CF Industries Holdings, Inc. is a manufacturer and distributor of nitrogen products, including anhydrous ammonia, granular urea, urea ammonium nitrate solution (UAN), and ammonium nitrate (AN). The company's mission is to provide clean energy to feed and fuel the world sustainably. They operate nitrogen manufacturing complexes in the United States, Canada, and the United Kingdom, supported by an extensive storage, transportation, and distribution network in North America. CF Industries' strategy is to leverage its unique capabilities to accelerate the world's transition to clean energy. Key markets include cooperatives, independent fertilizer distributors, traders, wholesalers, and industrial users.

• Employees: Approximately 2,700 (as of December 31, 2023)
• Geographic Footprint: United States, Canada, and the United Kingdom
• Headquarters: Northbrook, Illinois
• Founded: 1946
• Number of locations/facilities: 8 nitrogen manufacturing facilities in North America and 1 in the United Kingdom
• Revenue: $6.63 billion (FY2023)
• Key Subsidiaries/Brands: CF Industries Nitrogen, LLC, Point Lisas Nitrogen Limited

• CEO: W. Anthony Will
• Other Key Executives: Christopher D. Bohn (Executive Vice President and Chief Operating Officer), Richard A. Hoker (Vice President and Corporate Controller)
• Board Chair: Stephen J. Hagge

• Annual Revenue: $6.63 billion (FY2023)
• Net Income: $1.53 billion (FY2023)
• Total Assets: $14.38 billion (as of December 31, 2023)
• Key Financial Highlights: Gross margin was $2.55 billion (FY2023). Net earnings attributable to common stockholders was $1.53 billion (FY2023).
• Employees: Approximately 2,700 (as of December 31, 2023)

CF Industries' primary nitrogen products include:

• Anhydrous Ammonia: The core product, containing 82% nitrogen and 18% hydrogen.
• Granular Urea: A nitrogen product upgraded from ammonia.
• Urea Ammonium Nitrate Solution (UAN): A nitrogen product upgraded from ammonia.
• Ammonium Nitrate (AN): A nitrogen product upgraded from ammonia.
• Other Nitrogen Products: Include diesel exhaust fluid (DEF), urea liquor, nitric acid, and aqua ammonia.

CF Industries operates through five reportable segments:

• Ammonia: Includes sales of ammonia to external customers and ammonia used internally for other products.
• Granular Urea: Includes sales of granular urea.
• UAN: Includes sales of urea ammonium nitrate solution.
• AN: Includes sales of ammonium nitrate.
• Other: Includes sales of DEF, urea liquor, nitric acid, and aqua ammonia.

The company uses gross margin to evaluate segment performance and allocate resources.

CF Industries' strategy is to leverage its unique capabilities to accelerate the world's transition to clean energy. This includes decarbonizing its ammonia production network, evaluating new low-carbon ammonia capacity growth, forging partnerships, and collaborating to build understanding of ammonia's clean energy capabilities. Key strategic initiatives include:

• Decarbonization projects in its existing network, including green and low-carbon ammonia production.
• Evaluating new low-carbon ammonia capacity growth.
• Forging partnerships to accelerate timelines and bridge gaps in areas where they do not have expertise.
• Collaborating to build understanding of ammonia's clean energy capability, safety track record and regulatory environment.

CF Industries operates in the global nitrogen fertilizer industry, which is highly competitive. The market is influenced by factors such as:

• Market Position: CF Industries is the world's largest ammonia production network.
• Key Competitors: Nutrien Ltd., Koch Fertilizer LLC, N-7 LLC (a joint venture between OCI N.V. and Dakota Gasification Company), and Yara International.
• Industry Trends: The industry is subject to cyclical periods of oversupply, intense global competition, and volatility in natural gas prices. The company is also impacted by weather conditions, agricultural production, and government policies.

• Market Risks: Cyclical nature of the business, intense global competition, and potential oversupply of nitrogen products.
• Operational Risks: Dependence on natural gas, supply chain disruptions, reliance on key facilities, and risks associated with transportation and distribution.
• Financial Risks: Indebtedness, potential credit rating downgrades, and risks associated with derivatives.
• Regulatory Risks: Environmental, health and safety regulations, and potential limitations on the use of nitrogen fertilizers.
• Strategic Risks: Slow development of the green and low-carbon ammonia market and the inability to expand the business.