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Segment Disclosures | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Disclosures | Segment Disclosures Our reportable segments consist of Ammonia, Granular Urea, UAN, AN and Other. These segments are differentiated by products. Our chief operating decision maker (CODM) is our President and Chief Executive Officer, who uses gross margin to evaluate segment performance and allocate resources. The CODM meets periodically with other members of senior management to analyze segment performance, including comparing actual results to projected results, with consideration to the costs incurred to produce and deliver the product. In addition, our CODM uses gross margin by reportable segment to make key operating decisions, such as the determination of capital expenditures and the allocation of operating budgets, to help guide strategic decisions to align with company-wide goals. Total other operating costs and expenses (consisting primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes) are centrally managed and are not included in the measurement of segment profitability reviewed by the CODM. The ammonia and other products that are upgraded into Granular Urea, UAN, AN and Other products are transferred at cost into the results of those products. Our assets, with the exception of goodwill, are not monitored by or reported to our CODM by segment; therefore, we do not present total assets by segment. Goodwill by segment is presented in Note 7—Goodwill and Other Intangible Assets. Segment data for gross margin, including sales and cost of sales, which also includes significant expenses, for the years ended December 31, 2025, 2024 and 2023 are presented in the tables below.
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
| (in millions)
Ammonia |  |  |  |  |
Net sales | $ | 2,176 |  |  | $ | 1,736 |  |  | $ | 1,679 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 431 |  |  | 283 |  |  | 407 |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 2 |  |  | (13) |  |  | (11) |
Depreciation and amortization(2) | 280 |  |  | 269 |  |  | 174 |
Distribution and storage(3) | 221 |  |  | 187 |  |  | 192 |
Freight(4) | 52 |  |  | 50 |  |  | 42 |
Other segment items(5) | 508 |  |  | 467 |  |  | 334 |
Total cost of sales | 1,494 |  |  | 1,243 |  |  | 1,138 |
Gross margin | $ | 682 |  |  | $ | 493 |  |  | $ | 541 |
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
| (in millions)
Granular Urea |  |  |  |  |
Net sales | $ | 1,781 |  |  | $ | 1,600 |  |  | $ | 1,823 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 301 |  |  | 241 |  |  | 363 |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 1 |  |  | (9) |  |  | (11) |
Depreciation and amortization(2) | 253 |  |  | 284 |  |  | 285 |
Distribution and storage(3) | 10 |  |  | 9 |  |  | 10 |
Freight(4) | 33 |  |  | 32 |  |  | 43 |
Other segment items(5) | 346 |  |  | 369 |  |  | 320 |
Total cost of sales | 944 |  |  | 926 |  |  | 1,010 |
Gross margin | $ | 837 |  |  | $ | 674 |  |  | $ | 813 |
UAN |  |  |  |  |
Net sales | $ | 2,161 |  |  | $ | 1,678 |  |  | $ | 2,068 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 339 |  |  | 234 |  |  | 367 |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 2 |  |  | (10) |  |  | (11) |
Depreciation and amortization(2) | 265 |  |  | 268 |  |  | 288 |
Distribution and storage(3) | 61 |  |  | 60 |  |  | 67 |
Freight(4) | 148 |  |  | 142 |  |  | 156 |
Other segment items(5) | 425 |  |  | 375 |  |  | 384 |
Total cost of sales | 1,240 |  |  | 1,069 |  |  | 1,251 |
Gross margin | $ | 921 |  |  | $ | 609 |  |  | $ | 817 |
AN |  |  |  |  |
Net sales | $ | 421 |  |  | $ | 419 |  |  | $ | 497 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 39 |  |  | 34 |  |  | 51 |
Unrealized net mark-to-market gain on natural gas derivatives | — |  |  | (1) |  |  | (2) |
Depreciation and amortization(2) | 33 |  |  | 39 |  |  | 48 |
Distribution and storage(3) | — |  |  | 1 |  |  | 2 |
Freight(4) | 30 |  |  | 29 |  |  | 24 |
Other segment items(5) | 240 |  |  | 238 |  |  | 236 |
Total cost of sales | 342 |  |  | 340 |  |  | 359 |
Gross margin | $ | 79 |  |  | $ | 79 |  |  | $ | 138 |
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
| (in millions)
Other(6) |  |  |  |  |
Net sales | $ | 545 |  |  | $ | 503 |  |  | $ | 564 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 53 |  |  | 37 |  |  | 63 |
Unrealized net mark-to-market gain on natural gas derivatives | — |  |  | (2) |  |  | (4) |
Depreciation and amortization(2) | 65 |  |  | 61 |  |  | 64 |
Distribution and storage(3) | 3 |  |  | 1 |  |  | 3 |
Freight(4) | 64 |  |  | 59 |  |  | 65 |
Other segment items(5) | 155 |  |  | 146 |  |  | 137 |
Total cost of sales | 340 |  |  | 302 |  |  | 328 |
Gross margin | $ | 205 |  |  | $ | 201 |  |  | $ | 236 |
Consolidated |  |  |  |  |
Net sales | $ | 7,084 |  |  | $ | 5,936 |  |  | $ | 6,631 |
Cost of sales: |  |  |  |  |
Natural gas, including the impact of realized derivatives(1) | 1,163 |  |  | 829 |  |  | 1,251 |
Unrealized net mark-to-market loss (gain) on natural gas derivatives | 5 |  |  | (35) |  |  | (39) |
Depreciation and amortization(2) | 896 |  |  | 921 |  |  | 859 |
Distribution and storage(3) | 295 |  |  | 258 |  |  | 274 |
Freight(4) | 327 |  |  | 312 |  |  | 330 |
Other segment items(5) | 1,674 |  |  | 1,595 |  |  | 1,411 |
Total cost of sales | 4,360 |  |  | 3,880 |  |  | 4,086 |
Gross margin | $ | 2,724 |  |  | $ | 2,056 |  |  | $ | 2,545 |
Total other operating costs and expenses(7) | 438 |  |  | 314 |  |  | 307 |
Equity in earnings (loss) of operating affiliate(8) | 14 |  |  | 4 |  |  | (8) |
Operating earnings | $ | 2,300 |  |  | $ | 1,746 |  |  | $ | 2,230 |
_______________________________________________________________________________ (1)Natural gas costs include the impact of realized gains and losses on natural gas derivatives settled during the period. (2)For the years ended December 31, 2025, 2024 and 2023, depreciation and amortization does not include $32 million, $34 million and $13 million, respectively, of depreciation and amortization allocated to Corporate, which includes amortization of definite-lived intangible assets. For the years ended December 31, 2025, 2024 and 2023, depreciation and amortization does not include $30 million, $30 million and $3 million, respectively, related to amortization of the supply contract liability, which is recognized in net sales. See Note 4—Revenue Recognition for additional information. (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. See Note 4—Revenue Recognition for additional information. (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. (7)Total other operating costs and expenses for the year ended December 31, 2025 includes $76 million of asset impairment related to property, plant and equipment at our Donaldsonville and Yazoo City facilities. See Note 6—Property, Plant and Equipment—Net for additional information. (8)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 8—Equity Method Investment for additional information. Enterprise-wide data by geographic region is as follows:
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
| (in millions)
Sales by geographic region (based on destination of shipments): |  |  |  |  |
United States | $ | 5,338 |  |  | $ | 4,419 |  |  | $ | 4,856 |
Foreign: |  |  |  |  |
Canada | 598 |  |  | 534 |  |  | 607 |
North America, excluding U.S. and Canada | 58 |  |  | 72 |  |  | 75 |
United Kingdom | 378 |  |  | 327 |  |  | 346 |
Other foreign | 712 |  |  | 584 |  |  | 747 |
Total foreign | 1,746 |  |  | 1,517 |  |  | 1,775 |
Consolidated | $ | 7,084 |  |  | $ | 5,936 |  |  | $ | 6,631 |
| December 31,
| 2025 |  | 2024 |  | 2023
| (in millions)
Property, plant and equipment—net by geographic region: |  |  |  |  |
United States | $ | 6,196 |  |  | $ | 6,172 |  |  | $ | 6,538 |
Foreign: |  |  |  |  |
Canada | 403 |  |  | 426 |  |  | 466 |
United Kingdom | 116 |  |  | 137 |  |  | 137 |
Total foreign | 519 |  |  | 563 |  |  | 603 |
Consolidated | $ | 6,715 |  |  | $ | 6,735 |  |  | $ | 7,141 |
Our principal customers are cooperatives, retailers, independent fertilizer distributors, traders, wholesalers and industrial users. In 2025, 2024 and 2023, CHS accounted for approximately 13%, 12% and 13% of our consolidated net sales, respectively. See Note 18—Noncontrolling Interests for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. 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