Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | NTR |
Entity Registrant Name | NUTRIEN LTD. |
Entity Central Index Key | 0001725964 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 572,942,809 |
Entity Interactive Date Current | Yes |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Profit or loss [abstract] | |||
SALES (Note 3) | $ 20,023 | $ 19,636 | |
Freight, transportation and distribution (Note 5) | 768 | 864 | |
Cost of goods sold (Note 5) | 13,814 | 13,380 | |
GROSS MARGIN | 5,441 | 5,392 | |
Selling expenses (Note 5) | 2,505 | 2,337 | |
General and administrative expenses (Note 5) | 404 | 423 | |
Provincial mining and other taxes (Note 5) | 292 | 250 | |
Share-based compensation (Note 6) | 104 | 116 | |
Impairment of assets (Note 15, 16) | 120 | 1,809 | |
Other expenses (Note 7) | 154 | 43 | |
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES | 1,862 | 414 | |
Finance costs (Note 8) | 554 | 538 | |
EARNINGS (LOSS) BEFORE INCOME TAXES | 1,308 | (124) | |
Income tax expense (recovery) | 316 | (93) | |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 992 | (31) | |
Net earnings from discontinued operations (Note 10) | 0 | 3,604 | |
NET EARNINGS | [1] | $ 992 | $ 3,573 |
NET EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS (Note 11) | |||
Basic | $ 1.7 | $ (0.05) | |
Diluted | 1.7 | (0.05) | |
NET EARNINGS PER SHARE FROM DISCONTINUED OPERATIONS (Note 11) | |||
Basic | 0 | 5.77 | |
Diluted | 0 | 5.77 | |
NET EARNINGS PER SHARE ("EPS") (Note 11) | |||
Basic | 1.7 | 5.72 | |
Diluted | $ 1.7 | $ 5.72 | |
Weighted average shares outstanding for basic EPS (Note 11) | 582,269,000 | 624,900,000 | |
Weighted average shares outstanding for diluted EPS (Note 11) | 583,102,000 | 624,900,000 | |
[1] | All equity transactions were attributable to common shareholders. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement of comprehensive income [abstract] | |||
NET EARNINGS | [1] | $ 992 | $ 3,573 |
Items that will not be reclassified to net earnings: | |||
Net actuarial gain on defined benefit plans | 7 | 54 | |
Net fair value loss on investments | (25) | (99) | |
Items that have been or may be subsequently reclassified to net earnings: | |||
Gain (loss) on currency translation of foreign operations | 47 | (249) | |
Other | 7 | (8) | |
OTHER COMPREHENSIVE INCOME (LOSS) | [1] | 36 | (302) |
COMPREHENSIVE INCOME | $ 1,028 | $ 3,271 | |
[1] | All equity transactions were attributable to common shareholders. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
OPERATING ACTIVITIES | |||
Net earnings | [1] | $ 992 | $ 3,573 |
Depreciation and amortization | 1,799 | 1,592 | |
Share-based compensation (Note 6) | 104 | 116 | |
Impairment of assets (Notes 15,16) | 120 | 1,809 | |
Provision for (Recovery of) deferred income tax | 177 | (290) | |
Gain on sale of investments in Sociedad Quimica y Minera de Chile S.A. ("SQM") and Arab Potash Company ("APC") | 0 | (4,399) | |
Income tax related to the sale of the investment in SQM | 0 | 977 | |
Other long-term liabilities and miscellaneous | (17) | (188) | |
Cash from operations before working capital changes | 3,175 | 3,190 | |
Receivables | (64) | (153) | |
Inventories | 190 | (887) | |
Prepaid expenses and other current assets | (238) | 561 | |
Payables and accrued charges | 602 | (659) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 3,665 | 2,052 | |
INVESTING ACTIVITIES | |||
Additions to property, plant and equipment (Note 15) | (1,728) | (1,405) | |
Additions to intangible assets (Note 16) | (163) | (102) | |
Business acquisitions, net of cash acquired (Note 4) | (911) | (433) | |
Proceeds from disposal of discontinued operations, net of tax (Note 10) | 55 | 5,394 | |
Purchase of investments | (198) | (135) | |
Cash acquired in Merger (Note 4) | 0 | 466 | |
Other | 147 | 102 | |
CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (2,798) | 3,887 | |
FINANCING ACTIVITIES | |||
Transaction costs on long-term debt | (29) | (21) | |
Proceeds from (repayment of) short-term debt, net (Note 19) | 216 | (927) | |
Proceeds from long-term debt (Note 20) | 1,510 | 0 | |
Repayment of long-term debt (Note 20) | (1,010) | (12) | |
Repayment of principal portion of lease liabilities (Note 20) | (234) | 0 | |
Dividends paid (Note 25) | (1,022) | (952) | |
Repurchase of common shares (Note 25) | (1,930) | (1,800) | |
Issuance of common shares (Note 25) | 20 | 7 | |
CASH USED IN FINANCING ACTIVITIES | (2,479) | (3,705) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (31) | (36) | |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,643) | 2,198 | |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 2,314 | 116 | |
CASH AND CASH EQUIVALENTS - END OF YEAR | 671 | 2,314 | |
Cash and cash equivalents comprised of: | |||
Cash | [2] | 532 | 1,506 |
Short-term investments | [2] | 139 | 808 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 671 | 2,314 | |
SUPPLEMENTAL CASH FLOWS DISCLOSURES | |||
Interest paid | 505 | 507 | |
Income taxes paid | 29 | 1,155 | |
Total cash outflow for leases | $ 345 | $ 0 | |
[1] | All equity transactions were attributable to common shareholders. | ||
[2] | Highly liquid investments with a maturity of three months or less from the date of purchase are considered to be cash equivalents. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | [1] | Net Actuarial Gain on Defined Benefit Plans [Member] | [2] | Share Capital [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive (Loss) Income ("AOCI") [Member] | Accumulated Other Comprehensive (Loss) Income ("AOCI") [Member]Net Fair Value Gain (Loss) on Investments [Member] | Accumulated Other Comprehensive (Loss) Income ("AOCI") [Member]Loss on Currency Translation of Foreign Operations [Member] | Accumulated Other Comprehensive (Loss) Income ("AOCI") [Member]Other [Member] | Retained Earnings [Member] | |
Beginning balance at Dec. 31, 2017 | $ 8,303 | $ 0 | $ 1,806 | $ 230 | $ 25 | $ 73 | $ (2) | $ (46) | $ 6,242 | |||
Merger impact (Note 4) | 15,904 | 0 | 15,898 | 7 | 0 | 0 | 0 | 0 | (1) | |||
Net earnings | 3,573 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,573 | |||
Other comprehensive (loss) income | (302) | 54 | 0 | 0 | (302) | (99) | (249) | (8) | 0 | [1] | ||
Shares repurchased (Note 25) | (1,852) | 0 | (998) | (23) | 0 | 0 | 0 | 0 | (831) | |||
Dividends declared | (1,273) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,273) | |||
Effect of share-based compensation including issuance of common shares | 51 | 0 | 34 | 17 | 0 | 0 | 0 | 0 | 0 | |||
Transfer of net actuarial gain on defined benefit plans | 0 | (54) | 0 | 0 | (54) | 0 | 0 | 0 | 54 | |||
Transfer of net loss on sale of investment | 0 | 0 | 0 | 0 | 19 | 19 | 0 | (19) | ||||
Transfer of net loss on cash flow hedges | 21 | 0 | 0 | 0 | 21 | 0 | 0 | 21 | 0 | |||
Ending balance at Dec. 31, 2018 | 24,425 | 0 | 16,740 | 231 | (291) | (7) | (251) | (33) | 7,745 | |||
Net earnings | 992 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 992 | |||
Other comprehensive (loss) income | 36 | 7 | 0 | 0 | 36 | (25) | 47 | 7 | 0 | |||
Shares repurchased (Note 25) | (1,878) | 0 | (992) | 0 | 0 | 0 | 0 | 0 | (886) | |||
Dividends declared | (754) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (754) | |||
Effect of share-based compensation including issuance of common shares | 40 | 0 | 23 | 17 | 0 | 0 | 0 | 0 | 0 | |||
Transfer of net actuarial gain on defined benefit plans | 0 | (7) | 0 | 0 | (7) | 0 | 0 | 0 | 7 | |||
Transfer of net loss on sale of investment | 0 | 0 | 0 | 0 | 3 | 3 | 0 | (3) | ||||
Transfer of net loss on cash flow hedges | 8 | 0 | 0 | 0 | 8 | 0 | 0 | 8 | 0 | |||
Ending balance at Dec. 31, 2019 | $ 22,869 | $ 0 | $ 15,771 | $ 248 | $ (251) | $ (29) | $ (204) | $ (18) | $ 7,101 | |||
[1] | All equity transactions were attributable to common shareholders. | |||||||||||
[2] | Any amounts incurred during a period we closed out to retain earnings at each period-end. Therefore, no balance exists at the beginning or end of period. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 671 | $ 2,314 | |
Receivables (Note 13) | 3,542 | 3,342 | |
Inventories (Note 14) | 4,975 | 4,917 | |
Prepaid expenses and other current assets | 1,477 | 1,089 | |
Current assets | 10,665 | 11,662 | |
Non-current assets | |||
Property, plant and equipment (Note 15) | 20,335 | 18,796 | |
Goodwill (Note 16) | 11,986 | 11,431 | |
Other intangible assets (Note 16) | 2,428 | 2,210 | |
Investments (Note 17) | 821 | 878 | |
Other assets (Note 18) | 564 | 525 | |
TOTAL ASSETS | 46,799 | 45,502 | |
Current liabilities | |||
Short-term debt (Note 19) | 976 | 629 | |
Current portion of long-term debt (Note 20) | 502 | 995 | |
Current portion of lease liabilities (Note 21) | 214 | 8 | |
Payables and accrued charges (Note 22) | 7,437 | 6,703 | |
Current liabilities | 9,129 | 8,335 | |
Non-current liabilities | |||
Long-term debt | 8,553 | 7,579 | |
Lease liabilities (Note 21) | 859 | 12 | |
Deferred income tax liabilities (Note 9) | 3,145 | 2,907 | |
Pension and other post-retirement benefit liabilities (Note 23) | 433 | 395 | |
Asset retirement obligations and accrued environmental costs (Note 24) | 1,650 | 1,673 | |
Other non-current liabilities | 161 | 176 | |
TOTAL LIABILITIES | 23,930 | 21,077 | |
SHAREHOLDERS' EQUITY | |||
Share capital (Note 25) | 15,771 | 16,740 | |
Contributed surplus | 248 | 231 | |
Accumulated other comprehensive loss | (251) | (291) | |
Retained earnings | 7,101 | 7,745 | |
TOTAL SHAREHOLDERS' EQUITY | [1] | 22,869 | 24,425 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 46,799 | $ 45,502 | |
[1] | All equity transactions were attributable to common shareholders. |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Description of Business | NOTE 1 DESCRIPTION OF BUSINESS Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is the world’s largest provider of crop inputs and services. Nutrien plays a critical role in helping growers around the globe increase food production in a sustainable manner. The Company is a corporation organized under the laws of Canada with its registered head office located at Suite 500, 122 – 1st Avenue South, Saskatoon, Saskatchewan, Canada. As at December 31, 2019 , the Company had assets as follows: Retail various retail facilities across the US, Canada, Australia and South America private label and proprietary crop protection products and nutritionals an innovative integrated digital platform for growers and crop consultants Potash six operations in the province of Saskatchewan Nitrogen eight production facilities in North America: four in Alberta and one each in Georgia, Louisiana, Ohio and Texas one large-scale operation in Trinidad seven upgrade facilities in North America: three in Alberta and one each in Alabama, Georgia, Missouri, and Washington 50 percent investment in Profertil S.A. (“Profertil”), a nitrogen producer based in Argentina 26 percent investment in Misr Fertilizers Production Company S.A.E. ("MOPCO"), a nitrogen producer based in Egypt Phosphate two mines and processing plants: one in Florida and one in North Carolina phosphate feed plants in Illinois, Missouri and Nebraska an industrial phosphoric acid plant in Ohio Corporate and Others investment in Canpotex Limited (“Canpotex”), a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer 22 percent investment in Sinofert Holdings Limited (“Sinofert”), a fertilizer supplier and distributor in China |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Presentation | NOTE 2 BASIS OF PRESENTATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). We have consistently applied the same accounting policies throughout all periods presented, as if these policies had always been in effect, with the exception of IFRS 16, “Leases” (“IFRS 16”), which was adopted effective January 1, 2019, the impacts of which are disclosed in Note 31 . Certain immaterial 2018 figures have been reclassified or grouped together in the consolidated statements of earnings, consolidated statements of cash flows, segment information and nature of expenses. These consolidated financial statements were authorized for issue by the Board of Directors on February 19, 2020 . Where an accounting policy is applicable to a specific note to the consolidated financial statements, the policy is described within that note, with the related financial disclosures by major caption as noted in the table of contents. Certain of our accounting policies that relate to the consolidated financial statements as a whole, as well as estimates and judgments we have made and how they affect the amounts reported in the consolidated financial statements, are disclosed in Note 31 . Sensitivity analyses included throughout the notes should be used with caution as the changes are hypothetical and not reflective of future performance. The sensitivities have been calculated independently of changes in other key variables. Changes in one factor may result in changes in another, which could increase or reduce certain sensitivities. These consolidated financial statements were prepared under the historical cost basis, except for items that IFRS requires to be measured at fair value. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Segment Information | NOTE 3 SEGMENT INFORMATION The Company has four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. 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 segments are differentiated by the chemical nutrient contained in the products that each produces. Accounting Policies, Estimates and Judgments Operating Segments We identified the Executive Leadership Team (“ELT”), comprised of officers at the Executive Vice President level and above, as the Chief Operating Decision Maker (“CODM”). The CODM uses net earnings (loss) before finance costs, income taxes, and depreciation and amortization (“EBITDA”) to measure performance and allocate resources to the operating segments. The CODM considers EBITDA a meaningful measure because it is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. In 2019, the CODM reassessed our product groupings and decided to evaluate the performance of ammonium sulfate as part of the Nitrogen segment, rather than the Phosphate and Sulfate segment, as previously reported in our 2018 annual consolidated financial statements. Comparative amounts for the Nitrogen and Phosphate segments were restated. For the year ended December 31, 2018, Nitrogen reflected increases of $121, $40, and $53 in sales, gross margin and EBITDA, respectively, and $377 in assets, with corresponding decreases in Phosphate. In addition, the “Others” segment was renamed to “Corporate and Others”. Judgment is used in determining the composition of the reportable segments based on factors including risks and returns, internal organization, and internal reports reviewed by the CODM. Certain expenses are allocated across segments based on reasonable considerations such as production capacities or historical trends. Revenue We recognize revenue when we transfer control over a good or service to a customer. Transfer of Control for Retail Potash, Nitrogen and Phosphate Sale of Goods At the point in time when the product is purchased at our Retail farm center or delivered and accepted by customers at their premises. At the point in time when the product is loaded for shipping or delivered to the customer. Services Over time as the promised service is rendered. Over time as the promised service is rendered. For transactions in which we act as an agent rather than the principal, revenue is recognized net of any commissions earned. The relating commissions are recognized as the sales occurred or as unconditional contracts are signed. Retail Retail revenue is generated primarily from sales of the following: Crop nutrients Dry and liquid macronutrient products including potash, nitrogen and phosphate, proprietary liquid micronutrient products and nutrient application services. Crop protection products Various third-party supplier and proprietary products designed to maintain crop quality and manage plant diseases, weeds, and other pests. Seed Various third-party supplier seed brands and proprietary seed product lines. Merchandise Fencing, feed supplements, livestock-related animal health products, storage and irrigation equipment, and other products. Services and other revenues Product application, soil and leaf testing, crop scouting and precision agriculture services, water services, financial services and livestock marketing. Provisions for returns, trade discounts and rebates are deducted from sales revenue. Potash, Nitrogen and Phosphate Our sales revenue is recorded and measured based on the “freight on board” mine, plant, warehouse or terminal price specified in the contract (except for certain vessel sales or specific product sales that are shipped and recorded on a delivered basis), which reflects the consideration we expect to be entitled to in exchange for the goods or services, net of any variable consideration (e.g., any trade discounts or estimated volume rebates). Where customer contracts include volume rebates, we estimate revenue at the earlier of the most likely amount of consideration we expect to receive or when it is highly probable that a significant reversal will not occur. Our customer contracts may provide certain product quality specification guarantees but do not generally provide for refunds or returns. Sales prices are based on North American and International benchmark market prices which are variable and subject to global supply and demand and other market factors. Potash Nitrogen Phosphate Products North American – primarily granular Offshore (international) – primarily granular and standard Ammonia, urea, urea ammonium nitrate, industrial grade ammonium nitrate and ammonium sulfate Solid fertilizer, liquid fertilizer, industrial products and feed products Sales prices impacted by North American prices referenced at delivered prices (including transportation and distribution costs) International prices referenced at the mine site (excluding transportation and distribution costs) Global energy costs and supply Global prices and supplies of ammonia and sulfur Other We do not provide general warranties. Intersegment sales are made under terms that approximate market value. Transportation costs are generally recovered from the customer through sales pricing. We elected to use the practical expedient related to the adjustment of the promised consideration for the effects of a significant financing component as the expected period between when control over a promised good or service is transferred and when the customer pays for that good or service is less than 12 months. Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in spring and fall crop input application seasons. Crop nutrient inventories are normally accumulated leading up to each application season. 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 vendors are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year. For product sales with volume rebates, revenue is recognized to the extent that it is highly probable that significant reversals will not occur using the most likely method and accumulated experience. Returns and incentives are estimated based on historical and forecasted data, contractual terms and current conditions. Due to the nature of goods and services sold, any single estimate would have only a negligible impact on revenue. Supporting Information Financial information on each of these segments is summarized in the following tables: Corporate 2019 Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 13,183 2,702 2,608 1,397 133 - 20,023 – intersegment 38 207 612 203 - (1,060) - Sales – total 13,221 2,909 3,220 1,600 133 (1,060) 20,023 Freight, transportation and distribution - 305 372 232 - (141) 768 Net sales 13,221 2,604 2,848 1,368 133 (919) 19,255 Cost of goods sold 9,981 1,103 2,148 1,373 133 (924) 13,814 Gross margin 3,240 1,501 700 (5) - 5 5,441 Selling expenses 2,484 9 25 5 (18) - 2,505 General and administrative expenses 112 6 15 7 264 - 404 Provincial mining and other taxes - 287 2 1 2 - 292 Share-based compensation expense - - - - 104 - 104 Impairment of assets (Note 15 and 16) - - - - 120 - 120 Other expenses (income) 8 (4) (46) 25 171 - 154 Earnings (loss) before finance costs and income taxes 636 1,203 704 (43) (643) 5 1,862 Depreciation and amortization 595 390 535 237 42 - 1,799 EBITDA 1,231 1,593 1,239 194 (601) 5 3,661 Assets 1 19,990 11,696 10,991 2,198 2,129 (205) 46,799 1 Included in the Retail and Nitrogen segments are $126 and $482, respectively, relating to equity-accounted investees as described in Note 17. Corporate 2018 Retail Potash Nitrogen 1 Phosphate 1 and Others Eliminations Consolidated Sales – third party 12,470 2,796 2,712 1,508 150 - 19,636 – intersegment 50 220 626 268 - (1,164) - Sales – total 12,520 3,016 3,338 1,776 150 (1,164) 19,636 Freight, transportation and distribution - 349 373 215 - (73) 864 Net sales 12,520 2,667 2,965 1,561 150 (1,091) 18,772 Cost of goods sold 9,485 1,183 2,145 1,473 150 (1,056) 13,380 Gross margin 3,035 1,484 820 88 - (35) 5,392 Selling expenses 2,303 14 32 10 (22) - 2,337 General and administrative expenses 100 10 20 9 284 - 423 Provincial mining and other taxes - 244 3 1 2 - 250 Share-based compensation expense - - - - 116 - 116 Impairment of assets (Note 15) - 1,809 - - - - 1,809 Other (income) expenses (75) 14 (8) 6 106 - 43 Earnings (loss) before finance costs and income taxes 707 (607) 773 62 (486) (35) 414 Depreciation and amortization 499 404 442 193 54 - 1,592 EBITDA 1,206 (203) 1,215 255 (432) (35) 2,006 Assets 2 17,964 11,710 10,386 2,406 3,678 (642) 45,502 1 Comparative figures have been restated to reflect the change in the sulfate product grouping from Phosphate and Sulfate to Nitrogen. 2 Included in the Retail and Nitrogen segments are $208 and $428, respectively, relating to equity-accounted investees as described in Note 17. Financial information by geographic area is summarized in the following tables: Sales – Third Party 2019 2018 United States 12,522 11,891 Canada 2,504 2,790 Australia 1,955 1,681 Canpotex 1 1,625 1,657 Trinidad 113 190 Argentina 388 387 Europe 210 312 Other 706 728 20,023 19,636 1 As described in Note 1, Canpotex executed offshore marketing, sales and distribution functions for certain of our products. Canpotex’s 2019 sales volumes were made to: Latin America 31 percent, China 22 percent, India 10 percent, Other Asian markets 27 percent, Other markets 10 percent (2018 – Latin America 33 percent, China 18 percent, India 10 percent, Other Asian markets 31 percent, Other markets 8 percent) (Note 29). Non-Current Assets 1 2019 2018 United States 15,685 14,501 Canada 17,503 17,100 Australia 1,172 607 Trinidad 691 570 Other 639 621 35,690 33,399 1 Excludes financial instruments (other than equity-accounted investees), deferred tax assets and post-employment benefit assets. We disaggregated revenue from contracts with customers by product line or geographic location for each reportable segment to show how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Sales reported under our Corporate and Others segment primarily relates to our non-core Canadian business. 2019 2018 Retail sales by product line Crop nutrients 4,989 4,577 Crop protection products 4,983 4,862 Seed 1,712 1,687 Merchandise 598 584 Services and other 939 810 13,221 12,520 Potash sales by geography Manufactured product North America 1,283 1,356 Offshore 1 1,625 1,657 Other potash and purchased products 1 3 2,909 3,016 Nitrogen sales by product line 2 Manufactured product Ammonia 884 1,061 Urea 1,019 979 Solutions, nitrates and sulfates 812 825 Other nitrogen and purchased products 505 473 3,220 3,338 Phosphate sales by product line 2 Manufactured product Fertilizer 944 1,141 Industrial and feed 475 469 Other phosphate and purchased products 181 166 1,600 1,776 1 Relates to Canpotex. 2 Comparative figures have been restated to reflect the change in the sulfate product grouping from Phosphate and Sulfate to Nitrogen. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Business Combinations | NOTE 4 BUSINESS COMBINATIONS The Company’s business combinations include the merger between Potash Corporation of Saskatchewan Inc. (“PotashCorp”) and Agrium Inc. (“Agrium”) (the “Merger”), the acquisition of Retail businesses, including Ruralco Holdings Limited (“Ruralco”), and various digital agriculture, proprietary products and agricultural services. Accounting Policies, Estimates and Judgments Consideration is measured at the aggregate of the fair values of assets transferred, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. Identifiable assets acquired and liabilities assumed are generally measured at fair value. The excess of total consideration for each acquisition plus non-controlling interest in the acquiree, over the fair value of the identifiable net assets acquired, is recorded as goodwill. For each business combination, we elect to measure the non-controlling interest in the acquired entity either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Judgment is required to determine which entity is the acquirer in a merger of equals. In identifying PotashCorp as the acquirer in the Merger, we considered the voting rights of all equity instruments, the intended corporate governance structure of the combined company, the intended composition of senior management of the combined company and the size of each of the companies. In assessing the size of each of the companies, we evaluated various metrics. No single factor was the sole determinant in the overall conclusion that PotashCorp was the acquirer for accounting purposes in the Merger; rather, all factors were considered in arriving at the conclusion. Purchase price allocation involves judgment in identifying assets acquired and liabilities assumed, and estimation of their fair values. To determine fair values, we used quoted market prices or widely accepted valuation techniques as described below. Key assumptions include discount rates and revenue growth rates specific to the acquired assets or liabilities assumed. We performed a thorough review of all internal and external sources of information available on circumstances that existed at the acquisition date. We also engaged independent valuation experts on certain acquisitions to assist in determining the fair value of certain assets acquired and liabilities assumed and related deferred income tax impacts. Asset Ruralco Merger Other Acquisitions Valuation Technique and Judgments Applied Property, plant and equipment X X X Market approach for land and certain types of personal property: sales comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. Replacement costs for all other depreciable property, plant and equipment: measures the value of an asset by estimating the costs to acquire or construct comparable assets and adjusts for age and condition of the asset. Other intangible assets X X X Income approach – multi-period excess earnings method: measures the value of an asset based on the present value of the incremental after-tax cash flows attributable to the asset after deducting contributory asset charges (“CACs”). Allocation of CACs is a matter of judgment and based on the nature of the acquired businesses’ operations and historical trends. We considered several factors in determining the fair value of customer relationships, such as customers’ relationships with the acquired company and its employees, the segmentation of customers, historical customer attrition rates and revenue growth. Segmenting customers is a matter of judgment and includes factors such as the size of the customer and customer behavior patterns. Long-term debt X Comparable debt instruments with similar maturities, adjusted where necessary to the acquired company’s credit spread, based on information published by financial institutions. Asset retirement obligations and accrued environmental costs X Decision-tree approach of future costs and a risk premium to capture the compensation sought by risk-averse market participants for bearing the uncertainty inherent in the cash flows of the liability. We expect asset retirement obligations for phosphate sites to be paid over the next 68 years, while we expect asset retirement obligations for potash and nitrogen sites to be paid subsequently. We expect accrued environmental costs – discounted using a credit adjusted risk-free rate – to be paid over the next 30 years. Supporting Information Ruralco Merger Other Acquisitions Acquisition date September 30, 2019 January 1, 2018 Various Purchase price, net of cash and cash equivalents acquired $ 330 On the acquisition date, we acquired 100% of the Ruralco stock that was issued and outstanding. Also included in the total consideration, net of cash and cash equivalents acquired, is the impact of $18 relating to a foreign exchange hedge loss which we designated a cash flow hedge. Transaction costs are recorded in acquisition and integration related costs in other expenses. $16,010 We determined the purchase price based on the number of Agrium shares outstanding and their trading price on December 29, 2017. On the acquisition date, shareholders of PotashCorp received 0.400 common shares of Nutrien for each PotashCorp share held, and shareholders of Agrium received 2.230 common shares of Nutrien for each Agrium share held. Merger and related costs are included in other expenses. 2019 – $ 581 , net of $100 previously held equity-accounted interest in Agrichem. We acquired the remaining 20 percent interest in Agrichem in the first nine months of 2019, making Agrichem a wholly owned consolidated subsidiary of the Company. (2018 – $ 433 ) Goodwill and expected benefits of the acquisition $ 202 $11,185, none of which is deductible for income tax purposes. $ 341 (2018 – $ 197 ) The expected benefits of the acquisitions resulting in goodwill include: synergies from expected reduction in operating costs; wider distribution channel for selling products of acquired businesses; a larger assembled workforce; potential increase in customer base; enhanced ability to innovate; production and expense optimization, including procurement savings (specific to Merger); and closer proximity of nitrogen operations to sources of low-cost natural gas (specific to Merger). Description An agriservices business in Australia with approximately 250 operating locations. A major global producer and distributor of agricultural products, services and solutions. 68 Retail locations in North and South America and Australia, including companies operating in the proprietary products business, such as Actagro, LLC, a developer, manufacturer and marketer of environmentally sustainable soil and plant health products and technologies (2018 – 53 Retail locations in North America and Australia and companies operating within the digital agriculture, proprietary products and agricultural services businesses). We allocated the following values to the acquired assets and assumed liabilities based upon fair values at their respective acquisition date: 2019 2018 Ruralco (Estimate) Revised Other Merger Other Preliminary 1 Adjustments 2 Fair Value Acquisitions 3 (Final) Acquisitions 3 Cash and cash equivalents - - - - 466 - Receivables 250 39 289 4 68 2,600 4 20 Inventories 116 1 117 145 3,303 146 Prepaid expenses and other current assets 11 (3) 8 38 1,124 2 Property, plant and equipment 70 66 136 115 7,459 107 Goodwill 272 (70) 202 341 11,185 197 Other intangible assets 55 110 165 179 2,348 8 Investments 15 - 15 - 528 11 Other assets 16 - 16 5 2 293 5 3 Total assets 805 143 948 888 29,306 494 Short-term debt 112 - 112 25 867 - Payables and accrued charges 299 46 345 156 5,239 52 Long-term debt, including current portion - - - 11 4,941 - Lease liabilities, including current portion 44 66 110 1 - - Deferred income tax liabilities 7 31 38 7 934 - Pension and other post-retirement benefit liabilities - - - - 142 - Asset retirement obligations and accrued environmental costs - - - - 1,094 - Other non-current liabilities 13 - 13 7 79 9 Total liabilities 475 143 618 207 13,296 61 Total consideration 330 - 330 681 16,010 433 Previously held equity-accounted interest in Agrichem - - - 100 - - Total consideration, net of cash and cash equivalents acquired 330 - 330 581 16,010 433 1 Preliminary value as previously reported in our third quarter 2019 unaudited financial statements. The purchase price allocation is not final as we continue 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. We estimated the preliminary purchase price allocation as of the date of the acquisition based on information that was available and continue to adjust those estimates as new information that existed at the date of acquisition becomes available. We expect to finalize the amounts recognized when we obtain the information necessary to complete the analysis, and in any event, not later than September 30, 2020. 2 We recorded adjustments to the preliminary fair value to reflect facts and circumstances in existence as of the date of acquisition. These adjustments primarily related to changes in the preliminary valuation assumptions, including refinement of intangible assets. All measurement period adjustments were offset against goodwill. 3 This represents preliminary fair values. For certain acquisitions, we finalized the purchase price with no material change to the fair values disclosed in prior periods. 4 Includes receivables from customers with gross contractual amounts of $247, of which $5 are considered to be uncollectible relating to Ruralco (2018 – $2,247 and $80 respectively relating to the Merger). 5 Includes deferred income tax assets of $14 relating to Ruralco (2018 – $158 relating to the Merger). Financial Information Related to the Acquired Operations 2019 Proforma 1 Ruralco Other Acquisitions Sales 1,090 480 EBITDA 50 40 1 Estimated annual sales and EBITDA if acquisitions occurred at the beginning of the year. Net earnings before income taxes is not available. 2019 Actuals 2018 Actuals From date of acquisition Ruralco Other Acquisitions Merger Other Acquisitions Sales 249 312 14,551 213 Net earnings (loss) before income taxes (2) (1) 546 10 |
Nature of Expenses
Nature of Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Nature of Expenses | NOTE 5 NATURE OF EXPENSES 2019 2018 Purchased and produced raw materials and product for resale 1 11,335 10,881 Depreciation and amortization 1,799 1,592 Employee costs 2 2,268 1,949 Freight 845 934 Impairment of assets (Note 15 and 16) 120 1,809 Provincial mining and other taxes 3 292 250 Offsite warehouse costs 4 51 68 Railcar and vessel costs 4 5 128 Merger and related costs 82 170 Acquisition and integration related costs 16 - Contract services 504 469 Lease expense 5 66 148 Fleet fuel, repairs and maintenance 202 183 Other 576 641 Total cost of goods sold and expenses 18,161 19,222 1 Significant expenses include: supplies, energy, fuel, purchases of raw material (natural gas – feedstock, sulfur, ammonia and reagents) and product for resale (crop nutrients and protection products, and seed). 2 Includes employee benefits and share-based compensation. In 2018, employee costs also include a $157 gain on curtailment of defined benefit pension and other post-retirement benefit plans (“Defined Benefit Plans Curtailment Gain”) as described in Note 23. 3 Includes $190 and $102 (2018 – $160 and $90) relating to Saskatchewan potash production tax and Saskatchewan resource surcharge and other, respectively, as required under Saskatchewan provincial legislation. 4 Includes expenses relating to operating leases in 2018. 5 In 2019, includes lease expense relating to short-term leases, leases of low-value and variable lease payments. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Share-Based Compensation | NOTE 6 SHARE-BASED COMPENSATION We have share-based compensation plans (including those assumed from PotashCorp and Agrium) for eligible employees and directors as part of their remuneration package, including Stock Options, Performance Share Units (“PSUs”), Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”). Accounting Policies, Estimates and Judgments For awards with performance conditions that determine the number of options or units to which employees are entitled, measurement of compensation cost is based on our best estimate of the outcome of the performance conditions. Changes to vesting assumptions are reflected in earnings immediately for compensation cost already recognized. For plans settled through the issuance of equity fair value for stock options is determined on grant date using the Black-Scholes-Merton option-pricing model, and fair value for PSUs is determined on grant date by projecting the outcome of performance conditions. For plans settled through cash, a liability is recorded based on the fair value of the awards each period. Estimation involves determining: stock option-pricing model assumptions as described in the weighted average assumptions table; forfeiture rate for options granted based on past experience and future expectations, and adjusted upon actual vesting; projected outcome of performance conditions for PSUs, including the relative ranking of our total shareholder return, including expected dividends, compared with a specified peer group using a Monte Carlo simulation option-pricing model and the outcome of our synergies relative to the target; and the number of dividend equivalent units expected to be earned. Supporting Information The following summarizes the Nutrien share-based compensation plans, under which we have awards available to be granted, and the assumed legacy plans of PotashCorp and Agrium, under which no awards will be granted. Plan Features Stock Options PSUs RSUs DSUs SARs/TSARs 4 Eligibility Officers and eligible employees Officers and eligible employees Eligible employees Non-executive directors Awards no longer granted; legacy awards only Granted Annually Annually Annually At the discretion of the Board of Directors Awards no longer granted; legacy awards only Vesting Period 25% per year over four years 1 On third anniversary of grant date based on total shareholder return over a three-year performance cycle, compared to average total shareholder return of a peer group of companies over the same period On third anniversary of grant date and are not subject to performance conditions Fully vest upon grant 25% per year over four years Maximum Term 10 years Not applicable Not applicable Not applicable 10 years Settlement Shares Cash / Shares 2 Cash Cash 3 Cash 1 Under the assumed legacy PotashCorp long-term incentive and performance option plan, stock options vest on the third anniversary of the grant date. 2 Under the assumed legacy PotashCorp long-term incentive plan, PSUs will be settled in shares for grantees who are subject to our share ownership guidelines and in cash for all other grantees. 3 Based on the common share price at the time of the director's departure from the Board of Directors. 4 Under the assumed legacy Agrium stock appreciation rights (“SARs”) plan, holders of tandem stock appreciation rights (“TSARs”) have the ability to choose between (a) receiving in cash the price of our shares on the date of exercise in excess of the exercise price of the right or (b) receiving common shares by paying the exercise price of the right. Our past experience and future expectation is that substantially all TSAR holders will elect to choose the first option. The weighted average fair value of stock options granted was estimated as of the date of the grant using the Black-Scholes-Merton option-pricing model. The weighted average grant date fair value of stock options per unit granted in 2019 was $ 11.27 ( 2018 – $ 9.71 ). The weighted average assumptions by year of grant that impacted current year results are as follows: Year of Grant Assumptions Based On 2019 2018 Exercise price per option Quoted market closing price 1 53.54 44.50 Expected annual dividend yield (%) Annualized dividend rate 2 3.22 3.58 Expected volatility (%) Historical volatility 3 27 29 Risk-free interest rate (%) Zero-coupon government issues 4 2.55 2.79 Average expected life of options (years) Historical experience 7.5 7.5 1 Of common shares on the last trading day immediately preceding the date of the grant. 2 As of the date of grant. 3 Of the Company’s share over a period commensurate with the expected life of the option. 4 Implied yield available on equivalent remaining term at the time of the grant. A summary of the status of our stock option plans as at December 31, 2019 and 2018 and changes during the years ending on those dates is as follows: Number of Shares Subject to Option Weighted Average Exercise Price 2019 2018 2019 2018 Balance – beginning of year 9,044,237 9,947,583 58.41 69.54 Granted 1,376,533 1,875,162 53.54 44.50 Exercised (451,574) (647,331) 42.73 42.86 Forfeited or cancelled (502,016) (1,793,077) 86.53 82.84 Expired (275,700) (338,100) 76.59 154.94 Outstanding – end of year 9,191,480 9,044,237 56.88 58.41 The aggregate grant-date fair value of all stock options granted during 2019 was $ 16 . The average share price during 2019 was $ 50.91 per share. The following table summarizes information about our stock options outstanding as at December 31, 2019 with expiry dates ranging from May 2020 to February 2029 : Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Number Life in Years Price Number Price $37.84 to $40.23 1,345,235 6 38.21 1,170,022 38.26 $40.24 to $45.40 1,934,844 7 43.61 1,067,346 42.88 $45.41 to $49.51 1,371,872 7 46.46 788,169 46.38 $49.52 to $52.75 912,183 5 51.96 912,183 51.96 $52.76 to $77.62 1,814,520 8 58.58 574,542 69.47 $77.63 to $130.78 1,812,826 3 93.56 1,812,826 93.56 9,191,480 6 56.88 6,325,088 60.71 Information for all employee and Director share-based compensation plans is summarized below: Units Granted Units Outstanding Compensation Expense (Recovery) in 2019 as at December 31, 2019 2019 2018 Stock Options 1,376,533 9,191,480 19 23 PSUs 719,330 1,834,984 65 83 RSUs 425,082 986,756 18 14 DSUs 50,958 434,093 2 - SARs - 1,750,169 - (4) 104 116 |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other Expenses | NOTE 7 OTHER EXPENSES 2019 2018 Merger and related costs 82 170 Acquisition and integration related costs 16 - Foreign exchange loss (gain), net of related derivatives 42 (10) Earnings of equity-accounted investees (66) (40) Bad debts 24 26 Defined Benefit Plans Curtailment Gain (Note 23) - (157) Other expenses 56 54 154 43 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Finance Costs | NOTE 8 FINANCE COSTS 2019 2018 Interest expense Short-term debt 87 129 Long-term debt 387 372 Lease liabilities (Note 21) 34 - Unwinding of discount on asset retirement obligations (Note 24) 54 51 Interest on net defined benefit pension and other post-retirement plan obligations (Note 23) 15 15 Borrowing costs capitalized to property, plant and equipment (18) (12) Interest income (5) (17) 554 538 Borrowing costs capitalized to property, plant and equipment in 2019 were calculated by applying an average capitalization rate of 4.6 percent ( 2018 – 4.4 percent) to expenditures on qualifying assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income Taxes | NOTE 9 INCOME TAXES Accounting Policies, Estimates and Judgments We operate in a specialized industry and in several tax jurisdictions. As a result, our earnings are subject to various rates of taxation. Taxation on items recognized in the consolidated statements of earnings, other comprehensive income (“OCI”) or contributed surplus is recognized in the same location as those items. Taxation on earnings (loss) is comprised of current and deferred income tax. Current income tax is Deferred income tax is the expected tax payable on the taxable earnings for the year, calculated using rates enacted or substantively enacted at the dates of the consolidated balance sheets in the countries where our subsidiaries and equity-accounted investees operate and generate taxable earnings, and inclusive of any adjustment to income tax payable or recoverable in respect of previous years. recognized using the liability method, based on temporary differences between carrying amounts of assets and liabilities and their respective income tax bases, and determined using tax rates that have been enacted or substantively enacted by the dates of the consolidated balance sheets and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Uncertain income tax positions are accounted for using the standards applicable to current income tax liabilities and assets (i.e., both liabilities and assets are recorded when probable and measured at the amount expected to be paid to (or recovered from) the taxation authorities using our best estimate of the amount). Deferred income tax is not accounted for with respect to investments in subsidiaries and equity-accounted investees where we are able to control the reversal of the temporary difference and that difference is not expected to reverse in the foreseeable future; and if arising from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively. Deferred income tax assets are reviewed at each balance sheet date and amended to the extent that it is no longer probable that the related tax benefit will be realized. Income tax assets and liabilities are offset when Current income taxes Deferred income taxes we have a legally enforceable right to offset the recognized amounts 1 , and the intention to settle on a net basis or realize the asset and settle the liability simultaneously. we have a legally enforceable right to set off current tax assets against current tax liabilities, and they relate to income taxes levied by the same taxation authority on either: 1) the same taxable entity; or 2) different taxable entities intending to settle current tax liabilities and assets on a net basis, or realize assets and settle liabilities simultaneously in each future period. 2 1 For income taxes levied by the same taxation authority and the authority permits us to make or receive a single net payment or receipt. 2 In which significant amounts of deferred tax liabilities or assets expected are to be settled or recovered. Estimates and judgments to determine our taxes are impacted by the breadth of our operations, and global complexity of tax regulations. The final taxes paid, and potential adjustments to tax assets and liabilities, are dependent upon many factors including: negotiations with taxation authorities in various jurisdictions; outcomes of tax litigation; and resolution of disputes arising from federal, provincial, state and local tax audits. Estimates and judgments are used to recognize the amount of deferred tax assets, which includes the probability that future taxable profit will be available to use deductible temporary differences, and could be reduced if projected earnings are not achieved or increased if earnings previously not projected become probable. Supporting Information Income Taxes included in Net Earnings (Loss) from Continuing Operations The provision for income taxes differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings (loss) before income taxes as follows: 2019 2018 Earnings (loss) before income taxes Canada 765 (1,195) United States 315 619 Australia 27 96 Trinidad (28) 98 Other 229 258 1,308 (124) Canadian federal and provincial statutory income tax rate (%) 27 27 Income tax at statutory rates 353 (33) Adjusted for the effect of: Impact of foreign tax rates (45) (58) Non-taxable income (19) (10) Production-related deductions (17) (15) Foreign accrual property income 18 15 Impact of tax rate changes 16 - Other 10 8 Income tax expense (recovery) included in net earnings (loss) from continuing operations 316 (93) Total income tax expense (recovery), included in net earnings (loss) from continuing operations, was comprised of the following: 2019 2018 Current income tax Tax expense for current year 161 195 Adjustments in respect of prior years (22) (15) Total current income tax expense 139 180 Deferred income tax Origination and reversal of temporary differences 152 (283) Adjustments in respect of prior years 9 12 Impact of tax rate changes 16 - Other - (2) Total deferred income tax expense (recovery) 177 (273) Income tax expense (recovery) included in net earnings (loss) from continuing operations 316 (93) Income Tax Balances Income tax balances within the consolidated balance sheets as at December 31 were comprised of the following: Income Tax Assets and Liabilities Balance Sheet Location 2019 2018 Current income tax assets Current Receivables (Note 13) 104 248 Long-term Other assets (Note 18) 36 36 Deferred income tax assets Other assets (Note 18) 249 216 Total income tax assets 389 500 Current income tax liabilities Current Payables and accrued charges (Note 22) 43 47 Non-current Other non-current liabilities 44 64 Deferred income tax liabilities Deferred income tax liabilities 3,145 2,907 Total income tax liabilities 3,232 3,018 Deferred Income Taxes In respect of each type of temporary difference, unused tax loss and unused tax credit, the amounts of deferred tax assets and liabilities recognized in the consolidated balance sheets as at December 31 and the amount of the deferred tax expense (recovery) recognized in net earnings (loss) from continuing operations were: Deferred Income Tax Expense Deferred Income Tax (Assets) (Recovery) Recognized Liabilities in Net Earnings (Loss) 2019 2018 2019 2018 Deferred income tax assets Asset retirement obligations and accrued environmental costs (387) (412) 25 11 Tax loss and other carryforwards (270) (261) (9) (198) Pension and other post-retirement benefit liabilities (145) (130) (13) 44 Long-term debt (107) (110) 3 10 Lease liabilities (227) - 55 - Receivables (51) (58) 7 (3) Inventories (59) (54) (5) (13) Derivatives (9) (17) 5 15 Other assets (61) (57) 4 18 Deferred income tax liabilities Property, plant and equipment 3,647 3,218 147 (132) Goodwill and other intangible assets 523 546 (58) (31) Other liabilities 42 26 16 6 2,896 2,691 177 (273) Reconciliation of net deferred income tax liabilities: 2019 2018 Balance – beginning of year 2,691 2,187 Merger and acquisitions (Note 4) 29 776 Income tax expense (recovery) recognized in net earnings (loss) from continuing operations 177 (273) Income tax expense (recovery) recognized in net earnings (loss) from discontinued operations - (17) Income tax charge recognized in OCI 2 22 Other (3) (4) Balance – end of year 2,896 2,691 Amounts and expiry dates of unused tax losses and unused tax credits as at December 31, 2019 were: Amount Expiry Date Unused operating losses 1,027 2020 - Indefinite Unused capital losses 829 Indefinite Unused investment tax credits 38 2020 - 2038 The unused tax losses and credits with no expiry dates can be carried forward indefinitely. As at December 31, 2019 , we had $ 965 of tax losses for which we did not recognize deferred tax assets. We have determined that it is probable that all recognized deferred tax assets will be realized through a combination of future reversals of temporary differences and taxable income. The aggregate amount of temporary differences associated with investments in subsidiaries and equity-accounted investees, for which deferred tax liabilities have not been recognized, as at December 31, 2019 was $ 9,183 ( 2018 – $ 8,710 ). |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Discontinued Operations | NOTE 10 DISCONTINUED OPERATIONS Accounting Policies Discontinued operations represent a component of our business that either has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographic area of operations or is a part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Our significant policies include: cessation of equity accounting for associates and joint ventures at the date the investments were classified as held for sale; measurement of assets at the lower of carrying amount and fair value less costs to sell, with the exception of financial assets measured at fair value through other comprehensive income (“FVTOCI”); and dividends received are recorded on the consolidated statements of earnings. Supporting Information In 2018, our investments in SQM, Israel Chemicals Ltd. (“ICL”) and APC were presented as discontinued operations due to regulatory requirements to dispose of these investments in connection with the Merger. As of December 31, 2018, we completed all required divestitures and retained no residual interests as outlined below: Gain (Loss) on Net Earnings Gain (Loss) Sale Net of and Retained For the year ended December 31, 2018 Proceeds 1 on Sale Income Taxes AOCI Earnings Shares in SQM 5,126 4,278 3,366 - 3,366 Shares in ICL 685 (19) (19) (19) - Shares in APC 501 121 126 - 126 Conda Phosphate operations 98 - - - - Total sale 6,410 2 4,380 3,473 (19) 3,492 1 Proceeds are net of commissions. 2 Proceeds of $39 were collected in 2019. Net earnings from discontinued operations for the year ended December 31 were as follows: 2018 Gain on disposal of investments in SQM and APC 4,399 Dividend income of SQM, APC and ICL 1 156 Income tax expense 2 (951) Net earnings from discontinued operations 3,604 1 Dividend income is included in cash provided by operating activities on the consolidated statements of cash flows, net of tax of $26. 2 For 2018, income tax expense is comprised of $(912) relating to the disposals of SQM shares, including the repatriation of the net proceeds, and $(39) relating to earnings from discontinued operations ($(18) for the planned repatriation of the remaining excess cash available in Chile, $(26) for the repatriation of dividend income received from SQM and $5 relating to APC). |
Net Earnings per Share
Net Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Net Earnings per Share | NOTE 11 NET EARNINGS PER SHARE 2019 2018 Weighted average number of common shares 582,269,000 624,900,000 Dilutive effect of stock options 777,000 - ¹ Dilutive effect of share-settled PSUs 56,000 - ¹ Weighted average number of diluted common shares 583,102,000 624,900,000 1 The diluted weighted average share calculations excluded an additional 658,000 stock options and 137,000 equity-settled PSUs due to their anti-dilutive effect. Options excluded from the calculation of diluted net earnings per share due to the option exercise prices being greater than the average market price of common shares were as follows: 2019 2018 Number of options excluded 4,539,529 5,721,656 Performance option plan years fully excluded 2010 – 2015 2009 – 2015 Stock option plan years fully excluded 2015, 2019 2015, 2018 |
Financial Instruments and Relat
Financial Instruments and Related Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial Instruments and Related Risk Management | NOTE 12 FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT Accounting Policies Financial instruments are classified and measured as follows: Fair Value Through Profit or Loss (“FVTPL”) Fair Value Through Other Comprehensive Income (“FVTOCI”) Financial Assets and Liabilities at Amortized Cost 1 Instrument type Cash and cash equivalents and derivatives Equity investments not held for trading Receivables, short-term debt, payables and accrued charges, long-term debt, other long-term debt instruments Measurement Fair value Fair value Amortized cost Fair value gains and losses Profit or loss OCI 2 – Interest and dividends Profit or loss Profit or loss Profit or loss: effective interest rate Impairment of assets – – Profit or loss Foreign exchange Profit or loss OCI Profit or loss Transaction costs Profit or loss OCI Included in cost of instrument 1 Amortized cost is applied if the objective of the business model for the instrument or group of instruments is to hold the asset to collect the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest . 2 For equity investments not held for trading, we may make an irrevocable election at initial recognition to recognize changes in fair value through OCI rather than profit or loss. Financial instruments are recognized at trade date when we commit to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flow from the investments have expired or we have transferred them, and all the risks and rewards of ownership have been substantially transferred. Derivatives are used to lock in commodity prices and exchange rates. For designated and qualified cash flow hedges: the effective portion of the change in the fair value of the derivative is accumulated in OCI; when the hedged forecast transaction occurs, the related gain or loss is removed from AOCI and included in the cost of inventory; the hedging gain or loss included in the cost of inventory is recognized in earnings when the product containing the hedged item is sold or becomes impaired; and the ineffective portions of hedges are recorded in net earnings in the current period. We also assess whether the natural gas swaps used in hedging transactions are expected to be or were highly effective, both at the hedge’s inception and on an ongoing basis, in offsetting changes in fair values of hedged items. Hedge effectiveness related to our New York Mercantile Exchange (“NYMEX”) natural gas hedges is assessed on a prospective and retrospective basis using regression analyses. In 2018, our Alberta Energy Company (“AECO”) natural gas hedges were assessed using a qualitative assessment. Potential sources of ineffectiveness are changes in timing of forecast transactions, changes in volume delivered or changes in our credit risk or the counterparty. Net investment hedges relating to the commitment to purchase a foreign operation: are considered a non-financial item and are accounted for similar to a cash flow hedge; and the gain or loss from the hedging instrument is deferred in OCI and subsequently recorded as an adjustment to goodwill when the business combination occurs. Financial assets and financial liabilities are offset and the net amount is presented in the consolidated balance sheets when we: currently have a legally enforceable right to offset the recognized amounts; and intend either to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Supporting Information Credit Risk Our exposure to credit risk on our cash and cash equivalents, receivables (excluding taxes) and derivative instrument assets is the carrying amount of each instrument on the consolidated balance sheets. Maximum exposure to credit risk as at December 31: 2019 2018 Cash and cash equivalents 671 2,314 Receivables 1 3,438 3,094 Other current assets – derivatives 5 5 4,114 5,413 1 Excluding income tax receivable. Credit risk is managed through policies applicable to the following assets: Daily Counterparty Counterparties Acceptable Minimum Settlement Based on to Contracts are Counterparty Credit Exposure Thresholds Prescribed Credit Investment-Grade Ratings by Counterparty Thresholds Quality Cash and Cash Equivalents X X Natural Gas Derivatives X X X Foreign Currency Derivatives X We manage our credit risk on receivables from customers through a credit management program whereby: credit approval policies and procedures are in place to guide the granting of credit to new customers as well as our continued extension to existing customers; existing customer accounts are reviewed every 12-24 months, depending on the credit limit amounts; credit is extended to international customers based upon an evaluation of both customer and country risk; the credit period on sales is generally 15 and 30 days for wholesale fertilizer customers, 30 days for industrial and feed customers, 30-90 days for Retail customers and up to 180 days for select export sales customers; and credit agency reports, where available, and an assessment of other relevant information such as current financial statements and/or credit references, are used before assigning credit limits to customers. We may transact with customers that fail to meet specified benchmark creditworthiness on a cash basis or provide other evidence of ability to pay. In our Retail operations in Western Canada, credit risk in accounts receivable is mitigated through an agency agreement with a Canadian financial institution wherein the financial institution provides credit to qualifying customers to assist in financing their crop input purchases. Through the agency agreement, which expires in 2021, customers have financing arrangements directly with the financial institution while we have only a limited recourse involvement to the extent of an indemnification of the financial institution for 54 percent (2018 – 52 percent) of its future bad debts to a maximum of 3 percent (2018 – 5 percent) of the qualified customer loans. Outstanding customer credit with the financial institution was $521 at December 31, 2019 , which is not recognized in our consolidated balance sheets. Historical indemnification losses on this arrangement have been negligible, and the average aging of the customer loans with the financial institution is current. Our receivables from customers also include a concentration in Retail operations in Australia for advances to customers to purchase crop inputs and livestock. We mitigate risk in these receivables by obtaining security over livestock and crop. Liquidity Risk Liquidity risk arises from our general funding needs and the management of our assets, liabilities and optimal capital structure. We manage our liquidity risk to maintain sufficient liquid financial resources to fund our operations and meet our commitments and obligations in a cost-effective manner. In managing our liquidity risk, we have access to a range of funding options and have established an external borrowing policy with the following objectives: maintain an optimal capital structure; maintain investment-grade credit ratings that provide ease of access to the debt capital and commercial paper markets; maintain sufficient short-term credit availability; and maintain long-term relationships with a sufficient number of high-quality and diverse lenders. The table below outlines our available credit facilities as at December 31, 2019 : Total Amount Outstanding Amount Amount and Committed Available Unsecured revolving term credit facility 1 4,500 650 3,850 Uncommitted revolving demand facility 500 - 500 Other credit facilities 820 326 494 1 The unsecured revolving term credit facility matures April 10, 2023, subject to extension at the request of Nutrien provided that the resulting maturity date shall not exceed five years from the date of request. The following maturity analysis of our financial liabilities and gross settled derivative contracts (for which the cash flows are settled simultaneously) is based on the expected undiscounted contractual cash flows from the date of the consolidated balance sheets to the contractual maturity date. Carrying Amount Contractual of Liability as at Cash Within 1 to 3 3 to 5 Over 5 2019 December 31 Flows 1 Year Years Years Years Short-term debt 1 976 976 976 - - - Payables and accrued charges 2 5,264 5,264 5,264 - - - Long-term debt, including current portion 1 9,055 14,392 894 1,268 1,923 10,307 Lease liabilities, including current portion 1 1,073 1,302 249 364 234 455 Derivatives 33 33 14 10 9 - 16,401 21,967 7,397 1,642 2,166 10,762 1 Contractual cash flows include contractual interest payments related to debt obligations and lease liabilities. Interest rates on variable rate debt are based on prevailing rates as at December 31, 2019. 2 Excludes non-financial liabilities and includes trade payables of approximately $1.4 billion paid in January and February 2020 through an arrangement whereby a supplier sold the right to receive payment to a financial institution. Foreign Exchange Risk To manage foreign exchange risk (primarily related to our foreign operations), we may enter into foreign currency derivatives. Treasury risk management policies allow such exposures to be hedged within certain prescribed limits for both forecast operating and capital expenditures. The risk management policy is to manage the earnings impact that could occur from a reasonably possible strengthening or weakening of the US dollar. The foreign currency derivatives are not currently designated as hedging instruments for accounting purposes. The following table presents the significant foreign currency derivatives that existed at December 31: 2019 2018 Average Average contract contract Sell/buy Notional Maturities rate Notional Maturities rate Forwards USD/CDN 337 2020 1.3096 502 2019 1.3583 CDN/USD 120 2020 1.3138 205 2019 1.3636 USD/AUD 1 78 2020 1.4593 40 2019 1.3777 AUD/USD 47 2020 1.4563 48 2019 1.3816 1 Australian Dollar Interest Rate Risk Fluctuations in interest rates impact the future cash flows and fair values of various financial instruments. Interest rate risk on debt is addressed by: using a portfolio of fixed and floating rate instruments; aligning current and long-term assets with demand and fixed-term debt; monitoring the effects of market changes in interest rates; and using interest rate swaps, if desired. Related to interest rate risk on investments in marketable securities, our primary objectives are to: ensure the security of principal amounts invested; provide for an adequate degree of liquidity; and achieve a satisfactory return. Treasury risk management policies specify investment parameters including eligible types of investment, maximum maturity dates, maximum exposure by counterparty and minimum credit ratings. We have credit facilities in Argentina that are subject to floating interest rates. We do not believe we have material exposure to interest rate risk on our financial instruments and earnings as at December 31, 2019 and 2018 . Price Risk Commodity price risk exists on our natural gas derivative instruments. Our natural gas strategy is to diversify our forecast gas volume requirements, including a portion of annual requirements purchased at spot market prices, a portion at fixed prices (up to 10 years) and a portion indexed to the market price of ammonia. Our objective is to acquire a reliable supply of natural gas feedstock and fuel on a location-adjusted, cost-competitive basis. Price risk also exists for exchange-traded equity securities measured at FVTPL or FVTOCI. We had no material exposure to price risk on our financial instruments as at December 31, 2019 and 2018 . 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. Financial instruments included in the consolidated balance sheets are measured either at fair value or amortized cost. The tables below explain the valuation methods used to determine the fair value of each financial instrument and its associated level in the fair value hierarchy. Financial Instruments Measured at Fair Value Fair Value Method Cash and cash equivalents Carrying amount (approximation to fair value assumed due to short-term nature) Equity securities Closing bid price of the common shares as at the balance sheet date Debt securities Closing bid price of the debt or other instruments with similar terms and credit risk (Level 2) as at the balance sheet date Foreign currency derivatives not traded in an active market Quoted forward exchange rates (Level 2) as at the balance sheet date Foreign exchange forward contracts, swaps and options and natural gas swaps not traded in an active market A discounted cash flow model 1 Market comparison 2 1 Inputs included contractual cash flows based on prices for natural gas futures contracts, fixed prices and notional volumes specified by the swap contracts, the time value of money, liquidity risk, our own credit risk (related to instruments in a liability position) and counterparty credit risk (related to instruments in an asset position). Futures contract prices used as inputs in the model were supported by prices quoted in an active market and therefore categorized in Level 2. 2 Inputs include current market and contractual prices, forward pricing curves, quoted forward prices, basis differentials, volatility factors and interest rates and therefore categorized in Level 2. Market comparison was used for the 2018 AECO natural gas hedges. Financial Instruments Measured at Amortized Cost Fair Value Method Receivables, short-term debt and payables and accrued charges Carrying amount (approximation to fair value assumed due to short-term nature) Long-term debt Quoted market prices (Level 1 or 2 depending on the market liquidity of the debt) Other long-term debt instruments Carrying amount The following table presents our fair value hierarchy for financial assets and financial liabilities carried at fair value on a recurring basis or measured at amortized cost: 2019 2018 Carrying Carrying Financial instruments measured at Amount Level 1 1 Level 2 1 Amount Level 1 1 Level 2 1 Fair value on a recurring basis Cash and cash equivalents 671 - 671 2,314 - 2,314 Derivative instrument assets 5 - 5 5 - 5 Other current financial assets – marketable securities 2 193 27 166 97 12 85 Investments at FVTOCI (Note 17) 161 161 - 186 186 - Derivative instrument liabilities (33) - (33) (71) - (71) Amortized cost Current portion of long-term debt Notes and debentures (494) - (503) (995) - (1,009) Fixed and floating rate debt (8) - (8) (8) - (8) Long-term debt Notes and debentures (8,528) (1,726) (7,440) (7,569) (1,004) (6,177) Fixed and floating rate debt (25) - (25) (22) - (22) 1 Financial instruments included in Level 1 are measured using quoted prices in active markets for identical assets or liabilities, while those classified as Level 2 are measured using significant other observable inputs. During 2019 and 2018, there were no transfers between Level 1 and Level 2 for financial instruments measured at fair value on a recurring basis. Our policy is to recognize transfers at the end of the reporting period. 2 Marketable securities consist of equity and fixed income securities. 2019 2018 Net Amounts Net Amounts Financial assets (liabilities) Gross Offset Presented Gross Offset Presented Derivative instrument assets Natural gas derivatives - - - 31 (27) 4 Derivative instrument liabilities Natural gas derivatives 1 (30) - (30) (92) 26 (66) Other long-term debt instruments 2 (150) 150 - (150) 150 - (180) 150 (30) (211) 149 (62) 1 Cash margin deposits of $17 (2018 – $18) were placed with counterparties related to legally enforceable master netting arrangements. 2 Back-to-back loan arrangements that are not subject to any financial test covenants but are subject to certain customary covenants and events of default. We were in compliance with these covenants as at December 31, 2019. Natural gas derivatives outstanding: 2019 2018 Average Fair Value Average Fair Value Contract of Assets Contract of Assets Notional 1 Maturities Price 2 (Liabilities) Notional 1 Maturities Price 2 (Liabilities) NYMEX swaps 16 2020 – 2022 4.26 (30) 22 2019 – 2022 4.26 (35) AECO swaps - n/a - - 26 2019 1.92 (25) 1 In millions of British thermal units (“MMBtu”). 2 US dollars per MMBtu. n/a = not applicable |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Receivables | NOTE 13 RECEIVABLES Accounting Policies, Estimates and Judgments Receivables from customers are recognized initially at fair value and subsequently measured at amortized cost less allowance for expected credit losses of receivables from customers. We estimate losses on receivables based on known troubled accounts and historical experience of losses incurred using the lifetime expected credit loss method, which represents the expected credit loss that will result from all possible default events over the expected life of a financial instrument. To determine the expected credit losses, receivables from customers have been grouped based on geography, days past due and/or customer credit risk profile. Receivables are considered to be in default and are written off against the allowance when it is probable that all remaining contractual payments due will not be collected in accordance with the terms of the agreement. Subsequent recoveries of amounts previously written off are credited to the consolidated statements of earnings. Vendors may offer various incentives to purchase products for resale. Vendor rebates and prepay discounts are accounted for as a reduction of the prices of the suppliers’ products. Rebates based on the amount of materials purchased reduce cost of goods sold as inventory is sold. Rebates earned based on sales volumes of products are offset to cost of goods sold. Rebates that are probable and can be reasonably estimated are accrued. Rebates that are not probable or estimable are accrued when certain milestones are achieved. Determining when there is no reasonable expectation of recovering the amounts requires judgment. Estimation of rebates can be complex in nature as vendor arrangements are diverse. The amount of the accrual is determined by analyzing and reviewing historical trends to apply negotiated rates to estimated and actual purchase volumes. Estimated amounts accrued throughout the year could also be impacted if actual purchase volumes differ from projected volumes. Supporting Information 2019 2018 Receivables from customers – third parties 2,936 2,628 – Canpotex (Note 29) 194 208 Less allowance for expected credit losses of receivables from customers (83) (90) 3,047 2,746 Rebates 190 169 Income taxes (Note 9) 104 248 Other receivables 201 179 3,542 3,342 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Inventories | NOTE 14 INVENTORIES Accounting Policies, Estimates and Judgments Inventories are valued monthly at the lower of cost and net realizable value. Costs are allocated to inventory using the weighted average cost method and include: direct acquisition costs, direct costs related to units of production and a systematic allocation of fixed and variable production overhead, as applicable. Net realizable value is based on Products and raw materials Materials and supplies selling price of the finished product (in ordinary course of business) less the estimated costs of completion and estimated costs to make the sale. replacement cost. A writedown is recognized if the carrying amount exceeds net realizable value and may be reversed if the circumstances which caused it no longer exist. Various factors impact our estimates of net realizable value , including inventory levels, forecasted prices of key production inputs, global nutrient capacities, and crop price trends. Supporting Information 2019 2018 Product purchased for resale 1 3,592 3,545 Finished products 524 501 Intermediate products 244 218 Raw materials 205 275 Materials and supplies 410 378 4,975 4,917 1 Includes biological assets of $33 (December 31, 2018 – $2) measured at fair value less cost of disposal. Inventories expensed to cost of goods sold during the year were $ 13,465 ( 2018 – $ 13,083 ). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Property, Plant and Equipment | NOTE 15 PROPERTY, PLANT AND EQUIPMENT The majority of our tangible assets are the buildings, machinery and equipment used to produce or distribute our products and render our services. Accounting Policies, Estimates and Judgments Owned Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and any recognized impairment loss. Cost includes all expenditures directly attributable to bringing the asset to the location and installing it in working condition for its intended use, including: additions to, and betterments and renewals of, existing assets; borrowing costs incurred during construction using a capitalization rate based on the weighted average interest rate of our outstanding debt; and a reduction for income derived from the asset during construction. Each component of an item of property, plant and equipment with a cost that is significant in relation to the item’s total cost is depreciated separately. When the cost of replacing part of an item of property, plant and equipment is capitalized, the carrying amount of the replaced part is derecognized. The cost of major inspections and overhauls is capitalized and depreciated over the period until the next major inspection or overhaul. Maintenance and repair expenditures that do not improve or extend productive life are expensed in the period incurred. Environmental costs related to current operations are also capitalized if: property life is extended, capacity is increased, contamination from future operations is mitigated or prevented, or the expenditure is related to legal or constructive asset retirement obligations. Judgment involves determining: costs, including income or expenses derived from an asset under construction, that are eligible for capitalization; timing to cease cost capitalization, generally when the asset is capable of operating in the manner intended by management, but also considering the circumstances and the industry in which the asset is to be operated, normally predetermined by management with reference to such factors as productive capacity; the appropriate level of componentization (for individual components for which different depreciation methods or rates are appropriate); repairs and maintenance that qualify as major inspections and overhauls; and useful life over which such costs should be depreciated. Certain property, plant and equipment directly related to the Potash, Nitrogen and Phosphate segments are depreciated using the units-of-production method based on the shorter of estimates of reserves or service lives. Pre-stripping costs are depreciated on a units-of-production basis over the ore mined from the mineable acreage stripped. Land is not depreciated. The remaining assets are depreciated on a straight-line basis. Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually with the effect of any changes in estimate being accounted for on a prospective basis. Uncertainties are inherent in estimating reserve quantities, particularly as they relate to assumptions regarding future prices, the geology of our mines, the mining methods used, and the related costs incurred to develop and mine reserves. Changes in these assumptions could result in material adjustments to reserve estimates, which could result in impairments or changes to depreciation expense in future periods. Leased Property, Plant and Equipment A contract is a lease or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases are recognized as right-of-use (“ROU”) assets and corresponding liabilities at the date at which a leased asset is available for use. Lease payments are allocated between finance costs, calculated using the effective interest method, and a reduction of the liability. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Our major categories of assets leased are: railcars and marine vessels used to transport product to customers; real estate used as office space, storage and distribution; and mobile equipment primarily used to deliver and apply product and to meet with customers. Railcars are utilized in North America and include general service and high-pressure tank cars and general-purpose hopper cars. Railcars are sourced from multiple suppliers and terms vary by lease agreement. For railcars required in our operations, we have a history of renegotiating new leases at termination of existing leases. Marine vessels include ocean-going vessels used to transport ammonia from our nitrogen facilities in Trinidad to our customers. We lease real estate across our operations consisting of office space and product storage and distribution sites. Real estate leases have varying terms by location and use of the property, and are normally renewable at market rates. Most storage and distribution leases do not convey a right to use a specific identified space and accordingly these are not classified as leases under IFRS 16 and are expensed as incurred. Our Retail segment leases a fleet of motor vehicles and product application equipment and other transportation equipment. Motor vehicle leases primarily have a 50-month initial term and are renewable annually thereafter. We expect to renew all our Retail motor vehicle leases for substantially all of the useful life of the equipment. We seek to maximize operational flexibility in managing our leasing activities by including extension options when negotiating new leases. Extension options are exercisable at our option and not by the lessors. In determining if a renewal period should be included in the lease term, we consider all relevant factors that create an economic incentive for us to exercise a renewal, including the location of the asset, the availability of suitable alternatives, the significance of the asset to operations, and our business strategy. Lease agreements do not contain significant covenants; however, leased assets may be used as security for lease liabilities and other borrowings. ROU assets are measured at cost, less any impairments, including: the initial measurement of lease liability (see Note 21 ); any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and an estimate of costs, if any, to be incurred by us in restoring the underlying asset to the condition required by the terms and conditions of the lease. Liabilities arising from a lease are initially measured as the net present value of the future lease payments, including: fixed payments (including in-substance fixed payments), less any lease incentives; variable lease payments that are based on an index or a rate; amounts expected to be payable under residual value guarantees; the exercise price of a purchase option if we are reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects us exercising that option. In recording ROU assets and related liabilities at inception of a lease, lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, an incremental borrowing rate is used, being a rate that we would have to pay to borrow the funds required to obtain a similar asset, adjusted for term, security, asset value and the borrower’s economic environment. The carrying amount of ROU assets and lease liabilities is remeasured if there is a modification of the lease, a change in the lease term, a change in the in-substance fixed lease payments, a change in the expected amount under a residual value guarantee or a change in the assessment to exercise a purchase, extension or termination option. Payments for short-term leases and leases of low-value assets are expensed on a straight-line basis. Short-term leases are leases with a lease term of 12 months or less that do not contain a purchase option. Low-value assets generally comprise IT equipment and office furniture. Judgment is required to determine whether a contract or arrangement includes a lease and if it is reasonably certain that an extension option will be exercised. Estimation is used to determine the useful lives of ROU assets, the lease term and the appropriate discount rate applied to the lease payments to calculate the lease liability. Refer to Note 31 for impacts of the adoption of IFRS 16. Accounting policies, estimates and judgments related to impairment of long-lived assets are described in Note 31 . Supporting Information Machinery Mine Land and Buildings and and Development Assets Under Improvements Improvements Equipment Costs Construction Total Useful life range (years) 3 – 80 1 – 60 1 – 80 n/a n/a Carrying amount – December 31, 2018 1,018 6,044 9,882 709 1,143 18,796 ROU assets recognized on adoption of IFRS 16 48 307 704 - - 1,059 Acquisitions (Note 4) 17 136 61 - 37 251 Additions 14 30 225 - 1,487 1,756 Additions – ROU - 22 177 - - 199 Disposals (3) (5) (84) - - (92) Transfers 108 145 932 110 (1,295) - Foreign currency translation and other (4) (37) (14) 5 6 (44) Depreciation (36) (187) (1,004) (77) - (1,304) Depreciation – ROU (2) (46) (186) - - (234) Impairment - - (52) - - (52) Carrying amount – December 31, 2019 1,160 6,409 10,641 747 1,378 20,335 Balance – December 31, 2019 comprised of: Cost 1,474 8,207 18,548 2,068 1,378 31,675 Accumulated depreciation and impairments (314) (1,798) (7,907) (1,321) - (11,340) Carrying amount – December 31, 2019 1,160 6,409 10,641 747 1,378 20,335 Balance – December 31, 2019 comprised of: Owned property, plant and equipment 1,117 6,065 9,973 747 1,378 19,280 ROU assets 43 344 668 - - 1,055 Carrying amount – December 31, 2019 1,160 6,409 10,641 747 1,378 20,335 Carrying amount – December 31, 2017 612 4,184 6,744 979 452 12,971 Merger impact (Note 4) 396 2,695 4,042 - 326 7,459 Other acquisitions 10 31 66 - - 107 Additions 41 61 327 42 975 1,446 Disposals (3) (14) (30) - - (47) Transfers 10 30 538 18 (596) - Foreign currency translation and other (9) 28 (21) 10 (14) (6) Depreciation (33) (195) (1,032) (65) - (1,325) Impairment (6) (776) (752) (275) - (1,809) Carrying amount – December 31, 2018 1,018 6,044 9,882 709 1,143 18,796 Balance – December 31, 2018 comprised of: Cost 1,294 7,617 16,806 1,954 1,143 28,814 Accumulated depreciation and impairments (276) (1,573) (6,924) (1,245) - (10,018) Carrying amount – December 31, 2018 1,018 6,044 9,882 709 1,143 18,796 Depreciation of property, plant and equipment was included in the following: 2019 2018 Freight, transportation and distribution 137 15 Cost of goods sold 1,008 1,016 Selling expenses 344 259 General and administrative expenses 40 35 1,529 1,325 Depreciation recorded in inventory 161 108 1,690 1,433 After a strategic portfolio review was completed in 2018, we determined the New Brunswick Potash operations would no longer be part of our medium-term or long-term strategic plans. 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, which was then assessed for impairment. The estimated recoverable amount of the New Brunswick CGU, based on fair value less costs of disposal (“FVLCD”), was $50 resulting in an impairment loss of $1,809 ($1,320 net of tax) being recorded in the Potash segment. The estimated recoverable amount was determined to be the salvage value of the assets based on the estimated fair market value of similar used assets and past experience, a Level 3 fair value measurement. There were no reversals of impairment in 2019 or 2018. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Goodwill and Other Intangible Assets | NOTE 16 GOODWILL AND OTHER INTANGIBLE ASSETS Accounting Policies, Estimates and Judgments Goodwill is carried at cost, is not amortized, and represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Other intangible assets are generally measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill is allocated to CGUs or groups of CGUs for impairment testing based on the level at which it is monitored by management, and not at a level higher than an operating segment. The allocation is made to those CGUs or groups of CGUs expected to benefit from the business combination in which the goodwill arose. Judgment is applied in determining when expenditures are eligible for capitalization as intangible assets. Estimation is applied to determine expected useful lives used in the straight-line amortization of intangible assets with finite lives. Useful lives are reviewed, and adjusted if appropriate, at least annually. Supporting Information Other Intangibles Customer Trade Goodwill Relationships 2 Technology Names Other Total Useful life range (years) n/a 3 – 15 3 – 30 10 – 20 ³ 1 – 20 Carrying amount – December 31, 2018 11,431 1,554 117 90 449 2,210 Acquisitions (Note 4) 543 173 43 13 115 344 Additions – internally developed - - 197 - 2 199 Foreign currency translation and other 12 2 9 18 (25) 4 Impairment - - - (35) (33) (68) Amortization 1 - (145) (15) (24) (77) (261) Carrying amount – December 31, 2019 11,986 1,584 351 62 431 2,428 Balance – December 31, 2019 comprised of: Cost 11,993 1,906 429 92 597 3,024 Accumulated amortization and impairment (7) (322) (78) (30) (166) (596) Carrying amount – December 31, 2019 11,986 1,584 351 62 431 2,428 Carrying amount – December 31, 2017 97 - - - 69 69 Merger impact (Note 4) 11,185 1,708 44 122 474 2,348 Other acquisitions (Note 4) 197 1 - - 7 8 Additions – internally developed - - 79 - 19 98 Disposals - - - - (27) (27) Foreign currency translation and other (48) (20) 1 (4) (6) (29) Amortization 1 - (135) (7) (28) (87) (257) Carrying amount – December 31, 2018 11,431 1,554 117 90 449 2,210 Balance – December 31, 2018 comprised of: Cost 11,438 1,691 124 118 586 2,519 Accumulated amortization (7) (137) (7) (28) (137) (309) Carrying amount – December 31, 2018 11,431 1,554 117 90 449 2,210 1 Amortization of $234 was included in selling expenses during the year ended December 31, 2019 (2018 – $225). 2 The remaining amortization period of customer relationships at December 31, 2019, was approximately 7 years. 3 Certain trade names have indefinite useful lives as there are no regulatory, legal, contractual, cooperative, economic or other factors that limit their useful lives. Goodwill Impairment Testing We performed our annual impairment test on goodwill during the fourth quarter and did not identify any impairment, however the recoverable amount for Retail – North America did not substantially exceed its carrying amount. In testing for impairment of goodwill, we calculate the recoverable amount for groups of CGUs containing goodwill. We used the FVLCD methodology based on after-tax discounted cash flows (five-year projections and a terminal year thereafter) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each group of CGUs for the risk associated with achieving our forecasts (five-year projections) and for the currency in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization and comparative market multiples to corroborate discounted cash flow results. The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and cash flow forecasts. The key forecast assumptions were based on historical data and estimates of future results from internal sources as well as industry and market trends. For each group of CGUs, terminal growth rates and discount rates used were as follows: Terminal Growth Rate (%) Discount Rate (%) Retail – North America 2.5 7.0 Retail – International 1 2.0 7.5 - 15.0 Potash 2.5 8.0 Nitrogen 2.0 9.0 1 The discount rates reflect the country risk premium and size for our international groups of CGUs. The Retail – North America group of CGUs recoverable amount exceeds its carrying amount by $ 794 which is 6 % of the recoverable amount. As a result of the Merger, the non-cash fair value adjustment to the Retail – North America goodwill was $ 4,284 . Goodwill is more susceptible to impairment risk if business operating results or economic conditions deteriorate and we do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted cash flows could cause material impairment in the future . The following table indicates the percentage by which key assumptions would need to change individually for the estimated Retail – North America recoverable amount to be equal to the carrying amount: Change Required for Carrying Amount to Equal Recoverable Value Used in Impairment Key Assumptions Amount (%) Model Terminal growth rate (0.3) 2.5% Forecasted EBITDA over forecast period (4.1) 6,128 Discount rate 0.2 7.0% |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Investments | NOTE 17 INVESTMENTS We hold interests in associates and joint ventures, the most significant being Canpotex, MOPCO and Profertil. Our most significant investment accounted for as FVTOCI is Sinofert. Accounting Policies, Estimates and Judgments Investments in Equity-Accounted Investees Investments in which we exercise significant influence (but do not control) or have joint control (as joint ventures) are accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, commonly referred to as an associate. We recognize profits on sales to Canpotex when there is a transfer of control, either at the time the product is loaded for shipping or delivered, depending on the terms of the contract. Investments at FVTOCI The fair value of investments designated as FVTOCI is recorded in the consolidated balance sheets, with unrealized gains and losses, net of related income taxes, recorded in AOCI. Our significant policies include the following: the cost of investments sold is based on the weighted average method, and unrealized gains and losses on these investments remain in OCI until the time of sale or disposal when it is transferred to retained earnings. Investments in Equity-Accounted Investees and Investments at FVTOCI We continuously assess our ability to exercise significant influence or joint control over our investments. Our 22 percent ownership in Sinofert does not constitute significant influence as we do not have any representation on the Board of Directors of Sinofert. We have representation on the MOPCO Board of Directors providing significant influence over MOPCO. We recorded our share of MOPCO’s earnings on a one-quarter lag, adjusted for any material transactions for the current quarter, as the financial statements of MOPCO are not available on the date of issuance of our consolidated financial statements. We elected to account for our investment in Sinofert as FVTOCI as it is held for strategic purposes. Supporting Information Equity-accounted investees and investments at FVTOCI as at December 31 were comprised of: Principal Place Proportion of Ownership Interest of Business and and Voting Rights Held (%) Carrying Amount Name Principal Activity Incorporation 2019 2018 2019 2018 Equity-accounted investees MOPCO Nitrogen Producer Egypt 26 26 270 236 Profertil Nitrogen Producer Argentina 50 50 212 192 Canpotex Marketing and Logistics Canada 50 50 - - Agrichem 1 Fertilizer Producer and Marketer Brazil 100 80 - 103 Other associates and joint ventures 178 161 Total equity-accounted investees 660 692 Investments at FVTOCI Sinofert Fertilizer Supplier and Distributor China/Bermuda 22 22 161 180 Other - - - 6 Total investments at FVTOCI 161 186 1 During 2019, we acquired the remaining 20 percent interest in Agrichem making it a wholly owned consolidated subsidiary, as described in Note 4, and as a result ceased equity accounting. Prior to this acquisition, we had joint control with the other shareholder of Agrichem. Future conditions, including those related to MOPCO and Profertil, are subject to variability due to political instability and civil unrest. We are exposed to foreign exchange risk related to fluctuations in the Egyptian pound and Argentine peso against the US dollar. This may also restrict our ability to obtain dividends from Profertil. Additional financial information on our proportionate interest in equity-accounted investees for the years ended December 31 was as follows: Associates Joint Ventures 2019 2018 2019 2018 Earnings from continuing operations and net earnings 34 24 32 16 Other comprehensive income 6 - - - Total comprehensive income 40 24 32 16 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other Assets | NOTE 18 OTHER ASSETS Other assets as at December 31 were comprised of: 2019 2018 Deferred income tax assets (Note 9) 249 216 Ammonia catalysts – net of accumulated amortization of $71 (2018 – $79) 89 81 Long-term income tax receivable (Note 9) 36 36 Accrued pension benefit asset (Note 23) 25 27 Other – net of accumulated amortization of $41 (2018 – $38) 165 165 564 525 |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Short-Term Debt | NOTE 19 SHORT-TERM DEBT We use our $4.5 billion commercial paper program for our short-term cash requirements. The commercial paper program is backstopped by the $4.5 billion unsecured revolving term credit facility (“Nutrien Credit Facility”). Short-term facilities are renegotiated periodically. Short-term debt as at December 31 was comprised of: Rate of Interest (%) 2019 2018 Commercial paper 2.0 – 2.1 650 391 Other credit facilities 1 0.8 – 10.4 326 238 976 629 1 Credit facilities are unsecured and consist of South American facilities with debt of $149 (2018 – $216) and interest rates ranging from 3.00 percent to 10.38 percent, Australia facilities with debt of $157 (2018 – $Nil) and interest rates ranging from 0.75 percent to 2.09 percent, and Other facilities with debt of $20 (2018 – $22) and interest rates ranging from 1.64 percent to 2.50 percent. The amount available under the commercial paper program is limited to the availability of backup funds under the Nutrien Credit Facility. As at December 31, 2019 , we were authorized to issue commercial paper up to $4,500 ( 2018 – $4,500). Principal covenants and events of default under the Nutrien Credit Facility include a debt to capital ratio of less than or equal to 0.65:1 and other customary events of default and covenant provisions. Non-compliance with such covenants could result in accelerated repayment and/or termination of the credit facility. We were in compliance with all covenants as at December 31, 2019 . We also had other facilities available from which we could draw short-term debt, including a $500 uncommitted revolving demand facility and $820 of other facilities mostly denominated in foreign currencies. Our $500 accounts receivable securitization program was terminated in 2019. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Long-Term Debt | NOTE 20 LONG-TERM DEBT We source our borrowings for funding purposes primarily through notes, debentures and long-term credit facilities. We have access to the capital markets through our base shelf prospectus. Supporting Information Long-term debt as at December 31 was comprised of: Rate of Interest (%) Maturity 2019 2018 Notes 1 6.750 January 15, 2019 - 500 6.500 May 15, 2019 - 500 4.875 March 30, 2020 500 500 3.150 October 1, 2022 500 500 3.500 June 1, 2023 500 500 3.625 March 15, 2024 750 750 3.375 March 15, 2025 550 550 3.000 April 1, 2025 500 500 4.000 December 15, 2026 500 500 4.200 April 1, 2029 750 - 4.125 March 15, 2035 450 450 7.125 May 23, 2036 300 300 5.875 December 1, 2036 500 500 5.625 December 1, 2040 500 500 6.125 January 15, 2041 500 500 4.900 June 1, 2043 500 500 5.250 January 15, 2045 500 500 5.000 April 1, 2049 750 - Debentures 1 7.800 February 1, 2027 125 125 Other 33 10 8,708 8,185 Add net unamortized fair value adjustments 424 444 Less net unamortized debt issue costs (77) (55) 9,055 8,574 Less current maturities (508) (1,000) Less current portion of net unamortized fair value adjustments - (1) Add current portion of net unamortized debt issue costs 6 6 (502) (995) 8,553 7,579 1 Each series of notes and debentures is unsecured and has no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions that allow redemption prior to maturity, at our option, at specified prices. We are subject to certain customary covenants including limitation on liens, merger and change of control covenants, and customary events of default. We were in compliance with these covenants as at December 31, 2019 . The following is a summary of changes in liabilities arising from financing activities: Short-Term Debt Current and Current Portion of Portion of Lease Long-Term Lease Long-Term Debt 1 Liabilities Debt Liabilities Total Balance – December 31, 2018 1,624 8 7,579 12 9,223 Adoption of IFRS 16 (Note 15) - 196 - 863 1,059 Debt acquired (Note 4) 145 20 3 91 259 Cash flows 1 (794) (184) 1,461 75 558 Reclassifications 500 178 (500) (178) - Foreign currency translation and other non-cash changes 3 (4) 10 (4) 5 Balance – December 31, 2019 1,478 214 8,553 859 11,104 Balance – December 31, 2017 730 - 3,711 - 4,441 Debt acquired in Merger (Note 4) 870 8 4,918 12 5,808 Cash flows 1 (927) - (12) - (939) Reclassifications 1,023 - (1,023) - - Foreign currency translation and other non-cash changes (72) - (15) - (87) Balance – December 31, 2018 1,624 8 7,579 12 9,223 1 Cash inflows and cash outflows are presented on a net basis. |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Lease Liabilities | NOTE 21 LEASE LIABILITIES We adopted IFRS 16, “Leases” as of January 1, 2019. See Note 15 and 31 for the respective accounting policies, estimates and judgments. Rate of Interest (%) 2019 2018 Lease liabilities 3.35 859 12 Current portion of lease liabilities 3.06 214 8 Total 1,073 20 |
Payables and Accrued Charges
Payables and Accrued Charges | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Payables and Accrued Charges | NOTE 22 PAYABLES AND ACCRUED CHARGES Payables and accrued charges consist primarily of amounts we owe to suppliers and prepayments made by customers planning to purchase our products for the upcoming growing season. Payables and accrued charges as at December 31 were comprised of: 2019 2018 Trade accounts 4,016 3,053 Customer prepayments 1,693 1,625 Dividends 258 526 Accrued compensation 434 425 Current portion of asset retirement obligations and accrued environmental costs (Note 24) 148 156 Accrued interest 103 105 Current portion of share-based compensation (Note 6) 118 87 Current portion of derivatives 13 45 Income taxes (Note 9) 43 47 Current portion of pension and other post-retirement benefits (Note 23) 15 13 Other payables and other accrued charges 596 621 7,437 6,703 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Pension and Other Post-Retirement Benefits | NOTE 23 PENSION AND OTHER POST-RETIREMENT BENEFITS We offer the following pension and other post-retirement benefits to qualified employees: defined benefit pension plans; defined contribution pension plans; and health, disability, dental and life insurance (referred to as other defined benefit) plans. Substantially all our employees participate in at least one of these plans. Accounting Policies, Estimates and Judgments For employee retirement and other defined benefit plans accrued liabilities are recorded net of plan assets; costs including current and past service costs, gains or losses on curtailments and settlements, and remeasurements are actuarially determined on a regular basis using the projected unit credit method; and past service cost is recognized in net earnings at the earlier of i) when a plan amendment or curtailment occurs; or ii) when related restructuring costs or termination benefits are recognized. Remeasurements, recognized directly in OCI in the period they occur, are comprised of actuarial gains and losses, return on plan assets (excluding amounts included in net interest) and the effect of the asset ceiling (if applicable). When a plan amendment occurs before a settlement, we recognize past service cost before any gain or loss on settlement. Defined contribution plan costs are recognized in net earnings for services rendered by employees during the period. Estimates and judgments are required to determine discount rates, health care cost trend rates, projected salary increases, retirement age, longevity and termination rates. These assumptions are determined by management and are reviewed annually by our independent actuaries. Our discount rate assumptions are impacted by: the weighted average interest rate at which each pension and other post-retirement plan liability could be effectively settled at the measurement date; country specific rates; and the use of a yield curve approach based on the respective plans’ demographics, expected future pension benefits and medical claims, payments are measured and discounted to determine the present value of the expected future cash flows. The cash flows are discounted using yields on high-quality AA-rated non-callable bonds with cash flows of similar timing where there is a deep market for such bonds. Where we do not believe there is a deep market for such bonds (such as for terms in excess of 10 years in Canada), the cash flows are discounted using a yield curve derived from yields on provincial bonds rated AA or better to which a spread adjustment is added to reflect the additional risk of corporate bonds. Supporting Information The significant assumptions used to determine the benefit obligations and expense for our significant plans as at and for the year ended December 31 were as follows: Pension Other 2019 2018 2019 2018 Assumptions used to determine the benefit obligations 1 : Discount rate (%) 3.35 4.22 3.20 4.17 Rate of increase in compensation levels (%) 4.66 4.75 n/a n/a Medical cost trend rate – assumed (%) n/a n/a 4.50 – 6.10 2 4.50 – 6.10 2 Medical cost trend rate – year reaches ultimate trend rate n/a n/a 2037 2037 Mortality assumptions (years) 3 Life expectancy at 65 for a male member currently at age 65 20.5 20.6 20.3 20.4 Life expectancy at 65 for a female member currently at age 65 22.7 22.8 22.9 22.8 Average duration of the defined benefit obligations 4 (years) 14.61 13.7 15.8 15.1 1 The current year’s expense is determined using the assumptions that existed at the end of the previous year. 2 We assumed a graded medical cost trend rate starting at 6.10 percent in 2019, moving to 4.50 percent by 2037 (2018 – starting at 6.10 percent, moving to 4.50 percent by 2037). 3 Based on actuarial advice in accordance with the latest available published tables, adjusted where appropriate to reflect future longevity improvements for each country. 4 Weighted average length of the underlying cash flows. n/a = not applicable Of the most significant assumptions, a change in discount rates has the greatest potential impact on our pension and other post-retirement benefit plans, with sensitivity to change as follows: 2019 2018 Expense in Recovery in Benefit Earnings Before Benefit Loss Before Change in Assumption Obligations Income Taxes Obligations Income Taxes As reported 2,044 71 1,797 (87) Discount rate 1.0 percentage point decrease 335 9 271 24 1.0 percentage point increase (268) (11) (218) (22) Description of Defined Benefit Pension Plans We sponsor defined benefit pension plans as follows: Plan Type Contributions United States non-contributory, guaranteed annual pension payments for life, benefits generally depend on years of service and compensation level in the final years leading up to age 65, benefits available starting at age 55 at a reduced rate, and plans provide for maximum pensionable salary and maximum annual benefit limits. made to meet or exceed minimum funding requirements of the Employee Retirement Income Security Act of 1974 and associated Internal Revenue Service regulations and procedures. Canada made to meet or exceed minimum funding requirements based on provincial statutory requirements and associated federal taxation rules. Supplemental Plans in US and Canada for Senior Management non-contributory, unfunded, and supplementary pension benefits. provided for by charges to earnings sufficient to meet the projected benefit obligations, and payments to plans are made as plan payments to retirees occur. Our defined benefit pension plans are funded with separate funds that are legally separated from the Company and administered through an employee benefits or management committee in each country, which is composed of our employees. The employee benefits or management committee is required by law to act in the best interests of the plan participants and, in the US and Canada, is responsible for the governance of the plans, including setting certain policies (e.g., investment and contribution) of the funds. The current investment policy for each country’s plans generally does not include any asset/liability matching strategies or currency hedging strategies. Plan assets held in trusts are governed by local regulations and practice in each country, as is the nature of the relationship between the Company and the trustees and their composition. Description of Other Post-Retirement Plans We provide health care plans for certain eligible retired employees in the US, Canada and Trinidad. Eligibility for these benefits is generally based on a combination of age and years of service at retirement. Certain terms of the plans include: coordination with government-provided medical insurance in each country; certain unfunded cost-sharing features such as co-insurance, deductibles and co-payments – benefits subject to change; for certain plans, maximum lifetime benefits; at retirement, the employee’s spouse and certain dependent children may be eligible for coverage; benefits are self-insured and are administered through third-party providers; and generally, retirees contribute towards annual cost of the plans. We provide non-contributory life insurance plans for certain retired employees who meet specific age and service eligibility requirements. Risks The defined benefit pension and other post-retirement plans expose us to broadly similar actuarial risks. The most significant risks include investment risk and interest rate risk as discussed below. Other risks include longevity risk and salary risk. Investment Risk A deficit will be created if plan assets underperform the discount rate used in the defined benefit obligation valuation. To mitigate investment risk, we employ: a total return on investment approach whereby a diversified mix of equities and fixed income investments is used to maximize long-term return for a prudent level of risk; and risk tolerance established through careful consideration of plan liabilities, plan funded status and corporate financial condition. Other assets such as private equity and hedge funds are not used at this time. Our policy is not to invest in commodities, precious metals, mineral rights, bullions, or collectibles. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies. Interest Rate Risk A decrease in bond interest rates will increase the pension liability; however, this is generally expected to be partially offset by an increase in the return on the plan’s debt investments. Financial Information Movements in the pension and other post-retirement benefit assets (liabilities) 2019 2018 Plan Plan Obligation Assets Net Obligation Assets Net Balance – beginning of year (1,797) 1,416 (381) (1,831) 1,380 (451) Merger impact 1 - - - (347) 205 (142) Components of defined benefit expense recognized in earnings Current service cost for benefits earned during the year (40) - (40) (67) - (67) Interest (expense) income (74) 59 (15) (77) 62 (15) Past service cost, including curtailment gains and settlements 2 - - - 157 - 157 Foreign exchange rate changes and other (29) 13 (16) 39 (27) 12 Subtotal of components of defined benefit (expense) recovery recognized in earnings (143) 72 (71) 52 35 87 Remeasurements of the net defined benefit liability recognized in OCI during the year Actuarial gain arising from: Changes in financial assumptions (199) - (199) 210 - 210 Changes in demographic assumptions 14 - 14 11 - 11 Loss on plan assets (excluding amounts included in net interest) - 193 193 - (149) (149) Subtotal of remeasurements (185) 193 8 221 (149) 72 Cash flows Contributions by plan participants (5) 5 - (6) 6 - Employer contributions - 21 21 - 53 53 Benefits paid 86 (86) - 114 (114) - Subtotal of cash flows 81 (60) 21 108 (55) 53 Balance – end of year 3 (2,044) 1,621 (423) (1,797) 1,416 (381) Balance comprised of: Non-current assets Other assets (Note 18) 25 27 Current liabilities Payables and accrued charges (Note 22) (15) (13) Non-current liabilities Pension and other post-retirement benefit liabilities (433) (395) 1 We acquired Agrium’s pension and other post-retirement benefit obligations, representing the fair values at the acquisition date as described in Note 4. 2 In 2018, as part of our continuous assessment of our operations, participation (based on age and years of service) in certain company defined benefit pension and other post-retirement benefit plans was suspended and/or discontinued effective January 1, 2020. As a result, we recognized a Merger-related Defined Benefit Plans Curtailment Gain of $157. 3 Obligations arising from funded and unfunded pension plans are $(1,652) and $(392), respectively (2018 – $(1,466) and $(331)). Other post-retirement benefit plans have no plan assets and are unfunded. Plan Assets As at December 31, the fair value of plan assets of our defined benefit pension plans, by asset category, were as follows: 2019 2018 Quoted Prices Quoted Prices in Active in Active Markets for Markets for Identical Assets Other 1 Total Identical Assets Other Total Cash and cash equivalents 8 112 120 6 54 60 Equity securities and equity funds US 1 571 572 454 65 519 International 35 62 97 175 65 240 Debt securities 2 - 698 698 187 329 516 International balanced fund - 112 112 - 97 97 Other - 22 22 (25) 9 (16) Total pension plan assets 44 1,577 1,621 797 619 1,416 1 Approximately 60% of the Other plan assets are held in funds whose fair values are estimated as a practical expedient using their net asset value per share. The redemption frequency of these funds is immediate and no notice period is required. 2 Debt securities included US securities of 82 percent (2018 – 52 percent), International securities of 18 percent (2018 – 31 percent) and Mortgage-backed securities of Nil percent (2018 – 17 percent). Letters of credit secured certain of our Canadian unfunded defined benefit plan liabilities as at December 31, 2019 . We expect to contribute approximately $95 to all pension and post-retirement plans during 2020 . Total contributions recognized as expense under all defined contribution plans for 2019 was $88 ( 2018 – $75). |
Asset Retirement Obligations an
Asset Retirement Obligations and Accrued Environmental Costs | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Asset Retirement Obligations and Accrued Environmental Costs | NOTE 24 ASSET RETIREMENT OBLIGATIONS AND ACCRUED ENVIRONMENTAL COSTS A provision is an estimated liability with uncertainty over the timing or amount that will be paid. The most significant asset retirement and environmental remediation provisions relate to costs to restore potash and phosphate sites to their original, or another specified, condition. Accounting Policies, Estimates and Judgments Provisions are: measured at the present value of the cash flow expected to be required to settle the obligation; and reviewed at the end of each reporting period for any changes, including the discount rate, foreign exchange rate and amount or timing of the underlying cash flows, and adjusted against the carrying amount of the provision and any related asset; otherwise, it is recognized in net earnings. As a result of the Merger, we recognized contingent liabilities, which represent additional environmental costs that are present obligations although cash outflows of resources are not probable. These contingent liabilities are subsequently measured at the higher of the amount initially recognized and the best estimate of the discounted underlying cash flows. Asset retirement obligations and accrued environmental costs include: reclamation and restoration costs at our potash and phosphate mining operations, including management of materials generated by mining and mineral processing, such as various mine tailings and gypsum; land reclamation and revegetation programs; decommissioning of underground and surface operating facilities; general cleanup activities aimed at returning the areas to an environmentally acceptable condition; and post-closure care and maintenance. Estimates for provisions take into account the following: most provisions will not be settled for a number of years; environmental laws and regulations and interpretations by regulatory authorities could change or circumstances affecting our operations could change, either of which could result in significant changes to current plans; and the nature, extent and timing of current and proposed reclamation and closure techniques in view of present environmental laws and regulations. It is reasonably possible that the ultimate costs could change in the future and that changes to these estimates could have a material effect on our consolidated financial statements. We use appropriate technical resources, including outside consultants, to develop specific site closure and post-closure plans in accordance with the requirements of the various jurisdictions in which we operate. Other than certain land reclamation programs, settlement of the obligations is typically correlated with mine life estimates . Supporting Information The pre-tax risk-free discount rate, expected cash flow payments and sensitivity to changes in the discount rate on the recorded liability for asset retirement obligations and accrued environmental costs at December 31, 2019 were as follows: Cash Flow Discount Rate Risk-Free Payments Undiscounted Discounted Rate (%) 1 (years) 2 Cash Flows Cash Flows +0.5% -0.5% Asset retirement obligations (81) 87 Retail 2.08 – 2.81 1 – 30 11 10 Potash 5.00 40 – 442 650 3 70 Phosphate 2.93 – 3.19 1 – 81 853 495 Corporate and Other 4, 5 1.22 – 6.50 1 – 483 864 675 Accrued environmental costs (14) 17 Retail 1.92 – 4.27 1 – 30 77 72 Corporate and Other 1.47 – 3.02 1 – 28 563 467 1 Risk-free discount rates reflect current market assessments of the time value of money and the risks specific to the timing and jurisdiction of the obligation. 2 Time frame in which payments are expected to principally occur from December 31, 2019. Changes in years can result from changes to the mine life and/or changes in the rate of tailing volumes. 3 Represents total undiscounted cash flows in the first year of decommissioning. This excludes subsequent years of tailings dissolution, fine tails capping, tailings management area reclamation, post reclamation activities and monitoring, and final decommissioning, which are estimated to take an additional 92 to 401 years. 4 For nitrogen sites, we have not recorded any asset retirement obligations because no significant asset retirement obligations have been identified or there is no reasonable basis for estimating a date or range of dates of cessation of operations. We considered the historical performance of our facilities as well as our planned maintenance, major upgrades and replacements which can extend the useful lives of our facilities indefinitely. 5 Includes certain potash and phosphate sites that are non-operating sites, with the majority of phosphate site payments taking place over the next 81 years. Following is a reconciliation of asset retirement obligations and accrued environmental costs: Asset Accrued Retirement Environmental Obligations Costs Total Balance – December 31, 2018 1,295 534 1,829 Recorded in earnings 39 17 56 Capitalized to property, plant and equipment 5 - 5 Settled during the year (103) (16) (119) Foreign currency translation and other 18 9 27 Balance – December 31, 2019 1,254 544 1,798 Balance – December 31, 2019 comprised of: Current liabilities Payables and accrued charges (Note 22) 123 25 148 Non-current liabilities Asset retirement obligations and accrued environmental costs 1,131 519 1,650 We are subject to numerous environmental requirements under federal, provincial, state and local laws in the countries in which we operate. We have gypsum stack capping, closure and post-closure obligations through our subsidiaries, PCS Phosphate Company, Inc. in White Springs, Florida and PCS Nitrogen Inc. in Geismar, Louisiana pursuant to the financial assurance regulatory requirements in those states. The recorded provisions may not necessarily reflect our obligations under these financial assurances. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Share Capital | NOTE 25 SHARE CAPITAL Authorized We are authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares. The common shares are not redeemable or convertible. The preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors. Issued Number of Common Shares Share Capital Balance – December 31, 2018 608,535,477 16,740 Issued under option plans and share-settled plans 474,655 23 Repurchased (36,067,323) (992) Balance – December 31, 2019 572,942,809 15,771 Share repurchase programs Board of Directors Approval Expiry Maximum Shares for Repurchase 2018 Normal Course Issuer Bid 1 February 20, 2018 February 22, 2019 50,363,686 2019 Normal Course Issuer Bid 2 February 20, 2019 February 26, 2020 42,164,420 1 On December 14, 2018, the normal course issuer bid was increased to permit the repurchase of up to approximately 8 percent of our outstanding common shares for cancellation. 2 On December 2, 2019, the normal course issuer bid was increased to permit the repurchase of up to 7 percent of our outstanding common shares for cancellation. Purchases of common shares can expire earlier than the date above if the maximum number of common shares allowable is acquired earlier or we 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. The following table summarizes our share repurchases: 2019 2018 Common shares repurchased for cancellation 36,067,323 36,332,197 Average price per share 52.07 50.97 Total cost 1,878 1,852 As of February 19, 2020, an additional 2,214,780 common shares were repurchased for cancellation at a cost of $ 95 and an average price per share of $ 42.84 . Dividends declared Dividends declared for the years ended December 31 were as follows: 2019 2018 Declared Per Share Declared Per Share May 10, 2019 0.43 February 20, 2018 0.40 July 30, 2019 0.45 May 23, 2018 0.40 December 13, 2019 0.45 July 19, 2018 0.40 November 5, 2018 0.43 December 14, 2018 0.43 1.33 2.06 Subsequent to year-end, our Board of Directors declared a quarterly dividend of $0.45 per share payable on April 16, 2020 to shareholders of record on March 31, 2020. The total estimated dividend to be paid is $257. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Capital Management | NOTE 26 CAPITAL MANAGEMENT The objective of our capital allocation policy is to balance the return of capital to our shareholders, improvements in the efficiency of our existing assets, and delivery on our growth opportunities, while maintaining a strong balance sheet and flexible capital structure to optimize the cost of capital at an acceptable level of risk. Our goal is to pay a stable and growing dividend with a target payout that represents 40 to 60 percent of free cash flow after sustaining capital through the agricultural cycle. We monitor our capital structure and, based on changes in economic conditions, may adjust the structure by adjusting the amount of dividends paid to shareholders, repurchasing shares, issuing new shares, issuing new debt or retiring existing debt. We use a combination of short-term and long-term debt to finance our operations. We typically pay floating rates of interest on short-term debt and credit facilities, and fixed rates on notes and debentures. Adjusted net debt and adjusted shareholders’ equity are included as components of our capital structure. The calculation of adjusted net debt, adjusted shareholders’ equity and adjusted capital are set out in the following table: 2019 2018 Short-term debt 976 629 Current portion of long-term debt 502 995 Current portion of lease liabilities 214 8 Long-term debt 8,553 7,579 Lease liabilities 859 12 Total debt 11,104 9,223 Cash and cash equivalents (671) (2,314) Net debt 10,433 6,909 Unamortized fair value adjustments (424) (444) Adjusted net debt 10,009 6,465 Total shareholders' equity 22,869 24,425 Accumulated other comprehensive loss 251 291 Adjusted shareholders' equity 23,120 24,716 Adjusted capital 33,129 31,181 We monitor the following ratios: 2019 2018 Adjusted net debt to adjusted EBITDA 2.5 1.6 Adjusted EBITDA to adjusted finance costs 8.0 8.1 Adjusted net debt to adjusted capital (%) 30.2 20.7 Other components of ratios above are calculated as follows: 2019 2018 Net earnings (loss) from continuing operations 992 (31) Finance costs 554 538 Income tax expense (recovery) 316 (93) Depreciation and amortization 1,799 1,592 EBITDA 3,661 2,006 Impairment of assets 120 1,809 Merger and related costs 82 170 Acquisition and integration related costs 16 - Share-based compensation 104 116 Foreign exchange loss (gain), net of derivatives 42 (10) Defined Benefit Plans Curtailment Gain - (157) Adjusted EBITDA 4,025 3,934 2019 2018 Finance costs 554 538 Unwinding of discount on asset retirement obligations (54) (51) Borrowing costs capitalized to property, plant and equipment 18 12 Interest on net defined benefit pension and other post-retirement plan obligations (15) (15) Adjusted finance costs 503 484 We maintain a base shelf prospectus, which permits issuance through April 2020 in Canada and the US, of common shares, debt, and other securities up to $11,000. Issuance of securities under the base shelf prospectus requires filing a prospectus supplement and is subject to the availability of funding in capital markets. During the year ended December 31, 2019, we filed a prospectus supplement to issue $1,500 of notes, as discussed in Note 20 . |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Commitments | NOTE 27 COMMITMENTS A commitment is a legally binding and enforceable agreement to purchase goods or services in the future. The amounts below reflect our commitments based on current expected contract prices. Refer to Note 31 for details pertaining to the impact of the adoption of IFRS 16 in 2019 and Note 15 for the discussion related to the accounting policies, estimates and judgments. Supporting Information Minimum future commitments under these contractual arrangements were as follows at December 31, 2019 : Lease Long-Term Purchase Capital Other Liabilities 1 Debt 1 Commitments Commitments Commitments Total Within 1 year 249 894 877 43 118 2,181 1 to 3 years 364 1,268 766 7 137 2,542 3 to 5 years 234 1,923 438 - 58 2,653 Over 5 years 455 10,307 209 - 124 11,095 Total 1,302 14,392 2,290 50 437 18,471 1 Includes principal portion and estimated interest. Purchase Commitments In 2018, we entered into a new long-term natural gas purchase agreement in Trinidad, that began January 1, 2019 and is set to expire December 31, 2023. The contract provides for prices that vary primarily with ammonia market prices, and annual escalating floor prices. The commitments included in the foregoing table are based on floor prices and minimum purchase quantities. Profertil has long-term gas contracts denominated in US dollars which expire in 2021, which account for virtually all of Profertil’s gas requirements. YPF S.A., our joint venture partner in Profertil, supplies approximately 70 percent of the gas under these contracts. The Carseland facility has a power co-generation agreement, expiring on December 31, 2026 , which provides 60 megawatt-hours of power per hour. The price for the power is based on a fixed charge adjusted for inflation and a variable charge based on the cost of natural gas provided to the facility for power generation. Agreements for the purchase of sulfur for use in production of phosphoric acid provide for specified purchase quantities and prices based on market rates at the time of delivery. Commitments included in the foregoing table are based on expected contract prices. As part of the agreement to sell the Conda Phosphate operations (“CPO”), we entered into long-term strategic supply and offtake agreements which extend to 2023. Under the terms of the supply and offtake agreements, we will supply 100 percent of the ammonia requirements of CPO and purchase 100 percent of the monoammonium phosphate (“MAP”) product produced at CPO. The MAP production is estimated at 330,000 tonnes per year. Other Commitments Other commitments consist principally of pipeline capacity, technology service contracts, throughput and various rail and vessel freight contracts, the latest of which expires in 2026, and mineral lease commitments, the latest of which expires in 2038. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Guarantees | NOTE 28 GUARANTEES Accounting Policies Guarantees are not recognized in the consolidated balance sheets, but are disclosed and include contracts or indemnifications that contingently require us to make payments to the guaranteed party based on: changes in the underlying contract or indemnification; another entity’s failure to perform under an agreement; and failure of a third party to pay its indebtedness when due. Supporting Information In the normal course of business, we provide indemnification agreements to counterparties in transactions such as purchase and sale contracts, service agreements, director/officer contracts and leasing transactions. The terms of these indemnification agreements may require us to compensate counterparties for costs incurred as a result of various events, including environmental liabilities and changes in (or in the interpretation of) laws and regulations, or as a result of litigation claims or statutory sanctions that may be suffered by a counterparty as a consequence of the transaction; will vary based upon the contract, the nature of which prevents us from making a reasonable estimate of the maximum potential amount that it could be required to pay to counterparties; and have not historically resulted in any significant payments by Nutrien and, as at December 31, 2019 , no amounts have been accrued in the consolidated financial statements (except for accruals relating to the underlying potential liabilities). We directly guarantee certain commitments of our investee (such as railcar leases) under certain agreements with third parties. We would be required to perform on these guarantees in the event of default by the investee. No material loss is anticipated by reason of such agreements and guarantees. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Related Party Transactions | NOTE 29 RELATED PARTY TRANSACTIONS We transact with a number of related parties, the most significant being with our associates and joint ventures, key management personnel and post-employment benefit plans. Supporting Information Sale of Goods We sell potash from our Canadian mines for use outside Canada and the US exclusively to Canpotex. Sales are at prevailing market prices and are settled on normal trade terms. Sales to Canpotex for the year ended December 31, 2019 were $ 1,625 ( 2018 – $ 1,657 ). Canpotex’s proportionate sales volumes by geographic area are shown in Note 3 . The receivable outstanding from Canpotex is shown in Note 13 and arose from sale transactions described above. It is unsecured and bears no interest. There are no provisions held against this receivable. Receivables from equity holders of our equity-accounted investees For certain equity holders of our other equity-accounted investees, we have provided loans which have an outstanding balance at December 31, 2019 of $1 (2018 – $Nil). There are no provisions held against these receivables. Key Management Personnel Compensation Compensation to key management personnel was comprised of: 2019 2018 Salaries and other short-term benefits 15 19 Share-based compensation 31 53 Post-employment benefits 3 3 Termination benefits 12 23 61 98 Transactions with Post-Employment Benefit Plans Disclosures related to our post-employment benefit plans are shown in Note 23 . |
Contingencies and Other Matters
Contingencies and Other Matters | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Contingencies and Other Matters | NOTE 30 CONTINGENCIES AND OTHER MATTERS Contingent liabilities, which are not recognized in the consolidated financial statements but may be disclosed, are possible obligations as a result of uncertain future events outside of our control, or present obligations not recognized because the amount cannot be sufficiently measured or payment is not probable. Accounting Estimates and Judgments The following judgments are required to determine our exposure to possible losses and gains related to environmental matters and other various claims and lawsuits pending: prediction of the outcome of uncertain events (i.e., being virtually certain, probable, remote or undeterminable); determination of whether recognition or disclosure in the consolidated financial statements is required; and estimation of potential financial effects. Where no amounts are recognized, such amounts are contingent and disclosure may be appropriate. While the amount disclosed in the consolidated financial statements may not be material, the potential for large liabilities exists and, therefore, these estimates could have a material impact on our consolidated financial statements. Supporting Information Canpotex Nutrien is a shareholder in Canpotex, which markets Canadian potash outside of Canada and the US. Should any operating losses or other liabilities be incurred by Canpotex, the shareholders have contractually agreed to reimburse it in proportion to each shareholder’s productive capacity. Through December 31, 2019 , there were no such operating losses or other liabilities. Mining Risk The risk of underground water inflows and other underground risks is insured on a limited basis, subject to insurance market availability. Legal and Other Matters We are engaged in ongoing site assessment and/or remediation activities at a number of facilities and sites. Anticipated costs associated with these matters are added to accrued environmental costs in the manner described in Note 24 . Environmental Remediation We have established provisions for environmental site assessment and/or remediation matters to the extent that expenses associated with those matters we consider likely to be incurred. Except for the uncertainties described below, we do not believe that our future obligations with respect to these matters are reasonably likely to have a material adverse effect on our consolidated financial statements. Legal matters with significant uncertainties include the following: The United States Environmental Protection Agency (“US EPA”) has an ongoing enforcement initiative directed at the phosphate industry related to the scope of an exemption for mineral processing wastes under the US Resource Conservation and Recovery Act (“RCRA”). This initiative affects the Conda Phosphate plant previously owned by Nu-West Industries, Inc. (“Nu-West”), a wholly owned subsidiary of Agrium, and the Nutrien phosphoric acid facilities in Aurora, North Carolina; Geismar, Louisiana; and White Springs, Florida. All of these facilities received US EPA notices of violation (“NOVs”) that remain outstanding for alleged violations of RCRA and various other environmental laws. Notwithstanding the sale of the Conda Phosphate operations in January 2018, Nu-West remains responsible for environmental liabilities attributable to its historic activities and for resolution of the NOVs. All of the facilities have been and continue to be involved in ongoing discussions with the US EPA, the US Department of Justice and the related state agencies to resolve these matters. Due to the nature of the allegations, we are uncertain as to how the matters will be resolved. Based on settlements with other members of the phosphate industry, we expect that a resolution could involve any or all of the following: 1) penalties, which we currently believe will not be material; 2) modification of certain operating practices; 3) capital improvement projects; 4) providing financial assurance for the future closure, maintenance and monitoring costs for the phosphogypsum stack system; and, 5) addressing findings resulting from RCRA section 3013 site investigations undertaken voluntarily in response to the NOVs. In August 2015, the US EPA finalized amendments to the hazardous air pollutant emission standards for phosphoric acid manufacturing and phosphate fertilizer production (“Final Rule”). Required emissions testing at our Aurora facility in 2016 indicated alleged exceedances of the mercury emission limits that were established by the Final Rule. We have communicated with the relevant agencies about this issue and petitioned the US EPA to reconsider the mercury emission limits. The facility also entered into an agreed order with the North Carolina Department of Environmental Quality in November 2016 to resolve the alleged mercury exceedances and provide a plan and schedule for evaluating alternative compliance strategies. Given the pending legal issues and our evaluation of alternative compliance strategies, the resulting cost of compliance with the various provisions of the Final Rule cannot be predicted with reasonable certainty at this time. We operate in countries that are parties to the Paris Agreement adopted in December 2015 pursuant to the United Nations Framework Convention on Climate Change. Each country that is a party to the Paris Agreement submitted an Intended Nationally Determined Contribution (“INDC”) toward the control of greenhouse gas emissions. The impacts on our operations of these INDCs and other national and local efforts to limit or tax greenhouse gas emissions cannot be determined with any certainty at this time. In addition, various other claims and lawsuits are pending against the Company in the ordinary course of business. While it is not possible to determine the ultimate outcome of such actions at this time, and inherent uncertainties exist in predicting such outcomes, we believe that the ultimate resolution of such actions is not reasonably likely to have a material adverse effect on our consolidated financial statements. The breadth of our operations and the global complexity of tax regulations require assessments of uncertainties and judgments in estimating the taxes we will ultimately pay. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions, outcomes of tax litigation and resolution of disputes arising from federal, provincial, state and local tax audits. The resolution of these uncertainties and the associated final taxes may result in adjustments to our tax assets and tax liabilities. We own facilities that have been either permanently or indefinitely shut down. We expect to incur nominal annual expenditures for site security and other maintenance costs at some of these facilities. Should the facilities be dismantled, certain other shutdown-related costs may be incurred. Such costs are not expected to have a material adverse effect on our consolidated financial statements and would be recognized and recorded in the period in which they are incurred. |
Accounting Policies, Estimates
Accounting Policies, Estimates and Judgments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Accounting Policies, Estimates and Judgments | NOTE 31 ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS Accounting Policies, Estimates and Judgments The following table discusses the significant accounting policies, estimates, judgments and assumptions, in addition to those disclosed elsewhere in these consolidated financial statements, that we have adopted and made and how they affect the amounts reported in the consolidated financial statements. Certain of our policies involve accounting estimates and judgments because they require us to make subjective or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts could be reported under different conditions or using different assumptions. Topic Accounting Policies Accounting Estimates and Judgments Principles of Consolidation These consolidated financial statements include the accounts of the Company and entities we control. We have control if we have: power over the investee to direct its relevant activities; exposure, or rights, to variable returns from involvement with the investee; and the ability to use our power over the investee to affect the amount of our returns. Judgment involves: assessing control, including if we have the power to direct the relevant activities of the investee; and determining the relevant activities and the party that controls them. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether we control another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Consideration is given to: voting rights; the relative size and dispersion of the voting rights held by other shareholders; the extent of participation by those shareholders in appointing key management personnel or board members; the right to direct the investee to enter into transactions for our benefit; and the exposure, or rights, to variability of returns from the Company’s involvement with the investee. Topic Accounting Policies Accounting Estimates and Judgments Principles of Consolidation (continued) Principal (wholly owned) Operating Subsidiaries: Location Principal Activity Potash Corporation of Saskatchewan Inc. Canada Mining and/or processing of crop nutrient products and corporate functions Agrium Inc. Canada Manufacturer and distributor of crop nutrients and corporate functions Agrium Canada Partnership Canada Manufacturer and distributor of crop nutrients Agrium Potash Ltd. Canada Manufacturer and distributor of crop nutrients Agrium U.S. Inc. United States Manufacturer and distributor of crop nutrients Cominco Fertilizer Partnership United States Manufacturer and distributor of crop nutrients Landmark Operations Ltd. Australia Crop input retailer Nutrien Ag Solutions (Canada) Inc. Canada Crop input retailer Nutrien Ag Solutions, Inc. United States Crop input retailer PCS Nitrogen Fertilizer, LP United States Production of nitrogen products in the United States PCS Nitrogen Trinidad Limited Trinidad Production of nitrogen products in Trinidad PCS Phosphate Company, Inc. United States Mining and/or processing of phosphate products Phosphate Holding Company, Inc. United States Mining and/or processing of phosphate products and production of nitrogen products in the United States Intercompany balances and transactions are eliminated on consolidation. Long-Lived Asset Impairment To assess impairment, assets are grouped at the smallest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (this can be at the asset or CGU level). At the end of each reporting period, we review conditions to determine whether there is any indication that an impairment exists that could potentially impact the carrying amounts of both our long-lived assets (including property, plant and equipment, and investments) to be held and used and our identifiable intangible assets and goodwill. When such indicators exist, impairment testing is performed. Regardless, goodwill is tested at least annually (in the fourth quarter). Where impairment indicators exist for the asset or CGU: the recoverable amount is estimated (the higher of FVLCD and value in use); to assess value in use, the estimated future cash flows are discounted to their present value (using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU for which the estimates of future cash flows have not been adjusted); the impairment loss is the amount by which the carrying amount exceeds its recoverable amount; and the impairment loss is allocated first to reduce the carrying amount of any related goodwill and then pro rata to each asset in the unit (on the basis of the carrying amount). Non-financial assets, other than goodwill, that previously suffered an impairment loss are reviewed at each reporting date for possible reversal of the impairment. Estimates and judgment involves: identifying the appropriate asset or CGU; determining the appropriate discount rate for assessing the recoverable amount; and making assumptions about future sales, market conditions, terminal growth rates and cash flow forecasts over the long-term life of the assets or CGUs. We cannot predict if an event that triggers impairment will occur, when it will occur or how it will affect reported asset amounts. Asset impairment amounts previously recorded could be affected if different assumptions were used or if market and other conditions change. Such changes could result in non-cash charges materially affecting our consolidated financial statements. Impairments were recognized during 2019 and 2018 as shown in Note 15 and Note 16 . At December 31, 2019, we reviewed our Phosphate CGUs for impairment triggers. For our Aurora CGU, we used judgment in assessing possible indicators of impairment including expected mine life, supply and demand variables and expected benchmark prices. Based on our assessment, there were no impairment triggers. For our White Springs CGU, we identified an impairment trigger due to deteriorating price expectations and the expected remaining mine life. We completed an impairment analysis and determined that there was no impairment in excess of the $250 impairment loss previously recorded at December 31, 2017. The following table highlights for White Springs CGU sensitivities to the recoverable amount which could result in additional impairment losses or reversals of previously recorded losses: Increase Potential (Decrease) to Change Recoverable Key Assumptions (percent) Amount Sales prices ± 1.0 ± 20 Forecasted EBITDA over forecast period ± 5.0 ± 20 Discount rate ± 0.5 ± 10 Fair Value Measurements Fair value measurements are categorized into levels based on the degree to which inputs are observable and their significance: Level 1 – Unadjusted quoted prices (in active markets accessible at the measurement date for identical assets or liabilities). Level 2 – Quoted prices (in markets that are not active or based on inputs that are observable for substantially the full term of the asset or liability). Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall measurement. Fair value estimates: are at a point-in-time and may change in subsequent reporting periods due to market conditions or other factors; can be determined using multiple methods, which can cause values (or a range of reasonable values) to differ; and may require assumptions about costs/prices over time, discount and inflation rates, defaults and other relevant variables. Determination of the level hierarchy is based on our assessment of the lowest level input that is significant to the fair value measurement and is subject to estimation and judgment. Restructuring Charges Plant shutdowns, sales of business units or other corporate restructurings may trigger restructuring charges. Incremental costs for employee termination, contract termination and other exit costs are recognized as a liability and an expense when: a detailed formal plan for restructuring has been demonstrably committed to; withdrawal is without realistic possibility; and a reliable estimate can be made. Restructuring activities are complex, can take several months to complete and usually involve reassessing estimates throughout the process. Foreign Currency Transactions Items included in our consolidated financial statements and those of our subsidiaries are measured using the currency of the primary economic environment in which the individual entity operates (the “functional currency”). Foreign exchange gains and losses resulting from the settlement of foreign currency transactions, and from the translation at period-end of monetary assets and liabilities denominated in foreign currencies, are recognized and presented in the consolidated statements of earnings within other expenses, as applicable, in the period in which they arise. Translation differences from non-monetary assets and liabilities carried at fair value are recognized changes in fair value. Translation differences on non-monetary financial assets such as investments in equity securities classified as FVTOCI are included in OCI. Non-monetary assets measured at historical cost are translated at the average monthly exchange rate prevailing at the time of the transaction, unless the exchange rate in effect on the date of the transaction is available and it is apparent that such rate is a more suitable measurement. The consolidated financial statements are presented in US dollars, which was determined to be the functional currency of the Company and the majority of our subsidiaries. In determining the functional currency of our operations, we primarily considered the currency that determines the pricing of transactions rather than focusing on the currency in which transactions are denominated. Standards, Amendments and Interpretations Effective and Applied The International Accounting Standards Board (“IASB”) and IFRS Interpretations Committee (“IFRIC”) have issued certain standards and amendments or interpretations to existing standards that were effective and we have applied. The standards disclosed below had a material impact or disclosure impact on our consolidated financial statements. Standard Description Impact IFRS 16, Leases Issued to supersede IAS 17 and related standards, we are required to apply a new model for lessee accounting under which all leases will be recorded as a ROU asset on the balance sheet and a corresponding lease liability. Lease costs will be recognized in the income statement over the lease term as depreciation of the ROU asset and finance charges on the lease liability. ROU assets represent the right to use an asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from a lease. ROU assets and liabilities are recognized at commencement of a lease based on the present value of lease payments over the lease term. The standard requires capitalizing the lease payments and expected residual value guarantees over the initial non-cancellable period plus periods covered by renewal, purchase and termination options where such are reasonably certain of exercise. The standard requires capitalization using the interest rate implicit in the lease at commencement, or if the implicit rate is not available, an incremental borrowing rate, adjusted for term, security, asset value, and the borrower’s economic environment. We adopted IFRS 16 effective January 1, 2019, using the modified retrospective method, which in our case resulted in prospective application as there was no impact to opening retained earnings on transition. Under this method of adoption, we measured the ROU asset equal to the lease liability and used our incremental borrowing rate to determine the present value of future lease payments. We have chosen to apply practical expedients, including the use of a single discount rate for a portfolio of leases with reasonably similar characteristics, reliance on previous assessments as to whether lease contracts are onerous, exclusion of initial direct costs in measuring ROU assets at the date of initial application, the election not to separate non-lease components and instead to account for lease and non-lease components as a single arrangement, recognition exemptions for short-term and low-value leases, use of hindsight in assessing lease terms and grandfathering of the lease definition on transition. Until January 1, 2019, substantially all of our leases were classified as operating leases under IAS 17, “Leases”, with payments expensed on a straight-line basis over the lease term. The following table summarizes the impact of adopting IFRS 16 on the consolidated financial statements: December 31, IFRS 16 January 1, 2018 Adjustment 2019 Property, plant and equipment – ROU assets 1 46 1,059 1,105 Lease liabilities, including current portion 20 1,059 1,079 Undiscounted operating lease commitments at December 31, 2018 1,087 Operating lease commitments that did not qualify as leases under IFRS 16 (150) Extension options reasonably certain to be exercised 297 Effect of discounting using the incremental borrowing rate at January 1, 2019 2 (175) Discounted operating lease commitments at January 1, 2019 2 1,059 Finance lease liabilities at December 31, 2018 20 Total lease liabilities at January 1, 2019 1,079 1 Balances as at December 31, 2018 reflect finance leases that were included in property, plant and equipment. 2 When measuring lease liabilities, we discounted lease payments using our incremental borrowing rate at January 1, 2019. The weighted average rate applied was 3.52 percent. Refer to Note 15 and Note 21 for additional information relating the adoption of IFRS 16. We have adopted the following amended standards and interpretations with no material impact on our consolidated financial statements: IFRIC 23, Uncertainty Over Income Tax Treatments Amendments to IAS 28, Long-term Interests in Associates and Joint Ventures Amendments to IAS 19, Employee Benefits Amendments to IFRS 3, Business Combinations Amendments to IAS 12, Income Taxes Amendments to IAS 23, Borrowing Costs Standards, Amendments and Interpretations Not Yet Effective and Not Applied The IASB and IFRIC have issued the following standards, amendments or interpretations to existing standards that were not yet effective and not applied as at December 31, 2019. The following amended standards are not expected to have a material impact on our consolidated financial statements: Conceptual Framework for Financial Reporting Amendments to IAS 1 and IAS 8, Definition of Material Amendments to IFRS 3, Business Combinations, Definition of a business The following amended standards and interpretations are being reviewed to determine the potential impact on our consolidated financial statements: IFRS 17, Insurance Contracts |
Business Combinations (Policies
Business Combinations (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Business Combinations | Accounting Policies, Estimates and Judgments Consideration is measured at the aggregate of the fair values of assets transferred, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. Identifiable assets acquired and liabilities assumed are generally measured at fair value. The excess of total consideration for each acquisition plus non-controlling interest in the acquiree, over the fair value of the identifiable net assets acquired, is recorded as goodwill. For each business combination, we elect to measure the non-controlling interest in the acquired entity either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Judgment is required to determine which entity is the acquirer in a merger of equals. In identifying PotashCorp as the acquirer in the Merger, we considered the voting rights of all equity instruments, the intended corporate governance structure of the combined company, the intended composition of senior management of the combined company and the size of each of the companies. In assessing the size of each of the companies, we evaluated various metrics. No single factor was the sole determinant in the overall conclusion that PotashCorp was the acquirer for accounting purposes in the Merger; rather, all factors were considered in arriving at the conclusion. Purchase price allocation involves judgment in identifying assets acquired and liabilities assumed, and estimation of their fair values. To determine fair values, we used quoted market prices or widely accepted valuation techniques as described below. Key assumptions include discount rates and revenue growth rates specific to the acquired assets or liabilities assumed. We performed a thorough review of all internal and external sources of information available on circumstances that existed at the acquisition date. We also engaged independent valuation experts on certain acquisitions to assist in determining the fair value of certain assets acquired and liabilities assumed and related deferred income tax impacts. Asset Ruralco Merger Other Acquisitions Valuation Technique and Judgments Applied Property, plant and equipment X X X Market approach for land and certain types of personal property: sales comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. Replacement costs for all other depreciable property, plant and equipment: measures the value of an asset by estimating the costs to acquire or construct comparable assets and adjusts for age and condition of the asset. Other intangible assets X X X Income approach – multi-period excess earnings method: measures the value of an asset based on the present value of the incremental after-tax cash flows attributable to the asset after deducting contributory asset charges (“CACs”). Allocation of CACs is a matter of judgment and based on the nature of the acquired businesses’ operations and historical trends. We considered several factors in determining the fair value of customer relationships, such as customers’ relationships with the acquired company and its employees, the segmentation of customers, historical customer attrition rates and revenue growth. Segmenting customers is a matter of judgment and includes factors such as the size of the customer and customer behavior patterns. Long-term debt X Comparable debt instruments with similar maturities, adjusted where necessary to the acquired company’s credit spread, based on information published by financial institutions. Asset retirement obligations and accrued environmental costs X Decision-tree approach of future costs and a risk premium to capture the compensation sought by risk-averse market participants for bearing the uncertainty inherent in the cash flows of the liability. We expect asset retirement obligations for phosphate sites to be paid over the next 68 years, while we expect asset retirement obligations for potash and nitrogen sites to be paid subsequently. We expect accrued environmental costs – discounted using a credit adjusted risk-free rate – to be paid over the next 30 years. |
Operating Segments | Operating Segments We identified the Executive Leadership Team (“ELT”), comprised of officers at the Executive Vice President level and above, as the Chief Operating Decision Maker (“CODM”). The CODM uses net earnings (loss) before finance costs, income taxes, and depreciation and amortization (“EBITDA”) to measure performance and allocate resources to the operating segments. The CODM considers EBITDA a meaningful measure because it is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. In 2019, the CODM reassessed our product groupings and decided to evaluate the performance of ammonium sulfate as part of the Nitrogen segment, rather than the Phosphate and Sulfate segment, as previously reported in our 2018 annual consolidated financial statements. Comparative amounts for the Nitrogen and Phosphate segments were restated. For the year ended December 31, 2018, Nitrogen reflected increases of $121, $40, and $53 in sales, gross margin and EBITDA, respectively, and $377 in assets, with corresponding decreases in Phosphate. In addition, the “Others” segment was renamed to “Corporate and Others”. Judgment is used in determining the composition of the reportable segments based on factors including risks and returns, internal organization, and internal reports reviewed by the CODM. Certain expenses are allocated across segments based on reasonable considerations such as production capacities or historical trends. |
Revenue | Revenue We recognize revenue when we transfer control over a good or service to a customer. Transfer of Control for Retail Potash, Nitrogen and Phosphate Sale of Goods At the point in time when the product is purchased at our Retail farm center or delivered and accepted by customers at their premises. At the point in time when the product is loaded for shipping or delivered to the customer. Services Over time as the promised service is rendered. Over time as the promised service is rendered. For transactions in which we act as an agent rather than the principal, revenue is recognized net of any commissions earned. The relating commissions are recognized as the sales occurred or as unconditional contracts are signed. Retail Retail revenue is generated primarily from sales of the following: Crop nutrients Dry and liquid macronutrient products including potash, nitrogen and phosphate, proprietary liquid micronutrient products and nutrient application services. Crop protection products Various third-party supplier and proprietary products designed to maintain crop quality and manage plant diseases, weeds, and other pests. Seed Various third-party supplier seed brands and proprietary seed product lines. Merchandise Fencing, feed supplements, livestock-related animal health products, storage and irrigation equipment, and other products. Services and other revenues Product application, soil and leaf testing, crop scouting and precision agriculture services, water services, financial services and livestock marketing. Provisions for returns, trade discounts and rebates are deducted from sales revenue. Potash, Nitrogen and Phosphate Our sales revenue is recorded and measured based on the “freight on board” mine, plant, warehouse or terminal price specified in the contract (except for certain vessel sales or specific product sales that are shipped and recorded on a delivered basis), which reflects the consideration we expect to be entitled to in exchange for the goods or services, net of any variable consideration (e.g., any trade discounts or estimated volume rebates). Where customer contracts include volume rebates, we estimate revenue at the earlier of the most likely amount of consideration we expect to receive or when it is highly probable that a significant reversal will not occur. Our customer contracts may provide certain product quality specification guarantees but do not generally provide for refunds or returns. Sales prices are based on North American and International benchmark market prices which are variable and subject to global supply and demand and other market factors. Potash Nitrogen Phosphate Products North American – primarily granular Offshore (international) – primarily granular and standard Ammonia, urea, urea ammonium nitrate, industrial grade ammonium nitrate and ammonium sulfate Solid fertilizer, liquid fertilizer, industrial products and feed products Sales prices impacted by North American prices referenced at delivered prices (including transportation and distribution costs) International prices referenced at the mine site (excluding transportation and distribution costs) Global energy costs and supply Global prices and supplies of ammonia and sulfur Other We do not provide general warranties. Intersegment sales are made under terms that approximate market value. Transportation costs are generally recovered from the customer through sales pricing. We elected to use the practical expedient related to the adjustment of the promised consideration for the effects of a significant financing component as the expected period between when control over a promised good or service is transferred and when the customer pays for that good or service is less than 12 months. Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in spring and fall crop input application seasons. Crop nutrient inventories are normally accumulated leading up to each application season. 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 vendors are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year. For product sales with volume rebates, revenue is recognized to the extent that it is highly probable that significant reversals will not occur using the most likely method and accumulated experience. Returns and incentives are estimated based on historical and forecasted data, contractual terms and current conditions. Due to the nature of goods and services sold, any single estimate would have only a negligible impact on revenue. |
Income Taxes | Accounting Policies, Estimates and Judgments We operate in a specialized industry and in several tax jurisdictions. As a result, our earnings are subject to various rates of taxation. Taxation on items recognized in the consolidated statements of earnings, other comprehensive income (“OCI”) or contributed surplus is recognized in the same location as those items. Taxation on earnings (loss) is comprised of current and deferred income tax. Current income tax is Deferred income tax is the expected tax payable on the taxable earnings for the year, calculated using rates enacted or substantively enacted at the dates of the consolidated balance sheets in the countries where our subsidiaries and equity-accounted investees operate and generate taxable earnings, and inclusive of any adjustment to income tax payable or recoverable in respect of previous years. recognized using the liability method, based on temporary differences between carrying amounts of assets and liabilities and their respective income tax bases, and determined using tax rates that have been enacted or substantively enacted by the dates of the consolidated balance sheets and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Uncertain income tax positions are accounted for using the standards applicable to current income tax liabilities and assets (i.e., both liabilities and assets are recorded when probable and measured at the amount expected to be paid to (or recovered from) the taxation authorities using our best estimate of the amount). Deferred income tax is not accounted for with respect to investments in subsidiaries and equity-accounted investees where we are able to control the reversal of the temporary difference and that difference is not expected to reverse in the foreseeable future; and if arising from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively. Deferred income tax assets are reviewed at each balance sheet date and amended to the extent that it is no longer probable that the related tax benefit will be realized. Income tax assets and liabilities are offset when Current income taxes Deferred income taxes we have a legally enforceable right to offset the recognized amounts 1 , and the intention to settle on a net basis or realize the asset and settle the liability simultaneously. we have a legally enforceable right to set off current tax assets against current tax liabilities, and they relate to income taxes levied by the same taxation authority on either: 1) the same taxable entity; or 2) different taxable entities intending to settle current tax liabilities and assets on a net basis, or realize assets and settle liabilities simultaneously in each future period. 2 1 For income taxes levied by the same taxation authority and the authority permits us to make or receive a single net payment or receipt. 2 In which significant amounts of deferred tax liabilities or assets expected are to be settled or recovered. Estimates and judgments to determine our taxes are impacted by the breadth of our operations, and global complexity of tax regulations. The final taxes paid, and potential adjustments to tax assets and liabilities, are dependent upon many factors including: negotiations with taxation authorities in various jurisdictions; outcomes of tax litigation; and resolution of disputes arising from federal, provincial, state and local tax audits. Estimates and judgments are used to recognize the amount of deferred tax assets, which includes the probability that future taxable profit will be available to use deductible temporary differences, and could be reduced if projected earnings are not achieved or increased if earnings previously not projected become probable. |
Discontinued Operations | Accounting Policies Discontinued operations represent a component of our business that either has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographic area of operations or is a part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Our significant policies include: cessation of equity accounting for associates and joint ventures at the date the investments were classified as held for sale; measurement of assets at the lower of carrying amount and fair value less costs to sell, with the exception of financial assets measured at fair value through other comprehensive income (“FVTOCI”); and dividends received are recorded on the consolidated statements of earnings. |
Financial Instruments and Related Risk Management | Accounting Policies Financial instruments are classified and measured as follows: Fair Value Through Profit or Loss (“FVTPL”) Fair Value Through Other Comprehensive Income (“FVTOCI”) Financial Assets and Liabilities at Amortized Cost 1 Instrument type Cash and cash equivalents and derivatives Equity investments not held for trading Receivables, short-term debt, payables and accrued charges, long-term debt, other long-term debt instruments Measurement Fair value Fair value Amortized cost Fair value gains and losses Profit or loss OCI 2 – Interest and dividends Profit or loss Profit or loss Profit or loss: effective interest rate Impairment of assets – – Profit or loss Foreign exchange Profit or loss OCI Profit or loss Transaction costs Profit or loss OCI Included in cost of instrument 1 Amortized cost is applied if the objective of the business model for the instrument or group of instruments is to hold the asset to collect the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest . 2 For equity investments not held for trading, we may make an irrevocable election at initial recognition to recognize changes in fair value through OCI rather than profit or loss. Financial instruments are recognized at trade date when we commit to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flow from the investments have expired or we have transferred them, and all the risks and rewards of ownership have been substantially transferred. Derivatives are used to lock in commodity prices and exchange rates. For designated and qualified cash flow hedges: the effective portion of the change in the fair value of the derivative is accumulated in OCI; when the hedged forecast transaction occurs, the related gain or loss is removed from AOCI and included in the cost of inventory; the hedging gain or loss included in the cost of inventory is recognized in earnings when the product containing the hedged item is sold or becomes impaired; and the ineffective portions of hedges are recorded in net earnings in the current period. We also assess whether the natural gas swaps used in hedging transactions are expected to be or were highly effective, both at the hedge’s inception and on an ongoing basis, in offsetting changes in fair values of hedged items. Hedge effectiveness related to our New York Mercantile Exchange (“NYMEX”) natural gas hedges is assessed on a prospective and retrospective basis using regression analyses. In 2018, our Alberta Energy Company (“AECO”) natural gas hedges were assessed using a qualitative assessment. Potential sources of ineffectiveness are changes in timing of forecast transactions, changes in volume delivered or changes in our credit risk or the counterparty. Net investment hedges relating to the commitment to purchase a foreign operation: are considered a non-financial item and are accounted for similar to a cash flow hedge; and the gain or loss from the hedging instrument is deferred in OCI and subsequently recorded as an adjustment to goodwill when the business combination occurs. Financial assets and financial liabilities are offset and the net amount is presented in the consolidated balance sheets when we: currently have a legally enforceable right to offset the recognized amounts; and intend either to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Receivables | Accounting Policies, Estimates and Judgments Receivables from customers are recognized initially at fair value and subsequently measured at amortized cost less allowance for expected credit losses of receivables from customers. We estimate losses on receivables based on known troubled accounts and historical experience of losses incurred using the lifetime expected credit loss method, which represents the expected credit loss that will result from all possible default events over the expected life of a financial instrument. To determine the expected credit losses, receivables from customers have been grouped based on geography, days past due and/or customer credit risk profile. Receivables are considered to be in default and are written off against the allowance when it is probable that all remaining contractual payments due will not be collected in accordance with the terms of the agreement. Subsequent recoveries of amounts previously written off are credited to the consolidated statements of earnings. Vendors may offer various incentives to purchase products for resale. Vendor rebates and prepay discounts are accounted for as a reduction of the prices of the suppliers’ products. Rebates based on the amount of materials purchased reduce cost of goods sold as inventory is sold. Rebates earned based on sales volumes of products are offset to cost of goods sold. Rebates that are probable and can be reasonably estimated are accrued. Rebates that are not probable or estimable are accrued when certain milestones are achieved. Determining when there is no reasonable expectation of recovering the amounts requires judgment. Estimation of rebates can be complex in nature as vendor arrangements are diverse. The amount of the accrual is determined by analyzing and reviewing historical trends to apply negotiated rates to estimated and actual purchase volumes. Estimated amounts accrued throughout the year could also be impacted if actual purchase volumes differ from projected volumes. |
Inventories | Accounting Policies, Estimates and Judgments Inventories are valued monthly at the lower of cost and net realizable value. Costs are allocated to inventory using the weighted average cost method and include: direct acquisition costs, direct costs related to units of production and a systematic allocation of fixed and variable production overhead, as applicable. Net realizable value is based on Products and raw materials Materials and supplies selling price of the finished product (in ordinary course of business) less the estimated costs of completion and estimated costs to make the sale. replacement cost. A writedown is recognized if the carrying amount exceeds net realizable value and may be reversed if the circumstances which caused it no longer exist. Various factors impact our estimates of net realizable value , including inventory levels, forecasted prices of key production inputs, global nutrient capacities, and crop price trends. |
Property, Plant and Equipment | Accounting Policies, Estimates and Judgments Owned Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation and any recognized impairment loss. Cost includes all expenditures directly attributable to bringing the asset to the location and installing it in working condition for its intended use, including: additions to, and betterments and renewals of, existing assets; borrowing costs incurred during construction using a capitalization rate based on the weighted average interest rate of our outstanding debt; and a reduction for income derived from the asset during construction. Each component of an item of property, plant and equipment with a cost that is significant in relation to the item’s total cost is depreciated separately. When the cost of replacing part of an item of property, plant and equipment is capitalized, the carrying amount of the replaced part is derecognized. The cost of major inspections and overhauls is capitalized and depreciated over the period until the next major inspection or overhaul. Maintenance and repair expenditures that do not improve or extend productive life are expensed in the period incurred. Environmental costs related to current operations are also capitalized if: property life is extended, capacity is increased, contamination from future operations is mitigated or prevented, or the expenditure is related to legal or constructive asset retirement obligations. Judgment involves determining: costs, including income or expenses derived from an asset under construction, that are eligible for capitalization; timing to cease cost capitalization, generally when the asset is capable of operating in the manner intended by management, but also considering the circumstances and the industry in which the asset is to be operated, normally predetermined by management with reference to such factors as productive capacity; the appropriate level of componentization (for individual components for which different depreciation methods or rates are appropriate); repairs and maintenance that qualify as major inspections and overhauls; and useful life over which such costs should be depreciated. Certain property, plant and equipment directly related to the Potash, Nitrogen and Phosphate segments are depreciated using the units-of-production method based on the shorter of estimates of reserves or service lives. Pre-stripping costs are depreciated on a units-of-production basis over the ore mined from the mineable acreage stripped. Land is not depreciated. The remaining assets are depreciated on a straight-line basis. Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually with the effect of any changes in estimate being accounted for on a prospective basis. Uncertainties are inherent in estimating reserve quantities, particularly as they relate to assumptions regarding future prices, the geology of our mines, the mining methods used, and the related costs incurred to develop and mine reserves. Changes in these assumptions could result in material adjustments to reserve estimates, which could result in impairments or changes to depreciation expense in future periods. Leased Property, Plant and Equipment A contract is a lease or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases are recognized as right-of-use (“ROU”) assets and corresponding liabilities at the date at which a leased asset is available for use. Lease payments are allocated between finance costs, calculated using the effective interest method, and a reduction of the liability. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Our major categories of assets leased are: railcars and marine vessels used to transport product to customers; real estate used as office space, storage and distribution; and mobile equipment primarily used to deliver and apply product and to meet with customers. Railcars are utilized in North America and include general service and high-pressure tank cars and general-purpose hopper cars. Railcars are sourced from multiple suppliers and terms vary by lease agreement. For railcars required in our operations, we have a history of renegotiating new leases at termination of existing leases. Marine vessels include ocean-going vessels used to transport ammonia from our nitrogen facilities in Trinidad to our customers. We lease real estate across our operations consisting of office space and product storage and distribution sites. Real estate leases have varying terms by location and use of the property, and are normally renewable at market rates. Most storage and distribution leases do not convey a right to use a specific identified space and accordingly these are not classified as leases under IFRS 16 and are expensed as incurred. Our Retail segment leases a fleet of motor vehicles and product application equipment and other transportation equipment. Motor vehicle leases primarily have a 50-month initial term and are renewable annually thereafter. We expect to renew all our Retail motor vehicle leases for substantially all of the useful life of the equipment. We seek to maximize operational flexibility in managing our leasing activities by including extension options when negotiating new leases. Extension options are exercisable at our option and not by the lessors. In determining if a renewal period should be included in the lease term, we consider all relevant factors that create an economic incentive for us to exercise a renewal, including the location of the asset, the availability of suitable alternatives, the significance of the asset to operations, and our business strategy. Lease agreements do not contain significant covenants; however, leased assets may be used as security for lease liabilities and other borrowings. ROU assets are measured at cost, less any impairments, including: the initial measurement of lease liability (see Note 21 ); any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and an estimate of costs, if any, to be incurred by us in restoring the underlying asset to the condition required by the terms and conditions of the lease. Liabilities arising from a lease are initially measured as the net present value of the future lease payments, including: fixed payments (including in-substance fixed payments), less any lease incentives; variable lease payments that are based on an index or a rate; amounts expected to be payable under residual value guarantees; the exercise price of a purchase option if we are reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects us exercising that option. In recording ROU assets and related liabilities at inception of a lease, lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, an incremental borrowing rate is used, being a rate that we would have to pay to borrow the funds required to obtain a similar asset, adjusted for term, security, asset value and the borrower’s economic environment. The carrying amount of ROU assets and lease liabilities is remeasured if there is a modification of the lease, a change in the lease term, a change in the in-substance fixed lease payments, a change in the expected amount under a residual value guarantee or a change in the assessment to exercise a purchase, extension or termination option. Payments for short-term leases and leases of low-value assets are expensed on a straight-line basis. Short-term leases are leases with a lease term of 12 months or less that do not contain a purchase option. Low-value assets generally comprise IT equipment and office furniture. Judgment is required to determine whether a contract or arrangement includes a lease and if it is reasonably certain that an extension option will be exercised. Estimation is used to determine the useful lives of ROU assets, the lease term and the appropriate discount rate applied to the lease payments to calculate the lease liability. |
Goodwill and Other Intangible Assets | Accounting Policies, Estimates and Judgments Goodwill is carried at cost, is not amortized, and represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Other intangible assets are generally measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill is allocated to CGUs or groups of CGUs for impairment testing based on the level at which it is monitored by management, and not at a level higher than an operating segment. The allocation is made to those CGUs or groups of CGUs expected to benefit from the business combination in which the goodwill arose. Judgment is applied in determining when expenditures are eligible for capitalization as intangible assets. Estimation is applied to determine expected useful lives used in the straight-line amortization of intangible assets with finite lives. Useful lives are reviewed, and adjusted if appropriate, at least annually. |
Asset Retirement Obligations and Accrued Environmental Costs | Accounting Policies, Estimates and Judgments Provisions are: measured at the present value of the cash flow expected to be required to settle the obligation; and reviewed at the end of each reporting period for any changes, including the discount rate, foreign exchange rate and amount or timing of the underlying cash flows, and adjusted against the carrying amount of the provision and any related asset; otherwise, it is recognized in net earnings. As a result of the Merger, we recognized contingent liabilities, which represent additional environmental costs that are present obligations although cash outflows of resources are not probable. These contingent liabilities are subsequently measured at the higher of the amount initially recognized and the best estimate of the discounted underlying cash flows. Asset retirement obligations and accrued environmental costs include: reclamation and restoration costs at our potash and phosphate mining operations, including management of materials generated by mining and mineral processing, such as various mine tailings and gypsum; land reclamation and revegetation programs; decommissioning of underground and surface operating facilities; general cleanup activities aimed at returning the areas to an environmentally acceptable condition; and post-closure care and maintenance. Estimates for provisions take into account the following: most provisions will not be settled for a number of years; environmental laws and regulations and interpretations by regulatory authorities could change or circumstances affecting our operations could change, either of which could result in significant changes to current plans; and the nature, extent and timing of current and proposed reclamation and closure techniques in view of present environmental laws and regulations. It is reasonably possible that the ultimate costs could change in the future and that changes to these estimates could have a material effect on our consolidated financial statements. We use appropriate technical resources, including outside consultants, to develop specific site closure and post-closure plans in accordance with the requirements of the various jurisdictions in which we operate. Other than certain land reclamation programs, settlement of the obligations is typically correlated with mine life estimates . |
Investments in Equity-Accounted Investees | Investments in Equity-Accounted Investees Investments in which we exercise significant influence (but do not control) or have joint control (as joint ventures) are accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, commonly referred to as an associate. We recognize profits on sales to Canpotex when there is a transfer of control, either at the time the product is loaded for shipping or delivered, depending on the terms of the contract. |
Investments at FVTOCI | Investments at FVTOCI The fair value of investments designated as FVTOCI is recorded in the consolidated balance sheets, with unrealized gains and losses, net of related income taxes, recorded in AOCI. Our significant policies include the following: the cost of investments sold is based on the weighted average method, and unrealized gains and losses on these investments remain in OCI until the time of sale or disposal when it is transferred to retained earnings. Investments in Equity-Accounted Investees and Investments at FVTOCI We continuously assess our ability to exercise significant influence or joint control over our investments. Our 22 percent ownership in Sinofert does not constitute significant influence as we do not have any representation on the Board of Directors of Sinofert. We have representation on the MOPCO Board of Directors providing significant influence over MOPCO. We recorded our share of MOPCO’s earnings on a one-quarter lag, adjusted for any material transactions for the current quarter, as the financial statements of MOPCO are not available on the date of issuance of our consolidated financial statements. We elected to account for our investment in Sinofert as FVTOCI as it is held for strategic purposes. |
Guarantees | Accounting Policies Guarantees are not recognized in the consolidated balance sheets, but are disclosed and include contracts or indemnifications that contingently require us to make payments to the guaranteed party based on: changes in the underlying contract or indemnification; another entity’s failure to perform under an agreement; and failure of a third party to pay its indebtedness when due. |
Pension and Other Post-Retirement Benefits | Accounting Policies, Estimates and Judgments For employee retirement and other defined benefit plans accrued liabilities are recorded net of plan assets; costs including current and past service costs, gains or losses on curtailments and settlements, and remeasurements are actuarially determined on a regular basis using the projected unit credit method; and past service cost is recognized in net earnings at the earlier of i) when a plan amendment or curtailment occurs; or ii) when related restructuring costs or termination benefits are recognized. Remeasurements, recognized directly in OCI in the period they occur, are comprised of actuarial gains and losses, return on plan assets (excluding amounts included in net interest) and the effect of the asset ceiling (if applicable). When a plan amendment occurs before a settlement, we recognize past service cost before any gain or loss on settlement. Defined contribution plan costs are recognized in net earnings for services rendered by employees during the period. Estimates and judgments are required to determine discount rates, health care cost trend rates, projected salary increases, retirement age, longevity and termination rates. These assumptions are determined by management and are reviewed annually by our independent actuaries. Our discount rate assumptions are impacted by: the weighted average interest rate at which each pension and other post-retirement plan liability could be effectively settled at the measurement date; country specific rates; and the use of a yield curve approach based on the respective plans’ demographics, expected future pension benefits and medical claims, payments are measured and discounted to determine the present value of the expected future cash flows. The cash flows are discounted using yields on high-quality AA-rated non-callable bonds with cash flows of similar timing where there is a deep market for such bonds. Where we do not believe there is a deep market for such bonds (such as for terms in excess of 10 years in Canada), the cash flows are discounted using a yield curve derived from yields on provincial bonds rated AA or better to which a spread adjustment is added to reflect the additional risk of corporate bonds. |
Share-Based Compensation | Accounting Policies, Estimates and Judgments For awards with performance conditions that determine the number of options or units to which employees are entitled, measurement of compensation cost is based on our best estimate of the outcome of the performance conditions. Changes to vesting assumptions are reflected in earnings immediately for compensation cost already recognized. For plans settled through the issuance of equity fair value for stock options is determined on grant date using the Black-Scholes-Merton option-pricing model, and fair value for PSUs is determined on grant date by projecting the outcome of performance conditions. For plans settled through cash, a liability is recorded based on the fair value of the awards each period. Estimation involves determining: stock option-pricing model assumptions as described in the weighted average assumptions table; forfeiture rate for options granted based on past experience and future expectations, and adjusted upon actual vesting; projected outcome of performance conditions for PSUs, including the relative ranking of our total shareholder return, including expected dividends, compared with a specified peer group using a Monte Carlo simulation option-pricing model and the outcome of our synergies relative to the target; and the number of dividend equivalent units expected to be earned. |
Contingencies | Accounting Estimates and Judgments The following judgments are required to determine our exposure to possible losses and gains related to environmental matters and other various claims and lawsuits pending: prediction of the outcome of uncertain events (i.e., being virtually certain, probable, remote or undeterminable); determination of whether recognition or disclosure in the consolidated financial statements is required; and estimation of potential financial effects. Where no amounts are recognized, such amounts are contingent and disclosure may be appropriate. While the amount disclosed in the consolidated financial statements may not be material, the potential for large liabilities exists and, therefore, these estimates could have a material impact on our consolidated financial statements. |
Principles of Consolidation | Topic Accounting Policies Accounting Estimates and Judgments Principles of Consolidation These consolidated financial statements include the accounts of the Company and entities we control. We have control if we have: power over the investee to direct its relevant activities; exposure, or rights, to variable returns from involvement with the investee; and the ability to use our power over the investee to affect the amount of our returns. Judgment involves: assessing control, including if we have the power to direct the relevant activities of the investee; and determining the relevant activities and the party that controls them. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether we control another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Consideration is given to: voting rights; the relative size and dispersion of the voting rights held by other shareholders; the extent of participation by those shareholders in appointing key management personnel or board members; the right to direct the investee to enter into transactions for our benefit; and the exposure, or rights, to variability of returns from the Company’s involvement with the investee. Prinicipal (Wholly owned) Operating Subsidiaries: Location Principal Activity Potash Corporation of Saskatchewan Inc. Canada Mining and/or processing of crop nutrient products and corporate functions Agrium Inc. Canada Manufacturer and distributor of crop nutrients and corporate functions Agrium Canada Partnership Canada Manufacturer and distributor of crop nutrients Agrium Potash Ltd. Canada Manufacturer and distributor of crop nutrients Agrium U.S. Inc. United States Manufacturer and distributor of crop nutrients Cominco Fertilizer Partnership United States Manufacturer and distributor of crop nutrients Landmark Operations Ltd. Australia Crop input retailer Nutrien Ag Solutions (Canada) Inc. Canada Crop input retailer Nutrien Ag Solutions, Inc. United States Crop input retailer PCS Nitrogen Fertilizer, LP United States Production of nitrogen products in the United States PCS Nitrogen Trinidad Limited Trinidad Production of nitrogen products in Trinidad PCS Phosphate Company, Inc. United States Mining and/or processing of phosphate products Phosphate Holding Company, Inc. United States Mining and/or processing of phosphate products and production of nitrogen products in the United States Intercompany balances and transactions are eliminated on consolidation |
Long-Lived Asset Impairment | Long-Lived Asset Impairment To assess impairment, assets are grouped at the smallest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (this can be at the asset or CGU level). At the end of each reporting period, we review conditions to determine whether there is any indication that an impairment exists that could potentially impact the carrying amounts of both our long-lived assets (including property, plant and equipment, and investments) to be held and used and our identifiable intangible assets and goodwill. When such indicators exist, impairment testing is performed. Regardless, goodwill is tested at least annually (in the fourth quarter). Where impairment indicators exist for the asset or CGU: the recoverable amount is estimated (the higher of FVLCD and value in use); to assess value in use, the estimated future cash flows are discounted to their present value (using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU for which the estimates of future cash flows have not been adjusted); the impairment loss is the amount by which the carrying amount exceeds its recoverable amount; and the impairment loss is allocated first to reduce the carrying amount of any related goodwill and then pro rata to each asset in the unit (on the basis of the carrying amount). Non-financial assets, other than goodwill, that previously suffered an impairment loss are reviewed at each reporting date for possible reversal of the impairment. Estimates and judgment involves: identifying the appropriate asset or CGU; determining the appropriate discount rate for assessing the recoverable amount; and making assumptions about future sales, market conditions, terminal growth rates and cash flow forecasts over the long-term life of the assets or CGUs. We cannot predict if an event that triggers impairment will occur, when it will occur or how it will affect reported asset amounts. Asset impairment amounts previously recorded could be affected if different assumptions were used or if market and other conditions change. Such changes could result in non-cash charges materially affecting our consolidated financial statements. Impairments were recognized during 2019 and 2018 as shown in Note 15 and Note 16 . At December 31, 2019, we reviewed our Phosphate CGUs for impairment triggers. For our Aurora CGU, we used judgment in assessing possible indicators of impairment including expected mine life, supply and demand variables and expected benchmark prices. Based on our assessment, there were no impairment triggers. For our White Springs CGU, we identified an impairment trigger due to deteriorating price expectations and the expected remaining mine life. We completed an impairment analysis and determined that there was no impairment in excess of the $250 impairment loss previously recorded at December 31, 2017. The following table highlights for White Springs CGU sensitivities to the recoverable amount which could result in additional impairment losses or reversals of previously recorded losses: |
Fair Value Measurements | Fair Value Measurement Fair value measurements are categorized into levels based on the degree to which inputs are observable and their significance: Level 1 – Unadjusted quoted prices (in active markets accessible at the measurement date for identical assets or liabilities). Level 2 – Quoted prices (in markets that are not active or based on inputs that are observable for substantially the full term of the asset or liability). Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall measurement. Fair value estimates: are at a point-in-time and may change in subsequent reporting periods due to market conditions or other factors; can be determined using multiple methods, which can cause values (or a range of reasonable values) to differ; and may require assumptions about costs/prices over time, discount and inflation rates, defaults and other relevant variables. Determination of the level hierarchy is based on our assessment of the lowest level input that is significant to the fair value measurement and is subject to estimation and judgment. |
Restructuring Charges | Restructuring Charges Plant shutdowns, sales of business units or other corporate restructurings may trigger restructuring charges. Incremental costs for employee termination, contract termination and other exit costs are recognized as a liability and an expense when: a detailed formal plan for restructuring has been demonstrably committed to; withdrawal is without realistic possibility; and a reliable estimate can be made. Restructuring activities are complex, can take several months to complete and usually involve reassessing estimates throughout the process. |
Foreign Currency Transactions | Foreign Currency Transactions Items included in our consolidated financial statements and those of our subsidiaries are measured using the currency of the primary economic environment in which the individual entity operates (the “functional currency”). Foreign exchange gains and losses resulting from the settlement of foreign currency transactions, and from the translation at period-end of monetary assets and liabilities denominated in foreign currencies, are recognized and presented in the consolidated statements of earnings within other expenses, as applicable, in the period in which they arise. Translation differences from non-monetary assets and liabilities carried at fair value are recognized changes in fair value. Translation differences on non-monetary financial assets such as investments in equity securities classified as FVTOCI are included in OCI. Non-monetary assets measured at historical cost are translated at the average monthly exchange rate prevailing at the time of the transaction, unless the exchange rate in effect on the date of the transaction is available and it is apparent that such rate is a more suitable measurement. The consolidated financial statements are presented in US dollars, which was determined to be the functional currency of the Company and the majority of our subsidiaries. In determining the functional currency of our operations, we primarily considered the currency that determines the pricing of transactions rather than focusing on the currency in which transactions are denominated. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Information on Segments | Financial information on each of these segments is summarized in the following tables: Corporate 2019 Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 13,183 2,702 2,608 1,397 133 - 20,023 – intersegment 38 207 612 203 - (1,060) - Sales – total 13,221 2,909 3,220 1,600 133 (1,060) 20,023 Freight, transportation and distribution - 305 372 232 - (141) 768 Net sales 13,221 2,604 2,848 1,368 133 (919) 19,255 Cost of goods sold 9,981 1,103 2,148 1,373 133 (924) 13,814 Gross margin 3,240 1,501 700 (5) - 5 5,441 Selling expenses 2,484 9 25 5 (18) - 2,505 General and administrative expenses 112 6 15 7 264 - 404 Provincial mining and other taxes - 287 2 1 2 - 292 Share-based compensation expense - - - - 104 - 104 Impairment of assets (Note 15 and 16) - - - - 120 - 120 Other expenses (income) 8 (4) (46) 25 171 - 154 Earnings (loss) before finance costs and income taxes 636 1,203 704 (43) (643) 5 1,862 Depreciation and amortization 595 390 535 237 42 - 1,799 EBITDA 1,231 1,593 1,239 194 (601) 5 3,661 Assets 1 19,990 11,696 10,991 2,198 2,129 (205) 46,799 1 Included in the Retail and Nitrogen segments are $126 and $482, respectively, relating to equity-accounted investees as described in Note 17. Corporate 2018 Retail Potash Nitrogen 1 Phosphate 1 and Others Eliminations Consolidated Sales – third party 12,470 2,796 2,712 1,508 150 - 19,636 – intersegment 50 220 626 268 - (1,164) - Sales – total 12,520 3,016 3,338 1,776 150 (1,164) 19,636 Freight, transportation and distribution - 349 373 215 - (73) 864 Net sales 12,520 2,667 2,965 1,561 150 (1,091) 18,772 Cost of goods sold 9,485 1,183 2,145 1,473 150 (1,056) 13,380 Gross margin 3,035 1,484 820 88 - (35) 5,392 Selling expenses 2,303 14 32 10 (22) - 2,337 General and administrative expenses 100 10 20 9 284 - 423 Provincial mining and other taxes - 244 3 1 2 - 250 Share-based compensation expense - - - - 116 - 116 Impairment of assets (Note 15) - 1,809 - - - - 1,809 Other (income) expenses (75) 14 (8) 6 106 - 43 Earnings (loss) before finance costs and income taxes 707 (607) 773 62 (486) (35) 414 Depreciation and amortization 499 404 442 193 54 - 1,592 EBITDA 1,206 (203) 1,215 255 (432) (35) 2,006 Assets 2 17,964 11,710 10,386 2,406 3,678 (642) 45,502 1 Comparative figures have been restated to reflect the change in the sulfate product grouping from Phosphate and Sulfate to Nitrogen. 2 Included in the Retail and Nitrogen segments are $208 and $428, respectively, relating to equity-accounted investees as described in Note 17. |
Summary of Financial Information by Geographical Area | Financial information by geographic area is summarized in the following tables: Sales – Third Party 2019 2018 United States 12,522 11,891 Canada 2,504 2,790 Australia 1,955 1,681 Canpotex 1 1,625 1,657 Trinidad 113 190 Argentina 388 387 Europe 210 312 Other 706 728 20,023 19,636 1 As described in Note 1, Canpotex executed offshore marketing, sales and distribution functions for certain of our products. Canpotex’s 2019 sales volumes were made to: Latin America 31 percent, China 22 percent, India 10 percent, Other Asian markets 27 percent, Other markets 10 percent (2018 – Latin America 33 percent, China 18 percent, India 10 percent, Other Asian markets 31 percent, Other markets 8 percent) (Note 29). Non-Current Assets 1 2019 2018 United States 15,685 14,501 Canada 17,503 17,100 Australia 1,172 607 Trinidad 691 570 Other 639 621 35,690 33,399 1 Excludes financial instruments (other than equity-accounted investees), deferred tax assets and post-employment benefit assets. |
Summary of Disaggregated Revenue from Contracts with Customers by Product Line or Geographic Location for Each Reportable Segment | 2019 2018 Retail sales by product line Crop nutrients 4,989 4,577 Crop protection products 4,983 4,862 Seed 1,712 1,687 Merchandise 598 584 Services and other 939 810 13,221 12,520 Potash sales by geography Manufactured product North America 1,283 1,356 Offshore 1 1,625 1,657 Other potash and purchased products 1 3 2,909 3,016 Nitrogen sales by product line 2 Manufactured product Ammonia 884 1,061 Urea 1,019 979 Solutions, nitrates and sulfates 812 825 Other nitrogen and purchased products 505 473 3,220 3,338 Phosphate sales by product line 2 Manufactured product Fertilizer 944 1,141 Industrial and feed 475 469 Other phosphate and purchased products 181 166 1,600 1,776 1 Relates to Canpotex. 2 Comparative figures have been restated to reflect the change in the sulfate product grouping from Phosphate and Sulfate to Nitrogen. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary Of General Information About Business Combinations Explanatory | Supporting Information Ruralco Merger Other Acquisitions Acquisition date September 30, 2019 January 1, 2018 Various Purchase price, net of cash and cash equivalents acquired $ 330 On the acquisition date, we acquired 100% of the Ruralco stock that was issued and outstanding. Also included in the total consideration, net of cash and cash equivalents acquired, is the impact of $18 relating to a foreign exchange hedge loss which we designated a cash flow hedge. Transaction costs are recorded in acquisition and integration related costs in other expenses. $16,010 We determined the purchase price based on the number of Agrium shares outstanding and their trading price on December 29, 2017. On the acquisition date, shareholders of PotashCorp received 0.400 common shares of Nutrien for each PotashCorp share held, and shareholders of Agrium received 2.230 common shares of Nutrien for each Agrium share held. Merger and related costs are included in other expenses. 2019 – $ 581 , net of $100 previously held equity-accounted interest in Agrichem. We acquired the remaining 20 percent interest in Agrichem in the first nine months of 2019, making Agrichem a wholly owned consolidated subsidiary of the Company. (2018 – $ 433 ) Goodwill and expected benefits of the acquisition $ 202 $11,185, none of which is deductible for income tax purposes. $ 341 (2018 – $ 197 ) The expected benefits of the acquisitions resulting in goodwill include: synergies from expected reduction in operating costs; wider distribution channel for selling products of acquired businesses; a larger assembled workforce; potential increase in customer base; enhanced ability to innovate; production and expense optimization, including procurement savings (specific to Merger); and closer proximity of nitrogen operations to sources of low-cost natural gas (specific to Merger). Description An agriservices business in Australia with approximately 250 operating locations. A major global producer and distributor of agricultural products, services and solutions. 68 Retail locations in North and South America and Australia, including companies operating in the proprietary products business, such as Actagro, LLC, a developer, manufacturer and marketer of environmentally sustainable soil and plant health products and technologies (2018 – 53 Retail locations in North America and Australia and companies operating within the digital agriculture, proprietary products and agricultural services businesses). |
Summary of Fair Value Allocated to Assets and Liabilities | We allocated the following values to the acquired assets and assumed liabilities based upon fair values at their respective acquisition date: 2019 2018 Ruralco (Estimate) Revised Other Merger Other Preliminary 1 Adjustments 2 Fair Value Acquisitions 3 (Final) Acquisitions 3 Cash and cash equivalents - - - - 466 - Receivables 250 39 289 4 68 2,600 4 20 Inventories 116 1 117 145 3,303 146 Prepaid expenses and other current assets 11 (3) 8 38 1,124 2 Property, plant and equipment 70 66 136 115 7,459 107 Goodwill 272 (70) 202 341 11,185 197 Other intangible assets 55 110 165 179 2,348 8 Investments 15 - 15 - 528 11 Other assets 16 - 16 5 2 293 5 3 Total assets 805 143 948 888 29,306 494 Short-term debt 112 - 112 25 867 - Payables and accrued charges 299 46 345 156 5,239 52 Long-term debt, including current portion - - - 11 4,941 - Lease liabilities, including current portion 44 66 110 1 - - Deferred income tax liabilities 7 31 38 7 934 - Pension and other post-retirement benefit liabilities - - - - 142 - Asset retirement obligations and accrued environmental costs - - - - 1,094 - Other non-current liabilities 13 - 13 7 79 9 Total liabilities 475 143 618 207 13,296 61 Total consideration 330 - 330 681 16,010 433 Previously held equity-accounted interest in Agrichem - - - 100 - - Total consideration, net of cash and cash equivalents acquired 330 - 330 581 16,010 433 1 Preliminary value as previously reported in our third quarter 2019 unaudited financial statements. The purchase price allocation is not final as we continue 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. We estimated the preliminary purchase price allocation as of the date of the acquisition based on information that was available and continue to adjust those estimates as new information that existed at the date of acquisition becomes available. We expect to finalize the amounts recognized when we obtain the information necessary to complete the analysis, and in any event, not later than September 30, 2020. 2 We recorded adjustments to the preliminary fair value to reflect facts and circumstances in existence as of the date of acquisition. These adjustments primarily related to changes in the preliminary valuation assumptions, including refinement of intangible assets. All measurement period adjustments were offset against goodwill. 3 This represents preliminary fair values. For certain acquisitions, we finalized the purchase price with no material change to the fair values disclosed in prior periods. 4 Includes receivables from customers with gross contractual amounts of $247, of which $5 are considered to be uncollectible relating to Ruralco (2018 – $2,247 and $80 respectively relating to the Merger). 5 Includes deferred income tax assets of $14 relating to Ruralco (2018 – $158 relating to the Merger). |
Summary of Gross Sales and Net Earnings from Continuing Operations Before Income Taxes | Financial Information Related to the Acquired Operations 2019 Proforma 1 Ruralco Other Acquisitions Sales 1,090 480 EBITDA 50 40 1 Estimated annual sales and EBITDA if acquisitions occurred at the beginning of the year. Net earnings before income taxes is not available. 2019 Actuals 2018 Actuals From date of acquisition Ruralco Other Acquisitions Merger Other Acquisitions Sales 249 312 14,551 213 Net earnings (loss) before income taxes (2) (1) 546 10 |
Nature of Expenses (Tables)
Nature of Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Detailed Information about Expenses by Nature | 2019 2018 Purchased and produced raw materials and product for resale 1 11,335 10,881 Depreciation and amortization 1,799 1,592 Employee costs 2 2,268 1,949 Freight 845 934 Impairment of assets (Note 15 and 16) 120 1,809 Provincial mining and other taxes 3 292 250 Offsite warehouse costs 4 51 68 Railcar and vessel costs 4 5 128 Merger and related costs 82 170 Acquisition and integration related costs 16 - Contract services 504 469 Lease expense 5 66 148 Fleet fuel, repairs and maintenance 202 183 Other 576 641 Total cost of goods sold and expenses 18,161 19,222 1 Significant expenses include: supplies, energy, fuel, purchases of raw material (natural gas – feedstock, sulfur, ammonia and reagents) and product for resale (crop nutrients and protection products, and seed). 2 Includes employee benefits and share-based compensation. In 2018, employee costs also include a $157 gain on curtailment of defined benefit pension and other post-retirement benefit plans (“Defined Benefit Plans Curtailment Gain”) as described in Note 23. 3 Includes $190 and $102 (2018 – $160 and $90) relating to Saskatchewan potash production tax and Saskatchewan resource surcharge and other, respectively, as required under Saskatchewan provincial legislation. 4 Includes expenses relating to operating leases in 2018. 5 In 2019, includes lease expense relating to short-term leases, leases of low-value and variable lease payments. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Stock Awards Available for Grant | The following summarizes the Nutrien share-based compensation plans, under which we have awards available to be granted, and the assumed legacy plans of PotashCorp and Agrium, under which no awards will be granted. Plan Features Stock Options PSUs RSUs DSUs SARs/TSARs 4 Eligibility Officers and eligible employees Officers and eligible employees Eligible employees Non-executive directors Awards no longer granted; legacy awards only Granted Annually Annually Annually At the discretion of the Board of Directors Awards no longer granted; legacy awards only Vesting Period 25% per year over four years 1 On third anniversary of grant date based on total shareholder return over a three-year performance cycle, compared to average total shareholder return of a peer group of companies over the same period On third anniversary of grant date and are not subject to performance conditions Fully vest upon grant 25% per year over four years Maximum Term 10 years Not applicable Not applicable Not applicable 10 years Settlement Shares Cash / Shares 2 Cash Cash 3 Cash 1 Under the assumed legacy PotashCorp long-term incentive and performance option plan, stock options vest on the third anniversary of the grant date. 2 Under the assumed legacy PotashCorp long-term incentive plan, PSUs will be settled in shares for grantees who are subject to our share ownership guidelines and in cash for all other grantees. 3 Based on the common share price at the time of the director's departure from the Board of Directors. 4 Under the assumed legacy Agrium stock appreciation rights (“SARs”) plan, holders of tandem stock appreciation rights (“TSARs”) have the ability to choose between (a) receiving in cash the price of our shares on the date of exercise in excess of the exercise price of the right or (b) receiving common shares by paying the exercise price of the right. Our past experience and future expectation is that substantially all TSAR holders will elect to choose the first option. |
Summary of Weighted Average Assumptions in Stock Options | The weighted average grant date fair value of stock options per unit granted in 2019 was $ 11.27 ( 2018 – $ 9.71 ). The weighted average assumptions by year of grant that impacted current year results are as follows: Year of Grant Assumptions Based On 2019 2018 Exercise price per option Quoted market closing price 1 53.54 44.50 Expected annual dividend yield (%) Annualized dividend rate 2 3.22 3.58 Expected volatility (%) Historical volatility 3 27 29 Risk-free interest rate (%) Zero-coupon government issues 4 2.55 2.79 Average expected life of options (years) Historical experience 7.5 7.5 1 Of common shares on the last trading day immediately preceding the date of the grant. 2 As of the date of grant. 3 Of the Company’s share over a period commensurate with the expected life of the option. 4 Implied yield available on equivalent remaining term at the time of the grant. |
Summary of Stock Option Plans | A summary of the status of our stock option plans as at December 31, 2019 and 2018 and changes during the years ending on those dates is as follows: Number of Shares Subject to Option Weighted Average Exercise Price 2019 2018 2019 2018 Balance – beginning of year 9,044,237 9,947,583 58.41 69.54 Granted 1,376,533 1,875,162 53.54 44.50 Exercised (451,574) (647,331) 42.73 42.86 Forfeited or cancelled (502,016) (1,793,077) 86.53 82.84 Expired (275,700) (338,100) 76.59 154.94 Outstanding – end of year 9,191,480 9,044,237 56.88 58.41 |
Summary of Stock Options Outstanding Range of Exercise Price | The following table summarizes information about our stock options outstanding as at December 31, 2019 with expiry dates ranging from May 2020 to February 2029 : Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Number Life in Years Price Number Price $37.84 to $40.23 1,345,235 6 38.21 1,170,022 38.26 $40.24 to $45.40 1,934,844 7 43.61 1,067,346 42.88 $45.41 to $49.51 1,371,872 7 46.46 788,169 46.38 $49.52 to $52.75 912,183 5 51.96 912,183 51.96 $52.76 to $77.62 1,814,520 8 58.58 574,542 69.47 $77.63 to $130.78 1,812,826 3 93.56 1,812,826 93.56 9,191,480 6 56.88 6,325,088 60.71 |
Compensation Expense for all Employee and Director Share-based Compensation Plans | Information for all employee and Director share-based compensation plans is summarized below: Units Granted Units Outstanding Compensation Expense (Recovery) in 2019 as at December 31, 2019 2019 2018 Stock Options 1,376,533 9,191,480 19 23 PSUs 719,330 1,834,984 65 83 RSUs 425,082 986,756 18 14 DSUs 50,958 434,093 2 - SARs - 1,750,169 - (4) 104 116 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Detailed Information About Other Income and Expenses | 2019 2018 Merger and related costs 82 170 Acquisition and integration related costs 16 - Foreign exchange loss (gain), net of related derivatives 42 (10) Earnings of equity-accounted investees (66) (40) Bad debts 24 26 Defined Benefit Plans Curtailment Gain (Note 23) - (157) Other expenses 56 54 154 43 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Finance Costs | 2019 2018 Interest expense Short-term debt 87 129 Long-term debt 387 372 Lease liabilities (Note 21) 34 - Unwinding of discount on asset retirement obligations (Note 24) 54 51 Interest on net defined benefit pension and other post-retirement plan obligations (Note 23) 15 15 Borrowing costs capitalized to property, plant and equipment (18) (12) Interest income (5) (17) 554 538 Borrowing costs capitalized to property, plant and equipment in 2019 were calculated by applying an average capitalization rate of 4.6 percent ( 2018 – 4.4 percent) to expenditures on qualifying assets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Provision for Income Taxes | The provision for income taxes differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings (loss) before income taxes as follows: 2019 2018 Earnings (loss) before income taxes Canada 765 (1,195) United States 315 619 Australia 27 96 Trinidad (28) 98 Other 229 258 1,308 (124) Canadian federal and provincial statutory income tax rate (%) 27 27 Income tax at statutory rates 353 (33) Adjusted for the effect of: Impact of foreign tax rates (45) (58) Non-taxable income (19) (10) Production-related deductions (17) (15) Foreign accrual property income 18 15 Impact of tax rate changes 16 - Other 10 8 Income tax expense (recovery) included in net earnings (loss) from continuing operations 316 (93) |
Summary of Total Income Tax Expense | Total income tax expense (recovery), included in net earnings (loss) from continuing operations, was comprised of the following: 2019 2018 Current income tax Tax expense for current year 161 195 Adjustments in respect of prior years (22) (15) Total current income tax expense 139 180 Deferred income tax Origination and reversal of temporary differences 152 (283) Adjustments in respect of prior years 9 12 Impact of tax rate changes 16 - Other - (2) Total deferred income tax expense (recovery) 177 (273) Income tax expense (recovery) included in net earnings (loss) from continuing operations 316 (93) |
Summary of Income Tax Assets (Liabilities) | Income tax balances within the consolidated balance sheets as at December 31 were comprised of the following: Income Tax Assets and Liabilities Balance Sheet Location 2019 2018 Current income tax assets Current Receivables (Note 13) 104 248 Long-term Other assets (Note 18) 36 36 Deferred income tax assets Other assets (Note 18) 249 216 Total income tax assets 389 500 Current income tax liabilities Current Payables and accrued charges (Note 22) 43 47 Non-current Other non-current liabilities 44 64 Deferred income tax liabilities Deferred income tax liabilities 3,145 2,907 Total income tax liabilities 3,232 3,018 |
Summary of Deferred Income Tax Assets (Liabilities) | In respect of each type of temporary difference, unused tax loss and unused tax credit, the amounts of deferred tax assets and liabilities recognized in the consolidated balance sheets as at December 31 and the amount of the deferred tax expense (recovery) recognized in net earnings (loss) from continuing operations were: Deferred Income Tax Expense Deferred Income Tax (Assets) (Recovery) Recognized Liabilities in Net Earnings (Loss) 2019 2018 2019 2018 Deferred income tax assets Asset retirement obligations and accrued environmental costs (387) (412) 25 11 Tax loss and other carryforwards (270) (261) (9) (198) Pension and other post-retirement benefit liabilities (145) (130) (13) 44 Long-term debt (107) (110) 3 10 Lease liabilities (227) - 55 - Receivables (51) (58) 7 (3) Inventories (59) (54) (5) (13) Derivatives (9) (17) 5 15 Other assets (61) (57) 4 18 Deferred income tax liabilities Property, plant and equipment 3,647 3,218 147 (132) Goodwill and other intangible assets 523 546 (58) (31) Other liabilities 42 26 16 6 2,896 2,691 177 (273) |
Summary of Reconciliation of Net Deferred Income Tax Liabilities | Reconciliation of net deferred income tax liabilities: 2019 2018 Balance – beginning of year 2,691 2,187 Merger and acquisitions (Note 4) 29 776 Income tax expense (recovery) recognized in net earnings (loss) from continuing operations 177 (273) Income tax expense (recovery) recognized in net earnings (loss) from discontinued operations - (17) Income tax charge recognized in OCI 2 22 Other (3) (4) Balance – end of year 2,896 2,691 |
Summary of Amounts and Expiry Dates of Unused Tax Losses and Unused Tax Credits | Amounts and expiry dates of unused tax losses and unused tax credits as at December 31, 2019 were: Amount Expiry Date Unused operating losses 1,027 2020 - Indefinite Unused capital losses 829 Indefinite Unused investment tax credits 38 2020 - 2038 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Impact of Discontinued Operations | As of December 31, 2018, we completed all required divestitures and retained no residual interests as outlined below: Gain (Loss) on Net Earnings Gain (Loss) Sale Net of and Retained For the year ended December 31, 2018 Proceeds 1 on Sale Income Taxes AOCI Earnings Shares in SQM 5,126 4,278 3,366 - 3,366 Shares in ICL 685 (19) (19) (19) - Shares in APC 501 121 126 - 126 Conda Phosphate operations 98 - - - - Total sale 6,410 2 4,380 3,473 (19) 3,492 1 Proceeds are net of commissions. 2 Proceeds of $39 were collected in 2019. |
Summary of Net Earnings and Cash Flows from Discontinued Operations | Net earnings from discontinued operations for the year ended December 31 were as follows: 2018 Gain on disposal of investments in SQM and APC 4,399 Dividend income of SQM, APC and ICL 1 156 Income tax expense 2 (951) Net earnings from discontinued operations 3,604 1 Dividend income is included in cash provided by operating activities on the consolidated statements of cash flows, net of tax of $26. 2 For 2018, income tax expense is comprised of $(912) relating to the disposals of SQM shares, including the repatriation of the net proceeds, and $(39) relating to earnings from discontinued operations ($(18) for the planned repatriation of the remaining excess cash available in Chile, $(26) for the repatriation of dividend income received from SQM and $5 relating to APC). |
Net Earnings per Share (Tables)
Net Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Weighted Average Number of Shares Reconciliation from Common to Diluted common | 2019 2018 Weighted average number of common shares 582,269,000 624,900,000 Dilutive effect of stock options 777,000 - ¹ Dilutive effect of share-settled PSUs 56,000 - ¹ Weighted average number of diluted common shares 583,102,000 624,900,000 1 The diluted weighted average share calculations excluded an additional 658,000 stock options and 137,000 equity-settled PSUs due to their anti-dilutive effect. |
Summary of Options Excluded from Calculation of Diluted Net Earnings per Share | Options excluded from the calculation of diluted net earnings per share due to the option exercise prices being greater than the average market price of common shares were as follows: 2019 2018 Number of options excluded 4,539,529 5,721,656 Performance option plan years fully excluded 2010 – 2015 2009 – 2015 Stock option plan years fully excluded 2015, 2019 2015, 2018 |
Financial Instruments and Rel_2
Financial Instruments and Related Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Maximum Exposure to Credit Risk | Maximum exposure to credit risk as at December 31: 2019 2018 Cash and cash equivalents 671 2,314 Receivables 1 3,438 3,094 Other current assets – derivatives 5 5 4,114 5,413 1 Excluding income tax receivable. |
Summary of Credit Risk Management Through Policies | Credit risk is managed through policies applicable to the following assets: Daily Counterparty Counterparties Acceptable Minimum Settlement Based on to Contracts are Counterparty Credit Exposure Thresholds Prescribed Credit Investment-Grade Ratings by Counterparty Thresholds Quality Cash and Cash Equivalents X X Natural Gas Derivatives X X X Foreign Currency Derivatives X |
Summary of Available Credit Facilities | The table below outlines our available credit facilities as at December 31, 2019 : Total Amount Outstanding Amount Amount and Committed Available Unsecured revolving term credit facility 1 4,500 650 3,850 Uncommitted revolving demand facility 500 - 500 Other credit facilities 820 326 494 1 The unsecured revolving term credit facility matures April 10, 2023, subject to extension at the request of Nutrien provided that the resulting maturity date shall not exceed five years from the date of request. |
Summary of Maturity Analysis of Financial Liabilities and Gross Settled Derivative Contracts | Carrying Amount Contractual of Liability as at Cash Within 1 to 3 3 to 5 Over 5 2019 December 31 Flows 1 Year Years Years Years Short-term debt 1 976 976 976 - - - Payables and accrued charges 2 5,264 5,264 5,264 - - - Long-term debt, including current portion 1 9,055 14,392 894 1,268 1,923 10,307 Lease liabilities, including current portion 1 1,073 1,302 249 364 234 455 Derivatives 33 33 14 10 9 - 16,401 21,967 7,397 1,642 2,166 10,762 1 Contractual cash flows include contractual interest payments related to debt obligations and lease liabilities. Interest rates on variable rate debt are based on prevailing rates as at December 31, 2019. 2 Excludes non-financial liabilities and includes trade payables of approximately $1.4 billion paid in January and February 2020 through an arrangement whereby a supplier sold the right to receive payment to a financial institution. |
Summary of Material Foreign Currency Derivatives | The following table presents the significant foreign currency derivatives that existed at December 31: 2019 2018 Average Average contract contract Sell/buy Notional Maturities rate Notional Maturities rate Forwards USD/CDN 337 2020 1.3096 502 2019 1.3583 CDN/USD 120 2020 1.3138 205 2019 1.3636 USD/AUD 1 78 2020 1.4593 40 2019 1.3777 AUD/USD 47 2020 1.4563 48 2019 1.3816 1 Australian Dollar |
Summary of Fair Value Hierarchy for Financial Assets and Financial Liabilities | The following table presents our fair value hierarchy for financial assets and financial liabilities carried at fair value on a recurring basis or measured at amortized cost: 2019 2018 Carrying Carrying Financial instruments measured at Amount Level 1 1 Level 2 1 Amount Level 1 1 Level 2 1 Fair value on a recurring basis Cash and cash equivalents 671 - 671 2,314 - 2,314 Derivative instrument assets 5 - 5 5 - 5 Other current financial assets – marketable securities 2 193 27 166 97 12 85 Investments at FVTOCI (Note 17) 161 161 - 186 186 - Derivative instrument liabilities (33) - (33) (71) - (71) Amortized cost Current portion of long-term debt Notes and debentures (494) - (503) (995) - (1,009) Fixed and floating rate debt (8) - (8) (8) - (8) Long-term debt Notes and debentures (8,528) (1,726) (7,440) (7,569) (1,004) (6,177) Fixed and floating rate debt (25) - (25) (22) - (22) 1 Financial instruments included in Level 1 are measured using quoted prices in active markets for identical assets or liabilities, while those classified as Level 2 are measured using significant other observable inputs. During 2019 and 2018, there were no transfers between Level 1 and Level 2 for financial instruments measured at fair value on a recurring basis. Our policy is to recognize transfers at the end of the reporting period. 2 Marketable securities consist of equity and fixed income securities. |
Summary of Recognized Financial Instruments that are Offset, or Subject to Enforceable Master Netting Arrangements | 2019 2018 Net Amounts Net Amounts Financial assets (liabilities) Gross Offset Presented Gross Offset Presented Derivative instrument assets Natural gas derivatives - - - 31 (27) 4 Derivative instrument liabilities Natural gas derivatives 1 (30) - (30) (92) 26 (66) Other long-term debt instruments 2 (150) 150 - (150) 150 - (180) 150 (30) (211) 149 (62) 1 Cash margin deposits of $17 (2018 – $18) were placed with counterparties related to legally enforceable master netting arrangements. 2 Back-to-back loan arrangements that are not subject to any financial test covenants but are subject to certain customary covenants and events of default. We were in compliance with these covenants as at December 31, 2019. |
Summary of Natural Gas Derivatives Outstanding | Natural gas derivatives outstanding: 2019 2018 Average Fair Value Average Fair Value Contract of Assets Contract of Assets Notional 1 Maturities Price 2 (Liabilities) Notional 1 Maturities Price 2 (Liabilities) NYMEX swaps 16 2020 – 2022 4.26 (30) 22 2019 – 2022 4.26 (35) AECO swaps - n/a - - 26 2019 1.92 (25) 1 In millions of British thermal units (“MMBtu”). 2 US dollars per MMBtu. n/a = not applicable |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Receivables | Supporting Information 2019 2018 Receivables from customers – third parties 2,936 2,628 – Canpotex (Note 29) 194 208 Less allowance for expected credit losses of receivables from customers (83) (90) 3,047 2,746 Rebates 190 169 Income taxes (Note 9) 104 248 Other receivables 201 179 3,542 3,342 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | Supporting Information 2019 2018 Product purchased for resale 1 3,592 3,545 Finished products 524 501 Intermediate products 244 218 Raw materials 205 275 Materials and supplies 410 378 4,975 4,917 1 Includes biological assets of $33 (December 31, 2018 – $2) measured at fair value less cost of disposal. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Reconciliation of Changes in Property Plant and Equipment | Supporting Information Machinery Mine Land and Buildings and and Development Assets Under Improvements Improvements Equipment Costs Construction Total Useful life range (years) 3 – 80 1 – 60 1 – 80 n/a n/a Carrying amount – December 31, 2018 1,018 6,044 9,882 709 1,143 18,796 ROU assets recognized on adoption of IFRS 16 48 307 704 - - 1,059 Acquisitions (Note 4) 17 136 61 - 37 251 Additions 14 30 225 - 1,487 1,756 Additions – ROU - 22 177 - - 199 Disposals (3) (5) (84) - - (92) Transfers 108 145 932 110 (1,295) - Foreign currency translation and other (4) (37) (14) 5 6 (44) Depreciation (36) (187) (1,004) (77) - (1,304) Depreciation – ROU (2) (46) (186) - - (234) Impairment - - (52) - - (52) Carrying amount – December 31, 2019 1,160 6,409 10,641 747 1,378 20,335 Balance – December 31, 2019 comprised of: Cost 1,474 8,207 18,548 2,068 1,378 31,675 Accumulated depreciation and impairments (314) (1,798) (7,907) (1,321) - (11,340) Carrying amount – December 31, 2019 1,160 6,409 10,641 747 1,378 20,335 Balance – December 31, 2019 comprised of: Owned property, plant and equipment 1,117 6,065 9,973 747 1,378 19,280 ROU assets 43 344 668 - - 1,055 Carrying amount – December 31, 2019 1,160 6,409 10,641 747 1,378 20,335 Carrying amount – December 31, 2017 612 4,184 6,744 979 452 12,971 Merger impact (Note 4) 396 2,695 4,042 - 326 7,459 Other acquisitions 10 31 66 - - 107 Additions 41 61 327 42 975 1,446 Disposals (3) (14) (30) - - (47) Transfers 10 30 538 18 (596) - Foreign currency translation and other (9) 28 (21) 10 (14) (6) Depreciation (33) (195) (1,032) (65) - (1,325) Impairment (6) (776) (752) (275) - (1,809) Carrying amount – December 31, 2018 1,018 6,044 9,882 709 1,143 18,796 Balance – December 31, 2018 comprised of: Cost 1,294 7,617 16,806 1,954 1,143 28,814 Accumulated depreciation and impairments (276) (1,573) (6,924) (1,245) - (10,018) Carrying amount – December 31, 2018 1,018 6,044 9,882 709 1,143 18,796 |
Summary of Depreciation of Property Plant and Equipment | Depreciation of property, plant and equipment was included in the following: 2019 2018 Freight, transportation and distribution 137 15 Cost of goods sold 1,008 1,016 Selling expenses 344 259 General and administrative expenses 40 35 1,529 1,325 Depreciation recorded in inventory 161 108 1,690 1,433 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Reconciliation of Intangible Assets | Supporting Information Other Intangibles Customer Trade Goodwill Relationships 2 Technology Names Other Total Useful life range (years) n/a 3 – 15 3 – 30 10 – 20 ³ 1 – 20 Carrying amount – December 31, 2018 11,431 1,554 117 90 449 2,210 Acquisitions (Note 4) 543 173 43 13 115 344 Additions – internally developed - - 197 - 2 199 Foreign currency translation and other 12 2 9 18 (25) 4 Impairment - - - (35) (33) (68) Amortization 1 - (145) (15) (24) (77) (261) Carrying amount – December 31, 2019 11,986 1,584 351 62 431 2,428 Balance – December 31, 2019 comprised of: Cost 11,993 1,906 429 92 597 3,024 Accumulated amortization and impairment (7) (322) (78) (30) (166) (596) Carrying amount – December 31, 2019 11,986 1,584 351 62 431 2,428 Carrying amount – December 31, 2017 97 - - - 69 69 Merger impact (Note 4) 11,185 1,708 44 122 474 2,348 Other acquisitions (Note 4) 197 1 - - 7 8 Additions – internally developed - - 79 - 19 98 Disposals - - - - (27) (27) Foreign currency translation and other (48) (20) 1 (4) (6) (29) Amortization 1 - (135) (7) (28) (87) (257) Carrying amount – December 31, 2018 11,431 1,554 117 90 449 2,210 Balance – December 31, 2018 comprised of: Cost 11,438 1,691 124 118 586 2,519 Accumulated amortization (7) (137) (7) (28) (137) (309) Carrying amount – December 31, 2018 11,431 1,554 117 90 449 2,210 1 Amortization of $234 was included in selling expenses during the year ended December 31, 2019 (2018 – $225). 2 The remaining amortization period of customer relationships at December 31, 2019, was approximately 7 years. 3 Certain trade names have indefinite useful lives as there are no regulatory, legal, contractual, cooperative, economic or other factors that limit their useful lives. |
Summary of Terminal Growth Rate and Curresponding Breakeven Discount Rate | For each group of CGUs, terminal growth rates and discount rates used were as follows: Terminal Growth Rate (%) Discount Rate (%) Retail – North America 2.5 7.0 Retail – International 1 2.0 7.5 - 15.0 Potash 2.5 8.0 Nitrogen 2.0 9.0 1 The discount rates reflect the country risk premium and size for our international groups of CGUs. |
Summary of Key Assumptions, Change In Retail Segment Recoverable Amount | . The following table indicates the percentage by which key assumptions would need to change individually for the estimated Retail – North America recoverable amount to be equal to the carrying amount: Change Required for Carrying Amount to Equal Recoverable Value Used in Impairment Key Assumptions Amount (%) Model Terminal growth rate (0.3) 2.5% Forecasted EBITDA over forecast period (4.1) 6,128 Discount rate 0.2 7.0% |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Equity-Accounted Investees and investments at FVTOCI | Equity-accounted investees and investments at FVTOCI as at December 31 were comprised of: Principal Place Proportion of Ownership Interest of Business and and Voting Rights Held (%) Carrying Amount Name Principal Activity Incorporation 2019 2018 2019 2018 Equity-accounted investees MOPCO Nitrogen Producer Egypt 26 26 270 236 Profertil Nitrogen Producer Argentina 50 50 212 192 Canpotex Marketing and Logistics Canada 50 50 - - Agrichem 1 Fertilizer Producer and Marketer Brazil 100 80 - 103 Other associates and joint ventures 178 161 Total equity-accounted investees 660 692 Investments at FVTOCI Sinofert Fertilizer Supplier and Distributor China/Bermuda 22 22 161 180 Other - - - 6 Total investments at FVTOCI 161 186 1 During 2019, we acquired the remaining 20 percent interest in Agrichem making it a wholly owned consolidated subsidiary, as described in Note 4, and as a result ceased equity accounting. Prior to this acquisition, we had joint control with the other shareholder of Agrichem. |
Financial information of the company's proportionate interest in equity-accounted investees | Additional financial information on our proportionate interest in equity-accounted investees for the years ended December 31 was as follows: Associates Joint Ventures 2019 2018 2019 2018 Earnings from continuing operations and net earnings 34 24 32 16 Other comprehensive income 6 - - - Total comprehensive income 40 24 32 16 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Assets | Other assets as at December 31 were comprised of: 2019 2018 Deferred income tax assets (Note 9) 249 216 Ammonia catalysts – net of accumulated amortization of $71 (2018 – $79) 89 81 Long-term income tax receivable (Note 9) 36 36 Accrued pension benefit asset (Note 23) 25 27 Other – net of accumulated amortization of $41 (2018 – $38) 165 165 564 525 |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Short-Term Debt | Short-term debt as at December 31 was comprised of: Rate of Interest (%) 2019 2018 Commercial paper 2.0 – 2.1 650 391 Other credit facilities 1 0.8 – 10.4 326 238 976 629 1 Credit facilities are unsecured and consist of South American facilities with debt of $149 (2018 – $216) and interest rates ranging from 3.00 percent to 10.38 percent, Australia facilities with debt of $157 (2018 – $Nil) and interest rates ranging from 0.75 percent to 2.09 percent, and Other facilities with debt of $20 (2018 – $22) and interest rates ranging from 1.64 percent to 2.50 percent. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Long-Term Debt | Long-term debt as at December 31 was comprised of: Rate of Interest (%) Maturity 2019 2018 Notes 1 6.750 January 15, 2019 - 500 6.500 May 15, 2019 - 500 4.875 March 30, 2020 500 500 3.150 October 1, 2022 500 500 3.500 June 1, 2023 500 500 3.625 March 15, 2024 750 750 3.375 March 15, 2025 550 550 3.000 April 1, 2025 500 500 4.000 December 15, 2026 500 500 4.200 April 1, 2029 750 - 4.125 March 15, 2035 450 450 7.125 May 23, 2036 300 300 5.875 December 1, 2036 500 500 5.625 December 1, 2040 500 500 6.125 January 15, 2041 500 500 4.900 June 1, 2043 500 500 5.250 January 15, 2045 500 500 5.000 April 1, 2049 750 - Debentures 1 7.800 February 1, 2027 125 125 Other 33 10 8,708 8,185 Add net unamortized fair value adjustments 424 444 Less net unamortized debt issue costs (77) (55) 9,055 8,574 Less current maturities (508) (1,000) Less current portion of net unamortized fair value adjustments - (1) Add current portion of net unamortized debt issue costs 6 6 (502) (995) 8,553 7,579 1 Each series of notes and debentures is unsecured and has no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions that allow redemption prior to maturity, at our option, at specified prices. |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | The following is a summary of changes in liabilities arising from financing activities: Short-Term Debt Current and Current Portion of Portion of Lease Long-Term Lease Long-Term Debt 1 Liabilities Debt Liabilities Total Balance – December 31, 2018 1,624 8 7,579 12 9,223 Adoption of IFRS 16 (Note 15) - 196 - 863 1,059 Debt acquired (Note 4) 145 20 3 91 259 Cash flows 1 (794) (184) 1,461 75 558 Reclassifications 500 178 (500) (178) - Foreign currency translation and other non-cash changes 3 (4) 10 (4) 5 Balance – December 31, 2019 1,478 214 8,553 859 11,104 Balance – December 31, 2017 730 - 3,711 - 4,441 Debt acquired in Merger (Note 4) 870 8 4,918 12 5,808 Cash flows 1 (927) - (12) - (939) Reclassifications 1,023 - (1,023) - - Foreign currency translation and other non-cash changes (72) - (15) - (87) Balance – December 31, 2018 1,624 8 7,579 12 9,223 1 Cash inflows and cash outflows are presented on a net basis. |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure Of Finance Lease And Operating Lease By Lessee Explanatory | Rate of Interest (%) 2019 2018 Lease liabilities 3.35 859 12 Current portion of lease liabilities 3.06 214 8 Total 1,073 20 |
Payables and Accrued Charges (T
Payables and Accrued Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Payables and Accrued Charges | Payables and accrued charges as at December 31 were comprised of: 2019 2018 Trade accounts 4,016 3,053 Customer prepayments 1,693 1,625 Dividends 258 526 Accrued compensation 434 425 Current portion of asset retirement obligations and accrued environmental costs (Note 24) 148 156 Accrued interest 103 105 Current portion of share-based compensation (Note 6) 118 87 Current portion of derivatives 13 45 Income taxes (Note 9) 43 47 Current portion of pension and other post-retirement benefits (Note 23) 15 13 Other payables and other accrued charges 596 621 7,437 6,703 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Significant Assumptions Used to Determine Benefit Obligations and Expense | The significant assumptions used to determine the benefit obligations and expense for our significant plans as at and for the year ended December 31 were as follows: Pension Other 2019 2018 2019 2018 Assumptions used to determine the benefit obligations 1 : Discount rate (%) 3.35 4.22 3.20 4.17 Rate of increase in compensation levels (%) 4.66 4.75 n/a n/a Medical cost trend rate – assumed (%) n/a n/a 4.50 – 6.10 2 4.50 – 6.10 2 Medical cost trend rate – year reaches ultimate trend rate n/a n/a 2037 2037 Mortality assumptions (years) 3 Life expectancy at 65 for a male member currently at age 65 20.5 20.6 20.3 20.4 Life expectancy at 65 for a female member currently at age 65 22.7 22.8 22.9 22.8 Average duration of the defined benefit obligations 4 (years) 14.61 13.7 15.8 15.1 1 The current year’s expense is determined using the assumptions that existed at the end of the previous year. 2 We assumed a graded medical cost trend rate starting at 6.10 percent in 2019, moving to 4.50 percent by 2037 (2018 – starting at 6.10 percent, moving to 4.50 percent by 2037). 3 Based on actuarial advice in accordance with the latest available published tables, adjusted where appropriate to reflect future longevity improvements for each country. 4 Weighted average length of the underlying cash flows. n/a = not applicable |
Summary of Significant Assumptions, Change in Discount Rates has Greatest Potential Impact | Of the most significant assumptions, a change in discount rates has the greatest potential impact on our pension and other post-retirement benefit plans, with sensitivity to change as follows: 2019 2018 Expense in Recovery in Benefit Earnings Before Benefit Loss Before Change in Assumption Obligations Income Taxes Obligations Income Taxes As reported 2,044 71 1,797 (87) Discount rate 1.0 percentage point decrease 335 9 271 24 1.0 percentage point increase (268) (11) (218) (22) |
Summary of Movements in Pension and Other Post-Retirement Benefit Assets (Liabilities) | Movements in the pension and other post-retirement benefit assets (liabilities) 2019 2018 Plan Plan Obligation Assets Net Obligation Assets Net Balance – beginning of year (1,797) 1,416 (381) (1,831) 1,380 (451) Merger impact 1 - - - (347) 205 (142) Components of defined benefit expense recognized in earnings Current service cost for benefits earned during the year (40) - (40) (67) - (67) Interest (expense) income (74) 59 (15) (77) 62 (15) Past service cost, including curtailment gains and settlements 2 - - - 157 - 157 Foreign exchange rate changes and other (29) 13 (16) 39 (27) 12 Subtotal of components of defined benefit (expense) recovery recognized in earnings (143) 72 (71) 52 35 87 Remeasurements of the net defined benefit liability recognized in OCI during the year Actuarial gain arising from: Changes in financial assumptions (199) - (199) 210 - 210 Changes in demographic assumptions 14 - 14 11 - 11 Loss on plan assets (excluding amounts included in net interest) - 193 193 - (149) (149) Subtotal of remeasurements (185) 193 8 221 (149) 72 Cash flows Contributions by plan participants (5) 5 - (6) 6 - Employer contributions - 21 21 - 53 53 Benefits paid 86 (86) - 114 (114) - Subtotal of cash flows 81 (60) 21 108 (55) 53 Balance – end of year 3 (2,044) 1,621 (423) (1,797) 1,416 (381) Balance comprised of: Non-current assets Other assets (Note 18) 25 27 Current liabilities Payables and accrued charges (Note 22) (15) (13) Non-current liabilities Pension and other post-retirement benefit liabilities (433) (395) 1 We acquired Agrium’s pension and other post-retirement benefit obligations, representing the fair values at the acquisition date as described in Note 4. 2 In 2018, as part of our continuous assessment of our operations, participation (based on age and years of service) in certain company defined benefit pension and other post-retirement benefit plans was suspended and/or discontinued effective January 1, 2020. As a result, we recognized a Merger-related Defined Benefit Plans Curtailment Gain of $157. 3 Obligations arising from funded and unfunded pension plans are $(1,652) and $(392), respectively (2018 – $(1,466) and $(331)). Other post-retirement benefit plans have no plan assets and are unfunded. |
Summary of Fair Value of Plan Assets of the Defined Benefit Pension Plans, by Asset Category | As at December 31, the fair value of plan assets of our defined benefit pension plans, by asset category, were as follows: 2019 2018 Quoted Prices Quoted Prices in Active in Active Markets for Markets for Identical Assets Other 1 Total Identical Assets Other Total Cash and cash equivalents 8 112 120 6 54 60 Equity securities and equity funds US 1 571 572 454 65 519 International 35 62 97 175 65 240 Debt securities 2 - 698 698 187 329 516 International balanced fund - 112 112 - 97 97 Other - 22 22 (25) 9 (16) Total pension plan assets 44 1,577 1,621 797 619 1,416 1 Approximately 60% of the Other plan assets are held in funds whose fair values are estimated as a practical expedient using their net asset value per share. The redemption frequency of these funds is immediate and no notice period is required. 2 Debt securities included US securities of 82 percent (2018 – 52 percent), International securities of 18 percent (2018 – 31 percent) and Mortgage-backed securities of Nil percent (2018 – 17 percent). |
Asset Retirement Obligations _2
Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Sensitivity of Asset Retirement Obligations and Accrued Environmental Costs to Changes in Discount Rate on Recorded Liability | The pre-tax risk-free discount rate, expected cash flow payments and sensitivity to changes in the discount rate on the recorded liability for asset retirement obligations and accrued environmental costs at December 31, 2019 were as follows: Cash Flow Discount Rate Risk-Free Payments Undiscounted Discounted Rate (%) 1 (years) 2 Cash Flows Cash Flows +0.5% -0.5% Asset retirement obligations (81) 87 Retail 2.08 – 2.81 1 – 30 11 10 Potash 5.00 40 – 442 650 3 70 Phosphate 2.93 – 3.19 1 – 81 853 495 Corporate and Other 4, 5 1.22 – 6.50 1 – 483 864 675 Accrued environmental costs (14) 17 Retail 1.92 – 4.27 1 – 30 77 72 Corporate and Other 1.47 – 3.02 1 – 28 563 467 1 Risk-free discount rates reflect current market assessments of the time value of money and the risks specific to the timing and jurisdiction of the obligation. 2 Time frame in which payments are expected to principally occur from December 31, 2019. Changes in years can result from changes to the mine life and/or changes in the rate of tailing volumes. 3 Represents total undiscounted cash flows in the first year of decommissioning. This excludes subsequent years of tailings dissolution, fine tails capping, tailings management area reclamation, post reclamation activities and monitoring, and final decommissioning, which are estimated to take an additional 92 to 401 years. 4 For nitrogen sites, we have not recorded any asset retirement obligations because no significant asset retirement obligations have been identified or there is no reasonable basis for estimating a date or range of dates of cessation of operations. We considered the historical performance of our facilities as well as our planned maintenance, major upgrades and replacements which can extend the useful lives of our facilities indefinitely. 5 Includes certain potash and phosphate sites that are non-operating sites, with the majority of phosphate site payments taking place over the next 81 years. |
Summary of Reconciliation of Asset Retirement, Environmental Restoration Obligations | Following is a reconciliation of asset retirement obligations and accrued environmental costs: Asset Accrued Retirement Environmental Obligations Costs Total Balance – December 31, 2018 1,295 534 1,829 Recorded in earnings 39 17 56 Capitalized to property, plant and equipment 5 - 5 Settled during the year (103) (16) (119) Foreign currency translation and other 18 9 27 Balance – December 31, 2019 1,254 544 1,798 Balance – December 31, 2019 comprised of: Current liabilities Payables and accrued charges (Note 22) 123 25 148 Non-current liabilities Asset retirement obligations and accrued environmental costs 1,131 519 1,650 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Shares Issued | Issued Number of Common Shares Share Capital Balance – December 31, 2018 608,535,477 16,740 Issued under option plans and share-settled plans 474,655 23 Repurchased (36,067,323) (992) Balance – December 31, 2019 572,942,809 15,771 |
Summary of Share Repurchases | Share repurchase programs Board of Directors Approval Expiry Maximum Shares for Repurchase 2018 Normal Course Issuer Bid 1 February 20, 2018 February 22, 2019 50,363,686 2019 Normal Course Issuer Bid 2 February 20, 2019 February 26, 2020 42,164,420 1 On December 14, 2018, the normal course issuer bid was increased to permit the repurchase of up to approximately 8 percent of our outstanding common shares for cancellation. 2 On December 2, 2019, the normal course issuer bid was increased to permit the repurchase of up to 7 percent of our outstanding common shares for cancellation. Purchases of common shares can expire earlier than the date above if the maximum number of common shares allowable is acquired earlier or we 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. The following table summarizes our share repurchases: 2019 2018 Common shares repurchased for cancellation 36,067,323 36,332,197 Average price per share 52.07 50.97 Total cost 1,878 1,852 |
Dividends Declared | Dividends declared Dividends declared for the years ended December 31 were as follows: 2019 2018 Declared Per Share Declared Per Share May 10, 2019 0.43 February 20, 2018 0.40 July 30, 2019 0.45 May 23, 2018 0.40 December 13, 2019 0.45 July 19, 2018 0.40 November 5, 2018 0.43 December 14, 2018 0.43 1.33 2.06 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Adjusted Net Debt, Adjusted Shareholders' Equity and Adjusted Capital | The calculation of adjusted net debt, adjusted shareholders’ equity and adjusted capital are set out in the following table: 2019 2018 Short-term debt 976 629 Current portion of long-term debt 502 995 Current portion of lease liabilities 214 8 Long-term debt 8,553 7,579 Lease liabilities 859 12 Total debt 11,104 9,223 Cash and cash equivalents (671) (2,314) Net debt 10,433 6,909 Unamortized fair value adjustments (424) (444) Adjusted net debt 10,009 6,465 Total shareholders' equity 22,869 24,425 Accumulated other comprehensive loss 251 291 Adjusted shareholders' equity 23,120 24,716 Adjusted capital 33,129 31,181 |
Components of Ratios | We monitor the following ratios: 2019 2018 Adjusted net debt to adjusted EBITDA 2.5 1.6 Adjusted EBITDA to adjusted finance costs 8.0 8.1 Adjusted net debt to adjusted capital (%) 30.2 20.7 |
Summary of EBITDA, Adjusted EBITDA and Adjusted Finance Costs | Other components of ratios above are calculated as follows: 2019 2018 Net earnings (loss) from continuing operations 992 (31) Finance costs 554 538 Income tax expense (recovery) 316 (93) Depreciation and amortization 1,799 1,592 EBITDA 3,661 2,006 Impairment of assets 120 1,809 Merger and related costs 82 170 Acquisition and integration related costs 16 - Share-based compensation 104 116 Foreign exchange loss (gain), net of derivatives 42 (10) Defined Benefit Plans Curtailment Gain - (157) Adjusted EBITDA 4,025 3,934 2019 2018 Finance costs 554 538 Unwinding of discount on asset retirement obligations (54) (51) Borrowing costs capitalized to property, plant and equipment 18 12 Interest on net defined benefit pension and other post-retirement plan obligations (15) (15) Adjusted finance costs 503 484 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Minimum Future Commitments Under Contractual Agreements | Minimum future commitments under these contractual arrangements were as follows at December 31, 2019 : Lease Long-Term Purchase Capital Other Liabilities 1 Debt 1 Commitments Commitments Commitments Total Within 1 year 249 894 877 43 118 2,181 1 to 3 years 364 1,268 766 7 137 2,542 3 to 5 years 234 1,923 438 - 58 2,653 Over 5 years 455 10,307 209 - 124 11,095 Total 1,302 14,392 2,290 50 437 18,471 1 Includes principal portion and estimated interest. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Compensation to Key Management Personnel | Compensation to key management personnel was comprised of: 2019 2018 Salaries and other short-term benefits 15 19 Share-based compensation 31 53 Post-employment benefits 3 3 Termination benefits 12 23 61 98 |
Accounting Policies, Estimate_2
Accounting Policies, Estimates and Judgments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Sensitivity Analysis Recoverable Amount Long Lived Assets Explanatory | Increase Potential (Decrease) to Change Recoverable Key Assumptions (percent) Amount Sales prices ± 1.0 ± 20 Forecasted EBITDA over forecast period ± 5.0 ± 20 Discount rate ± 0.5 ± 10 |
Disclosure Of Impact Of Adopting IFRS16 | The following table summarizes the impact of adopting IFRS 16 on the consolidated financial statements: December 31, IFRS 16 January 1, 2018 Adjustment 2019 Property, plant and equipment – ROU assets 1 46 1,059 1,105 Lease liabilities, including current portion 20 1,059 1,079 Undiscounted operating lease commitments at December 31, 2018 1,087 Operating lease commitments that did not qualify as leases under IFRS 16 (150) Extension options reasonably certain to be exercised 297 Effect of discounting using the incremental borrowing rate at January 1, 2019 2 (175) Discounted operating lease commitments at January 1, 2019 2 1,059 Finance lease liabilities at December 31, 2018 20 Total lease liabilities at January 1, 2019 1,079 1 Balances as at December 31, 2018 reflect finance leases that were included in property, plant and equipment. 2 When measuring lease liabilities, we discounted lease payments using our incremental borrowing rate at January 1, 2019. The weighted average rate applied was 3.52 percent. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Sinofert [Member] | ||
Disclosure of description of business [Line Items] | ||
Percentage of investment in associate | 22.00% | 22.00% |
Potash [Member] | Province of Saskatchewan [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of operations | 6 | |
Nitrogen [Member] | North America [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 8 | |
Nitrogen [Member] | North America [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 7 | |
Nitrogen [Member] | Alberta [Member] | North America [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 4 | |
Nitrogen [Member] | Alberta [Member] | North America [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 3 | |
Nitrogen [Member] | Texas [Member] | North America [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Georgia [Member] | North America [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Georgia [Member] | North America [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Louisiana [Member] | North America [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Ohio [Member] | North America [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Trinidad [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Washington [Member] | North America [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Missouri [Member] | North America [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Alabama [Member] | North America [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Argentina [Member] | Profertil S.A. [Member] | ||
Disclosure of description of business [Line Items] | ||
Percentage of investment in joint venture | 50.00% | |
Nitrogen [Member] | Egypt [Member] | Misr Fertilizers Production Company S.A.E. [Member] | ||
Disclosure of description of business [Line Items] | ||
Percentage of investment in associate | 26.00% | |
Phosphate [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of mines and processing plants | 2 | |
Phosphate [Member] | Ohio [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Phosphate [Member] | North Carolina [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of mines and processing plants | 1 | |
Phosphate [Member] | Florida [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of mines and processing plants | 1 | |
Corporate and Others Segment [Member] | China [Member] | Sinofert [Member] | ||
Disclosure of description of business [Line Items] | ||
Percentage of investment in associate | 22.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($)Segment | |
Disclosure of operating segments [Line Items] | ||
Number of reportable operating segments | Segment | 4 | 4 |
Sales | $ 20,023 | $ 19,636 |
Gross margin | 5,441 | 5,392 |
Total assets | 46,799 | 45,502 |
Nitrogen [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 3,220 | 3,338 |
Gross margin | 700 | 820 |
Total assets | $ 10,991 | 10,386 |
Restatement Adjustment [Member] | Nitrogen [Member] | Phosphate and Sulfate [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 121 | |
Gross margin | 40 | |
EBITDA | 53 | |
Total assets | $ 377 |
Segment Information - Summary o
Segment Information - Summary of Financial Information on Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [Line Items] | ||
Sales | $ 20,023 | $ 19,636 |
Freight, transportation and distribution | 768 | 864 |
Cost of goods sold | 13,814 | 13,380 |
GROSS MARGIN | 5,441 | 5,392 |
Selling expense | 2,505 | 2,337 |
General and administrative expense | 404 | 423 |
Provincial mining and other taxes | 292 | 250 |
Share-based compensation expense (Note 6) | 104 | 116 |
Impairment of assets (Note 15) | 120 | 1,809 |
Other (income) expenses | 154 | 43 |
Earnings (loss) before finance costs | 1,862 | 414 |
Depreciation and amortization | 1,799 | 1,592 |
Assets | 46,799 | 45,502 |
Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | (1,060) | (1,164) |
Freight, transportation and distribution | (141) | (73) |
Net sales | (919) | (1,091) |
Cost of goods sold | (924) | (1,056) |
GROSS MARGIN | 5 | (35) |
Selling expense | 0 | 0 |
General and administrative expense | 0 | 0 |
Provincial mining and other taxes | 0 | |
Share-based compensation expense (Note 6) | 0 | |
Impairment of assets (Note 15) | 0 | 0 |
Other (income) expenses | 0 | 0 |
Earnings (loss) before finance costs | 5 | (35) |
Depreciation and amortization | 0 | 0 |
Assets | (205) | (642) |
Third parties [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 0 |
Nitrogen [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 3,220 | 3,338 |
Freight, transportation and distribution | 372 | 373 |
Net sales | 2,848 | 2,965 |
Cost of goods sold | 2,148 | 2,145 |
GROSS MARGIN | 700 | 820 |
Selling expense | 25 | 32 |
General and administrative expense | 15 | 20 |
Share-based compensation expense (Note 6) | 0 | |
Impairment of assets (Note 15) | 0 | 0 |
Other (income) expenses | (46) | (8) |
Earnings (loss) before finance costs | 704 | 773 |
Depreciation and amortization | 535 | 442 |
Assets | 10,991 | 10,386 |
Nitrogen [Member] | Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 612 | 626 |
Nitrogen [Member] | Third parties [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 2,608 | 2,712 |
Retail [Member] | Operating segments [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 13,221 | 12,520 |
Freight, transportation and distribution | 0 | 0 |
Net sales | 13,221 | 12,520 |
Cost of goods sold | 9,981 | 9,485 |
GROSS MARGIN | 3,240 | 3,035 |
Selling expense | 2,484 | 2,303 |
General and administrative expense | 112 | 100 |
Provincial mining and other taxes | 0 | |
Share-based compensation expense (Note 6) | 0 | |
Impairment of assets (Note 15) | 0 | 0 |
Other (income) expenses | 8 | (75) |
Earnings (loss) before finance costs | 636 | 707 |
Depreciation and amortization | 595 | 499 |
Assets | 19,990 | 17,964 |
Retail [Member] | Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 38 | 50 |
Retail [Member] | Third parties [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 13,183 | 12,470 |
Potash [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 2,909 | 3,016 |
Freight, transportation and distribution | 305 | 349 |
Net sales | 2,604 | 2,667 |
Cost of goods sold | 1,103 | 1,183 |
GROSS MARGIN | 1,501 | 1,484 |
Selling expense | 9 | 14 |
General and administrative expense | 6 | 10 |
Share-based compensation expense (Note 6) | 0 | |
Impairment of assets (Note 15) | 0 | 1,809 |
Other (income) expenses | (4) | 14 |
Earnings (loss) before finance costs | 1,203 | (607) |
Depreciation and amortization | 390 | 404 |
Assets | 11,696 | 11,710 |
Potash [Member] | Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 207 | 220 |
Potash [Member] | Third parties [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 2,702 | 2,796 |
Phosphate [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 1,600 | 1,776 |
Freight, transportation and distribution | 232 | 215 |
Net sales | 1,368 | 1,561 |
Cost of goods sold | 1,373 | 1,473 |
GROSS MARGIN | (5) | 88 |
Selling expense | 5 | 10 |
General and administrative expense | 7 | 9 |
Share-based compensation expense (Note 6) | 0 | |
Impairment of assets (Note 15) | 0 | 0 |
Other (income) expenses | 25 | 6 |
Earnings (loss) before finance costs | (43) | 62 |
Depreciation and amortization | 237 | 193 |
Assets | 2,198 | 2,406 |
Phosphate [Member] | Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 203 | 268 |
Phosphate [Member] | Third parties [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 1,397 | 1,508 |
Others [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 133 | 150 |
Freight, transportation and distribution | 0 | 0 |
Net sales | 133 | 150 |
Cost of goods sold | 133 | 150 |
GROSS MARGIN | 0 | 0 |
Selling expense | (18) | (22) |
General and administrative expense | 264 | 284 |
Impairment of assets (Note 15) | 120 | 0 |
Other (income) expenses | 171 | 106 |
Earnings (loss) before finance costs | (643) | (486) |
Depreciation and amortization | 42 | 54 |
Assets | 2,129 | 3,678 |
Others [Member] | Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 0 |
Others [Member] | Third parties [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | $ 133 | $ 150 |
Segment Information - Summary_2
Segment Information - Summary of Financial Information on Segments (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [Line Items] | ||
Assets relating to equity-accounted investees | $ 660 | $ 692 |
Nitrogen [Member] | ||
Disclosure of operating segments [Line Items] | ||
Assets relating to equity-accounted investees | 482 | 428 |
Retail [Member] | ||
Disclosure of operating segments [Line Items] | ||
Assets relating to equity-accounted investees | $ 126 | $ 208 |
Segment Information - Summary_3
Segment Information - Summary of Financial Information by Geographical Area (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [Line Items] | ||
Sales | $ 20,023 | $ 19,636 |
Non-current assets | 35,690 | 33,399 |
Canpotex customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 1,625 | 1,657 |
United States customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 12,522 | 11,891 |
Canada customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 2,504 | 2,790 |
Trinidad customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 113 | 190 |
Other customers [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 706 | 728 |
Australia customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 1,955 | 1,681 |
Argentina Customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 388 | 387 |
Europe customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 210 | 312 |
United States [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 15,685 | 14,501 |
Canada [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 17,503 | 17,100 |
Trinidad [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 691 | 570 |
Other [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 639 | 621 |
Australia [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | $ 1,172 | $ 607 |
Segment Information - Summary_4
Segment Information - Summary of Financial Information by Geographical Area (Parenthetical) (Detail) - Sales revenue [Member] - Canpotex customer [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Latin America [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 31.00% | 33.00% |
China [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 22.00% | 18.00% |
India [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 10.00% | 10.00% |
Other Asian countries [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 27.00% | 31.00% |
Other countries [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 10.00% | 8.00% |
Segment Information - Summary_5
Segment Information - Summary of Disaggregated Revenue from Contracts with Customers by Product Line or Geographic Location for Each Reportable Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | $ 20,023 | $ 19,636 |
Retail business unit [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 13,221 | 12,520 |
Retail business unit [Member] | Crop nutrients [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 4,989 | 4,577 |
Retail business unit [Member] | Crop protection products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 4,983 | 4,862 |
Retail business unit [Member] | Seed [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,712 | 1,687 |
Retail business unit [Member] | Merchandise [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 598 | 584 |
Retail business unit [Member] | Services and others [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 939 | 810 |
Potash [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 2,909 | 3,016 |
Potash [Member] | Other Potash And Purchased Products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1 | 3 |
Potash [Member] | North America [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,283 | 1,356 |
Potash [Member] | Offshore [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,625 | 1,657 |
Nitrogen [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 3,220 | 3,338 |
Nitrogen [Member] | Ammonia [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 884 | 1,061 |
Nitrogen [Member] | Urea [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,019 | 979 |
Nitrogen [Member] | Solutions and nitrates [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 812 | 825 |
Nitrogen [Member] | Other nitrogen and purchased products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 505 | 473 |
Phosphate [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,600 | 1,776 |
Phosphate [Member] | Fertilizer [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 944 | 1,141 |
Phosphate [Member] | Industrial and Feed [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 475 | 469 |
Phosphate [Member] | Other phosphate and purchased products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | $ 181 | $ 166 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)Plant | Dec. 31, 2019USD ($)Farm | Dec. 31, 2018USD ($)Farm | Jan. 01, 2018USD ($) | |
Disclosure of detailed information about business combination [Line Items] | ||||
Merger and related costs | $ (16) | $ 0 | ||
Goodwill | 11,986 | 11,431 | ||
Assets relating to equity-accounted investees | 660 | 692 | ||
Potash Corp [Member] | ||||
Disclosure of detailed information about business combination [Line Items] | ||||
Common share conversion ratio | 0.4 | |||
Agrium Inc [Member] | ||||
Disclosure of detailed information about business combination [Line Items] | ||||
Common share conversion ratio | 2.23 | |||
Ruralco Inc [Member] | ||||
Disclosure of detailed information about business combination [Line Items] | ||||
Goodwill | $ 202 | |||
Net assets (consideration for the Merger) | $ 330 | |||
Remaining interest in Agrichem acquired | 100.00% | |||
Foreign exchange hedge loss | $ 18 | |||
Number Of Operating Locations Acquired | Plant | 250 | |||
Other Aquisitions [Member] | ||||
Disclosure of detailed information about business combination [Line Items] | ||||
Goodwill | $ 341 | $ 197 | ||
Number of farm centers acquired | Farm | 68 | 53 | ||
Net assets (consideration for the Merger) | $ 581 | $ 433 | ||
Assets relating to equity-accounted investees | $ 100 | |||
Remaining interest in Agrichem acquired | 20.00% | |||
Merger Aquisitions [Member] | ||||
Disclosure of detailed information about business combination [Line Items] | ||||
Goodwill | $ 11,185 | |||
Net assets (consideration for the Merger) | $ 16,010 |
Business Combinations - Summary
Business Combinations - Summary of Fair Value Allocated to Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [Line Items] | |||||
Cash and cash equivalents | $ 671 | $ 2,314 | $ 116 | ||
Receivables | 3,542 | 3,342 | |||
Inventories | 4,975 | 4,917 | |||
Prepaid expenses and other current assets | 1,477 | 1,089 | |||
Property, plant and equipment | 20,335 | 18,796 | $ 12,971 | ||
Goodwill | 11,986 | 11,431 | |||
Other intangible assets | 2,428 | 2,210 | |||
Investments | 660 | 692 | |||
Other assets | 564 | 525 | |||
TOTAL ASSETS | 46,799 | 45,502 | |||
Short-term debt | 976 | 629 | |||
Payables and accrued charges | 7,437 | 6,703 | |||
Long-term debt, including current portion | 8,553 | 7,579 | |||
Lease liabilities, including current portion | 1,073 | 20 | |||
Deferred income tax liabilities | 3,145 | 2,907 | |||
Pension and other post-retirement benefit liabilities | 433 | 395 | |||
Asset retirement obligations and accrued environmental costs | 1,650 | 1,673 | |||
Other non-current liabilities | 161 | 176 | |||
TOTAL LIABILITIES | 23,930 | 21,077 | |||
Agrium Inc [Member] | |||||
Disclosure of detailed information about business combination [Line Items] | |||||
Cash and cash equivalents | $ 466 | ||||
Receivables | 2,600 | ||||
Inventories | 3,303 | ||||
Prepaid expenses and other current assets | 1,124 | ||||
Property, plant and equipment | 7,459 | ||||
Goodwill | 11,185 | ||||
Other intangible assets | 2,348 | ||||
Investments | 528 | ||||
Other assets | 293 | ||||
TOTAL ASSETS | 29,306 | ||||
Short-term debt | 867 | ||||
Payables and accrued charges | 5,239 | ||||
Long-term debt, including current portion | 4,941 | ||||
Lease liabilities, including current portion | 0 | ||||
Deferred income tax liabilities | 934 | ||||
Pension and other post-retirement benefit liabilities | 142 | ||||
Asset retirement obligations and accrued environmental costs | 1,094 | ||||
Other non-current liabilities | 79 | ||||
TOTAL LIABILITIES | 13,296 | ||||
Total consideration | $ 16,010 | ||||
Ruralco | Preliminary [Member] | |||||
Disclosure of detailed information about business combination [Line Items] | |||||
Cash and cash equivalents | $ 0 | ||||
Receivables | 250 | ||||
Inventories | 116 | ||||
Prepaid expenses and other current assets | 11 | ||||
Property, plant and equipment | 70 | ||||
Goodwill | 272 | ||||
Other intangible assets | 55 | ||||
Investments | 15 | ||||
Other assets | 16 | ||||
TOTAL ASSETS | 805 | ||||
Short-term debt | 112 | ||||
Payables and accrued charges | 299 | ||||
Long-term debt, including current portion | 0 | ||||
Lease liabilities, including current portion | 44 | ||||
Deferred income tax liabilities | 7 | ||||
Pension and other post-retirement benefit liabilities | 0 | ||||
Asset retirement obligations and accrued environmental costs | 0 | ||||
Other non-current liabilities | 13 | ||||
TOTAL LIABILITIES | 475 | ||||
Total consideration | 330 | ||||
Ruralco | Adjustments [Member] | |||||
Disclosure of detailed information about business combination [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Receivables | 39 | ||||
Inventories | 1 | ||||
Prepaid expenses and other current assets | (3) | ||||
Property, plant and equipment | 66 | ||||
Goodwill | (70) | ||||
Other intangible assets | 110 | ||||
Investments | 0 | ||||
Other assets | 0 | ||||
TOTAL ASSETS | 143 | ||||
Short-term debt | 0 | ||||
Payables and accrued charges | 46 | ||||
Long-term debt, including current portion | 0 | ||||
Lease liabilities, including current portion | 66 | ||||
Deferred income tax liabilities | 31 | ||||
Pension and other post-retirement benefit liabilities | 0 | ||||
Asset retirement obligations and accrued environmental costs | 0 | ||||
Other non-current liabilities | 0 | ||||
TOTAL LIABILITIES | 143 | ||||
Total consideration | 0 | ||||
Ruralco | Revised Fair Value [Member] | |||||
Disclosure of detailed information about business combination [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Receivables | 289 | ||||
Inventories | 117 | ||||
Prepaid expenses and other current assets | 8 | ||||
Property, plant and equipment | 136 | ||||
Goodwill | 202 | ||||
Other intangible assets | 165 | ||||
Investments | 15 | ||||
Other assets | 16 | ||||
TOTAL ASSETS | 948 | ||||
Short-term debt | 112 | ||||
Payables and accrued charges | 345 | ||||
Long-term debt, including current portion | 0 | ||||
Lease liabilities, including current portion | 110 | ||||
Deferred income tax liabilities | 38 | ||||
Pension and other post-retirement benefit liabilities | 0 | ||||
Asset retirement obligations and accrued environmental costs | 0 | ||||
Other non-current liabilities | 13 | ||||
TOTAL LIABILITIES | 618 | ||||
Total consideration | $ 330 | ||||
Other Aquisitions [Member] | |||||
Disclosure of detailed information about business combination [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Receivables | 68 | 20 | |||
Inventories | 145 | 146 | |||
Prepaid expenses and other current assets | 38 | 2 | |||
Property, plant and equipment | 115 | 107 | |||
Goodwill | 341 | 197 | |||
Other intangible assets | 179 | 8 | |||
Investments | 100 | 11 | |||
Other assets | 2 | 3 | |||
TOTAL ASSETS | 888 | 494 | |||
Short-term debt | 25 | 0 | |||
Payables and accrued charges | 156 | 52 | |||
Long-term debt, including current portion | 11 | 0 | |||
Lease liabilities, including current portion | 1 | 0 | |||
Deferred income tax liabilities | 7 | 0 | |||
Pension and other post-retirement benefit liabilities | 0 | 0 | |||
Asset retirement obligations and accrued environmental costs | 0 | 0 | |||
Other non-current liabilities | 7 | 9 | |||
TOTAL LIABILITIES | 207 | 61 | |||
Total consideration | $ 581 | $ 433 |
Business Combinations - Summa_2
Business Combinations - Summary of Fair Value Allocated to Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of detailed information about business combination [Line Items] | |||
Deferred income tax assets | $ 249 | $ 216 | |
Agrium Inc [Member] | |||
Disclosure of detailed information about business combination [Line Items] | |||
Deferred income tax assets | $ 158 | ||
Ruralco Inc [Member] | |||
Disclosure of detailed information about business combination [Line Items] | |||
Deferred income tax assets | 14 | ||
Receivables from Customers[Member] | Agrium Inc [Member] | |||
Disclosure of detailed information about business combination [Line Items] | |||
Gross contractual amount | 2,247 | ||
Uncollectible contractual amount | $ 80 | ||
Receivables from Customers[Member] | Ruralco Inc [Member] | |||
Disclosure of detailed information about business combination [Line Items] | |||
Gross contractual amount | 247 | ||
Uncollectible contractual amount | $ 5 |
Business Combinations - Summa_3
Business Combinations - Summary of Gross Sales and Net Earnings Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Agrium Inc [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Sales | $ 14,551 | |
Net earnings (loss) before income taxes | 546 | |
Retail Acquisitions [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Sales | $ 312 | 213 |
Net earnings (loss) before income taxes | (1) | $ 10 |
Ruralco Inc [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Sales | 249 | |
Net earnings (loss) before income taxes | (2) | |
Ruralco Inc [Member] | Revised Fair Value [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Sales | 1,090 | |
EBITDA | 50 | |
Other Aquisitions [Member] | Revised Fair Value [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Sales | 480 | |
EBITDA | $ 40 |
Nature of Expenses - Summary of
Nature of Expenses - Summary of Detailed Information about Expenses by Nature (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of expenses [Line Items] | ||
Total | $ 18,161 | $ 19,222 |
Purchased and produced raw materials and product for resale [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 11,335 | 10,881 |
Depreciation and amortization [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 1,799 | 1,592 |
Employee costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 2,268 | 1,949 |
Freight [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 845 | 934 |
Impairment of assets [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 120 | 1,809 |
Off-site warehouse costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 51 | 68 |
Railcar and vessel costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 5 | 128 |
Merger and related costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 82 | 170 |
Acquisition and integration related costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 16 | 0 |
Fleet fuel, repairs and maintenance [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 202 | 183 |
Other [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 576 | 641 |
Provincial Mining And Other Taxes [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 292 | 250 |
Lease expense [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 66 | 148 |
Contract Services [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | $ 504 | $ 469 |
Nature of Expenses - Summary _2
Nature of Expenses - Summary of Detailed Information about Expenses by Nature (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Provincial Mining And Other Taxes [abstract] | ||
Saskatchewan potash production tax | $ 190 | $ 160 |
Saskatchewan resource surcharge and other | 102 | 90 |
Total | 292 | 250 |
Gain on curtailment of defined benefit pension and other post-retirement benefit plans | $ 0 | $ (157) |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Plan granted (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Options [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Officers and eligible employees |
Granted | Annually |
Vesting Period | 25% per year over four years 1 |
Maximum term | 10 years |
Settlement Period | Shares |
Units Granted | 1,376,533 |
Units Outstanding | 9,191,480 |
Performance share units (PSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Officers and eligible employees |
Granted | Annually |
Vesting Period | On third anniversary of grant date based on total shareholder return over a three-year performance cycle, compared to average total shareholder return of a peer group of companies over the same period |
Maximum term | Not applicable |
Settlement Period | Cash / Shares 2 |
Units Granted | 719,330 |
Units Outstanding | 1,834,984 |
Restricted share units (RSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Eligible employees |
Granted | Annually |
Vesting Period | On third anniversary of grant date and are not subject to performance conditions |
Maximum term | Not applicable |
Settlement Period | Cash |
Units Granted | 425,082 |
Units Outstanding | 986,756 |
Stock appreciation right (SAR) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Awards no longer granted; legacy awards only |
Granted | Awards no longer granted; legacy awards only |
Vesting Period | 25% per year over four years |
Maximum term | 10 years |
Settlement Period | Cash |
Units Granted | 0 |
Units Outstanding | 1,750,169 |
Deferred Share Units (DSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Non-executive directors |
Granted | At the discretion of the Board of Directors |
Vesting Period | Fully vest upon grant |
Maximum term | Not applicable |
Settlement Period | Cash 3 |
Units Granted | 50,958 |
Units Outstanding | 434,093 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Option Plan granted (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Stock option vesting period | One year |
Top of range [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Stock option vesting period | Three years |
Stock Options [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Stock option vesting period | On third anniversary of grant date |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Weighted average grant date fair value of stock options per unit | $ 11.27 | $ 9.71 |
Aggregate grant-date fair value of all options granted | $ 16,000,000 | |
Average share price | $ 50.91 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Weighted Average Assumptions in Stock Options (Detail) | 12 Months Ended | |
Dec. 31, 2019yr$ / shares | Dec. 31, 2018$ / shares | |
2019 [Member] | ||
Disclosure Of Share Based Compensation Expense [Line Items] | ||
Exercise price per option | $ / shares | $ 53.54 | |
Expected annual dividend yield | 3.22% | |
Expected volatility | 27.00% | |
Risk-free interest rate | 2.55% | |
Average expected life of options (years) | yr | 7.50 | |
2018 [Member] | ||
Disclosure Of Share Based Compensation Expense [Line Items] | ||
Exercise price per option | $ / shares | $ 44.5 | |
Expected annual dividend yield | 3.58% | |
Expected volatility | 29.00% | |
Risk-free interest rate | 2.79% | |
Average expected life of options (years) | yr | 7.50 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Stock Option Plans (Detail) | 12 Months Ended | |
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Disclosure Of Number And Weighted Average Exercise Price Of Outstanding Share Options [Line Items] | ||
Number of shares subject to option, Outstanding, beginning of year | shares | 9,044,237 | 9,947,583 |
Number of shares subject to option, Granted | shares | 1,376,533 | 1,875,162 |
Number of shares subject to option, Exercised | shares | (451,574) | (647,331) |
Number of shares subject to option, Forfeited or cancelled | shares | (502,016) | (1,793,077) |
Number of shares subject to option, Expired | shares | (275,700) | (338,100) |
Number of shares subject to option, Outstanding, end of year | 9,191,480 | 9,044,237 |
Weighted average exercise price, Balance - beginning of year | $ 58.41 | $ 69.54 |
Weighted average exercise price, Granted | 53.54 | 44.5 |
Weighted average exercise price, Exercised | 42.73 | 42.86 |
Weighted average exercise price, Forfeited or cancelled | 86.53 | 82.84 |
Weighted average exercise price, Expired | 76.59 | 154.94 |
Weighted average exercise price, Outstanding, end of year | $ 56.88 | $ 58.41 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of Stock Options Outstanding (Detail) | 12 Months Ended | ||
Dec. 31, 2019$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 56.88 | ||
Options Outstanding, Number | 9,191,480 | 9,044,237 | 9,947,583 |
Options Outstanding, Weighted Average Remaining Life in Years | 6 years | ||
Options Outstanding, Weighted Average Exercise Price | $ 56.88 | $ 58.41 | $ 69.54 |
Options Exercisable, Number | 6,325,088 | ||
Options Exercisable, Weighted Average Exercise Price | $ 60.71 | ||
$37.84 to $40.23 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 38.21 | ||
Options Outstanding, Number | 1,345,235 | ||
Options Outstanding, Weighted Average Remaining Life in Years | 6 years | ||
Options Exercisable, Number | 1,170,022 | ||
Options Exercisable, Weighted Average Exercise Price | $ 38.26 | ||
$40.24 to $45.40 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 43.61 | ||
Options Outstanding, Number | 1,934,844 | ||
Options Outstanding, Weighted Average Remaining Life in Years | 7 years | ||
Options Exercisable, Number | 1,067,346 | ||
Options Exercisable, Weighted Average Exercise Price | $ 42.88 | ||
$45.41 to $49.51 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 46.46 | ||
Options Outstanding, Number | 1,371,872 | ||
Options Outstanding, Weighted Average Remaining Life in Years | 7 years | ||
Options Exercisable, Number | 788,169 | ||
Options Exercisable, Weighted Average Exercise Price | $ 46.38 | ||
$49.52 to $52.75 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 51.96 | ||
Options Outstanding, Number | 912,183 | ||
Options Outstanding, Weighted Average Remaining Life in Years | 5 years | ||
Options Exercisable, Number | 912,183 | ||
Options Exercisable, Weighted Average Exercise Price | $ 51.96 | ||
$52.76 to $77.62 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 58.58 | ||
Options Outstanding, Number | 1,814,520 | ||
Options Outstanding, Weighted Average Remaining Life in Years | 8 years | ||
Options Exercisable, Number | 574,542 | ||
Options Exercisable, Weighted Average Exercise Price | $ 69.47 | ||
$77.63 to $130.78 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [Line Items] | |||
Range of Exercise Prices | $ 93.56 | ||
Options Outstanding, Number | 1,812,826 | ||
Options Outstanding, Weighted Average Remaining Life in Years | 3 years | ||
Options Exercisable, Number | 1,812,826 | ||
Options Exercisable, Weighted Average Exercise Price | $ 93.56 |
Share-Based Compensation - Su_6
Share-Based Compensation - Summary of Compensation Expense by Plan (Detail) | 12 Months Ended | ||
Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Units Granted | 1,376,533 | 1,875,162 | |
Units Outstanding | 9,191,480 | 9,044,237 | 9,947,583 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense for all Employee and Director Share-based Compensation Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | $ 104 | $ 116 |
Stock Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | 19 | 23 |
Performance share units (PSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | 65 | 83 |
Restricted share units (RSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | 18 | 14 |
Stock Appreciation Rights (SARs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | 0 | (4) |
Deferred Share Units (DSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | $ 2 | $ 0 |
Other Expenses - Summary of Det
Other Expenses - Summary of Detailed Information About Other Income and Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Operating Income Expense [abstract] | ||
Merger and related costs | $ 82 | $ 170 |
Acquisition and integration related costs | 16 | 0 |
Foreign exchange loss (gain), net of related derivatives | 42 | (10) |
Earnings of equity-accounted investees | (66) | (40) |
Bad debts | 24 | (26) |
Defined Benefit Plans Curtailment Gain (Note 23) | 0 | (157) |
Other expenses | 56 | 54 |
Other (expenses) income | $ 154 | $ 43 |
Finance Costs - Summary of Fina
Finance Costs - Summary of Finance Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of finance costs [Line Items] | ||
Unwinding of discount on asset retirement obligations (Note 24) | $ 54 | $ 51 |
Interest on net defined benefit pension and other post-retirement plan obligations (Note 23) | 15 | 15 |
Borrowing costs capitalized to property, plant and equipment | (18) | (12) |
Interest income | (5) | (17) |
Total Finance costs | 554 | 538 |
Short-term debt [Member] | ||
Disclosure of finance costs [Line Items] | ||
Interest expense | 87 | 129 |
Long-term debt [Member] | ||
Disclosure of finance costs [Line Items] | ||
Interest expense | 387 | 372 |
Lease Liabilities [Member] | ||
Disclosure of finance costs [Line Items] | ||
Interest expense | $ 34 | $ 0 |
Finance Costs - Additional Info
Finance Costs - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of finance costs [abstract] | ||
Average capitalization rate | 4.60% | 4.40% |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of income tax expense benefits [Line Items] | ||
(Loss) income before income taxes | $ 1,308 | $ (124) |
Canadian federal and provincial statutory income tax rate | 27.00% | 27.00% |
Income tax at statutory rates | $ 353 | $ (33) |
Adjusted for the effect of: | ||
Impact of foreign tax rates | (45) | (58) |
Production-related deductions | (17) | (15) |
Non-taxable income | (19) | (10) |
Foreign accrual property income | 18 | 15 |
Impact of tax rate changes | 16 | 0 |
Other | 10 | 8 |
Income tax expense (recovery) included in net earnings (loss) from continuing operations | 316 | (93) |
Canada [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
(Loss) income before income taxes | 765 | (1,195) |
United States [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
(Loss) income before income taxes | 315 | 619 |
Australia [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
(Loss) income before income taxes | 27 | 96 |
Trinidad [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
(Loss) income before income taxes | (28) | 98 |
Other countries [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
(Loss) income before income taxes | $ 229 | $ 258 |
Income Taxes - Summary of Total
Income Taxes - Summary of Total Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current income tax | ||
Tax expense for current year | $ 161 | $ 195 |
Adjustments in respect of prior years | (22) | (15) |
Total current income tax expense | 139 | 180 |
Deferred income tax | ||
Origination and reversal of temporary differences | 152 | (283) |
Adjustments in respect of prior years | 9 | 12 |
Impact of tax rate changes | 16 | 0 |
Other | 0 | (2) |
Total deferred income tax expense (recovery) | 177 | (273) |
Income tax expense (recovery) included in net earnings (loss) from continuing operations | $ 316 | $ (93) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | $ 249 | $ 216 | |
Deferred income tax liabilities | 3,145 | 2,907 | |
Deferred income tax liability | 2,896 | 2,691 | $ 2,187 |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 177 | (273) | |
Asset retirement obligations and accrued environmental costs [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 387 | 412 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 25 | 11 | |
Tax loss and other carryforwards [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 270 | 261 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | (9) | (198) | |
Pension and other post retirement benefits liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 145 | 130 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | (13) | 44 | |
Long term debt [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 107 | 110 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 3 | 10 | |
Lease Liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 227 | 0 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 55 | 0 | |
Receivables [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 51 | 58 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 7 | (3) | |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 59 | 54 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | (5) | (13) | |
Derivatives [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 9 | 17 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 5 | 15 | |
Other assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax assets | 61 | 57 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 4 | 18 | |
Property plant and equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax liabilities | 3,647 | 3,218 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 147 | (132) | |
Goodwill and other intangible assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax liabilities | 523 | 546 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | (58) | (31) | |
Other Liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |||
Deferred income tax liabilities | 42 | 26 | |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | $ 16 | $ 6 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current income tax assets | ||
Current | $ 104 | $ 248 |
Long-term | 36 | 36 |
Deferred income tax assets | 249 | 216 |
Total income tax assets | 389 | 500 |
Current income tax liabilities | ||
Current | 43 | 47 |
Deferred income tax liabilities | 3,145 | 2,907 |
Total income tax liabilities | 3,232 | 3,018 |
Receivables [Member] | ||
Current income tax assets | ||
Current | 104 | 248 |
Other assets [Member] | ||
Current income tax assets | ||
Long-term | 36 | 36 |
Deferred income tax assets | 249 | 216 |
Payables and accrued charges [Member] | ||
Current income tax liabilities | ||
Current | 43 | 47 |
Other non current liabilities [Member] | ||
Current income tax liabilities | ||
Non-current | 44 | 64 |
Deferred income tax liabilities [Member] | ||
Current income tax liabilities | ||
Deferred income tax liabilities | $ 3,145 | $ 2,907 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Net Deferred Income Tax Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Balance, beginning of year | $ 2,691 | $ 2,187 |
Merger and acquisitions (Note 4) | 29 | 776 |
Income tax expense (recovery) recognized in net earnings (loss) from continuing operations | 177 | (273) |
Income tax expense (recovery) recognized in net earnings (loss) from discontinued operations | 0 | (17) |
Income tax charge recognized in OCI | 2 | 22 |
Other | (3) | (4) |
Balance, end of year | $ 2,896 | $ 2,691 |
Income Taxes - Summary of Amoun
Income Taxes - Summary of Amounts and Expiry Dates of Unused Tax Losses and Unused Tax Credits (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Unused operating losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |
Amount | $ 1,027 |
Expiry Date | 2020 - Indefinite |
Unused capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |
Amount | $ 829 |
Expiry Date | Indefinite |
Unused investment tax credits [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |
Amount | $ 38 |
Expiry Date | 2020 - 2038 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of income taxes [abstract] | ||
Tax losses and deductible temporary differences for which no deferred tax assets recognized | $ 965 | |
Temporary differences associated with investments in subsidiaries and equity-accounted investees, for which deferred tax liabilities have not been recognized | $ 9,183 | $ 8,710 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Impact of Discontinued Operations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of Discontinued Operations [Line Items] | |
Proceeds | $ 6,410 |
Gain (Loss) on Sale | 4,380 |
Gain (Loss) on Sale Net of Income Taxes | 3,473 |
AOCI | (19) |
Net Earnings and Retained Earnings | 3,492 |
SQM [Member] | |
Disclosure of Discontinued Operations [Line Items] | |
Proceeds | 5,126 |
Gain (Loss) on Sale | 4,278 |
Gain (Loss) on Sale Net of Income Taxes | 3,366 |
AOCI | 0 |
Net Earnings and Retained Earnings | 3,366 |
ICL [Member] | |
Disclosure of Discontinued Operations [Line Items] | |
Proceeds | 685 |
Gain (Loss) on Sale | 19 |
Gain (Loss) on Sale Net of Income Taxes | (19) |
AOCI | (19) |
Net Earnings and Retained Earnings | 0 |
APC [Member] | |
Disclosure of Discontinued Operations [Line Items] | |
Proceeds | 501 |
Gain (Loss) on Sale | 121 |
Gain (Loss) on Sale Net of Income Taxes | 126 |
AOCI | 0 |
Net Earnings and Retained Earnings | 126 |
Conda Phosphate operations [Member] | |
Disclosure of Discontinued Operations [Line Items] | |
Proceeds | 98 |
Gain (Loss) on Sale | 0 |
Gain (Loss) on Sale Net of Income Taxes | 0 |
AOCI | 0 |
Net Earnings and Retained Earnings | $ 0 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Net Earnings from Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Discontinued Operations [Line Items] | ||
Gain on disposal of investments in SQM and APC | $ 4,380 | |
Share in earnings of SQM and APC | $ (66) | (40) |
Net earnings from discontinued operations | $ 0 | 3,604 |
Discontinued operations [Member] | ||
Disclosure of Discontinued Operations [Line Items] | ||
Gain on disposal of investments in SQM and APC | 4,399 | |
Dividend income of SQM, APC and ICL | 156 | |
Income tax expense | (951) | |
Net earnings from discontinued operations | $ 3,604 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Net Earnings from Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Discontinued Operations [Line Items] | |||
Earnings from discontinued operations | $ 0 | $ 3,604 | |
Repatriation of cash | 671 | 2,314 | $ 116 |
Proceeds collected from the disposal of assets | $ 39 | ||
SQM [Member] | Repatriation Taxes [Member] | |||
Disclosure of Discontinued Operations [Line Items] | |||
Disposals of investments | (912) | ||
Earnings from discontinued operations | (39) | ||
Repatriation of cash | (18) | ||
Dividend income received | (26) | ||
APC [Member] | Repatriation Taxes [Member] | |||
Disclosure of Discontinued Operations [Line Items] | |||
Disposals of investments | $ 5 |
Net Earnings per Share - Summar
Net Earnings per Share - Summary of Net Earnings per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | 582,269,000 | 624,900,000 |
Dilutive effect of stock options | 777,000 | 0 |
Dilutive effect of share-settled performance share units ("PSUs") | 56,000 | 0 |
Weighted average number of diluted common shares | 583,102,000 | 624,900,000 |
Net Earnings per Share - Summ_2
Net Earnings per Share - Summary of Net Earnings per Share (Parenthetical) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | ||
Diluted weighted average share, stock options excluded due to their anti-dilutive effect | 0 | 658,000 |
Diluted weighted average share, equity-settled PSUs excluded due to their anti-dilutive effect | 0 | 137,000 |
Net Earnings per Share - Summ_3
Net Earnings per Share - Summary of Options Excluded from Calculation of Diluted Net Earnings per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [Line Items] | ||
Number of options excluded | 4,539,529 | 5,721,656 |
Performance option plan years fully excluded [Member] | ||
Earnings per share [Line Items] | ||
Option plan years fully excluded | 2010 – 2015 | 2009 – 2015 |
Stock option plan years fully excluded [Member] | ||
Earnings per share [Line Items] | ||
Option plan years fully excluded | 2015, 2019 | 2015, 2018 |
Financial Instruments and Rel_3
Financial Instruments and Related Risk Management - Summary of Maximum Exposure to Credit Risk (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | $ 4,114 | $ 5,413 |
Cash and cash equivalents [Member] | ||
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | 671 | 2,314 |
Receivables from Customers[Member] | ||
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | 3,438 | 3,094 |
Other current assets - derivatives [Member] | ||
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | $ 5 | $ 5 |
Financial Instruments and Rel_4
Financial Instruments and Related Risk Management - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [Line Items] | ||
Percentage of future bad debts covered by indemnification agreement | 54.00% | 52.00% |
Maximum percentage of qualified customer loans covered for bad debts Indemnification agreement | 3.00% | 5.00% |
Outstanding customer credit with financial institution | $ 521 | |
Industrial and Feed Customers [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit period | 30 days | |
Commodity price risk [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Maximum period for fixed price natural gas hedges | 10 years | |
Bottom of range [Member] | Wholesale Fertilizer Customers [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit period | 15 days | |
Bottom of range [Member] | Retail Customer [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit period | 30 days | |
Bottom of range [Member] | Customer [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit review frequency period | 12 months | |
Top of range [Member] | Wholesale Fertilizer Customers [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit period | 30 days | |
Top of range [Member] | Export Sales Customers [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit period | 180 days | |
Top of range [Member] | Retail Customer [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit period | 90 days | |
Top of range [Member] | Customer [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Credit review frequency period | 24 months | |
Current Range [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 80.00% | |
30 days or less past due [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 10.00% | |
31 - 60 days past due [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 3.00% | |
Greater than 60 days past due [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 7.00% |
Financial Instruments and Rel_5
Financial Instruments and Related Risk Management - Summary of Available Credit Facilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Total Amount | $ 820 | |
Amount Outstanding and Committed | 650 | $ 391 |
Credit Facilities | $ 326 | 238 |
Unsecured revolving term credit facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, maturity | April 10, 2023 | |
Uncommitted revolving demand facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total Amount | $ 500 | |
Accounts receivable securitization [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Amount Available | 0 | $ 500 |
Liquidity risk [Member] | Unsecured revolving term credit facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total Amount | 4,500 | |
Amount Outstanding and Committed | 650 | |
Amount Available | 3,850 | |
Liquidity risk [Member] | Uncommitted revolving demand facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total Amount | 500 | |
Amount Available | 500 | |
Amount outstanding and committed | 0 | |
Liquidity risk [Member] | Other credit facilities [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Total Amount | 820 | |
Amount Available | 494 | |
Credit Facilities | $ 326 |
Financial Instruments and Rel_6
Financial Instruments and Related Risk Management - Summary of Maturity Analysis of Financial Liabilities and Gross Settled Derivative Contracts (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Short-term debt | $ 976 | $ 629 |
Payables and accrued charges | 7,437 | 6,703 |
Long-term debt, including current portion | 8,708 | $ 8,185 |
Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Short-term debt | 976 | |
Payables and accrued charges | 5,264 | |
Long-term debt, including current portion | 9,055 | |
Lease liabilities, including current portion | 1,073 | |
Derivatives | 33 | |
Carrying amount of liability | 16,401 | |
Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | 5,264 | |
Lease liabilities, including current portion | 1,302 | |
Carrying amount of liability | 21,967 | |
Short-term debt, contractual cash flows | 976 | |
Current portion of long-term debt and Long-term debt, contractual cash flows | 14,392 | |
Derivatives | 33 | |
Not later than one year [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | 5,264 | |
Not later than one year [Member] | Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 249 | |
Carrying amount of liability | 7,397 | |
Short-term debt, contractual cash flows | 976 | |
Current portion of long-term debt and Long-term debt, contractual cash flows | 894 | |
Derivatives | 14 | |
Later than one year and not later than three years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | 0 | |
Later than one year and not later than three years [Member] | Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 364 | |
Carrying amount of liability | 1,642 | |
Short-term debt, contractual cash flows | 0 | |
Current portion of long-term debt and Long-term debt, contractual cash flows | 1,268 | |
Derivatives | 10 | |
Later than three years and not later than five years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | 0 | |
Later than three years and not later than five years [Member] | Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 234 | |
Carrying amount of liability | 2,166 | |
Short-term debt, contractual cash flows | 0 | |
Current portion of long-term debt and Long-term debt, contractual cash flows | 1,923 | |
Derivatives | 9 | |
Over 5 years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | 0 | |
Over 5 years [Member] | Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 455 | |
Carrying amount of liability | 10,762 | |
Short-term debt, contractual cash flows | 0 | |
Current portion of long-term debt and Long-term debt, contractual cash flows | 10,307 | |
Derivatives | $ 0 |
Financial Instruments and Rel_7
Financial Instruments and Related Risk Management - Summary of Significant Foreign Currency Derivatives (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)$ / $$ / $$ / $$ / $MMBTU | Dec. 31, 2018USD ($)$ / $$ / $$ / $$ / $MMBTU | |
NYMEX swaps [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional Amount in MMBtu | MMBTU | 16 | 22 |
Fair value of Assets (Liabilities) | $ (30) | $ (35) |
NYMEX swaps [Member] | Bottom of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2020 | 2019 |
NYMEX swaps [Member] | Top of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2022 | 2022 |
AECO Swaps [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional Amount in MMBtu | MMBTU | 0 | 26 |
Maturities | n/a | 2019 |
Fair value of Assets (Liabilities) | $ 0 | $ (25) |
Forwards USD/CDN [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 337 | $ 502 |
Maturities | 2020 | 2019 |
Average Contract Rate | $ / $ | 1.3096 | 1.3583 |
Forwards USD/CDN [Member] | Bottom of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2020 | 2019 |
Forwards USD/CDN [Member] | Top of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 0 | 0 |
Forwards CDN/USD [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 120 | $ 205 |
Maturities | 2020 | 2019 |
Average Contract Rate | $ / $ | 1.3138 | 1.3636 |
Forwards CDN/USD [Member] | Bottom of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2020 | 2019 |
Forwards CDN/USD [Member] | Top of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 0 | 0 |
Forwards USD/AUD [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 78 | $ 40 |
Maturities | 2020 | 2019 |
Average Contract Rate | $ / $ | 1.4593 | 1.3777 |
Forwards USD/AUD [Member] | Bottom of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2020 | 2019 |
Forwards USD/AUD [Member] | Top of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 0 | 0 |
Forwards AUD/USD [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 47 | $ 48 |
Maturities | 2020 | 2019 |
Average Contract Rate | $ / $ | 1.4563 | 1.3816 |
Forwards AUD/USD [Member] | Bottom of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2020 | 2019 |
Forwards AUD/USD [Member] | Top of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 0 | 0 |
Financial Instruments and Rel_8
Financial Instruments and Related Risk Management - Summary of Maturity Analysis of Financial Liabilities and Gross Settled Derivative Contracts (Parenthetical) (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of maturity analysis for derivative financial liabilities [abstract] | |
Payable and accrued charges, excludes non-financial liabilities and includes trade payables | $ 1,400 |
Financial Instruments and Rel_9
Financial Instruments and Related Risk Management - Summary of Fair Value Hierarchy for Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Cash and cash equivalents | $ 671 | $ 2,314 | $ 116 |
Investments at FVTOCI (Note 17) | 161 | 186 | |
Notes and debentures | 502 | 995 | |
Long-term debt | 8,553 | 7,579 | |
Recurring fair value measurement [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Cash and cash equivalents | 671 | 2,314 | |
Derivative instrument assets | 5 | 5 | |
Investments at FVTOCI (Note 17) | 161 | 186 | |
Recurring fair value measurement [Member] | Derivative Instruments Liabilities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument liabilities | (33) | (71) | |
Marketable Securities [Member] | Recurring fair value measurement [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Other current financial assets-marketable securities | 193 | 97 | |
Notes and Debentures Current Portion [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Notes and debentures | (494) | (995) | |
Fixed And Floating Rate Debt Current Portion [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Notes and debentures | (8) | ||
Fixed and floating rate debt | (8) | ||
Notes and Debentures Long Term Debt [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Long-term debt | (8,528) | ||
Fixed and floating rate debt | (7,569) | ||
Fixed and Floating Rate Debt Long Term Debt [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Long-term debt | (25) | ||
Fixed and floating rate debt | (22) | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Derivative instrument assets | 0 | 0 | |
Investments at FVTOCI (Note 17) | 161 | 186 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivative Instruments Liabilities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Securities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Other current financial assets-marketable securities | 27 | 12 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Notes and Debentures Current Portion [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Notes and debentures | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed And Floating Rate Debt Current Portion [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Fixed and floating rate debt | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Notes and Debentures Long Term Debt [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Notes and debentures | (1,726) | (1,004) | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed and Floating Rate Debt Long Term Debt [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Fixed and floating rate debt | 0 | 0 | |
Level 2 of fair value hierarchy [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Cash and cash equivalents | 2,314 | ||
Derivative instrument assets | 5 | 5 | |
Investments at FVTOCI (Note 17) | 0 | 0 | |
Level 2 of fair value hierarchy [Member] | Derivative Instruments Liabilities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument liabilities | (33) | (71) | |
Level 2 of fair value hierarchy [Member] | Marketable Securities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Other current financial assets-marketable securities | 85 | ||
Level 2 of fair value hierarchy [Member] | Marketable Securities [Member] | Recurring fair value measurement [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Other current financial assets-marketable securities | 166 | ||
Level 2 of fair value hierarchy [Member] | Financial assets at amortised cost, class [Member] | Recurring fair value measurement [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Cash and cash equivalents | 671 | ||
Level 2 of fair value hierarchy [Member] | Notes and Debentures Current Portion [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Notes and debentures | (503) | (1,009) | |
Level 2 of fair value hierarchy [Member] | Fixed And Floating Rate Debt Current Portion [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Fixed and floating rate debt | (8) | (8) | |
Level 2 of fair value hierarchy [Member] | Notes and Debentures Long Term Debt [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Notes and debentures | (7,440) | (6,177) | |
Level 2 of fair value hierarchy [Member] | Fixed and Floating Rate Debt Long Term Debt [Member] | Financial liabilities at amortised cost, class [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Fixed and floating rate debt | $ (25) | $ (22) |
Financial Instruments and Re_10
Financial Instruments and Related Risk Management - Summary of Fair Value Hierarchy for Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [abstract] | ||
Transfers between Level 1 and Level 2, assets | $ 0 | $ 0 |
Transfers between Level 1 and Level 2, liabilities | $ 0 | $ 0 |
Financial Instruments and Re_11
Financial Instruments and Related Risk Management - Summary of Recognized Financial Instruments that are Offset, or Subject to Enforceable Master Netting Arrangements (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Derivative Financial Asset And Liabilities Offsetting Arrangements [Line Items] | ||
Financial assets (liabilities), Gross | $ (180) | $ (211) |
Financial assets (liabilities), Offset | 150 | 149 |
Financial assets (liabilities), Net Amount Presented | (30) | (62) |
Natural gas derivative asset [Member] | ||
Disclosure Of Derivative Financial Asset And Liabilities Offsetting Arrangements [Line Items] | ||
Financial assets (liabilities), Gross | 0 | 31 |
Financial assets (liabilities), Offset | 0 | (27) |
Financial assets (liabilities), Net Amount Presented | 0 | 4 |
Natural gas derivative liabilities [Member] | ||
Disclosure Of Derivative Financial Asset And Liabilities Offsetting Arrangements [Line Items] | ||
Financial assets (liabilities), Gross | (30) | (92) |
Financial assets (liabilities), Offset | 0 | 26 |
Financial assets (liabilities), Net Amount Presented | (30) | (66) |
Other Long Term Debt [Member] | ||
Disclosure Of Derivative Financial Asset And Liabilities Offsetting Arrangements [Line Items] | ||
Financial assets (liabilities), Gross | (150) | (150) |
Financial assets (liabilities), Offset | 150 | 150 |
Financial assets (liabilities), Net Amount Presented | $ 0 | $ 0 |
Financial Instruments and Re_12
Financial Instruments and Related Risk Management - Summary of Recognized Financial Instruments that are Offset, or Subject to Enforceable Master Netting Arrangements (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Natural gas derivative liabilities [Member] | ||
Disclosure Of Derivative Financial Asset And Liabilities Offsetting Arrangements [Line Items] | ||
Cash margin deposits | $ 17 | $ 18 |
Financial Instruments and Re_13
Financial Instruments and Related Risk Management - Summary of Natural Gas Derivatives Outstanding (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)$ / MMBTUMMBTU | Dec. 31, 2018USD ($)$ / MMBTUMMBTU | |
NYMEX swaps [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional Amount in MMBtu | MMBTU | 16 | 22 |
Average contract price | $ / MMBTU | 4.26 | 4.26 |
Fair value of Assets (Liabilities) | $ | $ (30) | $ (35) |
NYMEX swaps [Member] | Bottom of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2020 | 2019 |
NYMEX swaps [Member] | Top of range [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Maturities | 2022 | 2022 |
AECO Swaps [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional Amount in MMBtu | MMBTU | 0 | 26 |
Maturities | n/a | 2019 |
Average contract price | $ / MMBTU | 0 | 1.92 |
Fair value of Assets (Liabilities) | $ | $ 0 | $ (25) |
Receivables - Summary of Receiv
Receivables - Summary of Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other current receivables [abstract] | ||
Less allowance for expected credit losses of receivables from customers | $ (83) | $ (90) |
Receivables from customers | 3,047 | 2,746 |
Rebates | 190 | 169 |
Income taxes (Note 9) | 104 | 248 |
Other receivables | 201 | 179 |
Receivables | 3,542 | 3,342 |
Receivables from Customers[Member] | Third parties [Member] | ||
Trade and other current receivables [abstract] | ||
Receivables from customers | 2,936 | 2,628 |
Receivables from Customers[Member] | Canpotex [Member] | ||
Trade and other current receivables [abstract] | ||
Receivables from customers | $ 194 | $ 208 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Classes of current inventories [abstract] | ||
Purchased for resale | $ 3,592 | $ 3,545 |
Finished products | 524 | 501 |
Intermediate products | 244 | 218 |
Raw materials | 205 | 275 |
Materials and supplies | 410 | 378 |
Inventories | $ 4,975 | $ 4,917 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 5) | $ 13,814 | $ 13,380 |
Biological Assets | 33 | 2 |
Inventories | 4,975 | 4,917 |
Retail [Member] | ||
Classes of inventories [Line Items] | ||
Inventories | 3,772 | 3,729 |
Potash [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 5) | 1,103 | 1,183 |
Inventories | 275 | 259 |
Nitrogen [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 5) | 2,148 | 2,145 |
Inventories | 482 | 415 |
Phosphate [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 5) | 1,373 | 1,473 |
Inventories | 446 | 514 |
Inventories [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 5) | $ 13,465 | $ 13,083 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [Member] | Land Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range (years) | 3 years |
Bottom of range [Member] | Buildings and Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range (years) | 1 year |
Bottom of range [Member] | Machinery And Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range (years) | 1 year |
Top of range [Member] | Land Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range (years) | 80 years |
Top of range [Member] | Buildings and Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range (years) | 60 years |
Top of range [Member] | Machinery And Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range (years) | 80 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Reconciliation of Changes in Property Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | $ 18,796 | $ 12,971 | |
Property, plant and equipment - ROU assets - IFRS Adjustment | 1,059 | $ 1,105 | |
Merger impact (Note 4) | 7,459 | ||
Acquisitions (Note 4) | 251 | 107 | |
Additions | 1,756 | 1,446 | |
Additions - ROU | 199 | ||
Disposals | (92) | (47) | |
Transfers | 0 | 0 | |
Foreign currency translation and other | (44) | (6) | |
Depreciation | (1,304) | (1,325) | |
Depreciation - ROU | (234) | ||
Impairment | (120) | (1,809) | |
Ending balance | 20,335 | 18,796 | |
Carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 28,814 | ||
Ending balance | 31,675 | 28,814 | |
Accumulated depreciation and amortisation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (10,018) | ||
Ending balance | (11,340) | (10,018) | |
Land And Improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,018 | 612 | |
Property, plant and equipment - ROU assets - IFRS Adjustment | 48 | ||
Merger impact (Note 4) | 396 | ||
Acquisitions (Note 4) | 17 | 10 | |
Additions | 14 | 41 | |
Additions - ROU | 0 | ||
Disposals | (3) | (3) | |
Transfers | 108 | 10 | |
Foreign currency translation and other | (4) | (9) | |
Depreciation | (36) | (33) | |
Depreciation - ROU | (2) | ||
Impairment | 0 | (6) | |
Ending balance | 1,160 | 1,018 | |
Land And Improvements [Member] | Carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,294 | ||
Ending balance | 1,474 | 1,294 | |
Land And Improvements [Member] | Accumulated depreciation and amortisation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (276) | ||
Ending balance | (314) | (276) | |
Buildings and Improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 6,044 | 4,184 | |
Property, plant and equipment - ROU assets - IFRS Adjustment | 307 | ||
Merger impact (Note 4) | 2,695 | ||
Acquisitions (Note 4) | 136 | 31 | |
Additions | 30 | 61 | |
Additions - ROU | 22 | ||
Disposals | (5) | (14) | |
Transfers | 145 | 30 | |
Foreign currency translation and other | (37) | 28 | |
Depreciation | (187) | (195) | |
Depreciation - ROU | (46) | ||
Impairment | 0 | (776) | |
Ending balance | 6,409 | 6,044 | |
Buildings and Improvements [Member] | Carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 7,617 | ||
Ending balance | 8,207 | 7,617 | |
Buildings and Improvements [Member] | Accumulated depreciation and amortisation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (1,573) | ||
Ending balance | (1,798) | (1,573) | |
Machinery And Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 9,882 | 6,744 | |
Property, plant and equipment - ROU assets - IFRS Adjustment | 704 | ||
Merger impact (Note 4) | 4,042 | ||
Acquisitions (Note 4) | 61 | 66 | |
Additions | 225 | 327 | |
Additions - ROU | 177 | ||
Disposals | (84) | (30) | |
Transfers | 932 | 538 | |
Foreign currency translation and other | (14) | (21) | |
Depreciation | (1,004) | (1,032) | |
Depreciation - ROU | (186) | ||
Impairment | (52) | (752) | |
Ending balance | 10,641 | 9,882 | |
Machinery And Equipment [Member] | Carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 16,806 | ||
Ending balance | 18,548 | 16,806 | |
Machinery And Equipment [Member] | Accumulated depreciation and amortisation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (6,924) | ||
Ending balance | (7,907) | (6,924) | |
Mine development costs [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 709 | 979 | |
Property, plant and equipment - ROU assets - IFRS Adjustment | 0 | ||
Merger impact (Note 4) | 0 | ||
Acquisitions (Note 4) | 0 | 0 | |
Additions | 0 | 42 | |
Additions - ROU | 0 | ||
Disposals | 0 | 0 | |
Transfers | 110 | 18 | |
Foreign currency translation and other | 5 | 10 | |
Depreciation | (77) | (65) | |
Depreciation - ROU | 0 | ||
Impairment | 0 | (275) | |
Ending balance | 747 | 709 | |
Mine development costs [Member] | Carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,954 | ||
Ending balance | 2,068 | 1,954 | |
Mine development costs [Member] | Accumulated depreciation and amortisation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | (1,245) | ||
Ending balance | (1,321) | (1,245) | |
Assets Under Construction [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,143 | 452 | |
Property, plant and equipment - ROU assets - IFRS Adjustment | 0 | ||
Merger impact (Note 4) | 326 | ||
Acquisitions (Note 4) | 37 | 0 | |
Additions | 1,487 | 975 | |
Additions - ROU | 0 | ||
Disposals | 0 | 0 | |
Transfers | (1,295) | (596) | |
Foreign currency translation and other | 6 | (14) | |
Depreciation | 0 | 0 | |
Depreciation - ROU | 0 | ||
Impairment | 0 | 0 | |
Ending balance | 1,378 | 1,143 | |
Assets Under Construction [Member] | Carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 1,143 | ||
Ending balance | 1,378 | 1,143 | |
Assets Under Construction [Member] | Accumulated depreciation and amortisation [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Beginning balance | 0 | ||
Ending balance | $ 0 | $ 0 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Depreciation of Property Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | $ 1,304 | $ 1,325 |
Freight Transportation and Distribution [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 137 | 15 |
Cost of Goods Sold [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 1,008 | 1,016 |
Selling Expenses [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 344 | 259 |
General And Administrative Expense1 [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 40 | 35 |
Depreciation Expense Included in Income Statement [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 1,529 | 1,325 |
Inventory [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | $ 161 | $ 108 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment of assets (Note 15) | $ (120) | $ (1,809) | |
Vehicle Lease Term | 50 months | ||
New Brunswick [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Recoverable amount of asset or cash-generating unit | 50 | ||
White Springs and Feed Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment of assets (Note 15) | $ 250 | ||
Potash [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment of assets (Note 15) | $ 0 | (1,809) | |
Potash [Member] | New Brunswick [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment loss recognized in profit or loss, net of tax | 1,320 | ||
Reversal of Impairment losses | 0 | 0 | |
Phosphate [Member] | |||
Disclosure of detailed information about property, plant and equipment [Line Items] | |||
Impairment of assets (Note 15) | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Estimated Useful Lives Applied to Finite-Lived Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [Member] | Customer relationships [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 3 years |
Bottom of range [Member] | Technology [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 3 years |
Bottom of range [Member] | Trade names [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 10 years |
Bottom of range [Member] | Other [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 1 year |
Top of range [Member] | Customer relationships [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 15 years |
Top of range [Member] | Technology [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 30 years |
Top of range [Member] | Trade names [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 20 years |
Top of range [Member] | Other [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Estimated useful lives | 20 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Reconciliation of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | $ 11,431 | $ 97 |
Merger impact (Note 4) | 11,185 | |
Other acquisitions (Note 4) | 543 | 197 |
Additions - internally developed | 0 | |
Disposals | 0 | |
Foreign currency translation and other | 12 | (48) |
Impaiment | 0 | |
Amortization | 0 | 0 |
Ending Balance | 11,986 | 11,431 |
Goodwill [Member] | Gross Carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 11,438 | |
Ending Balance | 11,993 | 11,438 |
Goodwill [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (7) | |
Ending Balance | (7) | (7) |
Goodwill [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | |
Customer relationships [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 1,554 | 0 |
Merger impact (Note 4) | 1,708 | |
Other acquisitions (Note 4) | 173 | 1 |
Additions - internally developed | 0 | |
Disposals | 0 | |
Foreign currency translation and other | 2 | (20) |
Impaiment | 0 | |
Amortization | (145) | (135) |
Ending Balance | 1,584 | 1,554 |
Customer relationships [Member] | Gross Carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 1,691 | |
Ending Balance | 1,906 | 1,691 |
Customer relationships [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (137) | |
Ending Balance | (322) | (137) |
Customer relationships [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | |
Technology [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 117 | 0 |
Merger impact (Note 4) | 44 | |
Other acquisitions (Note 4) | 43 | 0 |
Additions - internally developed | 79 | |
Disposals | 0 | |
Foreign currency translation and other | 9 | 1 |
Impaiment | 0 | |
Amortization | (15) | (7) |
Ending Balance | 351 | 117 |
Technology [Member] | Gross Carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 124 | |
Ending Balance | 429 | 124 |
Technology [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (7) | |
Ending Balance | (78) | (7) |
Technology [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 197 | |
Trade names [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 90 | 0 |
Merger impact (Note 4) | 122 | |
Other acquisitions (Note 4) | 13 | 0 |
Additions - internally developed | 0 | |
Disposals | 0 | |
Foreign currency translation and other | 18 | (4) |
Impaiment | (35) | |
Amortization | (24) | (28) |
Ending Balance | 62 | 90 |
Trade names [Member] | Gross Carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 118 | |
Ending Balance | 92 | 118 |
Trade names [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (28) | |
Ending Balance | (30) | (28) |
Trade names [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | |
Other [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 449 | 69 |
Merger impact (Note 4) | 474 | |
Other acquisitions (Note 4) | 115 | 7 |
Additions - internally developed | 19 | |
Disposals | (27) | |
Foreign currency translation and other | (25) | (6) |
Impaiment | (33) | |
Amortization | (77) | (87) |
Ending Balance | 431 | 449 |
Other [Member] | Gross Carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 586 | |
Ending Balance | 597 | 586 |
Other [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (137) | |
Ending Balance | (166) | (137) |
Other [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 2 | |
Intangible assets other than goodwill [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 2,210 | 69 |
Merger impact (Note 4) | 2,348 | |
Other acquisitions (Note 4) | 344 | 8 |
Additions - internally developed | 98 | |
Disposals | (27) | |
Foreign currency translation and other | 4 | (29) |
Impaiment | (68) | |
Amortization | (261) | (257) |
Ending Balance | 2,428 | 2,210 |
Intangible assets other than goodwill [Member] | Gross Carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 2,519 | |
Ending Balance | 3,024 | 2,519 |
Intangible assets other than goodwill [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (309) | |
Ending Balance | (596) | $ (309) |
Intangible assets other than goodwill [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | $ 199 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Reconciliation of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Remaining amortization period of intangible assets | 7 years | |
North America Retail [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Amount recoverable amount exceeds its carrying amount | $ 794 | |
Percent by which units recoverable amount exceeds its carrying amount | 6.00% | |
Selling Expenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Amortization | $ 234 | $ 225 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Goodwill by Groups of Cash Generating Unit (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | $ 11,986 | $ 11,431 |
Groups of Cash-generating units [Member] | Potash [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | 154 | 154 |
Groups of Cash-generating units [Member] | Nitrogen [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | 4,395 | 4,395 |
Groups of Cash-generating units [Member] | North America Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | 6,826 | 6,538 |
Groups of Cash-generating units [Member] | International Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | $ 611 | $ 344 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Summary of Terminal Growth Rate and Corresponding Discount Rate (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2018 |
Potash [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Terminal Growth Rate | 2.50% | |
Discount Rate | 8.00% | |
Nitrogen [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Terminal Growth Rate | 2.00% | |
Discount Rate | 9.00% | |
North America Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Terminal Growth Rate | 2.50% | |
Discount Rate | 7.00% | |
Percent by which units recoverable amount exceeds its carrying amount | 6.00% | |
Non-cash fair value adjustment to Retail - NA from the Merger | $ 4,284 | |
North America Retail [Member] | Carrying Amount Change Recoverable Amount [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Terminal Growth Rate | (0.30%) | |
Forecasted EBITDA over forecast period | (4.10%) | |
Breakeven Discount Rate | 0.20% | |
North America Retail [Member] | Impairment Model Value [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Terminal Growth Rate | 2.50% | |
Discount Rate | 7.00% | |
Forecasted EBITDA over forecast period | $ 6,128 | |
International Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Terminal Growth Rate | 2.00% | |
International Retail [Member] | Bottom of range [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Discount Rate | 7.50% | |
International Retail [Member] | Top of range [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Discount Rate | 15.00% |
Investments - Summary of Equity
Investments - Summary of Equity-Accounted Investees and Investments at FVTOCI (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Interests In Other Entities [Line Items] | ||
Carrying Amount | $ 660 | $ 692 |
Carrying Amount | $ 161 | $ 186 |
Profertil [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Principal Activity | Nitrogen Producer | |
Principal Place of Business and Incorporation | Argentina | |
Percentage of investment in associate | 50.00% | 50.00% |
Carrying Amount | $ 212 | $ 192 |
Sinofert [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Principal Activity | Fertilizer Supplier and Distributor | |
Principal Place of Business and Incorporation | China/Bermuda | |
Percentage of investment in associate | 22.00% | 22.00% |
Carrying Amount | $ 161 | $ 180 |
MOPCO [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Principal Activity | Nitrogen Producer | |
Principal Place of Business and Incorporation | Egypt | |
Percentage of investment in associate | 26.00% | 26.00% |
Carrying Amount | $ 270 | $ 236 |
Canpotex [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Principal Activity | Marketing and Logistics | |
Principal Place of Business and Incorporation | Canada | |
Percentage of investment in associate | 50.00% | 50.00% |
Carrying Amount | $ 0 | $ 0 |
Agrichem [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Principal Activity | Fertilizer Producer and Marketer | |
Principal Place of Business and Incorporation | Brazil | |
Percentage of investment in associate | 100.00% | 80.00% |
Carrying Amount | $ 0 | $ 103 |
Other associates and joint ventures [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Carrying Amount | 178 | 161 |
Other [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Carrying Amount | $ 0 | $ 6 |
Investments - Summary of Equi_2
Investments - Summary of Equity-Accounted Investees and Investments at FVTOCI (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Sinofert [Member] | ||
Disclosure Of Interests In Other Entities [Line Items] | ||
Proportion of Ownership Interest and Voting Rights Held | 22.00% | 22.00% |
Investments - Summary of Aggreg
Investments - Summary of Aggregated Financial Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Interests In Other Entities [Line Items] | |||
NET EARNINGS | [1] | $ 992 | $ 3,573 |
Other comprehensive income | [1] | 36 | (302) |
Total comprehensive income | 1,028 | 3,271 | |
Associates [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
NET EARNINGS | 34 | 24 | |
Other comprehensive income | 6 | 0 | |
Total comprehensive income | 40 | 24 | |
Joint ventures [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
NET EARNINGS | 32 | 16 | |
Other comprehensive income | 0 | 0 | |
Total comprehensive income | $ 32 | $ 16 | |
[1] | All equity transactions were attributable to common shareholders. |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous non-current assets [abstract] | ||
Deferred income tax assets (Note 9) | $ 249 | $ 216 |
Ammonia catalysts - net of accumulated amortization of $XX (2018 - $79) | 89 | 81 |
Long-term income tax receivable (Note 9) | 36 | 36 |
Accrued pension benefit asset (Note 23) | 25 | 27 |
Other - net of accumulated amortization of $XX (2018 - $38) | 165 | 165 |
Other assets | $ 564 | $ 525 |
Other Assets - Summary of Oth_2
Other Assets - Summary of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous non-current assets [abstract] | ||
Ammonia catalyst | $ 71 | $ 79 |
Other | $ 41 | $ 38 |
Short-Term Debt - Additional In
Short-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Commercial paper authorized to issue | $ 4,500 | $ 4,500 |
Debt To Capital Ratio | 0.65% | |
Other Credit Facilities | $ 820 | |
Other facilities [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 1.00% | |
Other facilities [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 10.40% | |
Uncommitted revolving demand facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities Before Letters Of Credit And Direct Borrowings | $ 500 | |
Accounts receivable securitization [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn short term debt | $ 0 | $ 500 |
Commercial Paper [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.00% | |
Commercial Paper [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.10% |
Short-Term Debt - Summary of Sh
Short-Term Debt - Summary of Short-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [abstract] | ||
Commercial paper | $ 650 | $ 391 |
Other credit facilities | 326 | 238 |
Total | $ 976 | $ 629 |
Short-Term Debt - Summary of _2
Short-Term Debt - Summary of Short-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2017 |
South America [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Unsecured short term debt | $ 149 | $ 216 |
South America [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.00% | |
South America [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 10.38% | |
Australia [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Unsecured short term debt | $ 157 | |
Australia [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 0.75% | |
Australia [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.09% | |
Other [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Unsecured short term debt | $ 20 | $ 22 |
Other [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 1.64% | |
Other [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.50% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | $ 8,708 | $ 8,185 |
Add net unamortized fair value adjustments | 424 | 444 |
Less net unamortized debt issue costs | 77 | (55) |
Less current maturities | (508) | (1,000) |
Less current net unamortized fair value adjustments | 0 | (1) |
Add current portion of net unamortized debt issue costs | 6 | 6 |
Current borrowings after current portion of net unamortized debt issuance | (502) | (995) |
Non-current portion of non-current borrowings | $ 8,553 | 7,579 |
Notes Issued Note One [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 6.75% | |
Maturity | January 15, 2019 | |
Debentures issued | $ 0 | 500 |
Notes Issued Note Two [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 6.50% | |
Maturity | May 15, 2019 | |
Debentures issued | $ 0 | 500 |
Notes Issued Note Three [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.875% | |
Maturity | March 30, 2020 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Four [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.15% | |
Maturity | October 1, 2022 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Five [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.50% | |
Maturity | June 1, 2023 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Six [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.625% | |
Maturity | March 15, 2024 | |
Debentures issued | $ 750 | 750 |
Notes Issued Note Seven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.375% | |
Maturity | March 15, 2025 | |
Debentures issued | $ 550 | 550 |
Notes Issued Note Eight [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.00% | |
Maturity | April 1, 2025 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Nine [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.00% | |
Maturity | December 15, 2026 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Ten [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.20% | |
Maturity | April 1, 2029 | |
Debentures issued | $ 750 | 0 |
Debentures Issued Note Eleven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.125% | |
Maturity | March 15, 2035 | |
Debentures issued | $ 450 | 450 |
Debentures Issued Note Twelve [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 7.125% | |
Maturity | May 23, 2036 | |
Debentures issued | $ 300 | 300 |
Debentures Issued Note Thirteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.875% | |
Maturity | December 1, 2036 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Fourteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.625% | |
Maturity | December 1, 2040 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Fifteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 6.125% | |
Maturity | January 15, 2041 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Sixteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.90% | |
Maturity | June 1, 2043 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Seventeen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.25% | |
Maturity | January 15, 2045 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Eighteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.00% | |
Maturity | April 1, 2049 | |
Debentures issued | $ 750 | 0 |
Debentures Issued Note Nineteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 7.80% | |
Maturity | February 1, 2027 | |
Debentures issued | $ 125 | 125 |
Other [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Other borrowings | 33 | $ 10 |
Debentures issued 2019 [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Debentures issued | $ 1,500 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of detailed information about borrowings [abstract] | |
Sinking fund requirements | $ 0 |
Long-Term Debt - Summary of Cha
Long-Term Debt - Summary of Changes in Liabilities Arising From Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning Balance | $ 9,223 | $ 4,441 | |
Adoption of IFRS 16 (Note 15) | 1,059 | $ 1,105 | |
Debt acquired (Note 4) | 259 | 5,808 | |
Cash flows | 558 | (939) | |
Reclassifications | 0 | 0 | |
Foreign currency translation and other non-cash changes | 5 | (87) | |
Ending Balance | 11,104 | 9,223 | |
Short-term debt and current portion of long-term debt [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning Balance | 1,624 | 730 | |
Adoption of IFRS 16 (Note 15) | 0 | ||
Debt acquired (Note 4) | 145 | 870 | |
Cash flows | (794) | (927) | |
Reclassifications | 500 | 1,023 | |
Foreign currency translation and other non-cash changes | 3 | (72) | |
Ending Balance | 1,478 | 1,624 | |
Long-term debt [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning Balance | 7,579 | 3,711 | |
Adoption of IFRS 16 (Note 15) | 0 | ||
Debt acquired (Note 4) | 3 | 4,918 | |
Cash flows | 1,461 | (12) | |
Reclassifications | (500) | (1,023) | |
Non-cash changes | (15) | ||
Foreign currency translation and other non-cash changes | 10 | (15) | |
Ending Balance | 8,553 | 7,579 | |
Current Portion Of Lease Liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning Balance | 8 | 0 | |
Adoption of IFRS 16 (Note 15) | 196 | ||
Debt acquired (Note 4) | 20 | 8 | |
Cash flows | (184) | 0 | |
Reclassifications | 178 | 0 | |
Foreign currency translation and other non-cash changes | (4) | 0 | |
Ending Balance | 214 | 8 | |
Lease Liabilities Borrowings [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning Balance | 12 | 0 | |
Adoption of IFRS 16 (Note 15) | 863 | ||
Debt acquired (Note 4) | 91 | 12 | |
Cash flows | 75 | 0 | |
Reclassifications | (178) | 0 | |
Foreign currency translation and other non-cash changes | (4) | 0 | |
Ending Balance | $ 859 | $ 12 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Interest Rate On Lease Liabilities | 3.35% | |
Current portion of lease liabilities | $ 214 | $ 8 |
Lease Liabilities | 1,073 | 20 |
Long-term debt [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Lease Liabilities | $ 859 | 12 |
Short-term debt [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Borrowings, interest rate | 3.06% | |
Current portion of lease liabilities | $ 214 | $ 8 |
Payables and Accrued Charges -
Payables and Accrued Charges - Summary of Payables and Accrued Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and other payables [abstract] | ||
Trade accounts | $ 4,016 | $ 3,053 |
Customer prepayments | 1,693 | 1,625 |
Dividends | 258 | 526 |
Accrued compensation | 434 | 425 |
Current portion of asset retirement obligations and accrued environmental costs (Note 24) | 148 | 156 |
Accrued interest | 103 | 105 |
Current portion of share-based compensation (Note 6) | 118 | 87 |
Current portion of derivatives | 13 | 45 |
Income taxes (Note 9) | 43 | 47 |
Current portion of pension and other post-retirement benefits (Note 23) | 15 | 13 |
Other payables and other accrued charges | 596 | 621 |
Total | $ 7,437 | $ 6,703 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Summary of Significant Assumptions Used to Determine Benefit Obligations and Expense (Detail) - Benefit obligations [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Discount rate, % | 3.35% | 4.22% |
Rate of increase in compensation levels (%) | 4.66% | 4.75% |
Life expectancy at 65 for a male member currently at age 65 | 20.5 | 20.6 |
Life expectancy at 65 for a female member currently at age 65 | 22.7 | 22.8 |
Average duration of the defined benefit obligations (years) | 14 years 223 days | 13 years 256 days |
Other [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Discount rate, % | 3.20% | 4.17% |
Medical cost trend rate - year reaches ultimate trend rate | 2037 | 2037 |
Life expectancy at 65 for a male member currently at age 65 | 20.3 | 20.4 |
Life expectancy at 65 for a female member currently at age 65 | 22.9 | 22.8 |
Average duration of the defined benefit obligations (years) | 15 years 292 days | 15 years 37 days |
Other [Member] | Top of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 6.10% | 6.10% |
Other [Member] | Bottom of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 4.50% | 4.50% |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Summary of Significant Assumptions Used to Determine Benefit Obligations and Expense (Parenthetical) (Detail) - Benefit obligations [Member] - Other [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - year reaches ultimate trend rate | 2037 | 2037 |
Top of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 6.10% | 6.10% |
Bottom of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 4.50% | 4.50% |
Pension and Other Post-Retire_5
Pension and Other Post-Retirement Benefits - Summary of Significant Assumptions, Change in Discount Rates has Greatest Potential Impact (Detail) - Actuarial assumption of discount rates [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Change in Assumption, increase | 1.00% | 1.00% |
Change in Assumption, decrease | 1.00% | 1.00% |
Benefit obligations, as reported | $ 2,044 | $ 1,797 |
Benefit obligations, 1.0 percentage point increase | 335 | 271 |
Benefit obligations, 1.0 percentage point decrease | (268) | (218) |
Recovery in Loss Income Taxes, as reported | 71 | (87) |
Recovery in Loss Income Taxes, 1.0 percentage point increase | 9 | 24 |
Recovery in Loss Income Taxes, 1.0 percentage point decrease | $ (11) | $ (22) |
Pension and Other Post-Retire_6
Pension and Other Post-Retirement Benefits - Summary of Movements in Pension and Other Post-Retirement Benefit Assets (Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | $ (381) | $ (451) |
Merger impact | 0 | (142) |
Current service cost for benefits earned during the year | (40) | (67) |
Interest (expense) income | (15) | (15) |
Past service cost, including curtailment gains and settlements | 0 | 157 |
Foreign exchange rate changes and other | (16) | 12 |
Components of defined benefit expense recognized in earnings | (71) | 87 |
Changes in financial assumptions | 199 | (210) |
Changes in demographic assumptions | (14) | (11) |
Loss on plan assets (excluding amounts included in net interest) | (193) | 149 |
Remeasurements of the net defined benefit liability recognized in OCI during the year | (8) | (72) |
Contributions by plan participants | 0 | 0 |
Employer contributions | (21) | (53) |
Benefits paid | 0 | 0 |
Cash flows | (21) | (53) |
Ending Balance | (423) | (381) |
Other assets [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 27 | |
Ending Balance | 25 | 27 |
Pension and other post retirement benefits liabilities [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (395) | |
Ending Balance | (433) | (395) |
Payables and accrued charges [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (13) | |
Ending Balance | (15) | (13) |
Present value of defined benefit obligation [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (1,797) | (1,831) |
Merger impact | 0 | (347) |
Current service cost for benefits earned during the year | (40) | (67) |
Interest (expense) income | (74) | (77) |
Past service cost, including curtailment gains and settlements | 0 | 157 |
Foreign exchange rate changes and other | (29) | 39 |
Components of defined benefit expense recognized in earnings | (143) | 52 |
Changes in financial assumptions | 199 | (210) |
Changes in demographic assumptions | (14) | (11) |
Loss on plan assets (excluding amounts included in net interest) | 0 | 0 |
Remeasurements of the net defined benefit liability recognized in OCI during the year | 185 | (221) |
Contributions by plan participants | 5 | 6 |
Employer contributions | 0 | 0 |
Benefits paid | (86) | (114) |
Cash flows | (81) | (108) |
Ending Balance | (2,044) | (1,797) |
Plan assets [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 1,416 | 1,380 |
Merger impact | 0 | 205 |
Current service cost for benefits earned during the year | 0 | 0 |
Interest (expense) income | 59 | 62 |
Past service cost, including curtailment gains and settlements | 0 | 0 |
Foreign exchange rate changes and other | 13 | (27) |
Components of defined benefit expense recognized in earnings | 72 | 35 |
Changes in financial assumptions | 0 | 0 |
Changes in demographic assumptions | 0 | 0 |
Loss on plan assets (excluding amounts included in net interest) | (193) | 149 |
Remeasurements of the net defined benefit liability recognized in OCI during the year | (193) | 149 |
Contributions by plan participants | (5) | (6) |
Employer contributions | (21) | (53) |
Benefits paid | 86 | 114 |
Cash flows | 60 | 55 |
Ending Balance | $ 1,621 | $ 1,416 |
Pension and Other Post-Retire_7
Pension and Other Post-Retirement Benefits - Summary of Movements in Pension and Other Post-Retirement Benefit Assets (Liabilities) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | $ (423) | $ (381) | $ (451) |
Recognized a Merger-related Curtailment Gain | 157 | ||
Present value of defined benefit obligation [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | (2,044) | (1,797) | (1,831) |
Plan assets [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | 1,621 | 1,416 | $ 1,380 |
Pension [Member] | Present value of defined benefit obligation [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Funded status net defined benefit liability asset | 1,652 | (1,466) | |
Obligations arising from unfunded plans | 392 | (331) | |
Other [Member] | Plan assets [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | $ 0 | $ 0 |
Pension and Other Post-Retire_8
Pension and Other Post-Retirement Benefits - Summary of Fair Value of Plan Assets of the Defined Benefit Pension Plans, by Asset Category (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [Line Items] | ||
Cash and cash equivalents | $ 120 | $ 60 |
Debt securities | 698 | 516 |
International balanced fund | 112 | 97 |
Other | 22 | (16) |
Total pension plan assets | 1,621 | 1,416 |
US Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | 572 | 519 |
International Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | 97 | 240 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Cash and cash equivalents | 8 | 6 |
Debt securities | 0 | 187 |
International balanced fund | 0 | 0 |
Other | 0 | (25) |
Total pension plan assets | 44 | 797 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | US Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | 1 | 454 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | 35 | 175 |
Other (Level 2 & 3) [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Cash and cash equivalents | 112 | 54 |
Debt securities | 698 | 329 |
International balanced fund | 112 | 97 |
Other | 22 | 9 |
Total pension plan assets | 1,577 | 619 |
Other (Level 2 & 3) [Member] | US Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | 571 | 65 |
Other (Level 2 & 3) [Member] | International Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | $ 62 | $ 65 |
Pension and Other Post-Retire_9
Pension and Other Post-Retirement Benefits - Summary of Fair Value of Plan Assets of the Defined Benefit Pension Plans, by Asset Category (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [Line Items] | ||
Other plan assets held in funds estimated fair values | 60.00% | |
US Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt securities | 82.00% | 52.00% |
International Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt securities | 18.00% | 31.00% |
Mortgage- backed securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt securities | 17.00% |
Pension and Other Post-Retir_10
Pension and Other Post-Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | ||
Expected contribution to all pension and post-retirement plans during remainder of 2019 | $ 95 | |
Total contributions recognized as expense under all defined contribution plans | $ 88 | $ 75 |
Asset Retirement Obligations _3
Asset Retirement Obligations and Accrued Environmental Costs - Summary of Pre-Tax Risk-Free Discount Rate and Expected Cash Flow Payments for Asset Retirement Obligations and Accrued Environmental Costs (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Phosphate sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cash Flow Payments (years) | 81 years |
Asset retirement obligations [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
-0.5% Discount Rate | $ 87 |
Asset retirement obligations [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
+0.5% Discount Rate | (81) |
Asset retirement obligations [Member] | Potash sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | 650 |
Discounted Cash Flows | $ 70 |
Asset retirement obligations [Member] | Potash sites [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 5.00% |
Cash Flow Payments (years) | 40 |
Asset retirement obligations [Member] | Potash sites [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 5.00% |
Cash Flow Payments (years) | 442 |
Asset retirement obligations [Member] | Phosphate sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | $ 853 |
Discounted Cash Flows | $ 495 |
Asset retirement obligations [Member] | Phosphate sites [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 2.93% |
Cash Flow Payments (years) | 1 |
Asset retirement obligations [Member] | Phosphate sites [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 3.19% |
Cash Flow Payments (years) | 81 |
Asset retirement obligations [Member] | Retail Site [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | $ 11 |
Discounted Cash Flows | $ 10 |
Asset retirement obligations [Member] | Retail Site [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 2.08% |
Cash Flow Payments (years) | 1 |
Asset retirement obligations [Member] | Retail Site [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 2.81% |
Cash Flow Payments (years) | 30 |
Asset retirement obligations [Member] | Corporate And Other Sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | $ 864 |
Discounted Cash Flows | $ 675 |
Asset retirement obligations [Member] | Corporate And Other Sites [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 1.22% |
Cash Flow Payments (years) | 1 |
Asset retirement obligations [Member] | Corporate And Other Sites [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 6.50% |
Cash Flow Payments (years) | 483 |
Accrued environmental costs [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
-0.5% Discount Rate | $ 17 |
Accrued environmental costs [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
+0.5% Discount Rate | $ (14) |
Accrued environmental costs [Member] | Phosphate sites [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 0.00% |
Cash Flow Payments (years) | 0 |
Accrued environmental costs [Member] | Phosphate sites [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 0.00% |
Cash Flow Payments (years) | 0 |
Accrued environmental costs [Member] | Retail Site [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | $ 77 |
Discounted Cash Flows | $ 72 |
Accrued environmental costs [Member] | Retail Site [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 1.92% |
Cash Flow Payments (years) | 1 |
Accrued environmental costs [Member] | Retail Site [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 4.27% |
Cash Flow Payments (years) | 30 |
Accrued environmental costs [Member] | Corporate And Other Sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | $ 563 |
Discounted Cash Flows | $ 467 |
Accrued environmental costs [Member] | Corporate And Other Sites [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 1.47% |
Cash Flow Payments (years) | 1 |
Accrued environmental costs [Member] | Corporate And Other Sites [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 3.02% |
Cash Flow Payments (years) | 28 |
Asset Retirement Obligations _4
Asset Retirement Obligations and Accrued Environmental Costs - Summary of Sensitivity of Asset Retirement Obligations and Accrued Environmental Costs to Changes in Discount Rate on Recorded Liability (Parenthetical) (Detail) - Undiscounted Cash Flow [Member] - Potash [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Final decommissioning period | 92 years |
Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Final decommissioning period | 401 years |
Asset Retirement Obligations _5
Asset Retirement Obligations and Accrued Environmental Costs - Summary of Reconciliation of Asset Retirement, Environmental Restoration Obligations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Other provisions beginning balance | $ 1,829 |
Recorded in earnings | 56 |
Capitalized to property, plant and equipment | 5 |
Settled during the year | (119) |
Foreign currency translation and other | 27 |
Other provisions ending balance | 1,798 |
Current liabilities | |
Payables and accrued charges (Note 22) | 148 |
Non-current liabilities | |
Asset retirement obligations and accrued environmental costs | 1,650 |
Asset retirement obligations [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Other provisions beginning balance | 1,295 |
Recorded in earnings | 39 |
Capitalized to property, plant and equipment | 5 |
Settled during the year | (103) |
Foreign currency translation and other | 18 |
Other provisions ending balance | 1,254 |
Current liabilities | |
Payables and accrued charges (Note 22) | 123 |
Non-current liabilities | |
Asset retirement obligations and accrued environmental costs | 1,131 |
Accrued environmental costs [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Other provisions beginning balance | 534 |
Recorded in earnings | 17 |
Capitalized to property, plant and equipment | 0 |
Settled during the year | (16) |
Foreign currency translation and other | 9 |
Other provisions ending balance | 544 |
Current liabilities | |
Payables and accrued charges (Note 22) | 25 |
Non-current liabilities | |
Asset retirement obligations and accrued environmental costs | $ 519 |
Share Capital - Summary of Shar
Share Capital - Summary of Shares Issued (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [Line Items] | ||
Beginning Balance | $ 16,740 | |
Ending Balance | $ 15,771 | $ 16,740 |
Share Capital [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Beginning Balance | 608,535,477 | |
Issued under option plans and share-settled plans | 474,655 | |
Repurchased | 36,067,323 | |
Ending Balance | 572,942,809 | 608,535,477 |
Beginning Balance | $ 16,740 | |
Issued under option plans and share-settled plans | $ 23 | |
Repurchased | 992 | |
Ending Balance | $ 15,771 | $ 16,740 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 12 Months Ended | |||||||||||
Feb. 19, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 13, 2019 | Dec. 02, 2019 | Jul. 30, 2019 | May 10, 2019 | Dec. 14, 2018 | Nov. 05, 2018 | Jul. 19, 2018 | May 23, 2018 | Feb. 20, 2018 | ||
Disclosure of classes of share capital [Line Items] | |||||||||||||
Number of shares repurchased for cancellation | 2,214,780 | 36,067,323 | 36,332,197 | ||||||||||
Payment for common shares repurchased for cancellation | $ 95 | ||||||||||||
Average cost shares repurchased for cancellation | $ 42.84 | $ 52.07 | $ 50.97 | ||||||||||
Dividends paid, ordinary shares | [1] | $ 754 | $ 1,273 | ||||||||||
Dividend Declared Per Share | $ 0.45 | ||||||||||||
Total Estimated Dividends to be Paid | $ 257 | ||||||||||||
Share Capital [Member] | |||||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||||
Dividends paid, ordinary shares | $ 0 | $ 0 | |||||||||||
Dividend declared [Member] | Share Capital [Member] | |||||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||||
Dividend Declared Per Share | $ 0.45 | $ 0.45 | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.4 | $ 0.4 | $ 0.4 | |||||
Share repurchase program [Member] | |||||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||||
Maximum percentage of outstanding common shares to be repurchased | 7.00% | 8.00% | |||||||||||
Period of share repurchase program | 1 year | ||||||||||||
Share repurchase program [Member] | 2019 Normal Course Issuer Bid [Member] | |||||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||||
Period of share repurchase program | 1 year 6 days | ||||||||||||
Number of shares repurchased for cancellation | 42,164,420 | ||||||||||||
Share repurchase program [Member] | 2018 Normal Course Issuer Bid [Member] | |||||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||||
Period of share repurchase program | 1 year 2 days | ||||||||||||
Number of shares repurchased for cancellation | 50,363,686 | ||||||||||||
[1] | All equity transactions were attributable to common shareholders. |
Share Capital - Summary of Sh_2
Share Capital - Summary of Share Repurchases (Detail) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 19, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of Share Repurchases [Line Items] | ||||
Common shares repurchased for cancellation | 2,214,780 | 36,067,323 | 36,332,197 | |
Average price per share | $ 42.84 | $ 52.07 | $ 50.97 | |
Shares repurchased | [1] | $ 1,878 | $ 1,852 | |
Share Capital [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | 992 | 998 | ||
Contributed Surplus [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | 0 | 23 | ||
Retained Earnings [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | $ 886 | $ 831 | ||
[1] | All equity transactions were attributable to common shareholders. |
Capital Management - Additional
Capital Management - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debentures Issued Two Thousand and Nineteen [Member] | |
Disclosure of objectives, policies and processes for managing capital [Line Items] | |
Notes and debentures issued | $ 1,500 |
Bottom of range [Member] | |
Disclosure of objectives, policies and processes for managing capital [Line Items] | |
Potential percentage of free cash flow targeted to be paid out | 40.00% |
Top of range [Member] | |
Disclosure of objectives, policies and processes for managing capital [Line Items] | |
Potential percentage of free cash flow targeted to be paid out | 60.00% |
Common shares, debt and other securities authorized for issuance | $ 11,000 |
Capital Management - Schedule o
Capital Management - Schedule of Adjusted Net Debt, Adjusted Shareholders' Equity and Adjusted Capital (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||||
Short-term debt | $ 976 | $ 629 | ||
Current portion of long-term debt | 502 | 995 | ||
Current portion of lease liabilities | 214 | 8 | ||
Long-term debt | 8,553 | 7,579 | ||
Lease liabilities | 859 | 12 | ||
Total debt | 11,104 | 9,223 | ||
Cash and cash equivalents | (671) | (2,314) | $ (116) | |
Net debt | 10,433 | 6,909 | ||
Unamortized fair value adjustments | (424) | (444) | ||
Adjusted net debt | 10,009 | 6,465 | ||
Total shareholders' equity | [1] | 22,869 | 24,425 | $ 8,303 |
Accumulated other comprehensive (income) loss | 251 | 291 | ||
Adjusted shareholders' equity | 23,120 | 24,716 | ||
Adjusted capital | $ 33,129 | $ 31,181 | ||
[1] | All equity transactions were attributable to common shareholders. |
Capital Management - Components
Capital Management - Components of Ratios (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||
Adjusted net debt to adjusted EBITDA | 2.5 | 1.6 |
Adjusted EBITDA to adjusted finance costs | 8 | 8.1 |
Adjusted net debt to adjusted capital | 30.20% | 20.70% |
Capital Management -Summary of
Capital Management -Summary of EBITDA, Adjusted EBITDA and Adjusted Finance Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||
Net earnings (loss) from continuing operations | $ 992 | $ (31) |
Finance costs | 554 | 538 |
Income tax expense (recovery) | 316 | (93) |
Depreciation and amortization | 1,799 | 1,592 |
EBITDA | 3,661 | 2,006 |
Impairment of assets (Note 15) | 120 | 1,809 |
Acquisition and integration related costs | 16 | 0 |
Merger and related costs | 82 | 170 |
Share-based compensation | 104 | 116 |
Foreign exchange loss (gain), net of derivatives | 42 | (10) |
Defined Benefit Plans Curtailment Gain | 0 | (157) |
Adjusted EBITDA | 4,025 | 3,934 |
Finance cost | 554 | 538 |
Unwinding of discount on asset retirement obligations | (54) | (51) |
Borrowing costs capitalized to property, plant and equipment | 18 | 12 |
Interest on net defined benefit pension and other post-retirement plan obligations | (15) | (15) |
Adjusted finance costs | $ 503 | $ 484 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019T | |
Disclosure of commitments [Line Items] | |
Description of power purchase | The Carseland facility has a power co-generation agreement, expiring on December 31, 2026, for which the Company can purchase 60 megawatt-hours of power per hour. |
Conda Phosphate operations [Member] | |
Disclosure of commitments [Line Items] | |
Percentage of ammonia supplies | 100.00% |
Purchase of mono ammonium phosphate | 100.00% |
Estimated mono ammonium phosphate production | 330,000 |
YPF S.A. [Member] | |
Disclosure of commitments [Line Items] | |
Percentage of gas supplies | 70.00% |
Commitments - Summary of Minimu
Commitments - Summary of Minimum Future Commitments Under Contractual Agreements (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of commitments [Line Items] | |
Lease Commitments | $ 1,302 |
Long-term debt | 14,392 |
Purchase Commitments | 2,290 |
Capital Commitments | 50 |
Other Commitments | 437 |
Total | 18,471 |
Not later than one year [Member] | |
Disclosure of commitments [Line Items] | |
Lease Commitments | 249 |
Long-term debt | 894 |
Purchase Commitments | 877 |
Capital Commitments | 43 |
Other Commitments | 118 |
Total | 2,181 |
Later than one year and not later than three years [Member] | |
Disclosure of commitments [Line Items] | |
Lease Commitments | 364 |
Long-term debt | 1,268 |
Purchase Commitments | 766 |
Capital Commitments | 7 |
Other Commitments | 137 |
Total | 2,542 |
Later than three years and not later than five years [Member] | |
Disclosure of commitments [Line Items] | |
Lease Commitments | 234 |
Long-term debt | 1,923 |
Purchase Commitments | 438 |
Capital Commitments | 0 |
Other Commitments | 58 |
Total | 2,653 |
Over 5 years [Member] | |
Disclosure of commitments [Line Items] | |
Lease Commitments | 455 |
Long-term debt | 10,307 |
Purchase Commitments | 209 |
Capital Commitments | 0 |
Other Commitments | 124 |
Total | $ 11,095 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [Line Items] | ||
Receivables from equity holders | $ 1 | $ 0 |
Canpotex [Member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Sales | $ 1,625 | $ 1,657 |
Related Party Transactions - Co
Related Party Transactions - Compensation to Key Management Personnel (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries and other short-term benefits | $ 15 | $ 19 |
Share-based compensation | 31 | 53 |
Post-employment benefits | 3 | 3 |
Termination benefits | 12 | 23 |
Total | $ 61 | $ 98 |
Accounting Policies, Estimate_3
Accounting Policies, Estimates and Judgments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Disclosure of changes in accounting estimates [Line Items] | ||||
Property, plant and equipment - ROU assets | $ 46 | |||
Property, plant and equipment - ROU assets - IFRS Adjustment | $ 1,059 | $ 1,105 | ||
Undiscounted Operating Lease Commitments IFRS 16 Adjustment | 1,087 | |||
Operating lease commitments that did not qualify as leases under IFRS 16 | (150) | |||
Extension Options Reasonably Certain To Be Exercised | 297 | |||
Effect of discounting using the incremental borrowing rate | (175) | |||
Discounted operating lease commitments | 1,059 | |||
Finance lease liabilities | 20 | $ 1,079 | ||
Discounted lease payments using our incremental borrowing rate | 3.52% | |||
Impairment loss recognised in profit or loss, property, plant and equipment | $ (120) | (1,809) | ||
White Springs and Feed Plants [Member] | ||||
Disclosure of changes in accounting estimates [Line Items] | ||||
Impairment loss recognised in profit or loss, property, plant and equipment | $ 250 | |||
White Springs and Feed Plants [Member] | Plus Minus [Member] | ||||
Disclosure of changes in accounting estimates [Line Items] | ||||
Sales prices | 1.00% | |||
Forecasted EBITDA over forecast period | 5.00% | |||
Discount Rate | 0.50% | |||
Sales prices | $ 20 | |||
Forecasted EBITDA over forecast period. | 20 | |||
Discount Rate | $ 10 | |||
IFRS 16 leases [Member] | ||||
Disclosure of changes in accounting estimates [Line Items] | ||||
Property, plant and equipment - ROU assets - IFRS Adjustment | 1,059 | |||
Finance lease liabilities | $ 1,059 |