Help is appreciated thank you!

Company name: Nutrien Inc. (year 2021)

https://nutrien-prod-asset.s3.us-east-2.amazonaws.com/s3fs-public/uploads/2022-02/2021%20Nutrien%20Financial%20Statement.pdf

1. Benefits of Debt o What marginal tax rate does this firm face and how does this measure up to the marginal tax rates of other firms? Are there other tax deductions that this company has (like depreciation) to reduce the tax bite? o Does this company have high free cash flows? Has it taken and does it continue to have good investment projects? How responsive are managers to stockholders? (Will there be an advantage to using debt in this firm as a way of keeping managers in line or do other (cheaper) mechanisms exist?)

2. Costs of Debt o How high are the current cash flows of the firm (to service the debt) and how stable are these cash flows? (Look at the variability in the operating income over time) o How easy is it for bondholders to observe what equity investors are doing? Are the assets tangible or intangible? If not, what are the costs in terms of monitoring stockholders or in terms of bond covenants? o How well can this firm forecast its future investment opportunities and needs? How much does it value flexibility?