CF Industries (CF) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		214,514,904
Entity Central Index Key	0001324404
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,048	$ 971
Cost of sales	759	767
Gross margin	289	204
Selling, general and administrative expenses	55	54
Other operating—net	(2)	6
Total other operating costs and expenses	53	60
Equity in earnings of operating affiliate	11	3
Operating earnings	247	147
Interest expense	48	44
Interest income	0	(1)
Loss on debt extinguishment	6	0
Earnings before income taxes	193	104
Income tax provision (benefit)	18	13
Net earnings	175	91
Less: Net earnings attributable to noncontrolling interest	24	23
Net earnings attributable to common stockholders	$ 151	$ 68
Net earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.70	$ 0.31
Diluted (in dollars per share)	$ 0.70	$ 0.31
Weighted average common shares outstanding:
Basic (in shares)	214.9	216
Diluted (in shares)	216	216.6
Dividends declared per common share (in dollars per share)	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 175	$ 91
Other comprehensive income (loss):
Foreign currency translation adjustment—net of taxes	14	(83)
Defined benefit plans—net of taxes	1	9
Total other comprehensive income	15	(74)
Comprehensive income	190	17
Less: Comprehensive income attributable to noncontrolling interest	24	23
Comprehensive income (loss) attributable to common stockholders	$ 166	$ (6)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 804	$ 683
Accounts receivable—net	271	265
Inventories	379	287
Prepaid income taxes	11	97
Other current assets	24	35
Total current assets	1,489	1,367
Property, plant and equipment—net	7,492	7,632
Investment in affiliate	91	80
Goodwill	2,377	2,374
Operating lease right-of-use assets	249	259
Other assets	313	311
Total assets	12,011	12,023
Current liabilities:
Accounts payable and accrued expenses	451	424
Income taxes payable	5	0
Customer advances	341	130
Current operating lease liabilities	88	88
Current maturities of long-term debt	0	249
Other current liabilities	6	15
Total current liabilities	891	906
Long-term debt, net of current maturities	3,713	3,712
Deferred Income Tax Liabilities, Net	1,175	1,184
Operating lease liabilities	166	174
Other liabilities	396	444
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, 2021—214,842,250 shares issued and 2020—214,057,701 shares issued	2	2
Paid-in capital	1,333	1,317
Retained earnings	2,013	1,927
Treasury stock—at cost, 2021—340,446 shares and 2020—102,843 shares	(14)	(4)
Accumulated other comprehensive loss	(305)	(320)
Total stockholders’ equity	3,029	2,922
Noncontrolling interest	2,641	2,681
Total equity	5,670	5,603
Total liabilities and equity	$ 12,011	$ 12,023
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	214,842,250	214,057,701
Treasury Stock, Shares	340,446	102,843

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	214,842,250	214,057,701

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, 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
Balance at Dec. 31, 2020	5,603	2	(4)	1,317	1,927	(320)	2,922	2,681
Increase (decrease) in equity
Net earnings	175	0	0	0	151	0	151	24
Less: Net earnings attributable to noncontrolling interest	24
Net earnings attributable to common stockholders	151
Other comprehensive loss	15	0	0	0	0	15	15	0
Acquisition of treasury stock under employee stock plans	(10)	0	(10)	0	0	0	(10)	0
Issuance of $0.01 par value common stock under employee stock plans	8	0	0	8	0	0	8	0
Stock-based compensation expense	8	0	0	8	0	0	8	0
Cash dividends	(65)	0	0	0	(65)	0	(65)	0
Distribution declared to noncontrolling interest	(64)	0	0	0	0	0	0	(64)
Balance at Mar. 31, 2021	$ 5,670	$ 2	$ (14)	$ 1,333	$ 2,013	$ (305)	$ 3,029	$ 2,641

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01
Cash dividends ($0.30 per share)	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net earnings	$ 175	$ 91
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	204	211
Deferred income taxes	(12)	(50)
Stock-based compensation expense	8	7
Loss on debt extinguishment	6	0
Unrealized net gain on natural gas derivatives	(6)	(12)
Unrealized gain on embedded derivative	0	(1)
Loss on disposal of property, plant and equipment	1	0
Undistributed earnings of affiliate—net of taxes	(12)	(4)
Changes in:
Accounts receivable—net	(7)	(12)
Inventories	(88)	(29)
Accrued and prepaid income taxes	78	10
Accounts payable and accrued expenses	36	(47)
Customer advances	211	120
Other—net	(16)	8
Net cash provided by operating activities	578	292
Investing Activities:
Additions to property, plant and equipment	(71)	(67)
Insurance proceeds for property, plant and equipment	0	2
Net cash used in investing activities	(71)	(65)
Financing Activities:
Proceeds from short-term borrowings	0	500
Repayments of Long-term Debt	(255)	0
Dividends paid on common stock	(65)	(65)
Distributions to noncontrolling interest	(64)	(88)
Purchases of treasury stock	0	(100)
Proceeds from issuances of common stock under employee stock plans	7	3
Shares withheld for taxes	(10)	(8)
Net cash provided by (used in) financing activities	(387)	242
Effect of exchange rate changes on cash and cash equivalents	1	(3)
Increase in cash and cash equivalents	121	466
Cash and cash equivalents at beginning of period	683	287
Cash and cash equivalents at end of period	$ 804	$ 753

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada and the United Kingdom, an extensive storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. Our principal customers are cooperatives, independent fertilizer distributors, traders, wholesalers and industrial users. Our core product is anhydrous ammonia (ammonia), which contains 82% nitrogen and 18% hydrogen. Our nitrogen products that are upgraded from ammonia are 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 solid 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, 2020, 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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, 2021 and 2020: Ammonia Granular Urea UAN AN Other Total (in millions) Three months ended March 31, 2021 North America $ 168 $ 399 $ 222 $ 41 $ 77 $ 907 Europe and other 38 — 10 64 29 141 Total revenue $ 206 $ 399 $ 232 $ 105 $ 106 $ 1,048 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 As of March 31, 2021 and December 31, 2020, we had $341 million and $130 million, respectively, in customer advances on our consolidated balance sheets. The revenue recognized during the three months ended March 31, 2021 and 2020 that was included in our customer advances at the beginning of each respective period amounted to approximately $85 million and $75 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, 2021 and December 31, 2020 were not material. From time to time, we will enter the marketplace to purchase product in order to satisfy obligations under contracts with our customers. When we purchase product for this purpose, we are the principal in the transaction and recognize revenue on a gross basis. As discussed in Note 7—Equity Method Investment, 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. During the three months ended March 31, 2021, in addition to products purchased from PLNL, we recognized $32 million of revenue from sales of granular urea, which we purchased in order to satisfy obligations under contracts with our customers due to lower production experienced as a result of Winter Storm Uri. For the three months ended March 31, 2020, other than products purchased from PLNL, products purchased in the marketplace in order to satisfy obligations under contracts with our customers 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, 2021, 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 $805 million. We expect to recognize approximately 25% of these performance obligations as revenue in the remainder of 2021, approximately 47% as revenue during 2022 and 2023, approximately 25% as revenue during 2024 and 2025, and the remainder thereafter. Subject to the terms and conditions of the applicable contracts, if these customers do not satisfy their purchase obligations under such contracts, the minimum amount that they would be required to pay to us under these contracts, in the aggregate, is approximately $187 million as of March 31, 2021. We monitor the ability of our customers to meet their purchase obligations, which could be impacted by the ongoing coronavirus disease 2019 (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, 2020 will be satisfied in 2021.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Net earnings per share were computed as follows: Three months ended 2021 2020 (in millions, except per share amounts) Net earnings attributable to common stockholders $ 151 $ 68 Basic earnings per common share: Weighted-average common shares outstanding 214.9 216.0 Net earnings attributable to common stockholders $ 0.70 $ 0.31 Diluted earnings per common share: Weighted-average common shares outstanding 214.9 216.0 Dilutive common shares—stock-based awards 1.1 0.6 Diluted weighted-average shares outstanding 216.0 216.6 Net earnings attributable to common stockholders $ 0.70 $ 0.31 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 1.2 million and 2.1 million in the three months ended March 31, 2021 and 2020, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: March 31, December 31, (in millions) Finished goods $ 338 $ 246 Raw materials, spare parts and supplies 41 41 Total inventories $ 379 $ 287

Property, Plant and Equipment-N

Property, Plant and Equipment-Net	3 Months Ended
	Mar. 31, 2021
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 $ 68 $ 68 Machinery and equipment 12,597 12,539 Buildings and improvements 898 895 Construction in progress 294 275 Property, plant and equipment (1) 13,857 13,777 Less: Accumulated depreciation and amortization 6,365 6,145 Property, plant and equipment—net $ 7,492 $ 7,632 _______________________________________________________________________________ (1) As of March 31, 2021 and December 31, 2020, we had property, plant and equipment that was accrued but unpaid of approximately $33 million and $43 million, respectively. 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. Depreciation and amortization related to property, plant and equipment was $200 million and $208 million for the three months ended March 31, 2021 and 2020, 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 2021 2020 (in millions) Net capitalized turnaround costs: Beginning balance $ 226 $ 246 Additions 10 7 Depreciation (25) (25) Effect of exchange rate changes — (5) Ending balance $ 211 $ 223 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, 2021
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, 2021 and December 31, 2020: Ammonia Granular Urea UAN AN Other Total (in millions) Balance as of December 31, 2020 $ 587 $ 828 $ 576 $ 310 $ 73 $ 2,374 Effect of exchange rate changes 1 — — 2 — 3 Balance as of March 31, 2021 $ 588 $ 828 $ 576 $ 312 $ 73 $ 2,377 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, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net (in millions) Customer relationships $ 134 $ (55) $ 79 $ 133 $ (52) $ 81 Trade names 32 (9) 23 32 (9) 23 Total intangible assets $ 166 $ (64) $ 102 $ 165 $ (61) $ 104 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, 2021 and 2020 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 2021 and each of the five succeeding fiscal years is as follows: Estimated (in millions) Remainder of 2021 $ 6 2022 9 2023 9 2024 9 2025 9 2026 9

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2021
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, 2021, the total carrying value of our equity method investment in PLNL was $91 million, $41 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 12 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 $26 million and $10 million for the three months ended March 31, 2021 and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Our cash and cash equivalents and other investments consist of the following: March 31, 2021 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 69 $ — $ — $ 69 Cash equivalents: U.S. and Canadian government obligations 715 — — 715 Other debt securities 20 — — 20 Total cash and cash equivalents $ 804 $ — $ — $ 804 Nonqualified employee benefit trusts 17 3 — 20 December 31, 2020 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 108 $ — $ — $ 108 Cash equivalents: U.S. and Canadian government obligations 552 — — 552 Other debt securities 23 — — 23 Total cash and cash equivalents $ 683 $ — $ — $ 683 Nonqualified employee benefit trusts 16 3 — 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, 2021 and December 31, 2020 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value: March 31, 2021 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 735 $ 735 $ — $ — Nonqualified employee benefit trusts 20 20 — — Embedded derivative liability (18) — (18) — December 31, 2020 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 575 $ 575 $ — $ — Nonqualified employee benefit trusts 19 19 — — Derivative assets 1 — 1 — Derivative liabilities (7) — (7) — Embedded derivative liability (18) — (18) — Cash Equivalents As of March 31, 2021 and December 31, 2020, 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, and changes in fair value are reported in other comprehensive income. Changes in the fair value of available-for-sale 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. See Note 12—Derivative Financial Instruments for additional information. 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 and is included within other current liabilities and other liabilities. As of both March 31, 2021 and December 31, 2020, the embedded derivative liability was $18 million. Included in other operating—net in our consolidated statement of operations for the three months ended March 31, 2020 is a net gain of $1 million. 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, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in millions) Long-term debt, including current maturities $ 3,713 $ 4,224 $ 3,961 $ 4,731 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, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2021, we recorded an income tax provision of $18 million on pre-tax income of $193 million or an effective tax rate of 9.3%, compared to an income tax provision of $13 million on pre-tax income of $104 million, or an effective tax rate of 12.3%, for the three months ended March 31, 2020. For the three months ended March 31, 2021, our income tax provision includes a $22 million benefit reflecting the impact of agreement on certain issues related to U.S. federal income tax audits. For the three months ended March 31, 2020, our income tax provision included a $6 million benefit related to the settlement of certain U.S. and foreign income tax audits.

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2021
Interest Expense [Abstract]
Interest Expense	Interest Expense Details of interest expense are as follows: Three months ended 2021 2020 (in millions) Interest on borrowings (1) $ 46 $ 46 Fees on financing agreements (1) 2 2 Interest on tax liabilities (2) — (4) Total interest expense $ 48 $ 44 _______________________________________________________________________________ (1) See Note 11—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, 2021
Debt Disclosure [Abstract]
Financing Agreements	Financing Agreements Revolving Credit Agreement We have a senior secured revolving credit agreement (the Revolving Credit Agreement), which 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. 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). As of March 31, 2021, we had unused borrowing capacity under the Revolving Credit Agreement of $750 million and no outstanding letters of credit. There were no borrowings outstanding under the Revolving Credit Agreement as of March 31, 2021 or December 31, 2020, or during the three months ended March 31, 2021. 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%. Borrowings under the Revolving Credit Agreement as of March 31, 2020 were repaid in full in April 2020. The Revolving Credit Agreement contains representations and warranties and affirmative and negative covenants, including financial covenants. As of March 31, 2021, we were in compliance with all covenants under the Revolving Credit Agreement. Letters of Credit In addition to the letters of credit that may be issued under the Revolving Credit Agreement, as described above, we have also entered into a bilateral agreement with capacity to issue up to $250 million of letters of credit. As of March 31, 2021, approximately $220 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, 2021 and December 31, 2020 consisted of the following debt securities issued by CF Industries: Effective Interest Rate March 31, 2021 December 31, 2020 Principal Carrying Amount (1) Principal Carrying Amount (1) (in millions) Public Senior Notes: 3.450% due June 2023 3.562% $ 750 $ 748 $ 750 $ 748 5.150% due March 2034 5.279% 750 741 750 741 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% — — 250 249 4.500% due December 2026 4.759% 750 741 750 740 Total long-term debt $ 3,750 $ 3,713 $ 4,000 $ 3,961 Less: Current maturities of long-term debt — — 250 249 Long-term debt, net of current maturities $ 3,750 $ 3,713 $ 3,750 $ 3,712 _______________________________________________________________________________ (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $9 million as of both March 31, 2021 and December 31, 2020, and total deferred debt issuance costs were $28 million and $30 million as of March 31, 2021 and December 31, 2020, 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 terms of the indenture governing the 4.500% senior secured notes due December 2026 (the 2026 Notes) identified in the table above, the 2026 Notes are 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 2026 Notes currently consist of CFE, CFS, CF USA and CFIDF. On March 20, 2021, we redeemed in full all of the remaining $250 million outstanding principal amount of the 3.400% senior secured notes due December 2021 (the 2021 Notes), in accordance with the optional redemption provisions in the indenture governing the 2021 Notes. The total aggregate redemption price paid on the 2021 Notes in connection with the redemption was $258 million, including accrued interest. As a result, we recognized a loss on debt extinguishment of $6 million, primarily consisting of a premium paid on the early redemption of the notes.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	12. Derivative Financial Instruments We may use derivative financial instruments to reduce our exposure to changes in prices for natural gas that will be purchased in the future. Natural gas is the largest and most volatile component of our manufacturing cost for nitrogen-based products. From time to time, we may also use derivative financial instruments to reduce our exposure to changes in foreign currency exchange rates. The derivatives that we may use to reduce our exposure to changes in prices for natural gas are primarily natural gas fixed price swaps, basis swaps and options traded in the over-the-counter markets. These natural gas derivatives settle using primarily a NYMEX futures price index, which represents the basis for fair value at any given time. We enter into natural gas derivative contracts with respect to natural gas to be consumed by us in the future, and settlements of those derivative contracts are scheduled to coincide with our anticipated purchases of natural gas used to manufacture nitrogen products during those future periods. We use natural gas derivatives as an economic hedge of natural gas price risk, but without the application of hedge accounting. As a result, changes in fair value of these contracts are recognized in earnings. As of March 31, 2021, we had natural gas derivative contracts covering certain periods through March 2022. As of March 31, 2021, our open natural gas derivative contracts consisted of natural gas basis swaps for 0.5 million MMBtus. As of December 31, 2020, we had open natural gas derivative contracts consisting of natural gas fixed price swaps and basis swaps for 34.1 million MMBtus of natural gas. For the three months ended March 31, 2021, we used derivatives to cover approximately 26% of our natural gas consumption. The effect of derivatives in our consolidated statements of operations is shown in the table below. Gain (loss) recognized in income Three months ended March 31, Location 2021 2020 (in millions) Unrealized net gains on natural gas derivatives Cost of sales $ 6 $ 12 Realized net losses on natural gas derivatives Cost of sales (3) (16) Gain on net settlement of natural gas derivatives due to Winter Storm Uri Cost of sales 112 — Net derivative gains (losses) $ 115 $ (4) Gain on net settlement of natural gas derivatives due to Winter Storm Uri We also enter into supply agreements to facilitate the availability of natural gas to operate our plants. When we purchase natural gas under these agreements, we intend to take physical delivery for use in our plants. Certain of these supply agreements allow us to fix the price of the deliveries for the following month using an agreed upon first of month price. We utilize the Normal Purchase Normal Sales (NPNS) derivative scope exception for these fixed price contracts and therefore, we do not account for them as derivatives. In February 2021, the central portion of the United States experienced extreme and unprecedented cold weather due to the impact of Winter Storm Uri. Certain natural gas suppliers and natural gas pipelines declared force majeure events due to natural gas well freeze-offs or frozen equipment. This occurred at the same time as large increases in natural gas demand were occurring due to the extreme cold temperatures. Due to these unprecedented factors, several states declared a state of emergency and natural gas was redirected for residential usage. We net settled certain natural gas contracts with our suppliers and received prevailing market prices, which were in excess of our cost. We no longer qualified for the NPNS derivative scope exception for the natural gas that was net settled with our suppliers due to the impact of Winter Storm Uri. As a result, we recognized a gain of $112 million from the net settlement of the natural gas contracts, which is reflected in cost of sales in our consolidated statement of operations for the three months ended March 31, 2021. The fair values of derivatives on our consolidated balance sheets are shown below. As of March 31, 2021 and December 31, 2020, none of our derivative instruments were designated as hedging instruments. See Note 8—Fair Value Measurements for additional information on derivative fair values. Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2021 December 31, 2020 Balance Sheet Location March 31, 2021 December 31, 2020 (in millions) (in millions) Natural gas derivatives Other current assets $ — $ 1 Other current liabilities $ — $ (7) Most of our International Swaps and Derivatives Association (ISDA) agreements contain credit-risk-related contingent features such as cross default provisions. In the event of certain defaults or termination events, our counterparties may request early termination and net settlement of certain derivative trades or, under certain ISDA agreements, may require us to collateralize derivatives in a net liability position. The Revolving Credit Agreement, at any time when it is secured, provides a cross collateral feature for those of our derivatives that are with counterparties that are party to, or affiliates of parties to, the Revolving Credit Agreement so that no separate collateral would be required for those counterparties in connection with such derivatives. In the event the Revolving Credit Agreement becomes unsecured, separate collateral could be required in connection with such derivatives. As of March 31, 2021 and December 31, 2020, the aggregate fair value of the derivative instruments with credit-risk-related contingent features in net liability positions was zero and $6 million, respectively, which also approximates the fair value of the maximum amount of additional collateral that may need to be posted or assets that may be needed to settle the obligations if the credit-risk-related contingent features were triggered at the reporting dates. As of March 31, 2021 and December 31, 2020, we had no cash collateral on deposit with counterparties for derivative contracts. The credit support documents executed in connection with certain of our ISDA agreements generally provide us and our counterparties the right to set off collateral against amounts owing under the ISDA agreements upon the occurrence of a default or a specified termination event. The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of December 31, 2020: Amounts presented in consolidated balance sheets (1) Gross amounts not offset in consolidated balance sheets Financial Cash collateral received (pledged) Net (in millions) December 31, 2020 Total derivative assets $ 1 $ — $ — $ 1 Total derivative liabilities (7) — — (7) Net derivative liabilities $ (6) $ — $ — $ (6) _______________________________________________________________________________ (1) We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same. We do not believe the contractually allowed netting, close-out netting or setoff of amounts owed to, or due from, the counterparties to our ISDA agreements would have a material effect on our financial position.

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2021
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. 2021 2020 (in millions) Noncontrolling interest: Balance as of January 1 $ 2,681 $ 2,740 Earnings attributable to noncontrolling interest 24 23 Declaration of distributions payable (64) (88) Balance as of March 31 $ 2,641 $ 2,675 Distributions payable to noncontrolling interest: Balance as of January 1 $ — $ — Declaration of distributions payable 64 88 Distributions to noncontrolling interest (64) (88) 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 8—Fair Value Measurements for additional information.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Treasury Stock 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. Since the 2019 Share Repurchase Program was announced in February 2019, we have repurchased approximately 10.2 million shares for $437 million, including 2.6 million shares repurchased during the first quarter of 2020 for $100 million. No shares have been repurchased since the first quarter of 2020 under the 2019 Share Repurchase Program. At March 31, 2021, we held 340,446 shares of treasury stock. Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows: Foreign Unrealized Defined Accumulated (in millions) 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) Balance as of December 31, 2020 $ (144) $ 4 $ (180) $ (320) Reclassification to earnings (1) — — 2 2 Effect of exchange rate changes and deferred taxes 14 — (1) 13 Balance as of March 31, 2021 $ (130) $ 4 $ (179) $ (305) ____________________________________________________________________________ (1) Reclassifications out of accumulated other comprehensive loss to earnings during the three months ended March 31, 2021 and 2020 were not material.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
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 three 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 set for trial after the Court resumes scheduling civil jury trials currently on hold because of the COVID-19 pandemic. 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 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, 2021
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 6—Goodwill and Other Intangible Assets. Segment data for sales, cost of sales and gross margin for the three months ended March 31, 2021 and 2020 are presented in the tables below. Ammonia (1) Granular Urea (2) UAN (2) AN (2) Other (2) Consolidated (in millions) Three months ended March 31, 2021 Net sales $ 206 $ 399 $ 232 $ 105 $ 106 $ 1,048 Cost of sales 80 264 230 95 90 759 Gross margin $ 126 $ 135 $ 2 $ 10 $ 16 289 Total other operating costs and expenses 53 Equity in earnings of operating affiliate 11 Operating earnings $ 247 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 _______________________________________________________________________________ (1) Cost of sales and gross margin for the ammonia segment in the three months ended March 31, 2021, include the $112 million gain on the net settlement of certain natural gas contracts with our suppliers. See Note 12—Derivative Financial Instruments for additional information. (2) The cost of the products that are upgraded into other products is transferred at cost into the upgraded product results.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020: Ammonia Granular Urea UAN AN Other Total (in millions) Three months ended March 31, 2021 North America $ 168 $ 399 $ 222 $ 41 $ 77 $ 907 Europe and other 38 — 10 64 29 141 Total revenue $ 206 $ 399 $ 232 $ 105 $ 106 $ 1,048 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

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of net earnings per share	Net earnings per share were computed as follows: Three months ended 2021 2020 (in millions, except per share amounts) Net earnings attributable to common stockholders $ 151 $ 68 Basic earnings per common share: Weighted-average common shares outstanding 214.9 216.0 Net earnings attributable to common stockholders $ 0.70 $ 0.31 Diluted earnings per common share: Weighted-average common shares outstanding 214.9 216.0 Dilutive common shares—stock-based awards 1.1 0.6 Diluted weighted-average shares outstanding 216.0 216.6 Net earnings attributable to common stockholders $ 0.70 $ 0.31

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following: March 31, December 31, (in millions) Finished goods $ 338 $ 246 Raw materials, spare parts and supplies 41 41 Total inventories $ 379 $ 287

Property, Plant and Equipment_2

Property, Plant and Equipment-Net (Tables)	3 Months Ended
	Mar. 31, 2021
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 $ 68 $ 68 Machinery and equipment 12,597 12,539 Buildings and improvements 898 895 Construction in progress 294 275 Property, plant and equipment (1) 13,857 13,777 Less: Accumulated depreciation and amortization 6,365 6,145 Property, plant and equipment—net $ 7,492 $ 7,632 _______________________________________________________________________________
Summary of plant turnaround activity	The following is a summary of capitalized plant turnaround costs: Three months ended 2021 2020 (in millions) Net capitalized turnaround costs: Beginning balance $ 226 $ 246 Additions 10 7 Depreciation (25) (25) Effect of exchange rate changes — (5) Ending balance $ 211 $ 223

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020: Ammonia Granular Urea UAN AN Other Total (in millions) Balance as of December 31, 2020 $ 587 $ 828 $ 576 $ 310 $ 73 $ 2,374 Effect of exchange rate changes 1 — — 2 — 3 Balance as of March 31, 2021 $ 588 $ 828 $ 576 $ 312 $ 73 $ 2,377
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, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net (in millions) Customer relationships $ 134 $ (55) $ 79 $ 133 $ (52) $ 81 Trade names 32 (9) 23 32 (9) 23 Total intangible assets $ 166 $ (64) $ 102 $ 165 $ (61) $ 104
Schedule of estimated future amortization expense	Total estimated amortization expense for the remainder of 2021 and each of the five succeeding fiscal years is as follows: Estimated (in millions) Remainder of 2021 $ 6 2022 9 2023 9 2024 9 2025 9 2026 9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 69 $ — $ — $ 69 Cash equivalents: U.S. and Canadian government obligations 715 — — 715 Other debt securities 20 — — 20 Total cash and cash equivalents $ 804 $ — $ — $ 804 Nonqualified employee benefit trusts 17 3 — 20 December 31, 2020 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 108 $ — $ — $ 108 Cash equivalents: U.S. and Canadian government obligations 552 — — 552 Other debt securities 23 — — 23 Total cash and cash equivalents $ 683 $ — $ — $ 683 Nonqualified employee benefit trusts 16 3 — 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, 2021 and December 31, 2020 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value: March 31, 2021 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 735 $ 735 $ — $ — Nonqualified employee benefit trusts 20 20 — — Embedded derivative liability (18) — (18) — December 31, 2020 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 575 $ 575 $ — $ — Nonqualified employee benefit trusts 19 19 — — Derivative assets 1 — 1 — Derivative liabilities (7) — (7) — Embedded derivative liability (18) — (18) —
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, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in millions) Long-term debt, including current maturities $ 3,713 $ 4,224 $ 3,961 $ 4,731

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2021
Interest Expense [Abstract]
Schedule of interest expense	Interest Expense Details of interest expense are as follows: Three months ended 2021 2020 (in millions) Interest on borrowings (1) $ 46 $ 46 Fees on financing agreements (1) 2 2 Interest on tax liabilities (2) — (4) Total interest expense $ 48 $ 44 _______________________________________________________________________________ (1) See Note 11—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 (Tables)

Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Components of long-term debt	Long-term debt presented on our consolidated balance sheets as of March 31, 2021 and December 31, 2020 consisted of the following debt securities issued by CF Industries: Effective Interest Rate March 31, 2021 December 31, 2020 Principal Carrying Amount (1) Principal Carrying Amount (1) (in millions) Public Senior Notes: 3.450% due June 2023 3.562% $ 750 $ 748 $ 750 $ 748 5.150% due March 2034 5.279% 750 741 750 741 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% — — 250 249 4.500% due December 2026 4.759% 750 741 750 740 Total long-term debt $ 3,750 $ 3,713 $ 4,000 $ 3,961 Less: Current maturities of long-term debt — — 250 249 Long-term debt, net of current maturities $ 3,750 $ 3,713 $ 3,750 $ 3,712 _______________________________________________________________________________ (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $9 million as of both March 31, 2021 and December 31, 2020, and total deferred debt issuance costs were $28 million and

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The effect of derivatives in our consolidated statements of operations is shown in the table below. Gain (loss) recognized in income Three months ended March 31, Location 2021 2020 (in millions) Unrealized net gains on natural gas derivatives Cost of sales $ 6 $ 12 Realized net losses on natural gas derivatives Cost of sales (3) (16) Gain on net settlement of natural gas derivatives due to Winter Storm Uri Cost of sales 112 — Net derivative gains (losses) $ 115 $ (4)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair values of derivatives on our consolidated balance sheets are shown below. As of March 31, 2021 and December 31, 2020, none of our derivative instruments were designated as hedging instruments. See Note 8—Fair Value Measurements for additional information on derivative fair values. Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2021 December 31, 2020 Balance Sheet Location March 31, 2021 December 31, 2020 (in millions) (in millions) Natural gas derivatives Other current assets $ — $ 1 Other current liabilities $ — $ (7)
Offsetting Liabilities	The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of December 31, 2020: Amounts presented in consolidated balance sheets (1) Gross amounts not offset in consolidated balance sheets Financial Cash collateral received (pledged) Net (in millions) December 31, 2020 Total derivative assets $ 1 $ — $ — $ 1 Total derivative liabilities (7) — — (7) Net derivative liabilities $ (6) $ — $ — $ (6) _______________________________________________________________________________ (1) We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.
Offsetting Assets	The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of December 31, 2020: Amounts presented in consolidated balance sheets (1) Gross amounts not offset in consolidated balance sheets Financial Cash collateral received (pledged) Net (in millions) December 31, 2020 Total derivative assets $ 1 $ — $ — $ 1 Total derivative liabilities (7) — — (7) Net derivative liabilities $ (6) $ — $ — $ (6) _______________________________________________________________________________ (1) We report the fair values of our derivative assets and liabilities on a gross basis on our consolidated balance sheets. As a result, the gross amounts recognized and net amounts presented are the same.

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2021
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. 2021 2020 (in millions) Noncontrolling interest: Balance as of January 1 $ 2,681 $ 2,740 Earnings attributable to noncontrolling interest 24 23 Declaration of distributions payable (64) (88) Balance as of March 31 $ 2,641 $ 2,675 Distributions payable to noncontrolling interest: Balance as of January 1 $ — $ — Declaration of distributions payable 64 88 Distributions to noncontrolling interest (64) (88) Balance as of March 31 $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of changes to AOCI	Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows: Foreign Unrealized Defined Accumulated (in millions) 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) Balance as of December 31, 2020 $ (144) $ 4 $ (180) $ (320) Reclassification to earnings (1) — — 2 2 Effect of exchange rate changes and deferred taxes 14 — (1) 13 Balance as of March 31, 2021 $ (130) $ 4 $ (179) $ (305) ____________________________________________________________________________ (1) Reclassifications out of accumulated other comprehensive loss to earnings during the three months ended March 31, 2021 and 2020 were not material.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of segment data for sales, cost of sales and gross margin	Segment data for sales, cost of sales and gross margin for the three months ended March 31, 2021 and 2020 are presented in the tables below. Ammonia (1) Granular Urea (2) UAN (2) AN (2) Other (2) Consolidated (in millions) Three months ended March 31, 2021 Net sales $ 206 $ 399 $ 232 $ 105 $ 106 $ 1,048 Cost of sales 80 264 230 95 90 759 Gross margin $ 126 $ 135 $ 2 $ 10 $ 16 289 Total other operating costs and expenses 53 Equity in earnings of operating affiliate 11 Operating earnings $ 247 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 _______________________________________________________________________________ (1) Cost of sales and gross margin for the ammonia segment in the three months ended March 31, 2021, include the $112 million gain on the net settlement of certain natural gas contracts with our suppliers. See Note 12—Derivative Financial Instruments for additional information. (2) 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, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Net sales	$ 1,048	$ 971
Customer advances	341		$ 130
Contract with Customer, Liability, Revenue Recognized	$ 85	$ 75

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product and by Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,048	$ 971
Winter Storm Uri
Disaggregation of Revenue [Line Items]
Net sales	32
North America
Disaggregation of Revenue [Line Items]
Net sales	907	820
Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	141	151
Ammonia
Disaggregation of Revenue [Line Items]
Net sales	206	193
Ammonia | North America
Disaggregation of Revenue [Line Items]
Net sales	168	154
Ammonia | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	38	39
Granular Urea
Disaggregation of Revenue [Line Items]
Net sales	399	337
Granular Urea | North America
Disaggregation of Revenue [Line Items]
Net sales	399	331
Granular Urea | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	0	6
UAN
Disaggregation of Revenue [Line Items]
Net sales	232	235
UAN | North America
Disaggregation of Revenue [Line Items]
Net sales	222	230
UAN | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	10	5
AN
Disaggregation of Revenue [Line Items]
Net sales	105	116
AN | North America
Disaggregation of Revenue [Line Items]
Net sales	41	46
AN | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	64	70
Other
Disaggregation of Revenue [Line Items]
Net sales	106	90
Other | North America
Disaggregation of Revenue [Line Items]
Net sales	77	59
Other | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	$ 29	$ 31

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Amount of remaining performance obligation	$ 805
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	$ 187
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
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: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	47.00%
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	47.00%
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	25.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	25.00%

Net Earnings Per Share (Details

Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net earnings attributable to common stockholders	$ 151	$ 68
Basic earnings per common share:
Weighted-average common shares outstanding	214.9	216
Net earnings attributable to common stockholders (in dollars per share)	$ 0.70	$ 0.31
Diluted earnings per common share:
Weighted-average common shares outstanding	214.9	216
Dilutive common shares—stock options (in shares)	1.1	0.6
Diluted weighted-average shares outstanding	216	216.6
Net earnings attributable to common stockholders diluted (in dollars per share)	$ 0.70	$ 0.31
Antidilutive securities excluded from computation of EPS (in shares)	1.2	2.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 338	$ 246
Raw materials, spare parts and supplies	41	41
Total inventories	$ 379	$ 287

Property, Plant and Equipment_3

Property, Plant and Equipment-Net (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment-Net
Gross property plant and equipment	$ 13,857		$ 13,777
Less: Accumulated depreciation and amortization	6,365		6,145
Net property, plant and equipment	7,492		7,632
Construction in progress expenditures incurred but not yet paid	33	$ 36	43	$ 42
Depreciation and amortization	200	208
Land
Property, Plant and Equipment-Net
Gross property plant and equipment	68		68
Machinery and equipment
Property, Plant and Equipment-Net
Gross property plant and equipment	12,597		12,539
Changes in plant turnaround activity
Balance at the beginning of the period	226	246	246
Additions	10	7
Depreciation	(25)	(25)
Effect of exchange rate changes	0	(5)
Balance at the end of the period	211	$ 223	226	$ 246
Buildings and improvements
Property, Plant and Equipment-Net
Gross property plant and equipment	898		895
Construction in progress
Property, Plant and Equipment-Net
Gross property plant and equipment	$ 294		$ 275

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill
Goodwill, Beginning Balance	$ 2,374
Effect of exchange rate changes	3
Goodwill, Ending Balance	2,377
Ammonia
Goodwill
Goodwill, Beginning Balance	587
Effect of exchange rate changes	1
Goodwill, Ending Balance	588
Granular Urea
Goodwill
Goodwill, Beginning Balance	828
Effect of exchange rate changes	0
Goodwill, Ending Balance	828
UAN
Goodwill
Goodwill, Beginning Balance	576
Effect of exchange rate changes	0
Goodwill, Ending Balance	576
AN
Goodwill
Goodwill, Beginning Balance	310
Effect of exchange rate changes	2
Goodwill, Ending Balance	312
Other
Goodwill
Goodwill, Beginning Balance	73
Effect of exchange rate changes	0
Goodwill, Ending Balance	$ 73

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Identifiable intangibles
Gross Carrying Amount	$ 166		$ 165
Accumulated Amortization	(64)		(61)
Net	$ 102		104
Finite-Lived Intangible Asset, Useful Life	20 years
Amortization expense	$ 2	$ 2
Total estimated amortization expense for the five succeeding fiscal years
Remainder of 2021	6
2022	9
2023	9
2024	9
2025	9
2026	9
Customer relationships
Identifiable intangibles
Gross Carrying Amount	134		133
Accumulated Amortization	(55)		(52)
Net	79		81
Trade names
Identifiable intangibles
Gross Carrying Amount	32		32
Accumulated Amortization	(9)		(9)
Net	$ 23		$ 23

Equity Method Investment-Narrat

Equity Method Investment-Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity method investments
Obligation to purchase ammonia (as a percent)	50.00%
Operating equity method investments | 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	12 years
Point Lisas Nitrogen Limited (PLNL) | Operating equity method investments
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	41
Purchases of ammonia from PLNL	$ 26	$ 10

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Cash	$ 69	$ 108
Cash equivalents:
Cash and cash equivalents, adjusted cost	804	683
Cash and cash equivalents, fair value disclosure	804	683
U.S. and Canadian government obligations
Cash equivalents:
Cash equivalents, adjusted cost	715	552
Cash equivalents, fair value	715	552
Other debt securities
Cash equivalents:
Cash equivalents, adjusted cost	20	23
Cash equivalents, fair value	20	23
Nonqualified employee benefit trusts
Cash equivalents:
Available-for-sale securities, adjusted cost	17	16
Available-for-sale securities, gross unrealized gain	3	3
Available-for-sale securities, gross unrealized loss	0	0
Available-for-sale securities, fair value	$ 20	$ 19

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	0		$ (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	4,224	4,731
Reported Value Measurement
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt, including current portion	3,713	3,961
Recurring basis
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	735	575
Nonqualified employee benefit trusts	20	19
Derivative Liability		7
Embedded derivative liability	(18)	(18)
Derivative Asset		1
Recurring basis | Quoted Prices in Active Markets (Level 1)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	735	575
Nonqualified employee benefit trusts	20	19
Derivative Liability		0
Embedded derivative liability	0	0
Derivative Asset		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		7
Embedded derivative liability	(18)	(18)
Derivative Asset		1
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
Derivative Asset		$ 0

Income Taxes Incomes Taxes (Det

Income Taxes Incomes Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Percent	9.30%	12.30%
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount	$ 22	$ 6
Income tax provision (benefit)	(18)	(13)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	193	104
Less: Net earnings attributable to noncontrolling interest	$ 24	$ 23
Effective Income Tax Rate Reconciliation, period increase/(decrease) due to noncontrolling interest	1.30%	3.50%

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Expense [Abstract]
Interest on borrowings(1)	$ 46	$ 46
Fees on financing agreements(1)	2	2
Interest on tax liabilities(2)	0	(4)
Interest expense	$ 48	$ 44

Financing Agreements (Details)

Financing Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	$ 3,750	$ 4,000
Carrying amount	3,713	3,961
cf_LongtermDebtCurrentMaturitiesGross	0	250
Current maturities of long-term debt	0	249
Long-term debt, net of current maturities	3,713	3,712
cf_LongtermDebtExcludingCurrentMaturitiesGross	3,750	3,750
CF Industries
Debt Instruments
Unamortized debt discount	9	9
Total deferred debt issuance costs	$ 28	$ 30
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	$ 748
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	$ 741	$ 741
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	$ 0	$ 250
Carrying amount	$ 0	$ 249
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	$ 741	$ 740

Financing Agreements - Narrativ

Financing Agreements - Narrative (Details) - USD ($)	Mar. 20, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 05, 2019	Jul. 29, 2016
Letter of Credit | Letter of Credit
Financing agreements
Maximum borrowing capacity		$ 250,000,000
Line of Credit Facility, Fair Value of Amount Outstanding		220,000,000
CF Industries | Credit Agreement
Financing agreements
Available credit		750,000,000
Outstanding letters of credit		$ 0
Long-term Line of Credit			$ 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%
Early Repayment of Senior Debt	$ 250,000,000
Extinguishment of Debt, Amount	$ 258,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 115	$ (4)
Winter Storm Uri
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Sale of Derivatives	112	0
Energy Related Derivative | Not Designated as Hedging Instrument | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	6	12
Gain (Loss) on Sale of Derivatives	$ (3)	$ (16)

Derivative Financial Instrume_4

Derivative Financial Instruments (Details 2) MMBTU in Millions	3 Months Ended
	Mar. 31, 2021USD ($)MMBTU	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)MMBTU
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Nonmonetary Amount of Price Risk Derivative Instruments Not Designated as Hedging Instruments | MMBTU	0.5		34.1
Percentage of Consumption Hedged by Derivatives	26.00%
Fair values of derivatives on consolidated balance sheets
Cash collateral on deposit with derivative counterparties	$ 0		$ 0
Aggregate fair value of the derivative instruments with credit risk related contingent features in a net liability position	0		6,000,000
Cash collateral on deposit with derivative counterparties	0		0
Winter Storm Uri
Fair values of derivatives on consolidated balance sheets
Gain (Loss) on Sale of Derivatives	112,000,000	$ 0
Not Designated as Hedging Instrument
Fair values of derivatives on consolidated balance sheets
Derivative Asset			1,000,000
Derivative Liability			(7,000,000)
Cash collateral on deposit with derivative counterparties			0
Cash collateral on deposit with derivative counterparties			0
Not Designated as Hedging Instrument | Energy Related Derivative
Fair values of derivatives on consolidated balance sheets
Derivative Asset	0		1,000,000
Derivative Liability	0		$ 7,000,000
Designated as Hedging Instrument
Fair values of derivatives on consolidated balance sheets
Derivative Asset	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments (Details 3) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Cash collateral on deposit with derivative counterparties	$ 0	$ 0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset		1,000,000
Derivative, Collateral, Obligation to Return Securities		0
Derivative, Collateral, Obligation to Return Cash		0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election		1,000,000
Derivative Liability		(7,000,000)
Derivative Liability, Not Subject to Master Netting Arrangement Deduction		0
Cash collateral on deposit with derivative counterparties		0
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election		(7,000,000)
Derivative Assets (Liabilities), at Fair Value, Net		(6,000,000)
Net Derivative (Asset) Liability, Not Subject to Master Netting Arrangement Deduction		0
Derivative, Collateral, Obligation to Return Cash (Right to Reclaim Cash)		0
Net Derivative Asset (Liability), Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election		$ (6,000,000)

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - CF Industries Nitrogen, LLC - T	Mar. 31, 2021	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, 2021	Mar. 31, 2020
Noncontrolling interest
Beginning balance	$ 2,681
Earnings attributable to noncontrolling interests	24	$ 23
Distribution declared to noncontrolling interest	(64)	(88)
Ending balance	2,641
CF Industries Nitrogen, LLC
Noncontrolling interest
Beginning balance	2,681	2,740
Earnings attributable to noncontrolling interests	24	23
Distribution declared to noncontrolling interest	(64)	(88)
Ending balance	2,641	2,675
Distributions payable to noncontrolling interests:
Beginning balance	0	0
Declaration of distributions payable	64	88
Distributions to noncontrolling interest	(64)	(88)
Ending balance	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ (320)
Balance at the end of the period	(305)
Foreign Currency Translation Adjustment
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(144)	$ (188)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Effect of exchange rate changes and deferred taxes	14	(83)
Balance at the end of the period	(130)	(271)
Unrealized Gain on Derivatives
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	4	5
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Effect of exchange rate changes and deferred taxes	0	0
Balance at the end of the period	4	5
Defined Benefit Plans
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(180)	(183)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	2	1
Effect of exchange rate changes and deferred taxes	(1)	8
Balance at the end of the period	(179)	(174)
Accumulated Other Comprehensive Loss
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period		(366)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2)	(1)
Effect of exchange rate changes and deferred taxes	13	(75)
Balance at the end of the period	$ (305)	$ (440)

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) shares in Millions, $ in Millions	3 Months Ended	27 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Feb. 13, 2019
Equity [Abstract]
Stock Repurchase Program, Authorized Amount			$ 1,000
Stock Repurchased and Retired During Period, Shares	2.6	10.2
Stock Repurchased and Retired During Period, Value	$ 100	$ 437

Contingencies (Details)

Contingencies (Details)	Apr. 17, 2015Insurance_companyPeoplePlaintiffEntity	Apr. 17, 2013People	Mar. 31, 2021Litigation_case	Dec. 31, 2016mine
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			300
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, 2021	Mar. 31, 2020
Segment data
Net sales	$ 1,048	$ 971
Cost of sales	759	767
Gross margin	289	204
Total other operating costs and expenses	53	60
Equity in earnings of operating affiliate	11	3
Operating earnings	247	147
Ammonia
Segment data
Net sales	206	193
Granular Urea
Segment data
Net sales	399	337
UAN
Segment data
Net sales	232	235
AN
Segment data
Net sales	105	116
Operating Segments | Ammonia
Segment data
Net sales	206	193
Cost of sales	80	173
Gross margin	126	20
Operating Segments | Granular Urea
Segment data
Net sales	399	337
Cost of sales	264	224
Gross margin	135	113
Operating Segments | UAN
Segment data
Net sales	232	235
Cost of sales	230	193
Gross margin	2	42
Operating Segments | AN
Segment data
Net sales	105	116
Cost of sales	95	103
Gross margin	10	13
Operating Segments | Other
Segment data
Net sales	106	90
Cost of sales	90	74
Gross margin	$ 16	$ 16