DEERFIELD, Ill.--(BUSINESS WIRE)--
CF Industries Holdings, Inc. (NYSE: CF) today announced that its Board
of Directors has terminated the tax benefits preservation plan (the
“Plan”) that it adopted on September 6, 2016. The Plan was designed to
preserve the company’s ability to utilize its net operating losses and
certain other tax assets that were primarily related to accelerated tax
depreciation of the company’s capacity expansion projects, which were
placed in service in 2016. The Plan was originally scheduled to expire
on September 5, 2017.
In June, CF announced that it had received federal tax refunds of
approximately $815 million due to the carryback of certain federal tax
losses from the 2016 tax year to prior periods. The receipt of the
federal tax refunds was earlier than CF’s previously stated expectations
for the third quarter of 2017.
“Stockholders were well-served by the tax benefits preservation plan as
it protected the company’s ability to utilize its tax losses and receive
$815 million in federal tax refunds,” said Stephen A. Furbacher,
chairman of the board, CF Industries Holdings, Inc. “With the
earlier-than-expected receipt of these tax refunds, the Plan has served
its intended purpose and the Board believes that it is in the best
interests of the company and its stockholders to terminate the Plan at
this time.”
About CF Industries Holdings, Inc.
CF Industries Holdings, Inc., headquartered in Deerfield, Illinois,
through its subsidiaries is a global leader in the manufacturing and
distribution of nitrogen products, serving both agricultural and
industrial customers. CF Industries operates world-class nitrogen
manufacturing complexes in Canada, the United Kingdom and the United
States, and distributes plant nutrients through a system of terminals,
warehouses, and associated transportation equipment located primarily in
the Midwestern United States. The company also owns a 50 percent
interest in an ammonia facility in The Republic of Trinidad and Tobago.
CF Industries routinely posts investor announcements and additional
information on the company’s website at www.cfindustries.com and
encourages those interested in the company to check there frequently.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170725006473/en/
CF Industries Holdings, Inc.
Media
Chris Close
Director,
Corporate Communications
847-405-2542
cclose@cfindustries.com
or
Investors
Martin
Jarosick
Vice President, Investor Relations
847-405-2045
mjarosick@cfindustries.com
Source: CF Industries Holdings, Inc.