Exhibit 99.3

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2022

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings

		Three Months Ended September 30						Nine Months Ended September 30
	Note	2022			2021			2022			2021
SALES	2		8,188			6,024			30,351			20,445
Freight, transportation and distribution			204			220			628			653
Cost of goods sold			4,722			3,639			17,205			13,589
GROSS MARGIN			3,262			2,165			12,518			6,203
Selling expenses			826			749			2,570			2,287
General and administrative expenses			137			110			403			329
Provincial mining taxes			348			128			959			293
Share-based compensation expense			39			64			122			125
(Reversal) impairment of assets	3		(330	)		7			(780	)		12
Other expenses	4		36			50			94			203
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES			2,206			1,057			9,150			2,954
Finance costs			136			122			375			367
EARNINGS BEFORE INCOME TAXES			2,070			935			8,775			2,587
Income tax expense	5		487			209			2,206			615
NET EARNINGS			1,583			726			6,569			1,972
Attributable to
Equity holders of Nutrien			1,577			717			6,548			1,952
Non-controlling interest			6			9			21			20
NET EARNINGS			1,583			726			6,569			1,972
NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN (“EPS”)
Basic			2.95			1.26			12.00			3.42
Diluted			2.94			1.25			11.96			3.41
Weighted average shares outstanding for basic EPS			534,839,000			570,627,000			545,776,000			570,216,000
Weighted average shares outstanding for diluted EPS			536,164,000			572,224,000			547,449,000			571,735,000
Condensed Consolidated Statements of Comprehensive Income
		Three Months Ended September 30						Nine Months Ended September 30
(Net of related income taxes)		2022			2021			2022			2021
NET EARNINGS			1,583			726			6,569			1,972
Other comprehensive (loss) income
Items that will not be reclassified to net earnings:
Net actuarial gain on defined benefit plans			60			-			61			-
Net fair value (loss) gain on investments			(54	)		46			(61	)		116
Items that have been or may be subsequently reclassified to net earnings:
Loss on currency translation of foreign operations			(191	)		(124	)		(272	)		(129	)
Other			(45	)		(1	)		(24	)		19
OTHER COMPREHENSIVE (LOSS) INCOME			(230	)		(79	)		(296	)		6
COMPREHENSIVE INCOME			1,353			647			6,273			1,978
Attributable to
Equity holders of Nutrien			1,348			638			6,254			1,959
Non-controlling interest			5			9			19			19
COMPREHENSIVE INCOME			1,353			647			6,273			1,978

 (See Notes to the Condensed Consolidated Financial Statements)

28

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Statements of Cash Flows

		Three Months Ended September 30						Nine Months Ended September 30
	Note		2022			2021			2022			2021
					Note 1						Note 1
OPERATING ACTIVITIES
Net earnings			1,583			726			6,569			1,972
Adjustments for:
Depreciation and amortization			526			489			1,492			1,454
Share-based compensation expense			39			64			122			125
(Reversal) impairment of assets	3		(330	)		7			(780	)		12
Provision for (recovery of) deferred income tax			160			(87	)		152			(97	)
Gain on disposal of investment	4		-			-			(19	)		-
Cloud computing transition adjustment	4		-			-			-			36
Other long-term assets, liabilities and miscellaneous			(7	)		(12	)		112			42
Cash from operations before working capital changes			1,971			1,187			7,648			3,544
Changes in non-cash operating working capital:
Receivables			1,240			(266	)		(3,602	)		(3,101	)
Inventories			517			130			(344	)		193
Prepaid expenses and other current assets			(44	)		(133	)		1,018			865
Payables and accrued charges			(2,806	)		(2,483	)		(1,346	)		(1,252	)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			878			(1,565	)		3,374			249
INVESTING ACTIVITIES
Capital expenditures 1			(636	)		(492	)		(1,464	)		(1,238	)
Business acquisitions, net of cash acquired			(10	)		(30	)		(78	)		(70	)
Other			(90	)		(19	)		(60	)		(57	)
Net changes in non-cash working capital			31			18			(77	)		23
CASH USED IN INVESTING ACTIVITIES			(705	)		(523	)		(1,679	)		(1,342	)
FINANCING ACTIVITIES
Transaction costs related to debt			(3	)		-			(3	)		(7	)
Proceeds from short-term debt, net			2,017			1,040			2,867			1,037
Proceeds from long-term debt			-			81			41			89
Repayment of long-term debt			(22	)		-			(50	)		(5	)
Repayment of principal portion of lease liabilities			(83	)		(78	)		(256	)		(242	)
Dividends paid to Nutrien’s shareholders	8		(259	)		(261	)		(780	)		(779	)
Repurchase of common shares	8		(1,700	)		(148	)		(3,306	)		(150	)
Issuance of common shares			4			125			168			188
Other			17			(2	)		-			(14	)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			(29	)		757			(1,319	)		117
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS			(32	)		(20	)		(52	)		(35	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			112			(1,351	)		324			(1,011	)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD			711			1,794			499			1,454
CASH AND CASH EQUIVALENTS – END OF PERIOD			823			443			823			443
Cash and cash equivalents comprised of:
Cash			428			315			428			315
Short-term investments			395			128			395			128
			823			443			823			443
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid			80			81			280			319
Income taxes paid			318			212			1,503			356
Total cash outflow for leases			111			91			339			299

 1 Includes additions to property, plant and equipment and intangible assets for the three months ended September 30, 2022 of $584 and $52 (2021 – $463 and $29), respectively, and for the nine months ended September 30, 2022 of $1,317 and $147 (2021 – $1,171 and $67), respectively.

 (See Notes to the Condensed Consolidated Financial Statements)

29

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		-			-			-			-			-			-			1,952			1,952			20			1,972
Other comprehensive (loss) income		-			-			-			(128	)		135			7			-			7			(1	)		6
Shares repurchased (Note 8)		(2,460,097	)		(68	)		(46	)		-			-			-			(36	)		(150	)		-			(150	)
Dividends declared		-			-			-			-			-			-			(786	)		(786	)		-			(786	)
Non-controlling interest transactions		-			-			-			-			-			-			(1	)		(1	)		(14	)		(15	)
Effect of share-based compensation including issuance of common shares		4,166,620			213			(12	)		-			-			-			-			201			-			201
Transfer of net gain on cash flow hedges		-			-			-			-			(10	)		(10	)		-			(10	)		-			(10	)
Share cancellation		(210,173	)		-			-			-			-			-			-			-			-			-
BALANCE – SEPTEMBER 30, 2021		570,756,756			15,818			147			(190	)		68			(122	)		7,735			23,578			43			23,621
BALANCE – DECEMBER 31, 2021		557,492,516			15,457			149			(176	)		30			(146	)		8,192			23,652			47			23,699
Net earnings		-			-			-			-			-			-			6,548			6,548			21			6,569
Other comprehensive loss		-			-			-			(270	)		(24	)		(294	)		-			(294	)		(2	)		(296	)
Shares repurchased (Note 8)		(38,387,969	)		(1,070	)		(23	)		-			-			-			(2,241	)		(3,334	)		-			(3,334	)
Dividends declared		-			-			-			-			-			-			(773	)		(773	)		-			(773	)
Non-controlling interest transactions		-			-			-			-			-			-			-			-			(18	)		(18	)
Effect of share-based compensation including issuance of common shares		3,058,561			201			(19	)		-			-			-			-			182			-			182
Transfer of net loss on cash flow hedges		-			-			-			-			3			3			-			3			-			3
Transfer of net actuarial gain on defined benefit plans		-			-			-			-			(61	)		(61	)		61			-			-			-
BALANCE – SEPTEMBER 30, 2022		522,163,108			14,588			107			(446	)		(52	)		(498	)		11,787			25,984			48			26,032
(See Notes to the Condensed Consolidated Financial Statements)

30

Unaudited In millions of US dollars except as otherwise noted  

Condensed Consolidated Balance Sheets

		September 30						December 31
As at	Note	2022			2021			2021
ASSETS
Current assets
Cash and cash equivalents			823			443			499
Receivables			8,591			6,911			5,366
Inventories			6,545			4,674			6,328
Prepaid expenses and other current assets			737			654			1,653
			16,696			12,682			13,846
Non-current assets
Property, plant and equipment	3		21,022			19,704			20,016
Goodwill			12,180			12,220			12,220
Other intangible assets			2,217			2,349			2,340
Investments			772			682			703
Other assets			937			679			829
TOTAL ASSETS			53,824			48,316			49,954
LIABILITIES
Current liabilities
Short-term debt	7		4,454			1,255			1,560
Current portion of long-term debt			1,016			46			545
Current portion of lease liabilities			303			281			286
Payables and accrued charges			8,760			6,930			10,052
			14,533			8,512			12,443
Non-current liabilities
Long-term debt			7,020			10,094			7,521
Lease liabilities			884			896			934
Deferred income tax liabilities	5		3,489			3,043			3,165
Pension and other post-retirement benefit liabilities			337			451			419
Asset retirement obligations and accrued environmental costs			1,320			1,523			1,566
Other non-current liabilities			209			176			207
TOTAL LIABILITIES			27,792			24,695			26,255
SHAREHOLDERS’ EQUITY
Share capital	8		14,588			15,818			15,457
Contributed surplus			107			147			149
Accumulated other comprehensive loss			(498	)		(122	)		(146	)
Retained earnings			11,787			7,735			8,192
Equity holders of Nutrien			25,984			23,578			23,652
Non-controlling interest			48			43			47
TOTAL SHAREHOLDERS’ EQUITY			26,032			23,621			23,699
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			53,824			48,316			49,954

(See Notes to the Condensed Consolidated Financial Statements)

31

Unaudited In millions of US dollars except as otherwise noted  

Notes to the Condensed Consolidated Financial Statements

As at and for the Three and Nine Months Ended September 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 November 2, 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.

32

Unaudited In millions of US dollars except as otherwise noted  

	Three Months Ended September 30, 2022
	Retail		Potash			Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated
Sales   – third party		3,967		1,968			1,666			587			-			-			8,188
– intersegment		13		84			236			126			-			(459	)		-
Sales   – total		3,980		2,052			1,902			713			-			(459	)		8,188
Freight, transportation and distribution		-		48			131			62			-			(37	)		204
Net sales		3,980		2,004			1,771			651			-			(422	)		7,984
Cost of goods sold		3,063		386			1,107			537			-			(371	)		4,722
Gross margin		917		1,618			664			114			-			(51	)		3,262
Selling expenses		821		3			7			1			(2	)		(4	)		826
General and administrative expenses		50		2			2			3			80			-			137
Provincial mining taxes		-		348			-			-			-			-			348
Share-based compensation expense		-		-			-			-			39			-			39
Impairment reversal of assets		-		-			-			(330	)		-			-			(330	)
Other expenses (income)		19		(1	)		(59	)		15			59			3			36
Earnings (loss) before finance costs and income taxes		27		1,266			714			425			(176	)		(50	)		2,206
Depreciation and amortization		206		112			141			48			19			-			526
EBITDA 1		233		1,378			855			473			(157	)		(50	)		2,732
Integration and restructuring related costs		2		-			-			-			13			-			15
Share-based compensation expense		-		-			-			-			39			-			39
Impairment reversal of assets		-		-			-			(330	)		-			-			(330	)
Foreign exchange loss, net of related derivatives		-		-			-			-			11			-			11
Adjusted EBITDA		235		1,378			855			143			(94	)		(50	)		2,467
Assets – at September 30, 2022		23,507		14,078			11,802			2,742			2,500			(805	)		53,824
1  EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.
	Three Months Ended September 30, 2021
	Retail		Potash			Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated
Sales   – third party		3,336		1,188			1,037			463			-			-			6,024
– intersegment		11		107			162			39			-			(319	)		-
Sales   – total		3,347		1,295			1,199			502			-			(319	)		6,024
Freight, transportation and distribution		-		107			98			54			-			(39	)		220
Net sales		3,347		1,188			1,101			448			-			(280	)		5,804
Cost of goods sold		2,430		372			695			340			-			(198	)		3,639
Gross margin		917		816			406			108			-			(82	)		2,165
Selling expenses		746		3			7			2			(9	)		-			749
General and administrative expenses		45		1			3			3			58			-			110
Provincial mining taxes		-		128			-			-			-			-			128
Share-based compensation expense		-		-			-			-			64			-			64
Impairment of assets		-		7			-			-			-			-			7
Other expenses (income)		17		7			(11	)		7			30			-			50
Earnings (loss) before finance costs and income taxes		109		670			407			96			(143	)		(82	)		1,057
Depreciation and amortization		182		131			125			39			12			-			489
EBITDA		291		801			532			135			(131	)		(82	)		1,546
Integration and restructuring related costs		-		-			-			-			8			-			8
Share-based compensation expense		-		-			-			-			64			-			64
Impairment of assets		-		7			-			-			-			-			7
COVID-19 related expenses		-		-			-			-			16			-			16
Foreign exchange loss, net of related derivatives		-		-			-			-			1			-			1
Adjusted EBITDA		291		808			532			135			(42	)		(82	)		1,642
Assets – at December 31, 2021		22,387		13,148			11,093			1,699			2,266			(639	)		49,954

33

Unaudited In millions of US dollars except as otherwise noted  

	Nine Months Ended September 30, 2022
	Retail			Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated
Sales   – third party		17,177			6,345		5,078			1,751			-			-			30,351
– intersegment		86			396		1,021			303			-			(1,806	)		-
Sales   – total		17,263			6,741		6,099			2,054			-			(1,806	)		30,351
Freight, transportation and distribution		-			219		358			178			-			(127	)		628
Net sales		17,263			6,522		5,741			1,876			-			(1,679	)		29,723
Cost of goods sold		13,161			1,090		3,159			1,399			-			(1,604	)		17,205
Gross margin		4,102			5,432		2,582			477			-			(75	)		12,518
Selling expenses		2,556			9		22			5			(6	)		(16	)		2,570
General and administrative expenses		149			6		12			9			227			-			403
Provincial mining taxes		-			959		-			-			-			-			959
Share-based compensation expense		-			-		-			-			122			-			122
Impairment reversal of assets		-			-		-			(780	)		-			-			(780	)
Other expenses (income)		28			1		(139	)		27			160			17			94
Earnings (loss) before finance costs and income taxes		1,369			4,457		2,687			1,216			(503	)		(76	)		9,150
Depreciation and amortization		550			354		403			130			55			-			1,492
EBITDA		1,919			4,811		3,090			1,346			(448	)		(76	)		10,642
Integration and restructuring related costs		2			-		-			-			33			-			35
Share-based compensation expense		-			-		-			-			122			-			122
Impairment reversal of assets		-			-		-			(780	)		-			-			(780	)
COVID-19 related expenses		-			-		-			-			8			-			8
Foreign exchange loss, net of related derivatives		-			-		-			-			67			-			67
Gain on disposal of investment		(19	)		-		-			-			-			-			(19	)
Adjusted EBITDA		1,902			4,811		3,090			566			(218	)		(76	)		10,075
Assets – at September 30, 2022		23,507			14,078		11,802			2,742			2,500			(805	)		53,824
	Nine Months Ended September 30, 2021
	Retail			Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated
Sales   – third party		13,818			2,663		2,740			1,224			-			-			20,445
– intersegment		38			258		629			171			-			(1,096	)		-
Sales   – total		13,856			2,921		3,369			1,395			-			(1,096	)		20,445
Freight, transportation and distribution		-			305		329			159			-			(140	)		653
Net sales		13,856			2,616		3,040			1,236			-			(956	)		19,792
Cost of goods sold		10,429			980		2,068			978			-			(866	)		13,589
Gross margin		3,427			1,636		972			258			-			(90	)		6,203
Selling expenses		2,276			8		22			5			(24	)		-			2,287
General and administrative expenses		125			6		8			8			182			-			329
Provincial mining taxes		-			293		-			-			-			-			293
Share-based compensation expense		-			-		-			-			125			-			125
Impairment of assets		-			7		5			-			-			-			12
Other expenses (income)		66			19		(36	)		13			141			-			203
Earnings (loss) before finance costs and income taxes		960			1,303		973			232			(424	)		(90	)		2,954
Depreciation and amortization		528			371		409			112			34			-			1,454
EBITDA		1,488			1,674		1,382			344			(390	)		(90	)		4,408
Integration and restructuring related costs		8			-		-			-			39			-			47
Share-based compensation expense		-			-		-			-			125			-			125
Impairment of assets		-			7		5			-			-			-			12
COVID-19 related expenses		-			-		-			-			34			-			34
Foreign exchange loss, net of related derivatives		-			-		-			-			1			-			1
Cloud computing transition adjustment		1			2		-			-			33			-			36
Adjusted EBITDA		1,497			1,683		1,387			344			(158	)		(90	)		4,663
Assets – at December 31, 2021		22,387			13,148		11,093			1,699			2,266			(639	)		49,954

34

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 September 30						Nine Months Ended September 30
	2022			2021			2022			2021
Retail sales by product line
Crop nutrients		1,605			1,194			7,740			5,255
Crop protection products		1,716			1,469			6,086			5,220
Seed		134			140			1,861			1,819
Merchandise		241			265			755			763
Nutrien Financial		65			54			205			138
Services and other 1		244			252			729			737
Nutrien Financial elimination 1,2		(25	)		(27	)		(113	)		(76	)
		3,980			3,347			17,263			13,856
Potash sales by geography
Manufactured product
North America		484			590			2,168			1,446
Offshore 3		1,568			705			4,573			1,475
		2,052			1,295			6,741			2,921
Nitrogen sales by product line
Manufactured product
Ammonia		695			401			2,072			994
Urea		422			339			1,543			985
Solutions, nitrates and sulfates		512			326			1,564			852
Other nitrogen and purchased products		273			133			920			538
		1,902			1,199			6,099			3,369
Phosphate sales by product line
Manufactured product
Fertilizer		414			306			1,204			836
Industrial and feed		206			146			594			405
Other phosphate and purchased products		93			50			256			154
		713			502			2,054			1,395

 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 10) and includes provisional pricing adjustments for the three months ended September 30, 2022 of $(187) (2021 – $109) and the nine months ended September 30, 2022 of $66 (2021 – $160).

NOTE 3 IMPAIRMENT OF ASSETS

Phosphate Impairment Reversal

In the three months ended September 30, 2022, we continued to revise our near-term pricing forecasts due to continued global export restrictions from major producers and continued our review of our previously impaired Phosphate cash-generating unit (“CGU”), White Springs.

In 2017 and 2020, we recorded a total impairment of assets at our White Springs CGU relating to property, plant and equipment of $250 and $215, respectively. Due to increases in our forecast, the recoverable amount of our White Springs CGU is $770 which is above its carrying amount of $425. As a result, during the three months ended September 30, 2022, we recorded a full impairment reversal, net of depreciation, of $330 in the statement of earnings relating to property, plant and equipment.

35

Unaudited In millions of US dollars except as otherwise noted  

During the nine months ended September 30, 2022, we recorded the following impairment reversals:

CGU	Aurora		White Springs
Segment		Phosphate
Impairment reversal indicator		Higher forecasted global prices
Date of impairment reversal		June 30, 2022		September 30, 2022
Pre-tax impairment reversal amount ($)		450		330
Valuation methodology		Fair value less costs of disposal (“FVLCD”) a level 3 measurement		Value in use (“VIU”)
Valuation technique		Five-year DCF1 plus terminal year to end of mine life		DCF1 to end of mine life
Key assumptions
End of mine life 2 (year)		2050		2030
Long-term growth rate (%)		2.0		n/a
Post-tax discount rate (%)		10.4		12.0 (pre-tax - 15.2) 3
Forecasted EBITDA 4 ($)		3,090		980
1   Discounted Cash Flow.
2   Includes proven and probable reserves.
3  Discount rate used in the previous measurement was 12.0% (pre-tax – 16.0%).
4   First five years of the forecast period.

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.

Goodwill Impairment Indicators

During the nine months ended September 30, 2022, North American central banks continued to increase their benchmark borrowing rates. 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 rates and increased our Retail – North America group of CGUs discount rate to 8.5 percent (previous impairment analysis – 8.0 percent at June 30, 2022) and this triggered an impairment test to be performed. 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	As at June 30, 2022		As at September 30, 2022
Carrying amount of goodwill (billions)		6.9		6.9
Excess carrying amount over recoverable amount (billions)		0.8		nil
Excess carrying amount over recoverable amount (%)		7		nil

Goodwill is more susceptible to impairment risk if there is an increase in the discount rate, or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. As at September 30, 2022, the Retail – North America group of CGUs carrying amount was equal to its recoverable amount. A 25 basis point increase in the discount rate will result in an impairment of the carrying amount of goodwill of approximately $500. A decrease in forecasted EBITDA and cash flows or a reduction in the terminal growth rate will also result in impairment in the future.

Key Assumptions	Value Used in Impairment Model
Terminal growth rate (%)		2.5
Forecasted EBITDA over forecast period (billions)		7.6
Discount rate (%)		8.5

36

Unaudited In millions of US dollars except as otherwise noted  

NOTE 4 OTHER EXPENSES (INCOME)

	Three Months Ended September 30						Nine Months Ended September 30
	2022			2021			2022			2021
Integration and restructuring related costs		15			8			35			47
Foreign exchange loss, net of related derivatives		11			1			67			4
Earnings of equity-accounted investees		(82	)		(21	)		(200	)		(43	)
Bad debt expense		4			7			18			22
COVID-19 related expenses		-			16			8			34
Gain on disposal of investment		-			-			(19	)		-
Cloud computing transition adjustment		-			-			-			36
Other expenses		88			39			185			103
		36			50			94			203

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 September 30						Nine Months Ended September 30
	2022			2021			2022		2021
Income tax expense		487			209			2,206		615
Actual effective tax rate on earnings (%)		24			23			25		24
Actual effective tax rate including discrete items (%)		24			22			25		24
Discrete tax adjustments that impacted the tax rate		(12	)		(10	)		8		(13	)

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

Income Tax Assets and Liabilities	Balance Sheet Location	As at September 30, 2022	As at December 31, 2021
Income tax assets
Current	Receivables	49	223
Non-current	Other assets	132	166
Deferred income tax assets	Other assets	427	262
Total income tax assets		608	651
Income tax liabilities
Current	Payables and accrued charges	943	606
Non-current	Other non-current liabilities	51	44
Deferred income tax liabilities	Deferred income tax liabilities	3,489	3,165
Total income tax liabilities		4,483	3,815

37

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:

	September 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		823			-			823			-		499			-			499			-
Derivative instrument assets		11			-			11			-		19			-			19			-
Other current financial assets     - marketable securities 2		189			24			165			-		134			19			115			-
Investments at FVTOCI 3		183			173			-			10		244			234			-			10
Derivative instrument liabilities		(51	)		-			(51	)		-		(20	)		-			(20	)		-
Amortized cost
Current portion of long-term debt
Notes and debentures		(999	)		(491	)		(500	)		-		(500	)		(506	)		-			-
Fixed and floating rate debt		(17	)		-			(17	)		-		(45	)		-			(45	)		-
Long-term debt
Notes and debentures		(6,902	)		(1,362	)		(4,740	)		-		(7,424	)		(4,021	)		(4,709	)		-
Fixed and floating rate debt		(118	)		-			(118	)		-		(97	)		-			(97	)		-

 1   During the periods ended September 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 SHORT-TERM DEBT

Short-term debt was comprised of:

	Rate of Interest (%)	Total Facility Limit as at September 30, 2022	As at September 30, 2022	As at December 31, 2021
Credit facilities
Unsecured revolving term credit facility	n/a	4,500	-	-
Unsecured revolving term credit facility	4.1	2,000	1,000	-
Uncommitted revolving demand facility	4.0	1,000	500	-
Other credit facilities 1		760
South American	1.5 - 21.7		194	74
Australian	3.6		97	211
Other	3.3		8	28
Commercial paper	2.9 - 4.0		2,530	1,170
Other short-term debt	n/a		125	77
			4,454	1,560
1  Total facility limit amounts include some facilities with maturities in excess of one year.

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. During the three months ended September 30, 2022, we extended the maturity date of the $4,500 unsecured revolving term credit facility from June 4, 2026 to September 14, 2027. There was no change to the total facility limit or the significant agreement terms from those we disclosed in our 2021 Annual Report.

38

Unaudited In millions of US dollars except as otherwise noted  

During the three months ended September 30, 2022, we entered into a new $2,000 revolving term credit facility, with the same principal covenants and events of default as our existing $4,500 unsecured revolving term credit facility. The $2,000 non-revolving term credit facilities we entered into in July 2022 to help temporarily manage normal seasonal working capital swings were closed prior to September 30, 2022.

NOTE 8   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		32,183,728
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.

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

	Three Months Ended September 30		Nine Months Ended September 30
	2022	2021	2022	2021
Number of common shares repurchased for cancellation	19,027,561	2,427,369	38,387,969	2,460,097
Average price per share (US dollars)	89.25	61.18	86.85	61.07
Total cost	1,698	148	3,334	150

As of November 1, 2022, an additional 1,981,462 common shares were repurchased for cancellation at a cost of $165 and an average price per share of $83.25.

Dividends Declared

We declared a dividend per share of $0.48 (2021 – $0.46) during the three months ended September 30, 2022, payable on October 14, 2022 to shareholders of record on September 30, 2022.

NOTE 9   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 10   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	September 30, 2022	December 31, 2021
Receivables from Canpotex	1,454	828

39

Unaudited In millions of US dollars except as otherwise noted  

NOTE 11   BUSINESS COMBINATIONS

Subsequent to September 30, 2022, we completed the previously announced acquisition of Casa do Adubo S.A. (“Casa do Adubo”) on October 1, 2022 for a preliminary purchase price, net of cash and cash equivalents acquired, of $279. We acquired 100% of the issued and outstanding Casa do Adubo stock. Casa do Adubo is an agriculture retailer in Brazil with 39 retail locations and 10 distribution centers. The expected benefits of the acquisition resulting in goodwill include: synergies from expected reduction in operating costs, wider distribution channel for selling products, a large assembled workforce and a potential increase in our customer base.

We have engaged independent valuation experts to assist in determining the fair value of certain assets acquired and liabilities assumed and related deferred income tax impacts. Given the transaction closed on October 1, 2022, as at the date of our interim financial statements we do not have sufficient information to determine fair values and complete the purchase price allocation or the proforma financial information disclosures. As part of our due diligence process, we are continuing to obtain and verify information required to determine the fair value of certain assets acquired and liabilities assumed and the amount of deferred income taxes arising on their recognition. We expect to finalize the amounts recognized as we obtain the information necessary to complete the analysis within one year from the date of the acquisition.

The Casa do Adubo acquisition was completed at the close of business on October 1, 2022, therefore, our consolidated statements of earnings did not include any impacts from Casa do Adubo for the three and nine months ended September 30, 2022. Financial information related to Casa do Adubo is as follows:

	2022 Pro Forma 1
Sales		440
EBITDA		40
1  Estimated annual sales and EBITDA if acquisition occurred at January 1, 2022. Net earnings before income taxes is not available.

40