CF Industries Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CF Industries Holdings, Inc. submitted its Q1 2024 10-Q filing detailing financial performance and segment data.</b>

AI Summary

CF Industries Holdings, Inc. (CF) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. CF Industries Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business is agriculture chemicals. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key segments mentioned include Ammonia, Urea, UAN, and Ammonium Nitrate in North America.

Why It Matters

For investors and stakeholders tracking CF Industries Holdings, Inc., this filing contains several important signals. This 10-Q provides an update on CF Industries' financial health and operational performance for the first quarter of 2024, crucial for investors assessing recent business trends. The detailed segment information for Ammonia, Urea, UAN, and Ammonium Nitrate in North America allows for a granular understanding of revenue drivers and market focus.

Risk Assessment

Risk Level: low — CF Industries Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant new risks beyond typical operational and market factors for an agricultural chemical company.

Analyst Insight

Monitor the company's performance in its key segments (Ammonia, Urea, UAN, Ammonium Nitrate) in upcoming filings to gauge market competitiveness and profitability.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-01-01 — Reporting Period Start Date (Q1 2024 reporting period)
• 2023-03-31 — Prior Year Period End Date (Comparison period)
• 2023-01-01 — Prior Year Period Start Date (Q1 2023 reporting period)

Key Players & Entities

• CF Industries Holdings, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• Northbrook, IL (location) — Business address city and state
• 2870 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

CF Industries operates in the agricultural chemicals sector, primarily producing nitrogen-based fertilizers essential for crop production.

Regulatory Implications

The company is subject to standard SEC regulations for public filings, including quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue and profitability trends across the reported segments (Ammonia, Urea, UAN, Ammonium Nitrate).
3. Compare Q1 2024 performance against Q1 2023 and the preceding quarter (Q4 2023) if available in the full document.

Year-Over-Year Comparison

This filing represents the standard quarterly update (10-Q) for the period ending March 31, 2024, following previous filings such as the 2023 annual report (10-K) and subsequent quarterly reports.

Key Financial Figures

• $0.01 — ich registered common stock, par value $0.01 per share CF New York Stock Exchange

Filing Documents

• cf-20240331.htm (10-Q) — 1526KB
• cf-03312024xex311.htm (EX-31.1) — 11KB
• cf-03312024xex312.htm (EX-31.2) — 10KB
• cf-03312024xex321.htm (EX-32.1) — 6KB
• cf-03312024xex322.htm (EX-32.2) — 6KB
• 0001324404-24-000014.txt (&nbsp;) — 7186KB
• cf-20240331.xsd (EX-101.SCH) — 45KB
• cf-20240331_cal.xml (EX-101.CAL) — 61KB
• cf-20240331_def.xml (EX-101.DEF) — 179KB
• cf-20240331_lab.xml (EX-101.LAB) — 570KB
• cf-20240331_pre.xml (EX-101.PRE) — 389KB
• cf-20240331_htm.xml (XML) — 1048KB

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Statements of Operations 1 Consolidated Statements of Comprehensive Income 2 Consolidated Balance Sheets 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II. Other Information Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 39 Item 6. Exhibits 39 Table of Contents CF INDUSTRIES HOLDINGS, INC.

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended March 31, 2024 2023 (in millions, except per share amounts) Net sales $ 1,470 $ 2,012 Cost of sales 1,061 1,149 Gross margin 409 863 Selling, general and administrative expenses 88 74 U.K. operations restructuring — 2 Acquisition and integration costs 3 13 Other operating—net 17 ( 35 ) Total other operating costs and expenses 108 54 Equity in earnings of operating affiliate 2 17 Operating earnings 303 826 Interest expense 37 40 Interest income ( 30 ) ( 30 ) Other non-operating—net ( 4 ) ( 3 ) Earnings before income taxes 300 819 Income tax provision 62 169 Net earnings 238 650 Less: Net earnings attributable to noncontrolling interest 44 90 Net earnings attributable to common stockholders $ 194 $ 560 Net earnings per share attributable to common stockholders: Basic $ 1.03 $ 2.86 Diluted $ 1.03 $ 2.85 Weighted-average common shares outstanding: Basic 187.6 196.2 Diluted 188.1 196.9 Dividends declared per common share $ 0.50 $ 0.40 See accompanying Notes to Unaudited Consolidated Financial Statements. 1 Table of Contents CF INDUSTRIES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three months ended March 31, 2024 2023 (in millions) Net earnings $ 238 $ 650 Other comprehensive (loss) income: Foreign currency translation adjustment—net of taxes ( 16 ) 7 Defined benefit plans—net of taxes — ( 1 ) ( 16 ) 6 Comprehensive income 222 656 Less: Comprehensive income attributable to noncontrolling interest 44 90 Comprehensive income attributable to common stockholders $ 178 $ 566 See accompanying Notes to Unaudited Consolidated Financial Statements. 2 Table of Contents CF INDUSTRIES HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (in millions, except share and per share amounts) Assets Current assets: Cash and cash equivalents $ 1,773