CF INDUSTRIES HOLDINGS, INC., 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
May 05, 2025
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-32597  
Entity Registrant Name CF INDUSTRIES HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-2697511  
Entity Address, Address Line One 2375 Waterview Drive  
Entity Address, Postal Zip Code 60062  
Entity Address, City or Town Northbrook  
Entity Address, State or Province IL  
City Area Code 847  
Local Phone Number 405-2400  
Title of 12(b) Security common stock, par value $0.01 per share  
Trading Symbol CF  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   162,010,025
Entity Central Index Key 0001324404  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 1,663 $ 1,470
Cost of sales 1,091 1,061
Gross margin 572 409
Selling, general and administrative expenses 84 88
U.K. operations restructuring 23 0
Integration costs 0 3
Other operating—net 14 17
Total other operating costs and expenses 121 108
Equity in earnings of operating affiliate 4 2
Operating earnings 455 303
Interest expense 37 37
Interest income (17) (30)
Other non-operating—net (2) (4)
Earnings before income taxes 437 300
Income tax provision 86 62
Net earnings 351 238
Less: Net earnings attributable to noncontrolling interest 39 44
Net earnings attributable to common stockholders $ 312 $ 194
Net earnings per share attributable to common stockholders:    
Basic (in dollars per share) $ 1.85 $ 1.03
Diluted (in dollars per share) $ 1.85 $ 1.03
Weighted average common shares outstanding:    
Basic (in shares) 168.6 187.6
Diluted (in shares) 168.8 188.1
Dividends declared per common share (in dollars per share) $ 0.50 $ 0.50
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net earnings $ 351 $ 238
Other comprehensive income (loss):    
Foreign currency translation adjustment—net of taxes 11 (16)
Defined benefit plans—net of taxes (2) 0
Total other comprehensive income 9 (16)
Comprehensive income 360 222
Less: Comprehensive income attributable to noncontrolling interest 39 44
Comprehensive income attributable to common stockholders $ 321 $ 178
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,406 $ 1,614
Accounts receivable—net 582 404
Inventories 351 314
Prepaid income taxes 54 145
Other current assets 40 43
Total current assets 2,433 2,520
Property, plant and equipment—net 6,603 6,735
Investment in affiliate 33 29
Goodwill 2,492 2,492
Intangible assets—net 499 507
Operating lease right-of-use assets 315 266
Other assets 933 917
Total assets 13,308 13,466
Current liabilities:    
Accounts payable and accrued expenses 597 603
Income taxes payable 2 2
Customer advances 241 118
Current operating lease liabilities 92 86
Other current liabilities 7 9
Total current liabilities 939 818
Long-term debt 2,972 2,971
Deferred income taxes 845 871
Operating lease liabilities 232 189
Supply contract liability 717 724
Other liabilities 306 301
Stockholders’ equity:    
Preferred stock—$0.01 par value, 50,000,000 shares authorized 0 0
Common stock—$0.01 par value, 500,000,000 shares authorized, 2025—170,269,476 shares issued and 2024—170,237,254 shares issued 2 2
Paid-in capital 1,292 1,284
Retained earnings 4,208 4,009
Treasury stock—at cost, 2025—5,611,408 shares and 2024—354,264 shares (451) (30)
Accumulated other comprehensive loss (271) (280)
Total stockholders’ equity 4,780 4,985
Noncontrolling interest 2,517 2,607
Total equity 7,297 7,592
Total liabilities and equity $ 13,308 $ 13,466
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Shares, Issued 170,269,476 170,237,254
Treasury stock (in shares) 5,611,408 354,264
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Shares, Issued 170,269,476 170,237,254
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Total Stockholders’ Equity
$0.01 Par Value Common Stock
Treasury Stock
Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest
Balance at Dec. 31, 2023 $ 8,373 $ 5,717 $ 2 $ 0 $ 1,389 $ 4,535 $ (209) $ 2,656
Increase (decrease) in equity                
Net earnings 238 194 0 0 0 194 0 44
Less: Net earnings attributable to noncontrolling interest 44              
Net earnings attributable to common stockholders 194              
Other comprehensive income (loss) (16) (16) 0 0 0 0 (16) 0
Purchases of treasury stock (351) (351) 0 (351) 0 0 0 0
Acquisition of treasury stock under employee stock plans (23) (23) 0 (23) 0 0 0 0
Issuance of $0.01 par value common stock under employee stock plans 1 1 0 0 1 0 0 0
Stock-based compensation expense 13 13 0 0 13 0 0 0
Cash dividends (95) (95) 0 0 0 (95) 0 0
Distribution declared to noncontrolling interest (144) 0 0 0 0 0 0 (144)
Balance at Mar. 31, 2024 7,996 5,440 2 (374) 1,403 4,634 (225) 2,556
Balance at Dec. 31, 2024 7,592 4,985 2 (30) 1,284 4,009 (280) 2,607
Increase (decrease) in equity                
Net earnings 351 312 0 0 0 312 0 39
Less: Net earnings attributable to noncontrolling interest 39              
Net earnings attributable to common stockholders 312              
Other comprehensive income (loss) 9 9 0 0 0 0 9 0
Purchases of treasury stock (438) (438) 0 (438) 0 0 0 0
Retirement of treasury stock 0 0 0 30 (3) (27) 0 0
Acquisition of treasury stock under employee stock plans (13) (13) 0 (13) 0 0 0 0
Issuance of $0.01 par value common stock under employee stock plans 1 1 0 0 1 0 0 0
Stock-based compensation expense 10 10 0 0 10 0 0 0
Cash dividends (86) (86) 0 0 0 (86) 0 0
Distribution declared to noncontrolling interest (129) 0 0 0 0 0 0 (129)
Balance at Mar. 31, 2025 $ 7,297 $ 4,780 $ 2 $ (451) $ 1,292 $ 4,208 $ (271) $ 2,517
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]      
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01 $ 0.01
Dividends declared per common share (in dollars per share) $ 0.50 $ 0.50  
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:    
Net earnings $ 351 $ 238
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 221 253
Deferred income taxes (26) (11)
Stock-based compensation expense 10 13
Unrealized net loss (gain) on natural gas derivatives 2 (33)
Loss on disposal of property, plant and equipment 1 5
Loss on sale of Ince facility 23 0
Undistributed earnings of affiliate—net of taxes (4) (2)
Changes in assets and liabilities:    
Accounts receivable—net (177) (50)
Inventories (43) 20
Accrued and prepaid income taxes 89 61
Accounts payable and accrued expenses 16 (23)
Customer advances 123 (25)
Other—net 0 (1)
Net cash provided by operating activities 586 445
Investing Activities:    
Additions to property, plant and equipment (132) (98)
Proceeds from sale of property, plant and equipment 2 0
Proceeds from sale of Ince facility 4 0
Purchase of emission credits 0 (2)
Net cash used in investing activities (126) (100)
Financing Activities:    
Dividends paid on common stock (86) (97)
Distributions to noncontrolling interest (129) (144)
Purchases of treasury stock (444) (339)
Proceeds from issuances of common stock under employee stock plans 1 1
Shares withheld for taxes (13) (23)
Net cash provided by (used in) financing activities (671) (602)
Effect of exchange rate changes on cash and cash equivalents 3 (2)
Decrease in cash and cash equivalents (208) (259)
Cash and cash equivalents at beginning of period 1,614 2,032
Cash and cash equivalents at end of period $ 1,406 $ 1,773
v3.25.1
Background and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Basis of Presentation Background and Basis of Presentation
Our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement, and other industrial activities. Our manufacturing complexes in the United States, Canada and the United Kingdom, an extensive storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. Our principal customers are cooperatives, retailers, independent fertilizer distributors, traders, wholesalers and industrial users. Our core product is anhydrous ammonia (ammonia), which contains 82% nitrogen and 18% hydrogen. Products derived from ammonia that are most often used as nitrogen fertilizers include granular urea, urea ammonium nitrate solution (UAN) and ammonium nitrate (AN). AN is also used extensively by the commercial explosives industry as a component of explosives. Products derived from ammonia that are sold primarily to industrial customers include diesel exhaust fluid (DEF), urea liquor, nitric acid and aqua ammonia.
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 to CF Industries Holdings, Inc. only 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, 2024, 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, 2024, filed with the SEC on February 20, 2025. The preparation of the unaudited interim consolidated financial statements requires us to make use of estimates and assumptions that may significantly affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the unaudited interim consolidated financial statements and the reported revenues and expenses for the periods presented. Such estimates and assumptions are used for, but are not limited to, net realizable value of inventories, environmental remediation liabilities, environmental and litigation contingencies, asset retirement obligations, the cost of emission credits required to meet environmental regulations, the cost of customer incentives, useful lives of property and identifiable intangible assets, the evaluation of potential impairments of property, investments, identifiable intangible assets and goodwill, income tax reserves, including any related interest and penalties, and the assessment of the realizability of deferred tax assets, measurement of the fair values of investments for which markets are not active, the determination of the funded status and annual expense of defined benefit pension and other postretirement plans, and the valuation of stock-based compensation awards granted to employees.
v3.25.1
New Accounting Standards
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Standards New Accounting Standards
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU adds new guidance that further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are continuing to evaluate the impact that our adoption of this ASU will have on the disclosures in our consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disclosure, within the footnotes to the financial statements, of specified costs and expenses disaggregated from the amounts presented on consolidated statements of operations. The guidance in this ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.
We are currently evaluating the impact that our adoption of this ASU will have on the disclosures in our consolidated financial statements.
v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
We track our revenue by product and by geography. See Note 14—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 the destination of our shipment) for the three months ended March 31, 2025 and 2024:
AmmoniaGranular UreaUANANOtherTotal
(in millions)
Three months ended March 31, 2025
North America$366 $439 $408 $47 $113 $1,373 
Europe and other154 — 62 54 20 290 
Total revenue$520 $439 $470 $101 $133 $1,663 
Three months ended March 31, 2024
North America$334 $403 $373 $48 $102 $1,260 
Europe and other68 4 52 66 20 210 
Total revenue$402 $407 $425 $114 $122 $1,470 

As of March 31, 2025 and December 31, 2024, we had $241 million and $118 million, respectively, in customer advances on our consolidated balance sheets. During the three months ended March 31, 2025 and 2024, the revenue recognized that was included in our customer advances at the beginning of each respective period amounted to approximately $93 million and $110 million, respectively.
We offer cash incentives to certain customers generally based on the volume of their purchases over the fertilizer year ending June 30. Our cash incentives do not provide an option to the customer for additional product. The balances of customer incentives accrued as of March 31, 2025 and December 31, 2024 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, the amount of which may vary based upon the terms and conditions of the applicable contract. As of March 31, 2025, 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 were approximately $2.0 billion. We expect to recognize approximately 20% of these performance obligations as revenue in the remainder of 2025, approximately 29% as revenue during 2026-2028, approximately 18% as revenue during 2029-2031, and the remainder as revenue thereafter. 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 such contracts, in the aggregate, was approximately $1.2 billion as of March 31, 2025. Other than the performance obligations described above, any performance obligations with our customers that were unfulfilled or partially filled at December 31, 2024 will be satisfied in 2025.
Supply Contract Liability
In connection with our December 1, 2023 acquisition of the Waggaman ammonia production facility, we entered into a long-term ammonia offtake agreement providing for us to supply up to 200,000 tons of ammonia per year to Dyno Nobel, Inc. (the Supply Contract). The terms of the Supply Contract were determined to be unfavorable compared to market as of the acquisition date. As a result, we recorded an intangible liability with an acquisition date fair value of $757 million, which is being amortized to net sales over the estimated life of the Supply Contract of 25 years. For both the three months ended March 31, 2025 and 2024, we amortized $7 million of the Supply Contract liability into net sales. As of March 31, 2025 and December 31, 2024, we had $717 million and $724 million, respectively, in Supply Contract liability on our consolidated balance sheets. Estimated amortization of the Supply Contract liability for the remainder of 2025 is approximately $23 million and for each of the fiscal years 2026 to 2030 is approximately $30 million.
v3.25.1
Net Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Earnings Per Share
Net earnings per share were computed as follows:
 Three months ended 
 March 31,
 20252024
 (in millions, except per share amounts)
Net earnings attributable to common stockholders$312 $194 
Basic earnings per common share:  
Weighted-average common shares outstanding168.6 187.6 
Net earnings attributable to common stockholders$1.85 $1.03 
Diluted earnings per common share:  
Weighted-average common shares outstanding168.6 187.6 
Dilutive common shares—stock-based awards0.2 0.5 
Diluted weighted-average common shares outstanding168.8 188.1 
Net earnings attributable to common stockholders$1.85 $1.03 
Diluted earnings per common share is calculated using weighted-average common shares outstanding, including the dilutive effect of stock-based awards as determined under the treasury stock method. In the computation of diluted earnings per common share, potentially dilutive stock-based awards are excluded if the effect of their inclusion is anti-dilutive. Shares for anti-dilutive stock-based awards not included in the computation of diluted earnings per common share were zero in both the three months ended March 31, 2025 and 2024.
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories
Inventories consist of the following:
 March 31, 
2025		December 31, 
2024
 (in millions)
Finished goods$301 $263 
Raw materials, spare parts and supplies50 51 
Total inventories$351 $314 
v3.25.1
Property, Plant and Equipment-Net
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment-Net
Property, plant and equipment—net consists of the following:
 March 31, 
2025		December 31, 
2024
 (in millions)
Land$108 $114 
Machinery and equipment13,598 13,801 
Buildings and improvements1,016 1,011 
Construction in progress556 482 
Property, plant and equipment(1)
15,278 15,408 
Less: Accumulated depreciation and amortization8,675 8,673 
Property, plant and equipment—net$6,603 $6,735 
_______________________________________________________________________________
(1)As of March 31, 2025 and December 31, 2024, we had property, plant and equipment that was accrued but unpaid of $87 million and $101 million, respectively. As of March 31, 2024 and December 31, 2023, we had property, plant and equipment that was accrued but unpaid of $72 million and $68 million, respectively.
Depreciation and amortization related to property, plant and equipment was $220 million and $252 million for the three months ended March 31, 2025 and 2024, respectively.
Plant turnarounds—Scheduled inspections, replacements and overhauls of plant machinery and equipment at our continuous process manufacturing facilities during a full plant shutdown are referred to as plant turnarounds. The expenditures related to plant turnarounds are capitalized in property, plant and equipment when incurred.
Scheduled replacements and overhauls of plant machinery and equipment during a plant turnaround include the dismantling, repair or replacement and installation of various components including piping, valves, motors, turbines, pumps, compressors and heat exchangers and the replacement of catalysts. Scheduled inspections, including required safety inspections which entail the disassembly of various components such as steam boilers, pressure vessels and other equipment requiring safety certifications, are also conducted during plant turnarounds. Internal employee costs and overhead amounts are not considered plant turnaround costs and are not capitalized.
The following is a summary of capitalized plant turnaround costs:
 Three months ended 
 March 31,
 20252024
 (in millions)
Net capitalized plant turnaround costs as of January 1$363 $352 
Additions20 24 
Depreciation(37)(52)
Effect of exchange rate changes and other(3)(1)
Net capitalized plant turnaround costs as of March 31
$343 $323 
United Kingdom Operations
In the second quarter of 2022, we approved and announced our proposed plan to restructure our U.K. operations, including the planned permanent closure of the Ince facility, which had been idled since September 2021. For property, plant and equipment within the Ince, U.K. asset group, an asset group planned for abandonment, we first considered use of a market or income-based valuation method. However, given that a secondary market did not exist and the assets had been idled with a planned abandonment and therefore would not generate future cash flows from operations, we estimated the fair value of the asset group by determining the replacement cost of the underlying assets and then adjusting each of the asset categories to an estimated salvage value utilizing industry recognized price publications. In the third quarter of 2022, the final restructuring plan was approved, and the facility was subsequently decommissioned.
In the three months ended March 31, 2025, the Ince facility was sold, including certain liabilities assumed by the buyer, and we recognized a loss of $23 million on the sale. The loss is reflected in U.K. operations restructuring in our consolidated statement of operations for the three months ended March 31, 2025.
v3.25.1
Equity Method Investment
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment
We have a 50% ownership interest in Point Lisas Nitrogen Limited (PLNL), which operates an ammonia production facility in Trinidad and Tobago. We include our share of the net earnings from this equity method investment as an element of earnings from operations because PLNL provides additional production to our operations and is integrated with our other supply chain and sales activities in the Ammonia segment.
As of March 31, 2025, the total carrying value of our equity method investment in PLNL was $33 million.
We have transactions in the normal course of business with PLNL reflecting our obligation to purchase 50% of the ammonia produced by PLNL at current market prices. Our ammonia purchases from PLNL totaled $34 million and $30 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Our cash and cash equivalents and other investments consist of the following:
 March 31, 2025
 Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
 (in millions)
Cash$206 $— $— $206 
Cash equivalents:
U.S. and Canadian government obligations707 — — 707 
Other debt securities493 — — 493 
Total cash and cash equivalents$1,406 $— $— $1,406 
Nonqualified employee benefit trusts16 1 — 17 
 December 31, 2024
 Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
 (in millions)
Cash$168 $— $— $168 
Cash equivalents:
U.S. and Canadian government obligations932 — — 932 
Other debt securities514 — — 514 
Total cash and cash equivalents$1,614 $— $— $1,614 
Nonqualified employee benefit trusts15 2 — 17 
Under our short-term investment policy, we may invest our cash balances, either directly or through mutual funds, in several types of investment-grade securities, including notes and bonds issued by governmental entities or corporations and also in bank deposits. Securities issued by governmental entities include those issued directly by the U.S. and Canadian federal governments; those issued by state, local or other governmental entities; and those guaranteed by entities affiliated with governmental entities.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present assets and liabilities included in our consolidated balance sheets as of March 31, 2025 and December 31, 2024 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value:
 March 31, 2025
 Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash equivalents$1,200 $1,200 $— $— 
Nonqualified employee benefit trusts17 17 — — 
Derivative assets1 — 1 — 
Derivative liabilities(2)— (2)— 
 December 31, 2024
 Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash equivalents$1,446 $1,446 $— $— 
Nonqualified employee benefit trusts17 17 — — 
Derivative assets4 — 4 — 
Derivative liabilities(3)— (3)— 
Cash Equivalents
Cash equivalents include highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less. As of March 31, 2025 and December 31, 2024, our cash equivalents consisted primarily of U.S. and Canadian government obligations and money market mutual funds that invest in U.S. government obligations and other investment-grade securities.
Nonqualified Employee Benefit Trusts
We maintain trusts associated with certain nonqualified supplemental pension plans. The fair values of the trust assets are based on daily quoted prices in an active market and are included on our consolidated balance sheets in other assets. Debt securities are accounted for as available-for-sale securities, and changes in fair value are reported in other comprehensive income. Changes in the fair value of available-for-sale equity securities in the trust assets are recognized through earnings.
Derivative Instruments
The derivative instruments that we use are primarily natural gas fixed price swaps, basis swaps and options traded in the over-the-counter markets with multi-national commercial banks, other major financial institutions or large energy companies. The natural gas derivative contracts represent anticipated natural gas needs for future periods, and settlements are scheduled to coincide with anticipated natural gas purchases during those future periods. The natural gas derivative contracts settle using primarily a NYMEX futures price index. To determine the fair value of these instruments, we use quoted market prices from NYMEX and standard pricing models with inputs derived from or corroborated by observable market data such as forward curves supplied by an industry-recognized independent third party.
Financial Instruments
The carrying amount and estimated fair value of our financial instruments are as follows:
 March 31, 2025December 31, 2024
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
 (in millions)
Long-term debt$2,972 $2,822 $2,971 $2,827 
The fair value of our long-term debt was based on quoted prices for identical or similar liabilities in markets that are not active or valuation models in which all significant inputs and value drivers are observable and, as a result, they are classified as Level 2 inputs.
The carrying amounts of cash and cash equivalents, as well as any instruments included in other current assets and other current liabilities that meet the definition of financial instruments, approximate fair values because of their short-term maturities.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We also have assets and liabilities that may be measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment, when there is allocation of purchase price in an acquisition or when a new liability is being established that requires fair value measurement. These include long-lived assets, goodwill and other intangible assets and investments in unconsolidated subsidiaries, such as equity method investments, which may be written
down to fair value as a result of impairment. The fair value measurements related to assets and liabilities measured at fair value on a nonrecurring basis rely primarily on Company-specific inputs. Since certain of the Company’s assumptions would involve inputs that are not observable, these fair values would reside within Level 3 of the fair value hierarchy.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
For the three months ended March 31, 2025, we recorded an income tax provision of $86 million on pre-tax income of $437 million, or an effective tax rate of 19.8%, compared to an income tax provision of $62 million on pre-tax income of $300 million, or an effective tax rate of 20.7%, for the three months ended March 31, 2024.
Our effective tax rate is impacted by earnings attributable to the noncontrolling interest in CF Industries Nitrogen, LLC (CFN), as our consolidated income tax provision does not include a tax provision on the earnings attributable to the noncontrolling interest. Our effective tax rate for the three months ended March 31, 2025 of 19.8%, which is based on pre-tax income of $437 million, including $39 million of earnings attributable to the noncontrolling interest, would be 1.9 percentage points higher if based on pre-tax income exclusive of the $39 million of earnings attributable to the noncontrolling interest. Our effective tax rate for the three months ended March 31, 2024 of 20.7%, which is based on pre-tax income of $300 million, including $44 million of earnings attributable to the noncontrolling interest, would be 3.6 percentage points higher if based on pre-tax income exclusive of the $44 million of earnings attributable to the noncontrolling interest.
v3.25.1
Financing Agreements
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Financing Agreements
Revolving Credit Agreement
We have a senior unsecured revolving credit agreement (the Revolving Credit Agreement), which provides for a revolving credit facility of up to $750 million with a maturity of October 26, 2028 and includes a letter of credit sub-limit of $125 million. Borrowings under the Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions, share repurchases and other general corporate purposes. CF Industries is the lead borrower, and CF Holdings is the sole guarantor, under the Revolving Credit Agreement.
Borrowings under the Revolving Credit Agreement can be denominated in U.S. dollars, Canadian dollars, euros and British pounds. Borrowings in U.S. dollars bear interest at a per annum rate equal to, at our option, an applicable adjusted term Secured Overnight Financing Rate or base rate plus, in either case, a specified margin. We are required to pay an undrawn commitment fee on the undrawn portion of the commitments under the Revolving Credit Agreement and customary letter of credit fees. The specified margin and the amount of the commitment fee depended on CF Holdings’ credit rating at the time.
As of March 31, 2025, we had unused borrowing capacity under the Revolving Credit Agreement of $750 million and no outstanding letters of credit under the Revolving Credit Agreement. In addition, there were no borrowings outstanding under the Revolving Credit Agreement as of December 31, 2024, or during the three months ended March 31, 2025 or 2024.
The Revolving Credit Agreement contains representations and warranties and affirmative and negative covenants, including a financial covenant. As of March 31, 2025, we were in compliance with all covenants under the Revolving Credit Agreement.
Letters of Credit Under Bilateral Agreement
We are party to a bilateral agreement providing for the issuance of up to $425 million of letters of credit. As of March 31, 2025, approximately $324 million of letters of credit were outstanding under this agreement.
Senior Notes
Long-term debt presented on our consolidated balance sheets as of March 31, 2025 and December 31, 2024 consisted of the following debt securities issued by CF Industries:
 Effective Interest RateMarch 31, 2025December 31, 2024
 Principal Outstanding
Carrying Amount(1)
Principal Outstanding
Carrying Amount(1)
(in millions)
Public Senior Notes:
5.150% due March 2034
5.293%$750 $742 $750 $742 
4.950% due June 2043
5.040%750 742 750 742 
5.375% due March 2044
5.478%750 741 750 741 
Senior Secured Notes:
4.500% due December 2026(2)
4.783%750 747 750 746 
Total long-term debt$3,000 $2,972 $3,000 $2,971 
_______________________________________________________________________________
(1)Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $6 million as of both March 31, 2025 and December 31, 2024, and total deferred debt issuance costs were $22 million and $23 million as of March 31, 2025 and December 31, 2024, respectively. 
(2)Effective August 23, 2021, these notes are no longer secured, in accordance with the terms of the applicable indenture.
Under the indentures (including the applicable supplemental indentures) governing the senior notes due 2034, 2043 and 2044 identified in the table above (the Public Senior Notes), each series of Public Senior Notes is guaranteed by CF Holdings. Under the indenture governing the 4.500% senior secured notes due December 2026 (the 2026 Notes) identified in the table above, the 2026 Notes are guaranteed by CF Holdings.
Interest on the Public Senior Notes and the 2026 Notes is payable semiannually, and the Public Senior Notes and the 2026 Notes are redeemable at our option, in whole at any time or in part from time to time, at specified make-whole redemption prices.
v3.25.1
Interest Expense
 3 Months Ended
Mar. 31, 2025
Interest Expense, Operating and Nonoperating [Abstract]  
Interest Expense
Details of interest expense are as follows:
 Three months ended 
 March 31,
 20252024
 (in millions)
Interest on borrowings(1)
$37 $37 
Fees on financing agreements(1)
2 2 
Interest capitalized(2)(2)
Total interest expense$37 $37 
_______________________________________________________________________________
(1)See Note 10—Financing Agreements for additional information.
v3.25.1
Noncontrolling Interest
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
We have a strategic venture with CHS Inc. (CHS) under which CHS owns an equity interest in CFN, a subsidiary of CF Holdings, which represents approximately 11% of the membership interests of CFN. We own the remaining membership interests. Under the terms of CFN’s limited liability company agreement, each member’s interest will reflect, over time, the impact of the profitability of CFN, any member contributions made to CFN and withdrawals and distributions received from CFN. For financial reporting purposes, the assets, liabilities and earnings of the strategic venture are consolidated into our financial statements. CHS’ interest in the strategic venture is recorded in noncontrolling interest in our consolidated financial statements.
A reconciliation of the beginning and ending balances of noncontrolling interest and distributions payable to the noncontrolling interest in our consolidated balance sheets is provided below.
20252024
 (in millions)
Noncontrolling interest:
Balance as of January 1$2,607 $2,656 
Earnings attributable to noncontrolling interest39 44 
Declaration of distributions payable(129)(144)
Balance as of March 31$2,517 $2,556 
Distributions payable to noncontrolling interest:
Balance as of January 1$— $— 
Declaration of distributions payable129 144 
Distributions to noncontrolling interest(129)(144)
Balance as of March 31$— $— 
CHS also receives deliveries pursuant to a supply agreement under which CHS has the right to purchase annually from CFN up to approximately 1.1 million tons of granular urea and 580,000 tons of UAN at market prices. As a result of its equity interest in CFN, CHS is entitled to semi-annual cash distributions from CFN. We are also entitled to semi-annual cash distributions from CFN. The amounts of distributions from CFN to us and CHS are based generally on the profitability of CFN and determined based on the volume of granular urea and UAN sold by CFN to us and CHS pursuant to supply agreements, less a formula driven amount based primarily on the cost of natural gas used to produce the granular urea and UAN, and adjusted for the allocation of items such as operational efficiencies and overhead amounts.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
Our Board of Directors (the Board) has authorized certain programs to repurchase shares of our common stock. These programs have generally permitted repurchases to be made from time to time in the open market, through privately-negotiated transactions, through block transactions, through accelerated share repurchase programs or otherwise. The manner, timing and amount of repurchases will be determined by our management based on the evaluation of market conditions, stock price and other factors.
On November 2, 2022, the Board authorized the repurchase of up to $3 billion of CF Holdings common stock (the 2022 Share Repurchase Program), which commenced in the second quarter of 2023 upon completion of our previous share repurchase program and is effective through December 31, 2025. See Note 15—Subsequent Events for additional information.
The following table summarizes the share repurchases under the 2022 Share Repurchase Program.
Shares
Amounts(1)
(in millions)
Shares repurchased in 20235.6 $425 
Shares repurchased in 2024:
First quarter4.3 347 
Second quarter4.0 305 
Third quarter6.1 476 
Fourth quarter4.4 385 
Total shares repurchased in 202418.8 1,513 
Shares repurchased in 2025:
First quarter5.4 434 
Shares repurchased as of March 31, 2025
29.8 $2,372 
______________________________________________________________________________
(1)As defined in the 2022 Share Repurchase Program, amounts reflect the price paid for the shares of common stock repurchased, excluding commissions paid to brokers and excise taxes.
In the three months ended March 31, 2025, we repurchased approximately 5.4 million shares under the 2022 Share Repurchase Program for $434 million and retired approximately 0.4 million shares of repurchased treasury stock. As of March 31, 2025, we held approximately 5.6 million shares of treasury stock. In the three months ended March 31, 2024, we repurchased approximately 4.3 million shares under the 2022 Share Repurchase Program for $347 million, of which $14 million was accrued and unpaid as of March 31, 2024.
Accumulated Other Comprehensive Loss
Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:
 Foreign
Currency
Translation
Adjustment		Unrealized
Gain on
Derivatives		Defined
Benefit
Plans		Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance as of December 31, 2024$(221)$3 $(62)$(280)
Effect of exchange rate changes and deferred taxes11 — (2)9 
Balance as of March 31, 2025$(210)$3 $(64)$(271)
Balance as of December 31, 2023$(146)$3 $(66)$(209)
Effect of exchange rate changes and deferred taxes(16)— — (16)
Balance as of March 31, 2024$(162)$3 $(66)$(225)
v3.25.1
Segment Disclosures
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Disclosures
Our reportable segments consist of Ammonia, Granular Urea, UAN, AN and Other. These segments are differentiated by products. Our chief operating decision maker (CODM) is our President and Chief Executive Officer, who uses gross margin to evaluate segment performance and allocate resources. The CODM meets periodically with other members of senior management to analyze segment performance, including comparing actual results to projected results, with consideration to the costs incurred to produce and deliver the product. In addition, our CODM uses gross margin by reportable segment to make key operating decisions, such as the determination of capital expenditures and the allocation of operating budgets, to help guide strategic decisions to align with company-wide goals. Total other operating costs and expenses (consisting primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes) are centrally managed and are not included in the measurement of segment profitability reviewed by the CODM. The ammonia and other products that are upgraded into Granular Urea, UAN, AN and Other products are transferred at cost into the results of those products.
Segment data for gross margin, including sales and cost of sales, which also includes significant expenses, for the three months ended March 31, 2025 and 2024 are presented in the tables below.
Three months ended 
March 31,
 20252024
 (in millions)
Ammonia
Net sales$520 $402 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
110 86 
Unrealized net mark-to-market loss (gain) on natural gas derivatives1 (12)
Depreciation and amortization(2)
55 79 
Distribution and storage(3)
37 35 
Freight(4)
15 14 
Other segment items(5)
116 135 
Total cost of sales
334 337 
Gross margin$186 $65 
Granular Urea
Net sales$439 $407 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
95 76 
Unrealized net mark-to-market gain on natural gas derivatives— (9)
Depreciation and amortization(2)
71 69 
Distribution and storage(3)
3 2 
Freight(4)
7 10 
Other segment items(5)
90 105 
Total cost of sales
266 253 
Gross margin$173 $154 
Three months ended 
March 31,
 20252024
 (in millions)
UAN
Net sales$470 $425 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
104 77 
Unrealized net mark-to-market loss (gain) on natural gas derivatives1 (10)
Depreciation and amortization(2)
73 69 
Distribution and storage(3)
13 14 
Freight(4)
36 35 
Other segment items(5)
101 97 
Total cost of sales
328 282 
Gross margin$142 $143 
AN
Net sales$101 $114 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
10 11 
Unrealized net mark-to-market gain on natural gas derivatives— (1)
Depreciation and amortization(2)
8 13 
Freight(4)
7 8 
Other segment items(5)
60 74 
Total cost of sales
85 105 
Gross margin$16 $9 
Other(6)
Net sales$133 $122 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
15 11 
Unrealized net mark-to-market gain on natural gas derivatives— (1)
Depreciation and amortization(2)
13 20 
Freight(4)
16 14 
Other segment items(5)
34 40 
Total cost of sales
78 84 
Gross margin$55 $38 
Three months ended 
March 31,
 20252024
 (in millions)
Consolidated
Net sales$1,663 $1,470 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
334 261 
Unrealized net mark-to-market loss (gain) on natural gas derivatives2 (33)
Depreciation and amortization(2)
220 250 
Distribution and storage(3)
53 51 
Freight(4)
81 81 
Other segment items(5)
401 451 
Total cost of sales
1,091 1,061 
Gross margin$572 $409 
Total other operating costs and expenses121 108 
Equity in earnings of operating affiliate4 2 
Operating earnings$455 $303 
_______________________________________________________________________________
(1)Natural gas costs include the impact of realized gains and losses on natural gas derivatives settled during the period.
(2)For the three months ended March 31, 2025 and 2024, depreciation and amortization does not include $8 million and $10 million, respectively, of depreciation and amortization allocated to Corporate, which includes amortization of definite-lived intangible assets. For both the three months ended March 31, 2025 and 2024, depreciation and amortization does not include $7 million of amortization related to the supply contract liability, which is recognized in net sales. See Note 3—Revenue Recognition for additional information on the supply contract liability.
(3)Distribution and storage costs consist of the cost of freight required to transport finished products from our manufacturing facilities to our distribution facilities and the costs to operate our network of distribution facilities in North America.
(4)Freight costs consist of the costs incurred by us to deliver products from one of our plants or distribution facilities to the customer. Freight costs are generally charged to the customer and included in net sales. In situations when control of the product transfers upon loading and the customer requests that we arrange delivery of the product, the amount of freight included in net sales is considered freight revenue.
(5)Other segment items is primarily comprised of payroll, services, materials and supplies, and utilities at our manufacturing facilities.
(6)Other consists of all other products not included in our Ammonia, Granular Urea, UAN or AN segments. All other products primarily include DEF, urea liquor, nitric acid and aqua ammonia.

Our assets, with the exception of goodwill, are not monitored by or reported to our CODM by segment; therefore, we do not present total assets by segment. The following table shows the carrying amount of goodwill by reportable segment as of March 31, 2025 and December 31, 2024:
AmmoniaGranular UreaUANANOtherTotal
(in millions)
Goodwill as of March 31, 2025 and December 31, 2024$980 $828 $576 $69 $39 $2,492 
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event
15.   Subsequent Events
Blue Point Joint Venture
On April 8, 2025, we announced that we formed a joint venture, Blue Point Number One, LLC, with JERA Co., Inc. (JERA), Japan’s largest energy company, and Mitsui & Co., Ltd. (Mitsui), a leading global investment and trading company, for the construction, production and offtake of low-carbon ammonia. Upon formation, we held 40% ownership, JERA held 35% ownership, and Mitsui held 25% ownership in the joint venture. Under the terms of the joint venture’s limited liability company agreement, JERA has a conditional option to reduce its ownership percentage that expires on December 31, 2025. If the specified condition is met, JERA can reduce its ownership below 35% but not lower than 20%. We would have the right and obligation to increase our ownership by the same amount that JERA reduces its ownership.
At our Blue Point complex in Ascension Parish, Louisiana, the Blue Point joint venture is expected to construct an autothermal reforming (ATR) ammonia production facility with a carbon dioxide (CO2) dehydration and compression unit to prepare captured CO2 for transportation and sequestration. Pre-construction activities and engineering evaluations at our Blue Point complex will begin in 2025. Construction of the ammonia production facility is expected to begin in 2026, with low-carbon ammonia production expected to begin in 2029. We will be responsible for the development, operation and maintenance of the ammonia production facility under contracts with the Blue Point joint venture. The three companies will offtake product according to their ownership percentages.
We estimate that the cost of the low-carbon ATR ammonia production facility with carbon capture and sequestration technologies will be approximately $4 billion. Pursuant to periodic joint venture capital calls, the joint venture members will fund the cost of the facility’s engineering, procurement and construction according to their ownership percentages.
The low-carbon ammonia production facility is designed with an annual nameplate capacity of approximately 1.4 million metric tons and is expected to capture greater than 95% of the CO2 generated from its production of ammonia. The ammonia production facility is expected to qualify for tax credits under Section 45Q of the Internal Revenue Code, which provides a tax credit per metric ton of CO2 permanently sequestered.
In addition, we will invest approximately $550 million to build scalable infrastructure at our Blue Point complex to supply the ammonia production facility with services, including product storage and vessel loading. We will operate these facilities, and the Blue Point joint venture will compensate us for these services.
We determined that Blue Point Number One, LLC is a variable interest entity (VIE) in which we hold a variable interest, and we are the primary beneficiary of the VIE as we have both (1) the power to direct the activities that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE, due to our 40% equity interest. As a result, we will consolidate this entity in our consolidated financial statements, with the combined 60% equity interest owned by JERA and Mitsui recorded as noncontrolling interest.
Share Repurchase Program
On May 6, 2025, the Board authorized the repurchase of up to $2 billion of CF Holdings common stock commencing upon the completion of the 2022 Share Repurchase Program and effective through December 31, 2029 (the 2025 Share Repurchase Program). Repurchases under the 2025 Share Repurchase Program may be made from time to time in the open market, through privately-negotiated transactions, through block transactions, through accelerated share repurchase programs or otherwise. The manner, timing and amount of repurchases will be determined by our management based on the evaluation of market conditions, stock price and other factors. See Note 13—Stockholders’ Equity for information related to the 2022 Share Repurchase Program, which expires on December 31, 2025.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Bert A. Frost [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 6, 2025, Bert A. Frost, Executive Vice President, Sales, Market Development and Supply Chain, adopted a Rule 10b5-1 trading arrangement for the sale of up to 21,003 shares of Common Stock, subject to certain conditions, between June 13, 2025 and March 10, 2026.
Name Bert A. Frost
Title Executive Vice President, Sales, Market Development and Supply Chain
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 6, 2025
Expiration Date March 10, 2026
Arrangement Duration 270 days
Aggregate Available 21,003
Susan L. Menzel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On March 13, 2025, Susan L. Menzel, Executive Vice President and Chief Administrative Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 10,000 shares of Common Stock, subject to certain conditions, between June 20, 2025 and March 10, 2026.
Name Susan L. Menzel
Title Executive Vice President and Chief Administrative Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2025
Expiration Date March 10, 2026
Arrangement Duration 263 days
Aggregate Available 10,000
v3.25.1
Fair Value Measurements (Policies)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Cash Equivalents Cash equivalents include highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less.
v3.25.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table summarizes our revenue by product and by geography (based on the destination of our shipment) for the three months ended March 31, 2025 and 2024:
AmmoniaGranular UreaUANANOtherTotal
(in millions)
Three months ended March 31, 2025
North America$366 $439 $408 $47 $113 $1,373 
Europe and other154 — 62 54 20 290 
Total revenue$520 $439 $470 $101 $133 $1,663 
Three months ended March 31, 2024
North America$334 $403 $373 $48 $102 $1,260 
Europe and other68 4 52 66 20 210 
Total revenue$402 $407 $425 $114 $122 $1,470 
v3.25.1
Net Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Summary of net earnings per share
Net earnings per share were computed as follows:
 Three months ended 
 March 31,
 20252024
 (in millions, except per share amounts)
Net earnings attributable to common stockholders$312 $194 
Basic earnings per common share:  
Weighted-average common shares outstanding168.6 187.6 
Net earnings attributable to common stockholders$1.85 $1.03 
Diluted earnings per common share:  
Weighted-average common shares outstanding168.6 187.6 
Dilutive common shares—stock-based awards0.2 0.5 
Diluted weighted-average common shares outstanding168.8 188.1 
Net earnings attributable to common stockholders$1.85 $1.03 
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of inventories
Inventories consist of the following:
 March 31, 
2025		December 31, 
2024
 (in millions)
Finished goods$301 $263 
Raw materials, spare parts and supplies50 51 
Total inventories$351 $314 
v3.25.1
Property, Plant and Equipment-Net (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Components of property, plant and equipment-net
Property, plant and equipment—net consists of the following:
 March 31, 
2025		December 31, 
2024
 (in millions)
Land$108 $114 
Machinery and equipment13,598 13,801 
Buildings and improvements1,016 1,011 
Construction in progress556 482 
Property, plant and equipment(1)
15,278 15,408 
Less: Accumulated depreciation and amortization8,675 8,673 
Property, plant and equipment—net$6,603 $6,735 
_______________________________________________________________________________
(1)As of March 31, 2025 and December 31, 2024, we had property, plant and equipment that was accrued but unpaid of $87 million and $101 million, respectively. As of March 31, 2024 and December 31, 2023, we had property, plant and equipment that was accrued but unpaid of $72 million and $68 million, respectively.
Summary of plant turnaround activity
The following is a summary of capitalized plant turnaround costs:
 Three months ended 
 March 31,
 20252024
 (in millions)
Net capitalized plant turnaround costs as of January 1$363 $352 
Additions20 24 
Depreciation(37)(52)
Effect of exchange rate changes and other(3)(1)
Net capitalized plant turnaround costs as of March 31
$343 $323 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of cash and cash equivalents and other investments reconciliation from adjusted cost to fair value
Our cash and cash equivalents and other investments consist of the following:
 March 31, 2025
 Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
 (in millions)
Cash$206 $— $— $206 
Cash equivalents:
U.S. and Canadian government obligations707 — — 707 
Other debt securities493 — — 493 
Total cash and cash equivalents$1,406 $— $— $1,406 
Nonqualified employee benefit trusts16 1 — 17 
 December 31, 2024
 Cost BasisUnrealized
Gains		Unrealized
Losses		Fair Value
 (in millions)
Cash$168 $— $— $168 
Cash equivalents:
U.S. and Canadian government obligations932 — — 932 
Other debt securities514 — — 514 
Total cash and cash equivalents$1,614 $— $— $1,614 
Nonqualified employee benefit trusts15 2 — 17 
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables present assets and liabilities included in our consolidated balance sheets as of March 31, 2025 and December 31, 2024 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value:
 March 31, 2025
 Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash equivalents$1,200 $1,200 $— $— 
Nonqualified employee benefit trusts17 17 — — 
Derivative assets1 — 1 — 
Derivative liabilities(2)— (2)— 
 December 31, 2024
 Total Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash equivalents$1,446 $1,446 $— $— 
Nonqualified employee benefit trusts17 17 — — 
Derivative assets4 — 4 — 
Derivative liabilities(3)— (3)— 
Schedule of carrying amounts and estimated fair values of financial instruments
The carrying amount and estimated fair value of our financial instruments are as follows:
 March 31, 2025December 31, 2024
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
 (in millions)
Long-term debt$2,972 $2,822 $2,971 $2,827 
v3.25.1
Financing Agreements (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Components of long-term debt
Long-term debt presented on our consolidated balance sheets as of March 31, 2025 and December 31, 2024 consisted of the following debt securities issued by CF Industries:
 Effective Interest RateMarch 31, 2025December 31, 2024
 Principal Outstanding
Carrying Amount(1)
Principal Outstanding
Carrying Amount(1)
(in millions)
Public Senior Notes:
5.150% due March 2034
5.293%$750 $742 $750 $742 
4.950% due June 2043
5.040%750 742 750 742 
5.375% due March 2044
5.478%750 741 750 741 
Senior Secured Notes:
4.500% due December 2026(2)
4.783%750 747 750 746 
Total long-term debt$3,000 $2,972 $3,000 $2,971 
_______________________________________________________________________________
(1)Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $6 million as of both March 31, 2025 and December 31, 2024, and total deferred debt issuance costs were $22 million and $23 million as of March 31, 2025 and December 31, 2024, respectively. 
(2)Effective August 23, 2021, these notes are no longer secured, in accordance with the terms of the applicable indenture.
v3.25.1
Interest Expense (Tables)
 3 Months Ended
Mar. 31, 2025
Interest Expense, Operating and Nonoperating [Abstract]  
Schedule of interest expense
Details of interest expense are as follows:
 Three months ended 
 March 31,
 20252024
 (in millions)
Interest on borrowings(1)
$37 $37 
Fees on financing agreements(1)
2 2 
Interest capitalized(2)(2)
Total interest expense$37 $37 
_______________________________________________________________________________
(1)See Note 10—Financing Agreements for additional information.
v3.25.1
Noncontrolling Interest (Tables)
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
A reconciliation of the beginning and ending balances of noncontrolling interest and distributions payable to the noncontrolling interest in our consolidated balance sheets is provided below.
20252024
 (in millions)
Noncontrolling interest:
Balance as of January 1$2,607 $2,656 
Earnings attributable to noncontrolling interest39 44 
Declaration of distributions payable(129)(144)
Balance as of March 31$2,517 $2,556 
Distributions payable to noncontrolling interest:
Balance as of January 1$— $— 
Declaration of distributions payable129 144 
Distributions to noncontrolling interest(129)(144)
Balance as of March 31$— $— 
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Class of Treasury Stock
The following table summarizes the share repurchases under the 2022 Share Repurchase Program.
Shares
Amounts(1)
(in millions)
Shares repurchased in 20235.6 $425 
Shares repurchased in 2024:
First quarter4.3 347 
Second quarter4.0 305 
Third quarter6.1 476 
Fourth quarter4.4 385 
Total shares repurchased in 202418.8 1,513 
Shares repurchased in 2025:
First quarter5.4 434 
Shares repurchased as of March 31, 2025
29.8 $2,372 
______________________________________________________________________________
(1)As defined in the 2022 Share Repurchase Program, amounts reflect the price paid for the shares of common stock repurchased, excluding commissions paid to brokers and excise taxes.
Schedule of changes to AOCI
Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:
 Foreign
Currency
Translation
Adjustment		Unrealized
Gain on
Derivatives		Defined
Benefit
Plans		Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance as of December 31, 2024$(221)$3 $(62)$(280)
Effect of exchange rate changes and deferred taxes11 — (2)9 
Balance as of March 31, 2025$(210)$3 $(64)$(271)
Balance as of December 31, 2023$(146)$3 $(66)$(209)
Effect of exchange rate changes and deferred taxes(16)— — (16)
Balance as of March 31, 2024$(162)$3 $(66)$(225)
v3.25.1
Segment Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary of segment data for sales, cost of sales and gross margin Segment data for gross margin, including sales and cost of sales, which also includes significant expenses, for the three months ended March 31, 2025 and 2024 are presented in the tables below.
Three months ended 
March 31,
 20252024
 (in millions)
Ammonia
Net sales$520 $402 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
110 86 
Unrealized net mark-to-market loss (gain) on natural gas derivatives1 (12)
Depreciation and amortization(2)
55 79 
Distribution and storage(3)
37 35 
Freight(4)
15 14 
Other segment items(5)
116 135 
Total cost of sales
334 337 
Gross margin$186 $65 
Granular Urea
Net sales$439 $407 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
95 76 
Unrealized net mark-to-market gain on natural gas derivatives— (9)
Depreciation and amortization(2)
71 69 
Distribution and storage(3)
3 2 
Freight(4)
7 10 
Other segment items(5)
90 105 
Total cost of sales
266 253 
Gross margin$173 $154 
Three months ended 
March 31,
 20252024
 (in millions)
UAN
Net sales$470 $425 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
104 77 
Unrealized net mark-to-market loss (gain) on natural gas derivatives1 (10)
Depreciation and amortization(2)
73 69 
Distribution and storage(3)
13 14 
Freight(4)
36 35 
Other segment items(5)
101 97 
Total cost of sales
328 282 
Gross margin$142 $143 
AN
Net sales$101 $114 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
10 11 
Unrealized net mark-to-market gain on natural gas derivatives— (1)
Depreciation and amortization(2)
8 13 
Freight(4)
7 8 
Other segment items(5)
60 74 
Total cost of sales
85 105 
Gross margin$16 $9 
Other(6)
Net sales$133 $122 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
15 11 
Unrealized net mark-to-market gain on natural gas derivatives— (1)
Depreciation and amortization(2)
13 20 
Freight(4)
16 14 
Other segment items(5)
34 40 
Total cost of sales
78 84 
Gross margin$55 $38 
Three months ended 
March 31,
 20252024
 (in millions)
Consolidated
Net sales$1,663 $1,470 
Cost of sales:
Natural gas, including the impact of realized derivatives(1)
334 261 
Unrealized net mark-to-market loss (gain) on natural gas derivatives2 (33)
Depreciation and amortization(2)
220 250 
Distribution and storage(3)
53 51 
Freight(4)
81 81 
Other segment items(5)
401 451 
Total cost of sales
1,091 1,061 
Gross margin$572 $409 
Total other operating costs and expenses121 108 
Equity in earnings of operating affiliate4 2 
Operating earnings$455 $303 
_______________________________________________________________________________
(1)Natural gas costs include the impact of realized gains and losses on natural gas derivatives settled during the period.
(2)For the three months ended March 31, 2025 and 2024, depreciation and amortization does not include $8 million and $10 million, respectively, of depreciation and amortization allocated to Corporate, which includes amortization of definite-lived intangible assets. For both the three months ended March 31, 2025 and 2024, depreciation and amortization does not include $7 million of amortization related to the supply contract liability, which is recognized in net sales. See Note 3—Revenue Recognition for additional information on the supply contract liability.
(3)Distribution and storage costs consist of the cost of freight required to transport finished products from our manufacturing facilities to our distribution facilities and the costs to operate our network of distribution facilities in North America.
(4)Freight costs consist of the costs incurred by us to deliver products from one of our plants or distribution facilities to the customer. Freight costs are generally charged to the customer and included in net sales. In situations when control of the product transfers upon loading and the customer requests that we arrange delivery of the product, the amount of freight included in net sales is considered freight revenue.
(5)Other segment items is primarily comprised of payroll, services, materials and supplies, and utilities at our manufacturing facilities.
(6)Other consists of all other products not included in our Ammonia, Granular Urea, UAN or AN segments. All other products primarily include DEF, urea liquor, nitric acid and aqua ammonia.
Schedule of Goodwill The following table shows the carrying amount of goodwill by reportable segment as of March 31, 2025 and December 31, 2024:
AmmoniaGranular UreaUANANOtherTotal
(in millions)
Goodwill as of March 31, 2025 and December 31, 2024$980 $828 $576 $69 $39 $2,492 
v3.25.1
Revenue Recognition - Narrative (Details)
T in Thousands, $ in Millions
 3 Months Ended
Dec. 01, 2023
USD ($)
T
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Disaggregation of Revenue [Line Items]        
Customer advances   $ 241   $ 118
Contract with Customer, Liability, Revenue Recognized   93 $ 110  
Revenue, Performance Obligation, description of returns and other similar obligations, unfulfilled minimum contractual right of payment   1,200    
Depreciation and amortization   221 253  
Supply contract liability   717   $ 724
Waggaman Ammonia Production Facility | Supply Agreements        
Disaggregation of Revenue [Line Items]        
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 25 years      
Waggaman Ammonia Production Facility        
Disaggregation of Revenue [Line Items]        
Business Combination, Long Term Supply Commitment Acquired, Committed Annual Amount | T 200      
Business Combination, Recognized Liability Assumed, Contingent Liability $ 757      
Waggaman Ammonia Production Facility | Supply Contracts        
Disaggregation of Revenue [Line Items]        
Depreciation and amortization   7 $ 7  
Remainder of 2025   23    
2026   30    
2027   30    
2028   30    
2029   30    
2030   $ 30    
v3.25.1
Revenue Recognition - Revenue by Product and by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Net sales $ 1,663 $ 1,470
North America    
Disaggregation of Revenue [Line Items]    
Net sales 1,373 1,260
Europe and Other    
Disaggregation of Revenue [Line Items]    
Net sales 290 210
Ammonia    
Disaggregation of Revenue [Line Items]    
Net sales 520 402
Ammonia | North America    
Disaggregation of Revenue [Line Items]    
Net sales 366 334
Ammonia | Europe and Other    
Disaggregation of Revenue [Line Items]    
Net sales 154 68
Granular Urea    
Disaggregation of Revenue [Line Items]    
Net sales 439 407
Granular Urea | North America    
Disaggregation of Revenue [Line Items]    
Net sales 439 403
Granular Urea | Europe and Other    
Disaggregation of Revenue [Line Items]    
Net sales 0 4
UAN    
Disaggregation of Revenue [Line Items]    
Net sales 470 425
UAN | North America    
Disaggregation of Revenue [Line Items]    
Net sales 408 373
UAN | Europe and Other    
Disaggregation of Revenue [Line Items]    
Net sales 62 52
AN    
Disaggregation of Revenue [Line Items]    
Net sales 101 114
AN | North America    
Disaggregation of Revenue [Line Items]    
Net sales 47 48
AN | Europe and Other    
Disaggregation of Revenue [Line Items]    
Net sales 54 66
Other    
Disaggregation of Revenue [Line Items]    
Net sales 133 122
Other | North America    
Disaggregation of Revenue [Line Items]    
Net sales 113 102
Other | Europe and Other    
Disaggregation of Revenue [Line Items]    
Net sales $ 20 $ 20
v3.25.1
Revenue Recognition - Performance Obligations (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Amount of remaining performance obligation $ 2,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Performance Obligation, description of returns and other similar obligations, unfulfilled minimum contractual right of payment $ 1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 20.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 29.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 29.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 29.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 18.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 18.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent 18.00%
v3.25.1
Net Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net earnings attributable to common stockholders $ 312 $ 194
Basic earnings per common share:    
Weighted-average common shares outstanding 168.6 187.6
Net earnings attributable to common stockholders (in dollars per share) $ 1.85 $ 1.03
Diluted earnings per common share:    
Weighted-average common shares outstanding 168.6 187.6
Dilutive common shares—stock options (in shares) 0.2 0.5
Diluted weighted-average common shares outstanding 168.8 188.1
Net earnings attributable to common stockholders diluted (in dollars per share) $ 1.85 $ 1.03
Antidilutive securities excluded from computation of EPS (in shares) 0.0 0.0
v3.25.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Finished goods $ 301 $ 263
Raw materials, spare parts and supplies 50 51
Total inventories $ 351 $ 314
v3.25.1
Property, Plant and Equipment-Net (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment-Net        
Gross property plant and equipment $ 15,278   $ 15,408  
Less: Accumulated depreciation and amortization 8,675   8,673  
Net property, plant and equipment 6,603   6,735  
Construction in progress expenditures incurred but not yet paid 87 $ 72 101 $ 68
Depreciation and amortization 220 252    
Land        
Property, Plant and Equipment-Net        
Gross property plant and equipment 108   114  
Machinery and equipment        
Property, Plant and Equipment-Net        
Gross property plant and equipment 13,598   13,801  
Changes in plant turnaround activity        
Balance at the beginning of the period 363 352 352  
Additions 20 24    
Depreciation (37) (52)    
Effect of exchange rate changes and other (3) (1)    
Balance at the end of the period 343 $ 323 363 $ 352
Buildings and improvements        
Property, Plant and Equipment-Net        
Gross property plant and equipment 1,016   1,011  
Construction in progress        
Property, Plant and Equipment-Net        
Gross property plant and equipment $ 556   $ 482  
v3.25.1
Equity Method Investment-Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Point Lisas Nitrogen Limited (PLNL)    
Equity method investments    
Ownership interest (as a percent) 50.00%  
Point Lisas Nitrogen Limited (PLNL)    
Equity method investments    
Equity Method Investment $ 33  
Obligation to purchase ammonia (as a percent) 50.00%  
Purchases of ammonia from PLNL $ 34 $ 30
v3.25.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Cash $ 206 $ 168
Cash and Cash Equivalents    
Cash equivalents:    
Cost Basis 1,406 1,614
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 1,406 1,614
U.S. and Canadian government obligations | Cash and Cash Equivalents    
Cash equivalents:    
Cost Basis 707 932
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 707 932
Other debt securities | Cash and Cash Equivalents    
Cash equivalents:    
Cost Basis 493 514
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 493 514
Nonqualified employee benefit trusts    
Cash equivalents:    
Cost Basis 16 15
Unrealized Gains 1 2
Unrealized Losses 0 0
Fair Value $ 17 $ 17
v3.25.1
Fair Value Measurements (Details 2) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Estimate of Fair Value Measurement    
Assets and liabilities measured at fair value on a recurring basis    
Fair value of long-term debt, including current portion $ 2,822 $ 2,827
Reported Value Measurement    
Assets and liabilities measured at fair value on a recurring basis    
Fair value of long-term debt, including current portion 2,972 2,971
Recurring basis    
Assets and liabilities measured at fair value on a recurring basis    
Cash equivalents 1,200 1,446
Nonqualified employee benefit trusts 17 17
Derivative Liability (2) (3)
Derivative Asset 1 4
Recurring basis | Quoted Prices in Active Markets (Level 1)    
Assets and liabilities measured at fair value on a recurring basis    
Cash equivalents 1,200 1,446
Nonqualified employee benefit trusts 17 17
Derivative Liability 0 0
Derivative Asset 0 0
Recurring basis | Significant Other Observable Inputs (Level 2)    
Assets and liabilities measured at fair value on a recurring basis    
Cash equivalents 0 0
Nonqualified employee benefit trusts 0 0
Derivative Liability (2) (3)
Derivative Asset 1 4
Recurring basis | Fair Value, Inputs (Level 3)    
Assets and liabilities measured at fair value on a recurring basis    
Cash equivalents 0 0
Nonqualified employee benefit trusts 0 0
Derivative Liability 0 0
Derivative Asset $ 0 $ 0
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax provision $ 86 $ 62
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 437 $ 300
Income tax rate reconciliation, percent 19.80% 20.70%
Less: Net earnings attributable to noncontrolling interest $ 39 $ 44
Income tax rate increase/(decrease) during period due to noncontrolling interest 1.90% 3.60%
v3.25.1
Financing Agreements (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instruments    
Principal Outstanding $ 3,000.0 $ 3,000.0
Carrying amount 2,972.0 2,971.0
Long-term debt 2,972.0 2,971.0
CF Industries    
Debt Instruments    
Unamortized debt discount 6.0 6.0
Total deferred debt issuance costs $ 22.0 $ 23.0
CF Industries | Senior Notes | Senior notes 5.150% due 2034    
Financing agreements    
Interest rate (as a percent) 5.15% 5.15%
Debt Instruments    
Effective Interest Rate (percent) 5.293% 5.293%
Principal Outstanding $ 750.0 $ 750.0
Carrying amount $ 742.0 $ 742.0
CF Industries | Senior Notes | Senior notes 4.950% due 2043    
Financing agreements    
Interest rate (as a percent) 4.95% 4.95%
Debt Instruments    
Effective Interest Rate (percent) 5.04% 5.04%
Principal Outstanding $ 750.0 $ 750.0
Carrying amount $ 742.0 $ 742.0
CF Industries | Senior Notes | Senior notes 5.375% due 2044    
Financing agreements    
Interest rate (as a percent) 5.375% 5.375%
Debt Instruments    
Effective Interest Rate (percent) 5.478% 5.478%
Principal Outstanding $ 750.0 $ 750.0
Carrying amount $ 741.0 $ 741.0
CF Industries | Senior Notes | Senior Notes 4.500% Due 2026    
Financing agreements    
Interest rate (as a percent) 4.50% 4.50%
Debt Instruments    
Effective Interest Rate (percent) 4.783% 4.783%
Principal Outstanding $ 750.0 $ 750.0
Carrying amount $ 747.0 $ 746.0
v3.25.1
Financing Agreements - Narrative (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Oct. 26, 2023
Letter of Credit | Letter of Credit      
Financing agreements      
Maximum borrowing capacity $ 425,000,000    
Line of Credit Facility, Fair Value of Amount Outstanding 324,000,000    
CF Industries | Letter of Credit | Revolving Credit Facility      
Financing agreements      
Maximum borrowing capacity     $ 750,000,000
CF Industries | Letter of Credit | Letter of Credit      
Financing agreements      
Maximum borrowing capacity     $ 125,000,000
CF Industries | Credit Agreement      
Financing agreements      
Available credit 750,000,000    
Outstanding letters of credit 0    
Long-term Line of Credit $ 0 $ 0  
v3.25.1
Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Expense, Operating and Nonoperating [Abstract]    
Interest on borrowings(1) $ 37 $ 37
Fees on financing agreements(1) 2 2
Interest capitalized (2) (2)
Interest expense $ 37 $ 37
v3.25.1
Noncontrolling Interest (Details) - CF Industries Nitrogen, LLC - T
Mar. 31, 2025
Feb. 01, 2016
Noncontrolling interest    
Maximum Annual Granular Urea Tons Eligible for Purchase 1,100,000  
Maximum Annual UAN Tons Eligible for Purchase 580,000  
CHS Inc.    
Noncontrolling interest    
Percentage of ownership interest held by outside investors   11.00%
v3.25.1
Noncontrolling Interest (Details 2) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Noncontrolling interest    
Beginning balance $ 2,607  
Earnings attributable to noncontrolling interests 39 $ 44
Distribution declared to noncontrolling interest (129) (144)
Ending balance 2,517  
CF Industries Nitrogen, LLC    
Noncontrolling interest    
Beginning balance 2,607 2,656
Earnings attributable to noncontrolling interests 39 44
Distribution declared to noncontrolling interest (129) (144)
Ending balance 2,517 2,556
Distributions payable to noncontrolling interests:    
Beginning balance 0 0
Declaration of distributions payable 129 144
Distributions to noncontrolling interest (129) (144)
Ending balance $ 0 $ 0
v3.25.1
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance $ 7,592 $ 8,373
Effect of exchange rate changes and deferred taxes 9 (16)
Balance 7,297 7,996
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance (280) (209)
Balance (271) (225)
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance (221) (146)
Effect of exchange rate changes and deferred taxes 11 (16)
Balance (210) (162)
Unrealized Gain on Derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance 3 3
Effect of exchange rate changes and deferred taxes 0 0
Balance 3 3
Defined Benefit Plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance (62) (66)
Effect of exchange rate changes and deferred taxes (2) 0
Balance $ (64) $ (66)
v3.25.1
Stockholders' Equity (Details 2) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended 24 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2025
Nov. 02, 2022
Equity, Class of Treasury Stock [Line Items]                  
Treasury stock (in shares) 5,611,408 354,264       354,264   5,611,408  
Treasury Stock, Shares, Retired 400,000                
2022 Share Repurchase Program                  
Equity, Class of Treasury Stock [Line Items]                  
Stock repurchased and retired during period (in shares) 5,400,000 4,400,000 6,100,000 4,000,000.0 4,300,000 18,800,000 5,600,000 29,800,000  
Amount of stock repurchased during period $ 434 $ 385 $ 476 $ 305 $ 347 $ 1,513 $ 425 $ 2,372  
Authorized amount of stock repurchase program                 $ 3,000
Share Repurchase Program, stock accrued during period         $ 14        
v3.25.1
Segment Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Segment data      
Net sales $ 1,663 $ 1,470  
Natural gas, including the impact of realized derivatives 334 261  
Unrealized net mark-to-market loss (gain) on natural gas derivatives (2) 33  
Depreciation and amortization 220 250  
Distribution and storage 53 51  
Freight 81 81  
Other segment items 401 451  
Cost of sales 1,091 1,061  
Gross margin 572 409  
Total other operating costs and expenses 121 108  
Equity in earnings of operating affiliate 4 2  
Operating earnings 455 303  
Depreciation and amortization 221 253  
Goodwill 2,492   $ 2,492
Waggaman Ammonia Production Facility | Supply Contracts      
Segment data      
Depreciation and amortization 7 7  
Ammonia      
Segment data      
Net sales 520 402  
Natural gas, including the impact of realized derivatives 110 86  
Unrealized net mark-to-market loss (gain) on natural gas derivatives 1 (12)  
Depreciation and amortization 55 79  
Distribution and storage 37 35  
Freight 15 14  
Other segment items 116 135  
Cost of sales 334 337  
Gross margin 186 65  
Goodwill 980   980
Granular Urea      
Segment data      
Net sales 439 407  
Natural gas, including the impact of realized derivatives 95 76  
Unrealized net mark-to-market loss (gain) on natural gas derivatives 0 (9)  
Depreciation and amortization 71 69  
Distribution and storage 3 2  
Freight 7 10  
Other segment items 90 105  
Cost of sales 266 253  
Gross margin 173 154  
Goodwill 828   828
UAN      
Segment data      
Net sales 470 425  
Natural gas, including the impact of realized derivatives 104 77  
Unrealized net mark-to-market loss (gain) on natural gas derivatives 1 (10)  
Depreciation and amortization 73 69  
Distribution and storage 13 14  
Freight 36 35  
Other segment items 101 97  
Cost of sales 328 282  
Gross margin 142 143  
Goodwill 576   576
AN      
Segment data      
Net sales 101 114  
Natural gas, including the impact of realized derivatives 10 11  
Unrealized net mark-to-market loss (gain) on natural gas derivatives 0 1  
Depreciation and amortization 8 13  
Freight 7 8  
Other segment items 60 74  
Cost of sales 85 105  
Gross margin 16 9  
Goodwill 69   69
Other      
Segment data      
Net sales 133 122  
Natural gas, including the impact of realized derivatives 15 11  
Unrealized net mark-to-market loss (gain) on natural gas derivatives 0 1  
Depreciation and amortization 13 20  
Freight 16 14  
Other segment items 34 40  
Cost of sales 78 84  
Gross margin 55 38  
Goodwill 39   $ 39
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment data      
Depreciation and amortization $ 8 $ 10  
v3.25.1
Subsequent Events (Details) - Subsequent Event - USD ($)
$ in Millions
May 06, 2025
Apr. 08, 2025
2025 Share Repurchase Program [Member]    
Subsequent Event [Line Items]    
Authorized amount of stock repurchase program $ 2,000  
Blue Point Number One, LLC    
Subsequent Event [Line Items]    
Ownership interest (as a percent)   40.00%
Blue Point Number One, LLC    
Subsequent Event [Line Items]    
Joint Venture Agreement, Covenant, Subsidiary, Ability To Reduce Ownership Percentage, Minimum Ownership Percentage, Noncontrolling Owner   20.00%
Joint Venture Agreement, Additional Contractual Investment Obligation   $ 550
Joint Venture Formation, Aggregate Cost   $ 4,000
Blue Point Number One, LLC | JERA Co, Inc. and Mitsui & Co., Ltd.    
Subsequent Event [Line Items]    
Percentage of ownership interest held by outside investors   60.00%
Blue Point Number One, LLC | JERA Co, Inc.    
Subsequent Event [Line Items]    
Percentage of ownership interest held by outside investors   35.00%
Blue Point Number One, LLC | Mitsui & Co., Ltd    
Subsequent Event [Line Items]    
Percentage of ownership interest held by outside investors   25.00%