# EDGAR Filing Document

**Accession Number:** 0001725964
**File Stem:** 0001193125-25-144747
**Filing Date:** 2025-6
**Character Count:** 42121
**Document Hash:** 97c82def8360d9afa9e284be4522b381
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-144747.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001193125-25-144747

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nutrien Ltd.
- **CENTRAL INDEX KEY:** 0001725964
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE CHEMICALS [2870]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 981400416
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38336
- **FILM NUMBER:** 251065932

**BUSINESS ADDRESS:**
- **STREET 1:** 211 19TH STREET EAST
- **STREET 2:** SUITE 1700
- **CITY:** SASKATOON
- **STATE:** A9
- **ZIP:** S7K 5R6
- **BUSINESS PHONE:** (306) 933-8500

**MAIL ADDRESS:**
- **STREET 1:** 211 19TH STREET EAST
- **STREET 2:** SUITE 1700
- **CITY:** SASKATOON
- **STATE:** A9
- **ZIP:** S7K 5R6

##### [**Table of Contents**](#toc)
**Form 11-K** 

**ANNUAL REPORT PURSUANT** 

**TO SECTION 15(d) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934** 

**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2024** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Commission file number 001-38336** 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**Nutrien 401(k) Retirement Plan** 

**5296 Harvest Lake Drive** 

**Loveland, CO 80538** 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**Nutrien Ltd.** 

**Suite 1700, 211 19th Street East** 

**Saskatoon, Saskatchewan, Canada** 

**S7K 5R6** 

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##### [**Table of Contents**](#toc)
**Nutrien 401(k) Retirement Plan** 

**FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE** 

**December 31, 2024 and 2023** 

**(With Report of Independent Registered Public Accounting Firm Thereon)** 

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##### [**Table of Contents**](#toc)
**NUTRIEN 401(k) RETIREMENT PLAN** 

December 31, 2024 and 2023

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
|  [Report of Independent Registered Public Accounting Firm](#tx44852_1) | 3 |
|  [Statements of Net Assets Available for Benefits](#tx44852_2) | 5 |
|  As of December 31, 2024 and 2023 |  |
|  [Statement of Changes in Net Assets Available for Benefits](#tx44852_3) | 6 |
|  Year ended December 31, 2024 |  |
|  [Notes to the Financial Statements](#tx44852_4) | 7 |
|  Supplemental Schedule: |  |
|  [Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#tx44852_6) | 13 |
|  As of December 31, 2024 |  |

---

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

Nutrien North American Pension Committee,

Plan Administrator and Management of the

Nutrien 401(k) Retirement Plan

Loveland, Colorado

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of Nutrien 401(k) Retirement Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes and schedule (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of Nutrien 401(k) Retirement Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for purposes of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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##### [**Table of Contents**](#toc)
**Supplemental Information** 

The supplemental information in the accompanying schedule of Form 5500, Schedule H, Line 4i, Schedule of Assets (Held at End of Year) as of December 31, 2024 have been subjected to audit procedures performed in conjunction with the audit of Nutrien 401(k) Retirement Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

*/s/ Eide Bailly LLP*

We have served as Nutrien 401(k) Retirement Plan's auditor since 2003 (such date incorporates the acquisition of certain assets of Gordon, Hughes & Banks, LLP by Eide Bailly LLP in 2008).

Denver, Colorado

June 23, 2025

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##### [**Table of Contents**](#toc)
**NUTRIEN 401(k) RETIREMENT PLAN** 

Statements of Net Assets Available for Benefits

As of December 31

(US dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **2024** | 2023 |
|  **Assets** |  |  |  |
|  Investments – Plan interest in Nutrien 401(k) Retirement Plan Master Trust, at fair value | 5, 6 | **1934605219** | 1636007961 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer contributions | 5 | **3769644** | 6254949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee contributions | 5 |  | 2442885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 5 |  | 5672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable from participants | 5 | **25394498** | 20283391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total receivables |  | **29164142** | 28986897 |
|  **Net assets available for plan benefits** |  | **1963769361** | 1664994858 |

---

(See Notes to the Financial Statements)

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##### [**Table of Contents**](#toc)
**NUTRIEN 401(k) RETIREMENT PLAN** 

Statement of Changes in Net Assets Available for Benefits

Year ended December 31

(US dollars)

---

| | | |
|:---|:---|:---|
|  | Note | **2024** |
|  **Additions** |  |  |
|  Investment income from Plan interest in Nutrien 401(k) Retirement Plan Master Trust | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized appreciation in fair value of investments |  | **181242978** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends |  | **5588299** |
|  |  | **186831277** |
|  Contributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer |  | **89865727** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participant |  | **90720465** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollover |  | **11590875** |
|  |  | **192177067** |
|  Total investment gain, net of additions |  | **379008344** |
|  **Deductions** |  |  |
|  Distributions paid to participants |  | **192745945** |
|  Administrative expenses, net | 2 | **1701667** |
|  Total deductions |  | **194447612** |
|  **Increase in net assets before plan transfers** |  | **184560732** |
|  Affiliated plan transfers and other, net | 1 | **114213771** |
|  **Increase in net assets** |  | **298774503** |
|  Net assets available for plan benefits beginning of year |  | **1664994858** |
|  **Net assets available for plan benefits end of year** |  | **1963769361** |

---

(See Notes to the Financial Statements)

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##### [**Table of Contents**](#toc)
**NUTRIEN 401(k) RETIREMENT PLAN** 

Notes to the Financial Statements

December 31, 2024 and 2023

(US dollars)

**1.** **PLAN DESCRIPTION** 

The following description of the Nutrien 401(k) Retirement Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

The Plan sponsor, Nutrien US LLC (formerly Agrium U.S. Inc.) (the "Company") is a wholly owned subsidiary of Nutrien Ltd. ("Nutrien"). The Plan is a defined contribution plan established for the benefit of eligible employees of the Company; Nutrien Ag Solutions, Inc. ("NAS"); PCS Administration (USA), Inc. ("PCS"); PCS Phosphate Company, Inc.; PCS Sales (USA), Inc.; certain employees of White Springs Agricultural Chemicals, Inc.; and certain employees of PCS Nitrogen, Inc. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

The trustee and recordkeeper of the Plan is Fidelity Management Trust Company ("Fidelity" or "Trustee"). The Plan is administered by a committee of three or more persons (the "Plan Committee") appointed by Nutrien's Board of Directors. The Plan Committee determines the appropriateness of the Plan's investment offerings and monitors investment performance.

All of the Plan's investment assets are held in a trust account at the Trustee and consist of an interest in an investment account of the Nutrien 401(k) Retirement Plan Master Trust (the "Master Trust"), a master trust established by an affiliate of the Company on behalf of the Company and administered by the Trustee.

**Plan transfers** 

During 2024, the account balances for certain participants in the PCS 401(k) Retirement Plan and the Nutrien Collectively Bargained 401(k) Retirement Plan amounting to $106,520,271 were transferred into the Plan. In April 2024, as a result of the merger with Waypoint, $7,693,500 was also transferred into the Plan. These amounts are included in the Statement of Changes in Net Assets Available for Benefits on the affiliated plan transfers and other line.

**Participant eligibility and plan entry** 

All full-time and part-time employees of the Company are immediately eligible to participate in the Plan and may do so as soon as practical upon date of hire or status change. All employees designated as seasonal or temporary require 12 months of employment for participation and may enter the Plan as soon as administratively feasible following completion of service eligibility.

**Contributions** 

Participants may contribute up to 75 percent of eligible compensation each year, as defined in the Plan, subject to certain Internal Revenue Code of 1986, as amended ("IRC"), limitations. These contributions may be pre-tax contributions and/or ROTH after-tax contributions. Participants who are age 50 and over may also make "catch-up" contributions. The Plan has an automatic enrollment provision, under which new participants make a 3 percent pre-tax contribution, unless they formally waive participation or elect a different participation level. The Plan has an automatic increase provision, under which new participants are automatically enrolled to have an automatic increase of 1 percent per year up to a maximum of 10 percent, unless they formally waive participation.

The Company matches 150 percent of the first 6 percent of eligible compensation that participants contribute for a maximum match of 9 percent of eligible compensation. Catch-up contributions are eligible for the Company match. Participants may also rollover amounts representing distributions from other qualified defined benefit or contribution plans (rollover contributions), which are not eligible for the Company match.

After the end of each plan year, the Company may make an additional "true-up" matching contribution to the participant account if the aggregate matching contribution allocation for the plan year is less than the amount the participant would otherwise have received as matching contributions had the participant contributed at least 6 percent of eligible compensation for each pay period throughout the plan year. The amount of the true-up contribution will be the difference between the amount of matching contributions allocated to the participant account during the plan year and the amount that would have been allocated for the plan year had the participant contributed at least 6 percent of eligible compensation throughout the year.

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##### [**Table of Contents**](#toc)
**Vesting** 

Participants are immediately vested in their employee and employer contributions deposited after January 1, 2020 in their account balances.

Prior to January 1, 2020 all discretionary additional NAS company contributions and earnings thereon vest to the participants based upon their years of service as follows:

---

| | |
|:---|:---|
| **Years of Service** | **Vesting Percentage** |
|  Less than three | 50% |
|  Three or more | 100% |

---

Prior to January 1, 2020, NAS participants are 100 percent vested upon reaching age 65, death, or upon plan termination, regardless of the participant's years of service. Terminated participants forfeit non-vested amounts. Forfeitures are accumulated during the Plan year and may be used to reduce NAS company contributions or pay Plan administrative expenses. During 2024, there was $32,870 forfeitures applied to NAS company contributions. The balance of forfeited non-vested accounts was $137,025 at December 31, 2024 (2023 – $142,715). Refer to the Plan document for vesting provisions related to acquired plan account balances.

**Participant accounts** 

Each participant's account is credited with the participant's contributions and allocations of (a) the Company matching contributions, (b) Plan earnings and losses, and (c) administrative expenses. Allocations are based on participant earnings or account balances, as defined in the Plan document. The benefit a participant is entitled to is the benefit that can be provided from the participant's vested account.

**Distributions** 

Distributions from the Plan may be made to a participant upon death, total disability, retirement, financial hardship, or termination of employment. In-service withdrawals are also permitted after a participant attains age 59<sup>1</sup>⁄<sub>2</sub>. Company contributions, if any, are subject to certain forfeiture provisions.

Upon termination of employment, a participant whose vested account balance is greater than $7,000 may elect to receive a distribution of his or her account balance, leave the vested account balance in the Plan until a date not to exceed April 1 of the year following the year in which the participant reaches age 72 (age 70 <sup>1</sup>⁄<sub>2</sub> if the participant was born before July 1, 1949) or request a direct rollover. A participant with a vested account balance between $1,000 and $7,000 (including the value of the Participant's Rollover Account) which has not elected to have such distribution paid directly to an eligible retirement plan specified by the participant in a direct rollover or to receive the distribution directly in accordance with Article 11, will automatically have the distribution directly rollover to the individual retirement account designated by the Committee. If the participant's vested account balance is $1,000 or less (including the value of the Participant's Rollover Account), the Committee may direct that the amount be automatically distributed.

For all participant-driven distributions, any portion of a participant's account that is invested in Nutrien common stock may be distributed in cash or in common shares of Nutrien, at the election of the participant.

Participants may make withdrawals, not to exceed their pre-tax contributions, to satisfy one of the immediate and heavy financial needs as described in the Plan document.

The designated beneficiary is entitled to a death benefit distribution equal to the participant's vested account balance.

**Notes receivable from participants** 

Participants may borrow from their fund accounts up to a maximum amount equal to the lesser of $50,000 or 50 percent of their vested account balance. Loan terms range from one to five years or up to 20 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account. Loans bear interest based on the prevailing terms when the loan was made. Interest rate is established at the inception of the loan and is set at one percentage point higher than the prime lending rate as posted in Reuters as of the first business day of the calendar month in which the loan is made. The interest rate is fixed and does not change for the duration of the loan. Principal and interest are paid ratably through payroll deductions. A participant may generally have no more than one outstanding loan at any one time. As of December 31, 2024, participant loans have maturities through 2044 at interest rates ranging from 4.25 percent to 10.5 percent.

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##### [**Table of Contents**](#toc)
**Investment options** 

Participants direct the investment of their account balances and contributions into various investment options offered by the Plan. The Plan currently offers Nutrien common stock, a selection of mutual and common collective trust funds, short-term funds and one pooled investment stable value fund. Dividends distributed by a participant's investment in Nutrien common stock are reinvested in Nutrien common stock. The Nutrien common stock purchase account is a money market fund that is used in the recordkeeping of the purchases and sales of fractional shares of Nutrien common stock and is not available as a participant-directed investment option.

Participants who are enrolled in the Plan under the automatic enrollment provision and who have not otherwise made an investment election, will have their contributions and the Company contributions invested in the Plan's "default fund," which has been designated as State Street Target Retirement date funds based on the retirement date closest to the year that the participant might retire, based on the participant's current age and assuming a normal retirement age of 65.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of accounting** 

The accompanying financial statements have been prepared using the accrual basis of accounting.

**Use of estimates** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets during the reporting period. Actual results could differ from those estimates.

**Distributions** 

Distributions are recorded when paid. There were no amounts allocated to accounts of participants who had elected to withdraw from the Plan but had not yet been paid at December 31, 2024 and 2023.

**Contributions** 

Contributions from the Plan participants and the matching contributions from the employer are recorded in the year in which the employee contributions are withheld from compensation.

**Valuation of investments and income (loss) recognition** 

As of December 31, 2024 and 2023, the Plan's investments, including the investment in the Master Trust, are reported at fair value. The fair value of the Master Trust has been determined based on the fair value of the underlying investments of the Master Trust. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.

A three-level hierarchy is used to disclose assets and liabilities measured at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement.

The three levels are defined as follows:

• Level 1 – Observable inputs based on quoted prices (unadjusted) in active markets for identical assets
or liabilities.

• Level 2 – Observable inputs based on quoted prices for similar assets and liabilities in active
markets, quoted prices for identical assets and liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from or corroborated by observable market data by correlation or other
means.

• Level 3 – Unobservable inputs that reflect an entity's own assumptions about what inputs a market
participant would use in pricing the asset or liability based on the best information available in the circumstances.

The following describes the valuation methods and assumptions used by the Plan to estimate the fair values of the investments held by the Plan. There have been no changes in the methodologies used at December 31, 2024 and 2023.

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##### [**Table of Contents**](#toc)
*Common Stock:* 

Nutrien common stock is valued at the closing price reported on the active market on which the individual securities are traded.

*Common Collective Trust:* 

As a practical expedient, the fair value of the trust is based on the net asset value ("NAV") of units held by the Plan on the last business day of the year, as determined by the issuer of the trust based on the fair value of the underlying investments. This trust shares the common goal of growth and preservation of principal. It indirectly invests in a mix of US and international common stocks, and fixed income securities through holdings in various mutual funds. There are currently no redemption restrictions or unfunded commitments on these investments. Redemption is permitted daily with no restrictions or notice periods and there are no unfunded commitments.

*Stable Value Fund* — The Goldman Sachs Collective Trust (the "Collective Trust") is based on fair value. As a practical expedient, the fair value of participation units in the stable value fund is based upon the NAV. Redemption is permitted daily with no restrictions or notice periods and there are no unfunded commitments.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation (depreciation) in fair value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

Management fees and operating expenses charged to the Plan for investments in the common collective trusts, mutual funds and pooled investment stable value fund are deducted from income earned on a daily basis and are not separately charged to an expense. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

**Notes receivable from participants** 

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred.

**Administrative expenses** 

The Plan's expenses are paid by either the Plan or the Company, as provided by the Plan document. Expenses that are paid directly by the Company are excluded from these financial statements. Certain expenses incurred in connection with the general administration of the Plan that are paid by the Plan are recorded as deductions in the accompanying statement of changes in net asset available for benefits. In addition, certain investment related expenses are included in net appreciation (depreciation) of fair value of investments presented in the accompanying statement of changes in net assets available for benefits.

**3.** **TAX STATUS** 

The Internal Revenue Service ("IRS") has determined and informed the Company by a letter dated June 30, 2015, that the Plan and related trust were designed in accordance with the applicable regulations of the IRC. The Plan has since been amended. However, the Company, Plan management and the Plan's tax counsel believe that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC, and, therefore, believe the Plan is qualified and the related trust continues to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan's financial statements.

The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, there are currently no audits for any tax periods in progress.

**4.** **PLAN TERMINATION** 

Although the Company has not expressed any intent to terminate the Plan, it retains the right under the Plan to terminate it subject to the provisions of ERISA. The Plan provides that, upon termination, the net assets should be allocated among the Plan's participants and beneficiaries in accordance with the provisions of the Plan. Participants would become 100 percent vested in the employer contribution portion of their accounts.

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##### [**Table of Contents**](#toc)
**5.** **PLAN INTEREST IN MASTER TRUST** 

All of the Plan's investments are held in the Master Trust, which was established for the investment of assets of the Plan and two other retirement plans sponsored by the Plan Sponsor and its affiliates. Each participating retirement plan has an interest in the Master Trust. Use of the Master Trust permits the commingling of Plan assets with the assets of the participating plans for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the Trustee maintain supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans.

The net assets and investments of the Master Trust and the Plan's share at December 31, 2024 and 2023, are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | 2023 | 2023 |
|  | **Master Trust** | **Plan's Share** | Master Trust | Plan's Share |
|  Investments, at fair value | **2171505908** | **1934605219** | 1960480557 | 1636007961 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer contributions | **4067461** | **3769644** | 6954360 | 6254949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee contributions | **—** | **—** | 2949632 | 2442885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | **—** | **—** | 5672 | 5672 |
|  Notes receivable from participants | **29261429** | **25394498** | 25720596 | 20283391 |
|  Total | **2204834798** | **1963769361** | 1996110817 | 1664994858 |

---

The net investment income of the Master Trust for the years ended December 31, 2024 and 2023, are summarized as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  Net realized and unrealized appreciation in fair value of investments | **210964618** | 236912071 |
|  Interest and dividends | **7480197** | 6891378 |
|  Net investment income of Master Trust | **218444815** | 243803449 |
|  Plan's interest in Master Trust investment income | **186831277** | 209088503 |

---

**6.** **INVESTMENTS** 

**Fair value Master Trust Investment and Plan's share by hierarchy level** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Master Trust Investment Assets at Fair Value as of December 31, 2024** | **Master Trust Investment Assets at Fair Value as of December 31, 2024** | **Master Trust Investment Assets at Fair Value as of December 31, 2024** | **Master Trust Investment Assets at Fair Value as of December 31, 2024** | **Master Trust Investment Assets at Fair Value as of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Plan's Share** |
|  Nutrien common stock | **64436901** |  |  | **64436901** | **50259390** |
|  Short-term funds | **1334548** |  |  | **1334548** | **973107** |
|  Investment assets at fair value | **65771449** |  |  | **65771449** | **51232497** |
|  Investments measured at NAV–Common Collective Trust <sup>1</sup> |  |  |  | **2034852861** | **1825469529** |
|  Investments measured at NAV–Stable Value Fund <sup>1</sup> |  |  |  | **70881598** | **57903193** |
|  Total |  |  |  | **2171505908** | **1934605219** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Master Trust Investment Assets at Fair Value as of December 31, 2023 | Master Trust Investment Assets at Fair Value as of December 31, 2023 | Master Trust Investment Assets at Fair Value as of December 31, 2023 | Master Trust Investment Assets at Fair Value as of December 31, 2023 | Master Trust Investment Assets at Fair Value as of December 31, 2023 |
|  | Level 1 | Level 2 | Level 3 | Total | Plan's Share |
|  Nutrien common stock | 83350365 |  |  | 83350365 | 54912093 |
|  Short-term funds | 674555 |  |  | 674555 | 545783 |
|  Investment assets at fair value | 84024920 |  |  | 84024920 | 55457876 |
|  Investments measured at NAV–Common Collective Trust <sup>1</sup> |  |  |  | 1790287665 | 1512556213 |
|  Investments measured at NAV–Stable Value Fund <sup>1</sup> |  |  |  | 86167972 | 67993872 |
|  Total |  |  |  | 1960480557 | 1636007961 |

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| | |
|:---|:---|
| 1 | In accordance with GAAP, investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented are intended to permit reconciliation to the amount presented in the statements of net assets available for benefits. Investment measured at NAV–Common Collective Trust balance includes immaterial investments in registered investment companies.  |

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**Change in fair values levels** 

The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the end of the reporting period.

Plan management evaluated the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for plan benefits. For the years ended December 31, 2024 and 2023, there were no significant transfers in or out of levels 1, 2, or 3.

The classification of investment earnings reported in the statement of changes in net assets available for benefits may differ from the classification of earnings on Form 5500 due to different reporting requirements on Form 5500.

**7.** **RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS** 

Certain Plan investments are units of common trust funds managed by the Trustee, as well as common shares of Nutrien. Related transactions qualify as exempt party-in-interest transactions. These investments are disclosed in the supplemental schedule of assets held. Fees paid by the Plan for investment management services to the Trustee were included as a reduction of the return earned on each fund. Included in the statement of changes in net assets available for benefits are fees paid by the Plan for loan, recordkeeping and administrative expenses.

At December 31, 2024, the Plan held 1,123,115 shares of Nutrien common stock (2023 – 974,829) with a fair value of $50,259,390 (2023 – $54,912,093). During the year ended December 31, 2024, the Plan recorded dividend income of $2,103,397.

**8.** **RISKS AND UNCERTAINTIES** 

The Plan utilizes various investment instruments, including mutual funds, a pooled investment stable value fund, a common collective trust, short term funds and common stock. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. As of December 31, 2024, there was a significant concentration of participant-directed investments in three target retirement collective investment trust funds (33 percent) and one index collective investment (12 percent).

**9.** **RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500** 

The following is a reconciliation of the financial statements as of December 31, 2024 and 2023 to the Form 5500:

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| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  Statements of net assets available for benefits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets available for benefits per the financial statements | **1963769361** | 1664994858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment to the Form 5500 | **(3343121)** | (3943964) |
|  Net assets per the Form 5500 | **1960426240** | 1661050894 |
|  Statement of changes in net assets available for benefits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net assets per the financial statements | **298774503** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in adjustment to the Form 5500 | **600843** |  |
|  Net income and transfers per the Form 5500 | **299375346** |  |

---

**10.** **SUBSEQUENT EVENTS** 

The Plan's management has evaluated subsequent events through June 23, 2025 the date the financial statements were available to be issued, to ensure that the financial statements include appropriate disclosure or recognition of events that occurred subsequent to December 31, 2024. No items requiring disclosure or recognition were noted, except that effective January 1, 2025, a Participant who is age 60 to age 63 as of the last day of a given Plan Year may make Catch-Up Contributions up to the revised limit applicable.

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**NUTRIEN 401(k) RETIREMENT PLAN** 

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2024

Employer Identification Number: 91-1589568

Plan Number: 007

(US dollars)

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issuer** | **(c) Description of Investments** | **(d)<br>Cost\*\*** | **(e) Current<br>Value** |
|  | Shares of registered investment companies: |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement Income Non-Lending Series Fund Class P |  | 36033640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2020 Non-Lending Series Fund Class P |  | 69628777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2025 Non-Lending Series Fund Class P |  | 163050906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2030 Non-Lending Series Fund Class P |  | 210878370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2035 Non-Lending Series Fund Class P |  | 236755847 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2040 Non-Lending Series Fund Class P |  | 188147566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2045 Non-Lending Series Fund Class P |  | 152876913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2050 Non-Lending Series Fund Class P |  | 115387871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2055 Non-Lending Series Fund Class P |  | 95802379 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2060 Non-Lending Series Fund Class P |  | 57690223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Target Retirement 2065 Non-Lending Series Fund Class P |  | 24092899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Global Equity Index Non-Lending Series Fund Class C |  | 22689797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Global Equity ex USA Index Non-Lending Series Fund Class C |  | 21942853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street Russel Small/Mid Cap Index Non-Lending Series Fund Class K |  | 57234058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street S&P 500 Index Non-Lending Series Fund Class K |  | 233987539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Global Advisors | State Street U.S. Bond Index Non-Lending Series Fund Class M |  | 19110491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Trust Company | AQR U.S. Enhanced Equity Collective Investment Fund Class W |  | 63179952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Trust Company | Mawer International Equity Collective Investment Fund Class W |  | 20774455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | Goldman Sachs Stable Value Collective Trust Institutional Series Class 1 |  | 57903193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Inc. | Prudential Core Plus Bond Fund Class 6 |  | 27005573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DFA Investment Dimensions Group Inc. | DFA US Targeted Value Fund |  | 9199420 |
| \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Management Trust Company | Fidelity Government Money Market Fund |  | 969525 |
| \* | Nutrien Ltd. common stock | Common stock, 1,123,115 shares |  | 50259390 |
| \* | Nutrien Stock Purchase Account | Money market | 3582 | 3582 |
|  | Investments subtotal |  |  | 1934605219 |
| \* | Various participants | Notes receivable from participants, bearing interest at rates ranging from 4.3 percent to 10.5 percent, secured by the related participant's vested account balance, maturing through 2044. |  | 25394498 |
|  | Total assets held at end of year |  |  | 1959999717 |

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\* Identified party-in-interest.

\*\* Cost information is not required for participant-directed investments and, therefore, is not included.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, Nutrien US LLC has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | **Nutrien 401(k) Retirement Plan** |
|  | (Name of Plan) |
| Date: June 23, 2025 | /s/ Roxane Schwaner |
|  | Name: Roxane Schwaner |
|  | Title: Senior Director, Global Benefits and Retirement |

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##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit Number | Description of Exhibit |
| 23.1 | [Consent of Eide Bailly LLP](d44852dex231.htm) |

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## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement No. 333-222384, as supplemented by any post-effective amendment thereto, of Nutrien Ltd. on Form S-8 of our report dated June 23, 2025, related to the financial statements and financial statement schedule appearing in this Annual Report on Form 11-K of the Nutrien 401(k) Retirement Plan for the year ended December 31, 2024.

*/s/ Eide Bailly LLP* 

Denver, Colorado

June 23, 2025