Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 80

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 as the determination of capital expenditures and the allocation of operating budgets, to help guide strategic decisions to align with company-wide goals. Total other operating costs and expenses (consisting primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes) are centrally managed and are not included in the measurement of segment profitability reviewed by the CODM. The ammonia and other products that are upgraded into Granular Urea, UAN, AN and Other products are transferred at cost into the results of those products. Segment data for gross margin, including sales and cost of sales, which also includes significant expenses, for the three and nine months ended September 30, 2025 and 2024 are presented in the tables below. Three months ended  September 30,Nine months ended  September 30, 2025202420252024 (in millions)AmmoniaNet sales$457 $353 $1,468 $1,164 Cost of sales:Natural gas, including the impact of realized derivatives(1)99 59 317 200 Unrealized net mark-to-market loss (gain) on natural gas derivatives— — 1 (12)Depreciation and amortization(2)72 63 187 199 Distribution and storage(3)37 39 132 118 Freight(4)16 14 41 38 Other segment items(5)125 95 360 326 Total cost of sales349 270 1,038 869 Gross margin$108 $83 $430 $295 Granular UreaNet sales$423 $388 $1,409 $1,252 Cost of sales:Natural gas, including the impact of realized derivatives(1)58 54 236 183 Unrealized net mark-to-market gain on natural gas derivatives— — — (9)Depreciation and amortization(2)58 72 201 217 Distribution and storage(3)3 2 8 7 Freight(4)6 8 25 28 Other segment items(5)85 92 274 285 Total cost of sales210 228 744 711 Gross margin$213 $160 $665 $541 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

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