Exhibit 99.3

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2023

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		2023			2022			2023			2022
SALES		2		5,631			8,188			23,392			30,351
Freight, transportation and distribution				263			204			714			628
Cost of goods sold				3,741			4,722			15,972			17,205
GROSS MARGIN				1,627			3,262			6,706			12,518
Selling expenses				799			826			2,548			2,570
General and administrative expenses				151			137			453			403
Provincial mining taxes				96			348			319			959
Share-based compensation expense (recovery)				42			39			(7	)		122
(Reversal of) impairment of assets		3		-			(330	)		698			(780	)
Other expenses		4		154			36			243			94
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES				385			2,206			2,452			9,150
Finance costs				206			136			580			375
EARNINGS BEFORE INCOME TAXES				179			2,070			1,872			8,775
Income tax expense		5		97			487			766			2,206
NET EARNINGS				82			1,583			1,106			6,569
Attributable to
Equity holders of Nutrien				75			1,577			1,086			6,548
Non-controlling interest				7			6			20			21
NET EARNINGS				82			1,583			1,106			6,569
NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN (“EPS”)
Basic				0.15			2.95			2.18			12.00
Diluted				0.15			2.94			2.18			11.96
Weighted average shares outstanding for basic EPS				494,517,000			534,839,000			496,999,000			545,776,000
Weighted average shares outstanding for diluted EPS				495,056,000			536,164,000			497,708,000			547,449,000
Condensed Consolidated Statements of Comprehensive (Loss) Income
			Three Months Ended September 30						Nine Months Ended September 30
(Net of related income taxes)			2023			2022			2023			2022
NET EARNINGS				82			1,583			1,106			6,569
Other comprehensive loss
Items that will not be reclassified to net earnings:
Net actuarial gain (loss) on defined benefit plans				-			60			(3	)		61
Net fair value (loss) gain on investments				(6	)		(54	)		5			(61	)
Items that have been or may be subsequently reclassified to net earnings:
Loss on currency translation of foreign operations				(64	)		(191	)		(14	)		(272	)
Other				(16	)		(45	)		(4	)		(24	)
OTHER COMPREHENSIVE LOSS				(86	)		(230	)		(16	)		(296	)
COMPREHENSIVE (LOSS) INCOME				(4	)		1,353			1,090			6,273
Attributable to
Equity holders of Nutrien				(11	)		1,348			1,070			6,254
Non-controlling interest				7			5			20			19
COMPREHENSIVE (LOSS) INCOME				(4	)		1,353			1,090			6,273

  (See Notes to the Condensed Consolidated Financial Statements)

27

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		2023			2022			2023			2022
						Note 1						Note 1
OPERATING ACTIVITIES
Net earnings				82			1,583			1,106			6,569
Adjustments for:
Depreciation and amortization				552			526			1,604			1,492
Share-based compensation expense (recovery)				42			39			(7	)		122
(Reversal of) impairment of assets		3		-			(330	)		698			(780	)
Provision for deferred income tax				55			160			176			152
Net (undistributed) distributed earnings of equity-accounted investees				(28	)		(81	)		112			(139	)
Gain on amendments to other post-retirement pension plans				-			-			(80	)		-
Loss on Blue Chip Swaps		4		-			-			92			-
Long-term income tax receivables and payables				1			71			(89	)		201
Other long-term assets, liabilities and miscellaneous				26			3			124			31
Cash from operations before working capital changes				730			1,971			3,736			7,648
Changes in non-cash operating working capital:
Receivables				627			1,240			(1,491	)		(3,602	)
Inventories				846			517			2,406			(344	)
Prepaid expenses and other current assets				(52	)		(44	)		960			1,018
Payables and accrued charges				(2,620	)		(2,806	)		(4,695	)		(1,346	)
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES				(469	)		878			916			3,374
INVESTING ACTIVITIES
Capital expenditures 1				(615	)		(636	)		(1,840	)		(1,464	)
Business acquisitions, net of cash acquired				-			(10	)		(116	)		(78	)
Proceeds from sales of Blue Chip Swaps, net of purchases				-			-			(92	)		-
Net changes in non-cash working capital				36			31			(68	)		(77	)
Other				(94	)		(90	)		(109	)		(60	)
CASH USED IN INVESTING ACTIVITIES				(673	)		(705	)		(2,225	)		(1,679	)
FINANCING ACTIVITIES
Proceeds from short-term debt, net		7		1,445			2,017			2,213			2,867
Proceeds from long-term debt		8		-			-			1,500			41
Repayment of long-term debt		8		(118	)		(22	)		(635	)		(50	)
Repayment of principal portion of lease liabilities				(91	)		(83	)		(278	)		(256	)
Dividends paid to Nutrien’s shareholders		9		(261	)		(259	)		(770	)		(780	)
Repurchase of common shares		9		-			(1,700	)		(1,047	)		(3,306	)
Issuance of common shares				1			4			32			168
Other				-			14			(34	)		(3	)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES				976			(29	)		981			(1,319	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS				(17	)		(32	)		(19	)		(52	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS				(183	)		112			(347	)		324
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD				737			711			901			499
CASH AND CASH EQUIVALENTS – END OF PERIOD				554			823			554			823
Cash and cash equivalents is composed of:
Cash				508			428			508			428
Short-term investments				46			395			46			395
				554			823			554			823
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid				137			80			462			280
Income taxes paid				133			318			1,722			1,503
Total cash outflow for leases				125			111			373			339

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended September 30, 2023 of $567 and $48 (2022 – $584 and $52), respectively, and for the nine months ended September 30, 2023 of $1,699 and $141 (2022 – $1,317 and $147), respectively.

 (See Notes to the Condensed Consolidated Financial Statements)

28

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, 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 9)		(38,387,969	)		(1,070	)		(23	)		-			-			-			(2,241	)		(3,334	)		-			(3,334	)
Dividends declared (Note 9)		-			-			-			-			-			-			(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
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 (Note 9)		-			-			-			-			-			-			(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
(See Notes to the Condensed Consolidated Financial Statements)

29

Unaudited In millions of US dollars except as otherwise noted 

Condensed Consolidated Balance Sheets

		September 30						December 31
As at	Note	2023			2022			2022
ASSETS
Current assets
Cash and cash equivalents			554			823			901
Receivables			7,713			8,591			6,194
Inventories			5,169			6,545			7,632
Prepaid expenses and other current assets			656			737			1,615
			14,092			16,696			16,342
Non-current assets
Property, plant and equipment	3		22,150			21,022			21,767
Goodwill	3		12,078			12,180			12,368
Intangible assets	3		2,219			2,217			2,297
Investments			731			772			843
Other assets			959			937			969
TOTAL ASSETS			52,229			53,824			54,586
LIABILITIES
Current liabilities
Short-term debt	7		4,354			4,454			2,142
Current portion of long-term debt	8		-			1,016			542
Current portion of lease liabilities			305			303			305
Payables and accrued charges			6,653			8,760			11,291
			11,312			14,533			14,280
Non-current liabilities
Long-term debt	8		9,427			7,020			8,040
Lease liabilities			901			884			899
Deferred income tax liabilities	5		3,631			3,489			3,547
Pension and other post-retirement benefit liabilities			241			337			319
Asset retirement obligations and accrued environmental costs			1,353			1,320			1,403
Other non-current liabilities			168			209			235
TOTAL LIABILITIES			27,033			27,792			28,723
SHAREHOLDERS’ EQUITY
Share capital	9		13,837			14,588			14,172
Contributed surplus			82			107			109
Accumulated other comprehensive loss			(410	)		(498	)		(391	)
Retained earnings			11,636			11,787			11,928
Equity holders of Nutrien			25,145			25,984			25,818
Non-controlling interest			51			48			45
TOTAL SHAREHOLDERS’ EQUITY			25,196			26,032			25,863
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			52,229			53,824			54,586

(See Notes to the Condensed Consolidated Financial Statements)

30

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, 2023

NOTE 1 BASIS OF PRESENTATION

Nutrien Ltd. (collectively with its subsidiaries, “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 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 2022 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 2022 annual consolidated financial statements.

Certain immaterial 2022 figures have been reclassified in the condensed consolidated statements of cash flows.

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 1, 2023.

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 produces.

31

Unaudited In millions of US dollars except as otherwise noted 

	Three Months Ended September 30, 2023
	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		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
Other expenses (income)		37		4			(19	)		8			117			7			154
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 1		192		611			294			90			(219	)		(31	)		937
Integration and restructuring related costs		5		-			-			-			9			-			14
Share-based compensation expense		-		-			-			-			42			-			42
ARO/ERL expense for non-operating sites 2		-		-			-			-			4			-			4
Foreign exchange loss, net of related derivatives		-		-			-			-			87			-			87
Adjusted EBITDA		197		611			294			90			(77	)		(31	)		1,084
Assets – at September 30, 2023		22,811		13,613			11,476			2,410			2,405			(486	)		52,229
1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.
2 ARO/ERL refers to asset retirement obligations and accrued environmental costs.
	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
Reversal of impairment 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		233		1,378			855			473			(157	)		(50	)		2,732
Integration and restructuring related costs		2		-			-			-			13			-			15
Share-based compensation expense		-		-			-			-			39			-			39
Reversal of impairment 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 December 31, 2022		24,451		13,921			11,807			2,661			2,622			(876	)		54,586

32

Unaudited In millions of US dollars except as otherwise noted 

	Nine Months Ended September 30, 2023
	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
Other expenses (income)		81			2		(53	)		21			187			5			243
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
ARO/ERL expense for non-operating sites		-			-		-			-			10			-			10
Foreign exchange loss, net of related derivatives		-			-		-			-			105			-			105
Loss on Blue Chip Swaps		-			-		-			-			92			-			92
Adjusted EBITDA		1,230			1,941		1,539			340			(150	)		83			4,983
Assets – at September 30, 2023		22,811			13,613		11,476			2,410			2,405			(486	)		52,229
	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
Reversal of impairment 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
Reversal of impairment 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 December 31, 2022		24,451			13,921		11,807			2,661			2,622			(876	)		54,586

33

Unaudited In millions of US dollars except as otherwise noted 

		Three Months Ended September 30						Nine Months Ended September 30
		2023			2022			2023			2022
Retail sales by product line
Crop nutrients			1,250			1,605			6,571			7,740
Crop protection products			1,566			1,716			5,790			6,086
Seed			158			134			2,093			1,861
Merchandise			231			241			750			755
Nutrien Financial			73			65			252			205
Services and other			235			244			691			729
Nutrien Financial elimination 1			(23	)		(25	)		(107	)		(113	)
			3,490			3,980			16,040			17,263
Potash sales by geography
Manufactured product
North America			637			484			1,631			2,168
Offshore 2			473			1,568			1,672			4,573
			1,110			2,052			3,303			6,741
Nitrogen sales by product line
Manufactured product
Ammonia			193			695			998			2,072
Urea and ESN® 3			297			464			1,278			1,723
Solutions, nitrates and sulfates			270			512			1,022			1,564
Other nitrogen and purchased products 3			68			231			319			740
			828			1,902			3,617			6,099
Phosphate sales by product line
Manufactured product
Fertilizer			295			414			886			1,204
Industrial and feed			151			206			535			594
Other phosphate and purchased products			70			93			227			256
			516			713			1,648			2,054
1  Represents elimination for 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, 2023 of $(34) (2022 – $(187)) and the nine months ended September 30, 2023 of $(354) (2022 – $66). 3  Certain immaterial 2022 figures have been reclassified.
NOTE 3 (REVERSAL OF) IMPAIRMENT OF ASSETS We recorded the following (reversal of) impairment of assets in the condensed consolidated statements of earnings:
		Three Months Ended September 30						Nine Months Ended September 30
Segment	Category	2023			2022			2023			2022
Retail	Goodwill		-			-			422			-
	Intangible assets		-			-			43			-
Phosphate	Property, plant and equipment		-			(330	)		233			(780	)
(Reversal of) impairment of assets			-			(330	)		698			(780	)

34

Unaudited In millions of US dollars except as otherwise noted 

Goodwill and Intangible Assets

During the three months ended June 30, 2023, we revised our forecasted EBITDA for the Retail – South America group of cash generating units (“CGUs”), which triggered an impairment analysis. Due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, we lowered our product margin expectations and deferred certain of our planned strategic investments. As a result, this reduced our forecasted earnings and growth.

Retail - South America group of CGUs	June 30, 2023
Carrying amount		1,496
Recoverable amount		1,031
Impairment recognized relating to:
Goodwill		422
Intangible assets		43

After the recognition of the impairment, goodwill for the South America group of CGUs is nil. We used the fair value less costs of disposal (“FVLCD”) (a level 3 measurement), based on after-tax discounted cash flows (“DCF”) (10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for the country risk premium in which we expect to generate cash flows. We used comparative market multiples to ensure discounted cash flow results are reasonable.

The key assumptions with the greatest influence on the calculation of the recoverable amount are the discount rate, terminal growth rate and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market trends.

Key Assumptions Used in Impairment Model	As at June 30, 2023
Terminal growth rate (%)		6.0
Forecasted EBITDA over forecast period ($)		4,300
Discount rate 1 (%)		16.6
1  Discount rate used in the previous measurement was 16.0 percent, which was included as part of our Retail - International group of CGUs.

The following table highlights sensitivities to the recoverable amount, which could have resulted in additional impairment against the carrying amount of intangible assets and property, plant and equipment. The sensitivities have been calculated independently of changes in other key variables.

Key Assumptions as at June 30, 2023	Change in Key Assumption			Decrease to Recoverable Amount ($)
Terminal growth rate (%)		-	1.0 percent		50
Forecasted EBITDA over forecast period ($)		-	5.0 percent		100
Discount rate (%)		+	1.0 percent		120

Property, Plant and Equipment – Phosphate CGUs

Three Months Ended June 30, 2023	Impairment Trigger	Result
White Springs	Decrease in our forecasted phosphate margins.	Impairment recorded to property, plant and equipment.
Aurora		No impairment recorded. Recoverable amount of $2,000 was greater than the carrying amount of $1,660. The recoverable amount was based on FVLCD using after-tax DCF (using a five-year projection plus a terminal year to the end of expected mine life).

35

Unaudited In millions of US dollars except as otherwise noted 

White Springs CGU	June 30, 2023
Pre-tax impairment loss ($)	233
Pre-tax recoverable amount ($)	504
Valuation methodology	Value in use
Valuation technique	Pre-tax DCF to end of expected mine life
Key assumptions
End of expected mine life (proven and probable reserves) (year) 1	2032
Pre-tax discount rate 2 (%)	15.6
Post-tax discount rate 2 (%)	12.0
Forecasted EBITDA 3 ($)	720
1  The White Springs CGU has a short expected mine life and is therefore more sensitive to changes in short- and medium-term forecasted phosphate margins.  2  Discount rate used in the previous measurement was 12.0 percent (pre-tax – 15.2 percent).  3  Forecasted EBITDA to 2028.

The recoverable amount of our Aurora and White Springs CGUs used the following key assumptions: our forecasted EBITDA, discount rate, long-term growth rate and end of expected mine life. We used key assumptions that were based on historical data and estimates of future results from internal sources, independent third-party price benchmarks, and mineral reserve technical reports, as well as industry and market trends.

Phosphate Sensitivities

The following table highlights sensitivities to the recoverable amounts, which could result in additional impairment losses or reversals of the recorded losses (relating to the White Springs CGU). The sensitivities have been calculated independently of changes in other key variables.

				Change to Recoverable Amount ($)
Key Assumptions as at June 30, 2023	Change in Assumption			White Springs			Aurora
Forecasted EBITDA over forecast period ($)		+ / -	5.0 percent		+ / -	40		+ /-	220
Pre-tax discount rate (%)		+ / -	1.0 percent		- / +	20		n/a	n/a
Post-tax discount rate (%)		+ / -	1.0 percent		n/a	n/a		- / +	190
Long-term growth rate (%)		+ / -	1.0 percent		n/a	n/a		+ / -	110

During the nine months ended September 30, 2022, as a result of increased pricing forecast that reflected the macroeconomic environment at the time, we recorded the following reversal of impairment of assets:

Phosphate CGU	Aurora		White Springs
Date of impairment reversal		June 30, 2022		September 30, 2022
Pre-tax impairment reversal, net of depreciation ($)		450		330
Recoverable amount ($)		2,900		770
Carrying amount before impairment reversal ($)		1,200		425
Valuation methodology		FVLCD		Value in use
Valuation technique		Five-year DCF plus terminal year to end of mine life		Pre-tax DCF to end of expected mine life

For additional information relating to the reversal of the impairment, including the key assumptions used in the calculation, see Note 13 of the 2022 annual consolidated financial statements.

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
	2023			2022			2023			2022
Integration and restructuring related costs		14			15			29			35
Foreign exchange loss, net of related derivatives		87			11			105			67
Earnings of equity-accounted investees		(28	)		(82	)		(100	)		(200	)
Bad debt expense		12			4			51			18
COVID-19 related expenses		-			-			-			8
Gain on disposal of investment		-			-			-			(19	)
Project feasibility costs		19			28			53			57
Customer prepayment costs		10			13			36			35
Loss on Blue Chip Swaps		-			-			92			-
Gain on amendments to other post-retirement pension plans		-			-			(80	)		-
Other expenses		40			47			57			93
		154			36			243			94

The Central Bank of Argentina maintains certain currency controls that limit our ability to remit cash from Argentina. Blue Chip Swaps are trade transactions that effectively allow companies to transfer US dollars out of Argentina. Through this mechanism, we incurred a loss of $92 from the purchase of securities denominated in Argentine peso and corresponding sale in US dollars during the nine months ended September 30, 2023. The loss is a result of the significant divergence between the Blue Chip Swap market exchange rate and the official Argentinian Central Bank rate.

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
	2023			2022			2023			2022
Income tax expense		97			487			766			2,206
Actual effective tax rate on earnings (%)		41			24			33			25
Actual effective tax rate including discrete items (%)		54			24			41			25
Discrete tax adjustments that impacted the tax rate		23			(12	)		155			8

The following table summarizes the income tax balances within the condensed consolidated balance sheets:

Income Tax Assets and Liabilities	Balance Sheet Location	As at September 30, 2023	As at December 31, 2022
Income tax assets
Current	Receivables	317	144
Non-current	Other assets	125	54
Deferred income tax assets	Other assets	357	448
Total income tax assets		799	646
Income tax liabilities
Current	Payables and accrued charges	38	899
Non-current	Other non-current liabilities	28	46
Deferred income tax liabilities	Deferred income tax liabilities	3,631	3,547
Total income tax liabilities		3,697	4,492

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 2022 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 and require fair value disclosure. The table does not include fair value information for financial instruments that are measured using their carrying amount as a reasonable approximation of fair value.

	September 30, 2023												December 31, 2022
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
Derivative instrument assets		6			-			6			-			7			-			7			-
Other current financial assets – marketable securities 2		187			32			155			-			148			19			129			-
Investments at FVTOCI 3		191			181			-			10			200			190			-			10
Derivative instrument liabilities		(37	)		-			(37	)		-			(35	)		-			(35	)		-
Amortized cost
Investments at amortized cost		(12	)		(12	)		-			-			-			-			-			-
Current portion of long-term debt
Notes and debentures		-			-			-			-			(500	)		(493	)		-			-
Fixed and floating rate debt		-			-			-			-			(42	)		-			(42	)		-
Long-term debt
Notes and debentures		(9,384	)		(4,366	)		(3,943	)		-			(7,910	)		(3,581	)		(3,656	)		-
Fixed and floating rate debt		(43	)		-			(43	)		-			(130	)		-			(130	)		-

1  During the periods ended September 30, 2023 and December 31, 2022, there were no transfers between levels for financial instruments measured at fair value on a recurring basis.

2  Marketable securities consist of equity and fixed income securities.

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

NOTE 7 SHORT-TERM DEBT

	Rate of Interest (%)		Total Facility Limit as at September 30, 2023		As at September 30, 2023		As at December 31, 2022
Credit facilities
Unsecured revolving term credit facility		n/a		4,500		-		-
Unsecured revolving term credit facility 1		n/a		1,500		-		500
Uncommitted revolving demand facility		n/a		1,000		-		-
Other credit facilities 2				1,300
South America 3		5.1 – 13.2				460		453
Australia		5.0				123		190
Other		4.7				47		9
Commercial paper		5.6 – 5.8				3,583		783
Other short-term debt		n/a				141		207
						4,354		2,142

1  During the three months ended September 30, 2023, we extended the term of our unsecured revolving term credit facility to September 10, 2024 and reduced the facility limit from $2,000 to $1,500.

2  Total facility limit amounts include some facilities with maturities in excess of one year.

3  Our credit facilities are either denominated in local currency or US dollars. The range of interest rates for South America excludes our Argentina facilities denominated in local currency with interest rates ranging from 96.0 to 125.0 percent. The balance of these Argentina facilities as at September 30, 2023 was $15.

38

Unaudited In millions of US dollars except as otherwise noted 

NOTE 8 LONG-TERM DEBT

	Nine Months Ended September 30
	Rate of interest (%)		Maturity		Amount
Notes repaid 2023		1.900		May 13, 2023		500
Notes issued 2023		4.900		March 27, 2028		750
Notes issued 2023		5.800		March 27, 2053		750
						1,500

The notes issued in the nine months ended September 30, 2023, 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.

NOTE 9 SHARE CAPITAL

Share Repurchase Programs

	Commencement Date		Expiry		Maximum Shares for Repurchase		Maximum Shares for Repurchase (%)		Number of Shares Repurchased
2021 Normal Course Issuer Bid		March 1, 2021		February 28, 2022		28,468,448		5		22,186,395
2022 Normal Course Issuer Bid		March 1, 2022		February 7, 2023		55,111,110		10		55,111,110
2023 Normal Course Issuer Bid 1		March 1, 2023		February 29, 2024		24,962,194		5		5,375,397

1  The 2023 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
	2023		2022		2023		2022
Number of common shares repurchased for cancellation		-		19,027,561		13,378,189		38,387,969
Average price per share (US dollars)		-		89.25		74.73		86.85
Total cost		-		1,698		1,000		3,334

Dividends Declared

We declared a dividend per share of $0.53 (2022 – $0.48) during the three months ended September 30, 2023, payable on October 13, 2023 to shareholders of record on September 29, 2023.

39

Unaudited In millions of US dollars except as otherwise noted 

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 United States 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. Sales to Canpotex are shown in Note 2. Purchases from Canpotex for the three months ended September 30, 2023 were $26 (2022 – $230) and the nine months ended September 30, 2023 were $60 (2022 – $391).

As at	September 30, 2023	December 31, 2022
Receivables from Canpotex	360	866
Payables to Canpotex	33	203

NOTE 12 BUSINESS COMBINATIONS

We acquired Casa do Adubo S.A. (“Casa do Adubo”) on October 1, 2022. We have completed our assessment of identifying and measuring all the assets acquired and liabilities assumed as part of the Casa do Adubo acquisition. This assessment included a thorough review of all internal and external sources of information available on circumstances that existed at the acquisition date, engagement of independent valuation experts, and final agreement of the purchase price. The fair values of the assets acquired and liabilities assumed, the goodwill amount of $184 recorded, and valuation technique and judgments applied are consistent with those disclosed in Note 25 of the 2022 annual consolidated financial statements. The goodwill recognized was fully impaired as part of the impairment recorded to the Retail – South America group of CGUs (Note 3).

40