Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 91

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 91
---
Six months ended June 30, 2024North America$664 $852 $795 $99 $216 $2,626 Europe and other147 12 105 113 39 416 Total revenue$811 $864 $900 $212 $255 $3,042 As of June 30, 2025 and December 31, 2024, we had $32 million and $118 million, respectively, in customer advances on our consolidated balance sheets. During the six months ended June 30, 2025 and 2024, substantially all of the customer advances at the beginning of each respective period were recognized as revenue. We offer cash incentives to certain customers generally based on the volume of their purchases over the fertilizer year ending June 30. Our cash incentives do not provide an option to the customer for additional product. The balances of customer incentives accrued as of June 30, 2025 and December 31, 2024 were not material. We have certain customer contracts with performance obligations where if the customer does not take the required amount of product specified in the contract, then the customer is required to make a payment to us, the amount of which may vary based upon the terms and conditions of the applicable contract. As of June 30, 2025, excluding contracts with original durations of less than one year, and based on the minimum product tonnage to be sold and current market price estimates, our remaining performance obligations under these contracts were approximately $2.3 billion. We expect to recognize approximately 12% of these performance obligations as revenue in the remainder of 2025, approximately 38% as revenue during 2026-2028, approximately 17% as revenue during 2029-2031, and the remainder as revenue thereafter. Subject to the terms and conditions of the applicable contracts, if these customers do not satisfy their purchase obligations under such contracts, the minimum amount that they would be required to pay to us under such contracts, in the aggregate, was approximately $1.2 billion as of June 30, 2025. Other than the performance obligations described above, any performance obligations with our customers that were unfulfilled or partially filled at December 31, 2024 will be satisfied in 2025.

8

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Supply Contract LiabilityIn connection with our December 1, 2023 acquisition of the Waggaman ammonia