Company: CF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001324404-25-000015
Chunk: 33

Company: CF Industries Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 33
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5 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 offset by a decrease in distributions to noncontrolling interest and dividends paid. In the first three months of 2025, we paid $444 million for share repurchases compared to $339 million paid for share repurchases in the first three months of 2024. In the first three months of 2025, distributions to the noncontrolling interest were $129 million compared to $144 million in the first three months of 2024. In the first three months of 2025, dividends paid on common stock was $86 million compared to $97 million in the first three months of 2024.

Critical Accounting Estimates

During the first three months of 2025, there were no material changes to our critical accounting estimates as described in Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Recent Accounting Pronouncements

See Note 2—New Accounting Standards for a discussion of recent accounting pronouncements.

Forward-Looking Statements

From time to time, in this Quarterly Report on Form 10-Q as well as in other written reports and oral statements, we make forward-looking statements that are not statements of historical fact and may involve a number of risks and uncertainties. These statements relate to analyses and other information that are based on forecasts of future results and estimates of