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20
23
Annual Report
2023 Overview
Financial Performance
$1.53 Billion
$2.71 Billion
$2.76 Billion
Net Earnings Attributable to
Common Stockholders
EBITDA(1)
Adjusted EBITDA(1)
$2.76 Billion
$1.80 Billion
Net Cash from Operations
Free Cash Flow(2)
Safety
Decarbonization
As of December 31, 2023, the Company   s
12-month rolling average recordable incident
rate was 0.36 incidents per 200,000 work hours
    significantly better than industry averages.
Reached mechanical completion for Company   s
green ammonia project at its Donaldsonville
Complex in Louisiana with commissioning
activities underway. Once operational, project
will enable North America   s first commercialscale green ammonia production.
Operational Excellence
Produced 9.5M tons of gross ammonia
in 2023.
Return to Shareholders
Returned $891 million to shareholders in 2023
through $580 million in share repurchases and
$311 million in dividend payments.
Strategic Initiatives
Completed acquisition of Incitec Pivot Limited   s
ammonia production facility in Waggaman,
Louisiana, adding 880,000 tons of ammonia
capacity from one of North America   s newest
and most energy efficient ammonia plants.
Landmark carbon capture and sequestration
project at the Donaldsonville Complex in
Louisiana remains on track for start-up in 2025.
Once operational, project will enable permanent
sequestration of 2 million tons of CO2 annually
that would otherwise have been emitted to the
atmosphere.
Comprehensive ESG Goals
Pursuing comprehensive environmental, social
and governance (   ESG   ) goals covering critical
environmental, societal, and workforce imperatives.
Progress in 2023 includes development of
roadmaps reviewed by the Board of Directors for
the Company to achieve its 2030 carbon dioxideequivalent (CO2-e) emissions intensity reduction
goal and 2050 net zero carbon goal.
(1) EBITDA is defined as net earnings attributable to common stockholders plus interest expense   net, income taxes and depreciation and amortization. See reconciliations of
EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables on page 8.
(2) Free cash flow is defined as net cash from operating activities less capital expenditures and distributions to noncontrolling interest. See reconciliation of free cash flow to the
most directly comparable GAAP measure in the table on page 8.
Fellow
CF Industries
Shareholders:
The CF Industries team delivered
outstanding results in 2023.
Net earnings attributable to common stockholders for the
year were $1.5 billion, EBITDA was $2.7 billion and adjusted
EBITDA was $2.8 billion. Net cash from operations was $2.8
billion and free cash flow was $1.8 billion. These results
reflect global nitrogen industry conditions favorable to
our North American-based production network, as we
benefitted from wide energy spreads between low-cost
North American natural gas and high-cost natural gas used
by producers in Europe and Asia. We also saw continued
strong execution across our business that included
producing 9.5 million tons of gross ammonia for the year.
We believe operational excellence, outstanding safety
and resulting high asset utilization, is a hallmark of the CF
Industries team. This has consistently supported our ability
to create substantial value for our long-term shareholders.
Since the beginning of 2021:
We invested approximately $1.4 billion in cash to grow
our production capacity and our cash generation
capability. This includes both our initial clean
energy projects (Donaldsonville carbon capture and
sequestration and green ammonia) and the purchase of
the Waggaman ammonia production facility in Louisiana
in December 2023. The Waggaman acquisition will deliver
immediate profitable growth by adding one of the newest
and most energy efficient ammonia production units in
North America into our existing network while advancing
our long-term strategic focus on low-carbon ammonia as
a clean energy source.
CF INDUSTRIES
We invested another $1.3 billion in sustaining
maintenance activities that improve production
safety, efficiency, and reliability, and ultimately cashgeneration capability, of our industry-leading assets.
We deployed $2.5 billion to repurchase more than
31 million shares, approximately 15% of the shares
outstanding at the beginning of 2021. In 2023, we
commenced a new $3 billion share repurchase
program that expires in December 2025.
We returned $877 million to shareholders through
dividend payments, with the dividend now 67% higher
than it was at the end of 2020 following increases
approved by our Board of Directors in April 2022 and
January 2024.
Our strong operational and financial results
and commitment to reward long-term
shareholders have contributed to our record of
outperformance in total shareholder return. We
have exceeded our peer group on a 1-, 3-, 5-, 7and 10-year basis and exceeded the Dow Jones
U.S. Commodity Chemicals Index on a 3-, 5- and
7-year basis and the S&P 500 on a 3- and 7-year
basis, with a similar return on a 5-year basis.
2023 ANNUAL REPORT
1
WHAT WE DO
At our core, CF Industries is a producer of ammonia. We use the Haber-Bosch process to fix atmospheric nitrogen with hydrogen from
natural gas to produce anhydrous ammonia, whose chemical composition is NH3. We then choose to sell the ammonia itself or upgrade it
into ammonia-derived products such as granular urea, urea ammonium nitrate solutions (UAN) and diesel exhaust fluid (DEF).
We are the largest producer of ammonia in the world. The 16 ammonia plants in our network, which are all located in North America, have a
total annual average capacity of 10.4 million tons. We produce ammonia and/or ammonia-derived products at nine manufacturing facilities.
We have significant advantages compared to our peers that underpin our cash generation capability.
Underpinned by outstanding safety performance, we
consistently deliver capacity utilization rates well above
our peers. We have built, and maintain to the highest
standards, what we believe to be the industry   s most
reliable, efficient, and flexible assets. This operational
excellence leads to capital and operating efficiency,
saving our shareholders billions of dollars of capital and
the accompanying annual maintenance and overhead
costs while allowing us to produce meaningfully greater
volumes of ammonia with the same assets.
Our access to low-cost and plentiful North American
natural gas provides a significant production margin
advantage.
We have leading distribution and logistics capabilities
that enable a global reach.
We are disciplined stewards of the business, with SG&A
costs as a percent of sales among the lowest in both the
chemicals and fertilizer industries.
We also continually invest in the training and development of our
team. We are focused on ensuring that all employees     from new
hires to executives     have access to the tools and knowledge
they need to grow their careers and reach their potential. Our
commitment to growth and development includes on-the-job
training, professional and technical development, leadership
development and tuition reimbursement programs.
Total Recordable Incident Rate
North American Ammonia Percent of Capacity Utilization (1)
Total injuries per 200,000 work hours
5-Year Rolling Avg. Percent of Capacity
BLS Fertilizer Manufacturing
CF Industries
North America Excl. CF (2)
4.5
100%
4.0
98%
96%
96%
3.5
CF North America (3)
97%
96%
94%
3.0
92%
2.5
90%
2.0
88%
1.5
86%
1.0
84%
0.5
82%
0
80%
2011
2014
2017
2020
2023
As of December 31, 2023, our 12-month rolling average
recordable incident rate was 0.36 per 200,000 work hours
86%
87%
84%
5 Years Ending 2021
5 Years Ending 2022
5 Years Ending 2023
CF   s 10% greater capacity utilization yields an additional
~0.9 million tons of ammonia annually(4)
(1) Source of data: December 19, 2023 CRU Ammonia Database
(2) Calculated by removing CF Industries    annual reported production and capacity from the CRU data for all North American ammonia production peer group, Waggaman
production/capacity included for one month only
(3) Represents CF Industries    historical North American production and CRU   s capacity estimates for CF Industries
(4) ~0.9 million tons represents the difference between CF Industries    actual trailing 5-year average ammonia production of 9.3 million tons at 97% of capacity utilization and the 8.4 million
tons CF Industries would have produced if operated at the 87% CRU North American benchmark excluding CF Industries
Note: CRU North American peer group includes AdvanSix, Austin Powder (US Nitrogen), Carbonair, CF Industries, Chevron, CVR Partners, Dakota Gasification Co, Dyno Nobel, Fortigen, Incitec
Pivot (11 months production/capacity), Koch Industries, LSB Industries, LSB Industries/Cherokee Nitrogen, Mississippi Power, Mosaic, Nutrien, OCI N.V., RenTech Nitrogen, Sherritt International
Corp, Shoreline Chemical, Simplot, Yara International
CF INDUSTRIES
2023 ANNUAL REPORT
2
OUR MISSION IS TO FEED AND FUEL
THE WORLD SUSTAINABLY
What we do makes a difference to billions of people. Simply,
ammonia is one of the most important chemical compounds on
earth, essential to human life.
For decades, CF Industries has focused on producing and selling
ammonia and other ammonia-derived products for use as nitrogen
fertilizer. The nitrogen content in these products provides energy
to crops to increase yields and is critical to the formation of protein
within the plant.
Along with advancements in seed technology and farming
practices, the use of nitrogen fertilizer and other nutrients
dramatically increased food production in the second half of the
1900s, supporting world population growth and lifting countless
people out of hunger. It is estimated that fertilizer is responsible for
50% of the world   s food. At the same time, fertilizer allows more
food to be grown on fewer acres. This reduces the amount of land
cleared for agriculture, preserving carbon-sequestering forests and
the biodiversity of wildlife ecosystems.
More recently, we have grown a business focused on emissions
reduction. We are one of the world   s largest producers of DEF.
DEF, when combined with selective catalytic reduction
technology, reduces nitrogen oxide (NOX) emissions from diesel
trucks by up to 90% and increases fuel efficiency by 3-4%.
Today we have an opportunity to strengthen our existing business
and set the Company on a significant growth trajectory by doing
what we do best     produce ammonia     while significantly reducing
the carbon emissions associated with ammonia production. We
believe that doing so:
CF INDUSTRIES
Is the right thing to do, in line with our long-standing
commitment to environmental stewardship and
our stakeholders    and society   s interests in reducing
greenhouse gas (GHG) emissions.
Meets growing interest in low-carbon ammonia and
low-carbon nitrogen fertilizers for traditional agriculturerelated applications to lower the carbon footprint of food
production and enable ethanol as a sustainable aviation
fuel. The use of low-carbon nitrogen fertilizer as a clean
energy source to increase crop yields is a certifiable and
quantifiable pathway to achieve these objectives.
Positions the Company to succeed under new
regulatory regimes.
Unlocks new growth opportunities from energy-intensive
industries, such as power generation and marine
shipping, that have identified ammonia as a clean energy
source. This is due to the hydrogen atoms that make
up a molecule of ammonia. Hydrogen is widely viewed
as a scalable source of clean energy, and ammonia
represents an efficient mechanism to both ship and store
hydrogen, as well as a clean energy source in its own right
as ammonia does not contain or emit carbon. The use
of ammonia for its clean energy capability represents
a significant source of new demand for those who can
produce low-carbon ammonia.
2023 ANNUAL REPORT
3
 • shareholder letter icon 3/7/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/22/2023 CF Stockholder Letter
 • stockholder letter icon More "Agricultural Chemicals" Category Stockholder Letters
 • Benford's Law Stocks icon CF Benford's Law Stock Score = 94


CF Shareholder/Stockholder Letter Transcript:

20
23
Annual Report

2023 Overview
Financial Performance
$1.53 Billion
$2.71 Billion
$2.76 Billion
Net Earnings Attributable to
Common Stockholders
EBITDA(1)
Adjusted EBITDA(1)
$2.76 Billion
$1.80 Billion
Net Cash from Operations
Free Cash Flow(2)
Safety
Decarbonization
As of December 31, 2023, the Company   s
12-month rolling average recordable incident
rate was 0.36 incidents per 200,000 work hours
    significantly better than industry averages.
Reached mechanical completion for Company   s
green ammonia project at its Donaldsonville
Complex in Louisiana with commissioning
activities underway. Once operational, project
will enable North America   s first commercialscale green ammonia production.
Operational Excellence
Produced 9.5M tons of gross ammonia
in 2023.
Return to Shareholders
Returned $891 million to shareholders in 2023
through $580 million in share repurchases and
$311 million in dividend payments.
Strategic Initiatives
Completed acquisition of Incitec Pivot Limited   s
ammonia production facility in Waggaman,
Louisiana, adding 880,000 tons of ammonia
capacity from one of North America   s newest
and most energy efficient ammonia plants.
Landmark carbon capture and sequestration
project at the Donaldsonville Complex in
Louisiana remains on track for start-up in 2025.
Once operational, project will enable permanent
sequestration of 2 million tons of CO2 annually
that would otherwise have been emitted to the
atmosphere.
Comprehensive ESG Goals
Pursuing comprehensive environmental, social
and governance (   ESG   ) goals covering critical
environmental, societal, and workforce imperatives.
Progress in 2023 includes development of
roadmaps reviewed by the Board of Directors for
the Company to achieve its 2030 carbon dioxideequivalent (CO2-e) emissions intensity reduction
goal and 2050 net zero carbon goal.
(1) EBITDA is defined as net earnings attributable to common stockholders plus interest expense   net, income taxes and depreciation and amortization. See reconciliations of
EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables on page 8.
(2) Free cash flow is defined as net cash from operating activities less capital expenditures and distributions to noncontrolling interest. See reconciliation of free cash flow to the
most directly comparable GAAP measure in the table on page 8.

Fellow
CF Industries
Shareholders:
The CF Industries team delivered
outstanding results in 2023.
Net earnings attributable to common stockholders for the
year were $1.5 billion, EBITDA was $2.7 billion and adjusted
EBITDA was $2.8 billion. Net cash from operations was $2.8
billion and free cash flow was $1.8 billion. These results
reflect global nitrogen industry conditions favorable to
our North American-based production network, as we
benefitted from wide energy spreads between low-cost
North American natural gas and high-cost natural gas used
by producers in Europe and Asia. We also saw continued
strong execution across our business that included
producing 9.5 million tons of gross ammonia for the year.
We believe operational excellence, outstanding safety
and resulting high asset utilization, is a hallmark of the CF
Industries team. This has consistently supported our ability
to create substantial value for our long-term shareholders.
Since the beginning of 2021:
We invested approximately $1.4 billion in cash to grow
our production capacity and our cash generation
capability. This includes both our initial clean
energy projects (Donaldsonville carbon capture and
sequestration and green ammonia) and the purchase of
the Waggaman ammonia production facility in Louisiana
in December 2023. The Waggaman acquisition will deliver
immediate profitable growth by adding one of the newest
and most energy efficient ammonia production units in
North America into our existing network while advancing
our long-term strategic focus on low-carbon ammonia as
a clean energy source.
CF INDUSTRIES
We invested another $1.3 billion in sustaining
maintenance activities that improve production
safety, efficiency, and reliability, and ultimately cashgeneration capability, of our industry-leading assets.
We deployed $2.5 billion to repurchase more than
31 million shares, approximately 15% of the shares
outstanding at the beginning of 2021. In 2023, we
commenced a new $3 billion share repurchase
program that expires in December 2025.
We returned $877 million to shareholders through
dividend payments, with the dividend now 67% higher
than it was at the end of 2020 following increases
approved by our Board of Directors in April 2022 and
January 2024.
Our strong operational and financial results
and commitment to reward long-term
shareholders have contributed to our record of
outperformance in total shareholder return. We
have exceeded our peer group on a 1-, 3-, 5-, 7and 10-year basis and exceeded the Dow Jones
U.S. Commodity Chemicals Index on a 3-, 5- and
7-year basis and the S&P 500 on a 3- and 7-year
basis, with a similar return on a 5-year basis.
2023 ANNUAL REPORT
1

WHAT WE DO
At our core, CF Industries is a producer of ammonia. We use the Haber-Bosch process to fix atmospheric nitrogen with hydrogen from
natural gas to produce anhydrous ammonia, whose chemical composition is NH3. We then choose to sell the ammonia itself or upgrade it
into ammonia-derived products such as granular urea, urea ammonium nitrate solutions (UAN) and diesel exhaust fluid (DEF).
We are the largest producer of ammonia in the world. The 16 ammonia plants in our network, which are all located in North America, have a
total annual average capacity of 10.4 million tons. We produce ammonia and/or ammonia-derived products at nine manufacturing facilities.
We have significant advantages compared to our peers that underpin our cash generation capability.
Underpinned by outstanding safety performance, we
consistently deliver capacity utilization rates well above
our peers. We have built, and maintain to the highest
standards, what we believe to be the industry   s most
reliable, efficient, and flexible assets. This operational
excellence leads to capital and operating efficiency,
saving our shareholders billions of dollars of capital and
the accompanying annual maintenance and overhead
costs while allowing us to produce meaningfully greater
volumes of ammonia with the same assets.
Our access to low-cost and plentiful North American
natural gas provides a significant production margin
advantage.
We have leading distribution and logistics capabilities
that enable a global reach.
We are disciplined stewards of the business, with SG&A
costs as a percent of sales among the lowest in both the
chemicals and fertilizer industries.
We also continually invest in the training and development of our
team. We are focused on ensuring that all employees     from new
hires to executives     have access to the tools and knowledge
they need to grow their careers and reach their potential. Our
commitment to growth and development includes on-the-job
training, professional and technical development, leadership
development and tuition reimbursement programs.
Total Recordable Incident Rate
North American Ammonia Percent of Capacity Utilization (1)
Total injuries per 200,000 work hours
5-Year Rolling Avg. Percent of Capacity
BLS Fertilizer Manufacturing
CF Industries
North America Excl. CF (2)
4.5
100%
4.0
98%
96%
96%
3.5
CF North America (3)
97%
96%
94%
3.0
92%
2.5
90%
2.0
88%
1.5
86%
1.0
84%
0.5
82%
0
80%
2011
2014
2017
2020
2023
As of December 31, 2023, our 12-month rolling average
recordable incident rate was 0.36 per 200,000 work hours
86%
87%
84%
5 Years Ending 2021
5 Years Ending 2022
5 Years Ending 2023
CF   s 10% greater capacity utilization yields an additional
~0.9 million tons of ammonia annually(4)
(1) Source of data: December 19, 2023 CRU Ammonia Database
(2) Calculated by removing CF Industries    annual reported production and capacity from the CRU data for all North American ammonia production peer group, Waggaman
production/capacity included for one month only
(3) Represents CF Industries    historical North American production and CRU   s capacity estimates for CF Industries
(4) ~0.9 million tons represents the difference between CF Industries    actual trailing 5-year average ammonia production of 9.3 million tons at 97% of capacity utilization and the 8.4 million
tons CF Industries would have produced if operated at the 87% CRU North American benchmark excluding CF Industries
Note: CRU North American peer group includes AdvanSix, Austin Powder (US Nitrogen), Carbonair, CF Industries, Chevron, CVR Partners, Dakota Gasification Co, Dyno Nobel, Fortigen, Incitec
Pivot (11 months production/capacity), Koch Industries, LSB Industries, LSB Industries/Cherokee Nitrogen, Mississippi Power, Mosaic, Nutrien, OCI N.V., RenTech Nitrogen, Sherritt International
Corp, Shoreline Chemical, Simplot, Yara International
CF INDUSTRIES
2023 ANNUAL REPORT
2

OUR MISSION IS TO FEED AND FUEL
THE WORLD SUSTAINABLY
What we do makes a difference to billions of people. Simply,
ammonia is one of the most important chemical compounds on
earth, essential to human life.
For decades, CF Industries has focused on producing and selling
ammonia and other ammonia-derived products for use as nitrogen
fertilizer. The nitrogen content in these products provides energy
to crops to increase yields and is critical to the formation of protein
within the plant.
Along with advancements in seed technology and farming
practices, the use of nitrogen fertilizer and other nutrients
dramatically increased food production in the second half of the
1900s, supporting world population growth and lifting countless
people out of hunger. It is estimated that fertilizer is responsible for
50% of the world   s food. At the same time, fertilizer allows more
food to be grown on fewer acres. This reduces the amount of land
cleared for agriculture, preserving carbon-sequestering forests and
the biodiversity of wildlife ecosystems.
More recently, we have grown a business focused on emissions
reduction. We are one of the world   s largest producers of DEF.
DEF, when combined with selective catalytic reduction
technology, reduces nitrogen oxide (NOX) emissions from diesel
trucks by up to 90% and increases fuel efficiency by 3-4%.
Today we have an opportunity to strengthen our existing business
and set the Company on a significant growth trajectory by doing
what we do best     produce ammonia     while significantly reducing
the carbon emissions associated with ammonia production. We
believe that doing so:
CF INDUSTRIES
Is the right thing to do, in line with our long-standing
commitment to environmental stewardship and
our stakeholders    and society   s interests in reducing
greenhouse gas (GHG) emissions.
Meets growing interest in low-carbon ammonia and
low-carbon nitrogen fertilizers for traditional agriculturerelated applications to lower the carbon footprint of food
production and enable ethanol as a sustainable aviation
fuel. The use of low-carbon nitrogen fertilizer as a clean
energy source to increase crop yields is a certifiable and
quantifiable pathway to achieve these objectives.
Positions the Company to succeed under new
regulatory regimes.
Unlocks new growth opportunities from energy-intensive
industries, such as power generation and marine
shipping, that have identified ammonia as a clean energy
source. This is due to the hydrogen atoms that make
up a molecule of ammonia. Hydrogen is widely viewed
as a scalable source of clean energy, and ammonia
represents an efficient mechanism to both ship and store
hydrogen, as well as a clean energy source in its own right
as ammonia does not contain or emit carbon. The use
of ammonia for its clean energy capability represents
a significant source of new demand for those who can
produce low-carbon ammonia.
2023 ANNUAL REPORT
3



shareholder letter icon 3/7/2024 Letter Continued (Full PDF)
 

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