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    CF Industries Holdings Inc (CF)

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    CF Industries Holdings, Inc. is a leading global manufacturer specializing in hydrogen and nitrogen products, with a mission to provide clean energy solutions to sustainably feed and fuel the world . The company operates the world's largest ammonia production network, which it is actively working to decarbonize to produce green and low-carbon hydrogen and nitrogen products for various applications, including energy, fertilizer, and emissions abatement . CF Industries' core product is anhydrous ammonia, which is either sold directly or upgraded into other nitrogen products such as granular urea, urea ammonium nitrate solution (UAN), and ammonium nitrate (AN) . The company also produces diesel exhaust fluid (DEF), urea liquor, nitric acid, and aqua ammonia, primarily for industrial customers .

    1. Anhydrous Ammonia - Serves as the core product, containing 82% nitrogen and 18% hydrogen, and is sold directly or used as a base for other nitrogen products.
    2. Granular Urea - Upgraded from anhydrous ammonia, used as a nitrogen-release fertilizer and in industrial applications.
    3. Urea Ammonium Nitrate Solution (UAN) - A liquid fertilizer product derived from ammonia, used for agricultural purposes.
    4. Ammonium Nitrate (AN) - Produced from ammonia, used in fertilizers and various industrial applications.
    5. Diesel Exhaust Fluid (DEF) - Manufactured for reducing emissions in diesel engines, primarily for industrial customers.
    6. Urea Liquor - A liquid form of urea used in various industrial processes.
    7. Nitric Acid - Produced for use in fertilizers and other industrial applications.
    8. Aqua Ammonia - A solution of ammonia in water, used in industrial and agricultural applications.
    NamePositionExternal RolesShort Bio

    W. Anthony Will

    ExecutiveBoard

    President and Chief Executive Officer

    Board Member at Olin Corporation

    CEO since January 2014, joined CF in April 2007. Previously held roles in corporate development, manufacturing, and distribution. Expertise in governance, operations, and sustainability.

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    Ashraf K. Malik

    Executive

    Senior Vice President, Manufacturing and Distribution

    None

    Joined CF in 2012. Former VP of Site Operations. Expertise in engineering and plant operations.

    Bert A. Frost

    Executive

    Executive Vice President, Sales, Market Development, and Supply Chain

    None

    Joined CF in 2008. Previously SVP of Sales and Market Development. Expertise in global ammonia and nitrogen fertilizer markets.

    Christopher D. Bohn

    Executive

    Executive Vice President and COO

    None

    Joined CF in 2009. Previously CFO and held roles in manufacturing, distribution, and supply chain. Expertise in clean energy strategy and capital deployment.

    Gregory D. Cameron

    Executive

    Executive Vice President and CFO

    None

    Joined CF in June 2024. Former CFO at Bloom Energy and held leadership roles at GE. Expertise in clean energy and operational leadership.

    Linda M. Dempsey

    Executive

    Vice President, Public Affairs

    None

    Joined CF in March 2020. Former VP at the National Association of Manufacturers. Expertise in international trade and regulatory policies.

    Michael P. McGrane

    Executive

    Vice President, General Counsel, and Secretary

    None

    Joined CF in 2011. Former Chief Compliance Officer. Expertise in corporate governance, M&A, and securities law.

    Susan L. Menzel

    Executive

    Executive Vice President and Chief Administrative Officer

    None

    Joined CF in 2017. Former SVP of Human Resources. Expertise in HR leadership and organizational strategy.

    Anne P. Noonan

    Board

    Director

    President and CEO of Summit Materials, Inc.

    Director since 2015. Former CEO of OMNOVA Solutions. Expertise in industrial products and corporate development.

    Celso L. White

    Board

    Director

    Co-Founder of Igniting Business Growth LLC; Board Member at Armada Acquisition Corp. I, Colorado UpLift, Bradley University, and Children Center in Hilton Head

    Director since 2018. Expertise in operations, supply chain, and sustainability.

    Javed Ahmed

    Board

    Director

    CEO and President of Reiter Affiliated Companies; Founder of Kompali Farms; Board Member at Monte Xanic and Reiter Affiliated Companies

    Director since 2018. Former CEO of Tate & Lyle PLC. Expertise in agriculture, food industry, and sustainability.

    Jesus Madrazo

    Board

    Director

    CEO and President of Reiter Affiliated Companies; Founder of Kompali Farms; Board Member at Monte Xanic and Reiter Affiliated Companies

    Director since 2021. Expertise in agriculture, sustainability, and strategic initiatives.

    Michael J. Toelle

    Board

    Director

    Owner of T & T Farms; Board Member at Nationwide Mutual Insurance Company and CIBO

    Director since 2017. Expertise in agriculture, risk management, and governance.

    Stephen J. Hagge

    Board

    Chairman of the Board

    Director at Crown Holdings, Inc.; Board Member at Transcendia Topco Holdings

    Director since 2010. Former CEO of AptarGroup. Expertise in governance, operations, and strategic initiatives.

    Susan A. Ellerbusch

    Board

    Director

    Board Member at Summit Materials, Inc.

    Director since October 2023. Former CEO of Air Liquide North America. Expertise in hydrogen, industrial gases, and chemicals.

    Theresa E. Wagler

    Board

    Director

    None

    Director since 2014. CFO of Steel Dynamics. Expertise in accounting, finance, and ESG initiatives.

    1. With your continued emphasis on share repurchases as a strategy to unlock shareholder value amidst perceived undervaluation, are there alternative strategies you are considering to more effectively bridge the gap between your enterprise value and the market's recognition of your assets' worth?
    2. Given the substantial investments in carbon capture and sequestration projects and the high costs associated with green ammonia production, how confident are you that the demand for low-carbon ammonia, especially from the agricultural sector, will materialize at a scale sufficient to justify these expenditures?
    3. As you anticipate a solid fall application season despite tighter grower margins and potential shifts in crop planting from corn to soybeans, what specific measures are you taking to mitigate the risks associated with these market uncertainties on nitrogen demand?
    4. While the Waggaman facility operates at 10% above nameplate capacity and is your most efficient plant, what challenges do you foresee in further optimizing its performance, and how do you plan to leverage this asset to achieve additional efficiencies across your operations?
    5. Considering the significant capital allocated to your low-carbon initiatives and the potential risks of technological hurdles or policy changes affecting 45Q tax credits, how are you assessing the risk-return profile of these investments, and what contingency plans are in place if the expected market demand does not materialize?
    Program DetailsProgram 1Program 2
    Approval DateNovember 3, 2021 November 2, 2022
    End Date/DurationCompleted Q2 2023 December 31, 2025
    Total Additional Amount$1.5 billion $3 billion
    Remaining AuthorizationNone $1.446 billion
    DetailsCompleted Active
    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2026$750 Senior Secured Notes4.500% 25.0% = (750 / 3000) * 100
    2034$750 Public Senior Notes5.150% 25.0% = (750 / 3000) * 100
    2043$750 Public Senior Notes4.950% 25.0% = (750 / 3000) * 100
    2044$750 Public Senior Notes5.375% 25.0% = (750 / 3000) * 100

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    Our primary competitors with North American operations include this company, which is part of the intensely competitive global markets based primarily on delivered price and, to a lesser extent, on reliability, customer service, and product quality.

    Koch Fertilizer LLC

    This company is one of our primary competitors with North American operations, competing in the global markets for nitrogen products.

    N-7 LLC

    This joint venture between OCI N.V. and Dakota Gasification Company is a primary competitor with North American operations in the nitrogen products market.

    Yara International

    This company is a primary competitor with North American operations and also competes in the United Kingdom market through imported products.

    Origin Fertilisers

    This company is a competitor in the United Kingdom market, supplying imported fertilizer products.

    Ameropa

    This company competes in the United Kingdom market by supplying imported fertilizer products.

    Thomas Bell & Sons Ltd.

    This company is a competitor in the United Kingdom market, providing imported fertilizer products.

    CustomerRelationshipSegmentDetails

    CHS

    Largest customer; ~11% equity interest in CFN

    All

    12% (≈$712 million) of 2024 total revenue , 13% (≈$862 million) of 2023 total revenue , 13% (≈$1,454 million) of 2022 total revenue.

    NameStart DateEnd DateReason for Change
    KPMG LLP1983 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Waggaman, Louisiana Ammonia Facility

    2023

    No recent press releases or 8-K filings found for CF.