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Subsequent Event
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Event
Subsequent Events
Share Repurchases
In April 2015, we repurchased 0.5 million of the Company's common shares for $140.6 million as part of the $1.0 billion share repurchase program announced in the third quarter of 2014 (see Note 15—Treasury Stock). Together with the 2.2 million shares repurchased through March 31, 2015, these repurchases bring the total repurchased shares to date under this program to 2.7 million for an aggregate expenditure of $750.0 million.
Proposed Internal Revenue Service Regulation Impacting Master Limited Partnerships
On May 6, 2015, the Internal Revenue Service (“IRS”) issued proposed regulations on the types of income and activities which constitute qualified income of a Master Limited Partnership (“MLP”). The proposed regulations would have the effect of limiting the types of income and activities which qualify under the MLP rules, subject to certain transition provisions. The IRS proposal specifically highlights companies that perform chemical processing and transformation activities as one of the focuses of the proposed changes, but the proposed regulations do not contain specific proposals regarding fertilizer-related activities. The proposed regulations reserve on the provisions relating to fertilizer activities.
The Company holds a 75.3% interest in Terra Nitrogen Company, L.P. (TNCLP), a publicly-traded MLP, which owns a fertilizer manufacturing complex in Verdigris, Oklahoma. Currently, no federal income taxes are paid by TNCLP due to its MLP status. Any change in the tax treatment of qualified income of fertilizer-related activities could have a material impact on the taxation of TNCLP and could have a material adverse impact on unit holder distributions for unit holders who would not be entitled to a dividends received deduction or other similar offsetting deduction. If TNCLP were taxed as a corporation, under current law, due to its current ownership interest, CF Industries Holdings would qualify for a partial dividends received deduction on the dividends received from TNCLP. Therefore, we would not expect this proposed change to have a material impact on the financial condition or results of operations of CF Industries Holdings. We will continue to monitor the IRS regulatory activities.