Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WHIRLPOOL CORP /DE/ | ||
Entity Central Index Key | 106640 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 78,102,669 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $10,578,183,570 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $19,872 | $18,769 | $18,143 |
Expenses | |||
Cost of products sold | 16,477 | 15,471 | 15,250 |
Gross margin | 3,395 | 3,298 | 2,893 |
Selling, general and administrative | 2,038 | 1,828 | 1,757 |
Intangible amortization | 33 | 25 | 30 |
Restructuring costs | 136 | 196 | 237 |
Operating profit | 1,188 | 1,249 | 869 |
Other income (expense) | |||
Interest and sundry income (expense) | -142 | -155 | -112 |
Interest expense | -165 | -177 | -199 |
Earnings before income taxes | 881 | 917 | 558 |
Income tax expense | 189 | 68 | 133 |
Net earnings | 692 | 849 | 425 |
Less: Net earnings available to noncontrolling interests | 42 | 22 | 24 |
Net earnings available to Whirlpool | $650 | $827 | $401 |
Per share of common stock | |||
Basic net earnings available to Whirlpool (USD per share) | $8.30 | $10.42 | $5.14 |
Diluted net earnings available to Whirlpool (USD per share) | $8.17 | $10.24 | $5.06 |
Weighted-average shares outstanding (in millions) | |||
Basic (shares) | 78.3 | 79.3 | 78.1 |
Diluted (shares) | 79.6 | 80.8 | 79.3 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings | $692 | $849 | $425 |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | -392 | -122 | -36 |
Derivative instruments: | |||
Net gain (loss) arising during period | 10 | -9 | -17 |
Less: reclassification adjustment for gain (loss) included in net earnings | 11 | -11 | -25 |
Derivative instruments, net | -1 | 2 | 8 |
Marketable securities: | |||
Net gain arising during period | 0 | 7 | 2 |
Less: reclassification adjustment for loss included in net earnings | 0 | 0 | -7 |
Marketable securities, net | 0 | 7 | 9 |
Defined benefit pension and postretirement plans: | |||
Prior service (cost) credit arising during period | -11 | -2 | 2 |
Net gain (loss) arising during period | -242 | 475 | -384 |
Less: amortization of prior service credit (cost) and actuarial (loss) | -20 | -35 | 38 |
Defined benefit pension and postretirement plans, net: | -233 | 508 | -420 |
Other comprehensive income (loss), before tax | -626 | 395 | -439 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | 80 | -165 | 130 |
Other comprehensive income (loss), net of tax | -546 | 230 | -309 |
Comprehensive income | 146 | 1,079 | 116 |
Less: comprehensive income, available to noncontrolling interests | 38 | 19 | 20 |
Comprehensive income available to Whirlpool | $108 | $1,060 | $96 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and equivalents | $1,026 | $1,380 |
Accounts receivable, net of allowance of $154 and $73, respectively | 2,768 | 2,005 |
Inventories | 2,740 | 2,408 |
Deferred income taxes | 417 | 549 |
Prepaid and other current assets | 1,147 | 680 |
Total current assets | 8,098 | 7,022 |
Property, net of accumulated depreciation of $5,959 and $6,278, respectively | 3,981 | 3,041 |
Goodwill | 2,807 | 1,724 |
Other intangibles, net of accumulated amortization of $267 and $237, respectively | 2,803 | 1,702 |
Deferred income taxes | 1,900 | 1,764 |
Other noncurrent assets | 413 | 291 |
Total assets | 20,002 | 15,544 |
Current liabilities | ||
Accounts payable | 4,730 | 3,865 |
Accrued expenses | 852 | 710 |
Accrued advertising and promotions | 673 | 441 |
Employee compensation | 499 | 456 |
Notes payable | 569 | 10 |
Current maturities of long-term debt | 234 | 607 |
Other current liabilities | 846 | 705 |
Total current liabilities | 8,403 | 6,794 |
Noncurrent liabilities | ||
Long-term debt | 3,544 | 1,846 |
Pension benefits | 1,123 | 930 |
Postretirement benefits | 446 | 458 |
Other noncurrent liabilities | 690 | 482 |
Total noncurrent liabilities | 5,803 | 3,716 |
Stockholders’ equity | ||
Common stock, $1 par value, 250 million shares authorized, 110 million and 109 million shares issued, and 78 million and 77 million shares outstanding, respectively | 110 | 109 |
Additional paid-in capital | 2,555 | 2,453 |
Retained earnings | 6,209 | 5,784 |
Accumulated other comprehensive loss | -1,840 | -1,298 |
Treasury stock, 32 million shares | -2,149 | -2,124 |
Total Whirlpool stockholders’ equity | 4,885 | 4,924 |
Noncontrolling interests | 911 | 110 |
Total stockholders’ equity | 5,796 | 5,034 |
Total liabilities and stockholders’ equity | $20,002 | $15,544 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $154 | $73 |
Accumulated depreciation | 5,959 | 6,278 |
Accumulated amortization | $267 | $237 |
Common stock, par value (USD per share) | $1 | $1 |
Common stock, shares authorized | 250 | 250 |
Common stock, shares issued | 110 | 109 |
Common stock, shares outstanding | 78 | 77 |
Treasury stock shares | 32 | 32 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net earnings | $692 | $849 | $425 |
Adjustments to reconcile net earnings to cash provided by operating activities: | |||
Depreciation and amortization | 560 | 540 | 551 |
Curtailment gain | 0 | 0 | -52 |
Increase (decrease) in LIFO inventory reserve | 9 | -26 | -13 |
Brazilian collection dispute | 0 | 0 | -275 |
Changes in assets and liabilities (net of effects of acquisitions): | |||
Accounts receivable | -90 | -65 | 47 |
Inventories | 40 | -86 | -7 |
Accounts payable | 359 | 275 | 240 |
Accrued advertising and promotions | 121 | 28 | -13 |
Accrued expenses and current liabilities | -232 | 82 | 0 |
Taxes deferred and payable, net | 49 | -105 | -68 |
Accrued pension and postretirement benefits | -181 | -184 | -227 |
Employee compensation | -17 | -23 | 249 |
Other | 169 | -23 | -161 |
Cash provided by operating activities | 1,479 | 1,262 | 696 |
Investing activities | |||
Capital expenditures | -720 | -578 | -476 |
Proceeds from sale of assets and business | 21 | 6 | 10 |
Change in restricted cash | 74 | 0 | 0 |
Acquisition of Indesit Company S.p.A. | -1,356 | 0 | 0 |
Acquisition of Hefei Rongshida Sanyo Electric Co., Ltd. | -453 | 0 | 0 |
Investment in related businesses | -16 | -6 | -28 |
Other | -6 | -4 | 0 |
Cash used in investing activities | -2,456 | -582 | -494 |
Financing activities | |||
Proceeds from borrowings of long-term debt | 1,483 | 518 | 322 |
Repayments of long-term debt | -606 | -513 | -361 |
Net proceeds from short-term borrowings | 63 | 5 | 6 |
Dividends paid | -224 | -187 | -155 |
Repurchase of common stock | -25 | -350 | 0 |
Purchase of noncontrolling interest shares | -5 | 0 | 0 |
Common stock issued | 38 | 95 | 43 |
Other | -19 | -2 | -3 |
Cash provided by (used in) financing activities | 705 | -434 | -148 |
Effect of exchange rate changes on cash and equivalents | -82 | -34 | 5 |
Increase (decrease) in cash and equivalents | -354 | 212 | 59 |
Cash and equivalents at beginning of year | 1,380 | 1,168 | 1,109 |
Cash and equivalents at end of year | 1,026 | 1,380 | 1,168 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 172 | 179 | 197 |
Cash paid for income taxes | $140 | $158 | $177 |
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 | Non- Controlling Interests |
In Millions, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2011 | $4,280 | $4,922 | ($1,226) | $379 | $106 | $99 |
Comprehensive income | ||||||
Net earnings | 425 | 401 | 24 | |||
Other comprehensive loss | -309 | -305 | -4 | |||
Comprehensive income | 116 | 401 | -305 | 20 | ||
Cumulative adjustment, equity method investment | -18 | -18 | ||||
Stock issued | 159 | 157 | 2 | |||
Dividends declared | -170 | -158 | -12 | |||
Ending balance at Dec. 31, 2012 | 4,367 | 5,147 | -1,531 | 536 | 108 | 107 |
Comprehensive income | ||||||
Net earnings | 849 | 827 | 22 | |||
Other comprehensive loss | 230 | 233 | -3 | |||
Comprehensive income | 1,079 | 827 | 233 | 19 | ||
Stock issued | -206 | -207 | 1 | |||
Dividends declared | -206 | -190 | -16 | |||
Ending balance at Dec. 31, 2013 | 5,034 | 5,784 | -1,298 | 329 | 109 | 110 |
Comprehensive income | ||||||
Net earnings | 692 | 650 | 42 | |||
Other comprehensive loss | -546 | -542 | -4 | |||
Comprehensive income | 146 | 650 | -542 | 38 | ||
Stock issued | 59 | 58 | 1 | |||
Dividends declared | -244 | -225 | -19 | |||
Acquisitions | 801 | 19 | 782 | |||
Ending balance at Dec. 31, 2014 | $5,796 | $6,209 | ($1,840) | $406 | $110 | $911 |
Summary_of_Principal_Accountin
Summary of Principal Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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. Whirlpool manufactures products in 14 countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air and Indesit. Whirlpool’s reportable segments consist of North America, Latin America, EMEA (Europe, Middle East and Africa) and Asia. | |||||||||||
Principles of Consolidation | |||||||||||
Our Consolidated Financial Statements include all majority-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation. We do not consolidate the financial statements of any company in which we have an ownership interest of 50% or less unless that company is deemed to be a variable interest entity ("VIE") of which we are the primary beneficiary. Certain VIEs are consolidated when the company is the primary beneficiary of these entities and has the ability to directly impact the activities of these entities. | |||||||||||
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. | |||||||||||
Securitization of Financing Receivables / Variable Interest Entities | |||||||||||
Indesit, acquired by Whirlpool in the fourth quarter of 2014, has maintained a securitization program since 2010. The securitization involves the without-recourse sale of trade receivables by Indesit. The receivables are acquired by special purpose entities ("SPEs") which are financed by the issuance of securities whose repayment is guaranteed by the cash flows generated by the receivables sold. | |||||||||||
At December 31, 2014, liabilities related to the securitization were comprised of senior securities issued on the asset-backed security market and totaled $88 million. At the same date, financial receivables represented by junior securities total $53 million, cash not yet collected on receivables sold was $38 million and cash held by the SPEs (reflected in other current assets due to its restricted use for debt repayment) was $5 million. At December 31, 2014, $35 million from the securitization is included in Whirlpool’s notes payable balance. | |||||||||||
The SPEs related to the securitization are designed to create and pass along debt proceeds and related debt expenses to Indesit, its interest holder. Additionally, Indesit has the ability to directly impact the activities of these entities. Therefore, these entities are considered variable interest entities and Indesit is considered the primary beneficiary of these entities. Accordingly, the results of these entities have been consolidated into Whirlpool’s financial results at December 31, 2014. | |||||||||||
Whirlpool stopped the sale of receivables related to the securitization beginning in December 2014. We anticipate exiting this debt securitization by the end of the first quarter of 2015. | |||||||||||
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. | |||||||||||
Restricted Cash | |||||||||||
Restricted cash relates to the private placement funds paid by Whirlpool to acquire a portion of the shares needed to acquire majority control of Hefei Sanyo in October 2014. The restricted cash is used to fund capital and technical resources to enhance Hefei Sanyo’s research and development and working capital. As of December 31, 2014, restricted cash was approximately $237 million of which approximately $50 million is recorded in other current assets, with the remaining portion recorded in other non-current assets. | |||||||||||
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, 2014 and 2013, with the exception of those disclosed in Note 13. | |||||||||||
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, Asia and certain EMEA inventories, which are stated at average cost. Costs do not exceed net realizable values. See Note 5 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, excluding property acquired from Hefei Sanyo and Indesit acquisitions. For nonproduction assets and assets acquired from Hefei Sanyo and Indesit, as of December 31, 2014 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 $527 million, $515 million and $521 million in 2014, 2013 and 2012, respectively. | |||||||||||
The following table summarizes our property as of December 31, 2014 and 2013: | |||||||||||
Millions of dollars | 2014 | 2013 | Estimated Useful Life | ||||||||
Land | $ | 142 | $ | 76 | n/a | ||||||
Buildings | 1,616 | 1,303 | 10 to 50 years | ||||||||
Machinery and equipment | 8,182 | 7,940 | 3 to 25 years | ||||||||
Accumulated depreciation | (5,959 | ) | (6,278 | ) | |||||||
Property, net | $ | 3,981 | $ | 3,041 | |||||||
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 $503 million and $282 million of machinery and equipment no longer in use during 2014 and 2013, respectively. Net gains and losses recognized in cost of products sold were not material for 2014, 2013 and 2012. | |||||||||||
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 2014, 2013 and 2012. | |||||||||||
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 3 for additional information about goodwill and intangible assets. | |||||||||||
Accounts Payable Outsourcing | |||||||||||
We offer our suppliers access to third party payable 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. In China, as a common practice we pay suppliers with banker’s acceptance drafts. Banker’s acceptance drafts 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, 2014 and 2013, approximately $1.6 billion and $1.3 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 (Loss) 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 8 for additional information about hedges and derivative financial instruments. | |||||||||||
Foreign Currency Translation and Transactions | |||||||||||
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 accumulated 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 $563 million, $582 million and $553 million in 2014, 2013 and 2012, respectively. | |||||||||||
Advertising Costs | |||||||||||
Advertising costs are charged to expense when the advertisement is first communicated and totaled $269 million, $304 million and $273 million in 2014, 2013 and 2012, 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 12 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 10 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 recognized export credits as they were monetized. See Note 7 and Note 12 for additional information regarding BEFIEX credits. | |||||||||||
New Accounting Pronouncements | |||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. ASU 2013-11 provides guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. We adopted the provisions of this amendment during the first quarter of 2014, which resulted in a reclassification between other non-current liabilities and non-current deferred income tax assets of approximately $53 million. The adoption did not change existing recognition and measurement requirements in our Consolidated Financial Statements. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)", which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied using one of two retrospective application methods, with early application not permitted. We have not yet determined the potential effects from this pronouncement on the Consolidated Financial Statements, if any. | |||||||||||
All other issued but not yet effective accounting pronouncements are not expected to have a material impact on our Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | ACQUISITIONS | ||||||||||||
Hefei Rongshida Sanyo Electric Co., Ltd. | |||||||||||||
On October 24, 2014, Whirlpool's wholly-owned subsidiary, Whirlpool (China) Investment Co., Ltd., (“Whirlpool China”), completed its acquisition of a 51% equity stake in Hefei Sanyo, a joint stock company whose shares are listed and traded on the Shanghai Stock Exchange. | |||||||||||||
Pursuant to a 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”), on October 20, 2014, Whirlpool China completed its purchase of the 157 million shares (or 29.51%) of Hefei Sanyo currently held by the Sellers (such transaction, the “Share Purchase”) for RMB 1.4 billion (approximately $230 million at the date of purchase). | |||||||||||||
On October 24, 2014, pursuant to a Share Subscription Agreement (the “Share Subscription Agreement”) between Whirlpool China and Hefei Sanyo, Whirlpool China completed its subscription for 234 million shares (which, together with shares purchased pursuant to the Share Purchase Agreement, aggregated 51%) of Hefei Sanyo pursuant to a private placement (such transaction, the “Share Subscription”) for RMB 2.0 billion (approximately $321 million at the date of purchase). 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 from the date of acquisition. | |||||||||||||
The aggregate purchase price for the Share Purchase and the Share Subscription was RMB 3.4 billion (approximately $551 million at the dates of purchase). The purchase price for the Share Purchase was payable in USD based on the exchange rate as of August 9, 2013. The Company funded the total consideration for the shares with cash on hand. The cash paid for the Share Subscription is considered restricted cash, which will be used to fund capital and technical resources to enhance Hefei Sanyo’s research and development and working capital. | |||||||||||||
Indesit Company S.p.A. | |||||||||||||
On July 10, 2014, we entered into share purchase agreements with (i) Fineldo S.p.A. (“Fineldo”, and the share purchase agreement with Fineldo, the “Fineldo SPA”), a company incorporated under the laws of Italy, concerning the purchase and sale of 42.7% of the issued share capital (the “Fineldo Shares”) of Indesit, a joint stock company incorporated under the laws of Italy whose shares are listed on the stock market organized and managed by Borsa Italiana S.p.A., (ii) Ms. Franca Carloni, Mr. Aristide Merloni, Mr. Andrea Merloni, Ms. Maria Paola Merloni, Ms. Antonella Merloni, Ms. Ester Merloni, Fines S.p.A. and, following approval by the Court of Ancona, Mr. Vittorio Merloni (the “Family SPA”), collectively concerning the purchase and sale of 13.2% of Indesit’s issued share capital (the “Family Shares”), and (iii) Ms. Claudia Merloni (the “Claudia Merloni SPA” and, together with the Fineldo SPA and the Family SPA, the “Stock Purchase Agreements”) concerning the purchase and sale of 4.4% of Indesit’s issued share capital (the “Claudia Merloni Shares”). | |||||||||||||
On October 14, 2014, we completed our acquisition of the Fineldo Shares under the Fineldo SPA and our acquisition of the Family Shares under the Family SPA. We completed our acquisition of the Claudia Merloni Shares under the Claudia Merloni SPA on July 17, 2014. In the aggregate, pursuant to the Stock Purchase Agreements, we acquired 60.4% of Indesit’s issued share capital. This represents 66.8% of Indesit’s issued and outstanding stock. The aggregate purchase price for the Fineldo Shares was €537 million (approximately $680 million at the date of purchase). The aggregate purchase price for the Family Shares was €166 million (approximately $210 million at the date of purchase). The aggregate purchase price for the Claudia Merloni Shares was €55 million (approximately $75 million at the date of purchase). The Company funded the aggregate purchase price for the Fineldo Shares and Family Shares through borrowings under our credit facility, and repaid a portion of such borrowings through the issuance of an aggregate principal amount of $650 million in senior notes on November 4, 2014. | |||||||||||||
On November 26, 2014, we announced in Italy the final results for the mandatory tender offer for the remaining outstanding shares of Indesit. Settlement and closing of the mandatory tender offer occurred on November 28, 2014. We received tenders for a number of shares equal to 91.4% of the total shares available for purchase in the mandatory tender offer, increasing our aggregate ownership interest in Indesit’s issued share capital to 97.1%. The aggregate purchase price for the shares purchased at settlement of the mandatory tender offer was €344 million (approximately $429 million as of the date of purchase). | |||||||||||||
On December 3, 2014, Whirlpool purchased all remaining shares of Indesit and Indesit delisted from the Electronic Stock Market organized and managed by Borsa Italiana S.p.A. Total consideration paid for Indesit was $1.4 billion in aggregate net of cash acquired. | |||||||||||||
We funded the aggregate purchase price for the tender offer and remaining shares through borrowings under our credit facility and through borrowings under our commercial paper programs, and intend to repay such borrowings in the future through public debt financing. | |||||||||||||
Purchase Price Allocations | |||||||||||||
The Company is in the process of finalizing independent appraisals for the purpose of allocating the purchase price to the individual assets acquired and liabilities assumed in the Hefei Sanyo and Indesit acquisitions. This is expected to result in adjustments to the carrying values of recorded assets and liabilities, refinement of amounts recorded for certain intangible assets, revisions of the useful lives of intangible assets, some of which will have indefinite lives not subject to amortization, and the determination of any residual amount that will be allocated to goodwill. The preliminary allocation of the purchase prices included in the current period balance sheet is based on the best estimates of management and is subject to revision based on final determination of asset fair values and useful lives. The related depreciation and amortization expense from the acquired assets is also subject to such revisions on a prospective basis. | |||||||||||||
The following table presents the preliminary allocation of purchase price related to the Hefei Sanyo and Indesit acquisitions, as of their respective dates of acquisition: | |||||||||||||
Millions of dollars | Hefei Sanyo(1) | Indesit | |||||||||||
Cash | $ | 98 | $ | 77 | |||||||||
Accounts receivable | 81 | 891 | |||||||||||
Inventory | 137 | 471 | |||||||||||
Other current assets | 354 | 288 | |||||||||||
Property, plant and equipment | 169 | 854 | |||||||||||
Goodwill | 451 | 667 | |||||||||||
Identified intangible assets | 372 | 822 | |||||||||||
Other non-current assets | 317 | 162 | |||||||||||
Total assets acquired | 1,979 | 4,232 | |||||||||||
Accounts payable | (181 | ) | (631 | ) | |||||||||
Short-term notes payable | (226 | ) | (555 | ) | |||||||||
Other current liabilities | (91 | ) | (622 | ) | |||||||||
Non-current liabilities | (133 | ) | (987 | ) | |||||||||
Total liabilities assumed | (631 | ) | (2,795 | ) | |||||||||
Net assets acquired | $ | 1,348 | $ | 1,437 | |||||||||
(1) We purchased a 51% controlling interest in Hefei Sanyo's net assets described in the table; the non-controlling interest was valued at $801 million, the market value of the stock price of the shares purchased on the date of acquisition | |||||||||||||
Goodwill, which is not deductible for tax purposes, has been allocated to the Asia and EMEA operating segments on the basis that the cost efficiencies identified will primarily benefit these segments of the business based on the preliminary allocation of the purchase price of the respective acquisitions. Any changes to the initial estimates of the fair values of the assets and liabilities will be allocated to residual goodwill. | |||||||||||||
The Company has preliminarily estimated the fair value of Hefei Sanyo and Indesit's identifiable intangible assets as follows: | |||||||||||||
Hefei Sanyo | Indesit | ||||||||||||
Millions of dollars | Estimated | Estimated | Estimated | Estimated | |||||||||
Fair Value | Useful Life | Fair Value | Useful Life | ||||||||||
Trademarks-indefinite lived | $ | 42 | $ | 535 | |||||||||
Customer relationships | 230 | 13-16 years | 134 | 5-19 years | |||||||||
Patents and other intangibles | 100 | 3-10 years | 153 | 6-15 years | |||||||||
$ | 372 | $ | 822 | ||||||||||
The customer relationship intangibles of Hefei Sanyo were mainly allocated to its traditional trade distributors, which have an estimated useful life of up to 16 years based on low historical and projected customer attrition rates among its retailers. The majority of the intangible asset valuation for Indesit relates to the Indesit and Hotpoint brands (Whirlpool ownership of the Hotpoint brand in EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas), which are indefinite lived intangibles. The Company’s preliminary assessment as to trademarks having an indefinite life was based on a number of factors, including competitive environment, market share, brand history and product life cycles. The patents and other intangibles have an estimated useful life that varies based on the estimate of the expected life of the technology and the products associated with the technology. The estimated useful lives of the finite-lived intangible assets will be amortized using a straight-line method of amortization. | |||||||||||||
Pro Forma Results of Operations | |||||||||||||
The results of Hefei Sanyo and Indesit’s operations have been included in the Consolidated Financial Statements beginning October 24, 2014 and October 14, 2014, respectively. Within Whirlpool's Consolidated Statement of Income for 2014, Hefei Sanyo and Indesit represented $994 million of net sales and $15 million of net earnings, which excludes certain non-recurring acquisition-related costs and investment expenses. | |||||||||||||
The following table provides pro forma results of operations for the years ended December 31, 2014 and 2013, as if Hefei Sanyo and Indesit had been acquired as of January 1, 2013. The pro forma results include certain purchase accounting adjustments such as the estimated changes in depreciation and amortization expense on acquired tangible and intangible assets as well as interest expense on borrowings used to finance the acquisitions. Additionally, the pro forma results include adjustments to convert Hefei Sanyo and Indesit’s historical results from local accounting standards to U.S. GAAP. Pro forma results do not include any anticipated cost savings or other effects of the planned integration of these acquisitions. Accordingly, such amounts are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future. | |||||||||||||
Year Ended December 31, | |||||||||||||
Millions of dollars, except per share data | 2014 | 2013 | |||||||||||
Net sales | $ | 23,204 | $ | 23,109 | |||||||||
Net earnings available to Whirlpool | 691 | 791 | |||||||||||
Diluted net earnings per share | $ | 8.68 | $ | 9.79 | |||||||||
Certain non-recurring acquisition-related costs and investment expenses of $30 million and $60 million were recorded by Whirlpool during 2014 related to the acquisitions of Hefei Sanyo and Indesit, respectively. Of these costs, $55 million were recorded in interest and sundry income (expense), with the remaining being recorded in selling, general and administrative. In 2013, we incurred $21 million of non-recurring acquisition-related costs and investment expenses, all of which related to Hefei Sanyo. Of these costs, $15 million were recorded in interest and sundry income (expense), with the remaining being recorded in selling, general and administrative. These costs have been eliminated from the pro forma information presented above in both periods. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangibles | GOODWILL AND OTHER INTANGIBLES | ||||||||||||||||||||||||
We evaluate goodwill and indefinite lived intangibles for impairment annually on October 1. | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
We performed our assessment as of October 1, 2014, and determined there was no impairment of goodwill. The total net carrying amount of goodwill was $2.8 billion at December 31, 2014, with $1.7 billion in our North America operating segment, $639 million in our EMEA operating segment, $449 million in our Asia operating segment and $4 million in our Latin America operating segment. At December 31, 2013 the total net carrying amount of goodwill was $1.7 billion, with $1.7 billion in our North America operating segment and $4 million in our Latin America operating segment. | |||||||||||||||||||||||||
The increase in carrying value of EMEA and Asia goodwill is driven by the Hefei Sanyo and Indesit acquisitions in 2014, net of foreign currency impact of $2 million and $28 million, respectively. Further discussion of these transactions can be found in our MD&A under "Hefei Sanyo Acquisition," “Indesit Acquisition” and in Note 2. | |||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||
Based on the results of our annual assessment as of October 1, 2014, we determined that there were no impairments to our intangibles, with the exception of two European trademarks which had a pre-impairment carrying value of $30 million, where we recognized a $12 million impairment charge within selling, general and administrative expense during the fourth quarter 2014. | |||||||||||||||||||||||||
The following table summarizes other intangible assets at December 31, 2014 and 2013: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Millions of dollars | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Other intangible assets, finite lives: | |||||||||||||||||||||||||
Customer relationships (1) | $ | 665 | $ | (163 | ) | $ | 502 | $ | 289 | $ | (125 | ) | $ | 164 | |||||||||||
Patents and other (2) | 348 | (104 | ) | 244 | 128 | (112 | ) | 16 | |||||||||||||||||
Total other intangible assets, finite lives | $ | 1,013 | $ | (267 | ) | $ | 746 | $ | 417 | $ | (237 | ) | $ | 180 | |||||||||||
Trademarks, indefinite lives | 2,057 | — | 2,057 | 1,522 | — | 1,522 | |||||||||||||||||||
Total other intangible assets | $ | 3,070 | $ | (267 | ) | $ | 2,803 | $ | 1,939 | $ | (237 | ) | $ | 1,702 | |||||||||||
(1) Customer relationships have an estimated useful life of 4 to 19 years. | |||||||||||||||||||||||||
(2) Patents and other intangibles have an estimated useful life of 4 to 15 years. | |||||||||||||||||||||||||
The following table summarizes our future estimated amortization expense by year: | |||||||||||||||||||||||||
Millions of dollars | |||||||||||||||||||||||||
2015 | $ | 78 | |||||||||||||||||||||||
2016 | 75 | ||||||||||||||||||||||||
2017 | 72 | ||||||||||||||||||||||||
2018 | 70 | ||||||||||||||||||||||||
2019 | 67 | ||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 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 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Money market funds (1) | $ | 21 | $ | 465 | $ | 21 | $ | 465 | $ | — | $ | — | $ | 21 | $ | 465 | |||||||||||||||||
Net derivative contracts | — | — | — | — | (1 | ) | (25 | ) | (1 | ) | (25 | ) | |||||||||||||||||||||
Available for sale investments | 16 | 8 | 26 | 18 | — | — | 26 | 18 | |||||||||||||||||||||||||
(1) Money market funds are comprised primarily of government obligations and other first tier obligations. | |||||||||||||||||||||||||||||||||
In March 2014, we sold approximately 7.4 million shares held in Alno AG, a long-standing European customer, for approximately $5 million. This transaction resulted in the conversion of our investment from the equity method of accounting to an available for sale investment due to our less than 20% overall investment in Alno AG. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Inventories | INVENTORIES | ||||||||
The following table summarizes our inventories at December 31, 2014 and 2013: | |||||||||
Millions of dollars | 2014 | 2013 | |||||||
Finished products | $ | 2,189 | $ | 1,950 | |||||
Raw materials and work in process | 724 | 622 | |||||||
2,913 | 2,572 | ||||||||
Less: excess of FIFO cost over LIFO cost | (173 | ) | (164 | ) | |||||
Total inventories | $ | 2,740 | $ | 2,408 | |||||
LIFO inventories represented 35% and 39% of total inventories at December 31, 2014 and 2013, respectively. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Financing Arrangements | FINANCING ARRANGEMENTS | |||||||||
Long-Term Debt | ||||||||||
The following table summarizes our long-term debt at December 31, 2014 and 2013: | ||||||||||
Millions of dollars | 2014 | 2013 | ||||||||
Maytag medium-term note - 6.45% matured 2014 | $ | — | $ | 100 | ||||||
Senior note - 8.6%, matured 2014 | — | 500 | ||||||||
Maytag medium-term note - 5.0% maturing 2015 | 199 | 198 | ||||||||
Senior note - 6.5%, maturing 2016 | 250 | 250 | ||||||||
Debentures - 7.75%, maturing 2016 | 244 | 244 | ||||||||
Senior note - 1.35%, maturing 2017 | 250 | — | ||||||||
Senior note - 1.65%, maturing 2017 | 300 | — | ||||||||
Indesit guaranteed notes - 4.5%, maturing 2018 | 393 | — | ||||||||
Senior note - 2.4%, maturing 2019 | 250 | — | ||||||||
Senior note - 4.85%, maturing 2021 | 300 | 300 | ||||||||
Senior note - 4.70%, maturing 2022 | 300 | 300 | ||||||||
Senior note - 3.70%, maturing 2023 | 250 | 250 | ||||||||
Senior note - 4.0%, maturing 2024 | 300 | — | ||||||||
Senior note - 3.7%, maturing 2025 | 350 | — | ||||||||
Senior note - 5.15% maturing 2043 | 249 | 250 | ||||||||
Other | 143 | 61 | ||||||||
3,778 | 2,453 | |||||||||
Less current maturities | 234 | 607 | ||||||||
Total long-term debt | $ | 3,544 | $ | 1,846 | ||||||
The following table summarizes the contractual maturities of our long-term debt, including current maturities, at December 31, 2014: | ||||||||||
Millions of dollars | ||||||||||
2015 | $ | 234 | ||||||||
2016 | 529 | |||||||||
2017 | 580 | |||||||||
2018 | 423 | |||||||||
2019 | 264 | |||||||||
Thereafter | 1,748 | |||||||||
Long-term debt, including current maturities | $ | 3,778 | ||||||||
The fair value of long-term debt (including current maturities) was $3.8 billion and $2.6 billion at December 31, 2014 and 2013, respectively, and was estimated using a discounted cash flow analysis based on incremental borrowing rates for similar types of borrowing arrangements. | ||||||||||
We have committed credit facilities in Brazil, which provide borrowings up to 1.1 billion Brazilian reais (approximately $429 million as of December 31, 2014) maturing at various times from 2015 to 2017. The credit facilities contain no financial covenants and we had no borrowings outstanding under these credit facilities at December 31, 2014 and 2013. | ||||||||||
On September 26, 2014, we entered into a Short-Term Credit Agreement (the “364-Day Facility” and together with the Long-Term Facility, the “Facilities”). The 364-Day Facility is a revolving credit facility in an aggregate amount of $1.0 billion. The 364-Day Facility has a maturity date of September 25, 2015. The interest and fee rates payable with respect to the 364-Day Facility based on our debt rating are as follows: (1) the spread over LIBOR is 1.250%; (2) the spread over prime is 0.250%; and (3) the unused commitment fee is 0.125%, as of the effective date of the 364-Day Facility. We had no borrowings outstanding under the 364-Day Facility at December 31, 2014. | ||||||||||
On September 26, 2014, we entered into a Second Amended and Restated Long-Term Credit Agreement (the “Long-Term Facility”). The Long-Term Facility amends, restates and extends the Company's prior five-year credit facility, which was scheduled to mature on June 28, 2016. The Long-Term Facility increases the existing $1.7 billion facility to an aggregate amount of $2.0 billion, with an option to increase the total amount to up to $2.5 billion by exercise of an accordion feature. The Long-Term Facility has a maturity date of September 26, 2019. The Long-Term Facility includes a letter of credit sublimit of $200 million. The Long-Term Facility decreases the interest and fee rates payable with respect to the Long-Term Facility based on our debt rating as follows: (1) the spread over LIBOR is 1.250%; (2) the spread over prime is 0.250%; and (3) the unused commitment fee is 0.15%, as of the effective date of the Long-Term Facility. We had no borrowings outstanding under the Long-Term Facility at December 31, 2014. | ||||||||||
The Facilities contain customary covenants and warranties including, among other things, a rolling twelve month maximum leverage ratio limited to 3.25 to 1.0 for each fiscal quarter and a rolling twelve month interest coverage ratio required to be greater than or equal to 3.0 to 1.0 for each fiscal quarter. In addition, the covenants limit our ability to (or to permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on our property; (iii) incur debt or off-balance sheet obligations at the subsidiary level; (iv) enter into transactions with affiliates, except on an arms-length basis; (v) enter into agreements restricting the payment of subsidiary dividends or restricting the making of loans or repayment of debt by subsidiaries; and (vi) enter into agreements restricting the creation of liens on our assets. We were in compliance with financial covenant requirements at December 31, 2014 and December 31, 2013. | ||||||||||
We have paid lenders under the Facilities an up-front fee of approximately $3 million. | ||||||||||
In the fourth quarter of 2014, we acquired a committed credit facility as part of the acquisition of Indesit. At December 31, 2014 the facility provides borrowings up to €350 million (approximately $424 million as of December 31, 2014) maturing July 29, 2016. As described in the credit agreement included as an exhibit to this Form 10-K, the credit facility contains covenants which state the guarantor, Indesit, will not permit (1) the ratio of Consolidated Net Borrowings as of any Year-End Determination Date to Consolidated EBITDA for the twelve month period ended on such Year-End Determination Date to exceed 3.00 to 1; (2) the ratio of Consolidated Net Borrowings as of any Semi Annual Determination Date to Consolidated EBITDA for the twelve month period ended on such Semi Annual Determination Date to exceed 4.00 to 1; and (3) the ratio of Consolidated EBITDA to Consolidated Net Interest for the twelve month period ending on any Determination Date to be less than 3.5 to 1. We were in compliance with financial covenant requirements at December 31, 2014. We had no borrowings outstanding under this credit facility at December 31, 2014. | ||||||||||
In the fourth quarter of 2014, we assumed €300 million principal amount of 4.5% guaranteed notes from the Indesit acquisition, subscribed for by institutional investors, that are listed in Luxembourg and are due on April 26, 2018. The notes were recorded at fair value in purchase price accounting to €327 million (approximately $393 million). | ||||||||||
On February 25, 2014, we completed a debt offering of $250 million principal amount of 1.35% notes due in 2017, $250 million principal amount of 2.40% notes due in 2019, and $300 million principal amount of 4.00% notes due in 2024. On May 1, 2014, $500 million of 8.60% notes matured and were repaid. On August 15, 2014, $100 million of 6.45% notes matured and were repaid. | ||||||||||
On November 4, 2014, we completed a debt offering of $300 million principal amount of 1.65% notes due in 2017 and $350 million principal amount of 3.70% notes due in 2025. These 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. | ||||||||||
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. These 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. In March 2013, $500 million of 5.50% notes matured and were repaid. | ||||||||||
Notes Payable | ||||||||||
Notes payable, which consist of short-term borrowings payable to banks, debt securitization 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. The following table summarizes the carrying value of notes payable at December 31, 2014 and 2013: | ||||||||||
Millions of dollars | 2014 | 2013 | ||||||||
Commercial paper | $ | 387 | $ | — | ||||||
Debt securitization | 35 | — | ||||||||
Short-term borrowings to banks | 147 | 10 | ||||||||
Total notes payable | $ | 569 | $ | 10 | ||||||
In the fourth quarter of 2014, we financed the acquisition of Indesit with commercial paper and short-term notes, which increased our balance of notes payable at December 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | ||||||||
OTHER MATTERS | |||||||||
Embraco Antitrust Matters | |||||||||
Beginning in February 2009, our compressor business headquartered in Brazil ("Embraco") was notified of antitrust investigations of the global compressor industry by government authorities in various jurisdictions. | |||||||||
Embraco has resolved government investigations in various jurisdictions as well as all related civil lawsuits in the United States. Embraco also has resolved certain other claims and certain claims remain pending. Additional lawsuits could be filed. | |||||||||
At December 31, 2014, $25 million remains accrued, with installment payments of $21 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 in any particular reporting period. | |||||||||
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. | |||||||||
BEFIEX Credits and Other Brazil Tax Matters | |||||||||
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, as the credits are monetized. We monetized $14 million, $109 million and $37 million of export credits in 2014, 2013 and 2012, respectively. We began recognizing BEFIEX credits in accordance with prior favorable court decisions allowing for the credits to be recognized. We recognized export credits as they were monetized. | |||||||||
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. As of December 31, 2014, no BEFIEX credits deemed to be available prior to this action remained to be monetized. Whether use of the reinstituted index should be given retroactive effect for the July 2009 to December 2013 period is currently being reviewed by the Brazilian courts. If the reinstituted index is given retroactive effect, we would be entitled to recognize additional credits. The outcome and timing of the Brazilian court decisions remains uncertain. | |||||||||
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, 2014. 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 1.4 billion Brazilian reais (approximately $533 million as of December 31, 2014). | |||||||||
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 204 million Brazilian reais (approximately $78 million as of December 31, 2014), reflecting interest and penalties to date. 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, 2014, 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 178 million Brazilian reais (approximately $67 million as of December 31, 2014). 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, 2014. | |||||||||
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 total payments including principal, interest, and penalties of 75 million Brazilian reais (approximately $28 million as of December 31, 2014), paid in 30 monthly installments from December 2013. | |||||||||
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 for the monetization of BEFIEX credits and other BEFIEX matters, 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. | |||||||||
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. | |||||||||
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, product liability claims and breach of warranty. The complaints generally seek compensatory, consequential and punitive damages. We believe these suits are without merit and are vigorously defending them. Given the preliminary stage of many 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 liability claims, 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 in the United States and other jurisdictions around the world 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. | |||||||||
Other Matters | |||||||||
In 2013, the French Competition Authority commenced an investigation of appliance manufacturers and retailers in France. The investigation includes 11 manufacturers, including the Whirlpool and Indesit operations in France. Although it is currently not possible to assess the impact, if any, this matter may have on our Consolidated Financial Statements, the resolution of this matter could have a material adverse effect on our financial position, liquidity, or results of operations in any particular reporting period. | |||||||||
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 | 2014 | 2013 | |||||||
Balance at January 1 | $ | 191 | $ | 187 | |||||
Issuances/accruals during the period(1) | 316 | 292 | |||||||
Settlements made during the period | (272 | ) | (288 | ) | |||||
Balance at December 31 | $ | 235 | $ | 191 | |||||
Current portion | $ | 186 | $ | 154 | |||||
Non-current portion | 49 | 37 | |||||||
Total | $ | 235 | $ | 191 | |||||
(1) $61 million is included within issuances/accruals during 2014 related to acquisitions | |||||||||
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, 2014 and December 31, 2013, the guaranteed amounts totaled $492 million and $485 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 2014 or 2013. | |||||||||
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 $1.4 billion at December 31, 2014 and $1.3 billion at December 31, 2013. Our total outstanding bank indebtedness under guarantees was nominal at December 31, 2014 and December 31, 2013, respectively. In addition, we assumed $1.2 billion of corporate guarantees through our acquisition of Indesit as of December 31, 2014. | |||||||||
We have guaranteed a $45 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 amended in 2014 by Harbor Shores and reduced to $45 million, 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, 2014, we had noncancelable operating lease commitments totaling $868 million. The annual future minimum lease payments are summarized by year in the table below: | |||||||||
Millions of dollars | |||||||||
2015 | $ | 230 | |||||||
2016 | 183 | ||||||||
2017 | 150 | ||||||||
2018 | 109 | ||||||||
2019 | 82 | ||||||||
Thereafter | 114 | ||||||||
Total noncancelable operating lease commitments | $ | 868 | |||||||
Rent expense was $228 million, $217 million and $229 million for 2014, 2013 and 2012, respectively. | |||||||||
Purchase Obligations | |||||||||
Our expected cash outflows resulting from non-cancellable purchase obligations are summarized by year in the table below: | |||||||||
Millions of dollars | |||||||||
2015 | $ | 209 | |||||||
2016 | 196 | ||||||||
2017 | 147 | ||||||||
2018 | 113 | ||||||||
2019 | 65 | ||||||||
Thereafter | 211 | ||||||||
Total purchase obligations | $ | 941 | |||||||
Hedges_and_Derivative_Financia
Hedges and Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
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 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 commodity derivative 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, 2014 and 2013 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, 2014 and 2013: | |||||||||||||||||||||||||||||||
Fair Value of | Type of | ||||||||||||||||||||||||||||||
Notional Amount | Hedge Assets | Hedge Liabilities | Hedge (1) | Maximum Term (Months) | |||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Derivatives accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 874 | $ | 744 | $ | 27 | $ | 16 | $ | 8 | $ | 10 | (CF) | 17 | 14 | ||||||||||||||||
Commodity swaps/options | 375 | 363 | 4 | 8 | 29 | 13 | (CF) | 36 | 36 | ||||||||||||||||||||||
Total derivatives accounted for as hedges | $ | 31 | $ | 24 | $ | 37 | $ | 23 | |||||||||||||||||||||||
Derivatives not accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 2,358 | $ | 1,274 | $ | 34 | $ | 6 | $ | 29 | $ | 32 | N/A | 10 | 12 | ||||||||||||||||
Commodity swaps/options | 8 | 1 | — | — | — | — | N/A | 4 | 4 | ||||||||||||||||||||||
Total derivatives not accounted for as hedges | 34 | 6 | 29 | 32 | |||||||||||||||||||||||||||
Total derivatives | $ | 65 | $ | 30 | $ | 66 | $ | 55 | |||||||||||||||||||||||
Current | $ | 64 | $ | 28 | $ | 59 | $ | 54 | |||||||||||||||||||||||
Noncurrent | 1 | 2 | 7 | 1 | |||||||||||||||||||||||||||
Total derivatives | $ | 65 | $ | 30 | $ | 66 | $ | 55 | |||||||||||||||||||||||
(1)Derivatives accounted for as hedges are considered cash flow (CF) hedges | |||||||||||||||||||||||||||||||
The increase in the notional amount of derivatives is due to derivatives acquired through the acquisition of Indesit. | |||||||||||||||||||||||||||||||
The pre-tax effects of derivative instruments on our Consolidated Statements of Income and Comprehensive Income for OCI in table for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | ||||||||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||||||||
(Effective Portion) (1) | |||||||||||||||||||||||||||||||
Cash Flow Hedges - Millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 40 | $ | 20 | $ | 22 | $ | 9 | (a) | ||||||||||||||||||||||
Commodity swaps/options | (30 | ) | (29 | ) | (10 | ) | (19 | ) | (a) | ||||||||||||||||||||||
Interest rate derivatives | — | — | (1 | ) | (1 | ) | (b) | ||||||||||||||||||||||||
$ | 10 | $ | (9 | ) | $ | 11 | $ | (11 | ) | ||||||||||||||||||||||
Gain (Loss) Recognized on Derivatives not | |||||||||||||||||||||||||||||||
Accounted for as Hedges (2) | |||||||||||||||||||||||||||||||
Derivatives not Accounted for as Hedges - Millions of dollars | 2014 | 2013 | |||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 26 | $ | (49 | ) | ||||||||||||||||||||||||||
(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 2014 and 2013. There were no fair value hedges in 2014 and 2013. 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, 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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, 2012, 2013, and 2014, and the activity for the years then ended: | |||||||||||||||||||||
Millions of dollars | Foreign | Derivative | Pension and | Marketable | Total | ||||||||||||||||
Currency | Instruments | Postretirement | Securities | ||||||||||||||||||
Liability | |||||||||||||||||||||
31-Dec-11 | $ | (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 | ) | |||||||||||||
31-Dec-12 | $ | (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 | |||||||||||||||
31-Dec-13 | $ | (532 | ) | $ | (6 | ) | $ | (770 | ) | $ | 10 | $ | (1,298 | ) | |||||||
Unrealized loss | (392 | ) | (1 | ) | — | — | (393 | ) | |||||||||||||
Unrealized actuarial loss and prior service credit | — | — | (233 | ) | — | (233 | ) | ||||||||||||||
Tax effect | (5 | ) | — | 85 | — | 80 | |||||||||||||||
Other comprehensive loss, net of tax | (397 | ) | (1 | ) | (148 | ) | — | (546 | ) | ||||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (4 | ) | — | — | — | (4 | ) | ||||||||||||||
Other comprehensive loss available to Whirlpool | $ | (393 | ) | $ | (1 | ) | $ | (148 | ) | $ | — | $ | (542 | ) | |||||||
31-Dec-14 | $ | (925 | ) | $ | (7 | ) | $ | (918 | ) | $ | 10 | $ | (1,840 | ) | |||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||||
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool | $ | 650 | $ | 827 | $ | 401 | |||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 78.3 | 79.3 | 78.1 | ||||||||||||||||||
Effect of dilutive securities – stock-based compensation | 1.3 | 1.5 | 1.2 | ||||||||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares | 79.6 | 80.8 | 79.3 | ||||||||||||||||||
Anti-dilutive stock options/awards excluded from earnings per share | 0.2 | — | 2.4 | ||||||||||||||||||
Dividends | |||||||||||||||||||||
Dividends per share paid to shareholders were $2.88, $2.38 and $2.00 during 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Repurchase Program | |||||||||||||||||||||
On April 14, 2014, our Board of Directors authorized a new share repurchase program of up to $500 million. Share repurchases are made from time to time on the open market as conditions warrant. The program does not obligate us to repurchase any of our shares. During the twelve months ended December 31, 2014, we repurchased 165,900 shares at an aggregate purchase price of approximately $25 million under this program. At December 31, 2014, there were approximately $475 million in remaining funds authorized under this program. |
Sharebased_Incentive_Plans
Share-based Incentive Plans | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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 $47 million, $50 million and $49 million in 2014, 2013, and 2012, respectively. Related income tax benefits recognized in earnings were $16 million, $17 million and $17 million in 2014, 2013, and 2012, respectively. | ||||||||||
At December 31, 2014, unrecognized compensation cost related to non-vested stock option and stock unit awards totaled $49 million. The cost of these non-vested awards is expected to be recognized over a weighted-average remaining vesting period of 29 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, 2014, approximately 7.6 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 grant date fair value of stock options granted for 2014, 2013, and 2012 were $42.09, $33.92 and $19.54, respectively, using the following assumptions: | ||||||||||
Weighted Average Black-Scholes Assumptions | 2014 | 2013 | 2012 | |||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 0.9 | % | ||||
Expected volatility | 38.2 | % | 40.3 | % | 40.3 | % | ||||
Expected dividend yield | 1.8 | % | 1.8 | % | 2.9 | % | ||||
Expected option life, in years | 5 | 5 | 5 | |||||||
Stock Option Activity | ||||||||||
The following table summarizes stock option activity during 2014: | ||||||||||
In thousands, except per share data | Number | Weighted- | ||||||||
of Options | Average | |||||||||
Exercise Price | ||||||||||
Outstanding at January 1 | 2,255 | $ | 77.87 | |||||||
Granted | 393 | 138.6 | ||||||||
Exercised | (487 | ) | 78.58 | |||||||
Canceled or expired | (46 | ) | 94.35 | |||||||
Outstanding at December 31 | 2,115 | $ | 88.62 | |||||||
Exercisable at December 31 | 1,236 | $ | 70.87 | |||||||
The total intrinsic value of stock options exercised was $36 million, $53 million, and $32 million for 2014, 2013, and 2012, respectively. The related tax benefits were $13 million, $19 million and $12 million for 2014, 2013, and 2012, respectively. Cash received from the exercise of stock options was $38 million, $95 million, and $43 million for 2014, 2013, and 2012, respectively. | ||||||||||
The table below summarizes additional information related to stock options outstanding at December 31, 2014: | ||||||||||
Options in thousands / dollars in millions, except share data | Outstanding Net of | Options | ||||||||
Expected Forfeitures | Exercisable | |||||||||
Number of options | 2,043 | 1,236 | ||||||||
Weighted-average exercise price per share | $ | 87.11 | $ | 70.87 | ||||||
Aggregate intrinsic value | $ | 218 | $ | 152 | ||||||
Weighted-average remaining contractual term, in years | 6 | 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 previously granted 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% to 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 2014, 2013, and 2012 were $133.31, $107.85 and $69.32, respectively. The total fair value of stock units vested during 2014, 2013, and 2012 was $25 million, $35 million and $19 million, respectively. | ||||||||||
The following table summarizes stock unit activity during 2014: | ||||||||||
Stock units in thousands, except per-share data | Number of | Weighted- Average | ||||||||
Stock Units | Grant Date Fair | |||||||||
Value | ||||||||||
Non-vested, at January 1 | 1,202 | $ | 82.4 | |||||||
Granted | 245 | 133.31 | ||||||||
Canceled | (37 | ) | 82.62 | |||||||
Vested and transferred to unrestricted | (306 | ) | 80.88 | |||||||
Non-vested, at December 31 | 1,104 | $ | 90.34 | |||||||
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, 2014 | |||||||||||||||||||
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. Over $40 million in costs related to actions authorized under the 2011 Plan were recognized during 2014. | |||||||||||||||||||
During 2014, the Company announced the following restructuring plans: (a) the closure of a microwave oven manufacturing facility and other organizational efficiency actions in EMEA and Latin America, and (b) organizational integration activities in China, in anticipation of the Hefei Sanyo transaction. These plans resulted in charges of approximately $90 million in 2014, with completion expected by the end of 2015, 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, 2014 and 2013: | |||||||||||||||||||
Millions of dollars | 12/31/13 | Acquisition - related(1) | Charges to Earnings | Cash Paid | Non-Cash and Other | 12/31/14 | |||||||||||||
Employee termination costs | $ | 74 | $ | 40 | $ | 82 | $ | (128 | ) | $ | (10 | ) | $ | 58 | |||||
Asset impairment costs | — | — | 26 | — | (26 | ) | — | ||||||||||||
Facility exit costs | 14 | — | 16 | (26 | ) | — | 4 | ||||||||||||
Other exit costs | 18 | — | 12 | (14 | ) | — | 16 | ||||||||||||
Total | $ | 106 | $ | 40 | $ | 136 | $ | (168 | ) | $ | (36 | ) | $ | 78 | |||||
(1) A $40 million restructuring liability was acquired in the acquisition of Indesit in the fourth quarter of 2014 related to an ongoing plan previously initiated by Indesit management. As of December 31, 2014, the acquired restructuring liability is $17 million. | |||||||||||||||||||
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 | ||||
The following table summarizes 2014 restructuring charges by operating segment: | |||||||||||||||||||
Millions of dollars | 2014 Charges | ||||||||||||||||||
North America | $ | 10 | |||||||||||||||||
Latin America | 8 | ||||||||||||||||||
EMEA | 102 | ||||||||||||||||||
Asia | 13 | ||||||||||||||||||
Corporate / Other | 3 | ||||||||||||||||||
Total | $ | 136 | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||||||||||||||
The income tax expense was $189 million, $68 million, and $133 million in 2014, 2013 and 2012, respectively. The following table summarizes the difference between income tax expense at the United States statutory rate of 35% and the income tax expense at effective worldwide tax rates for the respective periods: | |||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||||
United States | $ | 325 | $ | 149 | $ | 113 | |||||||||||||||||||
Foreign | 556 | 768 | 445 | ||||||||||||||||||||||
Earnings before income taxes | 881 | 917 | 558 | ||||||||||||||||||||||
Income tax computed at United States statutory rate | 308 | 321 | 195 | ||||||||||||||||||||||
U.S. government tax incentives, including Energy Tax Credits | (10 | ) | (142 | ) | — | ||||||||||||||||||||
Foreign government tax incentives, including BEFIEX | (46 | ) | (63 | ) | (38 | ) | |||||||||||||||||||
Foreign tax rate differential | (17 | ) | (17 | ) | (2 | ) | |||||||||||||||||||
U.S. foreign tax credits | (148 | ) | (231 | ) | (31 | ) | |||||||||||||||||||
Valuation allowances | 9 | 16 | (86 | ) | |||||||||||||||||||||
State and local taxes, net of federal tax benefit | 5 | 7 | 2 | ||||||||||||||||||||||
Foreign withholding taxes | 16 | 29 | 12 | ||||||||||||||||||||||
U.S. tax on foreign dividends and subpart F income | 56 | 195 | 57 | ||||||||||||||||||||||
Settlement of global tax audits | (5 | ) | (54 | ) | 18 | ||||||||||||||||||||
Other items, net | 21 | 7 | 6 | ||||||||||||||||||||||
Income tax computed at effective worldwide tax rates | $ | 189 | $ | 68 | $ | 133 | |||||||||||||||||||
Current and Deferred Tax Provision | |||||||||||||||||||||||||
The following table summarizes our income tax (benefit) provision for 2014, 2013 and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Millions of dollars | Current | Deferred | Current | Deferred | Current | Deferred | |||||||||||||||||||
United States | $ | 7 | $ | 8 | $ | (60 | ) | $ | (57 | ) | $ | 18 | $ | 24 | |||||||||||
Foreign | 182 | 12 | 187 | (9 | ) | 189 | (96 | ) | |||||||||||||||||
State and local | (2 | ) | (18 | ) | 2 | 5 | 7 | (9 | ) | ||||||||||||||||
$ | 187 | $ | 2 | $ | 129 | $ | (61 | ) | $ | 214 | $ | (81 | ) | ||||||||||||
Total income tax expense | $ | 189 | $ | 68 | $ | 133 | |||||||||||||||||||
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. This provision was not extended to include calendar 2014. | |||||||||||||||||||||||||
United States Tax on Foreign Dividends | |||||||||||||||||||||||||
We have historically reinvested all unremitted earnings of our foreign subsidiaries and affiliates. We plan to distribute approximately $24 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 $4.9 billion at December 31, 2014. As of December 31, 2014, we had $1.0 billion of cash and equivalents on hand, of which $0.9 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, 2014, we had net operating loss carryforwards of $3.2 billion, $1.2 billion of which were United States state net operating loss carryforwards. Of the total net operating loss carryforwards, $1.8 billion do not expire, with substantially all of the remaining carryforwards expiring in various years through 2034. As of December 31, 2014, we had $249 million of foreign tax credit carryforwards and $1.0 billion of United States general business credit carryforwards available to offset future payments of federal income taxes, expiring between 2017 and 2034. | |||||||||||||||||||||||||
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 $308 million at December 31, 2014 consists of $288 million of net operating loss carryforward deferred tax assets and $20 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 2004. | |||||||||||||||||||||||||
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, 2014 and 2013: | |||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Intangibles | $ | 800 | $ | 517 | |||||||||||||||||||||
Property, net | 156 | 141 | |||||||||||||||||||||||
LIFO inventory | 45 | 49 | |||||||||||||||||||||||
Other | 193 | 201 | |||||||||||||||||||||||
Total deferred tax liabilities | 1,194 | 908 | |||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
U.S. general business credit carryforwards, including Energy Tax Credits | 1,005 | 1,050 | |||||||||||||||||||||||
Pensions | 316 | 311 | |||||||||||||||||||||||
Loss carryforwards | 650 | 467 | |||||||||||||||||||||||
Inventory prepayment | — | 93 | |||||||||||||||||||||||
Postretirement obligations | 199 | 177 | |||||||||||||||||||||||
Foreign tax credit carryforwards | 249 | 243 | |||||||||||||||||||||||
Research and development capitalization | 358 | 239 | |||||||||||||||||||||||
Employee payroll and benefits | 141 | 138 | |||||||||||||||||||||||
Accrued expenses | 110 | 102 | |||||||||||||||||||||||
Product warranty accrual | 62 | 58 | |||||||||||||||||||||||
Receivable and inventory allowances | 73 | 51 | |||||||||||||||||||||||
Other | 300 | 233 | |||||||||||||||||||||||
Total deferred tax assets | 3,463 | 3,162 | |||||||||||||||||||||||
Valuation allowances for deferred tax assets | (308 | ) | (186 | ) | |||||||||||||||||||||
Deferred tax assets, net of valuation allowances | 3,155 | 2,976 | |||||||||||||||||||||||
Net deferred tax assets | $ | 1,961 | $ | 2,068 | |||||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance, January 1 | $ | 113 | $ | 178 | $ | 178 | |||||||||||||||||||
Additions for tax positions of the current year | 17 | 17 | 13 | ||||||||||||||||||||||
Additions for tax positions of prior years | 4 | 6 | 16 | ||||||||||||||||||||||
Reductions for tax positions of prior years | (23 | ) | (81 | ) | (15 | ) | |||||||||||||||||||
Settlements during the period | (11 | ) | (3 | ) | (5 | ) | |||||||||||||||||||
Positions assumed in acquisitions | 42 | — | — | ||||||||||||||||||||||
Lapses of applicable statute of limitation | (1 | ) | (4 | ) | (9 | ) | |||||||||||||||||||
Balance, December 31 | $ | 141 | $ | 113 | $ | 178 | |||||||||||||||||||
In connection with our acquisitions of Hefei Sanyo and Indesit, the Company assumed $71 million of uncertain tax position liabilities, including $31 million of interest and penalties. The acquisition of Hefei Sanyo resulted in an assumed uncertain tax position of $61 million that was reflected in the opening balance sheet, while the acquisition of Indesit resulted in an assumed uncertain tax position of $10 million. | |||||||||||||||||||||||||
It is reasonably possible that certain unrecognized tax benefits of $20 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 $6 million, $12 million and $4 million in 2014, 2013 and 2012, respectively. We have accrued a total of $63 million and $39 million at December 31, 2014 and 2013, respectively. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [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 2014, 2013 and 2012 were $71 million, $68 million and $64 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 | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Funded status | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 3,042 | $ | 2,835 | $ | 640 | $ | 206 | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligations | 3,796 | 3,546 | 1,026 | 439 | 502 | 509 | |||||||||||||||||||||||||||||||
Funded status | $ | (754 | ) | $ | (711 | ) | $ | (386 | ) | $ | (233 | ) | $ | (502 | ) | $ | (509 | ) | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet | |||||||||||||||||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 8 | $ | 7 | $ | — | $ | — | |||||||||||||||||||||||||
Current liability | (9 | ) | (7 | ) | (16 | ) | (14 | ) | (56 | ) | (51 | ) | |||||||||||||||||||||||||
Noncurrent liability | (745 | ) | (704 | ) | (378 | ) | (226 | ) | (446 | ) | (458 | ) | |||||||||||||||||||||||||
Amount recognized | $ | (754 | ) | $ | (711 | ) | $ | (386 | ) | $ | (233 | ) | $ | (502 | ) | $ | (509 | ) | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax) | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 1,368 | $ | 1,215 | $ | 118 | $ | 98 | $ | 53 | $ | 42 | |||||||||||||||||||||||||
Prior service (credit) cost | (14 | ) | (17 | ) | — | 3 | (120 | ) | (169 | ) | |||||||||||||||||||||||||||
Amount recognized | $ | 1,354 | $ | 1,198 | $ | 118 | $ | 101 | $ | (67 | ) | $ | (127 | ) | |||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 3,546 | $ | 4,196 | $ | 439 | $ | 448 | $ | 509 | $ | 477 | |||||||||||||||||||||||||
Service cost | 2 | 2 | 5 | 6 | 3 | 4 | |||||||||||||||||||||||||||||||
Interest cost | 167 | 162 | 22 | 17 | 24 | 18 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 7 | 8 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | 384 | (420 | ) | 59 | (7 | ) | 9 | (31 | ) | ||||||||||||||||||||||||||||
Benefits paid | (303 | ) | (281 | ) | (24 | ) | (23 | ) | (60 | ) | (68 | ) | |||||||||||||||||||||||||
Plan amendments | — | — | (3 | ) | — | 14 | 2 | ||||||||||||||||||||||||||||||
Acquisitions(1) | — | — | 610 | — | — | — | |||||||||||||||||||||||||||||||
Transfer of benefits | — | (105 | ) | — | — | — | 105 | ||||||||||||||||||||||||||||||
Settlements / curtailment (gain) | — | (8 | ) | (15 | ) | (6 | ) | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (68 | ) | 3 | (4 | ) | (6 | ) | ||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 3,796 | $ | 3,546 | $ | 1,026 | $ | 439 | $ | 502 | $ | 509 | |||||||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 3,786 | $ | 3,536 | $ | 964 | $ | 424 | N/A | N/A | |||||||||||||||||||||||||||
(1) Pension obligation acquired through acquisition of Indesit | |||||||||||||||||||||||||||||||||||||
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 | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 2,835 | $ | 2,790 | $ | 206 | $ | 197 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | 381 | 207 | 33 | 13 | — | — | |||||||||||||||||||||||||||||||
Employer contribution | 129 | 127 | 30 | 24 | 53 | 60 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 7 | 8 | |||||||||||||||||||||||||||||||
Benefits paid | (303 | ) | (281 | ) | (24 | ) | (23 | ) | (60 | ) | (68 | ) | |||||||||||||||||||||||||
Acquisitions(1) | — | — | 437 | — | — | — | |||||||||||||||||||||||||||||||
New Plans | — | — | — | 2 | — | — | |||||||||||||||||||||||||||||||
Settlements | — | (8 | ) | (10 | ) | (6 | ) | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (33 | ) | (2 | ) | — | — | |||||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 3,042 | $ | 2,835 | $ | 640 | $ | 206 | $ | — | $ | — | |||||||||||||||||||||||||
(1) Pension assets acquired through acquisition of Indesit | |||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 2 | $ | 5 | $ | 6 | $ | 6 | $ | 3 | $ | 4 | $ | 5 | |||||||||||||||||||
Interest cost | 167 | 162 | 178 | 22 | 17 | 20 | 24 | 18 | 21 | ||||||||||||||||||||||||||||
Expected return on plan assets | (193 | ) | (191 | ) | (194 | ) | (16 | ) | (10 | ) | (11 | ) | — | — | — | ||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Actuarial loss | 43 | 62 | 46 | 5 | 6 | 4 | — | 1 | 1 | ||||||||||||||||||||||||||||
Prior service cost (credit) | (3 | ) | (3 | ) | (3 | ) | 1 | 1 | 1 | (36 | ) | (39 | ) | (42 | ) | ||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | — | — | (52 | ) | |||||||||||||||||||||||||||
Settlement loss | — | 3 | 5 | 4 | 1 | 3 | — | — | — | ||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 16 | $ | 35 | $ | 34 | $ | 21 | $ | 21 | $ | 23 | $ | (9 | ) | $ | (16 | ) | $ | (67 | ) | ||||||||||||||||
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 in 2012. 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 2014 | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Current year actuarial loss | $ | 196 | $ | 36 | $ | 10 | |||||||||||||||||||||||||||||||
Actuarial (loss) recognized during the year | (43 | ) | (15 | ) | — | ||||||||||||||||||||||||||||||||
Current year prior service cost (credit) | — | (3 | ) | 14 | |||||||||||||||||||||||||||||||||
Prior service credit (cost) recognized during the year | 3 | (1 | ) | 36 | |||||||||||||||||||||||||||||||||
Total recognized in other comprehensive loss (pre-tax) | $ | 156 | $ | 17 | $ | 60 | |||||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | $ | 172 | $ | 38 | $ | 51 | |||||||||||||||||||||||||||||||
Estimated Pre-Tax Amounts that will be amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in 2015 | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 53 | $ | 6 | $ | — | |||||||||||||||||||||||||||||||
Prior service (credit) | (3 | ) | — | (35 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 50 | $ | 6 | $ | (35 | ) | ||||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year | |||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.95 | % | 3.32 | % | 4.16 | % | 4.27 | % | 4.95 | % | |||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 3.23 | % | 3.4 | % | N/A | N/A | |||||||||||||||||||||||||||
Weighted-Average Assumptions used to Determine Net Periodic Cost | |||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 4.95 | % | 4.05 | % | 4.8 | % | 3.89 | % | 3.93 | % | 5.04 | % | 5.25 | % | 4.03 | % | 5.03 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.25 | % | 7.5 | % | 7.5 | % | 5.44 | % | 5.4 | % | 5.44 | % | N/A | N/A | N/A | ||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 3.35 | % | 3.51 | % | 3.48 | % | N/A | N/A | N/A | ||||||||||||||||||||||
Health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Initial rate | N/A | N/A | N/A | N/A | N/A | N/A | 7 | % | 7 | % | 8 | % | |||||||||||||||||||||||||
Ultimate rate | N/A | N/A | N/A | N/A | N/A | N/A | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||
Year that ultimate rate will be reached | N/A | N/A | N/A | N/A | N/A | N/A | 2017 | 2017 | 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 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligations | 4 | (4 | ) | ||||||||||||||||||||||||||||||||||
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 Benefits(1) | Pension Benefits | ||||||||||||||||||||||||||||||||||||
2015 | $ | 80 | $ | 18 | |||||||||||||||||||||||||||||||||
(1) Contributions include $80 million of minimum contributions required by law. | |||||||||||||||||||||||||||||||||||||
Expected Benefit Payments | |||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||
2015 | $ | 278 | $ | 49 | $ | 56 | |||||||||||||||||||||||||||||||
2016 | 253 | 38 | 49 | ||||||||||||||||||||||||||||||||||
2017 | 250 | 41 | 48 | ||||||||||||||||||||||||||||||||||
2018 | 249 | 41 | 44 | ||||||||||||||||||||||||||||||||||
2019 | 252 | 44 | 41 | ||||||||||||||||||||||||||||||||||
2020-2024 | 1,219 | 216 | 171 | ||||||||||||||||||||||||||||||||||
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 41% equity and 59% fixed income, with exceptions for foreign pension plans. For our U.S. plan, the target allocation for equity securities is approximately 51% allocated to United States large-cap, 27% 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, 2014 and 2013, by asset category were as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
Quoted prices | Other significant | Significant | Total | ||||||||||||||||||||||||||||||||||
(Level 1) | observable inputs | unobservable inputs | |||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Cash and equivalents | $ | 29 | $ | 23 | $ | — | $ | — | $ | — | $ | — | $ | 29 | $ | 23 | |||||||||||||||||||||
Government and government agency securities(a) | |||||||||||||||||||||||||||||||||||||
U.S. securities | — | — | 579 | 432 | — | — | 579 | 432 | |||||||||||||||||||||||||||||
International securities | — | — | 253 | 131 | — | — | 253 | 131 | |||||||||||||||||||||||||||||
Corporate bonds and notes (a) | |||||||||||||||||||||||||||||||||||||
U.S. companies | — | — | 1,000 | 850 | — | — | 1,000 | 850 | |||||||||||||||||||||||||||||
International companies | — | — | 321 | 193 | — | — | 321 | 193 | |||||||||||||||||||||||||||||
Equity securities (b) | |||||||||||||||||||||||||||||||||||||
U.S. companies | 12 | 12 | — | — | — | — | 12 | 12 | |||||||||||||||||||||||||||||
International companies | 427 | 223 | — | — | — | — | 427 | 223 | |||||||||||||||||||||||||||||
Mutual funds (c) | 67 | 77 | — | — | — | — | 67 | 77 | |||||||||||||||||||||||||||||
Common and collective funds (d) | |||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | — | 651 | 718 | — | — | 651 | 718 | |||||||||||||||||||||||||||||
International equity securities | — | — | 66 | 79 | — | — | 66 | 79 | |||||||||||||||||||||||||||||
Short-term investment fund | — | — | 63 | 87 | — | — | 63 | 87 | |||||||||||||||||||||||||||||
Limited partnerships (e) | |||||||||||||||||||||||||||||||||||||
U.S. private equity investments | — | — | — | — | 140 | 145 | 140 | 145 | |||||||||||||||||||||||||||||
Diversified fund of funds | — | — | — | — | 32 | 35 | 32 | 35 | |||||||||||||||||||||||||||||
Emerging growth | — | — | — | — | 23 | 18 | 23 | 18 | |||||||||||||||||||||||||||||
Real estate (f) | — | — | 10 | 11 | — | — | 10 | 11 | |||||||||||||||||||||||||||||
All other investments | — | — | 9 | 7 | — | — | 9 | 7 | |||||||||||||||||||||||||||||
$ | 535 | $ | 335 | $ | 2,952 | $ | 2,508 | $ | 195 | $ | 198 | $ | 3,682 | $ | 3,041 | ||||||||||||||||||||||
(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 partnership's 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, 2013 | $ | 198 | |||||||||||||||||||||||||||||||||||
Realized gains (net) | 23 | ||||||||||||||||||||||||||||||||||||
Unrealized gains (net) | 11 | ||||||||||||||||||||||||||||||||||||
Purchases | 9 | ||||||||||||||||||||||||||||||||||||
Settlements | (46 | ) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 195 | |||||||||||||||||||||||||||||||||||
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, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
United States | Foreign | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,796 | $ | 3,546 | $ | 872 | $ | 397 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,042 | 2,835 | 487 | 157 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
United States | Foreign | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,796 | $ | 3,546 | $ | 872 | $ | 347 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | 3,786 | 3,536 | 825 | 340 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 3,042 | 2,835 | 487 | 110 | |||||||||||||||||||||||||||||||||
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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, which 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 | |||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 9,064 | $ | 3,204 | $ | 7,604 | $ | 19,872 | |||||||||||||||||
Long-lived assets | 4,529 | 321 | 4,741 | 9,591 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
2014 | 10,634 | 4,686 | 3,905 | 816 | (169 | ) | 19,872 | ||||||||||||||||||
2013 | 10,178 | 4,928 | 3,024 | 807 | (168 | ) | 18,769 | ||||||||||||||||||
2012 | 9,631 | 4,950 | 2,874 | 847 | (159 | ) | 18,143 | ||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||||
2014 | $ | 244 | $ | 180 | $ | 79 | $ | 266 | $ | (769 | ) | $ | — | ||||||||||||
2013 | 256 | 174 | 79 | 257 | (766 | ) | — | ||||||||||||||||||
2012 | 262 | 171 | 104 | 226 | (763 | ) | — | ||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||
2014 | $ | 263 | $ | 86 | $ | 104 | $ | 29 | $ | 78 | $ | 560 | |||||||||||||
2013 | 238 | 91 | 95 | 18 | 98 | 540 | |||||||||||||||||||
2012 | 260 | 97 | 93 | 18 | 83 | 551 | |||||||||||||||||||
Operating profit (loss) | |||||||||||||||||||||||||
2014 | $ | 1,072 | $ | 475 | $ | 59 | $ | (21 | ) | $ | (397 | ) | $ | 1,188 | |||||||||||
2013 | 1,070 | 557 | (4 | ) | 34 | (408 | ) | 1,249 | |||||||||||||||||
2012 | 846 | 476 | (51 | ) | 37 | (439 | ) | 869 | |||||||||||||||||
Total assets | |||||||||||||||||||||||||
2014 | $ | 7,736 | $ | 2,917 | $ | 7,597 | $ | 2,734 | $ | (982 | ) | $ | 20,002 | ||||||||||||
2013 | 7,785 | 3,380 | 2,955 | 921 | 503 | 15,544 | |||||||||||||||||||
2012 | 7,766 | 3,845 | 2,956 | 802 | 27 | 15,396 | |||||||||||||||||||
Capital expenditures | |||||||||||||||||||||||||
2014 | $ | 271 | $ | 133 | $ | 187 | $ | 29 | $ | 100 | $ | 720 | |||||||||||||
2013 | 254 | 108 | 101 | 25 | 90 | 578 | |||||||||||||||||||
2012 | 219 | 100 | 88 | 24 | 45 | 476 | |||||||||||||||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
Dec. 31 | Sept. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||||||||||||||||
Millions of dollars, except per share data | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net sales | $ | 6,003 | $ | 5,090 | $ | 4,824 | $ | 4,683 | $ | 4,682 | $ | 4,748 | $ | 4,363 | $ | 4,248 | |||||||||||||||||
Cost of products sold | 4,977 | 4,181 | 3,997 | 3,837 | 3,895 | 3,931 | 3,608 | 3,522 | |||||||||||||||||||||||||
Operating profit | 281 | 354 | 335 | 313 | 291 | 328 | 281 | 254 | |||||||||||||||||||||||||
Interest and sundry income (expense) | (64 | ) | (82 | ) | (39 | ) | (16 | ) | (16 | ) | (39 | ) | (23 | ) | (18 | ) | |||||||||||||||||
Net earnings | 108 | 187 | 235 | 199 | 185 | 206 | 164 | 257 | |||||||||||||||||||||||||
Net earnings available to Whirlpool | 81 | 181 | 230 | 196 | 179 | 198 | 160 | 252 | |||||||||||||||||||||||||
Per share of common stock: (1) | |||||||||||||||||||||||||||||||||
Basic net earnings | $ | 1.04 | $ | 2.31 | $ | 2.92 | $ | 2.46 | $ | 2.29 | $ | 2.48 | $ | 2.06 | $ | 3.18 | |||||||||||||||||
Diluted net earnings | 1.02 | 2.26 | 2.88 | 2.42 | 2.25 | 2.44 | 2.02 | 3.12 | |||||||||||||||||||||||||
Dividends | 0.75 | 0.625 | 0.75 | 0.625 | 0.75 | 0.625 | 0.625 | 0.5 | |||||||||||||||||||||||||
Market price range of common stock: (2) | |||||||||||||||||||||||||||||||||
High | $ | 196.71 | $ | 159.22 | $ | 156.13 | $ | 151.84 | $ | 156.71 | $ | 134.09 | $ | 160.01 | $ | 120 | |||||||||||||||||
Low | 139.85 | 129.22 | 135.37 | 111.7 | 136.64 | 107.88 | 124.39 | 101.74 | |||||||||||||||||||||||||
Close | 193.74 | 156.86 | 145.65 | 146.44 | 139.22 | 114.36 | 149.46 | 118.46 | |||||||||||||||||||||||||
(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_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
WHIRLPOOL CORPORATION AND SUBSIDIARIES | |||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||
(Millions of dollars) | |||||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | |||||||||||||
ADDITIONS | |||||||||||||||||
Description | Balance at Beginning | -1 | -2 | -3 | Deductions | Balance at End | |||||||||||
of Period | Charged to Costs | Acquisition Impact | Charged to Other | —Describe (A) | of Period | ||||||||||||
and Expenses | Accounts / Other | ||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||
Allowance for doubtful accounts— accounts receivable | 73 | 76 | 45 | — | (40 | ) | 154 | ||||||||||
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 | ||||||||||
Note A—The amounts represent accounts charged off, less translation adjustments and transfers. Recoveries were nominal for 2014, 2013 and 2012. |
Summary_of_Principal_Accountin1
Summary of Principal Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
General Information | General Information | ||||||||||
Whirlpool Corporation, a Delaware corporation, is the world's leading manufacturer and marketer of major home appliances. Whirlpool manufactures products in 14 countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air and Indesit. Whirlpool’s reportable segments consist of North America, Latin America, EMEA (Europe, Middle East and Africa) and Asia. | |||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||
Our Consolidated Financial Statements include all majority-owned subsidiaries. All intercompany transactions have been eliminated upon consolidation. We do not consolidate the financial statements of any company in which we have an ownership interest of 50% or less unless that company is deemed to be a variable interest entity ("VIE") of which we are the primary beneficiary. Certain VIEs are consolidated when the company is the primary beneficiary of these entities and has the ability to directly impact the activities of these entities. | |||||||||||
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. | |||||||||||
Securitization Of Financing Receivables | Securitization of Financing Receivables / Variable Interest Entities | ||||||||||
Indesit, acquired by Whirlpool in the fourth quarter of 2014, has maintained a securitization program since 2010. The securitization involves the without-recourse sale of trade receivables by Indesit. The receivables are acquired by special purpose entities ("SPEs") which are financed by the issuance of securities whose repayment is guaranteed by the cash flows generated by the receivables sold. | |||||||||||
At December 31, 2014, liabilities related to the securitization were comprised of senior securities issued on the asset-backed security market and totaled $88 million. At the same date, financial receivables represented by junior securities total $53 million, cash not yet collected on receivables sold was $38 million and cash held by the SPEs (reflected in other current assets due to its restricted use for debt repayment) was $5 million. At December 31, 2014, $35 million from the securitization is included in Whirlpool’s notes payable balance. | |||||||||||
The SPEs related to the securitization are designed to create and pass along debt proceeds and related debt expenses to Indesit, its interest holder. Additionally, Indesit has the ability to directly impact the activities of these entities. Therefore, these entities are considered variable interest entities and Indesit is considered the primary beneficiary of these entities. Accordingly, the results of these entities have been consolidated into Whirlpool’s financial results at December 31, 2014. | |||||||||||
Whirlpool stopped the sale of receivables related to the securitization beginning in December 2014. We anticipate exiting this debt securitization by the end of the first quarter of 2015. | |||||||||||
Variable Interest Entities | Securitization of Financing Receivables / Variable Interest Entities | ||||||||||
Indesit, acquired by Whirlpool in the fourth quarter of 2014, has maintained a securitization program since 2010. The securitization involves the without-recourse sale of trade receivables by Indesit. The receivables are acquired by special purpose entities ("SPEs") which are financed by the issuance of securities whose repayment is guaranteed by the cash flows generated by the receivables sold. | |||||||||||
At December 31, 2014, liabilities related to the securitization were comprised of senior securities issued on the asset-backed security market and totaled $88 million. At the same date, financial receivables represented by junior securities total $53 million, cash not yet collected on receivables sold was $38 million and cash held by the SPEs (reflected in other current assets due to its restricted use for debt repayment) was $5 million. At December 31, 2014, $35 million from the securitization is included in Whirlpool’s notes payable balance. | |||||||||||
The SPEs related to the securitization are designed to create and pass along debt proceeds and related debt expenses to Indesit, its interest holder. Additionally, Indesit has the ability to directly impact the activities of these entities. Therefore, these entities are considered variable interest entities and Indesit is considered the primary beneficiary of these entities. Accordingly, the results of these entities have been consolidated into Whirlpool’s financial results at December 31, 2014. | |||||||||||
Whirlpool stopped the sale of receivables related to the securitization beginning in December 2014. We anticipate exiting this debt securitization by the end of the first quarter of 2015. | |||||||||||
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. | |||||||||||
Restricted Cash | Restricted Cash | ||||||||||
Restricted cash relates to the private placement funds paid by Whirlpool to acquire a portion of the shares needed to acquire majority control of Hefei Sanyo in October 2014. The restricted cash is used to fund capital and technical resources to enhance Hefei Sanyo’s research and development and working capital. | |||||||||||
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, 2014 and 2013, with the exception of those disclosed in Note 13. | |||||||||||
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, Asia and certain EMEA inventories, which are stated at average cost. Costs do not exceed net realizable values. See Note 5 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, excluding property acquired from Hefei Sanyo and Indesit acquisitions. For nonproduction assets and assets acquired from Hefei Sanyo and Indesit, as of December 31, 2014 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 $527 million, $515 million and $521 million in 2014, 2013 and 2012, respectively. | |||||||||||
The following table summarizes our property as of December 31, 2014 and 2013: | |||||||||||
Millions of dollars | 2014 | 2013 | Estimated Useful Life | ||||||||
Land | $ | 142 | $ | 76 | n/a | ||||||
Buildings | 1,616 | 1,303 | 10 to 50 years | ||||||||
Machinery and equipment | 8,182 | 7,940 | 3 to 25 years | ||||||||
Accumulated depreciation | (5,959 | ) | (6,278 | ) | |||||||
Property, net | $ | 3,981 | $ | 3,041 | |||||||
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 $503 million and $282 million of machinery and equipment no longer in use during 2014 and 2013, respectively. Net gains and losses recognized in cost of products sold were not material for 2014, 2013 and 2012. | |||||||||||
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 2014, 2013 and 2012. | |||||||||||
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 3 for additional information about goodwill and intangible assets. | |||||||||||
Accounts Payable Outsourcing | Accounts Payable Outsourcing | ||||||||||
We offer our suppliers access to third party payable 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. In China, as a common practice we pay suppliers with banker’s acceptance drafts. Banker’s acceptance drafts 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, 2014 and 2013, approximately $1.6 billion and $1.3 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 (Loss) 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 8 for additional information about hedges and derivative financial instruments. | |||||||||||
Foreign Currency Translation | Foreign Currency Translation and Transactions | ||||||||||
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 accumulated 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 $563 million, $582 million and $553 million in 2014, 2013 and 2012, respectively. | |||||||||||
Advertising Costs | Advertising Costs | ||||||||||
Advertising costs are charged to expense when the advertisement is first communicated and totaled $269 million, $304 million and $273 million in 2014, 2013 and 2012, 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 12 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 10 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 recognized export credits as they were monetized. See Note 7 and Note 12 for additional information regarding BEFIEX credits. | |||||||||||
New Accounting Pronouncements | New Accounting Pronouncements | ||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. ASU 2013-11 provides guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. We adopted the provisions of this amendment during the first quarter of 2014, which resulted in a reclassification between other non-current liabilities and non-current deferred income tax assets of approximately $53 million. The adoption did not change existing recognition and measurement requirements in our Consolidated Financial Statements. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)", which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied using one of two retrospective application methods, with early application not permitted. We have not yet determined the potential effects from this pronouncement on the Consolidated Financial Statements, if any. | |||||||||||
All other issued but not yet effective accounting pronouncements are not expected to have a material impact on our Consolidated Financial Statements. | |||||||||||
Goodwill and Intangible Assets | We evaluate goodwill and indefinite lived intangibles for impairment annually on October 1. |
Summary_of_Principal_Accountin2
Summary of Principal Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Property, Plant and Equipment | The following table summarizes our property as of December 31, 2014 and 2013: | ||||||||||
Millions of dollars | 2014 | 2013 | Estimated Useful Life | ||||||||
Land | $ | 142 | $ | 76 | n/a | ||||||
Buildings | 1,616 | 1,303 | 10 to 50 years | ||||||||
Machinery and equipment | 8,182 | 7,940 | 3 to 25 years | ||||||||
Accumulated depreciation | (5,959 | ) | (6,278 | ) | |||||||
Property, net | $ | 3,981 | $ | 3,041 | |||||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Preliminary Allocation of Purchase Price | The following table presents the preliminary allocation of purchase price related to the Hefei Sanyo and Indesit acquisitions, as of their respective dates of acquisition: | ||||||||||||
Millions of dollars | Hefei Sanyo(1) | Indesit | |||||||||||
Cash | $ | 98 | $ | 77 | |||||||||
Accounts receivable | 81 | 891 | |||||||||||
Inventory | 137 | 471 | |||||||||||
Other current assets | 354 | 288 | |||||||||||
Property, plant and equipment | 169 | 854 | |||||||||||
Goodwill | 451 | 667 | |||||||||||
Identified intangible assets | 372 | 822 | |||||||||||
Other non-current assets | 317 | 162 | |||||||||||
Total assets acquired | 1,979 | 4,232 | |||||||||||
Accounts payable | (181 | ) | (631 | ) | |||||||||
Short-term notes payable | (226 | ) | (555 | ) | |||||||||
Other current liabilities | (91 | ) | (622 | ) | |||||||||
Non-current liabilities | (133 | ) | (987 | ) | |||||||||
Total liabilities assumed | (631 | ) | (2,795 | ) | |||||||||
Net assets acquired | $ | 1,348 | $ | 1,437 | |||||||||
(1) We purchased a 51% controlling interest in Hefei Sanyo's net assets described in the table; the non-controlling interest was valued at $801 million, the market value of the stock price of the shares purchased on the date of acquisition | |||||||||||||
Summary of Preliminary Estimated Fair Value of Identifiable Intangible Assets Acquired | The Company has preliminarily estimated the fair value of Hefei Sanyo and Indesit's identifiable intangible assets as follows: | ||||||||||||
Hefei Sanyo | Indesit | ||||||||||||
Millions of dollars | Estimated | Estimated | Estimated | Estimated | |||||||||
Fair Value | Useful Life | Fair Value | Useful Life | ||||||||||
Trademarks-indefinite lived | $ | 42 | $ | 535 | |||||||||
Customer relationships | 230 | 13-16 years | 134 | 5-19 years | |||||||||
Patents and other intangibles | 100 | 3-10 years | 153 | 6-15 years | |||||||||
$ | 372 | $ | 822 | ||||||||||
Summary of Pro Forma Information | The following table provides pro forma results of operations for the years ended December 31, 2014 and 2013, as if Hefei Sanyo and Indesit had been acquired as of January 1, 2013. The pro forma results include certain purchase accounting adjustments such as the estimated changes in depreciation and amortization expense on acquired tangible and intangible assets as well as interest expense on borrowings used to finance the acquisitions. Additionally, the pro forma results include adjustments to convert Hefei Sanyo and Indesit’s historical results from local accounting standards to U.S. GAAP. Pro forma results do not include any anticipated cost savings or other effects of the planned integration of these acquisitions. Accordingly, such amounts are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future. | ||||||||||||
Year Ended December 31, | |||||||||||||
Millions of dollars, except per share data | 2014 | 2013 | |||||||||||
Net sales | $ | 23,204 | $ | 23,109 | |||||||||
Net earnings available to Whirlpool | 691 | 791 | |||||||||||
Diluted net earnings per share | $ | 8.68 | $ | 9.79 | |||||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Millions of dollars | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Other intangible assets, finite lives: | |||||||||||||||||||||||||
Customer relationships (1) | $ | 665 | $ | (163 | ) | $ | 502 | $ | 289 | $ | (125 | ) | $ | 164 | |||||||||||
Patents and other (2) | 348 | (104 | ) | 244 | 128 | (112 | ) | 16 | |||||||||||||||||
Total other intangible assets, finite lives | $ | 1,013 | $ | (267 | ) | $ | 746 | $ | 417 | $ | (237 | ) | $ | 180 | |||||||||||
Trademarks, indefinite lives | 2,057 | — | 2,057 | 1,522 | — | 1,522 | |||||||||||||||||||
Total other intangible assets | $ | 3,070 | $ | (267 | ) | $ | 2,803 | $ | 1,939 | $ | (237 | ) | $ | 1,702 | |||||||||||
(1) Customer relationships have an estimated useful life of 4 to 19 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 | |||||||||||||||||||||||||
2015 | $ | 78 | |||||||||||||||||||||||
2016 | 75 | ||||||||||||||||||||||||
2017 | 72 | ||||||||||||||||||||||||
2018 | 70 | ||||||||||||||||||||||||
2019 | 67 | ||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 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 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Money market funds (1) | $ | 21 | $ | 465 | $ | 21 | $ | 465 | $ | — | $ | — | $ | 21 | $ | 465 | |||||||||||||||||
Net derivative contracts | — | — | — | — | (1 | ) | (25 | ) | (1 | ) | (25 | ) | |||||||||||||||||||||
Available for sale investments | 16 | 8 | 26 | 18 | — | — | 26 | 18 | |||||||||||||||||||||||||
(1) Money market funds are comprised primarily of government obligations and other first tier obligations. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Inventories | The following table summarizes our inventories at December 31, 2014 and 2013: | ||||||||
Millions of dollars | 2014 | 2013 | |||||||
Finished products | $ | 2,189 | $ | 1,950 | |||||
Raw materials and work in process | 724 | 622 | |||||||
2,913 | 2,572 | ||||||||
Less: excess of FIFO cost over LIFO cost | (173 | ) | (164 | ) | |||||
Total inventories | $ | 2,740 | $ | 2,408 | |||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Schedule of Debt | The following table summarizes our long-term debt at December 31, 2014 and 2013: | |||||||||
Millions of dollars | 2014 | 2013 | ||||||||
Maytag medium-term note - 6.45% matured 2014 | $ | — | $ | 100 | ||||||
Senior note - 8.6%, matured 2014 | — | 500 | ||||||||
Maytag medium-term note - 5.0% maturing 2015 | 199 | 198 | ||||||||
Senior note - 6.5%, maturing 2016 | 250 | 250 | ||||||||
Debentures - 7.75%, maturing 2016 | 244 | 244 | ||||||||
Senior note - 1.35%, maturing 2017 | 250 | — | ||||||||
Senior note - 1.65%, maturing 2017 | 300 | — | ||||||||
Indesit guaranteed notes - 4.5%, maturing 2018 | 393 | — | ||||||||
Senior note - 2.4%, maturing 2019 | 250 | — | ||||||||
Senior note - 4.85%, maturing 2021 | 300 | 300 | ||||||||
Senior note - 4.70%, maturing 2022 | 300 | 300 | ||||||||
Senior note - 3.70%, maturing 2023 | 250 | 250 | ||||||||
Senior note - 4.0%, maturing 2024 | 300 | — | ||||||||
Senior note - 3.7%, maturing 2025 | 350 | — | ||||||||
Senior note - 5.15% maturing 2043 | 249 | 250 | ||||||||
Other | 143 | 61 | ||||||||
3,778 | 2,453 | |||||||||
Less current maturities | 234 | 607 | ||||||||
Total long-term debt | $ | 3,544 | $ | 1,846 | ||||||
Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of our long-term debt, including current maturities, at December 31, 2014: | |||||||||
Millions of dollars | ||||||||||
2015 | $ | 234 | ||||||||
2016 | 529 | |||||||||
2017 | 580 | |||||||||
2018 | 423 | |||||||||
2019 | 264 | |||||||||
Thereafter | 1,748 | |||||||||
Long-term debt, including current maturities | $ | 3,778 | ||||||||
Schedule of Notes Payable | The following table summarizes the carrying value of notes payable at December 31, 2014 and 2013: | |||||||||
Millions of dollars | 2014 | 2013 | ||||||||
Commercial paper | $ | 387 | $ | — | ||||||
Debt securitization | 35 | — | ||||||||
Short-term borrowings to banks | 147 | 10 | ||||||||
Total notes payable | $ | 569 | $ | 10 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Product Warranty and Recall Reserves | The following table summarizes the changes in total product warranty reserves for the periods presented: | ||||||||
Millions of dollars | 2014 | 2013 | |||||||
Balance at January 1 | $ | 191 | $ | 187 | |||||
Issuances/accruals during the period(1) | 316 | 292 | |||||||
Settlements made during the period | (272 | ) | (288 | ) | |||||
Balance at December 31 | $ | 235 | $ | 191 | |||||
Current portion | $ | 186 | $ | 154 | |||||
Non-current portion | 49 | 37 | |||||||
Total | $ | 235 | $ | 191 | |||||
(1) $61 million is included within issuances/accruals during 2014 related to acquisitions | |||||||||
Operating Lease Commitments | At December 31, 2014, we had noncancelable operating lease commitments totaling $868 million. The annual future minimum lease payments are summarized by year in the table below: | ||||||||
Millions of dollars | |||||||||
2015 | $ | 230 | |||||||
2016 | 183 | ||||||||
2017 | 150 | ||||||||
2018 | 109 | ||||||||
2019 | 82 | ||||||||
Thereafter | 114 | ||||||||
Total noncancelable operating lease commitments | $ | 868 | |||||||
Purchase Obligations | Our expected cash outflows resulting from non-cancellable purchase obligations are summarized by year in the table below: | ||||||||
Millions of dollars | |||||||||
2015 | $ | 209 | |||||||
2016 | 196 | ||||||||
2017 | 147 | ||||||||
2018 | 113 | ||||||||
2019 | 65 | ||||||||
Thereafter | 211 | ||||||||
Total purchase obligations | $ | 941 | |||||||
Hedges_and_Derivative_Financia1
Hedges and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||||||||||||
Fair Value of | Type of | ||||||||||||||||||||||||||||||
Notional Amount | Hedge Assets | Hedge Liabilities | Hedge (1) | Maximum Term (Months) | |||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Derivatives accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 874 | $ | 744 | $ | 27 | $ | 16 | $ | 8 | $ | 10 | (CF) | 17 | 14 | ||||||||||||||||
Commodity swaps/options | 375 | 363 | 4 | 8 | 29 | 13 | (CF) | 36 | 36 | ||||||||||||||||||||||
Total derivatives accounted for as hedges | $ | 31 | $ | 24 | $ | 37 | $ | 23 | |||||||||||||||||||||||
Derivatives not accounted for as hedges | |||||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 2,358 | $ | 1,274 | $ | 34 | $ | 6 | $ | 29 | $ | 32 | N/A | 10 | 12 | ||||||||||||||||
Commodity swaps/options | 8 | 1 | — | — | — | — | N/A | 4 | 4 | ||||||||||||||||||||||
Total derivatives not accounted for as hedges | 34 | 6 | 29 | 32 | |||||||||||||||||||||||||||
Total derivatives | $ | 65 | $ | 30 | $ | 66 | $ | 55 | |||||||||||||||||||||||
Current | $ | 64 | $ | 28 | $ | 59 | $ | 54 | |||||||||||||||||||||||
Noncurrent | 1 | 2 | 7 | 1 | |||||||||||||||||||||||||||
Total derivatives | $ | 65 | $ | 30 | $ | 66 | $ | 55 | |||||||||||||||||||||||
(1)Derivatives accounted for as hedges are considered cash flow (CF) 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 and Comprehensive Income for OCI in table for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | ||||||||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||||||||
(Effective Portion) (1) | |||||||||||||||||||||||||||||||
Cash Flow Hedges - Millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 40 | $ | 20 | $ | 22 | $ | 9 | (a) | ||||||||||||||||||||||
Commodity swaps/options | (30 | ) | (29 | ) | (10 | ) | (19 | ) | (a) | ||||||||||||||||||||||
Interest rate derivatives | — | — | (1 | ) | (1 | ) | (b) | ||||||||||||||||||||||||
$ | 10 | $ | (9 | ) | $ | 11 | $ | (11 | ) | ||||||||||||||||||||||
Gain (Loss) Recognized on Derivatives not | |||||||||||||||||||||||||||||||
Accounted for as Hedges (2) | |||||||||||||||||||||||||||||||
Derivatives not Accounted for as Hedges - Millions of dollars | 2014 | 2013 | |||||||||||||||||||||||||||||
Foreign exchange forwards/options | $ | 26 | $ | (49 | ) | ||||||||||||||||||||||||||
(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, 2014 | |||||||||||||||||||||
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, 2012, 2013, and 2014, and the activity for the years then ended: | ||||||||||||||||||||
Millions of dollars | Foreign | Derivative | Pension and | Marketable | Total | ||||||||||||||||
Currency | Instruments | Postretirement | Securities | ||||||||||||||||||
Liability | |||||||||||||||||||||
31-Dec-11 | $ | (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 | ) | |||||||||||||
31-Dec-12 | $ | (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 | |||||||||||||||
31-Dec-13 | $ | (532 | ) | $ | (6 | ) | $ | (770 | ) | $ | 10 | $ | (1,298 | ) | |||||||
Unrealized loss | (392 | ) | (1 | ) | — | — | (393 | ) | |||||||||||||
Unrealized actuarial loss and prior service credit | — | — | (233 | ) | — | (233 | ) | ||||||||||||||
Tax effect | (5 | ) | — | 85 | — | 80 | |||||||||||||||
Other comprehensive loss, net of tax | (397 | ) | (1 | ) | (148 | ) | — | (546 | ) | ||||||||||||
Less: Other comprehensive loss available to noncontrolling interests | (4 | ) | — | — | — | (4 | ) | ||||||||||||||
Other comprehensive loss available to Whirlpool | $ | (393 | ) | $ | (1 | ) | $ | (148 | ) | $ | — | $ | (542 | ) | |||||||
31-Dec-14 | $ | (925 | ) | $ | (7 | ) | $ | (918 | ) | $ | 10 | $ | (1,840 | ) | |||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||||
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool | $ | 650 | $ | 827 | $ | 401 | |||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 78.3 | 79.3 | 78.1 | ||||||||||||||||||
Effect of dilutive securities – stock-based compensation | 1.3 | 1.5 | 1.2 | ||||||||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares | 79.6 | 80.8 | 79.3 | ||||||||||||||||||
Anti-dilutive stock options/awards excluded from earnings per share | 0.2 | — | 2.4 | ||||||||||||||||||
Sharebased_Incentive_Plans_Tab
Share-based Incentive Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Weighted Average Black-Scholes Assumptions | Based on the results of the model, the weighted-average grant date fair value of stock options granted for 2014, 2013, and 2012 were $42.09, $33.92 and $19.54, respectively, using the following assumptions: | |||||||||
Weighted Average Black-Scholes Assumptions | 2014 | 2013 | 2012 | |||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 0.9 | % | ||||
Expected volatility | 38.2 | % | 40.3 | % | 40.3 | % | ||||
Expected dividend yield | 1.8 | % | 1.8 | % | 2.9 | % | ||||
Expected option life, in years | 5 | 5 | 5 | |||||||
Summary of Stock Option Activity | The following table summarizes stock option activity during 2014: | |||||||||
In thousands, except per share data | Number | Weighted- | ||||||||
of Options | Average | |||||||||
Exercise Price | ||||||||||
Outstanding at January 1 | 2,255 | $ | 77.87 | |||||||
Granted | 393 | 138.6 | ||||||||
Exercised | (487 | ) | 78.58 | |||||||
Canceled or expired | (46 | ) | 94.35 | |||||||
Outstanding at December 31 | 2,115 | $ | 88.62 | |||||||
Exercisable at December 31 | 1,236 | $ | 70.87 | |||||||
Summary of Additional Information Related to Stock Options Outstanding | The table below summarizes additional information related to stock options outstanding at December 31, 2014: | |||||||||
Options in thousands / dollars in millions, except share data | Outstanding Net of | Options | ||||||||
Expected Forfeitures | Exercisable | |||||||||
Number of options | 2,043 | 1,236 | ||||||||
Weighted-average exercise price per share | $ | 87.11 | $ | 70.87 | ||||||
Aggregate intrinsic value | $ | 218 | $ | 152 | ||||||
Weighted-average remaining contractual term, in years | 6 | 5 | ||||||||
Summary of Stock Unity Activity | The following table summarizes stock unit activity during 2014: | |||||||||
Stock units in thousands, except per-share data | Number of | Weighted- Average | ||||||||
Stock Units | Grant Date Fair | |||||||||
Value | ||||||||||
Non-vested, at January 1 | 1,202 | $ | 82.4 | |||||||
Granted | 245 | 133.31 | ||||||||
Canceled | (37 | ) | 82.62 | |||||||
Vested and transferred to unrestricted | (306 | ) | 80.88 | |||||||
Non-vested, at December 31 | 1,104 | $ | 90.34 | |||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||
Schedule of Restructuring Reserve | The following tables summarize the changes to our restructuring liability for the years ended December 31, 2014 and 2013: | ||||||||||||||||||
Millions of dollars | 12/31/13 | Acquisition - related(1) | Charges to Earnings | Cash Paid | Non-Cash and Other | 12/31/14 | |||||||||||||
Employee termination costs | $ | 74 | $ | 40 | $ | 82 | $ | (128 | ) | $ | (10 | ) | $ | 58 | |||||
Asset impairment costs | — | — | 26 | — | (26 | ) | — | ||||||||||||
Facility exit costs | 14 | — | 16 | (26 | ) | — | 4 | ||||||||||||
Other exit costs | 18 | — | 12 | (14 | ) | — | 16 | ||||||||||||
Total | $ | 106 | $ | 40 | $ | 136 | $ | (168 | ) | $ | (36 | ) | $ | 78 | |||||
(1) A $40 million restructuring liability was acquired in the acquisition of Indesit in the fourth quarter of 2014 related to an ongoing plan previously initiated by Indesit management. As of December 31, 2014, the acquired restructuring liability is $17 million. | |||||||||||||||||||
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 | ||||
Restructuring Charges by Segment | The following table summarizes 2014 restructuring charges by operating segment: | ||||||||||||||||||
Millions of dollars | 2014 Charges | ||||||||||||||||||
North America | $ | 10 | |||||||||||||||||
Latin America | 8 | ||||||||||||||||||
EMEA | 102 | ||||||||||||||||||
Asia | 13 | ||||||||||||||||||
Corporate / Other | 3 | ||||||||||||||||||
Total | $ | 136 | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [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 at effective worldwide tax rates for the respective periods: | ||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||||
United States | $ | 325 | $ | 149 | $ | 113 | |||||||||||||||||||
Foreign | 556 | 768 | 445 | ||||||||||||||||||||||
Earnings before income taxes | 881 | 917 | 558 | ||||||||||||||||||||||
Income tax computed at United States statutory rate | 308 | 321 | 195 | ||||||||||||||||||||||
U.S. government tax incentives, including Energy Tax Credits | (10 | ) | (142 | ) | — | ||||||||||||||||||||
Foreign government tax incentives, including BEFIEX | (46 | ) | (63 | ) | (38 | ) | |||||||||||||||||||
Foreign tax rate differential | (17 | ) | (17 | ) | (2 | ) | |||||||||||||||||||
U.S. foreign tax credits | (148 | ) | (231 | ) | (31 | ) | |||||||||||||||||||
Valuation allowances | 9 | 16 | (86 | ) | |||||||||||||||||||||
State and local taxes, net of federal tax benefit | 5 | 7 | 2 | ||||||||||||||||||||||
Foreign withholding taxes | 16 | 29 | 12 | ||||||||||||||||||||||
U.S. tax on foreign dividends and subpart F income | 56 | 195 | 57 | ||||||||||||||||||||||
Settlement of global tax audits | (5 | ) | (54 | ) | 18 | ||||||||||||||||||||
Other items, net | 21 | 7 | 6 | ||||||||||||||||||||||
Income tax computed at effective worldwide tax rates | $ | 189 | $ | 68 | $ | 133 | |||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes our income tax (benefit) provision for 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Millions of dollars | Current | Deferred | Current | Deferred | Current | Deferred | |||||||||||||||||||
United States | $ | 7 | $ | 8 | $ | (60 | ) | $ | (57 | ) | $ | 18 | $ | 24 | |||||||||||
Foreign | 182 | 12 | 187 | (9 | ) | 189 | (96 | ) | |||||||||||||||||
State and local | (2 | ) | (18 | ) | 2 | 5 | 7 | (9 | ) | ||||||||||||||||
$ | 187 | $ | 2 | $ | 129 | $ | (61 | ) | $ | 214 | $ | (81 | ) | ||||||||||||
Total income tax expense | $ | 189 | $ | 68 | $ | 133 | |||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the significant components of our deferred tax liabilities and assets at December 31, 2014 and 2013: | ||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||
Intangibles | $ | 800 | $ | 517 | |||||||||||||||||||||
Property, net | 156 | 141 | |||||||||||||||||||||||
LIFO inventory | 45 | 49 | |||||||||||||||||||||||
Other | 193 | 201 | |||||||||||||||||||||||
Total deferred tax liabilities | 1,194 | 908 | |||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||
U.S. general business credit carryforwards, including Energy Tax Credits | 1,005 | 1,050 | |||||||||||||||||||||||
Pensions | 316 | 311 | |||||||||||||||||||||||
Loss carryforwards | 650 | 467 | |||||||||||||||||||||||
Inventory prepayment | — | 93 | |||||||||||||||||||||||
Postretirement obligations | 199 | 177 | |||||||||||||||||||||||
Foreign tax credit carryforwards | 249 | 243 | |||||||||||||||||||||||
Research and development capitalization | 358 | 239 | |||||||||||||||||||||||
Employee payroll and benefits | 141 | 138 | |||||||||||||||||||||||
Accrued expenses | 110 | 102 | |||||||||||||||||||||||
Product warranty accrual | 62 | 58 | |||||||||||||||||||||||
Receivable and inventory allowances | 73 | 51 | |||||||||||||||||||||||
Other | 300 | 233 | |||||||||||||||||||||||
Total deferred tax assets | 3,463 | 3,162 | |||||||||||||||||||||||
Valuation allowances for deferred tax assets | (308 | ) | (186 | ) | |||||||||||||||||||||
Deferred tax assets, net of valuation allowances | 3,155 | 2,976 | |||||||||||||||||||||||
Net deferred tax assets | $ | 1,961 | $ | 2,068 | |||||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance, January 1 | $ | 113 | $ | 178 | $ | 178 | |||||||||||||||||||
Additions for tax positions of the current year | 17 | 17 | 13 | ||||||||||||||||||||||
Additions for tax positions of prior years | 4 | 6 | 16 | ||||||||||||||||||||||
Reductions for tax positions of prior years | (23 | ) | (81 | ) | (15 | ) | |||||||||||||||||||
Settlements during the period | (11 | ) | (3 | ) | (5 | ) | |||||||||||||||||||
Positions assumed in acquisitions | 42 | — | — | ||||||||||||||||||||||
Lapses of applicable statute of limitation | (1 | ) | (4 | ) | (9 | ) | |||||||||||||||||||
Balance, December 31 | $ | 141 | $ | 113 | $ | 178 | |||||||||||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
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 | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Funded status | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 3,042 | $ | 2,835 | $ | 640 | $ | 206 | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligations | 3,796 | 3,546 | 1,026 | 439 | 502 | 509 | |||||||||||||||||||||||||||||||
Funded status | $ | (754 | ) | $ | (711 | ) | $ | (386 | ) | $ | (233 | ) | $ | (502 | ) | $ | (509 | ) | |||||||||||||||||||
Amounts recognized in the consolidated balance sheet | |||||||||||||||||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 8 | $ | 7 | $ | — | $ | — | |||||||||||||||||||||||||
Current liability | (9 | ) | (7 | ) | (16 | ) | (14 | ) | (56 | ) | (51 | ) | |||||||||||||||||||||||||
Noncurrent liability | (745 | ) | (704 | ) | (378 | ) | (226 | ) | (446 | ) | (458 | ) | |||||||||||||||||||||||||
Amount recognized | $ | (754 | ) | $ | (711 | ) | $ | (386 | ) | $ | (233 | ) | $ | (502 | ) | $ | (509 | ) | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax) | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 1,368 | $ | 1,215 | $ | 118 | $ | 98 | $ | 53 | $ | 42 | |||||||||||||||||||||||||
Prior service (credit) cost | (14 | ) | (17 | ) | — | 3 | (120 | ) | (169 | ) | |||||||||||||||||||||||||||
Amount recognized | $ | 1,354 | $ | 1,198 | $ | 118 | $ | 101 | $ | (67 | ) | $ | (127 | ) | |||||||||||||||||||||||
Change in Benefit Obligation | Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 3,546 | $ | 4,196 | $ | 439 | $ | 448 | $ | 509 | $ | 477 | |||||||||||||||||||||||||
Service cost | 2 | 2 | 5 | 6 | 3 | 4 | |||||||||||||||||||||||||||||||
Interest cost | 167 | 162 | 22 | 17 | 24 | 18 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 7 | 8 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | 384 | (420 | ) | 59 | (7 | ) | 9 | (31 | ) | ||||||||||||||||||||||||||||
Benefits paid | (303 | ) | (281 | ) | (24 | ) | (23 | ) | (60 | ) | (68 | ) | |||||||||||||||||||||||||
Plan amendments | — | — | (3 | ) | — | 14 | 2 | ||||||||||||||||||||||||||||||
Acquisitions(1) | — | — | 610 | — | — | — | |||||||||||||||||||||||||||||||
Transfer of benefits | — | (105 | ) | — | — | — | 105 | ||||||||||||||||||||||||||||||
Settlements / curtailment (gain) | — | (8 | ) | (15 | ) | (6 | ) | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (68 | ) | 3 | (4 | ) | (6 | ) | ||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 3,796 | $ | 3,546 | $ | 1,026 | $ | 439 | $ | 502 | $ | 509 | |||||||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 3,786 | $ | 3,536 | $ | 964 | $ | 424 | N/A | N/A | |||||||||||||||||||||||||||
(1) Pension obligation acquired through acquisition of Indesit | |||||||||||||||||||||||||||||||||||||
Change in Plan Assets | Change in Plan Assets | ||||||||||||||||||||||||||||||||||||
United States Pension Benefits | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 2,835 | $ | 2,790 | $ | 206 | $ | 197 | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | 381 | 207 | 33 | 13 | — | — | |||||||||||||||||||||||||||||||
Employer contribution | 129 | 127 | 30 | 24 | 53 | 60 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 1 | 1 | 7 | 8 | |||||||||||||||||||||||||||||||
Benefits paid | (303 | ) | (281 | ) | (24 | ) | (23 | ) | (60 | ) | (68 | ) | |||||||||||||||||||||||||
Acquisitions(1) | — | — | 437 | — | — | — | |||||||||||||||||||||||||||||||
New Plans | — | — | — | 2 | — | — | |||||||||||||||||||||||||||||||
Settlements | — | (8 | ) | (10 | ) | (6 | ) | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (33 | ) | (2 | ) | — | — | |||||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 3,042 | $ | 2,835 | $ | 640 | $ | 206 | $ | — | $ | — | |||||||||||||||||||||||||
(1) Pension assets acquired through acquisition of Indesit | |||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 2 | $ | 5 | $ | 6 | $ | 6 | $ | 3 | $ | 4 | $ | 5 | |||||||||||||||||||
Interest cost | 167 | 162 | 178 | 22 | 17 | 20 | 24 | 18 | 21 | ||||||||||||||||||||||||||||
Expected return on plan assets | (193 | ) | (191 | ) | (194 | ) | (16 | ) | (10 | ) | (11 | ) | — | — | — | ||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Actuarial loss | 43 | 62 | 46 | 5 | 6 | 4 | — | 1 | 1 | ||||||||||||||||||||||||||||
Prior service cost (credit) | (3 | ) | (3 | ) | (3 | ) | 1 | 1 | 1 | (36 | ) | (39 | ) | (42 | ) | ||||||||||||||||||||||
Curtailment gain | — | — | — | — | — | — | — | — | (52 | ) | |||||||||||||||||||||||||||
Settlement loss | — | 3 | 5 | 4 | 1 | 3 | — | — | — | ||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 16 | $ | 35 | $ | 34 | $ | 21 | $ | 21 | $ | 23 | $ | (9 | ) | $ | (16 | ) | $ | (67 | ) | ||||||||||||||||
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 2014 | ||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Current year actuarial loss | $ | 196 | $ | 36 | $ | 10 | |||||||||||||||||||||||||||||||
Actuarial (loss) recognized during the year | (43 | ) | (15 | ) | — | ||||||||||||||||||||||||||||||||
Current year prior service cost (credit) | — | (3 | ) | 14 | |||||||||||||||||||||||||||||||||
Prior service credit (cost) recognized during the year | 3 | (1 | ) | 36 | |||||||||||||||||||||||||||||||||
Total recognized in other comprehensive loss (pre-tax) | $ | 156 | $ | 17 | $ | 60 | |||||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | $ | 172 | $ | 38 | $ | 51 | |||||||||||||||||||||||||||||||
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 2015 | ||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | Other Postretirement | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 53 | $ | 6 | $ | — | |||||||||||||||||||||||||||||||
Prior service (credit) | (3 | ) | — | (35 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 50 | $ | 6 | $ | (35 | ) | ||||||||||||||||||||||||||||||
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 | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.95 | % | 3.32 | % | 4.16 | % | 4.27 | % | 4.95 | % | |||||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 3.23 | % | 3.4 | % | N/A | N/A | |||||||||||||||||||||||||||
Weighted-Average Assumptions used to Determine Net Periodic Cost | |||||||||||||||||||||||||||||||||||||
United States | Foreign | Other Postretirement | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Benefits | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 4.95 | % | 4.05 | % | 4.8 | % | 3.89 | % | 3.93 | % | 5.04 | % | 5.25 | % | 4.03 | % | 5.03 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.25 | % | 7.5 | % | 7.5 | % | 5.44 | % | 5.4 | % | 5.44 | % | N/A | N/A | N/A | ||||||||||||||||||||||
Rate of compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 3.35 | % | 3.51 | % | 3.48 | % | N/A | N/A | N/A | ||||||||||||||||||||||
Health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Initial rate | N/A | N/A | N/A | N/A | N/A | N/A | 7 | % | 7 | % | 8 | % | |||||||||||||||||||||||||
Ultimate rate | N/A | N/A | N/A | N/A | N/A | N/A | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||
Year that ultimate rate will be reached | N/A | N/A | N/A | N/A | N/A | N/A | 2017 | 2017 | 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 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligations | 4 | (4 | ) | ||||||||||||||||||||||||||||||||||
Expected Employer Contributions to Funded Plans | Expected Employer Contributions to Funded Plans | ||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | |||||||||||||||||||||||||||||||||||
Pension Benefits(1) | Pension Benefits | ||||||||||||||||||||||||||||||||||||
2015 | $ | 80 | $ | 18 | |||||||||||||||||||||||||||||||||
(1) Contributions include $80 million of minimum contributions required by law. | |||||||||||||||||||||||||||||||||||||
Expected Benefit Payments | Expected Benefit Payments | ||||||||||||||||||||||||||||||||||||
Millions of dollars | United States | Foreign | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||
2015 | $ | 278 | $ | 49 | $ | 56 | |||||||||||||||||||||||||||||||
2016 | 253 | 38 | 49 | ||||||||||||||||||||||||||||||||||
2017 | 250 | 41 | 48 | ||||||||||||||||||||||||||||||||||
2018 | 249 | 41 | 44 | ||||||||||||||||||||||||||||||||||
2019 | 252 | 44 | 41 | ||||||||||||||||||||||||||||||||||
2020-2024 | 1,219 | 216 | 171 | ||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The fair values of our pension plan assets at December 31, 2014 and 2013, by asset category were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
Quoted prices | Other significant | Significant | Total | ||||||||||||||||||||||||||||||||||
(Level 1) | observable inputs | unobservable inputs | |||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Cash and equivalents | $ | 29 | $ | 23 | $ | — | $ | — | $ | — | $ | — | $ | 29 | $ | 23 | |||||||||||||||||||||
Government and government agency securities(a) | |||||||||||||||||||||||||||||||||||||
U.S. securities | — | — | 579 | 432 | — | — | 579 | 432 | |||||||||||||||||||||||||||||
International securities | — | — | 253 | 131 | — | — | 253 | 131 | |||||||||||||||||||||||||||||
Corporate bonds and notes (a) | |||||||||||||||||||||||||||||||||||||
U.S. companies | — | — | 1,000 | 850 | — | — | 1,000 | 850 | |||||||||||||||||||||||||||||
International companies | — | — | 321 | 193 | — | — | 321 | 193 | |||||||||||||||||||||||||||||
Equity securities (b) | |||||||||||||||||||||||||||||||||||||
U.S. companies | 12 | 12 | — | — | — | — | 12 | 12 | |||||||||||||||||||||||||||||
International companies | 427 | 223 | — | — | — | — | 427 | 223 | |||||||||||||||||||||||||||||
Mutual funds (c) | 67 | 77 | — | — | — | — | 67 | 77 | |||||||||||||||||||||||||||||
Common and collective funds (d) | |||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | — | 651 | 718 | — | — | 651 | 718 | |||||||||||||||||||||||||||||
International equity securities | — | — | 66 | 79 | — | — | 66 | 79 | |||||||||||||||||||||||||||||
Short-term investment fund | — | — | 63 | 87 | — | — | 63 | 87 | |||||||||||||||||||||||||||||
Limited partnerships (e) | |||||||||||||||||||||||||||||||||||||
U.S. private equity investments | — | — | — | — | 140 | 145 | 140 | 145 | |||||||||||||||||||||||||||||
Diversified fund of funds | — | — | — | — | 32 | 35 | 32 | 35 | |||||||||||||||||||||||||||||
Emerging growth | — | — | — | — | 23 | 18 | 23 | 18 | |||||||||||||||||||||||||||||
Real estate (f) | — | — | 10 | 11 | — | — | 10 | 11 | |||||||||||||||||||||||||||||
All other investments | — | — | 9 | 7 | — | — | 9 | 7 | |||||||||||||||||||||||||||||
$ | 535 | $ | 335 | $ | 2,952 | $ | 2,508 | $ | 195 | $ | 198 | $ | 3,682 | $ | 3,041 | ||||||||||||||||||||||
(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 partnership's 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, 2013 | $ | 198 | |||||||||||||||||||||||||||||||||||
Realized gains (net) | 23 | ||||||||||||||||||||||||||||||||||||
Unrealized gains (net) | 11 | ||||||||||||||||||||||||||||||||||||
Purchases | 9 | ||||||||||||||||||||||||||||||||||||
Settlements | (46 | ) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 195 | |||||||||||||||||||||||||||||||||||
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, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
United States | Foreign | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,796 | $ | 3,546 | $ | 872 | $ | 397 | |||||||||||||||||||||||||||||
Fair value of plan assets | 3,042 | 2,835 | 487 | 157 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
United States | Foreign | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||
Millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,796 | $ | 3,546 | $ | 872 | $ | 347 | |||||||||||||||||||||||||||||
Accumulated benefit obligation | 3,786 | 3,536 | 825 | 340 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 3,042 | 2,835 | 487 | 110 | |||||||||||||||||||||||||||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [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 | |||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||
Sales to external customers | $ | 9,064 | $ | 3,204 | $ | 7,604 | $ | 19,872 | |||||||||||||||||
Long-lived assets | 4,529 | 321 | 4,741 | 9,591 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
2014 | 10,634 | 4,686 | 3,905 | 816 | (169 | ) | 19,872 | ||||||||||||||||||
2013 | 10,178 | 4,928 | 3,024 | 807 | (168 | ) | 18,769 | ||||||||||||||||||
2012 | 9,631 | 4,950 | 2,874 | 847 | (159 | ) | 18,143 | ||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||||
2014 | $ | 244 | $ | 180 | $ | 79 | $ | 266 | $ | (769 | ) | $ | — | ||||||||||||
2013 | 256 | 174 | 79 | 257 | (766 | ) | — | ||||||||||||||||||
2012 | 262 | 171 | 104 | 226 | (763 | ) | — | ||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||
2014 | $ | 263 | $ | 86 | $ | 104 | $ | 29 | $ | 78 | $ | 560 | |||||||||||||
2013 | 238 | 91 | 95 | 18 | 98 | 540 | |||||||||||||||||||
2012 | 260 | 97 | 93 | 18 | 83 | 551 | |||||||||||||||||||
Operating profit (loss) | |||||||||||||||||||||||||
2014 | $ | 1,072 | $ | 475 | $ | 59 | $ | (21 | ) | $ | (397 | ) | $ | 1,188 | |||||||||||
2013 | 1,070 | 557 | (4 | ) | 34 | (408 | ) | 1,249 | |||||||||||||||||
2012 | 846 | 476 | (51 | ) | 37 | (439 | ) | 869 | |||||||||||||||||
Total assets | |||||||||||||||||||||||||
2014 | $ | 7,736 | $ | 2,917 | $ | 7,597 | $ | 2,734 | $ | (982 | ) | $ | 20,002 | ||||||||||||
2013 | 7,785 | 3,380 | 2,955 | 921 | 503 | 15,544 | |||||||||||||||||||
2012 | 7,766 | 3,845 | 2,956 | 802 | 27 | 15,396 | |||||||||||||||||||
Capital expenditures | |||||||||||||||||||||||||
2014 | $ | 271 | $ | 133 | $ | 187 | $ | 29 | $ | 100 | $ | 720 | |||||||||||||
2013 | 254 | 108 | 101 | 25 | 90 | 578 | |||||||||||||||||||
2012 | 219 | 100 | 88 | 24 | 45 | 476 | |||||||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
Dec. 31 | Sept. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||||||||||||||||
Millions of dollars, except per share data | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net sales | $ | 6,003 | $ | 5,090 | $ | 4,824 | $ | 4,683 | $ | 4,682 | $ | 4,748 | $ | 4,363 | $ | 4,248 | |||||||||||||||||
Cost of products sold | 4,977 | 4,181 | 3,997 | 3,837 | 3,895 | 3,931 | 3,608 | 3,522 | |||||||||||||||||||||||||
Operating profit | 281 | 354 | 335 | 313 | 291 | 328 | 281 | 254 | |||||||||||||||||||||||||
Interest and sundry income (expense) | (64 | ) | (82 | ) | (39 | ) | (16 | ) | (16 | ) | (39 | ) | (23 | ) | (18 | ) | |||||||||||||||||
Net earnings | 108 | 187 | 235 | 199 | 185 | 206 | 164 | 257 | |||||||||||||||||||||||||
Net earnings available to Whirlpool | 81 | 181 | 230 | 196 | 179 | 198 | 160 | 252 | |||||||||||||||||||||||||
Per share of common stock: (1) | |||||||||||||||||||||||||||||||||
Basic net earnings | $ | 1.04 | $ | 2.31 | $ | 2.92 | $ | 2.46 | $ | 2.29 | $ | 2.48 | $ | 2.06 | $ | 3.18 | |||||||||||||||||
Diluted net earnings | 1.02 | 2.26 | 2.88 | 2.42 | 2.25 | 2.44 | 2.02 | 3.12 | |||||||||||||||||||||||||
Dividends | 0.75 | 0.625 | 0.75 | 0.625 | 0.75 | 0.625 | 0.625 | 0.5 | |||||||||||||||||||||||||
Market price range of common stock: (2) | |||||||||||||||||||||||||||||||||
High | $ | 196.71 | $ | 159.22 | $ | 156.13 | $ | 151.84 | $ | 156.71 | $ | 134.09 | $ | 160.01 | $ | 120 | |||||||||||||||||
Low | 139.85 | 129.22 | 135.37 | 111.7 | 136.64 | 107.88 | 124.39 | 101.74 | |||||||||||||||||||||||||
Close | 193.74 | 156.86 | 145.65 | 146.44 | 139.22 | 114.36 | 149.46 | 118.46 | |||||||||||||||||||||||||
(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 |
Summary_of_Principal_Accountin3
Summary of Principal Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
countries | ||||
Accounting Policies [Abstract] | ||||
Number of countries in which entity operates | 14 | |||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash not yet collected on receivables sold | $2,768,000,000 | $2,005,000,000 | ||
Restricted cash | 237,000,000 | |||
Short-term Debt | 569,000,000 | 10,000,000 | ||
Depreciation | 527,000,000 | 515,000,000 | 521,000,000 | |
Level 3 assets and liabilities | 0 | 0 | ||
Retirement of machinery | 503,000,000 | 282,000,000 | ||
Accounts payable outsourcing | 1,600,000,000 | 1,300,000,000 | ||
Research and development expense | 563,000,000 | 582,000,000 | 553,000,000 | |
Advertising expense | 269,000,000 | 304,000,000 | 273,000,000 | |
Reclassification of deferred tax assets | 53,000,000 | |||
Other Current Assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 50,000,000 | |||
Debt securitization | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Short-term Debt | 35,000,000 | 0 | ||
Indesit Company S.p.A. | Variable Interest Entity, Primary Beneficiary | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Principal amount outstanding on loans securitized | 88,000,000 | |||
Financing Receivable, Recorded Investment, Current | 53,000,000 | |||
Cash not yet collected on receivables sold | 38,000,000 | |||
Restricted cash | 5,000,000 | |||
Short-term Debt | $35,000,000 |
Summary_of_Principal_Accountin4
Summary of Principal Accounting Policies (Property) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Land | 142 | $76 |
Buildings | 1,616 | 1,303 |
Machinery and equipment | 8,182 | 7,940 |
Accumulated depreciation | -5,959 | -6,278 |
Property, net | 3,981 | $3,041 |
Building | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plan, and equipment, useful life | 10 years | |
Building | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plan, and equipment, useful life | 50 years | |
Machinery and Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plan, and equipment, useful life | 3 years | |
Machinery and Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plan, and equipment, useful life | 25 years |
Acquisitions_Hefei_Rongshida_S
Acquisitions Hefei Rongshida Sanyo Electric Co., Ltd. (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | Oct. 20, 2014 | Oct. 20, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 20, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Hefei Sanyo And Indesit | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Hefei Sanyo | Nonoperating Income (Expense) | Nonoperating Income (Expense) | |
USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | USD ($) | Hefei Sanyo | |||||||||||||
USD ($) | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 51.00% | 51.00% | 29.51% | ||||||||||||||||||||
Shares acquired | 234 | 234 | 157 | ||||||||||||||||||||
Purchase price | $1,356 | $0 | $0 | $321 | 2,000 | $230 | 1,400 | $551 | 3,400 | ||||||||||||||
Period in which acquired shares can not be sold | 36 months | 36 months | |||||||||||||||||||||
Net sales | 6,003 | 4,824 | 4,682 | 4,363 | 5,090 | 4,683 | 4,748 | 4,248 | 19,872 | 18,769 | 18,143 | 994 | |||||||||||
Net earnings available to Whirlpool | 81 | 230 | 179 | 160 | 181 | 196 | 198 | 252 | 650 | 827 | 401 | 15 | |||||||||||
Transaction costs | $30 | $21 | $55 | $15 |
Acquisitions_Indesit_Company_S
Acquisitions Indesit Company S.p.A. (Details) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 03, 2014 | Nov. 26, 2014 | Oct. 14, 2014 | Dec. 31, 2014 | Oct. 14, 2014 | Oct. 14, 2014 | Oct. 14, 2014 | Jul. 10, 2014 | Oct. 14, 2014 | Oct. 14, 2014 | Jul. 10, 2014 | Oct. 14, 2014 | Oct. 14, 2014 | Jul. 10, 2014 | Nov. 26, 2014 | Nov. 26, 2014 | Nov. 26, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | Indesit Company S.p.A. | |
USD ($) | USD ($) | USD ($) | Share Group One | Share Group One | Share Group One | Share Group One | Share Group Two | Share Group Two | Share Group Two | Share Group Three | Share Group Three | Share Group Three | Share Group Four | Share Group Four | Share Group Four | |||||||||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Percentage of share capital acquired | 60.40% | 42.70% | 13.20% | 4.40% | 97.10% | |||||||||||||||||||||||
Percentage of voting interests acquired | 67.00% | |||||||||||||||||||||||||||
Purchase price | $1,356,000,000 | $0 | $0 | $650,000,000 | $680,000,000 | € 537,000,000 | $210,000,000 | € 166,000,000 | $75,000,000 | € 55,000,000 | $429,000,000 | € 344,000,000 | ||||||||||||||||
Tender offers received, percent of total shares available for purchase | 91.40% | |||||||||||||||||||||||||||
Total consideration paid, net of cash acquired | 1,400,000,000 | |||||||||||||||||||||||||||
Net sales | 6,003,000,000 | 4,824,000,000 | 4,682,000,000 | 4,363,000,000 | 5,090,000,000 | 4,683,000,000 | 4,748,000,000 | 4,248,000,000 | 19,872,000,000 | 18,769,000,000 | 18,143,000,000 | |||||||||||||||||
Net earnings available to Whirlpool | 81,000,000 | 230,000,000 | 179,000,000 | 160,000,000 | 181,000,000 | 196,000,000 | 198,000,000 | 252,000,000 | 650,000,000 | 827,000,000 | 401,000,000 | |||||||||||||||||
Transaction costs | $60,000,000 |
Acquisitions_Purchase_Price_Al
Acquisitions Purchase Price Allocation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 24, 2014 | Oct. 20, 2014 | Dec. 03, 2014 |
In Millions, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $2,807 | $1,724 | |||
Hefei Sanyo | |||||
Business Acquisition [Line Items] | |||||
Cash | 98 | ||||
Accounts receivable | 81 | ||||
Inventory | 137 | ||||
Other current assets | 354 | ||||
Property, plant and equipment | 169 | ||||
Goodwill | 451 | ||||
Identified intangible assets | 372 | ||||
Other non-current assets | 317 | ||||
Total assets acquired | 1,979 | ||||
Accounts payable | -181 | ||||
Short-term notes payable | -226 | ||||
Other current liabilities | -91 | ||||
Non-current liabilities | -133 | ||||
Total liabilities assumed | 631 | ||||
Net assets acquired | 1,348 | ||||
Percentage of voting interests acquired | 51.00% | 29.51% | |||
Indesit Company S.p.A. | |||||
Business Acquisition [Line Items] | |||||
Cash | 77 | ||||
Accounts receivable | 891 | ||||
Inventory | 471 | ||||
Other current assets | 288 | ||||
Property, plant and equipment | 854 | ||||
Goodwill | 667 | ||||
Identified intangible assets | 822 | ||||
Other non-current assets | 162 | ||||
Total assets acquired | 4,232 | ||||
Accounts payable | -631 | ||||
Short-term notes payable | -555 | ||||
Other current liabilities | -622 | ||||
Non-current liabilities | -987 | ||||
Total liabilities assumed | 2,795 | ||||
Net assets acquired | $1,437 |
Acquisitions_Identifiable_Inta
Acquisitions Identifiable Intangible Assets Acquired (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 24, 2014 | Dec. 03, 2014 |
Customer Relationships | Minimum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 4 years | ||
Customer Relationships | Maximum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 19 years | ||
Hefei Sanyo | |||
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets acquired | 42 | ||
Identified intangible assets | 372 | ||
Hefei Sanyo | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | 230 | ||
Hefei Sanyo | Customer Relationships | Minimum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 13 years | ||
Hefei Sanyo | Customer Relationships | Maximum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 16 years | ||
Hefei Sanyo | Patents And Other Intangibles | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | 100 | ||
Hefei Sanyo | Patents And Other Intangibles | Minimum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 3 years | ||
Hefei Sanyo | Patents And Other Intangibles | Maximum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 10 years | ||
Indesit Company S.p.A. | |||
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets acquired | 535 | ||
Identified intangible assets | 822 | ||
Indesit Company S.p.A. | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | 134 | ||
Indesit Company S.p.A. | Customer Relationships | Minimum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 5 years | ||
Indesit Company S.p.A. | Customer Relationships | Maximum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 19 years | ||
Indesit Company S.p.A. | Patents And Other Intangibles | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | 153 | ||
Indesit Company S.p.A. | Patents And Other Intangibles | Minimum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 6 years | ||
Indesit Company S.p.A. | Patents And Other Intangibles | Maximum | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 15 years |
Acquisitions_Pro_Forma_Details
Acquisitions Pro Forma (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||||||||
Net sales | $6,003 | $4,824 | $4,682 | $4,363 | $5,090 | $4,683 | $4,748 | $4,248 | $19,872 | $18,769 | $18,143 | |
Net earnings available to Whirlpool | 81 | 230 | 179 | 160 | 181 | 196 | 198 | 252 | 650 | 827 | 401 | |
Net sales | 23,204 | 23,109 | ||||||||||
Net earnings available to Whirlpool | 691 | 791 | ||||||||||
Diluted net earnings per share | $8.68 | $9.79 | ||||||||||
Hefei Sanyo And Indesit | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net sales | 994 | |||||||||||
Net earnings available to Whirlpool | $15 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles Goodwill (Narrrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 03, 2014 | Oct. 24, 2014 |
Goodwill [Line Items] | ||||
Goodwill, impairment loss | $0 | |||
Goodwill | 2,807 | 1,724 | ||
Indesit Company S.p.A. | ||||
Goodwill [Line Items] | ||||
Goodwill | 667 | |||
Hefei Sanyo | ||||
Goodwill [Line Items] | ||||
Goodwill | 451 | |||
North America | ||||
Goodwill [Line Items] | ||||
Goodwill | 1,700 | 1,720 | ||
EMEA | ||||
Goodwill [Line Items] | ||||
Goodwill | 639 | |||
EMEA | Indesit Company S.p.A. | ||||
Goodwill [Line Items] | ||||
Goodwill, Translation Adjustments | 28 | |||
Asia | ||||
Goodwill [Line Items] | ||||
Goodwill | 449 | |||
Asia | Hefei Sanyo | ||||
Goodwill [Line Items] | ||||
Goodwill, Translation Adjustments | 2 | |||
Latin America | ||||
Goodwill [Line Items] | ||||
Goodwill | $4 | $4 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles Other Intangibles (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 01, 2014 |
impaired_asset | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment charges | $12 | |
Trademarks, indefinite lives | Europe | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impaired Intangible Asset, Number of Impaired Assets | 2 | |
Pre-impairment carrying value | $30 |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,013 | $417 |
Accumulated Amortization | -267 | -237 |
Finite-Lived Intangible Assets, Net | 746 | 180 |
Intangible Assets, gross (excluding goodwill) | 3,070 | 1,939 |
Total other intangibles assets | 2,803 | 1,702 |
Trademarks, indefinite lives | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Trade Names | 2,057 | 1,522 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 665 | 289 |
Accumulated Amortization | -163 | -125 |
Finite-Lived Intangible Assets, Net | 502 | 164 |
Customer Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 4 years | |
Customer Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 19 years | |
Patents and non-competes | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 348 | 128 |
Accumulated Amortization | -104 | -112 |
Finite-Lived Intangible Assets, Net | 244 | $16 |
Patents and non-competes | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 4 years | |
Patents and non-competes | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 15 years |
Goodwill_and_Other_Intangibles5
Goodwill and Other Intangibles (Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $78 |
2016 | 75 |
2017 | 72 |
2018 | 70 |
2019 | $67 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money Market Funds | $21 | $465 |
Net derivative contracts | -1 | -25 |
Available for sale investments | 26 | 18 |
Total Cost Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money Market Funds | 21 | 465 |
Net derivative contracts | 0 | 0 |
Available for sale investments | 16 | 8 |
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 | 21 | 465 |
Net derivative contracts | 0 | 0 |
Available for sale investments | 26 | 18 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money Market Funds | 0 | 0 |
Net derivative contracts | -1 | -25 |
Available for sale investments | $0 | $0 |
Fair_Value_Measurements_Sale_o
Fair Value Measurements Sale of Shares in Investment (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | |
Equity investment- number of shares sold | 7.4 |
Equity investment- value of shares sold | $5 |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventory) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished products | $2,189 | $1,950 |
Raw materials and work in process | 724 | 622 |
Gross inventories | 2,913 | 2,572 |
Less: excess of FIFO cost over LIFO cost | -173 | -164 |
Total inventories | $2,740 | $2,408 |
LIFO Method Related Items [Abstract] | ||
Percent of LIFO inventories to total inventories | 35.00% | 39.00% |
Financing_Arrangements_Summary
Financing Arrangements (Summary of Debt) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 15, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | 1-May-14 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Maytag medium-term note - 6.45% matured 2014 | Maytag medium-term note - 6.45% matured 2014 | Maytag medium-term note - 6.45% matured 2014 | Senior note - 8.6%, matured 2014 | Senior note - 8.6%, matured 2014 | Senior note - 8.6%, matured 2014 | Maytag medium-term note - 5.0% maturing 2015 | Maytag medium-term note - 5.0% maturing 2015 | Senior note - 6.5%, maturing 2016 | Senior note - 6.5%, maturing 2016 | Debentures - 7.75%, maturing 2016 | Debentures - 7.75%, maturing 2016 | Senior note - 1.35%, maturing 2017 | Senior note - 1.35%, maturing 2017 | Senior note - 1.35%, maturing 2017 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Guaranteed Notes | Guaranteed Notes | Guaranteed Notes | Senior note - 2.4%, maturing 2019 | Senior note - 2.4%, maturing 2019 | Senior note - 2.4%, maturing 2019 | Senior note - 4.85%, maturing 2021 | Senior note - 4.85%, maturing 2021 | Senior note - 4.70%, maturing 2022 | Senior note - 4.70%, maturing 2022 | Senior note - 3.70%, maturing 2023 | Senior note - 3.70%, maturing 2023 | Senior note - 3.70%, maturing 2023 | Senior note - 4.0%, maturing 2024 | Senior note - 4.0%, maturing 2024 | Senior note - 4.0%, maturing 2024 | Senior note - 5.15% maturing 2043 | Senior note - 5.15% maturing 2043 | Senior note - 5.15% maturing 2043 | Other | Other |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior note - 1.65%, maturing 2017 | Senior note - 1.65%, maturing 2017 | Senior note - 3.7%, maturing 2025 | Senior note - 3.7%, maturing 2025 | Indesit guaranteed notes - 4.5%, maturing 2018 | Indesit guaranteed notes - 4.5%, maturing 2018 | Indesit guaranteed notes - 4.5%, maturing 2018 | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | $3,778 | $2,453 | $0 | $100 | $0 | $500 | $199 | $198 | $250 | $250 | $244 | $244 | $250 | $0 | $300 | $0 | $350 | $0 | $393 | € 327 | $0 | $250 | $0 | $300 | $300 | $300 | $300 | $250 | $250 | $300 | $0 | $249 | $250 | $143 | $61 | |||||||
Current maturities of long-term debt | 234 | 607 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt | $3,544 | $1,846 | ||||||||||||||||||||||||||||||||||||||||
Stated interest rate | 6.45% | 6.50% | 8.60% | 8.60% | 5.00% | 5.00% | 6.50% | 6.50% | 7.75% | 7.75% | 1.35% | 1.35% | 1.65% | 3.70% | 4.50% | 4.50% | 2.40% | 2.40% | 4.85% | 4.85% | 4.70% | 4.70% | 3.70% | 3.70% | 3.70% | 4.00% | 4.00% | 5.15% | 5.15% | 5.15% |
Financing_Arrangements_Summary1
Financing Arrangements (Summary of the Contractual Maturities of Debt Including Current Maturities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $234 | |
2016 | 529 | |
2017 | 580 | |
2018 | 423 | |
2019 | 264 | |
Thereafter | 1,748 | |
Long-term Debt | $3,778 | $2,453 |
Financing_Arrangements_Narrati
Financing Arrangements (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | 1-May-14 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 15, 2014 | Dec. 31, 2013 | Nov. 04, 2014 | Nov. 04, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 27, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | Credit facility Maturing September, 2019 | Letter of credit subfacility | Credit facility maturing June,2016 Restated | Credit Facility Maturing September, 2015 | Committed Credit Facility Brazil maturing 2014 | Committed Credit Facility Brazil maturing 2014 | Committed Credit Facility Brazil maturing 2014 | Indesit Credit Facility, Maturing July 29, 2016 | Indesit Credit Facility, Maturing July 29, 2016 | Guaranteed Notes | Guaranteed Notes | Guaranteed Notes | Senior note - 1.35%, maturing 2017 | Senior note - 1.35%, maturing 2017 | Senior note - 1.35%, maturing 2017 | Senior note - 2.4%, maturing 2019 | Senior note - 2.4%, maturing 2019 | Senior note - 2.4%, maturing 2019 | Senior note - 4.0%, maturing 2024 | Senior note - 4.0%, maturing 2024 | Senior note - 4.0%, maturing 2024 | Senior note - 8.6%, matured 2014 | Senior note - 8.6%, matured 2014 | Senior note - 8.6%, matured 2014 | Maytag medium-term note - 6.45% matured 2014 | Maytag medium-term note - 6.45% matured 2014 | Maytag medium-term note - 6.45% matured 2014 | Senior note - 1.65%, maturing 2017 | Senior note - 3.7%, maturing 2025 | Medium-term Note, 5.5% Maturing 2013 | Senior note - 3.70%, maturing 2023 | Senior note - 3.70%, maturing 2023 | Senior note - 3.70%, maturing 2023 | Senior note - 5.15% maturing 2043 | Senior note - 5.15% maturing 2043 | Senior note - 5.15% maturing 2043 | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Prime Rate | Prime Rate | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | USD ($) | EUR (€) | Indesit guaranteed notes - 4.5%, maturing 2018 | Indesit guaranteed notes - 4.5%, maturing 2018 | Indesit guaranteed notes - 4.5%, maturing 2018 | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Credit facility Maturing September, 2019 | Credit Facility Maturing September, 2015 | Credit facility Maturing September, 2019 | Credit Facility Maturing September, 2015 | |||
USD ($) | EUR (€) | USD ($) | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Fair values of long-term debt (including current maturities) | $3,800,000,000 | $2,600,000,000 | ||||||||||||||||||||||||||||||||||||||||
Variable rate | 1.25% | 1.25% | 0.25% | 0.25% | ||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | 2,000,000,000 | 1,700,000,000 | 1,000,000,000 | 429,000,000 | 1,100,000,000 | 424,000,000 | 350,000,000 | |||||||||||||||||||||||||||||||||||
Line of credit, amount outstanding | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Line of credit, initiation date | 26-Sep-14 | 26-Sep-14 | ||||||||||||||||||||||||||||||||||||||||
Line of credit facility, expiration date | 26-Sep-19 | 28-Jun-16 | 25-Sep-15 | |||||||||||||||||||||||||||||||||||||||
Line of credit, interest rate description | (1)Â the spread over LIBOR is 1.250%; (2)Â the spread over prime is 0.250%; | (1)Â the spread over LIBOR is 1.250%; (2)Â the spread over prime is 0.250%; | ||||||||||||||||||||||||||||||||||||||||
Line of credit , unused capacity, commitment fee percentage | 0.15% | 0.13% | ||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity through accordion feature | 2,500,000,000 | |||||||||||||||||||||||||||||||||||||||||
Line of credit, current borrowing capacity | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||
Letters of credit outstanding, amount | 0 | |||||||||||||||||||||||||||||||||||||||||
Maximum rolling twelve month Leverage Ratio | 3.25 to 1.0 | |||||||||||||||||||||||||||||||||||||||||
Rolling twelve month Interest Coverate Ratio | 3.0 to 1.0 | |||||||||||||||||||||||||||||||||||||||||
Line of credit, up-front fee | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Consolidated Net-Borrowings To Consolidated EBITDA, Maximum | 300.00% | 300.00% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Consolidated Net Borrowings As Of Any Semi Annual Determination Date To Consolidated EBITDA, Maximum | 400.00% | 400.00% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Consolidated EBITDA To Consolidated Net Interest, Maximum | 350.00% | 350.00% | ||||||||||||||||||||||||||||||||||||||||
Principal amount assumed | 300,000,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term debt, fair value | 3,778,000,000 | 2,453,000,000 | 393,000,000 | 327,000,000 | 0 | 250,000,000 | 0 | 250,000,000 | 0 | 300,000,000 | 0 | 0 | 500,000,000 | 0 | 100,000,000 | 250,000,000 | 250,000,000 | 249,000,000 | 250,000,000 | |||||||||||||||||||||||
Debt instrument, face amount | $250,000,000 | $250,000,000 | $300,000,000 | $500,000,000 | $100,000,000 | $300,000,000 | $350,000,000 | $500,000,000 | $250,000,000 | $250,000,000 | ||||||||||||||||||||||||||||||||
Stated interest rate | 4.50% | 4.50% | 1.35% | 1.35% | 2.40% | 2.40% | 4.00% | 4.00% | 8.60% | 8.60% | 6.45% | 6.50% | 1.65% | 3.70% | 5.50% | 3.70% | 3.70% | 3.70% | 5.15% | 5.15% | 5.15% | |||||||||||||||||||||
Change in control, purchase price of all notes, percentage | 101.00% | |||||||||||||||||||||||||||||||||||||||||
Maximum Rolling Twelve Month Leverage Ratio, Percent | 325.00% | |||||||||||||||||||||||||||||||||||||||||
Rolling Twelve Month Interest Coverage Ratio | 300.00% |
Financing_Arrangements_Notes_P
Financing Arrangements Notes Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $569 | $10 |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 387 | 0 |
Debt securitization | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 35 | 0 |
Short-term borrowings to banks | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $147 | $10 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Legal Contingencies Narrative) (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 24 Months Ended | 1 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2012 | Jul. 31, 2011 | Jan. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2004 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | BRL | 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 | Brazilian government program | |
manufacturer | USD ($) | BRL | BRL | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | USD ($) | BRL | assessment | USD ($) | BRL | ||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Embraco antitrust matters remaining accrual | $25 | |||||||||||||||||
Installment payments to government authorities | 21 | |||||||||||||||||
Litigation settlement | 959 | |||||||||||||||||
Payments for legal settlements | 490 | 469 | 275 | 301 | ||||||||||||||
BEFIEX tax credits, effect on net sales | 14 | 109 | 37 | |||||||||||||||
Outstanding BEFIEX tax assessment | 533 | 1,400 | ||||||||||||||||
IPI tax credits recognized | 26 | |||||||||||||||||
Special government program settlement | 34 | |||||||||||||||||
Brazil tax assessment | 78 | 204 | ||||||||||||||||
CFC potential exposure | 67 | 178 | ||||||||||||||||
Uncertainty removed from assessments (in assessments) | 16 | |||||||||||||||||
Government program total settlement payment | $28 | 75 | ||||||||||||||||
Settlement payment terms, period | 30 months | |||||||||||||||||
Number of manufacturers | 11 |
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, 2014 | Dec. 31, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at January 1 | $191 | $187 |
Issuances/ accruals during the period | 316 | 292 |
Settlements made during the period | -272 | -288 |
Balance at December 31 | 235 | 191 |
Current portion | 186 | 154 |
Non-current portion | 49 | 37 |
Total | 235 | 191 |
Issuances in product liability warranty due to acquisitions | $61 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Guarantee Narative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Customer Lines Of Credit For Brazilian Subsidiary | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $492 | $485 |
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 | 1,400 | 1,300 |
Harbor Shores Line of Credit | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | 45 | |
Corporate Guarantee | Indesit Company S.p.A. | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $1,200 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases, Operating [Abstract] | |||
2015 | $230 | ||
2016 | 183 | ||
2017 | 150 | ||
2018 | 109 | ||
2019 | 82 | ||
Thereafter | 114 | ||
Total noncancelable operating lease commitments | 868 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Rent expense | $228 | $217 | $229 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Schedule of Purchase Obligations) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2015 | $209 |
2016 | 196 |
2017 | 147 |
2018 | 113 |
2019 | 65 |
Thereafter | 211 |
Total purchase obligations | $941 |
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, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $65 | $30 |
Derivative liabilities | 66 | 55 |
Derivative asset, current | 64 | 28 |
Derivative asset, noncurrent | 1 | 2 |
Total derivatives, hedge assets at fair value | 65 | 30 |
Derivative liability, current | 59 | 54 |
Derivative liability, noncurrent | 7 | 1 |
Total derivatives, hedge liabilities at fair value | 66 | 55 |
Number of interest rate derivatives held | 0 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange forward/options, hedge assets | 27 | 16 |
Foreign exchange forwards/options, hedge liability at fair value | 8 | 10 |
Commodity swaps/options, hedge assets at fair value | 4 | 8 |
Commodity swaps/options, hedge liabilities at fair value | 29 | 13 |
Total derivatives accounted for as hedges, hedge assets at fair value | 31 | 24 |
Total derivatives accounted for as hedges, hedge liabilities at fair value | 37 | 23 |
Maximum term of foreign exchange forwards/options, in months | 17 months | 14 months |
Maximum term of commodity swaps/options, in months | 36 months | 36 months |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange forwards/options, hedge assets at fair value | 34 | 6 |
Foreign exchange forwards/options, hedge liabilities at fair value | 29 | 32 |
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 | 34 | 6 |
Total derivatives not accounted for as hedges, hedge liabilities at fair value | 29 | 32 |
Maximum term of foreign exchange forwards/options, in months | 10 months | 12 months |
Maximum term of commodity swaps/options, in months | 4 months | 4 months |
Foreign Exchange Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 874 | 744 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,358 | 1,274 |
Commodity Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 375 | 363 |
Commodity Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $8 | $1 |
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, 2014 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | $10 | ($9) |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | 11 | -11 |
Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | 40 | 20 |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | 22 | 9 |
Gain (Loss) Recognized on Derivatives not Accounted for as Hedges | 26 | -49 |
Commodity Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | -30 | -29 |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | -10 | -19 |
Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | 0 | 0 |
Gain (Loss) Reclassified from OCI into Income (Effective Portion) | ($1) | ($1) |
Hedges_and_Derivative_Financia4
Hedges and Derivative Financial Instruments Hedges and Derivative Financial Instruments (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($1,298) | ($1,531) | ($1,226) |
Unrealized gain (loss) | -393 | -113 | -19 |
Unrealized actuarial gain(loss) and prior service credit (cost) | -233 | 508 | -420 |
Tax effect | 80 | -165 | 130 |
Other comprehensive income (loss), net of tax | -546 | 230 | -309 |
Less: Other comprehensive loss available to noncontrolling interests | -4 | -3 | -4 |
Other comprehensive income (loss) available to Whirlpool | -542 | 233 | -305 |
Ending balance | -1,840 | -1,298 | -1,531 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -532 | -438 | -387 |
Unrealized gain (loss) | -392 | -122 | -36 |
Unrealized actuarial gain(loss) and prior service credit (cost) | 0 | 0 | 0 |
Tax effect | -5 | 25 | -19 |
Other comprehensive income (loss), net of tax | -397 | -97 | -55 |
Less: Other comprehensive loss available to noncontrolling interests | -4 | -3 | -4 |
Other comprehensive income (loss) available to Whirlpool | -393 | -94 | -51 |
Ending balance | -925 | -532 | -438 |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -6 | -8 | -13 |
Unrealized gain (loss) | -1 | 2 | 8 |
Unrealized actuarial gain(loss) and prior service credit (cost) | 0 | 0 | 0 |
Tax effect | 0 | 0 | -3 |
Other comprehensive income (loss), net of tax | -1 | 2 | 5 |
Less: Other comprehensive loss available to noncontrolling interests | 0 | 0 | 0 |
Other comprehensive income (loss) available to Whirlpool | -1 | 2 | 5 |
Ending balance | -7 | -6 | -8 |
Pension and Postretirement Liability | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -770 | -1,088 | -820 |
Unrealized gain (loss) | 0 | 0 | 0 |
Unrealized actuarial gain(loss) and prior service credit (cost) | -233 | 508 | -420 |
Tax effect | 85 | -190 | 152 |
Other comprehensive income (loss), net of tax | -148 | 318 | -268 |
Less: Other comprehensive loss available to noncontrolling interests | 0 | 0 | 0 |
Other comprehensive income (loss) available to Whirlpool | -148 | 318 | -268 |
Ending balance | -918 | -770 | -1,088 |
Marketable Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 10 | 3 | -6 |
Unrealized gain (loss) | 0 | 7 | 9 |
Unrealized actuarial gain(loss) and prior service credit (cost) | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 7 | 9 |
Less: Other comprehensive loss available to noncontrolling interests | 0 | 0 | 0 |
Other comprehensive income (loss) available to Whirlpool | 0 | 7 | 9 |
Ending balance | $10 | $10 | $3 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | |||||||||||
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool | $81 | $230 | $179 | $160 | $181 | $196 | $198 | $252 | $650 | $827 | $401 |
Denominator for basic earnings per share – weighted-average shares | 78.3 | 79.3 | 78.1 | ||||||||
Effect of dilutive securities – stock-based compensation | 1.3 | 1.5 | 1.2 | ||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares | 79.6 | 80.8 | 79.3 | ||||||||
Anti-dilutive stock options/awards excluded from earnings per share | 0.2 | 0 | 2.4 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 14, 2014 |
Disclosure of Repurchase Agreements [Abstract] | ||||||||||||
Dividends paid, per share (USD per share) | $0.75 | $0.75 | $0.75 | $0.63 | $0.63 | $0.63 | $0.63 | $0.50 | $2.88 | $2.38 | $2 | |
Stock repurchase program, authorized amount | $500 | |||||||||||
Stock repurchased during period, shares | 165,900 | |||||||||||
Stock repurchased during period, value | 25 | |||||||||||
Stock repurchase program, remaining authorized repurchase amount | $475 | $475 |
Sharebased_Incentive_Plans_Sto
Share-based Incentive Plans Stock Options and Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | $47,000,000 | $50,000,000 | $49,000,000 |
Compensation cost not yet recognized | 49,000,000 | ||
Compensation cost not yet recognized, period for recognition | 29 months | ||
Share based compensation related income tax benefits recognized in earnings | 16,000,000 | 17,000,000 | 17,000,000 |
Number of shares available for grant | 7,600,000 | ||
Award vesting period | 3 years | ||
Terms of award | 10 years | ||
Grants in period, weighted average grant date fair value | $42.09 | $33.92 | $19.54 |
Weighted average grant date fair value (USD per share) | $133.31 | $107.85 | $69.32 |
Total fair value, options vested in period | 25,000,000 | 35,000,000 | 19,000,000 |
Nonemployee director equity award | 120,000 | ||
Nonemployee director one-time shares granted | 1,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic Value | 36,000,000 | 53,000,000 | 32,000,000 |
Tax benefit from stock options exercised | 13,000,000 | 19,000,000 | 12,000,000 |
Proceeds from stock options exercised | $38,000,000 | $95,000,000 | $43,000,000 |
Stock_Options_and_Incentive_Pl
Stock Options and Incentive Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate | 1.50% | 0.90% | 0.90% |
Expected volatility | 38.20% | 40.30% | 40.30% |
Expected dividend yield | 1.80% | 1.80% | 2.90% |
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, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Options Outstanding at January 1 | 2,255 |
Number of options granted | 393 |
Number of Options Exercised | -487 |
Number of Options Cancelled or expired | -46 |
Number of Options Outstanding at December 31 | 2,115 |
Number of shares exercisable at December 31 | 1,236 |
Weighted-Average Exercise Price Outstanding at January 1 | $77.87 |
Weighted-Average Exercise Price Granted | $138.60 |
Weighted-Average Exercise Price Exercised | $78.58 |
Weighted-Average Exercise Price Cancelled or expired | $94.35 |
Weighted-Average Exercise Price Outstanding at December 31 | $88.62 |
Weighted-Average Exercise Price Exercisable at December 31 | $70.87 |
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, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of options | 2,043 |
Number of shares exercisable at December 31 | 1,236 |
Weighted-average exercise price per share | $87.11 |
Weighted-Average Exercise Price Exercisable at December 31 | $70.87 |
Aggregate intrinsic value | $218 |
Exercisable, intrinsic value | $152 |
Weighted-average remaining contractual term, in years | 6 years |
Weighted-average remaining contractual term, in years | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Non-vested, at January 1 | 1,202 | ||
Granted | 245 | ||
Canceled | -37 | ||
Vested and transferred to unrestricted | -306 | ||
Non-vested, at December 31 | 1,104 | 1,202 | |
Non-vested, at January 1 | $82.40 | ||
Granted (USD per share) | $133.31 | $107.85 | $69.32 |
Canceled | $82.62 | ||
Vested and transferred to unrestricted | $80.88 | ||
Non-vested, at December 31 | $90.34 | $82.40 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | $106 | $70 | |
Acquisition-related | 40 | ||
Charge to Earnings | 136 | 208 | |
Cash Paid | -168 | -98 | |
Non-Cash and Other | -36 | -62 | |
Revision of Estimate | 12 | ||
Restructuring reserve, ending balance | 78 | 106 | 78 |
Indesit Company S.p.A. | |||
Restructuring Cost and Reserve [Line Items] | |||
Acquisition-related | 40 | ||
Restructuring reserve, ending balance | 17 | 17 | |
Employee termination costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 74 | 56 | |
Acquisition-related | 40 | ||
Charge to Earnings | 82 | 91 | |
Cash Paid | -128 | -62 | |
Non-Cash and Other | -10 | 0 | |
Revision of Estimate | 11 | ||
Restructuring reserve, ending balance | 58 | 74 | 58 |
Asset impairment costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Acquisition-related | 0 | ||
Charge to Earnings | 26 | 62 | |
Cash Paid | 0 | 0 | |
Non-Cash and Other | -26 | -62 | |
Revision of Estimate | 0 | ||
Restructuring reserve, ending balance | 0 | 0 | 0 |
Facility exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 14 | 3 | |
Acquisition-related | 0 | ||
Charge to Earnings | 16 | 37 | |
Cash Paid | -26 | -25 | |
Non-Cash and Other | 0 | 0 | |
Revision of Estimate | 1 | ||
Restructuring reserve, ending balance | 4 | 14 | 4 |
Other exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 18 | 11 | |
Acquisition-related | 0 | ||
Charge to Earnings | 12 | 18 | |
Cash Paid | -14 | -11 | |
Non-Cash and Other | 0 | 0 | |
Revision of Estimate | 0 | ||
Restructuring reserve, ending balance | $16 | $18 | $16 |
Restructuring_Charges_Restruct
Restructuring Charges Restructuring Charges (By Segment) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $136 | $208 |
Operating Segments | North America | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 10 | |
Operating Segments | Latin America | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 8 | |
Operating Segments | EMEA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 102 | |
Operating Segments | Asia | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 13 | |
Corporate, Non-Segment | Corporate / Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 3 | |
EMEA microwave oven facility | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related cost, expected cost | $90 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $325 | $149 | $113 |
Foreign | 556 | 768 | 445 |
Earnings before income taxes | 881 | 917 | 558 |
Income tax computed at United States statutory rate | 308 | 321 | 195 |
U.S. government tax incentives, including Energy Tax Credits | -10 | -142 | 0 |
Foreign government tax incentives, including BEFIEX | -46 | -63 | -38 |
Foreign tax rate differential | -17 | -17 | -2 |
U.S. foreign tax credits | -148 | -231 | -31 |
Valuation allowances | 9 | 16 | -86 |
State and local taxes, net of federal tax benefit | 5 | 7 | 2 |
Foreign withholding taxes | 16 | 29 | 12 |
U.S. tax on foreign dividends and subpart F income | 56 | 195 | 57 |
Settlement of global tax audits | -5 | -54 | 18 |
Other items, net | 21 | 7 | 6 |
Total income tax expense | $189 | $68 | $133 |
Incomes_Taxes_Income_tax_benef
Incomes Taxes (Income tax (benefit) provision) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States, current federal tax expense (benefit) | $7 | ($60) | $18 |
Current foreign tax expense (benefit) | 182 | 187 | 189 |
Current state and local tax expense (benefit) | -2 | 2 | 7 |
Current income tax expense (benefit) | 187 | 129 | 214 |
United States, deferred federal income tax expense (benefit) | 8 | -57 | 24 |
Deferred foreign income tax expense (benefit) | 12 | -9 | -96 |
Deferred state and local income tax expense (benefit) | -18 | 5 | -9 |
Deferred income tax expense (benefit) | 2 | -61 | -81 |
Total income tax expense | $189 | $68 | $133 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 24, 2014 | Oct. 14, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $189,000,000 | $68,000,000 | $133,000,000 | |||
Effective income tax rate | 35.00% | |||||
Distribution of foreign earnings | 24,000,000 | 24,000,000 | ||||
Undistributed foreign earnings | 4,900,000,000 | 4,900,000,000 | ||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 1,000,000,000 | 1,000,000,000 | ||||
Operating loss carryforwards | 3,200,000,000 | 3,200,000,000 | ||||
Positions assumed in acquisitions | 42,000,000 | 0 | 0 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 63,000,000 | 39,000,000 | 63,000,000 | |||
Unrecognized tax benefits, income tax penalties and interest expense | 6,000,000 | 12,000,000 | 4,000,000 | |||
Operating loss carryforwards, not subject to expiration | 1,800,000,000 | 1,800,000,000 | ||||
Foreign tax credit carryforwards | 249,000,000 | 243,000,000 | 249,000,000 | |||
U.S. general business credit carryforwards, including Energy Tax Credits | 1,005,000,000 | 1,050,000,000 | 1,005,000,000 | |||
Valuation allowance, deferred tax assets | 308,000,000 | 186,000,000 | 308,000,000 | |||
Valuation allowance, operating loss carryforward | 288,000,000 | 288,000,000 | ||||
Valuation allowance, other tax carryforwards | 20,000,000 | 20,000,000 | ||||
Unrecognized tax Benefits | 20,000,000 | 20,000,000 | ||||
Hefei Sanyo | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Positions assumed in acquisitions | 61,000,000 | |||||
Indesit Company S.p.A. | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Positions assumed in acquisitions | 10,000,000 | |||||
Hefei Sanyo And Indesit | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Positions assumed in acquisitions | 71,000,000 | |||||
Unrecognized tax benefits, income tax penalties and interest expense | 31,000,000 | |||||
United States | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Operating loss carryforwards | 1,200,000,000 | 1,200,000,000 | ||||
Geographical, outside the United States | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $900,000,000 | $900,000,000 |
Incomes_Taxes_DTA_and_DTL_Deta
Incomes Taxes (DTA and DTL) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Intangibles | $800 | $517 |
Property, net | 156 | 141 |
LIFO inventory | 45 | 49 |
Other | 193 | 201 |
Total deferred tax liabilities | 1,194 | 908 |
U.S. general business credit carryforwards, including Energy Tax Credits | 1,005 | 1,050 |
Pensions | 316 | 311 |
Loss carryforwards | 650 | 467 |
Inventory prepayment | 0 | 93 |
Postretirement obligations | 199 | 177 |
Foreign tax credit carryforwards | 249 | 243 |
Research and development capitalization | 358 | 239 |
Employee payroll and benefits | 141 | 138 |
Accrued expenses | 110 | 102 |
Product warranty accrual | 62 | 58 |
Receivable and inventory allowances | 73 | 51 |
Other | 300 | 233 |
Total deferred tax assets | 3,463 | 3,162 |
Valuation allowances for deferred tax assets | -308 | -186 |
Deferred tax assets, net of valuation allowances | 3,155 | 2,976 |
Net deferred tax assets | $1,961 | $2,068 |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized tax benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance, January 1 | $113 | $178 | $178 |
Additions for tax positions of the current year | 17 | 17 | 13 |
Additions for tax positions of prior years | 4 | 6 | 16 |
Reductions for tax positions of prior years | -23 | -81 | -15 |
Settlements during the period | -11 | -3 | -5 |
Positions assumed in acquisitions | 42 | 0 | 0 |
Lapses of applicable statute of limitation | 1 | 4 | 9 |
Balance, December 31 | $141 | $113 | $178 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company match percentage | 7.00% | |||
Contributions | $71 | $68 | $64 | |
Curtailment gain | 0 | 0 | 52 | |
United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Transfer of benefits | 0 | 105 | ||
Plan amendments | 0 | 0 | ||
Curtailment gain | 0 | 0 | 0 | |
Other Postretirement Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Transfer of benefits | 0 | -105 | ||
Plan amendments | 138 | 14 | 2 | |
Curtailment gain | $0 | $0 | $52 | |
Equity Securities | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 41.00% | |||
Fixed Income Funds | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 59.00% | |||
US Large-Cap Companies | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 51.00% | |||
International Equity Securities | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 27.00% | |||
Venture Capital Funds | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 8.00% | |||
Corporate Debt Securities | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 75.00% | |||
US Treasury and Government | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 25.00% | |||
United States | US Mid and Small Cap Companies | United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocations | 14.00% |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans (Obligations and Funded Status at End of Year) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $3,682,000,000 | $3,041,000,000 | |
United States Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 3,042,000,000 | 2,835,000,000 | 2,790,000,000 |
Benefit obligations | 3,796,000,000 | 3,546,000,000 | 4,196,000,000 |
Funded status | -754,000,000 | -711,000,000 | |
Noncurrent asset | 0 | 0 | |
Current liability | -9,000,000 | -7,000,000 | |
Noncurrent liability | -745,000,000 | -704,000,000 | |
Amount recognized | -754,000,000 | -711,000,000 | |
Net actuarial loss | 1,368,000,000 | 1,215,000,000 | |
Prior service (credit) cost | -14,000,000 | -17,000,000 | |
Amount recognized | 1,354,000,000 | 1,198,000,000 | |
Foreign Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 640,000,000 | 206,000,000 | 197,000,000 |
Benefit obligations | 1,026,000,000 | 439,000,000 | 448,000,000 |
Funded status | -386,000,000 | -233,000,000 | |
Noncurrent asset | 8,000,000 | 7,000,000 | |
Current liability | -16,000,000 | -14,000,000 | |
Noncurrent liability | -378,000,000 | -226,000,000 | |
Amount recognized | -386,000,000 | -233,000,000 | |
Net actuarial loss | 118,000,000 | 98,000,000 | |
Prior service (credit) cost | 0 | 3,000,000 | |
Amount recognized | 118,000,000 | 101,000,000 | |
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 obligations | 502,000,000 | 509,000,000 | 477,000,000 |
Funded status | -502,000,000 | -509,000,000 | |
Noncurrent asset | 0 | 0 | |
Current liability | -56,000,000 | -51,000,000 | |
Noncurrent liability | -446,000,000 | -458,000,000 | |
Amount recognized | -502,000,000 | -509,000,000 | |
Net actuarial loss | 53,000,000 | 42,000,000 | |
Prior service (credit) cost | -120,000,000 | -169,000,000 | |
Amount recognized | ($67,000,000) | ($127,000,000) |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans (Change in Benefit Obligation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
United States Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation, beginning of year | $3,546 | $4,196 | ||
Service cost | 2 | 2 | 2 | |
Interest cost | 167 | 162 | 178 | |
Plan participants’ contributions | 0 | 0 | ||
Actuarial loss (gain) | 384 | -420 | ||
Benefits paid | -303 | -281 | ||
Plan amendments | 0 | 0 | ||
Acquisitions | 0 | 0 | ||
Transfer of benefits | 0 | -105 | ||
Settlements / curtailment (gain) | 0 | -8 | ||
Foreign currency exchange rates | 0 | 0 | ||
Benefit obligation, end of year | 3,796 | 3,546 | 4,196 | |
Accumulated benefit obligation, end of year | 3,786 | 3,536 | ||
Foreign Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation, beginning of year | 439 | 448 | ||
Service cost | 5 | 6 | 6 | |
Interest cost | 22 | 17 | 20 | |
Plan participants’ contributions | 1 | 1 | ||
Actuarial loss (gain) | 59 | -7 | ||
Benefits paid | -24 | -23 | ||
Plan amendments | -3 | 0 | ||
Acquisitions | 610 | 0 | ||
Transfer of benefits | 0 | 0 | ||
Settlements / curtailment (gain) | -15 | -6 | ||
Foreign currency exchange rates | -68 | 3 | ||
Benefit obligation, end of year | 1,026 | 439 | 448 | |
Accumulated benefit obligation, end of year | 964 | 424 | ||
Other Postretirement Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation, beginning of year | 509 | 477 | ||
Service cost | 3 | 4 | 5 | |
Interest cost | 24 | 18 | 21 | |
Plan participants’ contributions | 7 | 8 | ||
Actuarial loss (gain) | 9 | -31 | ||
Benefits paid | -60 | -68 | ||
Plan amendments | 138 | 14 | 2 | |
Acquisitions | 0 | 0 | ||
Transfer of benefits | 0 | 105 | ||
Settlements / curtailment (gain) | 0 | 0 | ||
Foreign currency exchange rates | -4 | -6 | ||
Benefit obligation, end of year | $502 | $509 | $477 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans (Change in Plan Assets) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets, end of year | $3,682,000,000 | $3,041,000,000 |
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 | 2,835,000,000 | 2,790,000,000 |
Actual return on plan assets | 381,000,000 | 207,000,000 |
Employer contribution | 129,000,000 | 127,000,000 |
Plan participants’ contributions | 0 | 0 |
Benefits paid | -303,000,000 | -281,000,000 |
Purchases | 0 | 0 |
New Plans | 0 | 0 |
Settlements | 0 | -8,000,000 |
Foreign currency exchange rates | 0 | 0 |
Fair value of plan assets, end of year | 3,042,000,000 | 2,835,000,000 |
Foreign Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets, beginning of year | 206,000,000 | 197,000,000 |
Actual return on plan assets | 33,000,000 | 13,000,000 |
Employer contribution | 30,000,000 | 24,000,000 |
Plan participants’ contributions | 1,000,000 | 1,000,000 |
Benefits paid | -24,000,000 | -23,000,000 |
Purchases | 437,000,000 | 0 |
New Plans | 0 | 2,000,000 |
Settlements | -10,000,000 | -6,000,000 |
Foreign currency exchange rates | -33,000,000 | -2,000,000 |
Fair value of plan assets, end of year | 640,000,000 | 206,000,000 |
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 | 53,000,000 | 60,000,000 |
Plan participants’ contributions | 7,000,000 | 8,000,000 |
Benefits paid | -60,000,000 | -68,000,000 |
Purchases | 0 | 0 |
New Plans | 0 | 0 |
Settlements | 0 | 0 |
Foreign currency exchange rates | 0 | 0 |
Fair value of plan assets, end of year | $0 | $0 |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization: | |||
Curtailment gain | $0 | $0 | ($52) |
United States Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2 | 2 | 2 |
Interest cost | 167 | 162 | 178 |
Expected return on plan assets | -193 | -191 | -194 |
Amortization: | |||
Actuarial loss | 43 | 62 | 46 |
Prior service cost (credit) | -3 | -3 | -3 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 0 | 3 | 5 |
Net periodic benefit cost | 16 | 35 | 34 |
Foreign Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5 | 6 | 6 |
Interest cost | 22 | 17 | 20 |
Expected return on plan assets | -16 | -10 | -11 |
Amortization: | |||
Actuarial loss | 5 | 6 | 4 |
Prior service cost (credit) | 1 | 1 | 1 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 4 | 1 | 3 |
Net periodic benefit cost | 21 | 21 | 23 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3 | 4 | 5 |
Interest cost | 24 | 18 | 21 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization: | |||
Actuarial loss | 0 | 1 | 1 |
Prior service cost (credit) | -36 | -39 | -42 |
Curtailment gain | 0 | 0 | -52 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | ($9) | ($16) | ($67) |
Pension_and_Other_Postretireme7
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial loss | $242 | ($475) | $384 |
Total recognized in other comprehensive loss (pre-tax) | 233 | -508 | 420 |
United States Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial loss | 196 | ||
Actuarial (loss) recognized during the year | -43 | ||
Current year prior service cost (credit) | 0 | ||
Prior service credit (cost) recognized during the year | 3 | ||
Total recognized in other comprehensive loss (pre-tax) | 156 | ||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | 172 | ||
Foreign Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial loss | 36 | ||
Actuarial (loss) recognized during the year | -15 | ||
Current year prior service cost (credit) | -3 | ||
Prior service credit (cost) recognized during the year | -1 | ||
Total recognized in other comprehensive loss (pre-tax) | 17 | ||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | 38 | ||
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year actuarial loss | 10 | ||
Actuarial (loss) recognized during the year | 0 | ||
Current year prior service cost (credit) | 14 | ||
Prior service credit (cost) recognized during the year | 36 | ||
Total recognized in other comprehensive loss (pre-tax) | 60 | ||
Total recognized in net periodic benefit costs and other comprehensive loss (pre-tax) | $51 |
Pension_and_Other_Postretireme8
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, 2014 |
United States Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss | $53 |
Prior service (credit) | -3 |
Total | 50 |
Foreign Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss | 6 |
Prior service (credit) | 0 |
Total | 6 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss | 0 |
Prior service (credit) | -35 |
Total | ($35) |
Pension_and_Other_Postretireme9
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.05% | 4.95% | |
Rate of compensation increase | 4.50% | 4.50% | |
Discount rate used calculating net periodic benefit cost | 4.95% | 4.05% | 4.80% |
Expected long-term rate of return on plan assets | 7.25% | 7.50% | 7.50% |
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 | 3.32% | 4.16% | |
Rate of compensation increase | 3.23% | 3.40% | |
Discount rate used calculating net periodic benefit cost | 3.89% | 3.93% | 5.04% |
Expected long-term rate of return on plan assets | 5.44% | 5.40% | 5.44% |
Rate of compensation increase used calculating net periodic benefit cost | 3.35% | 3.51% | 3.48% |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.27% | 4.95% | |
Discount rate used calculating net periodic benefit cost | 5.25% | 4.03% | 5.03% |
Health care cost trend rate | |||
Initial rate | 7.00% | 7.00% | 8.00% |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Year that ultimate rate will be reached | 2017 | 2017 | 2015 |
Recovered_Sheet1
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, 2014 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Effect on total of service and interest cost | $0 |
Effect on total of service and interest cost | 0 |
Effect on postretirement benefit obligations | 4 |
Effect on postretirement benefit obligations | ($4) |
Recovered_Sheet2
Pension and Other Postretirement Benefit Plans (Expected Employer Contributions to Funded Plans) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
United States Pension Benefits | |
2015 expected contributions | $80 |
Foreign Pension Benefits | |
2015 expected contributions | $18 |
Recovered_Sheet3
Pension and Other Postretirement Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
United States Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $278 |
2016 | 253 |
2017 | 250 |
2018 | 249 |
2019 | 252 |
2020-2024 | 1,219 |
Foreign Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 49 |
2016 | 38 |
2017 | 41 |
2018 | 41 |
2019 | 44 |
2020-2024 | 216 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 56 |
2016 | 49 |
2017 | 48 |
2018 | 44 |
2019 | 41 |
2020-2024 | $171 |
Recovered_Sheet4
Pension and Other Postretirement Benefit Plans (Fair Value of Plan Assets by Category) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $3,682,000,000 | $3,041,000,000 |
Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 535,000,000 | 335,000,000 |
Fair Value, Inputs, Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,952,000,000 | 2,508,000,000 |
Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 195,000,000 | 198,000,000 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29,000,000 | 23,000,000 |
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29,000,000 | 23,000,000 |
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 | 579,000,000 | 432,000,000 |
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 | 579,000,000 | 432,000,000 |
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 | 253,000,000 | 131,000,000 |
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 | 253,000,000 | 131,000,000 |
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 | 1,000,000,000 | 850,000,000 |
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 | 1,000,000,000 | 850,000,000 |
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 | 321,000,000 | 193,000,000 |
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 | 321,000,000 | 193,000,000 |
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 | 12,000,000 | 12,000,000 |
U.S. Equity Securities | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12,000,000 | 12,000,000 |
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 | 427,000,000 | 223,000,000 |
Foreign Equity Securities | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 427,000,000 | 223,000,000 |
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 | 67,000,000 | 77,000,000 |
Money Market Funds | Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 67,000,000 | 77,000,000 |
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 | 651,000,000 | 718,000,000 |
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 | 651,000,000 | 718,000,000 |
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 | 66,000,000 | 79,000,000 |
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 | 66,000,000 | 79,000,000 |
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 | 63,000,000 | 87,000,000 |
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 | 63,000,000 | 87,000,000 |
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 | 140,000,000 | 145,000,000 |
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 | 140,000,000 | 145,000,000 |
Limited Partnerships, Diversified fund of funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32,000,000 | 35,000,000 |
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 | 32,000,000 | 35,000,000 |
Limited Partnerships, Emerging growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23,000,000 | 18,000,000 |
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 | 23,000,000 | 18,000,000 |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,000,000 | 11,000,000 |
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 | 10,000,000 | 11,000,000 |
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 | 9,000,000 | 7,000,000 |
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 | 9,000,000 | 7,000,000 |
Other Investments | Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $0 | $0 |
Recovered_Sheet5
Pension and Other Postretirement Benefit Plans (Effect of Significant Unobservable Inputs (Level 3)) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $3,041,000,000 | |
Fair value of plan assets, end of year | 3,682,000,000 | 3,041,000,000 |
Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 198,000,000 | |
Realized gains (net) | 23,000,000 | |
Unrealized gains (net) | 11,000,000 | |
Purchases | 9,000,000 | |
Settlements | -46,000,000 | |
Fair value of plan assets, end of year | $195,000,000 |
Recovered_Sheet6
Pension and Other Postretirement Benefit Plans (PBO and Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | 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] | ||
Projected benefit obligation | $3,796 | $3,546 |
Fair value of plan assets | 3,042 | 2,835 |
Foreign Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | 872 | 397 |
Fair value of plan assets | $487 | $157 |
Recovered_Sheet7
Pension and Other Postretirement Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | 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] | ||
Projected benefit obligation | $3,796 | $3,546 |
Accumulated benefit obligation | 3,786 | 3,536 |
Fair value of plan assets | 3,042 | 2,835 |
Foreign Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | 872 | 347 |
Accumulated benefit obligation | 825 | 340 |
Fair value of plan assets | $487 | $110 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $6,003 | $4,824 | $4,682 | $4,363 | $5,090 | $4,683 | $4,748 | $4,248 | $19,872 | $18,769 | $18,143 |
Long-Lived Assets | 9,591 | 6,467 | 9,591 | 6,467 | 6,483 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 9,064 | 8,577 | 8,005 | ||||||||
Long-Lived Assets | 4,529 | 4,461 | 4,529 | 4,461 | 4,412 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 3,204 | 3,295 | 3,337 | ||||||||
Long-Lived Assets | 321 | 335 | 321 | 335 | 377 | ||||||
All Other Countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 7,604 | 6,897 | 6,801 | ||||||||
Long-Lived Assets | $4,741 | $1,671 | $4,741 | $1,671 | $1,694 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $19,872 | $18,769 | $18,143 | ||||||||
Depreciation and amortization | 560 | 540 | 551 | ||||||||
Operating profit (loss) | 281 | 335 | 291 | 281 | 354 | 313 | 328 | 254 | 1,188 | 1,249 | 869 |
Total assets | 20,002 | 15,544 | 20,002 | 15,544 | 15,396 | ||||||
Capital expenditures | 720 | 578 | 476 | ||||||||
Corporate / Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -169 | -168 | -159 | ||||||||
Depreciation and amortization | 78 | 98 | 83 | ||||||||
Operating profit (loss) | -397 | -408 | -439 | ||||||||
Total assets | -982 | 503 | -982 | 503 | 27 | ||||||
Capital expenditures | 100 | 90 | 45 | ||||||||
Operating Segments | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,634 | 10,178 | 9,631 | ||||||||
Depreciation and amortization | 263 | 238 | 260 | ||||||||
Operating profit (loss) | 1,072 | 1,070 | 846 | ||||||||
Total assets | 7,736 | 7,785 | 7,736 | 7,785 | 7,766 | ||||||
Capital expenditures | 271 | 254 | 219 | ||||||||
Operating Segments | Latin America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,686 | 4,928 | 4,950 | ||||||||
Depreciation and amortization | 86 | 91 | 97 | ||||||||
Operating profit (loss) | 475 | 557 | 476 | ||||||||
Total assets | 2,917 | 3,380 | 2,917 | 3,380 | 3,845 | ||||||
Capital expenditures | 133 | 108 | 100 | ||||||||
Operating Segments | EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,905 | 3,024 | 2,874 | ||||||||
Depreciation and amortization | 104 | 95 | 93 | ||||||||
Operating profit (loss) | 59 | -4 | -51 | ||||||||
Total assets | 7,597 | 2,955 | 7,597 | 2,955 | 2,956 | ||||||
Capital expenditures | 187 | 101 | 88 | ||||||||
Operating Segments | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 816 | 807 | 847 | ||||||||
Depreciation and amortization | 29 | 18 | 18 | ||||||||
Operating profit (loss) | -21 | 34 | 37 | ||||||||
Total assets | 2,734 | 921 | 2,734 | 921 | 802 | ||||||
Capital expenditures | 29 | 25 | 24 | ||||||||
OtherEliminations | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 244 | 256 | 262 | ||||||||
OtherEliminations | Latin America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 180 | 174 | 171 | ||||||||
OtherEliminations | EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 79 | 79 | 104 | ||||||||
OtherEliminations | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 266 | 257 | 226 | ||||||||
OtherEliminations | Corporate / Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | ($769) | ($766) | ($763) |
Operating_Segment_Information_3
Operating Segment Information Operating Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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, which 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $6,003 | $4,824 | $4,682 | $4,363 | $5,090 | $4,683 | $4,748 | $4,248 | $19,872 | $18,769 | $18,143 |
Cost of products sold | 4,977 | 3,997 | 3,895 | 3,608 | 4,181 | 3,837 | 3,931 | 3,522 | 16,477 | 15,471 | 15,250 |
Operating profit | 281 | 335 | 291 | 281 | 354 | 313 | 328 | 254 | 1,188 | 1,249 | 869 |
Interest and sundry income (expense) | -64 | -39 | -16 | -23 | -82 | -16 | -39 | -18 | -142 | -155 | -112 |
Net earnings | 108 | 235 | 185 | 164 | 187 | 199 | 206 | 257 | 692 | 849 | 425 |
Net earnings available to Whirlpool | $81 | $230 | $179 | $160 | $181 | $196 | $198 | $252 | $650 | $827 | $401 |
Per share of common stock: | |||||||||||
Basic net earnings | $1.04 | $2.92 | $2.29 | $2.06 | $2.31 | $2.46 | $2.48 | $3.18 | $8.30 | $10.42 | $5.14 |
Diluted net earnings | $1.02 | $2.88 | $2.25 | $2.02 | $2.26 | $2.42 | $2.44 | $3.12 | $8.17 | $10.24 | $5.06 |
Dividends paid, per share (USD per share) | $0.75 | $0.75 | $0.75 | $0.63 | $0.63 | $0.63 | $0.63 | $0.50 | $2.88 | $2.38 | $2 |
Market price range of common stock | |||||||||||
High | $196.71 | $156.13 | $156.71 | $160.01 | $159.22 | $151.84 | $134.09 | $120 | |||
Low | $139.85 | $135.37 | $136.64 | $124.39 | $129.22 | $111.70 | $107.88 | $101.74 | |||
Close | $193.74 | $145.65 | $139.22 | $149.46 | $156.86 | $146.44 | $114.36 | $118.46 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts [Abstract] | |||
Balance at Beginning of Period | $73 | $60 | $61 |
Charged to Costs and Expenses | 76 | 21 | 23 |
Acquisition Impact | 45 | 0 | 0 |
Charged to Other Accounts/Other | 0 | 0 | 0 |
Deductions | -40 | -8 | -24 |
Balance at End of Period | $154 | $73 | $60 |