CF Industries Holdings manufactures nitrogen-based fertilizer products, including ammonia and urea, used by farmers to increase crop yields, operating large chemical manufacturing plants that convert natural gas into nitrogen fertilizer through an energy-intensive industrial process. As a nitrogen fertilizer producer, CF Industries' profitability depends heavily on the spread between natural gas costs, its primary feedstock and largest input cost, and fertilizer prices, which are set by global agricultural commodity markets. The company's plants are concentrated in North America, where relatively low natural gas costs compared to some international competitors have historically given it a cost advantage in global fertilizer production. CF Industries' results are cyclical, tied to global agricultural commodity prices, farmer planting decisions and crop economics, along with natural gas price swings that directly affect its manufacturing costs.