Interest income

[Table of Contents](#i0302cc7c03c44d0c8270f104de834cdb_7)CF INDUSTRIES HOLDINGS, INC.  
PART I—FINANCIAL INFORMATIONITEM 1.    FINANCIAL STATEMENTS.CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  |  | Three months ended  March 31, |
|   |  |  |  |  | 2022 |  | 2021 |
|   |  |  |  |  | (in millions, except per share amounts) |
| Net sales  |  |  |  |  | $ | 2,868  |  |  | $ | 1,048  |  |
| Cost of sales |  |  |  |  | 1,170  |  |  | 759  |  |
| Gross margin |  |  |  |  | 1,698  |  |  | 289  |  |
| Selling, general and administrative expenses |  |  |  |  | 64  |  |  | 55  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
| Other operating—net |  |  |  |  | 2  |  |  | (2) |  |
| Total other operating costs and expenses |  |  |  |  | 66  |  |  | 53  |  |
|  |  |  |  |  |  |  |  |
| Equity in earnings of operating affiliate |  |  |  |  | 26  |  |  | 11  |  |
| Operating earnings |  |  |  |  | 1,658  |  |  | 247  |  |
| Interest expense |  |  |  |  | 241  |  |  | 48  |  |
| Interest income |  |  |  |  | (36) |  |  | —  |  |
| Loss on debt extinguishment |  |  |  |  | —  |  |  | 6  |  |
| Other non-operating—net |  |  |  |  | 1  |  |  | —  |  |
| Earnings before income taxes |  |  |  |  | 1,452  |  |  | 193  |  |
| Income tax provision |  |  |  |  | 401  |  |  | 18  |  |
|  |  |  |  |  |  |  |  |
| Net earnings |  |  |  |  | 1,051  |  |  | 175  |  |
| Less: Net earnings attributable to noncontrolling interest |  |  |  |  | 168  |  |  | 24  |  |
| Net earnings attributable to common stockholders |  |  |  |  | $ | 883  |  |  | $ | 151  |  |
| Net earnings per share attributable to common stockholders: |  |  |  |  |  |  |  |
| Basic |  |  |  |  | $ | 4.23  |  |  | $ | 0.70  |  |
| Diluted |  |  |  |  | $ | 4.21  |  |  | $ | 0.70  |  |
| Weighted-average common shares outstanding: |  |  |  |  |   |  |   |
| Basic |  |  |  |  | 208.6  |  |  | 214.9  |  |
| Diluted |  |  |  |  | 209.9  |  |  | 216.0  |  |
| Dividends declared per common share |  |  |  |  | $ | 0.30  |  |  | $ | 0.30  |  |

See accompanying Notes to Unaudited Consolidated Financial Statements.  
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