Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below summarizes capital contributions made by us, JERA and Mitsui during the three and six months ended June 30, 2026 and 2025.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in millions)
CF Holdings(1)(2)	$	78	$	157	$	156	$	157
JERA	68		137		136		137
Mitsui	48		98		97		98
Total—JERA and Mitsui	116		235		233		235
Total capital contributions	$	194	$	392	$	389	$	392

_______________________________________________________________________________

(1)Our 40% equity interest in the Blue Point One joint venture is held by one of our wholly owned subsidiaries.

(2)For the three and six months ended June 30, 2025, our contributions included a $43 million non-cash contribution of an intellectual property license.

The table below summarizes the assets and liabilities of the Blue Point One joint venture included in our consolidated balance sheet as of June 30, 2026 and December 31, 2025:


		June 30, 2026		December 31, 2025
	(in millions)
Assets
Current assets:
Cash and cash equivalents		$	341	$	130
Other current assets		6		1
Total current assets		347		131
Property, plant and equipment—net		504		361
Operating lease right-of-use assets		1		—
Other assets		17		1



Total assets		$	869	$	493
Liabilities

Current liabilities:
Accounts payable and accrued expenses		$	52	$	52


Current operating lease liabilities		1		—
Total current liabilities		53		52
Other liabilities		1		1
Total liabilities		$	54	$	53

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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