v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
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, which is 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 following table summarizes the share repurchases under the 2022 Share Repurchase Program.
Shares
Amounts(1)
(in millions)
Shares repurchased in 20235.6 $425 
Shares repurchased in 2024:
First quarter4.3 347 
Second quarter4.0 305 
Third quarter6.1 476 
Fourth quarter4.4 385 
Total shares repurchased in 202418.8 1,513 
Shares repurchased in 2025:
First quarter5.4 434 
Second quarter2.8 202 
Total shares repurchased in 20258.2 636 
Shares repurchased as of June 30, 2025
32.6 $2,574 
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(1)As defined in the 2022 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 six months ended June 30, 2025, we repurchased approximately 8.2 million shares under the 2022 Share Repurchase Program for $636 million. In the six months ended June 30, 2024, we repurchased approximately 8.3 million shares under the 2022 Share Repurchase Program for $652 million, of which $14 million was accrued and unpaid as of June 30, 2024.
In the second quarter of 2025, we retired approximately 8.3 million shares of repurchased stock, and we held no shares of treasury stock as of June 30, 2025.
Accumulated Other Comprehensive Loss
Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:
 Foreign
Currency
Translation
Adjustment		Unrealized
Gain on
Derivatives		Defined
Benefit
Plans		Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance as of December 31, 2024$(221)$3 $(62)$(280)
Loss arising during the period— — (1)(1)
Effect of exchange rate changes and deferred taxes85 — (6)79 
Balance as of June 30, 2025$(136)$3 $(69)$(202)
Balance as of December 31, 2023$(146)$3 $(66)$(209)
Loss arising during the period— — (2)(2)
Effect of exchange rate changes and deferred taxes(22)— 1 (21)
Balance as of June 30, 2024$(168)$3 $(67)$(232)