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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 September 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
213,916,195 shares of the registrant’s common stock, par value $0.01 per share, were outstanding at November 2, 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 
 September 30,
Nine months ended 
 September 30,
 2020201920202019
 (in millions, except per share amounts)
Net sales $847 $1,038 $3,022 $3,541 
Cost of sales764 810 2,401 2,594 
Gross margin83 228 621 947 
Selling, general and administrative expenses49 56 154 176 
Other operating—net(4)(30)8 (63)
Total other operating costs and expenses45 26 162 113 
Equity in earnings (losses) of operating affiliate2 (14)8 (6)
Operating earnings40 188 467 828 
Interest expense48 63 141 182 
Interest income (4)(18)(12)
Other non-operating—net1 (4)(2)(7)
(Loss) earnings before income taxes(9)133 346 665 
Income tax (benefit) provision(13)19 33 113 
Net earnings4 114 313 552 
Less: Net earnings attributable to noncontrolling interest32 49 83 114 
Net (loss) earnings attributable to common stockholders$(28)$65 $230 $438 
Net (loss) earnings per share attributable to common stockholders:
Basic$(0.13)$0.29 $1.07 $1.98 
Diluted$(0.13)$0.29 $1.07 $1.97 
Weighted-average common shares outstanding:  
Basic213.9 219.0 215.0 221.2 
Diluted213.9 220.7 215.3 222.5 
Dividends declared per common share$0.30 $0.30 $0.90 $0.90 
See accompanying Notes to Unaudited Consolidated Financial Statements.

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CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three months ended 
 September 30,
Nine months ended 
 September 30,
 2020201920202019
 (in millions)
Net earnings$4 $114 $313 $552 
Other comprehensive income (loss):    
Foreign currency translation adjustment—net of taxes41 (32)(30)(8)
Defined benefit plans—net of taxes(3)2 8 5 
38 (30)(22)(3)
Comprehensive income42 84 291 549 
Less: Comprehensive income attributable to noncontrolling interest32 49 83 114 
Comprehensive income attributable to common stockholders$10 $35 $208 $435 
See accompanying Notes to Unaudited Consolidated Financial Statements.

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CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
 September 30, 2020December 31, 2019
 (in millions, except share
and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$553 $287 
Accounts receivable—net234 242 
Inventories298 351 
Prepaid income taxes53 71 
Other current assets33 23 
Total current assets1,171 974 
Property, plant and equipment—net7,724 8,170 
Investment in affiliate86 88 
Goodwill2,357 2,365 
Operating lease right-of-use assets284 280 
Other assets309 295 
Total assets$11,931 $12,172 
Liabilities and Equity  
Current liabilities:  
Accounts payable and accrued expenses$424 $437 
Income taxes payable3 1 
Customer advances143 119 
Current operating lease liabilities93 90 
Other current liabilities18 18 
Total current liabilities681 665 
Long-term debt3,960 3,957 
Deferred income taxes1,201 1,246 
Operating lease liabilities195 193 
Other liabilities419 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—213,937,036 shares issued and 2019—216,023,826 shares issued
2 2 
Paid-in capital1,308 1,303 
Retained earnings1,905 1,958 
Treasury stock—at cost, 2020—27,392 shares and 2019—0 shares
(1) 
Accumulated other comprehensive loss(388)(366)
Total stockholders’ equity2,826 2,897 
Noncontrolling interest2,649 2,740 
Total equity5,475 5,637 
Total liabilities and equity$11,931 $12,172 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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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 June 30, 2020$2 $ $1,300 $1,997 $(426)$2,873 $2,703 $5,576 
Net (loss) earnings   (28) (28)32 4 
Other comprehensive income    38 38  38 
Acquisition of treasury stock under employee stock plans (1)   (1) (1)
Issuance of $0.01 par value common stock under employee stock plans
  1   1  1 
Stock-based compensation expense  7   7  7 
Cash dividends ($0.30 per share)
   (64) (64) (64)
Distribution declared to noncontrolling interest      (86)(86)
Balance as of September 30, 2020$2 $(1)$1,308 $1,905 $(388)$2,826 $2,649 $5,475 
Balance as of December 31, 2019$2 $ $1,303 $1,958 $(366)$2,897 $2,740 $5,637 
Net earnings   230  230 83 313 
Other comprehensive loss    (22)(22) (22)
Purchases of treasury stock (100)   (100) (100)
Retirement of treasury stock 107 (17)(90)    
Acquisition of treasury stock under employee stock plans (10)   (10) (10)
Issuance of $0.01 par value common stock under employee stock plans
 2 2   4  4 
Stock-based compensation expense  20   20  20 
Cash dividends ($0.90 per share)
   (193) (193) (193)
Distributions declared to noncontrolling interest      (174)(174)
Balance as of September 30, 2020$2 $(1)$1,308 $1,905 $(388)$2,826 $2,649 $5,475 
(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 June 30, 2019$2 $(2)$1,299 $2,111 $(344)$3,066 $2,752 $5,818 
Net earnings   65  65 49 114 
Other comprehensive loss    (30)(30) (30)
Purchases of treasury stock (72)   (72) (72)
Issuance of $0.01 par value common stock under employee stock plans
  11   11  11 
Stock-based compensation expense  7   7  7 
Cash dividends ($0.30 per share)
   (67) (67) (67)
Distribution declared to noncontrolling interest      (100)(100)
Balance as of September 30, 2019$2 $(74)$1,317 $2,109 $(374)$2,980 $2,701 $5,681 
Balance as of December 31, 2018$2 $(504)$1,368 $2,463 $(371)$2,958 $2,773 $5,731 
Net earnings   438  438 114 552 
Other comprehensive loss    (3)(3) (3)
Purchases of treasury stock (250)   (250) (250)
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 15   17  17 
Stock-based compensation expense  24   24  24 
Cash dividends ($0.90 per share)
   (200) (200) (200)
Distributions declared to noncontrolling interest      (186)(186)
Balance as of September 30, 2019$2 $(74)$1,317 $2,109 $(374)$2,980 $2,701 $5,681 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine months ended 
 September 30,
 20202019
 (in millions)
Operating Activities:  
Net earnings$313 $552 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization662 663 
Deferred income taxes(74)116 
Stock-based compensation expense20 24 
Unrealized net (gain) loss on natural gas derivatives(12)3 
Unrealized loss on embedded derivative2 3 
Loss (gain) on disposal of property, plant and equipment 14 (43)
Undistributed (earnings) losses of affiliate—net of taxes(2)3 
Changes in:  
Accounts receivable—net7 (79)
Inventories29 17 
Accrued and prepaid income taxes50 12 
Accounts payable and accrued expenses(42)(67)
Customer advances25 35 
Other—net(51)(36)
Net cash provided by operating activities941 1,203 
Investing Activities:  
Additions to property, plant and equipment(206)(297)
Proceeds from sale of property, plant and equipment2 71 
Distribution received from unconsolidated affiliate1  
Insurance proceeds for property, plant and equipment2 15 
Net cash used in investing activities(201)(211)
Financing Activities:  
Proceeds from short-term borrowings500  
Repayments of short-term borrowings(500) 
Dividends paid on common stock(193)(200)
Distributions to noncontrolling interest(174)(186)
Purchases of treasury stock(100)(280)
Issuances of common stock under employee stock plans4 17 
Shares withheld for taxes(10)(4)
Net cash used in financing activities(473)(653)
Effect of exchange rate changes on cash and cash equivalents(1)(2)
Increase in cash and cash equivalents266 337 
Cash and cash equivalents at beginning of period287 682 
Cash and cash equivalents at end of period$553 $1,019 
See accompanying Notes to Unaudited Consolidated Financial Statements.
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CF INDUSTRIES HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1.   Background and Basis of Presentation
We are a leading global manufacturer of hydrogen and nitrogen products for clean energy, emissions abatement, fertilizer, and other industrial applications. We operate manufacturing complexes in the United States, Canada and the United Kingdom, which are among the most cost-advantaged, efficient and flexible in the world, and an extensive storage, transportation and distribution network in North America. Our 3,000 employees focus on safe and reliable operations, environmental stewardship and disciplined capital and corporate management, driving our strategy to leverage and sustainably grow our hydrogen and nitrogen platform to serve customers and create long-term shareholder value. Our principal customers are cooperatives, independent fertilizer distributors, traders, wholesalers and industrial users. Our principal nitrogen fertilizer products are anhydrous ammonia (ammonia), granular urea, urea ammonium nitrate solution (UAN) and ammonium nitrate (AN). Our other nitrogen products include diesel exhaust fluid (DEF), urea liquor, nitric acid and aqua ammonia, which are sold primarily to our industrial customers, and compound fertilizer products (NPKs), which are granular fertilizer products for which the nutrient content is a combination of nitrogen, phosphorus and potassium.
All references to “CF Holdings,” “the Company,” “we,” “us” and “our” refer to CF Industries Holdings, Inc. and its subsidiaries, except where the context makes clear that the reference is only to CF Industries Holdings, Inc. itself and not its subsidiaries. All references to “CF Industries” refer to CF Industries, Inc., a 100% owned subsidiary of CF Industries Holdings, Inc.
The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as our audited consolidated financial statements for the year ended December 31, 2019, in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting. In the opinion of management, these statements reflect all adjustments, consisting only of normal and recurring adjustments, that are necessary for the fair representation of the information for the periods presented. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Operating results for any period presented apply to that period only and are not necessarily indicative of results for any future period.
The accompanying unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related disclosures included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 24, 2020. The preparation of the unaudited interim consolidated financial statements requires us to make use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the unaudited consolidated financial statements and the reported revenues and expenses for the periods presented. Significant estimates and assumptions are used for, but are not limited to, net realizable value of inventories, environmental remediation liabilities, environmental and litigation contingencies, the cost of customer incentives, useful lives of property and identifiable intangible assets, the assumptions used in the evaluation of potential impairments of property, investments, identifiable intangible assets and goodwill, income tax and valuation reserves, allowances for doubtful accounts receivable, the measurement of the fair values of investments for which markets are not active, assumptions used in the determination of the funded status and annual expense of defined benefit pension and other postretirement benefit plans and the assumptions used in the valuation of stock-based compensation awards granted to employees.

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2.   New Accounting Standards
On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2018-15—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. We adopted this ASU prospectively. The adoption of this ASU did not have a material impact on our consolidated financial statements; however, it could have an effect on future financial results if significant new software involving a cloud computing agreement is implemented. In this case, a certain portion of the implementation costs would be deferred and expensed over the term of the cloud computing arrangement.
In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of this ASU is permitted. We do not expect the adoption of this ASU will have a material effect on our consolidated financial statements.

3.   Revenue Recognition
We track our revenue by product and by geography. See Note 16—Segment Disclosures for our revenue by reportable segment, which are ammonia, granular urea, UAN, AN and Other. The following table summarizes our revenue by product and by geography (based on destination of our shipment) for the three and nine months ended September 30, 2020 and 2019:
AmmoniaGranular UreaUANANOtherTotal
(in millions)
Three months ended September 30, 2020
North America$116 $222 $221 $41 $56 $656 
Europe and other49 27 27 68 20 191 
Total revenue$165 $249 $248 $109 $76 $847 
Three months ended September 30, 2019
North America$152 $289 $278 $41 $63 $823 
Europe and other35 38 31 95 16 215 
Total revenue$187 $327 $309 $136 $79 $1,038 
 AmmoniaGranular UreaUANANOtherTotal
 (in millions)
Nine months ended September 30, 2020     
North America$614 $865 $739 $138 $171 $2,527 
Europe and other108 50 52 205 80 495 
Total revenue$722 $915 $791 $343 $251 $3,022 
Nine months ended September 30, 2019  
North America$755 $1,037 $866 $141 $190 $2,989 
Europe and other92 66 68 248 78 552 
Total revenue$847 $1,103 $934 $389 $268 $3,541 

As of September 30, 2020 and December 31, 2019, we had $143 million and $119 million, respectively, in customer advances on our consolidated balance sheets. During the nine months ended September 30, 2020 and 2019, substantially all of the customer advances on our consolidated balance sheet at the beginning of each respective period were recognized as revenue.
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We offer cash incentives to certain customers that do not provide an option to the customer for additional product. The balances of customer incentives accrued at September 30, 2020 and December 31, 2019 were not material.
We have certain customer contracts with performance obligations where if the customer does not take the required amount of product specified in the contract, then the customer is required to make a payment to us, which may vary based upon the terms and conditions of the applicable contract. As of September 30, 2020, excluding contracts with original durations of less than one year, and based on the minimum product tonnage to be sold and current market price estimates, our remaining performance obligations under these contracts are approximately $892 million. We expect to recognize approximately 13% of these performance obligations as revenue in the remainder of 2020, approximately 49% as revenue during 2021 and 2022, and approximately 38% as revenue during 2023 and 2024. Subject to the terms and conditions of the applicable contracts, if these customers do not satisfy their purchase obligations under such contracts, the minimum amount that they would be required to pay to us under these contracts, in the aggregate, is approximately $225 million as of September 30, 2020. We monitor the ability of our customers to meet their purchase obligations, which could be impacted by the ongoing coronavirus disease 2019 (COVID-19) pandemic. Other than the performance obligations described above, any performance obligations with our customers that were unfulfilled or partially filled at December 31, 2019 were satisfied in 2020.

4.   Net (Loss) Earnings Per Share
Net (loss) earnings per share were computed as follows:
 Three months ended 
 September 30,
Nine months ended 
 September 30,
 2020201920202019
 (in millions, except per share amounts)
Net (loss) earnings attributable to common stockholders$(28)$65 $230 $438 
Basic (loss) earnings per common share:    
Weighted-average common shares outstanding213.9 219.0 215.0 221.2 
Net (loss) earnings attributable to common stockholders$(0.13)$0.29 $1.07 $1.98 
Diluted (loss) earnings per common share:    
Weighted-average common shares outstanding213.9 219.0 215.0 221.2 
Dilutive common shares—stock-based awards 1.7 0.3 1.3 
Diluted weighted-average shares outstanding213.9