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Segment Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of segment data for sales, cost of sales and gross margin | Segment data for gross margin, including sales and cost of sales, which also includes significant expenses, for the years ended December 31, 2024, 2023 and 2022 are presented in the tables below.
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Ammonia(1) |  |  |  |  |
Net sales | $ | 1,736 |  |  | $ | 1,679 |  |  | $ | 3,090 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(2) | 283 |  |  | 407 |  |  | 660 |
Unrealized net mark-to-market (gain) loss on natural gas derivatives | (13) |  |  | (11) |  |  | 13 |
Depreciation and amortization(3) | 269 |  |  | 174 |  |  | 166 |
Distribution and storage(4) | 187 |  |  | 192 |  |  | 155 |
Freight(5) | 50 |  |  | 42 |  |  | 50 |
Other segment items(6) | 467 |  |  | 334 |  |  | 447 |
Total cost of sales | 1,243 |  |  | 1,138 |  |  | 1,491 |
Gross margin | $ | 493 |  |  | $ | 541 |  |  | $ | 1,599 |
Granular Urea |  |  |  |  |
Net sales | $ | 1,600 |  |  | $ | 1,823 |  |  | $ | 2,892 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(2) | 241 |  |  | 363 |  |  | 632 |
Unrealized net mark-to-market (gain) loss on natural gas derivatives | (9) |  |  | (11) |  |  | 13 |
Depreciation and amortization(3) | 284 |  |  | 285 |  |  | 272 |
Distribution and storage(4) | 9 |  |  | 10 |  |  | 8 |
Freight(5) | 32 |  |  | 43 |  |  | 39 |
Other segment items(6) | 369 |  |  | 320 |  |  | 364 |
Total cost of sales | 926 |  |  | 1,010 |  |  | 1,328 |
Gross margin | $ | 674 |  |  | $ | 813 |  |  | $ | 1,564 |
UAN |  |  |  |  |
Net sales | $ | 1,678 |  |  | $ | 2,068 |  |  | $ | 3,572 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(2) | 234 |  |  | 367 |  |  | 612 |
Unrealized net mark-to-market (gain) loss on natural gas derivatives | (10) |  |  | (11) |  |  | 14 |
Depreciation and amortization(3) | 268 |  |  | 288 |  |  | 269 |
Distribution and storage(4) | 60 |  |  | 67 |  |  | 68 |
Freight(5) | 142 |  |  | 156 |  |  | 180 |
Other segment items(6) | 375 |  |  | 384 |  |  | 346 |
Total cost of sales | 1,069 |  |  | 1,251 |  |  | 1,489 |
Gross margin | $ | 609 |  |  | $ | 817 |  |  | $ | 2,083 |
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
AN |  |  |  |  |
Net sales | $ | 419 |  |  | $ | 497 |  |  | $ | 845 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(2) | 34 |  |  | 51 |  |  | 296 |
Unrealized net mark-to-market gain on natural gas derivatives | (1) |  |  | (2) |  |  | (2) |
Depreciation and amortization(3) | 39 |  |  | 48 |  |  | 61 |
Distribution and storage(4) | 1 |  |  | 2 |  |  | 2 |
Freight(5) | 29 |  |  | 24 |  |  | 40 |
Other segment items(6) | 238 |  |  | 236 |  |  | 200 |
Total cost of sales | 340 |  |  | 359 |  |  | 597 |
Gross margin | $ | 79 |  |  | $ | 138 |  |  | $ | 248 |
Other(7) |  |  |  |  |
Net sales | $ | 503 |  |  | $ | 564 |  |  | $ | 787 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(2) | 37 |  |  | 63 |  |  | 159 |
Unrealized net mark-to-market (gain) loss on natural gas derivatives | (2) |  |  | (4) |  |  | 3 |
Depreciation and amortization(3) | 61 |  |  | 64 |  |  | 67 |
Distribution and storage(4) | 1 |  |  | 3 |  |  | 2 |
Freight(5) | 59 |  |  | 65 |  |  | 61 |
Other segment items(6) | 146 |  |  | 137 |  |  | 128 |
Total cost of sales | 302 |  |  | 328 |  |  | 420 |
Gross margin | $ | 201 |  |  | $ | 236 |  |  | $ | 367 |
Consolidated |  |  |  |  |
Net sales | $ | 5,936 |  |  | $ | 6,631 |  |  | $ | 11,186 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(2) | 829 |  |  | 1,251 |  |  | 2,359 |
Unrealized net mark-to-market (gain) loss on natural gas derivatives | (35) |  |  | (39) |  |  | 41 |
Depreciation and amortization(3) | 921 |  |  | 859 |  |  | 835 |
Distribution and storage(4) | 258 |  |  | 274 |  |  | 235 |
Freight(5) | 312 |  |  | 330 |  |  | 370 |
Other segment items(6) | 1,595 |  |  | 1,411 |  |  | 1,485 |
Total cost of sales | 3,880 |  |  | 4,086 |  |  | 5,325 |
Gross margin | $ | 2,056 |  |  | $ | 2,545 |  |  | $ | 5,861 |
Total other operating costs and expenses(8) | 314 |  |  | 307 |  |  | 558 |
Equity in earnings (loss) of operating affiliate(9) | 4 |  |  | (8) |  |  | 94 |
Operating earnings | $ | 1,746 |  |  | $ | 2,230 |  |  | $ | 5,397 |
_______________________________________________________________________________ (1)Ammonia segment results include the operating results of our Waggaman facility from the acquisition date of December 1, 2023. (2)Natural gas costs include the impact of realized gains and losses on natural gas derivatives settled during the period. (3)For the years ended December 31, 2024, 2023 and 2022, depreciation and amortization does not include $34 million, $13 million and $15 million, respectively, of depreciation and amortization allocated to Corporate, which includes amortization of definite-lived intangible assets. For the years ended December 31, 2024 and 2023, depreciation and amortization does not include $30 million and $3 million, respectively, related to amortization of the supply contract liability, which is recognized in net sales. See Note 6—Acquisition of Waggaman Ammonia Production Facility and Note 9—Goodwill and Other Intangible Assets for additional information. (4)Distribution and storage costs consist of the cost of freight required to transport finished products from our manufacturing facilities to our distribution facilities and the costs to operate our network of distribution facilities in North America. (5)Freight costs consist of the costs incurred by us to deliver products from one of our plants or distribution facilities to the customer. Freight costs are generally charged to the customer and included in net sales. In situations when control of the product transfers upon loading and the customer requests that we arrange delivery of the product, the amount of freight included in net sales is considered freight revenue. See Note 4—Revenue Recognition for additional information. (6)Other segment items is primarily comprised of payroll, services, materials and supplies, and utilities at our manufacturing facilities. (7)Other consists of all other products not included in our Ammonia, Granular Urea, UAN, or AN segments. All other products primarily include DEF, urea liquor, nitric acid and aqua ammonia. (8)Total other operating costs and expenses for the year ended December 31, 2022 include $258 million of asset impairment and restructuring charges related to our U.K. operations. See Note 7—United Kingdom Operations Restructuring and Impairment Charges for additional information. (9)Equity in loss of operating affiliate for the year ended December 31, 2023 includes an impairment of our equity method investment in PLNL of $43 million. See Note 10—Equity Method Investment for additional information.
Schedule of enterprise-wide data by geographic region | Enterprise-wide data by geographic region is as follows:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Sales by geographic region (based on destination of shipments): |  |  |  |  |
United States | $ | 4,419 |  |  | $ | 4,856 |  |  | $ | 8,212 |
Foreign: |  |  |  |  |
Canada | 534 |  |  | 607 |  |  | 849 |
North America, excluding U.S. and Canada | 72 |  |  | 75 |  |  | 149 |
United Kingdom | 327 |  |  | 346 |  |  | 642 |
Other foreign | 584 |  |  | 747 |  |  | 1,334 |
Total foreign | 1,517 |  |  | 1,775 |  |  | 2,974 |
Consolidated | $ | 5,936 |  |  | $ | 6,631 |  |  | $ | 11,186 |
| December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Property, plant and equipment—net by geographic region: |  |  |  |  |
United States | $ | 6,172 |  |  | $ | 6,538 |  |  | $ | 5,812 |
Foreign: |  |  |  |  |
Canada | 426 |  |  | 466 |  |  | 506 |
United Kingdom | 137 |  |  | 137 |  |  | 119 |
Total foreign | 563 |  |  | 603 |  |  | 625 |
Consolidated | $ | 6,735 |  |  | $ | 7,141 |  |  | $ | 6,437 |

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