(Dollars dans les tableaux et graphiques en millions)
The following Management Discussion and Analysis is intended to help the reader
understand the results of operations and financial condition of Honeywell
International Inc. and its consolidated subsidiaries (Honeywell or the Company)
for the three months ended March 31, 2022. The financial information as of March
31, 2022, should be read in conjunction with the Consolidated Financial
Statements for the year ended December 31, 2021, contained in our 2021 Annual
Report on Form 10-K. See Note 3 Acquisitions and Divestitures of Notes to
Consolidated Financial Statements for a discussion of acquisition and
divestiture activity during the three months ended March 31, 2022.
MISE À JOUR DE L’ENTREPRISE
We continue to monitor several macroeconomic and geopolitical trends, that have
impacted our business, including changing conditions from the COVID-19 pandemic,
the on-going Russia-Ukraine conflict, inflationary cost pressures, supply chain
disruptions, and labor shortages.
MISE À JOUR COVID-19
The COVID-19 pandemic continues to impact our business operations, and our
customers' and suppliers' ability to operate at normal levels. Disruptions in
normal operating levels continue to create supply chain disruptions and
inflationary cost pressures within our end-markets. We anticipate supply chain
constraints, and the inflationary environment will continue during 2022. As
such, we implemented short-term and long-term strategies to reduce the impact of
current and future effects.
During the first quarter of 2022, governments around the world removed many
restrictions on businesses and the general public. We continue to operate our
manufacturing sites at normal production levels. As of March 31, 2022, we have
returned over 90% of our non-manufacturing employees to the workplace. For our
remaining non-manufacturing employees, we continue to utilize our procedures for
a phased return of our employees to the workplace.
Nous continuons de surveiller activement les épidémies régionales de COVID-19, ainsi que les restrictions gouvernementales et les activités de confinement associées dans les zones où nous opérons. À ce jour, les impacts de ces actions n’ont pas été significatifs.
See the section titled Review of Business Segments for additional information on
the impacts of COVID-19, inflationary cost pressures, supply chain disruptions,
and labor shortages, to our businesses.
RUSSIE–UKRAINE CONFLIT
In response to the Russian invasion of Ukraine, on March 9, 2022, we suspended
substantially all of our sales, distribution, and service activities in Russia
and Belarus (the Suspension), any future actions are unknown as we continue to
evaluate the situation. During March 2022, we created a Ukraine Relief Fund,
allowing employees to make donations to support organizations that are providing
direct assistance to Ukrainians and those that are assisting them in the midst
of this humanitarian crisis. Through March 31, 2022, employee contributions to
this fund, along with the Company match, exceeded $1 million. To further support
employees in the impacted region, we accelerated payroll payments to those
affected by the conflict and the Suspension of our operations.
Due to the Suspension, sanctions, and deteriorating trade relations, during
March 2022, we recorded $183 million of reserves against outstanding accounts
receivable, contract assets, and impairments of other assets. The respective
impacts to revenues, net income, net assets, cash flow from operations, or our
global workforce are not material. For the year ended December 31, 2021,
revenues from sales in Russia represented approximately 1% of our global
revenues, while assets in Russia represented less than 1% of our total assets.
Based on available information to date, the Company's estimate of potential
future impairments on our businesses in Russia would not be material with
respect to the Company's consolidated financial position. As the conflict
continues to evolve, existing conditions may worsen, or other impacts that are
unknown at this time, may arise that could have a material adverse effect on our
consolidated financial position.
The Russia-Ukraine conflict caused certain commodity prices to spike, adding to
the inflationary pressures in the global economy. We considered the impacts of
the conflict on oil and gas prices in our short-term and long-term strategies
discussed in the above.
Voir l’article 1A. Facteurs de risque pour des informations supplémentaires sur les risques potentiels pour notre entreprise.
27 Honeywell International Inc.
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TABLE DES MATIÈRES
RÉSULTATS DES OPÉRATIONS
Résultats financiers consolidés
[[Image Removed: hon-20220331_g2.jpg]]
Ventes nettes par segment
[[Image Removed: hon-20220331_g3.jpg]]
28 Honeywell International Inc.
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TABLE DES MATIÈRES
Bénéfice de segment par segment
[[Image Removed: hon-20220331_g4.jpg]]
29 Honeywell International Inc.
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TABLE DES MATIÈRES
RÉSULTATS OPÉRATIONNELS CONSOLIDÉS
Ventes nettes
[[Image Removed: hon-20220331_g5.jpg]]
La variation du chiffre d’affaires net est attribuable aux éléments suivants :
Q1 2022 Versus Q1 2021
Volume (6) %
Price 7 %
Foreign Currency Translation (2) %
(1) %
Q1 2022 compared with Q1 2021
Net sales decreased due to the following:
• Baisse des volumes de ventes dans notre segment Solutions de sécurité et de productivité, et
•The unfavorable impact of foreign currency translation, driven by the
strengthening of the U.S. Dollar against the currencies of the majority of our
international markets, primarily the Euro, Turkish Lira, Australian Dollar, and
British Pound,
• Partiellement compensée par des prix favorables pour compenser la hausse des coûts directs et indirects des matériaux et la hausse des coûts de main-d’œuvre.
30 Honeywell International Inc.
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TABLE DES MATIÈRES
Coût des produits et services vendus
[[Image Removed: hon-20220331_g6.jpg]]
Q1 2022 compared with Q1 2021
Cost of products and services sold decreased due to the following:
• Baisse des volumes de ventes dans notre activité Solutions de sécurité et de productivité, ce qui a entraîné une baisse des coûts directs et indirects des matériaux et des coûts de main-d’œuvre,
•Partiellement compensée par des coûts de matériaux directs et indirects plus élevés et des coûts de main-d’œuvre plus élevés dans nos autres activités, ainsi que des charges de repositionnement et autres charges plus élevées.
Marge brute
[[Image Removed: hon-20220331_g7.jpg]]
Q1 2022 compared with Q1 2021
Gross margin as a percentage of net sales decreased due to the following:
• Frais de repositionnement et autres frais plus élevés,
• Partiellement compensée par des prix avantageux.
31 Honeywell International Inc.
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TABLE DES MATIÈRES
Frais de vente, frais généraux et administratifs
[[Image Removed: hon-20220331_g8.jpg]]
T1 2022 par rapport au T1 2021 Les frais de vente, généraux et administratifs ont augmenté en raison des éléments suivants :
•Accrual of reserves against outstanding accounts receivable, contract assets,
and impairments of other assets due to the suspension of substantially all of
our sales, distribution, and service activities in Russia and Belarus.
Other (Income) Expense
Three Months Ended March 31,
2022 2021
Other (Income) Expense $ (319) $ (442)
Q1 2022 compared with Q1 2021
Other income decreased due to the following:
• Gain de l’année précédente sur la vente de l’activité de vente au détail de chaussures, et
•Revenu de pension inférieur.
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TABLE OF CONTENTS
Tax Expense
[[Image Removed: hon-20220331_g9.jpg]]
Q1 2022 compared with Q1 2021
The effective tax rate increased, and was higher than the U.S. federal statutory
rate of 21%, due to the following:
•Accrual of reserves against outstanding accounts receivable, contract assets,
and impairments of other assets due to the suspension of substantially all of
our sales, distribution, and service activities in Russia and Belarus with no
corresponding tax benefit,
• Réduction des avantages fiscaux pour la rémunération en actions des employés, et
• Réserves fiscales supplémentaires et impôts d’État,
•Partiellement compensée par le règlement favorable de certaines questions fiscales étrangères.
Pour plus d’informations sur les modifications du taux d’imposition effectif, se reporter à la note 6 Impôts sur les bénéfices des notes aux états financiers consolidés.
Résultat net attribuable à Honeywell
[[Image Removed: hon-20220331_g10.jpg]]
Q1 2022 compared to Q1 2021
Earnings per share of common stock-assuming dilution decreased, driven by the
following:
•Higher repositioning and other charges, including the accrual of reserves
against outstanding accounts receivable, contract assets, and impairments of
other assets due to the suspension of substantially all of our sales,
distribution, and service activities in Russia and Belarus, and
• Gain de l’année précédente sur la vente de l’activité chaussures de détail,
•Partiellement compensée par une baisse des impôts sur le revenu.
33 Honeywell International Inc.
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TABLE DES MATIÈRES
REVUE DES SECTEURS D’ACTIVITE
We globally manage our business operations through four segments: Aerospace,
Honeywell Building Technologies, Performance Materials and Technologies, and
Safety and Productivity Solutions.
AEROSPACE
Net Sales
[[Image Removed: hon-20220331_g11.jpg]]
Three Months Ended
March 31,
%
2022 2021 Change
Net sales $ 2,749 $ 2,632 4 %
Cost of products and services sold 1,759 1,656
Selling, general and administrative and other expenses 237 214
Segment profit $ 753 $ 762 (1) %
2022 vs. 2021
Three Months Ended
March 31,
Net Segment
Factors Contributing to Year-Over-Year Change Sales Profit
Organic(1) 5 % (1) %
Foreign currency translation (1) % - %
Acquisitions, divestitures and other, net - % - %
Total % Change 4 % (1) %
(1) Organic sales % change, presented for all of our reportable business
segments, is defined as the change in net sales, excluding the impact on sales
from foreign currency translation and acquisitions, net of divestitures, for the
first 12 months following the transaction date. We believe this non-GAAP measure
is useful to investors and management in understanding the ongoing operations
and analysis of ongoing operating trends.
34 Honeywell International Inc.
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TABLE DES MATIÈRES
Q1 2022 compared to Q1 2021
Sales increased primarily due to favorable pricing and higher demand from our
aftermarket products and services, as flight hours increase from pandemic lows,
and commercial OEMs, partially offset by supply chain constraints.
•Les ventes première monte de l’aviation commerciale ont augmenté de 11 % (croissance organique de 11 %) en raison de la hausse de la demande du transport aérien, partiellement compensée par la baisse des volumes de ventes dans l’aviation régionale et d’affaires.
•Les ventes du marché secondaire de l’aviation commerciale ont augmenté de 28 % (augmentation organique de 28 %) grâce à des prix favorables et à une demande accrue dans le transport aérien et l’aviation régionale et d’affaires.
•Les ventes de Défense et Espace ont diminué de 15 % (diminution organique de 14 %) en raison de la baisse des volumes de ventes dans la défense nationale et internationale.
Le coût des produits et services vendus a augmenté en raison de volumes de ventes plus élevés de produits à faible marge, de coûts de matières directs et indirects plus élevés et de coûts de main-d’œuvre plus élevés.
Le bénéfice sectoriel a diminué en raison de volumes de ventes plus élevés de produits à faible marge, partiellement compensés par des prix favorables.
TECHNOLOGIES DE CONSTRUCTION HONEYWELL
Net Sales
[[Image Removed: hon-20220331_g12.jpg]]
Three Months Ended
March 31,
%
2022 2021 Change
Net sales $ 1,429 $ 1,358 5 %
Cost of products and services sold 839 789
Selling, general and administrative and other expenses 254 264
Segment profit $ 336 $ 305 10 %
35 Honeywell International Inc.
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TABLE OF CONTENTS
2022 vs. 2021
Three Months Ended
March 31,
Net Segment
Factors Contributing to Year-Over-Year Change Sales Profit
Organic 8 % 14 %
Foreign currency translation (3) % (4) %
Acquisitions, divestitures and other, net - % - %
Total % Change 5 % 10 %
Q1 2022 compared to Q1 2021
Sales increased due to favorable pricing, partially offset by the unfavorable
impact of foreign currency translation.
•Les ventes de produits ont augmenté de 12 % (augmentation organique de 14 %) en raison de prix favorables et d’une demande accrue pour certaines offres de produits, partiellement compensées par l’impact défavorable de la conversion des devises étrangères.
• Ventes en Solutions de construction a diminué de 4 % (diminution organique de 1 %) en raison de la baisse des volumes de ventes et de l’impact défavorable de la conversion des devises, partiellement compensé par des prix favorables.
Cost of products and services sold increased primarily due to higher direct and
indirect material costs and higher labor costs, and lower productivity,
partially offset by the favorable impact of foreign currency translation and
higher volumes of higher margin products.
Segment profit increased due to favorable pricing and higher demand for certain
product offerings, partially offset by higher direct and indirect material costs
and higher labor costs, and the unfavorable impact of foreign currency
translation.
MATÉRIAUX ET TECHNOLOGIES PERFORMANTS
Net Sales
[[Image Removed: hon-20220331_g13.jpg]]
Three Months Ended
March 31,
%
2022 2021 Change
Net sales $ 2,453 $ 2,346 5 %
Cost of products and services sold 1,601 1,591
Selling, general and administrative and other expenses 342 321
Segment profit $ 510 $ 434 18 %
36 Honeywell International Inc.
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TABLE OF CONTENTS
2022 vs. 2021
Three Months Ended
March 31,
Net Segment
Factors Contributing to Year-Over-Year Change Sales Profit
Organic 6 % 19 %
Foreign currency translation (2) % (1) %
Acquisitions, divestitures and other, net 1 % - %
Total % Change 5 % 18 %
Q1 2022 compared to Q1 2021
Sales increased due to favorable pricing and the acquisition of Sparta Systems,
partially offset by lower sales volumes and the unfavorable impact of foreign
currency translation.
•Les ventes d’UOP ont diminué de 9 % (baisse organique de 9 %) en raison d’une demande plus faible pour les nouveaux projets pétroliers et gaziers.
•Process Solutions sales increased 5% (increased 7% organic) due to favorable
pricing, higher demand for certain products and services, and the acquisition of
Sparta Systems, partially offset by the unfavorable impact of foreign currency
translation and the impact of the Russia-Ukraine conflict.
•Les ventes d’Advanced Materials ont augmenté de 14 % (augmentation organique de 16 %) grâce à des prix favorables, partiellement compensés par une baisse de la demande de produits fluorés et l’impact défavorable de la conversion des devises étrangères.
Cost of products and services sold increased due to higher direct and indirect
material costs and higher labor costs, partially offset by lower sales volumes
and the favorable impact of foreign currency translation.
Segment profit increased due to favorable pricing and higher sales of higher
margin products, partially offset by higher direct and indirect material costs
and higher labor costs.
SOLUTIONS DE SÉCURITÉ ET DE PRODUCTIVITÉ
Ventes nettes
[[Image Removed: hon-20220331_g14.jpg]]
37 Honeywell International Inc.
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TABLE OF CONTENTS
Three Months Ended
March 31,
%
2022 2021 Change
Net sales $ 1,744 $ 2,118 (18) %
Cost of products and services sold 1,218 1,550
Selling, general and administrative and other expenses 273 265
Segment profit $ 253 $ 303 (17) %
2022 vs. 2021
Three Months Ended
March 31,
Net Segment
Factors Contributing to Year-Over-Year Change Sales Profit
Organic (15) % (14) %
Foreign currency translation (1) % (1) %
Acquisitions, divestitures and other, net (2) % (2) %
Total % Change (18) % (17) %
Q1 2022 compared to Q1 2021
Sales decreased due to lower sales volumes, the sale of the retail footwear
business, and the unfavorable impact of foreign currency translation, partially
offset by favorable pricing.
•Les ventes de la sécurité et de la vente au détail ont diminué de 31 % (diminution organique de 26 %) en raison d’une baisse de la demande d’équipements de protection individuelle et de la vente de l’activité de vente au détail de chaussures, partiellement compensées par des prix favorables.
•Sales in Productivity Solutions and Services increased 13% (increased 16%
organic) due to favorable pricing and higher demand, partially offset by the
unfavorable impact of foreign currency translation.
•Sales in Warehouse and Workflow Solutions decreased 28% (decreased 28% organic)
due to lower sales volumes as a result of supply chain constraints and timing of
projects.
•Sales in Advanced Sensing Technologies increased 23% (increased 24% organic)
due to higher demand and favorable pricing, partially offset by the unfavorable
impact of foreign currency translation.
Cost of products and services sold decreased due to lower sales volumes, the
divestiture of the retail footwear business, and the favorable impact of foreign
currency translation, partially offset by higher direct and indirect material
costs and higher labor costs, and lower productivity.
Le bénéfice sectoriel a diminué principalement en raison d’une productivité et d’un volume de ventes inférieurs, partiellement compensés par des prix favorables.
CORPORATIF ET TOUT AUTRE
Corporate and All Other primarily includes unallocated corporate costs, interest
expense on holding-company debt, and the controlling majority-owned interest in
Quantinuum. Corporate and All Other is not considered a separate reportable
business segment as segment reporting criteria is not met for the activities
reported with Corporate and All Other. The Company continues to monitor the
activities in Corporate and All Other to determine the need for further
reportable business segment disaggregation.
FRAIS DE REPOSITIONNEMENT
See Note 5 Repositioning and Other Charges of Notes to Consolidated Financial
Statements for a discussion of our repositioning actions and related charges
incurred in the three months ended March 31, 2022 and 2021. Cash spending
related to our repositioning actions was $69 million in the three months ended
March 31, 2022, and was funded through operating cash flows.
38 Honeywell International Inc.
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TABLE DES MATIÈRES
TRÉSORERIE ET RESSOURCES EN CAPITAL
(Dollars en tableaux en millions)
We continue to manage our businesses to maximize operating cash flows as the
primary source of liquidity. Each of our businesses is focused on increasing
operating cash flows through revenue growth, margin expansion, and improved
working capital turnover. Additional sources of liquidity include committed
credit lines, short-term debt from the commercial paper market, long-term
borrowings, access to the public debt and equity markets, U.S. cash balances,
and the ability to access non-U.S. cash balances.
ESPÈCES
We monitor the third-party depository institutions that hold our cash and cash
equivalents on a daily basis. Our emphasis is primarily safety of principal and
secondarily maximizing yield of those funds. We diversify our cash and cash
equivalents among counterparties to minimize exposure to any one of these
entities. As of March 31, 2022, and December 31, 2021, we held $9.8 billion and
$11.5 billion, respectively, of cash and cash equivalents, including our
short-term investments.
EMPRUNTS
Les emprunts totaux consolidés ont été 19,4 milliards de dollars et 19,6 milliards de dollars dès 31 mars 2022et 31 décembre 2021.
March 31, 2022 December 31, 2021
Commercial paper and other short-term borrowings $ 3,526 $ 3,542
Variable rate notes 622 622
Fixed rate notes 15,231 15,314
Other 197 332
Debt issuance costs (207) (211)
Total borrowings $ 19,369 $ 19,599
A source of liquidity is our ability to access the commercial paper market.
Commercial paper notes are sold at a discount or premium and have a maturity of
not more than 365 days from date of issuance. Borrowings under the commercial
paper program are available for general corporate purposes as well as for
financing acquisitions.
Nous avons également les contrats de crédit renouvelable suivants :
•A $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement) with a
syndicate of banks, dated March 24, 2022. Amounts borrowed under the 364-Day
Credit Agreement are required to be repaid no later than March 23, 2023, unless
(i) we elect to convert all then outstanding amounts into a term loan, upon
which such amounts shall be repaid in full on March 23, 2024, or (ii) the
364-Day Credit Agreement is terminated earlier pursuant to its terms. The
364-Day Credit Agreement replaced the previously reported $1.5 billion 364-day
credit agreement dated as of March 31, 2021, which was terminated in accordance
with its terms effective March 24, 2022. As of March 31, 2022, there were no
outstanding borrowings under our 364-Day Credit Agreement.
•A $4.0 billion Five Year Credit Agreement (the 5-Year Credit Agreement) with a
syndicate of banks, dated March 24, 2022. Commitments under the 5-Year Credit
Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement
to an aggregate amount not to exceed $4.5 billion. The 5-Year Credit Agreement
amended and restated the previously reported $4.0 billion amended and restated
five year credit agreement dated as of March 31, 2021. As of March 31, 2022,
there were no outstanding borrowings under our 5-Year Credit Agreement.
We also have a current shelf registration statement filed with the SEC under
which we may issue additional debt securities, common stock, and preferred stock
that may be offered in one or more offerings on terms to be determined at the
time of the offering. We anticipate that net proceeds of any offering would be
used for general corporate purposes, including repayment of existing
indebtedness, share repurchases, capital expenditures and acquisitions.
39 Honeywell International Inc.
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TABLE DES MATIÈRES
COTES DE CRÉDIT
Our ability to access the global debt capital markets and the related cost of
these borrowings is affected by the strength of our credit rating and market
conditions. Our credit ratings are periodically reviewed by the major
independent debt-rating agencies. As of March 31, 2022, S&P Global Inc. (S&P),
Fitch Ratings Inc. (Fitch), and Moody's Investor Service (Moody's) have ratings
on our debt set forth in the table below:
S&P Fitch Moody's
Outlook Stable Stable Stable
Short-term A-1 F1 P1
Long-term A A A2
CASH FLOW SUMMARY
Nos flux de trésorerie provenant des activités d’exploitation, d’investissement et de financement, tels qu’ils sont reflétés dans l’état consolidé des flux de trésorerie, se résument comme suit :
Trois mois terminés 31 mars,
2022 2021 Variance
Cash and cash equivalents at beginning of period $
10 959 14 275 $ (3 316) $
Operating activities
Net income attributable to Honeywell 1,134 1,427 (293)
Noncash adjustments 537 239 298
Changes in working capital (815) 42 (857)
Other operating activities (820) (730) (90)
Net cash provided by operating activities 36 978 (942)
Net cash provided by (used for) investing activities (10) (1,304) 1,294
Net cash used for financing activities (1,719) (2,217) 498
Effect of exchange rate changes on cash 15 (14) 29
Net increase (decrease) in cash and cash equivalents (1,678) (2,557) 879
Cash and cash equivalents at end of period $
9 281 11 718 $ (2 437) $
Cash provided by operating activities decreased due to an unfavorable impact to
working capital and a decrease in net income, partially offset by an increase in
noncash adjustments, primarily driven by an increase in repositioning and other
charges.
Cash used for investing activities decreased by $1,294 million primarily due to
a $1,127 million decrease in cash paid for acquisitions, $205 million net
increase in investments, and $197 million cash receipts from Garrett Motion Inc.
(Garrett), partially offset by $190 million in proceeds from the 2021 sale of
the retail footwear business.
Cash used for financing activities decreased by $498 million primarily due to
$777 million decrease of proceeds from the issuance of long-term debt, partially
offset by $196 million increase in repurchases of common stock and $44 million
decrease in proceeds from the issuance of common stock.
BESOINS DE TRÉSORERIE ET ÉVALUATION DE LA LIQUIDITÉ ACTUELLE
In addition to our normal operating cash requirements, our principal future cash
requirements will be to fund capital expenditures, share repurchases, dividends,
strategic acquisitions and debt repayments. On February 12, 2021, the Board of
Directors authorized the repurchase of up to a total of $10 billion of Honeywell
common stock, which included amounts remaining under, and replaced, the
previously approved share repurchase program. During the three months ended
March 31, 2022, the Company repurchased common stock of $1,018 million. Refer to
the section titled Liquidity and Capital Resources of our 2021 Form 10-K for a
discussion of our expected capital expenditures, share repurchases, and
dividends for 2022.
Nous continuons d’identifier des opportunités pour améliorer nos liquidités et l’efficacité de notre fonds de roulement, ce qui comprend l’extension des délais de paiement avec nos fournisseurs et la vente de nos créances clients à des institutions financières non affiliées sans recours. L’impact de ces programmes n’est pas significatif sur nos liquidités globales.
40 Honeywell International Inc.
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TABLE DES MATIÈRES
We continue to assess the relative strength of each business in our portfolio as
to strategic fit, market position, profit, and cash flow contribution in order
to identify target investment and acquisition opportunities in order to upgrade
our combined portfolio. We identify acquisition candidates that will further our
strategic plan and strengthen our existing core businesses. We also identify
businesses that do not fit into our long-term strategic plan based on their
market position, relative profitability, or growth potential. These businesses
are considered for potential divestiture, restructuring, or other repositioning
actions, subject to regulatory constraints.
Based on past performance and current expectations, we believe that our
operating cash flows will be sufficient to meet our future operating cash needs.
Our available cash, committed credit lines and access to the public debt and
equity markets provide additional sources of short-term and long-term liquidity
to fund current operations, debt maturities, and future investment
opportunities.
Se reporter à la note 8 Dette à long terme et conventions de crédit des notes afférentes aux états financiers consolidés pour une analyse supplémentaire des éléments ayant une incidence sur nos liquidités.
OTHER MATTERS
LITIGATION
We are subject to a number of lawsuits, investigations, and claims (some of
which involve substantial amounts) arising out of the conduct of our business.
See Note 14 Commitments and Contingencies of Notes to Consolidated Financial
Statements for further discussion of environmental, asbestos and other
litigation matters.
ESTIMATIONS COMPTABLES CRITIQUES
Il n’y a eu aucun changement important dans nos estimations comptables critiques présentées dans notre rapport annuel 2021 sur formulaire 10-K. Pour une discussion sur les estimations comptables critiques de la société, voir la section intitulée Estimations comptables critiques dans notre rapport annuel 2021 sur formulaire 10-K.
PRISES DE POSITION RÉCENTES EN COMPTABILITÉ
Se reporter à la note 2 Résumé des principales méthodes comptables des notes aux états financiers consolidés pour une analyse des récentes prises de position comptables.
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