How do aerial fire retardants work?

Recently, near my office was a wild fire, which was fought aerially using that red fire retardant. And it got me thinking, “how does the fire retardant work?”

I’ve heard there are 3 things required for a fire: fuel, heat, and oxygen. My first thought was that the fire retardant must smother the fire, but I quickly rejected that – any firefighter in the area could be asphyxiated if they got dropped on.

So how DOES that red fire retardant work? Which of the 3 factors does it affect? Or does it work on a combination? And by what mechanism does it “retard” the fire?

Thanks,
J.

Takes away fuel, basically. Explanation from one of the companies manufacturing the stuff:

http://phos-chek.com/products/retardant.php

Products like that use to use borates, but they don’t do that anymore. From wiki:

Also there is a 4th component, a chemical reaction, some fire retardants stop the fire by preventing that 4th component.