Company: CF
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001324404-25-000006
Chunk: 145

Company: CF Industries Holdings, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 145
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 in the development of the discount rates

•evaluating the change in North America discount rates period over period using market trends based on published yield curves and indices

•recalculating the Company’s discount rate for the North America plans using the PBO cash flows and the Company’s actuaries’ proprietary yield curve for the North America discount rates

•independently developing a single equivalent discount rate for the North America plans using the PBO cash flows and publicly available yield curves for pension plans in North America, and comparing that to the Company’s selected discount rates for the North America plans

•evaluating discount rates using benchmark yield curves for the United Kingdom, adjusted for the assessment of the timing of payments expected to be made to beneficiaries under the Company’s United Kingdom pension plans, and comparing those to the Company’s selected discount rates for the United Kingdom plans.

(signed) KPMG LLP

We have served as the Company’s auditor since 1983.

Chicago, Illinois

February 20, 2025 

58

Table of ContentsCF INDUSTRIES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS 

 Year ended December 31, 202420232022 (in millions, except per share amounts)Net sales $5,936 $6,631 $11,186 Cost of sales3,880 4,086 5,325 Gross margin2,056 2,545 5,861 Selling, general and administrative expenses320 289 290 U.K. long-lived and intangible asset impairment— — 239 U.K. operations restructuring— 10 19 Acquisition and integration costs4 39 — Other operating—net(10)(31)10 Total other operating costs and expenses314 307 558 Equity in earnings (loss) of operating affiliate4 (8)94 Operating earnings1,746 2,230 5,397 Interest expense121 150 344 Interest income(123)(158)(65)Loss on debt extinguishment— — 8 Other non-operating—net(14)(10)15 Earnings before income taxes1,762 2,248 5,095 Income tax provision285 410 1,158 Net earnings1,477 1,838 3,937 Less: Net earnings attributable to noncontrolling interest259 313 591 Net earnings attributable to common stockholders$1