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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2025
Stockholders' Equity Note [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 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 and the 2022 Share Repurchase Program.
| 2025 Share Repurchase Program |  | 2022 Share Repurchase Program
| Shares |  | Amounts(1) |  | Shares |  | Amounts(1)
| (in millions)
Shares repurchased in 2023 | — |  |  | $ | — |  |  | 5.6 |  |  | $ | 425 |
Shares repurchased in 2024 | — |  |  | $ | — |  |  | 18.8 |  |  | $ | 1,513 |
Shares repurchased in 2025: |  |  |  |  |  |  |
First quarter | — |  |  | $ | — |  |  | 5.4 |  |  | $ | 434 |
Second quarter | — |  |  | — |  |  | 2.8 |  |  | 202 |
Third quarter | — |  |  | — |  |  | 4.3 |  |  | 364 |
Fourth quarter | 3.4 |  |  | 278 |  |  | 0.7 |  |  | 62 |
Total shares repurchased in 2025 | 3.4 |  |  | $ | 278 |  |  | 13.2 |  |  | $ | 1,062 |
Shares repurchased as of December 31, 2025 | 3.4 |  |  | $ | 278 |  |  | 37.6 |  |  | $ | 3,000 |
______________________________________________________________________________ (1)As defined in the share repurchase programs, amounts reflect the price paid for the shares of common stock repurchased, excluding commissions paid to brokers and excise taxes. In 2025, we completed the 2022 Share Repurchase Program with the repurchase of 13.2 million shares for $1.06 billion, and we repurchased 3.4 million shares under the 2025 Share Repurchase Program for $278 million. The shares we repurchase are held as treasury stock. If the Board authorizes us to retire the shares, they are returned to the status of authorized but unissued shares. As part of the retirements, we reduce our treasury stock, paid-in capital and retained earnings balances. In 2025, we retired 17.1 million shares of repurchased stock, including shares repurchased under the 2022 Share Repurchase Program and the 2025 Share Repurchase Program. In 2024, we retired 18.7 million shares of repurchased stock. As of December 31, 2025 and 2024, we held zero shares and 354,264 shares, respectively, of treasury stock. Changes in common shares outstanding are as follows:
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | 169,882,990 |  |  | 188,188,401 |  |  | 195,604,404 |
Exercise of stock options | 22,485 |  |  | 46,285 |  |  | 39,106 |
Issuance of restricted stock(1) | 413,843 |  |  | 769,607 |  |  | 664,200 |
Purchase of treasury shares(2) | (16,767,156) |  |  | (19,121,303) |  |  | (8,119,309) |
Ending balance | 153,552,162 |  |  | 169,882,990 |  |  | 188,188,401 |
_______________________________________________________________________________ (1)Includes shares issued from treasury. (2)Consists of shares repurchased under share repurchase programs and shares withheld to pay employee tax obligations upon the vesting of restricted stock or the exercise of stock options. Preferred Stock CF Holdings is authorized to issue 50 million shares of $0.01 par value preferred stock. Our Third Amended and Restated Certificate of Incorporation authorizes the Board, without any further stockholder action or approval, to issue these shares in one or more classes or series, and (except in the case of our Series A Junior Participating Preferred Stock, 500,000 shares of which are authorized and the terms of which were specified in the original certificate of incorporation of CF Holdings) to fix the rights, preferences and privileges of the shares of each wholly unissued class or series and any of its qualifications, limitations or restrictions. The Series A Junior Participating Preferred Stock had been established in CF Holdings’ original certificate of incorporation in connection with our former stockholder rights plan that expired in 2015. No shares of preferred stock have been issued. 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 (Loss) on Derivatives |  | Defined Benefit Plans |  | Accumulated Other Comprehensive Loss
| (in millions)
Balance as of December 31, 2022 | $ | (179) |  |  |  |  | $ | 3 |  |  | $ | (54) |  |  | $ | (230) |
Loss arising during the period | — |  |  |  |  | — |  |  | (6) |  |  | (6) |
Reclassification to earnings(1) | — |  |  |  |  | — |  |  | (1) |  |  | (1) |
Effect of exchange rate changes and deferred taxes | 33 |  |  |  |  | — |  |  | (5) |  |  | 28 |
Balance as of December 31, 2023 | $ | (146) |  |  |  |  | $ | 3 |  |  | $ | (66) |  |  | $ | (209) |
Gain arising during the period | — |  |  |  |  | — |  |  | 4 |  |  | 4 |
Effect of exchange rate changes and deferred taxes | (75) |  |  |  |  | — |  |  | — |  |  | (75) |
Balance as of December 31, 2024 | $ | (221) |  |  |  |  | $ | 3 |  |  | $ | (62) |  |  | $ | (280) |
Loss arising during the period | — |  |  |  |  | — |  |  | (27) |  |  | (27) |
Reclassification to earnings(1): |  |  |  |  |  |  |  |  |
Settlement loss | — |  |  |  |  | — |  |  | 1 |  |  | 1 |
Effect of exchange rate changes and deferred taxes | 70 |  |  |  |  | — |  |  | 1 |  |  | 71 |
Balance as of December 31, 2025 | $ | (151) |  |  |  |  | $ | 3 |  |  | $ | (87) |  |  | $ | (235) |
_______________________________________________________________________________ (1) Reclassifications out of accumulated other comprehensive loss to the consolidated statements of operations were not material.

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