CF INDUSTRIES HOLDINGS, INC.  5 The following table summarizes our nitrogen fertilizer production volume for the last three years.
## Table 0 ##
(1) Gross ammonia production, including amounts subsequently upgraded on-site into granular urea, UAN or AN.
Donaldsonville, Louisiana The Donaldsonville nitrogen fertilizer complex is the world's largest nitrogen fertilizer production facility.
It has six ammonia plants, five urea plants, four nitric acid plants and three UAN plants.
The complex, which is located on the Mississippi River, includes deep-water docking facilities, access to an ammonia pipeline, and truck and railroad loading capabilities.
The complex has on-site storage for 160,000 tons of ammonia, 201,000 tons of UAN (measured on a 32% nitrogen content basis) and 173,000 tons of granular urea.
As part of our capacity expansion projects, the new Donaldsonville urea plant became operational during the fourth quarter of 2015.
The new UAN plant was placed in service in the first quarter of 2016, and the new ammonia plant was placed in service in October 2016.
For additional details regarding the capacity expansion projects, see Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capacity Expansion Projects and Restricted Cash.
Medicine Hat, Alberta, Canada Medicine Hat is the largest nitrogen fertilizer complex in Canada.
It has two ammonia plants and one urea plant.
The complex has on-site storage for 60,000 tons of ammonia and 60,000 tons of granular urea.
The complex is owned by CFL, which until April 30, 2013, was a variable interest entity which we consolidated in our financial statements.
In April 2013, we purchased the remaining noncontrolling interest.
CFL continues to be a wholly owned subsidiary.
Port Neal, Iowa The Port Neal facility is located approximately 12 miles south of Sioux City, Iowa on the Missouri River.
The facility consists of two ammonia plants, three urea plants, two nitric acid plants and a UAN plant.
The location has on-site storage for 90,000 tons of ammonia, 154,000 tons of granular urea, and 81,000 tons of 32% UAN.
As part of our capacity expansion projects, both the ammonia and urea plants were placed in service in December 2016.
For additional details regarding the capacity expansion projects, see Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capacity Expansion Projects and Restricted Cash.
Verdigris, Oklahoma The Verdigris facility is located northeast of Tulsa, Oklahoma, near the Verdigris River and is owned by TNLP.
It is the second largest UAN production facility in North America.
The facility comprises two ammonia plants, two nitric acid plants, two UAN plants and a port terminal.
Through our approximately 75.3% interest in TNCLP and its subsidiary, TNLP, we operate the plants and lease the port terminal from the Tulsa-Rogers County Port Authority.
The complex has on-site storage for 60,000 tons of ammonia and 100,000 tons of 32% UAN.
Woodward, Oklahoma The Woodward facility is located in rural northwest Oklahoma and consists of an ammonia plant, two nitric acid plants, two urea plants and two UAN plants.
The facility has on-site storage for 36,000 tons of ammonia and 84,000 tons of 32% UAN.
CF INDUSTRIES HOLDINGS, INC.  116 18.
Stock-Based Compensation 2014 Equity and Incentive Plan On May 14, 2014, our shareholders approved the CF Industries Holdings, Inc.  2014 Equity and Incentive Plan (the 2014 Equity and Incentive Plan) which replaced the CF Industries Holdings, Inc.  2009 Equity and Incentive Plan.
Under the 2014 Equity and Incentive Plan, we may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards (payable in cash or stock) and other stock-based awards to our officers, employees, consultants and independent contractors (including non-employee directors).
The purpose of the 2014 Equity and Incentive Plan is to provide an incentive for our employees, officers, consultants and non-employee directors that is aligned with the interests of our stockholders.
Share Reserve and Individual Award Limits The maximum number of shares reserved for the grant of awards under the 2014 Equity and Incentive Plan is the sum of (i) 13.9 million and (ii) the number of shares subject to outstanding awards under our predecessor plans to the extent such awards terminate or expire without delivery of shares.
For purposes of determining the number of shares of stock available for grant under the 2014 Equity and Incentive Plan, each option or stock appreciation right is counted against the reserve as one share.
Each share of stock granted, other than an option or a stock appreciation right, is counted against the reserve as 1.61 shares.
If any outstanding award expires or is settled in cash, any unissued shares subject to the award are again available for grant under the 2014 Equity and Incentive Plan.
Shares tendered in payment of the exercise price of an option and shares withheld by the Company or otherwise received by the Company to satisfy tax withholding obligations are not available for future grant under the 2014 Equity and Incentive Plan.
As of December 31, 2017, we had 9.5 million shares available for future awards under the 2014 Equity and Incentive Plan.
The 2014 Equity and Incentive Plan provides that no more than 5.0 million underlying shares may be granted to a participant in any one calendar year.
Stock Options Under the 2014 Equity and Incentive Plan and our predecessor plans, we granted to plan participants nonqualified stock options to purchase shares of our common stock.
The exercise price of these options is equal to the market price of our common stock on the date of grant.
The contractual life of each option is ten years and generally one-third of the options vest on each of the first three anniversaries of the date of grant.
The fair value of each stock option award is estimated using the Black-Scholes option valuation model.
Key assumptions used and resulting grant date fair values are shown in the following table.
## Table 1 ##
The expected volatility of our stock options is based on the combination of the historical volatility of our common stock and implied volatilities of exchange traded options on our common stock.
The expected term of options is estimated based on our historical exercise experience, post-vesting employment termination behavior and the contractual term.
The risk-free interest rate is based on the U. S.  Treasury Strip yield curve in effect at the time of grant for the expected term of the options.
CF INDUSTRIES HOLDINGS, INC.  50 Year Ended December 31, 2016 Compared to Year Ended December 31, 2015 Net Sales.
Net sales in the granular urea segment increased by $43 million, or 5%, to $831 million in 2016 compared to $788 million in 2015 due primarily to a 46% increase in sales volume partially offset by a 28% decrease in average selling prices.
Sales volume was higher due to increased production available as a result of our expanded urea capacity at our Donaldsonville, Louisiana complex that came on line in November of 2015.
Average selling prices decreased to $231 per ton in 2016 compared to $320 per ton in 2015 due primarily to excess global nitrogen supply weighing on global nitrogen fertilizer selling prices.
Cost of Sales.
Cost of sales per ton in our granular urea segment averaged $162 in 2016, a 15% decrease from the $191 per ton in 2015.
The decrease was due primarily to the impact of unrealized net mark-to-market gains on natural gas derivatives in 2016 compared to losses in 2015.
This was partly offset by increased depreciation expense related to our expanded urea production at our Donaldsonville, Louisiana complex and $2 million of start-up costs at our Port Neal, Iowa complex that came on line in December 2016.
UAN Segment Our UAN segment produces urea ammonium nitrate solution (UAN).
UAN, a liquid fertilizer product with a nitrogen content that typically ranges from 28% to 32%, is produced by combining urea and ammonium nitrate.
UAN is produced at our nitrogen complexes in Courtright, Ontario; Donaldsonville, Louisiana; Port Neal, Iowa; Verdigris, Oklahoma; Woodward, Oklahoma; and Yazoo City, Mississippi.
The following table presents summary operating data for our UAN segment:
## Table 2 ##
N/M—Not Meaningful (1) UAN represents between 28% and 32% of nitrogen content, depending on the concentration specified by the customer.
Nutrient tons represent the tons of nitrogen within the product tons.
Year Ended December 31, 2017 Compared to Year Ended December 31, 2016 Net Sales.
Net sales in the UAN segment decreased $62 million, or 5%, to $1.13 billion in 2017 due primarily to an 11% decrease in average selling prices partially offset by a 6% increase in sales volume.
Average selling prices decreased to $160 per ton in 2017 compared to $179 per ton in 2016.
UAN average selling prices were lower due primarily to greater global nitrogen supply availability due to global capacity additions.
Selling prices strengthened in the fourth quarter of 2017 rising approximately 1% compared to the prior year period.
Our sales volume was higher due primarily to growth in our North American customer base and higher export sales.
Cost of Sales.
Cost of sales per ton in our UAN segment averaged $149 in 2017, an 8% increase from the average of $138 per ton in 2016.
The increase was due primarily to the impact of an unrealized net mark-to-market loss on natural gas
Entering 2006, Industrial Packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005.
Average price realizations should continue to benefit from price increases announced in late 2005 and early 2006 for linerboard and domestic boxes.
Containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days, but growth is anticipated for U. S.  converted products due to stronger demand.
Costs for wood, freight and energy are expected to remain stable during the 2006 first quarter, approaching fourth quarter 2005 levels.
The continued implementation of the new supply chain model at our mills during 2006 will bring additional efficiency improvements and cost savings.
On a global basis, the European Container operating results are expected to improve as a result of targeted market growth and cost reduction initiatives, and we will begin seeing further contributions from our recent Moroccan box plant acquisition and from International Paper Distribution Limited.
Consumer Packaging Demand and pricing for Consumer Packaging products correlate closely with consumer spending and general economic activity.
In addition to prices and volumes, major factors affecting the profitability of Consumer Packaging are raw material and energy costs, manufacturing efficiency and product mix.
Consumer Packaging’s 2005 net sales of $2.6 billion were flat compared with 2004 and 5% higher compared with 2003.
Operating profits in 2005 declined 22% from 2004 and 31% from 2003 as improved price realizations ($46 million) and favorable operations in the mills and converting operations ($60 million) could not overcome the impact of cost increases in energy, wood, polyethylene and other raw materials ($120 million), lack-of-order downtime ($13 million) and other costs ($8 million).
## Table 3 ##
Bleached Board net sales of $864 million in 2005 were up from $842 million in 2004 and $751 million in 2003.
The effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy, wood, polyethylene and other raw material costs, a slight decrease in volume and increased lack-of-order downtime.
Bleached board mills took 100,000 tons of downtime in 2005, including 65,000 tons of lack-of-order downtime, compared with 40,000 tons of downtime in 2004, none of which was market related.
During 2005, restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment.
Foodservice net sales were $437 million in 2005 compared with $480 million in 2004 and $460 million in 2003.
Average sales prices in 2005 were up 3%; however, domestic cup and lid sales volumes were 5% lower than in 2004 as a result of a rationalization of our customer base early in 2005.
Operating profits in 2005 increased 147% compared with 2004, largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the Jackson, Tennessee bag plant.
Excluding unusual items, operating profits were flat as improved price realizations offset increased costs for bleached board and resin.
Shorewood net sales of $691 million in 2005 were essentially flat with net sales in 2004 of $687 million, but were up compared with $665 million in 2003.
Operating profits in 2005 were 17% above 2004 levels and about equal to 2003 levels.
Improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations, including the successful start up of our South Korean tobacco operations, more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in Canada.
Beverage Packaging net sales were $597 million in 2005, $595 million in 2004 and $589 million in 2003.
Average sale price realizations increased 2% compared with 2004, principally the result of the pass-through of higher raw material costs, although the implementation of price increases continues to be impacted by competitive pressures.
Operating profits were down 14% compared with 2004 and 19% compared with 2003, due principally to increases in board and resin costs.
In 2006, the bleached board market is expected to remain strong, with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products.
Improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses, although continued high costs for energy, wood and resin will continue to negatively impact earnings.
Shorewood should continue to benefit from strong Asian operations and from targeted sales volume growth in 2006.
Capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses.
Distribution Our Distribution business, principally represented by our xpedx business, markets a diverse array of products and supply chain services to customers in many business segments.
Customer demand is generally sensitive to changes in general economic conditions, although the

<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="3">(tons in thousands)</td></tr><tr><td>Ammonia<sup>-1</sup></td><td>8,307</td><td>7,673</td><td>7,011</td></tr><tr><td>Granular urea</td><td>3,368</td><td>2,520</td><td>2,347</td></tr><tr><td>UAN -32%</td><td>6,698</td><td>5,888</td><td>5,939</td></tr><tr><td>AN</td><td>1,845</td><td>1,283</td><td>950</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Weighted-average assumptions:</td><td></td><td></td><td></td></tr><tr><td>Expected term of stock options</td><td>4.3 Years</td><td>4.3 Years</td><td>4.3 Years</td></tr><tr><td>Expected volatility</td><td>40%</td><td>39%</td><td>31%</td></tr><tr><td>Risk-free interest rate</td><td>1.9%</td><td>1.2%</td><td>1.5%</td></tr><tr><td>Expected dividend yield</td><td>3.9%</td><td>3.3%</td><td>1.9%</td></tr><tr><td>Weighted-average grant date fair value</td><td>$7.66</td><td>$8.97</td><td>$13.99</td></tr></table>
<table><tr><td></td><td colspan="7">Year ended December 31,</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td><td colspan="2">2017 v. 2016</td><td colspan="2">2016 v. 2015</td></tr><tr><td></td><td colspan="7">(in millions, except as noted)</td></tr><tr><td>Net sales</td><td>$1,134</td><td>$1,196</td><td>$1,480</td><td>$-62</td><td>-5%</td><td>$-284</td><td>-19%</td></tr><tr><td>Cost of sales</td><td>1,055</td><td>920</td><td>955</td><td>135</td><td>15%</td><td>-35</td><td>-4%</td></tr><tr><td>Gross margin</td><td>$79</td><td>$276</td><td>$525</td><td>$-197</td><td>-71%</td><td>$-249</td><td>-47%</td></tr><tr><td>Gross margin percentage</td><td>7.0%</td><td>23.1%</td><td>35.5%</td><td>-16.1%</td><td></td><td>-12.4%</td><td></td></tr><tr><td>Sales volume by product tons (000s)</td><td>7,093</td><td>6,681</td><td>5,865</td><td>412</td><td>6%</td><td>816</td><td>14%</td></tr><tr><td>Sales volume by nutrient tons (000s)<sup>(1)</sup></td><td>2,242</td><td>2,109</td><td>1,854</td><td>133</td><td>6%</td><td>255</td><td>14%</td></tr><tr><td>Average selling price per product ton</td><td>$160</td><td>$179</td><td>$252</td><td>$-19</td><td>-11%</td><td>$-73</td><td>-29%</td></tr><tr><td>Average selling price per nutrient ton<sup>-1</sup></td><td>$506</td><td>$567</td><td>$798</td><td>$-61</td><td>-11%</td><td>$-231</td><td>-29%</td></tr><tr><td>Gross margin per product ton</td><td>$11</td><td>$41</td><td>$90</td><td>$-30</td><td>-73%</td><td>$-49</td><td>-54%</td></tr><tr><td>Gross margin per nutrient ton<sup>-1</sup></td><td>$35</td><td>$131</td><td>$283</td><td>$-96</td><td>-73%</td><td>$-152</td><td>-54%</td></tr><tr><td>Depreciation and amortization</td><td>$265</td><td>$247</td><td>$192</td><td>$18</td><td>7%</td><td>$55</td><td>29%</td></tr><tr><td>Unrealized net mark-to-market loss (gain) on natural gas derivatives</td><td>$19</td><td>$-81</td><td>$73</td><td>$100</td><td>N/M</td><td>$-154</td><td>N/M</td></tr></table>
<table><tr><td><i>In millions</i></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Sales</td><td>$2,590</td><td>$2,605</td><td>$2,465</td></tr><tr><td>Operating Profit</td><td>$126</td><td>$161</td><td>$183</td></tr></table>

Question: What is the growing rate of Net sales in the year with the least Gross margin?
Answer: -0.05184