CF Industries (CF) 10-K 25 Feb 10 2009 FY Annual report Financial data

Consolidated Statements of Oper

Consolidated Statements of Operations (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statements of Operations
Net sales	2608.4	3921.1	2756.7
Cost of sales	1,769	2698.4	2086.7
Gross margin	839.4	1222.7	670
Selling, general and administrative	62.9	68	65.2
Other operating - net	96.7	4.5	3.2
Operating earnings	679.8	1150.2	601.6
Interest expense	1.5	1.6	1.7
Interest income	-4.5	-26.1	-24.4
Other non-operating - net	-12.8	-0.7	-1.6
Earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates	695.6	1175.4	625.9
Income tax provision	246	378.1	199.5
Equity in earnings (loss) of unconsolidated affiliates - net of taxes	-1.1	4.2	0.9
Net earnings	448.5	801.5	427.3
Less: Net earnings attributable to the noncontrolling interest	82.9	116.9	54.6
Net earnings attributable to common stockholders	365.6	684.6	372.7
Net earnings per share attributable to common stockholders
Basic (in dollars per share)	7.54	12.35	6.7
Diluted (in dollars per share)	7.42	12.13	6.56
Weighted average common shares outstanding
Basic (in shares)	48.5	55.4	55.7
Diluted (in shares)	49.2	56.4	56.8

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statements of Comprehensive Income (Loss)
Net earnings	448.5	801.5	427.3
Other comprehensive income (loss):
Foreign currency translation adjustment	7.3	-10.1	7.6
Unrealized gain (loss) on securities - net of taxes	23.7	-14.5	0.1
Defined benefit plans - net of taxes	4.3	-34.1	8.2
Total other comprehensive income (loss)	35.3	-58.7	15.9
Comprehensive income	483.8	742.8	443.2
Less: Comprehensive income attributable to the noncontrolling interest	86.2	112.2	58.3
Comprehensive income attributable to common stockholders	397.6	630.6	384.9

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	697.1	$625
Short-term investments	185
Accounts receivable	167.4	175.1
Inventories - net	207.8	588.6
Prepaid income taxes	14.7	26.3
Other	11.1	18.2
Total current assets	1283.1	1433.2
Property, plant and equipment - net	793.8	661.9
Goodwill	0.9	0.9
Asset retirement obligation escrow account	36.5	28.8
Investments in and advances to unconsolidated affiliates	45.6	44.8
Investments in auction rate securities	133.9	177.8
Investment in marketable equity securities	160.2
Other assets	40.9	40.2
Total assets	2494.9	2387.6
Current liabilities:
Accounts payable and accrued expenses	172.5	207.9
Income taxes payable		14.1
Customer advances	159.5	347.8
Notes payable		4.1
Deferred income taxes	52.6	52.1
Distributions payable to noncontrolling interest	92.1	106
Other	3.1	86.1
Total current liabilities	479.8	818.1
Notes payable	4.7
Deferred income taxes	68.3	6.2
Other noncurrent liabilities	197.2	212.6
Stockholders' equity:
Preferred stock - $0.01 par value, 50,000,000 shares authorized	0	0
Common stock - $0.01 par value, 500,000,000 shares authorized, 2009 - 48,569,985 and 2008 - 48,391,584 shares outstanding	0.5	0.5
Paid-in capital	723.5	709.4
Retained earnings	1048.1	703.4
Accumulated other comprehensive loss	-43.2	-75.2
Total stockholders' equity	1728.9	1338.1
Noncontrolling interest	16	12.6
Total equity	1744.9	1350.7
Total liabilities and equity	2494.9	2387.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
	Dec. 31, 2009	Dec. 31, 2008
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	0.01	0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	0.01	0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, outstanding (in shares)	48,569,985	48,391,584

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (USD $)
In Millions	Total Stockholders' Equity	$0.01 Par Value Common Stock	Treasury Stock	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Total
Balance at Dec. 31, 2006	$767	0.6		751.2	48.6	-33.4	13.6	780.6
Increase (decrease) in equity
Net earnings	372.7				372.7		54.6	427.3
Other comprehensive income
Foreign currency translation adjustment	3.9					3.9	3.7	7.6
Unrealized gain (loss) on securities - net of taxes	0.1					0.1		0.1
Defined benefit plans - net of taxes	8.2					8.2		8.2
Comprehensive income	384.9						58.3	443.2
Issuance of $0.01 par value common stock under employee stock plans	16.6			16.6				16.6
Stock-based compensation expense	9.7			9.7				9.7
Excess tax benefit from stock-based compensation	13.3			13.3				13.3
Cash dividends ($0.08, $0.40 and $0.40 per share in 2007, 2008 and 2009, respectively)	-4.5				-4.5			-4.5
Distributions declared to noncontrolling interest							-57.6	-57.6
Effect of exchange rates changes							3	3
Balance at Dec. 31, 2007	1,187	0.6		790.8	416.8	-21.2	17.3	1204.3
Increase (decrease) in equity
Net earnings	684.6				684.6		116.9	801.5
Other comprehensive income
Foreign currency translation adjustment	-5.4					-5.4	-4.7	-10.1
Unrealized gain (loss) on securities - net of taxes	-14.5					-14.5		-14.5
Defined benefit plans - net of taxes	-34.1					-34.1		-34.1
Comprehensive income	630.6						112.2	742.8
Issuance of $0.01 par value common stock under employee stock plans	10.1			10.1				10.1
Stock-based compensation expense	8.3			8.3				8.3
Excess tax benefit from stock-based compensation	24.3			24.3				24.3
Purchase of treasury stock	-500.2		-500.2					-500.2
Cancellation of treasury stock		-0.1	500.2	-124.1	(376)
Cash dividends ($0.08, $0.40 and $0.40 per share in 2007, 2008 and 2009, respectively)	(22)				(22)			(22)
Distributions declared to noncontrolling interest							(106)	(106)
Effect of exchange rates changes							-10.9	-10.9
Balance at Dec. 31, 2008	1338.1	0.5		709.4	703.4	-75.2	12.6	1350.7
Increase (decrease) in equity
Net earnings	365.6				365.6		82.9	448.5
Other comprehensive income
Foreign currency translation adjustment	4					4	3.3	7.3
Unrealized gain (loss) on securities - net of taxes	23.7					23.7		23.7
Defined benefit plans - net of taxes	4.3					4.3		4.3
Comprehensive income	397.6						86.2	483.8
Acquisition of treasury stock under employee stock plans	-1.8		-1.8					-1.8
Issuance of $0.01 par value common stock under employee stock plans	3.2		1.8	2.9	-1.5			3.2
Stock-based compensation expense	6.6			6.6				6.6
Excess tax benefit from stock-based compensation	4.6			4.6				4.6
Cash dividends ($0.08, $0.40 and $0.40 per share in 2007, 2008 and 2009, respectively)	-19.4				-19.4			-19.4
Distributions declared to noncontrolling interest							-92.1	-92.1
Effect of exchange rates changes							9.3	9.3
Balance at Dec. 31, 2009	1728.9	0.5	$0	723.5	1048.1	-43.2	$16	1744.9

1_Consolidated Statements of St

Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $)
	1/1/2009 - 12/31/2009	1/1/2008 - 12/31/2008	1/1/2007 - 12/31/2007
Consolidated Statement of Stockholders' Equity
Cash dividends (in dollars per share)	0.4	0.4	0.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating Activities:
Net earnings	448.5	801.5	427.3
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion and amortization	101	100.8	84.5
Deferred income taxes	45.7	26.4	48
Stock compensation expense	6.6	8.3	9.7
Excess tax benefit from stock-based compensation	-4.6	-24.3	-13.3
Unrealized (gain) loss on derivatives	-87.5	63.8	(17)
Inventory valuation allowance	(57)	57
(Gain) on sale of marketable equity securities	-11.9
Loss (gain) on disposal of property, plant and equipment	0.7	-6.2
Equity in loss (earnings) of unconsolidated affiliates - net of taxes	1.1	-4.2	-0.9
Changes in:
Accounts receivable	21.3	(44)	-28.5
Margin deposits	11.4	-11.4	11.7
Inventories	440.3	-416.7	-53.6
Prepaid product and expenses		19.6	-20.7
Accrued income taxes	2.2	9.8	14
Accounts payable and accrued expenses	-39.2	3.7	31.3
Product exchanges - net	0.4	4.6	-3.5
Customer advances - net	-188.3	42	203.1
Other - net	-8.9	7.9	(2)
Net cash provided by operating activities	681.8	638.6	690.1
Investing Activities:
Additions to property, plant and equipment	-235.7	-141.8	-105.1
Proceeds from sale of property, plant and equipment	9.3	10.4	4.1
Purchases of short-term and auction rate securities	-304.9	-638.2	-1140.5
Sales and maturities of short-term and auction rate securities	180.4	934.1	946.2
Purchases of marketable equity securities	-247.2
Sale of marketable equity securities	68
Return of capital from marketable equity securities	52.4
Deposit to asset retirement obligation escrow account	-7.5	-6.2	-9.4
Investment in unconsolidated affiliates			-26.8
Advances to unconsolidated affiliates			-12.8
Other - net	-2.5	1.2	1.2
Net cash provided by (used in) investing activities	-487.7	159.5	-343.1
Financing Activities:
Dividends paid on common stock	-19.4	(22)	-4.5
Distributions to noncontrolling interest	-112.3	-52.7	(30)
Issuances of common stock under employee stock plans	3.2	10.1	16.6
Purchase of treasury stock		-500.2
Excess tax benefit from stock-based compensation	4.6	24.3	13.3
Other - net			-0.3
Net cash used in financing activities	-123.9	-540.5	-4.9
Effect of exchange rate changes on cash and cash equivalents	1.9	0.9	(1)
Increase in cash and cash equivalents	72.1	258.5	341.1
Cash and cash equivalents at beginning of period	625	366.5	25.4
Cash and cash equivalents at end of period	697.1	$625	366.5

Background and Basis of Present

Background and Basis of Presentation
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Background and Basis of Presentation	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1.Background and Basis of Presentation We are one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America. Our operations are organized into two business segments: the nitrogen segment and the phosphate segment. Our principal products in the nitrogen segment are ammonia, urea and urea ammonium nitrate solution, or UAN. Our principal products in the phosphate segment are diammonium phosphate, or DAP, monoammonium phosphate, or MAP and potash. Our core market and distribution facilities are concentrated in the Midwestern U.S. grain-producing states. Our principal customers are cooperatives and independent fertilizer distributors. Our principal assets include: the largest nitrogen fertilizer complex in North America (Donaldsonville, Louisiana); a 66% economic interest in the largest nitrogen fertilizer complex in Canada (which we operate in Medicine Hat, Alberta, through Canadian Fertilizers Limited (CFL), a consolidated variable interest entity); one of the largest integrated ammonium phosphate fertilizer complexes in the United States (Plant City, Florida); the most-recently constructed phosphate rock mine and associated beneficiation plant in the United States (Hardee County, Florida); an extensive system of terminals, warehouses and associated transportation equipment located primarily in the Midwestern United States; and a 50% interest in KEYTRADE AG (Keytrade), a global fertilizer trading company headquartered near Zurich, Switzerland, which we account for as an equity method investment. All references to "CF Holdings," "the Company," "we," "us" and "our" refer to CF Industries Holdings,Inc. and its subsidiaries, including CF Industries,Inc. after the reorganization transaction described below, except where the context makes clear that the reference is only to CF Holdings itself and not its subsidiaries. All references to "our pre-IPO owners" refer to the eight stockholders of CF Industries,Inc. prior to the consummation of our reorganization transaction and initial public offering (IPO) in 2005. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S.GAAP). Subsequent events have been evaluated through the date these financial statements were issued and filed with the Securities and Exchange Commission (SEC).

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Summary of Significant Accounting Policies	2.Summary of Significant Accounting Policies Consolidation CF Holdings' consolidated financial statements include the accounts of CF Industries,Inc., all majority-owned subsidiaries and variable interest entities in which CF Holdings or a subsidiary is the primary beneficiary. All intercompany transactions and balances have been eliminated. Canadian Fertilizers Limited (CFL) is a variable interest entity that is consolidated in the financial statements of CF Holdings. Refer to Note4Canadian Fertilizers Limited, for additional information. Revenue Recognition Revenue is recognized when title and risk of loss transfers to the customer, which can be at the plant gate, a distribution facility, a supplier location or a customer destination. Shipping and handling costs are included in cost of sales. We offer incentives that typically involve rebates if a customer reaches a specified level of purchases. Incentives are reported as a reduction of net sales. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying values of cash and cash equivalents approximate fair value. Investments Short-term and noncurrent investments are generally accounted for as available-for-sale securities reported at fair value with changes in fair value reported in other comprehensive income unless fair value is below amortized cost (i.e.,the investment is impaired) and the impairment is deemed other-than-temporary, in which case, some or all of the decline in value would be charged to earnings. The carrying values of short-term investments approximate fair values because of the short maturities and the highly liquid nature of these investments. See Note15Cash and Cash Equivalents, Short-Term Investments and Other Investments, for more information on investments. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at face amounts less an allowance for doubtful accounts. The allowance is an estimate based on historical collection experience, current economic and market conditions, and a review of the current status of each customer's trade accounts receivable. A receivable is past due if payments have not been received within the agreed upon invoice terms. Account balances are charged-off against the allowance when we determine that it is probable the receivable will not be recovered. Inventories Inventories are stated at the lower of cost or net realizable value and are determined on a first-in, first-out or average basis. Inventory includes the cost of materials, production labor and production overhead. Inventory at our warehouses and terminals also includes distribution costs. Investments in and Advances to Unconsolidated Affiliates We use the equity method of accounting for investments in affiliates that we do not consolidate, but over which we exercise significant influence. Profits resulting from sales or purchases with equity method investees are eliminated until realized by the investee or investor. Losses in the value of an investment in an unc

New Accounting Standards

New Accounting Standards
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
New Accounting Standards	3.New Accounting Standards Following are summaries of accounting pronouncements that were either recently adopted or may become applicable to our consolidated financial statements. It should be noted that the accounting standards references provided below reflect the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) and related Accounting Standards Updates(ASU). Recently Adopted Pronouncements In June 2009, the FASB issued a standard that established the Accounting Standards Codification (ASC) generally as the sole source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. The ASC was intended to simplify user access to all authoritative GAAP by providing all the authoritative literature related to a particular topic in one place. All existing accounting standard documents have been superseded and all other accounting literature not included in the ASC is considered nonauthoritative. This standard was effective for interim and annual periods ending after September15, 2009. As the ASC does not change or alter existing USGAAP, it did not impact our consolidated financial statements except for changing our accounting standard references. This recently adopted standard is ASU No.2009-1. In December 2008, the Financial Accounting Standards Board (FASB) issued a new standard which established new accounting and reporting requirements for noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary. It requires the recognition of a noncontrolling interest (minority interest) as equity in the consolidated financial statements and separate from the parent's equity. The amount of net income attributable to the noncontrolling interest is included in consolidated net income on the face of the income statement. The standard clarifies that changes in a parent's ownership interest in a subsidiary that do not result in deconsolidation are equity transactions if the parent retains its controlling financial interest. In addition, this standard requires that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss will be measured using the fair value of the noncontrolling equity investment on the deconsolidation date. The standard also includes expanded disclosure requirements regarding the interests of the parent and its noncontrolling interest. We adopted this standard as of January1, 2009 and applied it retrospectively to all periods presented. For additional information, see Note4Canadian Fertilizers Limited. This recently adopted standard can be found in the provisions of ASC Topic 810 that pertain to the standard formerly known as Statement of Financial Accounting Standards (SFAS) No.160. In December 2007, the FASB issued a new standard that pertains to business combinations which significantly changes how acquisitions are accounted for and presented in financial statements. The standard requires the acquirer to recognize the assets acquired, the liabilities assumed, contractual contingencies, and contingent consideration at their fair values as of the acquisition date. Additionally, this standard

Canadian Fertilizers Limited

Canadian Fertilizers Limited
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Canadian Fertilizers Limited	4.Canadian Fertilizers Limited Canadian Fertilizers Limited (CFL) owns a nitrogen fertilizer complex in Medicine Hat, Alberta, Canada and supplies fertilizer products to CFIndustries,Inc. and ViterraInc. (Viterra). CFIndustries,Inc. owns 49% of CFL's voting common shares and 66% of CFL's nonvoting preferred shares. Viterra owns 34% of the voting common stock and non-voting preferred stock of CFL. The remaining 17% of the voting common stock is owned by GROWMARK,Inc. and LaCoop fdre. CFL is a variable interest entity which we consolidate in our financial statements. CFL's Medicine Hat complex is the largest nitrogen fertilizer complex in Canada, with two world-scale ammonia plants, a world-scale urea plant and on-site storage facilities for both ammonia and urea. CFL's sales revenue was $429.2million, $710.9million and $470.9million, for 2009, 2008 and 2007, respectively. CFL's assets and liabilities at December31, 2009 were $356.6million and $309.0million, respectively and at December31, 2008 were $375.2million and $334.1million, respectively. CF Industries,Inc. operates the Medicine Hat facility pursuant to a management agreement and purchases approximately 66% of the facility's ammonia and urea production pursuant to a product purchase agreement. Both the management agreement and the product purchase agreement can be terminated by either CFIndustries,Inc. or CFL upon a twelve-month notice. Viterra has the right, but not the obligation, to purchase the remaining 34% of the facility's ammonia and urea production under a similar product purchase agreement. To the extent that Viterra does not purchase its 34% of the facility's production, CFIndustries,Inc. is obligated to purchase any remaining amounts. However, since 1995, Viterra has purchased at least 34% of the facility's production each year. Under the product purchase agreements, both CFIndustries,Inc. and Viterra pay the greater of operating cost or market price for purchases. The product purchase agreements also provide that CFL will distribute its net earnings to CFIndustries,Inc. and Viterra annually based on their respective quantities of product purchased from CFL. The distributions to Viterra are reported as financing activities in the consolidated statements of cash flows, as we consider these payments to be similar to dividends. While general creditors of CFL do not have direct recourse to the general credit of CFIndustries,Inc., the product purchase agreement does require CFIndustries,Inc. to advance funds to CFL in the event that CFL is unable to meet its debts as they become due. The amount of each advance would be at least 66% of the deficiency and would be more in any year in which CFIndustries,Inc. purchased more than 66% of Medicine Hat's production. A similar obligation also exists for Viterra. CFIndustries,Inc. and Viterra currently manage CFL such that each party is responsible for its share of CFL's fixed costs and that CFL's production volume is managed to meet the parties' combined requirements. Based on the contractual arrangements, CFIndustries,Inc. is the primary beneficiary of CFL as CFIndustries,Inc. receives at least 66% of the economic risks and

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Fair Value Measurements	5.Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents assets and liabilities included in our consolidated balance sheet that are recognized at fair value on a recurring basis, and indicates the fair value hierarchy utilized to determine such fair value. Balance as of December31, 2009 Quoted Prices in Active Markets (Level1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level3) (in millions) Cash and cash equivalents $ 697.1 $ 697.1 $ $ Available-for-sale short-term investments 185.0 185.0 Unrealized gains on natural gas derivatives 3.8 3.8 Asset retirement obligation escrow account 36.5 36.5 Investments in auction rate securities 133.9 133.9 Investment in marketable equity securities 160.2 160.2 Nonqualified employee benefit trust 8.6 8.6 Total assets at fair value $ 1,225.1 $ 1,087.4 $ 3.8 $ 133.9 Unrealized losses on natural gas derivatives $ 0.9 $ $ 0.9 $ Total liabilities at fair value $ 0.9 $ $ 0.9 $ Following is a summary of the valuation techniques for assets and liabilities recorded in our consolidated balance sheet at fair value on a recurring basis: Short-term InvestmentsAs of December31, 2009, our short-term investments consisted of U.S.Treasury Bills with original maturities between three and six months. These investments are accounted for as available-for-sale securities. The fair value of our short-term investments is based upon the daily quoted market prices for each of our investments. See Note15Cash and Cash Equivalents, Short-term Investments and Other Investments for additional information. Natural Gas DerivativesThe derivative instruments that we currently use are natural gas swap contracts. These contracts settle using NYMEX futures (for Donaldsonville) or AECO (for Medicine Hat) price indexes, which represent fair value at any given time. The contracts are traded in months forward and settlements are scheduled to coincide with anticipated gas purchases during those future periods. Quoted market prices from NYMEX and AECO are used to determine the fair value of these instruments. See Note27Derivative Financial Instruments for additional information. Asset Retirement Obligation Escrow AccountWe utilize an escrow account to meet our financial assurance requirements associated with certain asset retirement obligations in Florida. The investments in this escrow account are accounted for as available-for-sale securities. The fair value of the escrow account is based upon daily quoted prices representing the Net Asset Value (NAV) of the investments. See Note13Asset Retirement Obligations for additional information. The fair value of this account approximates its cost basis. Investments in Auction Rate SecuritiesOur investments in Auction Rate Securities consist of securities supported by student loans which originat

Net Earnings Per Share

Net Earnings Per Share
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Net Earnings Per Share	6.Net Earnings Per Share The net earnings per share were computed as follows: Year ended December31, 2009 2008 2007 (in millions, except per share amounts) Earnings available to common shareholders: Net earnings attributable to common stockholders $ 365.6 $ 684.6 $ 372.7 Basic earnings per common share: Weighted average common shares outstanding 48.5 55.4 55.7 Net earnings attributable to common stockholders $ 7.54 $ 12.35 $ 6.70 Diluted earnings per common share: Weighted average common shares outstanding 48.5 55.4 55.7 Dilutive common shares: Stock options 0.7 1.0 1.1 Diluted weighted average shares outstanding 49.2 56.4 56.8 Net earnings attributable to common stockholders $ 7.42 $ 12.13 $ 6.56 Effective January1, 2009, we adjusted previously reported earnings per share (EPS) data for comparative purposes upon adopting the provisions of an accounting standard issued in 2008 that applies to the calculation of EPS for share based payment awards with rights to dividends or dividend equivalents. The standard clarifies that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are to be included in the computation of EPS pursuant to the two-class method. The adoption of this standard did not have a material impact on our consolidated financial statements.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Pension and Other Postretirement Benefits	7.Pension and Other Postretirement Benefits CFIndustries,Inc. and its Canadian subsidiary both maintain noncontributory, defined-benefit pension plans. The U.S.pension plan is a closed plan. We also provide group insurance to our retirees. Until age65, retirees are eligible to continue to receive the same Company-subsidized medical coverage provided to active employees. When a retiree reaches age65, medical coverage ceases. Plan assets, benefit obligations, funded status and amounts recognized in the consolidated balance sheets for the U.S. and Canadian plans as of the measurement date of December31 are as follows: Pension Plans Retiree Medical 2009 2008 2009 2008 (in millions) Change in plan assets Fair value of plan assets January1 $ 181.6 $ 229.8 $ $ Return on plan assets 36.0 (43.4 ) Funding contributions 22.3 9.8 Benefit payments (9.7 ) (10.2 ) Foreign currency translation 3.3 (4.4 ) Fair value of plan assets December31 233.5 181.6 Change in benefit obligation Benefit obligation at January1 (247.2 ) (245.4 ) (37.2 ) (32.5 ) Service cost (6.3 ) (6.5 ) (1.8 ) (1.6 ) Interest cost (16.0 ) (14.3 ) (2.5 ) (2.1 ) Benefit payments 9.7 10.2 1.1 1.1 Foreign currency translation (3.7 ) 4.9 (0.2 ) 0.2 Change in assumptions and other (12.5 ) 3.9 (1.8 ) (2.3 ) Benefit obligation at December31 (276.0 ) (247.2 ) (42.4 ) (37.2 ) Funded status as of year end $ (42.5 ) $ (65.6 ) $ (42.4 ) $ (37.2 ) In the table above, the negative return on plan assets for 2008 primarily reflects the decline in equity market conditions experienced in the second half of 2008, and the positive return on plan assets in 2009 primarily reflects the improvement in equity market conditions. The line titled "Change in assumptions and other" reflects the impact of changes in discount rates and other assumptions such as rates of retirement and mortality. Information regarding the benefit obligation and fair value of plan assets by pension plan follows: U.S. Plan Canadian Plan Consolidated (in millions) December31, 2009: Fair value of plan assets $ 207.5 $ 26.0 $ 233.5 Benefit obligation $ (245.9 ) $ (30.1 ) $ (276.0 ) Accumulated benefit obligation $ (214.4 ) $ (24.6 ) $ (239.0 ) December31, 2008: Fair value of plan assets $ 163.0 $ 18.6 $ 181.6 Benefit obligation $ (226.0 ) $ (21.2 ) $ (247.2 ) Accumulated benefit obligation $ (198.3 ) $ (17.5 ) $ (215.8 ) Amounts recognized in the consolidated balance sheets consist of the following: Pension Plans Retiree Medical December31, December31, 2009 2008 2009 2008 (in millions) Accrued exp

Other Operating - Net

Other Operating - Net
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Operating - Net	8.Other OperatingNet Details of other operating costs are as follows: Year ended December31, 2009 2008 2007 (in millions) Business combination costs $ 53.4 $ $ Peru project development costs 35.9 Bartow costs 2.6 9.2 4.6 Fixed asset disposals 0.7 (6.3 ) (3.0 ) Litigation costs 3.1 0.8 0.1 Other 1.0 0.8 1.5 $ 96.7 $ 4.5 $ 3.2 Business combination costs were associated with our proposed business combination with Terra and with responding to Agrium Inc's proposed acquisition of CFIndustries Holdings,Inc. See Note9Business Combination Activities and Subsequent Event for additional discussion of these activities. Bartow costs consist of provisions for asset retirement obligations (AROs) and site maintenance costs. The AROs involve costs of closure and post-closure monitoring for the phosphogypsum stack and cooling pond, and water treatment costs. Bartow costs in 2008 included changes in estimates for the AROs. See Note13Asset Retirement Obligations for additional information. Fixed asset disposals are primarily due to gains on the sale of excess land, primarily at our former corporate office in Long Grove, Illinois in 2008, and at our closed Bartow complex in 2007. Litigation costs represent costs associated with legal actions to which we are a party. Such costs are recorded when they are considered probable and can be reasonably estimated. Recoveries are recorded when realized.

Business Combination Activities

Business Combination Activities and Subsequent Event
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Business Combination Activities and Subsequent Event	9.Business Combination Activities and Subsequent Event During 2009, CFHoldings made several merger proposals to the Board of Directors of Terra IndustriesInc. (Terra). Also during 2009, AgriumInc. (Agrium) made several proposals to the Board of Directors of CFHoldings to acquire CFHoldings. The following summarizes these events and their impact on our financial results. CF Holdings' Proposals to Acquire TerraIn January 2009, CF Holdings proposed to Terra's Board of Directors an all stock merger transaction under which shareholders of Terra would receive shares in CFHoldings. Terra's Board rejected this initial offer. Subsequently, we made a series of modified offers to the Terra Board, including offering more favorable exchange ratios, with each offer being rejected by the Terra Board. The offers were each conditioned upon, among other things, CFHoldings entering into a merger agreement with Terra and approval by Terra's Board and shareholders. In the third quarter of 2009, we acquired 7.0million shares (approximately 7%) of Terra's common shares in open market purchases, for $247.2million. In the fourth quarter of 2009, we made a revised proposal to Terra consisting primarily of cash consideration. In making this modification, we obtained a financing commitment to fund the cash portion of the offer and incurred debt arrangement fees. This offer was also rejected by Terra's Board in the fourth quarter. The financing commitment expired on December31, 2009. Agrium's Proposed Acquisition of CFHoldingsIn February 2009, Agrium made an unsolicited offer to the CFHoldings' Board of Directors to purchase all of the outstanding common stock of CFHoldings for a combination of Agrium stock and cash. The offer was conditioned upon, among other things, the termination of our offer to acquire Terra, the negotiation of a definitive merger agreement between Agrium and us and approval by our Board of Directors and shareholders. CFHoldings' Board rejected this initial offer because, among other things, it significantly undervalued the Company. Subsequently, Agrium made several modifications to its offer to acquire CFHoldings, each of which were rejected by our Board because they significantly undervalued the Company. Agrium has announced that it will propose a slate of Directors for election to CFHoldings' Board of Directors at our 2010 annual meeting of stockholders. Impact on Results of OperationsIn 2009, we incurred $53.4million of professional fees for financial, legal and other advisors related to the proposed business combination with Terra, debt arrangement fees with regard to the cash component of our offer for Terra, and assistance in responding to Agrium's proposed acquisition of CFHoldings. All of these costs have been recognized in the Other operatingnet line of our consolidated statement of operations. Terra declared a special dividend of $7.50 per share that was payable to shareholders on December11, 2009. Due to the equity investment in Terra that we held at the time of the dividend, we received $52.4million, which was recognized as a return of capital that reduced our basis in the investment. In the fourth quarter of 2009, we

Interest Expense

Interest Expense
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Interest Expense	10.Interest Expense Details of interest expense are as follows: Year ended December31, 2009 2008 2007 (in millions) Notes payable $ 0.1 $ 0.2 $ 0.4 Fees on financing agreements 1.2 1.2 1.3 Other 0.2 0.2 $ 1.5 $ 1.6 $ 1.7 Commitment fees are included in fees on financing agreements.

Interest Income

Interest Income
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Interest Income	11.Interest Income Details of interest income are as follows: Year ended December31, 2009 2008 2007 (in millions) Interest on cash, cash equivalents and investments $ 2.7 $ 25.3 $ 23.9 Finance charges and other 1.8 0.8 0.5 $ 4.5 $ 26.1 $ 24.4

Other Non-Operating - Net

Other Non-Operating - Net
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Non-Operating - Net	12.Other Non-OperatingNet Year ended December31, 2009 2008 2007 (in millions) Gain on sale of marketable equity securities $ (11.9 ) $ $ Dividend income and other (0.9 ) (0.7 ) (1.6 ) $ (12.8 ) $ (0.7 ) $ (1.6 ) The gain on sale of marketable equity securities resulted from the sale of our holdings of 2.0million shares of Terra common stock in December 2009. For additional information on our investment in Terra common stock, see Note5Fair Measurements, Note9Business Combination Activities and Subsequent Event, and Note15Cash and Cash Equivalents, Short-term Investments and Other Investments.

Asset Retirement Obligations

Asset Retirement Obligations
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Asset Retirement Obligations	13.Asset Retirement Obligations Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development or normal operation of such assets. AROs are initially recognized as incurred when sufficient information exists to estimate fair value. When initially recognized, the fair value based on future cash flows is recorded both as a liability and an increase in the carrying amount of the related long-lived asset. In subsequent periods, depreciation of the asset and accretion of the liability are recorded. The balances of AROs and changes thereto are summarized below. AROs are reported in other noncurrent liabilities and accrued expenses in our consolidated balance sheet. Phospho- gypsum Stack Costs Mine Reclamation Costs Other AROs Total (in millions) Obligation at December31, 2006 $ 47.3 $ 28.5 $ 11.3 $ 87.1 Accretion expense 3.5 2.2 0.4 6.1 Liabilities incurred 1.4 1.4 Expenditures (5.3 ) (1.7 ) (2.6 ) (9.6 ) Change in estimate 4.8 0.7 (1.1 ) 4.4 Obligation at December31, 2007 50.3 31.1 8.0 89.4 Accretion expense 3.8 2.4 0.3 6.5 Liabilities incurred 2.8 2.8 Expenditures (6.2 ) (1.0 ) (1.6 ) (8.8 ) Change in estimate 4.9 6.5 (0.6 ) 10.8 Obligation at December31, 2008 52.8 41.8 6.1 100.7 Accretion expense 3.9 3.2 0.4 7.5 Liabilities incurred 1.7 1.7 Expenditures (4.4 ) (1.5 ) (0.1 ) (6.0 ) Change in estimate (0.8 ) 0.9 (0.3 ) (0.2 ) Obligation at December31, 2009 $ 51.5 $ 46.1 $ 6.1 $ 103.7 Our phosphate operations in Florida are subject to regulations governing the construction, operation, closure and long-term maintenance of phosphogypsum stack systems and regulations concerning site reclamation for phosphate rock mines. The liability for phosphogypsum stack system costs includes the cost of closure and post-closure monitoring for the stack at Plant City, the cooling ponds at Bartow and Plant City, plus water treatment costs at Bartow and Plant City, as described below. The actual amounts to be spent will depend on factors such as the timing of activities, refinements in scope, technological developments, cost inflation and changes in regulations. It is possible that these factors could change at any time and impact the estimates. Closure expenditures for the Bartow cooling pond and channels are estimated to occur through 2017. Closure expenditures for the Plant City stack expansion are estimated to occur in the 2033 to 2037 timeframe and closure of the Plant City cooling pond is assumed to occur in the year 2087. Additional asset retirement obligations may be incurred in the future. The liability for mine reclamation costs is primarily for work involving the re-contouring, re-vegetation and re-establishment of wildlife habitat and hydro

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Income Taxes	14.Income Taxes The components of earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates are as follows: Year ended December31, 2009 2008 2007 (in millions) Domestic $ 613.5 $ 1,059.1 $ 569.0 Non-U.S. 82.1 116.3 56.9 $ 695.6 $ 1,175.4 $ 625.9 The components of the income tax provision are as follows: Year ended December31, 2009 2008 2007 (in millions) Current Federal $ 171.6 $ 304.5 $ 130.2 Foreign 8.6 6.3 2.6 State 20.2 40.9 18.7 200.4 351.7 151.5 Deferred Federal 38.4 23.6 42.1 Foreign (0.1 ) 0.9 State 7.3 2.8 5.2 Valuation allowance (0.2 ) 45.6 26.4 48.0 Income tax provision $ 246.0 $ 378.1 $ 199.5 Differences in the expected income tax provision based on statutory rates applied to earnings before income taxes and the income tax provision reflected in the consolidated statements of operations are summarized below: Year ended December31, 2009 2008 2007 (in millions, except percentages) Earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates $ 695.6 $ 1,175.4 $ 625.9 Expected tax at U.S. statutory rate 243.5 35.0 % 411.4 35.0 % 219.1 35.0 % State income taxes, net of federal 17.8 2.6 % 28.6 2.4 % 15.5 2.5 % Income of the noncontrolling interest (29.0 ) (4.2 )% (40.9 ) (3.5 )% (19.1 ) (3.0 )% Non-deductible items 0.8 0.1 % (0.3 ) 0.3 Tax exempt income (0.5 ) (0.1 )% (3.8 ) (0.3 )% (7.6 ) (1.2 )% U.S. manufacturing profits deduction (9.2 ) (1.3 )% (17.7 ) (1.5 )% (7.4 ) (1.2 )% Non-deductible transaction costs 10.9 1.6 % Non-deductible capital costs 12.5 1.8 % Valuation allowance (0.2 ) Other (0.8 ) (0.1 )% 0.8 0.1 % (1.1 ) (0.2 )% Income tax at effective rate $ 246.0 35.4 % $ 378.1 32.2 % $ 199.5 31.9 % Deferred tax assets and deferred tax liabilities are as follows: December31, 2009 2008 (in millions) Deferred tax assets Net operating loss carryforward, patronagesourced $ 99.7 $ 99.7 Retirement and other employee benefits 46.1 51.6 Asset retirement obligations 22.0 22.5 Unrealized loss on hedging derivatives 32.3 Unrealized loss on investments 1.7 8.7 Other 16.1 17.3 185.6 232.1 Valuation allowance (99.7 ) (99.7 ) 85.9 132.4 Deferred tax liabilities

Cash and Cash Equivalents, Shor

Cash and Cash Equivalents, Short-Term Investments and Other Investments
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Cash and Cash Equivalents, Short-Term Investments and Other Investments	15.Cash and Cash Equivalents, Short-Term Investments and Other Investments Our cash and cash equivalents, short-term investments and other investments consist of the following: December31, 2009 December31, 2008 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Adjusted Cost Unrealized Gains Unrealized Losses Fair Value (in millions) Cash $ 17.0 $ $ $ 17.0 $ 49.4 $ $ $ 49.4 U.S. federal government obligations 658.2 658.2 562.6 562.6 Other debt securities 21.9 21.9 13.0 13.0 Total cash and cash equivalents $ 697.1 $ $ $ 697.1 $ 625.0 $ $ $ 625.0 Short-term investments 185.0 185.0 Investment in marketable equity securities 138.8 21.4 160.2 Investments in auction rate securities 138.4 (4.5 ) 133.9 198.6 (20.8 ) 177.8 Asset retirement obligation escrow account 36.5 36.5 28.8 28.8 Nonqualified employee benefit trust 9.8 (1.2 ) 8.6 10.5 (1.9 ) 8.6 Under our short-term investment policy, we can invest our cash balances in several types of securities, including notes and bonds issued by governmental entities or corporations, and money market funds. Securities issued by governmental entities include those issued directly by the Federal government; those issued by state, local or other governmental entities; and those guaranteed by entities affiliated with governmental entities. Cash and Cash Equivalents At December31, 2009 and 2008, our cash and cash equivalents consisted primarily of U.S. Treasury Bills with original maturities of three months or less and money market mutual funds that invest in U.S. government obligations. Short-term Investments As of December31, 2009, our short-term investments consisted of available-for-sale U.S. Treasury Bills with original maturities between three and six months. Investment in Marketable Equity Securities Our investment in marketable equity securities consisted of our investment in Terra common stock. As of December31 2009, we held approximately 5.0million shares of Terra common stock which were purchased in the open market during the third quarter of 2009 and are classified as noncurrent available-for-sale securities. For additional information on the Terra common stock, see Note9Business Combination Activities and Subsequent Event and Note12Other Non-OperatingNet. Investments in Auction Rate Securities Auction rate securities are primarily debt instruments with long-term maturities for which interest rates are expected to be reset periodically through an auction process, which typically occurs every 7 to 35days. The auction process results in the interest rate being reset on the underlying securities until the next reset or auction date. A failed auction occurs when there are insufficient bids for the number of instruments being offered. Upon a fail

Accounts Receivable

Accounts Receivable
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Accounts Receivable	16.Accounts Receivable Accounts receivable consist of the following: December31, 2009 2008 (in millions) Trade $ 163.3 $ 170.5 Other 4.1 4.6 $ 167.4 $ 175.1 Trade accounts receivable includes amounts due from related parties. For additional information, see Note33Related Party Transactions and Note19Investments in and Advances to Unconsolidated Affiliates.

Inventories - Net

Inventories - Net
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Inventories - Net	17.InventoriesNet Inventories consist of the following: December31, 2009 2008 (in millions) Fertilizer $ 157.3 $ 583.2 Market valuation reserve (57.0 ) 157.3 526.2 Raw materials, spare parts and supplies 50.5 62.4 $ 207.8 $ 588.6

Other Current Assets and Other

Other Current Assets and Other Current Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Current Assets and Other Current Liabilities	18.Other Current Assets and Other Current Liabilities Other current assets consist of the following: December31, 2009 2008 (in millions) Margin deposits $ 0.9 $ 12.2 Prepaid product and expenses 5.3 5.2 Product exchanges 1.1 0.1 Unrealized gains on natural gas derivatives 3.8 0.7 $ 11.1 $ 18.2 Margin deposits represent primarily cash collateral on deposit with counterparties related to natural gas derivative contracts. For additional information, see Note27Derivative Financial Instruments. Other current liabilities consist of the following: December31, 2009 2008 (in millions) Unrealized losses on natural gas derivatives $ 0.9 $ 85.3 Product exchanges 2.2 0.8 $ 3.1 $ 86.1

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Investments in and Advances to Unconsolidated Affiliates	19.Investments in and Advances to Unconsolidated Affiliates We own 50% of the common shares of KEYTRADE AG (Keytrade), a global fertilizer trading company headquartered near Zurich, Switzerland. We also own certain non-voting preferred shares of Keytrade and have provided additional subordinated financing. Keytrade purchases fertilizer products from various manufacturers around the world and resells them in approximately 50 countries through a network of seven offices. Keytrade is our exclusive exporter of phosphate fertilizer products from North America and our exclusive importer of UAN products into North America. We account for our investment in Keytrade under the equity method. Our investment in and advances to Keytrade consist of the following: December31, 2009 2008 (in millions) Equity investment in Keytrade $ 33.2 $ 32.4 Advances to Keytrade 12.4 12.4 $ 45.6 $ 44.8 In 2009, 2008 and 2007, we recognized in our consolidated statements of operations equity in earnings (loss) of Keytrade of ($1.1) million, $4.2million and $0.9million, respectively. These amounts are net of our U.S. deferred income taxes. At December31, 2009, the amount of our consolidated retained earnings that represents our undistributed earnings of Keytrade is $4.1million. During the third quarter of 2009, we acquired Keytrade's exclusive U.S. marketing and terminal usage rights related to certain fertilizer products for $2.5million. These rights are recognized as intangible assets and are being amortized against our share of Keytrade's net income over their useful lives. In 2009, 2008 and 2007, our sales to Keytrade were $304.2million, $452.2 and $33.1million, respectively, or 12%, 12% and 1%, respectively, of our consolidated net sales. In 2009, 2008 and 2007, our purchases from Keytrade were $2.8million, $227.8million and $45.8million, respectively. Our consolidated balance sheet at December31, 2009 and 2008 includes balances in accounts receivable related to Keytrade of $12.5million and $17.3million, respectively. The advances to Keytrade are subordinated notes that mature September30, 2017 and bear interest at LIBOR plus 1.00percent. In 2009 and 2008, we recognized interest income on advances to Keytrade of $0.2million and $0.5million, respectively. The carrying value of our advances to Keytrade approximates fair value.

Property, Plant and Equipment -

Property, Plant and Equipment - Net
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Property, Plant and Equipment - Net	20.Property, Plant and EquipmentNet Property, plant and equipmentnet consist of the following: December31, 2009 2008 (in millions) Land $ 36.5 $ 31.8 Mineral properties 196.7 193.0 Manufacturing plants and equipment 2,141.7 1,987.4 Distribution facilities and other 228.3 220.8 Construction in progress 117.9 74.9 2,721.1 2,507.9 Less: Accumulated depreciation, depletion and amortization 1,927.3 1,846.0 $ 793.8 $ 661.9 Plant turnaroundsScheduled inspections, replacements and overhauls of plant machinery and equipment at our continuous process manufacturing facilities are referred to as plant turnarounds. The expenditures related to turnarounds are capitalized into property, plant and equipment when incurred and are included in the table above in the line entitled, "Manufacturing plants and equipment." The following is a summary of plant turnaround activity for 2009, 2008 and 2007: Year ended December31, 2009 2008 2007 (in millions) Net capitalized turnaround costs at beginning of the year $ 40.6 $ 47.7 $ 34.5 Additions 27.6 18.8 26.6 Depreciation (12.2 ) (23.8 ) (15.8 ) Effect of exchange rate changes 1.4 (2.1 ) 2.4 Net capitalized turnaround costs at end of the year $ 57.4 $ 40.6 $ 47.7 Scheduled replacements and overhauls of plant machinery and equipment include the dismantling, repair or replacement and installation of various components including piping, valves, motors, turbines, pumps, compressors, heat exchangers and the replacement of catalyst when a full plant shutdown occurs. Scheduled inspections are also conducted during full plant shutdowns, including required safety inspections which entail the disassembly of various components such as steam boilers, pressure vessels and other equipment requiring safety certifications. Capitalized turnaround costs have been applied consistently in the periods presented. Internal employee costs and overhead are not considered turnaround costs and are not capitalized.

Other Assets

Other Assets
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Assets	21.Other Assets Other assets consist of the following: December31, 2009 2008 (in millions) Spare parts $ 26.9 $ 25.7 Nonqualified employee benefit trust 8.6 8.6 Investment in CoBank 2.7 2.7 Deferred financing agreement fees 1.0 1.4 Other 1.7 1.8 $ 40.9 $ 40.2

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Accounts Payable and Accrued Expenses	22.Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: December31, 2009 2008 (in millions) Accrued natural gas costs $ 51.7 $ 55.3 Accounts payable 41.7 62.0 Payroll and employee related costs 21.0 24.9 Asset retirement obligationscurrent portion 11.1 11.2 Other 47.0 54.5 $ 172.5 $ 207.9 Payroll and employee related costs include accrued salaries and wages, vacation, incentive plans and payroll taxes. Asset retirement obligations are the current portion of these obligations. Other includes accrued interest, utilities, property taxes, sales incentives and other credits, maintenance and professional services.

Customer Advances

Customer Advances
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Customer Advances	23.Customer Advances Customer advances represent cash received from customers following acceptance of orders under our Forward Pricing Program (FPP). Customer advances, which typically represent a significant portion of the contract's sales value, are received shortly after the contract is executed, with any remaining amount generally being collected by the time the product is shipped, thereby reducing or eliminating accounts receivable from customers upon shipment. Revenue is recognized when title and risk of loss transfers upon shipment or delivery of the product to customers. As of December31, 2009, we had approximately 1.4million tons of product committed to be sold under the FPP in 2010.

Credit Agreement and Notes Paya

Credit Agreement and Notes Payable
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Credit Agreement and Notes Payable	24.Credit Agreement and Notes Payable Credit Agreement In 2005, we entered into a senior secured revolving credit agreement with JPMorgan Chase Bank, N.A. (JPMorgan Chase) acting as administrative agent for the bank group. The credit facility as amended, is scheduled to be available until July31, 2012 and provides up to $250million, subject to a borrowing base, for working capital and general corporate purposes, including up to $50million for the issuance of letters of credit. Availability under the credit facility is limited by a borrowing base equal to the value of a specified percentage of eligible receivables, plus the value of a specified percentage of eligible inventory, plus a property, plant and equipment component (capped at $75million in the aggregate) determined based on specified percentages of eligible fixed assets (including the real property) located at the Donaldsonville, Louisiana facility and other eligible real property, if any (each subject to caps), less the amount of any reserves JPMorgan Chase deems necessary, as determined in good faith and in the exercise of reasonable business judgment, such as unrealized losses with derivative counterparties who are members of the bank group. CF Industries,Inc. is entitled to borrow at interest rates based on (1)the Base Rate (which is the higher of (i)the rate most recently announced by JPMorgan Chase as its "prime" rate and (ii)the federal funds rate plus 1/2 of 1% per annum) plus a margin applied to either rate ranging from 0.00percent to 0.25percent, and (2)the applicable Eurodollar Rate (which is the London Interbank Eurodollar Rate adjusted for reserves) plus an applicable margin that ranges from 1.25percent to 1.50percent. Letters of credit issued under the credit facility accrue fees at the applicable Eurodollar Rate borrowing margin. The applicable margins vary depending on the average daily availability for borrowing under the credit facility during CF Industries,Inc.'s most recent calendar quarter. CF Industries,Inc. is also required to pay certain fees, including fees based on the unused portion of the credit facility and fronting fees on undrawn amounts under outstanding letters of credit, and expenses in connection with the credit facility. The credit facility is guaranteed by CF Holdings and certain domestic subsidiaries of CF Industries,Inc. (the Loan Parties) and secured by substantially all of the personal property and assets, both tangible and intangible, of the Loan Parties, 100% of the equity interests of each Loan Party's direct and indirect domestic subsidiaries other than immaterial subsidiaries, 65% of the equity interests of each Loan Party's first-tier foreign subsidiaries and the real property located in Donaldsonville, Louisiana. Optional prepayments and optional reductions of the unutilized portion of the secured credit facility are permitted at any time, subject to, among other things, reimbursement of the lenders' redeployment costs in the case of a prepayment of Eurodollar Rate borrowings. Mandatory prepayments are required, subject to certain exceptions, in certain instances (such as upon certain asset sales, receipt of proceed

Leases

Leases
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Leases	25.Leases We have operating leases for certain property and equipment under various noncancelable agreements, the most significant of which are rail car leases and barge tow charters for the transportation of fertilizer, and a corporate office lease. The rail car leases currently have minimum terms ranging from one to seven years and the barge charter commitments currently have terms ranging from one to three years. We also have terminal and warehouse storage agreements for our distribution system, some of which contain minimum throughput requirements. The storage agreements contain minimum terms ranging from one to three years and commonly contain automatic annual renewal provisions thereafter unless canceled by either party. We also have an operating lease agreement for our corporate headquarters in Deerfield, IL with a ten-year minimum term ending in 2017. The corporate office lease agreement includes leasehold incentives, rent holidays and scheduled rent increases that are recognized in expense on a straight-line basis. Our other operating lease agreements do not contain significant contingent rents, leasehold incentives, rent holidays, scheduled rent increases, concessions or unusual provisions. Future minimum payments under noncancelable operating leases, barge charters and storage agreements at December31, 2009 are shown below. Operating Lease Payments (in millions) 2010 $ 29.9 2011 14.1 2012 8.8 2013 4.5 2014 3.5 Thereafter 7.7 $ 68.5 Total rent expense for cancelable and noncancelable operating leases was $37.2million for 2009, $38.1million for 2008 and $31.2million for 2007.

Other Noncurrent Liabilities

Other Noncurrent Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Noncurrent Liabilities	26.Other Noncurrent Liabilities Other noncurrent liabilities consist of the following: December31, 2009 2008 (in millions) Asset retirement obligations $ 103.7 $ 100.7 Less: Current portion in accrued expenses 11.1 11.2 Noncurrent portion 92.6 89.5 Benefit plans and deferred compensation 93.1 111.1 Environmental and related costs 5.7 6.3 Deferred rent and other 5.8 5.7 $ 197.2 $ 212.6 Asset retirement obligations are for phosphogypsum stack closure, mine reclamation and other obligations (see Note13Asset Retirement Obligations). Benefit plans and deferred compensation include liabilities for pensions, retiree medical benefits, and the noncurrent portion of incentive plans (see Note7Pension and Other Postretirement Benefits). Environmental and related costs consist of the noncurrent portions of the liability for environmental items included in other operating costs (see Note8Other OperatingNet).

Derivative Financial Instrument

Derivative Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Derivative Financial Instruments	27.Derivative Financial Instruments We use natural gas in the manufacture of nitrogen fertilizer products. We manage the risk of changes in gas prices through the use of physical gas supply contracts and derivative financial instruments covering periods not exceeding three years. We use natural gas derivative instruments primarily to lock in a substantial portion of our margin on sales under the Forward Pricing Program. Our natural gas acquisition policy also allows us to establish derivative positions that are associated with anticipated natural gas requirements, unrelated to our Forward Pricing Program. The derivative instruments that we currently use are natural gas swap contracts. These contracts settle using either NYMEX futures or AECO price indexes, which represent fair value at any given time. The contracts are entered into with respect to gas to be consumed in the future and settlements are scheduled to coincide with anticipated gas purchases used to manufacture nitrogen products during those future periods. We report derivatives in the consolidated balance sheets at fair value with changes in their fair value recognized immediately in earnings, unless the normal purchase and sale exemption applies. We use natural gas derivatives primarily as an economic hedge of gas price risk, but without the application of hedge accounting. Accordingly, changes in the fair value of the derivatives are recorded in cost of sales as the changes occur. Cash flows related to natural gas derivatives are reported as operating activities. The effect of derivatives in our consolidated statements of operations is shown below. All amounts arise from natural gas derivatives that are not designated as hedging instruments, with resulting gains and losses recorded in cost of sales. Year ended December31, 2009 2008 2007 (in millions) Realized losses $ (115.6 ) $ (26.7 ) $ (76.5 ) Unrealized mark-to-market gains (losses) 87.5 (63.8 ) 17.0 Net derivative losses $ (28.1 ) $ (90.5 ) $ (59.5 ) The fair values of derivatives on our consolidated balance sheets are shown below. All amounts arise from natural gas derivatives that are not designated as hedging instruments. For additional information on derivative fair values, see Note5Fair Value Measurement. December31, 2009 2008 (in millions) Unrealized gains in other current assets $ 3.8 $ 0.7 Unrealized losses in other current liabilities (0.9 ) (85.3 ) Net unrealized derivative gains (losses) $ 2.9 $ (84.6 ) As of December31, 2009 and December31, 2008, we had open derivative contracts for 11.0million MMBtus and 16.7million MMBtus, respectively, of natural gas. For the year ended December31, 2009, we used derivatives to cover approximately 38% of our natural gas consumption at Donaldsonville and approximately 35% of our two-thirds share of gas consumption at MedicineHat. Natural gas derivatives involve the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterp

Stockholders' Equity

Stockholders' Equity
	1/1/2009 - 12/31/2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Stockholders' Equity	28.Stockholders' Equity Common Stock We have 500million shares of common stock, $0.01 par value per share, authorized, of which 48,569,985 shares were outstanding as of December31, 2009. Changes in common shares issued and outstanding are as follows: Year ended December31, 2009 2008 2007 Beginning balance 48,391,584 56,245,418 55,172,101 Exercise of stock options 164,200 610,865 1,036,042 Issuance of restricted stock 19,031 25,698 50,509 Forfeiture of restricted stock (4,830 ) (11,020 ) (13,234 ) Cancelation of treasury stock (8,479,377 ) Ending balance 48,569,985 48,391,584 56,245,418 Dividend Restrictions Our ability to pay dividends on our common stock is limited under the terms of our JPMorgan Chase Bank, N.A. $250million senior secured revolving credit facility. Pursuant to the terms of this agreement, dividends are a type of restricted payment that may be limited based on certain levels of cash availability as defined in the agreement. Stockholder Rights Plan We have adopted a stockholder rights plan (the plan). The existence of the rights and the rights plan is intended to deter coercive or partial offers which may not provide fair value to all stockholders and to enhance our ability to represent all of our stockholders and thereby maximize stockholder value. Under the plan, each share of common stock has attached to it one right. Each right entitles the holder to purchase one one-thousandth of a share of a series of our preferred stock designated as SeriesA junior participating preferred stock at an exercise price of $90, subject to adjustment. Rights will only be exercisable under limited circumstances specified in the rights agreement when there has been a distribution of the rights and such rights are no longer redeemable by us. A distribution of the rights would occur upon the earlier of (i)10 business days following a public announcement that any person or group has acquired beneficial ownership of 15% or more of the outstanding shares of our common stock, other than as a result of repurchases of stock by us or inadvertence by certain stockholders as set forth in the rights agreement; or (ii)10 business days, or such later date as our board of directors may determine, after the date of the commencement of a tender offer or exchange offer that would result in any person, group or related persons acquiring beneficial ownership of 15% or more of the outstanding shares of our common stock. The rights will expire at 5:00P.M. (NewYork City time) on July21, 2015, unless such date is extended or the rights are earlier redeemed or exchanged by us. If any person or group acquires shares representing 15% or more of the outstanding shares of our common stock, the rights will entitle a holder, other than such person, any member of such group or related person, all of whose rights will be null and void, to acquire a number of additional shares of our common stock having a market value of twice the exercise price of each right. If we are involved in a merger or o

Stock-Based Compensation

Stock-Based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Stock-Based Compensation	29.Stock-Based Compensation 2009 Equity and Incentive Plan On April21, 2009, our shareholders approved the CFIndustries Holdings,Inc. 2009 Equity and Incentive Plan (Plan) which replaced the CFIndustries Holdings,Inc. 2005 Equity and Incentive Plan (2005Plan). Under the Plan, we may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards (payable in cash or stock) and other stock-based awards to our officers, employees, consultants and independent contractors (including non-employee directors). The purpose of the Plan is to provide an incentive for our employees, officers, consultants and non-employee directors that is aligned with the interests of our stockholders. Share Reserve and Individual Award Limits The maximum number of shares reserved for the grant of awards under the Plan is the sum of (i)3.9million and (ii)the number of shares subject to outstanding awards under the 2005Plan to the extent such awards terminate or expire without delivery of shares. For purposes of determining the number of shares of stock available for grant under the Plan, each option or stock appreciation right is counted against the reserve as one share. Each share of stock granted, other than an option or a stock appreciation right, is counted against the reserve as 1.61 shares. If any outstanding award expires for any reason or is settled in cash, any unissued shares subject to the award will again be available for issuance under the Plan. Shares tendered in payment of the exercise price of an option and shares withheld by the Company or otherwise received by the Company to satisfy tax withholding obligations are not available for future grant under the Plan. At December31, 2009, we had 3.7million shares available for future awards under the Plan. The Plan provides that no more than 1.0million underlying shares may be granted to a participant in any one calendar year. Stock Options Under the Plan, we granted to plan participants nonqualified options to purchase shares of our common stock. The exercise price of these options is equal to the market price of our common stock on the date of grant. The contractual life of the options is ten years and one-third of the options vest on each of the first three anniversaries of the date of grant. The fair value of each stock option award is estimated using the Black-Scholes option valuation model. Key assumptions used and resulting grant date fair values are shown in the following table. 2009 2008 2007 Assumptions: Weighted-average expected volatility 54% 58% 36% Expected term of stock options 4-5 Years 5 Years 5-6 Years Risk-free interest rate 2.3-2.9% 1.5%-3.3% 3.6%-4.6% Weighted-average expected dividend yield 0.5% 0.3% 0.2% Weighted-average grant date fair value per share of options granted $37.24 $61.59 $21.17 In 2009 and 2008, the expected volatility of our stock options was based on the combination of the historical volatility of our stock and implied volatilities of exchange traded options on our stock. In 2007, the

Other Financial Statement Data

Other Financial Statement Data
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Financial Statement Data	30.Other Financial Statement Data The following provides additional information relating to cash flow activities: Year ended December31, 2009 2008 2007 (in millions) Cash paid during the year Interest $ 1.0 $ 1.2 $ 1.4 Income taxesnet of refunds 198.0 342.3 137.2

Contingencies

Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Contingencies	31.Contingencies Litigation From time to time, we are subject to ordinary, routine legal proceedings related to the usual conduct of our business, including proceedings regarding public utility and transportation rates, environmental matters, taxes and permits relating to the operations of our various plants and facilities. Based on the information available as of the date of this filing, we believe that the ultimate outcome of these matters will not have a material adverse effect on our consolidated financial position or results of operations. Environmental Plant City Environmental Matters RCRA Enforcement Initiative.In December 2004 and January 2005, the United States Environmental Protection Agency (EPA) inspected our Plant City, Florida phosphate fertilizer complex to evaluate the facility's compliance with the Resource Conservation and Recovery Act (RCRA), the federal statute that governs the generation, transportation, treatment, storage and disposal of hazardous wastes. This inspection was undertaken as a part of a broad enforcement initiative commenced by the EPA to evaluate whether mineral processing and mining facilities, including, in particular, all wet process phosphoric acid production facilities, are in compliance with RCRA, and the extent to which such facilities' waste management practices have impacted the environment. By letter dated September27, 2005, EPA Region4 issued to the Company a Notice of Violation (NOV) and Compliance Evaluation Inspection Report. The NOV and Compliance Evaluation Inspection Report alleged a number of violations of RCRA, including violations relating to recordkeeping, the failure to properly make hazardous waste determinations as required by RCRA, and alleged treatment of sulfuric acid waste without a permit. The most significant allegation in the NOV is that the Plant City facility's reuse of phosphoric acid process water (which is otherwise exempt from regulation as a hazardous waste) in the production of ammoniated phosphate fertilizer, and the return of this process water to the facility's process water recirculating system, have resulted in the disposal of hazardous waste into the system without a permit. The Compliance Evaluation Inspection Report indicates that, as a result, the entire process water system, including all pipes, ditches, cooling ponds and gypsum stacks, could be regulated as hazardous waste management units under RCRA. Several of the Company's competitors have received NOVs making this same allegation. This particular recycling of process water is common in the industry and, the Company believes, was authorized by the EPA in 1990. The Company also believes that this allegation is inconsistent with recent case law governing the scope of the EPA's regulatory authority under RCRA. Nonetheless, the Company has conducted a successful pilot test to replace process water as a scrubbing medium at the ammonium phosphate fertilizer plants and maintain compliance with Plant City's air permit. The Company has received a permit from the Florida Department of Environmental Protection that authorizes the Company to make this change for the three ammonium phosphate pla

Segment Disclosures

Segment Disclosures
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Segment Disclosures	32.Segment Disclosures We are organized and managed based on two segments, which are differentiated primarily by their products, the markets they serve and the regulatory environments in which they operate. The two segments are the nitrogen segment and the phosphate segment. The Company's management uses gross margin to evaluate segment performance and allocate resources. Selling, general and administrative expenses, other operating and non-operating expenses, interest, and income taxes, are centrally managed and not included in the measurement of segment profitability reviewed by management. The accounting policies of the segments are the same as those described in Note2Summary of Significant Accounting Policies. Segment data for sales, cost of sales, gross margin, depreciation, depletion and amortization, capital expenditures, and assets for 2009, 2008 and 2007 are shown in the tables below. Other assets, capital expenditures and depreciation include amounts attributable to the corporate headquarters and unallocated corporate assets. Nitrogen Phosphate Consolidated (in millions) Year ended December31, 2009 Net sales Ammonia $ 557.3 $ $ 557.3 Urea 787.2 787.2 UAN 489.5 489.5 DAP 557.7 557.7 MAP 121.6 121.6 Potash 89.8 89.8 Other 5.3 5.3 1,839.3 769.1 2,608.4 Cost of sales 1,055.1 713.9 1,769.0 Gross margin $ 784.2 $ 55.2 $ 839.4 Year ended December31, 2008 Net sales Ammonia $ 604.1 $ $ 604.1 Urea 1,208.3 1,208.3 UAN 772.6 772.6 DAP 1,165.0 1,165.0 MAP 165.0 165.0 Other 6.1 6.1 2,591.1 1,330.0 3,921.1 Cost of sales 1,820.8 877.6 2,698.4 Gross margin $ 770.3 $ 452.4 $ 1,222.7 Year ended December31, 2007 Net sales Ammonia $ 556.0 $ $ 556.0 Urea 889.0 889.0 UAN 591.8 591.8 DAP 579.4 579.4 MAP 135.4 135.4 Other 5.1 5.1 2,041.9 714.8 2,756.7 Cost of sales 1,595.1 491.6 2,086.7 Gross margin $ 446.8 $ 223.2 $ 670.0 Nitrogen Phosphate Other Consolidated (in millions) Depreciation, depletion and amortization Year ended December31, 2009 $ 59.0 $ 39.7 $ 2.3 $ 101.0 Year ended December31, 2008 57.3 40.5 3.0 100.8 Year ended December31, 2007 50.4 31.5 2.6 84.5 Capital expenditures Year ended December31, 2009 $ 165.2 $ 70.2 $ 0.3 $ 235.7 Year ended December31, 2008 74.2 66.2 1.4 141.8 Year ended December31, 2007

Related Party Transactions

Related Party Transactions
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Related Party Transactions	33.Related Party Transactions We have multi-year supply contracts related to purchases of fertilizer products with two of our former owners, GROWMARK,Inc. (GROWMARK) and CHS,Inc. (CHS). The chief executive officer of GROWMARK, William Davisson, and the president and chief executive officer of CHS, John D. Johnson, serve as members of our Board of Directors. As of December31, 2009, GROWMARK was the beneficial owner of approximately 3% of our outstanding common stock. Product Sales CHS accounted for 22%, 20% and 24% of our consolidated net sales in 2009, 2008 and 2007, respectively. GROWMARK accounted for 9%, 10% and 10% of our consolidated net sales in 2009, 2008 and 2007, respectively. See Note32Segment Disclosures for additional information on sales to CHS and GROWMARK. In addition to purchasing fertilizer from us, CHS and GROWMARK have contracts with us to store fertilizer products at certain of our warehouses. In connection with these storage arrangements we recognized approximately $0.7million, $0.7million and $0.8million from CHS in 2009, 2008 and 2007, respectively, and we recognized $0.2million, $0.4million and $0.2million from GROWMARK in 2009, 2008 and 2007, respectively. GROWMARK has also entered into a terminal sublease with us pursuant to which we pass through to GROWMARK the economics of our underlying terminal lease with a third party. These lease payments for 2009 were insignificant. Accounts Receivable Accounts receivable at December31, 2009 and 2008 includes $12.3million and $8.7million, respectively, due from CHS and $6.6million and $10.0million, respectively, due from GROWMARK. Supply Contracts We have multi-year supply contracts with CHS and GROWMARK relating to purchases of fertilizer products. The term of the supply contract with CHS lasts until June30, 2010, and in the case of GROWMARK, lasts until June30, 2013. In both cases, the terms are extended automatically for successive one-year periods unless a termination notice is given by either party. CHS has notified us that the multi-year supply contract set to expire on June30, 2010 will not be renewed. Both contracts specify a sales target volume and a requirement volume for the first contract year. The requirement volume is a percentage of the sales target volume and represents the volume of fertilizer that we are obligated to sell, and the customer is obligated to purchase, during the first contract year. Thereafter, for the CHS contract, the sales target volume is subject to yearly adjustment by mutual agreement or, failing such agreement, to an amount specified by us which is not less than 95% nor more than 100% of the prior year's sales target volume. For the GROWMARK contract, the sales target volume is subject to yearly adjustment by mutual agreement or, failing such agreement, to an amount specified by us which is not more than 105% of the prior year's sales target volume. The requirement volume for both contracts is also subject to yearly adjustment to an amount specified by the customer which is not less than 65% nor more than 100% of the then applicable sales target volume. Both contracts also contain reciprocal "meet or release"

Quarterly Data-Unaudited

Quarterly Data-Unaudited
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Quarterly Data - Unaudited	34.Quarterly DataUnaudited The following tables present the unaudited quarterly results of operations for the eight quarters ended December31, 2009. This quarterly information has been prepared on the same basis as the consolidated financial statements and, in the opinion of management, reflects all adjustments necessary for the fair representation of the information for the periods presented. This data should be read in conjunction with the audited financial statements and related disclosures. Operating results for any quarter apply to that quarter only and are not necessarily indicative of results for any future period. Three Months Ended March31 June30 September30 December31 Full Year (in millions, except per share amounts) 2009 Net sales $ 680.6 $ 991.0 $ 430.1 $ 506.7 $ 2,608.4 Gross margin 162.3 427.0 124.0 126.1 839.4 Unrealized gains on derivatives(1) 48.6 34.3 1.9 2.7 87.5 Net earnings attributable to common stockholders 62.7 213.0 38.5 51.4 365.6 Net earnings per share attributable to common stockholders Basic 1.29 4.40 0.79 1.06 7.54 Diluted 1.28 4.33 0.78 1.04 7.42 2008 Net sales $ 667.3 $ 1,161.0 $ 1,020.8 $ 1,072.0 $ 3,921.1 Gross margin 271.2 469.9 120.9 360.7 (2) 1,222.7 Unrealized gains (losses) on derivatives(1) 69.6 83.2 (251.0 ) 34.4 (63.8 ) Net earnings attributable to common stockholders 158.8 288.6 47.1 190.1 (2) 684.6 Net earnings per share attributable to common stockholders Basic 2.82 5.11 0.83 3.63 12.35 Diluted 2.76 5.01 0.82 3.59 12.13 (1) Amounts represents pre-tax unrealized gains (losses) on derivatives included in gross margin. See Note27Derivative Financial Instruments, for additional information. (2) In the fourth quarter of 2008, gross margin and net earnings included a write-down of phosphate and potash inventories totaling $57.0million ($37.1million net of taxes) (see Note17InventoriesNet).

Subsequent Events

Subsequent Events
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Subsequent Events	35.Subsequent Events In January 2010, CF Holdings sold 5.0million shares of Terra common stock. As a result of these sales, in the first quarter of 2010 we received proceeds of $167.1million and will report a pre-tax gain of $28.3million on the sale of the Terra shares.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts
	12 Months Ended Dec. 31, 2009 USD / shares
Financial Statement Schedules
Schedule II - Valuation and Qualifying Accounts	ScheduleIIValuation and Qualifying Accounts Beginning Balance Chargedto Costs and Expenses Chargeto Other Accounts Deductions Description Ending Balance Accounts receivable (in millions) Allowance for bad debts accounts Year ended December31, 2009 $ 0.3 $ $ $ $ 0.3 Year ended December31, 2008 $ 0.3 $ $ $ $ 0.3 Year ended December31, 2007 $ 0.3 $ $ $ $ 0.3

Document and Entity Information

Document and Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Jan. 29, 2010	Jun. 30, 2009
Document and Entity Information
Entity Registrant Name	CF Industries Holdings, Inc.
Entity Central Index Key	0001324404
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$3,572,532,875
Entity Common Stock, Shares Outstanding		48,577,784