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v3.25.1

Segment Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2025
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 three months ended March 31, 2025 and 2024 are presented in the tables below.
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |
| (in millions)
Ammonia |  |  |  |  |
Net sales | $ | 520 |  |  | $ | 402 |  |  |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 110 |  |  | 86 |  |  |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 1 |  |  | (12) |  |  |
Depreciation and amortization(2) | 55 |  |  | 79 |  |  |
Distribution and storage(3) | 37 |  |  | 35 |  |  |
Freight(4) | 15 |  |  | 14 |  |  |
Other segment items(5) | 116 |  |  | 135 |  |  |
Total cost of sales | 334 |  |  | 337 |  |  |
Gross margin | $ | 186 |  |  | $ | 65 |  |  |
Granular Urea |  |  |  |  |
Net sales | $ | 439 |  |  | $ | 407 |  |  |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 95 |  |  | 76 |  |  |
Unrealized net mark-to-market gain on natural gas derivatives | — |  |  | (9) |  |  |
Depreciation and amortization(2) | 71 |  |  | 69 |  |  |
Distribution and storage(3) | 3 |  |  | 2 |  |  |
Freight(4) | 7 |  |  | 10 |  |  |
Other segment items(5) | 90 |  |  | 105 |  |  |
Total cost of sales | 266 |  |  | 253 |  |  |
Gross margin | $ | 173 |  |  | $ | 154 |  |  |
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |
| (in millions)
UAN |  |  |  |  |
Net sales | $ | 470 |  |  | $ | 425 |  |  |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 104 |  |  | 77 |  |  |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 1 |  |  | (10) |  |  |
Depreciation and amortization(2) | 73 |  |  | 69 |  |  |
Distribution and storage(3) | 13 |  |  | 14 |  |  |
Freight(4) | 36 |  |  | 35 |  |  |
Other segment items(5) | 101 |  |  | 97 |  |  |
Total cost of sales | 328 |  |  | 282 |  |  |
Gross margin | $ | 142 |  |  | $ | 143 |  |  |
AN |  |  |  |  |
Net sales | $ | 101 |  |  | $ | 114 |  |  |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 10 |  |  | 11 |  |  |
Unrealized net mark-to-market gain on natural gas derivatives | — |  |  | (1) |  |  |
Depreciation and amortization(2) | 8 |  |  | 13 |  |  |
Freight(4) | 7 |  |  | 8 |  |  |
Other segment items(5) | 60 |  |  | 74 |  |  |
Total cost of sales | 85 |  |  | 105 |  |  |
Gross margin | $ | 16 |  |  | $ | 9 |  |  |
Other(6) |  |  |  |  |
Net sales | $ | 133 |  |  | $ | 122 |  |  |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 15 |  |  | 11 |  |  |
Unrealized net mark-to-market gain on natural gas derivatives | — |  |  | (1) |  |  |
Depreciation and amortization(2) | 13 |  |  | 20 |  |  |
Freight(4) | 16 |  |  | 14 |  |  |
Other segment items(5) | 34 |  |  | 40 |  |  |
Total cost of sales | 78 |  |  | 84 |  |  |
Gross margin | $ | 55 |  |  | $ | 38 |  |  |
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |
| (in millions)
Consolidated |  |  |  |  |
Net sales | $ | 1,663 |  |  | $ | 1,470 |  |  |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 334 |  |  | 261 |  |  |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 2 |  |  | (33) |  |  |
Depreciation and amortization(2) | 220 |  |  | 250 |  |  |
Distribution and storage(3) | 53 |  |  | 51 |  |  |
Freight(4) | 81 |  |  | 81 |  |  |
Other segment items(5) | 401 |  |  | 451 |  |  |
Total cost of sales | 1,091 |  |  | 1,061 |  |  |
Gross margin | $ | 572 |  |  | $ | 409 |  |  |
Total other operating costs and expenses | 121 |  |  | 108 |  |  |
Equity in earnings of operating affiliate | 4 |  |  | 2 |  |  |
Operating earnings | $ | 455 |  |  | $ | 303 |  |  |
_______________________________________________________________________________ (1)Natural gas costs include the impact of realized gains and losses on natural gas derivatives settled during the period. (2)For the three months ended March 31, 2025 and 2024, depreciation and amortization does not include $8 million and $10 million, respectively, of depreciation and amortization allocated to Corporate, which includes amortization of definite-lived intangible assets. For both the three months ended March 31, 2025 and 2024, depreciation and amortization does not include $7 million of amortization related to the supply contract liability, which is recognized in net sales. See Note 3—Revenue Recognition for additional information on the supply contract liability. (3)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. (4)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. (5)Other segment items is primarily comprised of payroll, services, materials and supplies, and utilities at our manufacturing facilities. (6)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.
Schedule of Goodwill | The following table shows the carrying amount of goodwill by reportable segment as of March 31, 2025 and December 31, 2024:
| Ammonia |  | Granular Urea |  | UAN |  | AN |  | Other |  | Total
| (in millions)
Goodwill as of March 31, 2025 and December 31, 2024 | $ | 980 |  |  | $ | 828 |  |  | $ | 576 |  |  | $ | 69 |  |  | $ | 39 |  |  | $ | 2,492 |

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