EX-99.3

Exhibit 99.3

LOGO

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2024


Unaudited

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


			Three Months Ended September 30						Nine Months Ended September 30
(millions of US dollars, except as otherwise noted)	Note		2024			2023			2024			2023
SALES		2, 11		5,348			5,631			20,893			23,392
Freight, transportation and distribution				263			263			741			714
Cost of goods sold				3,585			3,741			14,203			15,972
GROSS MARGIN				1,500			1,627			5,949			6,706
Selling expenses				820			799			2,622			2,548
General and administrative expenses				156			151			468			453
Provincial mining taxes				74			96			210			319
Share-based compensation expense (recovery)				1			42			17			(7	)
Impairment of assets		3		-			-			530			698
Foreign exchange loss, net of related derivatives		6		31			87			359			105
Other expenses		4		222			67			284			138
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES				196			385			1,459			2,452
Finance costs				184			206			525			580
EARNINGS BEFORE INCOME TAXES				12			179			934			1,872
Income tax (recovery) expense		5		(13	)		97			352			766
NET EARNINGS				25			82			582			1,106
Attributable to
Equity holders of Nutrien				18			75			561			1,086
Non-controlling interest				7			7			21			20
NET EARNINGS				25			82			582			1,106

NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN (“EPS”)
Basic				0.04			0.15			1.13			2.18
Diluted				0.04			0.15			1.13			2.18
Weighted average shares outstanding for basic EPS				494,743,000			494,517,000			494,653,000			496,999,000
Weighted average shares outstanding for diluted EPS				494,857,000			495,056,000			494,851,000			497,708,000

Condensed Consolidated Statements of Comprehensive Income (Loss)

			Three Months Ended September 30						Nine Months Ended September 30
(millions of US dollars, net of related income taxes)			2024			2023			2024			2023
NET EARNINGS				25			82			582			1,106
Other comprehensive income (loss)
Items that will not be reclassified to net earnings:
Net actuarial loss on defined benefit plans				-			-			-			(3	)
Net fair value gain (loss) on investments				35			(6	)		53			5
Items that have been or may be subsequently reclassified to net earnings:
Gain (loss) on currency translation of foreign operations				85			(64	)		28			(14	)
Other				2			(16	)		(17	)		(4	)
OTHER COMPREHENSIVE INCOME (LOSS)				122			(86	)		64			(16	)
COMPREHENSIVE INCOME (LOSS)				147			(4	)		646			1,090
Attributable to
Equity holders of Nutrien				139			(11	)		625			1,070
Non-controlling interest				8			7			21			20
COMPREHENSIVE INCOME (LOSS)				147			(4	)		646			1,090

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Cash Flows


			Three Months Ended September 30						Nine Months Ended September 30
(millions of US dollars)	Note		2024			2023			2024			2023
						Note 1						Note 1
OPERATING ACTIVITIES
Net earnings				25			82			582			1,106
Adjustments for:
Depreciation and amortization				598			552			1,749			1,604
Share-based compensation expense (recovery)				1			42			17			(7	)
Impairment of assets		3		-			-			530			698
(Recovery of) provision for deferred income tax				(36	)		55			15			176
Net (undistributed) distributed earnings of equity-accounted investees				(24	)		(28	)		14			112
Fair value adjustment to derivatives		6		(180	)		(27	)		6			5
Loss related to financial instruments in Argentina		4		-			-			34			92
Long-term income tax receivables and payables				9			1			17			(89	)
Other long-term assets, liabilities and miscellaneous				251			53			321			39
Cash from operations before working capital changes				644			730			3,285			3,736
Changes in non-cash operating working capital:
Receivables				418			627			(2,394	)		(1,491	)
Inventories and prepaid expenses and other current assets				373			794			2,265			3,366
Payables and accrued charges				(2,343	)		(2,620	)		(2,744	)		(4,695	)
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES				(908	)		(469	)		412			916
INVESTING ACTIVITIES
Capital expenditures ¹				(529	)		(634	)		(1,449	)		(1,890	)
Business acquisitions, net of cash acquired				(2	)		-			(6	)		(116	)
(Purchase of) proceeds from investments, held within three months, net				(15	)		(36	)		(30	)		(134	)
Purchase of investments				(1	)		(12	)		(112	)		(12	)
Net changes in non-cash working capital				30			36			(55	)		(68	)
Other				11			(27	)		38			(5	)
CASH USED IN INVESTING ACTIVITIES				(506	)		(673	)		(1,614	)		(2,225	)
FINANCING ACTIVITIES
Proceeds from (repayment of) debt, maturing within three months, net				1,378			1,445			1,089			2,213
Proceeds from debt		8		-			-			998			1,500
Repayment of debt				(43	)		(118	)		(132	)		(635	)
Repayment of principal portion of lease liabilities				(98	)		(91	)		(300	)		(278	)
Dividends paid to Nutrien’s shareholders				(268	)		(261	)		(795	)		(770	)
Repurchase of common shares		9		(50	)		-			(50	)		(1,047	)
Issuance of common shares				7			1			16			32
Other				(4	)		-			(40	)		(34	)
CASH PROVIDED BY FINANCING ACTIVITIES				922			976			786			981
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS				8			(17	)		(5	)		(19	)
DECREASE IN CASH AND CASH EQUIVALENTS				(484	)		(183	)		(421	)		(347	)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD				1,004			737			941			901
CASH AND CASH EQUIVALENTS – END OF PERIOD				520			554			520			554
Cash and cash equivalents is composed of:
Cash				472			508			472			508
Short-term investments				48			46			48			46
				520			554			520			554
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid				148			137			496			462
Income taxes paid				127			133			260			1,722
Total cash outflow for leases				134			125			418			373

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended September 30, 2024 of $489 million and $40 million (2023 – $580 million and $54 million), respectively, and for the nine months ended September 30, 2024 of $1,333 million and $116 million (2023 – $1,734 million and $156 million), respectively.

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Changes in Shareholders’ Equity



										Accumulated Other Comprehensive (Loss) Income (“AOCI”)

(millions of US dollars, inclusive of related tax, except as otherwise noted)	Number of Common Shares			Share Capital			Contributed Surplus			(Loss) Gain on Currency Translation of Foreign Operations			Other			Total AOCI			Retained Earnings			Equity Holders of Nutrien			Non- Controlling Interest			Total Equity

BALANCE – DECEMBER 31, 2022		507,246,105			14,172			109			(374	)		(17	)		(391	)		11,928			25,818			45			25,863

Net earnings		-			-			-			-			-			-			1,086			1,086			20			1,106

Other comprehensive loss		-			-			-			(14	)		(2	)		(16	)		-			(16	)		-			(16	)

Shares repurchased (Note 9)		(13,378,189	)		(374	)		(26	)		-			-			-			(600	)		(1,000	)		-			(1,000	)

Dividends declared - $1.59/share		-			-			-			-			-			-			(789	)		(789	)		-			(789	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(14	)		(14	)

Effect of share-based compensation including issuance of common shares		664,230			39			(1	)		-			-			-			-			38			-			38

Transfer of net gain on sale of investment		-			-			-			-			(14	)		(14	)		14			-			-			-

Transfer of net loss on cash flow hedges		-			-			-			-			8			8			-			8			-			8

Transfer of net actuarial loss on defined benefit plans		-			-			-			-			3			3			(3	)		-			-			-

BALANCE – SEPTEMBER 30, 2023		494,532,146			13,837			82			(388	)		(22	)		(410	)		11,636			25,145			51			25,196

BALANCE – DECEMBER 31, 2023		494,551,730			13,838			83			(286	)		(10	)		(296	)		11,531			25,156			45			25,201

Net earnings		-			-			-			-			-			-			561			561			21			582

Other comprehensive income		-			-			-			28			36			64			-			64			-			64

Shares repurchased (Note 9)		(1,039,185	)		(29	)		(21	)		-			-			-			(1	)		(51	)		-			(51	)

Dividends declared - $1.62/share		-			-			-			-			-			-			(800	)		(800	)		-			(800	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(26	)		(26	)

Effect of share-based compensation including issuance of common shares		369,904			18			5			-			-			-			-			23			-			23

Transfer of net loss on cash flow hedges		-			-			-			-			13			13			-			13			-			13

BALANCE – SEPTEMBER 30, 2024		493,882,449			13,827			67			(258	)		39			(219	)		11,291			24,966			40			25,006

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Balance Sheets



		September 30						December 31

As at (millions of US dollars)	Note	2024			2023			2023

ASSETS

Current assets

Cash and cash equivalents			520			554			941

Receivables	6, 7, 11		7,786			7,713			5,398

Inventories			4,890			5,169			6,336

Prepaid expenses and other current assets			678			656			1,495

			13,874			14,092			14,170

Non-current assets

Property, plant and equipment	3		22,329			22,150			22,461

Goodwill			12,122			12,078			12,114

Intangible assets	3		1,877			2,219			2,217

Investments			739			731			736

Other assets			970			959			1,051

TOTAL ASSETS			51,911			52,229			52,749

LIABILITIES

Current liabilities

Short-term debt	7		2,967			4,354			1,815

Current portion of long-term debt	8		1,013			-			512

Current portion of lease liabilities			364			305			327

Payables and accrued charges	6		6,613			6,653			9,467

			10,957			11,312			12,121

Non-current liabilities

Long-term debt	8		9,383			9,427			8,913

Lease liabilities			1,029			901			999

Deferred income tax liabilities			3,555			3,631			3,574

Pension and other post-retirement benefit liabilities			245			241			252

Asset retirement obligations and accrued environmental costs			1,564			1,353			1,489

Other non-current liabilities			172			168			200

TOTAL LIABILITIES			26,905			27,033			27,548

SHAREHOLDERS’ EQUITY

Share capital	9		13,827			13,837			13,838

Contributed surplus			67			82			83

Accumulated other comprehensive loss			(219	)		(410	)		(296	)

Retained earnings			11,291			11,636			11,531

Equity holders of Nutrien			24,966			25,145			25,156

Non-controlling interest			40			51			45

TOTAL SHAREHOLDERS’ EQUITY			25,006			25,196			25,201

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			51,911			52,229			52,749

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Notes to the Condensed Consolidated Financial Statements

As at and for the Three and Nine Months Ended September 30, 2024

Note 1 Basis of presentation

Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. Nutrien plays a critical role in helping growers around the globe increase food production.

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 IAS 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 2023 annual audited consolidated financial statements, as well as any amended standards adopted in 2024 that we previously disclosed. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2023 annual audited consolidated financial statements. Certain immaterial 2023 figures have been reclassified in the condensed consolidated statements of earnings, condensed consolidated statements of cash flows and Note 4 Other expenses (income).

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 for issue by the Audit Committee of the Board of Directors for issue on November 6, 2024.

Note 2 Segment information

We have four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise. Retail 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 produces. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.



(millions of US dollars)	Retail		Potash		Nitrogen		Phosphate		Corporate and Others		Eliminations			Consolidated

Assets – as at September 30, 2024		22,585		13,686		11,303		2,412		2,443		(518	)		51,911

Assets – as at December 31, 2023		23,056		13,571		11,466		2,438		2,818		(600	)		52,749


Unaudited


	Three Months Ended September 30, 2024

(millions of US dollars)	Retail			Potash		Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		3,271			915		753			409		-			-			5,348

– intersegment		-			113		163			58		-			(334	)		-

Sales – total		3,271			1,028		916			467		-			(334	)		5,348

Freight, transportation and distribution		-			144		123			55		-			(59	)		263

Net sales		3,271			884		793			412		-			(275	)		5,085

Cost of goods sold		2,412			422		581			383		-			(213	)		3,585

Gross margin		859			462		212			29		-			(62	)		1,500

Selling expenses (recovery)		815			3		8			1		(2	)		(5	)		820

General and administrative expenses		51			5		6			4		90			-			156

Provincial mining taxes		-			74		-			-		-			-			74

Share-based compensation expense		-			-		-			-		1			-			1

Impairment of assets		-			-		-			-		-			-			-

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

Other expenses (income)		32			2		(25	)		10		194			9			222

Earnings (loss) before finance costs and income taxes		(39	)		378		223			14		(314	)		(66	)		196

Depreciation and amortization		190			177		132			75		24			-			598

EBITDA		151			555		355			89		(290	)		(66	)		794

Share-based compensation expense		-			-		-			-		1			-			1

ARO/ERL related expense for non-operating sites		-			-		-			-		184			-			184

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

Adjusted EBITDA		151			555		355			89		(74	)		(66	)		1,010

	Three Months Ended September 30, 2023

(millions of US dollars)	Retail			Potash		Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		3,489			1,002		690			450		-			-			5,631

– intersegment		1			108		138			66		-			(313	)		-

Sales – total		3,490			1,110		828			516		-			(313	)		5,631

Freight, transportation and distribution		-			138		105			72		-			(52	)		263

Net sales		3,490			972		723			444		-			(261	)		5,368

Cost of goods sold		2,595			389		569			417		-			(229	)		3,741

Gross margin		895			583		154			27		-			(32	)		1,627

Selling expenses (recovery)		798			3		8			1		(3	)		(8	)		799

General and administrative expenses		57			2		1			3		88			-			151

Provincial mining taxes		-			96		-			-		-			-			96

Share-based compensation expense		-			-		-			-		42			-			42

Foreign exchange loss, net of related derivatives		-			-		-			-		87			-			87

Other expenses (income)		37			4		(19	)		8		30			7			67

Earnings (loss) before finance costs and income taxes		3			478		164			15		(244	)		(31	)		385

Depreciation and amortization		189			133		130			75		25			-			552

EBITDA		192			611		294			90		(219	)		(31	)		937

Integration and restructuring related costs		5			-		-			-		9			-			14

Share-based compensation expense		-			-		-			-		42			-			42

ARO/ERL related expense for non-operating sites		-			-		-			-		4			-			4

Foreign exchange loss, net of related derivatives		-			-		-			-		87			-			87

Adjusted EBITDA		197			611		294			90		(77	)		(31	)		1,084


Unaudited


	Nine Months Ended September 30, 2024

(millions of US dollars)	Retail		Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		14,653		2,486		2,547			1,207			-			-			20,893

– intersegment		-		305		584			210			-			(1,099	)		-

Sales – total		14,653		2,791		3,131			1,417			-			(1,099	)		20,893

Freight, transportation and distribution		-		338		399			174			-			(170	)		741

Net sales		14,653		2,453		2,732			1,243			-			(929	)		20,152

Cost of goods sold		11,018		1,139		1,835			1,116			-			(905	)		14,203

Gross margin		3,635		1,314		897			127			-			(24	)		5,949

Selling expenses (recovery)		2,610		9		23			5			(7	)		(18	)		2,622

General and administrative expenses		154		10		16			11			277			-			468

Provincial mining taxes		-		210		-			-			-			-			210

Share-based compensation expense		-		-		-			-			17			-			17

Impairment of assets		335		-		195			-			-			-			530

Foreign exchange loss, net of related derivatives		-		-		-			-			359			-			359

Other expenses (income)		95		3		(136	)		26			274			22			284

Earnings (loss) before finance costs and income taxes		441		1,082		799			85			(920	)		(28	)		1,459

Depreciation and amortization		580		475		419			213			62			-			1,749

EBITDA		1,021		1,557		1,218			298			(858	)		(28	)		3,208

Share-based compensation expense		-		-		-			-			17			-			17

Impairment of assets		335		-		195			-			-			-			530

Loss related to financial instruments in Argentina		-		-		-			-			34			-			34

ARO/ERL related expense for non-operating sites		-		-		-			-			152			-			152

Foreign exchange loss, net of related derivatives		-		-		-			-			359			-			359

Adjusted EBITDA		1,356		1,557		1,413			298			(296	)		(28	)		4,300

	Nine Months Ended September 30, 2023

(millions of US dollars)	Retail		Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		16,038		3,001		2,909			1,444			-			-			23,392

– intersegment		2		302		708			204			-			(1,216	)		-

Sales – total		16,040		3,303		3,617			1,648			-			(1,216	)		23,392

Freight, transportation and distribution		-		320		366			188			-			(160	)		714

Net sales		16,040		2,983		3,251			1,460			-			(1,056	)		22,678

Cost of goods sold		12,599		1,047		2,157			1,297			-			(1,128	)		15,972

Gross margin		3,441		1,936		1,094			163			-			72			6,706

Selling expenses		2,534		9		23			5			(7	)		(16	)		2,548

General and administrative expenses		162		10		11			10			260			-			453

Provincial mining taxes		-		319		-			-			-			-			319

Share-based compensation recovery		-		-		-			-			(7	)		-			(7	)

Impairment of assets		465		-		-			233			-			-			698

Foreign exchange loss, net of related derivatives		-		-		-			-			105			-			105

Other expenses (income)		81		2		(53	)		21			82			5			138

Earnings (loss) before finance costs and income taxes		199		1,596		1,113			(106	)		(433	)		83			2,452

Depreciation and amortization		558		345		426			213			62			-			1,604

EBITDA		757		1,941		1,539			107			(371	)		83			4,056

Integration and restructuring related costs		8		-		-			-			21			-			29

Share-based compensation recovery		-		-		-			-			(7	)		-			(7	)

Impairment of assets		465		-		-			233			-			-			698

Loss related to financial instruments in Argentina		-		-		-			-			92			-			92

ARO/ERL related expense for non-operating sites		-		-		-			-			10			-			10

Foreign exchange loss, net of related derivatives		-		-		-			-			105			-			105

Adjusted EBITDA		1,230		1,941		1,539			340			(150	)		83			4,983


Unaudited


	Three Months Ended September 30						Nine Months Ended September 30
(millions of US dollars)	2024			2023			2024			2023
Retail sales by product line
Crop nutrients		1,093			1,250			5,683			6,571
Crop protection products		1,518			1,566			5,365			5,790
Seed		132			158			2,051			2,093
Services and other		242			235			690			691
Merchandise		222			231			667			750
Nutrien Financial		85			73			284			252
Nutrien Financial elimination ¹		(21	)		(23	)		(87	)		(107	)

		3,271			3,490			14,653			16,040

Potash sales by geography
Manufactured product

North America		601			637			1,474			1,631

Offshore ²		427			473			1,316			1,672
Other potash and purchased products		-			-			1			-

		1,028			1,110			2,791			3,303

Nitrogen sales by product line
Manufactured product

Ammonia		261			193			856			998

Urea and ESN^®		293			297			1,085			1,278

Solutions, nitrates and sulfates		299			270			961			1,022
Other nitrogen and purchased products		63			68			229			319

		916			828			3,131			3,617

Phosphate sales by product line
Manufactured product

Fertilizer		316			295			928			886

Industrial and feed		148			151			470			535

Other phosphate and purchased products		3			70			19			227

		467			516			1,417			1,648

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

2 Relates to Canpotex Limited (“Canpotex”) (Note 11) and includes provisional pricing adjustments for the three months ended September 30, 2024 of $(4) million (2023 – $(34) million) and the nine months ended September 30, 2024 of $7 million (2023 – $(354) million).

Note 3 Impairment of assets

We recorded the following non-cash impairment of assets in the condensed consolidated statements of earnings:


		Nine Months Ended September 30
(millions of US dollars)		2024		2023
Segment	Category
Retail	Intangible assets		200		43
	Property, plant and equipment		120		-
	Other		15		-
	Goodwill		-		422
Nitrogen	Property, plant and equipment		195		-
Phosphate	Property, plant and equipment		-		233
Impairment of assets			530		698

Retail – Brazil

At June 30, 2024, due to the ongoing market instability and more moderate margin expectations, we lowered our forecasted EBITDA for the Retail – Brazil cash generating unit (“CGU”). This triggered an impairment analysis. Prior to June 30, 2023, the Retail – Brazil CGU was part of the Retail – South America group of CGUs at which time the goodwill of the group was deemed to be fully impaired.

We used the fair value less cost to dispose (“FVLCD”) methodology (level 3) based on a market approach to assess the recoverable value of the Retail – Brazil CGU at June 30, 2024. This is a change from our 2023 analysis, as the market approach resulted in a more representative fair value of the CGU as restructuring initiatives in Brazil are currently being developed. In 2023, we used the


Unaudited

FVLCD methodology based on after-tax discounted cash flows (10-year projections plus a terminal value) and an after-tax discount rate (14.4 percent). We incorporated assumptions that an independent market participant would apply.

The key assumptions with the greatest influence on the calculation of the impairment are the estimated recoverable value of property, plant and equipment and intangible assets. Any change to these estimates could directly impact the impairment amount.


(millions of US dollars)	Retail – Brazil June 30, 2024
Recoverable amount comprised of:
Working capital and other		324
Property, plant and equipment		92
Intangible assets		-

Nitrogen

During the three months ended June 30, 2024, we decided that we are no longer pursuing our Geismar Clean Ammonia project. As a result, we recorded an impairment loss of $195 million to fully write-off the amount of property, plant and equipment related to this project. As the project was cancelled before it generated revenue, the recoverable amount, which was based on its value in use, is $nil.

At June 30, 2023, we recorded an impairment of $465 million on our Retail – South America groups of CGUs and $233 million on our Phosphate – White Springs CGU. Refer to Note 13 of our 2023 annual audited consolidated financial statements for further details.

Note 4 Other expenses (income)


	Three Months Ended September 30						Nine Months Ended September 30
(millions of US dollars)	2024			2023			2024			2023
Integration and restructuring related costs		-			14			-			29
Earnings of equity-accounted investees		(26	)		(28	)		(107	)		(100	)
Bad debt expense		31			12			94			51
Project feasibility costs		19			19			62			53
Customer prepayment costs		10			10			41			36
Insurance recoveries		(3	)		-			(70	)		-
Loss on natural gas derivatives not designated as hedge ¹		5			-			7			-
Loss related to financial instruments in Argentina		-			-			34			92
ARO/ERL related expenses for non-operating sites ²		184			4			152			10
Gain on amendments to other post-retirement pension plans		-			-			-			(80	)
Other expenses		2			36			71			47
		222			67			284			138

1 Includes realized loss of $3 million and $5 million for the three and nine months ended September 30, 2024 (2023 – $nil) and unrealized loss of $2 million for the three and nine months ended September 30, 2024, respectively (2023 – $nil).

2 ARO/ERL refers to asset retirement obligations and accrued environmental costs.

Argentina has certain currency controls in place that limit our ability to settle our foreign currency-denominated obligations or remit cash out of Argentina. We utilize various financial instruments such as Blue Chip Swaps or Bonds for the Reconstruction of a Free Argentina (“BOPREAL”) that effectively allow companies to transact in US dollars. We incurred losses on these transactions due to the significant divergence between the market exchange rate used for these financial instruments and the official Central Bank of Argentina rate. These losses are recorded as part of loss related to financial instruments in Argentina.

Note 5 Income taxes

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


	Three Months Ended September 30					Nine Months Ended September 30
(millions of US dollars, except as otherwise noted)	2024			2023		2024			2023
Actual effective tax rate on earnings (%)		(18	)		41		41			33
Actual effective tax rate including discrete items (%)		(112	)		54		38			41
Discrete tax adjustments that impacted the tax rate		(11	)		23		(31	)		155


Unaudited

Note 6 Financial instruments

Foreign Currency Derivatives


	Three Months Ended September 30					Nine Months Ended September 30
(millions of US dollars)	2024			2023		2024		2023
Foreign exchange (gain) loss		(3	)		32		27		12
Hyperinflationary loss		20			46		85		78
Loss on foreign currency derivatives at fair value through profit or loss		14			9		247		15
Foreign exchange loss, net of related derivatives		31			87		359		105

During the nine months ended September 30, 2024, we entered into various foreign currency derivative contracts. The losses on our foreign currency derivatives were primarily related to Brazil which matured in July 2024. As of September 30, 2024, outstanding derivative contracts were related to our ongoing risk management strategy. The fair value of our net foreign exchange currency derivative assets (liabilities) as at September 30, 2024 was $3 million (December 31, 2023 – $11 million).



	As at September 30, 2024						As at December 31, 2023
(millions of US dollars, except as otherwise noted)	Notional		Maturities (year)		Average Contract Rate (1:1)		Notional		Maturities (year)		Average Contract Rate (1:1)
Derivatives not designated as hedges
Forwards (Sell/buy)
USD/Canadian dollars (“CAD”)		416		2024		1.3445		435		2024		1.3207
Brazilian real (“BRL”)/USD		213		2024		5.4668		94		2024		4.8688
Australian dollars (“AUD”)/USD		75		2025		1.4940		86		2024		1.5269
USD/BRL		94		2025		5.5408		-		-		-
USD/BRL		58		2025		5.6617		-		-		-
USD/AUD		11		2024		1.4904		-		-		-
Derivatives designated as hedges
Forwards (Sell/buy)
USD/CAD		485		2025		1.3638		601		2024		1.3565

Natural Gas Derivatives

In 2024, we increased our use of natural gas derivatives to lock-in commodity prices. Our risk management strategies and accounting policies for derivatives that are designated and qualify as cash flow hedges are consistent with those disclosed in Note 10 and Note 30 of our annual consolidated financial statements, respectively. For derivatives that do not qualify as cash flow hedges, any gains or losses are recorded in net earnings in the current period.

We assess whether our derivative hedging transactions are expected to be or were highly effective, both at the hedge’s inception and on an ongoing basis, in offsetting changes in fair values of hedged items.

Hedging Transaction

Measurement of Ineffectiveness

Potential Sources of Ineffectiveness

New York Mercantile Exchange (“NYMEX”) natural gas hedges

Assessed on a prospective and retrospective basis using regression analyses

Changes in:

• timing of forecast transactions

• volume delivered

• our credit risk or the credit risk of a counterparty


Unaudited

The table below presents information about our natural gas derivatives which are used to manage the risk related to significant price changes in natural gas.


	As at September 30, 2024
(millions of US dollars, except as otherwise noted)	Notional ¹		Maturities (year)		Average Contract Price ²		Fair Value of Assets (Liabilities) ³
Derivatives not designated as hedges
NYMEX call options		15		2024		3.15		1
Derivatives designated as hedges
NYMEX swaps		12		2024		3.06		(1	)

1 In millions of Metric Million British Thermal Units (“MMBtu”).

2 US dollars per MMBtu.

3 Fair value of natural gas derivatives are based on a discounted cash flow model which are classified as Level 2.

Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt that has a carrying value of $10,396 million and fair value of $10,194 million as at September 30, 2024. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

Note 7 Short-term debt

On March 7, 2024, we entered into an uncommitted $500 million accounts receivable repurchase facility (the “repurchase facility”), where we may sell certain receivables from customers to a financial institution and agree to repurchase those receivables at a future date. When we draw under this repurchase facility, the receivables from customers remain on our condensed consolidated balance sheet as we control and retain substantially all of the risks and rewards associated with the receivables. As at September 30, 2024, there were no borrowings outstanding under this facility.

During the three months ended September 30, 2024, we extended the term of our unsecured revolving term credit facility to September 3, 2025 and reduced the facility limit from $1,500 million to $750 million. We also extended the maturity of our $4,500 million unsecured revolving term facility to September 4, 2029.

Note 8 Long-term debt

Issuances in the nine months ended September 30, 2024

(millions of US dollars, except as otherwise noted)

Rate of interest (%)

Maturity

Amount

Senior notes issued 2024

5.2

June 21, 2027

400

Senior notes issued 2024

5.4

June 21, 2034

600

1,000

The notes issued in the nine months ended September 30, 2024, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.

In March 2024, we filed a base shelf prospectus in Canada and the US qualifying the issuance of common shares, debt securities and other securities during a period of 25 months from March 22, 2024.

Note 9 Share capital

Share Repurchase Programs

The following table summarizes our share repurchase activities during the periods indicated below:


	Three Months Ended September 30				Nine Months Ended September 30

(millions of US dollars, except as otherwise noted)	2024		2023		2024		2023
Number of common shares repurchased for cancellation		1,039,185		-		1,039,185		13,378,189
Average price per share (US dollars)		48.11		-		48.11		74.73
Total cost, inclusive of tax		51		-		51		1,000

As of November 5, 2024, an additional 477,671 common shares were repurchased for cancellation at a cost of $23 million and an average price per share of $48.68.


Unaudited

Note 10 Seasonality

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the 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 requirements. 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 11 Related party transactions

We sell potash outside Canada and the US exclusively through Canpotex. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed upon prices. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex.



As at (millions of US dollars)	September 30, 2024		December 31, 2023
Receivables from Canpotex		195		162

Note 12 Accounting policies, estimates and judgments

IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which was issued on April 9, 2024, would supersede IAS 1, “Presentation of Financial Statements” and increase the comparability of financial statements by enhancing principles on aggregation and disaggregation. IFRS 18 will be effective January 1, 2027, and will also apply to comparative information. We are reviewing the standard to determine the potential impact.

Amendments for IFRS 9 and IFRS 7, “Amendments to the Classification and Measurement of Financial Instruments”, which was issued on May 30, 2024, will address diversity in practice by making the requirements more understandable and consistently applied. These amendments will be effective January 1, 2026, and will not apply to comparative information. We are reviewing the standard to determine the potential impact.