Stock Repurchase Program, Authorized Amount

[Table of Contents](#i0302cc7c03c44d0c8270f104de834cdb_7)CF INDUSTRIES HOLDINGS, INC.  
CHS also receives deliveries pursuant to a supply agreement under which CHS has the right to purchase annually from CFN up to approximately 1.1 million tons of granular urea and 580,000 tons of UAN at market prices. As a result of its equity interest in CFN, CHS is entitled to semi-annual cash distributions from CFN. We are also entitled to semi-annual cash distributions from CFN. The amounts of distributions from CFN to us and CHS are based generally on the profitability of CFN and determined based on the volume of granular urea and UAN sold by CFN to us and CHS pursuant to supply agreements, less a formula driven amount based primarily on the cost of natural gas used to produce the granular urea and UAN, and adjusted for the allocation of items such as operational efficiencies and overhead amounts. Additionally, under the terms of the strategic venture, we recognized an embedded derivative related to our credit rating. See Note 9—Fair Value Measurements for additional information.  
15.   Stockholders’ EquityTreasury StockOn November 3, 2021, our Board of Directors (the Board) authorized the repurchase of up to $1.5 billion of CF Holdings common stock through December 31, 2024 (the 2021 Share Repurchase Program). Repurchases under the 2021 Share Repurchase Program may be made from time to time in the open market, through privately negotiated transactions, through block transactions 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. In the three months ended March 31, 2022, we repurchased approximately 1.3 million shares under the 2021 Share Repurchase Program for $100 million. In the three months ended March 31, 2022, we retired 27,962 shares of repurchased stock, including shares repurchased under the share repurchase program that expired on December 31, 2021. At March 31, 2022, we held 1,563,679 shares of treasury stock. Accumulated Other Comprehensive LossChanges to accumulated other comprehensive loss and the impact on other comprehensive income (loss) are as follows:  

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | ForeignCurrencyTranslationAdjustment |  |  |  | UnrealizedGain onDerivatives |  | DefinedBenefitPlans |  | AccumulatedOtherComprehensiveIncome (Loss) |
|   | (in millions) |
| Balance as of December 31, 2020 | $ | (144) |  |  |  |  | $ | 4  |  |  | $ | (180) |  |  | $ | (320) |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
| Reclassification to earnings(1) | —  |  |  |  |  | —  |  |  | 2  |  |  | 2  |  |
|  |  |  |  |  |  |  |  |  |  |
| Effect of exchange rate changes and deferred taxes | 14  |  |  |  |  | —  |  |  | (1) |  |  | 13  |  |
| Balance as of March 31, 2021 | $ | (130) |  |  |  |  | $ | 4  |  |  | $ | (179) |  |  | $ | (305) |  |
|  |  |  |  |  |  |  |  |  |  |
| Balance as of December 31, 2021 | $ | (141) |  |  |  |  | $ | 4  |  |  | $ | (120) |  |  | $ | (257) |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
| Reclassification to earnings(1) | —  |  |  |  |  | —  |  |  | 1  |  |  | 1  |  |
|  |  |  |  |  |  |  |  |  |  |
| Effect of exchange rate changes and deferred taxes | (13) |  |  |  |  | —  |  |  | 3  |  |  | (10) |  |
| Balance as of March 31, 2022 | $ | (154) |  |  |  |  | $ | 4  |  |  | $ | (116) |  |  | $ | (266) |  |

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(1)Reclassifications out of accumulated other comprehensive loss to the consolidated statements of operations during the three months ended March 31, 2022 and 2021 were not material.  
  
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