Company: CF
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001324404-25-000006
Chunk: 116

Company: CF Industries Holdings, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 116
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,823 $2,892 $(223)(12)%$(1,069)(37)%Cost of sales926 1,010 1,328 (84)(8)%(318)(24)%Gross margin$674 $813 $1,564 $(139)(17)%$(751)(48)%Gross margin percentage42.1 %44.6 %54.1 %(2.5)%(9.5)%Sales volume by product tons (000s)4,522 4,570 4,572 (48)(1)%(2)— %Sales volume by nutrient tons (000s)(1)2,080 2,102 2,103 (22)(1)%(1)— %Average selling price per product ton$354 $399 $633 $(45)(11)%$(234)(37)%Average selling price per nutrient ton(1)$769 $867 $1,375 $(98)(11)%$(508)(37)%Gross margin per product ton$149 $178 $342 $(29)(16)%$(164)(48)%Gross margin per nutrient ton(1)$324 $387 $744 $(63)(16)%$(357)(48)%Depreciation and amortization$284 $285 $272 $(1)— %$13 5 %Unrealized net mark-to-market (gain) loss on natural gas derivatives$(9)$(11)$13 $2 18 %$(24)N/M

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N/M—Not Meaningful

(1)Granular urea represents 46% nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons. 

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 

Net Sales.  Net sales in our Granular Urea segment decreased $223 million, or 12%, to $1.60 billion in 2024 compared to $1.82 billion in 2023 due primarily to an 11% decrease in average selling prices. Average selling prices decreased to $354 per ton in 2024 compared to $399 per ton in 2023 as lower global energy costs reduced the global market clearing price required to meet global demand. Sales volume in 2024 was 4.5 million tons, a decrease of 1% compared to 4.6