CF Industries Holdings, Inc. (CF) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that CF Industries Holdings, Inc. surfaced in its latest filing.

• Average selling price declined from $314 per ton in 2015 to $207 per ton in 2017.2015-2017
• The European Union imposed additional tariffs on nitrogen fertilizers from Russia beginning in July 2025.July 2025
• The European Commission extended definitive anti-dumping duties on UAN from Russia, Trinidad and the United States through January 6, 2031.January 6, 2031
• The United Kingdom implemented an assurance scheme in 2024 limiting use of unprotected or uninhibited urea products from January to March.2024
• The resumption of U.S. export permitting in 2025 is expected to increase LNG export capabilities.2025
• Recent low water levels on the U.S. river system and in the Panama Canal have delayed shipping, increasing shipping costs.
• A 2013 fire and explosion at a fertilizer facility in West, Texas, involving products we manufactured, resulted in 15 fatalities and claims of injuries to approximately 200 people.2013
• As of December 31, 2025, we had approximately $3.25 billion of total funded indebtedness, consisting solely of unsecured senior notes with varying maturity dates between 2034 and 2044.December 31, 2025
• The Inflation Reduction Act of 2022 expanded production tax credits for carbon sequestration and introduced clean hydrogen production tax credits.2022
• The One Big Beautiful Bill Act, enacted in July 2025, modified carbon sequestration tax credits and limited the duration of clean hydrogen production tax credits.July 2025
• The Infrastructure Investment and Jobs Act of 2021 reinstated and doubled the Superfund tax on chemicals, including ammonia and nitric acid, running through December 31, 2031.2021 - December 31, 2031
• In October 2025, Louisiana established permitting criteria and imposed an indefinite moratorium on new Class VI underground injection well applications.October 2025
• Entered into a joint venture in 2025 with two Japanese partners to build a greenfield low-carbon ammonia plant.2025
• Named in 2022 along with other parties in product liability actions relating to paraquat allegedly sold by Terra Industries Inc. before CF Holdings acquired Terra in April 2010.2022
• Canada has announced a target of reducing emissions from fertilizers by 30% below 2020 levels by 2030.2030
• Beginning January 1, 2026, EU importers of nitrogen fertilizer products are subject to CBAM and will be required to purchase certificates in 2027.January 1, 2026
• The United Kingdom is introducing a carbon border adjustment mechanism expected to apply from January 1, 2027.January 1, 2027
• The 2016 revocations of U.S. antidumping measures on solid urea and fertilizer grade ammonium nitrate from Russia allowed for increased imports from Russia.2016