Company: CF
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001324404-25-000006
Chunk: 113

Company: CF Industries Holdings, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 113
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 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024. 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC.

Ammonia Segment 

Our Ammonia segment produces anhydrous ammonia (ammonia), which is the base product that we manufacture, containing 82% nitrogen and 18% hydrogen. The results of our Ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. In addition, we upgrade ammonia into other nitrogen products such as granular urea, UAN and AN. 

The following table presents summary operating data for our Ammonia segment: 

 Year ended December 31, 2024(1)2023(1)20222024 v. 20232023 v. 2022 (in millions, except as noted)Net sales$1,736 $1,679 $3,090 $57 3 %$(1,411)(46)%Cost of sales1,243 1,138 1,491 105 9 %(353)(24)%Gross margin$493 $541 $1,599 $(48)(9)%$(1,058)(66)%Gross margin percentage28.4 %32.2 %51.7 %(3.8)%(19.5)%Sales volume by product tons (000s)4,085 3,546 3,300 539 15 %246 7 %Sales volume by nutrient tons (000s)(2)3,349 2,908 2,707 441 15 %201 7 %Average selling price per product ton$425 $473 $936 $(48)(10)%$(463)(49)%Average selling price per nutrient ton(2)$518 $577 $1,141 $(59)(10)%$(564)(49)%Gross margin per product ton$121 $153 $485 $(32)(21)%$(332)(68)%Gross margin per nutrient ton(2)$147 $186 $591 $(39)(21)%$(405)(69)%Depreciation and amortization$239 $171 $166 $68 40 %$5 3 %