AGU Agrium Inc. (delisted)

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

(Mark One)

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

For the fiscal year ended December 31, 2014

OR

 

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

For the transition period from             to             

Commission file number: 001-14460

 

 

 

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

Agrium U.S. Retail 401(k) Savings Plan

4582 South Ulster Street, Suite 1700

Denver, CO 80237

 

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

Agrium Inc.

13131 Lake Fraser Drive Southeast

Calgary, Alberta

Canada T2J 7E8

 

 

 

---

Table of Contents

 

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

December 31, 2014 and 2013

(With Report of Independent Registered Public Accounting Firm Thereon)

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

December 31, 2014 and 2013

TABLE OF CONTENTS

 

		Page
Report of Independent Registered Public Accounting Firm			1
Statements of Net Assets Available for Plan Benefits As of December 31, 2014 and 2013			2
Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 2014			3
Notes to the Financial Statements			4
Supplemental Schedule:
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) As of December 31, 2014			11

---

Table of Contents

Report of Independent Registered Public Accounting Firm

Agrium Pension Committee and Plan Administrator

Re: Agrium U.S. Retail 401(k) Savings Plan

Calgary, Alberta

We have audited the accompanying statement of net assets available for benefits of the Agrium U.S. Retail 401(k) Savings Plan (the Plan) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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 conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Agrium U.S. Retail 401(k) Savings Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying Schedule of Assets Held at End of Year as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Agrium U.S. Retail 401(k) Savings Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. 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 schedules, 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

Greenwood Village, Colorado

June 19, 2015

 

1

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Statements of Net Assets Available for Plan Benefits

As of December 31

(U.S. dollars)

 

		2014				2013
Assets
Cash and cash equivalents			—				39,779
Investments at fair value (note 5):
Common trust funds			330,359,235				297,309,604
Mutual funds			316,402,080				286,074,229
Common stock			45,727,947				49,815,788
Total investments			692,489,262				633,199,621
Receivables:
Employer contributions			13,067,176				16,465,236
Notes receivable from participants			11,285,232				10,397,812
Total receivables			24,352,408				26,863,048
Net assets available for plan benefits			716,841,670				660,102,448

See accompanying notes to the financial statements.

 

2

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Statement of Changes in Net Assets Available for Plan Benefits

Year ended December 31

(U.S. dollars)

 

		2014
Additions
Investment income:
Net realized and unrealized appreciation in fair value of investments (note 5)			30,896,780
Interest and dividends			10,154,042
			41,050,822
Contributions:
Employer			28,814,449
Participant			29,110,722
Rollover			3,510,125
			61,435,296
Interest income on notes receivable from participants			450,732
Affiliated plan transfers, net			299,313
Total additions			103,236,163
Deductions
Distributions paid to participants			46,062,478
Administrative expenses			434,463
Total deductions			46,496,941
Net increase			56,739,222
Net assets available for plan benefits:
Beginning of year			660,102,448
End of year			716,841,670

See accompanying notes to the financial statements.

 

3

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

1.	PLAN DESCRIPTION

The following description of the Agrium U.S. Retail 401(k) Savings 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. Crop Production Services, Inc. (CPS or the Company) is an indirect subsidiary of the Plan sponsor, Agrium U.S. Inc., a subsidiary of Agrium Inc.

The Plan is a defined contribution plan established for the benefit of eligible employees of the Company and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

The trustee of the Plan at December 31, 2014 and December 31, 2013 was T. Rowe Price Trust Company.

 

(a)

Participant eligibility, plan entry, and contributions

Under the Plan, all full-time employees scheduled to work at least 20 hours per week 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 1,000 hours of service (in the first 12 months of employment) for participation and may enter the Plan on the quarterly entry date coincident with or next following completion of 1,000 hours of service. The Plan is administered by a committee of three or more persons appointed by the Company’s board of directors (the Plan Committee).

The Company contributes a matching contribution in the amount of 100% up to the first 4% of the participants’ elective compensation contributions. The Company may also make discretionary additional contributions based on financial results. For 2014, discretionary additional Company contributions totaled $12,384,840. Participants may elect to contribute up to 75% of their annual compensation, subject to annual Internal Revenue Code (IRC) limitations. Participants may also contribute amounts representing distributions from other qualified plans.

 

(b)

Vesting

Participant contributions to the Plan and earnings thereon are fully vested at all times. CPS company matching contributions (and associated earnings) are 100% vested without regard to participants’ years of service. However, all discretionary additional CPS 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%

Participants are 100% vested upon reaching age 65, death, or upon plan termination, regardless of the participant’s years of service. Terminated participants forfeit nonvested amounts. Forfeitures are accumulated during the Plan year and may be used to reduce CPS company contributions or pay Plan administrative expenses. During 2014, forfeitures applied to Company contributions totaled $146,249. The balance of forfeited nonvested accounts was not significant at December 31, 2014 or 2013.

 

4

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

(c)

Participant accounts

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

 

(d)

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 ¹⁄₂. CPS company contributions, if any, are subject to certain forfeiture provisions. Upon termination of employment, a participant whose vested account balance is greater than $1,000 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 70 ¹⁄₂, or request a direct rollover. A participant with a vested account balance that is $1,000 or less will be required to receive his or her account balance in cash as a lump-sum payment or roll their balance into an IRA or retirement plan of their choice. For all distributions, any portion of a participant’s account that is invested in Agrium Inc. common stock may be distributed in cash or in common shares of Agrium Inc., at the election of the participant.

Participants may make withdrawals, not to exceed their pretax contributions, to satisfy one of the immediate and heavy financial needs as described in the Plan document. However, participants may not defer salary for six months thereafter.

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

 

(e)

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 of fair value of investments presented in the accompanying statement of changes in net assets available for benefits.

 

(f)

Notes receivable from participants

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of 50 percent of their account balance or $50,000, reduced by (a) the participant’s highest outstanding loan balance from the Plan during the one-year period ending on the day before the loan is made and (b) the participant’s outstanding loan balance from the Plan on the day before the loan is made. Loans must be repaid within five years. The loans are secured by the balance in the participant’s account and bear interest at the prime rate plus one percent as published quarterly in the Wall Street Journal. Principal and interest is paid ratably through payroll

 

5

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

deductions. Loans outstanding as of December 31, 2014 bear interest rates ranging from 4.25 percent to 9.25 percent. A participant may have no more than one outstanding loan at any one time.

 

(g)

Investment options

Upon enrollment into the Plan, a participant may direct deferrals and employer contributions in any of the funds offered by the Plan. Participants may change their investment options daily.

 

2.	SIGNIFICANT ACCOUNTING POLICIES

 

(a)

Basis of presentation

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

 

(b)

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

 

(c)

Distributions

Distributions are recorded when paid. Distributions of approximately $59,300 were requested, but not yet paid, at December 31, 2014.

 

(d)

Valuation of investments and income recognition

As of December 31, 2014 and 2013, the Plan’s investments are reported at fair value. 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 and 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.

 

6

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

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 Plan’s investments are categorized as Level 1 and Level 2 as shown in note 5.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2014 and 2013.

Mutual funds: Valued at fair value based on the quoted net asset value (NAV) of shares held by the Plan at year end.

Common trust funds: Valued at NAV which is provided by the trustee and is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the observable market prices of the underlying assets held by the fund less liabilities.

Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments would result in a different fair value measurement at the reporting date.

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 appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

(e)

Notes receivable from participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document. No allowance for credit losses has been recorded as of December 31, 2014 and 2013.

 

3.	TAX STATUS

The Plan is operating under a new Plan document updated for recent tax law changes and amendments effective January 1, 2014. The Plan Sponsor has applied for a new determination letter from the Internal Revenue Service (IRS) and is currently awaiting a response. The Plan document was drafted with the assistance of an ERISA attorney and the Company and Plan management believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC, and the Plan and related trust continue 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, 2014, 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

 

7

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

jurisdictions. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2011.

 

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.

 

5.	INVESTMENTS

 

(a)

Investment securities representing more than 5 percent of net assets available for plan benefits

 

		As of December 31,
		2014				2013
Vanguard Institutional Index Fund			141,253,451				125,221,268
T. Rowe Price U.S. Treasury Money Market Trust			98,190,013				94,092,373
Vanguard Extended Market Index Fund, Institutional			70,829,912				67,370,579
Agrium Inc. common stock			45,727,947				49,815,788
T. Rowe Price Retirement 2020 Trust			44,562,322				39,502,704
T. Rowe Price Retirement 2025 Trust			42,056,728				35,612,761

 

(b)

Fair value of plan investments by hierarchy level

 

Fair value of plan investments by hierarchy level		As of December 31, 2014
		Level 1				Level 2				Total Fair Value
Mutual funds:
Growth funds			34,298,148				—				34,298,148
Index funds			271,737,209				—				271,737,209
Other funds			10,366,723				—				10,366,723
Total mutual funds			316,402,080				—				316,402,080
Common trust funds:(a)
Diversified portfolio			—				232,169,222				232,169,222
U.S. treasury securities			—				98,190,013				98,190,013
Total common trust funds			—				330,359,235				330,359,235
Common stock			45,727,947				—				45,727,947
			362,130,027				330,359,235				692,489,262

 

(a)

Common trust funds share the common goal of growth and preservation of principal. The common trust funds indirectly invest in a mix of U.S. 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.

 

8

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

Fair value of plan investments by hierarchy level		As of December 31, 2013
		Level 1				Level 2				Total Fair Value
Mutual funds:
Growth funds			28,171,887				—				28,171,887
Index funds			248,546,868				—				248,546,868
Other funds			9,355,474				—				9,355,474
Total mutual funds			286,074,229				—				286,074,229
Common trust funds:(a)
Diversified portfolio			—				203,217,231				203,217,231
U.S. treasury securities			—				94,092,373				94,092,373
Total common trust funds			—				297,309,604				297,309,604
Common stock			49,815,788				—				49,815,788
			335,890,017				297,309,604				633,199,621

 

(a)

Common trust funds share the common goal of growth and preservation of principal. The common trust funds indirectly invest in a mix of U.S. 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.

 

(c)

Changes in fair value 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 beginning of the reporting period.

We 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 year ended December 31, 2014, there were no significant transfers in or out of levels 1, 2, or 3.

 

(d)

Net realized and unrealized appreciation in fair value of investments

During 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:

 

		2014
Agrium Inc. common stock			2,003,870
Mutual funds			15,899,311
Common trust funds			12,993,599
			30,896,780

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

 

9

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

Notes to the Financial Statements

December 31, 2014

(U.S. dollars)

 

6.	RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS

Certain Plan investments are shares of mutual funds and common trust funds managed by the Trustee, as well as common stock of Agrium Inc. 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 plan benefits are fees paid by the Plan for loan, recordkeeping and administrative expenses.

 

7.	RISKS AND UNCERTAINTIES

The Plan invests in various investment securities. Investments in general are exposed to various risks, such as significant world events, interest rate, credit and overall market volatility risk. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for plan benefits.

 

8.	SUBSEQUENT EVENTS

Effective January 1, 2015, participants may not direct the investment of more than 20 percent of the participant’s pretax contributions or catch-up contributions nor more than 20 percent of any Company contributions into the Agrium Company Stock Fund. Additionally, no participant may transfer their participant accounts from one investment fund to the Agrium Company Stock Fund to the extent that such transfer would cause the value of the participant’s interest in the Agrium Company Stock Fund to exceed 20 percent of the total value of the participant’s accounts.

The Plan’s management has evaluated subsequent events through June 19, 2015, 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, 2014.

 

10

---

Table of Contents

AGRIUM U.S. RETAIL

401(k) SAVINGS PLAN

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

As of December 31, 2014

Employer Identification Number: 91-1589568

Plan Number: 007

(U.S. dollars)

 

(a)		(b) Identity of Issuer		(c) Description of Investment		(e) Current Value
		Vanguard Institutional Index Fund		Mutual Fund			141,253,451
*		T. Rowe Price U.S. Treasury Money Market Trust		Common Trust Fund			98,190,013
		Vanguard Extended Market Index Fund, Institutional		Mutual Fund			70,829,912
*		Agrium Inc. Common Stock		Common Stock			45,727,947
*		T. Rowe Price Retirement 2020 Trust		Common Trust Fund			44,562,322
*		T. Rowe Price Retirement 2025 Trust		Common Trust Fund			42,056,728
		Vanguard Total Bond Market Index Fund		Mutual Fund			33,049,953
*		T. Rowe Price Retirement 2030 Trust		Common Trust Fund			29,001,881
*		T. Rowe Price Retirement 2015 Trust		Common Trust Fund			25,726,325
*		T. Rowe Price Retirement 2035 Trust		Common Trust Fund			24,556,580
*		T. Rowe Price Retirement 2040 Trust		Common Trust Fund			20,600,230
		Vanguard FTSE All World ex-U.S. Index Fund, Institutional		Mutual Fund			20,569,786
*		T. Rowe Price Retirement 2045 Trust		Common Trust Fund			18,749,945
		American Funds Fundamental Investors Fund		Mutual Fund			14,402,250
*		T. Rowe Price Retirement 2050 Trust		Common Trust Fund			10,445,742
*		T. Rowe Price Retirement 2010 Trust		Common Trust Fund			8,320,346
		Columbia Acorn Fund		Mutual Fund			7,918,619
		American New Perspectives Fund		Mutual Fund			6,912,057
		Prudential Total Return Bond Fund		Mutual Fund			6,372,498
		Harbor International Fund		Mutual Fund			5,065,222
		Vanguard Short Term Bond Index Fund		Mutual Fund			4,092,269
*		T. Rowe Price Retirement 2055 Trust		Common Trust Fund			4,002,850
		PIMCO Real Return Fund		Mutual Fund			3,994,225
*		T. Rowe Price Retirement Income Trust		Common Trust Fund			2,342,052
		Vanguard Total World Stock Fund		Mutual Fund			1,941,838
*		T. Rowe Price Retirement 2005 Trust		Common Trust Fund			1,804,221
		Total investments, at fair value					692,489,262
*		Various participants		Notes receivable from participants, bearing interest at rates ranging from 4.25% to 9.25%, secured by the related participant’s vested account balance, maturing through 2030.			11,285,232

 

*	Identified party-in-interest.

Note: Information on cost of investments is excluded, as all investments are participant directed. The cost of notes receivable from participants is nil.

 

11

---

Table of Contents

SIGNATURE

THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, Agrium U.S. Inc. has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: June 23, 2015				AGRIUM U.S. RETAIL 401(K) SAVINGS PLAN
				By:		AGRIUM U.S. INC.
						/S/ Angela S. Lekatsas
						Angela S. Lekatsas
						Vice President & Treasurer

---

Table of Contents

EXHIBIT INDEX

 

Exhibit 23.1		Consent of Eide Bailly LLP

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Agrium Pension Committee

Agrium Inc.:

We consent to the incorporation by reference in the Registration Statement (No. 333-11254 and 333-161620) on Form S-8 of Agrium Inc. of our report dated June 19, 2015 relating to the statements of net assets available for plan benefits of the Agrium U.S. Retail 401(k) Savings Plan as of December 31, 2014 and 2013, the related statement of changes in net assets available for plan benefits for the year ended December 31, 2014, and the related supplemental schedule as of December 31, 2014, which appears in the December 31, 2014 Annual Report on Form 11-K of the Agrium U.S. Retail 401(k) Savings Plan.

/s/ Eide Bailly LLP

Greenwood Village, Colorado

June 19, 2015