Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Our Board of Directors (the Board) has authorized certain programs to repurchase shares of our common stock. These programs have generally permitted repurchases to be made from time to time in the open market, through privately-negotiated transactions, through block transactions, through accelerated share repurchase programs or otherwise. The manner, timing and amount of repurchases will be determined by our management based on the evaluation of market conditions, stock price and other factors.

On November 2, 2022, the Board authorized the repurchase of up to $3 billion of CF Holdings common stock effective through December 31, 2025 (the 2022 Share Repurchase Program). On May 6, 2025, the Board authorized the repurchase of up to $2 billion of CF Holdings common stock commencing upon the completion of the 2022 Share Repurchase Program and effective through December 31, 2029 (the 2025 Share Repurchase Program). In October 2025, we completed the 2022 Share Repurchase Program and commenced repurchases under the 2025 Share Repurchase Program.

The following table summarizes the share repurchases under the 2025 Share Repurchase Program through March 31, 2026.

	Shares	Amounts(1)
	(in millions)
Shares repurchased in 2025:
Fourth quarter	3.4	$	278
Total shares repurchased in 2025	3.4	$	278
Shares repurchased in 2026:
First quarter	0.2	$	15
Shares repurchased as of March 31, 2026	3.6	$	293

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(1)As defined in the 2025 Share Repurchase Program, amounts reflect the price paid for the shares of common stock repurchased, excluding commissions paid to brokers and excise taxes.

In the three months ended March 31, 2026, we repurchased approximately 155,000 shares under the 2025 Share Repurchase Program for $15 million. In the three months ended March 31, 2025, we repurchased approximately 5.4 million shares under the 2022 Share Repurchase Program for $434 million.

In the three months ended March 31, 2025, we retired approximately 0.4 million shares of repurchased stock.

Accumulated Other Comprehensive Loss

Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:

	Foreign Currency Translation Adjustment		Unrealized Gain on Derivatives		Defined Benefit Plans		Accumulated Other Comprehensive Loss
	(in millions)
Balance as of December 31, 2025	$	(151)	$	3	$	(87)	$	(235)
Effect of exchange rate changes and deferred taxes	(22)		(1)		2		(21)
Balance as of March 31, 2026	$	(173)	$	2	$	(85)	$	(256)
Balance as of December 31, 2024	$	(221)	$	3	$	(62)	$	(280)
Effect of exchange rate changes and deferred taxes	11		—		(2)		9
Balance as of March 31, 2025	$	(210)	$	3	$	(64)	$	(271)