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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, 2022
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
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
196,189,463 shares of the registrant’s common stock, par value $0.01 per share, were outstanding at October 31, 2022.


CF INDUSTRIES HOLDINGS, INC.

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,
 2022202120222021
 (in millions, except per share amounts)
Net sales $2,321 $1,362 $8,578 $3,998 
Cost of sales1,405 922 3,973 2,766 
Gross margin916 440 4,605 1,232 
Selling, general and administrative expenses66 52 203 167 
U.K. goodwill impairment 259  259 
U.K. long-lived and intangible asset impairment87 236 239 236 
U.K. operations restructuring8  18  
Other operating—net25 5 33 7 
Total other operating costs and expenses186 552 493 669 
Equity in earnings of operating affiliate20 15 74 37 
Operating earnings (loss)750 (97)4,186 600 
Interest expense46 46 369 140 
Interest income(12) (56) 
Loss on debt extinguishment 13 8 19 
Other non-operating—net23 (19)24 (17)
Earnings (loss) before income taxes693 (137)3,841 458 
Income tax provision (benefit)155 (46)913 57 
Net earnings (loss)538 (91)2,928 401 
Less: Net earnings attributable to noncontrolling interest100 94 442 189 
Net earnings (loss) attributable to common stockholders$438 $(185)$2,486 $212 
Net earnings (loss) per share attributable to common stockholders:
Basic$2.19 $(0.86)$12.09 $0.99 
Diluted$2.18 $(0.86)$12.04 $0.98 
Weighted-average common shares outstanding:  
Basic200.2 214.9 205.6 215.3 
Diluted200.9 214.9 206.5 216.4 
Dividends declared per common share$0.40 $0.30 $1.10 $0.90 
See accompanying Notes to Unaudited Consolidated Financial Statements.

1

CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 Three months ended 
 September 30,
Nine months ended 
 September 30,
 2022202120222021
 (in millions)
Net earnings (loss)$538 $(91)$2,928 $401 
Other comprehensive (loss) income:    
Foreign currency translation adjustment—net of taxes(9)(26)(49)(2)
Defined benefit plans—net of taxes24 6 36 6 
15 (20)(13)4 
Comprehensive income (loss)553 (111)2,915 405 
Less: Comprehensive income attributable to noncontrolling interest100 94 442 189 
Comprehensive income (loss) attributable to common stockholders$453 $(205)$2,473 $216 
See accompanying Notes to Unaudited Consolidated Financial Statements.

2

CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
 September 30, 
 2022
December 31, 
 2021
 (in millions, except share
and per share amounts)
Assets  
Current assets:  
Cash and cash equivalents$2,192 $1,628 
Accounts receivable—net721 497 
Inventories500 408 
Prepaid income taxes179 4 
Other current assets88 56 
Total current assets3,680 2,593 
Property, plant and equipment—net6,500 7,081 
Investment in affiliate86 82 
Goodwill2,088 2,091 
Operating lease right-of-use assets274 243 
Other assets652 285 
Total assets$13,280 $12,375 
Liabilities and Equity  
Current liabilities:  
Accounts payable and accrued expenses$711 $565 
Income taxes payable25 24 
Customer advances511 700 
Current operating lease liabilities96 89 
Other current liabilities38 54 
Total current liabilities1,381 1,432 
Long-term debt2,965 3,465 
Deferred income taxes1,010 1,029 
Operating lease liabilities185 162 
Other liabilities642 251 
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, 2022—207,597,269 shares issued and 2021—207,603,940 shares issued
2 2 
Paid-in capital1,488 1,375 
Retained earnings4,087 2,088 
Treasury stock—at cost, 2022—9,851,898 shares and 2021—27,962 shares
(863)(2)
Accumulated other comprehensive loss(270)(257)
Total stockholders’ equity4,444 3,206 
Noncontrolling interest2,653 2,830 
Total equity7,097 6,036 
Total liabilities and equity$13,280 $12,375 
See accompanying Notes to Unaudited Consolidated Financial Statements.
3

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, 2022$2 $(331)$1,474 $3,729 $(285)$4,589 $2,925 $7,514 
Net earnings   438  438 100 538 
Other comprehensive income    15 15  15 
Purchases of treasury stock (532)   (532) (532)
Issuance of $0.01 par value common stock under employee stock plans
  4   4  4 
Stock-based compensation expense  10   10  10 
Cash dividends ($0.40 per share)
   (80) (80) (80)
Distribution declared to noncontrolling interest      (372)(372)
Balance as of September 30, 2022$2 $(863)$1,488 $4,087 $(270)$4,444 $2,653 $7,097 
Balance as of December 31, 2021$2 $(2)$1,375 $2,088 $(257)$3,206 $2,830 $6,036 
Net earnings   2,486  2,486 442 2,928 
Other comprehensive loss    (13)(13) (13)
Purchases of treasury stock (1,122)   (1,122) (1,122)
Retirement of treasury stock 283 (23)(260)    
Acquisition of treasury stock under employee stock plans (23)   (23) (23)
Issuance of $0.01 par value common stock under employee stock plans
 1 104   105  105 
Stock-based compensation expense  32   32  32 
Cash dividends ($1.10 per share)
   (227) (227) (227)
Distributions declared to noncontrolling interest      (619)(619)
Balance as of September 30, 2022$2 $(863)$1,488 $4,087 $(270)$4,444 $2,653 $7,097 
(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, 2021$2 $ $1,357 $2,183 $(296)$3,246 $2,712 $5,958 
Net (loss) earnings   (185) (185)94 (91)
Other comprehensive loss    (20)(20) (20)
Purchases of treasury stock (50)   (50) (50)
Acquisition of treasury stock under employee stock plans (1)   (1) (1)
Issuance of $0.01 par value common stock under employee stock plans
  6   6  6 
Stock-based compensation expense  7   7  7 
Cash dividends ($0.30 per share)
   (65) (65) (65)
Distribution declared to noncontrolling interest      (130)(130)
Balance as of September 30, 2021$2 $(51)$1,370 $1,933 $(316)$2,938 $2,676 $5,614 
Balance as of December 31, 2020$2 $(4)$1,317 $1,927 $(320)$2,922 $2,681 $5,603 
Net earnings   212  212 189 401 
Other comprehensive income    4 4  4 
Purchases of treasury stock (50)   (50) (50)
Retirement of treasury stock 13 (2)(11)    
Acquisition of treasury stock under employee stock plans (11)   (11) (11)
Issuance of $0.01 par value common stock under employee stock plans
 1 32   33  33 
Stock-based compensation expense  23   23  23 
Cash dividends ($0.90 per share)
   (195) (195) (195)
Distributions declared to noncontrolling interest      (194)(194)
Balance as of September 30, 2021$2 $(51)$1,370 $1,933 $(316)$2,938 $2,676 $5,614 
See accompanying Notes to Unaudited Consolidated Financial Statements.
4

CF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine months ended 
 September 30,
 20222021
 (in millions)
Operating Activities:  
Net earnings$2,928 $401 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization652 650 
Deferred income taxes(7)(25)
Stock-based compensation expense32 23 
Loss on debt extinguishment8 19 
Unrealized net gain on natural gas derivatives(39)(18)
Unrealized loss on embedded derivative 2 
U.K. goodwill impairment 259 
U.K. long-lived and intangible asset impairment239 236 
Pension settlement loss24  
Gain on sale of emission credits(6)(20)
Loss on disposal of property, plant and equipment 1 3 
Undistributed earnings of affiliate—net of taxes(10)(15)
Changes in:  
Accounts receivable—net(245)(115)
Inventories(131)(120)
Accrued and prepaid income taxes(168)(132)
Accounts payable and accrued expenses111 69 
Customer advances(188)245 
Other—net69 (69)
Net cash provided by operating activities3,270 1,393 
Investing Activities:  
Additions to property, plant and equipment(319)(382)
Proceeds from sale of property, plant and equipment1  
Distributions received from unconsolidated affiliate4  
Purchase of investments held in nonqualified employee benefit trust(1)(13)
Proceeds from sale of investments held in nonqualified employee benefit trust1 13 
Purchase of emission credits(9)(10)
Proceeds from sale of emission credits15 10 
Other—net (1)
Net cash used in investing activities(308)(383)
Financing Activities:  
Payments of long-term borrowings(507)(518)
Financing fees(4) 
Dividends paid on common stock(227)(195)
Distributions to noncontrolling interest(619)(194)
Purchases of treasury stock(1,096)(50)
Proceeds from issuances of common stock under employee stock plans106 32 
Cash paid for shares withheld for taxes(23)(11)
Net cash used in financing activities(2,370)(936)
Effect of exchange rate changes on cash and cash equivalents(28) 
Increase in cash and cash equivalents564 74 
Cash and cash equivalents at beginning of period