Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 22

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 22
---
 recognized a loss of $23 million. See Note 6—Property, Plant and Equipment—Net for additional information on the sale of our Ince facility.

Integration Costs

In the nine months ended September 30, 2024, we incurred integration costs of $4 million related to our December 1, 2023 acquisition of an ammonia production facility located in Waggaman, Louisiana. We did not incur integration costs in 2025.

Other Operating—Net 

Other operating—net was $8 million of income in the first nine months of 2025 compared to $18 million of income in the first nine months of 2024. The $8 million of income in the first nine months of 2025 consists primarily of approximately $20 million of 45Q tax credits earned as a result of CO2 sequestered in the third quarter of 2025 and gains on sales of emission credits, partially offset by costs related to FEED studies for our clean energy initiatives. The $18 million of income in the nine months ended September 30, 2024 consists primarily of gains on sales of emission credits, partially offset by costs related to FEED studies for our clean energy initiatives. See “Our Strategy,” above, for additional information related to our clean energy initiatives.

Equity in Earnings of Operating Affiliate

Equity in earnings of operating affiliate was $12 million in the first nine months of 2025 compared to $1 million in the first nine months of 2024. Equity in earnings of operating affiliate in the first nine months of 2025 reflects an increase in the operating results of PLNL due primarily to higher ammonia selling prices and a plant turnaround at the PLNL facility that occurred in the second quarter of 2024 that did not recur in 2025, partially offset by higher natural gas costs. 

33

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Interest Expense 

Interest expense was $114 million in the first nine months of 2025 compared to $74 million in the first nine months of 2024. The increase in interest expense of $40 million in the first nine months of 2025 compared to the first nine months of 2024 was due primarily to a $37 million reduction in interest expense related to discretionary interest relief on Canadian tax matters that was granted in the third quarter of 2024 that did not recur in 2025. This is further described above under “Items Affecting Compar