CFCF Industries
Our mission is to provide clean energy to feed and fuel the world sustainably. 10-K, Item 1
- Employees
- 2,900
- Headquarters
- Northbrook, IL
- Next results
- around Feb 17, 2027
9 new paragraphs in the 10-K, 21 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
9 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 23 Materials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Further, we are subject to continually evolving GHG regulations and other environmental laws and regulations in various jurisdictions. Changes in these regulations in any jurisdiction to which we are subject, or in their interpretation, administration or enforcement, may have a material adverse effect on our business, financial condition, results of operations and cash flows and may increase costs associated with compliance, particularly in the event of a cross-jurisdictional conflict.
Similar paragraph at 1 of 23 other Materials companies: APDRead in the 10-K ↗
Beginning on January 1, 2026, importers of nitrogen fertilizer products into the EU became subject to its carbon border adjustment mechanism (CBAM) and will be required to purchase certificates in 2027 reflecting the direct and indirect carbon emissions embedded in covered imports. While some EU member state officials, including from France and Italy, are advocating that the EU Commission temporarily suspend the application of the CBAM to fertilizers, or for fertilizers to be wholly excluded from it, the EU has not yet adopted an exemption process, and it remains unclear whether such efforts will be successful. Other governments are also considering border taxes for carbon-intensive products, including the United Kingdom, which is introducing a carbon border adjustment mechanism currently expected to apply from January 1, 2027. The imposition of border taxes, the details of their implementation and uncertainty arising from suspensions of or exemptions to them may impact the development of a market for low-carbon ammonia, investments in low-carbon ammonia, including our returns on such investments, and trade flows, which could adversely impact our business.
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We have and may enter into joint ventures to invest in our business. For example, in 2025, we entered into a joint venture with two Japanese partners to build a greenfield plant to produce low-carbon ammonia. This joint venture and other similar
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•our ability to complete the projects at our Blue Point complex, including the construction of a low-carbon ammonia production facility with our joint venture partners and scalable infrastructure on schedule and on budget or at all;
•our ability to fund the capital expenditure needs related to the joint venture at our Blue Point complex, which may exceed our current estimates;
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•announced or future tariffs, retaliatory measures, and global trade relations, including the potential impact of tariffs and retaliatory measures on the price and availability of materials for our capital projects and maintenance;
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Show the other 3
•reliance on third party providers of transportation services and equipment, including those related to carbon dioxide sequestration;
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•regulatory provisions and requirements related to GHG emissions and sustainability matters, including announced or future changes in environmental or climate change or sustainability laws;
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•failure of technologies to perform, develop or be available as expected, including the low-carbon ATR ammonia production facility with carbon capture and sequestration technologies being constructed at our Blue Point complex.
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Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
21 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
• liabilities for unrecognized tax benefits of $ 265 million, with a corresponding income tax provision, and accrued interest expense of $ 131 million related to the liabilities for unrecognized benefits, and
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• noncurrent income tax receivables of $ 311 million, with a corresponding income tax benefit, and accrued interest income of $ 66 million related to the noncurrent income tax receivables.
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In the three and nine months ended September 30, 2026, the net impact on our consolidated statements of operations of the amounts recorded as a result of this evaluation of transfer pricing positions, including a $ 16 million deferred income tax provision for other transfer pricing tax effects, was a $ 30 million income tax benefit and $ 65 million of net interest expense before tax ($ 80 million after tax).
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As a result of these settlement transactions, we recognized a net non-cash pre-tax pension settlement loss of approximately $ 7 million, which is reflected in the line “Other non-operating expense (income) - net” in our consolidated statements of operations for three and nine months ended September 30, 2026.
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In August 2026, Rural Roots Louisiana, the Louisiana Bucket Brigade, and the Environmental Integrity Project filed a petition against the Louisiana Department of Environmental Quality (LDEQ) in Louisiana state court seeking judicial review of the LDEQ’s issuance of air permits in connection with the Blue Point complex. The Company has intervened in the matter to protect its interest in the air permits. The same plaintiffs have also petitioned the U.S. Environmental Protection Agency to object to the air permits.
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Show the other 16
In September 2026, the Lindsey O. Graham Sanctioning Russia and Iran Act was enacted, authorizing the president to impose tariffs of up to 500% on imports from Russia and up to 100% on imports from countries that continue purchasing Russian crude oil or natural gas after enactment. The act provides substantial discretion to the president on whether and at what levels to impose tariffs. Subsequent to enactment, the president issued an executive order waiving the application of all tariffs that the legislation authorized on imports from Russia or countries that purchase Russian oil or natural gas, while directing the administration to continue to monitor developments.
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In the first nine months of 2026, the U.S. natural gas market has transitioned from weather-driven tightness early in the year to a more balanced and well-supplied environment, as record U.S. natural gas production, above-average storage inventories, and LNG export maintenance in the third quarter of 2026 largely offset both strong summer power demand and growing LNG demand. Although global gas markets experienced substantial volatility due to Middle East LNG supply disruptions and global LNG market tightness, Henry Hub prices softened through the summer, generally trading below $3.00 per MMBtu during the third quarter of 2026, amid above-average storage inventories and robust supply growth. International gas markets remained significantly tighter in the third quarter of 2026, with elevated prices driven by Middle East LNG supply concerns and reduced LNG availability from the Persian Gulf region. In North America, natural gas prices moved higher near the end of the third quarter of 2026 as robust demand exceeded incremental supply growth, slowing storage builds and tightening fundamentals ahead of the winter heating season.
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See “Items Affecting Comparability of Results - Yazoo City incident,” below, for additional information.
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(6) For the three and nine months ended September 30, 2026, the after-tax income tax benefit amount of $30 million, discussed below under “Transfer pricing reserves,” excludes $15 million of income tax provision that is reflected in the after-tax interest income amount shown in this table.
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As a result of these settlement transactions, we recognized a net non-cash pre-tax pension settlement loss of approximately $7 million in the third quarter of 2026, which is reflected in other non-operating expense (income) - net in our consolidated statements of operations for the three and nine months ended September 30, 2026.
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See “Liquidity and Capital Resources - Defined Benefit Pension Plans,” below, and Note 10 - Pension Settlements for additional information.
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• liabilities for unrecognized tax benefits of $265 million, with a corresponding income tax provision, and accrued interest expense of $131 million related to the liabilities for unrecognized benefits, and
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• noncurrent income tax receivables of $311 million, with a corresponding income tax benefit, and accrued interest income of $66 million related to the noncurrent income tax receivables.
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In the three and nine months ended September 30, 2026, the net impact on our consolidated statements of operations of the amounts recorded as a result of this evaluation of transfer pricing positions, including a $16 million deferred income tax provision for other transfer pricing tax effects, was a $30 million income tax benefit and $65 million of net interest expense before tax ($80 million after tax).
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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The Company has been undertaking a strategy to settle our defined benefit pension plans in the United States, Canada and the United Kingdom.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
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