EX-99.3

Exhibit 99.3

LOGO

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE AND SIX MONTHS ENDED

JUNE 30, 2022


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


		Three Months Ended June 30					Six Months Ended June 30
	Note	2022			2021		2022			2021
SALES	2		14,506			9,763		22,163			14,421
Freight, transportation and distribution			221			222		424			433
Cost of goods sold			8,286			6,659		12,483			9,950
GROSS MARGIN			5,999			2,882		9,256			4,038
Selling expenses			1,017			865		1,744			1,538
General and administrative expenses			140			116		266			219
Provincial mining taxes			362			107		611			165
Share-based compensation (recovery) expense			(52	)		38		83			61
(Reversal) impairment of assets	3		(450	)		1		(450	)		5
Other expenses	4		37			136		58			153
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES			4,945			1,619		6,944			1,897
Finance costs			130			125		239			245
EARNINGS BEFORE INCOME TAXES			4,815			1,494		6,705			1,652
Income tax expense	5		1,214			381		1,719			406
NET EARNINGS			3,601			1,113		4,986			1,246
Attributable to
Equity holders of Nutrien			3,593			1,108		4,971			1,235
Non-controlling interest			8			5		15			11
NET EARNINGS			3,601			1,113		4,986			1,246

NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN (“EPS”)
Basic			6.53			1.94		9.02			2.17
Diluted			6.51			1.94		8.99			2.16
Weighted average shares outstanding for basic EPS			550,048,000			570,352,000		551,335,000			570,007,000
Weighted average shares outstanding for diluted EPS			551,659,000			571,972,000		553,198,000			571,453,000

Condensed Consolidated Statements of Comprehensive Income

		Three Months Ended June 30					Six Months Ended June 30
(Net of related income taxes)		2022			2021		2022			2021
NET EARNINGS			3,601			1,113		4,986			1,246
Other comprehensive (loss) income
Items that will not be reclassified to net earnings:
Net actuarial gain on defined benefit plans			-			-		1			-
Net fair value (loss) gain on investments			(38	)		22		(7	)		70
Items that have been or may be subsequently reclassified to net earnings:
(Loss) gain on currency translation of foreign operations			(209	)		25		(81	)		(5	)
Other			5			14		21			20
OTHER COMPREHENSIVE (LOSS) INCOME			(242	)		61		(66	)		85
COMPREHENSIVE INCOME			3,359			1,174		4,920			1,331
Attributable to
Equity holders of Nutrien			3,352			1,170		4,906			1,321
Non-controlling interest			7			4		14			10
COMPREHENSIVE INCOME			3,359			1,174		4,920			1,331

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Statements of Cash Flows


		Three Months Ended June 30						Six Months Ended June 30
	Note		2022			2021			2022			2021
					Note 1						Note 1
OPERATING ACTIVITIES
Net earnings			3,601			1,113			4,986			1,246
Adjustments for:
Depreciation and amortization			505			485			966			965
Share-based compensation (recovery) expense			(52	)		38			83			61
(Reversal) impairment of assets	3		(450	)		1			(450	)		5
Recovery of deferred income tax			(53	)		(20	)		(8	)		(10	)
Gain on disposal of investment			-			-			(19	)		-
Cloud computing transition adjustment	4		-			36			-			36
Other long-term assets, liabilities and miscellaneous			118			64			119			54
Cash from operations before working capital changes			3,669			1,717			5,677			2,357
Changes in non-cash operating working capital:
Receivables			(3,933	)		(2,443	)		(4,842	)		(2,835	)
Inventories			1,748			1,848			(861	)		63
Prepaid expenses and other current assets			340			310			1,062			998
Payables and accrued charges			734			534			1,460			1,231
CASH PROVIDED BY OPERATING ACTIVITIES			2,558			1,966			2,496			1,814
INVESTING ACTIVITIES
Capital expenditures ¹			(477	)		(448	)		(828	)		(746	)
Business acquisitions, net of cash acquired			(27	)		(19	)		(68	)		(40	)
Other			(4	)		(29	)		30			(38	)
Net changes in non-cash working capital			(9	)		65			(108	)		5
CASH USED IN INVESTING ACTIVITIES			(517	)		(431	)		(974	)		(819	)
FINANCING ACTIVITIES
Transaction costs related to debt			-			(7	)		-			(7	)
(Repayment of) proceeds from short-term debt, net			(604	)		(104	)		850			(3	)
Proceeds from long-term debt			41			8			41			8
Repayment of long-term debt			(26	)		(5	)		(28	)		(5	)
Repayment of principal portion of lease liabilities			(94	)		(86	)		(173	)		(164	)
Dividends paid to Nutrien’s shareholders	7		(264	)		(263	)		(521	)		(518	)
Repurchase of common shares	7		(964	)		(1	)		(1,606	)		(2	)
Issuance of common shares			38			21			164			63
Other			(5	)		(12	)		(17	)		(12	)
CASH USED IN FINANCING ACTIVITIES			(1,878	)		(449	)		(1,290	)		(640	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS			(29	)		(4	)		(20	)		(15	)
INCREASE IN CASH AND CASH EQUIVALENTS			134			1,082			212			340
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD			577			712			499			1,454
CASH AND CASH EQUIVALENTS – END OF PERIOD			711			1,794			711			1,794
Cash and cash equivalents comprised of:
Cash			628			1,580			628			1,580
Short-term investments			83			214			83			214
			711			1,794			711			1,794
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid			150			162			200			238
Income taxes paid			396			105			1,185			144
Total cash outflow for leases			121			111			228			208

1 Includes additions to property, plant and equipment and intangible assets for the three months ended June 30, 2022 of $427 and $50 (2021 – $443 and $5), respectively, and for the six months ended June 30, 2022 of $733 and $95 (2021 – $708 and $38), respectively.

(See Notes to the Condensed Consolidated Financial Statements)


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 Shares			Share Capital			Contributed Surplus			Loss on Currency Translation of Foreign Operations			Other			Total AOCI			Retained Earnings			Equity Holders of Nutrien			Non- Controlling Interest			Total Equity

BALANCE – DECEMBER 31, 2020		569,260,406			15,673			205			(62	)		(57	)		(119	)		6,606			22,365			38			22,403

Net earnings		-			-			-			-			-			-			1,235			1,235			11			1,246

Other comprehensive (loss) income		-			-			-			(4	)		90			86			-			86			(1	)		85

Shares repurchased (Note 7)		(32,728	)		(1	)		(1	)		-			-			-			-			(2	)		-			(2	)

Dividends declared		-			-			-			-			-			-			(526	)		(526	)		-			(526	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(12	)		(12	)

Effect of share-based compensation including issuance of common shares		1,427,381			74			(3	)		-			-			-			-			71			-			71
Transfer of net gain on cash flow hedges		-			-			-			-			(11	)		(11	)		-			(11	)		-			(11	)

BALANCE – JUNE 30, 2021		570,655,059			15,746			201			(66	)		22			(44	)		7,315			23,218			36			23,254

BALANCE – DECEMBER 31, 2021		557,492,516			15,457			149			(176	)		30			(146	)		8,192			23,652			47			23,699

Net earnings		-			-			-			-			-			-			4,971			4,971			15			4,986

Other comprehensive (loss) income		-			-			-			(80	)		15			(65	)		-			(65	)		(1	)		(66	)

Shares repurchased (Note 7)		(19,360,408	)		(539	)		(22	)		-			-			-			(1,075	)		(1,636	)		-			(1,636	)

Dividends declared		-			-			-			-			-			-			(526	)		(526	)		-			(526	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(17	)		(17	)

Effect of share-based compensation including issuance of common shares		2,994,221			197			(22	)		-			-			-			-			175			-			175
Transfer of net gain on cash flow hedges		-			-			-			-			(2	)		(2	)		-			(2	)		-			(2	)
Transfer of net actuarial gain on defined benefit plans		-			-			-			-			(1	)		(1	)		1			-			-			-

BALANCE – JUNE 30, 2022		541,126,329			15,115			105			(256	)		42			(214	)		11,563			26,569			44			26,613

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Balance Sheets



		June 30						December 31

As at	Note	2022			2021			2021

ASSETS

Current assets

Cash and cash equivalents			711			1,794			499

Receivables			10,171			6,683			5,366

Inventories			7,160			4,876			6,328

Prepaid expenses and other current assets			615			524			1,653

			18,657			13,877			13,846

Non-current assets

Property, plant and equipment			20,492			19,592			20,016

Goodwill			12,213			12,211			12,220

Other intangible assets			2,283			2,393			2,340

Investments			731			619			703

Other assets			859			664			829

TOTAL ASSETS			55,235			49,356			49,954

LIABILITIES

Current liabilities

Short-term debt			2,403			210			1,560

Current portion of long-term debt			1,028			32			545

Current portion of lease liabilities			303			276			286

Payables and accrued charges			11,682			9,367			10,052

			15,416			9,885			12,443

Non-current liabilities

Long-term debt			7,056			10,029			7,521

Lease liabilities			913			900			934

Deferred income tax liabilities	5		3,253			3,118			3,165

Pension and other post-retirement benefit liabilities			422			458			419

Asset retirement obligations and accrued environmental costs			1,376			1,559			1,566

Other non-current liabilities			186			153			207

TOTAL LIABILITIES			28,622			26,102			26,255

SHAREHOLDERS’ EQUITY

Share capital	7		15,115			15,746			15,457

Contributed surplus			105			201			149

Accumulated other comprehensive loss			(214	)		(44	)		(146	)

Retained earnings			11,563			7,315			8,192

Equity holders of Nutrien			26,569			23,218			23,652

Non-controlling interest			44			36			47

TOTAL SHAREHOLDERS’ EQUITY			26,613			23,254			23,699

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			55,235			49,356			49,954

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Notes to the Condensed Consolidated Financial Statements

As at and for the Three and Six Months Ended June 30, 2022

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 (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2021 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 2021 annual audited consolidated financial statements.

Certain immaterial 2021 figures have been reclassified in the condensed consolidated statements of cash flows and segment note.

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.

These interim financial statements were authorized by the audit committee of the Board of Directors for issue on August 3, 2022.

NOTE 2 SEGMENT INFORMATION

The Company has four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and it provides services directly to growers through a network of farm centers in North America, South America and Australia. The Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produce.


Unaudited		In millions of US dollars except as otherwise noted



	Three Months Ended June 30, 2022

	Retail		Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		9,377		2,667		1,915			547			-			-			14,506

– intersegment		45		78		446			98			-			(667	)		-

Sales – total		9,422		2,745		2,361			645			-			(667	)		14,506

Freight, transportation and distribution		-		77		132			55			-			(43	)		221

Net sales		9,422		2,668		2,229			590			-			(624	)		14,285

Cost of goods sold		7,082		399		1,171			434			-			(800	)		8,286

Gross margin		2,340		2,269		1,058			156			-			176			5,999

Selling expenses		1,013		3		7			2			(2	)		(6	)		1,017

General and administrative expenses		54		2		4			3			77			-			140

Provincial mining taxes		-		362		-			-			-			-			362

Share-based compensation recovery		-		-		-			-			(52	)		-			(52	)

Impairment reversal of assets		-		-		-			(450	)		-			-			(450	)

Other expenses (income)		21		5		(54	)		8			48			9			37

Earnings (loss) before finance costs and income taxes		1,252		1,897		1,101			593			(71	)		173			4,945

Depreciation and amortization		175		130		139			41			20			-			505

EBITDA ¹		1,427		2,027		1,240			634			(51	)		173			5,450

Integration and restructuring related costs		-		-		-			-			11			-			11

Share-based compensation recovery		-		-		-			-			(52	)		-			(52	)

Impairment reversal of assets		-		-		-			(450	)		-			-			(450	)

COVID-19 related expenses		-		-		-			-			3			-			3

Foreign exchange loss, net of related derivatives		-		-		-			-			31			-			31

Adjusted EBITDA		1,427		2,027		1,240			184			(58	)		173			4,993

Assets – at June 30, 2022		24,825		14,777		11,726			2,396			2,562			(1,051	)		55,235
1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

	Three Months Ended June 30, 2021

	Retail		Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		7,522		844		1,008			389			-			-			9,763

– intersegment		15		61		307			60			-			(443	)		-

Sales – total		7,537		905		1,315			449			-			(443	)		9,763

Freight, transportation and distribution		-		88		136			46			-			(48	)		222

Net sales		7,537		817		1,179			403			-			(395	)		9,541

Cost of goods sold		5,679		317		763			319			-			(419	)		6,659

Gross margin		1,858		500		416			84			-			24			2,882

Selling expenses		863		2		8			1			(9	)		-			865

General and administrative expenses		41		3		3			3			66			-			116

Provincial mining taxes		-		107		-			-			-			-			107

Share-based compensation expense		-		-		-			-			38			-			38

Impairment of assets		-		-		1			-			-			-			1

Other expenses		34		11		5			3			83			-			136

Earnings (loss) before finance costs and income taxes		920		377		399			77			(178	)		24			1,619

Depreciation and amortization		169		116		155			35			10			-			485

EBITDA		1,089		493		554			112			(168	)		24			2,104

Integration and restructuring related costs		7		-		-			-			22			-			29

Share-based compensation expense		-		-		-			-			38			-			38

Impairment of assets		-		-		1			-			-			-			1

COVID-19 related expenses		-		-		-			-			9			-			9

Foreign exchange gain, net of related derivatives		-		-		-			-			(2	)		-			(2	)

Cloud computing transition adjustment		1		2		-			-			33			-			36

Adjusted EBITDA		1,097		495		555			112			(68	)		24			2,215

Assets – at December 31, 2021		22,387		13,148		11,093			1,699			2,266			(639	)		49,954


Unaudited		In millions of US dollars except as otherwise noted



	Six Months Ended June 30, 2022

	Retail			Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		13,210			4,377		3,412			1,164			-			-			22,163

– intersegment		73			312		785			177			-			(1,347	)		-

Sales – total		13,283			4,689		4,197			1,341			-			(1,347	)		22,163

Freight, transportation and distribution		-			171		227			116			-			(90	)		424

Net sales		13,283			4,518		3,970			1,225			-			(1,257	)		21,739

Cost of goods sold		10,098			704		2,052			862			-			(1,233	)		12,483

Gross margin		3,185			3,814		1,918			363			-			(24	)		9,256

Selling expenses		1,735			6		15			4			(4	)		(12	)		1,744

General and administrative expenses		99			4		10			6			147			-			266

Provincial mining taxes		-			611		-			-			-			-			611

Share-based compensation expense		-			-		-			-			83			-			83

Impairment reversal of assets		-			-		-			(450	)		-			-			(450	)

Other expenses (income)		9			2		(80	)		12			101			14			58

Earnings (loss) before finance costs and income taxes		1,342			3,191		1,973			791			(327	)		(26	)		6,944

Depreciation and amortization		344			242		262			82			36			-			966

EBITDA		1,686			3,433		2,235			873			(291	)		(26	)		7,910

Integration and restructuring related costs		-			-		-			-			20			-			20

Share-based compensation expense		-			-		-			-			83			-			83

Impairment reversal of assets		-			-		-			(450	)		-			-			(450	)

COVID-19 related expenses		-			-		-			-			8			-			8

Foreign exchange loss, net of related derivatives		-			-		-			-			56			-			56

Gain on disposal of investment		(19	)		-		-			-			-			-			(19	)

Adjusted EBITDA		1,667			3,433		2,235			423			(124	)		(26	)		7,608

Assets – at June 30, 2022		24,825			14,777		11,726			2,396			2,562			(1,051	)		55,235

	Six Months Ended June 30, 2021

	Retail			Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		10,482			1,475		1,703			761			-			-			14,421

– intersegment		27			151		467			132			-			(777	)		-

Sales – total		10,509			1,626		2,170			893			-			(777	)		14,421

Freight, transportation and distribution		-			198		231			105			-			(101	)		433

Net sales		10,509			1,428		1,939			788			-			(676	)		13,988

Cost of goods sold		7,999			608		1,373			638			-			(668	)		9,950

Gross margin		2,510			820		566			150			-			(8	)		4,038

Selling expenses		1,530			5		15			3			(15	)		-			1,538

General and administrative expenses		80			5		5			5			124			-			219

Provincial mining taxes		-			165		-			-			-			-			165

Share-based compensation expense		-			-		-			-			61			-			61

Impairment of assets		-			-		5			-			-			-			5

Other expenses (income)		49			12		(25	)		6			111			-			153

Earnings (loss) before finance costs and income taxes		851			633		566			136			(281	)		(8	)		1,897

Depreciation and amortization		346			240		284			73			22			-			965

EBITDA		1,197			873		850			209			(259	)		(8	)		2,862

Integration and restructuring related costs		8			-		-			-			31			-			39

Share-based compensation expense		-			-		-			-			61			-			61

Impairment of assets		-			-		5			-			-			-			5

COVID-19 related expenses		-			-		-			-			18			-			18

Cloud computing transition adjustment		1			2		-			-			33			-			36

Adjusted EBITDA		1,206			875		855			209			(116	)		(8	)		3,021

Assets – at December 31, 2021		22,387			13,148		11,093			1,699			2,266			(639	)		49,954


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.


	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
Retail sales by product line
Crop nutrients		4,548			3,045			6,135			4,061
Crop protection products		2,983			2,666			4,370			3,751
Seed		1,269			1,216			1,727			1,679
Merchandise		280			268			514			498
Nutrien Financial		91			59			140			84
Services and other ¹		310			320			485			485
Nutrien Financial elimination ^1,2		(59	)		(37	)		(88	)		(49	)

		9,422			7,537			13,283			10,509

Potash sales by geography

Manufactured product

North America		757			414			1,684			856

Offshore ³		1,988			491			3,005			770

		2,745			905			4,689			1,626

Nitrogen sales by product line

Manufactured product

Ammonia		786			405			1,377			593

Urea		637			372			1,121			646

Solutions, nitrates and sulfates		578			329			1,052			526

Other nitrogen and purchased products		360			209			647			405

		2,361			1,315			4,197			2,170

Phosphate sales by product line

Manufactured product

Fertilizer		358			258			790			530

Industrial and feed		204			133			388			259

Other phosphate and purchased products		83			58			163			104

		645			449			1,341			893
1 Certain immaterial 2021 figures have been reclassified. 2 Represents elimination for the interest and service fees charged by Nutrien Financial to Retail branches. 3 Relates to Canpotex Limited (“Canpotex”) (Note 9) and includes provisional pricing adjustments for the three months ended June 30, 2022 of $191 (2021 – $45) and the six months ended June 30, 2022 of $253 (2021 – $51).

NOTE 3 IMPAIRMENT OF ASSETS

Phosphate Impairment Reversal

In the three months ended June 30, 2022, we revised our pricing forecasts to reflect the current macroeconomic environment. This resulted in a review of our previously impaired Phosphate cash-generating units (“CGUs”).

In 2020, we recorded an impairment of assets relating to property, plant and equipment of $545 at our Aurora CGU as a result of lower long-term forecasted global phosphate prices. Due to increases in our forecast, the recoverable amount of our Aurora CGU is above its carrying amount. As a result, during the three and six months ended June 30, 2022, we recorded an impairment reversal of $450 (full reversal, net of depreciation) in the statement of earnings relating to property, plant and equipment.


Aurora CGU

Segment		Phosphate

Impairment reversal indicator		Higher forecasted global prices

Valuation methodology		Fair value less costs of disposal (“FVLCD”)

Fair value hierarchy		Level 3

Valuation technique		Five-year DCF¹ plus terminal year to end of mine life

Key assumptions

End of mine life (proven and probable reserves) (year)		2050

Long-term growth rate (%)		2.0

Post-tax discount rate (%) ²		10.4
1 Discounted Cash Flow 2 Post-tax discount rate used in the previous measurement was 10.5%


Unaudited		In millions of US dollars except as otherwise noted


Aurora CGU		As at June 30, 2022
Aurora CGU		As at June 30, 2022
Recoverable amount		2,900

Carrying amount		1,200

The recoverable amount estimate is most sensitive to the following key assumptions: our internal sales and input price forecasts, which consider projections from independent third-party data sources, discount rate, and expected mine life. We used key assumptions that were based on historical data and estimates of future results from internal sources, external price benchmarks, and mineral reserve technical reports, as well as industry and market trends. For our Aurora CGU, there were no reasonably possible changes in key assumptions that would result in a substantial change in the reversal amount.

In 2017 and 2020, we recorded an impairment of assets at our White Springs CGU relating to property, plant and equipment of $250 and $215 respectively. The White Springs CGU has a shorter expected mine life and is therefore more sensitive to changes in short and medium-term pricing forecasts. The impairment test performed on our White Springs CGU at June 30, 2022 did not result in recognition of an impairment reversal as the recoverable amount was not substantially different than the carrying amount of the CGU. We are continuously monitoring our key assumptions for changes that could have an impact on the recoverable amount including our internal sales and input price forecasts. Changes in these key assumptions could result in impairment reversals in future periods. The maximum impairment reversal that could result at our White Springs CGU is $340 (full reversal, net of depreciation).

Goodwill Impairment Indicators

During the six months ended June 30, 2022, North American central banks continued to increase their benchmark borrowing rates and have forecasted additional near-term increases. Benchmark borrowing rates are used as the risk-free rate which, is a component of determining our discount rate for impairment testing. As a result of these increases, we revised our discount rate to 8.0 percent (previous annual impairment analysis – 7.4 percent) and this triggered an impairment test to be performed for our Retail – North America group of CGUs. We used the FVLCD methodology based on after-tax discounted cash flows (five-year projections and a terminal year thereafter) and incorporated assumptions an independent market participant would apply. FVLCD is a Level 3 measurement.


Retail - North America group of CGUs	2021 Impairment Analysis	As at June 30, 2022
Carrying amount of goodwill (billions)	6.9		6.9
Excess carrying amount over recoverable amount (billions)	1.5		0.8

Excess carrying amount over recoverable amount (percent)	12		7
Goodwill is more susceptible to impairment risk if business operating results or economic conditions deteriorate and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA and cash flows could cause impairment in the future. The following table indicates the percentages by which key assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount:

Key Assumptions	Value Used in Impairment Model	Change Required for Carrying Amount to Equal Recoverable Amount
Terminal growth rate (%)	2.5	percentage point decrease	0.6
Forecasted EBITDA over forecast period (in billions of US dollars)	7.5	percent decrease	5.0
Discount rate (%)	8.0	percentage point increase	0.4


Unaudited		In millions of US dollars except as otherwise noted

NOTE 4 OTHER EXPENSES (INCOME)


	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021

Integration and restructuring related costs		11			29			20			39

Foreign exchange loss, net of related derivatives		31			1			56			3

Earnings of equity-accounted investees		(77	)		(2	)		(118	)		(22	)

Bad debt expense		14			13			14			15

COVID-19 related expenses		3			9			8			18

Gain on disposal of investment		-			-			(19	)		-

Cloud computing transition adjustment		-			36			-			36

Other expenses		55			50			97			64

		37			136			58			153

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 June 30					Six Months Ended June 30
	2022		2021			2022		2021

Income tax expense		1,214		381			1,719		406

Actual effective tax rate on earnings (%)		25		26			26		25

Actual effective tax rate including discrete items (%)		25		26			25		25

Discrete tax adjustments that impacted the tax rate		12		(3	)		20		(3	)

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


Income Tax Assets and Liabilities	Balance Sheet Location	As at June 30, 2022	As at December 31, 2021
Income tax assets
Current	Receivables	252	223
Non-current	Other assets	132	166
Deferred income tax assets	Other assets	355	262
Total income tax assets		739	651
Income tax liabilities
Current	Payables and accrued charges	1,132	606
Non-current	Other non-current liabilities	52	44
Deferred income tax liabilities	Deferred income tax liabilities	3,253	3,165
Total income tax liabilities		4,437	3,815


Unaudited		In millions of US dollars except as otherwise noted

NOTE 6 FINANCIAL INSTRUMENTS

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 10 of the 2021 annual consolidated financial statements and those valuation methods have been applied in these interim financial statements.

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



	June 30, 2022											December 31, 2021

Financial assets (liabilities) measured at	Carrying Amount			Level 1			Level 2			Level 3		Carrying Amount			Level 1			Level 2			Level 3

Fair value on a recurring basis ¹

Cash and cash equivalents		711			-			711			-		499			-			499			-

Derivative instrument assets		34			-			34			-		19			-			19			-

Other current financial assets - marketable securities ²		133			18			115			-		134			19			115			-

Investments at FVTOCI ³		237			227			-			10		244			234			-			10

Derivative instrument liabilities		(24	)		-			(24	)		-		(20	)		-			(20	)		-

Amortized cost

Current portion of long-term debt

Notes and debentures		(999	)		-			(995	)		-		(500	)		(506	)		-			-

Fixed and floating rate debt		(29	)		-			(29	)		-		(45	)		-			(45	)		-

Long-term debt

Notes and debentures		(6,921	)		(931	)		(5,683	)		-		(7,424	)		(4,021	)		(4,709	)		-

Fixed and floating rate debt		(135	)		-			(135	)		-		(97	)		-			(97	)		-
1 During the periods ended June 30, 2022 and December 31, 2021, there were no transfers between levelling for financial instruments measured at fair value on a recurring basis.
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”) is primarily comprised of shares in Sinofert Holdings Ltd.

NOTE 7 SHARE CAPITAL

Share Repurchase Programs


	Commencement Date	Expiry	Maximum Shares for Repurchase	Maximum Shares for Repurchase (%)	Number of Shares Repurchased


2020 Normal Course Issuer Bid	February 27, 2020	February 26, 2021	28,572,458	5	710,100

2021 Normal Course Issuer Bid	March 1, 2021	February 28, 2022	28,468,448	5	22,186,395

2022 Normal Course Issuer Bid ¹	March 1, 2022	February 28, 2023	55,111,110	10	13,156,167


1 The 2022 normal course issuer bid will 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 laws, including private agreements.


Unaudited		In millions of US dollars except as otherwise noted

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


	Three Months Ended June 30		Six Months Ended June 30
	2022	2021	2022	2021
Number of common shares repurchased for cancellation	11,712,173	17,750	19,360,408	32,728
Average price per share (US dollars)	89.51	52.88	84.48	52.90
Total cost	1,049	1	1,636	2

As of August 2, 2022, an additional 2,205,645 common shares were repurchased for cancellation at a cost of $172 and an average price per share of $78.21.

Dividends Declared

We declared a dividend per share of $0.48 (2021 – $0.46) during the three months ended June 30, 2022, payable on July 15, 2022 to shareholders of record on June 30, 2022.

NOTE 8 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 suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.

NOTE 9 RELATED PARTY TRANSACTIONS

We sell potash outside Canada and the United States exclusively through Canpotex. Canpotex sells potash to buyers in export markets pursuant to term and spot contracts at agreed upon prices. Our revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. Sales to Canpotex are shown in Note 2.



As at	June 30, 2022	December 31, 2021

Receivables from Canpotex	1,805	828

NOTE 10 SUBSEQUENT EVENTS

On July 20, 2022, Nutrien announced the planned acquisition of Casa do Adubo S.A. The acquisition includes 39 retail locations and 10 distribution centers in Brazil. Closing of the transaction is subject to approval from the Administrative Council for Economic Defense (CADE) in Brazil and is expected to be completed in the second half of 2022.

Subsequent to June 30, 2022, and in addition to the $500 increase in our uncommitted revolving demand facility during the second quarter of 2022, we entered into $2 billion in new non-revolving term credit facilities, all with the same principal covenants and events of default as our existing revolving term credit facilities. These new facilities are temporary to help manage normal seasonal working capital swings and are intended to be closed before year-end. As of August 2, 2022, we had approximately $3.0 billion drawn on our credit facilities and a commercial paper balance of approximately $2.1 billion.