← Filings of CF
Tables in the 10-K of CF Industries Holdings, Inc.
97 tables with numbers, filed Feb 25, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| PART I | | | |
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 14 |
| Item 1B. | Unresolved Staff Comments | 30 |
| Item 1C. | Cybersecurity | 30 |
| Item 2. | Properties | 31 |
| Item 3. | Legal Proceedings | 31 |
| Item 4. | Mine Safety Disclosures | 31 |
First 8 of 34 rows. The CSV has all of them.
Table 2 after “Our primary products are ammonia, granular urea, UAN and AN. Our historical sales by segment are shown in the following table. Net sales do ”
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| 2025 | 2024 | | 2023 | | | | | | |
| Sales Volume (tons) | Net Sales | | Sales Volume (tons) | Net Sales | Sales Volume (tons) | | Net Sales | | |
| (tons in thousands; dollars in millions) | | | | | | | | | |
| Ammonia | 4,597 | | $2,176 | | 4,085 | | $1,736 | | 3,546 | $1,679 |
| Granular Urea | 4,109 | | 1,781 | | 4,522 | | 1,600 | | 4,570 | 1,823 |
| UAN | 6,947 | | 2,161 | | 6,771 | | 1,678 | | 7,237 | 2,068 |
| AN | 1,327 | | 421 | | 1,464 | | 419 | | 1,571 | 497 |
| Other(1) | 2,077 | | 545 | | 2,101 | | 503 | | 2,206 | 564 |
First 8 of 9 rows. The CSV has all of them.
Table 3 after “The following table shows the production capacities as of December 31, 2025 at each of our manufacturing facilities:”
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| Average Annual Capacity(1) | | | | | | | | | |
| GrossAmmonia(2) | NetAmmonia(2) | | UAN(3) | Urea(4) | AN(5) | | Other(6) | | |
| (tons in thousands) | | | | | | | | | |
| Donaldsonville (Louisiana)(7)(8) | 4,335 | | 1,390 | | 3,255 | | 2,635 | | — | 445 |
| Medicine Hat (Alberta) | 1,230 | | 770 | | — | | 810 | | — | — |
| Port Neal (Iowa) | 1,280 | | 65 | | 800 | | 1,440 | | — | 290 |
| Verdigris (Oklahoma)(8) | 1,210 | | 430 | | 1,955 | | — | | — | — |
| Waggaman (Louisiana) | 880 | | 880 | | — | | — | | — | — |
First 8 of 16 rows. The CSV has all of them.
Table 4 after “The following table summarizes our production volume for the last three years:”
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| December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (tons in thousands) | | | | |
| Ammonia(1) | 10,120 | | 9,800 | | 9,496 |
| Granular urea | 4,262 | | 4,404 | | 4,544 |
| UAN (32%) | 6,934 | | 6,753 | | 6,852 |
| AN | 1,253 | | 1,392 | | 1,520 |
Table 5 after “As of December 31, 2025, we owned or leased space at 39 in-market storage terminals and warehouses located in a 17-state region of the Unite”
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| Ammonia | Granular Urea | | UAN(1) | AN | | | | | | | | | | |
| Number of Facilities | Capacity (000 Tons) | | Number of Facilities | Capacity (000 Tons) | | Number of Facilities | | Capacity (000 Tons) | Number of Facilities | Capacity (000 Tons) | | | | |
| Plants | 9 | | 535 | | 4 | | | 394 | | 6 | | 522 | | 2 | 148 |
| Terminal and Warehouse Locations | | | | | | | | | | | | | | | |
| Owned(2) | 21 | | 735 | | — | | | — | | 9 | | 236 | | — | — |
| Leased(3) | 4 | | 60 | | 3 | | | 23 | | 11 | | 186 | | — | — |
| Total In-Market | 25 | | 795 | | 3 | | | 23 | | 20 | | 422 | | — | — |
| Total Storage Capacity | | 1,330 | | | | 417 | | | | 944 | | | 148 | | |
Table 6 after “The following table sets forth share repurchases, on a trade date basis, for each of the three months of the quarter ended December 31, 2025”
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| Issuer Purchases of Equity Securities | | | | | |
| Period | Totalnumberof shares(or units)purchased | Average price paid per share (or unit)(1) | | Total number of shares (or units) purchased as part of publicly announced plans or programs(2) | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (in thousands)(2) | |
| October 1, 2025 - October 31, 2025 | 1,593,521 | (3) | $85.36 | | 1,593,478 | $1,925,480 |
| November 1, 2025 - November 30, 2025 | 2,000,161 | | 80.31 | | 2,000,161 | 1,764,850 |
| December 1, 2025 - December 31, 2025 | 541,602 | | 79.41 | | 541,602 | 1,721,844 |
| Total | 4,135,284 | | 82.14 | | 4,135,241 | |
Table 7 after “Sales volume for our products in 2025, 2024 and 2023 is shown in the table below.”
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| 2025 | 2024 | | 2023 | | | | | | |
| Sales Volume (tons) | Net Sales | | Sales Volume (tons) | Net Sales | Sales Volume (tons) | | Net Sales | | |
| (tons in thousands; dollars in millions) | | | | | | | | | |
| Ammonia | 4,597 | | $2,176 | | 4,085 | | $1,736 | | 3,546 | $1,679 |
| Granular Urea | 4,109 | | 1,781 | | 4,522 | | 1,600 | | 4,570 | 1,823 |
| UAN | 6,947 | | 2,161 | | 6,771 | | 1,678 | | 7,237 | 2,068 |
| AN | 1,327 | | 421 | | 1,464 | | 419 | | 1,571 | 497 |
| Other(1) | 2,077 | | 545 | | 2,101 | | 503 | | 2,206 | 564 |
First 8 of 9 rows. The CSV has all of them.
Table 8 after “The following table presents the average daily market price of natural gas at the Henry Hub, the most heavily-traded natural gas pricing poi”
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| Year ended December 31, | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | |
| Average daily market price of natural gas Henry Hub (per MMBtu) | $3.53 | | $2.25 | | $2.53 | | $1.28 | 57% | $(0.28) | (11)% |
| Cost of natural gas used for production in cost of sales(1) (per MMBtu) | $3.31 | | $2.40 | | $3.67 | | $0.91 | 38% | $(1.27) | (35)% |
Table 9 after “During the years ended December 31, 2025 and 2024, we reported net earnings attributable to common stockholders of $1.46 billion and $1.22 b”
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| 2025 | | 2024 | | | | |
| Pre-Tax | After-Tax(1) | | Pre-Tax | After-Tax(1) | | |
| (in millions) | | | | | | |
| Unrealized net mark-to-market loss (gain) on natural gas derivatives(2) | $5 | | $4 | | | $(35) | $(27) |
| Gain on foreign currency transactions(3)(4) | (5) | | (5) | | | — | — |
| Asset impairment | 76 | | 58 | | | — | — |
| Loss on sale of Ince facility(5) | 23 | | 21 | | | — | — |
| Blue Point joint venture construction costs(3)(4) | 10 | | 9 | | | — | — |
First 8 of 14 rows. The CSV has all of them.
Table 10 after “The following table presents our consolidated results of operations and certain supplemental data for the years ended December 31, 2025, 202”
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| Year ended December 31, | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | | | |
| (in millions, except as noted) | | | | | | | | | | | |
| Net sales | $7,084 | | $5,936 | | $6,631 | | $1,148 | 19% | | $(695) | | (10)% |
| Cost of sales (COS) | 4,360 | | 3,880 | | 4,086 | | 480 | 12% | | (206) | | (5)% |
| Gross margin | 2,724 | | 2,056 | | 2,545 | | 668 | 32% | | (489) | | (19)% |
| Gross margin percentage | 38.5% | | 34.6% | | 38.4% | | 3.9% | | (3.8)% | | | |
| Selling, general and administrative expenses | 364 | | 320 | | 289 | | 44 | 14% | | 31 | | 11% |
First 8 of 41 rows. The CSV has all of them.
Table 11 after “The following table presents summary operating results by business segment:”
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| Ammonia | Granular Urea(1) | | UAN(1) | AN(1) | Other(1) | | Consolidated | | |
| (in millions) | | | | | | | | | |
| Year ended December 31, 2025 | | | | | | | | | | |
| Net sales | $2,176 | | $1,781 | | $2,161 | | $421 | | $545 | $7,084 |
| Cost of sales | 1,494 | | 944 | | 1,240 | | 342 | | 340 | 4,360 |
| Gross margin | $682 | | $837 | | $921 | | $79 | | $205 | $2,724 |
| Gross margin percentage | 31.3% | | 47.0% | | 42.6% | | 18.8% | | 37.6% | 38.5% |
| Year ended December 31, 2024 | | | | | | | | | | |
First 8 of 17 rows. The CSV has all of them.
Table 12 after “The following table presents summary operating data for our Ammonia segment:”
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| Year ended December 31, | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | | | |
| (in millions, except as noted) | | | | | | | | | | | |
| Net sales | $2,176 | | $1,736 | | $1,679 | | $440 | 25% | | $57 | | 3% |
| Cost of sales | 1,494 | | 1,243 | | 1,138 | | 251 | 20% | | 105 | | 9% |
| Gross margin | $682 | | $493 | | $541 | | $189 | 38% | | $(48) | | (9)% |
| Gross margin percentage | 31.3% | | 28.4% | | 32.2% | | 2.9% | | (3.8)% | | | |
| Sales volume by product tons (000s) | 4,597 | | 4,085 | | 3,546 | | 512 | 13% | | 539 | | 15% |
First 8 of 15 rows. The CSV has all of them.
Table 13 after “The following table presents summary operating data for our Granular Urea segment:”
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| Year ended December 31, | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | | | |
| (in millions, except as noted) | | | | | | | | | | | |
| Net sales | $1,781 | | $1,600 | | $1,823 | | $181 | 11% | | $(223) | | (12)% |
| Cost of sales | 944 | | 926 | | 1,010 | | 18 | 2% | | (84) | | (8)% |
| Gross margin | $837 | | $674 | | $813 | | $163 | 24% | | $(139) | | (17)% |
| Gross margin percentage | 47.0% | | 42.1% | | 44.6% | | 4.9% | | (2.5)% | | | |
| Sales volume by product tons (000s) | 4,109 | | 4,522 | | 4,570 | | (413) | (9)% | | (48) | | (1)% |
First 8 of 15 rows. The CSV has all of them.
Table 14 after “The following table presents summary operating data for our UAN segment:”
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| Year ended December 31, | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | | | |
| (in millions, except as noted) | | | | | | | | | | | |
| Net sales | $2,161 | | $1,678 | | $2,068 | | $483 | 29% | | $(390) | | (19)% |
| Cost of sales | 1,240 | | 1,069 | | 1,251 | | 171 | 16% | | (182) | | (15)% |
| Gross margin | $921 | | $609 | | $817 | | $312 | 51% | | $(208) | | (25)% |
| Gross margin percentage | 42.6% | | 36.3% | | 39.5% | | 6.3% | | (3.2)% | | | |
| Sales volume by product tons (000s) | 6,947 | | 6,771 | | 7,237 | | 176 | 3% | | (466) | | (6)% |
First 8 of 15 rows. The CSV has all of them.
Table 15 after “The following table presents summary operating data for our AN segment:”
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| Year ended December 31, | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | | |
| (in millions, except as noted) | | | | | | | | | | |
| Net sales | $421 | | $419 | | $497 | | $2 | —% | | $(78) | (16)% |
| Cost of sales | 342 | | 340 | | 359 | | 2 | 1% | | (19) | (5)% |
| Gross margin | $79 | | $79 | | $138 | | $— | —% | | $(59) | (43)% |
| Gross margin percentage | 18.8% | | 18.9% | | 27.8% | | (0.1)% | | (8.9)% | | |
| Sales volume by product tons (000s) | 1,327 | | 1,464 | | 1,571 | | (137) | (9)% | | (107) | (7)% |
First 8 of 15 rows. The CSV has all of them.
Table 16 after “The following table presents summary operating data for our Other segment:”
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| Year ended December 31, | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 v. 2024 | 2024 v. 2023 | | | | | |
| (in millions, except as noted) | | | | | | | | | | |
| Net sales | $545 | | $503 | | $564 | | $42 | 8% | | $(61) | (11)% |
| Cost of sales | 340 | | 302 | | 328 | | 38 | 13% | | (26) | (8)% |
| Gross margin | $205 | | $201 | | $236 | | $4 | 2% | | $(35) | (15)% |
| Gross margin percentage | 37.6% | | 40.0% | | 41.8% | | (2.4)% | | (1.8)% | | |
| Sales volume by product tons (000s) | 2,077 | | 2,101 | | 2,206 | | (24) | (1)% | | (105) | (5)% |
First 8 of 15 rows. The CSV has all of them.
Table 17 after “As of December 31, 2025, our cash and cash equivalents balance was $1.98 billion, an increase of $368 million from $1.61 billion at December”
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| December 31, 2025 | December 31, 2024 | |
| (in millions) | | |
| Cash and cash equivalents, excluding amounts related to Blue Point Number One, LLC | $1,852 | | $1,614 |
| Cash and cash equivalents held by—Blue Point Number One, LLC | 130 | | — |
| Total cash and cash equivalents | $1,982 | | $1,614 |
Table 18 after “We make capital expenditures to sustain our asset base, increase our capacity or capabilities, improve plant efficiency, comply with various”
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| December 31, 2025 | December 31, 2024 | |
| (in millions) | | |
| Existing operations | $620 | | $507 |
| Blue Point joint venture(1) | 307 | | — |
| Blue Point complex scalable infrastructure | 9 | | — |
| Capitalized interest | 14 | | 11 |
| Total capital expenditures | $950 | | $518 |
Table 19 after “The following table summarizes the share repurchases under the 2025 Share Repurchase Program and the 2022 Share Repurchase Program.”
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| 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 |
First 8 of 12 rows. The CSV has all of them.
Table 20 after “Long-term debt presented on our consolidated balance sheets as of December 31, 2025 and 2024 consisted of the following debt securities issu”
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| Effective Interest Rate | | December 31, 2025 | | December 31, 2024 | | | | |
| | Principal Outstanding | | Carrying Amount(1) | | Principal Outstanding | Carrying Amount(1) | | |
| | | (in millions) | | | | | | |
| Public Senior Notes: | | | | | | | | | |
| 5.150% due March 2034 | 5.293% | | $750 | | | $743 | | $750 | $742 |
| 5.300% due November 2035 | 5.444% | | 1,000 | | | 989 | | — | — |
| 4.950% due June 2043 | 5.040% | | 750 | | | 742 | | 750 | 742 |
| 5.375% due March 2044 | 5.478% | | 750 | | | 741 | | 750 | 741 |
First 8 of 11 rows. The CSV has all of them.
Table 21 after “The CFN Board of Managers approved semi-annual distribution payments for the years ended December 31, 2025, 2024 and 2023, in accordance wit”
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| Approved and paid | Distribution Period | Distribution Amount (in millions) |
| First quarter of 2026 | Six months ended December 31, 2025 | $201 |
| Third quarter of 2025 | Six months ended June 30, 2025 | 175 |
| First quarter of 2025 | Six months ended December 31, 2024 | 129 |
| Third quarter of 2024 | Six months ended June 30, 2024 | 164 |
| First quarter of 2024 | Six months ended December 31, 2023 | 144 |
| Third quarter of 2023 | Six months ended June 30, 2023 | 204 |
Table 22 after “For our United Kingdom pension plans, our PBO was $335 million as of December 31, 2025, which was $22 million lower than pension plan assets”
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| | Increase/(Decrease) in December 31, 2025 PBO | | |
| United Kingdom Plans | | | |
| Assumption | | +50 bps | -50 bps | |
| | (in millions) | | |
| Discount Rate | | $(17) | | $18 |
| RPI | | 9 | | (9) |
Table 23 after “CONSOLIDATED STATEMENTS OF OPERATIONS”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions, except per share amounts) | | | | |
| Net sales | $7,084 | | $5,936 | | $6,631 |
| Cost of sales | 4,360 | | 3,880 | | 4,086 |
| Gross margin | 2,724 | | 2,056 | | 2,545 |
| Selling, general and administrative expenses | 364 | | 320 | | 289 |
| Asset impairment | 76 | | — | | — |
First 8 of 29 rows. The CSV has all of them.
Table 24 after “CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Net earnings | $1,798 | | $1,477 | | $1,838 |
| Other comprehensive income (loss): | | | | | |
| Foreign currency translation adjustment—net of taxes | 70 | | (75) | | 33 |
| Defined benefit plans—net of taxes | (25) | | 4 | | (12) |
| 45 | | (71) | | 21 |
First 8 of 11 rows. The CSV has all of them.
| December 31, | | |
| 2025 | 2024 | |
| (in millions, except share and per share amounts) | | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents (amount related to variable interest entity (VIE)—2025: $130) | $1,982 | | $1,614 |
| Accounts receivable—net | 488 | | 404 |
| Inventories | 383 | | 314 |
First 8 of 43 rows. The CSV has all of them.
Table 26 after “CONSOLIDATED STATEMENTS OF EQUITY”
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| Common Stockholders | | | | | | | | | | | | |
| $0.01 Par Value Common Stock | Treasury Stock | | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | | Total Stockholders’ Equity | Noncontrolling Interests | Total Equity | | | |
| (in millions) | | | | | | | | | | | | |
| Balance as of December 31, 2022 | $2 | | $— | | $1,412 | | $3,867 | | $(230) | | $5,051 | $2,802 | $7,853 |
| Net earnings | — | | — | | — | | 1,525 | | — | | 1,525 | 313 | 1,838 |
| Other comprehensive income | — | | — | | — | | — | | 21 | | 21 | — | 21 |
| Purchases of treasury stock | — | | (585) | | — | | — | | — | | (585) | — | (585) |
| Retirement of treasury stock | — | | 605 | | (59) | | (546) | | — | | — | — | — |
First 8 of 35 rows. The CSV has all of them.
Table 27 after “CONSOLIDATED STATEMENTS OF CASH FLOWS”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Operating Activities: | | | | | |
| Net earnings | $1,798 | | $1,477 | | $1,838 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 898 | | 925 | | 869 |
| Deferred income taxes | 6 | | (115) | | 81 |
First 8 of 50 rows. The CSV has all of them.
Table 28 after “Property, plant and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method and are recorded”
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| Years |
| Mobile and office equipment | 3 to 10 |
| Production facilities, including machinery and equipment | 2 to 30 |
| Land improvements | 10 to 30 |
| Buildings | 10 to 40 |
| Ammonia | Granular Urea | | UAN | AN | Other | | Total | | |
| (in millions) | | | | | | | | | |
| Year ended December 31, 2025 | | | | | | | | | | |
| North America | $1,702 | | $1,781 | | $1,865 | | $178 | | $468 | $5,994 |
| Europe and other | 474 | | — | | 296 | | 243 | | 77 | 1,090 |
| Total revenue | $2,176 | | $1,781 | | $2,161 | | $421 | | $545 | $7,084 |
| Year ended December 31, 2024 | | | | | | | | | | |
| North America | $1,452 | | $1,528 | | $1,416 | | $208 | | $421 | $5,025 |
First 8 of 14 rows. The CSV has all of them.
Table 30 after “Net earnings per share were computed as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions, except per share amounts) | | | | |
| Net earnings attributable to common stockholders | $1,455 | | $1,218 | | $1,525 |
| Basic earnings per common share: | | | | | |
| Weighted-average common shares outstanding | 162.1 | | 180.4 | | 193.3 |
| Net earnings attributable to common stockholders | $8.98 | | $6.75 | | $7.89 |
| Diluted earnings per common share: | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 31 after “Property, plant and equipment—net consists of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Land | $109 | | $114 |
| Machinery and equipment | 13,957 | | 13,801 |
| Buildings and improvements | 1,043 | | 1,011 |
| Construction in progress | 709 | | 482 |
| Property, plant and equipment(1) | 15,818 | | 15,408 |
First 8 of 10 rows. The CSV has all of them.
Table 32 after “The following is a summary of capitalized plant turnaround costs:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Net capitalized turnaround costs as of January 1 | $363 | | $352 | | $312 |
| Additions | 214 | | 186 | | 165 |
| Depreciation | (152) | | (171) | | (138) |
| Acquisition of Waggaman ammonia production facility | — | | — | | 16 |
| Effect of exchange rate changes and other | 2 | | (4) | | (3) |
First 8 of 9 rows. The CSV has all of them.
Table 33 after “The following table shows the carrying amount of goodwill by reportable segment as of December 31, 2025 and 2024:”
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| Ammonia | Granular Urea | | UAN | AN | Other | | Total | | |
| (in millions) | | | | | | | | | |
| Balance as of December 31, 2024 | $980 | | $828 | | $576 | | $69 | | $39 | $2,492 |
| Effect of exchange rate changes | 1 | | — | | — | | — | | — | 1 |
| Balance as of December 31, 2025 | $981 | | $828 | | $576 | | $69 | | $39 | $2,493 |
Table 34 after “All of our identifiable intangible assets have definite lives and are presented on our consolidated balance sheets at gross carrying amount,”
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| December 31, 2025 | December 31, 2024 | | | | | | | | |
| Gross Carrying Amount | Accumulated Amortization | | Net | Gross Carrying Amount | Accumulated Amortization | | Net | | |
| (in millions) | | | | | | | | | |
| Customer relationships | $505 | | $(91) | | $414 | | $505 | | $(66) | $439 |
| Personal property tax agreement | 71 | | (12) | | 59 | | 71 | | (6) | 65 |
| Carbon credits | — | | — | | — | | 3 | | — | 3 |
| Total intangible assets | $576 | | $(103) | | $473 | | $579 | | $(72) | $507 |
Table 35 after “Total estimated amortization expense for each of the five succeeding fiscal years is as follows:”
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| Estimated Amortization Expense |
| (in millions) |
| 2026 | $32 |
| 2027 | 32 |
| 2028 | 30 |
| 2029 | 29 |
| 2030 | 29 |
Table 36 after “Our cash and cash equivalents and other investments consist of the following:”
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| December 31, 2025 | | | | | |
| Cost Basis | Unrealized Gains | | Unrealized Losses | Fair Value | |
| (in millions) | | | | | |
| Cash | $629 | | $— | | $— | $629 |
| Cash equivalents: | | | | | | |
| U.S. and Canadian government obligations | 284 | | — | | — | 284 |
| Other debt securities | 1,069 | | — | | — | 1,069 |
| Total cash and cash equivalents | $1,982 | | $— | | $— | $1,982 |
First 8 of 9 rows. The CSV has all of them.
Table 37 after “Our cash and cash equivalents and other investments consist of the following:”
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| December 31, 2024 | | | | | |
| Cost Basis | Unrealized Gains | | Unrealized Losses | Fair Value | |
| (in millions) | | | | | |
| Cash | $168 | | $— | | $— | $168 |
| Cash equivalents: | | | | | | |
| U.S. and Canadian government obligations | 932 | | — | | — | 932 |
| Other debt securities | 514 | | — | | — | 514 |
| Total cash and cash equivalents | $1,614 | | $— | | $— | $1,614 |
First 8 of 9 rows. The CSV has all of them.
Table 38 after “The following tables present assets and liabilities included in our consolidated balance sheets as of December 31, 2025 and 2024 that are re”
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| December 31, 2025 | | | | | |
| Total Fair Value | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
| (in millions) | | | | | |
| Cash equivalents | $1,353 | | $1,353 | | $— | $— |
| Nonqualified employee benefit trusts | 18 | | 18 | | — | — |
| Derivative assets | 1 | | — | | 1 | — |
| Derivative liabilities | (5) | | — | | (5) | — |
Table 39 after “The following tables present assets and liabilities included in our consolidated balance sheets as of December 31, 2025 and 2024 that are re”
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| December 31, 2024 | | | | | |
| Total Fair Value | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
| (in millions) | | | | | |
| Cash equivalents | $1,446 | | $1,446 | | $— | $— |
| Nonqualified employee benefit trusts | 17 | | 17 | | — | — |
| Derivative assets | 4 | | — | | 4 | — |
| Derivative liabilities | (3) | | — | | (3) | — |
Table 40 after “The carrying amount and estimated fair value of our financial instruments are as follows:”
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| December 31, 2025 | December 31, 2024 | | | | |
| Carrying Amount | Fair Value | | Carrying Amount | Fair Value | |
| (in millions) | | | | | |
| Long-term debt | $3,215 | | $3,131 | | $2,971 | $2,827 |
Table 41 after “The components of earnings before income taxes and the components of our income tax provision are as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Domestic | $2,031 | | $1,533 | | $2,248 |
| Non-U.S. | 208 | | 229 | | — |
| Earnings before income taxes | $2,239 | | $1,762 | | $2,248 |
Table 42 after “The components of earnings before income taxes and the components of our income tax provision are as follows:”
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| Current | | | |
| Federal | $328 | $312 | $271 |
| Foreign | 61 | 42 | (26) |
| State | 46 | 46 | 84 |
| 435 | 400 | 329 |
| Deferred | | | |
| Federal | 15 | (89) | 108 |
| Foreign | (9) | 3 | (5) |
First 8 of 11 rows. The CSV has all of them.
Table 43 after “Differences in the expected income tax provision based on statutory rates applied to earnings before income taxes and the income tax provisi”
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| Year ended December 31, | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| (in millions, except percentages) | | | | | | | | | |
| Earnings before income taxes | $2,239 | | | | $1,762 | | | $2,248 | | |
| Expected tax provision at U.S. statutory rate of 21% | $470 | | 21.0% | | | $370 | 21.0% | | $472 | 21.0% |
| Domestic federal reconciling items: | | | | | | | | | | |
| Tax credits | (6) | | (0.3)% | | | (3) | (0.2)% | | (16) | (0.7)% |
| Nontaxable or nondeductible items: | | | | | | | | | | |
First 8 of 20 rows. The CSV has all of them.
Table 44 after “Deferred tax assets and deferred tax liabilities are as follows:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Deferred tax assets: | | | |
| Net operating loss and capital loss carryforwards, state | $54 | | $56 |
| Net operating loss and capital loss carryforwards, foreign | 56 | | 49 |
| Retirement and other employee benefits | 8 | | 2 |
| Foreign tax credits | 61 | | 57 |
First 8 of 22 rows. The CSV has all of them.
Table 45 after “A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Unrecognized tax benefits: | | | |
| Balance as of January 1 | $230 | | $222 |
| Additions for tax positions taken during the current year | 8 | | 1 |
| Additions for tax positions taken during prior years | 53 | | 7 |
| Reductions related to lapsed statutes of limitations | — | | — |
First 8 of 10 rows. The CSV has all of them.
Table 46 after “Our plan assets, benefit obligations, funded status and amounts recognized on our consolidated balance sheets for our North America and Unit”
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| Pension Plans | Retiree Medical Plans | | | | | | | | |
| North America | United Kingdom | | North America | | | | | | |
| December 31, | December 31, | | December 31, | | | | | | |
| 2025 | 2024 | | 2025 | 2024 | 2025 | | 2024 | | |
| (in millions) | | | | | | | | | |
| Change in plan assets | | | | | | | | | | |
| Fair value of plan assets as of January 1 | $299 | | $313 | | $345 | | $360 | | $— | $— |
| Return on plan assets | 24 | | 10 | | 9 | | (7) | | — | — |
First 8 of 23 rows. The CSV has all of them.
Table 47 after “Amounts recognized on the consolidated balance sheets consist of the following:”
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| Pension Plans | Retiree Medical Plans | | | | | | | | |
| North America | United Kingdom | | North America | | | | | | |
| December 31, | December 31, | | December 31, | | | | | | |
| 2025 | 2024 | | 2025 | 2024 | 2025 | | 2024 | | |
| (in millions) | | | | | | | | | |
| Other assets | $18 | | $21 | | $22 | | $28 | | $— | $— |
| Accounts payable and accrued expenses | — | | — | | — | | — | | (2) | (2) |
| Other current liabilities | (9) | | — | | — | | — | | — | — |
First 8 of 10 rows. The CSV has all of them.
Table 48 after “Pre-tax amounts recognized in accumulated other comprehensive loss consist of the following:”
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| Pension Plans | Retiree Medical Plans | | | | | | | | |
| North America | United Kingdom | | North America | | | | | | |
| December 31, | December 31, | | December 31, | | | | | | |
| 2025 | 2024 | | 2025 | 2024 | 2025 | | 2024 | | |
| (in millions) | | | | | | | | | |
| Prior service cost | $— | | $— | | $1 | | $1 | | $— | $— |
| Net actuarial loss (gain) | 4 | | (3) | | 94 | | 71 | | (3) | (5) |
| $4 | | $(3) | | $95 | | $72 | | $(3) | $(5) |
Table 49 after “Net periodic benefit cost (income) and other amounts recognized in other comprehensive (income) loss for the years ended December 31 include”
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| Pension Plans | Retiree Medical Plans | | | | | | | | | | | | | |
| North America | United Kingdom | | North America | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 | 2024 | | 2023 | 2025 | 2024 | | 2023 | | | |
| (in millions) | | | | | | | | | | | | | | |
| Service cost | $4 | | $5 | | $5 | | $— | | $— | | $— | | $— | $— | $— |
| Interest cost | 14 | | 13 | | 13 | | 18 | | 16 | | 16 | | 1 | 1 | 1 |
| Expected return on plan assets | (16) | | (16) | | (15) | | (27) | | (28) | | (25) | | — | — | — |
| Settlement loss | 1 | | — | | — | | — | | — | | — | | — | — | — |
First 8 of 15 rows. The CSV has all of them.
Table 50 after “The following table presents aggregated information for those individual defined benefit pension plans that have an ABO in excess of plan as”
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| North America | United Kingdom | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| (in millions) | | | | | |
| Accumulated benefit obligation | $194 | | $— | | $— | $— |
| Projected benefit obligation | 194 | | — | | — | — |
| Fair value of plan assets | 185 | | — | | — | — |
Table 51 after “The expected future benefit payments for our pension and retiree medical plans are as follows:”
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| Pension Plans | Retiree Medical Plans | | | |
| North America | United Kingdom | | North America | |
| (in millions) | | | | |
| 2026(1) | $263 | | $26 | | $2 |
| 2027 | — | | 27 | | 2 |
| 2028 | — | | 27 | | 2 |
| 2029 | — | | 28 | | 2 |
| 2030 | — | | 28 | | 2 |
First 8 of 9 rows. The CSV has all of them.
Table 52 after “The following assumptions were used in determining the benefit obligations and expense:”
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| Pension Plans | | | | | Retiree Medical Plans | | | | | | | | | | | | | | | | | | |
| North America | United Kingdom | | | | North America | | | | | | | | | | | | | | | | | | |
| 2025 | 2024 | | 2023 | | 2025 | 2024 | | 2023 | | | | | 2025 | 2024 | | 2023 | | | | | | | |
| Weighted-average discount rate—obligation | 4.2% | | 5.2% | | | 4.8% | | 5.5% | | | 5.5% | | 4.6% | | | | | | 5.1% | | | 5.4% | | 4.8% |
| Weighted-average discount rate—expense | 5.2% | | 4.8% | | | 5.1% | | 5.5% | | | 4.6% | | 4.8% | | | | | | 5.4% | | | 4.8% | | 5.0% |
| Weighted-average cash balance interest crediting rate—obligation | 3.8% | | 4.4% | | | 3.9% | | n/a | | n/a | | n/a | | | | n/a | | n/a | | n/a | | | | |
| Weighted-average cash balance interest crediting rate—expense | 4.4% | | 3.9% | | | 3.9% | | n/a | | n/a | | n/a | | | | n/a | | n/a | | n/a | | | | |
| Weighted-average rate of increase in future compensation | n/a | 3.3% | | | 3.3% | | n/a | | n/a | | n/a | | | | n/a | | n/a | | n/a | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 53 after “The fair values of our pension plan assets as of December 31, 2025 and 2024, by major asset class, are as follows:”
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| North America | | | | | |
| December 31, 2025 | | | | | |
| Total Fair Value | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
| (in millions) | | | | | |
| Cash and cash equivalents(1) | $99 | | $— | | $99 | $— |
| Short-term investments(2) | 25 | | — | | 25 | — |
| Buy-in annuity contracts(3) | 63 | | — | | — | 63 |
| Fixed income | | | | | | |
First 8 of 14 rows. The CSV has all of them.
Table 54 after “The fair values of our pension plan assets as of December 31, 2025 and 2024, by major asset class, are as follows:”
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| United Kingdom | | | | | |
| December 31, 2025 | | | | | |
| Total Fair Value | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
| (in millions) | | | | | |
| Cash and cash funds(9) | $4 | | $3 | | $1 | $— |
| Buy-in annuity contracts(3) | 352 | | — | | — | 352 |
| Total assets at fair value by fair value levels | $356 | | $3 | | $1 | $352 |
| Funds measured at NAV as a practical expedient(10) | 1 | | | | | |
First 8 of 9 rows. The CSV has all of them.
| North America | | | | | |
| December 31, 2024 | | | | | |
| Total Fair Value | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
| (in millions) | | | | | |
| Cash and cash equivalents(1) | $2 | | $1 | | $1 | $— |
| Equity mutual funds | | | | | | |
| Index equity(11) | 41 | | 41 | | — | — |
| Fixed income | | | | | | |
First 8 of 14 rows. The CSV has all of them.
| United Kingdom | | | | | |
| December 31, 2024 | | | | | |
| Total Fair Value | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
| (in millions) | | | | | |
| Cash and cash funds(9) | $2 | | $1 | | $1 | $— |
| Pooled equity funds(12) | 14 | | — | | 14 | — |
| Pooled diversified funds(13) | 31 | | — | | 31 | — |
| Debt funds | | | | | | |
First 8 of 16 rows. The CSV has all of them.
Table 57 after “Long-term debt presented on our consolidated balance sheets as of December 31, 2025 and 2024 consisted of the following debt securities issu”
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| Effective Interest Rate | | December 31, 2025 | | December 31, 2024 | | | | |
| | Principal Outstanding | | Carrying Amount(1) | | Principal Outstanding | Carrying Amount(1) | | |
| | | (in millions) | | | | | | |
| Public Senior Notes: | | | | | | | | | |
| 5.150% due March 2034 | 5.293% | | $750 | | | $743 | | $750 | $742 |
| 5.300% due November 2035 | 5.444% | | 1,000 | | | 989 | | — | — |
| 4.950% due June 2043 | 5.040% | | 750 | | | 742 | | 750 | 742 |
| 5.375% due March 2044 | 5.478% | | 750 | | | 741 | | 750 | 741 |
First 8 of 11 rows. The CSV has all of them.
Table 58 after “Details of interest expense are as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Interest on borrowings(1) | $155 | | $150 | | $150 |
| Fees on financing agreements and other(1) | 10 | | 9 | | 8 |
| Interest on tax liabilities(2) | 4 | | (27) | | (2) |
| Interest capitalized | (14) | | (11) | | (6) |
| Interest expense | $155 | | $121 | | $150 |
Table 59 after “The table below summarizes the assets and liabilities of the Blue Point joint venture included in our consolidated balance sheet as of Decem”
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| | December 31, 2025 |
| (in millions) | |
| Assets | | |
| Cash and cash equivalents | | $130 |
| Other current assets | | 1 |
| Property, plant and equipment—net | | 361 |
| Other assets | | 1 |
| Total assets | | $493 |
First 8 of 12 rows. The CSV has all of them.
Table 60 after “Details of other operating—net are as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Loss on disposal of property, plant and equipment | $3 | | $12 | | $4 |
| Gain on sale of emission credits | (8) | | (47) | | (39) |
| Gain on foreign currency transactions(1) | (5) | | — | | — |
| 45Q Tax Credits(2) | (42) | | — | | — |
| Other(3) | 27 | | 25 | | 4 |
First 8 of 9 rows. The CSV has all of them.
Table 61 after “The effect of derivatives on our consolidated statements of operations is shown in the table below.”
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| Gain (loss) recognized in income | | | | | |
| | Year ended December 31, | | | | |
| Location | 2025 | 2024 | | 2023 | |
| | (in millions) | | | | |
| Natural gas derivatives | | | | | | |
| Unrealized net (losses) gains | Cost of sales | $(5) | | $35 | | $39 |
| Realized net losses | Cost of sales | (1) | | (40) | | (139) |
| Net derivative losses | | $(6) | | $(5) | | $(100) |
Table 62 after “The fair values of derivatives on our consolidated balance sheets are shown below. As of December 31, 2025 and 2024, none of our derivative ”
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| Asset Derivatives | | Liability Derivatives | | | | | | | |
| Balance Sheet Location | | December 31, | | Balance Sheet Location | | December 31, | | | |
| | 2025 | | 2024 | | | 2025 | 2024 | | |
| | | (in millions) | | | | (in millions) | | | |
| Natural gas derivatives | Other current assets | | $— | | | $4 | | Other current liabilities | $(5) | $(3) |
| Natural gas derivatives | Other assets | | 1 | | | — | | Other liabilities | — | — |
Table 63 after “The following table presents amounts relevant to offsetting of our derivative assets and liabilities as of December 31, 2025 and 2024:”
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| Amounts presented in consolidatedbalance sheets(1) | | Gross amounts not offset in consolidated balance sheets | | | | |
| | Financial instruments | | Cash collateral received (pledged) | Net amount | | |
| (in millions) | | | | | | |
| December 31, 2025 | | | | | | | |
| Total derivative assets | $1 | | | $— | | $— | $1 |
| Total derivative liabilities | (5) | | | — | | — | (5) |
| Net derivative liabilities | $(4) | | | $— | | $— | $(4) |
| December 31, 2024 | | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 64 after “Accounts receivable—net consist of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Trade | $444 | | $378 |
| Other | 44 | | 26 |
| Accounts receivable—net | $488 | | $404 |
Table 65 after “Inventories consist of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Finished goods | $332 | | $263 |
| Raw materials, spare parts and supplies | 51 | | 51 |
| Total inventories | $383 | | $314 |
Table 66 after “Other assets consist of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Spare parts | $228 | | $208 |
| Nonqualified employee benefit trusts | 18 | | 17 |
| Tax-related assets | 654 | | 638 |
| Other | 80 | | 54 |
| Total other assets | $980 | | $917 |
Table 67 after “Accounts payable and accrued expenses consist of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Accounts payable(1) | $148 | | $125 |
| Accrued capital expenditures(1) | 51 | | 59 |
| Accrued natural gas costs | 127 | | 106 |
| Payroll and employee-related costs | 113 | | 69 |
| Accrued interest | 32 | | 30 |
First 8 of 10 rows. The CSV has all of them.
Table 68 after “Other liabilities consist of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Benefit plans and deferred compensation | $47 | | $40 |
| Tax-related liabilities | 262 | | 245 |
| Other | 28 | | 16 |
| Other liabilities | $337 | | $301 |
Table 69 after “A reconciliation of the beginning and ending balances of noncontrolling interests and distributions payable to noncontrolling interests on o”
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| Year ended December 31, | | | | | | | | |
| 2025 | 2024 | | | | 2023 | | | |
| CFN | Blue Point | | Total | CFN | | | CFN | |
| (in millions) | | | | | | | | |
| Noncontrolling interests: | | | | | | | | | |
| Balance as of January 1 | $2,607 | | $— | | $2,607 | | $2,656 | | $2,802 |
| Issuance of noncontrolling interests in Blue Point Number One, LLC | — | | 291 | | 291 | | — | | — |
| Earnings attributable to noncontrolling interests | 341 | | 2 | | 343 | | 259 | | 313 |
First 8 of 15 rows. The CSV has all of them.
Table 70 after “The following table summarizes the share repurchases under the 2025 Share Repurchase Program and the 2022 Share Repurchase Program.”
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| 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 |
First 8 of 12 rows. The CSV has all of them.
Table 71 after “Changes in common shares outstanding are as follows:”
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| 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 |
Table 72 after “Changes to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:”
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| 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 |
First 8 of 15 rows. The CSV has all of them.
Table 73 after “A summary of restricted stock activity during the year ended December 31, 2025 is presented below.”
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| Restricted Stock Awards | Restricted Stock Units | | Performance Restricted Stock Units | | | | | | |
| Shares | Weighted- Average Grant-Date Fair Value | | Shares | Weighted- Average Grant-Date Fair Value | Shares | | Weighted- Average Grant-Date Fair Value | | |
| Outstanding as of December 31, 2024 | 23,367 | | $79.59 | | 471,657 | | $79.36 | | 272,000 | $84.66 |
| Granted | 24,033 | | 81.98 | | 262,093 | | 85.66 | | 152,390 | 87.60 |
| Restrictions lapsed (vested)(1) | (23,367) | | 79.59 | | (197,545) | | 78.15 | | (141,616) | 85.25 |
| Forfeited | — | | — | | (13,105) | | 83.64 | | (3,257) | 85.89 |
| Outstanding as of December 31, 2025 | 24,033 | | 81.98 | | 523,100 | | 82.86 | | 279,517 | 85.95 |
| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Stock-based compensation expense | $45 | | $36 | | $37 |
| Income tax benefit | (4) | | (8) | | (9) |
| Stock-based compensation expense, net of income taxes | $41 | | $28 | | $28 |
Table 75 after “Segment data for gross margin, including sales and cost of sales, which also includes significant expenses, for the years ended December 31,”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Ammonia | | | | | |
| Net sales | $2,176 | | $1,736 | | $1,679 |
| Cost of sales: | | | | | |
| Natural gas, including the impact of realized derivatives(1) | 431 | | 283 | | 407 |
| Unrealized net mark-to-market loss (gain) on natural gas derivatives | 2 | | (13) | | (11) |
First 8 of 14 rows. The CSV has all of them.
| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Granular Urea | | | | | |
| Net sales | $1,781 | | $1,600 | | $1,823 |
| Cost of sales: | | | | | |
| Natural gas, including the impact of realized derivatives(1) | 301 | | 241 | | 363 |
| Unrealized net mark-to-market loss (gain) on natural gas derivatives | 1 | | (9) | | (11) |
First 8 of 14 rows. The CSV has all of them.
| UAN | | | |
| Net sales | $2,161 | $1,678 | $2,068 |
| Cost of sales: | | | |
| Natural gas, including the impact of realized derivatives(1) | 339 | 234 | 367 |
| Unrealized net mark-to-market loss (gain) on natural gas derivatives | 2 | (10) | (11) |
| Depreciation and amortization(2) | 265 | 268 | 288 |
| Distribution and storage(3) | 61 | 60 | 67 |
| Freight(4) | 148 | 142 | 156 |
First 8 of 11 rows. The CSV has all of them.
| AN | | | |
| Net sales | $421 | $419 | $497 |
| Cost of sales: | | | |
| Natural gas, including the impact of realized derivatives(1) | 39 | 34 | 51 |
| Unrealized net mark-to-market gain on natural gas derivatives | — | (1) | (2) |
| Depreciation and amortization(2) | 33 | 39 | 48 |
| Distribution and storage(3) | — | 1 | 2 |
| Freight(4) | 30 | 29 | 24 |
First 8 of 11 rows. The CSV has all of them.
| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Other(6) | | | | | |
| Net sales | $545 | | $503 | | $564 |
| Cost of sales: | | | | | |
| Natural gas, including the impact of realized derivatives(1) | 53 | | 37 | | 63 |
| Unrealized net mark-to-market gain on natural gas derivatives | — | | (2) | | (4) |
First 8 of 14 rows. The CSV has all of them.
| Consolidated | | | |
| Net sales | $7,084 | $5,936 | $6,631 |
| Cost of sales: | | | |
| Natural gas, including the impact of realized derivatives(1) | 1,163 | 829 | 1,251 |
| Unrealized net mark-to-market loss (gain) on natural gas derivatives | 5 | (35) | (39) |
| Depreciation and amortization(2) | 896 | 921 | 859 |
| Distribution and storage(3) | 295 | 258 | 274 |
| Freight(4) | 327 | 312 | 330 |
First 8 of 14 rows. The CSV has all of them.
Table 81 after “Enterprise-wide data by geographic region is as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Sales by geographic region (based on destination of shipments): | | | | | |
| United States | $5,338 | | $4,419 | | $4,856 |
| Foreign: | | | | | |
| Canada | 598 | | 534 | | 607 |
| North America, excluding U.S. and Canada | 58 | | 72 | | 75 |
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Table 82 after “Enterprise-wide data by geographic region is as follows:”
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| December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Property, plant and equipment—net by geographic region: | | | | | |
| United States | $6,196 | | $6,172 | | $6,538 |
| Foreign: | | | | | |
| Canada | 403 | | 426 | | 466 |
| United Kingdom | 116 | | 137 | | 137 |
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Table 83 after “The following provides additional information relating to cash flow activities:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Cash paid during the year for: | | | | | |
| Interest—net of interest capitalized | $137 | | $118 | | $145 |
| Income taxes—net of refunds: | | | | | |
| U.S. federal | $252 | | $336 | | $263 |
| U.S. state and local: | | | | | |
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Supplemental disclosure of noncash investing and financing activities: | | | | | |
| Change in capitalized expenditures in accounts payable, accrued expenses and other liabilities | $17 | | $33 | | $15 |
| Change in accrued share repurchases, including accrued excise taxes | (12) | | 19 | | 5 |
Table 85 after “The components of lease costs were as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Operating lease cost | $126 | | $112 | | $113 |
| Short-term lease cost | 31 | | 40 | | 30 |
| Variable lease cost | 4 | | 5 | | 4 |
| Total lease cost | $161 | | $157 | | $147 |
Table 86 after “Supplemental cash flow information related to leases was as follows:”
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| Year ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $118 | | $98 | | $107 |
| Right-of-use (ROU) assets obtained in exchange for operating lease obligations | 252 | | 107 | | 103 |
Table 87 after “Supplemental balance sheet information related to leases was as follows:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Operating lease ROU assets | $410 | | $266 |
| Current operating lease liabilities | $110 | | $86 |
| Operating lease liabilities | 311 | | 189 |
| Total operating lease liabilities | $421 | | $275 |
Table 88 after “Other information related to leases was as follows:”
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| December 31, | | |
| 2025 | 2024 | |
| Operating leases | | | |
| Weighted-average remaining lease term | 5 years | 5 years | |
| Weighted-average discount rate | 5.1% | | 5.0% |
Table 89 after “The following table reconciles the undiscounted cash flows for our operating leases to the operating lease liabilities recorded on our conso”
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| Operating lease payments |
| (in millions) |
| 2026 | $128 |
| 2027 | 105 |
| 2028 | 90 |
| 2029 | 70 |
| 2030 | 37 |
| Thereafter | 55 |
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Table 90 after “Equity Compensation Plan Information as of December 31, 2025”
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| Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | Weighted-average exercise price of outstanding options, warrants and rights(2) | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)(3) | |
| Equity compensation plans approved by security holders | 1,659,478 | | $32.85 | | 6,310,718 |
| Equity compensation plans not approved by security holders | — | | — | | — |
| Total | 1,659,478 | | $32.85 | | 6,310,718 |
Table 91 after “Documents filed as part of this report:”
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| (1) | | All financial statements: |
| The following financial statements are included in Part II, Item 8. Financial Statements and Supplementary Data: | | |
| Report of Independent Registered Public Accounting Firm (KPMG LLP, Chicago, IL, PCAOB ID: 185) | 64 |
| Consolidated Statements of Operations | 66 |
| Consolidated Statements of Comprehensive Income | 67 |
| Consolidated Balance Sheets | 68 |
| Consolidated Statements of Equity | 69 |
| Consolidated Statements of Cash Flows | 70 |
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| EXHIBIT NO. | DESCRIPTION |
| 2.1 | Agreement and Plan of Merger, dated as of July 21, 2005, by and among CF Industries Holdings, Inc., CF Merger Corp. and CF Industries, Inc. (incorporated by reference to Exhibit 2.1 to Amendment No. 3 to CF Industries Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on July 26, 2005, File No. 333-124949) |
| 2.2 | Agreement and Plan of Merger, dated as of March 12, 2010, by and among CF Industries Holdings, Inc., Composite Merger Corporation and Terra Industries Inc. (incorporated by reference to Exhibit 2.1 to CF Industries Holdings, Inc.'s Current Report on Form 8-K filed with the SEC on March 12, 2010) |
| 2.3 | Asset Purchase Agreement, dated October 28, 2013, among CF Industries Holdings, Inc., CF Industries, Inc. and The Mosaic Company (incorporated by reference to Exhibit 2.1 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on November 1, 2013)* |
| 2.4 | Second Amended and Restated Limited Liability Company Agreement of CF Industries Nitrogen, LLC, dated as of December 18, 2015, by and between CF Industries Sales, LLC and CHS Inc. (incorporated by reference to Exhibit 2.4 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 24, 2022) *,** |
| 2.5 | First Amendment to the Second Amended and Restated Limited Liability Company Agreement of CF Industries Nitrogen, LLC, dated as of March 30, 2018, by and among CF Industries Nitrogen, LLC, CF Industries Sales, LLC, CF USA Holdings, LLC and CHS Inc. (incorporated by reference to Exhibit 2.1 to CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on May 3, 2018)* |
| 2.6 | Asset Purchase Agreement, dated as of March 20, 2023, by and among Dyno Nobel Louisiana Ammonia, LLC, CF Industries East Point, LLC, and, solely for the purposes of Article X, Incitec Pivot Limited and CF Industries Holdings, Inc. (incorporated by reference to Exhibit 2.1 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on March 20, 2023)* |
| 3.1 | Third Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on May 5, 2023) |
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| EXHIBIT NO. | DESCRIPTION |
| 4.9 | Third Supplemental Indenture, dated as of March 11, 2014, among CF Industries, Inc., CF Industries Holdings, Inc. and Computershare Trust Company, N.A., as successor trustee, relating to CF Industries, Inc.’s 5.150% Senior Notes due 2034 (includes form of note) (the “2034 Notes Supplement”) (incorporated by reference to Exhibit 4.2 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on March 11, 2014) |
| 4.10 | First Supplement, dated as of November 21, 2016, relating to the 2034 Notes Supplement (incorporated by reference to Exhibit 4.14 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 23, 2017) |
| 4.11 | Second Supplement, dated as of March 29, 2018, relating to the 2034 Notes Supplement (incorporated by reference to Exhibit 4.4 to CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on May 3, 2018) |
| 4.12 | Third Supplement, dated as of March 22, 2019, relating to the 2034 Notes Supplement (incorporated by reference to Exhibit 4.4 to CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on May 2, 2019) |
| 4.13 | Fourth Supplement, dated as of January 28, 2022, relating to the 2034 Notes Supplement (incorporated by reference to Exhibit 4.3 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on February 1, 2022) |
| 4.14 | Fourth Supplemental Indenture, dated as of March 11, 2014, among CF Industries, Inc., CF Industries Holdings, Inc. and Computershare Trust Company, N.A., as successor trustee, relating to CF Industries, Inc.'s 5.375% Senior Notes due 2044 (includes form of note) (the “2044 Notes Supplement”) (incorporated by reference to Exhibit 4.3 to CF Industries Holdings, Inc.'s Current Report on Form 8-K filed with the SEC on March 11, 2014) |
| 4.15 | First Supplement, dated as of November 21, 2016, relating to the 2044 Notes Supplement (incorporated by reference to Exhibit 4.16 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 23, 2017) |
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| EXHIBIT NO. | DESCRIPTION |
| 4.24 | Supplemental Indenture No. 1, dated as of November 26, 2025, by and among CF Industries, Inc., CF Industries Holdings, Inc. and Wilmington Trust, National Association, as Trustee, to the Indenture dated as of November 6, 2025 (incorporated by reference to Exhibit 4.2 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on November 26, 2025) |
| 10.1 | Change in Control Severance Agreement, effective as of September 1, 2009, amended as of October 20, 2010, amended further and restated as of February 17, 2014 and amended further and restated and effective as of January 4, 2026 by and between CF Industries Holdings, Inc. and Christopher D. Bohn (incorporated by reference to Exhibit 10.1 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on December 19, 2025)*** |
| 10.2 | Change in Control Severance Agreement, effective as of November 21, 2008, by and between CF Industries Holdings, Inc. and Bert A. Frost (incorporated by reference to Exhibit 10.11 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 26, 2009)*** |
| 10.3 | Change in Control Severance Agreement, effective as of November 19, 2007 and amended and restated as of March 6, 2009, by and between CF Industries Holdings, Inc. and Richard A. Hoker (incorporated by reference to Exhibit (e)(9) to CF Industries Holdings, Inc.’s Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on March 23, 2009)*** |
| 10.4 | Change in Control Severance Agreement, effective as of October 9, 2017, by and between CF Industries Holdings, Inc. and Susan L. Menzel (incorporated by reference to Exhibit 10.1 to CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on November 2, 2017)*** |
| 10.5 | Change in Control Severance Agreement, effective as of April 24, 2007, amended as of July 24, 2007, and amended further and restated as of February 17, 2014, by and between CF Industries Holdings, Inc. and W. Anthony Will (incorporated by reference to Exhibit 99.1 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on February 20, 2014)*** |
| 10.6 | Change in Control Severance Agreement, effective as of February 2, 2012, and amended and restated as of September 1, 2019, by and between CF Industries Holdings, Inc. and Ashraf K. Malik (incorporated by reference to Exhibit 10.1 to CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on October 31, 2019)*** |
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| EXHIBIT NO. | DESCRIPTION |
| 10.16 | CF Industries Holdings, Inc. Supplemental Benefit and Deferral Plan (incorporated by reference to Exhibit 10.16 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 23, 2023)*** |
| 10.17 | First Amendment of CF Industries Holdings, Inc. Supplemental Benefit and Deferral Plan (incorporated by reference to Exhibit 10.17 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 23, 2023)*** |
| 10.18 | Second Amendment of CF Industries Holdings, Inc. Supplemental Benefit and Deferral Plan (incorporated by reference to Exhibit 10.18 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 23, 2023)*** |
| 10.19 | Third Amendment of CF Industries Holdings, Inc. Supplemental Benefit and Deferral Plan (incorporated by reference to Exhibit 10.1 to CF Industries Holdings, Inc.’s Quarterly Report on Form 10-Q filed with the SEC on October 31, 2024)*** |
| 10.20 | Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.32 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 23, 2017)*** |
| 10.21 | Form of Restricted Stock Unit Award Agreement under CF Industries Holdings, Inc. 2022 Equity and Incentive Plan (incorporated by reference to Exhibit 10.3 to CF Industries Holdings, Inc.’s Current Report on Form 8-K filed with the SEC on May 13, 2022)*** |
| 10.22 | Form of Performance Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.43 to CF Industries Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on February 22, 2019)*** |
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| EXHIBIT NO. | DESCRIPTION |
| 32.1 | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2 | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 97 | Policy related to recovery of erroneously awarded compensation (incorporated by reference to Exhibit 97 to CF Industries Holdings, Inc.'s Annual Report on Form 10-K filed with the SEC on February 22, 2024) |
| 101 | The following financial information from CF Industries Holdings, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, formatted in Inline XBRL (eXtensible Business Reporting Language): (1) Consolidated Statements of Operations, (2) Consolidated Statements of Comprehensive Income, (3) Consolidated Balance Sheets, (4) Consolidated Statements of Equity, (5) Consolidated Statements of Cash Flows and (6) Notes to Consolidated Financial Statements |
| 104 | Cover Page Interactive Data File (embed within the Inline XBRL document and included in Exhibit 101) |
Table 97 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Signature | Title(s) | Date |
| /s/ CHRISTOPHER D. BOHN | President and Chief Executive Officer, Director (Principal Executive Officer) | February 25, 2026 |
| Christopher D. Bohn | | |
| /s/ RICHARD A. HOKER | Vice President and Corporate Controller and Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February 25, 2026 |
| Richard A. Hoker | | |
| /s/ STEPHEN J. HAGGE | Chair of the Board of Directors, Director | February 25, 2026 |
| Stephen J. Hagge | | |
| /s/ JAVED AHMED | Director | February 25, 2026 |
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