CF Industries Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
CF$122.36+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Operating Activities: | |||
| Net earnings | $1,838 | $3,937 | $1,260 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 869 | 850 | 888 |
| Deferred income taxes | 81 | (107) | (196) |
| Stock-based compensation expense | 37 | 41 | 30 |
| Loss on debt extinguishment | — | 8 | 19 |
| Unrealized net (gain) loss on natural gas derivatives | (39) | 41 | 25 |
| Impairment of equity method investment in PLNL | 43 | — | — |
| (Gain) loss on embedded derivative | — | (14) | 1 |
| U.K. goodwill impairment | — | — | 285 |
| U.K. long-lived and intangible asset impairment | — | 239 | 236 |
| Pension settlement loss and curtailment gains | — | 17 | — |
| Gain on sale of emission credits | (39) | (6) | (49) |
| Loss on disposal of property, plant and equipment | 4 | 2 | 3 |
| Undistributed losses (earnings) of affiliate—net of taxes | 3 | (1) | (6) |
| Changes in assets and liabilities, net of acquisition: | |||
| Accounts receivable—net | 100 | (110) | (235) |
| Inventories | 152 | (93) | (123) |
| Accrued and prepaid income taxes | (44) | (227) | 94 |
| Accounts payable and accrued expenses | (88) | 1 | 142 |
| Customer advances | (100) | (471) | 570 |
| Other—net | (60) | (252) | (71) |
| Net cash provided by operating activities | 2,757 | 3,855 | 2,873 |
| Investing Activities: | |||
| Additions to property, plant and equipment | (499) | (453) | (514) |
| Proceeds from sale of property, plant and equipment | 1 | 1 | 1 |
| Purchase of Waggaman ammonia production facility | (1,223) | — | — |
| Distributions received from unconsolidated affiliate | — | 6 | — |
| Purchase of investments held in nonqualified employee benefit trust | (1) | (1) | (13) |
| Proceeds from sale of investments held in nonqualified employee benefit trust | 1 | 1 | 12 |
| Purchase of emission credits | (2) | (9) | (10) |
| Proceeds from sale of emission credits | 39 | 15 | 58 |
| Other—net | 5 | — | — |
| Net cash used in investing activities | (1,679) | (440) | (466) |
| Financing Activities: | |||
| Payments of long-term borrowings | — | (507) | (518) |
| Payment to CHS related to credit provision | — | — | (5) |
| Financing fees | (2) | (4) | — |
| Dividends paid on common stock | (311) | (306) | (260) |
| Distributions to noncontrolling interest | (459) | (619) | (194) |
| Purchases of treasury stock | (580) | (1,347) | (539) |
| Proceeds from issuances of common stock under employee stock plans | 2 | 106 | 64 |
| Cash paid for shares withheld for taxes | (22) | (23) | (11) |
| Net cash used in financing activities | (1,372) | (2,700) | (1,463) |
| Effect of exchange rate changes on cash and cash equivalents | 3 | (20) | 1 |
| (Decrease) increase in cash and cash equivalents | (291) | 695 | 945 |
| Cash and cash equivalents at beginning of period | 2,323 | 1,628 | 683 |
| Cash and cash equivalents at end of period | $2,032 | $2,323 | $1,628 |
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