Company: CF
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001324404-25-000006
Chunk: 135

Company: CF Industries Holdings, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 135
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, and, as currently agreed with the plans’ trustees, approximately $13 million to our U.K. pension plans in 2026.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC.

Distributions to Noncontrolling Interest in CFN 

The CFN Board of Managers approved semi-annual distribution payments for the years ended December 31, 2024, 2023 and 2022, in accordance with CFN’s limited liability company agreement, as follows:  

Approved and paidDistribution PeriodDistribution Amount (in millions)First quarter of 2025Six months ended December 31, 2024$129 Third quarter of 2024Six months ended June 30, 2024164 First quarter of 2024Six months ended December 31, 2023144 Third quarter of 2023Six months ended June 30, 2023204 First quarter of 2023Six months ended December 31, 2022255 Third quarter of 2022Six months ended June 30, 2022372 

Cash Flows

Net cash provided by operating activities in 2024 was $2.27 billion, a decrease of $486 million compared to $2.76 billion in 2023. The decrease in cash flow from operations was due primarily to lower net earnings. Net earnings in 2024 was $1.48 billion, a decrease of $361 million compared to $1.84 billion in 2023. The decrease in net earnings was due primarily to a decrease in gross margin, driven by lower average selling prices, partially offset by lower natural gas costs, a lower income tax provision and a decrease in net earnings attributable to noncontrolling interest. During 2024, net changes in working capital also impacted cash flow from operations by contributing $63 million more toward net cash from operations in 2024 than in 2023. These changes primarily occurred in changes in accounts payable, accrued expenses and customer advances, partially offset by changes in inventories.

Net cash used in investing activities was $469 million in 2024 compared to $1.68 billion in 2023, or a decrease of $1.21 billion. The decrease was due primarily to the consideration paid of $1.223 billion for the Waggaman acquisition in 2023. See “Acquisition of Waggaman Ammonia Production Facility,” above for additional