Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

25.   Subsequent Events

On February 17, 2021, we announced that our wholly owned subsidiary CF Industries, Inc. elected to redeem in full the entire outstanding $250 million principal amount of the 2021 Notes on March 20, 2021, in accordance with the optional redemption provisions provided in the indenture governing the 2021 Notes. Based on market interest rates on February 12, 2021, we estimate that the total amount for the redemption of the 2021 Notes will be approximately $258 million, including accrued interest. See Note 12—Financing Agreements for additional information.

In February 2021, the central portion of the United States experienced extreme and unprecedented cold weather. Certain natural gas suppliers declared force majeure events due to natural gas well freeze offs or frozen equipment. This occurred at the same time as large increases in natural gas demand were occurring due to the cold temperatures. Due to these unprecedented factors, several states declared a state of emergency and natural gas was redirected for residential usage. At certain of our manufacturing locations, we were asked to reduce our natural gas consumption and therefore these plants either operated at reduced rates or temporarily suspended operations. We returned excess natural gas to our suppliers and received prevailing market prices, which were in excess of our cost. During this period of time, we have experienced lower production, but have procured product in order to meet customer obligations. Higher maintenance and repair activity may be necessary as the plants are restarted. At the present time, we do not know the net positive or negative impact of these events on our operations; however, we do not expect it to result in a material impact to our business.