0001324404falseDecember 312020Q200013244042020-01-012020-06-30xbrli:shares00013244042020-08-03iso4217:USD00013244042020-04-012020-06-3000013244042019-04-012019-06-3000013244042019-01-012019-06-30iso4217:USDxbrli:shares00013244042020-06-3000013244042019-12-3100013244042019-06-300001324404us-gaap:CommonStockMember2020-03-310001324404us-gaap:TreasuryStockMember2020-03-310001324404us-gaap:AdditionalPaidInCapitalMember2020-03-310001324404us-gaap:RetainedEarningsMember2020-03-310001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001324404us-gaap:ParentMember2020-03-310001324404us-gaap:NoncontrollingInterestMember2020-03-3100013244042020-03-310001324404us-gaap:CommonStockMember2020-04-012020-06-300001324404us-gaap:TreasuryStockMember2020-04-012020-06-300001324404us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001324404us-gaap:RetainedEarningsMember2020-04-012020-06-300001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001324404us-gaap:ParentMember2020-04-012020-06-300001324404us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001324404us-gaap:CommonStockMember2020-06-300001324404us-gaap:TreasuryStockMember2020-06-300001324404us-gaap:AdditionalPaidInCapitalMember2020-06-300001324404us-gaap:RetainedEarningsMember2020-06-300001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001324404us-gaap:ParentMember2020-06-300001324404us-gaap:NoncontrollingInterestMember2020-06-300001324404us-gaap:CommonStockMember2019-12-310001324404us-gaap:TreasuryStockMember2019-12-310001324404us-gaap:AdditionalPaidInCapitalMember2019-12-310001324404us-gaap:RetainedEarningsMember2019-12-310001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001324404us-gaap:ParentMember2019-12-310001324404us-gaap:NoncontrollingInterestMember2019-12-310001324404us-gaap:CommonStockMember2020-01-012020-06-300001324404us-gaap:TreasuryStockMember2020-01-012020-06-300001324404us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001324404us-gaap:RetainedEarningsMember2020-01-012020-06-300001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001324404us-gaap:ParentMember2020-01-012020-06-300001324404us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001324404us-gaap:CommonStockMember2019-03-310001324404us-gaap:TreasuryStockMember2019-03-310001324404us-gaap:AdditionalPaidInCapitalMember2019-03-310001324404us-gaap:RetainedEarningsMember2019-03-310001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001324404us-gaap:ParentMember2019-03-310001324404us-gaap:NoncontrollingInterestMember2019-03-3100013244042019-03-310001324404us-gaap:CommonStockMember2019-04-012019-06-300001324404us-gaap:TreasuryStockMember2019-04-012019-06-300001324404us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001324404us-gaap:RetainedEarningsMember2019-04-012019-06-300001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001324404us-gaap:ParentMember2019-04-012019-06-300001324404us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001324404us-gaap:CommonStockMember2019-06-300001324404us-gaap:TreasuryStockMember2019-06-300001324404us-gaap:AdditionalPaidInCapitalMember2019-06-300001324404us-gaap:RetainedEarningsMember2019-06-300001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001324404us-gaap:ParentMember2019-06-300001324404us-gaap:NoncontrollingInterestMember2019-06-300001324404us-gaap:CommonStockMember2018-12-310001324404us-gaap:TreasuryStockMember2018-12-310001324404us-gaap:AdditionalPaidInCapitalMember2018-12-310001324404us-gaap:RetainedEarningsMember2018-12-310001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001324404us-gaap:ParentMember2018-12-310001324404us-gaap:NoncontrollingInterestMember2018-12-3100013244042018-12-310001324404us-gaap:CommonStockMember2019-01-012019-06-300001324404us-gaap:TreasuryStockMember2019-01-012019-06-300001324404us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001324404us-gaap:RetainedEarningsMember2019-01-012019-06-300001324404us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001324404us-gaap:ParentMember2019-01-012019-06-300001324404us-gaap:NoncontrollingInterestMember2019-01-012019-06-300001324404srt:NorthAmericaMembercf:AmmoniaMember2020-04-012020-06-300001324404srt:NorthAmericaMembercf:UreaMember2020-04-012020-06-300001324404srt:NorthAmericaMembercf:UANMember2020-04-012020-06-300001324404srt:NorthAmericaMembercf:AmmoniumNitrateSegmentMember2020-04-012020-06-300001324404srt:NorthAmericaMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001324404srt:NorthAmericaMember2020-04-012020-06-300001324404cf:EuropeandOtherMembercf:AmmoniaMember2020-04-012020-06-300001324404cf:EuropeandOtherMembercf:UreaMember2020-04-012020-06-300001324404cf:EuropeandOtherMembercf:UANMember2020-04-012020-06-300001324404cf:EuropeandOtherMembercf:AmmoniumNitrateSegmentMember2020-04-012020-06-300001324404cf:EuropeandOtherMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300001324404cf:EuropeandOtherMember2020-04-012020-06-300001324404cf:AmmoniaMember2020-04-012020-06-300001324404cf:UreaMember2020-04-012020-06-300001324404cf:UANMember2020-04-012020-06-300001324404cf:AmmoniumNitrateSegmentMember2020-04-012020-06-300001324404us-gaap:AllOtherSegmentsMember2020-04-012020-06-300001324404srt:NorthAmericaMembercf:AmmoniaMember2019-04-012019-06-300001324404srt:NorthAmericaMembercf:UreaMember2019-04-012019-06-300001324404srt:NorthAmericaMembercf:UANMember2019-04-012019-06-300001324404srt:NorthAmericaMembercf:AmmoniumNitrateSegmentMember2019-04-012019-06-300001324404srt:NorthAmericaMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300001324404srt:NorthAmericaMember2019-04-012019-06-300001324404cf:EuropeandOtherMembercf:AmmoniaMember2019-04-012019-06-300001324404cf:EuropeandOtherMembercf:UreaMember2019-04-012019-06-300001324404cf:EuropeandOtherMembercf:UANMember2019-04-012019-06-300001324404cf:EuropeandOtherMembercf:AmmoniumNitrateSegmentMember2019-04-012019-06-300001324404cf:EuropeandOtherMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300001324404cf:EuropeandOtherMember2019-04-012019-06-300001324404cf:AmmoniaMember2019-04-012019-06-300001324404cf:UreaMember2019-04-012019-06-300001324404cf:UANMember2019-04-012019-06-300001324404cf:AmmoniumNitrateSegmentMember2019-04-012019-06-300001324404us-gaap:AllOtherSegmentsMember2019-04-012019-06-300001324404srt:NorthAmericaMembercf:AmmoniaMember2020-01-012020-06-300001324404srt:NorthAmericaMembercf:UreaMember2020-01-012020-06-300001324404srt:NorthAmericaMembercf:UANMember2020-01-012020-06-300001324404srt:NorthAmericaMembercf:AmmoniumNitrateSegmentMember2020-01-012020-06-300001324404srt:NorthAmericaMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001324404srt:NorthAmericaMember2020-01-012020-06-300001324404cf:EuropeandOtherMembercf:AmmoniaMember2020-01-012020-06-300001324404cf:EuropeandOtherMembercf:UreaMember2020-01-012020-06-300001324404cf:EuropeandOtherMembercf:UANMember2020-01-012020-06-300001324404cf:EuropeandOtherMembercf:AmmoniumNitrateSegmentMember2020-01-012020-06-300001324404cf:EuropeandOtherMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300001324404cf:EuropeandOtherMember2020-01-012020-06-300001324404cf:AmmoniaMember2020-01-012020-06-300001324404cf:UreaMember2020-01-012020-06-300001324404cf:UANMember2020-01-012020-06-300001324404cf:AmmoniumNitrateSegmentMember2020-01-012020-06-300001324404us-gaap:AllOtherSegmentsMember2020-01-012020-06-300001324404srt:NorthAmericaMembercf:AmmoniaMember2019-01-012019-06-300001324404srt:NorthAmericaMembercf:UreaMember2019-01-012019-06-300001324404srt:NorthAmericaMembercf:UANMember2019-01-012019-06-300001324404srt:NorthAmericaMembercf:AmmoniumNitrateSegmentMember2019-01-012019-06-300001324404srt:NorthAmericaMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300001324404srt:NorthAmericaMember2019-01-012019-06-300001324404cf:EuropeandOtherMembercf:AmmoniaMember2019-01-012019-06-300001324404cf:EuropeandOtherMembercf:UreaMember2019-01-012019-06-300001324404cf:EuropeandOtherMembercf:UANMember2019-01-012019-06-300001324404cf:EuropeandOtherMembercf:AmmoniumNitrateSegmentMember2019-01-012019-06-300001324404cf:EuropeandOtherMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300001324404cf:EuropeandOtherMember2019-01-012019-06-300001324404cf:AmmoniaMember2019-01-012019-06-300001324404cf:UreaMember2019-01-012019-06-300001324404cf:UANMember2019-01-012019-06-300001324404cf:AmmoniumNitrateSegmentMember2019-01-012019-06-300001324404us-gaap:AllOtherSegmentsMember2019-01-012019-06-30xbrli:pure00013244042020-07-012020-06-3000013244042021-01-012020-06-3000013244042022-01-012020-06-3000013244042023-01-012020-06-3000013244042024-01-012020-06-300001324404us-gaap:LandMember2020-06-300001324404us-gaap:LandMember2019-12-310001324404us-gaap:MachineryAndEquipmentMember2020-06-300001324404us-gaap:MachineryAndEquipmentMember2019-12-310001324404us-gaap:BuildingAndBuildingImprovementsMember2020-06-300001324404us-gaap:BuildingAndBuildingImprovementsMember2019-12-310001324404us-gaap:ConstructionInProgressMember2020-06-300001324404us-gaap:ConstructionInProgressMember2019-12-3100013244042019-01-012019-12-3100013244042018-01-012018-12-310001324404us-gaap:MachineryAndEquipmentMember2018-12-310001324404us-gaap:MachineryAndEquipmentMember2020-01-012020-06-300001324404us-gaap:MachineryAndEquipmentMember2019-01-012019-06-300001324404us-gaap:MachineryAndEquipmentMember2019-06-300001324404cf:AmmoniaMember2019-12-310001324404cf:UreaMember2019-12-310001324404cf:UANMember2019-12-310001324404cf:AmmoniumNitrateSegmentMember2019-12-310001324404cf:OtherProductsMember2019-12-310001324404cf:OtherProductsMember2020-01-012020-06-300001324404cf:AmmoniaMember2020-06-300001324404cf:UreaMember2020-06-300001324404cf:UANMember2020-06-300001324404cf:AmmoniumNitrateSegmentMember2020-06-300001324404cf:OtherProductsMember2020-06-300001324404us-gaap:CustomerRelationshipsMember2020-06-300001324404us-gaap:CustomerRelationshipsMember2019-12-310001324404us-gaap:TradeNamesMember2020-06-300001324404us-gaap:TradeNamesMember2019-12-310001324404cf:PointLisasNitrogenLimitedMembercf:OperatingEquityMethodInvestmentMember2020-06-300001324404us-gaap:PropertyPlantAndEquipmentMembercf:OperatingEquityMethodInvestmentMembersrt:MaximumMember2020-01-012020-06-300001324404cf:PointLisasNitrogenLimitedMembercf:OperatingEquityMethodInvestmentMember2020-04-012020-06-300001324404cf:PointLisasNitrogenLimitedMembercf:OperatingEquityMethodInvestmentMember2020-01-012020-06-300001324404cf:PointLisasNitrogenLimitedMembercf:OperatingEquityMethodInvestmentMember2019-04-012019-06-300001324404cf:PointLisasNitrogenLimitedMembercf:OperatingEquityMethodInvestmentMember2019-01-012019-06-300001324404us-gaap:USGovernmentDebtSecuritiesMember2020-06-300001324404us-gaap:OtherDebtSecuritiesMember2020-06-300001324404us-gaap:TrustForBenefitOfEmployeesMember2020-06-300001324404us-gaap:USGovernmentDebtSecuritiesMember2019-12-310001324404us-gaap:OtherDebtSecuritiesMember2019-12-310001324404us-gaap:TrustForBenefitOfEmployeesMember2019-12-310001324404us-gaap:FairValueMeasurementsRecurringMember2020-06-300001324404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001324404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001324404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001324404us-gaap:FairValueMeasurementsRecurringMember2019-12-310001324404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001324404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001324404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-3100013244042016-10-012016-12-3100013244042018-10-012018-12-3100013244042019-10-012019-12-3100013244042017-10-012017-12-310001324404us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001324404us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001324404us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001324404us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001324404us-gaap:StateAndLocalJurisdictionMemberstpr:LA2019-01-012019-06-300001324404us-gaap:DomesticCountryMember2020-04-012020-06-300001324404us-gaap:SubsequentEventMember2020-07-310001324404us-gaap:LineOfCreditMembersrt:SubsidiariesMembercf:AmendmentNo.4totheThirdAmendedandRestatedRevolvingCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2019-12-050001324404us-gaap:LetterOfCreditMembercf:July2016CreditAgreementAmendmentMemberus-gaap:LineOfCreditMembersrt:SubsidiariesMember2016-07-290001324404cf:SeniorCreditAgreementMembersrt:SubsidiariesMember2020-06-300001324404cf:SeniorCreditAgreementMembersrt:SubsidiariesMember2019-12-310001324404us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes3.450PercentDue2023Member2020-06-300001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes3.450PercentDue2023Member2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes5.150PercentDue2034Member2020-06-300001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes5.150PercentDue2034Member2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes4.950PercentDue2043Member2020-06-300001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes4.950PercentDue2043Member2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes5.375PercentDue2044Member2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes5.375PercentDue2044Member2020-06-300001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes3.400PercentDue2021MemberMember2020-06-300001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes3.400PercentDue2021MemberMember2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes4.500PercentDue2026Member2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes4.500PercentDue2026Member2020-06-300001324404srt:SubsidiariesMember2020-06-300001324404srt:SubsidiariesMember2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:UnsecuredSeniorNotes7.125PercentDue2020Member2019-11-130001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:UnsecuredSeniorNotes7.125PercentDue2020Member2019-12-310001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes3.400PercentDue2021MemberMember2019-12-132019-12-130001324404us-gaap:SeniorNotesMembersrt:SubsidiariesMembercf:SeniorNotes3.400PercentDue2021MemberMember2019-12-130001324404cf:CFIndustriesNitrogenLLCMembercf:CHSInc.Member2016-02-010001324404cf:CFIndustriesNitrogenLLCMember2019-12-310001324404cf:CFIndustriesNitrogenLLCMember2018-12-310001324404cf:CFIndustriesNitrogenLLCMember2020-01-012020-06-300001324404cf:CFIndustriesNitrogenLLCMember2019-01-012019-06-300001324404cf:CFIndustriesNitrogenLLCMember2020-06-300001324404cf:CFIndustriesNitrogenLLCMember2019-06-30utr:T0001324404cf:CFIndustriesNitrogenLLCMemberus-gaap:SubsequentEventMember2020-07-012020-09-3000013244042018-08-0100013244042019-01-012019-03-3100013244042019-02-1300013244042019-07-012019-09-3000013244042020-01-012020-03-3100013244042019-01-012020-06-300001324404us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001324404us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-12-310001324404us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310001324404us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-06-300001324404us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-06-300001324404us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-06-300001324404us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300001324404us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-06-300001324404us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300001324404us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001324404us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310001324404us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001324404us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300001324404us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001324404us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001324404us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001324404us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-06-300001324404us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-30cf:People0001324404us-gaap:PendingLitigationMember2013-04-172013-04-17cf:Plaintiff0001324404us-gaap:PendingLitigationMember2015-04-172015-04-17cf:Entitycf:Insurance_companycf:Litigation_case0001324404us-gaap:SettledLitigationMember2020-01-012020-06-30cf:mine0001324404stpr:ID2016-01-012016-03-310001324404us-gaap:OperatingSegmentsMembercf:AmmoniaMember2020-04-012020-06-300001324404cf:UreaMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001324404us-gaap:OperatingSegmentsMembercf:UANMember2020-04-012020-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniumNitrateSegmentMember2020-04-012020-06-300001324404cf:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniaMember2019-04-012019-06-300001324404cf:UreaMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001324404us-gaap:OperatingSegmentsMembercf:UANMember2019-04-012019-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniumNitrateSegmentMember2019-04-012019-06-300001324404cf:OtherProductsMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniaMember2020-01-012020-06-300001324404cf:UreaMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001324404us-gaap:OperatingSegmentsMembercf:UANMember2020-01-012020-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniumNitrateSegmentMember2020-01-012020-06-300001324404cf:OtherProductsMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniaMember2019-01-012019-06-300001324404cf:UreaMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001324404us-gaap:OperatingSegmentsMembercf:UANMember2019-01-012019-06-300001324404us-gaap:OperatingSegmentsMembercf:AmmoniumNitrateSegmentMember2019-01-012019-06-300001324404cf:OtherProductsMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-30

Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)  
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from                               to                              
Commission file number 001-32597
CF INDUSTRIES HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware20-2697511
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4 Parkway North, Suite 400
60015
Deerfield,Illinois (Zip Code)
 (Address of principal executive offices)
(847) 405-2400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
common stock, par value $0.01 per shareCFNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No
213,879,941 shares of the registrant’s common stock, par value $0.01 per share, were outstanding at August 3, 2020.


Table of Contents
CF INDUSTRIES HOLDINGS, INC.

TABLE OF CONTENTS
 
  
  
  
  
  
  
  
 
 
 
 
 



Table of Contents
CF INDUSTRIES HOLDINGS, INC.

PART I—FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three months ended 
 June 30,
Six months ended 
 June 30,
 2020201920202019
 (in millions, except per share amounts)
Net sales $1,204  $1,502  $2,175  $2,503  
Cost of sales870  1,003  1,637  1,784  
Gross margin334  499  538  719  
Selling, general and administrative expenses51  62  105  120  
Other operating—net6  (37) 12  (33) 
Total other operating costs and expenses57  25  117  87  
Equity in earnings of operating affiliate3  1  6  8  
Operating earnings280  475  427  640  
Interest expense49  59  93  119  
Interest income(17) (4) (18) (8) 
Other non-operating—net(3) (2) (3) (3) 
Earnings before income taxes251  422  355  532  
Income tax provision33  102  46  94  
Net earnings218  320  309  438  
Less: Net earnings attributable to noncontrolling interest28  37  51  65  
Net earnings attributable to common stockholders$190  $283  $258  $373  
Net earnings per share attributable to common stockholders:
Basic$0.89  $1.28  $1.20  $1.68  
Diluted$0.89  $1.28  $1.20  $1.67  
Weighted-average common shares outstanding:  
Basic214.5  221.1  215.2  222.2  
Diluted214.6  222.3  215.6  223.4  
Dividends declared per common share$0.30  $0.30  $0.60  $0.60  
See accompanying Notes to Unaudited Consolidated Financial Statements.

1

Table of Contents
CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three months ended 
 June 30,
Six months ended 
 June 30,
 2020201920202019
 (in millions)
Net earnings$218  $320  $309  $438  
Other comprehensive income (loss):    
Foreign currency translation adjustment—net of taxes12  (8) (71) 24  
Defined benefit plans—net of taxes2  5  11  3  
14  (3) (60) 27  
Comprehensive income232  317  249  465  
Less: Comprehensive income attributable to noncontrolling interest28  37  51  65  
Comprehensive income attributable to common stockholders$204  $280  $198  $400  
See accompanying Notes to Unaudited Consolidated Financial Statements.

2

Table of Contents
CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
 June 30,
2020
December 31, 2019
 (in millions, except share
and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$563  $287  
Accounts receivable—net250  242  
Inventories273  351  
Prepaid income taxes20  71  
Other current assets30  23  
Total current assets1,136  974  
Property, plant and equipment—net7,791  8,170  
Investment in affiliate94  88  
Goodwill2,346  2,365  
Operating lease right-of-use assets279  280  
Other assets304  295  
Total assets$11,950  $12,172  
Liabilities and Equity  
Current liabilities:  
Accounts payable and accrued expenses389  437  
Income taxes payable109  1  
Customer advances8  119  
Current operating lease liabilities92  90  
Other current liabilities17  18  
Total current liabilities615  665  
Long-term debt3,959  3,957  
Deferred income taxes1,175  1,246  
Operating lease liabilities191  193  
Other liabilities434  474  
Equity:  
Stockholders’ equity:  
Preferred stock—$0.01 par value, 50,000,000 shares authorized
    
Common stock—$0.01 par value, 500,000,000 shares authorized, 2020—213,876,921 shares issued and 2019—216,023,826 shares issued
2  2  
Paid-in capital1,300  1,303  
Retained earnings1,997  1,958  
Accumulated other comprehensive loss(426) (366) 
Total stockholders’ equity2,873  2,897  
Noncontrolling interest2,703  2,740  
Total equity5,576  5,637  
Total liabilities and equity$11,950  $12,172  
See accompanying Notes to Unaudited Consolidated Financial Statements.
3

Table of Contents
CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
 Common Stockholders
 $0.01 Par
Value
Common
Stock
Treasury
Stock
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’ Equity
Noncontrolling
Interest
Total
Equity
 (in millions, except per share amounts)
Balance as of March 31, 2020$2  $(108) $1,313  $1,961  $(440) $2,728  $2,675  $5,403  
Net earnings      190    190  28  218  
Other comprehensive income        14  14    14  
Retirement of treasury stock  107  (17) (90)         
Acquisition of treasury stock under employee stock plans  (1)       (1)   (1) 
Issuance of $0.01 par value common stock under employee stock plans
  2  (2)           
Stock-based compensation expense    6      6    6  
Cash dividends ($0.30 per share)
      (64)   (64)   (64) 
Balance as of June 30, 2020$2  $  $1,300  $1,997  $(426) $2,873  $2,703  $5,576  
Balance as of December 31, 2019$2  $  $1,303  $1,958  $(366) $2,897  $2,740  $5,637  
Net earnings      258    258  51  309  
Other comprehensive loss        (60) (60)   (60) 
Purchases of treasury stock  (100)       (100)   (100) 
Retirement of treasury stock  107  (17) (90)         
Acquisition of treasury stock under employee stock plans  (9)       (9)   (9) 
Issuance of $0.01 par value common stock under employee stock plans
  2  1      3    3  
Stock-based compensation expense    13      13    13  
Cash dividends ($0.60 per share)
      (129)   (129)   (129) 
Distribution declared to noncontrolling interest            (88) (88) 
Balance as of June 30, 2020$2  $  $1,300  $1,997  $(426) $2,873  $2,703  $5,576  
(Continued)











CONSOLIDATED STATEMENTS OF EQUITY
(Continued) (Unaudited)
 Common Stockholders
 $0.01 Par
Value
Common
Stock
Treasury
Stock
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’ Equity
Noncontrolling
Interest
Total
Equity
 (in millions, except per share amounts)
Balance as of March 31, 2019$2  $(64) $1,311  $2,047  $(341) $2,955  $2,715  $5,670  
Net earnings      283    283  37  320  
Other comprehensive loss        (3) (3)   (3) 
Purchases of treasury stock  (118)       (118)   (118) 
Retirement of treasury stock  178  (25) (153)         
Issuance of $0.01 par value common stock under employee stock plans
  2  2      4    4  
Stock-based compensation expense    11      11    11  
Cash dividends ($0.30 per share)
      (66)   (66)   (66) 
Balance as of June 30, 2019$2  $(2) $1,299  $2,111  $(344) $3,066  $2,752  $5,818  
Balance as of December 31, 2018$2  $(504) $1,368  $2,463  $(371) $2,958  $2,773  $5,731  
Net earnings      373    373  65  438  
Other comprehensive income        27  27    27  
Purchases of treasury stock  (178)       (178)   (178) 
Retirement of treasury stock  682  (90) (592)         
Acquisition of treasury stock under employee stock plans  (4)       (4)   (4) 
Issuance of $0.01 par value common stock under employee stock plans
  2  4      6    6  
Stock-based compensation expense    17      17    17  
Cash dividends ($0.60 per share)
      (133)   (133)   (133) 
Distribution declared to noncontrolling interest            (86) (86) 
Balance as of June 30, 2019$2  $(2) $1,299  $2,111  $(344) $3,066  $2,752  $5,818  
See accompanying Notes to Unaudited Consolidated Financial Statements.
4

Table of Contents
CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six months ended 
 June 30,
 20202019
 (in millions)
Operating Activities:  
Net earnings$309  $438  
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization450  440  
Deferred income taxes(96) 85  
Stock-based compensation expense13  17  
Unrealized net (gain) loss on natural gas derivatives(12) 1  
Unrealized loss on embedded derivative1  2  
Loss (gain) on disposal of property, plant and equipment 9  (45) 
Undistributed earnings of affiliate—net of taxes(8) (10) 
Changes in:  
Accounts receivable—net(11