CF Industries (CF) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-32597
Entity Registrant Name	CF INDUSTRIES HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2697511
Entity Address, Address Line One	4 Parkway North, Suite 400
Entity Address, City or Town	Deerfield,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60015
City Area Code	847
Local Phone Number	405-2400
Title of 12(b) Security	common stock, par value $0.01 per share
Trading Symbol	CF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		213,797,277
Entity Central Index Key	0001324404
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 971	$ 1,001
Cost of sales	767	781
Gross margin	204	220
Selling, general and administrative expenses	54	58
Other operating—net	6	4
Total other operating costs and expenses	60	62
Equity in earnings of operating affiliate	3	7
Operating earnings	147	165
Interest expense	44	60
Interest income	(1)	(4)
Other non-operating—net	0	(1)
Earnings before income taxes	104	110
Income tax provision (benefit)	13	(8)
Net earnings	91	118
Less: Net earnings attributable to noncontrolling interest	23	28
Net earnings attributable to common stockholders	$ 68	$ 90
Net earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.31	$ 0.40
Diluted (in dollars per share)	$ 0.31	$ 0.40
Weighted average common shares outstanding:
Basic (in shares)	216	223.4
Diluted (in shares)	216.6	224.6
Dividends declared per common share (in dollars per share)	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 91	$ 118
Other comprehensive income (loss):
Foreign currency translation adjustment—net of taxes	(83)	32
Defined benefit plans—net of taxes	9	(2)
Total other comprehensive income	(74)	30
Comprehensive income	17	148
Less: Comprehensive income attributable to noncontrolling interest	23	28
Comprehensive (loss) income attributable to common stockholders	$ (6)	$ 120

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 753	$ 287
Accounts receivable—net	251	242
Inventories	379	351
Prepaid income taxes	78	71
Other current assets	19	23
Total current assets	1,480	974
Property, plant and equipment—net	7,938	8,170
Investment in affiliate	91	88
Goodwill	2,346	2,365
Operating lease right-of-use assets	287	280
Other assets	299	295
Total assets	12,441	12,172
Current liabilities:
Short-term debt	500	0
Accounts payable and accrued expenses	378	437
Income taxes payable	19	1
Customer advances	239	119
Current operating lease liabilities	94	90
Other current liabilities	5	18
Total current liabilities	1,235	665
Long-term debt	3,958	3,957
Deferred Income Tax Liabilities, Net	1,217	1,246
Operating lease liabilities	197	193
Other liabilities	431	474
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, 2020—216,610,856 shares issued and 2019—216,023,826 shares issued	2	2
Paid-in capital	1,313	1,303
Retained earnings	1,961	1,958
Treasury stock—at cost, 2020—2,813,869 shares and 2019—0 shares	(108)	0
Accumulated other comprehensive loss	(440)	(366)
Total stockholders’ equity	2,728	2,897
Noncontrolling interest	2,675	2,740
Total equity	5,403	5,637
Total liabilities and equity	$ 12,441	$ 12,172

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	216,610,856	216,023,826
Treasury stock, shares	2,813,869	0

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	$0.01 Par Value Common Stock	Treasury Stock	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Noncontrolling Interest
Balance at Dec. 31, 2018	$ 5,731	$ 2	$ (504)	$ 1,368	$ 2,463	$ (371)	$ 2,958	$ 2,773
Increase (decrease) in equity
Net earnings	118	0	0	0	90	0	90	28
Less: Net earnings attributable to noncontrolling interest	28
Net earnings attributable to common stockholders	90
Other comprehensive loss	30	0	0	0	0	30	30	0
Purchases of treasury stock	(60)	0	(60)	0	0	0	(60)	0
Retirement of treasury stock	0	0	504	(65)	(439)	0	0	0
Acquisition of treasury stock under employee stock plans	(4)	0	(4)	0	0	0	(4)	0
Issuance of $0.01 par value common stock under employee stock plans	2	0	0	2	0	0	2	0
Stock-based compensation expense	6	0	0	6	0	0	6	0
Cash dividends	(67)	0	0	0	(67)	0	(67)	0
Distribution declared to noncontrolling interest	(86)	0	0	0	0	0	0	(86)
Balance at Mar. 31, 2019	5,670	2	(64)	1,311	2,047	(341)	2,955	2,715
Balance at Dec. 31, 2019	5,637	2	0	1,303	1,958	(366)	2,897	2,740
Increase (decrease) in equity
Net earnings	91	0	0	0	68	0	68	23
Less: Net earnings attributable to noncontrolling interest	23
Net earnings attributable to common stockholders	68
Other comprehensive loss	(74)	0	0	0	0	(74)	(74)	0
Purchases of treasury stock	(100)	0	(100)	0	0	0	(100)	0
Acquisition of treasury stock under employee stock plans	(8)	0	(8)	0	0	0	(8)	0
Issuance of $0.01 par value common stock under employee stock plans	3	0	0	3	0	0	3	0
Stock-based compensation expense	7	0	0	7	0	0	7	0
Cash dividends	(65)	0	0	0	(65)	0	(65)	0
Distribution declared to noncontrolling interest	(88)	0	0	0	0	0	0	(88)
Balance at Mar. 31, 2020	$ 5,403	$ 2	$ (108)	$ 1,313	$ 1,961	$ (440)	$ 2,728	$ 2,675

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Cash Dividends (dollars per share)	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities:
Net earnings	$ 91	$ 118
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	211	188
Deferred income taxes	(50)	14
Stock-based compensation expense	7	6
Unrealized net loss (gain) on natural gas derivatives	(12)	2
Unrealized (gain) loss on embedded derivative	(1)	1
Loss on disposal of property, plant and equipment	0	1
Undistributed earnings of affiliate—net of taxes	(4)	(8)
Changes in:
Accounts receivable—net	(12)	(28)
Inventories	(29)	(101)
Accrued and prepaid income taxes	10	24
Accounts payable and accrued expenses	(47)	(65)
Customer advances	120	152
Other—net	8	2
Net cash provided by operating activities	292	306
Investing Activities:
Additions to property, plant and equipment	(67)	(80)
Proceeds from sale of property, plant and equipment	0	5
Insurance proceeds for property, plant and equipment	2	0
Net cash used in investing activities	(65)	(75)
Financing Activities:
Proceeds from short-term borrowings	500	0
Dividends paid on common stock	(65)	(67)
Distributions to noncontrolling interest	(88)	(86)
Purchases of treasury stock	(100)	(87)
Issuances of common stock under employee stock plans	3	2
Shares withheld for taxes	(8)	(4)
Net cash provided by (used in) financing activities	242	(242)
Effect of exchange rate changes on cash and cash equivalents	(3)	0
Increase (decrease) in cash and cash equivalents	466	(11)
Cash and cash equivalents at beginning of period	287	682
Cash and cash equivalents at end of period	$ 753	$ 671

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation We are a leading global manufacturer and distributor of nitrogen products for fertilizer, emissions abatement and other industrial applications. We operate manufacturing complexes in the United States, Canada and the United Kingdom, which are among the most cost-advantaged, efficient and flexible in the world, and an extensive storage, transportation and distribution network in North America. Our 3,000 employees focus on safe and reliable operations, environmental stewardship and disciplined capital and corporate management, driving our strategy to leverage and sustainably grow the world’s most advantaged nitrogen and chemicals platform to serve customers and create long-term shareholder value. Our principal customers are cooperatives, independent fertilizer distributors, traders, wholesalers and industrial users. Our principal nitrogen fertilizer products are anhydrous ammonia (ammonia), granular urea, urea ammonium nitrate solution (UAN) and ammonium nitrate (AN). Our other nitrogen products include diesel exhaust fluid (DEF), urea liquor, nitric acid and aqua ammonia, which are sold primarily to our industrial customers, and compound fertilizer products (NPKs), which are granular fertilizer products for which the nutrient content is a combination of nitrogen, phosphorus and potassium. All references to “CF Holdings,” “the Company,” “we,” “us” and “our” refer to CF Industries Holdings, Inc. and its subsidiaries, except where the context makes clear that the reference is only to CF Industries Holdings, Inc. itself and not its subsidiaries. All references to “CF Industries” refer to CF Industries, Inc., a 100% owned subsidiary of CF Industries Holdings, Inc. The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as our audited consolidated financial statements for the year ended December 31, 2019 , in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting. In the opinion of management, these statements reflect all adjustments, consisting only of normal and recurring adjustments, that are necessary for the fair representation of the information for the periods presented. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Operating results for any period presented apply to that period only and are not necessarily indicative of results for any future period. The accompanying unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related disclosures included in our 2019 Annual Report on Form 10-K filed with the SEC on February 24, 2020 . The preparation of the unaudited interim consolidated financial statements requires us to make use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the unaudited consolidated financial statements and the reported revenues and expenses for the periods presented. Significant estimates and assumptions are used for, but are not limited to, net realizable value of inventories, environmental remediation liabilities, environmental and litigation contingencies, the cost of customer incentives, useful lives of property and identifiable intangible assets, the assumptions used in the evaluation of potential impairments of property, investments, identifiable intangible assets and goodwill, income tax and valuation reserves, allowances for doubtful accounts receivable, the measurement of the fair values of investments for which markets are not active, assumptions used in the determination of the funded status and annual expense of defined benefit pension and other postretirement benefit plans and the assumptions used in the valuation of stock-based compensation awards granted to employees.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New Accounting Standards	2 . New Accounting Standards On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. We adopted this ASU prospectively. The adoption of this ASU did not have a material impact on our consolidated financial statements; however, it could have an effect on future financial results if significant new software involving a cloud computing agreement is implemented. In this case, a certain portion of the implementation costs would be deferred and expensed over the term of the cloud computing arrangement. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12: Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. This ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of this ASU is permitted. We do not expect the adoption of this ASU will have a material effect on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	3 . Revenue Recognition We track our revenue by product and by geography. See Note 16—Segment Disclosures for our revenue by reportable segment, which are ammonia, granular urea, UAN, AN and Other. The following table summarizes our revenue by product and by geography (based on destination of our shipment) for the three months ended March 31, 2020 and 2019 : Ammonia Granular UAN AN Other Total (in millions) Three months ended March 31, 2020 North America $ 154 $ 331 $ 230 $ 46 $ 59 $ 820 Europe and other 39 6 5 70 31 151 Total revenue $ 193 $ 337 $ 235 $ 116 $ 90 $ 971 Three months ended March 31, 2019 North America $ 160 $ 335 $ 242 $ 46 $ 59 $ 842 Europe and other 27 8 14 81 29 159 Total revenue $ 187 $ 343 $ 256 $ 127 $ 88 $ 1,001 As of March 31, 2020 and December 31, 2019 , we had $239 million and $119 million , respectively, in customer advances on our consolidated balance sheets. The revenue recognized during the three months ended March 31, 2020 and 2019 that was included in our customer advances at the beginning of each respective period amounted to approximately $75 million and $85 million , respectively. We offer cash incentives to certain customers that do not provide an option to the customer for additional product. The balances of customer incentives accrued at March 31, 2020 and December 31, 2019 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, which may vary based upon the terms and conditions of the applicable contract. As of March 31, 2020 , 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 are approximately $1.0 billion . We expect to recognize approximately 25% of these performance obligations as revenue in the remainder of 2020 , approximately 42% as revenue during 2021 and 2022 , and approximately 33% as revenue during 2023 and 2024 . 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 these contracts, in the aggregate, is approximately $258 million as of March 31, 2020 . We monitor the ability of our customers to meet their purchase obligations, which could be impacted by the ongoing COVID-19 pandemic. Other than the performance obligations described above, any performance obligations with our customers that were unfulfilled or partially filled at December 31, 2019 will be satisfied in 2020 .

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Net earnings per share were computed as follows: Three months ended 2020 2019 (in millions, except per share amounts) Net earnings attributable to common stockholders $ 68 $ 90 Basic earnings per common share: Weighted-average common shares outstanding 216.0 223.4 Net earnings attributable to common stockholders $ 0.31 $ 0.40 Diluted earnings per common share: Weighted-average common shares outstanding 216.0 223.4 Dilutive common shares—stock-based awards 0.6 1.2 Diluted weighted-average shares outstanding 216.6 224.6 Net earnings attributable to common stockholders $ 0.31 $ 0.40 Diluted earnings per share is calculated using weighted-average common shares outstanding, including the dilutive effect of stock-based awards as determined under the treasury stock method. In the computation of diluted earnings per common share, potentially dilutive stock-based awards are excluded if the effect of their inclusion is anti-dilutive. Shares for anti-dilutive stock-based awards not included in the computation of diluted earnings per common share were 2.1 million and 1.5 million for the three months ended March 31, 2020 and 2019 , respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: March 31, December 31, (in millions) Finished goods $ 336 $ 311 Raw materials, spare parts and supplies 43 40 Total inventories $ 379 $ 351

Property, Plant and Equipment-N

Property, Plant and Equipment-Net	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Property, Plant and Equipment-Net	Property, Plant and Equipment—Net Property, plant and equipment—net consists of the following: March 31, December 31, (in millions) Land $ 70 $ 71 Machinery and equipment 12,243 12,338 Buildings and improvements 888 890 Construction in progress 242 236 Property, plant and equipment (1) 13,443 13,535 Less: Accumulated depreciation and amortization 5,505 5,365 Property, plant and equipment—net $ 7,938 $ 8,170 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , we had property, plant and equipment that was accrued but unpaid of approximately $36 million and $42 million , respectively. As of March 31, 2019 and December 31, 2018 , we had property, plant and equipment that was accrued but unpaid of $26 million and $48 million , respectively. Depreciation and amortization related to property, plant and equipment was $208 million and $183 million for the three months ended March 31, 2020 and 2019 , respectively. Plant turnarounds —Scheduled inspections, replacements and overhauls of plant machinery and equipment at our continuous process manufacturing facilities during a full plant shutdown are referred to as plant turnarounds. The expenditures related to turnarounds are capitalized in property, plant and equipment when incurred. The following is a summary of capitalized plant turnaround costs: Three months ended 2020 2019 (in millions) Net capitalized turnaround costs: Beginning balance $ 246 $ 252 Additions 7 9 Depreciation (25 ) (30 ) Effect of exchange rate changes (5 ) 2 Ending balance $ 223 $ 233 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 catalysts 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. Internal employee costs and overhead amounts are not considered turnaround costs and are not capitalized.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following table shows the carrying amount of goodwill by reportable segment as of March 31, 2020 and December 31, 2019 : Ammonia Granular Urea UAN AN Other Total (in millions) Balance as of December 31, 2019 $ 587 $ 828 $ 576 $ 302 $ 72 $ 2,365 Effect of exchange rate changes (2 ) (1 ) — (14 ) (2 ) (19 ) Balance as of March 31, 2020 $ 585 $ 827 $ 576 $ 288 $ 70 $ 2,346 All of our identifiable intangible assets have definite lives and are presented in other assets on our consolidated balance sheets at gross carrying amount, net of accumulated amortization, as follows: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in millions) Customer relationships $ 125 $ (46 ) $ 79 $ 131 $ (45 ) $ 86 Trade names 30 (7 ) 23 31 (7 ) 24 Total intangible assets $ 155 $ (53 ) $ 102 $ 162 $ (52 ) $ 110 Our intangible assets are being amortized over a weighted-average life of approximately 20 years. Amortization expense of our identifiable intangible assets for each of the three-month periods ended March 31, 2020 and 2019 was $2 million . The gross carrying amount and accumulated amortization of our intangible assets are also impacted by the effect of exchange rate changes. Total estimated amortization expense for the remainder of 2020 and each of the five succeeding fiscal years is as follows: Estimated Amortization Expense (in millions) Remainder of 2020 $ 6 2021 8 2022 8 2023 8 2024 8 2025 8

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment We have a 50% ownership interest in Point Lisas Nitrogen Limited (PLNL), which operates an ammonia production facility in the Republic of Trinidad and Tobago. We include our share of the net earnings from this equity method investment as an element of earnings from operations because PLNL provides additional production to our operations and is integrated with our other supply chain and sales activities in the ammonia segment. As of March 31, 2020 , the total carrying value of our equity method investment in PLNL was $91 million , $45 million more than our share of PLNL’s book value. The excess is attributable to the purchase accounting impact of our acquisition of the investment in PLNL and reflects the revaluation of property, plant and equipment. The increased basis for property, plant and equipment is being amortized over a remaining period of approximately 13 years . Our equity in earnings of PLNL is different from our ownership interest in income reported by PLNL due to amortization of this basis difference. We have transactions in the normal course of business with PLNL reflecting our obligation to purchase 50% of the ammonia produced by PLNL at current market prices. Our ammonia purchases from PLNL totaled $10 million and $22 million for the three months ended March 31, 2020 and 2019 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Our cash and cash equivalents and other investments consist of the following: March 31, 2020 Cost Basis Unrealized Gains Unrealized Losses Fair Value (in millions) Cash $ 53 $ — $ — $ 53 Cash equivalents: U.S. and Canadian government obligations 680 — — 680 Other debt securities 20 — — 20 Total cash and cash equivalents $ 753 $ — $ — $ 753 Nonqualified employee benefit trusts 16 2 — 18 December 31, 2019 Cost Basis Unrealized Gains Unrealized Losses Fair Value (in millions) Cash $ 59 $ — $ — $ 59 Cash equivalents: U.S. and Canadian government obligations 211 — — 211 Other debt securities 17 — — 17 Total cash and cash equivalents $ 287 $ — $ — $ 287 Nonqualified employee benefit trusts 17 2 — 19 Under our short-term investment policy, we may invest our cash balances, either directly or through mutual funds, in several types of investment-grade securities, including notes and bonds issued by governmental entities or corporations. Securities issued by governmental entities include those issued directly by the U.S. and Canadian federal governments; those issued by state, local or other governmental entities; and those guaranteed by entities affiliated with governmental entities. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present assets and liabilities included in our consolidated balance sheets as of March 31, 2020 and December 31, 2019 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value: March 31, 2020 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Cash equivalents $ 700 $ 700 $ — $ — Nonqualified employee benefit trusts 18 18 — — Embedded derivative liability (19 ) — (19 ) — December 31, 2019 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Cash equivalents $ 228 $ 228 $ — $ — Nonqualified employee benefit trusts 19 19 — — Derivative liabilities (12 ) — (12 ) — Embedded derivative liability (20 ) — (20 ) — Cash Equivalents As of March 31, 2020 and December 31, 2019 , our cash equivalents consisted primarily of U.S. and Canadian government obligations and money market mutual funds that invest in U.S. government obligations and other investment-grade securities. Nonqualified Employee Benefit Trusts We maintain trusts associated with certain nonqualified supplemental pension plans. The fair values of the trust assets are based on daily quoted prices in an active market, which represents the net asset values of the shares held in the trusts, and are included on our consolidated balance sheets in other assets. Debt securities are accounted for as available-for-sale securities. Changes in the fair value of equity securities in the trust assets are recognized through earnings. Derivative Instruments The derivative instruments that we may use are primarily natural gas fixed price swaps, basis swaps and options traded in the over-the-counter markets with multi-national commercial banks, other major financial institutions or large energy companies. The natural gas derivative contracts represent anticipated natural gas needs for future periods and settlements are scheduled to coincide with anticipated natural gas purchases during those future periods. The natural gas derivative contracts settle using primarily a NYMEX futures price index. To determine the fair value of these instruments, we use quoted market prices from NYMEX and standard pricing models with inputs derived from or corroborated by observable market data such as forward curves supplied by an industry-recognized independent third party. Embedded Derivative Liability Under the terms of our strategic venture with CHS Inc. (CHS), if our credit rating as determined by two of three specified credit rating agencies is below certain levels, we are required to make a non-refundable yearly payment of $5 million to CHS. Since 2016, our credit ratings have been below certain levels and, as a result, we made an annual payment of $5 million to CHS in the fourth quarter of each year. These payments will continue on a yearly basis until the earlier of the date that our credit rating is upgraded to or above certain levels by two of the three specified credit rating agencies or February 1, 2026. This obligation is recognized on our consolidated balance sheets as an embedded derivative. As of March 31, 2020 and December 31, 2019 , the embedded derivative liability of $19 million and $20 million , respectively, is included in other current liabilities and other liabilities on our consolidated balance sheets. Included in other operating—net in our consolidated statements of operations for the three months ended March 31, 2020 and 2019 is a net (gain) loss of $(1) million and $1 million , respectively. The inputs into the fair value measurement include the probability of future upgrades and downgrades of our credit rating based on historical credit rating movements of other public companies and the discount rates to be applied to potential annual payments based on applicable credit spreads of other public companies at different credit rating levels. Based on these inputs, our fair value measurement is classified as Level 2. See Note 13—Noncontrolling Interest for additional information regarding our strategic venture with CHS. Financial Instruments The carrying amount and estimated fair value of our financial instruments are as follows: March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Long-term debt $ 3,958 $ 3,970 $ 3,957 $ 4,295 The fair value of our long-term debt was based on quoted prices for identical or similar liabilities in markets that are not active or valuation models in which all significant inputs and value drivers are observable and, as a result, they are classified as Level 2 inputs. The carrying amounts of cash and cash equivalents, as well as instruments included in other current assets and other current liabilities that meet the definition of financial instruments, approximate fair values because of their short-term maturities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2020 , we recorded an income tax provision of $13 million on pre-tax income of $104 million , or an effective tax rate of 12.3% , compared to an income tax benefit of $8 million on pre-tax income of $110 million , or an effective tax rate of (7.3)% , for the three months ended March 31, 2019 . For the three months ended March 31, 2020, our income tax provision includes a $6 million benefit related to the settlement of certain U.S. and foreign income tax audits. For the three months ended March 31, 2019 , our income tax benefit included an incentive tax credit from the State of Louisiana of $30 million , net of federal income tax, related to certain capital projects at our Donaldsonville, Louisiana complex. Our effective tax rate is also impacted by earnings attributable to the noncontrolling interest in CF Industries Nitrogen, LLC (CFN), as our consolidated income tax provision does not include a tax provision on the earnings attributable to the noncontrolling interest. Our effective tax rate for the three months ended March 31, 2020 of 12.3% , which is based on pre-tax income of $104 million , would be 15.8% exclusive of the earnings attributable to the noncontrolling interest of $23 million . Our effective tax rate for the three months ended March 31, 2019 of (7.3)% , which is based on pre-tax income of $110 million , would be 27.4% exclusive of the earnings attributable to the noncontrolling interest of $28 million and the incentive tax credit of $30 million . See Note 13—Noncontrolling Interest for additional information. In March 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act includes, among other things (i) a five-year net operating loss (NOL) carryback (including a related technical correction to the 2017 Tax Cuts and Jobs Act) for tax losses incurred in tax years 2018 through 2020; (ii) a change in interest deduction limitations for tax years 2019 and 2020, increasing the annual interest limitation from 30% to 50% of adjusted taxable income; and (iii) increased refundability of corporate alternative minimum tax (AMT) credits. These provisions have limited applicability to the Company as (i) the Company does not expect to have a NOL in tax year 2020 and did not have a tax loss in 2018 or 2019 which would be eligible for carryback; (ii) the Company was not limited by the interest deduction limitations for tax years 2019 and 2020 prior to changes made by the CARES Act; and (iii) the Company utilized all of its AMT credits in 2019. The Company continues to monitor and assess the impact of the CARES Act and other related governmental actions in response to the coronavirus impacts as more information becomes available. Terra Amended Tax Returns The Company completed the acquisition of Terra Industries Inc. (Terra) in April 2010. After the acquisition, the Company determined that the manner in which Terra reported the repatriation of cash from foreign affiliates to its U.S. parent for U.S. and foreign income tax purposes was not appropriate. As a result, in 2012 the Company amended certain tax returns, including Terra’s income and withholding tax returns, back to 1999 (the Amended Tax Returns) to correct these tax returns and paid additional income and withholding taxes, and related interest and penalties. In early 2013, the Internal Revenue Service (IRS) commenced an examination of the U.S. tax aspects of the Amended Tax Returns. In early 2019, the IRS completed its examination of the Amended Tax Returns and submitted its audit reports and related refund claims to the Joint Committee on Taxation of the U.S. Congress (the Joint Committee). For purposes of its review, the Joint Committee separated the IRS audit reports into two separate matters: (i) an income tax related matter and (ii) a withholding tax matter. In December 2019, we received notification that the Joint Committee had approved the IRS audit reports relating to the income tax related matter. As a result, we expected to receive cash refunds in 2020. In addition, as a result of this settlement and the finalization of carryover impacts of this audit settlement on future tax periods, we reduced our liability for unrecognized tax benefits by $19 million and recorded a corresponding deferred income tax liability in the first quarter of 2020. In the second quarter of 2020, we received approximately $61 million of income tax refunds and approximately $7 million of interest related to the settlement of the income tax related matter of the Amended Tax Returns, as described above. In the second quarter of 2020, we also received notification that the Joint Committee approved the IRS audit report relating to the withholding tax matter. As a result, we expect to receive a tax refund of approximately $29 million , excluding related interest, in 2020. In addition, in the second quarter of 2020, we expect to record a reduction in our liabilities for unrecognized tax benefits of $12 million , with a corresponding reduction in income tax expense.

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2020
Interest Expense [Abstract]
Interest Expense	Interest Expense Details of interest expense are as follows: Three months ended 2020 2019 (in millions) Interest on borrowings (1) $ 46 $ 57 Fees on financing agreements (1) 2 3 Interest on tax liabilities (2) (4 ) — Total interest expense $ 44 $ 60 _______________________________________________________________________________ (1) See Note 12—Financing Agreements for additional information. (2) Interest on tax liabilities for the three months ended March 31, 2020 consists of a reduction in interest accrued on the reserve for unrecognized tax benefits.

Financing Agreements

Financing Agreements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Financing Agreements	Financing Agreements Revolving Credit Agreement On December 5, 2019, CF Holdings and CF Industries entered into a senior secured Fourth Amended and Restated Credit Agreement (the Revolving Credit Agreement), which amended and restated our Third Amended and Restated Revolving Credit Agreement, as previously amended (referred to herein, as in effect from time to time, as the Prior Credit Agreement), that was scheduled to mature September 18, 2020. The Revolving Credit Agreement provides for a revolving credit facility of up to $750 million with a maturity of December 5, 2024. The Revolving Credit Agreement includes a letter of credit sub-limit of $125 million . Borrowings under the Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions, share repurchases and other general corporate purposes. Borrowings under the Revolving Credit Agreement may be denominated in U.S. dollars, Canadian dollars, euros and British pounds, and bear interest at a per annum rate equal to, at our option, an applicable eurocurrency rate or base rate plus, in either case, a specified margin, and we are required to pay an undrawn commitment fee on the undrawn portion of the commitments under the Revolving Credit Agreement and customary letter of credit fees. The specified margin and the amount of the commitment fee depend on CF Holdings’ credit rating at the time. The guarantors under the Revolving Credit Agreement are currently comprised of CF Holdings and CF Holdings’ wholly owned subsidiaries CF Industries Enterprises, LLC (CFE), CF Industries Sales, LLC (CFS), CF USA Holdings, LLC (CF USA) and CF Industries Distribution Facilities, LLC (CFIDF). In March 2020, we borrowed $500 million under the Revolving Credit Agreement to ensure we maintained ample financial flexibility in light of the uncertainty in the global markets caused by the COVID-19 pandemic. As of March 31, 2020 , we had unused borrowing capacity under the Revolving Credit Agreement of $250 million , as there were outstanding borrowings of $500 million and no outstanding letters of credit under our $750 million revolving credit facility. There were no borrowings outstanding under the Revolving Credit Agreement as of December 31, 2019 . Maximum borrowings under the Revolving Credit Agreement during the three months ended March 31, 2020 were $500 million . The weighted-average annual interest rate of borrowings under the Revolving Credit Agreement during the three months ended March 31, 2020 was 2.05% . There were no borrowings under the Prior Credit Agreement during the three months ended March 31, 2019 . In April 2020, we repaid the $500 million of borrowings that were outstanding under the Revolving Credit Agreement as of March 31, 2020, which returned our unused borrowing capacity under the Revolving Credit Agreement to $750 million . See Note 17—Subsequent Events for additional information. The Revolving Credit Agreement contains representations and warranties and affirmative and negative covenants, including financial covenants. As of March 31, 2020 , we were in compliance with all covenants under the Revolving Credit Agreement. Letters of Credit In addition to the letter of credit capacity under the Revolving Credit Agreement, as described above, we have also entered into a bilateral agreement providing for up to $145 million of letters of credit. As of March 31, 2020 , approximately $124 million of letters of credit were outstanding under this agreement. Senior Notes Long-term debt presented on our consolidated balance sheets as of March 31, 2020 and December 31, 2019 consisted of the following debt securities issued by CF Industries: Effective Interest Rate March 31, 2020 December 31, 2019 Principal Carrying Amount (1) Principal Carrying Amount (1) (in millions) Public Senior Notes: 3.450% due June 2023 3.562% 750 748 750 747 5.150% due March 2034 5.279% 750 740 750 740 4.950% due June 2043 5.031% 750 742 750 742 5.375% due March 2044 5.465% 750 741 750 741 Senior Secured Notes: 3.400% due December 2021 3.782% 250 248 250 248 4.500% due December 2026 4.759% 750 739 750 739 Total long-term debt $ 4,000 $ 3,958 $ 4,000 $ 3,957 _______________________________________________________________________________ (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $10 million as of both March 31, 2020 and December 31, 2019 , and total deferred debt issuance costs were $32 million and $33 million as of March 31, 2020 and December 31, 2019 , respectively. Under the indentures (including the applicable supplemental indentures) governing the senior notes due 2023, 2034, 2043 and 2044 identified in the table above (the Public Senior Notes), each series of Public Senior Notes is guaranteed by CF Holdings. Under the indentures governing the 3.400% senior secured notes due December 2021 (the 2021 Notes) and the 4.500% senior secured notes due December 2026 (the 2026 Notes) identified in the table above (together, the Senior Secured Notes), each series of Senior Secured Notes is guaranteed on a senior secured basis, jointly and severally, by CF Holdings and each current and future domestic subsidiary of CF Holdings (other than CF Industries) that from time to time is a borrower, or guarantees indebtedness, under the Revolving Credit Agreement. The subsidiary guarantors of the Senior Secured Notes currently consist of CFE, CFS, CF USA and CFIDF. On November 13, 2019, we redeemed in full all of the remaining $500 million outstanding principal amount of the 7.125% senior notes due May 2020 (the 2020 Notes), in accordance with the optional redemption provisions in the indenture governing the 2020 Notes. On December 13, 2019, we redeemed $250 million principal amount, representing 50% of the $500 million principal amount outstanding immediately prior to such redemption, of the 2021 Notes in accordance with the optional redemption provisions in the indenture governing the 2021 Notes.

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest We have a strategic venture with CHS under which they own an equity interest in CFN, a subsidiary of CF Holdings, which represents approximately 11% of the membership interests of CFN. We own the remaining membership interests. Under the terms of CFN’s limited liability company agreement, each member’s interest will reflect, over time, the impact of the profitability of CFN, any member contributions made to CFN and withdrawals and distributions received from CFN. For financial reporting purposes, the assets, liabilities and earnings of the strategic venture are consolidated into our financial statements. CHS’ interest in the strategic venture is recorded in noncontrolling interest in our consolidated financial statements. A reconciliation of the beginning and ending balances of noncontrolling interest and distributions payable to noncontrolling interest in our consolidated balance sheets is provided below. 2020 2019 (in millions) Noncontrolling interest: Balance as of January 1 $ 2,740 $ 2,773 Earnings attributable to noncontrolling interest 23 28 Declaration of distributions payable (88 ) (86 ) Balance as of March 31 $ 2,675 $ 2,715 Distributions payable to noncontrolling interest: Balance as of January 1 $ — $ — Declaration of distributions payable 88 86 Distributions to noncontrolling interest (88 ) (86 ) Balance as of March 31 $ — $ — CHS also receives deliveries pursuant to a supply agreement under which CHS has the right to purchase annually from CFN up to approximately 1.1 million tons of granular urea and 580,000 tons of UAN at market prices. As a result of its equity interest in CFN, CHS is entitled to semi-annual cash distributions from CFN. We are also entitled to semi-annual cash distributions from CFN. The amounts of distributions from CFN to us and CHS are based generally on the profitability of CFN and determined based on the volume of granular urea and UAN sold by CFN to us and CHS pursuant to supply agreements, less a formula driven amount based primarily on the cost of natural gas used to produce the granular urea and UAN, and adjusted for the allocation of items such as operational efficiencies and overhead amounts. Additionally, under the terms of the strategic venture, we recognized an embedded derivative related to our credit rating. See Note 9—Fair Value Measurements for additional information.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Treasury Stock On August 1, 2018, our Board of Directors (the Board) authorized the repurchase of up to $500 million of CF Holdings common stock through June 30, 2020 (the 2018 Share Repurchase Program). In 2018, we completed the 2018 Share Repurchase Program with the repurchase of 10.9 million shares for $500 million , of which $33 million was accrued and unpaid at December 31, 2018 and was paid in the first quarter of 2019. In February 2019, we retired all 10.9 million shares that were repurchased under the 2018 Share Repurchase Program. On February 13, 2019, the Board authorized the repurchase of up to $1 billion of CF Holdings common stock through December 31, 2021 (the 2019 Share Repurchase Program). Repurchases under the 2019 Share Repurchase Program may be made from time to time in the open market, through privately negotiated transactions, block transactions or otherwise. The manner, timing and amount of repurchases will be determined by our management based on the evaluation of market conditions, stock price, and other factors. In the first quarter of 2019 , we repurchased approximately 1.5 million shares for $60 million , of which $6 million was accrued and unpaid at March 31, 2019 . In the first quarter of 2020 , we repurchased approximately 2.6 million shares for $100 million . At March 31, 2020 , we held 2,813,869 shares of treasury stock. The following table summarizes the share repurchases under the 2019 Share Repurchase Program. Shares Amounts (in millions) Shares repurchased in 2019: First quarter 1.5 $ 60 Second quarter 2.7 118 Third quarter 1.5 72 Fourth quarter 1.9 87 Shares repurchased in 2019 7.6 337 Shares repurchased in 2020: First quarter 2.6 100 Shares repurchased as of March 31, 2020 10.2 $ 437 Accumulated Other Comprehensive Income (Loss) Changes to accumulated other comprehensive income (loss) are as follows: Foreign Currency Translation Adjustment Unrealized Gain on Derivatives Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) (in millions) Balance as of December 31, 2018 $ (250 ) $ 5 $ (126 ) $ (371 ) Effect of exchange rate changes and deferred taxes 32 — (2 ) 30 Balance as of March 31, 2019 $ (218 ) $ 5 $ (128 ) $ (341 ) Balance as of December 31, 2019 $ (188 ) $ 5 $ (183 ) $ (366 ) Reclassification to earnings (1) — — 1 1 Effect of exchange rate changes and deferred taxes (83 ) — 8 (75 ) Balance as of March 31, 2020 $ (271 ) $ 5 $ (174 ) $ (440 ) ____________________________________________________________________________ (1) Reclassifications out of accumulated other comprehensive income (loss) to earnings during the three months ended March 31, 2020 and 2019 were not material.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation West Fertilizer Co. On April 17, 2013, there was a fire and explosion at the West Fertilizer Co. fertilizer storage and distribution facility in West, Texas. According to published reports, 15 people were killed and approximately 200 people were injured in the incident, and the fire and explosion damaged or destroyed a number of homes and buildings around the facility. Various subsidiaries of CF Industries Holdings, Inc. (the CF Entities) were named as defendants along with other companies in lawsuits filed in 2013, 2014 and 2015 in the District Court of McLennan County, Texas by the City of West, individual residents of the County and other parties seeking recovery for damages allegedly sustained as a result of the explosion. The cases were consolidated for discovery and pretrial proceedings in the District Court of McLennan County under the caption “In re: West Explosion Cases.” The two-year statute of limitations expired on April 17, 2015. As of that date, over 400 plaintiffs had filed claims, including at least 9 entities, 325 individuals, and 80 insurance companies. Plaintiffs allege various theories of negligence, strict liability, and breach of warranty under Texas law. Although we do not own or operate the facility or directly sell our products to West Fertilizer Co., products that the CF Entities manufactured and sold to others were delivered to the facility and may have been stored at the West facility at the time of the incident. The Court granted in part and denied in part the CF Entities’ Motions for Summary Judgment in August 2015. Over two hundred cases have been resolved pursuant to confidential settlements that have been or we expect will be fully funded by insurance. The remaining cases are in various stages of discovery and pre-trial proceedings. The next group of cases is expected to be reset for trial later this year. We believe we have strong legal and factual defenses and intend to continue defending the CF Entities vigorously in the pending lawsuits. The Company cannot provide a range of reasonably possible loss due to the lack of damages discovery for many of the remaining claims and the uncertain nature of this litigation, including uncertainties around the potential allocation of responsibility by a jury to other defendants or responsible third parties. The recognition of a potential loss in the future in the West Fertilizer Co. litigation could negatively affect our results in the period of recognition. However, based upon currently available information, including available insurance coverage, we do not believe that this litigation will have a material adverse effect on our consolidated financial position, results of operations or cash flows. Other 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 routine matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental From time to time, we receive notices from governmental agencies or third parties alleging that we are a potentially responsible party at certain cleanup sites under the Comprehensive Environmental Response, Compensation, and Liability Act or other environmental cleanup laws. In 2011, we received a notice from the Idaho Department of Environmental Quality (IDEQ) that alleged that we were a potentially responsible party for the cleanup of a former phosphate mine site we owned in the late 1950s and early 1960s located in Georgetown Canyon, Idaho. The current owner of the property and a former mining contractor received similar notices for the site. In 2014, we and the current property owner entered into a Consent Order with IDEQ and the U.S. Forest Service to conduct a remedial investigation and feasibility study of the site. In 2015, we and several other parties received a notice that the U.S. Department of the Interior and other trustees intend to undertake a natural resource damage assessment for 17 former phosphate mines in southeast Idaho, one of which is the former Georgetown Canyon mine. Because the former mine site is still in the remedial investigation and feasibility study stage, we are not able to estimate at this time our potential liability, if any, with respect to the cleanup of the site or a possible claim for natural resource damages. However, based on the results of the site investigation conducted to date, we do not expect the remedial or financial obligations to which we may be subject involving this or other cleanup sites will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures Our reportable segments consist of ammonia, granular urea, UAN, AN and Other. These segments are differentiated by products. Our management uses gross margin to evaluate segment performance and allocate resources. Total other operating costs and expenses (consisting of selling, general and administrative expenses and other operating—net) and non-operating expenses (interest and income taxes) are centrally managed and are not included in the measurement of segment profitability reviewed by management. Our assets, with the exception of goodwill, are not monitored by or reported to our chief operating decision maker by segment; therefore, we do not present total assets by segment. Goodwill by segment is presented in Note 7—Goodwill and Other Intangible Assets . Segment data for sales, cost of sales and gross margin for the three months ended March 31, 2020 and 2019 are presented in the tables below. Ammonia Granular Urea (1) UAN (1) AN (1) Other (1) Consolidated (in millions) Three months ended March 31, 2020 Net sales $ 193 $ 337 $ 235 $ 116 $ 90 $ 971 Cost of sales 173 224 193 103 74 767 Gross margin $ 20 $ 113 $ 42 $ 13 $ 16 204 Total other operating costs and expenses 60 Equity in earnings of operating affiliate 3 Operating earnings $ 147 Three months ended March 31, 2019 Net sales $ 187 $ 343 $ 256 $ 127 $ 88 $ 1,001 Cost of sales 166 228 195 114 78 781 Gross margin $ 21 $ 115 $ 61 $ 13 $ 10 220 Total other operating costs and expenses 62 Equity in earnings of operating affiliate 7 Operating earnings $ 165 _______________________________________________________________________________ (1) The cost of the products that are upgraded into other products is transferred at cost into the upgraded product results.

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	17 . Subsequent Events In April 2020, due to confidence in the functioning of the credit markets and strong nitrogen fertilizer business conditions, we repaid the $500 million of borrowings that were outstanding under the Revolving Credit Agreement as of March 31, 2020. See Note 12—Financing Agreements for additional information. In the second quarter of 2020, we received income tax refunds of $68 million , including interest, related to the income tax matter of the Terra Amended Tax Returns. In addition, we received notification that the Joint Committee approved the IRS audit report relating to the withholding tax matter of the Terra Amended Tax Returns. See Note 10—Income Taxes for additional information.

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Adopted Pronouncements	On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. We adopted this ASU prospectively. The adoption of this ASU did not have a material impact on our consolidated financial statements; however, it could have an effect on future financial results if significant new software involving a cloud computing agreement is implemented. In this case, a certain portion of the implementation costs would be deferred and expensed over the term of the cloud computing arrangement. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12: Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. This ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of this ASU is permitted. We do not expect the adoption of this ASU will have a material effect on our consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes our revenue by product and by geography (based on destination of our shipment) for the three months ended March 31, 2020 and 2019 : Ammonia Granular UAN AN Other Total (in millions) Three months ended March 31, 2020 North America $ 154 $ 331 $ 230 $ 46 $ 59 $ 820 Europe and other 39 6 5 70 31 151 Total revenue $ 193 $ 337 $ 235 $ 116 $ 90 $ 971 Three months ended March 31, 2019 North America $ 160 $ 335 $ 242 $ 46 $ 59 $ 842 Europe and other 27 8 14 81 29 159 Total revenue $ 187 $ 343 $ 256 $ 127 $ 88 $ 1,001

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of net earnings per share	Net earnings per share were computed as follows: Three months ended 2020 2019 (in millions, except per share amounts) Net earnings attributable to common stockholders $ 68 $ 90 Basic earnings per common share: Weighted-average common shares outstanding 216.0 223.4 Net earnings attributable to common stockholders $ 0.31 $ 0.40 Diluted earnings per common share: Weighted-average common shares outstanding 216.0 223.4 Dilutive common shares—stock-based awards 0.6 1.2 Diluted weighted-average shares outstanding 216.6 224.6 Net earnings attributable to common stockholders $ 0.31 $ 0.40

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following: March 31, December 31, (in millions) Finished goods $ 336 $ 311 Raw materials, spare parts and supplies 43 40 Total inventories $ 379 $ 351

Property, Plant and Equipment_2

Property, Plant and Equipment-Net (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Components of property, plant and equipment-net	Property, plant and equipment—net consists of the following: March 31, December 31, (in millions) Land $ 70 $ 71 Machinery and equipment 12,243 12,338 Buildings and improvements 888 890 Construction in progress 242 236 Property, plant and equipment (1) 13,443 13,535 Less: Accumulated depreciation and amortization 5,505 5,365 Property, plant and equipment—net $ 7,938 $ 8,170 _______________________________________________________________________________ (1) As of March 31, 2020 and December 31, 2019 , we had property, plant and equipment that was accrued but unpaid of approximately $36 million and $42 million , respectively. As of March 31, 2019 and December 31, 2018 , we had property, plant and equipment that was accrued but unpaid of $26 million and $48 million
Summary of plant turnaround activity	The following is a summary of capitalized plant turnaround costs: Three months ended 2020 2019 (in millions) Net capitalized turnaround costs: Beginning balance $ 246 $ 252 Additions 7 9 Depreciation (25 ) (30 ) Effect of exchange rate changes (5 ) 2 Ending balance $ 223 $ 233

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill by business segment	The following table shows the carrying amount of goodwill by reportable segment as of March 31, 2020 and December 31, 2019 : Ammonia Granular Urea UAN AN Other Total (in millions) Balance as of December 31, 2019 $ 587 $ 828 $ 576 $ 302 $ 72 $ 2,365 Effect of exchange rate changes (2 ) (1 ) — (14 ) (2 ) (19 ) Balance as of March 31, 2020 $ 585 $ 827 $ 576 $ 288 $ 70 $ 2,346
Schedule of the identifiable intangibles and their carrying values presented in other noncurrent assets on consolidated balance sheet	All of our identifiable intangible assets have definite lives and are presented in other assets on our consolidated balance sheets at gross carrying amount, net of accumulated amortization, as follows: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in millions) Customer relationships $ 125 $ (46 ) $ 79 $ 131 $ (45 ) $ 86 Trade names 30 (7 ) 23 31 (7 ) 24 Total intangible assets $ 155 $ (53 ) $ 102 $ 162 $ (52 ) $ 110
Schedule of estimated future amortization expense	Total estimated amortization expense for the remainder of 2020 and each of the five succeeding fiscal years is as follows: Estimated Amortization Expense (in millions) Remainder of 2020 $ 6 2021 8 2022 8 2023 8 2024 8 2025 8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of cash and cash equivalents and other investments reconciliation from adjusted cost to fair value	Our cash and cash equivalents and other investments consist of the following: March 31, 2020 Cost Basis Unrealized Gains Unrealized Losses Fair Value (in millions) Cash $ 53 $ — $ — $ 53 Cash equivalents: U.S. and Canadian government obligations 680 — — 680 Other debt securities 20 — — 20 Total cash and cash equivalents $ 753 $ — $ — $ 753 Nonqualified employee benefit trusts 16 2 — 18 December 31, 2019 Cost Basis Unrealized Gains Unrealized Losses Fair Value (in millions) Cash $ 59 $ — $ — $ 59 Cash equivalents: U.S. and Canadian government obligations 211 — — 211 Other debt securities 17 — — 17 Total cash and cash equivalents $ 287 $ — $ — $ 287 Nonqualified employee benefit trusts 17 2 — 19
Schedule of assets and liabilities measured at fair value on a recurring basis	The following tables present assets and liabilities included in our consolidated balance sheets as of March 31, 2020 and December 31, 2019 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value: March 31, 2020 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Cash equivalents $ 700 $ 700 $ — $ — Nonqualified employee benefit trusts 18 18 — — Embedded derivative liability (19 ) — (19 ) — December 31, 2019 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Cash equivalents $ 228 $ 228 $ — $ — Nonqualified employee benefit trusts 19 19 — — Derivative liabilities (12 ) — (12 ) — Embedded derivative liability (20 ) — (20 ) —
Schedule of carrying amounts and estimated fair values of financial instruments	The carrying amount and estimated fair value of our financial instruments are as follows: March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Long-term debt $ 3,958 $ 3,970 $ 3,957 $ 4,295

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Interest Expense [Abstract]
Schedule of interest expense	Details of interest expense are as follows: Three months ended 2020 2019 (in millions) Interest on borrowings (1) $ 46 $ 57 Fees on financing agreements (1) 2 3 Interest on tax liabilities (2) (4 ) — Total interest expense $ 44 $ 60 _______________________________________________________________________________ (1) See Note 12—Financing Agreements for additional information.

Financing Agreements (Tables)

Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Components of long-term debt	Long-term debt presented on our consolidated balance sheets as of March 31, 2020 and December 31, 2019 consisted of the following debt securities issued by CF Industries: Effective Interest Rate March 31, 2020 December 31, 2019 Principal Carrying Amount (1) Principal Carrying Amount (1) (in millions) Public Senior Notes: 3.450% due June 2023 3.562% 750 748 750 747 5.150% due March 2034 5.279% 750 740 750 740 4.950% due June 2043 5.031% 750 742 750 742 5.375% due March 2044 5.465% 750 741 750 741 Senior Secured Notes: 3.400% due December 2021 3.782% 250 248 250 248 4.500% due December 2026 4.759% 750 739 750 739 Total long-term debt $ 4,000 $ 3,958 $ 4,000 $ 3,957 _______________________________________________________________________________ (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $10 million as of both March 31, 2020 and December 31, 2019 , and total deferred debt issuance costs were $32 million and $33 million as of March 31, 2020 and December 31, 2019 , respectively.

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interest	A reconciliation of the beginning and ending balances of noncontrolling interest and distributions payable to noncontrolling interest in our consolidated balance sheets is provided below. 2020 2019 (in millions) Noncontrolling interest: Balance as of January 1 $ 2,740 $ 2,773 Earnings attributable to noncontrolling interest 23 28 Declaration of distributions payable (88 ) (86 ) Balance as of March 31 $ 2,675 $ 2,715 Distributions payable to noncontrolling interest: Balance as of January 1 $ — $ — Declaration of distributions payable 88 86 Distributions to noncontrolling interest (88 ) (86 ) Balance as of March 31 $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Class of Treasury Stock	The following table summarizes the share repurchases under the 2019 Share Repurchase Program. Shares Amounts (in millions) Shares repurchased in 2019: First quarter 1.5 $ 60 Second quarter 2.7 118 Third quarter 1.5 72 Fourth quarter 1.9 87 Shares repurchased in 2019 7.6 337 Shares repurchased in 2020: First quarter 2.6 100 Shares repurchased as of March 31, 2020 10.2 $ 437
Schedule of changes to AOCI	Changes to accumulated other comprehensive income (loss) are as follows: Foreign Currency Translation Adjustment Unrealized Gain on Derivatives Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) (in millions) Balance as of December 31, 2018 $ (250 ) $ 5 $ (126 ) $ (371 ) Effect of exchange rate changes and deferred taxes 32 — (2 ) 30 Balance as of March 31, 2019 $ (218 ) $ 5 $ (128 ) $ (341 ) Balance as of December 31, 2019 $ (188 ) $ 5 $ (183 ) $ (366 ) Reclassification to earnings (1) — — 1 1 Effect of exchange rate changes and deferred taxes (83 ) — 8 (75 ) Balance as of March 31, 2020 $ (271 ) $ 5 $ (174 ) $ (440 ) ____________________________________________________________________________ (1) Reclassifications out of accumulated other comprehensive income (loss) to earnings during the three months ended March 31, 2020 and 2019 were not material.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of segment data for sales, cost of sales and gross margin	Ammonia Granular Urea (1) UAN (1) AN (1) Other (1) Consolidated (in millions) Three months ended March 31, 2020 Net sales $ 193 $ 337 $ 235 $ 116 $ 90 $ 971 Cost of sales 173 224 193 103 74 767 Gross margin $ 20 $ 113 $ 42 $ 13 $ 16 204 Total other operating costs and expenses 60 Equity in earnings of operating affiliate 3 Operating earnings $ 147 Three months ended March 31, 2019 Net sales $ 187 $ 343 $ 256 $ 127 $ 88 $ 1,001 Cost of sales 166 228 195 114 78 781 Gross margin $ 21 $ 115 $ 61 $ 13 $ 10 220 Total other operating costs and expenses 62 Equity in earnings of operating affiliate 7 Operating earnings $ 165 _______________________________________________________________________________ (1) The cost of the products that are upgraded into other products is transferred at cost into the upgraded product results.

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Net sales	$ 971	$ 1,001
Customer advances	239		$ 119
Contract with Customer, Liability, Revenue Recognized	$ 75	$ 85

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product and by Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 971	$ 1,001
North America
Disaggregation of Revenue [Line Items]
Net sales	820	842
Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	151	159
Ammonia
Disaggregation of Revenue [Line Items]
Net sales	193	187
Ammonia | North America
Disaggregation of Revenue [Line Items]
Net sales	154	160
Ammonia | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	39	27
Granular Urea
Disaggregation of Revenue [Line Items]
Net sales	337	343
Granular Urea | North America
Disaggregation of Revenue [Line Items]
Net sales	331	335
Granular Urea | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	6	8
UAN
Disaggregation of Revenue [Line Items]
Net sales	235	256
UAN | North America
Disaggregation of Revenue [Line Items]
Net sales	230	242
UAN | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	5	14
AN
Disaggregation of Revenue [Line Items]
Net sales	116	127
AN | North America
Disaggregation of Revenue [Line Items]
Net sales	46	46
AN | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	70	81
Other
Disaggregation of Revenue [Line Items]
Net sales	90	88
Other | North America
Disaggregation of Revenue [Line Items]
Net sales	59	59
Other | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	$ 31	$ 29

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Amount of remaining performance obligation	$ 1,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Performance Obligation, description of returns and other similar obligations, unfulfilled minimum contractual right of payment	$ 258
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	25.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	42.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	42.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	33.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	33.00%

Net Earnings Per Share (Details

Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net earnings attributable to common stockholders	$ 68	$ 90
Basic earnings per common share:
Weighted-average common shares outstanding	216	223.4
Net earnings attributable to common stockholders (in dollars per share)	$ 0.31	$ 0.40
Diluted earnings per common share:
Weighted-average common shares outstanding	216	223.4
Dilutive common shares—stock options (in shares)	0.6	1.2
Diluted weighted-average shares outstanding	216.6	224.6
Net earnings attributable to common stockholders diluted (in dollars per share)	$ 0.31	$ 0.40
Antidilutive securities excluded from computation of EPS (in shares)	2.1	1.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 336	$ 311
Raw materials, spare parts and supplies	43	40
Total inventories	$ 379	$ 351

Property, Plant and Equipment_3

Property, Plant and Equipment-Net (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment-Net
Gross property plant and equipment	$ 13,443		$ 13,535
Less: Accumulated depreciation and amortization	5,505		5,365
Net property, plant and equipment	7,938		8,170
Construction in progress expenditures incurred but not yet paid	36	$ 26	42	$ 48
Depreciation and amortization	208	183
Land
Property, Plant and Equipment-Net
Gross property plant and equipment	70		71
Machinery and equipment
Property, Plant and Equipment-Net
Gross property plant and equipment	12,243		12,338
Changes in plant turnaround activity
Balance at the beginning of the period	246	252	252
Additions	7	9
Depreciation	(25)	(30)
Effect of exchange rate changes	(5)	2
Balance at the end of the period	223	$ 233	246	$ 252
Buildings and improvements
Property, Plant and Equipment-Net
Gross property plant and equipment	888		890
Construction in progress
Property, Plant and Equipment-Net
Gross property plant and equipment	$ 242		$ 236

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill
Goodwill, Beginning Balance	$ 2,365
Effect of exchange rate changes	(19)
Goodwill, Ending Balance	2,346
Ammonia
Goodwill
Goodwill, Beginning Balance	587
Effect of exchange rate changes	(2)
Goodwill, Ending Balance	585
Granular Urea
Goodwill
Goodwill, Beginning Balance	828
Effect of exchange rate changes	(1)
Goodwill, Ending Balance	827
UAN
Goodwill
Goodwill, Beginning Balance	576
Effect of exchange rate changes	0
Goodwill, Ending Balance	576
AN
Goodwill
Goodwill, Beginning Balance	302
Effect of exchange rate changes	(14)
Goodwill, Ending Balance	288
Other
Goodwill
Goodwill, Beginning Balance	72
Effect of exchange rate changes	(2)
Goodwill, Ending Balance	$ 70

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Identifiable intangibles
Gross Carrying Amount	$ 155		$ 162
Accumulated Amortization	(53)		(52)
Net	$ 102		110
Finite-Lived Intangible Asset, Useful Life	20 years
Amortization expense	$ 2	$ 2
Total estimated amortization expense for the five succeeding fiscal years
Remainder of 2020	6
2021	8
2022	8
2023	8
2024	8
2025	8
Customer relationships
Identifiable intangibles
Gross Carrying Amount	125		131
Accumulated Amortization	(46)		(45)
Net	79		86
Trade names
Identifiable intangibles
Gross Carrying Amount	30		31
Accumulated Amortization	(7)		(7)
Net	$ 23		$ 24

Equity Method Investment-Narrat

Equity Method Investment-Narrative (Details) - Operating equity method investments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Maximum | Property, plant and equipment
Equity method investments
Number of years that the increased basis for property, plant and equipment and identifiable intangibles will be amortized	13 years
Point Lisas Nitrogen Limited (PLNL)
Equity method investments
Ownership interest (as a percent)	50.00%
Equity Method Investment	$ 91
Carrying value of investments in excess of the entity's share of the affiliates' book value	$ 45
Obligation to purchase ammonia (as a percent)	50% of the ammonia produced by PLNL
Purchases of ammonia from PLNL	$ 10	$ 22
Unrecorded Unconditional Purchase Obligation, Percent	50.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Cash	$ 53	$ 59
Cash equivalents:
Cash and cash equivalents, adjusted cost	753	287
Cash and cash equivalents, fair value disclosure	753	287
U.S. and Canadian government obligations
Cash equivalents:
Cash equivalents, adjusted cost	680	211
Cash equivalents, fair value	680	211
Other debt securities
Cash equivalents:
Cash equivalents, adjusted cost	20	17
Cash equivalents, fair value	20	17
Nonqualified employee benefit trusts
Cash equivalents:
Available-for-sale securities, adjusted cost	16	17
Available-for-sale securities, gross unrealized gain	2	2
Available-for-sale securities, gross unrealized loss	0	0
Available-for-sale securities, fair value	$ 18	$ 19

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets and liabilities measured at fair value on a recurring basis
Payments for Strategic Venture Compliance	$ 5	$ 5		$ 5	$ 5	$ 5
Unrealized Loss on Embedded Derivative Instrument	(1)		$ 1
Estimate of Fair Value Measurement
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt, including current portion	3,970	4,295
Reported Value Measurement
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt, including current portion	3,958	3,957
Recurring basis
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	700	228
Nonqualified employee benefit trusts	18	19
Derivative Liability		12
Embedded derivative liability	(19)	(20)
Recurring basis | Quoted Prices in Active Markets (Level 1)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	700	228
Nonqualified employee benefit trusts	18	19
Derivative Liability		0
Embedded derivative liability	0	0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	0	0
Nonqualified employee benefit trusts	0	0
Derivative Liability		12
Embedded derivative liability	(19)	(20)
Recurring basis | Fair Value, Inputs (Level 3)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	0	0
Nonqualified employee benefit trusts	0	0
Derivative Liability		0
Embedded derivative liability	$ 0	$ 0

Income Taxes Incomes Taxes (Det

Income Taxes Incomes Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 07, 2020	Mar. 31, 2020	Mar. 31, 2019
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Percent		12.30%	(7.30%)
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount		$ 6
Income tax provision (benefit)		13	$ (8)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest		104	110
Less: Net earnings attributable to noncontrolling interest		$ 23	$ 28
Effective Income Tax Rate Excluding The Earnings Attributable To The Noncontrolling Interest		15.80%	27.40%
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities		$ 19
LOUISIANA | State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount			$ 30
Forecast [Member] | Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 29
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	12
Subsequent Event [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	61
Income Tax Examination, Interest Accrued	$ 7

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Expense [Abstract]
Interest on borrowings(1)	$ 46	$ 57
Fees on financing agreements(1)	2	3
Interest on tax liabilities	(4)	0
Interest expense	$ 44	$ 60

Financing Agreements (Details)

Financing Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing agreements
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 500
Line of Credit Facility, Interest Rate During Period	2.05%
Debt Instruments
Principal	$ 4,000	$ 4,000
Carrying amount	3,958	3,957
Long-term debt	3,958	3,957
Line of Credit Facility, Fair Value of Amount Outstanding	500
CF Industries
Debt Instruments
Unamortized debt discount	10	10
Total deferred debt issuance costs	$ 32	$ 33
CF Industries | Senior Notes | Senior notes 3.450% due 2023
Financing agreements
Interest rate (as a percent)	3.45%	3.45%
Debt Instruments
Effective Interest Rate (percent)	3.562%	3.562%
Principal	$ 750	$ 750
Carrying amount	$ 748	$ 747
CF Industries | Senior Notes | Senior notes 5.150% due 2034
Financing agreements
Interest rate (as a percent)	5.15%	5.15%
Debt Instruments
Effective Interest Rate (percent)	5.279%	5.279%
Principal	$ 750	$ 750
Carrying amount	$ 740	$ 740
CF Industries | Senior Notes | Senior notes 4.950% due 2043
Financing agreements
Interest rate (as a percent)	4.95%	4.95%
Debt Instruments
Effective Interest Rate (percent)	5.031%	5.031%
Principal	$ 750	$ 750
Carrying amount	$ 742	$ 742
CF Industries | Senior Notes | Senior notes 5.375% due 2044
Financing agreements
Interest rate (as a percent)	5.375%	5.375%
Debt Instruments
Effective Interest Rate (percent)	5.465%	5.465%
Principal	$ 750	$ 750
Carrying amount	$ 741	$ 741
CF Industries | Senior Notes | Senior Notes 3.400% Due 2021
Financing agreements
Interest rate (as a percent)	3.40%	3.40%
Debt Instruments
Effective Interest Rate (percent)	3.782%	3.782%
Principal	$ 250	$ 250
Carrying amount	$ 248	$ 248
CF Industries | Senior Notes | Senior Notes 4.500% Due 2026
Financing agreements
Interest rate (as a percent)	4.50%	4.50%
Debt Instruments
Effective Interest Rate (percent)	4.759%	4.759%
Principal	$ 750	$ 750
Carrying amount	$ 739	$ 739

Financing Agreements - Narrativ

Financing Agreements - Narrative (Details) - USD ($)	Dec. 13, 2019	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 05, 2019	Nov. 13, 2019	Jul. 29, 2016
Financing agreements
Line of Credit Facility, Fair Value of Amount Outstanding			$ 500,000,000
Letter of Credit | Letter of Credit
Financing agreements
Maximum borrowing capacity				$ 145,000,000
Line of Credit Facility, Fair Value of Amount Outstanding				$ 124,000,000
CF Industries | Unsecured Senior Notes 7.125 Percent Due 2020 | Senior Notes
Financing agreements
Interest rate (as a percent)				7.125%
Debt Instrument, Face Amount						$ 500,000,000
CF Industries | Credit Agreement
Financing agreements
Available credit			250,000,000
Outstanding letters of credit			0
Long-term Line of Credit			$ 0	$ 0
CF Industries | Amendment No. 4 to the Third Amended and Restated Revolving Credit Agreement | Letter of Credit | Revolving Credit Facility
Financing agreements
Maximum borrowing capacity					$ 750,000,000
CF Industries | July 2016 Credit Agreement Amendment | Letter of Credit | Letter of Credit
Financing agreements
Maximum borrowing capacity							$ 125,000,000
CF Industries | Senior Notes 3.400% Due 2021 | Senior Notes
Financing agreements
Interest rate (as a percent)			3.40%	3.40%
Debt Instrument, Face Amount	$ 500,000,000
Early Repayment of Senior Debt	$ 250,000,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	50.00%
Subsequent Event [Member]
Financing agreements
Line of Credit Facility, Fair Value of Amount Outstanding		$ 500,000,000

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - CF Industries Nitrogen, LLC - T	Mar. 31, 2020	Feb. 01, 2016
Noncontrolling interest
Maximum Annual Granular Urea Tons Eligible for Purchase	1,100,000
Maximum Annual UAN Tons Eligible for Purchase	580,000
CHS Inc.
Noncontrolling interest
Percentage of ownership interest held by outside investors		11.00%

Noncontrolling Interest (Deta_2

Noncontrolling Interest (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Noncontrolling interest
Beginning balance	$ 2,740
Earnings attributable to noncontrolling interests	23	$ 28
Distribution declared to noncontrolling interest	(88)	(86)
Ending balance	2,675
CF Industries Nitrogen, LLC
Noncontrolling interest
Beginning balance	2,740	2,773
Earnings attributable to noncontrolling interests	23	28
Distribution declared to noncontrolling interest	(88)	(86)
Ending balance	2,675	2,715
Distributions payable to noncontrolling interests:
Beginning balance	0	0
Declaration of distributions payable	88	86
Distributions to noncontrolling interest	(88)	(86)
Ending balance	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ (366)
Balance at the end of the period	(440)
Foreign Currency Translation Adjustment
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(188)	$ (250)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0
Effect of exchange rate changes and deferred taxes	(83)	32
Balance at the end of the period	(271)	(218)
Unrealized Gain on Derivatives
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	5	5
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0
Effect of exchange rate changes and deferred taxes	0	0
Balance at the end of the period	5	5
Defined Benefit Plans
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(183)	(126)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1
Effect of exchange rate changes and deferred taxes	8	(2)
Balance at the end of the period	(174)	(128)
Accumulated Other Comprehensive Loss
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period		(371)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(1)
Effect of exchange rate changes and deferred taxes	(75)	30
Balance at the end of the period	$ (440)	$ (341)

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) $ in Millions	3 Months Ended					12 Months Ended		15 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Feb. 13, 2019	Aug. 01, 2018
Equity [Abstract]
Stock Repurchase Program, Authorized Amount									$ 1,000	$ 500
Stock Repurchased and Retired During Period, Shares	2,600,000	1,900,000	1,500,000	2,700,000	1,500,000	7,600,000	10,900,000	10,200,000
Stock Repurchased and Retired During Period, Value	$ 100	$ 87	$ 72	$ 118	$ 60	$ 337	$ 500	$ 437
stock repurchase accrued but unpaid					$ 6		$ 33
Treasury Stock, Shares, Retired					10,900,000
Treasury stock, shares	2,813,869	0				0		2,813,869

Contingencies (Details)

Contingencies (Details)	Apr. 17, 2015Insurance_companyPeoplePlaintiffEntity	Apr. 17, 2013People	Mar. 31, 2020Litigation_case	Dec. 31, 2015mine
Pending Litigation
Loss Contingencies [Line Items]
Number of people killed		15
Number of people injured		200
Number of plaintiffs | Plaintiff	400
Number of entities that filed claims | Entity	9
Number of people that filed claims	325
Number of insurance companies that filed claims | Insurance_company	80
Settled Litigation
Loss Contingencies [Line Items]
Loss Contingency, Claims Settled, Number | Litigation_case			200
IDAHO
Loss Contingencies [Line Items]
Loss contingency, number of mines | mine				17

Segment Disclosures (Details)

Segment Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment data
Net sales	$ 971	$ 1,001
Cost of sales	767	781
Gross margin	204	220
Total other operating costs and expenses	60	62
Equity in earnings of operating affiliate	3	7
Operating earnings	147	165
Ammonia
Segment data
Net sales	193	187
Granular Urea
Segment data
Net sales	337	343
UAN
Segment data
Net sales	235	256
AN
Segment data
Net sales	116	127
Operating Segments | Ammonia
Segment data
Net sales	193	187
Cost of sales	173	166
Gross margin	20	21
Operating Segments | Granular Urea
Segment data
Net sales	337	343
Cost of sales	224	228
Gross margin	113	115
Operating Segments | UAN
Segment data
Net sales	235	256
Cost of sales	193	195
Gross margin	42	61
Operating Segments | AN
Segment data
Net sales	116	127
Cost of sales	103	114
Gross margin	13	13
Operating Segments | Other
Segment data
Net sales	90	88
Cost of sales	74	78
Gross margin	$ 16	$ 10

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	May 07, 2020	Apr. 30, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding			$ 500
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Income Tax Refunds	$ 68
Line of Credit Facility, Fair Value of Amount Outstanding		$ 500