Company: CF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001324404-25-000015
Chunk: 102

Company: CF Industries Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 March 31, 2025, due primarily to repurchases of common shares under our share repurchase program.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Operating Results by Business Segment 

Our reportable segments consist of Ammonia, Granular Urea, UAN, AN and Other. These segments are differentiated by products. Our management uses gross margin to evaluate segment performance and allocate resources. 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 management. The following table presents summary operating results by business segment: 

AmmoniaGranular Urea(1)UAN(1)AN(1)Other(1)Consolidated(dollars in millions)Three months ended March 31, 2025Net sales$520 $439 $470 $101 $133 $1,663 Cost of sales334 266 328 85 78 1,091 Gross margin$186 $173 $142 $16 $55 $572 Gross margin percentage35.8 %39.4 %30.2 %15.8 %41.4 %34.4 %Three months ended March 31, 2024Net sales$402 $407 $425 $114 $122 $1,470 Cost of sales337 253 282 105 84 1,061 Gross margin$65 $154 $143 $9 $38 $409 Gross margin percentage16.2 %37.8 %33.6 %7.9 %31.1 %27.8 %_______________________________________________________________________________

(1)The cost of ammonia and other products that are upgraded in the production of Granular Urea, UAN, AN and Other products is transferred at cost into the results of those products.

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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