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 34% from $314 per ton in 2015 to $207 per ton in 2017 due to additional production capacity coming online in the two-year period ended December 31, 20172017
• Ongoing development of a low-carbon ammonia production facility at the Blue Point complex in Louisiana
• 2016 revocations of U.S. antidumping measures on solid urea and fertilizer grade ammonium nitrate from Russia allowed increased imports into the United States2016
• High volumes of UAN imports from Russia have negatively affected U.S. producers' UAN profitability
• European Union imposed additional and increasing tariffs on nitrogen fertilizers from Russia beginning July 20252025-07-01
• European Commission extended definitive anti-dumping duties on UAN imports from Russia, Trinidad, and the United States through January 6, 20312031-01-06
• The United Kingdom implemented an assurance scheme in 2024 to limit the use of unprotected or uninhibited urea products between January and March of every year2024
• Canada has announced a target of reducing emissions from fertilizers by 30% below 2020 levels by 2030 and is supporting implementation through improved nitrogen management and optimizing fertilizer use2030
• The Donaldsonville complex represented approximately 40% of our ammonia production capacity as of December 31, 2025.2025-12-31
• We were named as a defendant in lawsuits alleging negligence, strict liability, and breach of warranty related to the West, Texas incident
• As of December 31, 2025, approximately $3.25 billion of total funded indebtedness, consisting solely of unsecured senior notes with maturities between 2034 and 2044, representing approximately 29% of total capitalization2025-12-31
• The Inflation Reduction Act of 2022 expanded production tax credits for carbon sequestration and introduced clean hydrogen production tax credits2022
• The One Big Beautiful Bill Act, enacted in July 2025, further modified carbon sequestration tax credits and limited the duration of the clean hydrogen production tax credits2025-07-01
• The Infrastructure Investment and Jobs Act of 2021 reinstated and doubled the Superfund tax on chemicals, including ammonia and nitric acid, through December 31, 2031, applicable to domestic production and import except for certain uses2031-12-31
• Canadian regulations price CO2e emissions of our Canadian facilities based on emissions per unit of production, with excess emissions requiring offsets or payment of a charge per metric ton, with the price increasing annually through 20302030
• Beginning January 1, 2026, importers of nitrogen fertilizer into the EU became subject to CBAM and will need to purchase certificates in 2027 reflecting direct and indirect carbon emissions2026-01-01
• The United Kingdom is introducing a carbon border adjustment mechanism expected to apply from January 1, 20272027-01-01
• In October 2025, Louisiana’s government established new permitting criteria and policy guidance for Class VI underground injection control program for carbon sequestration and imposed an indefinite moratorium on all new applications for Class VI underground injection wells2025-10-01
• in 2025, we entered into a joint venture with two Japanese partners to build a greenfield plant to produce low-carbon ammonia2025
• in 2022, we were named in product liability actions relating to paraquat allegedly sold by Terra, which was acquired in April 20102022
• We are developing at our Blue Point complex a low-carbon ammonia plant using autothermal reforming (ATR) with CCS