Exhibit 99.3

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE MONTHS ENDED

MARCH 31, 2020

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of (Loss) Earnings

		Three Months Ended March 31
	Note	2020			2019
					Note 1
SALES	2		4,186			3,719
Freight, transportation and distribution			212			171
Cost of goods sold			3,101			2,573
GROSS MARGIN			873			975
Selling expenses			642			538
General and administrative expenses			104			95
Provincial mining and other taxes			57			65
Share-based compensation (recovery) expense	3		(32	)		57
Impairment of assets			-			33
Other expenses	4		20			11
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES			82			176
Finance costs			133			123
(LOSS) EARNINGS BEFORE INCOME TAXES			(51	)		53
Income tax (recovery) expense	5		(16	)		12
NET (LOSS) EARNINGS			(35	)		41
NET (LOSS) EARNINGS PER SHARE (“EPS”)
Basic			(0.06	)		0.07
Diluted			(0.06	)		0.07
Weighted average shares outstanding for basic EPS			571,168,000			602,266,000
Weighted average shares outstanding for diluted EPS			571,168,000			602,950,000

Condensed Consolidated Statements of Comprehensive (Loss) Income

	Three Months Ended March 31
(Net of related income taxes)	2020			2019
NET (LOSS) EARNINGS		(35	)		41
Other comprehensive (loss) income
Items that will not be reclassified to net (loss) earnings:
Net actuarial gain on defined benefit plans		3			-
Net fair value (loss) gain on investments		(19	)		9
Items that have been or may be subsequently reclassified to net (loss) earnings:
(Loss) gain on currency translation of foreign operations		(315	)		19
Other		(27	)		4
OTHER COMPREHENSIVE (LOSS) INCOME		(358	)		32
COMPREHENSIVE (LOSS) INCOME		(393	)		73

 (See Notes to the Condensed Consolidated Financial Statements)

20

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Statements of Cash Flows

			Three Months Ended March 31
	Note		2020			2019
						Note 1
OPERATING ACTIVITIES
Net (loss) earnings				(35	)		41
Adjustments for:
Depreciation and amortization				473			420
Share-based compensation (recovery) expense				(32	)		57
Impairment of assets				-			33
Recovery of deferred income tax				(22	)		(3	)
Other long-term liabilities and miscellaneous				(40	)		2
Cash from operations before working capital changes				344			550
Changes in non-cash operating working capital:
Receivables				(323	)		(146	)
Inventories				(1,428	)		(1,509	)
Prepaid expenses and other current assets				766			455
Payables and accrued charges				115			135
CASH USED IN OPERATING ACTIVITIES				(526	)		(515	)
INVESTING ACTIVITIES
Additions to property, plant and equipment				(363	)		(290	)
Additions to intangible assets				(32	)		(38	)
Business acquisitions, net of cash acquired		10		(57	)		(487	)
Proceeds from disposal of discontinued operations, net of tax				-			10
Purchase of investments				(37	)		(26	)
Other				44			22
CASH USED IN INVESTING ACTIVITIES				(445	)		(809	)
FINANCING ACTIVITIES
Proceeds from short-term debt, net				4,494			1,004
Proceeds from long-term debt				6			-
Repayment of long-term debt		8		(501	)		(500	)
Repayment of principal portion of lease liabilities				(64	)		(53	)
Dividends paid		9		(256	)		(264	)
Repurchase of common shares		9		(160	)		(798	)
Issuance of common shares				-			2
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES				3,519			(609	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS				(37	)		(8	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				2,511			(1,941	)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD				671			2,314
CASH AND CASH EQUIVALENTS – END OF PERIOD				3,182			373
Cash and cash equivalents comprised of:
Cash				389			247
Short-term investments				2,793			126
				3,182			373
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid				96			114
Income taxes paid (received)				35			(115	)
Total cash outflow for leases				92			76

(See Notes to the Condensed Consolidated Financial Statements)

21

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Statements of Changes in Shareholders’ Equity

										Accumulated Other Comprehensive (Loss) Income (“AOCI”)
	Number of Common Share0			Share Capital			Contributed Surplus			Net Fair Value (Loss) Gain on Investments			Net Actuarial Gain on Defined Benefit Plans 1			Loss on Currency Translation of Foreign Operations			Other			Total AOCI			Retained Earnings			Total Equity 2
BALANCE – DECEMBER 31, 2018		608,535,477			16,740			231			(7	)		-			(251	)		(33	)		(291	)		7,745			24,425
Net earnings		-			-			-			-			-			-			-			-			41			41
Other comprehensive income		-			-			-			9			-			19			4			32			-			32
Shares repurchased (Note 9)		(15,476,202	)		(426	)		-			-			-			-			-			-			(376	)		(802	)
Dividends declared		-			-			-			-			-			-			-			-			(1	)		(1	)
Effect of share-based compensation including issuance of common shares		49,624			2			4			-			-			-			-			-			-			6
Transfer of net loss on sale of investment		-			-			-			4			-			-			-			4			(4	)		-
BALANCE – MARCH 31, 2019		593,108,899			16,316			235			6			-			(232	)		(29	)		(255	)		7,405			23,701
BALANCE – DECEMBER 31, 2019		572,942,809			15,771			248			(29	)		-			(204	)		(18	)		(251	)		7,101			22,869
Net loss		-			-			-			-			-			-			-			-			(35	)		(35	)
Other comprehensive (loss) income		-			-			-			(19	)		3			(315	)		(27	)		(358	)		-			(358	)
Shares repurchased (Note 9)		(3,832,580	)		(105	)		(55	)		-			-			-			-			-			-			(160	)
Dividends declared		-			-			-			-			-			-			-			-			(254	)		(254	)
Effect of share-based compensation including issuance of common shares		35,706			1			4			-			-			-			-			-			-			5
Transfer of net loss on cash flow hedges		-			-			-			-			-			-			5			5			-			5
Transfer of net actuarial gain on defined benefit plans		-			-			-			-			(3	)		-			-			(3	)		3			-
BALANCE – MARCH 31, 2020		569,145,935			15,667			197			(48	)		-			(519	)		(40	)		(607	)		6,815			22,072

1 Any amounts incurred during a period were transferred to retained earnings at each period-end. Therefore, no balance exists at the beginning or end of period.

2 All equity transactions were attributable to common shareholders.

(See Notes to the Condensed Consolidated Financial Statements)

22

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Balance Sheets

			March 31						December 31
As at	Note		2020			2019			2019
ASSETS
Current assets
Cash and cash equivalents				3,182			373			671
Receivables				3,837			3,446			3,542
Inventories				6,290			6,560			4,975
Prepaid expenses and other current assets				716			688			1,477
				14,025			11,067			10,665
Non-current assets
Property, plant and equipment				20,209			19,834			20,335
Goodwill		10		11,893			11,817			11,986
Other intangible assets				2,379			2,184			2,428
Investments				810			800			821
Other assets				552			564			564
TOTAL ASSETS				49,868			46,266			46,799
LIABILITIES
Current liabilities
Short-term debt		7		5,498			1,652			976
Current portion of long-term debt		8		-			1,001			502
Current portion of lease liabilities				221			196			214
Payables and accrued charges				7,362			6,602			7,437
				13,081			9,451			9,129
Non-current liabilities
Long-term debt		8		8,544			7,080			8,553
Lease liabilities				848			837			859
Deferred income tax liabilities		5		3,130			2,955			3,145
Pension and other post-retirement benefit liabilities				426			405			433
Asset retirement obligations and accrued environmental costs				1,620			1,675			1,650
Other non-current liabilities				147			162			161
TOTAL LIABILITIES				27,796			22,565			23,930
SHAREHOLDERS’ EQUITY
Share capital		9		15,667			16,316			15,771
Contributed surplus				197			235			248
Accumulated other comprehensive loss				(607	)		(255	)		(251	)
Retained earnings				6,815			7,405			7,101
TOTAL SHAREHOLDERS’ EQUITY				22,072			23,701			22,869
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				49,868			46,266			46,799

(See Notes to the Condensed Consolidated Financial Statements)

23

Unaudited In millions of US dollars except as otherwise noted  

Notes to the Condensed Consolidated Financial Statements

As at and for the Three Months Ended March 31, 2020

NOTE 1  BASIS OF PRESENTATION

Nutrien Ltd. (collectively with its subsidiaries, known as “Nutrien”, “we”, “us, “our” or the “Company”) is the world’s largest provider of crop inputs and services. Nutrien plays a critical role in helping growers around the globe increase food production in a sustainable manner.

These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are consistent with those used in the preparation of our 2019 annual consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual consolidated financial statements and should be read in conjunction with our 2019 annual consolidated financial statements.

Certain immaterial 2019 figures have been reclassified in the condensed consolidated statements of (loss) earnings, condensed consolidated statements of cash flows and segment information.

In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic. We have assessed our accounting estimates and other matters that require the use of forecasted financial information for the impact of the COVID-19 pandemic. The assessment included estimates of the unknown future impacts of the pandemic using information that is reasonably available at this time. Accounting estimates and other matters assessed include the allowance for expected credit losses of receivables from customers, inventory valuation, goodwill and other long-lived assets, financial assets, tax assets, pension obligation and assets, and revenue recognition. Based on the current assessment, there was not a material impact to these interim financial statements. As additional information becomes available, the future assessment of these estimates, including expectations about the severity, duration and scope of the pandemic, could differ materially in future reporting periods.

These interim financial statements were authorized by the audit committee of the Board of Directors for issue on May 6, 2020.

NOTE 2  SEGMENT INFORMATION

The Company has four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides services directly to growers through a network of farm centers in North and South America and Australia. The Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces. Sales reported under our Corporate and Others segment primarily relates to our non-core Canadian business.

24

Unaudited In millions of US dollars except as otherwise noted  

	Three Months Ended March 31, 2020
	Retail			Potash		Nitrogen		Phosphate			Corporate and Others			Eliminations			Consolidated
Sales   – third party		2,640			547		646		326			27			-			4,186
– intersegment		9			64		132		57			-			(262	)		-
Sales   – total		2,649			611		778		383			27			(262	)		4,186
Freight, transportation and distribution		-			94		100		70			-			(52	)		212
Net sales		2,649			517		678		313			27			(210	)		3,974
Cost of goods sold		2,120			265		581		320			25			(210	)		3,101
Gross margin		529			252		97		(7	)		2			-			873
Selling expenses		635			3		7		2			(5	)		-			642
General and administrative expenses		38			2		2		2			60			-			104
Provincial mining and other taxes		-			57		-		-			-			-			57
Share-based compensation recovery		-			-		-		-			(32	)		-			(32	)
Other expenses		4			1		2		6			7			-			20
(Loss) earnings before finance costs and income taxes		(148	)		189		86		(17	)		(28	)		-			82
Depreciation and amortization		155			96		150		63			9			-			473
EBITDA 1		7			285		236		46			(19	)		-			555
Assets – at March 31, 2020		20,455			11,836		10,946		2,170			4,720			(259	)		49,868

1 EBITDA is calculated as net (loss) earnings before finance costs, income taxes, and depreciation and amortization.

	Three Months Ended March 31, 2019
	Retail			Potash			Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated
Sales   – third party		2,030			707			612			342		28			-			3,719
– intersegment		9			63			137			57		-			(266	)		-
Sales   – total		2,039			770			749			399		28			(266	)		3,719
Freight, transportation and distribution		-			73			72			50		-			(24	)		171
Net sales		2,039			697			677			349		28			(242	)		3,548
Cost of goods sold		1,630			272			511			335		28			(203	)		2,573
Gross margin		409			425			166			14		-			(39	)		975
Selling expenses		532			4			7			1		(6	)		-			538
General and administrative expenses		27			-			2			2		64			-			95
Provincial mining and other taxes		-			63			1			-		1			-			65
Share-based compensation expense		-			-			-			-		57			-			57
Impairment of assets		-			-			-			-		33			-			33
Other expenses (income)		12			(3	)		(5	)		3		4			-			11
(Loss) earnings before finance costs and income taxes		(162	)		361			161			8		(153	)		(39	)		176
Depreciation and amortization		136			100			113			60		11			-			420
EBITDA		(26	)		461			274			68		(142	)		(39	)		596
Assets – at December 31, 2019		19,990			11,696			10,991			2,198		2,129			(205	)		46,799

25

Unaudited In millions of US dollars except as otherwise noted  

Presented below is revenue from contracts with customers disaggregated by product line or geographic location for each reportable segment to show how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

	Three Months Ended   March 31
	2020		2019
Retail sales by product line
Crop nutrients		785		687
Crop protection products		1,010		744
Seed		394		356
Merchandise		216		108
Services and other		244		144
		2,649		2,039
Potash sales by geography
Manufactured product
North America		319		318
Offshore 1		292		451
Other potash and purchased products		-		1
		611		770
Nitrogen sales by product line
Manufactured product
Ammonia		156		187
Urea		262		231
Solutions, nitrates and sulfates		196		191
Other nitrogen and purchased products		164		140
		778		749
Phosphate sales by product line
Manufactured product
Fertilizer		221		240
Industrial and feed		120		124
Other phosphate and purchased products		42		35
		383		399

1 Relates to Canpotex Limited. (“Canpotex”) (Note 12).

NOTE 3  SHARE-BASED COMPENSATION

The following table summarizes the awards granted under our existing share-based compensation plans described in Note 6 of our 2019 annual consolidated financial statements:

	Three Months Ended   March 31
	2020		2019
Stock options:
Granted (number of units)		2,293,802		1,376,533
Weighted average grant date fair value (US dollars)		6.93		11.27
Cash-settled share-based awards granted (number of units)		1,278,324		1,129,263

26

Unaudited In millions of US dollars except as otherwise noted  

NOTE 4  OTHER EXPENSES (INCOME)

	Three Months Ended March 31
	2020			2019
Merger and related costs		-			11
Acquisition and integration related costs		10			-
Foreign exchange (gain) loss, net of related derivatives		(31	)		7
Earnings of equity-accounted investees		(10	)		(17)
Bad debts		6			6
COVID-19 related expenses		2			-
Other expenses		43			4
		20			11

NOTE 5  INCOME TAXES

A separate estimated average annual effective income tax rate was determined for each taxing jurisdiction and applied individually to the interim period pre-tax earnings for each jurisdiction.

	Three Months Ended March 31
	2020			2019
Income tax (recovery) expense		(16	)		12
Actual effective tax rate on loss/earnings (%)		37			(5)
Actual effective tax rate including discrete items (%)		32			23
Discrete tax adjustments that impacted the tax rate		2			15

Income tax balances within the condensed consolidated balance sheets were comprised of the following:

Income Tax Assets and Liabilities	Balance Sheet Location	As at March 31, 2020		As at December 31, 2019
Income tax assets
Current	Receivables		156		104
Non-current	Other assets		34		36
Deferred income tax assets	Other assets		271		249
Total income tax assets			461		389
Income tax liabilities
Current	Payables and accrued charges		46		43
Non-current	Other non-current liabilities		44		44
Deferred income tax liabilities	Deferred income tax liabilities		3,130		3,145
Total income tax liabilities			3,220		3,232

27

Unaudited In millions of US dollars except as otherwise noted  

NOTE 6  FINANCIAL INSTRUMENTS

Cash Flow Hedges

During the three months ended March 31, 2020, we entered into the following derivative contracts, which we designated as cash flow hedges:

Risk Managed	Hedging Instrument	Objective	Effective Portion	Ineffective Portion
Foreign  exchange risk	• Forward contracts	To manage the risk resulting from foreign exchange rate fluctuations related to forecasted costs denominated in Canadian dollars	Change in fair value: Other comprehensive income (loss) (“OCI”) Occurrence of hedged forecast transaction: inventory, related liability or net earnings, issuance of debt, repayment of interest	Net earnings
Interest rate risk	• Swap • Collar • Treasury lock	To limit our exposure to future interest rate changes and the impact on probable forecasted transactions

We assess whether these derivatives used in hedging transactions are expected to be or were highly effective both at the inception of the hedges and on an ongoing basis. Potential sources of ineffectiveness are changes in timing or amounts of forecasted cash flows, embedded optionality, and changes in our credit risk or the credit risk of a counterparty. Measurement of ineffectiveness is based on a comparison of the cumulative changes in fair value of the hedging instrument and the cumulative change in the fair value of a hypothetical derivative with terms based on the hedged forecast cash flows.

The following table presents our significant foreign currency derivatives that existed at:

	March 31, 2020						December 31, 2019
Sell/buy	Notional		Maturities		Average contract rate		Notional		Maturities		Average contract rate
Derivatives not designated as hedges
Forwards
USD/CDN		350		2020		1.3993		337		2020		1.3096
CDN/USD		135		2020		1.4003		120		2020		1.3138
USD/AUD 1		110		2020		1.4846		78		2020		1.4593
AUD/USD		54		2020		1.5862		47		2020		1.4563
Derivatives designated as hedges
Forwards
USD/CDN		296		2020		1.3420		-		-		-

1 Australian Dollar

As at March 31, 2020, our interest rate derivative contracts we designated as hedges had a total notional amount of $680.

Fair Value

Estimated fair values for financial instruments are designed to approximate amounts for which the instruments could be exchanged in a current arm’s-length transaction between knowledgeable, willing parties. The valuation policies and procedures for financial reporting purposes are determined by our finance department. There have been no changes to our valuation methods presented in Note 12 of the 2019 annual consolidated financial statements and those valuation methods have been applied in these interim financial statements.

28

Unaudited In millions of US dollars except as otherwise noted  

The following table presents our fair value hierarchy for financial instruments carried at fair value on a recurring basis or measured at amortized cost:

	March 31, 2020									December 31, 2019
Financial assets (liabilities) measured at	Carrying Amount			Level 1 1			Level 2 1			Carrying Amount			Level 1 1			Level 2 1
Fair value on a recurring basis
Cash and cash equivalents		3,182			-			3,182			671			-			671
Derivative instrument assets		20			-			20			5			-			5
Other current financial assets - marketable securities 2		187			21			166			193			27			166
Investments at FVTOCI 3		141			141			-			161			161			-
Derivative instrument liabilities		(80	)		-			(80	)		(33	)		-			(33	)
Amortized cost
Current portion of long-term debt
Notes and debentures		-			-			-			(494	)		-			(503	)
Fixed and floating rate debt		-			-			-			(8	)		-			(8	)
Long-term debt
Notes and debentures		(8,519	)		(4,112	)		(4,960	)		(8,528	)		(1,726	)		(7,440	)
Fixed and floating rate debt		(25	)		-			(25	)		(25	)		-			(25	)

1 During the period ended March 31, 2020, there were no transfers between Level 1 and Level 2 for financial instruments measured at fair value on a recurring basis. Our policy is to recognize transfers at the end of the reporting period.

2 Marketable securities consist of equity and fixed income securities. We determine the fair value of equity securities based on the bid price of identical instruments in active markets. We value fixed income securities using quoted prices of instruments with similar terms and credit risk.

3 Investments at fair value through other comprehensive income (“FVTOCI”) are comprised of shares in Sinofert Holdings Ltd.

The following table presents the carrying amounts of recognized financial instruments that are subject to master netting or similar agreements:

	March 31, 2020								December 31, 2019
Financial assets (liabilities)	Gross			Offset		Net Amounts Presented			Gross			Offset		Net Amounts Presented
Derivative instrument assets
Natural gas derivatives		1			-		1			-			-		-
Foreign currency forwards		19			-		19			5			-		5
Derivative instrument liabilities
Natural gas derivatives 1		(30	)		-		(30	)		(30	)		-		(30	)
Foreign currency forwards		(29	)		-		(29	)		(3	)		-		(3	)
Interest rate derivatives		(21	)		-		(21	)		-			-		-
Other long-term debt instruments 2		(150	)		150		-			(150	)		150		-
		(210	)		150		(60	)		(178	)		150		(28	)

1 Cash margin deposits of $16 (December 31, 2019 – $17) were placed with counterparties related to legally enforceable master netting arrangements.

2 Back-to-back loan arrangements that are not subject to any financial test covenants but are subject to certain customary covenants and events of default. We were in compliance with these covenants as at March 31, 2020.

29

Unaudited In millions of US dollars except as otherwise noted  

NOTE 7  SHORT-TERM DEBT

Short-term debt was comprised of:

	Rate of Interest (%)		Total Facility Limit 1		March 31, 2020		December 31, 2019
Credit facilities
Unsecured revolving term credit facility		2.0 - 2.4		4,500		3,050		-
Uncommitted revolving demand facility		2.7 - 2.8		500		450		-
Committed revolving credit facilities		Nil		300		-		-
Other credit facilities 2		1.3 - 10.4		710		347		326
Commercial paper		1.4 - 2.8				1,651		650
						5,498		976

1 As at March 31, 2020.

2 Other credit facilities are unsecured and consist of South American facilities with debt of $150 (December 31, 2019 – $149) and interest rates ranging from 2.8 percent to 10.4 percent, Australian facilities with debt of $155 (December 31, 2019 – $157) and interest rates ranging from 1.9 percent to 2.2 percent, and Other facilities with debt of $42 (December 31, 2019 – $20) and interest rates ranging from 1.3 percent to 2.5 percent.

The amount available under the commercial paper program is limited to the availability of backup funds under the $4,500 unsecured revolving term credit facility and excess cash invested in highly liquid securities.

Subsequent to March 31, 2020, and in addition to the $300 new committed revolving credit facilities entered into during the first quarter, we entered into new committed revolving credit facilities totaling approximately $1.2 billion, all with the same principal covenants and events of default as our existing credit facilities. At May 5, 2020, our short-term debt balance decreased by approximately $2.4 billion from March 31, 2020, as a result of repayments on our unsecured revolving term credit facility and commercial paper settlements net of drawdowns with a corresponding decrease in cash and cash equivalents.

NOTE 8  LONG-TERM DEBT

The following tables summarize our long-term debt repayment activities during the three months ended March 31, 2020:

	Rate of interest (%)		Maturity		Amount
Notes repaid 2020		4.875		March 30, 2020		500

In March 2020, we filed a base shelf prospectus in Canada and the US qualifying the issuance of up to $5 billion of common shares, debt and other securities during a period of 25 months from March 16, 2020. Issuance of securities requires us to file a prospectus supplement and is subject to availability of funding in capital markets.

NOTE 9  SHARE CAPITAL

Share repurchase programs

	Board of Directors Approval	Expiry	Maximum Shares for Repurchase
2019 Normal Course Issuer Bid 1	February 20, 2019	February 26, 2020		42,164,420
2020 Normal Course Issuer Bid 2	February 18, 2020	February 26, 2021		28,572,458

1 The 2019 normal course issuer bid permitted the repurchase of up to 7 percent of our outstanding common shares for cancellation. As of the expiry date, we had repurchased 33,256,668 of the maximum shares for repurchase.

2 The 2020 normal course issuer bid permits the repurchase of up to 5 percent of our outstanding common shares for cancellation and can expire earlier than the date above if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.

Purchases under the normal course issuer bids were, or may be, made through open market purchases at market prices as well as by other means permitted by applicable securities regulatory authorities, including private agreements.

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Unaudited In millions of US dollars except as otherwise noted  

The following table summarizes our share repurchase activities during the period:

	Three Months Ended  March 31
	2020		2019
Number of common shares repurchased for cancellation		3,832,580		15,476,202
Average price per share (US dollars)		41.96		51.80
Total cost		160		802

Dividends declared

We declared dividends per share of $0.45 (2019 – $Nil) during the three months ended March 31, 2020, payable on April 16, 2020 to shareholders of record on March 31, 2020.

Subsequent to March 31, 2020, our Board of Directors declared a quarterly dividend of $0.45 per share payable on July 17, 2020 to shareholders of record on June 30, 2020. The total estimated dividend to be paid is $256.

Anti-dilutive shares

As we recorded a net loss for the three months ended March 31, 2020, all stock options had an anti-dilutive effect. If we had net earnings, the diluted weighted average shares calculation would have included 66,806 stock options for the three months ended March 31, 2020.

NOTE 10  BUSINESS ACQUISITIONS

On September 30, 2019, we acquired Ruralco Holdings Limited (“Ruralco”) for a purchase price, net of cash and cash equivalents acquired, of $330 million. We have engaged independent valuation experts to assist in determining the fair value of certain assets acquired and liabilities assumed.

The preliminary values allocated to the acquired assets and assumed liabilities based upon fair values were as follows:

	March 31, 2020
	Ruralco (Estimate)
	Preliminary 1		Adjustments 2			Revised Fair Value
Receivables		289		29			318	3
Inventories		117		(2	)		115
Prepaid expenses and other current assets		8		-			8
Property, plant and equipment		136		-			136
Goodwill		202		(13	)		189
Other intangible assets		165		45			210
Investments		15		-			15
Other assets		16		-			16
Total assets		948		59			1,007
Short-term debt		112		55			167
Payables and accrued charges		345		(3	)		342
Lease liabilities, including current portion		110		-			110
Deferred income tax liabilities		38		7			45
Other non-current liabilities		13		-			13
Total liabilities		618		59			677
Total consideration		330		-			330

1 Preliminary value as previously reported in our 2019 annual consolidated financial statements. The purchase price allocation is not final as we continue to obtain and verify information required to determine the fair value of certain assets and liabilities and the amount of deferred income taxes arising on their recognition. We estimated the preliminary purchase price allocation as of the date of the acquisition based on information that was available and continue to adjust those estimates as new information that existed at the date of acquisition becomes available. We expect to finalize the amounts recognized when we obtain the information necessary to complete the analysis, and in any event, not later than September 30, 2020.

2 We recorded adjustments to the preliminary fair value to reflect facts and circumstances in existence as of the date of acquisition. These adjustments primarily related to changes in the preliminary valuation assumptions, including refinement of intangible assets. All measurement period adjustments were offset against goodwill.

3 Includes receivables from customers with gross contractual amounts of $260, of which $5 are considered to be uncollectible.

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Unaudited In millions of US dollars except as otherwise noted  

NOTE 11  SEASONALITY

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. The results of this seasonality have a corresponding effect on receivables from customers and rebates receivables, inventories, prepaid expenses and other current assets and trade payables. Our short-term debt also fluctuates during the year to meet working capital needs. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our vendors are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.

NOTE 12  RELATED PARTY TRANSACTIONS

We sell potash from our Canadian mines for use outside Canada and the United States exclusively to Canpotex. Sales are at prevailing market prices and are settled on normal trade terms. Sales to Canpotex for the three months ended March 31, 2020 were $292 (2019 – $451). At March 31, 2020, the related receivables owing from Canpotex was $251 (December 31, 2019 – $194).

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