Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 | |
Ifrs Statement [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
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 Interactive Date Current | Yes |
Entity File Number | 001-38336 |
Entity Address Address Line1 | Suite 1700, 211 19th Street East |
Entity Address City Or Town | Saskatoon |
Entity Address Postal Zip Code | S7K 5R6 |
Entity Incorporation State Country Code | Z4 |
City Area Code | 306 |
Local Phone Number | 933-8500 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Annual Report | true |
Document Registration Statement | false |
Entity Tax Identification Number | 98-1400416 |
Entity Primary SIC Number | 2870 |
Entity Address, State or Province | SK |
Title of 12(b) Security | Common Shares |
Security Exchange Name | NYSE |
Entity Address Country | CA |
Auditor Firm ID | 85 |
Auditor Name | KPMG LLP |
Auditor Location | CA |
Document Financial Statements Error Correction Flag | false |
Business Contact [Member] | |
Ifrs Statement [Line Items] | |
Entity Address Address Line1 | 28 Liberty St. |
Entity Address City Or Town | New York |
Entity Address Postal Zip Code | 10005 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Contact Personnel Name | CT Corporation System |
Entity Address, State or Province | NY |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
GROSS MARGIN | $ 8,474 | $ 15,424 |
SALES (Note 3) | 29,056 | 37,884 |
Freight, transportation and distribution (Note 4) | 974 | 872 |
Cost of goods sold (Note 4) | 19,608 | 21,588 |
Other expenses (income) (Note 6) | 548 | 204 |
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES | 2,745 | 10,809 |
Finance costs (Note 7) | 793 | 563 |
EARNINGS BEFORE INCOME TAXES | 1,952 | 10,246 |
Income tax (recovery) expense (Note 8) | 670 | 2,559 |
NET EARNINGS | 1,282 | 7,687 |
Profit (loss), attributable to owners of parent | 1,258 | 7,660 |
Profit (loss), attributable to non-controlling interests | $ 24 | $ 27 |
NET EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS (Note 9) | ||
Basic earnings (loss) per share | $ 2.53 | $ 14.22 |
Diluted earnings (loss) per share | $ 2.53 | $ 14.18 |
Weighted average shares outstanding for basic EPS (Note 9) | 496,381,000 | 538,475,000 |
Weighted average shares outstanding for diluted EPS (Note 9) | 496,994,000 | 540,010,000 |
Profit (loss) | $ 1,282 | $ 7,687 |
Selling expenses (Note 4) | 3,397 | 3,414 |
General and administrative expenses (Note 4) | 626 | 565 |
Share-based compensation (Note 5) | (14) | 63 |
Impairment of assets (Note 13 and 14) | (309) | |
Impairment (Reversal of impairmen) of assets | 774 | (780) |
Provincial Mining Taxes Expense | $ 398 | $ 1,149 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of comprehensive income [Abstract] | ||
COMPREHENSIVE INCOME | $ 1,363 | $ 7,510 |
Comprehensive income, attributable to owners of parent | 1,338 | 7,484 |
Comprehensive income, attributable to non-controlling interests | 25 | 26 |
NET EARNINGS | 1,282 | 7,687 |
Items that will not be reclassified to net earnings: | ||
Net actuarial gain on defined benefit plans | (17) | 83 |
Net fair value loss on investments | 4 | (44) |
Items that have been or may be subsequently reclassified to net earnings: | ||
Gain on currency translation of foreign operations | 89 | (199) |
Other | 5 | (17) |
OTHER COMPREHENSIVE INCOME | 81 | (177) |
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans | (17) | 83 |
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax | 4 | (44) |
Gains (losses) on exchange differences on translation, net of tax | 89 | (199) |
Other comprehensive income that have been or may be subsequently reclassified to net earnings as other | 5 | (17) |
Net earnings | $ 1,282 | $ 7,687 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OPERATING ACTIVITIES | ||
CASH PROVIDED BY OPERATING ACTIVITIES | $ 5,066 | $ 8,110 |
Cash from operations before working capital changes | 4,559 | 9,258 |
Net earnings | 1,282 | 7,687 |
Depreciation and amortization | 2,169 | 2,012 |
Share-based compensation (Note 5) | (14) | 63 |
Gain on disposal of investment | 0 | (19) |
(Recovery of) provision for deferred income tax | 7 | 182 |
Other long-term assets, liabilities and miscellaneous (Note 16) | 277 | 2 |
(Reversal of) impairment of assets | 774 | (780) |
Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method Net Of Dividends | 117 | (181) |
Adjustment For Gain On Amendments To Other Post Retiremet Pension Plans | (80) | 0 |
Adjustment For Loss On Currency Swap | 92 | 0 |
Long-term income tax receivable and payables | (65) | 273 |
Receivables | 879 | (919) |
Payables and accrued charges | (1,748) | 938 |
Adjustments for Decrease Increase in Inventories, Prepaid Expenses and Other Current Assets | 1,376 | (1,167) |
INVESTING ACTIVITIES | ||
CASH USED IN INVESTING ACTIVITIES | (2,958) | (2,901) |
Capital Expenditure | (2,671) | (2,475) |
Additions to intangible assets | 206 | 222 |
Purchase of property, plant and equipment, classified as investing activities | 2,465 | 2,253 |
Business acquisitions, net of cash acquired (Note 25) | (153) | (407) |
Other | (20) | 25 |
Net Changes In Non Cash Working Capital | (22) | (44) |
Proceeds From Currency Swap Net Of Purchases | (92) | 0 |
FINANCING ACTIVITIES | ||
CASH USED IN FINANCING ACTIVITIES | (2,061) | (4,731) |
(Repayment of) proceeds from short-term debt, net (Note 17) | (458) | 529 |
Proceeds from long-term debt (Note 18) | 1,500 | 1,045 |
Repayment of long-term debt (Note 18) | (648) | (561) |
Repayment of principal portion of lease liabilities (Note 18, 19) | (375) | (341) |
Dividends paid (Note 23) | (1,032) | (1,031) |
Repurchase of common shares (Note 23) | (1,047) | (4,520) |
Issuance of common shares (Note 23) | 33 | 168 |
Other financing activities | (34) | (20) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (7) | (76) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 40 | 402 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 901 | 499 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 941 | 901 |
Cash and cash equivalents comprised of: | ||
Cash | 909 | 775 |
Short-term investments | 32 | 126 |
Cash and Cash equivalents total | 941 | 901 |
SUPPLEMENTAL CASH FLOWS DISCLOSURES | ||
Interest paid | 729 | 482 |
Income taxes paid | 1,764 | 1,882 |
Total cash outflow for leases | $ 501 | $ 459 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Loss on Currency Translation of Foreign Operations [Member] | Other [Member] | Number of Common Shares [Member] | Issued capital [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income [Member] | Retained earnings [Member] | Prior Year Normal Course Issuer Bid Share Repurchase [Member] | Current Year Normal Course Issuer Bid Share Repurchase [Member] | Equity Attributable To Owners Of Parent [Member] | Noncontrolling Interests [Member] |
Number of shares outstanding | 557,492,516 | |||||||||||
Beginning balance at Dec. 31, 2021 | $ 23,699 | $ (176) | $ 30 | $ 15,457 | $ 149 | $ (146) | $ 8,192 | $ 23,652 | $ 47 | |||
Net earnings | 7,687 | 0 | 0 | $ 0 | 0 | 0 | 0 | 7,660 | 7,660 | 27 | ||
Other comprehensive (loss) income | (177) | (198) | 22 | 0 | 0 | 0 | (176) | 0 | (176) | (1) | ||
Shares repurchased (Note 23) | (4,496) | 0 | 0 | (1,487) | (22) | 0 | (2,987) | (4,496) | 0 | |||
Dividends declared | (1,019) | 0 | 0 | $ 0 | 0 | 0 | 0 | (1,019) | 1,019 | 0 | ||
Ending balance at Dec. 31, 2022 | $ 25,863 | (374) | (17) | 14,172 | 109 | (391) | 11,928 | 25,818 | 45 | |||
Number of share options exercised in share-based payment arrangement | 3,066,148 | |||||||||||
Increase Decrease In Number Of Shares Outstanding | 53,312,559 | (53,312,559) | 55,111,110 | |||||||||
Increase (decrease) through share-based payment transactions, equity | $ 184 | 0 | 0 | 202 | (18) | 0 | 0 | 184 | 0 | |||
Non-controlling interest transactions | $ (29) | 0 | 0 | $ 0 | 0 | 0 | 0 | (1) | (1) | (28) | ||
Number of shares outstanding | 507,246,105 | |||||||||||
Transfer of net loss on cash flow hedges | $ 14 | 0 | 14 | 0 | 0 | 0 | 14 | 0 | 14 | 0 | ||
Transfer of net actuarial gain on defined benefit plans. | 0 | 0 | (83) | 0 | 0 | 0 | (83) | 83 | 0 | 0 | ||
Net earnings | 1,282 | 0 | 0 | 0 | 0 | 0 | 0 | 1,258 | 1,258 | 24 | ||
Other comprehensive (loss) income | 81 | 88 | (8) | 0 | 0 | 0 | 80 | 0 | 80 | 1 | ||
Shares repurchased (Note 23) | (1,000) | 0 | 0 | (374) | (26) | 0 | (600) | (1,000) | 0 | |||
Dividends declared | (1,050) | 0 | 0 | 0 | 0 | 0 | 0 | (1,050) | 1,050 | 0 | ||
Transfer of net loss on sale of investment | 0 | 0 | (14) | $ 0 | 0 | 0 | (14) | 14 | 0 | 0 | ||
Ending balance at Dec. 31, 2023 | $ 25,201 | (286) | (10) | 13,838 | 83 | (296) | 11,531 | 25,156 | 45 | |||
Number of share options exercised in share-based payment arrangement | 683,814 | |||||||||||
Increase Decrease In Number Of Shares Outstanding | 13,378,189 | (13,378,189) | 5,375,397 | |||||||||
Increase (decrease) through share-based payment transactions, equity | $ 40 | 0 | 0 | 40 | 0 | 0 | 0 | 40 | 0 | |||
Non-controlling interest transactions | $ (27) | 0 | 0 | $ 0 | 0 | 0 | 0 | (2) | (2) | (25) | ||
Number of shares outstanding | 494,551,730 | |||||||||||
Transfer of net loss on cash flow hedges | $ 12 | 0 | 12 | 0 | 0 | 0 | 12 | 0 | 12 | 0 | ||
Transfer of net actuarial gain on defined benefit plans. | $ 0 | $ 0 | $ 17 | $ 0 | $ 0 | $ 0 | $ 17 | $ (17) | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 941 | $ 901 |
Receivables (Note 11) | 5,398 | 6,194 |
Inventories (Note 12) | 6,336 | 7,632 |
Prepaid expenses and other current assets | 1,495 | 1,615 |
Current assets | 14,170 | 16,342 |
Non-current assets | ||
Goodwill (Note 14) | 12,114 | 12,368 |
Other intangible assets (Note 14) | 2,217 | 2,297 |
Investments (Note 15) | 736 | 843 |
Other assets (Note 16) | 1,051 | 969 |
TOTAL ASSETS | 52,749 | 54,586 |
Property, plant and equipment including right of use assets | 22,461 | 21,767 |
Current liabilities | ||
Short-term debt (Note 17) | 1,815 | 2,142 |
Current portion of long-term debt (Note 18) | 512 | 542 |
Payables and accrued charges (Note 20) | 9,467 | 11,291 |
Current portion of lease liabilities (Note 19) | 327 | 305 |
Current liabilities | 12,121 | 14,280 |
Non-current liabilities | ||
Long-term debt (Note 18) | 8,913 | 8,040 |
Lease liabilities (Note 19) | 999 | 899 |
Deferred income tax liabilities (Note 8) | 3,574 | 3,547 |
Pension and other post-retirement benefit liabilities (Note 21) | 252 | 319 |
Asset retirement obligations and accrued environmental costs (Note 22) | 1,489 | 1,403 |
Other non-current liabilities | 200 | 235 |
TOTAL LIABILITIES | 27,548 | 28,723 |
SHAREHOLDERS' EQUITY | ||
Share capital (Note 23) | 13,838 | 14,172 |
Contributed surplus | 83 | 109 |
Accumulated other comprehensive loss | (296) | (391) |
Retained earnings | 11,531 | 11,928 |
TOTAL SHAREHOLDERS' EQUITY | 25,201 | 25,863 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 52,749 | 54,586 |
Non-controlling interests | 45 | 45 |
Equity attributable to owners of parent | $ 25,156 | $ 25,818 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Description of Business | Notes to the consolidated financial statements 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 1700, 211 19th Street East, Saskatoon, Saskatchewan, Canada, S7K 5R6. As at December 31, 2023, the Company had assets, which include as follows: Segment Description Nutrien Ag Solutions (“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 a financing solutions provider in support of Nutrien’s agricultural product and service sales Potash 6 operations in the province of Saskatchewan investment in Canpotex Limited (“Canpotex”), a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer Nitrogen 8 production facilities in North America: 4 in Alberta, 1 in Georgia, 1 in Louisiana, 1 in Ohio and 1 in Texas 1 large-scale operation in Trinidad 5 upgrade facilities in North America: 3 in Alberta, 1 in Missouri and 1 in Washington 50 percent investment in Profertil S.A. (“Profertil”), a nitrogen producer based in Argentina Phosphate 2 mines and processing plants: 1 in Florida and 1 in North Carolina phosphate feed plants in Illinois, Missouri and Nebraska 1 industrial phosphoric acid plant in Ohio Corporate and Others 22 percent investment in Sinofert Holdings Limited (“Sinofert”), a fertilizer supplier and distributor in China corporate offices in the US and Canada and other non-operating sites |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Basis of Presentation | Note 2 | Basis of presentation We prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). 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 the accounting standards adopted effective January 1, 2023, as disclosed in Note 30. Certain immaterial 2022 figures have been reclassified in the consolidated statements of cash flows. These consolidated financial statements were authorized for issue by the Board of Directors on February 22, 2024. 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. We prepared these consolidated financial statements under the historical cost basis, except for items that IFRS requires to be measured at fair value. Reference to n/a indicates information is not applicable. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Segment Information | Note 3 | Segment information The Company has four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise. Retail provides services directly to growers through a network of retail locations in North America, South America and Australia. The Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces. The Executive Leadership Team (“ELT”), comprised of officers at the Executive Vice President level and above, is the Chief Operating Decision Maker (“CODM”). The CODM uses adjusted EBITDA, calculated as below, to measure performance and allocate resources to the operating segments. The CODM considers adjusted EBITDA to be 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 addition, it excludes the impact of impairments and other costs that are centrally managed by our corporate function. We determine the composition of the reportable segments based on factors including risks and returns, internal organization, and internal reports reviewed by the CODM. We allocate certain expenses across segments based on reasonable considerations such as production capabilities or historical trends. Corporate 2023 Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 19,542 3,735 3,804 1,975 ‐ ‐ 29,056 – intersegment ‐ 431 931 288 ‐ (1,650) ‐ Sales – total 19,542 4,166 4,735 2,263 ‐ (1,650) 29,056 Freight, transportation and distribution ‐ 407 528 270 ‐ (231) 974 Net sales 19,542 3,759 4,207 1,993 ‐ (1,419) 28,082 Cost of goods sold 15,112 1,396 2,828 1,760 ‐ (1,488) 19,608 Gross margin 4,430 2,363 1,379 233 ‐ 69 8,474 Selling expenses 3,375 12 27 6 ‐ (23) 3,397 General and administrative expenses 217 13 21 11 364 ‐ 626 Provincial mining taxes ‐ 398 ‐ ‐ ‐ ‐ 398 Share-based compensation recovery ‐ ‐ ‐ ‐ (14) ‐ (14) Impairment of assets (Notes 13 and 14) 465 ‐ 76 233 ‐ ‐ 774 Other expenses (income) 158 (1) (27) 40 348 30 548 Earnings (loss) before finance costs and income taxes 215 1,941 1,282 (57) (698) 62 2,745 Depreciation and amortization 759 463 572 294 81 ‐ 2,169 EBITDA 1 974 2,404 1,854 237 (617) 62 4,914 Integration and restructuring related costs 20 ‐ ‐ ‐ 29 ‐ 49 Share-based compensation recovery ‐ ‐ ‐ ‐ (14) ‐ (14) Impairment of assets (Notes 13 and 14) 465 ‐ 76 233 ‐ ‐ 774 ARO/ERL expense for non-operating sites 2 ‐ ‐ ‐ ‐ 152 ‐ 152 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 91 ‐ 91 Loss on Blue Chip Swaps ‐ ‐ ‐ ‐ 92 ‐ 92 Adjusted EBITDA 1,459 2,404 1,930 470 (267) 62 6,058 Assets 23,056 13,571 11,466 2,438 2,818 (600) 52,749 1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization. 2 ARO/ERL refers to asset retirement obligations and accrued environmental costs. Corporate 2022 Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 21,266 7,600 6,755 2,263 ‐ ‐ 37,884 – intersegment 84 599 1,293 357 ‐ (2,333) ‐ Sales – total 21,350 8,199 8,048 2,620 ‐ (2,333) 37,884 Freight, transportation and distribution ‐ 300 515 243 ‐ (186) 872 Net sales 21,350 7,899 7,533 2,377 ‐ (2,147) 37,012 Cost of goods sold 16,171 1,400 4,252 1,884 ‐ (2,119) 21,588 Gross margin 5,179 6,499 3,281 493 ‐ (28) 15,424 Selling expenses 3,392 10 28 7 (1) (22) 3,414 General and administrative expenses 200 9 17 13 326 ‐ 565 Provincial mining taxes ‐ 1,149 ‐ ‐ ‐ ‐ 1,149 Share-based compensation expense ‐ ‐ ‐ ‐ 63 ‐ 63 Reversal of impairment of assets (Note 13) ‐ ‐ ‐ (780) ‐ ‐ (780) Other expenses (income) 29 5 (137) 67 227 13 204 Earnings (loss) before finance costs and income taxes 1,558 5,326 3,373 1,186 (615) (19) 10,809 Depreciation and amortization 752 443 558 188 71 ‐ 2,012 EBITDA 2,310 5,769 3,931 1,374 (544) (19) 12,821 Integration and restructuring related costs 2 ‐ ‐ ‐ 44 ‐ 46 Share-based compensation expense ‐ ‐ ‐ ‐ 63 ‐ 63 Reversal of impairment of assets (Note 13) ‐ ‐ ‐ (780) ‐ ‐ (780) COVID-19 coronavirus pandemic ("COVID-19") related expenses ‐ ‐ ‐ ‐ 8 ‐ 8 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 31 ‐ 31 Gain on disposal of investment (19) ‐ ‐ ‐ ‐ ‐ (19) Adjusted EBITDA 2,293 5,769 3,931 594 (398) (19) 12,170 Assets 24,451 13,921 11,807 2,661 2,622 (876) 54,586 Retail Segment Product Line Sales Crop nutrients Dry and liquid macronutrient products including potash, nitrogen and phosphate, and proprietary liquid micronutrient products. 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. Nutrien Financial Financing solutions provided to US and Australia Retail branches and customers in support of Nutrien’s agricultural product and service sales. Services and other revenues Product application, soil and leaf testing, crop scouting and precision agriculture services, and water services. Segment Products Sales Prices Impacted By Potash North America – primarily granular Offshore (international) – primarily granular and standard North American prices referenced at delivered prices (including transportation and distribution costs) International prices pursuant to term and spot contract prices (excluding transportation and distribution costs) Nitrogen Ammonia, urea and environmentally smart nitrogen (“ESN ® ”), and nitrogen solutions, nitrates and sulfates Global energy costs and supply Phosphate Solid and liquid fertilizers, and industrial and feed products Global prices and supplies of ammonia and sulfur 2023 2022 Retail sales by product line Crop nutrients 8,379 10,060 Crop protection products 6,750 7,067 Seed 2,295 2,112 Merchandise 1,001 1,019 Nutrien Financial 322 267 Services and other 927 966 Nutrien Financial elimination 1 (132) (141) 19,542 21,350 Potash sales by geography Manufactured product North America 2,090 2,785 Offshore 2 2,076 5,414 4,166 8,199 Nitrogen sales by product line Manufactured product Ammonia 1,337 2,834 Urea and ESN ® 3 1,624 2,268 Solutions, nitrates and sulfates 1,367 1,996 Other nitrogen and purchased products 3 407 950 4,735 8,048 Phosphate sales by product line Manufactured product Fertilizer 1,264 1,520 Industrial and feed 703 763 Other phosphate and purchased products 296 337 2,263 2,620 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. 2 Relates to Canpotex, a major customer, and includes other revenue representing provisional pricing adjustments of $( 394 ) (2022 – $( 105 )) (Note 28). 3 Certain immaterial 2022 figures have been reclassified . Sales – Third Party by Customer Location Non-Current Assets 1 2023 2022 2023 2022 United States 17,656 20,089 16,001 15,971 Canada 3,111 3,783 18,987 18,303 Australia 3,389 3,877 1,069 1,105 Canpotex (Note 28) 2,076 5,414 ‐ ‐ Trinidad 29 15 661 688 Brazil 1,048 1,136 555 851 Other South America 876 2 1,507 2 48 64 Other 871 3 2,063 3 389 457 29,056 37,884 37,710 37,439 1 Excludes financial instruments (other than equity-accounted investees), deferred tax assets and post-employment benefit assets. 2 Other South America third-party sales includes sales to Argentina of $ 526 (2022 – $ 666 ). 3 Other third-party sales primarily relate to Europe of $ 314 (2022 – $ 856 ) and Others of $ 557 (2022 – $ 1,207 ). Canpotex sales by market (%) 2023 2022 Latin America 47 34 Other Asian markets 1 28 34 China 9 14 India 5 8 Other markets 11 10 1 All Asian markets except China and India. |
Nature of Expenses
Nature of Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Nature of Expenses | Note 4 | Nature of expenses 2023 2022 Purchased and produced raw materials and product for resale 1 16,635 18,747 Depreciation and amortization 2,169 2,012 Employee costs 2 2,858 2,968 Freight 1,171 1,094 Impairment (reversal of impairment) of assets (Notes 13 and 14) 774 (780) Provincial mining taxes 3 398 1,149 Integration and restructuring related costs 49 46 Contract services 753 745 Lease expense 103 93 Fleet fuel, repairs and maintenance 369 359 Gain on disposal of investment ‐ (19) COVID-19 related expenses ‐ 8 Loss on Blue Chip Swaps 92 ‐ ARO/ERL non-accretion expense (Note 22) 143 15 Gain on amendments to other post-retirement pension plans (80) ‐ Other 877 638 Total cost of goods sold and expenses 26,311 27,075 1 Significant expenses include supplies, energy, fuel, purchases of raw material (natural gas – feedstock, sulfur, ammonia and reagents) and product for resale (crop nutrients, crop protection products and seed). 2 Includes salaries and wages, employee benefits, and share-based compensation. 3 Includes Saskatchewan potash production tax and Saskatchewan resource surcharge of $ 279 and $ 119 (2022 – $ 909 and $ 240 ), respectively, as required under Saskatchewan provincial legislation. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Share-Based Compensation | Note 5 | Share-based compensation Plans Eligibility Granted Vesting Period Maximum Term Settlement Stock Options Officers and eligible employees Annually 25 percent per year over four years 10 years Shares 1 Performance Share Units ("PSUs") Officers and eligible employees Annually On third anniversary of grant date based on total shareholder return relative to PSU peer group (75 percent weighting) and return on invested capital (25 percent weighting) Not applicable Cash Restricted Share Units ("RSUs") Officers and eligible employees Annually On third anniversary of grant date and not subject to performance conditions Not applicable Cash Deferred Share Units ("DSUs") Non-executive directors At the discretion of the Board of Directors Fully vest upon grant Not applicable Cash 2 Stock Appreciation Rights ("SARs") / Tandem Stock Appreciation Rights ("TSARs") 3 Awards no longer granted; legacy awards only Awards no longer granted; legacy awards only 25 percent per year over four years 10 years Cash 1 Stock options may also be settled by cash settlement or, if approved by the Company, by a broker-assisted "cashless exercise" arrangement or a “net exercise” arrangement. 2 Directors can redeem their DSUs for cash only when they leave the Board of Directors for an amount equal to the market value of the common shares at the time of redemption or as mandated by the Nutrien DSU Plan. 3 Holders of 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 are that substantially all TSAR holders will elect to choose the first option. The weighted average assumptions of stock options by year of grant that impacted current year results are as follows: Year of Grant Stock options Based on 2023 2022 Weighted average grant date fair value per option Black-Scholes-Merton option-pricing model as of the date of the grant 25.67 20.49 Weighted average assumptions: Exercise price per option Quoted market closing price of common shares on the last trading day immediately preceding the date of the grant 78.95 77.50 Expected annual dividend yield (%) Annualized dividend rate as of the date of the grant 2.49 2.45 Expected volatility (%) Historical volatility of Nutrien's shares over a period commensurate with the expected life of the grant 33 30 Risk-free interest rate (%) Zero-coupon government issues implied yield available on equivalent remaining term at the time of the grant 3.84 2.00 Average expected life of options (years) Historical experience 8.5 8.5 Compensation (Recovery) Expense Units Granted Units Outstanding in 2023 as at December 31, 2023 2023 2022 Stock options 301,168 3,248,306 8 11 PSUs 517,219 1,732,785 (39) 13 RSUs 582,659 1,576,486 23 33 DSUs 34,075 401,296 (4) 2 SARs/TSARs ‐ 176,284 (2) 4 (14) 63 |
Other (Income) Expenses
Other (Income) Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other (Income) Expenses | Note 6 | Other expenses (income) 2023 2022 Integration and restructuring related costs 49 46 Foreign exchange loss, net of related derivatives 91 31 Earnings of equity-accounted investees (101) (247) Bad debt expense 55 12 COVID-19 related expenses ‐ 8 Gain on disposal of investment ‐ (19) Project feasibility costs 86 79 Customer prepayment costs 47 42 Legal expenses 34 21 Consulting expenses 21 29 Employee special recognition award ‐ 61 Loss on Blue Chip Swaps 92 ‐ ARO/ERL expense for non-operating sites (Note 22) 152 ‐ Gain on amendments to other post-retirement pension plans (80) ‐ Other expenses 102 141 548 204 The Central Bank of Argentina maintains certain currency controls that limit our ability to remit cash from Argentina. Blue Chip Swaps are trade transactions that effectively allow companies to transfer US dollars out of Argentina. Through this mechanism, we incurred a loss of $ 92 from the purchase of securities denominated in Argentine peso and corresponding sales in US dollars during 2023. The loss is a result of the significant divergence between the Blue Chip Swap market exchange rate and the official Argentinian Central Bank rate. |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Finance Costs | Note 7 | Finance costs 2023 2022 Interest expense Short-term debt 303 153 Long-term debt 446 333 Lease liabilities 48 35 Total interest expense 797 521 Unwinding of discount on asset retirement obligations (Note 22) 33 29 Interest on net defined benefit pension and other post-retirement plan obligations (Note 21) 5 8 Borrowing costs capitalized to property, plant and equipment (71) (37) Interest income (35) (25) Other finance costs 64 67 793 563 Borrowing costs capitalized to property, plant and equipment in 2023 were calculated by applying an average capitalization rate of 5.4 percent (2022 – 4.1 percent) to expenditures on qualifying assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Income Taxes | Note 8 | Income taxes 2023 2022 Current income tax Tax expense for current year 637 2,314 Adjustments in respect of prior years 26 63 Total current income tax expense 663 2,377 Deferred income tax Origination and reversal of temporary differences 5 215 Swiss Tax Reform adjustment (134) ‐ Adjustments in respect of prior years 31 (41) Change in recognition of tax losses and deductible temporary differences 105 8 Total deferred income tax expense 7 182 Income tax expense included in net earnings 670 2,559 In 2023, we recorded a deferred tax asset of $ 134 related to an increase in the tax basis of our Swiss assets as a result of changes to our Switzerland tax declarations. We operate in a specialized industry and in several tax jurisdictions; as a result, our earnings are subject to various rates of taxation. The provision for income taxes differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings before income taxes as follows: 2023 2022 Earnings (loss) before income taxes Canada 1,427 5,707 United States 976 3,447 Australia 161 263 Trinidad (75) 487 Other (537) 342 1,952 10,246 Canadian federal and provincial statutory income tax rate (%) 27 27 Income tax at statutory rates 527 2,766 Adjusted for the effect of: Impact of foreign tax rates (139) (132) Swiss Tax Reform adjustment (134) ‐ Non-taxable income (67) (98) Production-related deductions (54) (51) Current year losses for which no deferred tax asset is recognized 314 ‐ Change in recognition of tax losses and deductible temporary differences 105 8 Tax authority examinations 62 22 Non-deductible expenses 25 16 Withholding taxes 20 18 Other 11 10 Income tax expense included in net earnings 670 2,559 Deferred Income Taxes Deferred Income Tax (Recovery) Deferred Income Tax (Assets) Expense Recognized Liabilities in Net Earnings 2023 2022 2023 2022 Deferred income tax assets Asset retirement obligations and accrued environmental costs (400) (319) (17) 35 Tax loss and other carryforwards (347) (396) 52 (93) Lease liabilities (307) (298) (8) (151) Inventories (108) (155) 47 (30) Pension and other post-retirement benefit liabilities (108) (151) 50 (1) Long-term debt (99) (117) 18 21 Payables and accrued charges (96) (98) 2 (84) Receivables (50) (48) (2) (4) Other assets (1) (1) ‐ ‐ Deferred income tax liabilities Property, plant and equipment 4,410 4,305 40 545 Goodwill and intangible assets 173 347 (168) (53) Other liabilities 30 30 (7) (3) 3,097 3,099 7 182 Amounts and expiry dates of unused tax losses and unused tax credits as at December 31, 2023, were: Amount Expiry Date Unused federal operating losses 2,056 2024 – Indefinite Unused federal capital losses 683 Indefinite The unused tax losses and credits with no expiry dates can be carried forward indefinitely. As at December 31, 2023, we had $ 1,532 of federal 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. We did not recognize deferred tax liabilities related to temporary differences associated with investments in subsidiaries and equity-accounted investees amounting to $ 7,010 as at December 31, 2023 (2022 – $ 13,060 ). |
Net Earnings per Share
Net Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Net Earnings per Share | Note 9 | Net earnings per share 2023 2022 Weighted average number of common shares 496,381,000 538,475,000 Dilutive effect of stock options 613,000 1,535,000 Weighted average number of diluted common shares 496,994,000 540,010,000 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: 2023 2022 Number of options excluded 821,763 567,409 |
Financial Instruments and Relat
Financial Instruments and Related Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Financial Instruments and Related Risk Management | Note 10 | Financial instruments and related risk management Our ELT, along with the Board of Directors (including Board committees), is responsible for monitoring our risk exposures and managing our policies to address these risks. Our strategic and risk management processes are integrated to ensure we understand the benefit from the relationship between strategy, risk and value creation. Outlined below are our risk management strategies we have developed to mitigate the financial market risks that we are exposed to. Credit Risks Risk Management Strategies Receivables from customers establish credit approval policies and procedures for new and existing customers extend credit to qualified customers through review of credit agency reports, financial statements and/or credit references, as available review of existing customer accounts every 12 to 24 months based on the credit limit amounts evaluation of customer and country risk for international customers establish credit period: 15 and 30 days for wholesale fertilizer customers 30 days for industrial and feed customers 30 to 360 days for Retail customers, including Nutrien Financial up to 180 days for select export sales customers, including Canpotex transact on a cash basis with certain customers who may not meet specified benchmark creditworthiness or cannot provide other evidence of ability to pay execute agency arrangements with financial institutions or other partners with which we have only a limited recourse involvement sell receivables to financial institutions which substantially transfer the risks and rewards set eligibility requirements for Nutrien Financial to limit the risk of the receivables may require security over certain crop or livestock inventories set up provision using the lifetime expected credit loss method considering all possible default events over the expected life of a financial instrument. Receivables are grouped based on days past due and/or customer credit risk profile. Estimated losses on receivables are based on known troubled accounts and historical experience of losses incurred . 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. Cash and cash equivalents and other receivables require acceptable minimum counterparty credit ratings limit counterparty or credit exposure select counterparties with investment-grade quality Aging of receivables (%) as at December 31: 2023 2022 Retail (Nutrien Financial) Retail (Excluding Nutrien Financial) Potash, Nitrogen and Phosphate Retail (Nutrien Financial) Retail (Excluding Nutrien Financial) Potash, Nitrogen and Phosphate Current 78 78 89 83 84 97 30 days or less past due 13 6 11 10 9 3 31 – 90 days past due 4 4 ‐ 3 4 ‐ Greater than 90 days past due 5 12 ‐ 4 3 ‐ 100 100 100 100 100 100 Maximum exposure to credit risk as at December 31: 2023 2022 Cash and cash equivalents 941 901 Receivables (excluding income tax receivable) 5,103 6,050 6,044 6,951 Liquidity Risk Risk Management Strategies Access to cash establish an external borrowing policy to maintain sufficient liquid financial resources to fund our operations and meet our commitments and obligations in a cost-effective manner 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 uphold long-term relationships with a sufficient number of high-quality and diverse lenders enter into financial arrangements (e.g., Blue Chip Swaps) to remit cash from certain foreign jurisdictions Refer to Note 17 for our available credit facilities. 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 2023 December 31 Flows 1 Year Years Years Years Short-term debt 1 1,815 1,815 1,815 ‐ ‐ ‐ Payables and accrued charges 2 9,024 9,024 9,024 ‐ ‐ ‐ Long-term debt, including current portion 1 9,425 15,339 966 2,324 1,556 10,493 Lease liabilities, including current portion 1 1,326 1,525 368 484 222 451 Derivatives 16 16 16 ‐ ‐ ‐ 21,606 27,719 12,189 2,808 1,778 10,944 1 Contractual cash flows include contractual interest payments related to debt obligations and lease liabilities. Interest rates on debt with variable rates are based on the prevailing rates as at December 31, 2023. 2 Excludes non-financial liabilities and includes payables of approximately $ 2.1 billion related to our prepaid inventory to secure product discounts. We consider these payables to be part of our working capital. For these payables, we participated in arrangements where the vendors sold their right to receive payment to financial institutions without extending the original payment terms. These payables were paid in January 2024. Market Risks Type Risk Management Strategies Interest rate Short-term and long-term debt use a portfolio of fixed and floating rate instruments align current and long-term assets with demand and fixed-term debt monitor the effects of market changes in interest rates use interest rate swaps, if desired We do not believe we have material exposure to interest, price or foreign exchange risk on our financial instruments as at December 31, 2023 and 2022. Price Natural gas derivative instruments 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 acquire a reliable supply of natural gas feedstock and fuel on a location-adjusted, cost-competitive basis and hold firm pipeline transportation to our operating sites Price Investment at fair value ensure the security of principal amounts invested provide for an adequate degree of liquidity achieve a satisfactory return Foreign exchange execute foreign currency derivative contracts within certain prescribed limits for both actual and forecasted expenditures to manage the impact to cash flows and earnings, including those related to our equity-accounted investees, that could occur from a reasonably possible strengthening or weakening of the US dollar The fair value of our net foreign exchange currency derivative assets (liabilities) as at December 31, 2023 was $ 11 (2022 – $ (18) ). The following table presents the significant foreign currency derivatives that existed as at December 31: 2023 2022 Average Average Contract Contract Sell/buy Notional Maturities Rate Notional Maturities Rate Derivatives not designated as hedges Forwards USD/Canadian dollars ("CAD") 435 2024 1.3207 473 2023 1.3584 Australian dollars/USD 86 2024 1.5269 133 2023 1.5010 Brazilian real/USD 94 2024 4.8688 374 2023 5.6892 Derivatives designated as hedges Forwards USD/CAD 601 2024 1.3565 487 2023 1.3255 Fair Value Financial instruments included in the consolidated balance sheets are measured either at fair value or amortized cost. Financial Instruments at Fair Value Fair Value Method and Associated Level within the Fair Value Hierarchy 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 (Level 1) 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 Based on a discounted cash flow (“DCF”) model. 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. Financial Instruments 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 (approximation to fair value) The following table presents our fair value hierarchy for financial instruments carried at fair value on a recurring basis or measured at amortized cost and require fair value disclosure. The table does not include fair value information for financial instruments that are measured using their carrying amount as a reasonable approximation of fair value. 2023 2022 Carrying Carrying Financial assets (liabilities) measured at Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3 Fair value on a recurring basis 1 Derivative instrument assets 20 ‐ 20 ‐ 7 ‐ 7 ‐ Other current financial assets – marketable securities 2 173 35 138 ‐ 148 19 129 ‐ Investments at fair value through other comprehensive income ("FVTOCI") (Note 15) 190 180 ‐ 10 200 190 ‐ 10 Investments at fair value through profit or loss ("FVTPL") (Note 15) 45 ‐ ‐ 45 44 ‐ ‐ 44 Derivative instrument liabilities (16) ‐ (16) ‐ (35) ‐ (35) ‐ Amortized cost Investments at amortized cost (Note 15) 19 16 ‐ ‐ ‐ ‐ ‐ ‐ Current portion of long-term debt Senior notes and debentures (499) ‐ (502) ‐ (500) (493) ‐ ‐ Fixed and floating rate debt (13) ‐ (13) ‐ (42) ‐ (42) ‐ Long-term debt Senior notes and debentures (8,884) (3,110) (5,462) ‐ (7,910) (3,581) (3,656) ‐ Fixed and floating rate debt (29) ‐ (29) ‐ (130) ‐ (130) ‐ 1 During 2023 and 2022, there were no transfers between levels 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 debt securities. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Receivables | Note 11 | Receivables Segment 2023 2022 Receivables from customers Third parties Retail (Nutrien Financial) 1 2,943 2,705 Retail 1,097 1,293 Potash, Nitrogen, Phosphate 577 827 Related party – Canpotex Potash (Note 28) 162 866 Less allowance for expected credit losses of receivables from customers (111) (95) 4,668 5,596 Rebates 198 172 Income taxes (Note 8) 295 144 Other receivables 237 282 5,398 6,194 1 Includes $ 2,578 of very low risk of default and $ 365 of low risk of default (2022 – $ 2,260 of very low risk of default and $ 445 of low risk of default). Qualifying receivables from customers financed by Nutrien Financial represent high-quality receivables from customers that have been rated very low to low risk of default among Retail’s receivables from customers. Customer credit with a financial institution of $ 431 as at December 31, 2023, related to our agency agreement, is not recognized in our consolidated balance sheets. Through the agency agreement, we only have a limited recourse involvement to the extent of an indemnification of the financial institution to a maximum of 5 percent (2022 – 5 percent) of the qualified customer loans. Historical indemnification losses on this arrangement have been negligible, and the average aging of the customer loans with the financial institution is current. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Inventories | Note 12 | Inventories 2023 2022 Product purchased for resale 4,941 5,885 Finished products 351 612 Intermediate products 160 184 Raw materials 299 425 Materials and supplies 585 526 6,336 7,632 By Segment 2023 2022 Retail 5,041 6,035 Potash 371 398 Nitrogen 493 706 Phosphate 431 493 6,336 7,632 Inventories expensed to cost of goods sold during the year were $ 19,391 (2022 – $ 21,371 ). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Property, Plant and Equipment | Note 13 | Property, plant and equipment Machinery Mine Land and Buildings and and Development Assets Under Improvements Improvements Equipment Costs Construction Total Useful life range (years) 1 – 85 1 – 70 1 – 80 1 – 60 n/a Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Acquisitions (Note 25) ‐ 2 5 ‐ ‐ 7 Additions 1 5 37 ‐ 2,422 2,465 Additions – Right-of-use ("ROU") assets 1 70 338 ‐ ‐ 409 Disposals (6) (7) (37) ‐ (1) (51) Transfers 26 188 1,401 237 (1,852) ‐ Foreign currency translation and other 12 32 94 3 (165) (24) Depreciation (39) (184) (1,054) (138) ‐ (1,415) Depreciation – ROU assets (2) (60) (326) ‐ ‐ (388) Impairment (19) (10) (148) (95) (37) (309) Carrying amount – December 31, 2023 1,175 6,376 11,327 1,115 2,468 22,461 Balance – December 31, 2023 is composed of: Cost 1,631 9,050 23,237 2,938 2,468 39,324 Accumulated depreciation and impairments (456) (2,674) (11,910) (1,823) ‐ (16,863) Carrying amount – December 31, 2023 1,175 6,376 11,327 1,115 2,468 22,461 Balance – December 31, 2023 is composed of: Owned property, plant and equipment 1,145 5,980 10,486 1,115 2,468 21,194 ROU assets 30 396 841 ‐ ‐ 1,267 Carrying amount – December 31, 2023 1,175 6,376 11,327 1,115 2,468 22,461 Carrying amount – December 31, 2021 1,073 6,305 10,221 853 1,564 20,016 Acquisitions (Note 25) 12 40 23 ‐ 65 140 Additions 17 9 25 ‐ 2,202 2,253 Additions – ROU assets ‐ 51 230 ‐ ‐ 281 Disposals (9) (13) (24) ‐ ‐ (46) Transfers 35 163 1,281 170 (1,649) ‐ Foreign currency translation and other 5 2 55 30 (90) 2 Depreciation (35) (185) (1,006) (94) ‐ (1,320) Depreciation – ROU assets (2) (58) (279) ‐ ‐ (339) Reversal of impairment 105 26 491 149 9 780 Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Balance – December 31, 2022 is composed of: Cost 1,605 8,795 22,023 2,699 2,101 37,223 Accumulated depreciation and impairments (404) (2,455) (11,006) (1,591) ‐ (15,456) Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Balance – December 31, 2022 is composed of: Owned property, plant and equipment 1,173 5,956 10,267 1,108 2,101 20,605 ROU assets 28 384 750 ‐ ‐ 1,162 Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Depreciation of property, plant and equipment was included in the following: 2023 2022 Freight, transportation and distribution 165 148 Cost of goods sold 1,157 1,024 Selling expenses 453 424 General and administrative expenses 48 42 Depreciation recorded in earnings 1,823 1,638 Depreciation recorded in inventory 145 151 Impairments and Impairment Reversals For each cash generating unit (“CGU”) or groups of CGUs in which we complete an impairment analysis, the recoverable amount estimate used the following key assumptions: our forecasted EBITDA, discount rate and long-term growth rate. For our Phosphate CGUs, we also estimate the end of expected mine life. We used key assumptions that were based on historical data and estimates of future results from internal sources, independent third-party price benchmarks, and mineral reserve technical reports (relating to Phosphate CGUs), as well as industry and market information. Phosphate In 2023, we identified an impairment trigger for our Phosphate CGUs, White Springs and Aurora, primarily as a result of the decrease in our forecasted phosphate margins. We completed our impairment analysis for these CGUs. Phosphate CGU White Springs Aurora Impairment assessment date June 30, 2023 June 30, 2023 Recoverable amount ($) 504 2,000 Carrying amount before impairment loss ($) 737 1,660 Pre-tax impairment loss ($) 233 ‐ Valuation methodology Value in use ("VIU") Fair value less costs of disposal ("FVLCD"), a Level 3 measurement Valuation technique Pre-tax DCF to end of expected mine life Five-year DCF plus terminal year to end of mine life In 2022, we completed an impairment analysis at our White Springs and Aurora CGUs as a result of revised pricing forecasts to reflect the macroeconomic environment at the time. We completed our impairment analysis for these CGUs. Phosphate CGU White Springs Aurora Impairment reversal date September 30, 2022 June 30, 2022 Recoverable amount ($) 770 2,900 Carrying amount before impairment reversal ($) 425 1,200 Pre-tax impairment reversal (net of depreciation) ($) 1 330 450 Valuation methodology VIU FVLCD Valuation technique Pre-tax DCF to end of expected mine life Five-year DCF plus terminal year to end of mine life 1 Full reversal of the previously recorded impairment losses relating to property, plant and equipment at White Springs in 2017 and 2020 of $ 250 and $ 215 , respectively, and Aurora in 2020 of $ 545 . White Springs Aurora Key Assumptions 1 2023 2022 2022 End of mine life (proven and probable reserves) (year) 2 2032 2030 2050 Long-term growth rate (%) n/a n/a 2.0 Pre-tax discount rate (%) 15.6 15.2 n/a Post-tax discount rate (%) 12.0 12.0 10.4 Forecasted EBITDA 3 ($) 720 980 3,090 1 At impairment loss (reversal) date. 2 The White Springs CGU has a shorter expected mine life and is therefore more sensitive to changes in short- and medium-term forecasted phosphate margins. 3 Forecasted EBITDA to 2028 (2022 – Forecasted EBITDA to 2027). Sensitivities The following table highlights sensitivities to the recoverable amounts of our Phosphate CGUs, which could result in additional impairment losses or reversals of the previously recorded losses (relating to the White Springs CGU). Change to Recoverable Amount ($) Key Assumptions as at June 30, 2023 Change in Assumption White Springs Aurora Long-term growth rate (%) + / - 1.0 percent n/a n/a + / - 110 Pre-tax discount rate (%) + / - 1.0 percent - / + 20 n/a n/a Post-tax discount rate (%) + / - 1.0 percent n/a n/a - / + 190 Forecasted EBITDA over forecast period ($) + / - 5.0 percent + / - 40 + / - 220 Nitrogen In 2023, we identified an impairment trigger for our Trinidad CGU, part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026. December 31, 2023 Trinidad Recoverable amount ($) 676 Carrying amount before impairment loss ($) 752 Pre-tax impairment loss ($) 76 Valuation methodology FVLCD, a Level 3 measurement Valuation technique Five-year DCF plus a terminal value Key assumptions Long-term growth rate (%) 2.3 Post-tax discount rate 1 (%) 13.0 Forecasted EBITDA 2,3 ($) 1,145 1 Discount rate used in the previous measurement in 2020 was 12.6 percent. 2 First five years of the forecast period. 3 Includes key assumptions relating to net selling price based on forecasted future natural gas contracting and availability. Sensitivities The following table highlights sensitivities to the recoverable amount of our Trinidad CGU, which could result in additional impairment losses or reversals of the previously recorded losses. Key Assumptions as at December 31, 2023 Change in Assumption Change to Recoverable Amount ($) Long-term growth rate (%) + / - 1.0 percent + / - 55 Post-tax discount rate (%) + / - 1.0 percent - / + 95 Forecasted EBITDA over forecast period ($) + / - 5.0 percent + / - 100 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Goodwill and Other Intangible Assets | Note 14 | Goodwill and intangible assets Intangible Assets Customer Trade Goodwill Relationships 1 Technology Names Other Total Useful life range (years) n/a 5 – 15 2 – 20 3 – 15 ² 1 – 30 Carrying amount – December 31, 2022 12,368 1,229 702 95 271 2,297 Acquisitions (Note 25) 126 30 ‐ 7 1 38 Additions – internally developed ‐ ‐ 206 ‐ ‐ 206 Foreign currency translation and other 42 9 49 4 (1) 61 Amortization 3 ‐ (164) (114) (8) (56) (342) Impairment (422) (43) ‐ ‐ ‐ (43) Carrying amount – December 31, 2023 12,114 1,061 843 98 215 2,217 Balance – December 31, 2023 is composed of: Cost 12,542 2,046 1,263 160 656 4,125 Accumulated amortization and impairment (428) (985) (420) (62) (441) (1,908) Carrying amount – December 31, 2023 12,114 1,061 843 98 215 2,217 Carrying amount – December 31, 2021 12,220 1,350 595 80 315 2,340 Acquisitions (Note 25) 200 59 ‐ 22 23 104 Additions – internally developed ‐ ‐ 216 ‐ 6 222 Foreign currency translation and other (52) (13) 14 1 (1) 1 Disposals ‐ (1) (1) ‐ ‐ (2) Amortization 3 ‐ (166) (122) (8) (72) (368) Carrying amount – December 31, 2022 12,368 1,229 702 95 271 2,297 Balance – December 31, 2022 is composed of: Cost 12,375 2,001 1,028 150 649 3,828 Accumulated amortization and impairment (7) (772) (326) (55) (378) (1,531) Carrying amount – December 31, 2022 12,368 1,229 702 95 271 2,297 1 The average remaining amortization period of customer relationships as at December 31, 2023, was approximately 3 years. 2 Certain trade names have indefinite useful lives as there are no regulatory, legal, contractual, cooperative, economic or other factors that limit their useful lives. 3 Amortization of $ 279 was included in selling expenses during the year ended December 31, 2023 (2022 – $ 302 ). Goodwill Impairment Testing Goodwill by CGU or Group of CGUs 2023 2022 Retail – North America 6,981 6,898 Retail – International 1 590 927 Potash 154 154 Nitrogen 4,389 4,389 12,114 12,368 1 Includes Retail – South America group of CGUs, which had goodwill of nil as at December 31, 2023 (2022 – $ 348 ). In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on after-tax discounted cash flows (five-year projections plus a terminal value with the exception of the Retail – South America group of CGUs, which used a 10-year projection plus a terminal value) and incorporated assumptions an independent market participant would apply, including considerations related to climate-change initiatives. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows . FVLCD is a Level 3 measurement . We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable. The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA . The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information. In 2023, we revised our forecasted EBITDA for the Retail – South America group of CGUs, which triggered an impairment analysis. Due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, we lowered our product margin expectations and deferred certain of our planned strategic investments. As a result, this reduced our forecasted EBITDA and growth. Therefore, we recorded the following impairment: Retail - South America Group of CGUs June 30, 2023 Recoverable amount 1,031 Carrying amount before impairment loss 1,496 Impairment recognized relating to: Goodwill 422 Intangible assets 43 The following table highlights sensitivities to the Retail – South America group of CGUs recoverable amount, which could have resulted in additional impairment against the carrying amount of intangible assets and property, plant and equipment. Change in Decrease to Key Assumptions as at June 30, 2023 Key Assumption Key Assumption Recoverable Amount ($) Terminal growth rate (%) 6.0 - 1.0 percent 50 Discount rate (%) 16.6 + 1.0 percent 120 Forecasted EBITDA over forecast period ($) 4,300 - 5.0 percent 100 1 The discount rate used in the previous measurement was 16.0 percent, which was included as part of our Retail – International group of CGUs. We performed our annual impairment test on goodwill on the remaining CGUs or group of CGUs and did not identify any further impairment; however, the recoverable amount for the Retail – North America group of CGUs did not substantially exceed its carrying amount. The Retail – North America group of CGUs recoverable amount exceeds its carrying amount by $ 570 . Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below. Key Assumption Change Required for Carrying Amount 2023 Annual Impairment Testing Used in Impairment Model to Equal Recoverable Amount Terminal growth rate (%) 2.5 0.4 percent decrease Discount rate 1 (%) 8.6 0.2 percent increase Forecasted EBITDA over forecast period ($) 8,040 3.0 percent decrease 1 The discount rate used in the previous measurement was 8.5 percent. The following table indicates the key assumptions used in testing the remaining groups of CGUs: Terminal Growth Rate (%) Discount Rate (%) 2023 2022 2023 2022 Retail – International 1 2.1 2.0 – 6.0 9.0 8.9 – 16.0 Potash 2.5 2.5 7.6 8.3 Nitrogen 2.3 2.0 8.3 9.3 1 The discount rates reflect the country risk premium and size for our international groups of CGUs. The terminal growth rate and discount rate ranges in 2022 included our Retail – South America group of CGUs, which are no longer included in 2023 as goodwill for this group of CGUs is nil. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Investments | Note 15 | Investments Principal Place Proportion of Ownership Interest of Business and and Voting Rights Held (%) Carrying Amount Name Principal Activity Incorporation 2023 2022 2023 2022 ¹ Equity-accounted investees Profertil Nitrogen producer Argentina 50 50 340 450 Canpotex Marketing and logistics of potash Canada 50 50 ‐ ‐ Other associates and joint ventures 142 149 Total equity-accounted investees 482 599 Investments at FVTOCI Sinofert Fertilizer supplier and distributor China/Bermuda 22 22 180 190 Other 10 10 Total investments at FVTOCI 190 200 Investments at FVTPL Other 45 44 Total investments at FVTPL 45 44 Investments at amortized cost Other 19 ‐ Total investments at amortized cost 19 ‐ Total investments 736 843 1 Certain immaterial 2022 figures have been reclassified. 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 elected to account for our investment in Sinofert as FVTOCI as it is held for strategic purposes. Summarized Financial Information of Profertil 1 For the years ended December 31 2023 2022 Sales 762 1,096 Depreciation and amortization 5 5 Interest expense 10 4 Interest income 170 136 Income tax expense 166 277 Net earnings and total comprehensive income 178 466 Proportionate share of Profertil earnings 89 233 Elimination of unrealized profit 1 ‐ Total proportionate share of Profertil earnings 90 233 Dividends received from Profertil 199 57 As at December 31 2023 2022 Current assets 2 355 835 Non-current assets 658 589 1,013 1,424 Current liabilities 3 143 297 Non-current liabilities 4 186 221 329 518 Net assets of Profertil 684 906 Proportionate share of net assets of Profertil 342 453 Elimination of unrealized profit (2) (3) Carrying amount of interest in Profertil 340 450 1 Summarized financial information of Profertil, which represents the amounts included in its own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting policies. 2 Includes cash and cash equivalents of $ 204 (2022 – $ 585 ). 3 Includes current financial liabilities (excluding trade and other payables and provisions) of $ 21 (2022 – $ 27 ). 4 Includes non-current financial liabilities (excluding trade and other payables and provisions) of nil (2022 – $ 23 ). Future conditions related to Profertil may be affected by political, economic and social instability. We are exposed to foreign exchange risk related to fluctuations in the Argentine peso against the US dollar and currency controls, which may restrict our ability to repatriate dividends from Profertil. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other Assets | Note 16 | Other assets 2023 2022 Deferred income tax assets (Note 8) 477 448 Ammonia catalysts 1 113 104 Long-term income tax receivable (Note 8) 91 54 Accrued pension benefit assets (Note 21) 138 157 Other 232 206 1,051 969 1 Net of accumulated amortization of $ 99 (2022 – $ 94 ). |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Short-Term Debt | Note 17 | Short-term debt Rate of Interest (%) 2023 2022 Credit facilities Unsecured revolving term credit facility n/a ‐ 500 Other unsecured credit facilities South America 1 5.5 – 12.2 219 453 Australia 5.3 221 190 Other 4.8 21 9 Commercial paper 2 5.5 – 5.9 1,175 783 Other short-term debt 179 207 1,815 2,142 1 Our credit facilities are either denominated in local currency or US dollars. The range of interest rates for South America excludes our Argentina facilities denominated in local currency with interest rates ranging from 102.5 percent to 107.0 percent. The balance of these Argentina facilities as at December 31, 2023 was $ 18 . 2 We use our $ 4,500 commercial paper program for our short-term cash requirements. The amount available under the commercial paper program is limited to the availability of backup funds under the $ 4,500 unsecured revolving term credit facility and excess cash invested in highly liquid securities. Credit facility limits 1 As at December 31, 2023 Unsecured revolving term facility 2 4,500 Unsecured revolving term facility 3 1,500 Uncommitted revolving demand facility 1,000 Other credit facilities 4 1,320 1 Our credit facilities are renegotiated periodically. 2 Matures September 14, 2027 , subject to extension at the request of Nutrien provided that the resulting maturity date may not exceed five years from the date of request. 3 In 2023, we extended the term of our unsecured revolving term credit facility to September 10, 2024 and reduced the facility limit from $ 2,000 to $ 1,500 . 4 Total facility limit amounts include some facilities with maturities in excess of one year. Principal covenants and events of default under the unsecured revolving term credit facilities include a debt to capital ratio (refer to Note 24) 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, 2023. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Long - Term Debt | Note 18 | Long-term debt Rate of Interest (%) Maturity 2023 2022 Senior notes 1 1.900 May 13, 2023 ‐ 500 5.900 November 7, 2024 500 500 3.000 April 1, 2025 500 500 5.950 November 7, 2025 500 500 4.000 December 15, 2026 500 500 4.900 March 27, 2028 750 ‐ 4.200 April 1, 2029 750 750 2.950 May 13, 2030 500 500 4.125 March 15, 2035 450 450 7.125 May 23, 2036 212 212 5.875 December 1, 2036 500 500 5.625 December 1, 2040 500 500 6.125 January 15, 2041 401 401 4.900 June 1, 2043 500 500 5.250 January 15, 2045 489 489 5.000 April 1, 2049 750 750 3.950 May 13, 2050 500 500 5.800 March 27, 2053 750 ‐ Debentures 1 7.800 February 1, 2027 120 120 Other credit facilities 2 Various Various 42 165 Other long-term debt n/a Various ‐ 7 9,214 8,344 Add net unamortized fair value adjustments 294 310 Less net unamortized debt issue costs (83) (72) 9,425 8,582 Less current maturities (512) (542) 8,913 8,040 1 Each series of senior 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. 2 Other credit facilities are unsecured and consist of South America facilities with debt of $ 40 (2022 – $ 162 ) and an interest rate of 2.3 percent and other facilities with debt of $ 2 (2022 – $ 3 ) and an interest rate of 4.0 percent. We are subject to certain customary covenants including limitation on liens, merger and change of control covenants, and customary events of default. As calculated in Note 24, we were in compliance with these covenants as at December 31, 2023. The following is a summary of changes in liabilities arising from financing activities: Short-Term Long-Term Lease Debt Debt Liabilities Total Balance – December 31, 2022 2,142 8,582 1,204 11,928 Cash flows (cash inflows and outflows presented on a net basis) (458) 832 (375) (1) Additions and other adjustments to ROU liabilities ‐ ‐ 492 492 Foreign currency translation and other non-cash changes 131 11 5 147 Balance – December 31, 2023 1,815 9,425 1,326 12,566 Balance – December 31, 2021 1,560 8,066 1,220 10,846 Cash flows (cash inflows and outflows presented on a net basis) 529 475 (341) 663 Additions and other adjustments to ROU liabilities ‐ ‐ 334 334 Foreign currency translation and other non-cash changes 53 41 (9) 85 Balance – December 31, 2022 2,142 8,582 1,204 11,928 |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Lease Liabilities | Note 19 | Lease liabilities Average Rate of Interest (%) 2023 2022 Lease liabilities – non-current 4.3 999 899 Current portion of lease liabilities 4.5 327 305 Total 1,326 1,204 |
Payables and Accrued Charges
Payables and Accrued Charges | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Payables and Accrued Charges | Note 20 | Payables and accrued charges 2023 2022 Trade and other payables 1 5,477 5,797 Customer prepayments 2,084 2,298 Dividends 262 244 Accrued compensation 597 681 Current portion of asset retirement obligations and accrued environmental costs (Note 22) 165 234 Accrued interest 117 102 Current portion of share-based compensation (Note 5) 32 142 Current portion of derivatives 16 35 Income taxes (Note 8) 14 899 Provincial mining taxes 1 114 Other taxes 62 59 Current portion of pension and other post-retirement benefits (Note 21) 15 15 Other accrued charges and others 625 671 9,467 11,291 1 Includes amounts owing to Canpotex (Note 28) of $ 64 (2022 – $ 203 ). |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Pension and Other Post-Retirement Benefits | Note 21 | 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, dental and life insurance, referred to as other post-retirement plans. Substantially all our employees participate in at least one of these plans. Description of Defined Benefit Pension Plans 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 the Pension Committee in each country, which is composed of our employees. The Pension 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 currency hedging strategies. Plan assets held in trusts are governed by local regulations and practices 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. In addition, certain Medicare eligible retired employees in the US receive an annual contribution to a Healthcare Reimbursement Account, which can be used to purchase health benefits through a private exchange. This annual contribution can be used for premiums or to pay deductibles and/or co-insurance. Finally, 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. 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 diversified mix of return seeking and liability hedging (i.e., fixed income) investments; and a risk tolerance established through careful consideration of plan liabilities, plan funded status and corporate financial condition. 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 2023 2022 Plan Plan Obligation Assets Net Obligation Assets Net Balance – beginning of year (1,507) 1,330 (177) (1,996) 1,731 (265) Components of defined benefit expense recognized in earnings Current service cost for benefits earned during the year (16) ‐ (16) (27) ‐ (27) Interest (expense) income (70) 65 (5) (60) 52 (8) Past service cost, including curtailment gains and settlements 1 76 ‐ 76 24 (39) (15) Foreign exchange rate changes and other (8) 4 (4) 28 (21) 7 Subtotal of components of defined benefit (recovery) expense recognized in earnings (18) 69 51 (35) (8) (43) Remeasurements of the net defined benefit liability recognized in OCI during the year Actuarial gain arising from: Changes in financial assumptions 7 ‐ 7 423 ‐ 423 Changes in demographic assumptions ‐ ‐ ‐ 21 ‐ 21 (Loss) gain on plan assets (excluding amounts included in net interest) ‐ (30) (30) ‐ (337) (337) Subtotal of remeasurements 7 (30) (23) 444 (337) 107 Cash flows Contributions by plan participants (4) 4 ‐ (6) 6 ‐ Employer contributions ‐ 20 20 ‐ 24 24 Benefits paid 83 (83) ‐ 86 (86) ‐ Subtotal of cash flows 79 (59) 20 80 (56) 24 Balance – end of year 2 (1,439) 1,310 (129) (1,507) 1,330 (177) Balance is composed of: Non-current assets Other assets (Note 16) 138 157 Current liabilities Payables and accrued charges (Note 20) (15) (15) Non-current liabilities Pension and other post-retirement benefit liabilities (252) (319) 1 In 2023, there were design plan changes that resulted in a gain of $ 80 to other post-retirement pension plans. 2 Obligations arising from funded and unfunded pension plans are $ 1,266 and $ 173 (2022 – $ 1,255 and $ 252 ), respectively. 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: 2023 2022 Quoted Prices Quoted Prices in Active in Active Markets for Markets for Identical Assets Other 1 Total Identical Assets Other 1 Total Cash and cash equivalents 30 5 35 93 4 97 Equity securities and equity funds US 9 115 124 8 107 115 International ‐ 9 9 ‐ 14 14 Debt securities 2 ‐ 909 909 ‐ 841 841 Other ‐ 233 233 ‐ 263 263 Total pension plan assets 39 1,271 1,310 101 1,229 1,330 1 Approximately 96 percent (2022 – 100 percent) of the Other plan assets are held in funds whose fair values are estimated using their net asset value per share. For the majority of these funds, the redemption frequency is immediate. The Pension Committee manages the asset allocation based upon our current liquidity and income needs. 2 Debt securities included US securities of 76 percent (2022 – 77 percent), International securities of 20 percent (2022 – 22 percent) and Mortgage-backed securities of 4 percent (2022 – 1 percent). We use letters of credit or surety bonds to secure certain Canadian unfunded defined benefit plan liabilities as at December 31, 2023. We expect to contribute approximately $ 140 to all pension and post-retirement plans in 2024. Total contributions recognized as expense under all defined contribution plans for 2023 was $ 139 (2022 – $ 128 ). We used the following significant assumptions to determine the benefit obligations and expense for our significant plans as at and for the year ended December 31. These assumptions are determined by management and are reviewed annually by our independent actuaries. Pension Other 2023 2022 2023 2022 Assumptions used to determine the benefit obligations 1 : Discount rate (%) 5.03 5.01 4.81 4.86 Rate of increase in compensation levels (%) 4.28 4.29 n/a n/a Medical cost trend rate – assumed (%) 2 n/a n/a 4.50 – 6.75 4.50 – 7.00 Medical cost trend rate – year reaches ultimate trend rate n/a n/a 2033 2033 Mortality assumptions (years) 3 Life expectancy at 65 for a male member currently at age 65 20.7 20.6 21.0 20.5 Life expectancy at 65 for a female member currently at age 65 22.9 22.9 23.6 23.2 Average duration of the defined benefit obligations (years) 4 12.3 12.7 10.6 12.8 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 6.75 percent in 2023, moving to 4.50 percent by 2033 (2022 – starting at 7.00 percent, moving to 4.50 percent by 2033). The annual health care reimbursement amount is assumed to increase by 2.00 percent each year. 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. 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: Change in Assumption 2023 2022 Benefit obligation as reported 1,439 1,507 Discount rate 1.0 percentage point decrease 190 210 1.0 percentage point increase (150) (170) |
Asset Retirement Obligations an
Asset Retirement Obligations and Accrued Environmental Costs | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Asset Retirement Obligations and Accrued Environmental Costs | Note 22 | Asset retirement obligations and accrued environmental costs Cash Flow Discounted Discount Rate December 31, 2023 Payments (years) 1 Cash Flows 2,3 +0.5% -0.5% Asset retirement obligations (70) 90 Retail 1 – 30 16 Potash 28 – 484 117 Phosphate 1 – 77 479 Corporate and others 4,5 1 – 69 647 Accrued environmental costs (5) 5 Retail 1 – 30 69 Corporate and others 1 – 15 326 Total 1,654 1 Time frame in which payments are expected to principally occur from December 31, 2023. Adjustments to the years can result from changes to the mine life and/or changes in the rate of tailings volumes. 2 Risk-free discount rates used to discount cash flows reflect current market assessments of the time value of money and the risks specific to the timing and jurisdiction of the obligation. Risk-free discount rates range from 3.1 percent to 5.5 percent. 3 Total undiscounted cash flows are $ 5.0 billion. For the Potash segment, this 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 124 to 456 years. 4 For nitrogen sites, there are no significant asset retirement obligations recorded as 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 16 years. Asset Accrued Retirement Environmental Obligations Costs Total Balance – December 31, 2022 1,187 450 1,637 Disposals ‐ (2) (2) Change in estimate (Note 6) 129 15 144 Settlements (94) (68) (162) Accretion 32 1 33 Foreign currency translation and other 5 (1) 4 Balance – December 31, 2023 1,259 395 1,654 Balance – December 31, 2023 is composed of: Current liabilities Payables and accrued charges (Note 20) 135 30 165 Non-current liabilities Asset retirement obligations and accrued environmental costs 1,124 365 1,489 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, and 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. As at December 31, 2023, we had $ 492 in surety bonds and letters of credit outstanding relating to these financial assurance obligations. The recorded provisions may not necessarily reflect our obligations under these financial assurances. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Share Capital | Note 23 | 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. Share Repurchase Programs Maximum Maximum Number of Commencement Shares for Shares for Shares Date Expiry Repurchase Repurchase (%) Repurchased 2021 Normal Course Issuer Bid March 1, 2021 February 28, 2022 28,468,448 5 22,186,395 2022 Normal Course Issuer Bid 1 March 1, 2022 February 7, 2023 55,111,110 10 55,111,110 2023 Normal Course Issuer Bid March 1, 2023 February 29, 2024 24,962,194 5 5,375,397 2024 Normal Course Issuer Bid 2 March 1, 2024 February 28, 2025 24,728,159 5 ‐ 1 The original expiry date was February 28, 2023, but we acquired the maximum aggregate number of common shares allowable on February 7, 2023. 2 On February 21, 2024, our Board of Directors approved a share repurchase program. The 2024 normal course issuer bid, which is subject to acceptance by the Toronto Stock Exchange, will expire earlier than the date above if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases. Purchases under the normal course issuer bids were, or may be, made through open market purchases at market prices as well as by other means permitted by applicable securities regulatory authorities, including private agreements. Summary of share repurchases 2023 2022 Number of common shares repurchased for cancellation 13,378,189 53,312,559 Average price per share (US dollars) 74.73 84.34 Total cost 1,000 4,496 Dividends Declared During 2023, we declared dividends of $ 2.12 (2022 - $ 1.92 ). On February 21, 2024, our Board of Directors declared and increased our quarterly dividend to $ 0.54 per share payable on April 11, 2024, to shareholders of record on March 28, 2024. The total estimated dividend to be paid is $ 265 . |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Capital Management | Note 24 | Capital management Our capital allocation policy prioritizes safe and reliable operations, a healthy balance sheet, a sustainable dividend to shareholders, and a strategy to allocate remaining cash flow that maximizes shareholder value. We include total debt, adjusted total debt, adjusted net debt and shareholders’ equity as components of our capital structure. 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 have access to the capital markets through our base shelf prospectus. 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 senior notes and debentures. We monitor the following measures to evaluate our ability to service debt, make strategic investments and ensure we are in compliance with our debt covenants: 2023 2022 Adjusted net debt to adjusted EBITDA 1.9 0.9 Adjusted EBITDA to adjusted finance costs 7.3 21.6 Debt to capital (calculated as adjusted total debt to adjusted capital) (Limit: 0.65 : 1.00) 0.33 : 1.00 0.32 : 1.00 Adjusted EBITDA is calculated in Note 3, while the calculations of the remaining components included in the above ratios are set out in the following tables: 2023 2022 Short-term debt 1,815 2,142 Current portion of long-term debt 512 542 Current portion of lease liabilities 327 305 Long-term debt 8,913 8,040 Lease liabilities 999 899 Total debt 12,566 11,928 Letters of credit – financial 94 97 Adjusted total debt 12,660 12,025 2023 2022 Total debt 12,566 11,928 Cash and cash equivalents (941) (901) Net unamortized fair value adjustments (294) (310) Adjusted net debt 11,331 10,717 2023 2022 Total shareholders' equity 25,201 25,863 Adjusted total debt 12,660 12,025 Adjusted capital 37,861 37,888 2023 2022 Finance costs 793 563 Unwinding of discount on asset retirement obligations (33) (29) Borrowing costs capitalized to property, plant and equipment 71 37 Interest on net defined benefit pension and other post-retirement plan obligations (5) (8) Adjusted finance costs 826 563 In 2022, we filed a base shelf prospectus in Canada and the US qualifying the issuance of up to $ 5 billion of common shares, debt securities and other securities during a period of 25 months from March 11, 2022. In 2023 and 2022, we issued senior notes of $ 1.5 billion and $ 1 billion, respectively, pursuant to the base shelf prospectus and the applicable prospectus supplement. Refer to Note 18 for details. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Business Combinations | Note 25 | Business combinations Casa do Adubo S.A. (“Casa do Adubo”) Other Acquisitions Acquisition date October 1, 2022 Various Purchase price, net of cash and cash equivalents acquired, and amounts held in escrow $ 268 On the acquisition date, we acquired 100 % of the issued and outstanding Casa do Adubo stock. $ 153 (preliminary) (2022 – $ 176 ) Goodwill and expected benefits of acquisitions $ 184 – Goodwill was fully impaired as part of the impairment recorded to the Retail – South America group of CGUs (Note 14). $ 126 (preliminary) (2022 – $ 55 ) 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 Description An agriculture retailer in Brazil with 39 retail locations and 10 distribution centers. This acquisition is aligned with our disciplined approach to capital allocation and sustainability commitments, as we continue to expand our presence in Brazil. 2023 – 23 Retail locations related to various agricultural services (2022 – 43 Retail locations related to various agricultural services and one wholesale warehouse location) We allocated the following values to the acquired assets and assumed liabilities based upon fair values at their respective acquisition date: 2023 2022 Other Acquisitions 1 Casa do Adubo Final Fair Value Other Acquisitions 1 Current assets 17 275 2 116 Goodwill 126 184 55 Other non-current assets (2) 133 131 Total assets 141 592 302 Current liabilities 20 160 74 Other non-current liabilities 2 116 42 Total liabilities 22 276 116 Non-controlling interest (8) ‐ ‐ Total consideration 127 316 186 Amounts held in escrow 26 (48) (10) Total consideration, net of cash and cash equivalents acquired, and amounts held in escrow 153 268 176 1 Includes preliminary values for current year acquisitions and finalization of measurement period adjustments for prior year acquisitions. 2 Includes receivables from customers with gross contractual amounts of $ 169 . We have completed our assessment of identifying and measuring all the assets acquired and liabilities assumed relating to our Casa do Adubo acquisition. This assessment included a thorough review of all internal and external sources of information available on circumstances that existed at the acquisition date, engagement of independent valuation experts, and final agreement of the purchase price with no material changes from the preliminary fair value as disclosed in the 2022 annual consolidated financial statements. For certain other acquisitions, we finalized the purchase price with no material change to the fair values disclosed in prior periods. Refer to Note 30 for details of our valuation technique and judgments applied. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Commitments | Note 26 | Commitments Principal Portion and Estimated Interest Lease Long-Term Purchase Capital Other December 31, 2023 Liabilities Debt Commitments Commitments Commitments Total Within 1 year 368 966 938 153 188 2,613 1 to 3 years 484 2,324 249 19 221 3,297 3 to 5 years 222 1,556 57 ‐ 149 1,984 Over 5 years 451 10,493 106 ‐ 157 11,207 Total 1,525 15,339 1,350 172 715 19,101 Purchase Commitments In 2023, we renewed our natural gas purchase agreement in Trinidad. The agreement is a minimum take or pay arrangement providing for approximately 75 percent of the expected requirements of the Trinidad ammonia complex and provides for prices that vary primarily with benchmark ammonia prices and annual escalating floor prices. The commitments included in the foregoing table are based on floor prices and minimum purchase quantities. Profertil has various natural gas contracts denominated in US dollars that expire in 2024 and 2028 and account for virtually all of Profertil’s natural gas requirements. YPF S.A., our joint venture partner in Profertil, supplies approximately 70 percent of the natural gas under these contracts. In 2023, we entered into natural gas pipeline transportation agreements at our Geismar plant, the latest of which expires in 2033 and accounts for approximately 90 percent of the expected natural gas requirements in Geismar. The Carseland facility has a power cogeneration 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. Other Commitments Other commitments consist principally of pipeline capacity, technology service contracts, managed services contracts, throughput and various rail contracts, the latest of which expires in 2036, and mineral lease commitments, the latest of which expires in 2033. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Guarantees | Note 27 | Guarantees 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 we could be required to pay to counterparties; and have not historically resulted in any significant payments by Nutrien and, as at December 31, 2023, no amounts have been accrued in the consolidated financial statements (except for accruals relating to certain underlying liabilities). We directly guarantee our share of certain commitments of Canpotex (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, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Related Party Transactions | Note 28 | Related party transactions Sales and Purchases of Goods We sell potash outside Canada and the US exclusively through Canpotex. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed upon prices. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. Sales to Canpotex are shown in Note 3. The receivable outstanding from Canpotex is shown in Note 11 and arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Purchases from Canpotex for the year ended 2023 were $ 92 (2022 – $ 415 ) and the amount payable to Canpotex is shown in Note 20. Key Management Personnel Compensation and Transactions with Post-Employment Benefit Plans 2023 2022 Salaries and other short-term benefits 10 13 Share-based compensation (7) 18 Post-employment benefits 2 3 Termination benefits 2 10 7 44 Disclosures related to our post-employment benefit plans are shown in Note 21. |
Contingencies and Other Matters
Contingencies and Other Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Contingencies and Other Matters | Note 29 | Contingencies and other matters 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, 2023, we are not aware of any 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. Through December 31, 2023, we are not aware of any material losses or other liabilities that we have not accrued for. Environmental Remediation, 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 22. We have established provisions for environmental site assessment and/or remediation matters to the extent that we consider expenses associated with those matters 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 Nutrien (Canada) Holdings ULC, and the Nutrien phosphoric acid facilities in Aurora, North Carolina; Geismar, Louisiana; and White Springs, Florida. Nutrien facilities received US EPA notices of violation (“NOVs”) for alleged violations of the RCRA and various other environmental laws. Notwithstanding the sale of the Conda Phosphate operations in January 2018, Nu-West remains responsible for certain environmental liabilities attributable to its historic activities and for resolution of the NOVs. 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, with one such settlement being reached for the Geismar facility. The Geismar consent decree was entered on October 19, 2022, and resolved the allegations associated with the historic phosphoric acid operations at that facility. Due to the nature of the allegations at the other facilities, we are uncertain as to how the matters will be resolved. Based on settlements with other members of the phosphate industry and the Geismar consent decree, 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 the RCRA section 3013 site investigations. 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”) towards 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, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Accounting Policies, Estimates and Judgments | Note 30 | Accounting policies, estimates and judgments The following discusses the significant accounting policies, estimates, judgments and assumptions that we have adopted and applied 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. Basis of Consolidation Principal (Wholly Owned) Operating Subsidiaries Location Principal Activity Potash Corporation of Saskatchewan Inc. Canada Mining and/or processing of crop nutrients and corporate functions Nutrien (Canada) Holdings ULC Canada Manufacturer and distributor of crop nutrients and corporate functions Agrium Canada Partnership Canada Manufacturer and distributor of crop nutrients Agrium Potash Ltd. Canada Nutrien US LLC US Cominco Fertilizer Partnership US Loveland Products Inc. US Nutrien Ag Solutions (Canada) Inc. Canada Crop input retailer Nutrien Ag Solutions, Inc. US Nutrien Ag Solutions Limited Australia PCS Nitrogen Fertilizer, L.P. US Producer of nitrogen products PCS Nitrogen Trinidad Limited Trinidad PCS Phosphate Company, Inc. US Mining and/or processing of phosphate products PCS Sales (USA), Inc. US Marketing and sales of the Company’s products Nutrien Financial US LLC US Provide financing to customers Climate Change Our Feeding the Future Plan includes sustainability-related commitments to help address our key climate-related risks related to climate change and to reduce our carbon footprint. Nutrien continues to execute our sustainability strategy and deliver on our action plan and monitor the development of sustainability frameworks and regulatory initiatives. We recognize that these developments could further impact our accounting estimates and judgments including, but not limited to, assessment of our asset useful lives, impairment of other long-lived assets, and asset retirement obligations and accrued environmental costs. We have monitored and will continue to monitor these developments as they affect our consolidated financial statements. Revenue Transfer of Control for Sale of Goods Transfer of Control for Sale of Services At the point in time when the product is purchased at our Retail farm center, delivered and accepted by customers at their premises, or loaded for shipping. Over time as the promised service is rendered. Judgment is used to determine whether we are acting as principal or agent by evaluating who has the primary responsibility for fulfilling the promised good; bears the inventory risk including if the vendor has the right to have its product returned on demand; and has discretion for establishing the price. For transactions in which we act as an agent rather than the principal, revenue is recognized net of any commissions earned. The related commissions are recognized as the sales occur or as unconditional contracts are signed. We recognize revenue on sales to Canpotex (as described in Note 28) 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. Sales revenue is recognized using a provisional price at the time control is transferred to Canpotex, with the final pricing determined upon Canpotex’s final sale to a third party (generally between one and three months from date of sale to Canpotex). Our sales revenue relating to our Potash, Nitrogen and Phosphate segments is generally 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, adjusted for any variable consideration (e.g., any trade discounts or estimated volume rebates). Our customer contracts may provide certain product quality specification guarantees but do not generally provide for refunds or returns. Due to the nature of goods and services sold, any single estimate would have only a negligible impact on revenue. 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 generally less than 12 months, we apply the practical expedient as provided in IFRS 15, “Revenue from Contracts with Customers,” and do not adjust the promised amount of consideration for the effects of financing. Intersegment sales are made under terms that approximate market value. Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year. Share-Based Compensation Estimation involves determining stock option-pricing model assumptions as described in the weighted average assumptions table in Note 5; 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 our return on invested capital compared to Nutrien’s weighted average cost of capital, and 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 number of dividend equivalent units expected to be earned. Income Taxes Taxation on earnings (loss) is composed of current and deferred income tax. Taxation is recognized in the statements of earnings unless it relates to items recognized either in OCI or directly in shareholders’ equity. Current Income Tax Deferred Income Tax is 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. is 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. The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively. 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. 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. Deferred tax assets are recognized to the extent it is probable 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; and 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. As provided in the amendments to International Accounting Standards (“IAS”) 12, we apply the mandatory exception to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The mandatory exception has been applied retrospectively, with no material impact on our consolidated financial statements. Financial Instruments Financial instruments are classified and measured as follows based on the objective of the business model for managing the instrument or group of instruments and the contractual terms of the cash flows. Fair Value Classification FVTPL FVTOCI Amortized Cost Instrument type Cash and cash equivalents, derivatives, and certain equity investments not held for trading Certain equity investments not held for trading for which an irrevocable election was made at initial recognition Receivables, short-term debt, payables and accrued charges, long-term debt, lease liabilities, and other long-term debt instruments Financial instruments are recognized at trade date when we commit to purchase or sell the asset. Derivatives are used to lock in 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 or property, plant and equipment; 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 assess whether our derivative 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. Hedging Transaction Measurement of Ineffectiveness Potential Sources of Ineffectiveness Foreign exchange Comparison of the cumulative changes in fair value and the cumulative change in the fair value of a hypothetical derivative with terms based on the hedged forecast cash flows Changes in timing or amounts of forecasted cash flows embedded optionality our credit risk or the credit risk of a counterparty 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. Fair Value Measurements 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. Fair value measurements are categorized into different levels within a fair value hierarchy based on the degree to which the lowest level inputs are observable and their significance: Level 1 Level 2 Level 3 Unadjusted quoted prices (in active markets accessible at the measurement date for identical assets or liabilities) 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) 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. Inventories Costs are allocated to inventory using the weighted average cost method. 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 Inventories are valued monthly. Various factors impact our estimates of net realizable value, including inventory levels, forecasted prices of key production inputs, global nutrient capacities, crop price trends, and changes in regulations and standards employed. 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. 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. Property, Plant and Equipment Owned Right-of-Use (Leased) Description majority of our tangible assets are buildings, machinery and equipment used to produce or distribute our products and render our services primarily include railcars, marine vessels, real estate and mobile equipment Owned Right-of-Use (Leased) Measurement cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses cost of major inspections and overhauls is capitalized maintenance and repair expenditures that do not improve or extend productive life are expensed in the period incurred cost less accumulated depreciation and any accumulated impairment losses lease payments are allocated between finance costs and a reduction of the liability Depreciation method certain property, plant and equipment directly related to our Potash, Nitrogen and Phosphate segments uses units-of-production based on the shorter of estimates of reserves or service lives pre-stripping costs uses units-of-production over the ore mined from the mineable acreage stripped remaining assets uses straight-line straight-line over the shorter of the asset's useful life and the lease term Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually. Judgment/practical expedients Judgment is required in 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, which may be impacted by changes in our strategy, process or operations as a result of climate-change initiatives. 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. 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 and the availability of suitable alternatives, the significance of the asset to operations, and our business strategy. 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. 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. We have chosen to include the use of a single discount rate for a portfolio of leases with reasonably similar characteristics, not separate non-lease components and instead to account for lease and non-lease components as a single arrangement, and use exemptions for short-term and low-value leases which allow payments to be expensed as incurred. Other Not applicable. Lease agreements do not contain significant covenants; however, leased assets may be used as security for lease liabilities and other borrowings. Goodwill and Intangible Assets Goodwill is carried at cost less any accumulated impairment losses, 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. Goodwill is allocated to a CGU or group 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 the CGU or group of CGUs expected to benefit from the business combination in which the goodwill arose. Intangible assets are generally measured at cost less accumulated amortization and any accumulated impairment losses. Accumulated amortization is calculated on a straight-line basis over the asset’s useful life. We use judgment to determine which expenditures are eligible for capitalization as intangible assets. Costs incurred internally from researching and developing a product are expensed as incurred until technological feasibility is established, at which time the costs are capitalized until the product is available for its intended use. Judgment is required in determining when technological feasibility of a product is established. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. At least annually, the useful lives are reviewed and adjusted if appropriate. Impairment of Long-Lived Assets 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 to be held and used (including property, plant and equipment, and investments), and our goodwill and intangible assets. When such indicators exist, impairment testing is performed. Additionally, goodwill is tested at least annually on October 1. We review, at each reporting period, for possible reversal of the impairment for non-financial assets, other than goodwill. Estimates and judgment involve identifying the appropriate asset, group of assets, CGU or group of CGUs; determining the appropriate discount rate for assessing the recoverable amount; making assumptions about future sales, market conditions, terminal growth rates and cash flow forecasts over the long-term life of the assets or CGUs; and evaluating impacts of climate change to our strategy, processes and operations. We cannot predict if an event that triggers impairment or a reversal of 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. Equity-Accounted Investments For equity-accounted investments reduced to zero, we do not eliminate our share of the unrealized earnings. If the investee earns a profit in the subsequent period, we then recognize our share of the earnings only after adjusting for the unrealized earnings that were not previously eliminated. Pension and Other Post-Retirement Benefits When a plan amendment occurs before a settlement, we recognize past service cost before any gain or loss on settlement. 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. Net actuarial gains or loss incurred during the period for defined benefit plans are closed out to retained earnings at each period-end. Asset Retirement Obligations and Accrued Environmental Costs 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 clean-up activities aimed at returning the areas to an environmentally acceptable condition; and post-closure care and maintenance. We consider the following factors as we estimate our provisions: environmental laws and regulations and interpretations by regulatory authorities, including updates on climate change, could change or circumstances affecting our operations could change, either of which could result in significant changes to current plans; the nature, extent and timing of current and proposed reclamation and closure techniques in view of present environmental laws and regulations; appropriate technical resources, including outside consultants, assist us in developing specific site closure and post-closure plans in accordance with the jurisdiction requirements; and timing of settlement of the obligations, which is typically correlated with mine life estimates except for certain land reclamation programs. 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 review our estimates for any changes in assumptions at the end of each reporting period. We recognized contingent liabilities related to our business combinations or acquisitions, 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 amount that would be recognized if the liability becomes probable. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. When we repurchase our own common shares, share capital is reduced by the average carrying value of the shares repurchased. The excess of the purchase price over the average carrying value is recognized as a deduction from retained earnings. If the average carrying value of the shares repurchased is less than the average carrying value of the shares in share capital, the excess is recognized as an addition to share capital. Shares are cancelled upon repurchase. Business Combinations Purchase price allocation involves judgment in identifying assets acquired and liabilities assumed, and estimation of their fair values. Key assumptions include discount rates and revenue growth rates specific to the acquired assets or liabilities assumed. We perform a thorough review of all internal and external sources of information available based on circumstances that exist at the acquisition date. We also engage 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. To determine fair values, we generally use the following valuation techniques: Account Valuation Technique and Judgments Applied Property, plant and equipment 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. Intangible assets 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 consider 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. Other provisions and contingent liabilities 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. 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. Foreign exchange hedge gains or losses that we designated a cash flow hedge are included in the consideration. The gain or loss from the cash flow hedge is deferred in OCI and subsequently recorded as an adjustment to goodwill when the business combination occurs. Transaction costs are recorded in integration and restructuring related costs in other (income) expenses. Standards, Amendments and Interpretations Effective and Applied The IASB and IFRS Interpretations Committee (“IFRIC”) has issued certain standards and amendments or interpretations to existing standards that were effective, and we have applied. In 2023, we adopted the following standards, amendments and annual improvements with no material impact on our consolidated financial statements: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (IFRS 1, IAS 12) Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) Definition of Accounting Estimates (Amendments to IAS 8) IFRS 17 Insurance Contracts, including amendments International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) – Under Pillar Two legislation, we are liable to pay a top-up tax for differences between our Global Anti-Base Erosion (“GLoBE”) effective rate and the 15 percent minimum rate. For jurisdictions where we operate that have substantially enacted the Pillar Two legislation, we have determined no material impact. We also operate in jurisdictions where Pillar Two legislation may be enacted in the future. For these jurisdictions, we have preliminarily assessed our exposure to the Pillar Two legislation if it were to come into effect and based on this assessment we believe there is no material impact. 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, 2023. The following amendments will be adopted in 2024 and are not expected to have a material impact on our consolidated financial statements: Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) Classification of liabilities as current or non-current (Amendments to IAS 1) Non-current liabilities with Covenants (Amendments to IAS 1 and IFRS Practice Statement 2) The following amendments are being reviewed to determine the potential impact on our consolidated financial statements: Lack of Exchangeability (Amendments to IAS 21), effective January 1, 2025 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Business Combinations | Business Combinations Purchase price allocation involves judgment in identifying assets acquired and liabilities assumed, and estimation of their fair values. Key assumptions include discount rates and revenue growth rates specific to the acquired assets or liabilities assumed. We perform a thorough review of all internal and external sources of information available based on circumstances that exist at the acquisition date. We also engage 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. To determine fair values, we generally use the following valuation techniques: Account Valuation Technique and Judgments Applied Property, plant and equipment 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. Intangible assets 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 consider 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. Other provisions and contingent liabilities 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. 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. Foreign exchange hedge gains or losses that we designated a cash flow hedge are included in the consideration. The gain or loss from the cash flow hedge is deferred in OCI and subsequently recorded as an adjustment to goodwill when the business combination occurs. Transaction costs are recorded in integration and restructuring related costs in other (income) expenses. |
Revenue | Revenue Transfer of Control for Sale of Goods Transfer of Control for Sale of Services At the point in time when the product is purchased at our Retail farm center, delivered and accepted by customers at their premises, or loaded for shipping. Over time as the promised service is rendered. Judgment is used to determine whether we are acting as principal or agent by evaluating who has the primary responsibility for fulfilling the promised good; bears the inventory risk including if the vendor has the right to have its product returned on demand; and has discretion for establishing the price. For transactions in which we act as an agent rather than the principal, revenue is recognized net of any commissions earned. The related commissions are recognized as the sales occur or as unconditional contracts are signed. We recognize revenue on sales to Canpotex (as described in Note 28) 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. Sales revenue is recognized using a provisional price at the time control is transferred to Canpotex, with the final pricing determined upon Canpotex’s final sale to a third party (generally between one and three months from date of sale to Canpotex). Our sales revenue relating to our Potash, Nitrogen and Phosphate segments is generally 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, adjusted for any variable consideration (e.g., any trade discounts or estimated volume rebates). Our customer contracts may provide certain product quality specification guarantees but do not generally provide for refunds or returns. Due to the nature of goods and services sold, any single estimate would have only a negligible impact on revenue. 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 generally less than 12 months, we apply the practical expedient as provided in IFRS 15, “Revenue from Contracts with Customers,” and do not adjust the promised amount of consideration for the effects of financing. Intersegment sales are made under terms that approximate market value. Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year. |
Income Taxes | Income Taxes Taxation on earnings (loss) is composed of current and deferred income tax. Taxation is recognized in the statements of earnings unless it relates to items recognized either in OCI or directly in shareholders’ equity. Current Income Tax Deferred Income Tax is 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. is 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. The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively. 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. 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. Deferred tax assets are recognized to the extent it is probable 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; and 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. As provided in the amendments to International Accounting Standards (“IAS”) 12, we apply the mandatory exception to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The mandatory exception has been applied retrospectively, with no material impact on our consolidated financial statements. |
Financial Instruments and Related Risk Management | Financial Instruments Financial instruments are classified and measured as follows based on the objective of the business model for managing the instrument or group of instruments and the contractual terms of the cash flows. Fair Value Classification FVTPL FVTOCI Amortized Cost Instrument type Cash and cash equivalents, derivatives, and certain equity investments not held for trading Certain equity investments not held for trading for which an irrevocable election was made at initial recognition Receivables, short-term debt, payables and accrued charges, long-term debt, lease liabilities, and other long-term debt instruments Financial instruments are recognized at trade date when we commit to purchase or sell the asset. Derivatives are used to lock in 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 or property, plant and equipment; 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 assess whether our derivative 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. Hedging Transaction Measurement of Ineffectiveness Potential Sources of Ineffectiveness Foreign exchange Comparison of the cumulative changes in fair value and the cumulative change in the fair value of a hypothetical derivative with terms based on the hedged forecast cash flows Changes in timing or amounts of forecasted cash flows embedded optionality our credit risk or the credit risk of a counterparty 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. |
Inventories | Inventories Costs are allocated to inventory using the weighted average cost method. 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 Inventories are valued monthly. Various factors impact our estimates of net realizable value, including inventory levels, forecasted prices of key production inputs, global nutrient capacities, crop price trends, and changes in regulations and standards employed. 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. 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. |
Property, Plant and Equipment | Property, Plant and Equipment Owned Right-of-Use (Leased) Description majority of our tangible assets are buildings, machinery and equipment used to produce or distribute our products and render our services primarily include railcars, marine vessels, real estate and mobile equipment Owned Right-of-Use (Leased) Measurement cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses cost of major inspections and overhauls is capitalized maintenance and repair expenditures that do not improve or extend productive life are expensed in the period incurred cost less accumulated depreciation and any accumulated impairment losses lease payments are allocated between finance costs and a reduction of the liability Depreciation method certain property, plant and equipment directly related to our Potash, Nitrogen and Phosphate segments uses units-of-production based on the shorter of estimates of reserves or service lives pre-stripping costs uses units-of-production over the ore mined from the mineable acreage stripped remaining assets uses straight-line straight-line over the shorter of the asset's useful life and the lease term Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually. Judgment/practical expedients Judgment is required in 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, which may be impacted by changes in our strategy, process or operations as a result of climate-change initiatives. 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. 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 and the availability of suitable alternatives, the significance of the asset to operations, and our business strategy. 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. 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. We have chosen to include the use of a single discount rate for a portfolio of leases with reasonably similar characteristics, not separate non-lease components and instead to account for lease and non-lease components as a single arrangement, and use exemptions for short-term and low-value leases which allow payments to be expensed as incurred. Other Not applicable. Lease agreements do not contain significant covenants; however, leased assets may be used as security for lease liabilities and other borrowings. |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets Goodwill is carried at cost less any accumulated impairment losses, 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. Goodwill is allocated to a CGU or group 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 the CGU or group of CGUs expected to benefit from the business combination in which the goodwill arose. Intangible assets are generally measured at cost less accumulated amortization and any accumulated impairment losses. Accumulated amortization is calculated on a straight-line basis over the asset’s useful life. We use judgment to determine which expenditures are eligible for capitalization as intangible assets. Costs incurred internally from researching and developing a product are expensed as incurred until technological feasibility is established, at which time the costs are capitalized until the product is available for its intended use. Judgment is required in determining when technological feasibility of a product is established. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. At least annually, the useful lives are reviewed and adjusted if appropriate. |
Asset Retirement Obligations and Accrued Environmental Costs | Asset Retirement Obligations and Accrued Environmental Costs 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 clean-up activities aimed at returning the areas to an environmentally acceptable condition; and post-closure care and maintenance. We consider the following factors as we estimate our provisions: environmental laws and regulations and interpretations by regulatory authorities, including updates on climate change, could change or circumstances affecting our operations could change, either of which could result in significant changes to current plans; the nature, extent and timing of current and proposed reclamation and closure techniques in view of present environmental laws and regulations; appropriate technical resources, including outside consultants, assist us in developing specific site closure and post-closure plans in accordance with the jurisdiction requirements; and timing of settlement of the obligations, which is typically correlated with mine life estimates except for certain land reclamation programs. 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 review our estimates for any changes in assumptions at the end of each reporting period. We recognized contingent liabilities related to our business combinations or acquisitions, 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 amount that would be recognized if the liability becomes probable. |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits When a plan amendment occurs before a settlement, we recognize past service cost before any gain or loss on settlement. 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. Net actuarial gains or loss incurred during the period for defined benefit plans are closed out to retained earnings at each period-end. |
Share-Based Compensation | Share-Based Compensation Estimation involves determining stock option-pricing model assumptions as described in the weighted average assumptions table in Note 5; 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 our return on invested capital compared to Nutrien’s weighted average cost of capital, and 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 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 | Basis of Consolidation Principal (Wholly Owned) Operating Subsidiaries Location Principal Activity Potash Corporation of Saskatchewan Inc. Canada Mining and/or processing of crop nutrients and corporate functions Nutrien (Canada) Holdings ULC Canada Manufacturer and distributor of crop nutrients and corporate functions Agrium Canada Partnership Canada Manufacturer and distributor of crop nutrients Agrium Potash Ltd. Canada Nutrien US LLC US Cominco Fertilizer Partnership US Loveland Products Inc. US Nutrien Ag Solutions (Canada) Inc. Canada Crop input retailer Nutrien Ag Solutions, Inc. US Nutrien Ag Solutions Limited Australia PCS Nitrogen Fertilizer, L.P. US Producer of nitrogen products PCS Nitrogen Trinidad Limited Trinidad PCS Phosphate Company, Inc. US Mining and/or processing of phosphate products PCS Sales (USA), Inc. US Marketing and sales of the Company’s products Nutrien Financial US LLC US Provide financing to customers |
Long-Lived Asset Impairment | Impairment of Long-Lived Assets 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 to be held and used (including property, plant and equipment, and investments), and our goodwill and intangible assets. When such indicators exist, impairment testing is performed. Additionally, goodwill is tested at least annually on October 1. We review, at each reporting period, for possible reversal of the impairment for non-financial assets, other than goodwill. Estimates and judgment involve identifying the appropriate asset, group of assets, CGU or group of CGUs; determining the appropriate discount rate for assessing the recoverable amount; making assumptions about future sales, market conditions, terminal growth rates and cash flow forecasts over the long-term life of the assets or CGUs; and evaluating impacts of climate change to our strategy, processes and operations. We cannot predict if an event that triggers impairment or a reversal of 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. |
Fair Value Measurements | Fair Value Measurements 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. Fair value measurements are categorized into different levels within a fair value hierarchy based on the degree to which the lowest level inputs are observable and their significance: Level 1 Level 2 Level 3 Unadjusted quoted prices (in active markets accessible at the measurement date for identical assets or liabilities) 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) 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. |
Standards Amendments and Interpretations Not Effective and Not Applied | 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, 2023. The following amendments will be adopted in 2024 and are not expected to have a material impact on our consolidated financial statements: Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) Classification of liabilities as current or non-current (Amendments to IAS 1) Non-current liabilities with Covenants (Amendments to IAS 1 and IFRS Practice Statement 2) The following amendments are being reviewed to determine the potential impact on our consolidated financial statements: Lack of Exchangeability (Amendments to IAS 21), effective January 1, 2025 |
Standards Amendments and Interpretations Effective and Applied | Standards, Amendments and Interpretations Effective and Applied The IASB and IFRS Interpretations Committee (“IFRIC”) has issued certain standards and amendments or interpretations to existing standards that were effective, and we have applied. In 2023, we adopted the following standards, amendments and annual improvements with no material impact on our consolidated financial statements: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (IFRS 1, IAS 12) Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) Definition of Accounting Estimates (Amendments to IAS 8) IFRS 17 Insurance Contracts, including amendments International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) – Under Pillar Two legislation, we are liable to pay a top-up tax for differences between our Global Anti-Base Erosion (“GLoBE”) effective rate and the 15 percent minimum rate. For jurisdictions where we operate that have substantially enacted the Pillar Two legislation, we have determined no material impact. We also operate in jurisdictions where Pillar Two legislation may be enacted in the future. For these jurisdictions, we have preliminarily assessed our exposure to the Pillar Two legislation if it were to come into effect and based on this assessment we believe there is no material impact. 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, 2023. The following amendments will be adopted in 2024 and are not expected to have a material impact on our consolidated financial statements: Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) Classification of liabilities as current or non-current (Amendments to IAS 1) Non-current liabilities with Covenants (Amendments to IAS 1 and IFRS Practice Statement 2) The following amendments are being reviewed to determine the potential impact on our consolidated financial statements: Lack of Exchangeability (Amendments to IAS 21), effective January 1, 2025 |
Description of accounting policy for Climate Change | Climate Change Our Feeding the Future Plan includes sustainability-related commitments to help address our key climate-related risks related to climate change and to reduce our carbon footprint. Nutrien continues to execute our sustainability strategy and deliver on our action plan and monitor the development of sustainability frameworks and regulatory initiatives. We recognize that these developments could further impact our accounting estimates and judgments including, but not limited to, assessment of our asset useful lives, impairment of other long-lived assets, and asset retirement obligations and accrued environmental costs. We have monitored and will continue to monitor these developments as they affect our consolidated financial statements. |
Share Capital | Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. When we repurchase our own common shares, share capital is reduced by the average carrying value of the shares repurchased. The excess of the purchase price over the average carrying value is recognized as a deduction from retained earnings. If the average carrying value of the shares repurchased is less than the average carrying value of the shares in share capital, the excess is recognized as an addition to share capital. Shares are cancelled upon repurchase. |
Statement That Practical Expedient About Existence of Significant Financing Component Has Been Used | 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 generally less than 12 months, we apply the practical expedient as provided in IFRS 15, “Revenue from Contracts with Customers,” and do not adjust the promised amount of consideration for the effects of financing. |
Inventory Cost Formulas | Costs are allocated to inventory using the weighted average cost method. |
Investment in Associates | Equity-Accounted Investments For equity-accounted investments reduced to zero, we do not eliminate our share of the unrealized earnings. If the investee earns a profit in the subsequent period, we then recognize our share of the earnings only after adjusting for the unrealized earnings that were not previously eliminated. |
Description of Business (Tables
Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Description Of Business | Segment Description Nutrien Ag Solutions (“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 a financing solutions provider in support of Nutrien’s agricultural product and service sales Potash 6 operations in the province of Saskatchewan investment in Canpotex Limited (“Canpotex”), a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer Nitrogen 8 production facilities in North America: 4 in Alberta, 1 in Georgia, 1 in Louisiana, 1 in Ohio and 1 in Texas 1 large-scale operation in Trinidad 5 upgrade facilities in North America: 3 in Alberta, 1 in Missouri and 1 in Washington 50 percent investment in Profertil S.A. (“Profertil”), a nitrogen producer based in Argentina Phosphate 2 mines and processing plants: 1 in Florida and 1 in North Carolina phosphate feed plants in Illinois, Missouri and Nebraska 1 industrial phosphoric acid plant in Ohio Corporate and Others 22 percent investment in Sinofert Holdings Limited (“Sinofert”), a fertilizer supplier and distributor in China corporate offices in the US and Canada and other non-operating sites |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Statement of IFRS Compliance | We prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). 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 the accounting standards adopted effective January 1, 2023, as disclosed in Note 30. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Financial Information on Segments | Corporate 2023 Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 19,542 3,735 3,804 1,975 ‐ ‐ 29,056 – intersegment ‐ 431 931 288 ‐ (1,650) ‐ Sales – total 19,542 4,166 4,735 2,263 ‐ (1,650) 29,056 Freight, transportation and distribution ‐ 407 528 270 ‐ (231) 974 Net sales 19,542 3,759 4,207 1,993 ‐ (1,419) 28,082 Cost of goods sold 15,112 1,396 2,828 1,760 ‐ (1,488) 19,608 Gross margin 4,430 2,363 1,379 233 ‐ 69 8,474 Selling expenses 3,375 12 27 6 ‐ (23) 3,397 General and administrative expenses 217 13 21 11 364 ‐ 626 Provincial mining taxes ‐ 398 ‐ ‐ ‐ ‐ 398 Share-based compensation recovery ‐ ‐ ‐ ‐ (14) ‐ (14) Impairment of assets (Notes 13 and 14) 465 ‐ 76 233 ‐ ‐ 774 Other expenses (income) 158 (1) (27) 40 348 30 548 Earnings (loss) before finance costs and income taxes 215 1,941 1,282 (57) (698) 62 2,745 Depreciation and amortization 759 463 572 294 81 ‐ 2,169 EBITDA 1 974 2,404 1,854 237 (617) 62 4,914 Integration and restructuring related costs 20 ‐ ‐ ‐ 29 ‐ 49 Share-based compensation recovery ‐ ‐ ‐ ‐ (14) ‐ (14) Impairment of assets (Notes 13 and 14) 465 ‐ 76 233 ‐ ‐ 774 ARO/ERL expense for non-operating sites 2 ‐ ‐ ‐ ‐ 152 ‐ 152 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 91 ‐ 91 Loss on Blue Chip Swaps ‐ ‐ ‐ ‐ 92 ‐ 92 Adjusted EBITDA 1,459 2,404 1,930 470 (267) 62 6,058 Assets 23,056 13,571 11,466 2,438 2,818 (600) 52,749 1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization. 2 ARO/ERL refers to asset retirement obligations and accrued environmental costs. Corporate 2022 Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 21,266 7,600 6,755 2,263 ‐ ‐ 37,884 – intersegment 84 599 1,293 357 ‐ (2,333) ‐ Sales – total 21,350 8,199 8,048 2,620 ‐ (2,333) 37,884 Freight, transportation and distribution ‐ 300 515 243 ‐ (186) 872 Net sales 21,350 7,899 7,533 2,377 ‐ (2,147) 37,012 Cost of goods sold 16,171 1,400 4,252 1,884 ‐ (2,119) 21,588 Gross margin 5,179 6,499 3,281 493 ‐ (28) 15,424 Selling expenses 3,392 10 28 7 (1) (22) 3,414 General and administrative expenses 200 9 17 13 326 ‐ 565 Provincial mining taxes ‐ 1,149 ‐ ‐ ‐ ‐ 1,149 Share-based compensation expense ‐ ‐ ‐ ‐ 63 ‐ 63 Reversal of impairment of assets (Note 13) ‐ ‐ ‐ (780) ‐ ‐ (780) Other expenses (income) 29 5 (137) 67 227 13 204 Earnings (loss) before finance costs and income taxes 1,558 5,326 3,373 1,186 (615) (19) 10,809 Depreciation and amortization 752 443 558 188 71 ‐ 2,012 EBITDA 2,310 5,769 3,931 1,374 (544) (19) 12,821 Integration and restructuring related costs 2 ‐ ‐ ‐ 44 ‐ 46 Share-based compensation expense ‐ ‐ ‐ ‐ 63 ‐ 63 Reversal of impairment of assets (Note 13) ‐ ‐ ‐ (780) ‐ ‐ (780) COVID-19 coronavirus pandemic ("COVID-19") related expenses ‐ ‐ ‐ ‐ 8 ‐ 8 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 31 ‐ 31 Gain on disposal of investment (19) ‐ ‐ ‐ ‐ ‐ (19) Adjusted EBITDA 2,293 5,769 3,931 594 (398) (19) 12,170 Assets 24,451 13,921 11,807 2,661 2,622 (876) 54,586 |
Summary of Financial Information by Geographical Area | Sales – Third Party by Customer Location Non-Current Assets 1 2023 2022 2023 2022 United States 17,656 20,089 16,001 15,971 Canada 3,111 3,783 18,987 18,303 Australia 3,389 3,877 1,069 1,105 Canpotex (Note 28) 2,076 5,414 ‐ ‐ Trinidad 29 15 661 688 Brazil 1,048 1,136 555 851 Other South America 876 2 1,507 2 48 64 Other 871 3 2,063 3 389 457 29,056 37,884 37,710 37,439 1 Excludes financial instruments (other than equity-accounted investees), deferred tax assets and post-employment benefit assets. 2 Other South America third-party sales includes sales to Argentina of $ 526 (2022 – $ 666 ). 3 Other third-party sales primarily relate to Europe of $ 314 (2022 – $ 856 ) and Others of $ 557 (2022 – $ 1,207 ). Canpotex sales by market (%) 2023 2022 Latin America 47 34 Other Asian markets 1 28 34 China 9 14 India 5 8 Other markets 11 10 1 All Asian markets except China and India. |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers Explanatory | 2023 2022 Retail sales by product line Crop nutrients 8,379 10,060 Crop protection products 6,750 7,067 Seed 2,295 2,112 Merchandise 1,001 1,019 Nutrien Financial 322 267 Services and other 927 966 Nutrien Financial elimination 1 (132) (141) 19,542 21,350 Potash sales by geography Manufactured product North America 2,090 2,785 Offshore 2 2,076 5,414 4,166 8,199 Nitrogen sales by product line Manufactured product Ammonia 1,337 2,834 Urea and ESN ® 3 1,624 2,268 Solutions, nitrates and sulfates 1,367 1,996 Other nitrogen and purchased products 3 407 950 4,735 8,048 Phosphate sales by product line Manufactured product Fertilizer 1,264 1,520 Industrial and feed 703 763 Other phosphate and purchased products 296 337 2,263 2,620 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. 2 Relates to Canpotex, a major customer, and includes other revenue representing provisional pricing adjustments of $( 394 ) (2022 – $( 105 )) (Note 28). 3 Certain immaterial 2022 figures have been reclassified . |
Factors Used To Identify Entitys Reportable Segments | The Company has four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise. Retail provides services directly to growers through a network of retail locations in North America, South America and Australia. The Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces. |
Description of Judgements Made By Management In Applying Aggregation Criteria For Operating Segments | We determine the composition of the reportable segments based on factors including risks and returns, internal organization, and internal reports reviewed by the CODM. |
Description Of Nature And Effect Of Any Asymmetrical Allocations To Reportable Segments | We allocate certain expenses across segments based on reasonable considerations such as production capabilities or historical trends. |
Nature of Expenses (Tables)
Nature of Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Detailed Information about Expenses by Nature | 2023 2022 Purchased and produced raw materials and product for resale 1 16,635 18,747 Depreciation and amortization 2,169 2,012 Employee costs 2 2,858 2,968 Freight 1,171 1,094 Impairment (reversal of impairment) of assets (Notes 13 and 14) 774 (780) Provincial mining taxes 3 398 1,149 Integration and restructuring related costs 49 46 Contract services 753 745 Lease expense 103 93 Fleet fuel, repairs and maintenance 369 359 Gain on disposal of investment ‐ (19) COVID-19 related expenses ‐ 8 Loss on Blue Chip Swaps 92 ‐ ARO/ERL non-accretion expense (Note 22) 143 15 Gain on amendments to other post-retirement pension plans (80) ‐ Other 877 638 Total cost of goods sold and expenses 26,311 27,075 1 Significant expenses include supplies, energy, fuel, purchases of raw material (natural gas – feedstock, sulfur, ammonia and reagents) and product for resale (crop nutrients, crop protection products and seed). 2 Includes salaries and wages, employee benefits, and share-based compensation. 3 Includes Saskatchewan potash production tax and Saskatchewan resource surcharge of $ 279 and $ 119 (2022 – $ 909 and $ 240 ), respectively, as required under Saskatchewan provincial legislation. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Weighted Average Assumptions in Stock Options | The weighted average assumptions of stock options by year of grant that impacted current year results are as follows: Year of Grant Stock options Based on 2023 2022 Weighted average grant date fair value per option Black-Scholes-Merton option-pricing model as of the date of the grant 25.67 20.49 Weighted average assumptions: Exercise price per option Quoted market closing price of common shares on the last trading day immediately preceding the date of the grant 78.95 77.50 Expected annual dividend yield (%) Annualized dividend rate as of the date of the grant 2.49 2.45 Expected volatility (%) Historical volatility of Nutrien's shares over a period commensurate with the expected life of the grant 33 30 Risk-free interest rate (%) Zero-coupon government issues implied yield available on equivalent remaining term at the time of the grant 3.84 2.00 Average expected life of options (years) Historical experience 8.5 8.5 |
Compensation Expense for all Employee and Director Share-based Compensation Plans | Compensation (Recovery) Expense Units Granted Units Outstanding in 2023 as at December 31, 2023 2023 2022 Stock options 301,168 3,248,306 8 11 PSUs 517,219 1,732,785 (39) 13 RSUs 582,659 1,576,486 23 33 DSUs 34,075 401,296 (4) 2 SARs/TSARs ‐ 176,284 (2) 4 (14) 63 |
Disclosure Of Terms And Conditions Of Share based Payment Arrangement | Plans Eligibility Granted Vesting Period Maximum Term Settlement Stock Options Officers and eligible employees Annually 25 percent per year over four years 10 years Shares 1 Performance Share Units ("PSUs") Officers and eligible employees Annually On third anniversary of grant date based on total shareholder return relative to PSU peer group (75 percent weighting) and return on invested capital (25 percent weighting) Not applicable Cash Restricted Share Units ("RSUs") Officers and eligible employees Annually On third anniversary of grant date and not subject to performance conditions Not applicable Cash Deferred Share Units ("DSUs") Non-executive directors At the discretion of the Board of Directors Fully vest upon grant Not applicable Cash 2 Stock Appreciation Rights ("SARs") / Tandem Stock Appreciation Rights ("TSARs") 3 Awards no longer granted; legacy awards only Awards no longer granted; legacy awards only 25 percent per year over four years 10 years Cash 1 Stock options may also be settled by cash settlement or, if approved by the Company, by a broker-assisted "cashless exercise" arrangement or a “net exercise” arrangement. 2 Directors can redeem their DSUs for cash only when they leave the Board of Directors for an amount equal to the market value of the common shares at the time of redemption or as mandated by the Nutrien DSU Plan. 3 Holders of 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 are that substantially all TSAR holders will elect to choose the first option. |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Detailed Information About Other Income and Expenses | 2023 2022 Integration and restructuring related costs 49 46 Foreign exchange loss, net of related derivatives 91 31 Earnings of equity-accounted investees (101) (247) Bad debt expense 55 12 COVID-19 related expenses ‐ 8 Gain on disposal of investment ‐ (19) Project feasibility costs 86 79 Customer prepayment costs 47 42 Legal expenses 34 21 Consulting expenses 21 29 Employee special recognition award ‐ 61 Loss on Blue Chip Swaps 92 ‐ ARO/ERL expense for non-operating sites (Note 22) 152 ‐ Gain on amendments to other post-retirement pension plans (80) ‐ Other expenses 102 141 548 204 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Finance Costs | 2023 2022 Interest expense Short-term debt 303 153 Long-term debt 446 333 Lease liabilities 48 35 Total interest expense 797 521 Unwinding of discount on asset retirement obligations (Note 22) 33 29 Interest on net defined benefit pension and other post-retirement plan obligations (Note 21) 5 8 Borrowing costs capitalized to property, plant and equipment (71) (37) Interest income (35) (25) Other finance costs 64 67 793 563 |
Borrowing Cost Explanatory | Borrowing costs capitalized to property, plant and equipment in 2023 were calculated by applying an average capitalization rate of 5.4 percent (2022 – 4.1 percent) to expenditures on qualifying assets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Provision for Income Taxes | 2023 2022 Current income tax Tax expense for current year 637 2,314 Adjustments in respect of prior years 26 63 Total current income tax expense 663 2,377 Deferred income tax Origination and reversal of temporary differences 5 215 Swiss Tax Reform adjustment (134) ‐ Adjustments in respect of prior years 31 (41) Change in recognition of tax losses and deductible temporary differences 105 8 Total deferred income tax expense 7 182 Income tax expense included in net earnings 670 2,559 |
Summary of Total Income Tax Expense | We operate in a specialized industry and in several tax jurisdictions; as a result, our earnings are subject to various rates of taxation. The provision for income taxes differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings before income taxes as follows: 2023 2022 Earnings (loss) before income taxes Canada 1,427 5,707 United States 976 3,447 Australia 161 263 Trinidad (75) 487 Other (537) 342 1,952 10,246 Canadian federal and provincial statutory income tax rate (%) 27 27 Income tax at statutory rates 527 2,766 Adjusted for the effect of: Impact of foreign tax rates (139) (132) Swiss Tax Reform adjustment (134) ‐ Non-taxable income (67) (98) Production-related deductions (54) (51) Current year losses for which no deferred tax asset is recognized 314 ‐ Change in recognition of tax losses and deductible temporary differences 105 8 Tax authority examinations 62 22 Non-deductible expenses 25 16 Withholding taxes 20 18 Other 11 10 Income tax expense included in net earnings 670 2,559 |
Summary of Deferred Income Tax Assets (Liabilities) | Deferred Income Taxes Deferred Income Tax (Recovery) Deferred Income Tax (Assets) Expense Recognized Liabilities in Net Earnings 2023 2022 2023 2022 Deferred income tax assets Asset retirement obligations and accrued environmental costs (400) (319) (17) 35 Tax loss and other carryforwards (347) (396) 52 (93) Lease liabilities (307) (298) (8) (151) Inventories (108) (155) 47 (30) Pension and other post-retirement benefit liabilities (108) (151) 50 (1) Long-term debt (99) (117) 18 21 Payables and accrued charges (96) (98) 2 (84) Receivables (50) (48) (2) (4) Other assets (1) (1) ‐ ‐ Deferred income tax liabilities Property, plant and equipment 4,410 4,305 40 545 Goodwill and intangible assets 173 347 (168) (53) Other liabilities 30 30 (7) (3) 3,097 3,099 7 182 |
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, 2023, were: Amount Expiry Date Unused federal operating losses 2,056 2024 – Indefinite Unused federal capital losses 683 Indefinite The unused tax losses and credits with no expiry dates can be carried forward indefinitely. |
Net Earnings per Share (Tables)
Net Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Weighted Average Number of Shares Reconciliation from Common to Diluted common | 2023 2022 Weighted average number of common shares 496,381,000 538,475,000 Dilutive effect of stock options 613,000 1,535,000 Weighted average number of diluted common shares 496,994,000 540,010,000 |
Summary of Instruments excluded in calculation of diluted earnings | 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: 2023 2022 Number of options excluded 821,763 567,409 |
Financial Instruments and Rel_2
Financial Instruments and Related Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Maximum Exposure to Credit Risk | Maximum exposure to credit risk as at December 31: 2023 2022 Cash and cash equivalents 941 901 Receivables (excluding income tax receivable) 5,103 6,050 6,044 6,951 |
Summary of Material Foreign Currency Derivatives | The fair value of our net foreign exchange currency derivative assets (liabilities) as at December 31, 2023 was $ 11 (2022 – $ (18) ). The following table presents the significant foreign currency derivatives that existed as at December 31: 2023 2022 Average Average Contract Contract Sell/buy Notional Maturities Rate Notional Maturities Rate Derivatives not designated as hedges Forwards USD/Canadian dollars ("CAD") 435 2024 1.3207 473 2023 1.3584 Australian dollars/USD 86 2024 1.5269 133 2023 1.5010 Brazilian real/USD 94 2024 4.8688 374 2023 5.6892 Derivatives designated as hedges Forwards USD/CAD 601 2024 1.3565 487 2023 1.3255 |
Information On How Instruments Were Grouped If Expected Credit Losses Were Measured On Collective Basis | set up provision using the lifetime expected credit loss method considering all possible default events over the expected life of a financial instrument. Receivables are grouped based on days past due and/or customer credit risk profile. Estimated losses on receivables are based on known troubled accounts and historical experience of losses incurred |
Information On Entitys Write off Policy | Receivables are considered to be in default and are written off against the allowance when it is probable that all remaining |
Description Of Managing Liquidity Risk | Liquidity Risk Risk Management Strategies Access to cash establish an external borrowing policy to maintain sufficient liquid financial resources to fund our operations and meet our commitments and obligations in a cost-effective manner 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 uphold long-term relationships with a sufficient number of high-quality and diverse lenders enter into financial arrangements (e.g., Blue Chip Swaps) to remit cash from certain foreign jurisdictions Refer to Note 17 for our available credit facilities. |
Maturity Analysis For Nonderivative And Derivative Financial Liabilities | 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 2023 December 31 Flows 1 Year Years Years Years Short-term debt 1 1,815 1,815 1,815 ‐ ‐ ‐ Payables and accrued charges 2 9,024 9,024 9,024 ‐ ‐ ‐ Long-term debt, including current portion 1 9,425 15,339 966 2,324 1,556 10,493 Lease liabilities, including current portion 1 1,326 1,525 368 484 222 451 Derivatives 16 16 16 ‐ ‐ ‐ 21,606 27,719 12,189 2,808 1,778 10,944 1 Contractual cash flows include contractual interest payments related to debt obligations and lease liabilities. Interest rates on debt with variable rates are based on the prevailing rates as at December 31, 2023. 2 Excludes non-financial liabilities and includes payables of approximately $ 2.1 billion related to our prepaid inventory to secure product discounts. We consider these payables to be part of our working capital. For these payables, we participated in arrangements where the vendors sold their right to receive payment to financial institutions without extending the original payment terms. These payables were paid in January 2024. |
Disclosure Of Credit Risk Explanatory | Credit Risks Risk Management Strategies Receivables from customers establish credit approval policies and procedures for new and existing customers extend credit to qualified customers through review of credit agency reports, financial statements and/or credit references, as available review of existing customer accounts every 12 to 24 months based on the credit limit amounts evaluation of customer and country risk for international customers establish credit period: 15 and 30 days for wholesale fertilizer customers 30 days for industrial and feed customers 30 to 360 days for Retail customers, including Nutrien Financial up to 180 days for select export sales customers, including Canpotex transact on a cash basis with certain customers who may not meet specified benchmark creditworthiness or cannot provide other evidence of ability to pay execute agency arrangements with financial institutions or other partners with which we have only a limited recourse involvement sell receivables to financial institutions which substantially transfer the risks and rewards set eligibility requirements for Nutrien Financial to limit the risk of the receivables may require security over certain crop or livestock inventories set up provision using the lifetime expected credit loss method considering all possible default events over the expected life of a financial instrument. Receivables are grouped based on days past due and/or customer credit risk profile. Estimated losses on receivables are based on known troubled accounts and historical experience of losses incurred . 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. Cash and cash equivalents and other receivables require acceptable minimum counterparty credit ratings limit counterparty or credit exposure select counterparties with investment-grade quality |
Analysis of Age of Financial Assets That Are Past Due But Not Impaired | Aging of receivables (%) as at December 31: 2023 2022 Retail (Nutrien Financial) Retail (Excluding Nutrien Financial) Potash, Nitrogen and Phosphate Retail (Nutrien Financial) Retail (Excluding Nutrien Financial) Potash, Nitrogen and Phosphate Current 78 78 89 83 84 97 30 days or less past due 13 6 11 10 9 3 31 – 90 days past due 4 4 ‐ 3 4 ‐ Greater than 90 days past due 5 12 ‐ 4 3 ‐ 100 100 100 100 100 100 |
Disclosure Of Fair Value Measurement Explanatory | The following table presents our fair value hierarchy for financial instruments carried at fair value on a recurring basis or measured at amortized cost and require fair value disclosure. The table does not include fair value information for financial instruments that are measured using their carrying amount as a reasonable approximation of fair value. 2023 2022 Carrying Carrying Financial assets (liabilities) measured at Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3 Fair value on a recurring basis 1 Derivative instrument assets 20 ‐ 20 ‐ 7 ‐ 7 ‐ Other current financial assets – marketable securities 2 173 35 138 ‐ 148 19 129 ‐ Investments at fair value through other comprehensive income ("FVTOCI") (Note 15) 190 180 ‐ 10 200 190 ‐ 10 Investments at fair value through profit or loss ("FVTPL") (Note 15) 45 ‐ ‐ 45 44 ‐ ‐ 44 Derivative instrument liabilities (16) ‐ (16) ‐ (35) ‐ (35) ‐ Amortized cost Investments at amortized cost (Note 15) 19 16 ‐ ‐ ‐ ‐ ‐ ‐ Current portion of long-term debt Senior notes and debentures (499) ‐ (502) ‐ (500) (493) ‐ ‐ Fixed and floating rate debt (13) ‐ (13) ‐ (42) ‐ (42) ‐ Long-term debt Senior notes and debentures (8,884) (3,110) (5,462) ‐ (7,910) (3,581) (3,656) ‐ Fixed and floating rate debt (29) ‐ (29) ‐ (130) ‐ (130) ‐ 1 During 2023 and 2022, there were no transfers between levels 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 debt securities. |
Valuation Techniques Used in Fair Value Measurement | Financial Instruments at Fair Value Fair Value Method and Associated Level within the Fair Value Hierarchy 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 (Level 1) 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 Based on a discounted cash flow (“DCF”) model. 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. Financial Instruments 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 (approximation to fair value) |
Statement No Transfers Between Levels Within Fair Value Hierarchy | During 2023 and 2022, there were no transfers between levels for financial instruments measured at fair value on a recurring basis. |
Policy Determining When Transfers Between Levels Are Deemed to Have Occured | Our policy is to recognize transfers at the end of the reporting period. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Receivables | Segment 2023 2022 Receivables from customers Third parties Retail (Nutrien Financial) 1 2,943 2,705 Retail 1,097 1,293 Potash, Nitrogen, Phosphate 577 827 Related party – Canpotex Potash (Note 28) 162 866 Less allowance for expected credit losses of receivables from customers (111) (95) 4,668 5,596 Rebates 198 172 Income taxes (Note 8) 295 144 Other receivables 237 282 5,398 6,194 1 Includes $ 2,578 of very low risk of default and $ 365 of low risk of default (2022 – $ 2,260 of very low risk of default and $ 445 of low risk of default). |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Inventories | 2023 2022 Product purchased for resale 4,941 5,885 Finished products 351 612 Intermediate products 160 184 Raw materials 299 425 Materials and supplies 585 526 6,336 7,632 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Reconciliation of Changes in Property Plant and Equipment | Machinery Mine Land and Buildings and and Development Assets Under Improvements Improvements Equipment Costs Construction Total Useful life range (years) 1 – 85 1 – 70 1 – 80 1 – 60 n/a Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Acquisitions (Note 25) ‐ 2 5 ‐ ‐ 7 Additions 1 5 37 ‐ 2,422 2,465 Additions – Right-of-use ("ROU") assets 1 70 338 ‐ ‐ 409 Disposals (6) (7) (37) ‐ (1) (51) Transfers 26 188 1,401 237 (1,852) ‐ Foreign currency translation and other 12 32 94 3 (165) (24) Depreciation (39) (184) (1,054) (138) ‐ (1,415) Depreciation – ROU assets (2) (60) (326) ‐ ‐ (388) Impairment (19) (10) (148) (95) (37) (309) Carrying amount – December 31, 2023 1,175 6,376 11,327 1,115 2,468 22,461 Balance – December 31, 2023 is composed of: Cost 1,631 9,050 23,237 2,938 2,468 39,324 Accumulated depreciation and impairments (456) (2,674) (11,910) (1,823) ‐ (16,863) Carrying amount – December 31, 2023 1,175 6,376 11,327 1,115 2,468 22,461 Balance – December 31, 2023 is composed of: Owned property, plant and equipment 1,145 5,980 10,486 1,115 2,468 21,194 ROU assets 30 396 841 ‐ ‐ 1,267 Carrying amount – December 31, 2023 1,175 6,376 11,327 1,115 2,468 22,461 Carrying amount – December 31, 2021 1,073 6,305 10,221 853 1,564 20,016 Acquisitions (Note 25) 12 40 23 ‐ 65 140 Additions 17 9 25 ‐ 2,202 2,253 Additions – ROU assets ‐ 51 230 ‐ ‐ 281 Disposals (9) (13) (24) ‐ ‐ (46) Transfers 35 163 1,281 170 (1,649) ‐ Foreign currency translation and other 5 2 55 30 (90) 2 Depreciation (35) (185) (1,006) (94) ‐ (1,320) Depreciation – ROU assets (2) (58) (279) ‐ ‐ (339) Reversal of impairment 105 26 491 149 9 780 Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Balance – December 31, 2022 is composed of: Cost 1,605 8,795 22,023 2,699 2,101 37,223 Accumulated depreciation and impairments (404) (2,455) (11,006) (1,591) ‐ (15,456) Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 Balance – December 31, 2022 is composed of: Owned property, plant and equipment 1,173 5,956 10,267 1,108 2,101 20,605 ROU assets 28 384 750 ‐ ‐ 1,162 Carrying amount – December 31, 2022 1,201 6,340 11,017 1,108 2,101 21,767 |
Impairment of Assets | Impairments and Impairment Reversals For each cash generating unit (“CGU”) or groups of CGUs in which we complete an impairment analysis, the recoverable amount estimate used the following key assumptions: our forecasted EBITDA, discount rate and long-term growth rate. For our Phosphate CGUs, we also estimate the end of expected mine life. We used key assumptions that were based on historical data and estimates of future results from internal sources, independent third-party price benchmarks, and mineral reserve technical reports (relating to Phosphate CGUs), as well as industry and market information. Phosphate In 2023, we identified an impairment trigger for our Phosphate CGUs, White Springs and Aurora, primarily as a result of the decrease in our forecasted phosphate margins. We completed our impairment analysis for these CGUs. Phosphate CGU White Springs Aurora Impairment assessment date June 30, 2023 June 30, 2023 Recoverable amount ($) 504 2,000 Carrying amount before impairment loss ($) 737 1,660 Pre-tax impairment loss ($) 233 ‐ Valuation methodology Value in use ("VIU") Fair value less costs of disposal ("FVLCD"), a Level 3 measurement Valuation technique Pre-tax DCF to end of expected mine life Five-year DCF plus terminal year to end of mine life In 2022, we completed an impairment analysis at our White Springs and Aurora CGUs as a result of revised pricing forecasts to reflect the macroeconomic environment at the time. We completed our impairment analysis for these CGUs. Phosphate CGU White Springs Aurora Impairment reversal date September 30, 2022 June 30, 2022 Recoverable amount ($) 770 2,900 Carrying amount before impairment reversal ($) 425 1,200 Pre-tax impairment reversal (net of depreciation) ($) 1 330 450 Valuation methodology VIU FVLCD Valuation technique Pre-tax DCF to end of expected mine life Five-year DCF plus terminal year to end of mine life 1 Full reversal of the previously recorded impairment losses relating to property, plant and equipment at White Springs in 2017 and 2020 of $ 250 and $ 215 , respectively, and Aurora in 2020 of $ 545 . White Springs Aurora Key Assumptions 1 2023 2022 2022 End of mine life (proven and probable reserves) (year) 2 2032 2030 2050 Long-term growth rate (%) n/a n/a 2.0 Pre-tax discount rate (%) 15.6 15.2 n/a Post-tax discount rate (%) 12.0 12.0 10.4 Forecasted EBITDA 3 ($) 720 980 3,090 1 At impairment loss (reversal) date. 2 The White Springs CGU has a shorter expected mine life and is therefore more sensitive to changes in short- and medium-term forecasted phosphate margins. 3 Forecasted EBITDA to 2028 (2022 – Forecasted EBITDA to 2027). Sensitivities The following table highlights sensitivities to the recoverable amounts of our Phosphate CGUs, which could result in additional impairment losses or reversals of the previously recorded losses (relating to the White Springs CGU). Change to Recoverable Amount ($) Key Assumptions as at June 30, 2023 Change in Assumption White Springs Aurora Long-term growth rate (%) + / - 1.0 percent n/a n/a + / - 110 Pre-tax discount rate (%) + / - 1.0 percent - / + 20 n/a n/a Post-tax discount rate (%) + / - 1.0 percent n/a n/a - / + 190 Forecasted EBITDA over forecast period ($) + / - 5.0 percent + / - 40 + / - 220 Nitrogen In 2023, we identified an impairment trigger for our Trinidad CGU, part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026. December 31, 2023 Trinidad Recoverable amount ($) 676 Carrying amount before impairment loss ($) 752 Pre-tax impairment loss ($) 76 Valuation methodology FVLCD, a Level 3 measurement Valuation technique Five-year DCF plus a terminal value Key assumptions Long-term growth rate (%) 2.3 Post-tax discount rate 1 (%) 13.0 Forecasted EBITDA 2,3 ($) 1,145 1 Discount rate used in the previous measurement in 2020 was 12.6 percent. 2 First five years of the forecast period. 3 Includes key assumptions relating to net selling price based on forecasted future natural gas contracting and availability. Sensitivities The following table highlights sensitivities to the recoverable amount of our Trinidad CGU, which could result in additional impairment losses or reversals of the previously recorded losses. Key Assumptions as at December 31, 2023 Change in Assumption Change to Recoverable Amount ($) Long-term growth rate (%) + / - 1.0 percent + / - 55 Post-tax discount rate (%) + / - 1.0 percent - / + 95 Forecasted EBITDA over forecast period ($) + / - 5.0 percent + / - 100 |
Key assumptions based on cash flow projections | The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA |
Impairment indicator | In 2023, we identified an impairment trigger for our Phosphate CGUs, White Springs and Aurora, primarily as a result of the decrease in our forecasted phosphate margins. We completed our impairment analysis for these CGUs. In 2023, we identified an impairment trigger for our Trinidad CGU, part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026. In 2023, we revised our forecasted EBITDA for the Retail – South America group of CGUs, which triggered an impairment analysis. Due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, we lowered our product margin expectations and deferred certain of our planned strategic investments. As a result, this reduced our forecasted EBITDA and growth. |
Disclosure Of Depreciation And Amortisation Expense Explanatory | Depreciation of property, plant and equipment was included in the following: 2023 2022 Freight, transportation and distribution 165 148 Cost of goods sold 1,157 1,024 Selling expenses 453 424 General and administrative expenses 48 42 Depreciation recorded in earnings 1,823 1,638 Depreciation recorded in inventory 145 151 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Reconciliation of Intangible Assets | Intangible Assets Customer Trade Goodwill Relationships 1 Technology Names Other Total Useful life range (years) n/a 5 – 15 2 – 20 3 – 15 ² 1 – 30 Carrying amount – December 31, 2022 12,368 1,229 702 95 271 2,297 Acquisitions (Note 25) 126 30 ‐ 7 1 38 Additions – internally developed ‐ ‐ 206 ‐ ‐ 206 Foreign currency translation and other 42 9 49 4 (1) 61 Amortization 3 ‐ (164) (114) (8) (56) (342) Impairment (422) (43) ‐ ‐ ‐ (43) Carrying amount – December 31, 2023 12,114 1,061 843 98 215 2,217 Balance – December 31, 2023 is composed of: Cost 12,542 2,046 1,263 160 656 4,125 Accumulated amortization and impairment (428) (985) (420) (62) (441) (1,908) Carrying amount – December 31, 2023 12,114 1,061 843 98 215 2,217 Carrying amount – December 31, 2021 12,220 1,350 595 80 315 2,340 Acquisitions (Note 25) 200 59 ‐ 22 23 104 Additions – internally developed ‐ ‐ 216 ‐ 6 222 Foreign currency translation and other (52) (13) 14 1 (1) 1 Disposals ‐ (1) (1) ‐ ‐ (2) Amortization 3 ‐ (166) (122) (8) (72) (368) Carrying amount – December 31, 2022 12,368 1,229 702 95 271 2,297 Balance – December 31, 2022 is composed of: Cost 12,375 2,001 1,028 150 649 3,828 Accumulated amortization and impairment (7) (772) (326) (55) (378) (1,531) Carrying amount – December 31, 2022 12,368 1,229 702 95 271 2,297 1 The average remaining amortization period of customer relationships as at December 31, 2023, was approximately 3 years. 2 Certain trade names have indefinite useful lives as there are no regulatory, legal, contractual, cooperative, economic or other factors that limit their useful lives. 3 Amortization of $ 279 was included in selling expenses during the year ended December 31, 2023 (2022 – $ 302 ). |
Disclosure of sensitivity analysis for retail segment recoverable amount for goodwill explanatory | We performed our annual impairment test on goodwill on the remaining CGUs or group of CGUs and did not identify any further impairment; however, the recoverable amount for the Retail – North America group of CGUs did not substantially exceed its carrying amount. The Retail – North America group of CGUs recoverable amount exceeds its carrying amount by $ 570 . Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below. Key Assumption Change Required for Carrying Amount 2023 Annual Impairment Testing Used in Impairment Model to Equal Recoverable Amount Terminal growth rate (%) 2.5 0.4 percent decrease Discount rate 1 (%) 8.6 0.2 percent increase Forecasted EBITDA over forecast period ($) 8,040 3.0 percent decrease 1 The discount rate used in the previous measurement was 8.5 percent. |
Impairment indicator | In 2023, we identified an impairment trigger for our Phosphate CGUs, White Springs and Aurora, primarily as a result of the decrease in our forecasted phosphate margins. We completed our impairment analysis for these CGUs. In 2023, we identified an impairment trigger for our Trinidad CGU, part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026. In 2023, we revised our forecasted EBITDA for the Retail – South America group of CGUs, which triggered an impairment analysis. Due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, we lowered our product margin expectations and deferred certain of our planned strategic investments. As a result, this reduced our forecasted EBITDA and growth. |
Key assumptions based on cash flow projections | The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA |
Disclosure of Goodwill Cash Generating Units | The following table indicates the key assumptions used in testing the remaining groups of CGUs: Terminal Growth Rate (%) Discount Rate (%) 2023 2022 2023 2022 Retail – International 1 2.1 2.0 – 6.0 9.0 8.9 – 16.0 Potash 2.5 2.5 7.6 8.3 Nitrogen 2.3 2.0 8.3 9.3 1 The discount rates reflect the country risk premium and size for our international groups of CGUs. The terminal growth rate and discount rate ranges in 2022 included our Retail – South America group of CGUs, which are no longer included in 2023 as goodwill for this group of CGUs is nil. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Reason Why Persumption More Than Twenty Percent | 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 |
Reason For Using Presentation Alternative | We elected to account for our investment in Sinofert as FVTOCI as it is held for strategic purposes. |
Summarised Financial Information of Joint Ventures | Summarized Financial Information of Profertil 1 For the years ended December 31 2023 2022 Sales 762 1,096 Depreciation and amortization 5 5 Interest expense 10 4 Interest income 170 136 Income tax expense 166 277 Net earnings and total comprehensive income 178 466 Proportionate share of Profertil earnings 89 233 Elimination of unrealized profit 1 ‐ Total proportionate share of Profertil earnings 90 233 Dividends received from Profertil 199 57 As at December 31 2023 2022 Current assets 2 355 835 Non-current assets 658 589 1,013 1,424 Current liabilities 3 143 297 Non-current liabilities 4 186 221 329 518 Net assets of Profertil 684 906 Proportionate share of net assets of Profertil 342 453 Elimination of unrealized profit (2) (3) Carrying amount of interest in Profertil 340 450 1 Summarized financial information of Profertil, which represents the amounts included in its own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting policies. 2 Includes cash and cash equivalents of $ 204 (2022 – $ 585 ). 3 Includes current financial liabilities (excluding trade and other payables and provisions) of $ 21 (2022 – $ 27 ). 4 Includes non-current financial liabilities (excluding trade and other payables and provisions) of nil (2022 – $ 23 ). |
Description of basis of preparation of summarised financial information of joint ventures | 1 Summarized financial information of Profertil, which represents the amounts included in its own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting policies. |
Disclosure of Investments | Principal Place Proportion of Ownership Interest of Business and and Voting Rights Held (%) Carrying Amount Name Principal Activity Incorporation 2023 2022 2023 2022 ¹ Equity-accounted investees Profertil Nitrogen producer Argentina 50 50 340 450 Canpotex Marketing and logistics of potash Canada 50 50 ‐ ‐ Other associates and joint ventures 142 149 Total equity-accounted investees 482 599 Investments at FVTOCI Sinofert Fertilizer supplier and distributor China/Bermuda 22 22 180 190 Other 10 10 Total investments at FVTOCI 190 200 Investments at FVTPL Other 45 44 Total investments at FVTPL 45 44 Investments at amortized cost Other 19 ‐ Total investments at amortized cost 19 ‐ Total investments 736 843 1 Certain immaterial 2022 figures have been reclassified. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Other Assets | 2023 2022 Deferred income tax assets (Note 8) 477 448 Ammonia catalysts 1 113 104 Long-term income tax receivable (Note 8) 91 54 Accrued pension benefit assets (Note 21) 138 157 Other 232 206 1,051 969 1 Net of accumulated amortization of $ 99 (2022 – $ 94 ). |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Short-Term Debt | Rate of Interest (%) 2023 2022 Credit facilities Unsecured revolving term credit facility n/a ‐ 500 Other unsecured credit facilities South America 1 5.5 – 12.2 219 453 Australia 5.3 221 190 Other 4.8 21 9 Commercial paper 2 5.5 – 5.9 1,175 783 Other short-term debt 179 207 1,815 2,142 1 Our credit facilities are either denominated in local currency or US dollars. The range of interest rates for South America excludes our Argentina facilities denominated in local currency with interest rates ranging from 102.5 percent to 107.0 percent. The balance of these Argentina facilities as at December 31, 2023 was $ 18 . 2 We use our $ 4,500 commercial paper program for our short-term cash requirements. The amount available under the commercial paper program is limited to the availability of backup funds under the $ 4,500 unsecured revolving term credit facility and excess cash invested in highly liquid securities. |
Additional Information about Understanding Financial Positions | Credit facility limits 1 As at December 31, 2023 Unsecured revolving term facility 2 4,500 Unsecured revolving term facility 3 1,500 Uncommitted revolving demand facility 1,000 Other credit facilities 4 1,320 1 Our credit facilities are renegotiated periodically. 2 Matures September 14, 2027 , subject to extension at the request of Nutrien provided that the resulting maturity date may not exceed five years from the date of request. 3 In 2023, we extended the term of our unsecured revolving term credit facility to September 10, 2024 and reduced the facility limit from $ 2,000 to $ 1,500 . 4 Total facility limit amounts include some facilities with maturities in excess of one year. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | Short-Term Long-Term Lease Debt Debt Liabilities Total Balance – December 31, 2022 2,142 8,582 1,204 11,928 Cash flows (cash inflows and outflows presented on a net basis) (458) 832 (375) (1) Additions and other adjustments to ROU liabilities ‐ ‐ 492 492 Foreign currency translation and other non-cash changes 131 11 5 147 Balance – December 31, 2023 1,815 9,425 1,326 12,566 Balance – December 31, 2021 1,560 8,066 1,220 10,846 Cash flows (cash inflows and outflows presented on a net basis) 529 475 (341) 663 Additions and other adjustments to ROU liabilities ‐ ‐ 334 334 Foreign currency translation and other non-cash changes 53 41 (9) 85 Balance – December 31, 2022 2,142 8,582 1,204 11,928 |
Disclosure of detailed information about borrowings [text block] | Rate of Interest (%) Maturity 2023 2022 Senior notes 1 1.900 May 13, 2023 ‐ 500 5.900 November 7, 2024 500 500 3.000 April 1, 2025 500 500 5.950 November 7, 2025 500 500 4.000 December 15, 2026 500 500 4.900 March 27, 2028 750 ‐ 4.200 April 1, 2029 750 750 2.950 May 13, 2030 500 500 4.125 March 15, 2035 450 450 7.125 May 23, 2036 212 212 5.875 December 1, 2036 500 500 5.625 December 1, 2040 500 500 6.125 January 15, 2041 401 401 4.900 June 1, 2043 500 500 5.250 January 15, 2045 489 489 5.000 April 1, 2049 750 750 3.950 May 13, 2050 500 500 5.800 March 27, 2053 750 ‐ Debentures 1 7.800 February 1, 2027 120 120 Other credit facilities 2 Various Various 42 165 Other long-term debt n/a Various ‐ 7 9,214 8,344 Add net unamortized fair value adjustments 294 310 Less net unamortized debt issue costs (83) (72) 9,425 8,582 Less current maturities (512) (542) 8,913 8,040 1 Each series of senior 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. 2 Other credit facilities are unsecured and consist of South America facilities with debt of $ 40 (2022 – $ 162 ) and an interest rate of 2.3 percent and other facilities with debt of $ 2 (2022 – $ 3 ) and an interest rate of 4.0 percent. |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Disclosure Of Finance Lease And Operating Lease By Lessee Explanatory | Average Rate of Interest (%) 2023 2022 Lease liabilities – non-current 4.3 999 899 Current portion of lease liabilities 4.5 327 305 Total 1,326 1,204 |
Payables and Accrued Charges (T
Payables and Accrued Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Payables and Accrued Charges | 2023 2022 Trade and other payables 1 5,477 5,797 Customer prepayments 2,084 2,298 Dividends 262 244 Accrued compensation 597 681 Current portion of asset retirement obligations and accrued environmental costs (Note 22) 165 234 Accrued interest 117 102 Current portion of share-based compensation (Note 5) 32 142 Current portion of derivatives 16 35 Income taxes (Note 8) 14 899 Provincial mining taxes 1 114 Other taxes 62 59 Current portion of pension and other post-retirement benefits (Note 21) 15 15 Other accrued charges and others 625 671 9,467 11,291 1 Includes amounts owing to Canpotex (Note 28) of $ 64 (2022 – $ 203 ). |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Movements in Pension and Other Post-Retirement Benefit Assets (Liabilities) | Financial Information 2023 2022 Plan Plan Obligation Assets Net Obligation Assets Net Balance – beginning of year (1,507) 1,330 (177) (1,996) 1,731 (265) Components of defined benefit expense recognized in earnings Current service cost for benefits earned during the year (16) ‐ (16) (27) ‐ (27) Interest (expense) income (70) 65 (5) (60) 52 (8) Past service cost, including curtailment gains and settlements 1 76 ‐ 76 24 (39) (15) Foreign exchange rate changes and other (8) 4 (4) 28 (21) 7 Subtotal of components of defined benefit (recovery) expense recognized in earnings (18) 69 51 (35) (8) (43) Remeasurements of the net defined benefit liability recognized in OCI during the year Actuarial gain arising from: Changes in financial assumptions 7 ‐ 7 423 ‐ 423 Changes in demographic assumptions ‐ ‐ ‐ 21 ‐ 21 (Loss) gain on plan assets (excluding amounts included in net interest) ‐ (30) (30) ‐ (337) (337) Subtotal of remeasurements 7 (30) (23) 444 (337) 107 Cash flows Contributions by plan participants (4) 4 ‐ (6) 6 ‐ Employer contributions ‐ 20 20 ‐ 24 24 Benefits paid 83 (83) ‐ 86 (86) ‐ Subtotal of cash flows 79 (59) 20 80 (56) 24 Balance – end of year 2 (1,439) 1,310 (129) (1,507) 1,330 (177) Balance is composed of: Non-current assets Other assets (Note 16) 138 157 Current liabilities Payables and accrued charges (Note 20) (15) (15) Non-current liabilities Pension and other post-retirement benefit liabilities (252) (319) 1 In 2023, there were design plan changes that resulted in a gain of $ 80 to other post-retirement pension plans. 2 Obligations arising from funded and unfunded pension plans are $ 1,266 and $ 173 (2022 – $ 1,255 and $ 252 ), respectively. 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 | Plan Assets As at December 31, the fair value of plan assets of our defined benefit pension plans, by asset category, were as follows: 2023 2022 Quoted Prices Quoted Prices in Active in Active Markets for Markets for Identical Assets Other 1 Total Identical Assets Other 1 Total Cash and cash equivalents 30 5 35 93 4 97 Equity securities and equity funds US 9 115 124 8 107 115 International ‐ 9 9 ‐ 14 14 Debt securities 2 ‐ 909 909 ‐ 841 841 Other ‐ 233 233 ‐ 263 263 Total pension plan assets 39 1,271 1,310 101 1,229 1,330 1 Approximately 96 percent (2022 – 100 percent) of the Other plan assets are held in funds whose fair values are estimated using their net asset value per share. For the majority of these funds, the redemption frequency is immediate. The Pension Committee manages the asset allocation based upon our current liquidity and income needs. 2 Debt securities included US securities of 76 percent (2022 – 77 percent), International securities of 20 percent (2022 – 22 percent) and Mortgage-backed securities of 4 percent (2022 – 1 percent). |
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: Change in Assumption 2023 2022 Benefit obligation as reported 1,439 1,507 Discount rate 1.0 percentage point decrease 190 210 1.0 percentage point increase (150) (170) |
Defined Benefit Plans | We used the following significant assumptions to determine the benefit obligations and expense for our significant plans as at and for the year ended December 31. These assumptions are determined by management and are reviewed annually by our independent actuaries. Pension Other 2023 2022 2023 2022 Assumptions used to determine the benefit obligations 1 : Discount rate (%) 5.03 5.01 4.81 4.86 Rate of increase in compensation levels (%) 4.28 4.29 n/a n/a Medical cost trend rate – assumed (%) 2 n/a n/a 4.50 – 6.75 4.50 – 7.00 Medical cost trend rate – year reaches ultimate trend rate n/a n/a 2033 2033 Mortality assumptions (years) 3 Life expectancy at 65 for a male member currently at age 65 20.7 20.6 21.0 20.5 Life expectancy at 65 for a female member currently at age 65 22.9 22.9 23.6 23.2 Average duration of the defined benefit obligations (years) 4 12.3 12.7 10.6 12.8 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 6.75 percent in 2023, moving to 4.50 percent by 2033 (2022 – starting at 7.00 percent, moving to 4.50 percent by 2033). The annual health care reimbursement amount is assumed to increase by 2.00 percent each year. 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. |
Description of Regulatory Framework in which Plan Operates | 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. |
Description Of Any Other Entitys Responsibilities For Governance Of Plan | Our defined benefit pension plans are funded with separate funds that are legally separated from the Company and administered through the Pension Committee in each country, which is composed of our employees. The Pension 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 currency hedging strategies. Plan assets held in trusts are governed by local regulations and practices in each country, as is the nature of the relationship between the Company and the trustees and their composition. |
Asset Retirement Obligations _2
Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Sensitivity of Asset Retirement Obligations and Accrued Environmental Costs to Changes in Discount Rate on Recorded Liability | Cash Flow Discounted Discount Rate December 31, 2023 Payments (years) 1 Cash Flows 2,3 +0.5% -0.5% Asset retirement obligations (70) 90 Retail 1 – 30 16 Potash 28 – 484 117 Phosphate 1 – 77 479 Corporate and others 4,5 1 – 69 647 Accrued environmental costs (5) 5 Retail 1 – 30 69 Corporate and others 1 – 15 326 Total 1,654 1 Time frame in which payments are expected to principally occur from December 31, 2023. Adjustments to the years can result from changes to the mine life and/or changes in the rate of tailings volumes. 2 Risk-free discount rates used to discount cash flows reflect current market assessments of the time value of money and the risks specific to the timing and jurisdiction of the obligation. Risk-free discount rates range from 3.1 percent to 5.5 percent. 3 Total undiscounted cash flows are $ 5.0 billion. For the Potash segment, this 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 124 to 456 years. 4 For nitrogen sites, there are no significant asset retirement obligations recorded as 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 16 years. |
Summary of Reconciliation of Asset Retirement, Environmental Restoration Obligations | Asset Accrued Retirement Environmental Obligations Costs Total Balance – December 31, 2022 1,187 450 1,637 Disposals ‐ (2) (2) Change in estimate (Note 6) 129 15 144 Settlements (94) (68) (162) Accretion 32 1 33 Foreign currency translation and other 5 (1) 4 Balance – December 31, 2023 1,259 395 1,654 Balance – December 31, 2023 is composed of: Current liabilities Payables and accrued charges (Note 20) 135 30 165 Non-current liabilities Asset retirement obligations and accrued environmental costs 1,124 365 1,489 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, and 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. As at December 31, 2023, we had $ 492 in surety bonds and letters of credit outstanding relating to these financial assurance obligations. The recorded provisions may not necessarily reflect our obligations under these financial assurances. |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Shares Issued | 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. |
Summary of Share Repurchases | Share Repurchase Programs Maximum Maximum Number of Commencement Shares for Shares for Shares Date Expiry Repurchase Repurchase (%) Repurchased 2021 Normal Course Issuer Bid March 1, 2021 February 28, 2022 28,468,448 5 22,186,395 2022 Normal Course Issuer Bid 1 March 1, 2022 February 7, 2023 55,111,110 10 55,111,110 2023 Normal Course Issuer Bid March 1, 2023 February 29, 2024 24,962,194 5 5,375,397 2024 Normal Course Issuer Bid 2 March 1, 2024 February 28, 2025 24,728,159 5 ‐ 1 The original expiry date was February 28, 2023, but we acquired the maximum aggregate number of common shares allowable on February 7, 2023. 2 On February 21, 2024, our Board of Directors approved a share repurchase program. The 2024 normal course issuer bid, which is subject to acceptance by the Toronto Stock Exchange, will expire earlier than the date above if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases. Purchases under the normal course issuer bids were, or may be, made through open market purchases at market prices as well as by other means permitted by applicable securities regulatory authorities, including private agreements. Summary of share repurchases 2023 2022 Number of common shares repurchased for cancellation 13,378,189 53,312,559 Average price per share (US dollars) 74.73 84.34 Total cost 1,000 4,496 |
Dividends Declared | Dividends Declared During 2023, we declared dividends of $ 2.12 (2022 - $ 1.92 ). On February 21, 2024, our Board of Directors declared and increased our quarterly dividend to $ 0.54 per share payable on April 11, 2024, to shareholders of record on March 28, 2024. The total estimated dividend to be paid is $ 265 . |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Schedule of Adjusted Net Debt, Adjusted Shareholders' Equity and Adjusted Capital | 2023 2022 Short-term debt 1,815 2,142 Current portion of long-term debt 512 542 Current portion of lease liabilities 327 305 Long-term debt 8,913 8,040 Lease liabilities 999 899 Total debt 12,566 11,928 Letters of credit – financial 94 97 Adjusted total debt 12,660 12,025 2023 2022 Total debt 12,566 11,928 Cash and cash equivalents (941) (901) Net unamortized fair value adjustments (294) (310) Adjusted net debt 11,331 10,717 2023 2022 Total shareholders' equity 25,201 25,863 Adjusted total debt 12,660 12,025 Adjusted capital 37,861 37,888 |
Components of Ratios | Our capital allocation policy prioritizes safe and reliable operations, a healthy balance sheet, a sustainable dividend to shareholders, and a strategy to allocate remaining cash flow that maximizes shareholder value. We include total debt, adjusted total debt, adjusted net debt and shareholders’ equity as components of our capital structure. 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 have access to the capital markets through our base shelf prospectus. 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 senior notes and debentures. We monitor the following measures to evaluate our ability to service debt, make strategic investments and ensure we are in compliance with our debt covenants: 2023 2022 Adjusted net debt to adjusted EBITDA 1.9 0.9 Adjusted EBITDA to adjusted finance costs 7.3 21.6 Debt to capital (calculated as adjusted total debt to adjusted capital) (Limit: 0.65 : 1.00) 0.33 : 1.00 0.32 : 1.00 |
Adjusted Total Debt | 2023 2022 Short-term debt 1,815 2,142 Current portion of long-term debt 512 542 Current portion of lease liabilities 327 305 Long-term debt 8,913 8,040 Lease liabilities 999 899 Total debt 12,566 11,928 Letters of credit – financial 94 97 Adjusted total debt 12,660 12,025 |
Adjusted Finance Costs | 2023 2022 Finance costs 793 563 Unwinding of discount on asset retirement obligations (33) (29) Borrowing costs capitalized to property, plant and equipment 71 37 Interest on net defined benefit pension and other post-retirement plan obligations (5) (8) Adjusted finance costs 826 563 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | ||
Summary Of General Information About Business Combinations Explanatory | Casa do Adubo S.A. (“Casa do Adubo”) Other Acquisitions Acquisition date October 1, 2022 Various Purchase price, net of cash and cash equivalents acquired, and amounts held in escrow $ 268 On the acquisition date, we acquired 100 % of the issued and outstanding Casa do Adubo stock. $ 153 (preliminary) (2022 – $ 176 ) Goodwill and expected benefits of acquisitions $ 184 – Goodwill was fully impaired as part of the impairment recorded to the Retail – South America group of CGUs (Note 14). $ 126 (preliminary) (2022 – $ 55 ) 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 Description An agriculture retailer in Brazil with 39 retail locations and 10 distribution centers. This acquisition is aligned with our disciplined approach to capital allocation and sustainability commitments, as we continue to expand our presence in Brazil. 2023 – 23 Retail locations related to various agricultural services (2022 – 43 Retail locations related to various agricultural services and one wholesale warehouse location) | |
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: 2023 2022 Other Acquisitions 1 Casa do Adubo Final Fair Value Other Acquisitions 1 Current assets 17 275 2 116 Goodwill 126 184 55 Other non-current assets (2) 133 131 Total assets 141 592 302 Current liabilities 20 160 74 Other non-current liabilities 2 116 42 Total liabilities 22 276 116 Non-controlling interest (8) ‐ ‐ Total consideration 127 316 186 Amounts held in escrow 26 (48) (10) Total consideration, net of cash and cash equivalents acquired, and amounts held in escrow 153 268 176 1 Includes preliminary values for current year acquisitions and finalization of measurement period adjustments for prior year acquisitions. 2 Includes receivables from customers with gross contractual amounts of $ 169 . |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Summary of Minimum Future Commitments Under Contractual Agreements | Principal Portion and Estimated Interest Lease Long-Term Purchase Capital Other December 31, 2023 Liabilities Debt Commitments Commitments Commitments Total Within 1 year 368 966 938 153 188 2,613 1 to 3 years 484 2,324 249 19 221 3,297 3 to 5 years 222 1,556 57 ‐ 149 1,984 Over 5 years 451 10,493 106 ‐ 157 11,207 Total 1,525 15,339 1,350 172 715 19,101 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Consolidated Financial Statements [Abstract] | |
Compensation to Key Management Personnel | 2023 2022 Salaries and other short-term benefits 10 13 Share-based compensation (7) 18 Post-employment benefits 2 3 Termination benefits 2 10 7 44 |
Description of Business (Inform
Description of Business (Information) (Detail) | 12 Months Ended | |
Dec. 31, 2023 Plant | Dec. 31, 2022 | |
Disclosure of description of business [Line Items] | ||
Proportion Of Ownership Interest In Investment | 22% | |
Sinofert [Member] | ||
Disclosure of description of business [Line Items] | ||
Proportion Of Ownership Interest In Investment | 22% | 22% |
Alberta [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 3 | |
Washington [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Missouri [Member] | Upgrade facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Potash [Member] | Province of Saskatchewan [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of operations | 6 | |
Nitrogen [Member] | Alberta [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 4 | |
Nitrogen [Member] | Texas [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Georgia [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Louisiana [Member] | Production facilities [Member] | ||
Disclosure of description of business [Line Items] | ||
Number of plants | 1 | |
Nitrogen [Member] | Ohio [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] | North America [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 | 5 | |
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 |
Segment Information (Summary of
Segment Information (Summary of Financial Information on Segments) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | $ 8,474 | $ 15,424 |
Net sales | 28,082 | 37,012 |
Cost of goods sold | 19,608 | 21,588 |
Sales | 29,056 | 37,884 |
Freight, transportation and distribution | 974 | 872 |
Selling expense | 3,397 | 3,414 |
General and administrative expense | 626 | 565 |
Share-based compensation expense | (14) | 63 |
Impairment of assets (Note 13 and 14) | (309) | |
Other expenses (income) | 548 | 204 |
Earnings (loss) before finance costs | 2,745 | 10,809 |
Depreciation and amortization | (2,169) | (2,012) |
EBITDA | 4,914 | 12,821 |
Integration and restructuring costs | 49 | 46 |
Covid 19 Related Expenses | 0 | 8 |
Foreign exchange loss, net of related derivatives | 91 | 31 |
Gain on disposal of investment | 0 | 19 |
Adjusted EBITDA | 6,058 | 12,170 |
Assets | 52,749 | 54,586 |
(Reversal of) impairment of assets | 774 | (780) |
AROERL Expense For Non Operating Sites | 152 | 0 |
Other Expenses Gain Loss On Currency Swap Transactions | 92 | 0 |
Reversal of impairment of assets loss | 780 | |
Impairment of assets | 774 | |
Provincial Mining Taxes Expense | 398 | 1,149 |
Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 29,056 | 37,884 |
Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 0 |
Retail [Member] | ||
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | 4,430 | 5,179 |
Net sales | 19,542 | 21,350 |
Cost of goods sold | 15,112 | 16,171 |
Sales | 19,542 | 21,350 |
Freight, transportation and distribution | 0 | 0 |
Selling expense | 3,375 | 3,392 |
General and administrative expense | 217 | 200 |
Share-based compensation expense | 0 | 0 |
Other expenses (income) | 158 | 29 |
Earnings (loss) before finance costs | 215 | 1,558 |
Depreciation and amortization | 759 | 752 |
EBITDA | 974 | 2,310 |
Integration and restructuring costs | 20 | 2 |
Covid 19 Related Expenses | 0 | |
Foreign exchange loss, net of related derivatives | 0 | 0 |
Gain on disposal of investment | 19 | |
Adjusted EBITDA | 1,459 | 2,293 |
Assets | 23,056 | 24,451 |
AROERL Expense For Non Operating Sites | 0 | |
Other Expenses Gain Loss On Currency Swap Transactions | 0 | |
Reversal of impairment of assets loss | 0 | |
Impairment of assets | 465 | |
Provincial Mining Taxes Expense | 0 | 0 |
Retail [Member] | Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 19,542 | 21,266 |
Retail [Member] | Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 84 |
Potash [Member] | ||
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | 2,363 | 6,499 |
Net sales | 3,759 | 7,899 |
Cost of goods sold | 1,396 | 1,400 |
Sales | 4,166 | 8,199 |
Freight, transportation and distribution | 407 | 300 |
Selling expense | 12 | 10 |
General and administrative expense | 13 | 9 |
Share-based compensation expense | 0 | 0 |
Other expenses (income) | (1) | 5 |
Earnings (loss) before finance costs | 1,941 | 5,326 |
Depreciation and amortization | 463 | 443 |
EBITDA | 2,404 | 5,769 |
Integration and restructuring costs | 0 | 0 |
Covid 19 Related Expenses | 0 | |
Foreign exchange loss, net of related derivatives | 0 | 0 |
Gain on disposal of investment | 0 | |
Adjusted EBITDA | 2,404 | 5,769 |
Assets | 13,571 | 13,921 |
AROERL Expense For Non Operating Sites | 0 | |
Other Expenses Gain Loss On Currency Swap Transactions | 0 | |
Reversal of impairment of assets loss | 0 | |
Impairment of assets | 0 | |
Provincial Mining Taxes Expense | 398 | 1,149 |
Potash [Member] | Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 3,735 | 7,600 |
Potash [Member] | Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 431 | 599 |
Nitrogen [Member] | ||
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | 1,379 | 3,281 |
Net sales | 4,207 | 7,533 |
Cost of goods sold | 2,828 | 4,252 |
Sales | 4,735 | 8,048 |
Freight, transportation and distribution | 528 | 515 |
Selling expense | 27 | 28 |
General and administrative expense | 21 | 17 |
Share-based compensation expense | 0 | 0 |
Other expenses (income) | (27) | (137) |
Earnings (loss) before finance costs | 1,282 | 3,373 |
Depreciation and amortization | 572 | 558 |
EBITDA | 1,854 | 3,931 |
Integration and restructuring costs | 0 | 0 |
Covid 19 Related Expenses | 0 | |
Foreign exchange loss, net of related derivatives | 0 | 0 |
Gain on disposal of investment | 0 | |
Adjusted EBITDA | 1,930 | 3,931 |
Assets | 11,466 | 11,807 |
AROERL Expense For Non Operating Sites | 0 | |
Other Expenses Gain Loss On Currency Swap Transactions | 0 | |
Reversal of impairment of assets loss | 0 | |
Impairment of assets | 76 | |
Provincial Mining Taxes Expense | 0 | 0 |
Nitrogen [Member] | Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 3,804 | 6,755 |
Nitrogen [Member] | Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 931 | 1,293 |
Phosphate [Member] | ||
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | 233 | 493 |
Net sales | 1,993 | 2,377 |
Cost of goods sold | 1,760 | 1,884 |
Sales | 2,263 | 2,620 |
Freight, transportation and distribution | 270 | 243 |
Selling expense | 6 | 7 |
General and administrative expense | 11 | 13 |
Share-based compensation expense | 0 | 0 |
Other expenses (income) | 40 | 67 |
Earnings (loss) before finance costs | (57) | 1,186 |
Depreciation and amortization | 294 | 188 |
EBITDA | 237 | 1,374 |
Integration and restructuring costs | 0 | 0 |
Covid 19 Related Expenses | 0 | |
Foreign exchange loss, net of related derivatives | 0 | 0 |
Gain on disposal of investment | 0 | |
Adjusted EBITDA | 470 | 594 |
Assets | 2,438 | 2,661 |
AROERL Expense For Non Operating Sites | 0 | |
Other Expenses Gain Loss On Currency Swap Transactions | 0 | |
Reversal of impairment of assets loss | 780 | |
Impairment of assets | 233 | |
Provincial Mining Taxes Expense | 0 | 0 |
Phosphate [Member] | Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 1,975 | 2,263 |
Phosphate [Member] | Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 288 | 357 |
Corporate and Others Segment [Member] | ||
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | 0 | 0 |
Net sales | 0 | 0 |
Cost of goods sold | 0 | 0 |
Sales | 0 | 0 |
Freight, transportation and distribution | 0 | 0 |
Selling expense | 0 | (1) |
General and administrative expense | 364 | 326 |
Share-based compensation expense | (14) | 63 |
Other expenses (income) | 348 | 227 |
Earnings (loss) before finance costs | (698) | (615) |
Depreciation and amortization | 81 | 71 |
EBITDA | (617) | (544) |
Integration and restructuring costs | 29 | 44 |
Covid 19 Related Expenses | 8 | |
Foreign exchange loss, net of related derivatives | 91 | 31 |
Gain on disposal of investment | 0 | |
Adjusted EBITDA | (267) | (398) |
Assets | 2,818 | 2,622 |
AROERL Expense For Non Operating Sites | 152 | |
Other Expenses Gain Loss On Currency Swap Transactions | 92 | |
Reversal of impairment of assets loss | 0 | |
Impairment of assets | 0 | |
Provincial Mining Taxes Expense | 0 | 0 |
Corporate and Others Segment [Member] | Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 0 |
Corporate and Others Segment [Member] | Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 0 |
Eliminations [Member] | ||
Disclosure of operating segments [Line Items] | ||
GROSS MARGIN | 69 | (28) |
Net sales | (1,419) | (2,147) |
Cost of goods sold | (1,488) | (2,119) |
Sales | (1,650) | (2,333) |
Freight, transportation and distribution | (231) | (186) |
Selling expense | (23) | (22) |
General and administrative expense | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Other expenses (income) | 30 | 13 |
Earnings (loss) before finance costs | 62 | (19) |
Depreciation and amortization | 0 | 0 |
EBITDA | 62 | (19) |
Integration and restructuring costs | 0 | 0 |
Covid 19 Related Expenses | 0 | |
Foreign exchange loss, net of related derivatives | 0 | 0 |
Gain on disposal of investment | 0 | |
Adjusted EBITDA | 62 | (19) |
Assets | (600) | (876) |
AROERL Expense For Non Operating Sites | 0 | |
Other Expenses Gain Loss On Currency Swap Transactions | 0 | |
Reversal of impairment of assets loss | 0 | |
Impairment of assets | 0 | |
Provincial Mining Taxes Expense | 0 | 0 |
Eliminations [Member] | Third Party Reconciling [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | 0 | 0 |
Eliminations [Member] | Intersegment amounts [Member] | ||
Disclosure of operating segments [Line Items] | ||
Sales | $ (1,650) | $ (2,333) |
Segment Information (Summary _2
Segment Information (Summary of Disaggregated Revenue from Contracts with Customers by Product Line or Geographic Location) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | $ 29,056 | $ 37,884 |
Urea and ESN [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,624 | 2,268 |
Retail [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 19,542 | 21,350 |
Retail [Member] | Crop Nutrients [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 8,379 | 10,060 |
Retail [Member] | Crop Protection Products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 6,750 | 7,067 |
Retail [Member] | Seed [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 2,295 | 2,112 |
Retail [Member] | Merchandise [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,001 | 1,019 |
Retail [Member] | Nutrien Financial [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 322 | 267 |
Retail [Member] | Services and Others [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 927 | 966 |
Retail [Member] | Elimination For Interproduct Activity [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | (132) | (141) |
Potash [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 4,166 | 8,199 |
Potash [Member] | North America [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 2,090 | 2,785 |
Potash [Member] | Offshore [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 2,076 | 5,414 |
Nitrogen [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 4,735 | 8,048 |
Nitrogen [Member] | Ammonia [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,337 | 2,834 |
Nitrogen [Member] | Solutions and nitrates [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,367 | 1,996 |
Nitrogen [Member] | Other nitrogen and purchased products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 407 | 950 |
Phosphate [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 2,263 | 2,620 |
Phosphate [Member] | Fertilizer [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 1,264 | 1,520 |
Phosphate [Member] | Industrial and Feed [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 703 | 763 |
Phosphate [Member] | Other phosphate and purchased products [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 296 | 337 |
Corporate and Others Segment [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Eliminations [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [Line Items] | ||
Revenue from contracts with customers | $ (1,650) | $ (2,333) |
Segment Information (Summary _3
Segment Information (Summary of Financial Information by Geographical Area) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of geographical areas [Line Items] | ||
Sales | $ 29,056 | $ 37,884 |
Non-current assets | 37,710 | 37,439 |
Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 29,056 | 37,884 |
Intersegment amounts [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 0 | 0 |
Canpotex [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | (394) | (105) |
Non-current assets | 0 | 0 |
Canpotex [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 2,076 | 5,414 |
United States [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 16,001 | 15,971 |
United States [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 17,656 | 20,089 |
Canada [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 18,987 | 18,303 |
Canada [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 3,111 | 3,783 |
Trinidad [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 661 | 688 |
Trinidad [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 29 | 15 |
Brazil customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 555 | 851 |
Brazil customer [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 1,048 | 1,136 |
Other [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 557 | 1,207 |
Non-current assets | 389 | 457 |
Other [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 871 | 2,063 |
Australia [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 1,069 | 1,105 |
Australia [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 3,389 | 3,877 |
Argentina Customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 526 | 666 |
Europe Customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | 314 | 856 |
Other South America Customer [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 48 | 64 |
Other South America Customer [Member] | Third Party Reconciling [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales | $ 876 | $ 1,507 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of expenses [Line Items] | ||
Total | $ 26,311 | $ 27,075 |
Purchased and produced raw materials and product for resale [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 16,635 | 18,747 |
Depreciation and amortization [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 2,169 | 2,012 |
Employee costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 2,858 | 2,968 |
Freight [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 1,171 | 1,094 |
Impairment of assets [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 774 | 780 |
Acquisition and integration related costs [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 49 | 46 |
Contract Services [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 753 | 745 |
Lease expense [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 103 | 93 |
Fleet fuel, repairs and maintenance [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 369 | 359 |
COVID-19 [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 0 | 8 |
Gain On Disposal Of Investment [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 0 | 19 |
Other [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 877 | 638 |
Provincial Mining [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 398 | 1,149 |
Loss on Blue Chip Swaps [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 92 | 0 |
ARO/ERL non-sccretion expense [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | 143 | 15 |
Gain on Amendments to Other post-tetirement pension plans [Member] | ||
Disclosure of expenses [Line Items] | ||
Total | $ 80 | $ 0 |
Share-Based Compensation (Infor
Share-Based Compensation (Information) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Average share price | $ 25.67 | $ 20.49 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Stock Option Plan granted) (Detail) | 12 Months Ended |
Dec. 31, 2023 shares | |
Stock Options [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Officers and eligible employees |
Vesting Period | 25 percent per year over four years |
Maximum term | 10 years |
Settlement Period | Shares 1 |
Number of share options granted in share-based payment arrangement | 301,168 |
Date of Grant of Share Based Payment Arrangement | Annually |
Number of share options outstanding in share-based payment arrangement | 3,248,306 |
Performance share units (PSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Officers and eligible employees |
Vesting Period | On third anniversary of grant date based on total shareholder return relative to PSU peer group (75 percent weighting) and return on invested capital (25 percent weighting) |
Maximum term | Not applicable |
Settlement Period | Cash |
Number Of Instruments Other Equity Instruments Granted | 517,219 |
Date of Grant of Share Based Payment Arrangement | Annually |
Number of other equity instruments outstanding in share-based payment arrangement | 1,732,785 |
Restricted share units (RSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Officers and eligible employees |
Vesting Period | On third anniversary of grant date and not subject to performance conditions |
Maximum term | Not applicable |
Settlement Period | Cash |
Number Of Instruments Other Equity Instruments Granted | 582,659 |
Date of Grant of Share Based Payment Arrangement | Annually |
Number of other equity instruments outstanding in share-based payment arrangement | 1,576,486 |
Deferred Share Units (DSUs) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Non-executive directors |
Vesting Period | Fully vest upon grant |
Maximum term | Not applicable |
Settlement Period | Cash 2 |
Number Of Instruments Other Equity Instruments Granted | 34,075 |
Date of Grant of Share Based Payment Arrangement | At the discretion of the Board of Directors |
Number of other equity instruments outstanding in share-based payment arrangement | 401,296 |
Stock Appreciation Rights (SAR) and Tandem Stock Appreciation Rights (TSAR) [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Eligibility | Awards no longer granted; legacy awards only |
Vesting Period | 25 percent per year over four years |
Maximum term | 10 years |
Settlement Period | Cash |
Number Of Instruments Other Equity Instruments Granted | 0 |
Date of Grant of Share Based Payment Arrangement | Awards no longer granted; legacy awards only |
Number of other equity instruments outstanding in share-based payment arrangement | 176,284 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary of Stock Option Plans) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Number And Weighted Average Exercise Price Of Outstanding Share Options [Line Items] | ||
Number of shares subject to option, Exercised | (683,814) | (3,066,148) |
Share-Based Compensation (Compe
Share-Based Compensation (Compensation Expense for all Employee and Director Share-based Compensation Plans) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | $ (14) | $ 63 |
Stock Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | 8 | 11 |
Performance share units (PSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | (39) | 13 |
Restricted share units (RSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | 23 | 33 |
Stock Appreciation Rights (SAR) and Tandem Stock Appreciation Rights (TSAR) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | (2) | 4 |
Deferred Share Units (DSUs) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Compensation expense | $ (4) | $ 2 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary of Weighted Average Assumptions in Stock Options) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current Year [Member] | ||
Disclosure Of Share Based Compensation Expense [Line Items] | ||
Exercise price per option | $ 78.95 | |
Expected annual dividend yield | 2.49% | |
Expected volatility | 33% | |
Risk-free interest rate | 3.84% | |
Average expected life of options (years) | 8.5 | |
Prior Year [Member] | ||
Disclosure Of Share Based Compensation Expense [Line Items] | ||
Exercise price per option | $ 77.50 | |
Expected annual dividend yield | 2.45% | |
Expected volatility | 30% | |
Risk-free interest rate | 2% | |
Average expected life of options (years) | 8.5 |
Other Expenses (Summary of Deta
Other Expenses (Summary of Detailed Information About Other Income and Expenses) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Operating Income Expense [abstract] | ||
Other (expenses) income | $ 548 | $ 204 |
Gain on disposal of investment | 0 | 19 |
Integration and restructuring costs | (49) | (46) |
Foreign exchange loss, net of related derivatives | 91 | 31 |
Earnings of equity-accounted investees | (101) | (247) |
Other expenses | (102) | (141) |
Covid 19 Related Expenses | 0 | 8 |
Customer prepayment costs | 47 | 42 |
Project Feasibility | 86 | 79 |
Consulting Expenses | 21 | 29 |
Employee Special Recognition Award | 0 | 61 |
Legal Expenses | 34 | 21 |
Other Expenses Gain Loss On Currency Swap Transactions | 92 | 0 |
Gain On Amendments To Other Post Retirement Pension Plans | 80 | 0 |
AROERL Expense For Non Operating Sites | 152 | 0 |
Expense Recognised During Period For Bad Debts | $ 55 | $ 12 |
Finance Costs (Information) (De
Finance Costs (Information) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of finance costs [abstract] | ||
Average capitalization rate | 5.40% | 4.10% |
Finance Costs (Summary of Finan
Finance Costs (Summary of Finance Costs) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of finance costs [Line Items] | ||
Total Finance costs | $ 793 | $ 563 |
Interest expense | 797 | 521 |
Borrowing costs capitalized to property, plant and equipment | 71 | 37 |
Interest income | (35) | (25) |
Other Finance Costs | 64 | 67 |
Unwinding of discount on asset retirement obligations | 33 | 29 |
Interest expense (income), net defined benefit liability (asset) | 5 | 8 |
Short-term debt [Member] | ||
Disclosure of finance costs [Line Items] | ||
Interest expense | 303 | 153 |
Long term debt [Member] | ||
Disclosure of finance costs [Line Items] | ||
Interest expense | 446 | 333 |
Lease Liabilities [Member] | ||
Disclosure of finance costs [Line Items] | ||
Interest expense | $ 48 | $ 35 |
Income Taxes (Summary of Provis
Income Taxes (Summary of Provision for Income Taxes) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of income tax expense benefits [Line Items] | ||
Earnings (loss) before income taxes | $ 1,952 | $ 10,246 |
Canadian federal and provincial statutory income tax rate | 27% | 27% |
Income tax at statutory rates | $ 527 | $ 2,766 |
Income tax (recovery) expense included in net earnings | 670 | 2,559 |
Adjusted for the effect of: | ||
Impact of foreign tax rates | (139) | (132) |
Production-related deductions | (54) | (51) |
Non-taxable income | (67) | (98) |
Adjustments in respect of prior years | 31 | (41) |
Swiss Tax Reform Adjustment | (134) | 0 |
Other | 11 | 10 |
Withholding taxes | 20 | 18 |
Tax Authority Examinations | 62 | 22 |
Current Year Losses for which no deferred tax asset is recognized | 314 | 0 |
Non-deductible expenses | 25 | 16 |
Trinidad [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
Earnings (loss) before income taxes | (75) | 487 |
Australia [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
Earnings (loss) before income taxes | 161 | 263 |
Other Countries [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
Earnings (loss) before income taxes | (537) | 342 |
Country of domicile [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
Earnings (loss) before income taxes | 1,427 | 5,707 |
UNITED STATES [Member] | ||
Disclosure of income tax expense benefits [Line Items] | ||
Earnings (loss) before income taxes | $ 976 | $ 3,447 |
Income Taxes (Summary of Deferr
Income Taxes (Summary of Deferred Income Tax Assets (Liabilities)) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | $ 477 | $ 448 |
Deferred income tax liabilities | 3,574 | 3,547 |
Deferred income tax expense recognized in net earning | 7 | 182 |
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 | 400 | 319 |
Deferred income tax expense recognized in net earning | (17) | 35 |
Tax loss and other carryforwards [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 347 | 396 |
Deferred income tax expense recognized in net earning | 52 | (93) |
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 | 108 | 151 |
Deferred income tax expense recognized in net earning | 50 | (1) |
Long term debt [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 99 | 117 |
Deferred income tax expense recognized in net earning | 18 | 21 |
Lease Liabilities [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 307 | 298 |
Deferred income tax expense recognized in net earning | (8) | (151) |
Receivables [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 50 | 48 |
Deferred income tax expense recognized in net earning | (2) | (4) |
Payables and accrued charges [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 96 | 98 |
Deferred income tax expense recognized in net earning | 2 | (84) |
Other assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 1 | 1 |
Deferred income tax expense recognized in net earning | 0 | 0 |
Loss Carry Forward [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax liabilities | 3,097 | 3,099 |
Deferred income tax expense recognized in net earning | (7) | (182) |
Property plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax liabilities | 4,410 | 4,305 |
Deferred income tax expense recognized in net earning | 40 | 545 |
Goodwill and other intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax liabilities | 173 | 347 |
Deferred income tax expense recognized in net earning | (168) | (53) |
Other liabilities [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax liabilities | 30 | 30 |
Deferred income tax expense recognized in net earning | (7) | (3) |
Inventories [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | ||
Deferred income tax assets | 108 | 155 |
Deferred income tax expense recognized in net earning | $ 47 | $ (30) |
Income Taxes (Information) (Det
Income Taxes (Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of income taxes [abstract] | ||
Tax losses and deductible temporary differences for which no deferred tax assets recognized | $ 1,532 | |
Temporary differences associated with investments in subsidiaries and equity-accounted investees, for which deferred tax liabilities have not been recognized | 7,010 | $ 13,060 |
Deferred Tax Asset Net Asset Basis Step Up | $ 134 |
Income Taxes (Summary of Reconc
Income Taxes (Summary of Reconciliation of Net Deferred Income Tax Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred income tax expense recognized in net earning | $ 7 | $ 182 |
Income Taxes (Summary of Amount
Income Taxes (Summary of Amounts and Expiry Dates of Unused Tax Losses and Unused Tax Credits) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Unused operating losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |
Amount | $ 2,056 |
Expiry Date | 2024 – Indefinite |
Unused capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [Line Items] | |
Amount | $ 683 |
Expiry Date | Indefinite |
Income Taxes (Summary of Total
Income Taxes (Summary of Total Income Tax Expense) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current income tax | ||
Tax (recovery) expense for current year | $ 637 | $ 2,314 |
Adjustments in respect of prior years | 26 | 63 |
Total current income tax (recovery) expense | 663 | 2,377 |
Deferred income tax | ||
Origination and reversal of temporary differences | 5 | 215 |
Swiss Tax Reform Adjustment | (134) | 0 |
Total deferred income tax expense (recovery) | 7 | 182 |
Income tax (recovery) expense included in net earnings | 670 | 2,559 |
Change in recognition of tax losses and deductible temporary differences | 105 | 8 |
Adjustments in respect of prior years | $ 31 | $ (41) |
Net Earnings per Share (Summary
Net Earnings per Share (Summary of Net Earnings per Share) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | 496,381,000 | 538,475,000 |
Dilutive effect of stock options | 613,000 | 1,535,000 |
Weighted average number of diluted common shares | 496,994,000 | 540,010,000 |
Net Earnings per Share (Summa_2
Net Earnings per Share (Summary of Options Excluded from Calculation of Diluted Net Earnings per Share) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per share [Line Items] | ||
Number of options excluded | 821,763 | 567,409 |
Financial Instruments and Rel_3
Financial Instruments and Related Risk Management (Summary of Maximum Exposure to Credit Risk) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | $ 6,044 | $ 6,951 |
Cash and cash equivalents [Member] | ||
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | 941 | 901 |
Receivables from Customers[Member] | ||
Disclosure of credit risk exposure [Line Items] | ||
Maximum Exposure To Credit Risk | $ 5,103 | $ 6,050 |
Financial Instruments and Rel_4
Financial Instruments and Related Risk Management (Information) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Foreign Currency Derivatives [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Fair value net FX currency derivative assets | $ 11 | $ (18) |
Third parties financed by Nutrien Financial [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 100% | 100% |
Third Parties Potash Nitrogen Phosphate [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 100% | 100% |
Third Parties - Retail [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 100% | 100% |
Current Range [Member] | Third parties financed by Nutrien Financial [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 78% | 83% |
Current Range [Member] | Third Parties Potash Nitrogen Phosphate [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 89% | 97% |
Current Range [Member] | Third Parties - Retail [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 78% | 84% |
30 days or less past due [Member] | Third parties financed by Nutrien Financial [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 13% | 10% |
30 days or less past due [Member] | Third Parties Potash Nitrogen Phosphate [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 11% | 3% |
30 days or less past due [Member] | Third Parties - Retail [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 6% | 9% |
31 - 90 days past due [Member] | Third parties financed by Nutrien Financial [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 4% | 3% |
31 - 90 days past due [Member] | Third Parties Potash Nitrogen Phosphate [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 0% | 0% |
31 - 90 days past due [Member] | Third Parties - Retail [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 4% | 4% |
Greater than 90 days past due [Member] | Third parties financed by Nutrien Financial [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 5% | 4% |
Greater than 90 days past due [Member] | Third Parties Potash Nitrogen Phosphate [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 0% | 0% |
Greater than 90 days past due [Member] | Third Parties - Retail [Member] | ||
Disclosure of detailed information about financial instruments [Line Items] | ||
Ageing Of Receivables | 12% | 3% |
Financial Instruments and Rel_5
Financial Instruments and Related Risk Management (Summary of Available Credit Facilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [Line Items] | ||
Amount Available | $ 4,500 | |
Unsecured revolving term credit facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Amount Available | 4,500 | |
Uncommitted revolving demand facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Amount Available | 1,000 | |
Other facilities [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Amount Outstanding and Committed | $ 2 | $ 3 |
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, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | $ 9,467 | $ 11,291 |
Short-term debt | 1,815 | 2,142 |
Lease liabilities, including current portion | 1,525 | |
Bonds Issued Undiscounted Cash Flows | 15,339 | |
Carrying Amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Payables and accrued charges | 9,024 | |
Carrying amount of liability | 21,606 | |
Short-term debt | 1,815 | |
Long-term debt, including current portion | 9,425 | 8,582 |
Lease liabilities, including current portion | 1,326 | |
Derivatives | 16 | |
Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Carrying amount of liability | 27,719 | |
Long-term debt, including current portion | 9,214 | $ 8,344 |
Lease liabilities, including current portion | 1,525 | |
Bank Borrowings Undiscounted Cash Flows | 1,815 | |
Payables and accrued charges, contractual cash flows | 9,024 | |
Derivatives | 16 | |
Bonds Issued Undiscounted Cash Flows | 15,339 | |
Not later than one year [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 368 | |
Bank Borrowings Undiscounted Cash Flows | 1,815 | |
Payables and accrued charges, contractual cash flows | 9,024 | |
Bonds Issued Undiscounted Cash Flows | 966 | |
Not later than one year [Member] | Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Carrying amount of liability | 12,189 | |
Lease liabilities, including current portion | 368 | |
Derivatives | 16 | |
Later than one year and not later than three years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 484 | |
Bank Borrowings Undiscounted Cash Flows | 0 | |
Payables and accrued charges, contractual cash flows | 0 | |
Bonds Issued Undiscounted Cash Flows | 2,324 | |
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] | ||
Carrying amount of liability | 2,808 | |
Lease liabilities, including current portion | 484 | |
Derivatives | 0 | |
Later than three years and not later than five years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 222 | |
Bank Borrowings Undiscounted Cash Flows | 0 | |
Payables and accrued charges, contractual cash flows | 0 | |
Bonds Issued Undiscounted Cash Flows | 1,556 | |
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] | ||
Carrying amount of liability | 1,778 | |
Lease liabilities, including current portion | 222 | |
Derivatives | 0 | |
Over 5 years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Lease liabilities, including current portion | 451 | |
Bank Borrowings Undiscounted Cash Flows | 0 | |
Payables and accrued charges, contractual cash flows | 0 | |
Bonds Issued Undiscounted Cash Flows | 10,493 | |
Over 5 years [Member] | Gross Carrying amount [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [Line Items] | ||
Carrying amount of liability | 10,944 | |
Lease liabilities, including current portion | 451 | |
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, 2023 USD ($) $ / $ $ / $ R$ / $ | Dec. 31, 2022 USD ($) $ / $ R$ / $ $ / $ | |
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Bonds Issued Undiscounted Cash Flows | $ 15,339 | |
Forwards USD/CAD [Member] | Derivatives Not Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 435 | $ 473 |
Average Contract Rate | $ / $ | 1.3207 | 1.3584 |
Forwards USD/CAD [Member] | Derivatives Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 601 | $ 487 |
Average Contract Rate | $ / $ | 1.3565 | 1.3255 |
Forwards AUD/USD [Member] | Derivatives Not Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 86 | $ 133 |
Average Contract Rate | $ / $ | 1.5269 | 1.5010 |
Forwards Brl Usd [Member] | Derivatives Not Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 94 | $ 374 |
Average Contract Rate | R$ / $ | 4.8688 | 5.6892 |
Financial Instruments and Rel_8
Financial Instruments and Related Risk Management (Summary of Fair Value Hierarchy for Financial Assets and Financial Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Cash and cash equivalents | $ 941 | $ 901 | $ 499 |
Investment at FVTOCI (Note 15) | 190 | 200 | |
Notes and debentures | 512 | 542 | |
Long-term debt (Note 18) | 8,913 | 8,040 | |
Other Long-Term Debt | 0 | 7 | |
Non-current Financial Assets At Amortised Cost | 19 | 0 | |
Non-current Financial Asstes at Fair Value through Profit or Loss | 45 | 44 | |
Recurring fair value measurement [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument assets | 20 | 7 | |
Investment at FVTOCI (Note 15) | 190 | 200 | |
Non-current Financial Asstes at Fair Value through Profit or Loss | 45 | 44 | |
Recurring fair value measurement [Member] | Derivative Instruments Liabilities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument liabilities | (16) | (35) | |
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 | 173 | 148 | |
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 | 499 | 500 | |
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 | 13 | 42 | |
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] | |||
Other Long-Term Debt | 8,884 | 7,910 | |
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] | |||
Other Long-Term Debt | 29 | 130 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument assets | 0 | 0 | |
Investment at FVTOCI (Note 15) | 180 | 190 | |
Non-current Financial Assets At Amortised Cost | 16 | 0 | |
Non-current Financial Asstes at Fair Value through Profit or Loss | 0 | 0 | |
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 | 35 | 19 | |
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 | 493 | |
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] | |||
Notes and debentures | 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] | |||
Other Long-Term Debt | 3,110 | 3,581 | |
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] | |||
Other Long-Term Debt | 0 | 0 | |
Level 2 of fair value hierarchy [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument assets | 20 | 7 | |
Investment at FVTOCI (Note 15) | 0 | 0 | |
Non-current Financial Assets At Amortised Cost | 0 | 0 | |
Non-current Financial Asstes at Fair Value through Profit or Loss | 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 | (16) | (35) | |
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 | 138 | 129 | |
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 | 502 | 0 | |
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] | |||
Notes and debentures | 13 | 42 | |
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] | |||
Other Long-Term Debt | 5,462 | 3,656 | |
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] | |||
Other Long-Term Debt | 29 | 130 | |
Level 3 of fair value hierarchy [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument assets | 0 | 0 | |
Investment at FVTOCI (Note 15) | 10 | 10 | |
Non-current Financial Assets At Amortised Cost | 0 | 0 | |
Non-current Financial Asstes at Fair Value through Profit or Loss | 45 | 44 | |
Level 3 of fair value hierarchy [Member] | Derivative Instruments Liabilities [Member] | |||
Disclosure of fair value measurement of assets and liability [Line Items] | |||
Derivative instrument liabilities | 0 | 0 | |
Level 3 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 | 0 | 0 | |
Level 3 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 | 0 | 0 | |
Level 3 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] | |||
Notes and debentures | 0 | 0 | |
Level 3 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] | |||
Other Long-Term Debt | 0 | 0 | |
Level 3 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] | |||
Other Long-Term Debt | $ 0 | $ 0 |
Financial Instruments and Rel_9
Financial Instruments and Related Risk Management (Summary of Material Foreign Currency Derivatives) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Forwards USD/CAD [Member] | Derivatives Not Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 435 | $ 473 |
Maturities | 2024 | 2023 |
Forwards USD/CAD [Member] | Derivatives Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 601 | $ 487 |
Maturities | 2024 | 2023 |
Forwards AUD/USD [Member] | Derivatives Not Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 86 | $ 133 |
Maturities | 2024 | 2023 |
Forwards Brl Usd [Member] | Derivatives Not Designated As Hedges [Member] | ||
Disclosure Of Derivative Contract Outstanding [Line Items] | ||
Notional | $ 94 | $ 374 |
Maturities | 2024 | 2023 |
Receivables (Summary of Receiva
Receivables (Summary of Receivables) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade and other current receivables [abstract] | ||
Less allowance for expected credit losses of receivables from customers | $ (111) | $ (95) |
Receivables from customers | 4,668 | 5,596 |
Rebates | 198 | 172 |
Income taxes (Note 8) | 295 | 144 |
Other receivables | 237 | 282 |
Receivables | $ 5,398 | $ 6,194 |
Maximum percentage of qualified customer loans covered for bad debts Indemnification agreement | 5% | 5% |
Outstanding customer credit with financial institution | $ 431 | |
Risk of Default Very Low [Member] | ||
Trade and other current receivables [abstract] | ||
Default risk of current trade and other receivables | 2,578 | $ 2,260 |
Risk of Default Low [Member] | ||
Trade and other current receivables [abstract] | ||
Default risk of current trade and other receivables | 365 | 445 |
Third parties financed by Nutrien Financial [Member] | ||
Trade and other current receivables [abstract] | ||
Receivables From Customers | 2,943 | 2,705 |
Canpotex [Member] | Potash Segment [Member] | ||
Trade and other current receivables [abstract] | ||
Receivables Due from Related Parties | 162 | 866 |
Third Parties Potash Nitrogen Phosphate [Member] | Potash Nitrogen Phosphate Segment [Member] | ||
Trade and other current receivables [abstract] | ||
Receivables From Customers | 577 | 827 |
Third Parties - Retail [Member] | ||
Trade and other current receivables [abstract] | ||
Receivables From Customers | $ 1,097 | $ 1,293 |
Inventories (Information) (Deta
Inventories (Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | $ 19,608 | $ 21,588 |
Inventories | 6,336 | 7,632 |
Cost Of Inventories Recognised as Expense | 19,391 | 21,371 |
Retail [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | 15,112 | 16,171 |
Inventories | 5,041 | 6,035 |
Potash [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | 1,396 | 1,400 |
Inventories | 371 | 398 |
Nitrogen [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | 2,828 | 4,252 |
Inventories | 493 | 706 |
Phosphate [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | 1,760 | 1,884 |
Inventories | 431 | 493 |
Corporate and Others Segment [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | 0 | 0 |
Eliminations [Member] | ||
Classes of inventories [Line Items] | ||
Cost of goods sold (Note 4) | $ (1,488) | $ (2,119) |
Inventories (Summary of Invento
Inventories (Summary of Inventories) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Inventories | $ 6,336 | $ 7,632 |
Purchased for resale | 4,941 | 5,885 |
Finished products | 351 | 612 |
Intermediate products | 160 | 184 |
Raw materials | 299 | 425 |
Materials and supplies | $ 585 | $ 526 |
Property Plant And Equipment (S
Property Plant And Equipment (Summary Of Impairment) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2017 | Jun. 30, 2023 | |
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Impairment indicator | In 2023, we identified an impairment trigger for our Phosphate CGUs, White Springs and Aurora, primarily as a result of the decrease in our forecasted phosphate margins. We completed our impairment analysis for these CGUs. In 2023, we identified an impairment trigger for our Trinidad CGU, part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026. In 2023, we revised our forecasted EBITDA for the Retail – South America group of CGUs, which triggered an impairment analysis. Due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, we lowered our product margin expectations and deferred certain of our planned strategic investments. As a result, this reduced our forecasted EBITDA and growth. | ||||
Pre-tax impairment loss | $ 309 | ||||
Key assumptions | The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA | ||||
DescriptionOfValuationTechniquesUsed | based on after-tax discounted cash flows (five-year projections plus a terminal value with the exception of the Retail – South America group of CGUs, which used a 10-year projection plus a terminal value) and incorporated assumptions an independent market participant would apply, including considerations related to climate-change initiatives. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows | ||||
Description Of Level Of Fair Value Hierarchy Within Which Fair Value Measurement Is Categorised | FVLCD is a Level 3 measurement | ||||
Property, plant and equipment including right of use assets | $ 22,461 | $ 21,767 | |||
White Springs [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Recoverable amount ($) | $ 504 | $ 770 | |||
End of mine life (proven and probable reserves) (year) | 2032 | 2030 | |||
Forecasted EBITDA | $ 720 | $ 980 | |||
Valuation Methodology | Value in use ("VIU") | VIU | |||
Description Of Valuation Techniques Used To Measure Value In Use | Pre-tax DCF to end of expected mine life | Pre-tax DCF to end of expected mine life | |||
Impairment Loss Reversal Date | September 30, 2022 | ||||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 737 | $ 425 | |||
Impairment Loss | $ 233 | $ 215 | $ 250 | ||
Impairment Assessment Date | June 30, 2023 | ||||
White Springs [Member] | Post-Tax [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Discount rate (%) | 12% | ||||
Description Of Discount Rates Used In Previous Estimate Of Value In Use | 12% | ||||
White Springs [Member] | Pre-Tax [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Discount rate (%) | 15.60% | ||||
Description Of Discount Rates Used In Previous Estimate Of Value In Use | 15.20% | ||||
Aurora [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Recoverable amount ($) | $ 2,000 | $ 2,900 | |||
End of mine life (proven and probable reserves) (year) | 2050 | ||||
Terminal Growth Rate | 2% | ||||
Forecasted EBITDA | $ 3,090 | ||||
Valuation Methodology | Fair value less costs of disposal ("FVLCD"), a Level 3 measurement | FVLCD | |||
DescriptionOfValuationTechniquesUsed | Five-year DCF plus terminal year to end of mine life | Five-year DCF plus terminal year to end of mine life | |||
Impairment Loss Reversal Date | June 30, 2022 | ||||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 1,660 | $ 1,200 | |||
Impairment Loss | $ 0 | $ 545 | |||
Impairment Assessment Date | June 30, 2023 | ||||
Aurora [Member] | Post-Tax [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Discount Rate Used In Previous Measurement Of Fair Value Less Costs of Disposal | 10.40% | ||||
Potash Segment [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Terminal Growth Rate | 2.50% | 2.50% | |||
Nitrogen Segment [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Terminal Growth Rate | 2.30% | 2% | |||
Phosphate Segment [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Segment | Phosphate CGU | ||||
South America Retail [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Recoverable amount ($) | $ 1,031 | ||||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 1,496 | ||||
North America Retail [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Discount Rate Used In Previous Measurement Of Fair Value Less Costs of Disposal | 8.50% | ||||
International Retail [Member] | Bottom of range [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Terminal Growth Rate | 2% | ||||
International Retail [Member] | Top of range [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Terminal Growth Rate | 2.10% | 6% | |||
Trinidad CGU [Member] | |||||
Disclosure Of Property Plant And Equipment Impairment [Line Items] | |||||
Recoverable amount ($) | $ 676 | ||||
After tax discount rate | 13% | ||||
Terminal Growth Rate | 2.30% | ||||
Forecasted EBITDA | $ 1,145 | ||||
Valuation Methodology | FVLCD, a Level 3 measurement | ||||
DescriptionOfValuationTechniquesUsed | Five-year DCF plus a terminal value | ||||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 752 | ||||
Impairment Loss | $ 76 | ||||
Discount Rate Used In Previous Measurement Of Fair Value Less Costs of Disposal | 12.60% |
Property, Plant and Equipment_2
Property, Plant and Equipment (Summary of Depreciation of Property Plant and Equipment) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | $ 1,415 | $ 1,320 |
Freight Transportation and Distribution [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 165 | 148 |
Cost of Goods Sold [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 1,157 | 1,024 |
Selling Expenses [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 453 | 424 |
General And Administrative Expense1 [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 48 | 42 |
Depreciation Expense Included in Income Statement [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | 1,823 | 1,638 |
Inventory [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Depreciation, property, plant and equipment | $ 145 | $ 151 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2017 | Jun. 30, 2023 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Impairment of assets (Note 13 and 14) | $ 309 | |||||
Reversal of impairment Losses | $ 780 | |||||
Property, plant and equipment including right of use assets | 22,461 | 21,767 | ||||
Carrying Amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 22,461 | 21,767 | $ 20,016 | |||
Gross carrying amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 39,324 | 37,223 | ||||
Accumulated depreciation, amortisation and impairment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | (16,863) | (15,456) | ||||
Land Improvements [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Impairment of assets (Note 13 and 14) | 19 | |||||
Reversal of impairment Losses | 105 | |||||
Property, plant and equipment including right of use assets | 1,201 | |||||
Land Improvements [Member] | Carrying Amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 1,175 | 1,201 | 1,073 | |||
Land Improvements [Member] | Gross carrying amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 1,631 | 1,605 | ||||
Land Improvements [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | (456) | (404) | ||||
Buildings and Improvements [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Impairment of assets (Note 13 and 14) | 10 | |||||
Reversal of impairment Losses | 26 | |||||
Property, plant and equipment including right of use assets | 6,340 | |||||
Buildings and Improvements [Member] | Carrying Amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 6,376 | 6,340 | 6,305 | |||
Buildings and Improvements [Member] | Gross carrying amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 9,050 | 8,795 | ||||
Buildings and Improvements [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | (2,674) | (2,455) | ||||
Machinery And Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Impairment of assets (Note 13 and 14) | 148 | |||||
Reversal of impairment Losses | 491 | |||||
Property, plant and equipment including right of use assets | 11,017 | |||||
Machinery And Equipment [Member] | Carrying Amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 11,327 | 11,017 | 10,221 | |||
Machinery And Equipment [Member] | Gross carrying amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 23,237 | 22,023 | ||||
Machinery And Equipment [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | (11,910) | (11,006) | ||||
Mine development costs [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Impairment of assets (Note 13 and 14) | 95 | |||||
Reversal of impairment Losses | 149 | |||||
Property, plant and equipment including right of use assets | 1,108 | |||||
Mine development costs [Member] | Carrying Amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 1,115 | 1,108 | 853 | |||
Mine development costs [Member] | Gross carrying amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 2,938 | 2,699 | ||||
Mine development costs [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | (1,823) | (1,591) | ||||
Assets Under Construction [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Impairment of assets (Note 13 and 14) | 37 | |||||
Reversal of impairment Losses | 9 | |||||
Property, plant and equipment including right of use assets | 2,101 | |||||
Assets Under Construction [Member] | Carrying Amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 2,468 | 2,101 | $ 1,564 | |||
Assets Under Construction [Member] | Gross carrying amount [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 2,468 | 2,101 | ||||
Assets Under Construction [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Property, plant and equipment including right of use assets | 0 | 0 | ||||
White Springs [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Recoverable amount of asset or cash-generating unit | 504 | 770 | ||||
Reversal of impairment Losses | 330 | |||||
Impairment Loss | 233 | $ 215 | $ 250 | |||
Aurora [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Recoverable amount of asset or cash-generating unit | 2,000 | 2,900 | ||||
Reversal of impairment Losses | $ 450 | |||||
Impairment Loss | 0 | $ 545 | ||||
South America Retail [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Recoverable amount of asset or cash-generating unit | $ 1,031 | |||||
Trinidad CGU [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||||
Recoverable amount of asset or cash-generating unit | $ 676 | |||||
After tax discount rate | 13% | |||||
Impairment Loss | $ 76 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Summary of Estimated Useful Lives) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Land Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range | 1 – 85 |
Buildings and Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range | 1 – 70 |
Machinery And Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range | 1 – 80 |
Mine development costs [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Useful Life Range | 1 – 60 |
Property, Plant and Equipment_5
Property, Plant and Equipment (Summary of Reconciliation of Changes in Property Plant and Equipment) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Property, plant and equipment - ROU assets - IFRS Adjustment | $ 1,267 | $ 1,162 |
Acquisitions (Note 25) | 7 | 140 |
Additions | 2,465 | 2,253 |
Additions - ROU | 409 | 281 |
Disposals | 51 | 46 |
Transfers | 0 | 0 |
Foreign currency translation and other | (24) | 2 |
Depreciation | (1,415) | (1,320) |
Depreciation - ROU | 388 | 339 |
Impairment | 309 | |
Owned [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning balance | 20,605 | |
Ending balance | 21,194 | 20,605 |
Land Improvements 1 [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Property, plant and equipment - ROU assets - IFRS Adjustment | 30 | 28 |
Acquisitions (Note 25) | 0 | 12 |
Additions | 1 | 17 |
Additions - ROU | 1 | 0 |
Disposals | 6 | 9 |
Transfers | 26 | 35 |
Foreign currency translation and other | 12 | 5 |
Depreciation | (39) | (35) |
Depreciation - ROU | 2 | 2 |
Impairment | $ 19 | |
Useful Life Range | 1 – 85 | |
Land Improvements 1 [Member] | Owned [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning balance | $ 1,173 | |
Ending balance | 1,145 | 1,173 |
Buildings and Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Property, plant and equipment - ROU assets - IFRS Adjustment | 396 | 384 |
Acquisitions (Note 25) | 2 | 40 |
Additions | 5 | 9 |
Additions - ROU | 70 | 51 |
Disposals | 7 | 13 |
Transfers | 188 | 163 |
Foreign currency translation and other | 32 | 2 |
Depreciation | (184) | (185) |
Depreciation - ROU | 60 | 58 |
Impairment | $ 10 | |
Useful Life Range | 1 – 70 | |
Buildings and Improvements [Member] | Owned [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning balance | $ 5,956 | |
Ending balance | 5,980 | 5,956 |
Machinery And Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Property, plant and equipment - ROU assets - IFRS Adjustment | 841 | 750 |
Acquisitions (Note 25) | 5 | 23 |
Additions | 37 | 25 |
Additions - ROU | 338 | 230 |
Disposals | 37 | 24 |
Transfers | 1,401 | 1,281 |
Foreign currency translation and other | 94 | 55 |
Depreciation | (1,054) | (1,006) |
Depreciation - ROU | 326 | 279 |
Impairment | $ 148 | |
Useful Life Range | 1 – 80 | |
Machinery And Equipment [Member] | Owned [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning balance | $ 10,267 | |
Ending balance | 10,486 | 10,267 |
Mine development costs [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Property, plant and equipment - ROU assets - IFRS Adjustment | 0 | 0 |
Acquisitions (Note 25) | 0 | 0 |
Additions | 0 | 0 |
Additions - ROU | 0 | 0 |
Disposals | 0 | 0 |
Transfers | 237 | 170 |
Foreign currency translation and other | 3 | 30 |
Depreciation | (138) | (94) |
Depreciation - ROU | 0 | 0 |
Impairment | $ 95 | |
Useful Life Range | 1 – 60 | |
Mine development costs [Member] | Owned [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning balance | $ 1,108 | |
Ending balance | 1,115 | 1,108 |
Assets Under Construction [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Property, plant and equipment - ROU assets - IFRS Adjustment | 0 | 0 |
Acquisitions (Note 25) | 0 | 65 |
Additions | 2,422 | 2,202 |
Additions - ROU | 0 | 0 |
Disposals | 1 | 0 |
Transfers | (1,852) | (1,649) |
Foreign currency translation and other | (165) | (90) |
Depreciation | 0 | 0 |
Depreciation - ROU | 0 | 0 |
Impairment | 37 | |
Assets Under Construction [Member] | Owned [Member] | ||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||
Beginning balance | 2,101 | |
Ending balance | $ 2,468 | $ 2,101 |
Property, Plant and Equipment_6
Property, Plant and Equipment (Cash Generating Units) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of information for cash-generating units [Line Items] | |
Impairment indicator | In 2023, we identified an impairment trigger for our Phosphate CGUs, White Springs and Aurora, primarily as a result of the decrease in our forecasted phosphate margins. We completed our impairment analysis for these CGUs. In 2023, we identified an impairment trigger for our Trinidad CGU, part of our Nitrogen segment, due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional natural gas fields is anticipated to add new natural gas supply starting in 2026. In 2023, we revised our forecasted EBITDA for the Retail – South America group of CGUs, which triggered an impairment analysis. Due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, we lowered our product margin expectations and deferred certain of our planned strategic investments. As a result, this reduced our forecasted EBITDA and growth. |
DescriptionOfValuationTechniquesUsed | based on after-tax discounted cash flows (five-year projections plus a terminal value with the exception of the Retail – South America group of CGUs, which used a 10-year projection plus a terminal value) and incorporated assumptions an independent market participant would apply, including considerations related to climate-change initiatives. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows |
Property, Plant and Equipment_7
Property, Plant and Equipment (Sensitivities - Trinidad) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Potash [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Terminal Growth Rate | 2.50% | 2.50% | |
Nitrogen [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Terminal Growth Rate | 2.30% | 2% | |
Trinidad CGU [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
After tax discount rate | 13% | ||
Forecasted EBITDA | $ 1,145 | ||
Terminal Growth Rate | 2.30% | ||
Discount rate plus 0.1 [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change In Value Assigned To Key Assumption Which Would Result In Additional Impairment | + / - 1.0 percent | ||
Discount rate minus 0.1 [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change In Value Assigned To Key Assumption Which Would Result In Additional Impairment | + / - 1.0 percent | ||
Forecasted EBITDA Over Forecast Period minus 5.0% [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change In Value Assigned To Key Assumption Which Would Result In Additional Impairment | + / - 5.0 percent | ||
Key Assumptions [Member] | South America Retail [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Terminal Growth Rate | 6% | ||
Key Assumptions [Member] | North America Retail [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Terminal Growth Rate | 2.50% | ||
Key Assumptions [Member] | Discount rate minus 0.1 [Member] | Trinidad CGU [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change In Value Assigned To Key Assumption Which Would Result In Additional Impairment | + / - 1.0 percent | ||
Change To Recoverable Amount | $ 95 | ||
Key Assumptions [Member] | Terminal growth rate minus 0.1 [Member] | Trinidad CGU [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change In Value Assigned To Key Assumption Which Would Result In Additional Impairment | + / - 1.0 percent | ||
Change To Recoverable Amount | $ 55 | ||
Key Assumptions [Member] | Forecasted EBITDA Over Forecast Period minus 5.0% [Member] | Trinidad CGU [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change In Value Assigned To Key Assumption Which Would Result In Additional Impairment | + / - 5.0 percent | ||
Change To Recoverable Amount | $ 100 | ||
White Springs [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Forecasted EBITDA | 720 | $ 980 | |
White Springs [Member] | Discount rate minus 0.1 [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change To Recoverable Amount | 20 | ||
White Springs [Member] | Forecasted EBITDA Over Forecast Period minus 5.0% [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change To Recoverable Amount | 40 | ||
Aurora [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Forecasted EBITDA | $ 3,090 | ||
Terminal Growth Rate | 2% | ||
Aurora [Member] | Discount rate minus 0.1 [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change To Recoverable Amount | 190 | ||
Aurora [Member] | Terminal growth rate plus 0.1 [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change To Recoverable Amount | 110 | ||
Aurora [Member] | Forecasted EBITDA Over Forecast Period minus 5.0% [Member] | |||
Disclosure Of PropertyPlant Equipment Impairment Sensitivities [Line Items] | |||
Change To Recoverable Amount | $ 220 |
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, 2023 | |
Customer relationships [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Useful Life Intangible Assets Other Than Goodwill | 5 – 15 |
Technology [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Useful Life Intangible Assets Other Than Goodwill | 2 – 20 |
Trade names [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Useful Life Intangible Assets Other Than Goodwill | 3 – 15 ² |
Other [Member] | |
Disclosure of detailed information about intangible assets [Line Items] | |
Useful Life Intangible Assets Other Than Goodwill | 1 – 30 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Summary of Goodwill by Groups of Cash Generating Unit) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | $ 12,114 | $ 12,368 |
South America Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | 348 | |
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 | 4,389 | 4,389 |
Groups of Cash-generating units [Member] | North America Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | 6,981 | 6,898 |
Groups of Cash-generating units [Member] | International Retail [Member] | ||
Disclosure of goodwill allocated to CGUs [Line Items] | ||
Goodwill | $ 590 | $ 927 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Summary of Key Assumptions, Change In Retail Segment Recoverable Amount) (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
North America Retail [Member] | |
Disclosure Of Key Assumptions Used In Calculating Recoverable Amount [Line Items] | |
Recoverable amount exceeds its carrying amount | $ 570 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Summary of Reconciliation of Intangible Assets) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Impairment | $ 43 | |
Amortization | 279 | $ 302 |
Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (1,531) | |
Ending Balance | (1,908) | (1,531) |
Goodwill [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Acquisitions (Note 25) | 126 | 200 |
Foreign currency translation and other | 42 | (52) |
Disposals | 0 | |
Impairment | 422 | |
Amortization | 0 | 0 |
Goodwill [Member] | Carrying Amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 12,368 | 12,220 |
Ending Balance | 12,114 | 12,368 |
Goodwill [Member] | Gross carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 12,375 | |
Ending Balance | 12,542 | 12,375 |
Goodwill [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | 0 |
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 | (428) | (7) |
Customer relationships [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Acquisitions (Note 25) | 30 | 59 |
Foreign currency translation and other | 9 | (13) |
Disposals | 1 | |
Impairment | 43 | |
Amortization | 164 | 166 |
Customer relationships [Member] | Carrying Amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 1,229 | 1,350 |
Ending Balance | 1,061 | 1,229 |
Customer relationships [Member] | Gross carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 2,001 | |
Ending Balance | 2,046 | 2,001 |
Customer relationships [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | 0 |
Customer relationships [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (772) | |
Ending Balance | (985) | (772) |
Technology [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Acquisitions (Note 25) | 0 | 0 |
Foreign currency translation and other | 49 | 14 |
Disposals | 1 | |
Impairment | 0 | |
Amortization | 114 | 122 |
Technology [Member] | Carrying Amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 702 | 595 |
Ending Balance | 843 | 702 |
Technology [Member] | Gross carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 1,028 | |
Ending Balance | 1,263 | 1,028 |
Technology [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 206 | 216 |
Technology [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (326) | |
Ending Balance | (420) | (326) |
Trade names [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Acquisitions (Note 25) | 7 | 22 |
Foreign currency translation and other | 4 | 1 |
Disposals | 0 | |
Impairment | 0 | |
Amortization | 8 | 8 |
Trade names [Member] | Carrying Amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 95 | 80 |
Ending Balance | 98 | 95 |
Trade names [Member] | Gross carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 150 | |
Ending Balance | 160 | 150 |
Trade names [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | 0 |
Trade names [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (55) | |
Ending Balance | (62) | (55) |
Other [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Acquisitions (Note 25) | 1 | 23 |
Foreign currency translation and other | (1) | (1) |
Disposals | 0 | |
Impairment | 0 | |
Amortization | 56 | 72 |
Other [Member] | Carrying Amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 271 | 315 |
Ending Balance | 215 | 271 |
Other [Member] | Gross carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 649 | |
Ending Balance | 656 | 649 |
Other [Member] | Additions Internally Developed [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Additions - internally developed | 0 | 6 |
Other [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | (378) | |
Ending Balance | (441) | (378) |
Intangible assets other than goodwill [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Acquisitions (Note 25) | 38 | 104 |
Foreign currency translation and other | 61 | 1 |
Disposals | 2 | |
Amortization | 342 | 368 |
Intangible assets other than goodwill [Member] | Carrying Amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 2,297 | 2,340 |
Ending Balance | 2,217 | 2,297 |
Intangible assets other than goodwill [Member] | Gross carrying amount [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning Balance | 3,828 | |
Ending Balance | 4,125 | 3,828 |
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 | $ 206 | $ 222 |
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, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Potash [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Discount Rate | 7.60% | 8.30% | |
Terminal Growth Rate | 2.50% | 2.50% | |
Nitrogen [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Discount Rate | 8.30% | 9.30% | |
Terminal Growth Rate | 2.30% | 2% | |
South America Retail [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 1,496 | ||
South America Retail [Member] | Discount Rate Plus Point One Percent [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Amount the carrying amount of goodwill would be impaired if change in key assumption occurred | $ 120 | ||
South America Retail [Member] | Discount Rate Minus Point One Percent [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Change in value assigned to key assumption which would result in an impairment | - 1.0 percent | ||
South America Retail [Member] | Terminal Growth Rate Plus Point One Percent [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Change in value assigned to key assumption which would result in an impairment | + 1.0 percent | ||
South America Retail [Member] | Terminal Growth Rate minus Point One Percent [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Amount the carrying amount of goodwill would be impaired if change in key assumption occurred | $ 50 | ||
South America Retail [Member] | Forecasted EBITDA Over Forecast Period Minus Five Percent [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Change in value assigned to key assumption which would result in an impairment | - 5.0 percent | ||
Amount the carrying amount of goodwill would be impaired if change in key assumption occurred | $ 100 | ||
International Retail [Member] | Bottom of range [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Discount Rate | 8.90% | ||
Terminal Growth Rate | 2% | ||
International Retail [Member] | Top of range [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Discount Rate | 9% | 16% | |
Terminal Growth Rate | 2.10% | 6% | |
Trinidad CGU [Member] | |||
Disclosure of goodwill allocated to CGUs [Line Items] | |||
Terminal Growth Rate | 2.30% | ||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 752 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets (Retail - South America group of CGUs) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
South America Retail [Member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 1,496 | |
Recoverable amount of asset or cash-generating unit | $ 1,031 | |
Trinidad CGU [Member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Carrying Amount Of Asset Or Cashgenerating Unit | $ 752 | |
Impairment Loss | 76 | |
Recoverable amount of asset or cash-generating unit | 676 | |
Intangible Asstes [Member] | South America Retail [Member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Impairment Loss | 43 | |
Goodwill [Member] | South America Retail [Member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Impairment Loss | $ 422 |
Goodwill Key Assumptions Impair
Goodwill Key Assumptions Impairment (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Potash Segment [Member] | ||||
Disclosure Goodwill Key Assumptions Impairment [Line Items] | ||||
Discount Rate Current | 7.60% | 8.30% | ||
Terminal Growth Rate | 2.50% | 2.50% | ||
Nitrogen Segment [Member] | ||||
Disclosure Goodwill Key Assumptions Impairment [Line Items] | ||||
Discount Rate Current | 8.30% | 9.30% | ||
Terminal Growth Rate | 2.30% | 2% | ||
North America Retail [Member] | ||||
Disclosure Goodwill Key Assumptions Impairment [Line Items] | ||||
Amount recoverable amount exceeds its carrying amount | $ 570 | |||
Discount Rate Used In Previous Measurement Of Fair Value Less Costs of Disposal | 8.50% | |||
Trinidad CGU [Member] | ||||
Disclosure Goodwill Key Assumptions Impairment [Line Items] | ||||
Terminal Growth Rate | 2.30% | |||
Discount Rate Used In Previous Measurement Of Fair Value Less Costs of Disposal | 12.60% | |||
Key Assumptions [Member] | South America Retail [Member] | ||||
Disclosure Goodwill Key Assumptions Impairment [Line Items] | ||||
Discount Rate Current | 16.60% | |||
Goodwill Impairment Forecasted EBITDA Value Used | $ 4,300 | |||
Terminal Growth Rate | 6% | |||
Discount Rate Used In Previous Measurement Of Fair Value Less Costs of Disposal | 16% | |||
Key Assumptions [Member] | North America Retail [Member] | ||||
Disclosure Goodwill Key Assumptions Impairment [Line Items] | ||||
Discount Rate Current | 8.60% | |||
Goodwill Impairment Forecasted EBITDA Value Used | $ 8,040 | |||
Terminal Growth Rate | 2.50% |
Investments (Summary of Equity-
Investments (Summary of Equity-Accounted Investees and Investments at FVTOCI) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Interests In Other Entities [Line Items] | |||
Proportion of ownership interest in investment | 22% | ||
Carrying Amount | $ 482 | $ 599 | |
Carrying Amount | 190 | 200 | |
Pre-tax gain | 0 | 19 | |
Non-current Financial Assets At Amortised Cost | 19 | 0 | |
Investments in subsidiaries, joint ventures and associates | 736 | 843 | |
Non-current Financial Asstes at Fair Value through Profit or Loss | 45 | 44 | |
Cash and cash equivalents | $ 941 | $ 901 | $ 499 |
Profertil [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Principal Activity | Nitrogen producer | ||
Principal Place of Business and Incorporation | Argentina | ||
Proportion of ownership interest in associate | 50% | 50% | |
Carrying Amount | $ 340 | $ 450 | |
Name of Joint Venture | Profertil | ||
Cash and cash equivalents | $ 204 | $ 585 | |
Sinofert [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Principal Activity | Fertilizer supplier and distributor | ||
Principal Place of Business and Incorporation | China/Bermuda | ||
Proportion of ownership interest in investment | 22% | 22% | |
Non current Investments In Equity Instruments Designated At Fair Value Through Other Comprehensive Income | $ 180 | $ 190 | |
Name of Associate | Sinofert | ||
Canpotex [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Principal Activity | Marketing and logistics of potash | ||
Principal Place of Business and Incorporation | Canada | ||
Proportion of ownership interest in associate | 50% | 50% | |
Carrying Amount | $ 0 | $ 0 | |
Name of Joint Venture | Canpotex | ||
Other associates and joint ventures [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Carrying Amount | $ 142 | 149 | |
Name of Joint Venture | Other associates and joint ventures | ||
Other [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Name of Associate | Other | ||
Non-current Financial Asstes at Fair Value through Profit or Loss | $ 45 | 44 | |
Other Investments At Fair Value [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Carrying Amount | 10 | 10 | |
Non-current Financial Assets At Amortised Cost | $ 19 | 0 | |
Name of Associate | Other | ||
Total Investments [Member] | |||
Disclosure Of Interests In Other Entities [Line Items] | |||
Non-current Financial Assets At Amortised Cost | $ 19 | 0 | |
Investments in subsidiaries, joint ventures and associates | $ 736 | $ 843 | |
Name of Associate | Other |
Investments (Summary of Financi
Investments (Summary of Financial Information of Profertil) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Significant Investments In Associates [Line Items] | |||
Adjustments for depreciation and amortisation expense | $ 2,169 | $ 2,012 | |
Interest expense | 797 | 521 | |
Interest income | 35 | 25 | |
Income Tax expense Continuing Operations | 670 | 2,559 | |
Comprehensive income | 1,363 | 7,510 | |
Current assets | 14,170 | 16,342 | |
Assets | 52,749 | 54,586 | |
Current liabilities | 12,121 | 14,280 | |
Liabilities | 27,548 | 28,723 | |
Depreciation and amortisation expense | 2,169 | 2,012 | |
Investment accounted for using equity method | 482 | 599 | |
Cash and cash equivalents | 941 | 901 | $ 499 |
Other non-current financial liabilities | 200 | 235 | |
Profertil [Member] | |||
Disclosure Of Significant Investments In Associates [Line Items] | |||
Revenue | 762 | 1,096 | |
Interest expense | 10 | 4 | |
Interest income | 170 | 136 | |
Income Tax expense Continuing Operations | 166 | 277 | |
Profit (loss) from continuing operations | 178 | 466 | |
Share Of Profit Loss Of Continuing Operations Of Associates And Joint Ventures Accounted For Using Equity Method | 89 | 233 | |
Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | 90 | 233 | |
Dividends Received | 199 | 57 | |
Current assets | 355 | 835 | |
Non-current assets | 658 | 589 | |
Assets | 1,013 | 1,424 | |
Current liabilities | 143 | 297 | |
Non-current liabilities | 186 | 221 | |
Liabilities | 329 | 518 | |
Assets (liabilities) | 684 | 906 | |
Proportionate Share of Net Assets | 342 | 453 | |
Elimination of Unrealized Profit | 1 | 0 | |
Depreciation and amortisation expense | 5 | 5 | |
Investment accounted for using equity method | 340 | 450 | |
Cash and cash equivalents | 204 | 585 | |
Other Current Financial Liabilities | 21 | 27 | |
Accumulated Elimination of Unrelaized Profit | $ (2) | (3) | |
Other non-current financial liabilities | $ 23 |
Other Assets (Summary of Other
Other Assets (Summary of Other Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Miscellaneous non-current assets [abstract] | ||
Deferred income tax assets (Note 8) | $ 477 | $ 448 |
Ammonia catalysts - net of accumulated amortization | 113 | 104 |
Long-term income tax receivable (Note 8) | 91 | 54 |
Accrued pension benefit asset (Note 21) | 138 | 157 |
Other Assets | 232 | 206 |
Other non-current assets | 1,051 | 969 |
Ammonia Catalysts Accumulated Amortization | $ 99 | $ 94 |
Short-Term Debt (Information) (
Short-Term Debt (Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn short term debt | $ 4,500 | |
North America [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Commercial papers issued | $ 1,175 | $ 783 |
Bottom of range [Member] | ARGENTINA [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 102.50% | |
Bottom of range [Member] | South America [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.50% | |
Top of range [Member] | ARGENTINA [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 107% | |
Top of range [Member] | AUSTRALIA [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.30% | |
Top of range [Member] | Other Countries [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.80% | |
Top of range [Member] | South America [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 12.20% | |
Unsecured revolving credit facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn short term debt | $ 4,500 | |
Unsecured revolving credit facility [Member] | Maximum Limit [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Credit Facilities | 1,500 | $ 2,000 |
Uncommitted revolving demand facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn short term debt | 1,000 | |
Other credit facilities [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Other Credit Facilities | 1,320 | |
Commercial Paper [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Commercial paper authorized to issue | $ 4,500 | |
Commercial Paper [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.50% | |
Commercial Paper [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.90% | |
Notes Issued Note One [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 1.90% | |
Borrowings, maturity | May 13, 2023 | |
Notes Issued Note Two [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.90% | |
Borrowings, maturity | November 7, 2024 | |
Notes Issued Note Three [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3% | |
Borrowings, maturity | April 1, 2025 | |
Notes Issued Note Four [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.95% | |
Borrowings, maturity | November 7, 2025 | |
Notes Issued Note Five [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4% | |
Borrowings, maturity | December 15, 2026 | |
Notes Issued Note Six [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.90% | |
Borrowings, maturity | March 27, 2028 | |
Notes Issued Note Seven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.20% | |
Borrowings, maturity | April 1, 2029 | |
Notes Issued Note Eight [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.95% | |
Borrowings, maturity | May 13, 2030 | |
Notes Issued Note Nine [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.125% | |
Borrowings, maturity | March 15, 2035 | |
Debentures Issued Note Ten [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 7.125% | |
Borrowings, maturity | May 23, 2036 | |
Debentures Issued Note Eleven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.875% | |
Borrowings, maturity | December 1, 2036 | |
Debentures Issued Note Twelve [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.625% | |
Borrowings, maturity | December 1, 2040 | |
Debentures Issued Note Thirteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 6.125% | |
Borrowings, maturity | January 15, 2041 | |
Debentures Issued Note Fourteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.90% | |
Borrowings, maturity | June 1, 2043 | |
Debentures Issued Note Fifteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.25% | |
Borrowings, maturity | January 15, 2045 | |
Debentures Issued Note Sixteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5% | |
Borrowings, maturity | April 1, 2049 | |
Debentures Issued Note Seventeen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.95% | |
Borrowings, maturity | May 13, 2050 | |
Debentures Issued Note Eighteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.80% | |
Borrowings, maturity | March 27, 2053 | |
Debentures Issued Note Nineteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 7.80% | |
Borrowings, maturity | February 1, 2027 |
Short-Term Debt (Summary of Sho
Short-Term Debt (Summary of Short-Term Debt) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [abstract] | ||
Short-term debt | $ 1,815 | $ 2,142 |
Other short-term debt | $ 179 | $ 207 |
Short-Term Debt (Summary of S_2
Short-Term Debt (Summary of Short-Term Debt) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn borrowing facilities | $ 4,500 | |
Credit Facility Maturity | September 10, 2024 | |
Unsecured revolving credit facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn borrowing facilities | $ 4,500 | |
Uncommitted revolving demand facility [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn borrowing facilities | $ 1,000 | |
Notes Issued Note One [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 1.90% | |
Notes Issued Note Two [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.90% | |
Notes Issued Note Three [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 3% | |
Notes Issued Note Four [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.95% | |
Notes Issued Note Five [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 4% | |
Notes Issued Note Six [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 4.90% | |
Notes Issued Note Seven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 4.20% | |
Notes Issued Note Eight [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 2.95% | |
Notes Issued Note Nine [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 4.125% | |
Debentures Issued Note Ten [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 7.125% | |
Debentures Issued Note Eleven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.875% | |
Debentures Issued Note Twelve [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.625% | |
Debentures Issued Note Thirteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 6.125% | |
Debentures Issued Note Fourteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 4.90% | |
Debentures Issued Note Fifteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.25% | |
Debentures Issued Note Sixteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5% | |
Debentures Issued Note Seventeen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 3.95% | |
Debentures Issued Note Eighteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.80% | |
Debentures Issued Note Nineteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 7.80% | |
Undrawn Borrowing Facilities [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Credit Facility Maturity | September 14, 2027 | |
Bottom of range [Member] | Commercial Paper [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.50% | |
Top of range [Member] | Commercial Paper [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.90% | |
Argentina [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Current unsecured bank loans received and current portion of non-current unsecured bank loans received | $ 18 | |
Argentina [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 102.50% | |
Argentina [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 107% | |
North America [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Current unsecured bank loans received and current portion of non-current unsecured bank loans received | $ 0 | $ 500 |
Australia [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Current unsecured bank loans received and current portion of non-current unsecured bank loans received | $ 221 | 190 |
Australia [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.30% | |
Other Countries [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Current unsecured bank loans received and current portion of non-current unsecured bank loans received | $ 21 | 9 |
Other Countries [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 4.80% | |
South America [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Current unsecured bank loans received and current portion of non-current unsecured bank loans received | $ 219 | $ 453 |
South America [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 5.50% | |
South America [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings, interest rate | 12.20% |
Long-Term Debt (Summary of Long
Long-Term Debt (Summary of Long-Term Debt) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Add net unamortized fair value adjustments | $ 294 | $ 310 |
Less net unamortized debt issue costs | (83) | (72) |
Non-current portion of non-current borrowings | 8,913 | 8,040 |
Other Long-Term Debt | 0 | 7 |
Other credit facilities | 42 | 165 |
Current portion of non-current borrowings | $ 512 | 542 |
Information Whether Entity Complied With Any Externally Imposed Capital Requirements | We are subject to certain customary covenants including limitation on liens, merger and change of control covenants, and customary events of default. As calculated in Note 24, we were in compliance with these covenants as at December 31, 2023. | |
South America Retail [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Other credit facilities | $ 40 | 162 |
Carrying Amount [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | 9,425 | 8,582 |
Gross carrying amount [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | $ 9,214 | 8,344 |
Other credit facilities [Member] | South America Retail [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.30% | |
Other facilities [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Other borrowings | $ 2 | 3 |
Other facilities [Member] | Other sites [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4% | |
Commercial Paper [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.50% | |
Commercial Paper [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.90% | |
Notes Issued Note One [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 1.90% | |
Maturity | May 13, 2023 | |
Debentures issued | $ 0 | 500 |
Notes Issued Note Two [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.90% | |
Maturity | November 7, 2024 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Three [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3% | |
Maturity | April 1, 2025 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Four [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.95% | |
Maturity | November 7, 2025 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Five [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4% | |
Maturity | December 15, 2026 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Six [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.90% | |
Maturity | March 27, 2028 | |
Debentures issued | $ 750 | 0 |
Notes Issued Note Seven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 4.20% | |
Maturity | April 1, 2029 | |
Debentures issued | $ 750 | 750 |
Notes Issued Note Eight [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 2.95% | |
Maturity | May 13, 2030 | |
Debentures issued | $ 500 | 500 |
Notes Issued Note Nine [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 Ten [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 7.125% | |
Maturity | May 23, 2036 | |
Debentures issued | $ 212 | 212 |
Debentures Issued Note Eleven [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 Twelve [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 Thirteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 6.125% | |
Maturity | January 15, 2041 | |
Debentures issued | $ 401 | 401 |
Debentures Issued Note Fourteen [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 Fifteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.25% | |
Maturity | January 15, 2045 | |
Debentures issued | $ 489 | 489 |
Debentures Issued Note Sixteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5% | |
Maturity | April 1, 2049 | |
Debentures issued | $ 750 | 750 |
Debentures Issued Note Seventeen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 3.95% | |
Maturity | May 13, 2050 | |
Debentures issued | $ 500 | 500 |
Debentures Issued Note Eighteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Rate of Interest | 5.80% | |
Maturity | March 27, 2053 | |
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 | $ 120 | $ 120 |
Long-Term Debt (Summary of chan
Long-Term Debt (Summary of changes in liabilities arising from financing activities) (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Notes Issued Note One [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | $ 0 | $ 500,000,000 |
Notes Issued Note Two [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Notes Issued Note Three [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Notes Issued Note Four [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Notes Issued Note Five [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Notes Issued Note Six [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 750,000,000 | 0 |
Notes Issued Note Seven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 750,000,000 | 750,000,000 |
Notes Issued Note Eight [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Notes Issued Note Nine [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 450,000,000 | 450,000,000 |
Debentures Issued Note Ten [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 212,000,000 | 212,000,000 |
Debentures Issued Note Eleven [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Debentures Issued Note Twelve [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Debentures Issued Note Thirteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 401,000,000 | 401,000,000 |
Debentures Issued Note Fourteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Debentures Issued Note Fifteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 489,000,000 | 489,000,000 |
Debentures Issued Note Sixteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 750,000,000 | 750,000,000 |
Debentures Issued Note Seventeen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 500,000,000 | 500,000,000 |
Debentures Issued Note Eighteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 750,000,000 | 0 |
Debentures Issued Note Nineteen [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | 120,000,000 | 120,000,000 |
Notes Issued Two Thousand Twenty Three [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Senior notes and debentures exchanged | $ 1,500,000,000 | $ 1,000,000,000 |
Long-Term Debt (Summary of Ch_2
Long-Term Debt (Summary of Changes in Liabilities Arising From Financing Activities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Beginning Balance | $ 11,928 | $ 10,846 |
Cash flows | (1) | 663 |
Additions and other adjustments to ROU assets | 492 | 334 |
Foreign currency translation and other non-cash changes | 147 | 85 |
Ending Balance | 12,566 | 11,928 |
Short-term debt [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Beginning Balance | 2,142 | 1,560 |
Cash flows | (458) | 529 |
Additions and other adjustments to ROU assets | 0 | 0 |
Foreign currency translation and other non-cash changes | 131 | 53 |
Ending Balance | 1,815 | 2,142 |
Long-term debt [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Beginning Balance | 8,582 | 8,066 |
Cash flows | 832 | 475 |
Additions and other adjustments to ROU assets | 0 | 0 |
Foreign currency translation and other non-cash changes | 11 | 41 |
Ending Balance | 9,425 | 8,582 |
Lease Liabilities Borrowings [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Beginning Balance | 1,204 | 1,220 |
Cash flows | (375) | (341) |
Additions and other adjustments to ROU assets | 492 | 334 |
Foreign currency translation and other non-cash changes | 5 | (9) |
Ending Balance | $ 1,326 | $ 1,204 |
Lease Liabilities (Summary of L
Lease Liabilities (Summary of Lease Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Current portion of lease liabilities | $ 327 | $ 305 |
Lease liabilities - non-current | $ 1,326 | 1,204 |
Long-term debt [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Borrowings, interest rate | 4.30% | |
Lease liabilities - non-current | $ 999 | 899 |
Short-term debt [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [Line Items] | ||
Borrowings, interest rate | 4.50% | |
Current portion of lease liabilities | $ 327 | $ 305 |
Payables and Accrued Charges (S
Payables and Accrued Charges (Summary of Payables and Accrued Charges) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Payables and Other charges [Line Items] | ||
Trade and other payables | $ 5,477 | $ 5,797 |
Customer prepayments | 2,084 | 2,298 |
Dividends | 262 | 244 |
Accrued compensation | 597 | 681 |
Current portion of derivatives | 16 | 35 |
Income taxes (Note 8) | (14) | (899) |
Current portion of pension and other post-retirement benefits (Note 21) | 15 | 15 |
Other accrued charges and others | 625 | 671 |
Total | 9,467 | 11,291 |
Provincial Mining Taxes at End of Year | 1 | 114 |
Interest Payable | 117 | 102 |
Other current provisions | 165 | 234 |
Current portion of share-based compensation (Note 5) | 32 | 142 |
Other taxes | 62 | 59 |
Canpotex [Member] | ||
Disclosure of Payables and Other charges [Line Items] | ||
Amounts Payable Related Party Transactions | $ 64 | $ 203 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Summary of Significant Assumptions Used to Determine Benefit Obligations and Expense) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Actuarial Assumption of Reimbursement Rate Increase | 2% | |
Description of Regulatory Framework in which Plan Operates | 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. | |
Bottom of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 4.50% | 4.50% |
Top of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 6.75% | 7% |
Pension [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Average remaining service period of active employees (years) | 12.3 | 12.7 |
Pension [Member] | Benefit obligations [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Discount rate, % | 5.03% | 5.01% |
Rate of increase in compensation levels (%) | 4.28% | 4.29% |
Pension [Member] | Female [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Life expectancy at 65 | 22.9 | 22.9 |
Pension [Member] | Male [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Life expectancy at 65 | 20.7 | 20.6 |
Other [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Average remaining service period of active employees (years) | 10.6 | 12.8 |
Other [Member] | Benefit obligations [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Discount rate, % | 4.81% | 4.86% |
Medical cost trend rate - year reaches ultimate trend rate | 2033 | 2033 |
Other [Member] | Benefit obligations [Member] | Bottom of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 4.50% | 4.50% |
Other [Member] | Benefit obligations [Member] | Top of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 6.75% | 7% |
Other [Member] | Female [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Life expectancy at 65 | 23.6 | 23.2 |
Other [Member] | Male [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Life expectancy at 65 | 21 | 20.5 |
Pension and Other Post-Retire_4
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, 2023 | Dec. 31, 2022 |
Disclosure of fair value of plan assets [Line Items] | ||
Total pension plan assets | $ 1,310 | $ 1,330 |
Cash and cash equivalents | 35 | 97 |
Debt securities | 909 | 841 |
Other | 233 | 263 |
US Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | $ 124 | $ 115 |
Debt Securities Percentage | 76% | 77% |
International Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | $ 9 | $ 14 |
Debt Securities Percentage | 20% | 22% |
Mortgage- backed securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt Securities Percentage | 4% | 1% |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total pension plan assets | $ 39 | $ 101 |
Cash and cash equivalents | 30 | 93 |
Debt securities | 0 | 0 |
Other | 0 | 0 |
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 | 9 | 8 |
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 | 0 | 0 |
Other (Level 2 & 3) [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Total pension plan assets | 1,271 | 1,229 |
Cash and cash equivalents | 5 | 4 |
Debt securities | 909 | 841 |
Other | 233 | 263 |
Other (Level 2 & 3) [Member] | US Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | 115 | 107 |
Other (Level 2 & 3) [Member] | International Securities [Member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Equity securities and equity funds | $ 9 | $ 14 |
Pension and Other Post-Retire_5
Pension and Other Post-Retirement Benefits (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of defined benefit plans [abstract] | |||
Total contributions recognized as expense under all defined contribution plans | $ 140 | $ 139 | $ 128 |
Description of Regulatory Framework in which Plan Operates | 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. |
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, 2023 | Dec. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | $ (177) | $ (265) |
Current service cost for benefits earned during the year | 16 | 27 |
Interest (expense) income | 5 | 8 |
Past service cost, including curtailment gains and settlements | 76 | (15) |
Foreign exchange rate changes and other | (4) | 7 |
Components of defined benefit expense recognized in earnings | 51 | (43) |
Changes in financial assumptions | (7) | (423) |
Changes in demographic assumptions | 0 | (21) |
Gain on plan assets (excluding amounts included in net interest) | 30 | 337 |
Remeasurements of the net defined benefit liability recognized in OCI during the year | 23 | (107) |
Contributions by plan participants | 0 | 0 |
Employer contributions | (20) | (24) |
Benefits paid | 0 | 0 |
Cash flows | (20) | (24) |
Ending Balance | (129) | (177) |
Other assets [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 157 | |
Ending Balance | 138 | 157 |
Pension and other post-retirement benefits liabilities [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (319) | |
Ending Balance | (252) | (319) |
Payables and accrued charges [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (15) | |
Ending Balance | (15) | (15) |
Present value of defined benefit obligation [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (1,507) | (1,996) |
Current service cost for benefits earned during the year | (16) | (27) |
Interest (expense) income | (70) | (60) |
Past service cost, including curtailment gains and settlements | 76 | 24 |
Foreign exchange rate changes and other | (8) | 28 |
Components of defined benefit expense recognized in earnings | (18) | (35) |
Changes in financial assumptions | (7) | (423) |
Changes in demographic assumptions | 0 | (21) |
Gain on plan assets (excluding amounts included in net interest) | 0 | 0 |
Remeasurements of the net defined benefit liability recognized in OCI during the year | (7) | (444) |
Contributions by plan participants | 4 | 6 |
Employer contributions | 0 | 0 |
Benefits paid | (83) | (86) |
Cash flows | (79) | (80) |
Ending Balance | (1,439) | (1,507) |
Plan assets [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | (1,330) | (1,731) |
Current service cost for benefits earned during the year | 0 | 0 |
Interest (expense) income | 65 | 52 |
Past service cost, including curtailment gains and settlements | 0 | (39) |
Foreign exchange rate changes and other | 4 | (21) |
Components of defined benefit expense recognized in earnings | 69 | (8) |
Changes in financial assumptions | 0 | 0 |
Changes in demographic assumptions | 0 | 0 |
Gain on plan assets (excluding amounts included in net interest) | 30 | 337 |
Remeasurements of the net defined benefit liability recognized in OCI during the year | 30 | 337 |
Contributions by plan participants | (4) | (6) |
Employer contributions | (20) | (24) |
Benefits paid | 83 | 86 |
Cash flows | 59 | 56 |
Ending Balance | (1,310) | (1,330) |
Net [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Interest (expense) income | $ (5) | $ (8) |
Pension and Other Post-Retire_7
Pension and Other Post-Retirement Benefits (Summary of Significant Assumptions, Change in Discount Rates has Greatest Potential Impact) (Detail) - Benefit obligations [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Benefit obligations, as reported | $ 1,439 | $ 1,507 |
Benefit obligations, 1.0 percentage point increase | 190 | 210 |
Benefit obligations, 1.0 percentage point decrease | $ (150) | $ (170) |
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) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | $ 1,654,000,000 |
Corporate and Others Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Description of Expected Timing of Outflows Asset Retirement Obligations | 16 |
Asset retirement obligations [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
-0.5% Discount Rate | $ 90,000,000 |
Asset retirement obligations [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
+0.5% Discount Rate | $ (70,000,000) |
Asset retirement obligations [Member] | Retail Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cashflow Payment Years | 1 – 30 |
Asset retirement obligations [Member] | Potash Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cashflow Payment Years | 28 – 484 |
Asset retirement obligations [Member] | Phosphate Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cashflow Payment Years | 1 – 77 |
Asset retirement obligations [Member] | Corporate and Others Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cashflow Payment Years | 1 – 69 |
Asset retirement obligations [Member] | Potash sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | $ 117,000,000 |
Asset retirement obligations [Member] | Phosphate sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | 479,000,000 |
Asset retirement obligations [Member] | Retail Site [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | 16,000,000 |
Asset retirement obligations [Member] | Corporate And Other Sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | 647,000,000 |
Accrued environmental costs [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
-0.5% Discount Rate | 5,000,000 |
Accrued environmental costs [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
+0.5% Discount Rate | $ (5,000,000) |
Accrued environmental costs [Member] | Retail Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cashflow Payment Years | 1 – 30 |
Accrued environmental costs [Member] | Corporate and Others Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Cashflow Payment Years | 1 – 15 |
Accrued environmental costs [Member] | Retail Site [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | $ 69,000,000 |
Accrued environmental costs [Member] | Corporate And Other Sites [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Discounted Cash Flows | 326,000,000 |
ARO and ETL [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Undiscounted Cash Flows | $ 5,000,000,000 |
ARO and ETL [Member] | Bottom of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 3.10% |
ARO and ETL [Member] | Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Risk-Free Rate | 5.50% |
Asset Retirement Obligations _4
Asset Retirement Obligations and Accrued Environmental Costs (Summary of Reconciliation of Asset Retirement, Environmental Restoration Obligations) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | ||
Other provisions beginning balance | $ 1,637 | |
Settled during the year | (162) | |
Foreign currency translation and other | 4 | |
Other provisions ending balance | 1,654 | $ 1,637 |
Current liabilities | ||
Payables and accrued charges (Note 20) | 165 | 234 |
Non-current liabilities | ||
Asset retirement obligations and accrued environmental costs | 1,489 | |
Disposals | 2 | |
Change in estimates | 144 | |
Unwinding of discount on asset retirement obligations | 33 | 29 |
Surety Bonds | 492 | |
Asset retirement obligations [Member] | ||
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | ||
Other provisions beginning balance | 1,187 | |
Settled during the year | (94) | |
Foreign currency translation and other | 5 | |
Other provisions ending balance | 1,259 | 1,187 |
Current liabilities | ||
Payables and accrued charges (Note 20) | 135 | |
Non-current liabilities | ||
Asset retirement obligations and accrued environmental costs | 1,124 | |
Disposals | 0 | |
Change in estimates | 129 | |
Unwinding of discount on asset retirement obligations | 32 | |
Accrued environmental costs [Member] | ||
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | ||
Other provisions beginning balance | 450 | |
Settled during the year | (68) | |
Foreign currency translation and other | (1) | |
Other provisions ending balance | 395 | $ 450 |
Current liabilities | ||
Payables and accrued charges (Note 20) | 30 | |
Non-current liabilities | ||
Asset retirement obligations and accrued environmental costs | 365 | |
Disposals | 2 | |
Change in estimates | 15 | |
Unwinding of discount on asset retirement obligations | $ 1 |
Asset Retirement Obligations _5
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) | 12 Months Ended |
Dec. 31, 2023 | |
Top of range [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Final decommissioning period | 456 years |
Undiscounted Cash Flow [Member] | Bottom of range [Member] | Potash Segment [Member] | |
Disclosure of asset retirement obligations and accrued environmental costs [Line Items] | |
Final decommissioning period | 124 years |
Share Capital (Information) (De
Share Capital (Information) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [Line Items] | ||||
Average cost shares repurchased for cancellation | $ 74.73 | $ 84.34 | ||
Dividends paid, ordinary shares | $ 1,050,000,000 | $ 1,019,000,000 | ||
Dividend Declared Per Share | $ 0.54 | |||
Common shares, debt and other securities authorized for issuance | $ 5,000,000,000 | |||
Dividend Recognised as Distributions to Owners | $ 2.12 | $ 1.92 | ||
Increase Decrease In Number Of Shares Outstanding | 13,378,189 | 53,312,559 | ||
Number of Common Shares [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | $ 0 | $ 0 | ||
Increase Decrease In Number Of Shares Outstanding | (13,378,189) | (53,312,559) | ||
Issued capital [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | $ 0 | $ 0 | ||
Additional paid-in capital [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | 0 | 0 | ||
Accumulated other comprehensive income [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | 0 | 0 | ||
Retained earnings [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | $ 1,050,000,000 | $ 1,019,000,000 | ||
Prior Year Minus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Maximum percentage of outstanding common shares to be repurchased | 5% | |||
Maximum Number Of Common Shares Repurchased For Cancellation | 28,468,448 | |||
Increase Decrease In Number Of Shares Outstanding | 22,186,395 | |||
Prior Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Maximum percentage of outstanding common shares to be repurchased | 10% | |||
Maximum Number Of Common Shares Repurchased For Cancellation | 55,111,110 | |||
Increase Decrease In Number Of Shares Outstanding | 55,111,110 | |||
Current Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Maximum percentage of outstanding common shares to be repurchased | 5% | |||
Maximum Number Of Common Shares Repurchased For Cancellation | 24,962,194 | |||
Increase Decrease In Number Of Shares Outstanding | 5,375,397 | |||
Equity Attributable To Owners Of Parent [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | $ (1,050,000,000) | $ (1,019,000,000) | ||
Noncontrolling Interests [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends paid, ordinary shares | $ 0 | $ 0 | ||
Current Year Plus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Maximum percentage of outstanding common shares to be repurchased | 5% | |||
Maximum Number Of Common Shares Repurchased For Cancellation | 24,728,159 | |||
Increase Decrease In Number Of Shares Outstanding | 0 | |||
Dividend declared [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Dividends Proposed or Declared Before Financial Statements Authorised for Issue | $ 265,000,000 | |||
Expiry Date [Member] | Prior Year Minus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | February 28, 2022 | |||
Expiry Date [Member] | Prior Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | February 7, 2023 | |||
Expiry Date [Member] | Current Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | February 29, 2024 | |||
Expiry Date [Member] | Current Year Plus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | February 28, 2025 | |||
Commencement Date [Member] | Prior Year Minus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | March 1, 2021 | |||
Commencement Date [Member] | Prior Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | March 1, 2022 | |||
Commencement Date [Member] | Current Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | March 1, 2023 | |||
Commencement Date [Member] | Current Year Plus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Period of Share Repurchase | March 1, 2024 |
Share Capital (Summary of Share
Share Capital (Summary of Share Repurchases) (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Share Repurchases [Line Items] | ||||
Average price per share | $ 74.73 | $ 84.34 | ||
Shares repurchased | $ 1,000 | $ 4,496 | ||
Increase Decrease In Number Of Shares Outstanding | 13,378,189 | 53,312,559 | ||
Number of Common Shares [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Increase Decrease In Number Of Shares Outstanding | (13,378,189) | (53,312,559) | ||
Issued capital [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | $ 374 | $ 1,487 | ||
Additional paid-in capital [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | 26 | 22 | ||
Accumulated other comprehensive income [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | 0 | 0 | ||
Retained earnings [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | $ 600 | $ 2,987 | ||
Prior Year Minus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Increase Decrease In Number Of Shares Outstanding | 22,186,395 | |||
Prior Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Increase Decrease In Number Of Shares Outstanding | 55,111,110 | |||
Current Year Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Increase Decrease In Number Of Shares Outstanding | 5,375,397 | |||
Equity Attributable To Owners Of Parent [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | $ 1,000 | $ 4,496 | ||
Noncontrolling Interests [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Shares repurchased | $ 0 | $ 0 | ||
Current Year Plus One Normal Course Issuer Bid Share Repurchase [Member] | ||||
Disclosure of Share Repurchases [Line Items] | ||||
Increase Decrease In Number Of Shares Outstanding | 0 |
Share Capital (Summary of Sha_2
Share Capital (Summary of Shares Issued) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [Line Items] | ||
Beginning Balance | 507,246,105 | 557,492,516 |
Ending Balance | 494,551,730 | 507,246,105 |
Beginning Balance | $ 14,172 | |
Ending Balance | 13,838 | $ 14,172 |
Purchase of treasury shares | 1,000 | 4,496 |
Increase (decrease) through share-based payment transactions, equity | 40 | 184 |
Issued capital [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Purchase of treasury shares | 374 | 1,487 |
Increase (decrease) through share-based payment transactions, equity | 40 | 202 |
Additional paid-in capital [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Purchase of treasury shares | 26 | 22 |
Increase (decrease) through share-based payment transactions, equity | 0 | (18) |
Accumulated other comprehensive income [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Purchase of treasury shares | 0 | 0 |
Increase (decrease) through share-based payment transactions, equity | 0 | 0 |
Retained earnings [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Purchase of treasury shares | 600 | 2,987 |
Increase (decrease) through share-based payment transactions, equity | 0 | 0 |
Equity Attributable To Owners Of Parent [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Purchase of treasury shares | 1,000 | 4,496 |
Increase (decrease) through share-based payment transactions, equity | 40 | 184 |
Noncontrolling Interests [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Purchase of treasury shares | 0 | 0 |
Increase (decrease) through share-based payment transactions, equity | $ 0 | $ 0 |
Capital Management (Components
Capital Management (Components of Ratios) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||
Adjusted net debt to adjusted EBITDA | 1.9 | 0.9 |
Debt to capital (Limit 0.65:1:00) | 0.33 : 1.00 | 0.32 : 1.00 |
Adjusted EBITDA to adjusted finance costs | 7.3 | 21.6 |
Capital Management (Schedule of
Capital Management (Schedule of Adjusted Net Debt, Adjusted Shareholders' Equity and Adjusted Capital) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||
Adjusted total debt | $ 12,660 | $ 12,025 | |
Adjusted capital | 37,861 | 37,888 | |
Adjusted net debt | 11,331 | 10,717 | |
Total debt | 12,566 | 11,928 | |
Short-term debt | 1,815 | 2,142 | |
Current portion of long-term debt | 512 | 542 | |
Current portion of lease liabilities | 327 | 305 | |
Lease liabilities | 999 | 899 | |
Cash and cash equivalents | (941) | (901) | $ (499) |
Net debt | 12,566 | 11,928 | |
Total shareholders' equity | 25,201 | 25,863 | $ 23,699 |
Accumulated other comprehensive (income) loss | 296 | 391 | |
Long-term debt | 8,913 | 8,040 | |
Letters of credit financial | $ 94 | $ 97 |
Capital Management (Summary of
Capital Management (Summary of EBITDA, Adjusted EBITDA and Adjusted Finance Costs) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||
Adjusted finance costs | $ 826 | $ 563 |
Finance costs | 793 | 563 |
Unwinding of discount on asset retirement obligations | 33 | 29 |
Borrowing costs capitalized to property, plant and equipment | (71) | (37) |
Interest expense (income), net defined benefit liability (asset) | $ 5 | $ 8 |
Capital Management (Detail)
Capital Management (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Net unamortized fair value adjustments | $ 294 | $ 310 |
Business Combinations (Addition
Business Combinations (Additional Information) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) Facility | Dec. 31, 2022 USD ($) Facility Plant | |
Disclosure of detailed information about business combination [Line Items] | ||
Integration and restructuring costs | $ 49 | $ 46 |
Goodwill | 12,114 | 12,368 |
Assets relating to equity-accounted investees | $ 482 | $ 599 |
Percentage of Voting Equity Interests Acquired | 100% | |
Name of Acquiree | Casa do Adubo S.A. | |
Date of Acquisition | Oct. 01, 2022 | |
Other Aquisitions [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Number Of Operating Locations Acquired | Facility | 23 | 43 |
Description of Acquiree | 2023 – 23 Retail locations related to various agricultural services (2022 – 43 Retail locations related to various agricultural services and one wholesale warehouse location) | |
Casa do Adubo [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Number Of Operating Locations Acquired | Facility | 39 | |
Number Of Distribution Centers | Plant | 10 | |
Description Of Factors That Make Up Goodwill Recognised | Goodwill and expected benefits of acquisitions $ 184 – Goodwill was fully impaired as part of the impairment recorded to the Retail – South America group of CGUs (Note 14). $ 126 (preliminary) (2022 – $ 55 ) 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 | |
Description of Acquiree | An agriculture retailer in Brazil with 39 retail locations and 10 distribution centers. This acquisition is aligned with our disciplined approach to capital allocation and sustainability commitments, as we continue to expand our presence in Brazil. |
Business Combinations (Summary
Business Combinations (Summary of Fair Value Allocated to Assets and Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Aquisitions [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Consideration transferred, acquisition-date fair value | $ 176 | |
Total Assets | 302 | |
Amounts Held In Escrow | (10) | |
Goodwill Recognised As Of Acquisition Date | 55 | |
Noncurrent Assets Recognised As Of Acquisition Date | 131 | |
Current Assets Recognised As Of Acquisition Date | 116 | |
Total Liabilities | 116 | |
Non-current Liabilities Recognised As Of Acquisition Date | 42 | |
Current Liabilities Recognised As Of Acquisition Date | 74 | |
Total Consideration | 186 | |
Non-controlling interest in acquiree recognised at acquisition date | 0 | |
Other Aquisitions [Member] | Preliminary [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Consideration transferred, acquisition-date fair value | $ 153 | 176 |
Total Assets | 141 | |
Amounts Held In Escrow | 26 | |
Goodwill Recognised As Of Acquisition Date | 126 | 55 |
Noncurrent Assets Recognised As Of Acquisition Date | 2 | |
Current Assets Recognised As Of Acquisition Date | 17 | |
Total Liabilities | 22 | |
Non-current Liabilities Recognised As Of Acquisition Date | 2 | |
Current Liabilities Recognised As Of Acquisition Date | 20 | |
Total Consideration | 127 | |
Non-controlling interest in acquiree recognised at acquisition date | $ 8 | |
Casa do Adubo [Member] | ||
Disclosure of detailed information about business combination [Line Items] | ||
Consideration transferred, acquisition-date fair value | 268 | |
Total Assets | 592 | |
Amounts Held In Escrow | (48) | |
Goodwill Recognised As Of Acquisition Date | 184 | |
Noncurrent Assets Recognised As Of Acquisition Date | 133 | |
Current Assets Recognised As Of Acquisition Date | 275 | |
Total Liabilities | 276 | |
Non-current Liabilities Recognised As Of Acquisition Date | 116 | |
Current Liabilities Recognised As Of Acquisition Date | 160 | |
Total Consideration | 316 | |
Non-controlling interest in acquiree recognised at acquisition date | $ 0 |
Business Combinations (Summar_2
Business Combinations (Summary of Fair Value Allocated to Assets and Liabilities) (Parenthetical) (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about business combination [Line Items] | |
Gross contractual amount | $ 169 |
Commitments (Summary of Minimum
Commitments (Summary of Minimum Future Commitments Under Contractual Agreements) (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Disclosure of commitments [Line Items] | |
Total | $ 19,101 |
Purchase Commitments | 1,350 |
Capital Commitments | 172 |
Other Commitments | 715 |
Lease liabilities, including current portion | 1,525 |
Bonds Issued Undiscounted Cash Flows | 15,339 |
Not later than one year [Member] | |
Disclosure of commitments [Line Items] | |
Total | 2,613 |
Purchase Commitments | 938 |
Capital Commitments | 153 |
Other Commitments | 188 |
Lease liabilities, including current portion | 368 |
Bonds Issued Undiscounted Cash Flows | 966 |
Later than one year and not later than three years [Member] | |
Disclosure of commitments [Line Items] | |
Total | 3,297 |
Purchase Commitments | 249 |
Capital Commitments | 19 |
Other Commitments | 221 |
Lease liabilities, including current portion | 484 |
Bonds Issued Undiscounted Cash Flows | 2,324 |
Later than three years and not later than five years [Member] | |
Disclosure of commitments [Line Items] | |
Total | 1,984 |
Purchase Commitments | 57 |
Capital Commitments | 0 |
Other Commitments | 149 |
Lease liabilities, including current portion | 222 |
Bonds Issued Undiscounted Cash Flows | 1,556 |
Over 5 years [Member] | |
Disclosure of commitments [Line Items] | |
Total | 11,207 |
Purchase Commitments | 106 |
Capital Commitments | 0 |
Other Commitments | 157 |
Lease liabilities, including current portion | 451 |
Bonds Issued Undiscounted Cash Flows | $ 10,493 |
Related Party Transactions (Com
Related Party Transactions (Compensation to Key Management Personnel) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | ||
Total | $ 7 | $ 44 |
Salaries and other short-term benefits | 10 | 13 |
Share-based compensation | (7) | 18 |
Post-employment benefits | 2 | 3 |
Termination benefits | $ 2 | $ 10 |
Related Party Transactions (Inf
Related Party Transactions (Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Canpotex [Member] | ||
Disclosure of transactions between related parties [Line Items] | ||
Purchases Of Goods Related Party Transactions | $ 92 | $ 415 |
Segment Information (Summary _4
Segment Information (Summary of Financial Information by Geographical Area (Parenthetica)) (Detail) - Sales revenue [Member] - Canpotex [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
China [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 9% | 14% |
Other Countries [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 11% | 10% |
Latin America [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 47% | 34% |
India [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 5% | 8% |
Other Asian markets [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Sales volume percentage | 28% | 34% |
Financial Instruments and Re_10
Financial Instruments and Related Risk Management (Summary of Maturity Analysis of Financial Liabilities and Gross Settled Derivative Contracts (Parenthetical) (Detail) | Dec. 31, 2023 USD ($) |
Disclosure of maturity analysis for derivative financial liabilities [abstract] | |
Payable and accrued charges, excludes non-financial liabilities and includes trade payables | $ 2,100,000,000 |
Nature of Expenses (Summary o_2
Nature of Expenses (Summary of Detailed Information about Expenses by Nature) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Provincial Mining [abstract] | ||
Saskatchewan potash production tax | $ 279 | $ 909 |
Saskatchewan resource surcharge and other | $ 119 | $ 240 |
Other Assets (Summary of Othe_2
Other Assets (Summary of Other Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Miscellaneous non-current assets [abstract] | ||
Ammonia catalyst | $ 99 | $ 94 |
Pension and Other Post-Retire_8
Pension and Other Post-Retirement Benefits (Summary of Significant Assumptions Used to Determine Benefit Obligations and Expense) (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Bottom of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 4.50% | 4.50% |
Top of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 6.75% | 7% |
Benefit obligations [Member] | Other [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - year reaches ultimate trend rate | 2033 | 2033 |
Benefit obligations [Member] | Other [Member] | Bottom of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 4.50% | 4.50% |
Benefit obligations [Member] | Other [Member] | Top of range [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Medical cost trend rate - assumed (%) | 6.75% | 7% |
Pension and Other Post-Retire_9
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | $ (129) | $ (177) | $ (265) |
Present value of defined benefit obligation [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | (1,439) | (1,507) | (1,996) |
Plan assets [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Net obligation | (1,310) | (1,330) | $ (1,731) |
Wholly or partly funded defined benefit plans [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Funded status net defined benefit liability asset | (1,266) | (1,255) | |
Wholly Unfunded Defined Benefit Plans [Member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Obligations arising from unfunded plans | $ (173) | $ (252) |
Pension and Other Post-Retir_10
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, 2023 | Dec. 31, 2022 |
Disclosure of fair value of plan assets [Line Items] | ||
Other plan assets held in funds estimated fair values | 96% | 100% |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets (Summary of Reconciliation of Intangible Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Amortization | $ 279 | $ 302 |
Remaining amortization period of intangible assets | 3 years | |
North America Retail [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Amount recoverable amount exceeds its carrying amount | $ 570 |
Uncategorized Items - _IXDS
Label | Element | Value |
Change Required for Carrying amount to equal recoverable amount [Member] | North America Retail [Member] | Forecasted EBITDA Over Forecast Period Minus Five Percent [Member] | ||
Amount Change For Units Recoverable Amount To Be Equal To Carrying Amount | ifrs-full_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmount | 0.030 |
Change Required for Carrying amount to equal recoverable amount [Member] | North America Retail [Member] | Terminal Growth Rate Plus Point One Percent [Member] | ||
Amount Change For Units Recoverable Amount To Be Equal To Carrying Amount | ifrs-full_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmount | 0.004 |
Change Required for Carrying amount to equal recoverable amount [Member] | Discount Rate Post Tax [Member] | North America Retail [Member] | Terminal Growth Rate minus Point One Percent [Member] | ||
Amount Change For Units Recoverable Amount To Be Equal To Carrying Amount | ifrs-full_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmount | 0.002 |