Low Nitrogen Channel Inventories Drive Strong
North American Demand
Favorable Energy Spreads Underpin Solid
Results
CF Industries Holdings, Inc. (NYSE: CF), a leading global
manufacturer of hydrogen and nitrogen products, today announced
results for the first nine months and third quarter ended September
30, 2023.
Highlights
- First nine months 2023 net earnings of $1.25 billion(1), or
$6.42 per diluted share, EBITDA(2) of $2.15 billion, and adjusted
EBITDA(2) of $2.17 billion
- Third quarter 2023 net earnings of $164 million, or $0.85 per
diluted share, EBITDA of $372 million, and adjusted EBITDA of $445
million
- Trailing twelve months net cash from operating activities of
$2.86 billion and free cash flow(3) of $1.96 billion
- Agreement with POSCO Holdings, Inc., to evaluate a joint
venture to construct a low-carbon clean ammonia plant at CF
Industries’ Blue Point Complex in Ascension Parish, Louisiana,
United States, along with long-term low-carbon clean ammonia
offtake into South Korea
- Repurchased 1.9 million shares for $150 million during the
third quarter of 2023
“The CF Industries team continues to execute well,” said Tony
Will, president and chief executive officer, CF Industries
Holdings, Inc. “Global nitrogen industry fundamentals remain
favorable and forward energy curves suggest attractive margin
opportunities for the foreseeable future. As a result, we expect to
continue to drive strong cash generation, underpinning our ability
to create long-term shareholder value through disciplined
investments in growth opportunities and returning substantial
capital to shareholders.”
Nitrogen Market Outlook
During the third quarter of 2023, robust global demand along
with lower production due to global turnaround activity and
continued challenging natural gas fundamentals in key regions, such
as Europe and Trinidad, tightened the global nitrogen-supply demand
balance, supporting an increase in global nitrogen prices late in
the quarter. Management expects demand through the end of 2023 and
into 2024 to remain strong, led by India and Brazil.
In the near-term, global supply and demand dynamics will be
driven largely by these key regions:
- North America: Low channel inventories and favorable
farm economics supported strong nitrogen demand in North America
during the third quarter of 2023. Management believes that the
North American inventory position at the end of the third quarter
for all nitrogen products remained below average due to lower
import levels and higher export volumes year-to-date.
- India: Urea demand in India is expected to remain
stable, underpinned by robust agricultural production. Management
expects that India will tender for urea frequently through the end
of 2023 to replenish urea stocks following increased sales in
recent months, lower imports year-to-date, and reported production
outages at new facilities during the third quarter.
- Brazil: Demand for urea in Brazil is expected to be
strong through its growing season supported by high planted corn
acres and healthy farm incomes. Urea imports through year-end and
into the first quarter of 2024 are expected to be strong in order
to meet forecast demand as imports through September were 7% lower
than the prior year.
- Europe: Approximately 25% of ammonia and 20% of urea
capacity were reported in shutdown/curtailment in Europe as of late
third quarter 2023. Management believes that production economics
in Europe will remain challenging in the fourth quarter of 2023 and
first quarter of 2024 due to higher forecast natural gas prices in
the region. The Company continues to expect ammonia capacity
production rates to be below normal in the region for the
foreseeable future, with a corresponding higher-than-normal level
of nitrogen imports to the region, with some facilities continuing
to favor importing ammonia in order to manufacture upgraded
products.
- China: Urea exports from China during the third quarter
of 2023 were approximately 1.8 million metric tons due to a high
level of participation in India’s August 2023 urea tender.
Participation in future India urea tenders by Chinese producers is
expected to be significantly lower as the Chinese government
reinstated measures to limit urea exports following an increase in
domestic urea prices.
- Russia: Exports of ammonia from Russia continue to
remain lower compared to prior years due to geopolitical
disruptions arising from Russia’s invasion of Ukraine and the
resulting closure of the ammonia pipeline from Russia to the port
of Odessa in Ukraine. Exports of other nitrogen products from
Russia are at pre-war levels, with product pushed to countries
willing to purchase Russian fertilizer, including Brazil and the
United States.
Longer-term, management expects the global nitrogen
supply-demand balance will remain positive, underpinned by
resilient agriculture-led demand and forward energy curves that
indicate a steep cost curve. Energy differentials between North
American producers and marginal producers in Europe and Asia remain
well above historical levels. Forward energy curves continue to
suggest that these wider differentials will persist for an extended
period. As a result, the Company believes the global nitrogen cost
curve will remain supportive of significant margin opportunities
for low-cost North American producers.
Operations Overview
The Company continues to operate safely and efficiently across
its network. As of September 30, 2023, the 12-month rolling average
recordable incident rate was 0.51 incidents per 200,000 work
hours.
Gross ammonia production for the first nine months and third
quarter of 2023 was approximately 7.0 million and 2.2 million tons,
respectively. The Company expects that gross ammonia production for
2023 will be in a range of 9.0-9.5 million tons following the
permanent closure of the ammonia plant at the Company’s Billingham
Complex in the U.K.
Financial Results Overview
First Nine Months 2023 Financial Results
For the first nine months of 2023, net earnings attributable to
common stockholders were $1.25 billion, or $6.42 per diluted share,
EBITDA was $2.15 billion, and adjusted EBITDA was $2.17 billion.
These results compare to first nine months of 2022 net earnings
attributable to common stockholders of $2.49 billion, or $12.04 per
diluted share, EBITDA of $4.30 billion, and adjusted EBITDA of
$4.58 billion.
Net sales in the first nine months of 2023 were $5.06 billion
compared to $8.58 billion in the first nine months of 2022. Average
selling prices for 2023 were lower than 2022 due to higher global
supply availability as lower global energy costs led to increased
global operating rates. Sales volumes in the first nine months of
2023 were higher compared to the first nine months of 2022 as
higher urea ammonium nitrate (UAN) and ammonia sales volumes were
partially offset by lower ammonium nitrate (AN) sales volumes.
Cost of sales for the first nine months of 2023 was lower
compared to the first nine months of 2022 due primarily to lower
realized natural gas costs.
The average cost of natural gas reflected in the Company’s cost
of sales was $3.90 per MMBtu in the first nine months of 2023
compared to the average cost of natural gas in cost of sales of
$7.28 per MMBtu in the first nine months of 2022.
Third Quarter 2023 Financial Results
For the third quarter of 2023, net earnings attributable to
common stockholders were $164 million, or $0.85 per diluted share,
EBITDA was $372 million, and adjusted EBITDA was $445 million.
These results compare to third quarter of 2022 net earnings
attributable to common stockholders of $438 million, or $2.18 per
diluted share, EBITDA of $826 million, and adjusted EBITDA of $983
million.
Net sales in the third quarter of 2023 were $1.27 billion
compared to $2.32 billion in 2022. Average selling prices for 2023
were lower than 2022 due to higher global supply availability as
lower global energy costs led to increased global operating rates.
Sales volumes in the third quarter of 2023 were higher than 2022 as
higher UAN and ammonia sales volumes were partially offset by lower
granular urea sales volumes.
Cost of sales for the third quarter of 2023 was lower compared
to 2022 due primarily to lower realized natural gas costs.
The average cost of natural gas reflected in the Company’s cost
of sales was $2.54 per MMBtu in the third quarter of 2023 compared
to the average cost of natural gas in cost of sales of $8.35 per
MMBtu in the third quarter of 2022.
Capital Management
Capital Expenditures
Capital expenditures in the third quarter and first nine months
of 2023 were $147 million and $311 million, respectively.
Management projects capital expenditures for full year 2023 will be
in the range of $450-$500 million.
Share Repurchase Programs
The Company repurchased 5.0 million shares for $355 million
during the first nine months of 2023, which included the repurchase
of 1.9 million shares for $150 million during the third quarter of
2023.
CHS Inc. Distribution
CHS Inc. (CHS) is entitled to semi-annual distributions
resulting from its minority equity investment in CF Industries
Nitrogen, LLC (CFN). The estimate of the partnership distribution
earned by CHS, but not yet declared, for the third quarter of 2023
is approximately $66 million.
Strategic Initiatives
Agreement to Purchase Waggaman, Louisiana, Ammonia Production
Complex
On March 20, 2023, CF Industries Holdings, Inc. announced that
it had signed a definitive asset purchase agreement with Incitec
Pivot, Ltd. (IPL) for its ammonia production complex located in
Waggaman, Louisiana. Under the terms of the agreement, CF
Industries will purchase the Waggaman ammonia plant and related
assets for $1.675 billion, subject to adjustment. The companies
will allocate $425 million of the purchase price to a long-term
ammonia offtake agreement to IPL’s Dyno Nobel subsidiary. CF
Industries expects to fund the remaining $1.25 billion of the
purchase price, subject to adjustment, with cash on hand.
The transaction remains subject to the receipt of certain
regulatory approvals and other customary closing conditions.
Management expects the transaction to close on December 1,
2023.
Clean Energy Initiatives Updates
CF Industries continues to execute strategic initiatives focused
on advancing its clean energy growth platform and achieving its
decarbonization commitments. This includes producing ammonia with
the corresponding carbon dioxide (CO2) byproduct removed through
carbon capture and sequestration, producing ammonia using hydrogen
generated through an electrolysis process, and other
decarbonization initiatives.
- CF Industries-POSCO Evaluation of U.S.-based Low-Carbon
Clean Ammonia Production and Long-Term Low-Carbon Clean Ammonia
Offtake into South Korea: On September 14, 2023, CF Industries
and POSCO Holdings Inc. (POSCO), South Korea’s largest steelmaker
as well as a leader in energy trading and power generation,
announced that the companies are evaluating a joint venture to
construct a low-carbon clean ammonia plant at CF Industries’ Blue
Point Complex in Ascension Parish, Louisiana, United States, along
with long-term low-carbon clean ammonia offtake into South Korea.
As part of their evaluation, CF Industries and POSCO will initiate
a front-end engineering and design (FEED) study on autothermal
reforming (ATR) ammonia production technology. Should the project
move forward, POSCO expects to import low-carbon clean ammonia from
the facility to South Korea to support decarbonization of POSCO's
own and third-party coal-based power generation facilities.
Additionally, POSCO intends to convert low-carbon clean ammonia
into hydrogen in order to use low-carbon hydrogen in gas-based
power plants and in the steel-making process itself.
- Memorandum of Understanding (MOU) with JERA Co., Inc.:
On January 17, 2023, CF Industries announced that it had signed an
MOU with JERA Co., Inc., regarding the supply of up to 500,000
metric tons per year of clean ammonia beginning in 2027. The
companies are evaluating a range of potential supply options,
including an equity investment alongside CF Industries to develop a
clean ammonia facility in Louisiana and a supplementary long-term
offtake agreement.
- Proposed Joint Venture with Mitsui & Co., Ltd. at CF
Industries’ Blue Point Complex: CF Industries and Mitsui &
Co., Ltd. (Mitsui) continue to progress the FEED study, which is
being conducted with thyssenkrupp UHDE, for their proposed joint
venture to construct an export-oriented blue ammonia facility in
Louisiana. CF Industries and Mitsui expect to complete the FEED
study in the fourth quarter of 2023, with a final investment
decision (FID) on the proposed facility to follow. Construction and
commissioning of a new world-scale ammonia plant typically takes
approximately 4 years from FID.
- MOU with LOTTE CHEMICAL Corporation: On February 27,
2023, CF Industries announced that it had entered into an MOU with
LOTTE CHEMICAL Corporation to assess the joint development of and
investment in a greenfield clean ammonia production facility in the
U.S. and quantify expected clean ammonia demand in South
Korea.
- Donaldsonville Complex Carbon Capture and Sequestration
Project: Engineering activities for the construction of a
dehydration and compression unit at the Donaldsonville Complex
continue to advance, all major equipment for the facility has been
procured, and fabrication of the CO2 compressors is proceeding.
Once in service, the dehydration and compression unit will enable
up to 2 million tons of captured process CO2 to be transported and
stored by ExxonMobil. Start-up for the project is scheduled for
2025, at which point CF Industries will be able to produce
significant volumes of low-carbon ammonia.
- Donaldsonville Complex Green Ammonia Project: The
Donaldsonville green ammonia project, which involves installing an
electrolysis system at the Donaldsonville Complex to generate
hydrogen from water that will then be supplied to existing ammonia
plants to produce ammonia, continues to progress. Fabrication and
delivery of most major equipment is complete and installation of
the new electrolyzer unit is in progress. Once complete, the
project will enable the Company to produce approximately 20,000
tons of green ammonia per year that will have no CO2 emissions from
the production of hydrogen.
___________________________________________________
(1)
Certain items recognized during the first nine months and third
quarter of 2023 impacted our financial results and their
comparability to the prior year period. See the table accompanying
this release for a summary of these items.
(2)
EBITDA is defined as net earnings attributable to common
stockholders plus interest expense—net, income taxes and
depreciation and amortization. See reconciliations of EBITDA and
adjusted EBITDA to the most directly comparable GAAP measures in
the tables accompanying this release.
(3)
Free cash flow is defined as net cash from operating activities
less capital expenditures and distributions to noncontrolling
interest. See reconciliation of free cash flow to the most directly
comparable GAAP measure in the table accompanying this release.
Consolidated Results
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(dollars in millions, except
per share and per MMBtu amounts)
Net sales
$
1,273
$
2,321
$
5,060
$
8,578
Cost of sales
896
1,405
3,016
3,973
Gross margin
$
377
$
916
$
2,044
$
4,605
Gross margin percentage
29.6
%
39.5
%
40.4
%
53.7
%
Net earnings attributable to common
stockholders
$
164
$
438
$
1,251
$
2,486
Net earnings per diluted share
$
0.85
$
2.18
$
6.42
$
12.04
EBITDA(1)
$
372
$
826
$
2,151
$
4,296
Adjusted EBITDA(1)
$
445
$
983
$
2,168
$
4,584
Tons of product sold (000s)
4,745
4,408
14,218
13,867
Natural gas supplemental data (per
MMBtu):
Natural gas costs in cost of sales(2)
$
2.53
$
8.50
$
3.43
$
7.36
Realized derivatives loss (gain) in cost
of sales(3)
0.01
(0.15
)
0.47
(0.08
)
Cost of natural gas used for production in
cost of sales
$
2.54
$
8.35
$
3.90
$
7.28
Average daily market price of natural gas
Henry Hub (Louisiana)
$
2.58
$
7.96
$
2.46
$
6.66
Unrealized net mark-to-market loss (gain)
on natural gas derivatives
$
7
$
11
$
(65
)
$
(39
)
Depreciation and amortization
$
213
$
221
$
640
$
652
Capital expenditures
$
147
$
190
$
311
$
319
Production volume by product tons
(000s):
Ammonia(4)
2,238
2,283
6,971
7,366
Granular urea
1,081
1,187
3,414
3,418
UAN (32%)
1,749
1,381
5,012
4,879
AN
416
358
1,104
1,162
_______________________________________________________________________________
(1)
See reconciliations of EBITDA and adjusted
EBITDA to the most directly comparable GAAP measures in the tables
accompanying this release.
(2)
Includes the cost of natural gas used for
production and related transportation that is included in cost of
sales during the period under the first-in, first-out inventory
cost method. Excludes unrealized mark-to-market gains and losses on
natural gas derivatives.
(3)
Includes realized gains and losses on
natural gas derivatives settled during the period.
(4)
Gross ammonia production, including
amounts subsequently upgraded on-site into granular urea, UAN, or
AN.
Ammonia Segment
CF Industries’ ammonia segment produces anhydrous ammonia
(ammonia), which is the base product that the Company manufactures,
containing 82 percent nitrogen and 18 percent hydrogen. The results
of the ammonia segment consist of sales of ammonia to external
customers for its nitrogen content as a fertilizer, in emissions
control and in other industrial applications. In addition, the
Company upgrades ammonia into other nitrogen products such as urea,
UAN and AN.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(dollars in millions, except
per ton amounts)
Net sales
$
235
$
531
$
1,184
$
2,286
Cost of sales
214
353
797
1,075
Gross margin
$
21
$
178
$
387
$
1,211
Gross margin percentage
8.9
%
33.5
%
32.7
%
53.0
%
Sales volume by product tons (000s)
764
643
2,469
2,405
Sales volume by nutrient tons
(000s)(1)
627
528
2,025
1,973
Average selling price per product ton
$
308
$
826
$
480
$
951
Average selling price per nutrient
ton(1)
375
1,006
585
1,159
Adjusted gross margin(2):
Gross margin
$
21
$
178
$
387
$
1,211
Depreciation and amortization
39
35
117
119
Unrealized net mark-to-market loss (gain)
on natural gas derivatives
2
4
(19
)
(6
)
Adjusted gross margin
$
62
$
217
$
485
$
1,324
Adjusted gross margin as a percent of net
sales
26.4
%
40.9
%
41.0
%
57.9
%
Gross margin per product ton
$
27
$
277
$
157
$
504
Gross margin per nutrient ton(1)
33
337
191
614
Adjusted gross margin per product ton
81
337
196
551
Adjusted gross margin per nutrient
ton(1)
99
411
240
671
_______________________________________________________________________________
(1)
Nutrient tons represent the tons of
nitrogen within the product tons.
(2)
Adjusted gross margin, adjusted gross
margin as a percent of net sales and adjusted gross margin per
product ton and per nutrient ton are non-GAAP financial measures.
Adjusted gross margin is defined as gross margin excluding
depreciation and amortization and unrealized net mark-to-market
(gain) loss on natural gas derivatives. A reconciliation of
adjusted gross margin, adjusted gross margin as a percent of net
sales and adjusted gross margin per product ton and per nutrient
ton to gross margin, the most directly comparable GAAP measure, is
provided in the table above. See “Note Regarding Non-GAAP Financial
Measures” in this release.
Comparison of the first nine months of 2023 to the first nine
months of 2022:
- Ammonia sales volume for 2023 increased compared to 2022 due to
greater supply availability from higher starting inventory.
- Ammonia average selling prices decreased for 2023 compared to
2022 due to higher global supply availability as lower global
energy costs led to increased global operating rates.
- Ammonia adjusted gross margin per ton decreased for 2023
compared to 2022 due primarily to lower average selling prices
partially offset by lower realized natural gas costs.
Granular Urea Segment
CF Industries’ granular urea segment produces granular urea,
which contains 46 percent nitrogen. Produced from ammonia and
carbon dioxide, it has the highest nitrogen content of any of the
Company’s solid nitrogen products.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(dollars in millions, except
per ton amounts)
Net sales
$
360
$
689
$
1,431
$
2,287
Cost of sales
226
394
775
1,024
Gross margin
$
134
$
295
$
656
$
1,263
Gross margin percentage
37.2
%
42.8
%
45.8
%
55.2
%
Sales volume by product tons (000s)
1,062
1,262
3,532
3,539
Sales volume by nutrient tons
(000s)(1)
488
580
1,625
1,628
Average selling price per product ton
$
339
$
546
$
405
$
646
Average selling price per nutrient
ton(1)
738
1,188
881
1,405
Adjusted gross margin(2):
Gross margin
$
134
$
295
$
656
$
1,263
Depreciation and amortization
66
79
216
213
Unrealized net mark-to-market loss (gain)
on natural gas derivatives
2
4
(18
)
(4
)
Adjusted gross margin
$
202
$
378
$
854
$
1,472
Adjusted gross margin as a percent of net
sales
56.1
%
54.9
%
59.7
%
64.4
%
Gross margin per product ton
$
126
$
234
$
186
$
357
Gross margin per nutrient ton(1)
275
509
404
776
Adjusted gross margin per product ton
190
300
242
416
Adjusted gross margin per nutrient
ton(1)
414
652
526
904
_______________________________________________________________________________
(1)
Nutrient tons represent the tons of
nitrogen within the product tons.
(2)
Adjusted gross margin, adjusted gross
margin as a percent of net sales and adjusted gross margin per
product ton and per nutrient ton are non-GAAP financial measures.
Adjusted gross margin is defined as gross margin excluding
depreciation and amortization and unrealized net mark-to-market
(gain) loss on natural gas derivatives. A reconciliation of
adjusted gross margin, adjusted gross margin as a percent of net
sales and adjusted gross margin per product ton and per nutrient
ton to gross margin, the most directly comparable GAAP measure, is
provided in the table above. See “Note Regarding Non-GAAP Financial
Measures” in this release.
Comparison of the first nine months of 2023 to the first nine
months of 2022:
- Granular urea sales volumes for 2023 approximated 2022 sales
volumes.
- Urea average selling prices decreased for 2023 compared to 2022
due to higher global supply availability as lower global energy
costs led to increased global operating rates and new urea capacity
came online.
- Granular urea adjusted gross margin per ton decreased for 2023
compared to 2022 due primarily to lower average selling prices
partially offset by lower realized natural gas costs.
UAN Segment
CF Industries’ UAN segment produces urea ammonium nitrate
solution (UAN). UAN is a liquid product with nitrogen content that
typically ranges from 28 percent to 32 percent and is produced by
combining urea and ammonium nitrate in solution.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(dollars in millions, except
per ton amounts)
Net sales
$
435
$
736
$
1,650
$
2,727
Cost of sales
302
414
937
1,102
Gross margin
$
133
$
322
$
713
$
1,625
Gross margin percentage
30.6
%
43.8
%
43.2
%
59.6
%
Sales volume by product tons (000s)
1,954
1,644
5,425
5,098
Sales volume by nutrient tons
(000s)(1)
616
519
1,710
1,610
Average selling price per product ton
$
223
$
448
$
304
$
535
Average selling price per nutrient
ton(1)
706
1,418
965
1,694
Adjusted gross margin(2):
Gross margin
$
133
$
322
$
713
$
1,625
Depreciation and amortization
78
73
214
208
Unrealized net mark-to-market loss (gain)
on natural gas derivatives
3
4
(18
)
(4
)
Adjusted gross margin
$
214
$
399
$
909
$
1,829
Adjusted gross margin as a percent of net
sales
49.2
%
54.2
%
55.1
%
67.1
%
Gross margin per product ton
$
68
$
196
$
131
$
319
Gross margin per nutrient ton(1)
216
620
417
1,009
Adjusted gross margin per product ton
110
243
168
359
Adjusted gross margin per nutrient
ton(1)
347
769
532
1,136
_______________________________________________________________________________
(1)
Nutrient tons represent the tons of
nitrogen within the product tons.
(2)
Adjusted gross margin, adjusted gross
margin as a percent of net sales and adjusted gross margin per
product ton and per nutrient ton are non-GAAP financial measures.
Adjusted gross margin is defined as gross margin excluding
depreciation and amortization and unrealized net mark-to-market
(gain) loss on natural gas derivatives. A reconciliation of
adjusted gross margin, adjusted gross margin as a percent of net
sales and adjusted gross margin per product ton and per nutrient
ton to gross margin, the most directly comparable GAAP measure, is
provided in the table above. See “Note Regarding Non-GAAP Financial
Measures” in this release.
Comparison of the first nine months of 2023 to the first nine
months of 2022:
- UAN sales volumes for 2023 increased compared to 2022 sales
volumes due to higher supply availability from higher
production.
- UAN average selling prices decreased for 2023 compared to 2022
due to higher global supply availability as lower global energy
costs led to increased global operating rates.
- UAN adjusted gross margin per ton decreased for 2023 compared
to 2022 due primarily to lower average selling prices partially
offset by lower realized natural gas costs.
AN Segment
CF Industries’ AN segment produces ammonium nitrate (AN). AN is
used as a nitrogen fertilizer with nitrogen content between 29
percent to 35 percent, and also is used by industrial customers for
commercial explosives and blasting systems.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(dollars in millions, except
per ton amounts)
Net sales
$
114
$
180
$
377
$
656
Cost of sales
79
136
264
458
Gross margin
$
35
$
44
$
113
$
198
Gross margin percentage
30.7
%
24.4
%
30.0
%
30.2
%
Sales volume by product tons (000s)
414
363
1,157
1,227
Sales volume by nutrient tons
(000s)(1)
141
124
396
419
Average selling price per product ton
$
275
$
496
$
326
$
535
Average selling price per nutrient
ton(1)
809
1,452
952
1,566
Adjusted gross margin(2):
Gross margin
$
35
$
44
$
113
$
198
Depreciation and amortization
13
14
36
48
Unrealized net mark-to-market gain on
natural gas derivatives
—
(1
)
(3
)
(18
)
Adjusted gross margin
$
48
$
57
$
146
$
228
Adjusted gross margin as a percent of net
sales
42.1
%
31.7
%
38.7
%
34.8
%
Gross margin per product ton
$
85
$
121
$
98
$
161
Gross margin per nutrient ton(1)
248
355
285
473
Adjusted gross margin per product ton
116
157
126
186
Adjusted gross margin per nutrient
ton(1)
340
460
369
544
_______________________________________________________________________________
(1)
Nutrient tons represent the tons of
nitrogen within the product tons.
(2)
Adjusted gross margin, adjusted gross
margin as a percent of net sales and adjusted gross margin per
product ton and per nutrient ton are non-GAAP financial measures.
Adjusted gross margin is defined as gross margin excluding
depreciation and amortization and unrealized net mark-to-market
(gain) loss on natural gas derivatives. A reconciliation of
adjusted gross margin, adjusted gross margin as a percent of net
sales and adjusted gross margin per product ton and per nutrient
ton to gross margin, the most directly comparable GAAP measure, is
provided in the table above. See “Note Regarding Non-GAAP Financial
Measures” in this release.
Comparison of the first nine months of 2023 to the first nine
months of 2022:
- AN sales volume for 2023 decreased compared to 2022 due to
lower supply availability from lower production.
- AN average selling prices for 2023 decreased compared to 2022
due to higher global supply availability as lower global energy
costs led to increased global operating rates.
- AN adjusted gross margin per ton decreased for 2023 compared to
2022 due to lower average selling prices partially offset by the
impact of using lower-cost imported ammonia for AN production in
the U.K. and lower realized natural gas costs in North
America.
Other Segment
CF Industries’ Other segment includes diesel exhaust fluid
(DEF), urea liquor and nitric acid. The Company previously produced
compound fertilizers (NPKs) only at its Ince manufacturing facility
and closure of this facility has resulted in the discontinuation of
this product line.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(dollars in millions, except
per ton amounts)
Net sales
$
129
$
185
$
418
$
622
Cost of sales
75
108
243
314
Gross margin
$
54
$
77
$
175
$
308
Gross margin percentage
41.9
%
41.6
%
41.9
%
49.5
%
Sales volume by product tons (000s)
551
496
1,635
1,598
Sales volume by nutrient tons
(000s)(1)
108
99
321
313
Average selling price per product ton
$
234
$
373
$
256
$
389
Average selling price per nutrient
ton(1)
1,194
1,869
1,302
1,987
Adjusted gross margin(2):
Gross margin
$
54
$
77
$
175
$
308
Depreciation and amortization
15
17
48
53
Unrealized net mark-to-market gain on
natural gas derivatives
—
—
(7
)
(7
)
Adjusted gross margin
$
69
$
94
$
216
$
354
Adjusted gross margin as a percent of net
sales
53.5
%
50.8
%
51.7
%
56.9
%
Gross margin per product ton
$
98
$
155
$
107
$
193
Gross margin per nutrient ton(1)
500
778
545
984
Adjusted gross margin per product ton
125
190
132
222
Adjusted gross margin per nutrient
ton(1)
639
949
673
1,131
_______________________________________________________________________________
(1)
Nutrient tons represent the tons of
nitrogen within the product tons.
(2)
Adjusted gross margin, adjusted gross
margin as a percent of net sales and adjusted gross margin per
product ton and per nutrient ton are non-GAAP financial measures.
Adjusted gross margin is defined as gross margin excluding
depreciation and amortization and unrealized net mark-to-market
(gain) loss on natural gas derivatives. A reconciliation of
adjusted gross margin, adjusted gross margin as a percent of net
sales and adjusted gross margin per product ton and per nutrient
ton to gross margin, the most directly comparable GAAP measure, is
provided in the table above. See “Note Regarding Non-GAAP Financial
Measures” in this release.
Comparison of the first nine months of 2023 to the first nine
months of 2022:
- Other sales volume for 2023 increased compared to 2022 sales
volumes due primarily to higher DEF sales volumes partially offset
by lower urea liquor sales volumes.
- Other average selling prices for 2023 decreased compared to
2022 due to higher global supply availability as lower global
energy costs led to increased global operating rates.
- Other adjusted gross margin per ton decreased for 2023 compared
to 2022 due primarily to lower average selling prices partially
offset by lower realized natural gas costs.
Dividend Payment
On October 17, 2023, CF Industries’ Board of Directors declared
a quarterly dividend of $0.40 per common share. The dividend will
be paid on November 30, 2023 to stockholders of record as of
November 15, 2023.
Conference Call
CF Industries will hold a conference call to discuss its nine
month and third quarter 2023 results at 11:00 a.m. ET on Thursday,
November 2, 2023. This conference call will include discussion of
CF Industries’ business environment and outlook. Investors can
access the call and find dial-in information on the Investor
Relations section of the Company’s website at
www.cfindustries.com.
About CF Industries Holdings, Inc.
At CF Industries, 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
green and blue 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 unparalleled 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. CF Industries routinely posts investor announcements and
additional information on the Company’s website at
www.cfindustries.com and encourages those interested in the Company
to check there frequently.
Note Regarding Non-GAAP Financial Measures
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). Management
believes that EBITDA, EBITDA per ton, adjusted EBITDA, adjusted
EBITDA per ton, free cash flow, and, on a segment basis, adjusted
gross margin, adjusted gross margin as a percent of net sales and
adjusted gross margin per product ton and per nutrient ton, which
are non-GAAP financial measures, provide additional meaningful
information regarding the Company’s performance and financial
strength. Management uses these measures, and believes they are
useful to investors, as supplemental financial measures in the
comparison of year-over-year performance. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, the Company’s reported results prepared in accordance with
GAAP. In addition, because not all companies use identical
calculations, EBITDA, EBITDA per ton, adjusted EBITDA, adjusted
EBITDA per ton, free cash flow, adjusted gross margin, adjusted
gross margin as a percent of net sales and adjusted gross margin
per product ton and per nutrient ton, included in this release may
not be comparable to similarly titled measures of other companies.
Reconciliations of EBITDA, EBITDA per ton, adjusted EBITDA,
adjusted EBITDA per ton, and free cash flow to the most directly
comparable GAAP measures are provided in the tables accompanying
this release under “CF Industries Holdings, Inc.-Selected Financial
Information-Non-GAAP Disclosure Items.” Reconciliations of adjusted
gross margin, adjusted gross margin as a percent of net sales and
adjusted gross margin per product ton and per nutrient ton to the
most directly comparable GAAP measures are provided in the segment
tables included in this release.
Safe Harbor Statement
All statements in this communication by CF Industries Holdings,
Inc. (together with its subsidiaries, the “Company”), other than
those relating to historical facts, are forward-looking statements.
Forward-looking statements can generally be identified by their use
of terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or
“would” and similar terms and phrases, including references to
assumptions. Forward-looking statements are not guarantees of
future performance and are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the Company’s
control, which could cause actual results to differ materially from
such statements. These statements may include, but are not limited
to, statements about the financing, synergies and other benefits,
and other aspects of the proposed transactions with Incitec Pivot
Limited (“IPL”), strategic plans and management’s expectations with
respect to the production of green and blue (low-carbon) ammonia,
the development of carbon capture and sequestration projects, the
transition to and growth of a hydrogen economy, greenhouse gas
reduction targets, projected capital expenditures, statements about
future financial and operating results, and other items described
in this communication.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
among others, the risk that regulatory approvals required for the
proposed transactions with IPL are not obtained or that required
approvals delay the transactions or cause the parties to abandon
the transactions; the risk that other conditions to the closing of
the proposed transactions with IPL are not satisfied; risks and
uncertainties arising from the length of time necessary to
consummate the proposed transactions with IPL and the possibility
that the proposed transactions with IPL may be delayed or may not
occur; the risk of obstacles to realization of the benefits of the
proposed transactions with IPL; the risk that the synergies from
the proposed transactions with IPL may not be fully realized or may
take longer to realize than expected; the risk that the pendency or
completion of the proposed transactions with IPL, including
integration of the Waggaman ammonia production complex into the
Company’s operations, disrupt current operations or harm
relationships with customers, employees and suppliers; the risk
that integration of the Waggaman ammonia production complex with
the Company’s current operations will be more costly or difficult
than expected or may otherwise be unsuccessful; diversion of
management time and attention to issues relating to the proposed
transactions with IPL; unanticipated costs or liabilities
associated with the IPL transactions; the cyclical nature of the
Company’s business and the impact of global supply and demand on
the Company’s selling prices; the global commodity nature of the
Company’s nitrogen products, the conditions in the international
market for nitrogen products, and the intense global competition
from other producers; conditions in the United States, Europe and
other agricultural areas, including the influence of governmental
policies and technological developments on the demand for our
fertilizer products; the volatility of natural gas prices in North
America and the United Kingdom; weather conditions and the impact
of adverse weather events; the seasonality of the fertilizer
business; the impact of changing market conditions on the Company’s
forward sales programs; difficulties in securing the supply and
delivery of raw materials, increases in their costs or delays or
interruptions in their delivery; reliance on third party providers
of transportation services and equipment; the Company’s reliance on
a limited number of key facilities; risks associated with
cybersecurity; acts of terrorism and regulations to combat
terrorism; risks associated with international operations; the
significant risks and hazards involved in producing and handling
the Company’s products against which the Company may not be fully
insured; the Company’s ability to manage its indebtedness and any
additional indebtedness that may be incurred; the Company’s ability
to maintain compliance with covenants under its revolving credit
agreement and the agreements governing its indebtedness; downgrades
of the Company’s credit ratings; risks associated with changes in
tax laws and disagreements with taxing authorities; risks involving
derivatives and the effectiveness of the Company’s risk management
and hedging activities; potential liabilities and expenditures
related to environmental, health and safety laws and regulations
and permitting requirements; regulatory restrictions and
requirements related to greenhouse gas emissions; the development
and growth of the market for green and blue (low-carbon) ammonia
and the risks and uncertainties relating to the development and
implementation of the Company’s green and blue ammonia projects;
risks associated with expansions of the Company’s business,
including unanticipated adverse consequences and the significant
resources that could be required; and risks associated with the
operation or management of the strategic venture with CHS (the “CHS
Strategic Venture”), risks and uncertainties relating to the market
prices of the fertilizer products that are the subject of the
supply agreement with CHS over the life of the supply agreement,
and the risk that any challenges related to the CHS Strategic
Venture will harm the Company’s other business relationships.
More detailed information about factors that may affect the
Company’s performance and could cause actual results to differ
materially from those in any forward-looking statements may be
found in CF Industries Holdings, Inc.’s filings with the Securities
and Exchange Commission, including CF Industries Holdings, Inc.’s
most recent annual and quarterly reports on Form 10-K and Form
10-Q, which are available in the Investor Relations section of the
Company’s web site. It is not possible to predict or identify all
risks and uncertainties that might affect the accuracy of our
forward-looking statements and, consequently, our descriptions of
such risks and uncertainties should not be considered exhaustive.
There is no guarantee that any of the events, plans or goals
anticipated by these forward-looking statements will occur, and if
any of the events do occur, there is no guarantee what effect they
will have on our business, results of operations, cash flows,
financial condition and future prospects. Forward-looking
statements are given only as of the date of this communication and
the Company disclaims any obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
CF INDUSTRIES HOLDINGS,
INC.
SELECTED FINANCIAL
INFORMATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(in millions, except per share
amounts)
Net sales
$
1,273
$
2,321
$
5,060
$
8,578
Cost of sales
896
1,405
3,016
3,973
Gross margin
377
916
2,044
4,605
Selling, general and administrative
expenses
68
66
213
203
U.K. long-lived and intangible asset
impairment
—
87
—
239
U.K. operations restructuring
5
8
7
18
Transaction costs
11
—
27
—
Other operating—net
13
25
(19
)
33
Total other operating costs and
expenses
97
186
228
493
Equity in (losses) earnings of operating
affiliate
(36
)
20
(12
)
74
Operating earnings
244
750
1,804
4,186
Interest expense
39
46
115
369
Interest income
(45
)
(12
)
(115
)
(56
)
Loss on debt extinguishment
—
—
—
8
Other non-operating—net
(3
)
23
(8
)
24
Earnings before income taxes
253
693
1,812
3,841
Income tax provision
23
155
326
913
Net earnings
230
538
1,486
2,928
Less: Net earnings attributable to
noncontrolling interest
66
100
235
442
Net earnings attributable to common
stockholders
$
164
$
438
$
1,251
$
2,486
Net earnings per share attributable to
common stockholders:
Basic
$
0.85
$
2.19
$
6.44
$
12.09
Diluted
$
0.85
$
2.18
$
6.42
$
12.04
Weighted-average common shares
outstanding:
Basic
192.4
200.2
194.4
205.6
Diluted
192.9
200.9
194.9
206.5
CF INDUSTRIES HOLDINGS,
INC.
SELECTED FINANCIAL
INFORMATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
September 30,
2023
December 31,
2022
(in millions)
Assets
Current assets:
Cash and cash equivalents
$
3,254
$
2,323
Accounts receivable—net
417
582
Inventories
318
474
Prepaid income taxes
147
215
Other current assets
54
79
Total current assets
4,190
3,673
Property, plant and equipment—net
6,156
6,437
Investment in affiliate
32
74
Goodwill
2,089
2,089
Operating lease right-of-use assets
277
254
Other assets
799
786
Total assets
$
13,543
$
13,313
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses
$
497
$
575
Income taxes payable
20
3
Customer advances
282
229
Current operating lease liabilities
101
93
Other current liabilities
26
95
Total current liabilities
926
995
Long-term debt
2,967
2,965
Deferred income taxes
882
958
Operating lease liabilities
179
167
Other liabilities
288
375
Equity:
Stockholders’ equity
5,723
5,051
Noncontrolling interest
2,578
2,802
Total equity
8,301
7,853
Total liabilities and equity
$
13,543
$
13,313
CF INDUSTRIES HOLDINGS,
INC.
SELECTED FINANCIAL
INFORMATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(in millions)
Operating Activities:
Net earnings
$
230
$
538
$
1,486
$
2,928
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
213
221
640
652
Deferred income taxes
(20
)
(7
)
(73
)
(7
)
Stock-based compensation expense
10
10
29
32
Loss on debt extinguishment
—
—
—
8
Unrealized net loss (gain) on natural gas
derivatives
7
11
(65
)
(39
)
Impairment of equity method investment in
PLNL
43
—
43
—
U.K. long-lived and intangible asset
impairment
—
87
—
239
Pension settlement loss
—
24
—
24
Gain on sale of emission credits
(3
)
(3
)
(39
)
(6
)
Loss on disposal of property, plant and
equipment
3
1
4
1
Undistributed earnings of affiliate—net of
taxes
(2
)
(7
)
(2
)
(10
)
Changes in:
Accounts receivable—net
(33
)
(6
)
165
(245
)
Inventories
(10
)
(32
)
130
(131
)
Accrued and prepaid income taxes
(109
)
(180
)
57
(168
)
Accounts payable and accrued expenses
22
(112
)
(116
)
111
Customer advances
273
440
53
(188
)
Other—net
(6
)
5
(35
)
69
Net cash provided by operating
activities
618
990
2,277
3,270
Investing Activities:
Additions to property, plant and
equipment
(147
)
(190
)
(311
)
(319
)
Proceeds from sale of property, plant and
equipment
—
—
1
1
Distributions received from unconsolidated
affiliate
—
—
—
4
Purchase of investments held in
nonqualified employee benefit trust
—
—
—
(1
)
Proceeds from sale of investments held in
nonqualified employee benefit trust
—
—
—
1
Purchase of emission credits
—
—
—
(9
)
Proceeds from sale of emission credits
3
3
39
15
Net cash used in investing activities
(144
)
(187
)
(271
)
(308
)
CF INDUSTRIES HOLDINGS,
INC.
SELECTED FINANCIAL
INFORMATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
(continued)
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(in millions)
Financing Activities:
Payments of long-term borrowings
—
—
—
(507
)
Financing fees
—
—
—
(4
)
Dividends paid
(77
)
(80
)
(235
)
(227
)
Distributions to noncontrolling
interest
(204
)
(372
)
(459
)
(619
)
Purchases of treasury stock
(150
)
(519
)
(355
)
(1,096
)
Proceeds from issuances of common stock
under employee stock plans
—
5
1
106
Cash paid for shares withheld for
taxes
—
—
(22
)
(23
)
Net cash used in financing activities
(431
)
(966
)
(1,070
)
(2,370
)
Effect of exchange rate changes on cash
and cash equivalents
(8
)
(15
)
(5
)
(28
)
Increase (decrease) in cash and cash
equivalents
35
(178
)
931
564
Cash and cash equivalents at beginning of
period
3,219
2,370
2,323
1,628
Cash and cash equivalents at end of
period
$
3,254
$
2,192
$
3,254
$
2,192
CF INDUSTRIES HOLDINGS, INC. SELECTED
FINANCIAL INFORMATION NON-GAAP DISCLOSURE ITEMS
Reconciliation of net cash provided by operating activities
(GAAP measure) to free cash flow (non-GAAP measure):
Free cash flow is defined as net cash provided by operating
activities, as stated in the consolidated statements of cash flows,
reduced by capital expenditures and distributions to noncontrolling
interest. The Company has presented free cash flow because
management uses this measure and believes it is useful to
investors, as an indication of the strength of the Company and its
ability to generate cash and to evaluate the Company’s cash
generation ability relative to its industry competitors. It should
not be inferred that the entire free cash flow amount is available
for discretionary expenditures.
Twelve months ended
September 30,
2023
2022
(in millions)
Net cash provided by operating
activities(1)
$
2,862
$
4,750
Capital expenditures
(445
)
(451
)
Distributions to noncontrolling
interest
(459
)
(619
)
Free cash flow(1)
$
1,958
$
3,680
_______________________________________________________________________________
(1)
For the twelve months ended September 30,
2023 and 2022, net cash provided by operating activities and free
cash flow includes the impact of $344 million and $147 million,
respectively, in tax and interest payments made to Canadian tax
authorities in relation to an arbitration decision covering tax
years 2006 through 2011 and transfer pricing positions between
Canada and the United States for open years 2012 and after. The
Company has filed amended tax returns in the U.S. seeking refunds
of related taxes paid.
CF INDUSTRIES HOLDINGS, INC. SELECTED
FINANCIAL INFORMATION NON-GAAP DISCLOSURE ITEMS
(CONTINUED)
Reconciliation of net earnings attributable to common
stockholders and net earnings attributable to common stockholders
per ton (GAAP measures) to EBITDA, EBITDA per ton, adjusted EBITDA
and adjusted EBITDA per ton (non-GAAP measures), as
applicable:
EBITDA is defined as net earnings attributable to common
stockholders plus interest expense—net, income taxes and
depreciation and amortization. Other adjustments include the
elimination of loan fee amortization that is included in both
interest and amortization, and the portion of depreciation that is
included in noncontrolling interest.
The Company has presented EBITDA and EBITDA per ton because
management uses these measures to track performance and believes
that they are frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in the
industry.
Adjusted EBITDA is defined as EBITDA adjusted with the selected
items as summarized in the table below. The Company has presented
adjusted EBITDA and adjusted EBITDA per ton because management uses
these measures, and believes they are useful to investors, as
supplemental financial measures in the comparison of year-over-year
performance.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
(in millions)
Net earnings
$
230
$
538
$
1,486
$
2,928
Less: Net earnings attributable to
noncontrolling interest
(66
)
(100
)
(235
)
(442
)
Net earnings attributable to common
stockholders.
164
438
1,251
2,486
Interest (income) expense—net
(6
)
34
—
313
Income tax provision
23
155
326
913
Depreciation and amortization
213
221
640
652
Less other adjustments:
Depreciation and amortization in
noncontrolling interest
(21
)
(21
)
(63
)
(65
)
Loan fee amortization(1)
(1
)
(1
)
(3
)
(3
)
EBITDA
372
826
2,151
4,296
Unrealized net mark-to-market loss (gain)
on natural gas derivatives
7
11
(65
)
(39
)
Loss on foreign currency transactions,
including intercompany loans
7
27
5
38
U.K. long-lived and intangible asset
impairment
—
87
—
239
U.K. operations restructuring
5
8
7
18
Transaction costs related to acquisition
agreement
11
—
27
—
Impairment of equity method investment in
PLNL
43
—
43
—
Pension settlement loss
—
24
—
24
Loss on debt extinguishment
—
—
—
8
Total adjustments
73
157
17
288
Adjusted EBITDA
$
445
$
983
$
2,168
$
4,584
Net sales
$
1,273
$
2,321
$
5,060
$
8,578
Tons of product sold (000s)
4,745
4,408
14,218
13,867
Net earnings attributable to common
stockholders per ton
$
34.56
$
99.36
$
87.99
$
179.27
EBITDA per ton
$
78.40
$
187.39
$
151.29
$
309.80
Adjusted EBITDA per ton
$
93.78
$
223.00
$
152.48
$
330.57
_______________________________________________________________________________
(1)
Loan fee amortization is included in both
interest expense—net and depreciation and amortization.
CF INDUSTRIES HOLDINGS, INC. SELECTED
FINANCIAL INFORMATION ITEMS AFFECTING COMPARABILITY
During the three and nine months ended September 30, 2023 and
2022, certain items impacted our financial results. The following
table outlines these items that affected the comparability of our
financial results during these periods. During the three months
ended September 30, 2023 and 2022, we reported net earnings
attributable to common stockholders of $164 million and $438
million, respectively. During the nine months ended September 30,
2023 and 2022, we reported net earnings attributable to common
stockholders of $1.25 billion and $2.49 billion, respectively.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
Pre-Tax
After-Tax
Pre-Tax
After-Tax
Pre-Tax
After-Tax
Pre-Tax
After-Tax
(in millions)
Unrealized net mark-to-market loss (gain)
on natural gas derivatives(1)
$
7
$
5
$
11
$
7
$
(65
)
$
(50
)
$
(39
)
$
(31
)
Loss on foreign currency transactions,
including intercompany loans(2)
7
5
27
21
5
4
38
29
U.K. operations:
U.K. long-lived and intangible asset
impairment
—
—
87
66
—
—
239
181
U.K. operations restructuring
5
4
8
6
7
5
18
13
Transaction costs related to acquisition
agreement
11
9
—
—
27
21
—
—
Impairment of equity method investment in
PLNL(3)
43
33
—
—
43
33
—
—
Pension settlement loss(4)
—
—
24
18
—
—
24
18
Canada Revenue Agency Competent Authority
Matter and transfer pricing reserves:
Interest expense
—
—
6
6
—
—
234
232
Interest income
—
—
(3
)
(2
)
—
—
(41
)
(31
)
Income tax provision(5)
—
—
—
2
—
—
—
54
Loss on debt extinguishment
—
—
—
—
—
—
8
6
_______________________________________________________________________________
(1)
Included in cost of sales in our
consolidated statements of operations.
(2)
Included in other operating—net in our
consolidated statements of operations.
(3)
Included in equity in (losses) earnings of
operating affiliate in our consolidated statements of
operations.
(4)
Included in other non-operating—net in our
consolidated statements of operations.
(5)
For the three months ended September 30,
2022, amount represents the combined impact of these tax matters of
$3 million of income tax provision less $1 million of income tax
provision on the related interest. For the nine months ended
September 30, 2022, amount represents the combined impact of these
tax matters of $62 million less a net $8 million of income tax
provision on the related interest.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101630490/en/
Media Chris Close Senior Director, Corporate
Communications 847-405-2542 - cclose@cfindustries.com
Investors Darla Rivera Director, Investor Relations
847-405-2045 - darla.rivera@cfindustries.com
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