Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 50

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 50
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 cost for nitrogen-based products. From time to time, we may also use derivative financial instruments to reduce our exposure to changes in foreign currency exchange rates. Volatility in reported quarterly earnings can result from the unrealized mark-to-market adjustments in the value of the derivatives. As of September 30, 2025, our open natural gas derivative contracts consisted of natural gas basis swaps for 19.4 million MMBtus of natural gas. As of December 31, 2024, our open natural gas derivative contracts consisted of natural gas fixed price swaps and basis swaps for 16.0 million MMBtus of natural gas. 

Defined Benefit Pension Plans

We contributed $1 million to our pension plans in the nine months ended September 30, 2025, and we do not expect any contributions to our pension plans over the remainder of 2025. We have agreed with the U.K. pension plans’ trustee that there is no immediate need for cash contributions to our U.K. pension plans, and we are currently in discussions with the trustee regarding future required contributions to our U.K. pension plans. 

Distributions to Noncontrolling Interest in CFN 

On January 31, 2025, CFN distributed $129 million to CHS for the distribution period ended December 31, 2024. On July 31, 2025, the CFN Board of Managers approved semi-annual distribution payments for the distribution period ended June 30, 2025 in accordance with CFN’s limited liability company agreement, and CFN distributed $175 million to CHS for this distribution period. The estimate of the partnership distribution earned by CHS, but not yet declared, for the third quarter of 2025 is approximately $106 million.

Cash Flows 

Net cash provided by operating activities during the first nine months of 2025 was $2.21 billion, an increase of $362 million, compared to $1.85 billion in the first nine months of 2024. The increase in cash flow from operations was due primarily to an increase in gross margin, driven by increased average selling prices and higher sales volume, partially offset by higher natural gas costs.  

Net cash used in investing activities was $707 million in the first nine months of 2025 compared to $273 million in the first nine months of 2024. Capital expenditures totaled $724 million during the first nine months of 2025 compared to $321 million in