CF Industries (CF) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Entity Address, Postal Zip Code	60015
Entity Address, City or Town	Deerfield
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		194,919,933
Entity Central Index Key	0001324404
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Address, State or Province	IL

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 2,012	$ 2,868
Cost of sales	1,149	1,170
Gross margin	863	1,698
Selling, general and administrative expenses	74	64
U.K. operations restructuring	2	0
Business Combination, Acquisition Related Costs	13	0
Other operating—net	(35)	2
Total other operating costs and expenses	54	66
Equity in earnings of operating affiliate	17	26
Operating earnings	826	1,658
Interest expense	40	241
Interest income	(30)	(36)
Other non-operating—net	(3)	1
Earnings before income taxes	819	1,452
Income tax provision (benefit)	169	401
Net earnings	650	1,051
Less: Net earnings attributable to noncontrolling interest	90	168
Net earnings attributable to common stockholders	$ 560	$ 883
Net earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 2.86	$ 4.23
Diluted (in dollars per share)	$ 2.85	$ 4.21
Weighted average common shares outstanding:
Basic (in shares)	196.2	208.6
Diluted (in shares)	196.9	209.9
Dividends declared per common share (in dollars per share)	$ 0.40	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 650	$ 1,051
Other comprehensive income (loss):
Foreign currency translation adjustment—net of taxes	7	(13)
Defined benefit plans—net of taxes	(1)	4
Total other comprehensive income	6	(9)
Comprehensive income	656	1,042
Less: Comprehensive income attributable to noncontrolling interest	90	168
Comprehensive income attributable to common stockholders	$ 566	$ 874

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,825	$ 2,323
Accounts receivable—net	482	582
Inventories	430	474
Prepaid income taxes	69	215
Other current assets	42	79
Total current assets	3,848	3,673
Property, plant and equipment—net	6,294	6,437
Investment in affiliate	81	74
Goodwill	2,089	2,089
Operating lease right-of-use assets	288	254
Other assets	798	786
Total assets	13,398	13,313
Current liabilities:
Accounts payable and accrued expenses	452	575
Income taxes payable	10	3
Customer advances	284	229
Current operating lease liabilities	104	93
Other current liabilities	12	95
Total current liabilities	862	995
Long-term debt	2,966	2,965
Deferred Income Tax Liabilities, Net	933	958
Operating lease liabilities	182	167
Other liabilities	365	375
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, 2023—196,237,302 shares issued and 2022—195,604,404 shares issued	2	2
Paid-in capital	1,424	1,412
Retained earnings	4,348	3,867
Treasury stock—at cost, 2023—1,319,380 shares and 2022—0 shares	(97)	0
Accumulated other comprehensive loss	(224)	(230)
Total stockholders’ equity	5,453	5,051
Noncontrolling interest	2,637	2,802
Total equity	8,090	7,853
Total liabilities and equity	$ 13,398	$ 13,313
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	196,237,302	195,604,404
Treasury Stock, Shares	1,319,380	0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	196,237,302	195,604,404

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Total Stockholders’ Equity	$0.01 Par Value Common Stock	Treasury Stock	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Balance at Dec. 31, 2021	$ 6,036	$ 3,206	$ 2	$ (2)	$ 1,375	$ 2,088	$ (257)	$ 2,830
Increase (decrease) in equity
Net earnings	1,051	883	0	0	0	883	0	168
Less: Net earnings attributable to noncontrolling interest	168
Net earnings attributable to common stockholders	883
Other comprehensive loss	(9)	(9)	0	0	0	0	(9)	0
Purchases of treasury stock	(100)	(100)	0	(100)	0	0	0	0
Retirement of treasury stock	2	2	0	2	0	0	0	0
Acquisition of treasury stock under employee stock plans	(23)	(23)	0	(23)	0	0	0	0
Issuance of $0.01 par value common stock under employee stock plans	97	97	0	0	97	0	0	0
Stock-based compensation expense	10	10	0	0	10	0	0	0
Cash dividends	(64)	(64)	0	0	0	(64)	0	0
Distribution declared to noncontrolling interest	(247)	0	0	0	0	0	0	(247)
Balance at Mar. 31, 2022	6,753	4,002	2	(123)	1,482	2,907	(266)	2,751
Balance at Dec. 31, 2022	7,853	5,051	2	0	1,412	3,867	(230)	2,802
Increase (decrease) in equity
Net earnings	650	560	0	0	0	560	0	90
Less: Net earnings attributable to noncontrolling interest	90
Net earnings attributable to common stockholders	560
Other comprehensive loss	6	6	0	0	0	0	6	0
Purchases of treasury stock	(75)	(75)	0	(75)	0	0	0	0
Acquisition of treasury stock under employee stock plans	(22)	(22)	0	(22)	0	0	0	0
Stock-based compensation expense	12	12	0	0	12	0	0	0
Cash dividends	(79)	(79)	0	0	0	(79)	0	0
Distribution declared to noncontrolling interest	(255)	0	0	0	0	0	0	(255)
Balance at Mar. 31, 2023	$ 8,090	$ 5,453	$ 2	$ (97)	$ 1,424	$ 4,348	$ (224)	$ 2,637

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Dividends declared per common share (in dollars per share)	$ 0.40	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net earnings	$ 650	$ 1,051
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	206	208
Deferred income taxes	(26)	(2)
Stock-based compensation expense	12	10
Unrealized net gain on natural gas derivatives	(72)	(33)
Gain on sale of emission credits	(35)	0
Undistributed earnings of affiliate—net of taxes	(7)	(2)
Changes in:
Accounts receivable—net	101	(185)
Inventories	39	(66)
Accrued and prepaid income taxes	153	387
Accounts payable and accrued expenses	(135)	76
Customer advances	55	(102)
Other—net	6	49
Net cash provided by operating activities	947	1,391
Investing Activities:
Additions to property, plant and equipment	(69)	(63)
Proceeds from sale of property, plant and equipment	0	1
Purchase of emission credits	0	(9)
Proceeds from sale of emission credits	35	9
Net cash used in investing activities	(34)	(62)
Financing Activities:
Payments of Financing Costs	0	(4)
Dividends paid	(79)	(64)
Distributions to noncontrolling interest	(255)	(247)
Purchases of treasury stock	(54)	(98)
Proceeds from issuances of common stock under employee stock plans	0	97
Shares withheld for taxes	(22)	(23)
Net cash provided by (used in) financing activities	(410)	(339)
Effect of exchange rate changes on cash and cash equivalents	(1)	(1)
Increase in cash and cash equivalents	502	989
Cash and cash equivalents at beginning of period	2,323	1,628
Cash and cash equivalents at end of period	$ 2,825	$ 2,617

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 nitrogen 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. 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, 2022, 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, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	We track our revenue by product and by geography. See Note 14—Segment Disclosures for the revenue of each of our reportable segments, 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, 2023 and 2022: Ammonia Granular Urea UAN AN Other Total (in millions) Three months ended March 31, 2023 North America $ 330 $ 575 $ 519 $ 74 $ 126 $ 1,624 Europe and other 94 36 148 85 25 388 Total revenue $ 424 $ 611 $ 667 $ 159 $ 151 $ 2,012 Three months ended March 31, 2022 North America $ 583 $ 736 $ 1,013 $ 83 $ 153 $ 2,568 Europe and other 57 29 2 140 72 300 Total revenue $ 640 $ 765 $ 1,015 $ 223 $ 225 $ 2,868 As of March 31, 2023 and December 31, 2022, we had $284 million and $229 million, respectively, in customer advances on our consolidated balance sheets. The revenue recognized during the three months ended March 31, 2023 and 2022 that was included in our customer advances at the beginning of each respective period amounted to approximately $160 million and $560 million, respectively. We offer cash incentives to certain customers generally based on the volume of their purchases over the fertilizer year ending June 30. Our cash incentives do not provide an option to the customer for additional product. The balances of customer incentives accrued as of March 31, 2023 and December 31, 2022 were not material. We have certain customer contracts with performance obligations under which, 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, the amount of which payment may vary based upon the terms and conditions of the applicable contract. As of March 31, 2023, 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 were approximately $1.0 billion. We expect to recognize approximately 34% of these performance obligations as revenue in the remainder of 2023, approximately 33% as revenue during 2024-2026, approximately 15% as revenue during 2027-2029, and the remainder thereafter. Subject to the terms and conditions of the applicable contracts, if the customers do not satisfy their purchase obligations under such contracts, the minimum amount that they would be required to pay to us under such contracts, in the aggregate, was approximately $280 million as of March 31, 2023. Other than the performance obligations described above, any performance obligations with our customers that were unfulfilled or partially fulfilled at December 31, 2022 will be satisfied in 2023.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Earnings Per Share	Net earnings per share were computed as follows: Three months ended 2023 2022 (in millions, except per share amounts) Net earnings attributable to common stockholders $ 560 $ 883 Basic earnings per common share: Weighted-average common shares outstanding 196.2 208.6 Net earnings attributable to common stockholders $ 2.86 $ 4.23 Diluted earnings per common share: Weighted-average common shares outstanding 196.2 208.6 Dilutive common shares—stock-based awards 0.7 1.3 Diluted weighted-average common shares outstanding 196.9 209.9 Net earnings attributable to common stockholders $ 2.85 $ 4.21 Diluted earnings per common 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 zero in both the three months ended March 31, 2023 and 2022.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories consist of the following: March 31, December 31, (in millions) Finished goods $ 393 $ 437 Raw materials, spare parts and supplies 37 37 Total inventories $ 430 $ 474

Property, Plant and Equipment-N

Property, Plant and Equipment-Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment, Net [Abstract]
Property, Plant and Equipment-Net	Property, plant and equipment—net consists of the following: March 31, December 31, (in millions) Land $ 113 $ 113 Machinery and equipment 12,672 12,633 Buildings and improvements 920 914 Construction in progress 226 203 Property, plant and equipment (1) 13,931 13,863 Less: Accumulated depreciation and amortization 7,637 7,426 Property, plant and equipment—net $ 6,294 $ 6,437 _______________________________________________________________________________ (1) As of March 31, 2023 and December 31, 2022, we had property, plant and equipment that was accrued but unpaid of approximately $45 million and $53 million, respectively. As of March 31, 2022 and December 31, 2021, we had property, plant and equipment that was accrued but unpaid of approximately $22 million and $35 million, respectively. Depreciation and amortization related to property, plant and equipment was $204 million and $205 million for the three months ended March 31, 2023 and 2022, 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. Scheduled replacements and overhauls of plant machinery and equipment during a plant turnaround include the dismantling, repair or replacement and installation of various components including piping, valves, motors, turbines, pumps, compressors and heat exchangers and the replacement of catalysts when a full plant shutdown occurs. Scheduled inspections, including required safety inspections which entail the disassembly of various components such as steam boilers, pressure vessels and other equipment requiring safety certifications, are also conducted during full plant shutdowns. Internal employee costs and overhead amounts are not considered turnaround costs and are not capitalized. The following is a summary of capitalized plant turnaround costs: Three months ended 2023 2022 (in millions) Net capitalized turnaround costs as of January 1 $ 312 $ 355 Additions 7 5 Depreciation (31) (36) Effect of exchange rate changes — (1) Net capitalized turnaround costs as of March 31 $ 288 $ 323

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
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, 2023, the total carrying value of our equity method investment in PLNL was $81 million, $34 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 10 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 $59 million and $74 million for the three months ended March 31, 2023 and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Our cash and cash equivalents and other investments consist of the following: March 31, 2023 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 217 $ — $ — $ 217 Cash equivalents: U.S. and Canadian government obligations 2,314 — — 2,314 Other debt securities 294 — — 294 Total cash and cash equivalents $ 2,825 $ — $ — $ 2,825 Nonqualified employee benefit trusts 16 1 — 17 December 31, 2022 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 153 $ — $ — $ 153 Cash equivalents: U.S. and Canadian government obligations 1,902 — — 1,902 Other debt securities 268 — — 268 Total cash and cash equivalents $ 2,323 $ — $ — $ 2,323 Nonqualified employee benefit trusts 16 — — 16 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, 2023 and December 31, 2022 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value: March 31, 2023 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 2,608 $ 2,608 $ — $ — Nonqualified employee benefit trusts 17 17 — — Derivative assets 4 — 4 — Derivative liabilities (5) — (5) — December 31, 2022 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 2,170 $ 2,170 $ — $ — Nonqualified employee benefit trusts 16 16 — — Derivative assets 12 — 12 — Derivative liabilities (85) — (85) — Cash Equivalents Cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. As of March 31, 2023 and December 31, 2022, 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 represent 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 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 11—Derivative Financial Instruments for additional information. Financial Instruments The carrying amount and estimated fair value of our financial instruments are as follows: March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (in millions) Long-term debt $ 2,966 $ 2,770 $ 2,965 $ 2,764 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 We also have assets and liabilities that may be measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment, when there is allocation of purchase price in an acquisition or when a new liability is being established that requires fair value measurement. These include long-lived assets, goodwill and other

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	For the three months ended March 31, 2023, we recorded an income tax provision of $169 million on pre-tax income of $819 million, or an effective tax rate of 20.6%, compared to an income tax provision of $401 million on pre-tax income of $1.45 billion, or an effective tax rate of 27.6%, for the three months ended March 31, 2022. Our effective tax rate is impacted by earnings attributable to the noncontrolling interest in CF Industries Nitrogen, LLC (CFN), as our consolidated income tax provision does not include a tax provision on the earnings attributable to the noncontrolling interest. Our effective tax rate for the three months ended March 31, 2023 of 20.6%, which is based on pre-tax income of $819 million, including $90 million of earnings attributable to the noncontrolling interest, would be 2.6 percentage points higher if based on pre-tax income exclusive of the $90 million of earnings attributable to the noncontrolling interest. Our effective tax rate for the three months ended March 31, 2022 of 27.6%, which is based on pre-tax income of $1.45 billion, including $168 million of earnings attributable to the noncontrolling interest, would be 3.7 percentage points higher if based on pre-tax income exclusive of the $168 million of earnings attributable to the noncontrolling interest. In addition, for the three months ended March 31, 2022, our income tax provision includes $20 million of income tax benefit due to share-based compensation activity and $78 million of income tax provision related to the Canada Revenue Agency Competent Authority Matter and certain transfer pricing reserves recorded in the period, as discussed below. Canada Revenue Agency Competent Authority Matter In 2016, the Canada Revenue Agency (CRA) and Alberta Tax and Revenue Administration (Alberta TRA) issued Notices of Reassessment for tax years 2006 through 2009 to one of our Canadian affiliates asserting a disallowance of certain patronage deductions. We filed Notices of Objection with respect to the Notices of Reassessment with the CRA and Alberta TRA and posted letters of credit in lieu of paying the additional tax liability assessed. The letters of credit served as security until the matter was resolved, as discussed below. In 2018, the matter, including the related transfer pricing topic regarding the allocation of profits between Canada and the United States, was accepted for consideration under the bilateral settlement provisions of the U.S.-Canada tax treaty (the Treaty) by the United States and Canadian competent authorities, and included tax years 2006 through 2011. In the second quarter of 2021, the Company submitted the transfer pricing aspect of the matter into the arbitration process under the terms of the Treaty. In February 2022, we were informed that a decision was reached by the arbitration panel for tax years 2006 through 2011. In March 2022, we received further details of the results of the arbitration proceedings and the settlement provisions between the United States and Canadian competent authorities, and we accepted the decision of the arbitration panel. Under the terms of the arbitration decision, additional income for tax years 2006 through 2011 was subject to tax in Canada, resulting in our having additional Canadian tax liability for those tax years. In the three months ended March 31, 2022, as a result of the impact of these events on our Canadian and U.S. federal and state income taxes, we recognized an income tax provision of $76 million, reflecting the net impact of $127 million of accrued income taxes payable to Canada for tax years 2006 through 2011, partially offset by net income tax receivables of approximately $51 million in the United States, and we accrued net interest of $99 million, primarily reflecting the impact of estimated interest payable to Canada. In the second half of 2022, this tax liability and the related interest were assessed and paid, resulting in total payments of $224 million, which also reflect the impact of changes in foreign currency exchange rates. As a result, the letters of credit we had posted in lieu of paying the additional tax liability assessed by the Notices of Reassessment were cancelled. Due primarily to the availability of additional foreign tax credits to offset in part the increased Canadian tax referenced above, the Company has filed amended tax returns in the United States to request a refund of taxes paid. Transfer pricing positions In the first quarter of 2022, as a result of the outcome of the arbitration decision discussed above, we also evaluated our transfer pricing positions between Canada and the United States for open years 2012 and after. Based on this evaluation for the three months ended March 31, 2022, we recorded the following: • liabilities for unrecognized tax benefits of approximately $319 million, with a corresponding income tax provision, and accrued interest of approximately $91 million related to the liabilities for unrecognized tax benefits, and • noncurrent income tax receivables of approximately $329 million, with a corresponding income tax benefit, and accrued interest income of approximately $28 million related to the noncurrent income tax receivables.

Financing Agreements

Financing Agreements	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Financing Agreements	Revolving Credit Agreement We have a senior unsecured 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. As of March 31, 2023, 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, 2023 or December 31, 2022, or during the three months ended March 31, 2023. The Revolving Credit Agreement contains representations and warranties and affirmative and negative covenants, including financial covenants. As of March 31, 2023, 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 $350 million of letters of credit. As of March 31, 2023, approximately $201 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, 2023 and December 31, 2022 consisted of the following debt securities issued by CF Industries: Effective Interest Rate March 31, 2023 December 31, 2022 Principal Carrying Amount (1) Principal Carrying Amount (1) (in millions) Public Senior Notes: 5.150% due March 2034 5.293% 750 741 750 741 4.950% due June 2043 5.040% 750 742 750 742 5.375% due March 2044 5.478% 750 740 750 740 Senior Secured Notes: 4.500% due December 2026 (2) 4.783% 750 743 750 742 Total long-term debt $ 3,000 $ 2,966 $ 3,000 $ 2,965 _______________________________________________________________________________ (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $7 million as of both March 31, 2023 and December 31, 2022, and total deferred debt issuance costs were $27 million and $28 million as of March 31, 2023 and December 31, 2022, respectively. (2) Effective August 23, 2021, these notes are no longer secured, in accordance with the terms of the applicable indenture. Under the indentures (including the applicable supplemental indentures) governing the senior notes due 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 by CF Holdings.

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2023
Interest Expense [Abstract]
Interest Expense	Details of interest expense are as follows: Three months ended 2023 2022 (in millions) Interest on borrowings (1) $ 37 $ 42 Fees on financing agreements (1) 2 2 Interest on tax liabilities (2) 2 198 Interest capitalized (1) (1) Total interest expense $ 40 $ 241 _______________________________________________________________________________ (1) See Note 9—Financing Agreements for additional information. (2) See Note 8—Income Taxes for additional information.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	11. Derivative Financial Instruments We 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 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, 2023, we had natural gas derivative contracts covering certain periods through March 2024. As of March 31, 2023, our open natural gas derivative contracts consisted of natural gas fixed price swaps, basis swaps and options for 18.9 million MMBtus of natural gas. As of December 31, 2022, we had open natural gas derivative contracts consisting of natural gas fixed price swaps, basis swaps and options for 66.3 million MMBtus of natural gas. For the three months ended March 31, 2023, we used derivatives to cover approximately 69% 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 Location 2023 2022 (in millions) Unrealized net gains on natural gas derivatives Cost of sales $ 72 $ 33 Realized net (losses) gains on natural gas derivatives Cost of sales (118) 17 Net derivative (losses) gains $ (46) $ 50 The fair values of derivatives on our consolidated balance sheets are shown below. As of March 31, 2023 and December 31, 2022, none of our derivative instruments were designated as hedging instruments. See Note 7—Fair Value Measurements for additional information on derivative fair values. Asset Derivatives Liability Derivatives Balance Sheet Location March 31, December 31, 2022 Balance Sheet March 31, December 31, 2022 (in millions) (in millions) Natural gas derivatives Other current assets $ 4 $ 12 Other current liabilities $ (5) $ (85) 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. As of March 31, 2023 and December 31, 2022, the aggregate fair value of the derivative instruments with credit-risk-related contingent features in net liability positions was $1 million and $73 million, respectively, which also approximates the fair value of the assets that may be needed to settle the obligations if the credit-risk-related contingent features were triggered at the reporting dates. 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. As of March 31, 2023 and December 31, 2022, we had no cash collateral on deposit with counterparties for derivative contracts. The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of March 31, 2023 and December 31, 2022: Amounts presented in consolidated balance sheets (1) Gross amounts not offset in consolidated balance sheets Financial Cash collateral received (pledged) Net (in millions) March 31, 2023 Total derivative assets $ 4 $ — $ — $ 4 Total derivative liabilities (5) — — (5) Net derivative liabilities $ (1) $ — $ — $ (1) December 31, 2022 Total derivative assets $ 12 $ — $ — $ 12 Total derivative liabilities (85) — — (85) Net derivative liabilities $ (73) $ — $ — $ (73) _______________________________________________________________________________ (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, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interest	We have a strategic venture with CHS Inc. (CHS) under which CHS owns 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. 2023 2022 (in millions) Noncontrolling interest: Balance as of January 1 $ 2,802 $ 2,830 Earnings attributable to noncontrolling interest 90 168 Declaration of distributions payable (255) (247) Balance as of March 31 $ 2,637 $ 2,751 Distributions payable to noncontrolling interest: Balance as of January 1 $ — $ — Declaration of distributions payable 255 247 Distributions to noncontrolling interest (255) (247) Balance as of March 31 $ — $ —

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Common Stock On November 3, 2021, our Board of Directors (the Board) authorized the repurchase of up to $1.5 billion of CF Holdings common stock through December 31, 2024 (the 2021 Share Repurchase Program). On November 2, 2022, the Board authorized the repurchase of up to $3 billion of CF Holdings common stock commencing upon completion of the 2021 Share Repurchase Program and effective through December 31, 2025 (the 2022 Share Repurchase Program). Repurchases under these programs may be made from time to time in the open market, through privately negotiated transactions, through block transactions or otherwise. The manner, timing and amount of repurchases will be determined by our management based on the evaluation of market conditions, stock price, and other factors. In the three months ended March 31, 2023, we repurchased approximately 1.1 million shares under the 2021 Share Repurchase Program for $75 million, of which $21 million was accrued and unpaid as of March 31, 2023. As of March 31, 2023, there was approximately $80 million of authorization remaining under the 2021 Share Repurchase Program. In the three months ended March 31, 2022, we repurchased approximately 1.3 million shares under the 2021 Share Repurchase Program for $100 million and we retired 27,962 shares of repurchased stock, including shares repurchased under the share repurchase program that expired on December 31, 2021. 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, 2021 $ (141) $ 4 $ (120) $ (257) Reclassification to earnings — — 1 1 Effect of exchange rate changes and deferred taxes (13) — 3 (10) Balance as of March 31, 2022 $ (154) $ 4 $ (116) $ (266) Balance as of December 31, 2022 $ (179) $ 3 $ (54) $ (230) Effect of exchange rate changes and deferred taxes 7 — (1) 6 Balance as of March 31, 2023 $ (172) $ 3 $ (55) $ (224)

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
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 primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes) are centrally managed and are not included in the measurement of segment profitability reviewed by management. Segment data for sales, cost of sales and gross margin for the three months ended March 31, 2023 and 2022 are presented in the table below. Ammonia Granular Urea (1) UAN (1) AN (1) Other (1) Consolidated (in millions) Three months ended March 31, 2023 Net sales $ 424 $ 611 $ 667 $ 159 $ 151 $ 2,012 Cost of sales 280 327 346 104 92 1,149 Gross margin $ 144 $ 284 $ 321 $ 55 $ 59 863 Total other operating costs and expenses 54 Equity in earnings of operating affiliate 17 Operating earnings $ 826 Three months ended March 31, 2022 Net sales $ 640 $ 765 $ 1,015 $ 223 $ 225 $ 2,868 Cost of sales 280 270 345 171 104 1,170 Gross margin $ 360 $ 495 $ 670 $ 52 $ 121 1,698 Total other operating costs and expense 66 Equity in earnings of operating affiliate 26 Operating earnings $ 1,658 _______________________________________________________________________________ (1) The cost of the products that are upgraded into other products is transferred at cost into the upgraded product results.

Agreement to Purchase Ammonia P

Agreement to Purchase Ammonia Production Facility	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Agreement to Purchase Ammonia Production Facility	Agreement To Purchase Ammonia Production Facility On March 20, 2023, we entered into an asset purchase agreement with Dyno Nobel Louisiana Ammonia, LLC (DNLA), a U.S. subsidiary of Australian-based Incitec Pivot Limited (IPL), and IPL. Under the terms of the agreement, we will purchase DNLA’s ammonia production complex located in Waggaman, Louisiana for a purchase price of $1.675 billion, subject to adjustment. The facility has a nameplate capacity of 880,000 tons of ammonia annually. The parties will allocate $425 million of the purchase price to a long-term ammonia offtake agreement providing for us to supply up to 200,000 tons of ammonia per year to IPL’s Dyno Nobel, Inc. subsidiary. We expect to fund the balance of the purchase price, representing the $1.675 billion purchase price, as adjusted, less $425 million, with cash on hand. The consummation of the transaction is subject to the satisfaction or waiver of customary conditions, including, among others, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The agreement includes certain customary termination rights, including the right of either party to terminate the agreement if the closing has not occurred by March 20, 2025. We have agreed to pay a termination fee of $75 million if the agreement is terminated in certain circumstances and certain regulatory approvals are not obtained.

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Cash Equivalents	Cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Ammonia Granular Urea UAN AN Other Total (in millions) Three months ended March 31, 2023 North America $ 330 $ 575 $ 519 $ 74 $ 126 $ 1,624 Europe and other 94 36 148 85 25 388 Total revenue $ 424 $ 611 $ 667 $ 159 $ 151 $ 2,012 Three months ended March 31, 2022 North America $ 583 $ 736 $ 1,013 $ 83 $ 153 $ 2,568 Europe and other 57 29 2 140 72 300 Total revenue $ 640 $ 765 $ 1,015 $ 223 $ 225 $ 2,868

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of net earnings per share	Net earnings per share were computed as follows: Three months ended 2023 2022 (in millions, except per share amounts) Net earnings attributable to common stockholders $ 560 $ 883 Basic earnings per common share: Weighted-average common shares outstanding 196.2 208.6 Net earnings attributable to common stockholders $ 2.86 $ 4.23 Diluted earnings per common share: Weighted-average common shares outstanding 196.2 208.6 Dilutive common shares—stock-based awards 0.7 1.3 Diluted weighted-average common shares outstanding 196.9 209.9 Net earnings attributable to common stockholders $ 2.85 $ 4.21

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following: March 31, December 31, (in millions) Finished goods $ 393 $ 437 Raw materials, spare parts and supplies 37 37 Total inventories $ 430 $ 474

Property, Plant and Equipment_2

Property, Plant and Equipment-Net (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 113 $ 113 Machinery and equipment 12,672 12,633 Buildings and improvements 920 914 Construction in progress 226 203 Property, plant and equipment (1) 13,931 13,863 Less: Accumulated depreciation and amortization 7,637 7,426 Property, plant and equipment—net $ 6,294 $ 6,437 _______________________________________________________________________________
Summary of plant turnaround activity	Three months ended 2023 2022 (in millions) Net capitalized turnaround costs as of January 1 $ 312 $ 355 Additions 7 5 Depreciation (31) (36) Effect of exchange rate changes — (1) Net capitalized turnaround costs as of March 31 $ 288 $ 323

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 217 $ — $ — $ 217 Cash equivalents: U.S. and Canadian government obligations 2,314 — — 2,314 Other debt securities 294 — — 294 Total cash and cash equivalents $ 2,825 $ — $ — $ 2,825 Nonqualified employee benefit trusts 16 1 — 17 December 31, 2022 Cost Basis Unrealized Unrealized Fair Value (in millions) Cash $ 153 $ — $ — $ 153 Cash equivalents: U.S. and Canadian government obligations 1,902 — — 1,902 Other debt securities 268 — — 268 Total cash and cash equivalents $ 2,323 $ — $ — $ 2,323 Nonqualified employee benefit trusts 16 — — 16
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, 2023 and December 31, 2022 that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair value: March 31, 2023 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 2,608 $ 2,608 $ — $ — Nonqualified employee benefit trusts 17 17 — — Derivative assets 4 — 4 — Derivative liabilities (5) — (5) — December 31, 2022 Total Fair Quoted Prices Significant Significant (in millions) Cash equivalents $ 2,170 $ 2,170 $ — $ — Nonqualified employee benefit trusts 16 16 — — Derivative assets 12 — 12 — Derivative liabilities (85) — (85) —
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, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (in millions) Long-term debt $ 2,966 $ 2,770 $ 2,965 $ 2,764

Financing Agreements (Tables)

Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Components of long-term debt	Long-term debt presented on our consolidated balance sheets as of March 31, 2023 and December 31, 2022 consisted of the following debt securities issued by CF Industries: Effective Interest Rate March 31, 2023 December 31, 2022 Principal Carrying Amount (1) Principal Carrying Amount (1) (in millions) Public Senior Notes: 5.150% due March 2034 5.293% 750 741 750 741 4.950% due June 2043 5.040% 750 742 750 742 5.375% due March 2044 5.478% 750 740 750 740 Senior Secured Notes: 4.500% due December 2026 (2) 4.783% 750 743 750 742 Total long-term debt $ 3,000 $ 2,966 $ 3,000 $ 2,965 _______________________________________________________________________________ (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $7 million as of both March 31, 2023 and December 31, 2022, and total deferred debt issuance costs were $27 million and $28 million as of March 31, 2023 and December 31, 2022, respectively. (2) Effective August 23, 2021, these notes are no longer secured, in accordance with the terms of the applicable indenture.

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2023
Interest Expense [Abstract]
Schedule of interest expense	Details of interest expense are as follows: Three months ended 2023 2022 (in millions) Interest on borrowings (1) $ 37 $ 42 Fees on financing agreements (1) 2 2 Interest on tax liabilities (2) 2 198 Interest capitalized (1) (1) Total interest expense $ 40 $ 241 _______________________________________________________________________________ (1) See Note 9—Financing Agreements for additional information. (2) See Note 8—Income Taxes for additional information.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 Location 2023 2022 (in millions) Unrealized net gains on natural gas derivatives Cost of sales $ 72 $ 33 Realized net (losses) gains on natural gas derivatives Cost of sales (118) 17 Net derivative (losses) gains $ (46) $ 50
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, 2023 and December 31, 2022, none of our derivative instruments were designated as hedging instruments. See Note 7—Fair Value Measurements for additional information on derivative fair values. Asset Derivatives Liability Derivatives Balance Sheet Location March 31, December 31, 2022 Balance Sheet March 31, December 31, 2022 (in millions) (in millions) Natural gas derivatives Other current assets $ 4 $ 12 Other current liabilities $ (5) $ (85)
Offsetting Liabilities	The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of March 31, 2023 and December 31, 2022: Amounts presented in consolidated balance sheets (1) Gross amounts not offset in consolidated balance sheets Financial Cash collateral received (pledged) Net (in millions) March 31, 2023 Total derivative assets $ 4 $ — $ — $ 4 Total derivative liabilities (5) — — (5) Net derivative liabilities $ (1) $ — $ — $ (1) December 31, 2022 Total derivative assets $ 12 $ — $ — $ 12 Total derivative liabilities (85) — — (85) Net derivative liabilities $ (73) $ — $ — $ (73) _______________________________________________________________________________ (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 March 31, 2023 and December 31, 2022: Amounts presented in consolidated balance sheets (1) Gross amounts not offset in consolidated balance sheets Financial Cash collateral received (pledged) Net (in millions) March 31, 2023 Total derivative assets $ 4 $ — $ — $ 4 Total derivative liabilities (5) — — (5) Net derivative liabilities $ (1) $ — $ — $ (1) December 31, 2022 Total derivative assets $ 12 $ — $ — $ 12 Total derivative liabilities (85) — — (85) Net derivative liabilities $ (73) $ — $ — $ (73) _______________________________________________________________________________ (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, 2023
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. 2023 2022 (in millions) Noncontrolling interest: Balance as of January 1 $ 2,802 $ 2,830 Earnings attributable to noncontrolling interest 90 168 Declaration of distributions payable (255) (247) Balance as of March 31 $ 2,637 $ 2,751 Distributions payable to noncontrolling interest: Balance as of January 1 $ — $ — Declaration of distributions payable 255 247 Distributions to noncontrolling interest (255) (247) Balance as of March 31 $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2021 $ (141) $ 4 $ (120) $ (257) Reclassification to earnings — — 1 1 Effect of exchange rate changes and deferred taxes (13) — 3 (10) Balance as of March 31, 2022 $ (154) $ 4 $ (116) $ (266) Balance as of December 31, 2022 $ (179) $ 3 $ (54) $ (230) Effect of exchange rate changes and deferred taxes 7 — (1) 6 Balance as of March 31, 2023 $ (172) $ 3 $ (55) $ (224)

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 are presented in the table below. Ammonia Granular Urea (1) UAN (1) AN (1) Other (1) Consolidated (in millions) Three months ended March 31, 2023 Net sales $ 424 $ 611 $ 667 $ 159 $ 151 $ 2,012 Cost of sales 280 327 346 104 92 1,149 Gross margin $ 144 $ 284 $ 321 $ 55 $ 59 863 Total other operating costs and expenses 54 Equity in earnings of operating affiliate 17 Operating earnings $ 826 Three months ended March 31, 2022 Net sales $ 640 $ 765 $ 1,015 $ 223 $ 225 $ 2,868 Cost of sales 280 270 345 171 104 1,170 Gross margin $ 360 $ 495 $ 670 $ 52 $ 121 1,698 Total other operating costs and expense 66 Equity in earnings of operating affiliate 26 Operating earnings $ 1,658 _______________________________________________________________________________ (1) The cost of the products that are upgraded into other products is transferred at cost into the upgraded product results.

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Net sales	$ 2,012	$ 2,868
Customer advances	284		$ 229
Contract with Customer, Liability, Revenue Recognized	$ 160	$ 560

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product and by Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 2,012	$ 2,868
North America
Disaggregation of Revenue [Line Items]
Net sales	1,624	2,568
Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	388	300
Ammonia
Disaggregation of Revenue [Line Items]
Net sales	424	640
Ammonia | North America
Disaggregation of Revenue [Line Items]
Net sales	330	583
Ammonia | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	94	57
Granular Urea
Disaggregation of Revenue [Line Items]
Net sales	611	765
Granular Urea | North America
Disaggregation of Revenue [Line Items]
Net sales	575	736
Granular Urea | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	36	29
UAN
Disaggregation of Revenue [Line Items]
Net sales	667	1,015
UAN | North America
Disaggregation of Revenue [Line Items]
Net sales	519	1,013
UAN | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	148	2
AN
Disaggregation of Revenue [Line Items]
Net sales	159	223
AN | North America
Disaggregation of Revenue [Line Items]
Net sales	74	83
AN | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	85	140
Other
Disaggregation of Revenue [Line Items]
Net sales	151	225
Other | North America
Disaggregation of Revenue [Line Items]
Net sales	126	153
Other | Europe and Other
Disaggregation of Revenue [Line Items]
Net sales	$ 25	$ 72

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Amount of remaining performance obligation	$ 1,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Performance Obligation, description of returns and other similar obligations, unfulfilled minimum contractual right of payment	$ 280
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	34%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	33%
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	33%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	33%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	15%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	15%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Percent	15%

Net Earnings Per Share (Details

Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net earnings attributable to common stockholders	$ 560	$ 883
Basic earnings per common share:
Weighted-average common shares outstanding	196.2	208.6
Net earnings attributable to common stockholders (in dollars per share)	$ 2.86	$ 4.23
Diluted earnings per common share:
Weighted-average common shares outstanding	196.2	208.6
Dilutive common shares—stock options (in shares)	0.7	1.3
Diluted weighted-average common shares outstanding	196.9	209.9
Net earnings attributable to common stockholders diluted (in dollars per share)	$ 2.85	$ 4.21
Antidilutive securities excluded from computation of EPS (in shares)	0	0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 393	$ 437
Raw materials, spare parts and supplies	37	37
Total inventories	$ 430	$ 474

Property, Plant and Equipment_3

Property, Plant and Equipment-Net (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment-Net
Gross property plant and equipment	$ 13,931		$ 13,863
Less: Accumulated depreciation and amortization	7,637		7,426
Net property, plant and equipment	6,294		6,437
Construction in progress expenditures incurred but not yet paid	45	$ 22	53	$ 35
Depreciation and amortization	204	205
Land
Property, Plant and Equipment-Net
Gross property plant and equipment	113		113
Machinery and equipment
Property, Plant and Equipment-Net
Gross property plant and equipment	12,672		12,633
Changes in plant turnaround activity
Balance at the beginning of the period	312	355	355
Additions	7	5
Depreciation	(31)	(36)
Effect of exchange rate changes	0	(1)
Balance at the end of the period	288	$ 323	312	$ 355
Buildings and improvements
Property, Plant and Equipment-Net
Gross property plant and equipment	920		914
Construction in progress
Property, Plant and Equipment-Net
Gross property plant and equipment	$ 226		$ 203

Equity Method Investment-Narrat

Equity Method Investment-Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity method investments
Obligation to purchase ammonia (as a percent)	50%
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	10 years
Point Lisas Nitrogen Limited (PLNL) | Operating equity method investments
Equity method investments
Ownership interest (as a percent)	50%
Equity Method Investment	$ 81
Carrying value of investments in excess of the entity's share of the affiliates' book value	34
Purchases of ammonia from PLNL	$ 59	$ 74

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Cash	$ 217	$ 153
Cash and Cash Equivalents
Cash equivalents:
Cost Basis	2,825	2,323
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	2,825	2,323
U.S. and Canadian government obligations | Cash and Cash Equivalents
Cash equivalents:
Cost Basis	2,314	1,902
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	2,314	1,902
Other debt securities | Cash and Cash Equivalents
Cash equivalents:
Cost Basis	294	268
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	294	268
Nonqualified employee benefit trusts
Cash equivalents:
Cost Basis	16	16
Unrealized Gains	1	0
Unrealized Losses	0	0
Fair Value	$ 17	$ 16

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
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	$ 2,770	$ 2,764
Reported Value Measurement
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt, including current portion	2,966	2,965
Recurring basis
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	2,608	2,170
Nonqualified employee benefit trusts	17	16
Derivative Liability	(5)	(85)
Derivative Asset	4	12
Recurring basis | Quoted Prices in Active Markets (Level 1)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	2,608	2,170
Nonqualified employee benefit trusts	17	16
Derivative Liability	0	0
Derivative Asset	0	0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	0	0
Nonqualified employee benefit trusts	0	0
Derivative Liability	(5)	(85)
Derivative Asset	4	12
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	0
Derivative Asset	$ 0	$ 0

Income Taxes Incomes Taxes (Det

Income Taxes Incomes Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Income tax provision (benefit)	$ 169	$ 401
Effective Income Tax Rate Reconciliation, Percent	20.60%	27.60%
Less: Net earnings attributable to noncontrolling interest	$ 90	$ 168
Effective Income Tax Rate Reconciliation, period increase/(decrease) due to noncontrolling interest	2.60%	3.70%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	$ 20
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	819	$ 1,452
Income Taxes Paid			$ 224
Foreign Tax Authority | Canada Revenue Agency [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount	78
Foreign Tax Authority | Canada Revenue Agency [Member] | Tax Years 2006-2011
Operating Loss Carryforwards [Line Items]
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	127
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	99
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount	76
Foreign Tax Authority | Canada Revenue Agency [Member] | Tax Years 2012 and After
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	319
Income Taxes Receivable, Noncurrent	329
Accrued Income Taxes, Noncurrent	28
Unrecognized Tax Benefits, Income Tax Penalties Accrued	91
Foreign Tax Authority | Canada Revenue Agency [Member] | Tax Year 2012 and After
Operating Loss Carryforwards [Line Items]
Income Tax Examination, Interest Expense	63
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount	2
Income Tax Examination, Estimate of Possible Loss	12
Unrecognized Tax Benefits, Estimated Interest on Income Taxes Accrued, Net of Taxes	69
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Income Taxes Receivable	$ 51

Financing Agreements (Details)

Financing Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instruments
Principal	$ 3,000	$ 3,000
Carrying amount	2,966	2,965
Long-term debt	2,966	2,965
CF Industries
Debt Instruments
Unamortized debt discount	7	7
Total deferred debt issuance costs	$ 27	$ 28
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)	5.293%	5.293%
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)	5.04%	5.04%
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)	5.478%	5.478%
Principal	$ 750	$ 750
Carrying amount	$ 740	$ 740
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)	4.783%	4.783%
Principal	$ 750	$ 750
Carrying amount	$ 743	$ 742

Financing Agreements - Narrativ

Financing Agreements - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 05, 2019	Jul. 29, 2016
Financing agreements
Principal	$ 3,000,000,000	$ 3,000,000,000
Letter of Credit | Letter of Credit
Financing agreements
Maximum borrowing capacity	350,000,000
Line of Credit Facility, Fair Value of Amount Outstanding	201,000,000
CF Industries | Credit Agreement
Financing agreements
Available credit	750,000,000
Outstanding letters of credit	0
Long-term Line of Credit	$ 0	$ 0
CF Industries | Amendment No. 4 to the Third Amended and Restated Revolving Credit Agreement | Letter of Credit | Revolving Credit Facility
Financing agreements
Maximum borrowing capacity			$ 750,000,000
CF Industries | July 2016 Credit Agreement Amendment | Letter of Credit | Letter of Credit
Financing agreements
Maximum borrowing capacity				$ 125,000,000

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Expense [Abstract]
Interest on borrowings(1)	$ 37	$ 42
Fees on financing agreements(1)	2	2
Interest on tax liabilities(2)	2	198
Interest capitalized	(1)	(1)
Interest expense	$ 40	$ 241

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (46)	$ 50
Energy Related Derivative | Not Designated as Hedging Instrument | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	72	33
Gain (Loss) on Sale of Derivatives	$ (118)	$ 17

Derivative Financial Instrume_4

Derivative Financial Instruments (Details 2) MMBTU in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) MMBTU	Dec. 31, 2022 USD ($) MMBTU
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Nonmonetary Amount of Price Risk Derivative Instruments Not Designated as Hedging Instruments | MMBTU	18.9	66.3
Percentage of Consumption Hedged by Derivatives	69%
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	1,000,000	73,000,000
Cash collateral on deposit with derivative counterparties	0	0
Not Designated as Hedging Instrument
Fair values of derivatives on consolidated balance sheets
Derivative Asset	4,000,000	12,000,000
Derivative Liability	5,000,000	85,000,000
Cash collateral on deposit with derivative counterparties	0	0
Cash collateral on deposit with derivative counterparties	0	0
Not Designated as Hedging Instrument | Energy Related Derivative
Fair values of derivatives on consolidated balance sheets
Derivative Asset	4,000,000	12,000,000
Derivative Liability	5,000,000	$ 85,000,000
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, 2023	Dec. 31, 2022
Derivative [Line Items]
Cash collateral on deposit with derivative counterparties	$ 0	$ 0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset	4,000,000	12,000,000
Derivative, Collateral, Obligation to Return Securities	0	0
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	4,000,000	12,000,000
Derivative Liability	(5,000,000)	(85,000,000)
Derivative Liability, Not Subject to Master Netting Arrangement Deduction	0	0
Cash collateral on deposit with derivative counterparties	0	0
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	(5,000,000)	(85,000,000)
Derivative Assets (Liabilities), at Fair Value, Net	(1,000,000)	(73,000,000)
Net Derivative (Asset) Liability, Not Subject to Master Netting Arrangement Deduction	0	0
Derivative, Collateral, Obligation to Return Cash (Right to Reclaim Cash)	0	0
Net Derivative Asset (Liability), Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ (1,000,000)	$ (73,000,000)

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) T	Mar. 31, 2022 USD ($)	Feb. 01, 2016
Noncontrolling interest
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $	$ 255	$ 247
CF Industries Nitrogen, LLC
Noncontrolling interest
Maximum Annual Granular Urea Tons Eligible for Purchase | T	1,100,000
Maximum Annual UAN Tons Eligible for Purchase | T	580,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $	$ 255	$ 247
CHS Inc. | CF Industries Nitrogen, LLC
Noncontrolling interest
Percentage of ownership interest held by outside investors			11%

Noncontrolling Interest (Deta_2

Noncontrolling Interest (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Noncontrolling interest
Beginning balance	$ 2,802
Earnings attributable to noncontrolling interests	90	$ 168
Distribution declared to noncontrolling interest	(255)	(247)
Ending balance	2,637
CF Industries Nitrogen, LLC
Noncontrolling interest
Beginning balance	2,802	2,830
Earnings attributable to noncontrolling interests	90	168
Distribution declared to noncontrolling interest	(255)	(247)
Ending balance	2,637	2,751
Distributions payable to noncontrolling interests:
Beginning balance	0	0
Declaration of distributions payable	255	247
Distributions to noncontrolling interest	(255)	(247)
Ending balance	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ (230)
Balance at the end of the period	(224)
Foreign Currency Translation Adjustment
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(179)	$ (141)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		0
Effect of exchange rate changes and deferred taxes	7	(13)
Balance at the end of the period	(172)	(154)
Unrealized Gain on Derivatives
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	3	4
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		0
Effect of exchange rate changes and deferred taxes	0	0
Balance at the end of the period	3	4
Defined Benefit Plans
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(54)	(120)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		1
Effect of exchange rate changes and deferred taxes	(1)	3
Balance at the end of the period	(55)	(116)
Accumulated Other Comprehensive Loss
Changes to accumulated other comprehensive income (loss)
Balance at the beginning of the period	(230)	(257)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		(1)
Effect of exchange rate changes and deferred taxes	6	(10)
Balance at the end of the period	$ (224)	$ (266)

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Nov. 02, 2022	Nov. 03, 2021
Equity [Abstract]
Stock Repurchase Program, Authorized Amount			$ 3,000	$ 1,500
Stock Repurchased and Retired During Period, Shares	1,100,000	1,300,000
Stock Repurchased During Period, Value	$ 75	$ 100
Treasury Stock, Shares, Retired		27,962
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 80

Segment Disclosures (Details)

Segment Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment data
Net sales	$ 2,012	$ 2,868
Cost of sales	1,149	1,170
Gross margin	863	1,698
Total other operating costs and expenses	54	66
Equity in earnings of operating affiliate	17	26
Operating earnings	826	1,658
Ammonia
Segment data
Net sales	424	640
Granular Urea
Segment data
Net sales	611	765
UAN
Segment data
Net sales	667	1,015
AN
Segment data
Net sales	159	223
Operating Segments | Ammonia
Segment data
Net sales	424	640
Cost of sales	280	280
Gross margin	144	360
Operating Segments | Granular Urea
Segment data
Net sales	611	765
Cost of sales	327	270
Gross margin	284	495
Operating Segments | UAN
Segment data
Net sales	667	1,015
Cost of sales	346	345
Gross margin	321	670
Operating Segments | AN
Segment data
Net sales	159	223
Cost of sales	104	171
Gross margin	55	52
Operating Segments | Other
Segment data
Net sales	151	225
Cost of sales	92	104
Gross margin	$ 59	$ 121

Agreement to Purchase Ammonia_2

Agreement to Purchase Ammonia Production Facility (Details) - Ammonia Production Facility T in Thousands, $ in Millions	Mar. 20, 2023 USD ($) T
Asset Acquisition [Line Items]
Asset Acquisition, Price of Acquisition, Expected	$ 1,675
Asset acquisition nameplate capacity | T	880
Asset acquisition supply commitment, obligation	$ 425
Asset acquisition supply commitment, minimum annual commitment | T	200
Asset acquisition, consideration transferred, termination fee	$ 75