Company: CF
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001324404-25-000006
Chunk: 104

Company: CF Industries Holdings, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 104
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Table of ContentsCF INDUSTRIES HOLDINGS, INC.

Consolidated Results of Operations

The following table presents our consolidated results of operations and certain supplemental data for the years ended December 31, 2024, 2023 and 2022:  Year ended December 31, 2024202320222024 v. 20232023 v. 2022 (in millions, except as noted)Net sales $5,936 $6,631 $11,186 $(695)(10)%$(4,555)(41)%Cost of sales (COS)3,880 4,086 5,325 (206)(5)%(1,239)(23)%Gross margin2,056 2,545 5,861 (489)(19)%(3,316)(57)%Gross margin percentage34.6 %38.4 %52.4 %(3.8)%(14.0)%Selling, general and administrative expenses320 289 290 31 11 %(1)— %U.K. long-lived and intangible asset impairment— — 239 — — %(239)(100)%U.K. operations restructuring— 10 19 (10)(100)%(9)(47)%Acquisition and integration costs4 39 — (35)(90)%39 N/MOther operating—net(10)(31)10 21 68 %(41)N/MTotal other operating costs and expenses314 307 558 7 2 %(251)(45)%Equity in earnings (loss) of operating affiliate4 (8)94 12 N/M(102)N/MOperating earnings1,746 2,230 5,397 (484)(22)%(3,167)(59)%Interest expense121 150 344 (29)(19)%(194)(56)%Interest income(123)(158)(65)35 22 %(93)(143)%Loss on debt extinguishment— — 8 — — %(8)(100)%Other non-operating—net(14)(10)15 (4)(40)%(25)N/MEarnings before income taxes1,762 2,248 5,095 (486)(22)%(2,847)(56)%Income tax provision 285 410 1,158 (125)(30)%(748)(65)%