
	(in millions)
Assets
March 31, 2012	$	6,105.6	$	694.2	$	2,817.1	$	9,616.9
December 31, 2011	$	5,976.9	$	696.4	$	2,301.2	$	8,974.5

        The Other category of assets in the table above includes amounts attributable to corporate headquarters and unallocated corporate assets, such as our cash and cash equivalents, short-term investments, equity method investments and other investments.