Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 117

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 117
---
 International ASA. For Yara International ASA and Incitec Pivot Limited, we used their respective home exchange stock prices, converted into U.S. dollars, to calculate their total shareholder return. For years 2020-2023, the company had also included OCI N.V. in its peer group companies. In 2024, OCI N.V. divested or announced plans to divest most of its nitrogen, methanol and clean ammonia manufacturing assets and is currently evaluating strategic alternatives for its European nitrogen assets. As a result of OCI N.V.’s exit from the agricultural chemical fertilizer industry, we have elected to exclude it from the peer group in 2024 and going forward. The Peer Group Total Shareholder Returns reported in the table for all years 2020-2024 are for the peer group companies excluding OCI N.V. (the “New

100

TABLE OF CONTENTS Peer Group”). If OCI N.V. had been included with the peer group companies listed above (together, the “Old Peer Group”), the Peer Group Total Shareholder Return would have been $ 103.42, $ 160.92, $ 171.23, $ 143.73and $ 117.78, for years 2020 through 2024, respectively. See “— Relationship Between Pay and Performance — Comparison of Total Shareholder Return” below, for a comparison of the company’s cumulative total shareholder return to the cumulative total shareholder return for each of the New Peer Group and the Old Peer Group. (6) We have a strategic venture with CHS Inc. (CHS) under which CHS owns an equity interest in CF Industries Nitrogen, LLC (CFN), an indirect subsidiary of CF Industries Holdings, Inc., which represents approximately 11% of the membership interests of CFN. Net income represents our net earnings, which includes net earnings attributable to CHS’s noncontrolling interest in the company. Our net earnings attributable to common stockholders for the years ended December 31, 2024, 2023, 2022, 2021 and 2020 was $ 1,218million, $ 1,525million, $ 3,346million, $ 917million and $ 317million, respectively. For more information regarding our strategic venture with CHS, see Note 1 — Noncontrolling Interest in Notes to Consolidated Financial Statements in Item 8 of our 2024 Annual Report. (7) See “Compensation Discussion and Analysis — Compensation