Company: CF
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001324404-25-000006
Chunk: 122

Company: CF Industries Holdings, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 122
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)%Gross margin$201 $236 $367 $(35)(15)%$(131)(36)%Gross margin percentage40.0 %41.8 %46.6 %(1.8)%(4.8)%Sales volume by product tons (000s)2,101 2,206 2,077 (105)(5)%129 6 %Sales volume by nutrient tons (000s)(1)411 434 408 (23)(5)%26 6 %Average selling price per product ton$239 $256 $379 $(17)(7)%$(123)(32)%Average selling price per nutrient ton(1)$1,224 $1,300 $1,929 $(76)(6)%$(629)(33)%Gross margin per product ton$96 $107 $177 $(11)(10)%$(70)(40)%Gross margin per nutrient ton(1)$489 $544 $900 $(55)(10)%$(356)(40)%Depreciation and amortization$61 $64 $67 $(3)(5)%$(3)(4)%Unrealized net mark-to-market (gain) loss on natural gas derivatives$(2)$(4)$3 $2 50 %$(7)N/M

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N/M—Not Meaningful

(1)Nutrient tons represent the tons of nitrogen within the product tons.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 

Net Sales.  Net sales in our Other segment decreased $61 million, or 11%, to $503 million in 2024 from $564 million in 2023 due to a 7% decrease in average selling prices and a 5% decrease in sales volume. Average selling prices decreased to $239 per ton in 2024 compared to $256 per ton in 2023 as lower global energy costs reduced the global market clearing price required to meet global demand. The decrease in sales volume was due primarily to lower DEF sales volume, partially offset by higher nitric acid sales volume.

Cost of Sales.  Cost of sales in our Other segment averaged $143 per ton in 2024, a 4% decrease from $149 per ton in 2023, due primarily to the impact of lower realized natural gas costs, including the impact of realized derivatives, partially offset by higher costs for maintenance activity