Nutrien Reports Solid 3rd Quarter Operating Results; Raises 2018 Guidance, Dividend and Synergy Target

About this update from Nutrien Ltd.

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(Nutrien) announced today its 2018 third-quarter results, with net loss from continuing operations of $1.1 billion 1 ( $1.74 2 loss per share). Third-quarter adjusted net earnings was $0.47 per share 3 and adjusted EBITDA 4 was $839 million . Adjusted net earnings and adjusted EBITDA exclude a New Brunswick potash non-cash impairment of $1.8 billion ( $2.15 per share) and gain on adjustment of pension and other post-retirement benefit plans of $151 million ( $0.18 per share). For a description of other adjustments in net earnings and EBITDA, please see pages 33 and 34, respectively. \n Nutrien also announced that its Board of Directors has declared a quarterly dividend of US$0.43 per share payable January 17, 2019 to shareholders of record on December 31, 2018 . This represents a 7.5 percent increase in the dividend and is representative of improving market fundamentals and confidence in our operational cash flow moving forward. See \"Quarterly Dividend\" section for additional details regarding the dividend. \n \"In the third quarter, Nutrien delivered solid operating results. Retail earnings increased by 10 percent year-over-year 3 while our nutrient production operations reported higher volumes, margins and significantly lower costs. We also made significant advances on our strategic priorities including raising the dividend and our synergy target, completing our share repurchase program and closing the sale of our stake in Arab Potash Company (APC). We remain on track to receive $5 billion in net proceeds from the sale of our equity investments. Nutrien has also raised its annual guidance due to the strength of market fundamentals and acceleration of merger synergies. We continue to be well positioned to deliver strong long-term shareholder returns,\" commented Chuck Magro , Nutrien's President and CEO. \n HIGHLIGHTS \n Nutrien achieved $401 million in annual run-rate synergies as at September 30, 2018 and now expects to achieve its $500 million annual run-rate synergy target by the end of 2018 and is raising guidance on the annual run-rate synergy target to $600 million by the end of 2019. Nutrien full-year 2018 adjusted net earnings per share and adjusted EBITDA guidance were raised to $2.60 to $2.80 per share and $3.85 to $4.05 billion , respectively (up from $2.40 to $2.70 per share and $3.7 to $4.0 billion , respectively). Retail EBITDA increased 10 percent in the third quarter from the same period 3 last year due to strong fertilizer demand, recent acquisitions and an increase in comparable store sales. Potash adjusted EBITDA 4 was 64 percent higher in the third quarter compared to the same period last year due to higher net selling prices, record sales volumes and lower cash cost of goods sold per tonne including realized synergies. Nitrogen EBITDA more than doubled compared to the same period last year as a result of higher nitrogen prices, increased sales volumes and lower cash cost of goods sold per tonne including realized synergies. Nutrien completed its normal course issuer bid with approximately 32 million shares repurchased at a weighted average price of $51.62 per share. Nutrien closed on the sale of its stake in APC for $502 million . We expect to close on the sale of our Sociedad Química y Minera de Chile S.A. (SQM) series A shares investment to Tianqi Lithium Corporation by the end of 2018. Results were adjusted for a $1.8 billion non-cash impairment of the New Brunswick potash facility (which has been in care and maintenance mode for almost three years) in the third quarter. This non-cash impairment has no impact on our effective operating capacity or on our short and long-term outlook for the potash business. MARKET OUTLOOK \n Agriculture and Crop Input Fundamentals \n U.S. soybean prices have been pressured by record domestic yields and continued uncertainty as a result of the U.S. trade dispute with China . U.S. corn prices are in-line with last year's levels. The global corn supply/demand balance has tightened, and U.S. corn stocks-to-use- ratio is the lowest since the 2013/14 crop year despite record yields this year. Chinese corn ending stocks are projected to be down almost 50 percent over the past three years and more than 20 percent below the ten-year average. Solid crop economics, combined with favorable planting conditions, has supported a rapid start to planting in Brazil . Analysts expect a three to five percent increase in Brazilian soybean area and more than a five percent increase in corn area. While North American crops developed at a faster-than-average pace in 2018, adverse weather since September delayed harvest and has narrowed the fall application season somewhat. We expect an increase in North American corn acres relative to soybeans, which would be positive to overall crop input expenditures as corn generates a higher per-acre spend than soybeans. Potash \n Potash prices continue to be supported by strong demand and tight availability. Prices in major spot markets are up 20 to 30 percent compared to the third quarter of 2017 and contracts with India and China were settled at $50 per tonne and $60 per tonne increases, respectively. We raised our 2018 global potash shipment forecast to a range of 66 to 67 million tonnes. We expect that capacity curtailments and permanent closures in 2018 will match or exceed new production capability, excluding Nutrien's expected increase in production. Downstream inventories in major global potash markets remain relatively tight, which is supportive of sustained demand in late 2018 and early 2019. High nutrient removal in 2018 related to expected record crop yields, combined with potash prices remaining affordable relative to grower revenues, are expected to support continued strong consumption in major markets including North America . Nitrogen \n Tighter than expected supply and continued demand growth has provided support to prices for all nitrogen products. Ammonia production has been pressured by operational issues, turnarounds and slower than expected supply ramp-ups, while urea continues to be supported by lower Chinese exports and uncertainty regarding Iranian availability. Global nitrogen prices are also being supported by higher European natural gas prices, with hub-based and formula-based prices up approximately 80 percent and 40 percent, respectively, from 2017 lows. Prospects for nitrogen demand through the first half of 2019 remain strong, supported by the expectation of increased corn area in North and South America and increased winter wheat area in the Northern Hemisphere. There is some risk to the fall ammonia application season in North America due to wet conditions. Given favorable demand prospects, limited new capacity and a relatively stable urea supply outlook in China , we expect the global nitrogen supply/demand balance will remain tight into 2019. Phosphate \n Continued strength in sulfur and ammonia prices and delayed project ramp-ups continue to support phosphate prices, however, the decline in the value of the Indian rupee is a source of demand risk for late 2018 and early 2019. FINANCIAL OUTLOOK AND GUIDANCE   \n Taking the above factors into consideration, we have revised our 2018 annual guidance ranges as follows: \n We raised our guidance range for Potash sales volumes to 12.5 to 13.0 million tonnes and increased the bottom end of our Potash Adjusted EBITDA range from $1.4 billion to $1.5 billion . Nitrogen EBITDA guidance has been raised to $1.15 to $1.25 billion and the bottom end of our Phosphate and Sulfate EBITDA range increased from $0.2 billion to $0.25 billion . \n Based on these factors, we are increasing our full-year 2018 adjusted net earnings guidance to $2.60 to $2.80 per share (previously $2.40 to $2.70 per share) and adjusted EBITDA guidance to $3.85 to $4.05 billion (previously $3.7 to $4.0 billion ). Additionally, adjusted net earnings guidance for the fourth quarter of 2018 is $0.46 to $0.66 per share. \n Excluded from guidance are the New Brunswick potash non-cash impairment of $1.8 billion , expected costs to achieve synergies (net of one-time savings) of $40 to $50 million (reduced from $50 to $75 million ), share-based compensation as well as the impact of incremental depreciation and amortization of approximately $200 million resulting from the fair valuing of Agrium's assets and liabilities as of January 1, 2018 in accordance with purchase accounting. \n Dividend income from investments in APC and SQM is recorded net of tax in discontinued operations and is still expected to approximate $130 million and is included in our adjusted annual net earnings per share guidance, but is not included in adjusted EBITDA guidance. \n All annual guidance numbers, including those noted above, are outlined in the table below: \n 2018 Updated Guidance Ranges \n (Annual Guidance, except where noted)  \n Low \n High \n Adjusted net earnings per share 6 \n $2.60 \n $2.80 \n Adjusted EBITDA ( billions ) 6 \n $3.85 \n $4.05 \n Retail EBITDA ( billions ) \n $1.2 \n $1.3 \n Potash Adjusted EBITDA ( billions ) 6 \n $1.5 \n $1.6 \n Nitrogen EBITDA ( billions ) \n $1.15 \n $1.25 \n Phosphate and Sulfate EBITDA (billions) \n $0.25 \n $0.30 \n Potash sales tonnes (millions) (a) \n 12.5 \n 13.0 \n Nitrogen sales tonnes (millions) (a) \n 10.3 \n 10.7 \n Depreciation and amortization including purchase price allocation impact (billions) \n $1.5 \n $1.6 \n Integration and synergy costs (millions) \n $40 \n $50 \n Effective tax rate on continuing operations \n 23% \n 25% \n Sustaining capital expenditures (billions) \n $1.0 \n $1.1 \n 2018 Annual Assumptions & Sensitivities \n FX rate CAD to USD \n $1.29 \n NYMEX natural gas ($US/MMBtu) \n $2.95 \n $1/MMBtu increase in NYMEX ($/share) (b) \n $(0.19) \n $20/tonne change in realized Potash selling prices ($/share) (b) \n $0.26 \n $20/tonne change in realized Ammonia selling prices ($/share) (b) \n $0.06 \n $20/tonne change in realized Urea selling prices ($/share) (b) \n $0.09 \n (a) Potash and nitrogen sales tonnes include manufactured product only. Nitrogen sales tonnes exclude ESN® and Rainbow products. \n (b) Sensitivities are calculated pre-synergies resulting from the merger. \n   \n THIRD-QUARTER RESULTS \n The comparative figures throughout this release are the historical combined results of legacy Potash Corporation of Saskatchewan Inc. (PotashCorp) and Agrium Inc. (Agrium) for the three and nine months ended September 30, 2017 and are considered to be non-IFRS measures. For International Financial Reporting Standards (IFRS) purposes, the comparative amounts are the results of legacy PotashCorp, which is the accounting acquirer. Compared to the IFRS figures, the change is the result of the merger involving Agrium and PotashCorp. Refer to the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section. \n Consolidated \n Three months ended September 30 \n 2018 Actual \n 2017 Combined \n Change \n (millions of U.S. dollars) \n Sales \n 4,034 \n 3,586 \n 448 \n Freight, transportation and distribution \n (253) \n (236) \n (17) \n Cost of goods sold \n (2,626) \n (2,557) \n (69) \n Gross margin \n 1,155 \n 793 \n 362 \n Expenses \n (2,514) \n (719) \n (1,795) \n Net loss from continuing operations \n (1,067) \n (53) \n (1,014) \n   \n Nutrien third-quarter net loss from continuing operations totaled $1.1 billion , lower than the $53 million loss in the third quarter of 2017. Results for the quarter reflected a $1.8 billion non-cash impairment of the New Brunswick potash facility and a $151 million gain on adjustment of pension and other post-retirement benefit plans. \n Earnings were supported by higher sales volumes and realized prices in potash and nitrogen due to strong global demand and tight supply. Retail reported improved results supported by strong North American crop nutrient applications. Depreciation and amortization expense increased by $126 million this quarter, in part due to the merger-related purchase price allocation (PPA) impact. The IFRS comparative figures for PotashCorp are detailed in the financial report of Nutrien for the third quarter of 2018 and its management's discussion and analysis for the same period, both of which will be made available under Nutrien's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov in November 2018 . \n Retail \n Three months ended September 30 \n 2018 Actual \n 2017 Combined \n Change \n (millions of U.S. dollars) \n Sales \n 2,175 \n 2,067 \n 108 \n Cost of goods sold \n (1,642) \n (1,549) \n (93) \n Gross margin \n 533 \n 518 \n 15 \n EBIT 7 \n (6) \n 32 \n (38) \n EBITDA \n 116 \n 105 \n 11 \n Selling and general and administrative expenses \n (577) \n (489) \n (88) \n   \n EBITDA – Retail EBITDA in the quarter was 10 percent higher than the same period last year driven by solid crop nutrient performance across all regions, recent acquisitions and an increase in comparable store sales. Total gross margin percentage was 25 percent, equal to the same period in 2017. North American Retail EBITDA was impacted by an early maturing crop which positively supported fertilizer demand while reducing the demand for crop protection products. Selling and general and administrative expenses (S&GA) – Retail S&GA expenses increased by 18 percent this quarter compared to the same period in 2017, primarily due to higher depreciation and amortization expense related to PPA and a higher employee headcount due to recent acquisitions. Three months ended September 30 \n Sales \n Gross margin \n Gross margin (%) \n (millions of U.S. dollars, except where noted) \n 2018 \n 2017 \n Change \n 2018 \n 2017 \n Change \n 2018 \n 2017 \n Crop nutrients \n 650 \n 528 \n 122 \n 142 \n 120 \n 22 \n 22 \n 23 \n Crop protection products \n 1,086 \n 1,117 \n (31) \n 236 \n 243 \n (7) \n 22 \n 22 \n Seed \n 60 \n 59 \n 1 \n 14 \n 21 \n (7) \n 23 \n 36 \n Merchandise \n 205 \n 187 \n 18 \n 27 \n 29 \n (2) \n 13 \n 16 \n Services and other \n 174 \n 176 \n (2) \n 114 \n 105 \n 9 \n 66 \n 60 \n   \n Crop nutrients – Sales in the third quarter were 23 percent higher than in the same period last year as North American and Latin American growers prepared to replenish soil nutrients removed from bumper crops in addition to strong demand in Australia . Crop nutrient deliveries and realized selling prices increased in the quarter, resulting in 18 percent higher gross margin compared to the third quarter of 2017. Gross margin per tonne was stable partly due to rising crop nutrient costs.   Crop protection products – Third-quarter sales were 3 percent lower than the same period in 2017, due to the rapid crop development, limited pest pressure and an early start to the harvest season in North America , as well as, dry and unfavorable weather conditions in Australia . Gross margin percentage was stable during the quarter. Seed – Sales in the quarter were similar to the same period last year, while gross margin percentage decreased due to seed sales mix and timing of vendor programs. Merchandise – Sales were up 10 percent from the same period in 2017, supported by higher fuel sales in Canada and higher animal health and fencing sales volumes in Australia . Gross margin rates decreased by 3 percentage points due to the higher proportion of lower-margin Canadian fuel sales. Services and other – Third-quarter sales were similar to the same period in 2017, but gross margin percentage grew 6 percentage points driven by higher-margin application services and financing services. Potash \n Three months ended September 30 \n 2018 \n Actual \n 2017 Combined \n Change \n (millions of U.S. dollars) \n Net sales 3 \n 817 \n 590 \n 227 \n Cost of goods sold \n (358) \n (323) \n (35) \n Gross margin \n 459 \n 267 \n 192 \n EBIT \n (1,439) \n 210 \n (1,649) \n EBITDA \n (1,311) \n 303 \n (1,614) \n Adjusted EBITDA 4 \n 498 \n 303 \n 195 \n Provincial mining taxes \n (78) \n (48) \n (30) \n   \n EBITDA and Adjusted EBITDA – The non-cash impairment of our New Brunswick potash facility negatively affected Potash EBITDA in the quarter. Excluding this impact, Potash adjusted EBITDA was up 64 percent from the third quarter in 2017 due to a combination of record sales volumes, higher net selling prices and a lower cost of goods sold per tonne.   \n Three months ended September 30 \n 2018 \n Actual \n 2017 Combined \n Change \n Manufactured products \n Sales volumes (tonnes 000's) \n North America \n 1,678 \n 1,373 \n 305 \n Offshore \n 2,180 \n 1,938 \n 242 \n Total \n 3,858 \n 3,311 \n 547 \n Net selling price ($/tonne) \n - \n North America \n 213 \n 192 \n 21 \n Offshore \n 210 \n 168 \n 42 \n Average \n 212 \n 178 \n 34 \n Cost of goods sold ($/tonne) \n (93) \n (97) \n 4 \n Gross margin ($/tonne) \n 119 \n 81 \n 38 \n Depreciation and amortization ($/tonne) \n 33 \n 28 \n 5 \n Gross margin excluding depreciation and amortization \n ($/tonne) 3 \n 152 \n 109 \n 43 \n   \n Volumes  – Total potash sales volumes were up 17 percent compared to the same period in 2017 (this was a record compared to any previous quarter) due to strong demand in the North American market, as well as, offshore markets supplied through Canpotex Limited 8 (Canpotex). The largest portion of Canpotex's volumes for the quarter were sold to Latin America (40 percent), Other Asian markets (37 percent) and India and China (11 percent and 7 percent, respectively). Price – The weighted average realized selling price was 19 percent higher in the third quarter compared to the prior year's third quarter due to strong global demand and tight supply. Offshore realized selling prices increased 25 percent and North America realized selling price increased 11 percent from the third quarter in 2017. Costs – Cost per tonne of product sold was 4 percent lower compared to the prior year's third quarter. This was due to a larger proportion of supply produced at our lower-cost facilities, realized synergies and higher overall production volumes that more than offset the effects of PPA depreciation. Cash cost of product manufactured 39  was significantly lower at $56 per tonne compared to $72 per tonne for the same period last year. Nitrogen \n Three months ended September 30 \n 2018 \n Actual \n 2017 Combined \n Change \n (millions of U.S. dollars) \n Net sales \n 612 \n 496 \n 116 \n Cost of goods sold \n (457) \n (441) \n (16) \n Gross margin \n 155 \n 55 \n 100 \n EBIT \n 146 \n 47 \n 99 \n EBITDA \n 257 \n 113 \n 144 \n   \n EBITDA – Total nitrogen EBITDA in the quarter increased 127 percent from the third quarter of 2017 due to higher realized prices, increased sales volumes and lower cost of goods sold excluding depreciation and amortization.   \n Three months ended September 30 \n 2018 \n Actual \n 2017 Combined \n Change \n Manufactured products \n Sales volumes (tonnes 000's) \n Ammonia \n 750 \n 724 \n 26 \n Urea \n 691 \n 626 \n 65 \n Solutions and nitrates \n 1,018 \n 929 \n 89 \n Total \n 2,459 \n 2,279 \n 180 \n Net selling price ($/tonne) \n - \n Ammonia \n 253 \n 206 \n 47 \n Urea \n 286 \n 228 \n 58 \n Solutions and nitrates \n 156 \n 141 \n 15 \n Average \n 222 \n 185 \n 37 \n Cost of goods sold ($/tonne) \n (165) \n (165) \n - \n Gross margin ($/tonne) \n 57 \n 20 \n 37 \n Depreciation and amortization ($/tonne) \n 45 \n 29 \n 16 \n Gross margin excluding depreciation and amortization  ($/tonne)  \n 102 \n 49 \n 53 \n   \n Volumes – Total nitrogen sales volumes were 8 percent higher than in the third quarter of 2017 due to higher operating rates and strong demand. Both urea and solutions and nitrates volumes were up 10 percent due to a strong in-season demand for nitrogen fertilizer application. Ammonia sales were up 4 percent, supported by higher production volumes. Price – Nitrogen realized prices were up 20 percent in the quarter due to strong global demand, tight supply and higher global feedstock costs. Ammonia and urea realized prices were up 23 percent and 25 percent respectively while solutions and nitrates were up 11 percent. Costs – Cost of goods sold per tonne of nitrogen was in line with last year's third quarter as significantly higher production volumes, synergy realization and lower natural gas costs in North America offset the effect of higher depreciation resulting from PPA and higher natural gas costs in Trinidad . Cost of goods sold excluding depreciation and amortization per tonne was down 12 percent. Urea cash cost of product manufactured 3,9 was significantly lower at $72 per tonne compared to $86 per tonne for the same period last year.   \n Three months ended September 30 \n 2018 \n Actual \n 2017 Combined \n Change \n (U.S. dollars per MMBtu) \n Overall gas cost excluding realized derivative impact \n 2.40 \n 2.23 \n 0.17 \n Realized derivative impact \n 0.34 \n 0.49 \n (0.15) \n Overall gas cost \n 2.74 \n 2.72 \n 0.02 \n Average NYMEX \n 2.90 \n 3.00 \n (0.10) \n Average AECO \n 1.03 \n 1.61 \n (0.58) \n   \n Phosphate and Sulfate \n Three months ended September 30 \n 2018 Actual \n 2017 Combined \n Change \n (millions of U.S. dollars) \n Net sales \n 437 \n 356 \n 81 \n Cost of goods sold \n (401) \n (396) \n (5) \n Gross margin \n 36 \n (40) \n 76 \n EBIT \n 32 \n (45) \n 77 \n EBITDA \n 88 \n 11 \n 77 \n   \n EBITDA – Total phosphate and sulfate EBITDA increased from the third quarter in 2017 as a result of higher realized prices and a $29 million asset impairment in the comparable period of 2017, that more than offset higher ammonia and sulfur costs in 2018.   \n Three months ended September 30 \n 2018 Actual \n 2017 Combined \n Change \n Manufactured products \n Sales volumes (tonnes 000's) \n Fertilizer \n 650 \n 678 \n (28) \n Industrial and feed \n 228 \n 214 \n 14 \n Ammonium sulfate \n 104 \n 85 \n 19 \n Total \n 982 \n 977 \n 5 \n Net selling price ($/tonne) \n Fertilizer \n 411 \n 329 \n 82 \n Industrial and feed \n 498 \n 474 \n 24 \n Ammonium sulfate \n 225 \n 214 \n 11 \n Average \n 412 \n 351 \n 61 \n Cost of goods sold ($/tonne) \n (376) \n (391) \n 15 \n Gross margin ($/tonne) \n 36 \n (40) \n 76 \n Depreciation and amortization ($/tonne) \n 57 \n 57 \n - \n Gross margin excluding depreciation and amortization  ($/tonne) \n 93 \n 17 \n 76 \n   \n Volumes – Total phosphate and sulfate sales volumes in the quarter were similar to that of the third quarter in 2017 as lower fertilizer sales, due to timing of delivery, were offset by higher industrial and feed and ammonium sulfate sales. Price – The average combined net selling price in the third quarter was up 17 percent compared to the same period last year primarily due to a 25 percent increase in phosphate fertilizer net selling prices. Global phosphate prices were supported by strong demand and higher input costs for ammonia and sulfur.  Costs – Cost of goods sold per tonne was 4 percent lower than the same period last year as higher ammonia and sulfur costs were more than offset by the impact of last year's impairment of assets at our Aurora, North Carolina , facility, and an adjustment in PPA. Others \n Three months ended September 30 \n 2018 Actual \n 2017 Combined \n Change \n (millions of U.S. dollars) \n General and administrative expenses \n (126) \n (118) \n (8) \n Other income (expenses) \n 59 \n (49) \n 108 \n Finance costs \n (142) \n (135) \n (7) \n Income tax recovery \n 434 \n 8 \n 426 \n   \n Other (income) expenses – During the third quarter this year, we recognized a gain from pension and other post-employment benefit adjustments amounting to $151 million as certain plans were suspended and/or discontinued effective January 1, 2020 . This was partially offset by higher merger and related costs which increased by $40 million as we continue in our integration and synergy initiatives. Tax – The company had a loss before income taxes for the three months ended September 30, 2018 compared to earnings before income taxes for the same period in 2017. As a result, income tax recovery increased for the three months ended September 30, 2018 as compared to the same period last year. SYNERGIES \n Synergy Program Commitments \n Category \n December 31, 2019 Synergy Annual Run Rate – Initial Target \n December 31, 2019 Synergy Annual Run Rate – New Target \n Synergy Annual Run Rate Achieved to September 30, 2018 \n Distribution and retail integration/optimization \n ~$150 million \n ~$150 million \n $81 million \n Production optimization \n ~$125 million \n ~$200 million \n $119 million \n SG&A and other optimization 10 \n ~$125 million \n ~$150 million \n $142 million \n Procurement \n ~$100 million \n ~$100 million \n $59 million \n Total \n     $500 million \n $600 million \n $401 million \n   \n Nutrien has achieved synergies ahead of schedule, capturing $401 million in annual run-rate synergies as at September 30, 2018 . We now expect to achieve $500 million in annual run-rate synergies by the end of 2018, up from the second-quarter estimate of $350 million . We are raising guidance on the annual run-rate synergy target to $600 million by the end of 2019. QUARTERLY DIVIDEND \n Nutrien's Board of Directors has declared a quarterly dividend of 0.43 per share payable January 17, 2019 to shareholders of record on December 31, 2018 . Registered shareholders who are residents of Canada as reflected in Nutrien's shareholders register, as well as beneficial holders (i.e., shareholders who hold their common shares through a broker or other intermediary) whose intermediary is a participant in CDS Clearing and Depositary Services Inc. or its nominee, CDS & Co., will receive their dividend in Canadian dollars, calculated based on the Bank of Canada daily exchange rate on December 31, 2018 . Registered shareholders resident outside of Canada as reflected in Nutrien's shareholders register, including the United States , as well as beneficial holders whose intermediary is a participant in The Depository Trust Company or its nominee, Cede & Co., will receive their dividend in U.S. dollars. However, registered shareholders of Nutrien may elect to change the currency of their dividend payments to U.S. dollars or Canadian dollars, as applicable. In addition, Nutrien offers registered shareholders direct deposit by electronic funds transfer for dividend payments. Registered shareholders may elect to change the currency of their dividend and enroll for direct deposit by contacting, Nutrien's registrar and transfer agent, AST Trust Company ( Canada ), directly (1-800-387-0825 or [email protected] ). Beneficial shareholders, who hold their shares through a broker, should contact their broker to determine the ability and necessary steps involved in an election to change the currency of their dividend payment. For further details, please visit www.nutrien.com/investors/shareholder-information/dividends . All dividends paid by Nutrien are, pursuant to subsection 89(14) of the Income Tax Act ( Canada ), designated as eligible dividends. \n Notes \n 1. All amounts are stated in U.S. dollars. 2. All references to per-share amounts pertain to diluted net (loss) earnings per share. 3. This is a non-IFRS measure. Refer to Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information. 4. Adjusted EBITDA is calculated as net (loss) earnings from continuing operations before finance costs, income tax (expense) recovery, depreciation and amortization and adjusted for merger-related costs, share-based compensation, impairment loss and curtailment gain. This is a Non-IFRS measure. Refer to Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information. 5. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is calculated as net (loss) earnings from continuing operations before finance costs, income tax (expense) recovery, depreciation and amortization. This is a non-IFRS measure. Refer to Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information. 6. Certain of the forward-looking financial measures are provided on a Non-IFRS basis. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with IFRS due to unknown variables and uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value, which may be inherently difficult to determine without unreasonable effort. 7. Earnings before interest and taxes (EBIT) is calculated as net (loss) earnings from continuing operations before finance costs and income tax (expense) recovery. 8. Canpotex is the offshore marketing company for Nutrien and one other Saskatchewan potash producer. 9. Urea cash cost of product manufactured excludes natural gas costs and steam. 10. Other includes synergies related to administrative functions which may not appear in selling expenses and/or general and administrative expenses in the financial statements. \n About Nutrien \n Nutrien is the world's largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a sustainable manner. We produce and distribute over 26 million tonnes of potash, nitrogen and phosphate and sulfate products world-wide. With this capability and our leading agriculture retail network, we are well positioned to supply the needs of our customers. We operate with a long-term view and are committed to working with our stakeholders as we address our economic, environmental and social priorities. The scale and diversity of our integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders. For further information visit us at www.nutrien.com . \n Forward-Looking Statements \n Certain statements and other information included in this news release constitute \"forward-looking information\" or \"forward-looking statements\" (collectively, \"forward-looking statements\") under applicable securities laws (such statements are often accompanied by words such as \"anticipate\", \"forecast\", \"expect\", \"believe\", \"may\", \"will\", \"should\", \"estimate\", \"intend\" or other similar words). All statements in this news release, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's 2018 annual guidance, including expectations regarding our adjusted net earnings per share and EBITDA (both adjusted consolidated and by segment); expectations regarding  the on-going sale of equity interests, including, the proceeds to be realized in connection therewith; capital spending expectations for 2018; expectations regarding performance of our business segments in 2018 and in the future; our market outlook for 2018 and 2019, including potash, nitrogen and phosphate and sulfate outlook and including anticipated supply and demand for our products and services, expected market and industry conditions with respect to crop nutrient application rates, planted acres, crop mix, prices and the impact of currency fluctuations and import and export volumes; expectations regarding completion of previously announced expansion projects (including timing and volumes of production associated therewith) and acquisitions and divestitures; and the expected synergies associated with the merger of Agrium and PotashCorp, including timing thereof. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements. \n All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although Nutrien believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place an undue reliance on these assumptions and such forward-looking statements. The additional key assumptions that have been made include, among other things, assumptions with respect to Nutrien's ability to successfully integrate and realize the anticipated benefits of its already completed (including the merger of Agrium and PotashCorp) and future acquisitions, and that we will be able to implement our standards, controls, procedures and policies at any acquired businesses to realize the expected synergies; that future business, regulatory and industry conditions will be within the parameters expected by Nutrien, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability and cost of labor and interest, exchange and effective tax rates; the completion of our expansion projects on schedule, as planned and on budget; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2018 and in the future (including as outlined under \"Market Outlook\"); the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; ability to maintain investment grade rating and achieve our performance targets; assumptions in respect of our ability to sell equity positions, including the ability to find suitable buyers at expected prices and successfully complete such transactions in a timely manner; the receipt, on time, of all necessary permits, utilities and project approvals with respect to our expansion projects and that we will have the resources necessary to meet the 'projects' approach. \n Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; the failure to successfully integrate and realize the expected synergies associated with the merger of Agrium and PotashCorp, including within the expected timeframe; weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; political risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism; the occurrence of a major environmental or safety incident; innovation and security risks related to our systems; the inability to find suitable buyers for our equity positions and counterparty and transaction risk associated therewith; regional natural gas supply restrictions; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities; gas supply interruptions at our Egyptian and Argentinian facilities; any significant impairment of the carrying value of certain assets; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; and other risk factors detailed from time to time in Agrium, PotashCorp and Nutrien reports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States , including those disclosed in Nutrien's business acquisition report dated February 20, 2018 , related to the merger of Agrium and PotashCorp. \n The purpose of our expected adjusted net earnings per share, consolidated and Potash adjusted EBITDA and EBITDA by segment guidance range is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes. \n Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable U.S. federal securities laws or applicable Canadian securities legislation. \n FOR FURTHER INFORMATION: \n   \n Investor and Media Relations: \n Richard Downey \n Vice President, Investor & Corporate Relations \n (403) 225-7357 \n [email protected] \n   \n Investor Relations: \n Jeff Holzman \n Senior Director, Investor Relations \n (306) 933-8545 \n   \n Todd Coakwell \n Director, Investor Relations \n (403) 225-7437 \n   \n Contact us at: www.nutrien.com \n   \n Nutrien will host a Conference Call on Tuesday, November 6, 2018 at 10:00 am Eastern Time . \n Telephone Conference: Dial-in numbers: \n From Canada and the U.S. 1-877-269-7756 No access code required. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner. Live Audio Webcast:       Visit https://www.nutrien.com/investors/events/2018-q3-earnings-conference-call \n Nutrien Ltd.  \n Condensed Consolidated Statements of (Loss) Earnings \n (in millions of US dollars except as otherwise noted) \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Note 11) \n (Note 11) \n Sales (Note 3) \n $ \n 4,034 \n $ \n 1,234 \n $ \n 15,874 \n $ \n 3,466 \n Freight, transportation and distribution \n (253) \n (172) \n (675) \n (421) \n Cost of goods sold (Note 3) \n (2,626) \n (829) \n (11,066) \n (2,279) \n Gross Margin \n 1,155 \n 233 \n 4,133 \n 766 \n Selling expenses \n (560) \n (7) \n (1,758) \n (24) \n General and administrative expenses \n (163) \n (49) \n (461) \n (130) \n Provincial mining and other taxes \n (79) \n (45) \n (192) \n (121) \n Earnings of equity-accounted investees \n 15 \n 3 \n 26 \n 6 \n Impairment of property, plant and equipment (Note 4)  \n (1,809) \n - \n (1,809) \n - \n Other income (expenses) (Note 5) \n 82 \n (35) \n (71) \n (73) \n (Loss) Earnings before Finance Costs and Income Taxes \n (1,359) \n 100 \n (132) \n 424 \n Finance costs \n (142) \n (60) \n (394) \n (180) \n (Loss) Earnings before Income Taxes \n (1,501) \n 40 \n (526) \n 244 \n Income tax recovery (expense) (Note 6) \n 434 \n (24) \n 199 \n 30 \n Net (Loss) Earnings from Continuing Operations \n (1,067) \n 16 \n (327) \n 274 \n Net earnings from discontinued operations (Note 7) \n 23 \n 37 \n 698 \n 129 \n Net (Loss) Earnings  \n $ \n (1,044) \n $ \n 53 \n $ \n 371 \n $ \n 403 \n Net (Loss) Earnings per Share from Continuing Operations \n Basic \n $ \n (1.74) \n $ \n 0.02 \n $ \n (0.52) \n $ \n 0.33 \n Diluted \n $ \n (1.74) \n $ \n 0.02 \n $ \n (0.52) \n $ \n 0.33 \n Net (Loss) Earnings per Share from Continuing and Discontinued Operations \n Basic \n $ \n (1.70) \n $ \n 0.06 \n $ \n 0.59 \n $ \n 0.48 \n Diluted \n $ \n (1.70) \n $ \n 0.06 \n $ \n 0.59 \n $ \n 0.48 \n Dividends Declared per Share  \n $ \n 0.40 \n $ \n 0.10 \n $ \n 1.20 \n $ \n 0.30 \n Weighted Average Shares Outstanding (Note 10) \n Basic \n 614,950,000 \n 840,137,000 \n 629,197,000 \n 840,037,000 \n Diluted \n 614,950,000 \n 840,301,000 \n 629,197,000 \n 840,202,000 \n (See Notes to the Condensed Consolidated Financial Statements) \n   \n Nutrien Ltd.  \n Condensed Consolidated Statements of Comprehensive (Loss) Income \n (in millions of US dollars) \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Net of related income taxes) \n (Note 11) \n (Note 11) \n Net (Loss) Earnings \n $ \n (1,044) \n $ \n 53 \n $ \n 371 \n $ \n 403 \n Other Comprehensive Income (Loss) \n Items that will not be reclassified to net (loss) earnings: \n Net actuarial gain on defined benefit plans (1) \n - \n - \n 56 \n - \n Financial instruments measured at FVTOCI (2) \n Net fair value gain (loss) on investments \n 14 \n 35 \n (79) \n 128 \n Items that have been or may be subsequently reclassified to \n net (loss) earnings: \n Cash flow hedges \n Net fair value loss during the period (3) \n (4) \n (1) \n (3) \n (8) \n Reclassification of net loss to (loss) earnings (4) \n - \n 9 \n - \n 28 \n Foreign currency translation \n Loss on translation of net foreign operations \n (8) \n - \n (146) \n - \n Equity-accounted investees \n Share of other comprehensive (loss) income \n (1) \n (1) \n (2) \n 2 \n Other Comprehensive Income (Loss) \n 1 \n 42 \n (174) \n 150 \n Comprehensive (Loss) Income \n $ \n (1,043) \n $ \n 95 \n $ \n 197 \n $ \n 553 \n (1) Net of income taxes of $NIL (2017 – $NIL) for the three months ended September 30, 2018 and $(16) (2017 – $NIL) for the nine months ended September 30, 2018. \n (2) As at September 30, 2018, financial instruments measured at fair value through other comprehensive income (\"FVTOCI\") are comprised of shares in Sinofert Holdings Limited (\"Sinofert\") and other (September 30, 2017 - Israel Chemicals Ltd. (\"ICL\"), Sinofert and other). The company's investment in ICL was classified as held for sale at December 31, 2017 and the divestiture of all equity interests in ICL was completed on January 24, 2018. \n (3) Cash flow hedges are comprised of natural gas derivative instruments and were net of income taxes of $1 (2017 - $NIL) for the three months ended September 30, 2018 and $1 (2017 - $4) for the nine months ended September 30, 2018. \n (4) Net of income taxes of $NIL (2017 - $(4)) for the three months ended September 30, 2018 and $NIL (2017 - $(15)) for the nine months ended September 30, 2018.   \n (See Notes to the Condensed Consolidated Financial Statements) \n   \n Nutrien Ltd.  \n Condensed Consolidated Statements of Cash Flows \n (in millions of US dollars) \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n Operating Activities \n Net (loss) earnings \n $ \n (1,044) \n $ \n 53 \n $ \n 371 \n $ \n 403 \n Adjustments to reconcile net (loss) earnings to cash (used in) \n provided by operating activities (Note 8) \n 1,801 \n 237 \n 2,095 \n 532 \n Changes in non-cash operating working capital (Note 8) \n (934) \n 3 \n (2,382) \n (91) \n Cash (used in) provided by operating activities \n (177) \n 293 \n 84 \n 844 \n Investing Activities \n Business acquisitions, net of cash acquired (Note 2) \n (140) \n - \n (385) \n - \n Additions to property, plant and equipment \n (352) \n (170) \n (913) \n (431) \n Cash acquired in Merger (Note 2) \n - \n - \n 466 \n - \n Proceeds from disposal of discontinued operations (Note 7) \n 14 \n - \n 1,833 \n - \n Purchase of investments \n (15) \n - \n (123) \n - \n Other \n 14 \n - \n 25 \n (1) \n Cash (used in) provided by investing activities \n (479) \n (170) \n 903 \n (432) \n Financing Activities \n Finance costs on long-term debt \n - \n - \n (21) \n (1) \n Proceeds from (repayment of) short-term debt (Note 9) \n 1,319 \n (39) \n 3,214 \n (99) \n Repayment of long-term debt \n (2) \n - \n (8) \n - \n Dividends paid (Note 10) \n (248) \n (84) \n (708) \n (248) \n Repurchase of common shares (Note 10) \n (459) \n - \n (1,663) \n - \n Issuance of common shares (Note 10) \n 5 \n - \n 7 \n 1 \n Cash provided by (used in) financing activities \n 615 \n (123) \n 821 \n (347) \n Effect of exchange rate changes on cash and cash equivalents \n (13) \n - \n (22) \n - \n (Decrease) Increase in Cash and Cash Equivalents \n (54) \n - \n 1,786 \n 65 \n Cash and Cash Equivalents, Beginning of Period \n 1,956 \n 97 \n 116 \n 32 \n Cash and Cash Equivalents, End of Period (Note 8) \n $ \n 1,902 \n $ \n 97 \n $ \n 1,902 \n $ \n 97 \n Cash and cash equivalents comprised of: \n Cash \n $ \n 580 \n $ \n 31 \n $ \n 580 \n $ \n 31 \n Short-term investments \n 1,322 \n 66 \n 1,322 \n 66 \n $ \n 1,902 \n $ \n 97 \n $ \n 1,902 \n $ \n 97 \n (See Notes to the Condensed Consolidated Financial Statements) \n   \n Nutrien Ltd. \n Condensed Consolidated Statement of Changes in Shareholders' Equity \n (in millions of US dollars) \n (unaudited) \n Accumulated Other Comprehensive (Loss) Income \n Net \n Comprehensive \n Total \n Net fair value \n Net (loss) gain \n actuarial \n Translation loss \n loss of  \n Accumulated \n loss on \n on derivatives \n gain on \n of net foreign  \n equity-accounted \n Other \n Share \n Contributed \n investments  \n designated as \n defined \n operations \n investees \n Comprehensive \n Retained \n Total \n Capital \n Surplus \n (1),(2) \n cash flow hedges \n benefit plans (3) \n (Note 11) \n (Note 11) \n Income (Loss) \n Earnings \n Equity \n Balance - December 31, 2017 \n $ \n 1,806 \n $ \n 230 \n $ \n 73 \n $ \n (43) \n $ \n - \n $ \n (2) \n $ \n (3) \n $ \n 25 \n $ \n 6,242 \n $ \n 8,303 \n Merger impact (Note 2) \n 15,898 \n 7 \n - \n - \n - \n - \n - \n - \n (1) \n 15,904 \n Net earnings \n - \n - \n - \n - \n - \n - \n - \n - \n 371 \n 371 \n Other comprehensive (loss) income \n - \n - \n (79) \n (3) \n 56 \n (146) \n (2) \n (174) \n - \n (174) \n Shares repurchased (Note 10) \n (884) \n (23) \n - \n - \n - \n - \n - \n - \n (756) \n (1,663) \n Dividends declared (Note 10) \n - \n - \n - \n - \n - \n - \n - \n - \n (749) \n (749) \n Effect of share-based compensation  \n including issuance of common shares  \n 8 \n 17 \n - \n - \n - \n - \n - \n - \n - \n 25 \n Transfer of net actuarial gain on \n defined benefit plans \n - \n - \n - \n - \n (56) \n - \n - \n (56) \n 56 \n - \n Transfer of net loss on sale \n  of investment \n - \n - \n 19 \n - \n - \n - \n - \n 19 \n (19) \n - \n Transfer of net loss on cash flow hedges (4) \n - \n - \n - \n 18 \n - \n - \n - \n 18 \n - \n 18 \n Balance - September 30, 2018 \n $ \n 16,828 \n $ \n 231 \n $ \n 13 \n $ \n (28) \n $ \n - \n $ \n (148) \n $ \n (5) \n $ \n (168) \n $ \n 5,144 \n $ \n 22,035 \n (1) The company adopted IFRS 9 \"Financial Instruments\" in 2018 and reclassified available-for-sale investments as financial instruments measured at FVTOCI. \n (2) The company divested its equity interests in the investment in ICL on January 24, 2018. The loss on sale of ICL of $(19) was transferred to retained earnings at September 30, 2018. The cumulative net unrealized gain at December 31, 2017 was $4.  \n (3) Any amounts incurred during a period are closed out to retained earnings at each period-end. Therefore, no balance exists at the beginning or end of period. \n (4) Net of income taxes of $(1) for the three months ended September 30, 2018 and $(5) for the nine months ended September 30, 2018. \n (See Notes to the Condensed Consolidated Financial Statements) \n   \n Nutrien Ltd. Condensed Consolidated Balance Sheets (in millions of US dollars except share amounts) (unaudited) \n September 30 \n December 31 \n 2018 \n 2017 \n As at \n (Note 2) \n (Note 11) \n Assets \n Current assets \n Cash and cash equivalents \n $ \n 1,902 \n $ \n 116 \n Receivables  \n 4,490 \n 489 \n Inventories  \n 3,910 \n 788 \n Prepaid expenses and other current assets \n 429 \n 72 \n 10,731 \n 1,465 \n Assets held for sale (Note 7) \n 945 \n 1,858 \n 11,676 \n 3,323 \n Non-current assets \n Property, plant and equipment (Note 4) \n 18,608 \n 12,971 \n Goodwill \n 11,217 \n 97 \n Other intangible assets \n 2,256 \n 69 \n Investments \n 879 \n 292 \n Other assets \n 591 \n 246 \n Total Assets \n $ \n 45,227 \n $ \n 16,998 \n Liabilities \n Current liabilities \n Short-term debt (Note 9) \n $ \n 4,770 \n $ \n 730 \n Current portion of long-term debt \n 1,009 \n - \n Payables and accrued charges \n 4,744 \n 836 \n 10,523 \n 1,566 \n Deferred income tax liabilities on assets held for sale (Note 7) \n 28 \n 36 \n 10,551 \n 1,602 \n Non-current liabilities \n Long-term debt \n 7,587 \n 3,711 \n Deferred income tax liabilities \n 2,701 \n 2,205 \n Pension and other post-retirement benefit liabilities (Note 5) \n 446 \n 440 \n Asset retirement obligations and accrued environmental costs \n 1,693 \n 651 \n Other non-current liabilities \n 214 \n 86 \n Total Liabilities \n 23,192 \n 8,695 \n Shareholders' Equity \n Share capital (Note 10) \n 16,828 \n 1,806 \n Unlimited authorization of common shares without par value; issued and outstanding 612,165,448 and 840,223,041 at September 30, 2018 and December 31, 2017, respectively \n Contributed surplus  \n 231 \n 230 \n Accumulated other comprehensive (loss) income \n (168) \n 25 \n Retained earnings  \n 5,144 \n 6,242 \n Total Shareholders' Equity \n 22,035 \n 8,303 \n Total Liabilities and Shareholders' Equity \n $ \n 45,227 \n $ \n 16,998 \n (See Notes to the Condensed Consolidated Financial Statements) \n   \n Nutrien Ltd. Notes to the Condensed Consolidated Financial Statements As at and for the Three and Nine Months Ended September 30, 2018 (in millions of US dollars except as otherwise noted)   (unaudited) \n 1. Significant Accounting Policies \n On January 1, 2018 , Potash Corporation of Saskatchewan Inc. (\"PotashCorp\") and Agrium Inc. (\"Agrium\") combined their businesses in a transaction by way of a plan of arrangement (the \"Merger\") by becoming wholly-owned subsidiaries of a new parent company named Nutrien Ltd. (collectively with its subsidiaries, known as \"Nutrien\" or \"the company\" except to the extent the context otherwise requires). Nutrien is the world's largest provider of crop inputs and services. \n The company's accounting policies are in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (\"IFRS\"). The accounting policies and methods of computation used in preparing these unaudited interim condensed consolidated financial statements are consistent with those used in the preparation of Nutrien's first quarter 2018 unaudited condensed consolidated financial statements (\"first quarter financial statements\"). PotashCorp is the acquirer for accounting purposes, and as a result, figures and related notes for 2017 and prior reflect the historical operations of PotashCorp. The financial statements and related notes of Nutrien in 2018 and beyond reflect the consolidated operations of Nutrien. \n These unaudited interim condensed consolidated 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 the company's first quarter financial statements. Further, while the financial figures included in this preliminary interim results news release have been computed in accordance with IFRS applicable to interim periods, this news release does not contain sufficient information to constitute an interim financial report as that term is defined in International Accounting Standard (\"IAS\") 34, \"Interim Financial Reporting\". The company expects to file an interim financial report that complies with IAS 34 in its 2018 third quarter report in November 2018 . \n In management's opinion, the unaudited interim condensed consolidated financial statements include all adjustments necessary to present fairly such information in all material respects. Interim results are not necessarily indicative of the results expected for the fiscal year. \n 2. Business Combinations \n Merger of Equals \n As described in Note 1, PotashCorp and Agrium combined their businesses in a merger of equals. Further information relating to the merger of equals was previously described in Note 2 of the company's first quarter financial statements. \n The company has engaged independent valuation experts to assist in determining the fair value of certain assets acquired and liabilities assumed and related deferred income tax impacts in connection with the Merger. The purchase price allocation is not final as the company is continuing to obtain and verify information required to determine the fair value of certain assets and liabilities and the amount of deferred income taxes arising on their recognition. The company estimated the preliminary purchase price allocation as of the date of the Merger based on information that was available and continues to adjust those estimates as new information becomes available that existed at the date of acquisition. The company expects to finalize the amounts recognized as it obtains the information necessary to complete the analysis, and in any event, not later than December 31, 2018 . \n Final determination of the fair values may result in further adjustments to the values presented in the following table: \n Preliminary fair value as previously reported ( 1) \n Adjustments ( 2) \n Estimated fair value as at September 30, 2018 \n Cash and cash equivalents \n $ \n 466 \n $ \n - \n $ \n 466 \n Receivables \n 2,422 \n - \n 2,422 \n Inventories \n 3,303 \n - \n 3,303 \n Prepaid expenses and other current assets \n 1,124 \n - \n 1,124 \n Assets held for sale \n 95 \n - \n 95 \n Property, plant and equipment \n 7,566 \n (107) \n 7,459 \n Goodwill \n 10,837 \n 124 \n 10,961 \n Other intangible assets \n 2,348 \n - \n 2,348 \n Investments \n 528 \n - \n 528 \n Other assets \n 123 \n 75 \n 198 \n Total Assets \n 28,812 \n 92 \n 28,904 \n Short-term debt \n $ \n 867 \n $ \n - \n $ \n 867 \n Payables and accrued charges \n 5,226 \n 13 \n 5,239 \n Long-term debt \n 4,941 \n - \n 4,941 \n Deferred income tax liabilities \n 492 \n 40 \n 532 \n Pension and other post-retirement benefits liabilities \n 142 \n - \n 142 \n Asset retirement obligations and accrued environmental costs \n 1,055 \n 39 \n 1,094 \n Other non-current liabilities \n 79 \n - \n 79 \n Total Liabilities \n 12,802 \n 92 \n 12,894 \n Net assets (consideration for the Merger) \n $ \n 16,010 \n $ \n - \n $ \n 16,010 \n (1) As previously reported in the company's second quarter 2018 unaudited condensed consolidated financial statements.  \n (2) The company recorded adjustments to the preliminary fair value in the third quarter of 2018 to reflect facts and circumstances in existence as of the date of acquisition. These adjustments primarily related to changes in preliminary valuation assumptions, including refinement of property, plant and equipment, and asset retirement obligations estimates based on new information available that existed at the date of acquisition and recording certain components of the tax impact of the fair value adjustments. All measurement period adjustments were offset against goodwill. \n   \n Retail Acquisitions \n During the year, the retail segment acquired 43 farm centers in North America and Australia , in addition to companies operating within the digital agriculture, proprietary products and agricultural services segments. Benefits of the acquisitions include expansion of geographical coverage for the sale of crop input products, increased customer base and workforce, continued growth in the digital agricultural field and synergies between Nutrien and the acquired businesses. \n The purchase price allocation for these acquisitions is not final as the company is still gathering and analyzing information relating to the acquired assets and assumed liabilities, including fair values and the resulting income tax impact. \n The preliminary values allocated to the acquired assets and assumed liabilities based upon fair values were as follows: \n September 30, 2018 \n Working capital \n $ \n 104 \n Property, plant and equipment \n 94 \n Other intangible assets \n 7 \n Goodwill (1) \n 175 \n Other non-current assets \n 14 \n Other non-current liabilities \n (9) \n Total consideration \n $ \n 385 \n (1) Goodwill was calculated as the difference between the amount of consideration transferred and the net identifiable assets acquired.  \n   \n 3. Segment Information \n The company has four reportable operating segments: retail, potash, nitrogen and phosphate and sulfate. The retail segment distributes crop nutrients, crop protection products, seed and merchandise and provides services directly to growers through a network of farm centers in North and South America and Australia . The potash, nitrogen and phosphate and sulfate segments are differentiated by the chemical nutrient contained in the products that each produces. \n Three Months Ended September 30, 2018 \n Retail \n Potash \n Nitrogen \n Phosphate and Sulfate \n Others \n Eliminations \n Consolidated \n Sales \n - third party \n $ \n 2,161 \n $ \n 880 \n $ \n 584 \n $ \n 409 \n $ \n - \n $ \n - \n $ \n 4,034 \n - intersegment \n 14 \n 62 \n 109 \n 86 \n - \n (271) \n - \n Sales \n - total \n 2,175 \n 942 \n 693 \n 495 \n - \n (271) \n 4,034 \n Freight, transportation and \n distribution  \n - \n (125) \n (81) \n (58) \n - \n 11 \n (253) \n Net sales \n 2,175 \n 817 \n 612 \n 437 \n - \n (260) \n Cost of goods sold \n (1,642) \n (358) \n (457) \n (401) \n - \n 232 \n (2,626) \n Gross margin \n 533 \n 459 \n 155 \n 36 \n - \n (28) \n 1,155 \n Selling expenses \n (552) \n (3) \n (8) \n (3) \n 6 \n - \n (560) \n General and administrative expenses \n (25) \n (3) \n (7) \n (2) \n (126) \n - \n (163) \n Provincial mining and other taxes \n - \n (78) \n (1) \n - \n - \n - \n (79) \n Earnings of equity-accounted \n investees \n 1 \n - \n 17 \n - \n (3) \n - \n 15 \n Impairment of property, plant and \n equipment (Note 4) \n - \n (1,809) \n - \n - \n - \n - \n (1,809) \n Other income (expenses) \n 37 \n (5) \n (10) \n 1 \n 59 \n - \n 82 \n (Loss) earnings before finance costs and  \n income taxes \n (6) \n (1,439) \n 146 \n 32 \n (64) \n (28) \n (1,359) \n Depreciation and amortization \n 122 \n 128 \n 111 \n 56 \n 10 \n - \n 427 \n EBITDA (1) \n 116 \n (1,311) \n 257 \n 88 \n (54) \n (28) \n (932) \n (1) See reconciliation of non-IFRS measure in the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section.  \n   \n Three Months Ended September 30, 2017 \n Potash \n Nitrogen \n Phosphate and Sulfate \n Others \n Eliminations \n Consolidated \n Sales \n - third party \n $ \n 595 \n $ \n 288 \n $ \n 351 \n $ \n - \n $ \n - \n $ \n 1,234 \n - intersegment \n - \n 15 \n - \n - \n (15) \n - \n Sales \n - total \n 595 \n 303 \n 351 \n - \n (15) \n 1,234 \n Freight, transportation and distribution \n (85) \n (33) \n (54) \n - \n - \n (172) \n Net sales \n 510 \n 270 \n 297 \n - \n (15) \n Cost of goods sold \n (253) \n (249) \n (342) \n - \n 15 \n (829) \n Gross margin   \n 257 \n 21 \n (45) \n - \n - \n 233 \n Selling expenses \n (2) \n (3) \n (1) \n (1) \n - \n (7) \n General and administrative expenses \n (2) \n (1) \n (1) \n (45) \n - \n (49) \n Provincial mining and other taxes \n (45) \n - \n - \n - \n - \n (45) \n Earnings of equity-accounted \n investees \n - \n 3 \n - \n - \n - \n 3 \n Other expenses \n (5) \n (3) \n (1) \n (26) \n - \n (35) \n Earnings (loss) before finance costs and  \n income taxes \n 203 \n 17 \n (48) \n (72) \n - \n 100 \n Depreciation and amortization \n 72 \n 47 \n 52 \n 9 \n - \n 180 \n EBITDA \n 275 \n 64 \n 4 \n (63) \n - \n 280 \n   \n Nine Months Ended September 30, 2018 \n Retail \n Potash \n Nitrogen \n Phosphate and Sulfate \n Others \n Eliminations \n Consolidated \n Sales \n - third party \n $ \n 10,580 \n $ \n 2,148 \n $ \n 1,989 \n $ \n 1,157 \n $ \n - \n $ \n - \n $ \n 15,874 \n - intersegment \n 36 \n 180 \n 419 \n 246 \n - \n (881) \n Sales \n  - total \n 10,616 \n 2,328 \n 2,408 \n 1,403 \n - \n (881) \n 15,874 \n Freight, transportation and \n distribution  \n - \n (298) \n (268) \n (168) \n - \n 59 \n (675) \n Net sales \n 10,616 \n 2,030 \n 2,140 \n 1,235 \n - \n (822) \n Cost of goods sold \n (8,243) \n (912) \n (1,576) \n (1,128) \n - \n 793 \n (11,066) \n Gross margin \n 2,373 \n 1,118 \n 564 \n 107 \n - \n (29) \n 4,133 \n Selling expenses \n (1,732) \n (9) \n (24) \n (8) \n 15 \n - \n (1,758) \n General and administrative expenses \n (73) \n (8) \n (17) \n (6) \n (357) \n - \n (461) \n Provincial mining and other taxes \n - \n (188) \n (2) \n (1) \n (1) \n - \n (192) \n Earnings of equity-accounted \n investees \n 6 \n - \n 24 \n - \n (4) \n - \n 26 \n Impairment of property, plant and \n equipment (Note 4) \n - \n (1,809) \n - \n - \n - \n - \n (1,809) \n Other income (expenses) \n 51 \n (13) \n (17) \n 2 \n (94) \n - \n (71) \n Earnings (loss) before finance costs \n and income taxes \n 625 \n (909) \n 528 \n 94 \n (441) \n (29) \n (132) \n Depreciation and amortization \n 367 \n 312 \n 325 \n 149 \n 41 \n - \n 1,194 \n EBITDA \n 992 \n (597) \n 853 \n 243 \n (400) \n (29) \n 1,062 \n   \n Nine Months Ended September 30, 2017 \n Potash \n Nitrogen \n Phosphate and Sulfate \n Others \n Eliminations \n Consolidated \n Sales \n - third party \n $ \n 1,485 \n $ \n 1,047 \n $ \n 934 \n $ \n - \n $ \n - \n $ \n 3,466 \n - intersegment \n - \n 54 \n - \n - \n (54) \n - \n Sales \n - total \n 1,485 \n 1,101 \n 934 \n - \n (54) \n 3,466 \n Freight, transportation and distribution \n (199) \n (97) \n (125) \n - \n (421) \n Net sales \n 1,286 \n 1,004 \n 809 \n - \n (54) \n Cost of goods sold \n (646) \n (818) \n (869) \n - \n 54 \n (2,279) \n Gross margin   \n 640 \n 186 \n (60) \n - \n - \n 766 \n Selling expenses \n (6) \n (11) \n (5) \n (2) \n - \n (24) \n General and administrative expenses \n (6) \n (3) \n (3) \n (118) \n - \n (130) \n Provincial mining and other taxes \n (121) \n - \n - \n - \n - \n (121) \n Earnings of equity-accounted \n investees \n - \n 5 \n - \n 1 \n - \n 6 \n Other expenses \n (15) \n (7) \n (3) \n (48) \n - \n (73) \n Earnings (loss) before finance costs and  \n income taxes \n 492 \n 170 \n (71) \n (167) \n - \n 424 \n Depreciation and amortization \n 183 \n 144 \n 166 \n 27 \n - \n 520 \n EBITDA \n 675 \n 314 \n 95 \n (140) \n - \n 944 \n   \n 4. Impairment of Property, Plant and Equipment \n After a strategic portfolio review was completed by the Board of Directors during the third quarter of 2018, it was determined the New Brunswick operations would no longer be part of the company's medium-term or long-term strategic plans. As a result, the New Brunswick operations will be safely shutdown. The decision was considered a significant change in the expected manner of use and the related assets were moved from the Potash cash-generating unit (\"CGU\") to the New Brunswick CGU. Indicators of impairment were identified and the company conducted an impairment assessment of the New Brunswick CGU where the estimated recoverable amount was determined to be $50 , based on fair value less costs of disposal. Since the estimated recoverable amount was lower than the carrying value, an impairment loss of $1,809 ( $1,320 , net of tax) was recorded in the potash segment for the three and nine months ended September 30, 2018 . \n 5. Other Income (Expenses) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Note 11) \n (Note 11) \n Gain on curtailment of defined benefit pension and other post-retirement \n benefit plans \n $ \n 151 \n $ \n - \n $ \n 151 \n $ \n - \n Merger and related costs \n (62) \n (10) \n (143) \n (33) \n Foreign exchange (loss) gain \n - \n (14) \n 2 \n (22) \n Other expenses \n (7) \n (11) \n (81) \n (18) \n $ \n 82 \n $ \n (35) \n $ \n (71) \n $ \n (73) \n   \n During the third quarter of 2018, as part of the company's continuous assessment of its operations, participation in certain company defined benefit pension and other post-retirement benefit plans was suspended and/or discontinued effective January 1, 2020 based on age and years of service. As a result, the company recognized a merger-related gain on curtailment of defined benefit pension and other post-retirement benefit plans (\"Curtailment Gain\") of $151 . \n 6. Income Tax Recovery (Expense) \n A separate estimated average annual effective tax rate was determined for each taxing jurisdiction and applied individually to the interim period (loss) earnings before income taxes from continuing operations for each jurisdiction. \n Income Tax Related to Continuing Operations \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n Income tax recovery (expense) \n $ \n 434 \n $ \n (24) \n $ \n 199 \n $ \n 30 \n Actual effective tax rate on (loss) earnings from continuing operations \n 29% \n 36% \n 38% \n 15% \n Actual effective tax rate including discrete items \n 29% \n 59% \n 38% \n (13%) \n Discrete tax adjustments that impacted the tax rate  \n $ \n (2) \n $ \n (9) \n $ \n - \n $ \n 67 \n   \n The actual effective tax rate on the loss from continuing operations for the three months ended September 30, 2018 decreased compared to the same period last year. This was primarily due to different income weightings between jurisdictions, partially offset by the impairment of the New Brunswick property, plant and equipment. \n The actual effective tax rate on the loss from continuing operations for the nine months ended September 30, 2018 increased compared to the same period last year. This was due to different income weightings between jurisdictions, mostly a decline in Canada partially offset by an increase in the United States , as well as the impairment of the New Brunswick property, plant and equipment. \n In the second quarter of 2017, a discrete deferred tax recovery of $68 was recorded as a result of a Saskatchewan income tax rate decrease. This decreased the actual effective tax rate including discrete items for the nine months ended September 30, 2017 by 28 percentage points. \n 7. Discontinued Operations \n The company's investments in Sociedad Quimica y Minera de Chile S.A. (\"SQM\"), ICL and Arab Potash Company (\"APC\") were classified as held for sale and as discontinued operations in December 2017 , due to regulatory requirements to dispose of these investments in connection with the Merger. The company's share of earnings, dividend income and associated income tax recovery (expense) pertaining to these investments were reclassified from (loss) earnings before income taxes and income tax recovery (expense) to net earnings from discontinued operations on the condensed consolidated statements of (loss) earnings. \n For the nine months ended September 30, 2018: \n Impact of Sale on:  \n Proceeds \n Gain (Loss) on Sale \n Net of \n Income taxes \n AOCI \n Net Earnings \n and Retained \n Earnings \n Sale of shares in SQM (1) \n $ \n 1,061 \n $ \n 841 \n $ \n 586 \n $ \n - \n $ \n 586 \n Sale of shares in ICL (2) \n 685 \n (19) \n (19) \n (19) \n - \n Sale of Conda (3) \n 87 \n - \n - \n - \n - \n Total \n $ \n 1,833 \n $ \n 822 \n $ \n 567 \n $ \n (19) \n $ \n 586 \n (1) In the second quarter of 2018, the company completed the sale of a portion of its equity interest in SQM.  \n (2) In the first quarter of 2018, the company completed the sale of its equity interests in ICL through a private secondary offering. \n (3) In the first quarter of 2018, the company completed the sale of its Conda phosphate operations.  \n   \n On May 17, 2018 , the company entered into an agreement with a third party for the sale of its remaining equity interest in SQM for $4,066 before taxes and closing costs. The agreement is subject to customary closing conditions (including applicable regulatory approvals) and is expected to close by the end of the fourth quarter of 2018. \n On October 24, 2018 , the company completed the sale of its equity interests in APC for gross proceeds of $502 , resulting in a gain on disposal of approximately $140 , net of income taxes of $NIL. \n Net Earnings from Discontinued Operations    \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n Gain on disposal of investment in SQM \n $ \n - \n $ \n - \n $ \n 841 \n $ \n - \n Dividend income of SQM, APC and ICL (1) \n 30 \n 5 \n 156 \n 17 \n Share of earnings of SQM and APC (1) \n - \n 30 \n - \n 115 \n Income tax (expense) recovery (2) \n (7) \n 2 \n (299) \n (3) \n Net earnings from discontinued operations \n $ \n 23 \n $ \n 37 \n $ \n 698 \n $ \n 129 \n Net Earnings per Share from Discontinued Operations \n Basic \n $ \n 0.04 \n $ \n 0.04 \n $ \n 1.11 \n $ \n 0.15 \n Diluted \n $ \n 0.04 \n $ \n 0.04 \n $ \n 1.11 \n $ \n 0.15 \n (1) The company's investments in SQM and APC were classified as discontinued operations at December 1, 2017 and December 31, 2017, respectively, and, as a result, equity accounting in respect of these investments ceased after such dates. \n (2) For the three months ended September 30, 2018, income tax expense relates to the planned repatriation of dividend income and the remaining excess cash available in Chile. For the nine months ended September 30, 2018, income tax expense is comprised of $255 relating to the disposals of certain SQM shares including the planned repatriation of the net proceeds, and $44 relating to earnings from discontinued operations ($26 for the planned repatriation of dividend income received from SQM and $18 for the planned repatriation of the remaining excess cash available in Chile). \n   \n Cash flows from Discontinued Operations \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n Operating Activities \n Dividends from discontinued operations \n $ \n 30 \n $ \n 38 \n $ \n 156 \n $ \n 133 \n Cash provided by operating activities \n $ \n 30 \n $ \n 38 \n $ \n 156 \n $ \n 133 \n Investing activities \n Proceeds from disposal of discontinued operations \n $ \n 14 \n $ \n - \n $ \n 1,833 \n $ \n - \n Cash provided by investing activities \n $ \n 14 \n $ \n - \n $ \n 1,833 \n $ \n - \n   \n 8. Consolidated Statements of Cash Flows \n In connection with the sale of one of the company's investments, the company received $325 of cash that is currently not available for use. \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Note 11) \n (Note 11) \n Reconciliation of cash (used in) provided by operating activities \n Net (loss) earnings \n $ \n (1,044) \n $ \n 53 \n $ \n 371 \n $ \n 403 \n Adjustments to reconcile net (loss) earnings to cash (used in) provided by \n  operating activities \n Gain on sale of investment in SQM (Note 7) \n - \n - \n (841) \n - \n Depreciation and amortization \n 427 \n 180 \n 1,194 \n 520 \n Impairment of property, plant and equipment (Note 4) \n 1,809 \n 29 \n 1,809 \n 29 \n Net (undistributed) distributed earnings of equity-accounted investees \n (1) \n 1 \n (9) \n (1) \n Share-based compensation \n 51 \n 2 \n 149 \n 9 \n Recovery of deferred income tax \n (356) \n (3) \n (58) \n (99) \n Asset retirement obligations and accrued environmental costs \n (11) \n 1 \n (39) \n 3 \n Other long-term liabilities and miscellaneous \n (118) \n 27 \n (110) \n 71 \n Subtotal of adjustments \n 1,801 \n 237 \n 2,095 \n 532 \n Changes in non-cash operating working capital \n Receivables \n 327 \n (126) \n (1,504) \n (88) \n Inventories \n 129 \n 72 \n 124 \n 14 \n Prepaid expenses and other current assets \n (117) \n 11 \n 737 \n (3) \n Payables and accrued charges \n (1,273) \n 46 \n (1,739) \n (14) \n Subtotal of changes in non-cash operating working capital \n (934) \n 3 \n (2,382) \n (91) \n Cash (used in) provided by operating activities \n $ \n (177) \n $ \n 293 \n $ \n 84 \n $ \n 844 \n Supplemental cash flows disclosure \n Interest paid \n $ \n 125 \n $ \n 30 \n $ \n 366 \n $ \n 133 \n Income taxes paid \n $ \n 27 \n $ \n 14 \n $ \n 123 \n $ \n 67 \n   \n 9. Short-term Debt \n Short-term debt as of September 30, 2018 included $500 of borrowings secured by $1,798 of accounts receivable. The company retained control of the substantial risks and rewards of accounts receivable ownership. \n During the three months ended September 30, 2018 , the company entered into an amending agreement to replace its $75 unsecured line of credit with a new $250 uncommitted revolving credit facility repayable on demand. The covenants under the new credit facility were the same as under the line of credit. \n Subsequent to September 30, 2018 , the company entered into an amending agreement to increase the uncommitted revolving credit facility to $500 . \n 10. Share Capital \n Share repurchase program \n On February 20, 2018 , the company's Board of Directors approved a share repurchase program of up to five percent of the company's outstanding common shares over a one-year period through a normal course issuer bid. Purchases under the normal course issuer bid were made through open market purchases at market price as well as by other means as permitted by applicable securities regulatory authorities, including private agreements. The company completed the share repurchase program by September 30, 2018 . \n The company repurchased for cancellation 7,271,800 common shares during the three months ended September 30, 2018 , at a cost of $394 and an average price per share of $54.15 . During the nine months ended September 30, 2018 , the company repurchased for cancellation 32,209,923 common shares at a cost of $1,663 and an average price per share of $51.62 . The repurchase resulted in a reduction of share capital, and the excess of net cost over the average book value of the shares was recorded as a reduction of contributed surplus and retained earnings.   \n Anti-dilutive shares \n The diluted weighted average shares calculation excluded 979,000 stock options and 118,000 equity-settled performance share units for the three months ended September 30, 2018 ; and 621,000 stock options and 118,000 equity-settled performance share units for the nine months ended September 30, 2018 , due to their anti-dilutive effect. \n Dividends declared \n Subsequent to September 30, 2018 , Nutrien's Board of Directors declared a quarterly dividend of $0.43 per share payable on January 17, 2019 , to shareholders of record on December 31, 2018 . This represents a 7.5 percent increase from the previously declared dividends. The total estimated dividend to be paid is $263 . \n 11. Comparative Figures \n As described in Note 1, the comparative figures are PotashCorp only. To conform with Nutrien's new method of presentation and as a result of discontinued operations described in Note 7, comparative figures were reclassified as follows, with no impact to net earnings. \n Condensed Consolidated Statements of (Loss) Earnings \n Three Months Ended September 30, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after Reclassifications \n Cost of goods sold \n $ \n (832) \n $ \n 3 \n $ \n (829) \n Selling and administrative expenses \n (56) \n 56 \n - \n Selling expenses \n - \n (7) \n (7) \n General and administrative expenses \n - \n (49) \n (49) \n Provincial mining and other taxes \n (47) \n 2 \n (45) \n Earnings of equity-accounted investees \n 33 \n (30) \n (1) \n 3 \n Dividend income \n 5 \n (5) \n (1) \n - \n Other expenses \n (30) \n (5) \n (35) \n Income taxes \n (22) \n (2) \n (1) \n (24) \n Net earnings from discontinued operations \n - \n 37 \n (1) \n 37 \n $ \n (949) \n $ \n - \n $ \n (949) \n (1) Includes reclassifications as a result of discontinued operations described in Note 7.  \n Nine Months Ended September 30, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after Reclassifications \n Cost of goods sold \n $ \n (2,292) \n $ \n 13 \n $ \n (2,279) \n Selling and administrative expenses \n (154) \n 154 \n - \n Selling expenses \n - \n (24) \n (24) \n General and administrative expenses \n - \n (130) \n (130) \n Provincial mining and other taxes \n (125) \n 4 \n (121) \n Earnings of equity-accounted investees \n 121 \n (115) \n (1) \n 6 \n Dividend income \n 17 \n (17) \n (1) \n - \n Other expenses \n (56) \n (17) \n (73) \n Income taxes \n 27 \n 3 \n (1) \n 30 \n Net earnings from discontinued operations \n - \n 129 \n (1) \n 129 \n $ \n (2,462) \n $ \n - \n $ \n (2,462) \n (1) Includes reclassifications as a result of discontinued operations described in Note 7.  \n   \n Condensed Consolidated Statements of Comprehensive (Loss) Income \n Three Months Ended September 30, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after Reclassifications \n Other \n $ \n (1) \n $ \n 1 \n $ \n - \n Loss on translation of net foreign operations \n - \n - \n - \n Equity-accounted investees  \n Share of other comprehensive income \n - \n (1) \n (1) \n $ \n (1) \n $ \n - \n $ \n (1) \n Nine Months Ended September 30, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after \n Reclassifications \n Other \n $ \n 2 \n $ \n (2) \n $ \n - \n Loss on translation of net foreign operations \n - \n - \n - \n Equity-accounted investees  \n Share of other comprehensive income \n - \n 2 \n 2 \n $ \n 2 \n $ \n - \n $ \n 2 \n   \n Condensed Consolidated Statements of Cash Flows \n Three Months Ended September 30, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after Reclassifications \n Pension and other post-retirement benefits \n $ \n 17 \n $ \n (17) \n $ \n - \n Other long-term liabilities and miscellaneous \n 10 \n 17 \n 27 \n $ \n 27 \n $ \n - \n $ \n 27 \n Nine Months Ended September 30, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after Reclassifications \n Pension and other post-retirement benefits \n $ \n 50 \n $ \n (50) \n $ \n - \n Other long-term liabilities and miscellaneous \n 21 \n 50 \n 71 \n $ \n 71 \n $ \n - \n $ \n 71 \n   \n Condensed Consolidated Statement of Changes in Shareholders' Equity \n As at December 31, 2017 \n Previously Reported \n Reclassification Amounts \n Reported after Reclassifications \n Other \n $ \n (5) \n $ \n 5 \n $ \n - \n Translation loss of net foreign operations \n - \n (2) \n (2) \n Comprehensive loss of equity-accounted investees \n - \n (3) \n (3) \n $ \n (5) \n $ \n - \n $ \n (5) \n   \n Condensed Consolidated Balance Sheet \n As at December 31, 2017 \n Previously Reported \n Reclassification . \n Amounts \n Reported after Reclassifications \n Intangible assets \n $ \n 166 \n $ \n (166) \n $ \n - \n Goodwill \n - \n 97 \n 97 \n Other intangible assets \n - \n 69 \n 69 \n $ \n 166 \n $ \n - \n $ \n 166 \n Investments in equity-accounted investees \n $ \n 30 \n $ \n (30) \n $ \n - \n Available-for-sale investments \n 262 \n (262) \n - \n Investments \n - \n 292 \n 292 \n $ \n 292 \n $ \n - \n $ \n 292 \n Short-term debt and current portion of long-term debt \n $ \n 730 \n $ \n (730) \n $ \n - \n Short-term debt \n - \n 730 \n 730 \n $ \n 730 \n $ \n - \n $ \n 730 \n Payables and accrued charges \n $ \n 807 \n $ \n 29 \n $ \n 836 \n Current portion of derivative instrument liabilities \n 29 \n (29) \n - \n $ \n 836 \n $ \n - \n $ \n 836 \n Other non-current liabilities \n $ \n 51 \n $ \n 35 \n $ \n 86 \n Derivative instrument liabilities \n 35 \n (35) \n - \n $ \n 86 \n $ \n - \n $ \n 86 \n 12. Subsequent Events \n Subsequent to September 30, 2018 , the company signed a new natural gas purchase agreement in Trinidad . This five-year $1,258 contract will commence January 1, 2019 and is set to expire December 31, 2023 . The signing of the new contract has increased the company's minimum purchase commitments as disclosed in the company's first quarter financial statements as follows: 2019 – $244 , 2020 – $248 , 2021 – $252 , 2022 – $255 and 2023 – $259 . \n   \n Nutrien Ltd. \n Selected Financial Data \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Nutrien) (1) \n (Nutrien) (1) \n Retail Sales (US $ millions) \n Crop nutrients \n $ \n 650 \n $ \n 528 \n $ \n 3,660 \n $ \n 3,231 \n Crop protection products \n 1,086 \n 1,117 \n 4,218 \n 4,225 \n Seed \n 60 \n 59 \n 1,584 \n 1,521 \n Merchandise \n 205 \n 187 \n 555 \n 496 \n Services and other  \n 174 \n 176 \n 599 \n 541 \n Sales \n $ \n 2,175 \n $ \n 2,067 \n $ \n 10,616 \n $ \n 10,014 \n Retail Gross Margin (US $ millions) \n Crop nutrients \n $ \n 142 \n $ \n 120 \n $ \n 739 \n $ \n 680 \n Crop protection products \n 236 \n 243 \n 885 \n 858 \n Seed \n 14 \n 21 \n 277 \n 274 \n Merchandise \n 27 \n 29 \n 76 \n 78 \n Services and other \n 114 \n 105 \n 396 \n 361 \n Gross Margin \n $ \n 533 \n $ \n 518 \n $ \n 2,373 \n $ \n 2,251 \n Crop Nutrients Sales Volumes (tonnes - thousands) \n North America \n 945 \n 843 \n 7,004 \n 6,582 \n International \n 545 \n 400 \n 1,695 \n 1,400 \n Crop Nutrients Sales Volumes \n 1,490 \n 1,243 \n 8,699 \n 7,982 \n Crop Nutrients Selling Price per Tonne \n North America \n $ \n 459 \n $ \n 444 \n $ \n 432 \n $ \n 417 \n International \n $ \n 396 \n $ \n 384 \n $ \n 372 \n $ \n 347 \n Crop Nutrients Selling Price per Tonne \n $ \n 436 \n $ \n 425 \n $ \n 421 \n $ \n 405 \n Crop Nutrients Gross Margin per Tonne \n North America \n $ \n 109 \n $ \n 115 \n $ \n 93 \n $ \n 96 \n International \n $ \n 71 \n $ \n 55 \n $ \n 52 \n $ \n 36 \n Crop Nutrients Gross Margin per Tonne \n $ \n 95 \n $ \n 96 \n $ \n 85 \n $ \n 85 \n Proprietary products sales as a percentage of product line sales \n Crop nutrients \n 11% \n 14% \n 9% \n 10% \n Crop protection products \n 26% \n 25% \n 27% \n 26% \n Seed \n 22% \n 24% \n 26% \n 26% \n All Products \n 17% \n 18% \n 18% \n 18% \n Retail Financial Measures (%) \n Rolling four quarters September 30, 2018 (2) \n Target \n Actuals \n EBITDA to sales \n 10% \n 10% \n Average working capital to sales \n 19% \n 20% \n Cash operating coverage ratio \n 59% \n 59% (3) \n (1) Represents information for legacy Agrium in 2017. Legacy PotashCorp did not have retail operations. See reconciliations and descriptions of this non-IFRS measure in the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section. \n (2) EBITDA to sales, average working capital to sales and cash operating coverage ratio are considered non-IFRS measures. See reconciliations and descriptions of these non-IFRS measures in the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section. \n (3) 2018 has been adjusted for the impact of merger-related presentation adjustments. \n   \n Nutrien Ltd. \n Selected Financial Data \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Nutrien) (1) \n (Nutrien) (1) \n Potash Sales Volumes (tonnes - thousands) \n Manufactured Product \n North America \n 1,678 \n 1,373 \n 3,962 \n 3,639 \n Offshore \n 2,180 \n 1,938 \n 6,200 \n 5,562 \n Sales Volumes - Manufactured \n 3,858 \n 3,311 \n 10,162 \n 9,201 \n Potash Net Sales (US $ millions) \n Manufactured Product \n North America \n $ \n 358 \n $ \n 263 \n $ \n 830 \n $ \n 697 \n Offshore \n 458 \n 326 \n 1,198 \n 892 \n Other potash and purchased products \n 1 \n 1 \n 2 \n 5 \n Net Sales (1) \n $ \n 817 \n $ \n 590 \n $ \n 2,030 \n $ \n 1,594 \n Manufactured Product \n Net Selling Price per Tonne \n North America \n $ \n 213 \n $ \n 192 \n $ \n 209 \n $ \n 192 \n Offshore \n $ \n 210 \n $ \n 168 \n $ \n 193 \n $ \n 160 \n Average  \n $ \n 212 \n $ \n 178 \n $ \n 200 \n $ \n 173 \n Cost of Goods Sold per Tonne \n $ \n (93) \n $ \n (97) \n $ \n (90) \n $ \n (93) \n Gross Margin per Tonne \n $ \n 119 \n $ \n 81 \n $ \n 110 \n $ \n 80 \n Depreciation and Amortization per Tonne \n $ \n 33 \n $ \n 28 \n $ \n 31 \n $ \n 29 \n Gross Margin excluding Depreciation and Amortization per Tonne (1) \n $ \n 152 \n $ \n 109 \n $ \n 141 \n $ \n 109 \n Potash Cash Cost of Product Manufactured per Tonne (1) \n $ \n 56 \n $ \n 72 \n $ \n 58 \n $ \n 64 \n (1) Combined historical results of legacy PotashCorp and legacy Agrium, net sales, gross margin excluding depreciation and amortization and cash cost of product manufactured are considered non-IFRS measures. See reconciliations and descriptions of these non-IFRS measures in the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section.  \n   \n Nutrien Ltd. \n Selected Financial Data \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Nutrien) (1) \n (Nutrien) (1) \n Average Natural Gas Cost in Production per MMBtu \n $ \n 2.74 \n $ \n 2.72 \n $ \n 2.78 \n $ \n 3.04 \n Nitrogen Sales Volumes (tonnes - thousands) \n Manufactured Product \n Ammonia \n 750 \n 724 \n 2,522 \n 2,603 \n Urea \n 691 \n 626 \n 2,316 \n 2,058 \n Solutions and nitrates \n 1,018 \n 929 \n 2,986 \n 2,822 \n Sales Volumes - Manufactured \n 2,459 \n 2,279 \n 7,824 \n 7,483 \n Fertilizer \n 1,197 \n 1,066 \n 4,086 \n 3,866 \n Industrial and Feed \n 1,262 \n 1,213 \n 3,738 \n 3,617 \n Sales Volumes - Manufactured \n 2,459 \n 2,279 \n 7,824 \n 7,483 \n Nitrogen Net Sales (US $ millions) \n Manufactured Product \n Ammonia \n $ \n 190 \n $ \n 149 \n $ \n 668 \n $ \n 703 \n Urea \n 198 \n 144 \n 664 \n 513 \n Solutions and nitrates \n 159 \n 131 \n 485 \n 445 \n Other nitrogen and purchased products \n 65 \n 72 \n 323 \n 361 \n Net Sales (1) \n $ \n 612 \n $ \n 496 \n $ \n 2,140 \n $ \n 2,022 \n Fertilizer \n $ \n 279 \n $ \n 203 \n $ \n 1,021 \n $ \n 883 \n Industrial and Feed  \n 268 \n 221 \n 796 \n 778 \n Other nitrogen and purchased products \n 65 \n 72 \n 323 \n 361 \n Net Sales (1) \n $ \n 612 \n $ \n 496 \n $ \n 2,140 \n $ \n 2,022 \n Manufactured Product \n Net Selling Price per Tonne \n Ammonia \n $ \n 253 \n $ \n 206 \n $ \n 265 \n $ \n 270 \n Urea \n $ \n 286 \n $ \n 228 \n $ \n 286 \n $ \n 249 \n Solutions and nitrates \n $ \n 156 \n $ \n 141 \n $ \n 163 \n $ \n 158 \n Average  \n $ \n 222 \n $ \n 185 \n $ \n 232 \n $ \n 222 \n Fertilizer  \n $ \n 233 \n $ \n 188 \n $ \n 250 \n $ \n 228 \n Industrial and Feed  \n $ \n 212 \n $ \n 182 \n $ \n 213 \n $ \n 215 \n Average  \n $ \n 222 \n $ \n 185 \n $ \n 232 \n $ \n 222 \n Cost of Goods Sold per Tonne \n $ \n (165) \n $ \n (165) \n $ \n (166) \n $ \n (168) \n Gross Margin per Tonne \n $ \n 57 \n $ \n 20 \n $ \n 66 \n $ \n 54 \n Depreciation and Amortization per Tonne \n $ \n 45 \n $ \n 29 \n $ \n 41 \n $ \n 28 \n Gross Margin excluding Depreciation and Amortization per Tonne (1) \n $ \n 102 \n $ \n 49 \n $ \n 107 \n $ \n 82 \n Urea Controllable Cash Cost of Product Manufactured per Tonne (1), (2) \n $ \n 72 \n $ \n 86 \n $ \n 73 \n $ \n 78 \n (1) Combined historical results of legacy PotashCorp and legacy Agrium, net sales, gross margin excluding depreciation and amortization and cash cost of product manufactured are considered non-IFRS measures. See reconciliations and descriptions of these non-IFRS measures in the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section. \n (2) Excludes the cost of natural gas and steam. \n   \n Nutrien Ltd. \n Selected Financial Data \n (unaudited) \n Three Months Ended \n Nine Months Ended \n September 30 \n September 30 \n 2018 \n 2017 \n 2018 \n 2017 \n (Nutrien) (1) \n (Nutrien) (1) \n Phosphate and Sulfate Sales Volumes (tonnes - thousands) \n Manufactured Product \n Fertilizer \n 650 \n 678 \n 1,824 \n 1,656 \n Industrial and Feed \n 228 \n 214 \n 640 \n 663 \n Ammonium sulfate \n 104 \n 85 \n 263 \n 284 \n Sales Volumes - Manufactured \n 982 \n 977 \n 2,727 \n 2,603 \n Phosphate and Sulfate Net Sales (US $ millions) \n Manufactured Product \n Fertilizer \n $ \n 267 \n $ \n 223 \n $ \n 740 \n $ \n 581 \n Industrial and Feed \n 114 \n 101 \n 318 \n 324 \n Ammonium sulfate \n 23 \n 18 \n 64 \n 67 \n Other phosphate and purchased products \n 33 \n 14 \n 113 \n 40 \n Net Sales (1) \n $ \n 437 \n $ \n 356 \n $ \n 1,235 \n $ \n 1,012 \n Manufactured Product \n Net Selling Price per Tonne \n Fertilizer \n $ \n 411 \n $ \n 329 \n $ \n 406 \n $ \n 351 \n Industrial and Feed \n $ \n 498 \n $ \n 474 \n $ \n 496 \n $ \n 490 \n Ammonium sulfate \n $ \n 225 \n $ \n 214 \n $ \n 244 \n $ \n 236 \n Average  \n $ \n 412 \n $ \n 351 \n $ \n 411 \n $ \n 374 \n Cost of Goods Sold per Tonne \n $ \n (376) \n $ \n (391) \n $ \n (373) \n $ \n (376) \n Gross Margin per Tonne \n $ \n 36 \n $ \n (40) \n $ \n 38 \n $ \n (2) \n Depreciation and Amortization per Tonne \n $ \n 57 \n $ \n 57 \n $ \n 55 \n $ \n 70 \n Gross Margin excluding Depreciation and Amortization per Tonne (1) \n $ \n 93 \n $ \n 17 \n $ \n 93 \n $ \n 68 \n (1) Combined historical results of legacy PotashCorp and legacy Agrium, net sales and gross margin excluding depreciation and amortization are considered non-IFRS measures. See reconciliations and descriptions of these non-IFRS measures in the Selected Non-IFRS Financial Measures and Reconciliations and Supplemental Information section. \n   \n Nutrien Ltd. \n Selected Additional Data \n (unaudited) \n Exchange Rate (Cdn$/US$) \n 2018 \n 2017 \n December 31 \n 1...

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