Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 10, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'WHIRLPOOL CORP /DE/ | ' | ' |
Entity Central Index Key | '0000106640 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 77,460,942 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $8,814,722,670 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $18,769 | $18,143 | $18,666 |
Expenses | ' | ' | ' |
Cost of products sold | 15,471 | 15,250 | 16,089 |
Gross margin | 3,298 | 2,893 | 2,577 |
Selling, general and administrative | 1,828 | 1,757 | 1,621 |
Intangible amortization | 25 | 30 | 28 |
Restructuring Charges | 196 | 237 | 136 |
Operating profit | 1,249 | 869 | 792 |
Other income (expense) | ' | ' | ' |
Interest and sundry income (expense) | -155 | -112 | -607 |
Interest expense | -177 | -199 | -213 |
Earnings (loss) before income taxes | 917 | 558 | -28 |
Income tax expense (benefit) | 68 | 133 | -436 |
Net earnings | 849 | 425 | 408 |
Less: Net earnings available to noncontrolling interests | 22 | 24 | 18 |
Net earnings available to Whirlpool | $827 | $401 | $390 |
Per share of common stock | ' | ' | ' |
Basic net earnings available to Whirlpool | $10.42 | $5.14 | $5.07 |
Diluted net earnings available to Whirlpool | $10.24 | $5.06 | $4.99 |
Weighted-average shares outstanding (in millions) | ' | ' | ' |
Basic | 79.3 | 78.1 | 76.8 |
Diluted | 80.8 | 79.3 | 78.1 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $849 | $425 | $408 |
Other comprehensive income (loss), before tax: | ' | ' | ' |
Foreign currency translation adjustments | -122 | -36 | -86 |
Derivative instruments: | ' | ' | ' |
Net gain (loss) arising during period | -9 | -17 | -62 |
Less: reclassification adjustment for gain (loss) included in net earnings | -11 | -25 | 80 |
Derivative instruments, net | 2 | 8 | -142 |
Marketable securities: | ' | ' | ' |
Net gain (loss) arising during period | 7 | 2 | -13 |
Less: reclassification adjustment for gain (loss) included in net earnings | 0 | -7 | -9 |
Marketable securities, net | 7 | 9 | -4 |
Defined benefit pension and postretirement plans: | ' | ' | ' |
Prior service (cost) credit arising during period | -2 | 2 | 148 |
Net gain (loss) arising during period | 475 | -384 | -283 |
Less: amortization of prior service credit (cost) and actuarial (loss) | -35 | 38 | 42 |
Defined benefit pension and postretirement plans, net: | 508 | -420 | -177 |
Other comprehensive income (loss), before tax | 395 | -439 | -409 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | -165 | 130 | 71 |
Other comprehensive income (loss), net of tax | 230 | -309 | -338 |
Comprehensive income | 1,079 | 116 | 70 |
Less: comprehensive income, available to noncontrolling interests | 19 | 20 | 13 |
Comprehensive income available to Whirlpool | $1,060 | $96 | $57 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and equivalents | $1,380 | $1,168 |
Accounts receivable, net of allowance of $73 and $60, respectively | 2,005 | 2,038 |
Inventories | 2,408 | 2,354 |
Deferred income taxes | 549 | 558 |
Prepaid and other current assets | 680 | 709 |
Total current assets | 7,022 | 6,827 |
Property, net of accumulated depreciation of $6,278 and $6,070, respectively | 3,041 | 3,034 |
Goodwill | 1,724 | 1,727 |
Other intangibles, net of accumulated amortization of $237 and $211, respectively | 1,702 | 1,722 |
Deferred income taxes | 1,764 | 1,832 |
Other noncurrent assets | 291 | 254 |
Total assets | 15,544 | 15,396 |
Current liabilities | ' | ' |
Accounts payable | 3,865 | 3,698 |
Accrued expenses | 710 | 692 |
Accrued advertising and promotions | 441 | 419 |
Employee compensation | 456 | 520 |
Notes payable | 10 | 7 |
Current maturities of long-term debt | 607 | 510 |
Other current liabilities | 705 | 664 |
Total current liabilities | 6,794 | 6,510 |
Noncurrent liabilities | ' | ' |
Long-term debt | 1,846 | 1,944 |
Pension benefits | 930 | 1,636 |
Postretirement benefits | 458 | 422 |
Other noncurrent liabilities | 482 | 517 |
Total noncurrent liabilities | 3,716 | 4,519 |
Stockholders’ equity | ' | ' |
Common stock, $1 par value, 250 million shares authorized, 109 million and 108 million shares issued and 77 million and 79 million shares outstanding, respectively | 109 | 108 |
Additional paid-in capital | 2,453 | 2,313 |
Retained earnings | 5,784 | 5,147 |
Accumulated other comprehensive loss | -1,298 | -1,531 |
Treasury stock, 32 million and 29 million shares, respectively | -2,124 | -1,777 |
Total Whirlpool stockholders’ equity | 4,924 | 4,260 |
Noncontrolling interests | 110 | 107 |
Total stockholders’ equity | 5,034 | 4,367 |
Total liabilities and stockholders’ equity | $15,544 | $15,396 |
Consolidatd_Balance_Sheet_Pare
Consolidatd Balance Sheet (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Balance Sheet Parenthetical [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $73 | $60 |
Property, Accumulated Depreciation | 6,278 | 6,070 |
Accumulated Amortization | $237 | $211 |
Common Stock, Par Value Per Share | $1 | $1 |
Common stock, Shares Authorized | 250 | 250 |
Common Stock, Shares, Issued | 109 | 108 |
Common Stock, Shares, Outstanding | 77 | 79 |
Treasury Stock, Shares | 32 | 29 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net earnings | $849 | $425 | $408 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 540 | 551 | 558 |
Curtailment gain | 0 | -52 | -35 |
Increase (decrease) in LIFO inventory reserve | -26 | -13 | 54 |
Brazilian collection dispute | 0 | -275 | 144 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -65 | 47 | -15 |
Inventories | -86 | -7 | 283 |
Accounts payable | 275 | 240 | 25 |
Accrued advertising and promotions | 28 | -13 | 14 |
Product recall | 0 | 0 | -15 |
Taxes deferred and payable, net | -105 | -68 | -573 |
Accrued pension and postretirement benefits | -184 | -227 | -349 |
Employee compensation | -23 | 249 | -59 |
Other | 59 | -161 | 90 |
Cash provided by operating activities | 1,262 | 696 | 530 |
Investing activities | ' | ' | ' |
Capital expenditures | -578 | -476 | -608 |
Proceeds from sale of assets | 6 | 10 | 23 |
Investment in related businesses | -6 | -28 | -7 |
Other | -4 | 0 | -4 |
Cash used in investing activities | -582 | -494 | -596 |
Financing activities | ' | ' | ' |
Repayments of long-term debt | -513 | -361 | -313 |
Proceeds from borrowings of long-term debt | 518 | 322 | 300 |
Net proceeds (repayments) from short-term borrowings | 5 | 6 | -2 |
Dividends paid | -187 | -155 | -148 |
Repurchase of common stock | -350 | 0 | 0 |
Common stock issued | 95 | 43 | 14 |
Other | -2 | -3 | -17 |
Cash used in financing activities | -434 | -148 | -166 |
Effect of exchange rate changes on cash and equivalents | -34 | 5 | -27 |
Increase (decrease) in cash and equivalents | 212 | 59 | -259 |
Cash and equivalents at beginning of year | 1,168 | 1,109 | 1,368 |
Cash and equivalents at end of year | 1,380 | 1,168 | 1,109 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | 179 | 197 | 208 |
Cash paid for income taxes | $158 | $177 | $136 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock/ Additional Paid-in-Capital | Common Stock | Noncontrolling Interests |
In Millions, unless otherwise specified | ||||||
Balances at Dec. 31, 2010 | $4,320 | $4,680 | ($893) | $333 | $106 | $94 |
Comprehensive income | ' | ' | ' | ' | ' | ' |
Net earnings | 408 | 390 | 0 | 0 | 0 | 18 |
Other comprehensive income (loss) | -338 | 0 | -333 | 0 | 0 | -5 |
Comprehensive income | 70 | 390 | -333 | 0 | 0 | 13 |
Stock issued | 46 | 0 | 0 | 46 | 0 | 0 |
Dividends declared | -156 | -148 | 0 | 0 | 0 | -8 |
Balances at Dec. 31, 2011 | 4,280 | 4,922 | -1,226 | 379 | 106 | 99 |
Comprehensive income | ' | ' | ' | ' | ' | ' |
Net earnings | 425 | 401 | 0 | 0 | 0 | 24 |
Other comprehensive income (loss) | -309 | 0 | -305 | 0 | 0 | -4 |
Comprehensive income | 116 | 401 | -305 | 0 | 0 | 20 |
Cumulative adjustment, equity method investment | -18 | -18 | 0 | 0 | 0 | 0 |
Stock issued | 159 | 0 | 0 | 157 | 2 | 0 |
Dividends declared | -170 | -158 | 0 | 0 | 0 | -12 |
Balances at Dec. 31, 2012 | 4,367 | 5,147 | -1,531 | 536 | 108 | 107 |
Comprehensive income | ' | ' | ' | ' | ' | ' |
Net earnings | 849 | 827 | 0 | 0 | 0 | 22 |
Other comprehensive income (loss) | 230 | 0 | 233 | 0 | 0 | -3 |
Comprehensive income | 1,079 | 827 | 233 | 0 | 0 | 19 |
Stock issued (repurchased) | -206 | 0 | 0 | -207 | 1 | 0 |
Dividends declared | -206 | -190 | 0 | 0 | 0 | -16 |
Balances at Dec. 31, 2013 | $5,034 | $5,784 | ($1,298) | $329 | $109 | $110 |
Summary_of_Principal_Accountin
Summary of Principal Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Summary of Principal Accounting Policies | ' | ||||||||||
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | |||||||||||
General Information | |||||||||||
Whirlpool Corporation, a Delaware corporation, is the world's leading manufacturer and marketer of major home appliances. We manufacture appliances in 11 countries and market products in nearly every country around the world under brand names such as Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Bauknecht, Brastemp and Consul. Whirlpool has four geographic segments, which consist of North America, Latin America, EMEA (Europe, Middle East and Africa) and Asia. Our Consolidated Financial Statements include all majority-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation. | |||||||||||
Reclassifications | |||||||||||
We reclassified certain prior period amounts in our Consolidated Financial Statements to be consistent with current period presentation. The effect of these reclassifications is not material. | |||||||||||
Use of Estimates | |||||||||||
We are required to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ materially from those estimates. | |||||||||||
Revenue Recognition | |||||||||||
Sales are recorded when title passes to the customer as determined by the shipping terms. For the majority of our sales, title is transferred to the customer as soon as products are shipped. For a portion of our sales, title is transferred to the customer upon receipt of products at the customer’s location. Allowances for estimated returns are made on sales of certain products based on historical return rates for the products involved. | |||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||
We carry accounts receivable at sales value less an allowance for doubtful accounts. We periodically evaluate accounts receivable and establish an allowance for doubtful accounts based on a combination of specific customer circumstances, credit conditions and the history of write-offs and collections. We evaluate items on an individual basis when determining accounts receivable write-offs. In general, our policy is to not charge interest on trade receivables after the invoice becomes past due. A receivable is considered past due if payment has not been received within agreed upon invoice terms. | |||||||||||
Freight and Warehousing Costs | |||||||||||
We classify freight and warehousing costs within cost of products sold in our Consolidated Statements of Income. | |||||||||||
Cash and Equivalents | |||||||||||
All highly liquid debt instruments purchased with an initial maturity of three months or less are considered cash equivalents. | |||||||||||
Fair Value Measurements | |||||||||||
We measure fair value based on an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. We had no Level 3 assets or liabilities at December 31, 2013 and 2012. | |||||||||||
We measured fair value for money market funds and available for sale investments using quoted market prices in active markets for identical or comparable assets. We measured fair value for derivative contracts, all of which have counterparties with high credit ratings, based on model driven valuations using significant inputs derived from observable market data. | |||||||||||
Inventories | |||||||||||
Inventories are stated at first-in, first-out (“FIFO”) cost, except United States production inventories, which are stated at last-in, first-out (“LIFO”) cost, and Latin America and Asia inventories, which are stated at average cost. Costs do not exceed net realizable values. See Note 4 for additional information about inventories. | |||||||||||
Property | |||||||||||
Property is stated at cost, net of accumulated depreciation. For production machinery and equipment, we record depreciation based on units produced, unless units produced drop below a minimum threshold at which point depreciation is recorded using the straight-line method. For nonproduction assets, we depreciate costs based on the straight-line method. Depreciation expense for property, including accelerated depreciation classified as restructuring expense in our Consolidated Statements of Income, was $515 million, $521 million and $530 million in 2013, 2012 and 2011, respectively. | |||||||||||
The following table summarizes our property as of December 31, 2013 and 2012: | |||||||||||
Millions of dollars | 2013 | 2012 | Estimated | ||||||||
Useful Life | |||||||||||
Land | $ | 76 | $ | 74 | n/a | ||||||
Buildings | 1,303 | 1,252 | 25 to 50 years | ||||||||
Machinery and equipment | 7,940 | 7,778 | 3 to 25 years | ||||||||
Accumulated depreciation | (6,278 | ) | (6,070 | ) | |||||||
Property, net | $ | 3,041 | $ | 3,034 | |||||||
We classify gains and losses associated with asset dispositions in the same line item as the underlying depreciation of the disposed asset in the Consolidated Statements of Income. We retired approximately $163 million and $558 million of machinery and equipment no longer in use during 2013 and 2012, respectively. Net gains and losses recognized in cost of products sold were not material for 2013, 2012 and 2011. | |||||||||||
We record impairment losses on long-lived assets, excluding goodwill and intangibles, when events and circumstances indicate the assets may be impaired and the estimated future cash flows generated by those assets are less than their carrying amounts. There were no significant impairments recorded during 2013, 2012 and 2011. | |||||||||||
Goodwill and Other Intangibles | |||||||||||
We evaluate goodwill using a qualitative assessment to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If we determine that the fair value of the reporting unit may be less than its carrying amount, we evaluate goodwill using a two-step impairment test. Otherwise, we conclude that no impairment is indicated and we do not perform the two-step impairment test. | |||||||||||
If the qualitative assessment concludes that the two-step impairment test is necessary, we first compare the book value of a reporting unit, including goodwill, with its fair value. The fair value is estimated based on a market approach and a discounted cash flow analysis, also known as the income approach, and is reconciled back to the current market capitalization for Whirlpool to ensure that the implied control premium is reasonable. If the book value of a reporting unit exceeds its fair value, we perform the second step to estimate an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The difference between the total fair value of the reporting unit and the fair value of all the assets and liabilities other than goodwill is the implied fair value of that goodwill. The amount of impairment loss is equal to the excess of the book value of the goodwill over the implied fair value of that goodwill. | |||||||||||
We evaluate certain indefinite-lived intangibles using a qualitative assessment to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount. If we determine that the fair value may be less than its carrying amount, the fair value of the trademark is estimated and compared to its carrying value to determine if an impairment exists. Otherwise, we conclude that no impairment is indicated and we do not perform the quantitative test. | |||||||||||
When the qualitative assessment is not utilized and a quantitative test is performed, we estimate the fair value of these intangible assets using the relief-from-royalty method, which requires assumptions related to projected revenues from our annual long-range plan; assumed royalty rates that could be payable if we did not own the trademark; and a discount rate based on our weighted average cost of capital. We recognize an impairment loss when the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. | |||||||||||
Definite lived intangible assets are amortized over their estimated useful life. See Note 2 for additional information about goodwill and intangible assets. | |||||||||||
Accounts Payable Outsourcing | |||||||||||
We offer our suppliers access to third party payables processors. Independent of Whirlpool, the processors allow suppliers to sell their receivables to financial institutions at the sole discretion of both the supplier and the financial institution. We have no economic interest in the sale of these receivables and no direct financial relationship with the financial institutions concerning these services. All of our obligations, including amounts due, remain to our suppliers as stated in our supplier agreements. As of December 31, 2013 and 2012, approximately $1.3 billion and $1.2 billion, respectively, have been sold by suppliers to participating financial institutions. | |||||||||||
Derivative Financial Instruments | |||||||||||
We use derivative instruments designated as cash flow and fair value hedges to manage our exposure to the volatility in material costs, foreign currency and interest rates on certain debt instruments. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, we designate the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings in the period of change in fair value together with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of Other Comprehensive Income and is subsequently recognized in earnings when the hedged exposure affects earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative’s gain or loss is reported in Other Comprehensive Income as part of the cumulative translation adjustment. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. See Note 7 for additional information about hedges and derivative financial instruments. | |||||||||||
Foreign Currency Translation | |||||||||||
Foreign currency denominated assets and liabilities are translated into United States dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) within stockholders’ equity. The results of operations of foreign subsidiaries are translated at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in net earnings. | |||||||||||
Research and Development Costs | |||||||||||
Research and development costs are charged to expense and totaled $582 million, $553 million and $578 million in 2013, 2012 and 2011, respectively. | |||||||||||
Advertising Costs | |||||||||||
Advertising costs are charged to expense when the advertisement is first communicated and totaled $304 million, $273 million and $275 million in 2013, 2012 and 2011, respectively. | |||||||||||
Income Taxes | |||||||||||
We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities using enacted rates. The effect of a change in tax rates on deferred tax assets is recognized in income in the period of enactment date. | |||||||||||
We recognize, in other current and noncurrent liabilities, in the Consolidated Balance Sheets, effects of an uncertain income tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination. We accrue for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. | |||||||||||
Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. See Note 11 for additional information about income taxes. | |||||||||||
Stock Based Compensation | |||||||||||
We recognize stock based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The fair value of stock options is determined using the Black-Scholes option-pricing model, which incorporates assumptions regarding the risk-free interest rate, expected volatility, expected option life and dividend yield. Stock options are granted with an exercise price equal to the stock price on the date of grant. The fair value of restricted stock units and performance stock units is generally based on the closing market price of Whirlpool common stock on the grant date. See Note 9 for additional information about stock based compensation. | |||||||||||
BEFIEX Credits | |||||||||||
In previous years, our Brazilian operations earned tax credits under the Brazilian government’s export incentive program (BEFIEX). These credits reduce Brazilian federal excise taxes on domestic sales, resulting in an increase in the operations’ recorded net sales. We recognize export credits as they are monetized; however, future actions by the Brazilian government could limit our ability to monetize these export credits. See Note 11 for additional information regarding BEFIEX credits. | |||||||||||
New Accounting Pronouncements | |||||||||||
In January 2013, we adopted the provisions of Accounting Standards Update (“ASU”) No. 2013-01, issued by the Financial Accounting Standards Board (“FASB”), which requires new asset and liability offsetting disclosures for derivatives, repurchase agreements and security lending transactions to the extent that they are: (1) offset in the financial statements; or (2) subject to an enforceable master netting arrangement or similar agreement. We do not have any repurchase agreements and do not participate in securities lending transactions. Our derivative instruments are not offset in the financial statements and are not subject to any specific right of offset provisions with our counterparties. Accordingly, this amendment did not have a material impact on our Consolidated Financial Statements. Additional information about derivative instruments can be found in Note 7 of the Notes to the Consolidated Financial Statements. | |||||||||||
In February 2013, the FASB amended Accounting Standards Codification 220, “Comprehensive Income.” This amendment requires companies to report, in one place, information about reclassifications (by component) out of accumulated other comprehensive income. In addition, this amendment requires companies to present the related line item effect of significant reclassifications on the statement where income is presented. We adopted the provisions of this amendment during the first quarter 2013, which affects only the display of information and does not change existing recognition and measurement requirements in our Consolidated Financial Statements. | |||||||||||
Issued but not yet effective accounting pronouncements are not expected to have a material impact on our Consolidated Financial Statements. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | |||||||||||||||||||||||||
We evaluate goodwill and indefinite lived intangibles for impairment annually. During 2012, we voluntarily changed the date of our annual impairment assessment from November 30 to October 1. | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
We performed our assessment as of October 1, 2013, and determined there was no impairment of goodwill. The total net carrying amount of goodwill was $1,724 million at December 31, 2013, with $1,720 million in our North America operating segment and $4 million in our Latin America operating segment. At December 31, 2012 we had $1,727 million, with $1,723 million in our North America operating segment and $4 million in our Latin America operating segment. | |||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||
We performed our annual assessment of indefinite-life intangibles as of October 1, 2013, and determined there were no impairments to our indefinite lived intangibles. | |||||||||||||||||||||||||
The following table summarizes other intangible assets at December 31, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Millions of dollars | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Other intangible assets, finite lives: | |||||||||||||||||||||||||
Customer relationships (1) | $ | 289 | $ | (125 | ) | $ | 164 | $ | 289 | $ | (109 | ) | $ | 180 | |||||||||||
Patents and other (2) | 128 | (112 | ) | 16 | 123 | (102 | ) | 21 | |||||||||||||||||
Total other intangible assets, finite lives | $ | 417 | $ | (237 | ) | $ | 180 | $ | 412 | $ | (211 | ) | $ | 201 | |||||||||||
Trademarks, indefinite lives | 1,522 | — | 1,522 | 1,521 | — | 1,521 | |||||||||||||||||||
Total other intangible assets | $ | 1,939 | $ | (237 | ) | $ | 1,702 | $ | 1,933 | $ | (211 | ) | $ | 1,722 | |||||||||||
(1) | Customer relationships have an estimated useful life of 18 years. | ||||||||||||||||||||||||
(2) Patents and other intangibles have an estimated useful life of 4 to 14 years. | |||||||||||||||||||||||||
The following table summarizes our future estimated amortization expense by year: | |||||||||||||||||||||||||
Millions of dollars | |||||||||||||||||||||||||
2014 | $ | 22 | |||||||||||||||||||||||
2015 | 20 | ||||||||||||||||||||||||
2016 | 18 | ||||||||||||||||||||||||
2017 | 17 | ||||||||||||||||||||||||
2018 | 17 | ||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||
Total Cost Basis | Quoted Prices In | Significant Other | Total Fair Value | ||||||||||||||||||||||||||||||
Active Markets for | Observable Inputs | ||||||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Money market funds (1) | $ | 465 | $ | 563 | $ | 465 | $ | 563 | $ | — | $ | — | $ | 465 | $ | 563 | |||||||||||||||||
Net derivative contracts | — | — | — | — | (25 | ) | (14 | ) | (25 | ) | (14 | ) | |||||||||||||||||||||
Available for sale investments | 8 | 7 | 18 | 10 | — | — | 18 | 10 | |||||||||||||||||||||||||
(1) Money market funds are comprised primarily of government obligations and other first tier obligations. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
The following table summarizes our inventories at December 31, 2013 and 2012: | |||||||||
Millions of dollars | 2013 | 2012 | |||||||
Finished products | $ | 1,950 | $ | 1,948 | |||||
Raw materials and work in process | 622 | 596 | |||||||
2,572 | 2,544 | ||||||||
Less: excess of FIFO cost over LIFO cost | (164 | ) | (190 | ) | |||||
Total inventories | $ | 2,408 | $ | 2,354 | |||||
LIFO inventories represented 39% and 40% of total inventories at December 31, 2013 and 2012, respectively. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Financing Arrangements | ' | |||||||||
FINANCING ARRANGEMENTS | ||||||||||
Debt | ||||||||||
The following table summarizes our debt at December 31, 2013 and 2012: | ||||||||||
Millions of dollars | 2013 | 2012 | ||||||||
Medium-term note—5.5%, matured 2013 | $ | — | $ | 500 | ||||||
Maytag medium-term note—6.5%, maturing 2014 | 100 | 101 | ||||||||
Senior note—8.6%, maturing 2014 | 500 | 500 | ||||||||
Maytag medium-term note—5.0%, maturing 2015 | 198 | 196 | ||||||||
Senior note—6.5%, maturing 2016 | 250 | 250 | ||||||||
Debentures—7.75%, maturing 2016 | 244 | 244 | ||||||||
Senior note—4.85%, maturing 2021 | 300 | 300 | ||||||||
Senior note—4.70%, maturing 2022 | 300 | 300 | ||||||||
Senior note—3.70% maturing 2023 | 250 | — | ||||||||
Senior note—5.15% maturing 2043 | 250 | — | ||||||||
Other (various maturing through 2019) | 61 | 63 | ||||||||
2,453 | 2,454 | |||||||||
Less current maturities | 607 | 510 | ||||||||
Total long-term debt | $ | 1,846 | $ | 1,944 | ||||||
The following table summarizes the contractual maturities of our debt, including current maturities, at December 31, 2013: | ||||||||||
Millions of dollars | ||||||||||
2014 | $ | 607 | ||||||||
2015 | 212 | |||||||||
2016 | 508 | |||||||||
2017 | 9 | |||||||||
2018 | 8 | |||||||||
Thereafter | 1,109 | |||||||||
Debt, including current maturities | $ | 2,453 | ||||||||
The fair value of long-term debt (including current maturities) was $2.6 billion at December 31, 2013 and 2012 and was estimated using a discounted cash flow analysis based on incremental borrowing rates for similar types of borrowing arrangements. | ||||||||||
In March 2013, $500 million of 5.50% notes matured and were repaid. On February 27, 2013, we completed a debt offering of $250 million principal amount of 3.70% notes due in 2023 and $250 million principal amount of 5.15% notes due in 2043 (collectively, the "Notes"). The Notes contain covenants that limit our ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Notes are registered under the Securities Act of 1933 (the "Securities Act"), as amended, pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-181339) filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2012. | ||||||||||
On May 1, 2012, $350 million of 8.00% notes matured and were repaid. On June 1, 2012, we completed a debt offering of $300 million principal amount of 4.70% notes due June 1, 2022 (the “2022 Notes”). The 2022 Notes contain covenants that limit our ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the 2022 Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The 2022 Notes are registered under the Securities Act, pursuant to our Registration Statement on Form S-3 (File No. 333-181339) filed with the SEC on May 11, 2012. | ||||||||||
We have a $1.725 billion committed credit facility maturing on June 28, 2016 which includes a $200 million letter of credit sub-facility. Borrowings under the credit facility are available to us and designated subsidiaries for general corporate purposes, including commercial paper support. Subsidiary borrowings under this facility, if any, are guaranteed by Whirlpool Corporation. Interest under the credit facility accrues at a variable annual rate based on LIBOR plus a margin or the prime rate plus a margin. The margin is dependent on our credit rating at that time. The credit facility requires us to meet certain leverage and interest coverage requirements. We will incur a commitment fee based on Whirlpool's credit rating for any unused portion of the credit facility. At December 31, 2013 and 2012, we had no borrowings outstanding under this credit agreement and are in compliance with all financial covenant requirements. | ||||||||||
We have committed credit facilities in Brazil, which provide borrowings up to 1,120 million Brazilian reais (approximately $478 million as of December 31, 2013) maturing in 2014 and in 2015. The credit facilities contain no financial covenants and we had no borrowings outstanding under these credit facilities at December 31, 2013 and 2012. | ||||||||||
Notes Payable | ||||||||||
Notes payable, which consist of either short-term borrowings payable to banks or commercial paper, are generally used to fund working capital requirements. The fair value of our notes payable approximates the carrying amount due to the short maturity of these obligations. We had no commercial paper outstanding at December 31, 2013 and 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Embraco Antitrust Matters | |||||||||
Beginning in February 2009, our compressor business headquartered in Brazil ("Embraco") was notified of investigations of the global compressor industry by government authorities in various jurisdictions. In 2013, Embraco sales represented approximately 8% of our global net sales. | |||||||||
Government authorities in Brazil, Europe, the United States, and other jurisdictions have entered into agreements with Embraco and concluded their investigations of the Company. In connection with these agreements, Embraco has acknowledged violations of antitrust law with respect to the sale of compressors at various times from 2004 through 2007 and agreed to pay fines or settlement payments. | |||||||||
Since the government investigations commenced in February 2009, Embraco, and other compressor manufacturers, have been named as defendants in related antitrust lawsuits in various jurisdictions seeking damages in connection with the pricing of compressors during certain periods beginning in 1996 or later. We have resolved certain claims and certain claims remain pending. | |||||||||
In February 2013, Embraco entered into a settlement agreement with plaintiffs representing a proposed settlement class of U.S. “direct purchasers” of compressors which provides for, among other things, the payment by Embraco of up to $30 million (subject to reduction for opt-outs) in exchange for a release by all settlement class members. The settlement agreement, which was preliminarily approved by the court on January 9, 2014 and remains subject to final court approval, does not cover any claims by direct purchasers which opt out of the proposed settlement class or claims by “indirect purchaser” plaintiffs. Other lawsuits are also pending and additional lawsuits may be filed by purported purchasers of compressors or other plaintiffs. | |||||||||
In connection with the defense and resolution of the Embraco antitrust matters, we have incurred cumulative charges of approximately $409 million since 2009, including fines, defense costs and other expenses. These charges have been recorded within interest and sundry income (expense). At December 31, 2013, $117 million remains accrued, with installment payments of $46 million, plus interest, remaining to be made to government authorities at various times through 2015. | |||||||||
We continue to defend these actions and take other steps to minimize our potential exposure. The final outcome and impact of these matters, and any related claims and investigations that may be brought in the future are subject to many variables, and cannot be predicted. We establish accruals only for those matters where we determine that a loss is probable and the amount of loss can be reasonably estimated. While it is currently not possible to reasonably estimate the aggregate amount of costs which we may incur in connection with these matters, such costs could have a material adverse effect on our financial position, liquidity, or results of operations. | |||||||||
Brazilian Collection Dispute | |||||||||
We reached an agreement in June 2011 to settle all claims arising from our long-standing dispute in Brazil with Banco Safra S.A. Such settlement was subsequently approved by a Brazilian court in July 2011. Pursuant to the settlement, our subsidiary agreed to pay Banco Safra S.A. 959 million Brazilian reais, in two installments, the first of 469 million reais (equivalent to $301 million) was made in July 2011, and the second of 490 million reais (equivalent to $275 million) was made during January 2012. | |||||||||
Brazil Tax Matters | |||||||||
Relying on existing Brazilian legal precedent, in 2003 and 2004, we recognized tax credits in an aggregate amount of $26 million, adjusted for currency, on the purchase of raw materials used in production (“IPI tax credits”). The Brazilian tax authority subsequently challenged the recording of IPI tax credits. No credits have been recognized since 2004. In 2009, we entered into a Brazilian government program which provided extended payment terms and reduced penalties and interest to encourage tax payers to resolve this and certain other disputed tax credit amounts. As permitted by the program, we elected to settle certain debts through the use of other existing tax credits and recorded charges of approximately $34 million in 2009 associated with these matters. In July 2012, the Brazilian revenue authority notified us that a portion of our proposed settlement was rejected and we received tax assessments of 197 million Brazilian reais (equivalent to $84 million as of December 31, 2013), reflecting the original assessment, plus interest and penalties. We are disputing these assessments and we intend to vigorously defend our position. Based on the opinion of our tax and legal advisors, we have not recorded an additional reserve related to these matters. | |||||||||
In 2001, Brazil adopted a law making the profits of controlled foreign corporations of Brazilian entities subject to income and social contribution tax regardless of whether the profits were repatriated ("CFC Tax"). Our Brazilian subsidiary, along with other corporations, challenged tax assessments on foreign profits on constitutionality and other grounds. In April 2013, the Brazilian Supreme Court ruled in our case, finding that the law is constitutional, but remanding the case to a lower court for consideration of other arguments raised in our appeal, including the existence of tax treaties with jurisdictions in which controlled foreign corporations are domiciled. As of December 31, 2013, our potential exposure for income and social contribution taxes relating to profits of controlled foreign corporations, including interest and penalties and net of expected foreign tax credits, is approximately 108 million reais (equivalent to $46 million). We believe these assessments are without merit and we intend to continue to vigorously dispute them. Based on the opinion of our tax and legal advisors, we have not accrued any amount related to these assessments as of December 31, 2013. | |||||||||
In December 2013, we entered into a Brazilian government program to settle long standing disputes. Participation in the program removed uncertainty related to 16 assessments that were previously under dispute and significantly reduces potential penalties and interest associated with these matters. Our participation will result in payments, including principal and discounted interest and penalties, of 123 million reais (equivalent to $53 million as of December 31, 2013), with $2 million paid in 2013 and the remainder in 30 monthly installments, increased by monetary adjustments at the Selic rate. During the fourth quarter 2013, we recognized pre-tax charges of $11 million in cost of products sold and $17 million in interest and sundry income (expense) related to this program. | |||||||||
In addition to the IPI tax credit and CFC Tax matters noted above, we are currently disputing other assessments issued by the Brazilian tax authorities related to non-income and income tax matters, including BEFIEX credits, which are at various stages of review in numerous administrative and judicial proceedings. In accordance with our accounting policies, we routinely assess these matters and, when necessary, record our best estimate of a loss. We believe these tax assessments are without merit and are vigorously defending our positions, however, each of these matters may take several years to resolve and the outcome of litigation is inherently unpredictable. For additional information regarding BEFIEX credits, see Note 11 of the Consolidated Financial Statements. | |||||||||
Other Litigation | |||||||||
We are currently defending against numerous lawsuits pending in federal and state courts in the United States relating to certain of our front load washing machines. Some of these lawsuits have been certified for treatment as class actions. The complaints in these lawsuits generally allege violations of state consumer fraud acts, unjust enrichment, and breach of warranty. The complaints generally seek unspecified compensatory, consequential and punitive damages. We believe these suits are without merit and are vigorously defending them. Given the preliminary stage of these proceedings, the Company cannot reasonably estimate a possible range of loss, if any, at this time. The resolution of one or more of these matters could have a material adverse effect on our Consolidated Financial Statements. | |||||||||
In addition, we are currently defending a number of other lawsuits in federal and state courts in the United States related to the manufacturing and sale of our products which include class action allegations. These lawsuits allege claims which include breach of contract, breach of warranty, product defect, fraud, violation of federal and state consumer protection acts and negligence. We do not have insurance coverage for class action lawsuits. We are also involved in various other legal actions arising in the normal course of business, for which insurance coverage may or may not be available depending on the nature of the action. We dispute the merits of these suits and actions, and intend to vigorously defend them. Management believes, based upon its current knowledge, after taking into consideration legal counsel's evaluation of such suits and actions, and after taking into account current litigation accruals, that the outcome of these matters currently pending against Whirlpool should not have a material adverse effect, if any, on our Consolidated Financial Statements. | |||||||||
Product Warranty Reserves | |||||||||
Product warranty reserves are included in other current and other noncurrent liabilities in our Consolidated Balance Sheets. The following table summarizes the changes in total product warranty reserves for the periods presented: | |||||||||
Millions of dollars | 2013 | 2012 | |||||||
Balance at January 1 | $ | 187 | $ | 197 | |||||
Issuances/accruals during the period | 292 | 303 | |||||||
Settlements made during the period | (288 | ) | (313 | ) | |||||
Balance at December 31 | $ | 191 | $ | 187 | |||||
Current portion | $ | 154 | $ | 148 | |||||
Non-current portion | 37 | 39 | |||||||
Total | $ | 191 | $ | 187 | |||||
We regularly engage in investigations of potential quality and safety issues as part of our ongoing effort to deliver quality products to customers. We are currently investigating a limited number of potential quality and safety issues. As necessary, we undertake to effect repair or replacement of appliances in the event that an investigation leads to the conclusion that such action is warranted. | |||||||||
Guarantees | |||||||||
We have guarantee arrangements in a Brazilian subsidiary. As a standard business practice in Brazil, the subsidiary guarantees customer lines of credit at commercial banks to support purchases following its normal credit policies. If a customer were to default on its line of credit with the bank, our subsidiary would be required to satisfy the obligation with the bank and the receivable would revert back to the subsidiary. At December 31, 2013 and December 31, 2012, the guaranteed amounts totaled $485 million and $449 million, respectively. Our subsidiary insures against credit risk for these guarantees, under normal operating conditions, through policies purchased from high-quality underwriters. We had no losses associated with these guarantees in 2013 and 2012. | |||||||||
We provide guarantees of indebtedness and lines of credit for various consolidated subsidiaries. The maximum amount of credit facilities available under these lines for consolidated subsidiaries totaled $1.3 billion at December 31, 2013 and $1.4 billion at December 31, 2012. Our total outstanding bank indebtedness under guarantees was nominal at December 31, 2013 and December 31, 2012, respectively. | |||||||||
We have guaranteed a $50 million five year revolving credit facility between certain financial institutions and a not-for-profit entity in connection with a community and economic development project (“Harbor Shores”). The credit facility, which originated in 2008, was refinanced in December 2012 and we renewed our guarantee through 2017. The fair value of the guarantee was nominal. The purpose of Harbor Shores is to stimulate employment and growth in the areas of Benton Harbor and St. Joseph, Michigan. In the event of default, we must satisfy the guarantee of the credit facility up to the amount borrowed at the date of default. | |||||||||
Operating Lease Commitments | |||||||||
At December 31, 2013, we had noncancelable operating lease commitments totaling $851 million. The annual future minimum lease payments are summarized by year in the table below: | |||||||||
Millions of dollars | |||||||||
2014 | $ | 201 | |||||||
2015 | 163 | ||||||||
2016 | 135 | ||||||||
2017 | 119 | ||||||||
2018 | 89 | ||||||||
Thereafter | 144 | ||||||||
Total noncancelable operating lease commitments | $ | 851 | |||||||
Rent expense was $217 million, $229 million and $228 million for 2013, 2012 and 2011, respectively. | |||||||||
Purchase Obligations | |||||||||
Our expected cash outflows resulting from purchase obligations are summarized by year in the table below: | |||||||||
Millions of dollars | |||||||||
2014 | $ | 225 | |||||||
2015 | 175 | ||||||||
2016 | 165 | ||||||||
2017 | 126 | ||||||||
2018 | 117 | ||||||||
Thereafter | 219 | ||||||||
Total purchase obligations | $ | 1,027 | |||||||
Hedges_and_Derivative_Financia
Hedges and Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||
Hedges and Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||||||
Derivative instruments are accounted for at fair value based on market rates. Derivatives where we elect hedge accounting are designated as either cash flow or fair value hedges. Derivatives that are not accounted for based on hedge accounting are marked to market through earnings. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. Hedging ineffectiveness and a net earnings impact occur when the change in the fair value of the hedge does not offset the change in the fair value of the hedged item. The ineffective portion of the gain or loss is recognized in earnings. | |||||||||||||||||||||||||||||||
Using derivative instruments means assuming counterparty credit risk. Counterparty credit risk relates to the loss we could incur if a counterparty were to default on a derivative contract. We generally deal with investment grade counterparties and monitor the overall credit risk and exposure to individual counterparties. We do not anticipate nonperformance by any counterparties. The amount of counterparty credit exposure is limited to the unrealized gains, if any, on such derivative contracts. We do not require nor do we post collateral or security on such contracts. | |||||||||||||||||||||||||||||||
Hedging strategy | |||||||||||||||||||||||||||||||
In the normal course of business, we manage risks relating to our ongoing business operations including those arising from changes in foreign exchange rates, interest rates and commodity prices. Fluctuations in these rates and prices can affect our operating results and financial condition. We use a variety of strategies, including the use of derivative instruments, to manage these risks. We do not enter into derivative financial instruments for trading or speculative purposes. | |||||||||||||||||||||||||||||||
Foreign currency exchange rate risk | |||||||||||||||||||||||||||||||
We incur expenses associated with the procurement and production of products in a limited number of countries, while we sell in the local currencies of a large number of countries. Our primary foreign currency exchange exposures result from cross-currency sales of products. As a result, we enter into foreign exchange contracts to hedge certain firm commitments and forecasted transactions to acquire products and services that are denominated in foreign currencies. | |||||||||||||||||||||||||||||||
We enter into certain undesignated non-functional currency asset and liability hedges that relate primarily to short-term payables, receivables, inventory and intercompany loans. These forecasted cross-currency cash flows relate primarily to foreign currency denominated expenditures and intercompany financing agreements, royalty agreements and dividends. When we hedge a foreign currency denominated payable or receivable with a derivative, the effect of changes in the foreign exchange rates are reflected currently in interest and sundry income (expense) for both the payable/receivable and the derivative. Therefore, as a result of the economic hedge, we do not elect hedge accounting. | |||||||||||||||||||||||||||||||
Commodity price risk | |||||||||||||||||||||||||||||||
We enter into swap and option contracts on various commodities to manage the price risk associated with forecasted purchases of materials used in our manufacturing process. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchase of commodities. | |||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||
We may enter into interest rate swap agreements to manage interest rate risk exposure. Our interest rate swap agreements, if any, effectively modify our exposure to interest rate risk, primarily through converting certain of our floating rate debt to a fixed rate basis, and certain fixed rate debt to a floating rate basis. These agreements involve either the receipt or payment of floating rate amounts in exchange for fixed rate interest payments or receipts, respectively, over the life of the agreements without an exchange of the underlying principal amounts. We also may utilize a cross-currency interest rate swap agreement to manage our exposure relating to certain intercompany debt denominated in one foreign currency that will be repaid in another foreign currency. At December 31, 2013 and 2012 there were no outstanding swap agreements. | |||||||||||||||||||||||||||||||
We may enter into treasury rate lock agreements to effectively modify our exposure to interest rate risk by locking-in interest rates on probable long-term debt issuances. | |||||||||||||||||||||||||||||||
The following tables summarize our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Fair Value of | Type of | ||||||||||||||||||||||||||||||
Millions of dollars | Notional Amount | Hedge Assets | Hedge Liabilities | Hedge (1) | Maximum Term (Months) | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivatives accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 744 | $ | 1,101 | $ | 16 | $ | 8 | $ | 10 | $ | 12 | (CF/FV) | 14 | 18 | ||||||||||||||||
Commodity swaps/options | 363 | 354 | 8 | 11 | 13 | 9 | (CF) | 36 | 24 | ||||||||||||||||||||||
Total derivatives accounted for as hedges | $ | 24 | $ | 19 | $ | 23 | $ | 21 | |||||||||||||||||||||||
Derivatives not accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 1,274 | $ | 1,522 | $ | 6 | $ | 11 | $ | 32 | $ | 23 | N/A | 12 | 13 | ||||||||||||||||
Commodity swaps/options | 1 | 6 | — | — | — | — | N/A | 4 | 12 | ||||||||||||||||||||||
Total derivatives not accounted for as hedges | 6 | 11 | 32 | 23 | |||||||||||||||||||||||||||
Total derivatives | $ | 30 | $ | 30 | $ | 55 | $ | 44 | |||||||||||||||||||||||
Current | $ | 28 | $ | 26 | $ | 54 | $ | 43 | |||||||||||||||||||||||
Noncurrent | 2 | 4 | 1 | 1 | |||||||||||||||||||||||||||
Total derivatives | $ | 30 | $ | 30 | $ | 55 | $ | 44 | |||||||||||||||||||||||
(1) | Derivatives accounted for as hedges are either considered cash flow (CF) or fair value (FV) hedges | ||||||||||||||||||||||||||||||
The pre-tax effects of derivative instruments on our Consolidated Statements of Income for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||
Cash Flow Hedges - Millions of dollars | Gain (Loss) | Gain (Loss) | |||||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | ||||||||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||||||||
(Effective Portion) (1) | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 20 | $ | (22 | ) | $ | 9 | $ | (15 | ) | (a) | ||||||||||||||||||||
Commodity swaps/options | (29 | ) | 12 | (19 | ) | (9 | ) | (a) | |||||||||||||||||||||||
Interest rate derivatives | — | (7 | ) | (1 | ) | (1 | ) | (b) | |||||||||||||||||||||||
$ | (9 | ) | $ | (17 | ) | $ | (11 | ) | $ | (25 | ) | ||||||||||||||||||||
Derivatives not Accounted for as Hedges - Millions of dollars | Gain (Loss) Recognized on Derivatives not | ||||||||||||||||||||||||||||||
Accounted for as Hedges (2) | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | (49 | ) | $ | (23 | ) | |||||||||||||||||||||||||
(1) | Gains and losses reclassified from accumulated OCI and recognized in income are recorded in (a) cost of products sold; or (b) interest expense. | ||||||||||||||||||||||||||||||
(2) | Mark to market gains and losses recognized in income are recorded in interest and sundry income (expense). | ||||||||||||||||||||||||||||||
For cash flow hedges, the amount of ineffectiveness recognized in interest and sundry income (expense) was nominal during 2013 and 2012. For fair value hedges, the amount of gain or loss and offsetting gain or loss on the hedged item that were recognized in interest and sundry income (expense) was nominal during 2013 and 2012. The net amount of unrealized gain or loss on derivative instruments included in accumulated OCI related to contracts maturing and expected to be realized during the next twelve months is nominal at December 31, 2013. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Comprehensive income primarily includes (1) our reported net earnings, (2) foreign currency translation, (3) changes in the effective portion of our open derivative contracts designated as cash flow hedges, (4) changes in our unrecognized pension and other postretirement benefits and (5) changes in fair value of our available for sale marketable securities. | |||||||||||||||||||||
The following table shows the components of accumulated other comprehensive income (loss) available to Whirlpool at December 31, 2011, 2012, and 2013, and the activity for the years then ended: | |||||||||||||||||||||
Millions of dollars | Foreign | Derivative | Pension and | Marketable | Total | ||||||||||||||||
Currency | Instruments | Postretirement | Securities | ||||||||||||||||||
Liability | |||||||||||||||||||||
December 31, 2010 | $ | (267 | ) | $ | 84 | $ | (708 | ) | $ | (2 | ) | $ | (893 | ) | |||||||
Unrealized gain (loss) | (86 | ) | (142 | ) | — | (4 | ) | (232 | ) | ||||||||||||
Unrealized actuarial loss and prior service credit (cost) | — | — | (177 | ) | — | (177 | ) | ||||||||||||||
Tax effect | (36 | ) | 42 | 65 | — | 71 | |||||||||||||||
Other comprehensive income (loss), net of tax | (122 | ) | (100 | ) | (112 | ) | (4 | ) | (338 | ) | |||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (2 | ) | (3 | ) | — | — | (5 | ) | |||||||||||||
Other comprehensive income (loss) available to Whirlpool | (120 | ) | (97 | ) | (112 | ) | (4 | ) | (333 | ) | |||||||||||
December 31, 2011 | $ | (387 | ) | $ | (13 | ) | $ | (820 | ) | $ | (6 | ) | $ | (1,226 | ) | ||||||
Unrealized gain (loss) | (36 | ) | 8 | — | 9 | (19 | ) | ||||||||||||||
Unrealized actuarial gain (loss) and prior service credit (cost) | — | — | (420 | ) | — | (420 | ) | ||||||||||||||
Tax effect | (19 | ) | (3 | ) | 152 | — | 130 | ||||||||||||||
Other comprehensive income (loss), net of tax | (55 | ) | 5 | (268 | ) | 9 | (309 | ) | |||||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (4 | ) | — | — | — | (4 | ) | ||||||||||||||
Other comprehensive income (loss) available to Whirlpool | (51 | ) | 5 | (268 | ) | 9 | (305 | ) | |||||||||||||
December 31, 2012 | $ | (438 | ) | $ | (8 | ) | $ | (1,088 | ) | $ | 3 | $ | (1,531 | ) | |||||||
Unrealized gain (loss) | (122 | ) | 2 | — | 7 | (113 | ) | ||||||||||||||
Unrealized actuarial gain (loss) and prior service credit (cost) | — | — | 508 | — | 508 | ||||||||||||||||
Tax effect | 25 | — | (190 | ) | — | (165 | ) | ||||||||||||||
Other comprehensive income (loss), net of tax | (97 | ) | 2 | 318 | 7 | 230 | |||||||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Other comprehensive income (loss) available to Whirlpool | (94 | ) | 2 | 318 | 7 | 233 | |||||||||||||||
December 31, 2013 | $ | (532 | ) | $ | (6 | ) | $ | (770 | ) | $ | 10 | $ | (1,298 | ) | |||||||
Net Earnings per Share | |||||||||||||||||||||
Diluted net earnings per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings per share of common stock were calculated as follows: | |||||||||||||||||||||
Millions of dollars and shares | 2013 | 2012 | 2011 | ||||||||||||||||||
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool | $ | 827 | $ | 401 | $ | 390 | |||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 79.3 | 78.1 | 76.8 | ||||||||||||||||||
Effect of dilutive securities – stock-based compensation | 1.5 | 1.2 | 1.3 | ||||||||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares | 80.8 | 79.3 | 78.1 | ||||||||||||||||||
Anti-dilutive stock options/awards excluded from earnings per share | — | 2.4 | 2.1 | ||||||||||||||||||
Dividends | |||||||||||||||||||||
Dividends per share paid to shareholders were $2.38, $2.00 and $1.93 during 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Repurchase Program | |||||||||||||||||||||
On April 23, 2008, our Board of Directors authorized a share repurchase program of up to $500 million. Share repurchases are made from time to time on the open market as conditions warrant. We resumed the share repurchase program during 2013 and repurchased 2.5 million shares at an aggregate purchase price of $350 million through December 31, 2013. At December 31, 2013, there was no remaining authorization under this program. |
Sharebased_Incentive_Plans
Share-based Incentive Plans | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Share-Based Incentive Plans | ' | |||||||||
SHARE-BASED INCENTIVE PLANS | ||||||||||
We sponsor several share-based employee incentive plans. Share-based compensation expense for grants awarded under these plans was $50 million, $49 million and $37 million in 2013, 2012, and 2011, respectively. Related income tax benefits recognized in earnings were $17 million, $17 million and $13 million in 2013, 2012, and 2011, respectively. | ||||||||||
At December 31, 2013, unrecognized compensation cost related to non-vested stock option and stock unit awards totaled $37 million. The cost of these non-vested awards is expected to be recognized over a weighted-average remaining vesting period of 27 months. | ||||||||||
Share-Based Employee Incentive Plans | ||||||||||
On April 16, 2013, our stockholders approved the Amended and Restated 2010 Omnibus Stock and Incentive Plan (“2010 OSIP”). This plan was previously adopted by our Board of Directors on February 19, 2013 and provides for the issuance of stock options, performance stock units, performance shares, restricted stock and restricted stock units. No new awards may be granted under the 2010 OSIP after the tenth anniversary of the date that the stockholders approved the plan. However, the term and exercise of awards granted before then may extend beyond that date. At December 31, 2013, approximately 8.5 million shares remain available for issuance under the 2010 OSIP. | ||||||||||
Stock Options | ||||||||||
Eligible employees may receive stock options as a portion of their total compensation. Such options generally become exercisable over a 3-year period, expire 10 years from the date of grant and are subject to forfeiture upon termination of employment, other than by death, disability or retirement. We use the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. Granted options have exercise prices equal to the market price of Whirlpool common stock on the grant date. The principal assumptions used in valuing options include: (1) risk-free interest rate—an estimate based on the yield of United States zero coupon securities with a maturity equal to the expected life of the option; (2) expected volatility—an estimate based on the historical volatility of Whirlpool common stock for a period equal to the expected life of the option; and (3) expected option life—an estimate based on historical experience. Stock options are expensed on a straight-line basis, net of estimated forfeitures. Based on the results of the model, the weighted-average fair values of stock options granted for 2013, 2012, and 2011 were $33.92, $19.54 and $24.74, respectively, using the following assumptions: | ||||||||||
Weighted Average Black-Scholes Assumptions | 2013 | 2012 | 2011 | |||||||
Risk-free interest rate | 0.9 | % | 0.9 | % | 2.3 | % | ||||
Expected volatility | 40.3 | % | 40.3 | % | 36.5 | % | ||||
Expected dividend yield | 1.8 | % | 2.9 | % | 2 | % | ||||
Expected option life, in years | 5 | 5 | 5 | |||||||
Stock Option Activity | ||||||||||
The following table summarizes stock option activity during 2013: | ||||||||||
In thousands, except per share data | Number | Weighted- | ||||||||
of Options | Average | |||||||||
Exercise Price | ||||||||||
Outstanding at January 1 | 3,053 | $ | 74 | |||||||
Granted | 469 | 110.33 | ||||||||
Exercised | (1,187 | ) | 80.02 | |||||||
Canceled or expired | (80 | ) | 88.26 | |||||||
Outstanding at December 31 | 2,255 | $ | 77.87 | |||||||
Exercisable at December 31 | 1,208 | $ | 67.25 | |||||||
The total intrinsic value of stock options exercised was $53 million, $32 million, and $9 million for 2013, 2012, and 2011, respectively. The related tax benefits were $19 million, $12 million and $3 million for 2013, 2012, and 2011, respectively. Cash received from the exercise of stock options was $95 million, $43 million, and $14 million for 2013, 2012, and 2011, respectively. | ||||||||||
The table below summarizes additional information related to stock options outstanding at December 31, 2013: | ||||||||||
Options in thousands / dollars in millions, except share data | Outstanding Net of | Options | ||||||||
Expected Forfeitures | Exercisable | |||||||||
Number of options | 2,175 | 1,208 | ||||||||
Weighted-average exercise price per share | $ | 77.18 | $ | 67.25 | ||||||
Aggregate intrinsic value | $ | 177 | $ | 110 | ||||||
Weighted-average remaining contractual term, in years | 7 | 5 | ||||||||
Stock Units | ||||||||||
Eligible employees may receive restricted stock units or performance stock units as a portion of their total compensation. | ||||||||||
Restricted stock units are typically granted to selected management employees on an annual basis and vest over three years. Periodically, restricted stock units may be granted to selected executives based on special recognition or retention circumstances and generally vest from three years to seven years. Some of these awards accrue dividend equivalents on outstanding units (in the form of additional stock units) based on dividends declared on Whirlpool common stock. These awards convert to unrestricted common stock at the conclusion of the vesting period. | ||||||||||
Performance stock units are granted to executives on an annual basis and generally vest over a three year period, converting to unrestricted common stock at the conclusion of the vesting period. The final award may equal 0 - 200% of a target based on pre-established Whirlpool financial performance measures. | ||||||||||
We measure compensation cost for stock units based on the closing market price of Whirlpool common stock at the grant date, with adjustments for performance stock units to reflect the final award granted. The weighted average grant date fair values of awards granted during 2013, 2012, and 2011 were $107.85, $69.32 and $82.55, respectively. The total fair value of stock units vested during 2013, 2012, and 2011 was $35 million, $19 million and $15 million, respectively. | ||||||||||
The following table summarizes stock unit activity during 2013: | ||||||||||
Stock units in thousands, except per-share data | Number of | Weighted- Average | ||||||||
Stock Units | Grant Date Fair | |||||||||
Value | ||||||||||
Non-vested, at January 1 | 1,490 | $ | 76.91 | |||||||
Granted | 275 | 107.85 | ||||||||
Canceled | (124 | ) | 81.94 | |||||||
Vested and transferred to unrestricted | (439 | ) | 80.48 | |||||||
Non-vested, at December 31 | 1,202 | $ | 82.4 | |||||||
Nonemployee Director Equity Awards | ||||||||||
Each nonemployee director receives an annual grant of Whirlpool common stock, with the number of shares to be issued to the director determined by dividing $120,000 by the closing price of Whirlpool common stock on the date of the annual meeting of our stockholders. Nonemployee directors receive a one time grant of 1,000 shares of Whirlpool common stock made at the time they first join the Board. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||||
RESTRUCTURING CHARGES | |||||||||||||||||||
During the fourth quarter 2011, the Company committed to restructuring plans (the "2011 Plan") to expand our operating margins and improve our earnings through substantial cost and capacity reductions, primarily within our North America and EMEA operating segments. All actions related to the 2011 Plan have been announced and are now substantially complete, with cumulative costs of $511 million incurred through December 31, 2013. Approximately $50 million in costs related to actions authorized under the 2011 Plan remain and will be recognized primarily during 2014. | |||||||||||||||||||
In January 2014, the Company announced the closure of a microwave oven manufacturing facility in EMEA by the end of 2014. This action, combined with other organizational efficiency actions in EMEA, are expected to result in charges of approximately $50 million in 2014 primarily related to employee termination costs, non-cash asset impairment costs and facility exit costs. | |||||||||||||||||||
The following tables summarize the changes to our restructuring liability for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
Millions of dollars | 12/31/12 | Charge to Earnings | Cash Paid | Non-cash and Other | Revision of Estimate | 12/31/13 | |||||||||||||
Employee termination costs | $ | 56 | $ | 91 | $ | (62 | ) | $ | — | $ | (11 | ) | $ | 74 | |||||
Asset impairment costs | — | 62 | — | (62 | ) | — | — | ||||||||||||
Facility exit costs | 3 | 37 | (25 | ) | — | (1 | ) | 14 | |||||||||||
Other exit costs | 11 | 18 | (11 | ) | — | — | 18 | ||||||||||||
Total | $ | 70 | $ | 208 | $ | (98 | ) | $ | (62 | ) | $ | (12 | ) | $ | 106 | ||||
Millions of dollars | 12/31/11 | Charge to Earnings | Cash Paid | Non-cash and Other | Revision of Estimate | 12/31/12 | |||||||||||||
Employee termination costs | $ | 62 | $ | 97 | $ | (103 | ) | $ | — | $ | — | $ | 56 | ||||||
Asset impairment costs | — | 78 | — | (78 | ) | — | — | ||||||||||||
Facility exit costs | 9 | 33 | (30 | ) | (8 | ) | (1 | ) | 3 | ||||||||||
Other exit costs | 7 | 29 | (25 | ) | — | — | 11 | ||||||||||||
Total | $ | 78 | $ | 237 | $ | (158 | ) | $ | (86 | ) | $ | (1 | ) | $ | 70 | ||||
The following table summarizes 2013 restructuring charges by operating segment: | |||||||||||||||||||
Millions of dollars | 2013 Charges | ||||||||||||||||||
North America | $ | 65 | |||||||||||||||||
Latin America | 12 | ||||||||||||||||||
EMEA | 111 | ||||||||||||||||||
Asia | 7 | ||||||||||||||||||
Corporate / Other | 1 | ||||||||||||||||||
Total | $ | 196 | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||||||
The income tax expense (benefit) was $68 million, $133 million, and $(436) million in 2013, 2012 and 2011, respectively. The following table summarizes the difference between income tax expense at the United States statutory rate of 35% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods: | |||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Earnings (loss) before income taxes | |||||||||||||||||||||||||
United States | $ | 149 | $ | 113 | $ | (240 | ) | ||||||||||||||||||
Foreign | 768 | 445 | 212 | ||||||||||||||||||||||
Earnings (loss) before income taxes | 917 | 558 | (28 | ) | |||||||||||||||||||||
Income tax computed at United States statutory rate | 321 | 195 | (10 | ) | |||||||||||||||||||||
U.S. government tax incentives, including Energy Tax Credits | (142 | ) | — | (379 | ) | ||||||||||||||||||||
Foreign government tax incentives, including BEFIEX | (63 | ) | (38 | ) | (100 | ) | |||||||||||||||||||
Foreign tax rate differential | (17 | ) | (2 | ) | (13 | ) | |||||||||||||||||||
U.S. foreign tax credits | (231 | ) | (31 | ) | (37 | ) | |||||||||||||||||||
Valuation allowances | 16 | (86 | ) | 11 | |||||||||||||||||||||
State and local taxes, net of federal tax benefit | 7 | 2 | (4 | ) | |||||||||||||||||||||
Foreign withholding taxes | 29 | 12 | 10 | ||||||||||||||||||||||
Non-deductible government settlements | — | — | 30 | ||||||||||||||||||||||
U.S. tax on foreign dividends and subpart F income | 195 | 57 | 26 | ||||||||||||||||||||||
Settlement of global tax audits | (54 | ) | 18 | 10 | |||||||||||||||||||||
Other items, net | 7 | 6 | 20 | ||||||||||||||||||||||
Income tax computed at effective worldwide tax rates | $ | 68 | $ | 133 | $ | (436 | ) | ||||||||||||||||||
Current and deferred tax (benefit) provision | |||||||||||||||||||||||||
The following table summarizes our income tax (benefit) provision for 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Millions of dollars | Current | Deferred | Current | Deferred | Current | Deferred | |||||||||||||||||||
United States | $ | (60 | ) | $ | (57 | ) | $ | 18 | $ | 24 | $ | (18 | ) | $ | (464 | ) | |||||||||
Foreign | 187 | (9 | ) | 189 | (96 | ) | 114 | (64 | ) | ||||||||||||||||
State and local | 2 | 5 | 7 | (9 | ) | (1 | ) | (3 | ) | ||||||||||||||||
$ | 129 | $ | (61 | ) | $ | 214 | $ | (81 | ) | $ | 95 | $ | (531 | ) | |||||||||||
Total income tax expense (benefit) | $ | 68 | $ | 133 | $ | (436 | ) | ||||||||||||||||||
United States government tax incentives | |||||||||||||||||||||||||
On January 2, 2013, The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law. The Act extends certain provisions included in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to ensure that conservation and efficiency are a central component to the United States energy strategy. Among the provisions extended are manufacturers’ tax credits for the accelerated U.S. production of super-efficient clothes washers, refrigerators and dishwashers that meet or exceed certain Energy Star thresholds for energy and water conservation levels as set by the U.S. Department of Energy (“Energy Credit”). The tax credits apply to eligible production during the 2012 and 2013 calendar years provided the production of qualifying product in any individual year exceeds a rolling two year baseline of production. We continue to invest in innovation and energy efficient products that meet these standards for our customers. | |||||||||||||||||||||||||
Foreign government tax incentives | |||||||||||||||||||||||||
In previous years, our Brazilian operations earned tax credits under the Brazilian government’s export incentive program (BEFIEX). These credits reduced Brazilian federal excise taxes on domestic sales, resulting in an increase in the operations’ recorded net sales. We began recognizing BEFIEX credits in accordance with prior favorable court decisions allowing for the credits to be recognized. We were able to recognize approximately $109 million, $37 million and $266 million of export credits in 2013, 2012 and 2011, respectively. We recognize export credits as they are monetized; however, future actions by the Brazilian government could limit our ability to monetize these export credits. As of December 31, 2013, approximately $66 million of future cash monetization remained, including $52 million of related court awarded fees, which is not expected to be payable for several years. | |||||||||||||||||||||||||
In December 2013, the Brazilian government reinstituted the monetary adjustment index applicable to BEFIEX credits that existed prior to July 2009, when the Brazilian government required companies to apply a different monetary adjustment index to BEFIEX credits. It is unknown whether Brazilian courts will require that use of the reinstituted index be given retroactive effect for the July 2009 to December 2013 period, the effect of which would be to increase the amount of BEFIEX credits we would be entitled to recognize. | |||||||||||||||||||||||||
Our Brazilian operations have received governmental assessments related to claims for income and social contribution taxes associated with BEFIEX credits monetized from 2000 through 2002 and 2007 through 2011. We do not believe BEFIEX export credits are subject to income or social contribution taxes. We are disputing these tax matters in various courts and intend to vigorously defend our positions. We have not provided for income or social contribution taxes on these export credits, and based on the opinions of tax and legal advisors, we have not accrued any amount related to these assessments as of December 31, 2013. The total amount of outstanding tax assessments received for income and social contribution taxes relating to the BEFIEX credits, including interest and penalties, is approximately 1.2 billion Brazilian reais (equivalent to $530 million) as of December 31, 2013. | |||||||||||||||||||||||||
Litigation is inherently unpredictable and the conclusion of these matters may take many years to ultimately resolve, during which time the amounts related to these assessments will continue to be increased by monetary adjustments at the Selic rate, which is the benchmark rate set by the Brazilian Central Bank. Accordingly, it is possible that an unfavorable outcome in these proceedings could have a material adverse effect on our financial position, liquidity, or results of operations in any particular reporting period. | |||||||||||||||||||||||||
United States tax on foreign dividends | |||||||||||||||||||||||||
We have historically reinvested all unremitted earnings of our foreign subsidiaries and affiliates. We plan to distribute approximately $116 million of foreign earnings over the next several years. This distribution is forecasted to result in tax benefits which have not been recorded because of their contingent nature. There has been no deferred tax liability provided on the remaining amount of unremitted earnings of $3.5 billion at December 31, 2013. As of December 31, 2013, we had $1.4 billion of cash and equivalents on hand, of which $1.3 billion was held outside of the United States. Our intent is to permanently reinvest these funds outside of the United States and our current plans do not demonstrate a need to repatriate these funds to fund our U.S. operations. However, if these funds were repatriated, then we would be required to accrue and pay applicable United States taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with these unremitted earnings due to the complexity of its hypothetical calculation. | |||||||||||||||||||||||||
Valuation allowances | |||||||||||||||||||||||||
At December 31, 2013, we had net operating loss carryforwards of $2.7 billion, $1.4 billion of which were United States state net operating loss carryforwards. Of the total net operating loss carryforwards, $1.1 billion do not expire, with substantially all of the remaining carryforwards expiring in various years through 2033. As of December 31, 2013, we had $243 million of foreign tax credit carryforwards and $1.1 billion of United States general business credit carryforwards available to offset future payments of federal income taxes, expiring between 2017 and 2033. | |||||||||||||||||||||||||
We routinely review the future realization of deferred tax assets based on projected future reversal of taxable temporary differences, available tax planning strategies and projected future taxable income. We have recorded a valuation allowance to reflect the net estimated amount of certain deferred tax assets associated with net operating loss and other deferred tax assets we believe will be realized. Our recorded valuation allowance of $186 million at December 31, 2013 consists of $168 million of net operating loss carryforward deferred tax assets and $18 million of other deferred tax assets. We believe that it is more likely than not that we will realize the benefit of existing deferred tax assets, net of valuation allowances mentioned above. | |||||||||||||||||||||||||
Settlement of global tax audits | |||||||||||||||||||||||||
We are in various stages of audits by certain governmental tax authorities. We establish liabilities for the difference between tax return provisions and the benefits recognized in our financial statements. Such amounts represent a reasonable provision for taxes ultimately expected to be paid, and may need to be adjusted over time as more information becomes known. We are no longer subject to any significant United States federal tax examinations for the years before 2008, or any state, local or foreign income tax examinations by tax authorities for years before 2005. | |||||||||||||||||||||||||
Deferred tax liabilities and assets | |||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes. The following table summarizes the significant components of our deferred tax liabilities and assets at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Intangibles | $ | 517 | $ | 513 | |||||||||||||||||||||
Property, net | 141 | 138 | |||||||||||||||||||||||
LIFO inventory | 49 | 54 | |||||||||||||||||||||||
Other | 201 | 194 | |||||||||||||||||||||||
Total deferred tax liabilities | 908 | 899 | |||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
U.S. general business credit carryforwards, including Energy Tax Credits | 1,050 | 917 | |||||||||||||||||||||||
Pensions | 311 | 557 | |||||||||||||||||||||||
Loss carryforwards | 467 | 410 | |||||||||||||||||||||||
Inventory prepayment | 93 | 307 | |||||||||||||||||||||||
Postretirement obligations | 177 | 174 | |||||||||||||||||||||||
Foreign tax credit carryforwards | 243 | 98 | |||||||||||||||||||||||
Research and development capitalization | 239 | 190 | |||||||||||||||||||||||
Employee payroll and benefits | 138 | 174 | |||||||||||||||||||||||
Accrued expenses | 102 | 82 | |||||||||||||||||||||||
Product warranty accrual | 58 | 58 | |||||||||||||||||||||||
Receivable and inventory allowances | 51 | 54 | |||||||||||||||||||||||
Other | 233 | 170 | |||||||||||||||||||||||
Total deferred tax assets | 3,162 | 3,191 | |||||||||||||||||||||||
Valuation allowances for deferred tax assets | (186 | ) | (130 | ) | |||||||||||||||||||||
Deferred tax assets, net of valuation allowances | 2,976 | 3,061 | |||||||||||||||||||||||
Net deferred tax assets | $ | 2,068 | $ | 2,162 | |||||||||||||||||||||
Unrecognized tax benefits | |||||||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending amount of unrecognized tax benefits that if recognized would impact the effective tax rate, excluding federal benefits of state and local tax positions, and interest and penalties: | |||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, January 1 | $ | 178 | $ | 178 | $ | 190 | |||||||||||||||||||
Additions for tax positions of the current year | 17 | 13 | 9 | ||||||||||||||||||||||
Additions for tax positions of prior years | 6 | 16 | 10 | ||||||||||||||||||||||
Reductions for tax positions of prior years | (81 | ) | (15 | ) | (24 | ) | |||||||||||||||||||
Settlements during the period | (3 | ) | (5 | ) | (1 | ) | |||||||||||||||||||
Lapses of applicable statute of limitation | (4 | ) | (9 | ) | (6 | ) | |||||||||||||||||||
Balance, December 31 | $ | 113 | $ | 178 | $ | 178 | |||||||||||||||||||
It is reasonably possible that certain unrecognized tax benefits of $9 million could be settled with various related jurisdictions during the next 12 months. | |||||||||||||||||||||||||
Interest and penalties associated with unrecognized tax benefits resulted in a net benefit of $12 million and $4 million in 2013 and 2012, respectively, and a net expense of $17 million in 2011. We have accrued a total of $49 million and $74 million at December 31, 2013 and 2012, respectively. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | |||||||||||||||||||||||||||||||||||||
We have funded and unfunded defined benefit pension plans that cover certain employees in North America, Europe, Asia and Brazil. The United States plans are frozen for the majority of participants. The formula for United States salaried employees covered under the qualified defined benefit plan was based on years of service and final average salary, while the formula for United States hourly employees covered under the defined benefit plans was based on specific dollar amounts for each year of service. There were multiple formulas for employees covered under the qualified and nonqualified defined benefit plans sponsored by Maytag, including a cash balance formula. In addition, we sponsor an unfunded Supplemental Executive Retirement Plan. This plan is nonqualified and provides certain key employees defined pension benefits that supplement those provided by the company’s other retirement plans. | |||||||||||||||||||||||||||||||||||||
A defined contribution plan is being provided to all United States employees subsequent to the pension plan freezes and is not classified within the net periodic benefit cost. The company provides annual match and automatic company contributions, in cash or company stock, of up to 7% of employees’ eligible pay. Our contributions during 2013, 2012 and 2011 were $68 million, $64 million and $68 million, respectively. | |||||||||||||||||||||||||||||||||||||
We provide postretirement health care benefits for eligible retired employees in the United States, Canada and Brazil. For our United States plan, which comprises the majority of our obligation, eligible retirees include those who were full-time employees with 10 years of service who attained age 55 while in service with us and those union retirees who met the eligibility requirements of their collective bargaining agreements. In general, the postretirement health and welfare benefit plans include cost-sharing provisions that limit our exposure for recent and future retirees and are contributory, with participants’ contributions adjusted annually. The plans are unfunded. We reserve the right to modify these benefits in the future. | |||||||||||||||||||||||||||||||||||||
Defined Benefit - Pensions and Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||
Obligations and Funded Status at End of Year | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Funded status | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 2,835 | $ | 2,790 | $ | 206 | $ | 197 | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligations | 3,546 | 4,196 | 439 | 448 | 509 | 477 | |||||||||||||||||||||||||||||||
Funded status | $ | (711 | ) | $ | (1,406 | ) | $ | (233 | ) | $ | (251 | ) | $ | (509 | ) | $ | (477 | ) | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet | |||||||||||||||||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 7 | $ | 5 | $ | — | $ | — | |||||||||||||||||||||||||
Current liability | (7 | ) | (7 | ) | (14 | ) | (19 | ) | (51 | ) | (55 | ) | |||||||||||||||||||||||||
Noncurrent liability | (704 | ) | (1,399 | ) | (226 | ) | (237 | ) | (458 | ) | (422 | ) | |||||||||||||||||||||||||
Amount recognized | $ | (711 | ) | $ | (1,406 | ) | $ | (233 | ) | $ | (251 | ) | $ | (509 | ) | $ | (477 | ) | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax) | |||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 1,215 | $ | 1,761 | $ | 98 | $ | 119 | $ | 42 | $ | 27 | |||||||||||||||||||||||||
Prior service (credit) cost | (17 | ) | (20 | ) | 3 | 4 | (169 | ) | (210 | ) | |||||||||||||||||||||||||||
Transition (asset) obligation | — | — | — | (1 | ) | — | — | ||||||||||||||||||||||||||||||
Amount recognized | $ | 1,198 | $ | 1,741 | $ | 101 | $ | 122 | $ | (127 | ) | $ | (183 | ) | |||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 4,196 | $ | 3,872 | $ | 448 | $ | 373 | $ | 477 | $ | 488 | |||||||||||||||||||||||||
Service cost | 2 | 2 | 6 | 6 | 4 | 5 | |||||||||||||||||||||||||||||||
Interest cost | 162 | 178 | 17 | 20 | 18 | 21 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 8 | 9 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | (420 | ) | 425 | (7 | ) | 65 | (31 | ) | 25 | ||||||||||||||||||||||||||||
Benefits paid, net of federal subsidy | (281 | ) | (270 | ) | (23 | ) | (21 | ) | (68 | ) | (64 | ) | |||||||||||||||||||||||||
Plan amendments | — | — | — | — | 2 | (2 | ) | ||||||||||||||||||||||||||||||
Acquisitions / divestitures | — | — | — | (2 | ) | — | — | ||||||||||||||||||||||||||||||
New plans | — | — | — | 14 | — | — | |||||||||||||||||||||||||||||||
Transfer of benefits | (105 | ) | — | — | — | 105 | — | ||||||||||||||||||||||||||||||
Settlements / curtailment (gain) | (8 | ) | (11 | ) | (6 | ) | (17 | ) | — | (2 | ) | ||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | 3 | 9 | (6 | ) | (3 | ) | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 3,546 | $ | 4,196 | $ | 439 | $ | 448 | $ | 509 | $ | 477 | |||||||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 3,536 | $ | 4,181 | $ | 424 | $ | 428 | $ | — | $ | — | |||||||||||||||||||||||||
During the fourth quarter 2013, we transferred $105 million of ancillary benefits, as allowed under ERISA, out of our United States qualified pension plans and into our United States retiree health and welfare benefit plan. The transfer had no impact on our Consolidated Financial Statements as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||
During the second quarter 2011, we modified retiree medical benefits for certain retirees to be consistent with those benefits provided by the Whirlpool Corporation Group Benefit Plan. We accounted for these changes as a plan amendment in 2011, resulting in a reduction in the postretirement benefit obligation of $138 million with an offset to accumulated other comprehensive loss, net of tax. In response, a group of retirees has initiated legal proceedings against Whirlpool asserting the above benefits are vested. We believe the outcome of the legal proceedings against Whirlpool will not have a material adverse effect on our Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||
United States Pension Benefits | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 2,790 | $ | 2,573 | $ | 197 | $ | 170 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | 207 | 317 | 13 | 19 | — | — | |||||||||||||||||||||||||||||||
Employer contribution | 127 | 181 | 24 | 27 | 60 | 55 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 8 | 9 | |||||||||||||||||||||||||||||||
Gross benefits paid | (281 | ) | (270 | ) | (23 | ) | (21 | ) | (68 | ) | (64 | ) | |||||||||||||||||||||||||
New plans | — | — | 2 | 14 | — | — | |||||||||||||||||||||||||||||||
Settlements | (8 | ) | (11 | ) | (6 | ) | (17 | ) | — | — | |||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (2 | ) | 4 | — | — | ||||||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 2,835 | $ | 2,790 | $ | 206 | $ | 197 | $ | — | $ | — | |||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 2 | $ | 6 | $ | 6 | $ | 7 | $ | 4 | $ | 5 | $ | 8 | |||||||||||||||||||
Interest cost | 162 | 178 | 192 | 17 | 20 | 20 | 18 | 21 | 31 | ||||||||||||||||||||||||||||
Expected return on plan assets | (191 | ) | (194 | ) | (194 | ) | (10 | ) | (11 | ) | (10 | ) | — | — | — | ||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Actuarial loss | 62 | 46 | 31 | 6 | 4 | 4 | 1 | 1 | 1 | ||||||||||||||||||||||||||||
Prior service cost (credit) | (3 | ) | (3 | ) | (3 | ) | 1 | 1 | 1 | (39 | ) | (42 | ) | (43 | ) | ||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | — | (52 | ) | (35 | ) | ||||||||||||||||||||||||||
Settlement loss | 3 | 5 | — | 1 | 3 | 2 | — | — | — | ||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 35 | $ | 34 | $ | 28 | $ | 21 | $ | 23 | $ | 24 | $ | (16 | ) | $ | (67 | ) | $ | (38 | ) | ||||||||||||||||
On October 27, 2011 we announced the closure of our manufacturing facilities in Fort Smith, Arkansas and on August 28, 2009, we announced the closure of our manufacturing facility in Evansville, Indiana. Both closures triggered a curtailment in our United States retiree health and welfare benefit plan, resulting in curtailment gains of $52 million and $35 million in 2012 and 2011, respectively. The curtailment gains were recognized in our Consolidated Statements of Income as a component of cost of products sold with an offset to accumulated other comprehensive loss, net of tax. | |||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pre-Tax) in 2013 | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Current year actuarial (gain) loss | $ | (481 | ) | $ | (10 | ) | $ | 16 | |||||||||||||||||||||||||||||
Actuarial (loss) gain recognized during the year | (65 | ) | (10 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Current year prior service cost (credit) | — | — | 2 | ||||||||||||||||||||||||||||||||||
Prior service credit (cost) recognized during the year | 3 | (1 | ) | 39 | |||||||||||||||||||||||||||||||||
Total recognized in other comprehensive loss (pre-tax) | $ | (543 | ) | $ | (21 | ) | $ | 56 | |||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | $ | (508 | ) | $ | — | $ | 40 | ||||||||||||||||||||||||||||||
Estimated Pre-Tax Amounts that will be amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in 2014 | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 43 | $ | 6 | $ | — | |||||||||||||||||||||||||||||||
Prior service (credit) cost | (3 | ) | 1 | (39 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 40 | $ | 7 | $ | (39 | ) | ||||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at end of year | |||||||||||||||||||||||||||||||||||||
United States Pension | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Discount rate | 4.95 | % | 4.05 | % | 4.16 | % | 3.93 | % | 4.95 | % | 4.03 | % | |||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 3.4 | % | 3.51 | % | — | — | |||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost | |||||||||||||||||||||||||||||||||||||
United States Pension | Foreign Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.8 | % | 5.6 | % | 3.93 | % | 5.04 | % | 5.2 | % | 4.03 | % | 5.03 | % | 5.6 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | 7.75 | % | 5.4 | % | 5.44 | % | 5.4 | % | — | — | — | ||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 3.51 | % | 3.48 | % | 3.5 | % | — | — | — | ||||||||||||||||||||||
Health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Initial rate | — | — | — | — | — | — | 7 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
Ultimate rate | — | — | — | — | — | — | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||
Year that ultimate rate will be reached | — | — | — | — | — | — | 2017 | 2015 | 2015 | ||||||||||||||||||||||||||||
Discount rate | |||||||||||||||||||||||||||||||||||||
For our United States pension and postretirement benefit plans, the discount rate was selected using a hypothetical portfolio of high quality bonds outstanding at December 31 that would provide the necessary cash flows to match our projected benefit payments. For our foreign pension and postretirement benefit plans, the discount rate was selected using high quality bond yields for the respective country or region covered by the plan. | |||||||||||||||||||||||||||||||||||||
Expected return on plan assets | |||||||||||||||||||||||||||||||||||||
In the United States, the expected rate of return on plan assets was determined by using the historical asset returns for publicly traded equity and fixed income securities tracked since 1926 and the historical returns for private equity. The historical equity returns were adjusted downward to reflect future expectations. The expected returns are weighted by the targeted asset allocations. The resulting weighted-average return was rounded to the nearest quarter of one percent. | |||||||||||||||||||||||||||||||||||||
For foreign pension plans, the expected rate of return on plan assets was primarily determined by observing historical returns in the local fixed income and equity markets and computing the weighted average returns with the weights being the asset allocation of each plan. | |||||||||||||||||||||||||||||||||||||
Estimated impact of one percentage-point change in assumed health care cost trend rate | |||||||||||||||||||||||||||||||||||||
A one percentage point change in assumed health care cost trend rates would have the following effects on our health care plan: | |||||||||||||||||||||||||||||||||||||
Millions of dollars | One Percentage | One Percentage | |||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 1 | $ | (1 | ) | ||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligations | 5 | (5 | ) | ||||||||||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||||||||||||
Funding Policy | |||||||||||||||||||||||||||||||||||||
Our funding policy is to contribute to our United States pension plans amounts sufficient to meet the minimum funding requirement as defined by employee benefit and tax laws, plus additional amounts which we may determine to be appropriate. In certain countries other than the United States, the funding of pension plans is not common practice. Contributions to our United States pension plans may be made in the form of cash or company stock. We pay for retiree medical benefits as they are incurred. | |||||||||||||||||||||||||||||||||||||
Expected Employer Contributions to Funded Plans | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension | |||||||||||||||||||||||||||||||||||
Pension Benefits(1) | Benefits | ||||||||||||||||||||||||||||||||||||
2014 | $ | 160 | $ | 11 | |||||||||||||||||||||||||||||||||
1 | Contributions include $160 million of minimum contributions required by law. | ||||||||||||||||||||||||||||||||||||
Expected Benefit Payments | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
2014 | $ | 274 | $ | 28 | $ | 51 | |||||||||||||||||||||||||||||||
2015 | 245 | 32 | 52 | ||||||||||||||||||||||||||||||||||
2016 | 248 | 22 | 51 | ||||||||||||||||||||||||||||||||||
2017 | 246 | 26 | 49 | ||||||||||||||||||||||||||||||||||
2018 | 247 | 25 | 44 | ||||||||||||||||||||||||||||||||||
2019-2023 | 1,230 | 131 | 187 | ||||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||
Our overall investment strategy is to achieve an appropriate mix of investments for long-term growth and for near-term benefit payments with a wide diversification of asset types, fund strategies, and investment fund managers. The target allocation for plan assets is generally 42% equity and 58% fixed income, with exceptions for certain foreign pension plans. For our U.S. plan, the target allocation for equity securities is approximately 50% allocated to United States large-cap, 28% to international equity, 14% to United States mid and small-cap companies and 8% in venture capital. The target allocation for fixed income is allocated with 75% to corporate bonds and 25% to United States treasury and other government securities. The fixed income securities duration is intended to match that of our United States pension liabilities. | |||||||||||||||||||||||||||||||||||||
Plan assets are reported at fair value based on an exit price, representing the amount that would be received to sell an asset in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. We manage the process and approve the results of a third party pricing service to value the majority of our securities and to determine the appropriate level in the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||
The fair values of our pension plan assets at December 31, 2013 and 2012, by asset category were as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
Millions of dollars | Quoted prices | Other significant | Significant | Total | |||||||||||||||||||||||||||||||||
(Level 1) | observable inputs | unobservable inputs | |||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Cash and equivalents | $ | 23 | $ | 15 | $ | — | $ | — | $ | — | $ | — | $ | 23 | $ | 15 | |||||||||||||||||||||
Government and government agency securities(a) | |||||||||||||||||||||||||||||||||||||
U.S. securities | — | — | 432 | 433 | — | — | 432 | 433 | |||||||||||||||||||||||||||||
International securities | — | — | 131 | 104 | — | — | 131 | 104 | |||||||||||||||||||||||||||||
Corporate bonds and notes (a) | |||||||||||||||||||||||||||||||||||||
U.S. companies | — | — | 850 | 751 | — | — | 850 | 751 | |||||||||||||||||||||||||||||
International companies | — | — | 193 | 176 | — | — | 193 | 176 | |||||||||||||||||||||||||||||
Equity securities (b) | |||||||||||||||||||||||||||||||||||||
U.S. companies | 12 | 217 | — | — | — | — | 12 | 217 | |||||||||||||||||||||||||||||
International companies | 223 | 233 | — | — | — | — | 223 | 233 | |||||||||||||||||||||||||||||
Mutual funds (c) | 77 | 100 | — | — | — | — | 77 | 100 | |||||||||||||||||||||||||||||
Common and collective funds (d) | |||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | — | 718 | 589 | — | — | 718 | 589 | |||||||||||||||||||||||||||||
International equity securities | — | — | 79 | 106 | — | — | 79 | 106 | |||||||||||||||||||||||||||||
Short-term investment fund | — | — | 87 | 49 | — | — | 87 | 49 | |||||||||||||||||||||||||||||
Limited partnerships (e) | |||||||||||||||||||||||||||||||||||||
U.S. private equity investments | — | — | — | — | 145 | 143 | 145 | 143 | |||||||||||||||||||||||||||||
Diversified fund of funds | — | — | — | — | 35 | 38 | 35 | 38 | |||||||||||||||||||||||||||||
Emerging growth | — | — | — | — | 18 | 15 | 18 | 15 | |||||||||||||||||||||||||||||
Real estate (f) | — | — | 11 | 10 | — | — | 11 | 10 | |||||||||||||||||||||||||||||
All other investments | — | — | 7 | 8 | — | — | 7 | 8 | |||||||||||||||||||||||||||||
$ | 335 | $ | 565 | $ | 2,508 | $ | 2,226 | $ | 198 | $ | 196 | $ | 3,041 | $ | 2,987 | ||||||||||||||||||||||
(a) | Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk. | ||||||||||||||||||||||||||||||||||||
(b) | Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year. | ||||||||||||||||||||||||||||||||||||
(c) | Valued using the net asset value (NAV) of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities issued by non-U.S. companies. | ||||||||||||||||||||||||||||||||||||
(d) | Valued using the NAV of the fund, which is based on the fair value of underlying securities. | ||||||||||||||||||||||||||||||||||||
(e) | Valued at estimated fair value based on the proportionate share of the limited partnerships fair value, as determined by the general partner. | ||||||||||||||||||||||||||||||||||||
(f) | Valued using the NAV of the fund, which is based on the fair value of underlying assets. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||
Millions of dollars | Limited | ||||||||||||||||||||||||||||||||||||
Partnerships | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 196 | |||||||||||||||||||||||||||||||||||
Realized gains (net) | 16 | ||||||||||||||||||||||||||||||||||||
Unrealized gains (net) | 10 | ||||||||||||||||||||||||||||||||||||
Purchases | 14 | ||||||||||||||||||||||||||||||||||||
Settlements | (38 | ) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 198 | |||||||||||||||||||||||||||||||||||
Additional Information | |||||||||||||||||||||||||||||||||||||
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,546 | $ | 4,196 | $ | 397 | $ | 374 | |||||||||||||||||||||||||||||
Fair value of plan assets | 2,835 | 2,790 | 157 | 117 | |||||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,546 | $ | 4,196 | $ | 347 | $ | 359 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | 3,536 | 4,181 | 340 | 346 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 2,835 | 2,790 | 110 | 105 | |||||||||||||||||||||||||||||||||
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||||||
OPERATING SEGMENT INFORMATION | |||||||||||||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. | |||||||||||||||||||||||||
We identify such segments based upon geographical regions of operations because each operating segment manufactures home appliances and related components, but serves strategically different markets. The chief operating decision maker evaluates performance based upon each segment’s operating income, which is defined as income before interest and sundry income (expense), interest expense, income taxes, noncontrolling interests, intangible asset impairment and restructuring costs. Total assets by segment are those assets directly associated with the respective operating activities. The “Other/Eliminations” column primarily includes corporate expenses, assets and eliminations, as well as restructuring costs and intangible asset impairments, if any. Intersegment sales are eliminated within each region except compressor sales out of Latin America, which are included in Other/Eliminations. | |||||||||||||||||||||||||
We conduct business in two countries, the United States and Brazil, that individually comprised over 10% of consolidated net sales or long-lived assets within the last three years. The following table summarizes net sales and long-lived assets by geographic area: | |||||||||||||||||||||||||
Millions of dollars | United States | Brazil | All Other | Total | |||||||||||||||||||||
Countries | |||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 8,577 | $ | 3,295 | $ | 6,897 | $ | 18,769 | |||||||||||||||||
Long-lived assets | 4,461 | 335 | 1,671 | 6,467 | |||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 8,005 | $ | 3,337 | $ | 6,801 | $ | 18,143 | |||||||||||||||||
Long-lived assets | 4,412 | 377 | 1,694 | 6,483 | |||||||||||||||||||||
2011:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 8,035 | $ | 3,343 | $ | 7,288 | $ | 18,666 | |||||||||||||||||
Long-lived assets | 4,464 | 405 | 1,717 | 6,586 | |||||||||||||||||||||
As described above, our chief operating decision maker reviews each operating segment’s performance based upon operating income which excludes restructuring costs and intangible asset impairment, if any. Intangible asset impairment and restructuring costs are included in operating profit on a consolidated basis and included in the Other/Eliminations column in the table below: | |||||||||||||||||||||||||
OPERATING SEGMENTS | |||||||||||||||||||||||||
Millions of dollars | North | Latin | EMEA | Asia | Other/ | Total | |||||||||||||||||||
America | America | Eliminations | Whirlpool | ||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||
2013 | $ | 10,178 | $ | 4,928 | $ | 3,024 | $ | 807 | $ | (168 | ) | $ | 18,769 | ||||||||||||
2012 | 9,631 | 4,950 | 2,874 | 847 | (159 | ) | 18,143 | ||||||||||||||||||
2011 | 9,582 | 5,062 | 3,305 | 881 | (164 | ) | 18,666 | ||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||||
2013 | $ | 256 | $ | 174 | $ | 79 | $ | 257 | $ | (766 | ) | $ | — | ||||||||||||
2012 | 262 | 171 | 104 | 226 | (763 | ) | — | ||||||||||||||||||
2011 | 216 | 187 | 167 | 217 | (787 | ) | — | ||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||
2013 | $ | 238 | $ | 91 | $ | 95 | $ | 18 | $ | 98 | $ | 540 | |||||||||||||
2012 | 260 | 97 | 93 | 18 | 83 | 551 | |||||||||||||||||||
2011 | 280 | 101 | 107 | 21 | 49 | 558 | |||||||||||||||||||
Operating profit (loss) | |||||||||||||||||||||||||
2013 | $ | 1,070 | $ | 557 | $ | (4 | ) | $ | 34 | $ | (408 | ) | $ | 1,249 | |||||||||||
2012 | 846 | 476 | (51 | ) | 37 | (439 | ) | 869 | |||||||||||||||||
2011 | 398 | 642 | 1 | 30 | (279 | ) | 792 | ||||||||||||||||||
Total assets | |||||||||||||||||||||||||
2013 | $ | 7,785 | $ | 3,380 | $ | 2,955 | $ | 921 | $ | 503 | $ | 15,544 | |||||||||||||
2012 | 7,766 | 3,845 | 2,956 | 802 | 27 | 15,396 | |||||||||||||||||||
2011 | 7,894 | 3,620 | 2,839 | 797 | 31 | 15,181 | |||||||||||||||||||
Capital expenditures | |||||||||||||||||||||||||
2013 | $ | 254 | $ | 108 | $ | 101 | $ | 25 | $ | 90 | $ | 578 | |||||||||||||
2012 | 219 | 100 | 88 | 24 | 45 | 476 | |||||||||||||||||||
2011 | 316 | 112 | 103 | 27 | 50 | 608 | |||||||||||||||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
Millions of dollars, except per share data | Dec. 31 | Sept. 30 | Jun. 30 | Mar. 31 | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net sales | $ | 5,090 | $ | 4,791 | $ | 4,683 | $ | 4,494 | $ | 4,748 | $ | 4,510 | $ | 4,248 | $ | 4,348 | |||||||||||||||||
Cost of products sold | 4,181 | 3,979 | 3,837 | 3,791 | 3,931 | 3,782 | 3,522 | 3,698 | |||||||||||||||||||||||||
Operating profit | 354 | 258 | 313 | 213 | 328 | 194 | 254 | 204 | |||||||||||||||||||||||||
Interest and sundry income (expense) | (82 | ) | (35 | ) | (16 | ) | (38 | ) | (39 | ) | (22 | ) | (18 | ) | (17 | ) | |||||||||||||||||
Net earnings | 187 | 128 | 199 | 80 | 206 | 120 | 257 | 97 | |||||||||||||||||||||||||
Net earnings available to Whirlpool | 181 | 122 | 196 | 74 | 198 | 113 | 252 | 92 | |||||||||||||||||||||||||
Per share of common stock: (1) | |||||||||||||||||||||||||||||||||
Basic net earnings | $ | 2.31 | $ | 1.55 | $ | 2.46 | $ | 0.95 | $ | 2.48 | $ | 1.45 | $ | 3.18 | $ | 1.19 | |||||||||||||||||
Diluted net earnings | 2.26 | 1.52 | 2.42 | 0.94 | 2.44 | 1.43 | 3.12 | 1.17 | |||||||||||||||||||||||||
Dividends | 0.625 | 0.5 | 0.625 | 0.5 | 0.625 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||
Market price range of common stock: (2) | |||||||||||||||||||||||||||||||||
High | $ | 159.22 | $ | 104.21 | $ | 151.84 | $ | 86.47 | $ | 134.09 | $ | 77.04 | $ | 120 | $ | 79.39 | |||||||||||||||||
Low | 129.22 | 82.35 | 111.7 | 59.85 | 107.88 | 54.08 | 101.74 | 47.72 | |||||||||||||||||||||||||
Close | 156.86 | 101.75 | 146.44 | 82.91 | 114.36 | 61.16 | 118.46 | 76.86 | |||||||||||||||||||||||||
(1) | The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data. | ||||||||||||||||||||||||||||||||
(2) | Composite price as reported by the New York Stock Exchange. |
Pending_Acquisition_Notes
Pending Acquisition (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Pending Acquisition [Abstract] | ' |
Pending acquisition | ' |
PENDING ACQUISITION | |
On August 12, 2013, Whirlpool's wholly-owned subsidiary, Whirlpool (China) Investment Co., Ltd., (“Whirlpool China”), reached agreements to acquire a 51% equity stake in Hefei Rongshida Sanyo Electric Co., Ltd., a joint stock company whose shares are listed and traded on the Shanghai Stock Exchange (“Hefei Sanyo”). | |
Pursuant to a Share Purchase Agreement (the “Share Purchase Agreement”) among Whirlpool China, SANYO Electric Co., Ltd. (“Sanyo Japan”), and SANYO Electric (China) Co., Ltd., (“Sanyo China”, and together with Sanyo Japan, the “Sellers”), Whirlpool China expects to purchase the 157,245,200 shares (or 29.51%) of Hefei Sanyo currently held by the Sellers (such transaction, the “Share Purchase”). | |
In addition, pursuant to a Share Subscription Agreement (the “Share Subscription Agreement”) between Whirlpool China and Hefei Sanyo, Whirlpool China expects to subscribe for 233,639,000 shares (which, together with shares purchased pursuant to the Share Purchase Agreement, will aggregate 51%) of Hefei Sanyo (subject to anti-dilution adjustments) issued pursuant to a private placement (such transaction, the “Share Subscription”). Pursuant to the Share Subscription Agreement and as required by the law of the People’s Republic of China, Whirlpool China will be prevented from selling any shares of Hefei Sanyo for 36 months following the close of the Share Subscription. | |
The aggregate purchase price for the Share Purchase and the Share Subscription is RMB 3.4 billion (approximately $555 million as of December 31, 2013), subject, in each case, to certain adjustments if dividends are paid on the Hefei Sanyo shares. The purchase price for the Share Purchase is payable in USD based on the exchange rate as of August 9, 2013 and the purchase price for the Share Subscription is payable either in RMB or in USD based on the exchange rate on the payment date. The Company currently intends to fund the total consideration for the shares with cash on hand or other public or private debt financing depending on the timing of the closing and market conditions. The transaction also includes the commitment of capital and technical resources to enhance Hefei Sanyo’s research and development and product innovation. | |
The Share Purchase Agreement and Share Subscription Agreement contain representations and warranties regarding the shares of Hefei Sanyo, the Sellers’ and Hefei Sanyo’s authority, and customary covenants. The Share Purchase and Share Subscription are subject to customary closing conditions and the Share Purchase is subject to certain termination rights, including Sellers’ fiduciary termination right. In addition, the Share Purchase and the Share Subscription are subject to regulatory approvals. Approvals from the Ministry of Commerce of the People’s Republic of China (antitrust and foreign strategic investment), the State-owned Assets Supervision and Administration Commission of the State Council, and Hefei Sanyo shareholders (Share Purchase and Share Subscription) have been received. The China Securities Regulatory Commission approval (including waiver of a tender offer), as well as regulatory reviews and approvals by other governmental authorities, have not yet been received. The Share Purchase and Share Subscription are cross-conditional on one another. Under certain circumstances, including if the Share Purchase does not close by December 31, 2014 (or June 30, 2015 if the tax payment certificate has not yet been obtained), the Sellers will be entitled to retain a $20 million breakup fee paid by Whirlpool in February 2014. Both the Share Purchase and the Share Subscription are currently expected to close anytime between the end of the second quarter and the end of 2014. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | ||||||||||||
ADDITIONS | ||||||||||||||||
Description | Balance at Beginning | -1 | -2 | Deductions | Balance at End | |||||||||||
of Period | Charged to Costs | Charged to Other | —Describe (A) | of Period | ||||||||||||
and Expenses | Accounts / Other | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 60 | 21 | — | (8 | ) | 73 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 61 | 23 | — | (24 | ) | 60 | ||||||||||
Year Ended December 31, 2011: | ||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 66 | 17 | — | (22 | ) | 61 | ||||||||||
Note A—The amounts represent accounts charged off, less translation adjustments and transfers. Recoveries were nominal for 2013, 2012 and 2011. |
Summary_of_Principal_Accountin1
Summary of Principal Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
General Information | ' | ||||||||||
General Information | |||||||||||
Whirlpool Corporation, a Delaware corporation, is the world's leading manufacturer and marketer of major home appliances. We manufacture appliances in 11 countries and market products in nearly every country around the world under brand names such as Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Bauknecht, Brastemp and Consul. Whirlpool has four geographic segments, which consist of North America, Latin America, EMEA (Europe, Middle East and Africa) and Asia. Our Consolidated Financial Statements include all majority-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications | |||||||||||
We reclassified certain prior period amounts in our Consolidated Financial Statements to be consistent with current period presentation. The effect of these reclassifications is not material. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
We are required to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ materially from those estimates. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
Sales are recorded when title passes to the customer as determined by the shipping terms. For the majority of our sales, title is transferred to the customer as soon as products are shipped. For a portion of our sales, title is transferred to the customer upon receipt of products at the customer’s location. Allowances for estimated returns are made on sales of certain products based on historical return rates for the products involved. | |||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||
We carry accounts receivable at sales value less an allowance for doubtful accounts. We periodically evaluate accounts receivable and establish an allowance for doubtful accounts based on a combination of specific customer circumstances, credit conditions and the history of write-offs and collections. We evaluate items on an individual basis when determining accounts receivable write-offs. In general, our policy is to not charge interest on trade receivables after the invoice becomes past due. A receivable is considered past due if payment has not been received within agreed upon invoice terms. | |||||||||||
Freight and Warehousing Costs | ' | ||||||||||
Freight and Warehousing Costs | |||||||||||
We classify freight and warehousing costs within cost of products sold in our Consolidated Statements of Income. | |||||||||||
Cash and Equivalents | ' | ||||||||||
Cash and Equivalents | |||||||||||
All highly liquid debt instruments purchased with an initial maturity of three months or less are considered cash equivalents. | |||||||||||
Fair Value Measurements | ' | ||||||||||
Fair Value Measurements | |||||||||||
We measure fair value based on an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. We had no Level 3 assets or liabilities at December 31, 2013 and 2012. | |||||||||||
We measured fair value for money market funds and available for sale investments using quoted market prices in active markets for identical or comparable assets. We measured fair value for derivative contracts, all of which have counterparties with high credit ratings, based on model driven valuations using significant inputs derived from observable market data. | |||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
Inventories are stated at first-in, first-out (“FIFO”) cost, except United States production inventories, which are stated at last-in, first-out (“LIFO”) cost, and Latin America and Asia inventories, which are stated at average cost. Costs do not exceed net realizable values. See Note 4 for additional information about inventories. | |||||||||||
Property | ' | ||||||||||
Property | |||||||||||
Property is stated at cost, net of accumulated depreciation. For production machinery and equipment, we record depreciation based on units produced, unless units produced drop below a minimum threshold at which point depreciation is recorded using the straight-line method. For nonproduction assets, we depreciate costs based on the straight-line method. Depreciation expense for property, including accelerated depreciation classified as restructuring expense in our Consolidated Statements of Income, was $515 million, $521 million and $530 million in 2013, 2012 and 2011, respectively. | |||||||||||
The following table summarizes our property as of December 31, 2013 and 2012: | |||||||||||
Millions of dollars | 2013 | 2012 | Estimated | ||||||||
Useful Life | |||||||||||
Land | $ | 76 | $ | 74 | n/a | ||||||
Buildings | 1,303 | 1,252 | 25 to 50 years | ||||||||
Machinery and equipment | 7,940 | 7,778 | 3 to 25 years | ||||||||
Accumulated depreciation | (6,278 | ) | (6,070 | ) | |||||||
Property, net | $ | 3,041 | $ | 3,034 | |||||||
We classify gains and losses associated with asset dispositions in the same line item as the underlying depreciation of the disposed asset in the Consolidated Statements of Income. We retired approximately $163 million and $558 million of machinery and equipment no longer in use during 2013 and 2012, respectively. Net gains and losses recognized in cost of products sold were not material for 2013, 2012 and 2011. | |||||||||||
We record impairment losses on long-lived assets, excluding goodwill and intangibles, when events and circumstances indicate the assets may be impaired and the estimated future cash flows generated by those assets are less than their carrying amounts. There were no significant impairments recorded during 2013, 2012 and 2011. | |||||||||||
Goodwill and Other Intangibles | ' | ||||||||||
Goodwill and Other Intangibles | |||||||||||
We evaluate goodwill using a qualitative assessment to determine whether it is more likely than not that the fair value of any reporting unit is less than its carrying amount. If we determine that the fair value of the reporting unit may be less than its carrying amount, we evaluate goodwill using a two-step impairment test. Otherwise, we conclude that no impairment is indicated and we do not perform the two-step impairment test. | |||||||||||
If the qualitative assessment concludes that the two-step impairment test is necessary, we first compare the book value of a reporting unit, including goodwill, with its fair value. The fair value is estimated based on a market approach and a discounted cash flow analysis, also known as the income approach, and is reconciled back to the current market capitalization for Whirlpool to ensure that the implied control premium is reasonable. If the book value of a reporting unit exceeds its fair value, we perform the second step to estimate an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The difference between the total fair value of the reporting unit and the fair value of all the assets and liabilities other than goodwill is the implied fair value of that goodwill. The amount of impairment loss is equal to the excess of the book value of the goodwill over the implied fair value of that goodwill. | |||||||||||
We evaluate certain indefinite-lived intangibles using a qualitative assessment to determine whether it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount. If we determine that the fair value may be less than its carrying amount, the fair value of the trademark is estimated and compared to its carrying value to determine if an impairment exists. Otherwise, we conclude that no impairment is indicated and we do not perform the quantitative test. | |||||||||||
When the qualitative assessment is not utilized and a quantitative test is performed, we estimate the fair value of these intangible assets using the relief-from-royalty method, which requires assumptions related to projected revenues from our annual long-range plan; assumed royalty rates that could be payable if we did not own the trademark; and a discount rate based on our weighted average cost of capital. We recognize an impairment loss when the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. | |||||||||||
Definite lived intangible assets are amortized over their estimated useful life. See Note 2 for additional information about goodwill and intangible assets. | |||||||||||
Accounts Payable Outsourcing | ' | ||||||||||
Accounts Payable Outsourcing | |||||||||||
We offer our suppliers access to third party payables processors. Independent of Whirlpool, the processors allow suppliers to sell their receivables to financial institutions at the sole discretion of both the supplier and the financial institution. We have no economic interest in the sale of these receivables and no direct financial relationship with the financial institutions concerning these services. All of our obligations, including amounts due, remain to our suppliers as stated in our supplier agreements. As of December 31, 2013 and 2012, approximately $1.3 billion and $1.2 billion, respectively, have been sold by suppliers to participating financial institutions. | |||||||||||
Derivative Financial Instruments | ' | ||||||||||
Derivative Financial Instruments | |||||||||||
We use derivative instruments designated as cash flow and fair value hedges to manage our exposure to the volatility in material costs, foreign currency and interest rates on certain debt instruments. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, we designate the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings in the period of change in fair value together with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of Other Comprehensive Income and is subsequently recognized in earnings when the hedged exposure affects earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative’s gain or loss is reported in Other Comprehensive Income as part of the cumulative translation adjustment. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. See Note 7 for additional information about hedges and derivative financial instruments. | |||||||||||
Foreign Currency Translation | ' | ||||||||||
Foreign Currency Translation | |||||||||||
Foreign currency denominated assets and liabilities are translated into United States dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of other comprehensive income (loss) within stockholders’ equity. The results of operations of foreign subsidiaries are translated at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in net earnings. | |||||||||||
Research and Development Costs | ' | ||||||||||
Research and Development Costs | |||||||||||
Research and development costs are charged to expense and totaled $582 million, $553 million and $578 million in 2013, 2012 and 2011, respectively. | |||||||||||
Advertising Costs | ' | ||||||||||
Advertising Costs | |||||||||||
Advertising costs are charged to expense when the advertisement is first communicated and totaled $304 million, $273 million and $275 million in 2013, 2012 and 2011, respectively. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement and tax bases of assets and liabilities using enacted rates. The effect of a change in tax rates on deferred tax assets is recognized in income in the period of enactment date. | |||||||||||
We recognize, in other current and noncurrent liabilities, in the Consolidated Balance Sheets, effects of an uncertain income tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination. We accrue for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. | |||||||||||
Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. See Note 11 for additional information about income taxes. | |||||||||||
Stock Based Compensation | ' | ||||||||||
Stock Based Compensation | |||||||||||
We recognize stock based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The fair value of stock options is determined using the Black-Scholes option-pricing model, which incorporates assumptions regarding the risk-free interest rate, expected volatility, expected option life and dividend yield. Stock options are granted with an exercise price equal to the stock price on the date of grant. The fair value of restricted stock units and performance stock units is generally based on the closing market price of Whirlpool common stock on the grant date. See Note 9 for additional information about stock based compensation. | |||||||||||
Befiex Credits | ' | ||||||||||
BEFIEX Credits | |||||||||||
In previous years, our Brazilian operations earned tax credits under the Brazilian government’s export incentive program (BEFIEX). These credits reduce Brazilian federal excise taxes on domestic sales, resulting in an increase in the operations’ recorded net sales. We recognize export credits as they are monetized; however, future actions by the Brazilian government could limit our ability to monetize these export credits. See Note 11 for additional information regarding BEFIEX credits. | |||||||||||
New Accounting Pronouncements | ' | ||||||||||
New Accounting Pronouncements | |||||||||||
In January 2013, we adopted the provisions of Accounting Standards Update (“ASU”) No. 2013-01, issued by the Financial Accounting Standards Board (“FASB”), which requires new asset and liability offsetting disclosures for derivatives, repurchase agreements and security lending transactions to the extent that they are: (1) offset in the financial statements; or (2) subject to an enforceable master netting arrangement or similar agreement. We do not have any repurchase agreements and do not participate in securities lending transactions. Our derivative instruments are not offset in the financial statements and are not subject to any specific right of offset provisions with our counterparties. Accordingly, this amendment did not have a material impact on our Consolidated Financial Statements. Additional information about derivative instruments can be found in Note 7 of the Notes to the Consolidated Financial Statements. | |||||||||||
In February 2013, the FASB amended Accounting Standards Codification 220, “Comprehensive Income.” This amendment requires companies to report, in one place, information about reclassifications (by component) out of accumulated other comprehensive income. In addition, this amendment requires companies to present the related line item effect of significant reclassifications on the statement where income is presented. We adopted the provisions of this amendment during the first quarter 2013, which affects only the display of information and does not change existing recognition and measurement requirements in our Consolidated Financial Statements. | |||||||||||
Issued but not yet effective accounting pronouncements are not expected to have a material impact on our Consolidated Financial Statements. |
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles Goodwill and Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets, Goodwill, Policy | ' |
We evaluate goodwill and indefinite lived intangibles for impairment annually. During 2012, we voluntarily changed the date of our annual impairment assessment from November 30 to October 1. |
Summary_of_Principal_Accountin2
Summary of Principal Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
The following table summarizes our property as of December 31, 2013 and 2012: | |||||||||||
Millions of dollars | 2013 | 2012 | Estimated | ||||||||
Useful Life | |||||||||||
Land | $ | 76 | $ | 74 | n/a | ||||||
Buildings | 1,303 | 1,252 | 25 to 50 years | ||||||||
Machinery and equipment | 7,940 | 7,778 | 3 to 25 years | ||||||||
Accumulated depreciation | (6,278 | ) | (6,070 | ) | |||||||
Property, net | $ | 3,041 | $ | 3,034 | |||||||
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets | ' | ||||||||||||||||||||||||
The following table summarizes other intangible assets at December 31, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Millions of dollars | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Other intangible assets, finite lives: | |||||||||||||||||||||||||
Customer relationships (1) | $ | 289 | $ | (125 | ) | $ | 164 | $ | 289 | $ | (109 | ) | $ | 180 | |||||||||||
Patents and other (2) | 128 | (112 | ) | 16 | 123 | (102 | ) | 21 | |||||||||||||||||
Total other intangible assets, finite lives | $ | 417 | $ | (237 | ) | $ | 180 | $ | 412 | $ | (211 | ) | $ | 201 | |||||||||||
Trademarks, indefinite lives | 1,522 | — | 1,522 | 1,521 | — | 1,521 | |||||||||||||||||||
Total other intangible assets | $ | 1,939 | $ | (237 | ) | $ | 1,702 | $ | 1,933 | $ | (211 | ) | $ | 1,722 | |||||||||||
(1) | Customer relationships have an estimated useful life of 18 years. | ||||||||||||||||||||||||
(2) Patents and other intangibles have an estimated useful life of 4 | |||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||||||||||
The following table summarizes our future estimated amortization expense by year: | |||||||||||||||||||||||||
Millions of dollars | |||||||||||||||||||||||||
2014 | $ | 22 | |||||||||||||||||||||||
2015 | 20 | ||||||||||||||||||||||||
2016 | 18 | ||||||||||||||||||||||||
2017 | 17 | ||||||||||||||||||||||||
2018 | 17 | ||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||
Total Cost Basis | Quoted Prices In | Significant Other | Total Fair Value | ||||||||||||||||||||||||||||||
Active Markets for | Observable Inputs | ||||||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Money market funds (1) | $ | 465 | $ | 563 | $ | 465 | $ | 563 | $ | — | $ | — | $ | 465 | $ | 563 | |||||||||||||||||
Net derivative contracts | — | — | — | — | (25 | ) | (14 | ) | (25 | ) | (14 | ) | |||||||||||||||||||||
Available for sale investments | 8 | 7 | 18 | 10 | — | — | 18 | 10 | |||||||||||||||||||||||||
(1) Money market funds are comprised primarily of government obligations and other first tier obligations. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
The following table summarizes our inventories at December 31, 2013 and 2012: | |||||||||
Millions of dollars | 2013 | 2012 | |||||||
Finished products | $ | 1,950 | $ | 1,948 | |||||
Raw materials and work in process | 622 | 596 | |||||||
2,572 | 2,544 | ||||||||
Less: excess of FIFO cost over LIFO cost | (164 | ) | (190 | ) | |||||
Total inventories | $ | 2,408 | $ | 2,354 | |||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Schedule of Debt | ' | |||||||||
The following table summarizes our debt at December 31, 2013 and 2012: | ||||||||||
Millions of dollars | 2013 | 2012 | ||||||||
Medium-term note—5.5%, matured 2013 | $ | — | $ | 500 | ||||||
Maytag medium-term note—6.5%, maturing 2014 | 100 | 101 | ||||||||
Senior note—8.6%, maturing 2014 | 500 | 500 | ||||||||
Maytag medium-term note—5.0%, maturing 2015 | 198 | 196 | ||||||||
Senior note—6.5%, maturing 2016 | 250 | 250 | ||||||||
Debentures—7.75%, maturing 2016 | 244 | 244 | ||||||||
Senior note—4.85%, maturing 2021 | 300 | 300 | ||||||||
Senior note—4.70%, maturing 2022 | 300 | 300 | ||||||||
Senior note—3.70% maturing 2023 | 250 | — | ||||||||
Senior note—5.15% maturing 2043 | 250 | — | ||||||||
Other (various maturing through 2019) | 61 | 63 | ||||||||
2,453 | 2,454 | |||||||||
Less current maturities | 607 | 510 | ||||||||
Total long-term debt | $ | 1,846 | $ | 1,944 | ||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||
The following table summarizes the contractual maturities of our debt, including current maturities, at December 31, 2013: | ||||||||||
Millions of dollars | ||||||||||
2014 | $ | 607 | ||||||||
2015 | 212 | |||||||||
2016 | 508 | |||||||||
2017 | 9 | |||||||||
2018 | 8 | |||||||||
Thereafter | 1,109 | |||||||||
Debt, including current maturities | $ | 2,453 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Product Warranty and Recall Reserves | ' | ||||||||
Product warranty reserves are included in other current and other noncurrent liabilities in our Consolidated Balance Sheets. The following table summarizes the changes in total product warranty reserves for the periods presented: | |||||||||
Millions of dollars | 2013 | 2012 | |||||||
Balance at January 1 | $ | 187 | $ | 197 | |||||
Issuances/accruals during the period | 292 | 303 | |||||||
Settlements made during the period | (288 | ) | (313 | ) | |||||
Balance at December 31 | $ | 191 | $ | 187 | |||||
Current portion | $ | 154 | $ | 148 | |||||
Non-current portion | 37 | 39 | |||||||
Total | $ | 191 | $ | 187 | |||||
Operating Lease Commitments | ' | ||||||||
At December 31, 2013, we had noncancelable operating lease commitments totaling $851 million. The annual future minimum lease payments are summarized by year in the table below: | |||||||||
Millions of dollars | |||||||||
2014 | $ | 201 | |||||||
2015 | 163 | ||||||||
2016 | 135 | ||||||||
2017 | 119 | ||||||||
2018 | 89 | ||||||||
Thereafter | 144 | ||||||||
Total noncancelable operating lease commitments | $ | 851 | |||||||
Purchase Obligations | ' | ||||||||
Our expected cash outflows resulting from purchase obligations are summarized by year in the table below: | |||||||||
Millions of dollars | |||||||||
2014 | $ | 225 | |||||||
2015 | 175 | ||||||||
2016 | 165 | ||||||||
2017 | 126 | ||||||||
2018 | 117 | ||||||||
Thereafter | 219 | ||||||||
Total purchase obligations | $ | 1,027 | |||||||
Hedges_and_Derivative_Financia1
Hedges and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||||||||||||||
The following tables summarize our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||
Fair Value of | Type of | ||||||||||||||||||||||||||||||
Millions of dollars | Notional Amount | Hedge Assets | Hedge Liabilities | Hedge (1) | Maximum Term (Months) | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivatives accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 744 | $ | 1,101 | $ | 16 | $ | 8 | $ | 10 | $ | 12 | (CF/FV) | 14 | 18 | ||||||||||||||||
Commodity swaps/options | 363 | 354 | 8 | 11 | 13 | 9 | (CF) | 36 | 24 | ||||||||||||||||||||||
Total derivatives accounted for as hedges | $ | 24 | $ | 19 | $ | 23 | $ | 21 | |||||||||||||||||||||||
Derivatives not accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 1,274 | $ | 1,522 | $ | 6 | $ | 11 | $ | 32 | $ | 23 | N/A | 12 | 13 | ||||||||||||||||
Commodity swaps/options | 1 | 6 | — | — | — | — | N/A | 4 | 12 | ||||||||||||||||||||||
Total derivatives not accounted for as hedges | 6 | 11 | 32 | 23 | |||||||||||||||||||||||||||
Total derivatives | $ | 30 | $ | 30 | $ | 55 | $ | 44 | |||||||||||||||||||||||
Current | $ | 28 | $ | 26 | $ | 54 | $ | 43 | |||||||||||||||||||||||
Noncurrent | 2 | 4 | 1 | 1 | |||||||||||||||||||||||||||
Total derivatives | $ | 30 | $ | 30 | $ | 55 | $ | 44 | |||||||||||||||||||||||
(1) | Derivatives accounted for as hedges are either considered cash flow (CF) or fair value (FV) hedges | ||||||||||||||||||||||||||||||
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income | ' | ||||||||||||||||||||||||||||||
The pre-tax effects of derivative instruments on our Consolidated Statements of Income for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||
Cash Flow Hedges - Millions of dollars | Gain (Loss) | Gain (Loss) | |||||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | ||||||||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||||||||
(Effective Portion) (1) | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 20 | $ | (22 | ) | $ | 9 | $ | (15 | ) | (a) | ||||||||||||||||||||
Commodity swaps/options | (29 | ) | 12 | (19 | ) | (9 | ) | (a) | |||||||||||||||||||||||
Interest rate derivatives | — | (7 | ) | (1 | ) | (1 | ) | (b) | |||||||||||||||||||||||
$ | (9 | ) | $ | (17 | ) | $ | (11 | ) | $ | (25 | ) | ||||||||||||||||||||
Derivatives not Accounted for as Hedges - Millions of dollars | Gain (Loss) Recognized on Derivatives not | ||||||||||||||||||||||||||||||
Accounted for as Hedges (2) | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | (49 | ) | $ | (23 | ) | |||||||||||||||||||||||||
(1) | Gains and losses reclassified from accumulated OCI and recognized in income are recorded in (a) cost of products sold; or (b) interest expense. | ||||||||||||||||||||||||||||||
(2) | Mark to market gains and losses recognized in income are recorded in interest and sundry income (expense). |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following table shows the components of accumulated other comprehensive income (loss) available to Whirlpool at December 31, 2011, 2012, and 2013, and the activity for the years then ended: | |||||||||||||||||||||
Millions of dollars | Foreign | Derivative | Pension and | Marketable | Total | ||||||||||||||||
Currency | Instruments | Postretirement | Securities | ||||||||||||||||||
Liability | |||||||||||||||||||||
December 31, 2010 | $ | (267 | ) | $ | 84 | $ | (708 | ) | $ | (2 | ) | $ | (893 | ) | |||||||
Unrealized gain (loss) | (86 | ) | (142 | ) | — | (4 | ) | (232 | ) | ||||||||||||
Unrealized actuarial loss and prior service credit (cost) | — | — | (177 | ) | — | (177 | ) | ||||||||||||||
Tax effect | (36 | ) | 42 | 65 | — | 71 | |||||||||||||||
Other comprehensive income (loss), net of tax | (122 | ) | (100 | ) | (112 | ) | (4 | ) | (338 | ) | |||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (2 | ) | (3 | ) | — | — | (5 | ) | |||||||||||||
Other comprehensive income (loss) available to Whirlpool | (120 | ) | (97 | ) | (112 | ) | (4 | ) | (333 | ) | |||||||||||
December 31, 2011 | $ | (387 | ) | $ | (13 | ) | $ | (820 | ) | $ | (6 | ) | $ | (1,226 | ) | ||||||
Unrealized gain (loss) | (36 | ) | 8 | — | 9 | (19 | ) | ||||||||||||||
Unrealized actuarial gain (loss) and prior service credit (cost) | — | — | (420 | ) | — | (420 | ) | ||||||||||||||
Tax effect | (19 | ) | (3 | ) | 152 | — | 130 | ||||||||||||||
Other comprehensive income (loss), net of tax | (55 | ) | 5 | (268 | ) | 9 | (309 | ) | |||||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (4 | ) | — | — | — | (4 | ) | ||||||||||||||
Other comprehensive income (loss) available to Whirlpool | (51 | ) | 5 | (268 | ) | 9 | (305 | ) | |||||||||||||
December 31, 2012 | $ | (438 | ) | $ | (8 | ) | $ | (1,088 | ) | $ | 3 | $ | (1,531 | ) | |||||||
Unrealized gain (loss) | (122 | ) | 2 | — | 7 | (113 | ) | ||||||||||||||
Unrealized actuarial gain (loss) and prior service credit (cost) | — | — | 508 | — | 508 | ||||||||||||||||
Tax effect | 25 | — | (190 | ) | — | (165 | ) | ||||||||||||||
Other comprehensive income (loss), net of tax | (97 | ) | 2 | 318 | 7 | 230 | |||||||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Other comprehensive income (loss) available to Whirlpool | (94 | ) | 2 | 318 | 7 | 233 | |||||||||||||||
December 31, 2013 | $ | (532 | ) | $ | (6 | ) | $ | (770 | ) | $ | 10 | $ | (1,298 | ) | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||||||||||||||
Basic and diluted net earnings per share of common stock were calculated as follows: | |||||||||||||||||||||
Millions of dollars and shares | 2013 | 2012 | 2011 | ||||||||||||||||||
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool | $ | 827 | $ | 401 | $ | 390 | |||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 79.3 | 78.1 | 76.8 | ||||||||||||||||||
Effect of dilutive securities – stock-based compensation | 1.5 | 1.2 | 1.3 | ||||||||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares | 80.8 | 79.3 | 78.1 | ||||||||||||||||||
Anti-dilutive stock options/awards excluded from earnings per share | — | 2.4 | 2.1 | ||||||||||||||||||
Sharebased_Incentive_Plans_Tab
Share-based Incentive Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||
Based on the results of the model, the weighted-average fair values of stock options granted for 2013, 2012, and 2011 were $33.92, $19.54 and $24.74, respectively, using the following assumptions: | ||||||||||
Weighted Average Black-Scholes Assumptions | 2013 | 2012 | 2011 | |||||||
Risk-free interest rate | 0.9 | % | 0.9 | % | 2.3 | % | ||||
Expected volatility | 40.3 | % | 40.3 | % | 36.5 | % | ||||
Expected dividend yield | 1.8 | % | 2.9 | % | 2 | % | ||||
Expected option life, in years | 5 | 5 | 5 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||
The following table summarizes stock option activity during 2013: | ||||||||||
In thousands, except per share data | Number | Weighted- | ||||||||
of Options | Average | |||||||||
Exercise Price | ||||||||||
Outstanding at January 1 | 3,053 | $ | 74 | |||||||
Granted | 469 | 110.33 | ||||||||
Exercised | (1,187 | ) | 80.02 | |||||||
Canceled or expired | (80 | ) | 88.26 | |||||||
Outstanding at December 31 | 2,255 | $ | 77.87 | |||||||
Exercisable at December 31 | 1,208 | $ | 67.25 | |||||||
Schedule of share-based compensation, stock options, additional information [Table Text Block] | ' | |||||||||
The table below summarizes additional information related to stock options outstanding at December 31, 2013: | ||||||||||
Options in thousands / dollars in millions, except share data | Outstanding Net of | Options | ||||||||
Expected Forfeitures | Exercisable | |||||||||
Number of options | 2,175 | 1,208 | ||||||||
Weighted-average exercise price per share | $ | 77.18 | $ | 67.25 | ||||||
Aggregate intrinsic value | $ | 177 | $ | 110 | ||||||
Weighted-average remaining contractual term, in years | 7 | 5 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||
The following table summarizes stock unit activity during 2013: | ||||||||||
Stock units in thousands, except per-share data | Number of | Weighted- Average | ||||||||
Stock Units | Grant Date Fair | |||||||||
Value | ||||||||||
Non-vested, at January 1 | 1,490 | $ | 76.91 | |||||||
Granted | 275 | 107.85 | ||||||||
Canceled | (124 | ) | 81.94 | |||||||
Vested and transferred to unrestricted | (439 | ) | 80.48 | |||||||
Non-vested, at December 31 | 1,202 | $ | 82.4 | |||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||||
Schedule of Restructuring Reserve | ' | ||||||||||||||||||
The following tables summarize the changes to our restructuring liability for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
Millions of dollars | 12/31/12 | Charge to Earnings | Cash Paid | Non-cash and Other | Revision of Estimate | 12/31/13 | |||||||||||||
Employee termination costs | $ | 56 | $ | 91 | $ | (62 | ) | $ | — | $ | (11 | ) | $ | 74 | |||||
Asset impairment costs | — | 62 | — | (62 | ) | — | — | ||||||||||||
Facility exit costs | 3 | 37 | (25 | ) | — | (1 | ) | 14 | |||||||||||
Other exit costs | 11 | 18 | (11 | ) | — | — | 18 | ||||||||||||
Total | $ | 70 | $ | 208 | $ | (98 | ) | $ | (62 | ) | $ | (12 | ) | $ | 106 | ||||
Millions of dollars | 12/31/11 | Charge to Earnings | Cash Paid | Non-cash and Other | Revision of Estimate | 12/31/12 | |||||||||||||
Employee termination costs | $ | 62 | $ | 97 | $ | (103 | ) | $ | — | $ | — | $ | 56 | ||||||
Asset impairment costs | — | 78 | — | (78 | ) | — | — | ||||||||||||
Facility exit costs | 9 | 33 | (30 | ) | (8 | ) | (1 | ) | 3 | ||||||||||
Other exit costs | 7 | 29 | (25 | ) | — | — | 11 | ||||||||||||
Total | $ | 78 | $ | 237 | $ | (158 | ) | $ | (86 | ) | $ | (1 | ) | $ | 70 | ||||
Restructuring Charges by Segment | ' | ||||||||||||||||||
The following table summarizes 2013 restructuring charges by operating segment: | |||||||||||||||||||
Millions of dollars | 2013 Charges | ||||||||||||||||||
North America | $ | 65 | |||||||||||||||||
Latin America | 12 | ||||||||||||||||||
EMEA | 111 | ||||||||||||||||||
Asia | 7 | ||||||||||||||||||
Corporate / Other | 1 | ||||||||||||||||||
Total | $ | 196 | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||||||||||
The following table summarizes the difference between income tax expense at the United States statutory rate of 35% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods: | |||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Earnings (loss) before income taxes | |||||||||||||||||||||||||
United States | $ | 149 | $ | 113 | $ | (240 | ) | ||||||||||||||||||
Foreign | 768 | 445 | 212 | ||||||||||||||||||||||
Earnings (loss) before income taxes | 917 | 558 | (28 | ) | |||||||||||||||||||||
Income tax computed at United States statutory rate | 321 | 195 | (10 | ) | |||||||||||||||||||||
U.S. government tax incentives, including Energy Tax Credits | (142 | ) | — | (379 | ) | ||||||||||||||||||||
Foreign government tax incentives, including BEFIEX | (63 | ) | (38 | ) | (100 | ) | |||||||||||||||||||
Foreign tax rate differential | (17 | ) | (2 | ) | (13 | ) | |||||||||||||||||||
U.S. foreign tax credits | (231 | ) | (31 | ) | (37 | ) | |||||||||||||||||||
Valuation allowances | 16 | (86 | ) | 11 | |||||||||||||||||||||
State and local taxes, net of federal tax benefit | 7 | 2 | (4 | ) | |||||||||||||||||||||
Foreign withholding taxes | 29 | 12 | 10 | ||||||||||||||||||||||
Non-deductible government settlements | — | — | 30 | ||||||||||||||||||||||
U.S. tax on foreign dividends and subpart F income | 195 | 57 | 26 | ||||||||||||||||||||||
Settlement of global tax audits | (54 | ) | 18 | 10 | |||||||||||||||||||||
Other items, net | 7 | 6 | 20 | ||||||||||||||||||||||
Income tax computed at effective worldwide tax rates | $ | 68 | $ | 133 | $ | (436 | ) | ||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||||||||||
The following table summarizes our income tax (benefit) provision for 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Millions of dollars | Current | Deferred | Current | Deferred | Current | Deferred | |||||||||||||||||||
United States | $ | (60 | ) | $ | (57 | ) | $ | 18 | $ | 24 | $ | (18 | ) | $ | (464 | ) | |||||||||
Foreign | 187 | (9 | ) | 189 | (96 | ) | 114 | (64 | ) | ||||||||||||||||
State and local | 2 | 5 | 7 | (9 | ) | (1 | ) | (3 | ) | ||||||||||||||||
$ | 129 | $ | (61 | ) | $ | 214 | $ | (81 | ) | $ | 95 | $ | (531 | ) | |||||||||||
Total income tax expense (benefit) | $ | 68 | $ | 133 | $ | (436 | ) | ||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table summarizes the significant components of our deferred tax liabilities and assets at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Intangibles | $ | 517 | $ | 513 | |||||||||||||||||||||
Property, net | 141 | 138 | |||||||||||||||||||||||
LIFO inventory | 49 | 54 | |||||||||||||||||||||||
Other | 201 | 194 | |||||||||||||||||||||||
Total deferred tax liabilities | 908 | 899 | |||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
U.S. general business credit carryforwards, including Energy Tax Credits | 1,050 | 917 | |||||||||||||||||||||||
Pensions | 311 | 557 | |||||||||||||||||||||||
Loss carryforwards | 467 | 410 | |||||||||||||||||||||||
Inventory prepayment | 93 | 307 | |||||||||||||||||||||||
Postretirement obligations | 177 | 174 | |||||||||||||||||||||||
Foreign tax credit carryforwards | 243 | 98 | |||||||||||||||||||||||
Research and development capitalization | 239 | 190 | |||||||||||||||||||||||
Employee payroll and benefits | 138 | 174 | |||||||||||||||||||||||
Accrued expenses | 102 | 82 | |||||||||||||||||||||||
Product warranty accrual | 58 | 58 | |||||||||||||||||||||||
Receivable and inventory allowances | 51 | 54 | |||||||||||||||||||||||
Other | 233 | 170 | |||||||||||||||||||||||
Total deferred tax assets | 3,162 | 3,191 | |||||||||||||||||||||||
Valuation allowances for deferred tax assets | (186 | ) | (130 | ) | |||||||||||||||||||||
Deferred tax assets, net of valuation allowances | 2,976 | 3,061 | |||||||||||||||||||||||
Net deferred tax assets | $ | 2,068 | $ | 2,162 | |||||||||||||||||||||
Unrecognized tax benefits | ' | ||||||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending amount of unrecognized tax benefits that if recognized would impact the effective tax rate, excluding federal benefits of state and local tax positions, and interest and penalties: | |||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, January 1 | $ | 178 | $ | 178 | $ | 190 | |||||||||||||||||||
Additions for tax positions of the current year | 17 | 13 | 9 | ||||||||||||||||||||||
Additions for tax positions of prior years | 6 | 16 | 10 | ||||||||||||||||||||||
Reductions for tax positions of prior years | (81 | ) | (15 | ) | (24 | ) | |||||||||||||||||||
Settlements during the period | (3 | ) | (5 | ) | (1 | ) | |||||||||||||||||||
Lapses of applicable statute of limitation | (4 | ) | (9 | ) | (6 | ) | |||||||||||||||||||
Balance, December 31 | $ | 113 | $ | 178 | $ | 178 | |||||||||||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Obligations and Funded Status at End of Year | ' | ||||||||||||||||||||||||||||||||||||
Obligations and Funded Status at End of Year | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Funded status | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 2,835 | $ | 2,790 | $ | 206 | $ | 197 | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligations | 3,546 | 4,196 | 439 | 448 | 509 | 477 | |||||||||||||||||||||||||||||||
Funded status | $ | (711 | ) | $ | (1,406 | ) | $ | (233 | ) | $ | (251 | ) | $ | (509 | ) | $ | (477 | ) | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet | |||||||||||||||||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 7 | $ | 5 | $ | — | $ | — | |||||||||||||||||||||||||
Current liability | (7 | ) | (7 | ) | (14 | ) | (19 | ) | (51 | ) | (55 | ) | |||||||||||||||||||||||||
Noncurrent liability | (704 | ) | (1,399 | ) | (226 | ) | (237 | ) | (458 | ) | (422 | ) | |||||||||||||||||||||||||
Amount recognized | $ | (711 | ) | $ | (1,406 | ) | $ | (233 | ) | $ | (251 | ) | $ | (509 | ) | $ | (477 | ) | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax) | |||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 1,215 | $ | 1,761 | $ | 98 | $ | 119 | $ | 42 | $ | 27 | |||||||||||||||||||||||||
Prior service (credit) cost | (17 | ) | (20 | ) | 3 | 4 | (169 | ) | (210 | ) | |||||||||||||||||||||||||||
Transition (asset) obligation | — | — | — | (1 | ) | — | — | ||||||||||||||||||||||||||||||
Amount recognized | $ | 1,198 | $ | 1,741 | $ | 101 | $ | 122 | $ | (127 | ) | $ | (183 | ) | |||||||||||||||||||||||
Change in Benefit Obligation | ' | ||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 4,196 | $ | 3,872 | $ | 448 | $ | 373 | $ | 477 | $ | 488 | |||||||||||||||||||||||||
Service cost | 2 | 2 | 6 | 6 | 4 | 5 | |||||||||||||||||||||||||||||||
Interest cost | 162 | 178 | 17 | 20 | 18 | 21 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 8 | 9 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | (420 | ) | 425 | (7 | ) | 65 | (31 | ) | 25 | ||||||||||||||||||||||||||||
Benefits paid, net of federal subsidy | (281 | ) | (270 | ) | (23 | ) | (21 | ) | (68 | ) | (64 | ) | |||||||||||||||||||||||||
Plan amendments | — | — | — | — | 2 | (2 | ) | ||||||||||||||||||||||||||||||
Acquisitions / divestitures | — | — | — | (2 | ) | — | — | ||||||||||||||||||||||||||||||
New plans | — | — | — | 14 | — | — | |||||||||||||||||||||||||||||||
Transfer of benefits | (105 | ) | — | — | — | 105 | — | ||||||||||||||||||||||||||||||
Settlements / curtailment (gain) | (8 | ) | (11 | ) | (6 | ) | (17 | ) | — | (2 | ) | ||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | 3 | 9 | (6 | ) | (3 | ) | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 3,546 | $ | 4,196 | $ | 439 | $ | 448 | $ | 509 | $ | 477 | |||||||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 3,536 | $ | 4,181 | $ | 424 | $ | 428 | $ | — | $ | — | |||||||||||||||||||||||||
Change in Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||||||
United States Pension Benefits | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 2,790 | $ | 2,573 | $ | 197 | $ | 170 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | 207 | 317 | 13 | 19 | — | — | |||||||||||||||||||||||||||||||
Employer contribution | 127 | 181 | 24 | 27 | 60 | 55 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 8 | 9 | |||||||||||||||||||||||||||||||
Gross benefits paid | (281 | ) | (270 | ) | (23 | ) | (21 | ) | (68 | ) | (64 | ) | |||||||||||||||||||||||||
New plans | — | — | 2 | 14 | — | — | |||||||||||||||||||||||||||||||
Settlements | (8 | ) | (11 | ) | (6 | ) | (17 | ) | — | — | |||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (2 | ) | 4 | — | — | ||||||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 2,835 | $ | 2,790 | $ | 206 | $ | 197 | $ | — | $ | — | |||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 2 | $ | 6 | $ | 6 | $ | 7 | $ | 4 | $ | 5 | $ | 8 | |||||||||||||||||||
Interest cost | 162 | 178 | 192 | 17 | 20 | 20 | 18 | 21 | 31 | ||||||||||||||||||||||||||||
Expected return on plan assets | (191 | ) | (194 | ) | (194 | ) | (10 | ) | (11 | ) | (10 | ) | — | — | — | ||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Actuarial loss | 62 | 46 | 31 | 6 | 4 | 4 | 1 | 1 | 1 | ||||||||||||||||||||||||||||
Prior service cost (credit) | (3 | ) | (3 | ) | (3 | ) | 1 | 1 | 1 | (39 | ) | (42 | ) | (43 | ) | ||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | — | (52 | ) | (35 | ) | ||||||||||||||||||||||||||
Settlement loss | 3 | 5 | — | 1 | 3 | 2 | — | — | — | ||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 35 | $ | 34 | $ | 28 | $ | 21 | $ | 23 | $ | 24 | $ | (16 | ) | $ | (67 | ) | $ | (38 | ) | ||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pre-Tax) in 2012 | ' | ||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pre-Tax) in 2013 | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Current year actuarial (gain) loss | $ | (481 | ) | $ | (10 | ) | $ | 16 | |||||||||||||||||||||||||||||
Actuarial (loss) gain recognized during the year | (65 | ) | (10 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Current year prior service cost (credit) | — | — | 2 | ||||||||||||||||||||||||||||||||||
Prior service credit (cost) recognized during the year | 3 | (1 | ) | 39 | |||||||||||||||||||||||||||||||||
Total recognized in other comprehensive loss (pre-tax) | $ | (543 | ) | $ | (21 | ) | $ | 56 | |||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | $ | (508 | ) | $ | — | $ | 40 | ||||||||||||||||||||||||||||||
Estimated Pre-Tax | |||||||||||||||||||||||||||||||||||||
Estimated Pre-Tax Amounts that will be amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in 2013 | ' | ||||||||||||||||||||||||||||||||||||
Estimated Pre-Tax Amounts that will be amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in 2014 | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 43 | $ | 6 | $ | — | |||||||||||||||||||||||||||||||
Prior service (credit) cost | (3 | ) | 1 | (39 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 40 | $ | 7 | $ | (39 | ) | ||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at the end of the year and net periodic cost | ' | ||||||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at end of year | |||||||||||||||||||||||||||||||||||||
United States Pension | Foreign Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Discount rate | 4.95 | % | 4.05 | % | 4.16 | % | 3.93 | % | 4.95 | % | 4.03 | % | |||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 3.4 | % | 3.51 | % | — | — | |||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost | |||||||||||||||||||||||||||||||||||||
United States Pension | Foreign Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.8 | % | 5.6 | % | 3.93 | % | 5.04 | % | 5.2 | % | 4.03 | % | 5.03 | % | 5.6 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | 7.75 | % | 5.4 | % | 5.44 | % | 5.4 | % | — | — | — | ||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 3.51 | % | 3.48 | % | 3.5 | % | — | — | — | ||||||||||||||||||||||
Health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Initial rate | — | — | — | — | — | — | 7 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
Ultimate rate | — | — | — | — | — | — | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||
Year that ultimate rate will be reached | — | — | — | — | — | — | 2017 | 2015 | 2015 | ||||||||||||||||||||||||||||
Estimated impact of one percentage-point change in assumed health care cost trend rate | ' | ||||||||||||||||||||||||||||||||||||
A one percentage point change in assumed health care cost trend rates would have the following effects on our health care plan: | |||||||||||||||||||||||||||||||||||||
Millions of dollars | One Percentage | One Percentage | |||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 1 | $ | (1 | ) | ||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligations | 5 | (5 | ) | ||||||||||||||||||||||||||||||||||
Expected Employer Contributions to Funded Plans | ' | ||||||||||||||||||||||||||||||||||||
Expected Employer Contributions to Funded Plans | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension | |||||||||||||||||||||||||||||||||||
Pension Benefits(1) | Benefits | ||||||||||||||||||||||||||||||||||||
2014 | $ | 160 | $ | 11 | |||||||||||||||||||||||||||||||||
1 | Contributions include $160 million of minimum contributions required by law. | ||||||||||||||||||||||||||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||||||||||||||||||||||
Expected Benefit Payments | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
2014 | $ | 274 | $ | 28 | $ | 51 | |||||||||||||||||||||||||||||||
2015 | 245 | 32 | 52 | ||||||||||||||||||||||||||||||||||
2016 | 248 | 22 | 51 | ||||||||||||||||||||||||||||||||||
2017 | 246 | 26 | 49 | ||||||||||||||||||||||||||||||||||
2018 | 247 | 25 | 44 | ||||||||||||||||||||||||||||||||||
2019-2023 | 1,230 | 131 | 187 | ||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The fair values of our pension plan assets at December 31, 2013 and 2012, by asset category were as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
Millions of dollars | Quoted prices | Other significant | Significant | Total | |||||||||||||||||||||||||||||||||
(Level 1) | observable inputs | unobservable inputs | |||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Cash and equivalents | $ | 23 | $ | 15 | $ | — | $ | — | $ | — | $ | — | $ | 23 | $ | 15 | |||||||||||||||||||||
Government and government agency securities(a) | |||||||||||||||||||||||||||||||||||||
U.S. securities | — | — | 432 | 433 | — | — | 432 | 433 | |||||||||||||||||||||||||||||
International securities | — | — | 131 | 104 | — | — | 131 | 104 | |||||||||||||||||||||||||||||
Corporate bonds and notes (a) | |||||||||||||||||||||||||||||||||||||
U.S. companies | — | — | 850 | 751 | — | — | 850 | 751 | |||||||||||||||||||||||||||||
International companies | — | — | 193 | 176 | — | — | 193 | 176 | |||||||||||||||||||||||||||||
Equity securities (b) | |||||||||||||||||||||||||||||||||||||
U.S. companies | 12 | 217 | — | — | — | — | 12 | 217 | |||||||||||||||||||||||||||||
International companies | 223 | 233 | — | — | — | — | 223 | 233 | |||||||||||||||||||||||||||||
Mutual funds (c) | 77 | 100 | — | — | — | — | 77 | 100 | |||||||||||||||||||||||||||||
Common and collective funds (d) | |||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | — | 718 | 589 | — | — | 718 | 589 | |||||||||||||||||||||||||||||
International equity securities | — | — | 79 | 106 | — | — | 79 | 106 | |||||||||||||||||||||||||||||
Short-term investment fund | — | — | 87 | 49 | — | — | 87 | 49 | |||||||||||||||||||||||||||||
Limited partnerships (e) | |||||||||||||||||||||||||||||||||||||
U.S. private equity investments | — | — | — | — | 145 | 143 | 145 | 143 | |||||||||||||||||||||||||||||
Diversified fund of funds | — | — | — | — | 35 | 38 | 35 | 38 | |||||||||||||||||||||||||||||
Emerging growth | — | — | — | — | 18 | 15 | 18 | 15 | |||||||||||||||||||||||||||||
Real estate (f) | — | — | 11 | 10 | — | — | 11 | 10 | |||||||||||||||||||||||||||||
All other investments | — | — | 7 | 8 | — | — | 7 | 8 | |||||||||||||||||||||||||||||
$ | 335 | $ | 565 | $ | 2,508 | $ | 2,226 | $ | 198 | $ | 196 | $ | 3,041 | $ | 2,987 | ||||||||||||||||||||||
(a) | Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk. | ||||||||||||||||||||||||||||||||||||
(b) | Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year. | ||||||||||||||||||||||||||||||||||||
(c) | Valued using the net asset value (NAV) of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities issued by non-U.S. companies. | ||||||||||||||||||||||||||||||||||||
(d) | Valued using the NAV of the fund, which is based on the fair value of underlying securities. | ||||||||||||||||||||||||||||||||||||
(e) | Valued at estimated fair value based on the proportionate share of the limited partnerships fair value, as determined by the general partner. | ||||||||||||||||||||||||||||||||||||
(f) | Valued using the NAV of the fund, which is based on the fair value of underlying assets. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ' | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||
Millions of dollars | Limited | ||||||||||||||||||||||||||||||||||||
Partnerships | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 196 | |||||||||||||||||||||||||||||||||||
Realized gains (net) | 16 | ||||||||||||||||||||||||||||||||||||
Unrealized gains (net) | 10 | ||||||||||||||||||||||||||||||||||||
Purchases | 14 | ||||||||||||||||||||||||||||||||||||
Settlements | (38 | ) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 198 | |||||||||||||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,546 | $ | 4,196 | $ | 397 | $ | 374 | |||||||||||||||||||||||||||||
Fair value of plan assets | 2,835 | 2,790 | 157 | 117 | |||||||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
United States | Foreign Pension Benefits | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
Millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,546 | $ | 4,196 | $ | 347 | $ | 359 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | 3,536 | 4,181 | 340 | 346 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 2,835 | 2,790 | 110 | 105 | |||||||||||||||||||||||||||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||||||||||||||||||
The following table summarizes net sales and long-lived assets by geographic area: | |||||||||||||||||||||||||
Millions of dollars | United States | Brazil | All Other | Total | |||||||||||||||||||||
Countries | |||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 8,577 | $ | 3,295 | $ | 6,897 | $ | 18,769 | |||||||||||||||||
Long-lived assets | 4,461 | 335 | 1,671 | 6,467 | |||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 8,005 | $ | 3,337 | $ | 6,801 | $ | 18,143 | |||||||||||||||||
Long-lived assets | 4,412 | 377 | 1,694 | 6,483 | |||||||||||||||||||||
2011:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 8,035 | $ | 3,343 | $ | 7,288 | $ | 18,666 | |||||||||||||||||
Long-lived assets | 4,464 | 405 | 1,717 | 6,586 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Operating Segment Information | ' | ||||||||||||||||||||||||
Intangible asset impairment and restructuring costs are included in operating profit on a consolidated basis and included in the Other/Eliminations column in the table below: | |||||||||||||||||||||||||
OPERATING SEGMENTS | |||||||||||||||||||||||||
Millions of dollars | North | Latin | EMEA | Asia | Other/ | Total | |||||||||||||||||||
America | America | Eliminations | Whirlpool | ||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||
2013 | $ | 10,178 | $ | 4,928 | $ | 3,024 | $ | 807 | $ | (168 | ) | $ | 18,769 | ||||||||||||
2012 | 9,631 | 4,950 | 2,874 | 847 | (159 | ) | 18,143 | ||||||||||||||||||
2011 | 9,582 | 5,062 | 3,305 | 881 | (164 | ) | 18,666 | ||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||||
2013 | $ | 256 | $ | 174 | $ | 79 | $ | 257 | $ | (766 | ) | $ | — | ||||||||||||
2012 | 262 | 171 | 104 | 226 | (763 | ) | — | ||||||||||||||||||
2011 | 216 | 187 | 167 | 217 | (787 | ) | — | ||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||
2013 | $ | 238 | $ | 91 | $ | 95 | $ | 18 | $ | 98 | $ | 540 | |||||||||||||
2012 | 260 | 97 | 93 | 18 | 83 | 551 | |||||||||||||||||||
2011 | 280 | 101 | 107 | 21 | 49 | 558 | |||||||||||||||||||
Operating profit (loss) | |||||||||||||||||||||||||
2013 | $ | 1,070 | $ | 557 | $ | (4 | ) | $ | 34 | $ | (408 | ) | $ | 1,249 | |||||||||||
2012 | 846 | 476 | (51 | ) | 37 | (439 | ) | 869 | |||||||||||||||||
2011 | 398 | 642 | 1 | 30 | (279 | ) | 792 | ||||||||||||||||||
Total assets | |||||||||||||||||||||||||
2013 | $ | 7,785 | $ | 3,380 | $ | 2,955 | $ | 921 | $ | 503 | $ | 15,544 | |||||||||||||
2012 | 7,766 | 3,845 | 2,956 | 802 | 27 | 15,396 | |||||||||||||||||||
2011 | 7,894 | 3,620 | 2,839 | 797 | 31 | 15,181 | |||||||||||||||||||
Capital expenditures | |||||||||||||||||||||||||
2013 | $ | 254 | $ | 108 | $ | 101 | $ | 25 | $ | 90 | $ | 578 | |||||||||||||
2012 | 219 | 100 | 88 | 24 | 45 | 476 | |||||||||||||||||||
2011 | 316 | 112 | 103 | 27 | 50 | 608 | |||||||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
Millions of dollars, except per share data | Dec. 31 | Sept. 30 | Jun. 30 | Mar. 31 | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net sales | $ | 5,090 | $ | 4,791 | $ | 4,683 | $ | 4,494 | $ | 4,748 | $ | 4,510 | $ | 4,248 | $ | 4,348 | |||||||||||||||||
Cost of products sold | 4,181 | 3,979 | 3,837 | 3,791 | 3,931 | 3,782 | 3,522 | 3,698 | |||||||||||||||||||||||||
Operating profit | 354 | 258 | 313 | 213 | 328 | 194 | 254 | 204 | |||||||||||||||||||||||||
Interest and sundry income (expense) | (82 | ) | (35 | ) | (16 | ) | (38 | ) | (39 | ) | (22 | ) | (18 | ) | (17 | ) | |||||||||||||||||
Net earnings | 187 | 128 | 199 | 80 | 206 | 120 | 257 | 97 | |||||||||||||||||||||||||
Net earnings available to Whirlpool | 181 | 122 | 196 | 74 | 198 | 113 | 252 | 92 | |||||||||||||||||||||||||
Per share of common stock: (1) | |||||||||||||||||||||||||||||||||
Basic net earnings | $ | 2.31 | $ | 1.55 | $ | 2.46 | $ | 0.95 | $ | 2.48 | $ | 1.45 | $ | 3.18 | $ | 1.19 | |||||||||||||||||
Diluted net earnings | 2.26 | 1.52 | 2.42 | 0.94 | 2.44 | 1.43 | 3.12 | 1.17 | |||||||||||||||||||||||||
Dividends | 0.625 | 0.5 | 0.625 | 0.5 | 0.625 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||
Market price range of common stock: (2) | |||||||||||||||||||||||||||||||||
High | $ | 159.22 | $ | 104.21 | $ | 151.84 | $ | 86.47 | $ | 134.09 | $ | 77.04 | $ | 120 | $ | 79.39 | |||||||||||||||||
Low | 129.22 | 82.35 | 111.7 | 59.85 | 107.88 | 54.08 | 101.74 | 47.72 | |||||||||||||||||||||||||
Close | 156.86 | 101.75 | 146.44 | 82.91 | 114.36 | 61.16 | 118.46 | 76.86 | |||||||||||||||||||||||||
(1) | The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data. | ||||||||||||||||||||||||||||||||
(2) | Composite price as reported by the New York Stock Exchange. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | ||||||||||||
ADDITIONS | ||||||||||||||||
Description | Balance at Beginning | -1 | -2 | Deductions | Balance at End | |||||||||||
of Period | Charged to Costs | Charged to Other | —Describe (A) | of Period | ||||||||||||
and Expenses | Accounts / Other | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 60 | 21 | — | (8 | ) | 73 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 61 | 23 | — | (24 | ) | 60 | ||||||||||
Year Ended December 31, 2011: | ||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 66 | 17 | — | (22 | ) | 61 | ||||||||||
Note A—The amounts represent accounts charged off, less translation adjustments and transfers. Recoveries were nominal for 2013, 2012 and 2011. |
Summary_of_Principal_Accountin3
Summary of Principal Accounting Policies (Property) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Building | Building | Machinery and Equipment | Machinery and Equipment | ||
Minimum | Maximum | Minimum | Maximum | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Land | $76 | $74 | ' | ' | ' | ' |
Buildings | 1,303 | 1,252 | ' | ' | ' | ' |
Machinery and equipment | 7,940 | 7,778 | ' | ' | ' | ' |
Accumulated depreciation | -6,278 | -6,070 | ' | ' | ' | ' |
Property, net | $3,041 | $3,034 | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '25 years | '50 years | '3 years | '25 years |
Summary_of_Principal_Accountin4
Summary of Principal Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segments | |||
Accounting Policies [Abstract] | ' | ' | ' |
Number of Countries in which Entity Operates | 11 | ' | ' |
Number of Operating Segments | 4 | ' | ' |
Depreciation | $515,000,000 | $521,000,000 | $530,000,000 |
Retirement of Property | 163,000,000 | 558,000,000 | ' |
Accounts Payable Outsourcing | 1,300,000,000 | 1,200,000,000 | ' |
Research and Development Expense | 582,000,000 | 553,000,000 | 578,000,000 |
Advertising Expense | $304,000,000 | $273,000,000 | $275,000,000 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles Goodwill (Narrrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, Impairment Loss | $0 | ' |
Goodwill | 1,724 | 1,727 |
North America | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 1,720 | 1,723 |
Latin America | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $4 | $4 |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles Other Intangible Assets (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | $417 | $412 | ||
Accumulated Amortization | -237 | -211 | ||
Finite-Lived Intangible Assets, Net | 180 | 201 | ||
Intangible Assets, gross (excluding goodwill) | 1,939 | 1,933 | ||
Total other intangibles assets | 1,702 | 1,722 | ||
Trademarks, indefinite lives | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Accumulated Amortization | 0 | 0 | ||
Indefinite-Lived Trade Names | 1,522 | 1,521 | ||
Customer Relationships | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 289 | [1] | 289 | [1] |
Accumulated Amortization | -125 | [1] | -109 | [1] |
Finite-Lived Intangible Assets, Net | 164 | [1] | 180 | [1] |
Finite-Lived Intangible Asset, Useful Life | '18 years | ' | ||
Patents and non-competes | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 128 | [2] | 123 | [2] |
Accumulated Amortization | -112 | [2] | -102 | [2] |
Finite-Lived Intangible Assets, Net | $16 | [2] | $21 | [2] |
Minimum | Patents and non-competes | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Asset, Useful Life | '4 years | ' | ||
Maximum | Patents and non-competes | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Asset, Useful Life | '14 years | ' | ||
[1] | Customer relationships have an estimated useful life of 18 years. | |||
[2] | Patents and other intangibles have an estimated useful life of 4 to 14 years. |
Goodwill_and_Other_Intangibles5
Goodwill and Other Intangibles (Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $22 |
2015 | 20 |
2016 | 18 |
2017 | 17 |
2018 | $17 |
Goodwill_and_Other_Intangibles6
Goodwill and Other Intangibles Other Intangibles (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ' |
Impairment of Intangible Assets (Excluding Goodwill) | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money Market Funds | $465 | [1] | $563 | [1] |
Net derivative contracts | -25 | -14 | ||
Available for sale investments | 18 | 10 | ||
Total Cost Basis | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money Market Funds | 465 | [1] | 563 | [1] |
Net derivative contracts | 0 | 0 | ||
Available for sale investments | 8 | 7 | ||
Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money Market Funds | 465 | [1] | 563 | [1] |
Net derivative contracts | 0 | 0 | ||
Available for sale investments | 18 | 10 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money Market Funds | 0 | [1] | 0 | [1] |
Net derivative contracts | -25 | -14 | ||
Available for sale investments | $0 | $0 | ||
[1] | Money market funds are comprised primarily of government obligations and other first tier obligations. |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished products | $1,950 | $1,948 |
Raw materials and work in process | 622 | 596 |
Gross inventories | 2,572 | 2,544 |
Less: excess of FIFO cost over LIFO cost | -164 | -190 |
Total inventories | $2,408 | $2,354 |
LIFO Method Related Items [Abstract] | ' | ' |
Percent of LIFO inventories to total inventories | 39.00% | 40.00% |
Financing_Arrangements_Summary
Financing Arrangements (Summary of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Current maturities of long-term debt | $607 | $510 |
Long-term Debt | 2,453 | 2,454 |
Medium-term note—5.5%, matured 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 5.50% |
Long-term Debt | 0 | 500 |
Maytag medium-term note—6.5%, maturing 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Long-term Debt | 100 | 101 |
Senior note—8.6%, maturing 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.60% | 8.60% |
Long-term Debt | 500 | 500 |
Maytag medium-term note—5.0%, maturing 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Long-term Debt | 198 | 196 |
Senior note—6.5%, maturing 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Long-term Debt | 250 | 250 |
Debentures—7.75%, maturing 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% |
Long-term Debt | 244 | 244 |
Senior note—4.85%, maturing 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | 4.85% |
Long-term Debt | 300 | 300 |
Senior note—4.70%, maturing 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Long-term Debt | 300 | 300 |
Senior note—3.70% maturing 2023 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ' |
Long-term Debt | 250 | 0 |
Senior note—5.15% maturing 2043 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ' |
Long-term Debt | 250 | 0 |
Other (various maturing through 2019) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $61 | $63 |
Financing_Arrangements_Summary1
Financing Arrangements (Summary of the Contractual Maturities of Debt Including Current Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ' | ' |
2014 | $607 | ' |
2015 | 212 | ' |
2016 | 508 | ' |
2017 | 9 | ' |
2018 | 8 | ' |
Thereafter | 1,109 | ' |
Long-term Debt | $2,453 | $2,454 |
Financing_Arrangements_Narrati
Financing Arrangements (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | 1-May-12 | Jun. 01, 2012 | Feb. 27, 2013 | Feb. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | Credit Facility maturing June 28 2016 | Credit Facility maturing June 28 2016 | Committed Credit Facility Brazil maturing 2014 | Committed Credit Facility Brazil maturing 2014 | Committed Credit Facility Brazil maturing 2014 | Debt Matured March 2013 | Debt Matured | Debt Issued | Debt Issued Due 2023 | Debt Issued Due 2043 | Senior note—4.70%, maturing 2022 | Senior note—4.70%, maturing 2022 | Senior note—5.15% maturing 2043 | Senior note—5.15% maturing 2043 | Senior note—3.70% maturing 2023 | Senior note—3.70% maturing 2023 | |
USD ($) | USD ($) | USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $2,453,000,000 | $2,454,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $300,000,000 | $250,000,000 | $0 | $250,000,000 | $0 |
Long-term Debt, Fair Value | 2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 350,000,000 | 300,000,000 | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | 3.70% | 5.15% | 4.70% | 4.70% | 5.15% | ' | 3.70% | ' |
Repurchase of Notes, Purchase Price Percentage of Principle Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | 101.00% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 4.70% | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Notes, Purchase Price Percentage Of Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 1,725,000,000 | ' | 478,000,000 | 1,120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial Paper | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Legal Contingencies Narrative) (Details) | 12 Months Ended | 60 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 30, 2012 | Sep. 30, 2011 | Mar. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2004 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Embraco Antitrust Matters | Embraco Antitrust Matters | Brazilian Collection Dispute Agreement in BRL | Brazilian Collection Dispute Agreement in BRL | Brazilian Collection Dispute Agreement in USD | Brazilian Collection Dispute Agreement in USD | Brazil Tax Matters | Brazil Tax Matters | Brazil Tax Matters | Brazil Tax Matters | CFC tax | CFC tax | Brazilian government program | Brazilian government program | Cost of products sold | Interest and sundry income (expense) | |
USD ($) | USD ($) | BRL | BRL | USD ($) | USD ($) | USD ($) | BRL | USD ($) | USD ($) | USD ($) | BRL | USD ($) | BRL | Brazilian government program | Brazilian government program | |
USD ($) | USD ($) | |||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embraco percent of global net sales | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss | $30 | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement expense | ' | 409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embraco antitrust matters remaining accrual | 117 | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment payments to government authorities | 46 | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement | ' | ' | ' | 959 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for legal settlements | ' | ' | 490 | 469 | 275 | 301 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
IPI tax credits recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' |
Special government program settlement | ' | ' | ' | ' | ' | ' | ' | ' | 34 | ' | ' | ' | ' | ' | 11 | 17 |
Tax assessment | ' | ' | ' | ' | ' | ' | 84 | 197 | ' | ' | ' | ' | ' | ' | ' | ' |
CFC potential exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 108 | ' | ' | ' | ' |
Government program settlement payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $53 | 123 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Product Warranty and Recall Reserves) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' |
Balance at January 1 | $187 | $197 |
Issuances/ accruals during the period | 292 | 303 |
Settlements made during the period | -288 | -313 |
Balance at December 31 | 191 | 187 |
Current portion | 154 | 148 |
Non-current portion | 37 | 39 |
Total | $191 | $187 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Guarantee Narative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Customer Lines Of Credit For Brazilian Subsidiary | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $485,000,000 | $449,000,000 |
Loss associated with Brazilian subsidiary guarantee | 0 | 0 |
Indebtedness And Lines of Credit For Various Consolidated Subsidiaries | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,300,000,000 | 1,400,000,000 |
Harbor Shores Line of Credit | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $50,000,000 | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
2014 | $201 | ' | ' |
2015 | 163 | ' | ' |
2016 | 135 | ' | ' |
2017 | 119 | ' | ' |
2018 | 89 | ' | ' |
Thereafter | 144 | ' | ' |
Total noncancelable operating lease commitments | 851 | ' | ' |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $217 | $229 | $228 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Schedule of Purchase Obligations) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | ' |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $225 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 175 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 165 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 126 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 117 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 219 |
Unrecorded Unconditional Purchase Obligation | $1,027 |
Hedges_and_Derivative_Financia2
Hedges and Derivative Financial Instruments (Schedule of Outstanding Derivative Contracts) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $30 | $30 |
Derivative Liabilities | 55 | 44 |
Derivative Asset, Current | 28 | 26 |
Derivative Asset, Noncurrent | 2 | 4 |
Total derivatives, hedge assets at fair value | 30 | 30 |
Derivative Liability, Current | 54 | 43 |
Derivative Liability, Noncurrent | 1 | 1 |
Total derivatives, hedge liabilities at fair value | 55 | 44 |
Number of Interest Rate Derivatives Held | 0 | 0 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange forward/options, hedge assets | 16 | 8 |
Foreign Exchange Forwards/Options, Hedge Liability at Fair Value | 10 | 12 |
Commodity Swaps/Options, Hedge Assets at Fair Value | 8 | 11 |
Commodity Swaps/Options, Hedge Liabilities at Fair Value | 13 | 9 |
Total derivatives accounted for as hedges, hedge assets at fair value | 24 | 19 |
Total derivatives accounted for as hedges, hedge liabilities at fair value | 23 | 21 |
Maximum term of foreign exchange forwards/options, in months | '14 months | '18 months |
Maximum term of commodity swaps/options, in months | '36 months | '24 months |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Exchange Forwards/Options, Hedge Assets at Fair Value | 6 | 11 |
Foreign Exchange Forwards/Options, Hedge Liabilities at Fair Value | 32 | 23 |
Commodity swaps/options, hedge assets at fair value | 0 | 0 |
Commodity Swaps/Options, hedge liabiilities at Fair Value | 0 | 0 |
Total derivatives not accounted for as hedges, hedge assets at fair value | 6 | 11 |
Total derivatives not accounted for as hedges, hedge liabilities at fair value | 32 | 23 |
Maximum term of foreign exchange forwards/options, in months | '12 months | '13 months |
Maximum term of commodity swaps/options, in months | '4 months | '12 months |
Foreign Exchange Contract | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 744 | 1,101 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 1,274 | 1,522 |
Commodity Contract | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | 363 | 354 |
Commodity Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Notional Amount | $1 | $6 |
Hedges_and_Derivative_Financia3
Hedges and Derivative Financial Instruments (Schedule of Effects of Derivative Instruments on Consolidated Statements of Income) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in OCI (Effective Portion) | ($9) | ($17) | ||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | -11 | [1] | -25 | [1] |
Foreign Exchange Contract | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in OCI (Effective Portion) | 20 | -22 | ||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | 9 | -15 | ||
Gain (Loss) Recognized on Derivatives not Accounted for as Hedges, Foreign Exchange Forwards / Options | -49 | -23 | ||
Commodity Contract | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in OCI (Effective Portion) | -29 | 12 | ||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | -19 | -9 | ||
Interest Rate Contract | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in OCI (Effective Portion) | 0 | -7 | ||
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | ($1) | ($1) | ||
[1] | Gains and losses reclassified from accumulated OCI and recognized in income are recorded in (a)Â cost of products sold; or (b) interest expense. |
Hedges_and_Derivative_Financia4
Hedges and Derivative Financial Instruments Hedges and Derivative Financial Instruments (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Derivatives [Abstract] | ' | ' |
Number of Interest Rate Derivatives Held | 0 | 0 |
Stockholders_Equity_Other_Comp
Stockholders' Equity (Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ($1,531) | ($1,226) | ($893) |
Unrealized gain (loss) | -113 | -19 | -232 |
Unrealized actuarial loss and prior service credit (cost) | 508 | -420 | -177 |
Tax effect | -165 | 130 | 71 |
Other comprehensive income (loss), net of tax | 230 | -309 | -338 |
Other comprehensive loss available to noncontrolling interests | -3 | -4 | -5 |
Other comprehensive income (loss) available to Whirlpool | 233 | -305 | -333 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -1,298 | -1,531 | -1,226 |
Accumulated Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -438 | -387 | -267 |
Unrealized gain (loss) | -122 | -36 | -86 |
Unrealized actuarial loss and prior service credit (cost) | 0 | 0 | 0 |
Tax effect | 25 | -19 | -36 |
Other comprehensive income (loss), net of tax | -97 | -55 | -122 |
Other comprehensive loss available to noncontrolling interests | -3 | -4 | -2 |
Other comprehensive income (loss) available to Whirlpool | -94 | -51 | -120 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -532 | -438 | -387 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -8 | -13 | 84 |
Unrealized gain (loss) | 2 | 8 | -142 |
Unrealized actuarial loss and prior service credit (cost) | 0 | 0 | 0 |
Tax effect | 0 | -3 | 42 |
Other comprehensive income (loss), net of tax | 2 | 5 | -100 |
Other comprehensive loss available to noncontrolling interests | 0 | 0 | -3 |
Other comprehensive income (loss) available to Whirlpool | 2 | 5 | -97 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -6 | -8 | -13 |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -1,088 | -820 | -708 |
Unrealized gain (loss) | 0 | 0 | 0 |
Unrealized actuarial loss and prior service credit (cost) | 508 | -420 | -177 |
Tax effect | -190 | 152 | 65 |
Other comprehensive income (loss), net of tax | 318 | -268 | -112 |
Other comprehensive loss available to noncontrolling interests | 0 | 0 | 0 |
Other comprehensive income (loss) available to Whirlpool | 318 | -268 | -112 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -770 | -1,088 | -820 |
Accumulated Other-than-Temporary Impairment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 3 | -6 | -2 |
Unrealized gain (loss) | 7 | 9 | -4 |
Unrealized actuarial loss and prior service credit (cost) | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 7 | 9 | -4 |
Other comprehensive loss available to noncontrolling interests | 0 | 0 | 0 |
Other comprehensive income (loss) available to Whirlpool | 7 | 9 | -4 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | $10 | $3 | ($6) |
Stockholders_Equity_Net_Earnin
Stockholders' Equity (Net Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool | $181 | $196 | $198 | $252 | $122 | $74 | $113 | $92 | $827 | $401 | $390 |
Denominator for basic earnings per share – weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 79.3 | 78.1 | 76.8 |
Effect of dilutive securities – stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 1.2 | 1.3 |
Denominator for diluted earnings per share – adjusted weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 80.8 | 79.3 | 78.1 |
Anti-dilutive stock options/awards excluded from earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2.4 | 2.1 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | ||||||||
Disclosure of Repurchase Agreements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.63 | [1] | $0.63 | [1] | $0.63 | [1] | $0.50 | [1] | $0.50 | [1] | $0.50 | [1] | $0.50 | [1] | $0.50 | [1] | $2.38 | $2 | $1.93 | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ' | ' | ' | ' | ' | ' | $350 | ' | ' | ' | ||||||||
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ||||||||
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ||||||||
[1] | The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data. |
Stock_Options_and_Incentive_Pl
Stock Options and Incentive Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.90% | 0.90% | 2.30% |
Expected volatility | 40.30% | 40.30% | 36.50% |
Expected dividend yield | 1.80% | 2.90% | 2.00% |
Expected option life, in years | '5 years | '5 years | '5 years |
Stock_Options_and_Incentive_Pl1
Stock Options and Incentive Plans (Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Number of Options Outstanding at January 1 | 3,053 |
Weighted-Average Exercise Price Outstanding at January 1 | $74 |
Number of options granted | 469 |
Weighted-Average Exercise Price Granted | $110.33 |
Number of Options Exercised | -1,187 |
Weighted-Average Exercise Price Exercised | $80.02 |
Number of Options Cancelled or expired | -80 |
Weighted-Average Exercise Price Cancelled or expired | $88.26 |
Number of Options Outstanding at December 31 | 2,255 |
Weighted-Average Exercise Price Outstanding at December 31 | $77.87 |
Number of shares exercisable at December 31 | 1,208 |
Weighted-Average Exercise Price Exercisable at December 31 | $67.25 |
Stock_Options_and_Incentive_Pl2
Stock Options and Incentive Plans (Stock Options Outstanding, Additional Info) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Number of options | 2,175 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,208 |
Weighted-average exercise price per share | $77.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $67.25 |
Aggregate intrinsic value | $177 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $110 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '7 years |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '5 years |
Stock_Options_and_Incentive_Pl3
Stock Options and Incentive Plans (Stock Units) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Non-vested, at January 1 | 1,490 | ' | ' |
Granted | 275 | ' | ' |
Canceled | -124 | ' | ' |
Vested and transferred to unrestricted | -439 | ' | ' |
Non-vested, at December 31 | 1,202 | 1,490 | ' |
Non-vested, at January 1 | $76.91 | ' | ' |
Granted | $107.85 | $69.32 | $82.55 |
Canceled | $81.94 | ' | ' |
Vested and transferred to unrestricted | $80.48 | ' | ' |
Non-vested, at December 31 | $82.40 | $76.91 | ' |
Sharebased_Incentive_Plans_Sto
Share-based Incentive Plans Stock Options and Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonemployee director equity award | $120,000 | ' | ' |
Share-based Compensation Expense | 50,000,000 | 49,000,000 | 37,000,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 17,000,000 | 17,000,000 | 13,000,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 37,000,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '27 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,500,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | '10 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $33.92 | $19.54 | $24.74 |
Granted | $107.85 | $69.32 | $82.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 35,000,000 | 19,000,000 | 15,000,000 |
Nonemployee director one-time shares granted | 1,000 | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Intrinsic Value | 53,000,000 | 32,000,000 | 9,000,000 |
Tax Benefit from Stock Options Exercised | 19,000,000 | 12,000,000 | 3,000,000 |
Proceeds from Stock Options Exercised | $95,000,000 | $43,000,000 | $14,000,000 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charge to Earnings | $196 | $237 | $136 |
2011 Restructuring Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | 106 | 70 | 78 |
Charge to Earnings | 208 | 237 | ' |
Cash Paid | -98 | -158 | ' |
Non-cash and Other | -62 | -86 | ' |
Revision of Estimate | 12 | 1 | ' |
Employee termination costs | 2011 Restructuring Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | 74 | 56 | 62 |
Charge to Earnings | 91 | 97 | ' |
Cash Paid | -62 | -103 | ' |
Non-cash and Other | 0 | 0 | ' |
Revision of Estimate | -11 | 0 | ' |
Asset impairment costs | 2011 Restructuring Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | 0 | 0 | 0 |
Charge to Earnings | 62 | 78 | ' |
Cash Paid | 0 | 0 | ' |
Non-cash and Other | -62 | -78 | ' |
Revision of Estimate | 0 | 0 | ' |
Facility exit costs | 2011 Restructuring Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | 14 | 3 | 9 |
Charge to Earnings | 37 | 33 | ' |
Cash Paid | -25 | -30 | ' |
Non-cash and Other | 0 | -8 | ' |
Revision of Estimate | -1 | 1 | ' |
Other exit costs | 2011 Restructuring Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | 18 | 11 | 7 |
Charge to Earnings | 18 | 29 | ' |
Cash Paid | -11 | -25 | ' |
Non-cash and Other | 0 | 0 | ' |
Revision of Estimate | $0 | $0 | ' |
Restructuring_Charges_Restruct
Restructuring Charges Restructuring Charges (By Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $196 | $237 | $136 |
Operating Segments | North America | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 65 | ' | ' |
Operating Segments | Latin America | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 12 | ' | ' |
Operating Segments | EMEA | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 111 | ' | ' |
Operating Segments | Asia | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 7 | ' | ' |
Corporate, Non-Segment | Corporate / Other | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $1 | ' | ' |
Restructuring_Charges_Restruct1
Restructuring Charges Restructuring Charges (Narrative) (Details) (USD $) | 12 Months Ended | 27 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
2011 Restructuring Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | $511 |
Restructuring and Related Cost, Expected Cost Remaining | 50 | ' |
EMEA microwave oven facility | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Charges | $50 | ' |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliations Between Tax Expense and The Consolidated Effective Income Tax Rate for Earnings Before Income Taxes and Other Items - Tax Rates) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
United States | $149 | $113 | ($240) |
Foreign | 768 | 445 | 212 |
Earnings (loss) before income taxes | 917 | 558 | -28 |
Income tax computed at United States statutory rate | 321 | 195 | -10 |
U.S. government tax incentives, including Energy Tax Credits | -142 | 0 | -379 |
Foreign government tax incentives, including BEFIEX | -63 | -38 | -100 |
Foreign tax rate differential | -17 | -2 | -13 |
U.S. foreign tax credits | -231 | -31 | -37 |
Valuation allowances | 16 | -86 | 11 |
State and local taxes, net of federal tax benefit | 7 | 2 | -4 |
Foreign withholding taxes | 29 | 12 | 10 |
Non-deductible government settlements | 0 | 0 | 30 |
U.S. tax on foreign dividends and subpart F income | 195 | 57 | 26 |
Settlement of global tax audits | -54 | 18 | 10 |
Other items, net | 7 | 6 | 20 |
Income tax expense (benefit) | $68 | $133 | ($436) |
Incomes_Taxes_Income_tax_benef
Incomes Taxes (Income tax (benefit) provision) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States, Current Federal Tax Expense (Benefit) | ($60) | $18 | ($18) |
United States, Deferred Federal Income Tax Expense (Benefit) | -57 | 24 | -464 |
Current Foreign Tax Expense (Benefit) | 187 | 189 | 114 |
Deferred Foreign Income Tax Expense (Benefit) | -9 | -96 | -64 |
Current State and Local Tax Expense (Benefit) | 2 | 7 | -1 |
Deferred State and Local Income Tax Expense (Benefit) | 5 | -9 | -3 |
Current Income Tax Expense (Benefit) | 129 | 214 | 95 |
Deferred Income Tax Expense (Benefit) | -61 | -81 | -531 |
Income tax expense (benefit) | $68 | $133 | ($436) |
Incomes_Taxes_DTA_and_DTL_Deta
Incomes Taxes (DTA and DTL) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Income Taxes and Other Assets [Abstract] | ' | ' |
Intangibles | $517 | $513 |
Property, net | 141 | 138 |
LIFO inventory | 49 | 54 |
Other | 201 | 194 |
Total deferred tax liabilities | 908 | 899 |
U.S. general business credit carryforwards, including Energy Tax Credits | 1,050 | 917 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 311 | 557 |
Loss carryforwards | 467 | 410 |
Inventory prepayment | 93 | 307 |
Postretirement obligations | 177 | 174 |
Foreign tax credit carryforwards | 243 | 98 |
Research and development capitalization | 239 | 190 |
Employee payroll and benefits | 138 | 174 |
Accrued expenses | 102 | 82 |
Product warranty accrual | 58 | 58 |
Receivable and inventory allowances | 51 | 54 |
Other | 233 | 170 |
Total deferred tax assets | 3,162 | 3,191 |
Valuation allowances for deferred tax assets | -186 | -130 |
Deferred tax assets, net of valuation allowances | 2,976 | 3,061 |
Net deferred tax assets | $2,068 | $2,162 |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized tax benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Balance, January 1 | $178 | $178 | $190 |
Additions for tax positions of the current year | 17 | 13 | 9 |
Additions for tax positions of prior years | 6 | 16 | 10 |
Reductions for tax positions of prior years | -81 | -15 | -24 |
Settlements during the period | -3 | -5 | -1 |
Lapses of applicable statute of limitation | 4 | 9 | 6 |
Balance, December 31 | $113 | $178 | $178 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | BRL | United States [Member] | Geographical, outside the United States [Member] | |
USD ($) | USD ($) | |||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | $68,000,000 | $133,000,000 | ($436,000,000) | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ' | ' | ' | ' | ' |
BEFIEX Tax Credits Effect On Net Sales | 109,000,000 | 37,000,000 | 266,000,000 | ' | ' | ' |
BEFIEX Tax Credits, Export Credits Remaining | 66,000,000 | ' | ' | ' | ' | ' |
BEFIEX Court awarded fees | 52,000,000 | ' | ' | ' | ' | ' |
Outstanding BEFIEX tax assessment | 530,000,000 | ' | ' | 1,200,000,000 | ' | ' |
Distribution of Foreign Earnings | 116,000,000 | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 3,500,000,000 | ' | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' | ' |
Cash Equivalents, at Carrying Value | 1,400,000,000 | ' | ' | ' | ' | 1,300,000,000 |
Operating Loss Carryforwards | 2,700,000,000 | ' | ' | ' | 1,400,000,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 1,100,000,000 | ' | ' | ' | ' | ' |
Foreign tax credit carryforwards | 243,000,000 | 98,000,000 | ' | ' | ' | ' |
U.S. general business credit carryforwards, including Energy Tax Credits | 1,050,000,000 | 917,000,000 | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 186,000,000 | 130,000,000 | ' | ' | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | 168,000,000 | ' | ' | ' | ' | ' |
Other Tax Carryforward, Valuation Allowance | 18,000,000 | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits | 9,000,000 | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -12,000,000 | -4,000,000 | -17,000,000 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $49,000,000 | $74,000,000 | ' | ' | ' | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans (Obligations and Funded Status at End of Year) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | $3,041 | $2,987 | ' |
United States Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 2,835 | 2,790 | 2,573 |
Benefit Obligation | 3,546 | 4,196 | 3,872 |
Funded Status | -711 | -1,406 | ' |
Noncurrent asset | 0 | 0 | ' |
Current Liability | -7 | -7 | ' |
Noncurrent liability | -704 | -1,399 | ' |
Amount Recognized | -711 | -1,406 | ' |
Net actuarial loss (gain) | 1,215 | 1,761 | ' |
Prior service (credit) cost | -17 | -20 | ' |
Transition (asset) obliation | 0 | 0 | ' |
Amount Recognized | 1,198 | 1,741 | ' |
Foreign Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 206 | 197 | 170 |
Benefit Obligation | 439 | 448 | 373 |
Funded Status | -233 | -251 | ' |
Noncurrent asset | 7 | 5 | ' |
Current Liability | -14 | -19 | ' |
Noncurrent liability | -226 | -237 | ' |
Amount Recognized | -233 | -251 | ' |
Net actuarial loss (gain) | 98 | 119 | ' |
Prior service (credit) cost | 3 | 4 | ' |
Transition (asset) obliation | 0 | -1 | ' |
Amount Recognized | 101 | 122 | ' |
Other Postretirement Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | 0 |
Benefit Obligation | 509 | 477 | 488 |
Funded Status | -509 | -477 | ' |
Noncurrent asset | 0 | 0 | ' |
Current Liability | -51 | -55 | ' |
Noncurrent liability | -458 | -422 | ' |
Amount Recognized | -509 | -477 | ' |
Net actuarial loss (gain) | 42 | 27 | ' |
Prior service (credit) cost | -169 | -210 | ' |
Transition (asset) obliation | 0 | 0 | ' |
Amount Recognized | ($127) | ($183) | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans (Change in Benefit Obligation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Pension Benefits | United States Pension Benefits | United States Pension Benefits | United States Pension Benefits | Foreign Pension Benefits | Foreign Pension Benefits | Foreign Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation, beginning of year | ' | $4,196 | $3,872 | ' | $448 | $373 | ' | ' | $477 | $488 | ' |
Service cost | ' | 2 | 2 | 2 | 6 | 6 | 7 | ' | 4 | 5 | 8 |
Interest cost | ' | 162 | 178 | 192 | 17 | 20 | 20 | ' | 18 | 21 | 31 |
Plan participants’ contributions | ' | 0 | 0 | ' | 1 | 1 | ' | ' | 8 | 9 | ' |
Actuarial loss (gain) | ' | -420 | 425 | ' | -7 | 65 | ' | ' | -31 | 25 | ' |
Benefits paid, net of federal subsidy | ' | -281 | -270 | ' | -23 | -21 | ' | ' | -68 | -64 | ' |
Plan amendments | ' | 0 | 0 | ' | 0 | 0 | ' | 138 | 2 | -2 | ' |
Acquisitions / divestitures | ' | 0 | 0 | ' | 0 | -2 | ' | ' | 0 | 0 | ' |
New plans | ' | 0 | 0 | ' | 0 | 14 | ' | ' | 0 | 0 | ' |
Transfer of benefits | 105 | -105 | 0 | ' | 0 | 0 | ' | ' | 105 | 0 | ' |
Settlements / curtailment (gain) | ' | -8 | -11 | ' | -6 | -17 | ' | ' | 0 | -2 | ' |
Foreign currency exchange rates | ' | 0 | 0 | ' | 3 | 9 | ' | ' | -6 | -3 | ' |
Benefit obligation, end of year | 3,546 | 3,546 | 4,196 | 3,872 | 439 | 448 | 373 | ' | 509 | 477 | 488 |
Accumulated benefit obligation, end of year | $3,536 | $3,536 | $4,181 | ' | $424 | $428 | ' | ' | $0 | $0 | ' |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans (Change in Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Fair Value of Plan Assets, end of year | $3,041 | $2,987 |
United States Pension Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Fair Value of Plan Assets, beginning of year | 2,790 | 2,573 |
Actual return on plan assets | 207 | 317 |
Employer contribution | 127 | 181 |
Plan participants’ contributions | 0 | 0 |
Gross benefits paid | -281 | -270 |
Change in plan assets, New plan | 0 | 0 |
Settlements | -8 | -11 |
Foreign currency exchange rates | 0 | 0 |
Fair Value of Plan Assets, end of year | 2,835 | 2,790 |
Foreign Pension Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Fair Value of Plan Assets, beginning of year | 197 | 170 |
Actual return on plan assets | 13 | 19 |
Employer contribution | 24 | 27 |
Plan participants’ contributions | 1 | 1 |
Gross benefits paid | -23 | -21 |
Change in plan assets, New plan | 2 | -14 |
Settlements | -6 | -17 |
Foreign currency exchange rates | -2 | 4 |
Fair Value of Plan Assets, end of year | 206 | 197 |
Other Postretirement Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Fair Value of Plan Assets, beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contribution | 60 | 55 |
Plan participants’ contributions | 8 | 9 |
Gross benefits paid | -68 | -64 |
Change in plan assets, New plan | 0 | 0 |
Settlements | 0 | 0 |
Foreign currency exchange rates | 0 | 0 |
Fair Value of Plan Assets, end of year | $0 | $0 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization: | ' | ' | ' |
Curtailment gain | $0 | ($52) | ($35) |
United States Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 2 | 2 | 2 |
Interest cost | 162 | 178 | 192 |
Expected return on plan assets | -191 | -194 | -194 |
Amortization: | ' | ' | ' |
Actuarial loss | 62 | 46 | 31 |
Prior service cost (credit) | -3 | -3 | -3 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 3 | 5 | 0 |
Net periodic benefit cost | 35 | 34 | 28 |
Foreign Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 6 | 6 | 7 |
Interest cost | 17 | 20 | 20 |
Expected return on plan assets | -10 | -11 | -10 |
Amortization: | ' | ' | ' |
Actuarial loss | 6 | 4 | 4 |
Prior service cost (credit) | 1 | 1 | 1 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 1 | 3 | 2 |
Net periodic benefit cost | 21 | 23 | 24 |
Other Postretirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 4 | 5 | 8 |
Interest cost | 18 | 21 | 31 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization: | ' | ' | ' |
Actuarial loss | 1 | 1 | 1 |
Prior service cost (credit) | -39 | -42 | -43 |
Curtailment gain | 0 | -52 | -35 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | ($16) | ($67) | ($38) |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefit Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in OCI (Pre-Tax) in 2011) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Current year actuarial (gain) loss | ($475) | $384 | $283 |
Total recognized in other comprehensive loss (pre-tax) | -508 | 420 | 177 |
United States Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Current year actuarial (gain) loss | -481 | ' | ' |
Actuarial (loss) gain recognized during the year | -65 | ' | ' |
Current year prior service cost (credit) | 0 | ' | ' |
Prior service credit (cost) recognized during the year | 3 | ' | ' |
Total recognized in other comprehensive loss (pre-tax) | -543 | ' | ' |
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | -508 | ' | ' |
Foreign Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Current year actuarial (gain) loss | -10 | ' | ' |
Actuarial (loss) gain recognized during the year | -10 | ' | ' |
Current year prior service cost (credit) | 0 | ' | ' |
Prior service credit (cost) recognized during the year | -1 | ' | ' |
Total recognized in other comprehensive loss (pre-tax) | -21 | ' | ' |
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | 0 | ' | ' |
Other Postretirement Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Current year actuarial (gain) loss | 16 | ' | ' |
Actuarial (loss) gain recognized during the year | -1 | ' | ' |
Current year prior service cost (credit) | 2 | ' | ' |
Prior service credit (cost) recognized during the year | 39 | ' | ' |
Total recognized in other comprehensive loss (pre-tax) | 56 | ' | ' |
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | $40 | ' | ' |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefit Plans (Estimated Pre-Tax Amounts That Will Be Amortized from Accumulated OCI) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
United States Pension Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actuarial loss | $43 |
Prior service (credit) cost | -3 |
Total | 40 |
Foreign Pension Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actuarial loss | 6 |
Prior service (credit) cost | 1 |
Total | 7 |
Other Postretirement Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actuarial loss | 0 |
Prior service (credit) cost | -39 |
Total | ($39) |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefit Plans (Weighted-average assumptions used to determine benefit obligation at end of year and net periodic cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
United States Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.95% | 4.05% | ' |
Rate of compensation increase | 4.50% | 4.50% | ' |
Discount rate used calculating net periodic benefit cost | 4.05% | 4.80% | 5.60% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.75% |
Rate of compensation increase used calculating net periodic benefit cost | 4.50% | 4.50% | 4.50% |
Foreign Pension Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.16% | 3.93% | ' |
Rate of compensation increase | 3.40% | 3.51% | ' |
Discount rate used calculating net periodic benefit cost | 3.93% | 5.04% | 5.20% |
Expected long-term rate of return on plan assets | 5.40% | 5.44% | 5.40% |
Rate of compensation increase used calculating net periodic benefit cost | 3.51% | 3.48% | 3.50% |
Other Postretirement Benefits | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.95% | 4.03% | ' |
Rate of compensation increase | 0.00% | 0.00% | ' |
Discount rate used calculating net periodic benefit cost | 4.03% | 5.03% | 5.60% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase used calculating net periodic benefit cost | 0.00% | 0.00% | 0.00% |
Health care cost trend rate | ' | ' | ' |
Initial rate | 7.00% | 8.00% | 8.00% |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Year that ultimate rate will be reached | '2017 | '2015 | '2015 |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefit Plans (Estimated impact of one percentage-point change in assumed health care cost trend rate) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Effect on total of service and interest cost | $1 |
Effect on total of service and interest cost | -1 |
Effect on postretirement benefit obligations | 5 |
Effect on postretirement benefit obligations | ($5) |
Recovered_Sheet1
Pension and Other Postretirement Benefit Plans (Expected Employer Contributions to Funded Plans) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | |
United States Pension Benefits | ' | |
2014 expected contributions | $160 | [1] |
Foreign Pension Benefits | ' | |
2014 expected contributions | $11 | |
[1] | 1Â Contributions include $160 million of minimum contributions required by law. |
Recovered_Sheet2
Pension and Other Postretirement Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
United States Pension Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | $274 |
2015 | 245 |
2016 | 248 |
2017 | 246 |
2018 | 247 |
2019-2023 | 1,230 |
Foreign Pension Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 28 |
2015 | 32 |
2016 | 22 |
2017 | 26 |
2018 | 25 |
2019-2023 | 131 |
Other Postretirement Benefits | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 51 |
2015 | 52 |
2016 | 51 |
2017 | 49 |
2018 | 44 |
2019-2023 | $187 |
Recovered_Sheet3
Pension and Other Postretirement Benefit Plans (Fair Value of Plan Assets by Category) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $3,041 | $2,987 |
Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 335 | 565 |
Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 2,508 | 2,226 |
Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 198 | 196 |
Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 23 | 15 |
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 23 | 15 |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Cash and Cash Equivalents | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
US Government Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 432 | 433 |
US Government Debt Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
US Government Debt Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 432 | 433 |
US Government Debt Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Foreign Government Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 131 | 104 |
Foreign Government Debt Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Foreign Government Debt Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 131 | 104 |
Foreign Government Debt Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Domestic Corporate Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 850 | 751 |
Domestic Corporate Debt Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Domestic Corporate Debt Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 850 | 751 |
Domestic Corporate Debt Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Foreign Corporate Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 193 | 176 |
Foreign Corporate Debt Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Foreign Corporate Debt Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 193 | 176 |
Foreign Corporate Debt Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 12 | 217 |
U.S. Equity Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 12 | 217 |
U.S. Equity Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
U.S. Equity Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Foreign Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 223 | 233 |
Foreign Equity Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 223 | 233 |
Foreign Equity Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Foreign Equity Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Money Market Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 77 | 100 |
Money Market Funds | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 77 | 100 |
Money Market Funds | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Money Market Funds | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Common and Collective Funds, U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 718 | 589 |
Common and Collective Funds, U.S. equity securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Common and Collective Funds, U.S. equity securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 718 | 589 |
Common and Collective Funds, U.S. equity securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Common and Collective Funds, International equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 79 | 106 |
Common and Collective Funds, International equity securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Common and Collective Funds, International equity securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 79 | 106 |
Common and Collective Funds, International equity securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Common and Collective Funds, Short-term investment fund | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 87 | 49 |
Common and Collective Funds, Short-term investment fund | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Common and Collective Funds, Short-term investment fund | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 87 | 49 |
Common and Collective Funds, Short-term investment fund | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnership, U.S. Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 145 | 143 |
Limited Partnership, U.S. Equity Securities | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnership, U.S. Equity Securities | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnership, U.S. Equity Securities | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 145 | 143 |
Limited Partnerships, Diversified fund of funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 35 | 38 |
Limited Partnerships, Diversified fund of funds | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnerships, Diversified fund of funds | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnerships, Diversified fund of funds | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 35 | 38 |
Limited Partnerships, Emerging growth | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 18 | 15 |
Limited Partnerships, Emerging growth | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnerships, Emerging growth | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Limited Partnerships, Emerging growth | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 18 | 15 |
Real Estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 11 | 10 |
Real Estate | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Real Estate | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 11 | 10 |
Real Estate | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Other Investments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 7 | 8 |
Other Investments | Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 0 | 0 |
Other Investments | Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 7 | 8 |
Other Investments | Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $0 | $0 |
Recovered_Sheet4
Pension and Other Postretirement Benefit Plans (Effect of Significant Unobservable Inputs (Level 3)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value of Plan Assets, beginning of year | $3,041 | $2,987 | $196 |
Realized gains (net) | ' | ' | 16 |
Unrealized gains (net) | ' | ' | 10 |
Purchases | ' | ' | 14 |
Settlements | ' | ' | 38 |
Fair Value of Plan Assets, end of year | $3,041 | $2,987 | $198 |
Recovered_Sheet5
Pension and Other Postretirement Benefit Plans (PBO and Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
United States Pension Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Projected benefit obligation | $3,546 | $4,196 |
Fair value of plan assets | 2,835 | 2,790 |
Foreign Pension Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Projected benefit obligation | 397 | 374 |
Fair value of plan assets | $157 | $117 |
Recovered_Sheet6
Pension and Other Postretirement Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
United States Pension Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Projected benefit obligation | $3,546 | $4,196 |
Accumulated benefit obligation | 3,536 | 4,181 |
Fair value of plan assets | 2,835 | 2,790 |
Foreign Pension Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Projected benefit obligation | 347 | 359 |
Accumulated benefit obligation | 340 | 346 |
Fair value of plan assets | $110 | $105 |
Recovered_Sheet7
Pension and Other Postretirement Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2013 |
Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Fixed Income Funds [Member] | Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | ' | ' | ' | ' | ' | ' | 58.00% | 42.00% |
DefinedContributionPlanCompanyMatchPercentage | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $68 | $64 | $68 | ' | ' | ' | ' | ' | ' |
Plan amendments | ' | ' | ' | 138 | 2 | -2 | ' | ' | ' |
Curtailment gain | $0 | $52 | $35 | ' | $0 | $52 | $35 | ' | ' |
Operating_Segment_Information_1
Operating Segment Information (Net Sales and Long-Lived Assets by Country) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $5,090 | $4,683 | $4,748 | $4,248 | $4,791 | $4,494 | $4,510 | $4,348 | $18,769 | $18,143 | $18,666 |
Long-Lived Assets | 6,467 | ' | ' | ' | 6,483 | ' | ' | ' | 6,467 | 6,483 | 6,586 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,577 | 8,005 | 8,035 |
Long-Lived Assets | 4,461 | ' | ' | ' | 4,412 | ' | ' | ' | 4,461 | 4,412 | 4,464 |
Brazil | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,295 | 3,337 | 3,343 |
Long-Lived Assets | 335 | ' | ' | ' | 377 | ' | ' | ' | 335 | 377 | 405 |
All Other Countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,897 | 6,801 | 7,288 |
Long-Lived Assets | $1,671 | ' | ' | ' | $1,694 | ' | ' | ' | $1,671 | $1,694 | $1,717 |
Operating_Segment_Information_2
Operating Segment Information (Schedule of Operating Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $18,769 | $18,143 | $18,666 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 540 | 551 | 558 |
Operating profit (loss) | 354 | 313 | 328 | 254 | 258 | 213 | 194 | 204 | 1,249 | 869 | 792 |
Total assets | 15,544 | ' | ' | ' | 15,396 | ' | ' | ' | 15,544 | 15,396 | 15,181 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 578 | 476 | 608 |
Corporate / Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -168 | -159 | -164 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 98 | 83 | 49 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -408 | -439 | -279 |
Total assets | 503 | ' | ' | ' | 27 | ' | ' | ' | 503 | 27 | 31 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 90 | 45 | 50 |
Operating Segments | North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,178 | 9,631 | 9,582 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 238 | 260 | 280 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,070 | 846 | 398 |
Total assets | 7,785 | ' | ' | ' | 7,766 | ' | ' | ' | 7,785 | 7,766 | 7,894 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 254 | 219 | 316 |
Operating Segments | Latin America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,928 | 4,950 | 5,062 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 91 | 97 | 101 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 557 | 476 | 642 |
Total assets | 3,380 | ' | ' | ' | 3,845 | ' | ' | ' | 3,380 | 3,845 | 3,620 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 100 | 112 |
Operating Segments | EMEA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,024 | 2,874 | 3,305 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 95 | 93 | 107 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -51 | 1 |
Total assets | 2,955 | ' | ' | ' | 2,956 | ' | ' | ' | 2,955 | 2,956 | 2,839 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 101 | 88 | 103 |
Operating Segments | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 807 | 847 | 881 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 18 | 21 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 37 | 30 |
Total assets | 921 | ' | ' | ' | 802 | ' | ' | ' | 921 | 802 | 797 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 24 | 27 |
OtherEliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
OtherEliminations | North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 256 | 262 | 216 |
OtherEliminations | Latin America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 171 | 187 |
OtherEliminations | EMEA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 79 | 104 | 167 |
OtherEliminations | Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 257 | 226 | 217 |
OtherEliminations | Corporate / Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ($766) | ($763) | ($787) |
Operating_Segment_Information_3
Operating Segment Information Operating Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Countries comprised greater than 10% of net sales or long-lived assets | 'We conduct business in two countries, the United States and Brazil, that individually comprised over 10% of consolidated net sales or long-lived assets within the last three years. |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $5,090 | $4,683 | $4,748 | $4,248 | $4,791 | $4,494 | $4,510 | $4,348 | $18,769 | $18,143 | $18,666 | ||||||||
Cost of products sold | 4,181 | 3,837 | 3,931 | 3,522 | 3,979 | 3,791 | 3,782 | 3,698 | 15,471 | 15,250 | 16,089 | ||||||||
Operating profit | 354 | 313 | 328 | 254 | 258 | 213 | 194 | 204 | 1,249 | 869 | 792 | ||||||||
Interest and sundry income (expense) | -82 | -16 | -39 | -18 | -35 | -38 | -22 | -17 | -155 | -112 | -607 | ||||||||
Net earnings | 187 | 199 | 206 | 257 | 128 | 80 | 120 | 97 | 849 | 425 | 408 | ||||||||
Net earnings available to Whirlpool | $181 | $196 | $198 | $252 | $122 | $74 | $113 | $92 | $827 | $401 | $390 | ||||||||
Per share of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic net earnings | $2.31 | [1] | $2.46 | [1] | $2.48 | [1] | $3.18 | [1] | $1.55 | [1] | $0.95 | [1] | $1.45 | [1] | $1.19 | [1] | $10.42 | $5.14 | $5.07 |
Diluted net earnings | $2.26 | [1] | $2.42 | [1] | $2.44 | [1] | $3.12 | [1] | $1.52 | [1] | $0.94 | [1] | $1.43 | [1] | $1.17 | [1] | $10.24 | $5.06 | $4.99 |
Common Stock, Dividends, Per Share, Cash Paid | $0.63 | [1] | $0.63 | [1] | $0.63 | [1] | $0.50 | [1] | $0.50 | [1] | $0.50 | [1] | $0.50 | [1] | $0.50 | [1] | $2.38 | $2 | $1.93 |
Market price range of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
High | $159.22 | [2] | $151.84 | [2] | $134.09 | [2] | $120 | [2] | $104.21 | [2] | $86.47 | [2] | $77.04 | [2] | $79.39 | [2] | ' | ' | ' |
Low | $129.22 | [2] | $111.70 | [2] | $107.88 | [2] | $101.74 | [2] | $82.35 | [2] | $59.85 | [2] | $54.08 | [2] | $47.72 | [2] | ' | ' | ' |
Close | $156.86 | [2] | $146.44 | [2] | $114.36 | [2] | $118.46 | [2] | $101.75 | [2] | $82.91 | [2] | $61.16 | [2] | $76.86 | [2] | ' | ' | ' |
[1] | The quarterly earnings per share amounts will not necessarily add to the earnings per share computed for the year due to the method used in calculating per share data. | ||||||||||||||||||
[2] | Composite price as reported by the New York Stock Exchange. |
Pending_Acquisition_Details
Pending Acquisition (Details) | Feb. 28, 2014 | Aug. 12, 2013 | Aug. 12, 2013 | Aug. 12, 2013 | Aug. 12, 2013 |
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | CNY | Share purchase agreement | Share subscription agreement |
Pending Acquisition Agreement [Line Items] | ' | ' | ' | ' | ' |
Expected equity ownership percentage | ' | 51.00% | 51.00% | 29.51% | ' |
Expected shares to be acquired | ' | ' | ' | 157,245,200 | 233,639,000 |
Agreement purchase price | ' | $555 | 3,400 | ' | ' |
Breakup fee | $20 | ' | ' | ' | ' |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Balance | $60 | $61 | $66 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 21 | 23 | 17 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | -8 | -24 | -22 |
Valuation Allowances and Reserves, Balance | $73 | $60 | $61 |