Company: CF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001324404-25-000015
Chunk: 119

Company: CF Industries Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 31, 2025. Over the remainder of 2025, we expect to contribute approximately $6 million to our pension plans. In 2026 and 2027, we expect to contribute approximately $14 million and $4 million, respectively, to our U.K. pension plans, as currently agreed with the plans’ trustees.

Distributions to Noncontrolling Interest in CFN 

On January 31, 2025, the CFN Board of Managers approved semi-annual distribution payments for the distribution period ended December 31, 2024 in accordance with CFN’s limited liability company agreement, and on January 31, 2025, CFN distributed $129 million to CHS for this distribution period. The estimate of the partnership distribution earned by CHS, but not yet declared, for the first quarter of 2025 is approximately $71 million.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Cash Flows 

Net cash provided by operating activities during the first three months of 2025 was $586 million, an increase of $141 million, compared to $445 million in the first three months of 2024. The increase in cash flow from operations was due primarily to higher net earnings and changes in net working capital. Net earnings for the first three months of 2025 was $351 million compared to $238 million for the first three months of 2024, an increase of $113 million. The increase in net earnings was due primarily to an increase in gross margin, driven by higher sales volume and increased average selling prices, partially offset by higher natural gas costs. During the first three months of 2025, net changes in working capital contributed $25 million more toward net cash from operations than in the first three months of 2024. These changes primarily occurred in customer advances, partially offset by accounts receivable. 

Net cash used in investing activities was $126 million in the first three months of 2025 compared to $100 million in the first three months of 2024. Capital expenditures totaled $132 million during the first three months of 2025 compared to $98 million in the first three months of 2024.   

Net cash used in financing activities was $671 million in the first three months of 2025 compared to $602 million in the first three months of 2024. The increase was due primarily to an increase in share repurchases, partially