Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2013

Condensed Consolidating Financial Statements

Schedule of Condensed Consolidating Statements of Operations

Condensed, Consolidating Statement of Operations

	Three months ended September 30, 2013
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	281.1		$	1,207.3		$	(391.4	)	$	1,097.0
Cost of sales		—			268.8			833.4			(391.3	)		710.9
Gross margin		—			12.3			373.9			(0.1	)		386.1
Selling, general and administrative expenses		0.5			2.0			29.8			(0.1	)		32.2
Other operating—net		—			(1.8	)		(18.5	)		—			(20.3	)
Total other operating costs and expenses		0.5			0.2			11.3			(0.1	)		11.9
Equity in earnings of operating affiliates		—			—			11.2			—			11.2
Operating earnings (loss)		(0.5	)		12.1			373.8			—			385.4
Interest expense		—			44.7			(3.6	)		(0.1	)		41.0
Interest income		—			(0.1	)		(1.0	)		0.1			(1.0	)
Net (earnings) of wholly-owned subsidiaries		(234.5	)		(254.6	)		—			489.1			—
Other non-operating—net		—			(0.2	)		(0.1	)		—			(0.3	)
Earnings before income taxes and equity in losses of non-operating affiliates		234.0			222.3			378.5			(489.1	)		345.7
Income tax provision (benefit)		(0.1	)		(12.2	)		121.3			—			109.0
Equity in losses of non-operating affiliates—net of taxes		—			—			7.2			—			7.2
Net earnings		234.1			234.5			264.4			(489.1	)		243.9
Less: Net earnings attributable to noncontrolling interest		—			—			9.8			—			9.8
Net earnings attributable to common stockholders	$	234.1		$	234.5		$	254.6		$	(489.1	)	$	234.1

	Nine months ended September 30, 2013
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	885.8		$	4,374.3		$	(1,111.7	)	$	4,148.4
Cost of sales		—			691.3			2,638.3			(1,107.6	)		2,222.0
Gross margin		—			194.5			1,736.0			(4.1	)		1,926.4
Selling, general and administrative expenses		2.2			6.8			112.1			(0.1	)		121.0
Other operating—net		—			7.5			(16.7	)		—			(9.2	)
Total other operating costs and expenses		2.2			14.3			95.4			(0.1	)		111.8
Equity in earnings of operating affiliates		—			—			32.3			—			32.3
Operating earnings (loss)		(2.2	)		180.2			1,672.9			(4.0	)		1,846.9
Interest expense		—			110.2			3.2			(1.0	)		112.4
Interest income		—			(0.7	)		(4.4	)		1.0			(4.1	)
Net (earnings) of wholly-owned subsidiaries		(1,140.3	)		(1,094.2	)		—			2,234.5			—
Other non-operating—net		—			(0.2	)		54.3			—			54.1
Earnings before income taxes and equity in losses of non-operating affiliates		1,138.1			1,165.1			1,619.8			(2,238.5	)		1,684.5
Income tax provision (benefit)		(0.7	)		24.7			475.3			—			499.3
Equity in losses of non-operating affiliates—net of taxes		—			(0.1	)		6.3			—			6.2
Net earnings		1,138.8			1,140.3			1,150.8			(2,238.5	)		1,191.4
Less: Net earnings attributable to noncontrolling interest		—			—			56.6			(4.0	)		52.6
Net earnings attributable to common stockholders	$	1,138.8		$	1,140.3		$	1,094.2		$	(2,234.5	)	$	1,138.8

	Three months ended September 30, 2012
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	766.8		$	715.1		$	(122.5	)	$	1,359.4
Cost of sales		—			372.6			320.5			(35.7	)		657.4
Gross margin		—			394.2			394.6			(86.8	)		702.0
Selling, general and administrative expenses		0.5			30.5			5.5			—			36.5
Other operating—net		—			5.4			3.2			—			8.6
Total other operating costs and expenses		0.5			35.9			8.7			—			45.1
Equity in earnings of operating affiliates		—			0.4			9.8			—			10.2
Operating earnings (loss)		(0.5	)		358.7			395.7			(86.8	)		667.1
Interest expense		—			27.1			2.2			(0.6	)		28.7
Interest income		—			(0.4	)		(1.8	)		0.6			(1.6	)
Net (earnings) of wholly-owned subsidiaries		(403.5	)		(191.1	)		—			594.6			—
Other non-operating—net		—			(0.1	)		(0.1	)		—			(0.2	)
Earnings before income taxes and equity in earnings of non-operating affiliates		403.0			523.2			395.4			(681.4	)		640.2
Income tax (benefit) provision		(0.3	)		119.7			86.6			—			206.0
Equity in earnings of non-operating affiliates—net of taxes		—			—			23.9			—			23.9
Net earnings		403.3			403.5			332.7			(681.4	)		458.1
Less: Net earnings attributable to noncontrolling interest		—			—			141.6			(86.8	)		54.8
Net earnings attributable to common stockholders	$	403.3		$	403.5		$	191.1		$	(594.6	)	$	403.3

	Nine months ended September 30, 2012
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Net sales	$	—		$	2,738.4		$	2,271.1		$	(386.9	)	$	4,622.6
Cost of sales		—			1,329.5			941.2			(105.2	)		2,165.5
Gross margin		—			1,408.9			1,329.9			(281.7	)		2,457.1
Selling, general and administrative expenses		2.0			92.2			17.4			—			111.6
Other operating—net		—			21.2			20.5			—			41.7
Total other operating costs and expenses		2.0			113.4			37.9			—			153.3
Equity in earnings of operating affiliates		—			1.5			38.0			—			39.5
Operating earnings (loss)		(2.0	)		1,297.0			1,330.0			(281.7	)		2,343.3
Interest expense		—			98.1			7.8			(1.0	)		104.9
Interest income		—			(0.8	)		(2.2	)		1.0			(2.0	)
Net (earnings) of wholly-owned subsidiaries		(1,379.3	)		(604.1	)		—			1,983.4			—
Other non-operating—net		—			0.1			(1.0	)		—			(0.9	)
Earnings before income taxes and equity in earnings of non-operating affiliates		1,377.3			1,803.7			1,325.4			(2,265.1	)		2,241.3
Income tax (benefit) provision		(0.7	)		424.3			298.4			—			722.0
Equity in (loss) earnings of non-operating affiliates—net of taxes		—			(0.1	)		48.9			—			48.8
Net earnings		1,378.0			1,379.3			1,075.9			(2,265.1	)		1,568.1
Less: Net earnings attributable to noncontrolling interest		—			—			471.8			(281.7	)		190.1
Net earnings attributable to common stockholders	$	1,378.0		$	1,379.3		$	604.1		$	(1,983.4	)	$	1,378.0

Schedule of Condensed Consolidating Statements of Comprehensive Income

Condensed, Consolidating Statement of Comprehensive Income

	Three months ended September 30, 2013
	Parent		CF Industries		Other Subsidiaries		Eliminations			Consolidated
	(in millions)
Net earnings	$	234.1	$	234.5	$	264.4	$	(489.1	)	$	243.9
Other comprehensive income		42.7		42.7		42.7		(85.4	)		42.7
Comprehensive income		276.8		277.2		307.1		(574.5	)		286.6
Less: Comprehensive income attributable to noncontrolling interest		—		—		9.8		—			9.8
Comprehensive income attributable to common stockholders	$	276.8	$	277.2	$	297.3	$	(574.5	)	$	276.8

	Nine months ended September 30, 2013
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Net earnings	$	1,138.8		$	1,140.3		$	1,150.8		$	(2,238.5	)	$	1,191.4
Other comprehensive income		(23.0	)		(23.0	)		(69.7	)		92.0			(23.7	)
Comprehensive income		1,115.8			1,117.3			1,081.1			(2,146.5	)		1,167.7
Less: Comprehensive income attributable to noncontrolling interest		—			—			56.6			(4.7	)		51.9
Comprehensive income attributable to common stockholders	$	1,115.8		$	1,117.3		$	1,024.5		$	(2,141.8	)	$	1,115.8

	Three months ended September 30, 2012
	Parent		CF Industries		Other Subsidiaries		Eliminations			Consolidated
	(in millions)
Net earnings	$	403.3	$	403.5	$	332.7	$	(681.4	)	$	458.1
Other comprehensive income		37.3		37.3		27.6		(64.0	)		38.2
Comprehensive income		440.6		440.8		360.3		(745.4	)		496.3
Less: Comprehensive income attributable to noncontrolling interest		—		—		141.6		(85.9	)		55.7
Comprehensive income attributable to common stockholders	$	440.6	$	440.8	$	218.7	$	(659.5	)	$	440.6

	Nine months ended September 30, 2012
	Parent		CF Industries		Other Subsidiaries		Eliminations			Consolidated
	(in millions)
Net earnings	$	1,378.0	$	1,379.3	$	1,075.9	$	(2,265.1	)	$	1,568.1
Other comprehensive income		61.3		61.3		48.4		(108.6	)		62.4
Comprehensive income		1,439.3		1,440.6		1,124.3		(2,373.7	)		1,630.5
Less: Comprehensive income attributable to noncontrolling interest		—		—		471.8		(280.7	)		191.1
Comprehensive income attributable to common stockholders	$	1,439.3	$	1,440.6	$	652.5	$	(2,093.0	)	$	1,439.4

Schedule of Condensed Consolidating Balance Sheets

Condensed, Consolidating Balance Sheet

	September 30, 2013
	Parent			CF Industries			Other Subsidiaries			Eliminations and Reclassifications			Consolidated
	(in millions)
Assets
Current assets:
Cash and cash equivalents	$	0.1		$	72.1		$	2,214.0		$	—		$	2,286.2
Restricted cash		—			—			111.4			—			111.4
Accounts and notes receivable—net		24.1			153.1			689.4			(679.7	)		186.9
Inventories—net		—			66.6			290.8			—			357.4
Prepaid income taxes		0.8			—			61.0			(26.0	)		35.8
Deferred income taxes		—			128.6			44.1			(128.6	)		44.1
Other		—			0.7			37.2			—			37.9
Total current assets		25.0			421.1			3,447.9			(834.3	)		3,059.7
Property, plant and equipment—net		—			452.0			3,798.0			—			4,250.0
Asset retirement obligation funds		—			200.8			—			—			200.8
Investments in and advances to affiliates		4,894.5			7,851.0			931.6			(12,745.3	)		931.8
Due from affiliates		570.7			—			1.7			(572.4	)		—
Goodwill		—			0.9			2,063.6			—			2,064.5
Other assets		—			75.7			216.5			—			292.2
Total assets	$	5,490.2		$	9,001.5		$	10,459.3		$	(14,152.0	)	$	10,799.0
Liabilities and Equity
Current liabilities:
Accounts and notes payable and accrued expenses	$	384.4		$	258.2		$	504.0		$	(679.7	)	$	466.9
Income taxes payable		—			29.6			—			(26.0	)		3.6
Customer advances		—			—			433.3			—			433.3
Other		—			—			9.1			—			9.1
Total current liabilities		384.4			287.8			946.4			(705.7	)		912.9
Long-term debt		—			3,098.0			—			—			3,098.0
Deferred income taxes		—			—			998.7			(128.6	)		870.1
Due to affiliates		—			572.5			—			(572.5	)		—
Other noncurrent liabilities		—			148.7			307.3			—			456.0
Equity:
Stockholders' equity:
Preferred stock		—			—			16.4			(16.4	)		—
Common stock		0.6			—			1.1			(1.1	)		0.6
Paid-in capital		1,659.0			(12.8	)		7,823.0			(7,810.2	)		1,659.0
Retained earnings		3,880.5			4,979.9			82.9			(5,062.7	)		3,880.6
Treasury stock		(361.7	)		—			—			—			(361.7	)
Accumulated other comprehensive income (loss)		(72.6	)		(72.6	)		(72.6	)		145.2			(72.6	)
Total stockholders' equity		5,105.8			4,894.5			7,850.8			(12,745.2	)		5,105.9
Noncontrolling interest		—			—			356.1			—			356.1
Total equity		5,105.8			4,894.5			8,206.9			(12,745.2	)		5,462.0
Total liabilities and equity	$	5,490.2		$	9,001.5		$	10,459.3		$	(14,152.0	)	$	10,799.0

	December 31, 2012
	Parent			CF Industries			Other Subsidiaries			Eliminations and Reclassifications			Consolidated
	(in millions)
Assets
Current assets:
Cash and cash equivalents	$	—		$	440.8		$	1,834.1		$	—		$	2,274.9
Accounts and notes receivable-net		—			145.1			1,007.9			(935.6	)		217.4
Income taxes receivable		—			642.1			—			(642.1	)		—
Inventories—net		—			193.1			84.8			—			277.9
Deferred income taxes		—			9.5			—			—			9.5
Other		—			15.4			12.5			—			27.9
Total current assets		—			1,446.0			2,939.3			(1,577.7	)		2,807.6
Property, plant and equipment—net		—			1,008.1			2,892.4			—			3,900.5
Deferred income taxes		—			50.7			—			(50.7	)		—
Asset retirement obligation funds		—			200.8			—			—			200.8
Investments in and advances to affiliates		5,331.5			6,291.4			935.2			(11,622.5	)		935.6
Due from affiliates		570.7			—			1.8			(572.5	)		—
Goodwill		—			0.9			2,063.6			—			2,064.5
Other assets		—			136.5			121.4			—			257.9
Total assets	$	5,902.2		$	9,134.4		$	8,953.7		$	(13,823.4	)	$	10,166.9
Liabilities and Equity
Current liabilities:
Accounts and accrued expenses	$	—		$	222.6		$	159.3		$	(15.4	)	$	366.5
Income taxes payable		—			—			829.2			(642.1	)		187.1
Customer advances		—			247.9			132.8			—			380.7
Notes payable		—			900.0			14.6			(909.6	)		5.0
Distributions payable to noncontrolling interest		—			—			15.7			(10.4	)		5.3
Other		—			4.5			1.1			—			5.6
Total current liabilities		—			1,375.0			1,152.7			(1,577.5	)		950.2
Long-term debt		—			1,600.0			—			—			1,600.0
Deferred income taxes		—			—			989.5			(50.7	)		938.8
Due to affiliates		—			572.5			—			(572.5	)		—
Other noncurrent liabilities		—			255.4			140.3			—			395.7
Equity:
Stockholders' equity:
Preferred stock		—			—			65.3			(65.3	)		—
Common stock		0.6			—			154.3			(154.3	)		0.6
Paid-in capital		2,492.3			739.8			4,493.6			(5,233.3	)		2,492.4
Retained earnings		3,461.2			4,641.3			1,598.3			(6,239.7	)		3,461.1
Treasury stock		(2.3	)		—			—			—			(2.3	)
Accumulated other comprehensive income (loss)		(49.6	)		(49.6	)		(2.9	)		52.5			(49.6	)
Total stockholders' equity		5,902.2			5,331.5			6,308.6			(11,640.1	)		5,902.2
Noncontrolling interest		—			—			362.6			17.4			380.0
Total equity		5,902.2			5,331.5			6,671.2			(11,622.7	)		6,282.2
Total liabilities and equity	$	5,902.2		$	9,134.4		$	8,953.7		$	(13,823.4	)	$	10,166.9

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed, Consolidating Statement of Cash Flows

	Nine months ended September 30, 2013
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating Activities:
Net earnings	$	1,138.8		$	1,140.3		$	1,150.8		$	(2,238.5	)	$	1,191.4
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation, depletion and amortization		—			42.7			271.1			—			313.8
Deferred income taxes		—			(5.5	)		41.3			—			35.8
Stock compensation expense		9.3			—			0.2			—			9.5
Excess tax benefit from stock-based compensation		(11.4	)		—			—			—			(11.4	)
Unrealized loss (gain) on derivatives		—			—			(4.0	)		—			(4.0	)
Loss (gain) on disposal of property, plant and equipment		—			—			5.0			—			5.0
Undistributed loss (earnings) of affiliates—net		(1,140.3	)		(1,098.3	)		(12.9	)		2,238.6			(12.9	)
Due to / from affiliates—net		11.3			—			(11.3	)		—			—
Changes in:
Accounts and notes receivable—net		(27.3	)		(77.2	)		(92.5	)		241.6			44.6
Margin deposits		—			—			—			—			—
Inventories -net		—			(7.2	)		(79.1	)		—			(86.3	)
Accrued income taxes		(0.8	)		24.1			(256.0	)		—			(232.7	)
Accounts and notes payable and accrued expenses		21.3			188.1			102.0			(242.0	)		69.4
Customer advances		—			—			52.5			—			52.5
Other—net		—			5.2			49.1			0.3			54.6
Net cash provided by (used in) operating activities		0.9			212.2			1,216.2			—			1,429.3
Investing Activities:
Additions to property, plant and equipment		—			(48.1	)		(584.8	)		—			(632.9	)
Proceeds from sale of property, plant and equipment		—			—			11.1			—			11.1
Sales and maturities of short-term and auction rate securities		—			6.6			—			—			6.6
Deposits to restricted cash funds		—			—			(111.4	)		—			(111.4	)
Other—net		—			—			(4.3	)		—			(4.3	)
Net cash provided by (used in) investing activities		—			(41.5	)		(689.4	)		—			(730.9	)
Financing Activities:
Proceeds from long-term borrowings		—			1,498.0			—			—			1,498.0
Short-term Debt—net		363.0			(942.3	)		579.3			—			—
Financing fees		—			(14.5	)		—			—			(14.5	)
Dividends paid on common stock		(71.9	)		(801.9	)		(71.9	)		873.8			(71.9	)
Dividends to / from affiliates		801.9			71.9			—			(873.8	)		—
Distributions to/from noncontrolling interest		—			14.3			(78.7	)		—			(64.4	)
Purchase of treasury stock		(1,111.5	)		—			—			—			(1,111.5	)
Acquisitions of noncontrolling interests in CFL		—			(364.9	)		(553.8	)		—			(918.7	)
Issuances of common stock under employee stock plans		6.3			—			—			—			6.3
Excess tax benefit from stock-based compensation		11.4			—			—			—			11.4
Net cash provided by (used in) financing activities		(0.8	)		(539.4	)		(125.1	)		—			(665.3	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(21.8	)		—			(21.8	)
Increase (decrease) in cash and cash equivalents		0.1			(368.7	)		379.9			—			11.3
Cash and cash equivalents at beginning of period		—			440.8			1,834.1			—			2,274.9
Cash and cash equivalents at end of period	$	0.1		$	72.1		$	2,214.0		$	—		$	2,286.2

Condensed, Consolidating Statement of Cash Flows

	Nine months ended September 30, 2012
	Parent			CF Industries			Other Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating Activities:
Net earnings	$	1,378.0		$	1,379.3		$	1,075.9		$	(2,265.1	)	$	1,568.1
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion and amortization		—			94.0			224.7			—			318.7
Deferred income taxes		—			20.7			12.1			—			32.8
Stock compensation expense		8.0			—			0.8			—			8.8
Excess tax benefit from stock-based compensation		(30.0	)		—			—			—			(30.0	)
Unrealized loss (gain) on derivatives		—			(52.3	)		(9.2	)		—			(61.5	)
(Gain) loss on disposal of property, plant and equipment and non-core assets		—			1.3			2.7			—			4.0
Undistributed earnings of affiliates—net		(1,379.3	)		(887.9	)		(56.9	)		2,265.1			(59.0	)
Due to / from affiliates—net		480.7			(480.4	)		(0.3	)		—			—
Changes in:
Accounts and notes receivable—net		—			(35.5	)		(634.1	)		601.8			(67.8	)
Margin deposits		—			0.8			—			—			0.8
Inventories -net		—			(14.4	)		17.6			—			3.2
Accrued income taxes		—			(455.7	)		255.6			—			(200.1	)
Accounts and notes payable and accrued expenses		—			662.0			3.8			(601.8	)		64.0
Customer advances		—			223.6			136.5			—			360.1
Other—net		—			(8.2	)		20.4			—			12.2
Net cash provided by operating activities		457.4			447.3			1,049.6			—			1,954.3
Investing Activities:
Additions to property, plant and equipment		—			(149.4	)		(112.0	)		—			(261.4	)
Proceeds from sale of property, plant and equipment and non-core assets		—			7.5			4.1			—			11.6
Sales and maturities of short-term and auction rate securities		—			31.0			—			—			31.0
Deposit to asset retirement funds		—			(2.2	)		—			—			(2.2	)
Net cash used in investing activities		—			(113.1	)		(107.9	)		—			(221.0	)
Financing Activities:
Payments of long-term debt		—			—			(13.0	)		—			(13.0	)
Advances from unconsolidated affiliates		—			—			40.5			—			40.5
Dividends paid on common stock		(77.4	)		—			—			—			(77.4	)
Dividends to / from affiliates		77.4			(77.4	)		—			—			—
Distributions to/from noncontrolling interest		—			300.5			(513.3	)		—			(212.8	)
Purchase of treasury stock		(500.0	)		—			—			—			(500.0	)
Issuances of common stock under employee stock plans		12.6			—			—			—			12.6
Excess tax benefit from stock-based compensation		30.0			—			—			—			30.0
Net cash (used in) provided by financing activities		(457.4	)		223.1			(485.8	)		—			(720.1	)
Effect of exchange rate changes on cash and cash equivalents		—			(14.2	)		15.3			—			1.1
Increase (decrease) in cash and cash equivalents		—			543.1			471.2			—			1,014.3
Cash and cash equivalents at beginning of period		—			98.7			1,108.3			—			1,207.0
Cash and cash equivalents at end of period	$	—		$	641.8		$	1,579.5		$	—		$	2,221.3