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, 2021


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings (Loss)


		Three Months Ended September 30						Nine Months Ended September 30
	Note		2021			2020			2021			2020
					Note 1						Note 1
SALES	2		6,024			4,227			20,445			16,856
Freight, transportation and distribution			220			204			653			653
Cost of goods sold			3,639			3,004			13,589			12,129
GROSS MARGIN			2,165			1,019			6,203			4,074
Selling expenses			749			676			2,287			2,081
General and administrative expenses			110			107			329			312
Provincial mining taxes			128			58			293			163
Share-based compensation expense			64			29			125			9
Impairment of assets	2		7			823			12			823
Other expenses	3		50			48			203			187
EARNINGS (LOSS) BEFORE FINANCE COSTS AND INCOME TAXES			1,057			(722	)		2,954			499
Finance costs			122			129			367			401
EARNINGS (LOSS) BEFORE INCOME TAXES			935			(851	)		2,587			98
Income tax expense (recovery)	4		209			(264	)		615			(45	)
NET EARNINGS (LOSS)			726			(587	)		1,972			143
Attributable to
Equity holders of Nutrien			717			(587	)		1,952			143
Non-controlling interest			9			-			20			-
NET EARNINGS (LOSS)			726			(587	)		1,972			143

NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN (“EPS”)
Basic			1.26			(1.03)			3.42			0.25
Diluted			1.25			(1.03)			3.41			0.25
Weighted average shares outstanding for basic EPS			570,627,000			569,146,000			570,216,000			569,818,000
Weighted average shares outstanding for diluted EPS			572,224,000			569,146,000			571,735,000			569,818,000
Condensed Consolidated Statements of Comprehensive Income (Loss)
		Three Months Ended September 30						Nine Months Ended September 30
(Net of related income taxes)			2021			2020			2021			2020
NET EARNINGS (LOSS)			726			(587	)		1,972			143
Other comprehensive (loss) income
Items that will not be reclassified to net earnings (loss):
Net actuarial gain on defined benefit plans			-			-			-			3
Net fair value gain (loss) on investments			46			(4	)		116			(25	)
Items that have been or may be subsequently reclassified to net earnings (loss):
(Loss) gain on currency translation of foreign operations			(124	)		69			(129	)		(52	)
Other			(1	)		6			19			(12	)
OTHER COMPREHENSIVE (LOSS) INCOME			(79	)		71			6			(86	)
COMPREHENSIVE INCOME (LOSS)			647			(516	)		1,978			57
Attributable to
Equity holders of Nutrien			638			(516	)		1,959			57
Non-controlling interest			9			-			19			-
COMPREHENSIVE INCOME (LOSS)			647			(516	)		1,978			57

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Statements of Cash Flows


		Three Months Ended September 30				Nine Months Ended September 30
	Note	2021		2020		2021		2020

OPERATING ACTIVITIES
Net earnings (loss)		726		(587	)	1,972		143
Adjustments for:
Depreciation and amortization		489		500		1,454		1,490
Share-based compensation expense		64		29		125		9
Impairment of assets	2	7		823		12		823
Recovery of deferred income tax		(87	)	(161	)	(97	)	(99	)
Cloud computing transition adjustment	3	-		-		36		-
Other long-term assets, liabilities and miscellaneous		(12	)	(121	)	42		(221	)
Cash from operations before working capital changes		1,187		483		3,544		2,145
Changes in non-cash operating working capital:
Receivables		(266	)	692		(3,101	)	(1,455	)
Inventories		130		407		193		1,153
Prepaid expenses and other current assets		(133	)	(77	)	865		936
Payables and accrued charges		(2,483	)	(2,190	)	(1,252	)	(2,234	)
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(1,565	)	(685	)	249		545
INVESTING ACTIVITIES
Capital expenditures ¹		(474	)	(285	)	(1,215	)	(1,014	)
Business acquisitions, net of cash acquired		(30	)	(43	)	(70	)	(216	)
Other		(19	)	(28	)	(57	)	21
CASH USED IN INVESTING ACTIVITIES		(523	)	(356	)	(1,342	)	(1,209	)
FINANCING ACTIVITIES
Transaction costs related to debt		-		-		(7	)	(15	)
Proceeds from short-term debt, net		1,040		397		1,037		601
Proceeds from long-term debt		81		14		89		1,520
Repayment of long-term debt		-		-		(5	)	(507	)
Repayment of principal portion of lease liabilities		(78	)	(69	)	(242	)	(203	)
Dividends paid to Nutrien’s shareholders	6	(261	)	(257	)	(779	)	(771	)
Repurchase of common shares	6	(148	)	-		(150	)	(160	)
Issuance of common shares		125		-		188		-
Other		(2	)	-		(14	)	-
CASH PROVIDED BY FINANCING ACTIVITIES		757		85		117		465
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(20	)	6		(35	)	(7	)

DECREASE IN CASH AND CASH EQUIVALENTS		(1,351	)	(950	)	(1,011	)	(206	)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		1,794		1,415		1,454		671
CASH AND CASH EQUIVALENTS – END OF PERIOD		443		465		443		465
Cash and cash equivalents comprised of:
Cash		315		328		315		328
Short-term investments		128		137		128		137
		443		465		443		465
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid		81		85		319		334
Income taxes paid		212		27		356		92
Total cash outflow for leases		91		78		299		266

1 Includes additions to property, plant and equipment and intangible assets for the three months ended September 30, 2021 of $445 and $29 (2020 - $266 and $19), respectively, and for the nine months ended September 30, 2021 of $1,148 and $67 (2020 - $927 and $87), respectively.

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Statements of Changes in Shareholders’ Equity



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

	Number of Common Shares			Share Capital			Contributed Surplus			Net Fair Value (Loss) Gain on Investments			Net Actuarial Gain on Defined Benefit Plans ¹			Loss on Currency Translation of Foreign Operations			Other			Total AOCI			Retained Earnings			Equity Holders of Nutrien (Note 1)			Non- Controlling Interest (Note 1)			Total Equity

BALANCE – DECEMBER 31, 2019		572,942,809			15,771			248			(29	)		-			(204	)		(18	)		(251	)		7,101			22,869			38			22,907

Net earnings		-			-			-			-			-			-			-			-			143			143			-			143

Other comprehensive (loss) income		-			-			-			(25	)		3			(52	)		(12	)		(86	)		-			(86	)		-			(86	)

Shares repurchased (Note 6)		(3,832,580	)		(105	)		(55	)		-			-			-			-			-			-			(160	)		-			(160	)

Dividends declared		-			-			-			-			-			-			-			-			(770	)		(770	)		-			(770	)

Effect of share-based compensation including issuance of common shares		35,706			1			10			-			-			-			-			-			-			11			-			11

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

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

BALANCE – SEPTEMBER 30, 2020		569,145,935			15,667			203			(54	)		-			(256	)		(17	)		(327	)		6,477			22,020			38			22,058

BALANCE – DECEMBER 31, 2020		569,260,406			15,673			205			(36	)		-			(62	)		(21	)		(119	)		6,606			22,365			38			22,403

Net earnings		-			-			-			-			-			-			-			-			1,952			1,952			20			1,972

Other comprehensive income (loss)		-			-			-			116			-			(128	)		19			7			-			7			(1	)		6

Shares repurchased (Note 6)		(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 (Note 6)		(210,173	)		-			-			-			-			-			-			-			-			-			-			-

BALANCE – SEPTEMBER 30, 2021		570,756,756			15,818			147			80			-			(190	)		(12	)		(122	)		7,735			23,578			43			23,621

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

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Condensed Consolidated Balance Sheets



			September 30						December 31

As at	Note		2021			2020			2020

							Note 1			Note 1

ASSETS

Current assets

Cash and cash equivalents				443			465			1,454

Receivables				6,911			5,087			3,626

Inventories				4,674			3,829			4,930

Prepaid expenses and other current assets				654			500			1,460

				12,682			9,881			11,470

Non-current assets

Property, plant and equipment				19,704			19,308			19,660

Goodwill				12,220			12,179			12,198

Other intangible assets				2,349			2,352			2,388

Investments				682			809			562

Other assets				679			742			914

TOTAL ASSETS				48,316			45,271			47,192

LIABILITIES

Current liabilities

Short-term debt				1,255			1,644			159

Current portion of long-term debt				46			-			14

Current portion of lease liabilities				281			230			249

Payables and accrued charges				6,930			5,239			8,058

				8,512			7,113			8,480

Non-current liabilities

Long-term debt				10,094			10,041			10,047

Lease liabilities				896			847			891

Deferred income tax liabilities		4		3,043			3,053			3,149

Pension and other post-retirement benefit liabilities				451			446			454

Asset retirement obligations and accrued environmental costs				1,523			1,575			1,597

Other non-current liabilities				176			138			171

TOTAL LIABILITIES				24,695			23,213			24,789

SHAREHOLDERS’ EQUITY

Share capital		6		15,818			15,667			15,673

Contributed surplus				147			203			205

Accumulated other comprehensive loss				(122	)		(327	)		(119	)

Retained earnings				7,735			6,477			6,606

Equity holders of Nutrien				23,578			22,020			22,365

Non-controlling interest				43			38			38

TOTAL SHAREHOLDERS’ EQUITY				23,621			22,058			22,403

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				48,316			45,271			47,192

(See	Notes to the Condensed Consolidated Financial Statements)


Unaudited		In millions of US dollars except as otherwise noted

Notes to the Condensed Consolidated Financial Statements

As at and for the Three and Nine Months Ended September 30, 2021

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 consistent with those used in the preparation of our 2020 annual consolidated financial statements except as disclosed in Note 3. 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 2020 annual consolidated financial statements.

Certain immaterial 2020 figures have been reclassified in the condensed consolidated statements of earnings, condensed consolidated statements of changes in shareholders’ equity, condensed consolidated balance sheets and segment information.

In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year.

We prepare our interim financial statements in accordance with IFRS, which requires us to make judgments, assumptions and estimates in applying accounting policies. We have assessed our accounting estimates and other matters that require the use of forecasted financial information for the impacts arising from the novel coronavirus (“COVID-19”) pandemic. The future assessment of these estimates, including expectations about the severity, duration and scope of the COVID-19 pandemic, could differ materially in future reporting periods. As a result of the COVID-19 pandemic, we incurred directly attributable and incremental COVID-19 related expenses in other expenses (Note 3).

These interim financial statements were authorized by the audit committee of the Board of Directors for issue on November 1, 2021.

NOTE 2 SEGMENT INFORMATION

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


Unaudited		In millions of US dollars except as otherwise noted



	Three Months Ended 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

EBITDA¹		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 September 30, 2021		21,389			12,412			10,464			1,503			3,094			(546	)		48,316
1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

	Three Months Ended September 30, 2020

	Retail			Potash			Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		2,734			634			524			312			23			-			4,227

– intersegment		8			63			103			40			-			(214	)		-

Sales – total		2,742			697			627			352			23			(214	)		4,227

Freight, transportation and distribution		-			106			87			60			-			(49	)		204

Net sales		2,742			591			540			292			23			(165	)		4,023

Cost of goods sold		2,059			303			482			293			20			(153	)		3,004

Gross margin		683			288			58			(1	)		3			(12	)		1,019

Selling expenses		669			3			7			1			(4	)		-			676

General and administrative expenses		34			2			3			2			66			-			107

Provincial mining taxes		-			58			-			-			-			-			58

Share-based compensation expense		-			-			-			-			29			-			29

Impairment of assets		-			22			27			769			5			-			823

Other (income) expenses		(12	)		(1	)		(16	)		10			67			-			48

(Loss) earnings before finance costs and income taxes		(8	)		204			37			(783	)		(160	)		(12	)		(722	)

Depreciation and amortization		170			124			131			60			15			-			500

EBITDA		162			328			168			(723	)		(145	)		(12	)		(222	)

Integration and restructuring related costs		-			-			-			-			10			-			10

Share-based compensation expense		-			-			-			-			29			-			29

Impairment of assets		-			22			27			769			5			-			823

COVID-19 related expenses		-			-			-			-			11			-			11

Foreign exchange loss, net of related derivatives		-			-			-			-			13			-			13

Loss on disposal of business		-			-			-			-			6			-			6

Adjusted EBITDA		162			350			195			46			(71	)		(12	)		670

Assets – at December 31, 2020 ¹		20,526			11,707			10,077			1,388			3,917			(423	)		47,192
1 In 2021, certain assets related to transportation, distribution and logistics were reclassified under Corporate and Others as these are centrally managed. Comparative figures have been restated to reflect this change. Depreciation expense related to these assets are allocated to the rest of the segments based on usage.


Unaudited		In millions of US dollars except as otherwise noted



	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 September 30, 2021		21,389		12,412		10,464			1,503			3,094			(546	)		48,316

	Nine Months Ended September 30, 2020

	Retail		Potash		Nitrogen			Phosphate			Corporate and Others			Eliminations			Consolidated

Sales – third party		12,140		1,798		1,925			923			70			-			16,856

– intersegment		27		191		481			146			-			(845	)		-

Sales – total		12,167		1,989		2,406			1,069			70			(845	)		16,856

Freight, transportation and distribution		-		293		335			187			-			(162	)		653

Net sales		12,167		1,696		2,071			882			70			(683	)		16,203

Cost of goods sold		9,316		878		1,708			862			63			(698	)		12,129

Gross margin		2,851		818		363			20			7			15			4,074

Selling expenses		2,068		7		19			4			(17	)		-			2,081

General and administrative expenses		102		5		7			7			191			-			312

Provincial mining taxes		-		161		1			-			1			-			163

Share-based compensation expense		-		-		-			-			9			-			9

Impairment of assets		-		22		27			769			5			-			823

Other expenses (income)		36		4		(25	)		19			153			-			187

Earnings (loss) before finance costs and income taxes		645		619		334			(779	)		(335	)		15			499

Depreciation and amortization		488		329		453			179			41			-			1,490

EBITDA		1,133		948		787			(600	)		(294	)		15			1,989

Integration and restructuring related costs		-		-		-			-			38			-			38

Share-based compensation expense		-		-		-			-			9			-			9

Impairment of assets		-		22		27			769			5			-			823

COVID-19 related expenses		-		-		-			-			30			-			30

Foreign exchange loss, net of related derivatives		-		-		-			-			4			-			4

Loss on disposal of business		-		-		-			-			6			-			6

Adjusted EBITDA		1,133		970		814			169			(202	)		15			2,899

Assets – at December 31, 2020		20,526		11,707		10,077			1,388			3,917			(423	)		47,192


Unaudited		In millions of US dollars except as otherwise noted

During the three and nine months ended September 30, 2020, we recorded an impairment to our property, plant and equipment of $545 and $215 at our Aurora and White Springs cash-generating units (“CGUs”), respectively, due to lower long-term forecasted global phosphate prices. The Aurora CGU recoverable value was based on fair value less costs of disposal (a level 3 measurement) using after-tax discounted cash flows (using a five-year projection and a terminal year thereafter to the expected mine life), while the White Springs CGU recoverable value was based on value in use using pre-tax discounted cash flows until the end of the mine life. For additional information relating to the impairment see Note 13 of the 2020 annual consolidated financial statements.

During the nine months ended September 30, 2021, we recorded $12 (2020 – $63) of impairment losses relating to other non-current assets.

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

	2021			2020			2021			2020

Retail sales by product line

Crop nutrients		1,194			780			5,255			4,092

Crop protection products		1,469			1,328			5,220			4,774

Seed		140			103			1,819			1,638

Merchandise		265			234			763			703

Nutrien Financial		54			36			138			92

Services and other		276			296			784			951

Nutrien Financial elimination ¹		(51	)		(35	)		(123	)		(83	)

		3,347			2,742			13,856			12,167

Potash sales by geography

Manufactured product

North America		590			358			1,446			1,002

Offshore ²		705			339			1,475			987

		1,295			697			2,921			1,989

Nitrogen sales by product line

Manufactured product

Ammonia		401			129			994			576

Urea		339			214			985			780

Solutions, nitrates and sulfates		326			177			852			606

Other nitrogen and purchased products		133			107			538			444

		1,199			627			3,369			2,406

Phosphate sales by product line

Manufactured product

Fertilizer		306			216			836			622

Industrial and feed		146			105			405			342

Other phosphate and purchased products		50			31			154			105

		502			352			1,395			1,069

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

2 Relates to Canpotex Limited (“Canpotex”) (Note 8).


Unaudited		In millions of US dollars except as otherwise noted

NOTE 3 OTHER EXPENSES (INCOME)



	Three Months Ended September 30						Nine Months Ended September 30

	2021			2020			2021			2020

Integration and restructuring related costs		8			10			47			38

Foreign exchange loss, net of related derivatives		1			14			4			1

Earnings of equity-accounted investees		(21	)		(23	)		(43	)		(46	)

Bad debt expense (recovery)		7			(18	)		22			9

COVID-19 related expenses		16			11			34			30

Loss on disposal of business		-			6			-			6

Cloud computing transition adjustment		-			-			36			-

Other expenses		39			48			103			149

		50			48			203			187

In the second quarter of 2021, the IFRS Interpretations Committee published a final agenda decision clarifying how to recognize certain configuration and customization expenditures related to cloud computing with retrospective application. Costs that do not meet the capitalization criteria should be expensed as incurred. We changed our accounting policy to align with the interpretation and previously capitalized costs that no longer qualify for capitalization were expensed in the current period since they were not material.

NOTE 4 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

	2021			2020			2021			2020

Income tax expense (recovery)		209			(264	)		615			(45	)

Actual effective tax rate on earnings (loss) (%)		23			26			24			14

Actual effective tax rate including discrete items (%)		22			31			24			(47	)

Discrete tax adjustments that impacted the tax rate		(10	)		(48	)		(13	)		(59	)

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, 2021		As at December 31, 2020
Income tax assets
Current	Receivables		343		83
Non-current	Other assets		88		305
Deferred income tax assets	Other assets		233		242
Total income tax assets			664		630
Income tax liabilities
Current	Payables and accrued charges		418		48
Non-current	Other non-current liabilities		43		40
Deferred income tax liabilities	Deferred income tax liabilities		3,043		3,149
Total income tax liabilities			3,504		3,237


Unaudited		In millions of US dollars except as otherwise noted

NOTE 5 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 2020 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, 2021											December 31, 2020

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

Fair value on a recurring basis

Cash and cash equivalents		443			-			443			-		1,454			-			1,454

Derivative instrument assets		29			-			29			-		45			-			45

Other current financial assets - marketable securities ²		226			32			194			-		161			24			137

Investments at FVTOCI ³		279			269			-			10		153			153			-

Derivative instrument liabilities		(23	)		-			(23	)		-		(48	)		-			(48	)

Amortized cost

Current portion of long-term debt

Fixed and floating rate debt		(46	)		-			(46	)		-		(14	)		-			(14	)

Long-term debt

Notes and debentures		(9,984	)		(5,368	)		(6,059	)		-		(9,994	)		(3,801	)		(7,955	)

Fixed and floating rate debt		(110	)		-			(110	)		-		(53	)		-			(53	)

1 During the periods ended September 30, 2021 and December 31, 2020, there were no transfers between Level 1 and Level 2 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 6 SHARE CAPITAL

Share repurchase programs

Commencement

Date

Expiry

Maximum
Shares for
Repurchase

Maximum

Shares for
Repurchase (%)

Number of
Shares
Repurchased

2019 Normal Course Issuer Bid

February 27, 2019

February 26, 2020

42,164,420

33,256,668

2020 Normal Course Issuer Bid

February 27, 2020

February 26, 2021

28,572,458

710,100

2021 Normal Course Issuer Bid ¹

March 1, 2021

February 28, 2022

28,468,448

2,460,097

1 The 2021 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 regulatory authorities, including private agreements.


Unaudited		In millions of US dollars except as otherwise noted

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

Three Months Ended
September 30

Nine Months Ended
September 30

2021

2020

2021

2020

Number of common shares repurchased for cancellation

2,427,369

2,460,097

3,832,580

Average price per share (US dollars)

61.18

61.07

41.96

Total cost

148

150

160

Dividends declared

We declared a dividend per share of $0.46 (2020 – $0.45) during the three months ended September 30, 2021, payable on October 15, 2021 to shareholders of record on September 30, 2021 and total dividends of $1.38 (2020 – $1.35) during the nine months ended September 30, 2021.

Share cancellation

Effective September 1, 2021, we cancelled 210,173 shares due to the expiration of the period when legacy companies’ (Potash Corporation of Saskatchewan Inc. and Agrium Inc.) shares could be exchanged under the plan of arrangement, wherein Nutrien became the parent company of the legacy companies.

NOTE 7 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 nutrient 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 8 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, 2021		December 31, 2020

Receivables from Canpotex		593		122