Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 19, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-3932 | |
Entity Registrant Name | WHIRLPOOL CORP /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-1490038 | |
Entity Address, Address Line One | 2000 North M-63 | |
Entity Address, City or Town | Benton Harbor, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49022-2692 | |
City Area Code | 269 | |
Local Phone Number | 923-5000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 54,894,402 | |
Entity Central Index Key | 0000106640 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Chicago Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | WHR | |
Security Exchange Name | CHX | |
New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | WHR | |
Security Exchange Name | NYSE |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 3,989 | $ 4,792 | $ 8,478 | $ 9,441 |
Expenses | ||||
Cost of products sold | 3,363 | 3,976 | 7,211 | 7,862 |
Gross margin | 626 | 816 | 1,267 | 1,579 |
Selling, general and administrative | 394 | 476 | 871 | 963 |
Intangible amortization | 7 | 10 | 17 | 21 |
Restructuring costs | 50 | 9 | 73 | 9 |
Loss (gain) on sale and disposal of businesses | 45 | 18 | 292 | 240 |
Operating profit | 130 | 303 | 14 | 346 |
Other (income) expense | ||||
Interest and sundry (income) expense | 7 | 10 | (21) | 87 |
Interest expense | 93 | 89 | 183 | 164 |
Earnings (loss) before income taxes | 30 | 204 | (148) | 95 |
Income tax expense (benefit) | (206) | 114 | (130) | 182 |
Equity method investment income (loss), net of tax | (11) | (3) | (11) | (2) |
Net earnings (loss) | 225 | 87 | (29) | (89) |
Less: Net earnings (loss) available to noncontrolling interests | 6 | 2 | 11 | 5 |
Net earnings (loss) available to Whirlpool | $ 219 | $ 85 | $ (40) | $ (94) |
Per share of common stock | ||||
Basic net earnings (loss) available to Whirlpool (in USD per share) | $ 3.96 | $ 1.56 | $ (0.75) | $ (1.71) |
Diluted net earnings (loss) available to Whirlpool (in USD per share) | 3.96 | 1.55 | (0.75) | (1.71) |
Dividends declared (in USD per share) | $ 1.75 | $ 1,750,000 | $ 3.50 | $ 3.50 |
Weighted-average shares outstanding (in millions) | ||||
Basic (in shares) | 54.9 | 55 | 54.9 | 54.9 |
Diluted (in shares) | 55 | 55.2 | 54.9 | 54.9 |
Comprehensive income (loss) | $ 242 | $ 48 | $ (9) | $ (129) |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,179 | $ 1,570 |
Accounts receivable, net of allowance of $48 and $47, respectively | 1,595 | 1,529 |
Inventories | 2,309 | 2,247 |
Prepaid and other current assets | 777 | 717 |
Assets held for sale | 0 | 144 |
Total current assets | 5,860 | 6,207 |
Property, net of accumulated depreciation of $5,355 and $5,259, respectively | 2,254 | 2,234 |
Right of use assets | 882 | 721 |
Goodwill | 3,328 | 3,330 |
Other intangibles, net of accumulated amortization of $455 and $440, respectively | 3,110 | 3,124 |
Deferred income taxes | 1,376 | 1,317 |
Other noncurrent assets | 533 | 379 |
Total assets | 17,343 | 17,312 |
Current liabilities | ||
Accounts payable | 3,420 | 3,598 |
Accrued expenses | 448 | 491 |
Accrued advertising and promotions | 480 | 603 |
Employee compensation | 172 | 238 |
Notes payable | 778 | 17 |
Current maturities of long-term debt | 350 | 800 |
Other current liabilities | 481 | 614 |
Liabilities held for sale | 0 | 587 |
Total current liabilities | 6,129 | 6,948 |
Noncurrent liabilities | ||
Long-term debt | 6,313 | 6,414 |
Pension benefits | 120 | 147 |
Postretirement benefits | 103 | 107 |
Lease liabilities | 776 | 612 |
Other noncurrent liabilities | 543 | 547 |
Total noncurrent liabilities | 7,855 | 7,827 |
Stockholders' equity | ||
Common stock, $1 par value, 250 million shares authorized, 115 million and 114 million shares issued, respectively, and 55 million and 55 million shares outstanding, respectively | 115 | 114 |
Additional paid-in capital | 3,455 | 3,078 |
Retained earnings | 8,127 | 8,358 |
Accumulated other comprehensive loss | (1,563) | (2,178) |
Treasury stock, 60 million and 60 million shares, respectively | (7,037) | (7,010) |
Total Whirlpool stockholders' equity | 3,097 | 2,362 |
Noncontrolling interests | 262 | 175 |
Total stockholders' equity | 3,359 | 2,537 |
Total liabilities and stockholders' equity | $ 17,343 | $ 17,312 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 48 | $ 47 |
Accumulated depreciation | 5,355 | 5,259 |
Accumulated amortization | $ 455 | $ 440 |
Common stock, par value (in USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 250 | 250 |
Common stock, shares issued (in shares) | 115 | 114 |
Common stock, shares outstanding (in shares) | 55 | 55 |
Treasury stock (in shares) | 60 | 60 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating activities | |||
Net earnings (loss) | $ (29) | $ (89) | |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 170 | 178 | |
Loss (gain) on sale and disposal of businesses | 292 | 240 | |
Changes in assets and liabilities: | |||
Accounts receivable | (211) | (161) | |
Inventories | (54) | (384) | |
Accounts payable | (123) | (146) | |
Accrued advertising and promotions | (154) | (182) | |
Accrued expenses and current liabilities | (170) | 50 | |
Taxes deferred and payable, net | (209) | 113 | |
Accrued pension and postretirement benefits | (14) | (29) | |
Employee compensation | (22) | 47 | |
Other | 39 | (7) | |
Cash provided by (used in) operating activities | (485) | (370) | |
Investing activities | |||
Capital expenditures | (228) | (217) | |
Proceeds from sale of assets and businesses | 42 | 9 | |
Acquisition of businesses, net of cash acquired | 0 | (14) | |
Cash held by divested businesses | (245) | 0 | |
Other | (1) | 0 | |
Cash provided by (used in) investing activities | (432) | (222) | |
Financing activities | |||
Net proceeds from borrowings of long-term debt | 300 | 303 | |
Net proceeds (repayments) of long-term debt | (801) | (250) | |
Net proceeds (repayments) from short-term borrowings | 780 | 28 | |
Dividends paid | (191) | (193) | |
Repurchase of common stock | (50) | 0 | |
Sale of minority interest in subsidiary | 462 | 0 | |
Common stock issued | 0 | 4 | |
Other | 1 | (2) | |
Cash provided by (used in) financing activities | 501 | (110) | |
Effect of exchange rate changes on cash and cash equivalents | (72) | 55 | |
Less: change in cash classified as held for sale | 0 | (2) | |
Increase (decrease) in cash and cash equivalents | (488) | (649) | |
Cash and cash equivalents at beginning of year | [1] | 1,667 | 1,958 |
Cash and cash equivalents at end of period | $ 1,179 | $ 1,309 | |
[1]Cash and cash equivalent at the beginning of 2024 include $1,570 million of cash and cash equivalents and cash of $97 million classified as held for sale as of December 31, 2023. For additional information, see Note 14. |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) $ in Millions | Dec. 31, 2023 USD ($) |
Cash and cash equivalents | $ 1,570 |
Held-for-sale | |
Cash included in assets held for sale | $ 97 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION General Information The accompanying unaudited Consolidated Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by U.S. GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2023. Management believes that the accompanying Consolidated Condensed Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. We are required to make estimates and assumptions that affect the amounts reported in the Consolidated Condensed Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. We have eliminated all material intercompany transactions in our Consolidated Condensed Financial Statements. 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. VIEs are consolidated when the company is the primary beneficiary of these entities and has the ability to directly impact the activ i ties of these entities. Risks and Uncertainties Macroeconomic volatility, as well as ongoing international conflicts, continues to impact countries across the world, and the duration and severity of the effects are currently unknown. The duration and severity of the effects on our business and the global economy are inherently unpredictable. The Consolidated Condensed Financial Statements presented herein reflect estimates and assumptions made by management at June 30, 2024. These estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and indefinite-lived intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; and the allowance for expected credit losses and bad debt. Events and changes in circumstances arising after July 25, 2024, including those resulting from the impacts of macroeconomic volatility, as well as the ongoing international conflicts, will be reflected in management’s estimates for future periods. Goodwill and Indefinite-lived Intangible Assets We continue to monitor the significant global economic uncertainty to assess the outlook for demand for our products and the impact on our business and our overall financial performance. Our Maytag and InSinkErator trademarks continue to be at risk at June 30, 2024. The goodwill in our reporting units or other indefinite-lived intangible assets are not presently at risk for future impairment. The potential impact of demand disruptions, production impacts or supply constraints along with a number of other factors could negatively affect revenues for the Maytag and InSinkErator trademarks, but we remain committed to the strategic actions necessary to realize the long-term forecasted revenues and profitability of these trademarks. A lack of recovery or further deterioration in market conditions, a sustained trend of weaker than expected financial performance for our Maytag and InSinkErator trademarks, among other factors, as a result of the macroeconomic factors or other unforeseen events could result in an impairment charge in future periods which could have a material adverse effect on our financial statements. As a result of our analysis, and in consideration of the totality of events and circumstances, there were no triggering events of impairment identified during the second quarter of 2024. Income taxes Under U.S. GAAP, the Company calculates its quarterly tax provision based on an estimated effective tax rate for the year and then adjusts this amount by certain discrete items each quarter. Potential changing and volatile macro-economic conditions could cause fluctuations in forecasted earnings before income taxes. As such, the Company's effective tax rate could be subject to volatility as forecasted earnings before income taxes are impacted by events which cannot be predicted. In addition, potential future economic deterioration brought on by the pandemic, ongoing international conflicts, and related sanctions or other factors, such as potential sales of businesses and new tax legislation may negatively impact the realizability and/or valuation of certain deferred tax assets. Other Accounting Matters Synthetic Lease Arrangements We have a number of synthetic lease arrangements with financial institutions for non-core properties. The leases contain provisions for options to purchase, extend the original term for additional periods or return the property. As of June 30, 2024 and December 31, 2023, these arrangements include residual value guarantees of up to approximately $378 million and $378 million, respectively, that could potentially come due in future periods. We do not believe it is probable that any material amounts will be owed under these guarantees. Therefore, no material amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. The majority of these leases are classified as operating leases. We have assessed the reasonable certainty of these provisions to determine the appropriate lease term. The leases were measured using our incremental borrowing rate and are included in our right of use assets and lease liabilities in the Consolidated Condensed Balance Sheets. Rental payments are calculated at the applicable reference rate plus an additional amount based on the terms of the lease. The impact to the Consolidated Condensed Balance Sheets and Consolidated Condensed Statements of Comprehensive Income (Loss) is nominal. Supply Chain Financing Arrangements The Company has ongoing agreements globally with various third-parties to provide certain suppliers the opportunity to sell receivables due from us to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. Under these agreements, the average payment terms range from 120 to 180 days and are based on industry standards and best practices within each of our global regions. Whirlpool has no assets pledged as part of our global programs. We have no economic interest in the sale of these receivables and no direct financial relationship with the financial institutions concerning these services. For certain arrangements, the Company will guarantee receivables due from wholly-owned subsidiaries. Our obligations to suppliers, including amounts due and scheduled payment terms, are not impacted. All outstanding balances under these programs are recorded in accounts payable on our Consolidated Condensed Balance Sheets. The following table summarizes the changes in outstanding obligations for the periods presented: Millions of dollars Outstanding Obligations Confirmed obligations outstanding as of December 31, 2023 $ 843 Invoices confirmed during the period 1,233 Confirmed invoices paid during the period (1,286) Impact of foreign currency (34) Confirmed obligations outstanding as of June 30, 2024 $ 756 Obligations outstanding and activities during the period related to our European major domestic appliance business have been excluded from the table above. There were no obligations outstanding as of June 30, 2024. Obligations outstanding amounted to $393 million as of December 31, 2023. A downgrade in our credit rating or changes in the financial markets could limit the financial institutions’ willingness to commit funds to, and participate in, the programs. We do not believe such risk would have a material impact on our working capital or cash flows. Equity Method Investments Our primary equity method investments include partial ownership in Whirlpool China, an entity that was previously controlled by the Company, and partial ownership in Beko Europe B.V. (Beko), a newly formed entity resulting from the April 1, 2024 transaction with Arcelik. For additional information, see Note 14 to the Consolidated Condensed Financial Statements. The following table summarizes the amounts related to the Company's primary equity method investments during the periods presented. Millions of dollars June 30, 2024 December 31, 2023 Percentage Ownership Carrying Amount Percentage Ownership Carrying Amount Beko Europe B.V. 25 % $ 174 25 % N/A Whirlpool China 20 % $ 188 20 % $ 187 The fair value of the investment in Beko at the date of deconsolidation was calculated based on a discounted cash flow analysis and multiple market data points (Level 3 input), resulting in a fair value of $186 million. The market value of our investment in Whirlpool China, based on the quoted market price, is $156 million as of June 30, 2024. Management has concluded that there are no indicators of other than temporary impairment related to these investments. The following table summarizes the amounts recorded related to the Company's primary equity method investments during the periods presented. Millions of dollars Six Months Ended June 30, 2024 2023 Accounts Payable $ 67 $ 87 Purchases $ 137 $ 144 The licensing revenue from our equity method investments and their subsidiaries is not material for the periods presented. There are also no material accounts receivable or sales with these investments for the periods presented. Related Parties The Company has a controlling equity ownership of 87% in Elica PB India which is consolidated in Whirlpool Corporation's financial statements and is reported within our MDA Asia reportable segment. Elica PB India is a VIE for which the Company is the primary beneficiary. The carrying amount of customer relationships, which are included in Other intangible assets, net of accumulated amortization, amounts to $28 million as of June 30, 2024 and $29 million as of December 31, 2023, respectively. Other assets or liabilities of Elica PB India are not material to the Consolidated Condensed Financial Statements of the Company for the periods presented. Both Whirlpool India and the non-controlling interest shareholders retain an option for Whirlpool India to purchase the remaining equity interest in Elica PB India for fair value, which could be material to the financial statements of the Company, depending on the performance of the business. Accounting Pronouncements Issued But Not Yet Effective In November 2023, the FASB issued Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This Update applies to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update revise reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this new standard. In December 2023, the FASB issued Update 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This Update applies to all entities that are subject to Topic 740. The amendments in this Update revise income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as the effectiveness of certain other income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this new standard. All other issued and not yet effective accounting standards are not relevant or material to the Company. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Disaggregation of Revenue The following table presents our disaggregated revenues by revenue source. For additional information on the disaggregated revenues by operating segment, see Note 13 to the Consolidated Condensed Financial Statements. Three Months Ended June 30, Six Months Ended June 30, Millions of dollars 2024 2023 2024 2023 Major product categories: Laundry $ 1,087 $ 1,294 $ 2,351 $ 2,590 Refrigeration 1,299 1,478 2,553 2,850 Cooking 907 1,101 1,969 2,193 Dishwashing 272 445 701 876 Total major product category net sales $ 3,565 $ 4,318 $ 7,574 $ 8,509 Spare parts and warranties 141 239 380 475 Other 283 235 524 457 Total net sales $ 3,989 $ 4,792 $ 8,478 $ 9,441 Other revenue sources include primarily the revenues from the InSinkErator business, subscription arrangements, and licenses. The impact to revenue related to prior period performance obligations is less than 1% of global consolidated revenues for the three and six months ended June 30, 2024. Allowance for Expected Credit Losses and Bad Debt Expense We estimate our expected credit losses and bad debt expense primarily by using an aging methodology and establish customer-specific reserves for higher risk trade customers. Our expected credit losses and bad debt expense are evaluated and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment. We take into account past events, current conditions and reasonable and supportable forecasts in developing the reserve. The following table summarizes our allowance for expected credit losses and bad debt expense by operating segment for the six months ended June 30, 2024: Millions of dollars December 31, 2023 (1) Charged to Earnings Write-offs Foreign Currency June 30, 2024 Accounts receivable allowance MDA North America $ 4 $ 1 $ — $ — $ 5 MDA Latin America 38 3 — (3) 38 MDA Asia 3 — — — 3 SDA Global 2 — — — 2 Consolidated $ 47 $ 4 $ — $ (3) $ 48 Financing receivable allowance MDA Latin America $ 29 $ — $ — $ (4) $ 25 Consolidated $ 76 $ 4 $ — $ (7) $ 73 (1) Effective January 1, 2024, we reorganized our operating segment structure. All prior period amounts have been reclassified to conform with current period presentation. For additional information, see Note 13 to the Consolidated Condensed Financial Statements. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
Inventory, Net [Abstract] | |
INVENTORIES | INVENTORIES The following table summarizes our inventories at June 30, 2024 and December 31, 2023: Millions of dollars June 30, 2024 December 31, 2023 Finished products $ 1,775 $ 1,732 Raw materials and work in process 534 515 Total Inventories $ 2,309 $ 2,247 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes our property, plant and equipment at June 30, 2024 and December 31, 2023: Millions of dollars June 30, 2024 December 31, 2023 Land $ 29 $ 29 Buildings 949 893 Machinery and equipment 6,631 6,571 Accumulated depreciation (5,355) (5,259) Property, plant and equipment, net $ 2,254 $ 2,234 During the six months ended June 30, 2024, we disposed of land, buildings, machinery and equipment with a net book value of $16 million, compared to $10 million in the same period of 2023. The net gain on the disposals was not material for the six months ended June 30, 2024 and 2023, respectively. |
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS Debt Offering On February 22, 2024, the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and SG Americas Securities, LLC, as representatives of the several underwriters named therein, relating to the offering by the Company of $300 million aggregate principal amount of 5.750% Senior Notes due 2034 (the "Notes"), in a public offering pursuant to a registration statement on Form S-3 (File No. 333-276169), and a preliminary prospectus supplement and prospectus supplement related to the offering of the Notes, each as previously filed with the Securities and Exchange Commission (the "Commission"). On February 27, 2024, the Company closed its offering of the Notes. The Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Company used the net proceeds from the sale of the Notes, together with cash on hand, to repay, at maturity, all $300 million aggregate principal amount of the Company's 4.000% Notes due March 1, 2024. On February 22, 2023, the Company completed its offering of $300 million aggregate principal amount of 5.500% Senior Notes due 2033 (the “2033 Notes”), in a public offering pursuant to a registration statement on Form S-3 (File No. 333-255372). The 2033 Notes were issued under an indenture (the “Indenture”), dated March 20, 2000, between the Company, as issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank, National Association and Citibank, N.A.), as trustee. The sale of the 2033 Notes was made pursuant to the terms of an Underwriting Agreement, dated February 14, 2023, with BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc. and SG Americas Securities, LLC, as representatives of the several underwriters in connection with the offering and sales of the 2033 Notes. The 2033 Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Company used the net proceeds from the sale of the 2033 Notes to repay $250 million aggregate principal amount of 3.700% Notes which were paid on March 1, 2023, and for general corporate purposes. Term Loan Agreement On September 23, 2022, the Company entered into a Term Loan Agreement by and among the Company, Sumitomo Mitsui Banking Corporation (“SMBC”), as Administrative Agent and Syndication Agent and as lender, and certain other financial institutions as lenders. SMBC, BNP Paribas, ING Bank N.V., Dublin Branch, Mizuho Bank, Ltd., and Societe Generale acted as Joint Lead Arrangers and Syndication Agents; The Bank of Nova Scotia and Bank of China, Chicago Branch acted as Documentation Agents; and SMBC acted as Sole Bookrunner for the Term Loan Agreement. The Term Loan Agreement provides for an aggregate lender commitment of $2.5 billion. The Company utilized proceeds from the term loan facility on a delayed draw basis to fund a majority of the $3.0 billion purchase price consideration for the Company’s acquisition from Emerson Corporation (“Emerson”) of Emerson’s InSinkErator business, as set forth in the Asset and Stock Purchase Agreement between Whirlpool and Emerson dated as of August 7, 2022 (the “Acquisition Agreement”). The outstanding amount for this term loan at June 30, 2024 is $1.5 billion, which is classified in noncurrent liabilities on the Consolidated Condensed Balance Sheet. The term loan facility is divided into two tranches: a $1 billion tranche with a maturity date of April 30, 2024, of which $500 million was repaid in December 2023 and the remaining $500 million was repaid in April 2024; and a $1.5 billion tranche with a maturity date of October 31, 2025. The interest and fee rates payable with respect to the term loan facility based on the Company's current debt rating are as follows: (1) the spread over SOFR for the 3-year tranche is 1.125% (with a 0.10% SOFR spread adjustment); (2) the spread over prime for the 3-year tranche is zero; and (3) the ticking fee for the 3-year tranche is 0.125%, as of the date hereof. The Term Loan Agreement contains customary covenants and warranties including, among other things, a rolling twelve month interest coverage ratio required to be greater than or equal to 3.0 for each fiscal quarter. In addition, the covenants limit the Company's ability to (or to permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on its property; and (iii) incur debt at the subsidiary level. We were in compliance with our interest coverage ratio under the term loan agreement as of June 30, 2024. Credit Facilities On May 3, 2022, the Company entered into a Fifth Amended and Restated Long-Term Credit Agreement (the “Amended Long-Term Facility”) by and among the Company, certain other borrowers, the lenders referred to therein, JPMorgan Chase Bank, N.A. as Administrative Agent, and Citibank, N.A., as Syndication Agent. BNP Paribas, Mizuho Bank, Ltd. and Wells Fargo Bank, National Association acted as Documentation Agents. JPMorgan Chase Bank, N.A., BNP Paribas Securities Corp., Citibank, N.A., Mizuho Bank, Ltd. and Wells Fargo Securities, LLC acted as Joint Lead Arrangers and Joint Bookrunners for the Amended Long-Term Facility. Consistent with the Company’s prior credit agreement, the Amended Long-Term Facility provides an aggregate borrowing capacity of $3.5 billion. The facility has a maturity date of May 3, 2027, unless earlier terminated. The interest rate payable with respect to the Amended Long-Term Facility is based on the Company’s current debt rating, Term SOFR (Secured Overnight Financing Rate) + 1.125% interest rate margin per annum (with a 0.10% SOFR spread adjustment) or the Alternate Base Rate + 0.125% per annum, at the Company’s election. The Amended Long-Term Facility contains customary covenants and warranties, such as, among other things, a rolling four quarter interest coverage ratio required to be greater than or equal to 3.0 as of the end of each fiscal quarter. The Amended Long-Term Facility also includes limitations on the Company’s ability to (or to permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on its property; and (iii) incur debt at the subsidiary level. We were in compliance with our interest coverage ratio under the Amended Long-Term Facility as of June 30, 2024. In addition to the committed $3.5 billion Amended Long-Term Facility and the committed $1.5 billion term loan, we have committed credit facilities in Brazil and India. These committed credit facilities provide borrowings up to approximately $192 million at June 30, 2024 and $218 million at December 31, 2023, based on exchange rates then in effect, respectively. These committed credit facilities have maturities that run through 2025. We had $1.5 billion and $2.0 billion drawn on the committed credit facilities (representing amounts outstanding on the term loan facility) at June 30, 2024 and December 31, 2023, respectively. Notes Payable Notes payable, which consist of short-term borrowings payable to banks or commercial paper, are generally used to fund working capital requirements. The fair value of our notes payable approximates the carrying amount due to the short maturity of these obligations. The following table summarizes the carrying value of notes payable at June 30, 2024 and December 31, 2023: Millions of dollars June 30, 2024 December 31, 2023 Commercial paper $ 755 $ — Short-term borrowings due to banks 23 17 Total notes payable $ 778 $ 17 Transfers and Servicing of Financial Assets In an effort to manage economic and geographic trade customer risk, from time to time, the Company will transfer, primarily without recourse, accounts receivable balances of certain customers to financial institutions resulting in a nominal impact recorded in interest and sundry (income) expense. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Condensed Balance Sheets. These transfers do not require continuing involvement from the Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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. Our Brazilian operations have received tax assessments for income and social contribution taxes associated with certain monetized BEFIEX credits. We do not believe BEFIEX credits are subject to income or social contribution taxes. We have not provided for income or social contribution taxes on these BEFIEX credits, and based on the opinions of tax and legal advisors, we have not accrued any amount related to these assessments at June 30, 2024. 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 2.3 billion Brazilian reais (approximately $419 million at June 30, 2024). 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 such credits have been recognized since 2004. In 2009, we entered into a Brazilian government program ("IPI Amnesty") which provided extended payment terms and reduced penalties and interest to encourage taxpayers 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 290 million Brazilian reais (approximately $52 million at June 30, 2024), reflecting interest and penalties to date. The government's assessment in this case relies heavily on its arguments regarding taxability of BEFIEX credits for certain years, which we are disputing in one of the BEFIEX government assessment cases cited in the prior paragraph. Because the IPI Amnesty case (which has concluded at all judicial levels except the Brazil Supreme Court) is moving faster than the BEFIEX taxability case, we could be required to pay the IPI Amnesty assessment before obtaining a final decision in the BEFIEX taxability case. We have received tax assessments from the Brazilian federal tax authorities relating to amounts allegedly due regarding insurance taxes (PIS/COFINS) for tax credits recognized since 2007. These credits were recognized for inputs to certain manufacturing and other business processes. These assessments are being challenged at the administrative and judicial levels in Brazil. The total amount of outstanding tax assessments received for credits recognized for PIS/COFINS inputs is approximately 388 million Brazilian reais (approximately $70 million at June 30, 2024). Based on the opinion of our tax and legal advisors, we have not accrued any amount related to these assessments. In addition to the BEFIEX, IPI tax credit and PIS/COFINS inputs matters noted above, other assessments issued by the Brazilian tax authorities related to indirect and income tax matters, and other matters, are at various stages of review in numerous administrative and judicial proceedings. We are vigorously defending our positions related to BEFIEX credits and other Brazil Tax Matters. 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. In accordance with our accounting policies, we routinely assess these matters and, when necessary, record our best estimate of a loss. Litigation is inherently unpredictable and the conclusion of these matters may take many years to ultimately resolve. Amounts at issue in potential future litigation could increase as a result of interest and penalties in future periods. Accordingly, it is possible that an unfavorable outcome in these proceedings could have a material adverse effect on our financial statements in any particular reporting period. Latin America Tax Review In the first quarter of 2023, we accrued an immaterial amount in our Consolidated Condensed Financial Statements related to prior-period Value Added Tax (VAT) remittances in our Latin America region. We resolved certain aspects of this matter in the second quarter of 2023 and the overall financial statement impact of such resolution was immaterial. We continue to review tax matters within the region for any potential additional impacts, if any; certain matters could have a material adverse effect on our financial statements in any particular reporting period. Other Litigation We are currently vigorously defending a number of other lawsuits related to the manufacture and sale of our products which include class action allegations, and may become involved in similar actions. These lawsuits allege claims which include negligence, breach of contract, breach of warranty, product liability and safety claims, false advertising, fraud, and violation of federal and state regulations, including consumer protection laws. In general, we do not have insurance coverage for class action lawsuits. We are also involved in various other legal actions arising in the normal course of business, for which insurance coverage may or may not be available depending on the nature of the action. We dispute the merits of these suits and actions, and intend to vigorously defend them. Management believes, based upon its current knowledge, after taking into consideration legal counsel's evaluation of such suits and actions, and after taking into account current litigation accruals, that the outcome of these matters currently pending against Whirlpool should not have a material adverse effect, if any, on our financial statements. Indemnified Legacy MDA Europe Legal Matters - Competition Investigation & Grenfell Tower In 2013, the French Competition Authority ("FCA") commenced an investigation of appliance manufacturers and retailers in France, including Whirlpool and Indesit. The FCA investigation was split into two parts, and in December 2018, we finalized a settlement with the FCA on the first part of the investigation. The second part of the FCA investigation, which is focused primarily on manufacturer interactions with retailers, is ongoing. The Company has agreed to a preliminary settlement range with the FCA and recorded a charge of approximately $69 million in the first half of 2023. The Company expects the settlement amount to be finalized in the second half of 2024. The Company provided Beko approximately $68 million in connection with transaction closing in the second quarter of 2024, to be used for payment of final settlement amounts. On June 23, 2017, London's Metropolitan Police Service released a statement that it had identified a Hotpoint–branded refrigerator as the initial source of the Grenfell Tower fire in West London. U.K. authorities are conducting investigations, including regarding the cause and spread of the fire. The model in question was manufactured by Indesit Company between 2006 and 2009, prior to Whirlpool's acquisition of Indesit in 2014. We are fully cooperating with the investigating authorities. Whirlpool was named as a defendant in a product liability suit in Pennsylvania federal court related to this matter. The federal court dismissed the case with prejudice in September 2020 and the dismissal was affirmed on appeal in July 2022. Plaintiffs filed a petition with the U.S. Supreme Court in January 2023 which was subsequently denied. In December 2020, lawsuits related to Grenfell Tower were filed in the U.K. against approximately 20 defendants, including Whirlpool Corporation and certain Whirlpool subsidiaries. In 2022, we accrued an immaterial amount related to these claims in our financial statements. Additional claims may be filed related to this incident. Product Warranty Reserves Product warranty reserves are included in other current and other noncurrent liabilities in our Consolidated Condensed Balance Sheets. The following table summarizes the changes in total product warranty liability reserves for the periods presented: Product Warranty Millions of dollars 2024 2023 Balance at January 1 $ 206 $ 190 Issuances/accruals during the period 105 109 Settlements made during the period/other (114) (106) Balance at June 30 $ 197 $ 193 Current portion $ 137 $ 129 Non-current portion 60 64 Total $ 197 $ 193 In the normal course of business, we engage in investigations of potential quality and safety issues. As part of our ongoing effort to deliver quality products to consumers, we are currently investigating certain potential quality and safety issues globally. 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. For certain creditworthy customers, 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 assume the line of credit and satisfy the obligation with the bank. At June 30, 2024 and December 31, 2023, the guaranteed amounts totaled 1.0 billion Brazilian reais (approximately $183 million at June 30, 2024) and 1.3 billion Brazilian reais (approximately $273 million at December 31, 2023), respectively. The fair value of these guarantees were nominal at June 30, 2024 and December 31, 2023. Our subsidiary insures against a significant portion of this credit risk for these guarantees, under normal operating conditions, through policies purchased from high-quality underwriters. We provide guarantees of indebtedness and lines of credit for various consolidated subsidiaries. The maximum contractual amount of indebtedness and lines of credit available under these lines for consolidated subsidiaries totaled approximately $2.6 billion at June 30, 2024 and $3.0 billion at December 31, 2023, respectively. Our total short-term outstanding bank indebtedness under guarantees (excluding those related to the European major domestic appliance business) was $23 million and $17 million at June 30, 2024 and December 31, 2023, respectively. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2024 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The following table summarizes the components of net periodic pension cost and the cost of other postretirement benefits for the periods presented: Three Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 1 $ 1 $ — $ — Interest cost 25 29 1 7 2 2 Expected return on plan assets (37) (35) — (6) — — Amortization: Actuarial loss 10 9 — 1 — — Prior service credit — — — — — (10) Settlement and curtailment (gain) loss — — — — — — Net periodic benefit cost (credit) $ (1) $ 4 $ 2 $ 3 $ 2 $ (8) Six Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 1 $ 2 $ — $ — Interest cost 51 58 8 13 3 3 Expected return on plan assets (73) (71) (6) (11) — — Amortization: Actuarial loss 20 19 1 2 — — Prior service credit — — — — — (21) Settlement and curtailment (gain) loss — — — — — — Net periodic benefit cost (credit) $ (1) $ 7 $ 4 $ 6 $ 3 $ (18) The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the periods presented: Three Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Operating profit (loss) $ 1 $ 1 $ 1 $ 1 $ — $ — Interest and sundry (income) expense (2) 3 1 2 2 (8) Net periodic benefit cost $ (1) $ 4 $ 2 $ 3 $ 2 $ (8) Six Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Operating profit (loss) $ 1 $ 1 $ 1 $ 2 $ — $ — Interest and sundry (income) expense (2) 6 3 4 3 (18) Net periodic benefit cost $ (1) $ 7 $ 4 $ 6 $ 3 $ (18) 401(k) Defined Contribution Plan Beginning in March 2024, the Company matching contributions for our 401(k) defined contribution plan, equal to up to 7% of participants' eligible compensation, covering substantially all U.S. employees, are contributed in company stock. |
HEDGES AND DERIVATIVE FINANCIAL
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [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, fair value or net investment hedges. Derivatives that are not accounted for based on hedge accounting are marked to market through earnings. If the designated cash flow hedges are highly effective, the gains and losses are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in accumulated other comprehensive income (loss) would be recognized in earnings. The fair value of the hedge asset or liability is presented in either other current assets / liabilities or other noncurrent assets / liabilities on the Consolidated Condensed Balance Sheets and in other within cash provided by (used in) operating activities in the Consolidated Condensed Statements of Cash Flows. 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 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 commodity prices, foreign exchange rates and interest rates. 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. Commodity Price Risk We enter into commodity derivative contracts on various commodities to manage the price risk associated with forecasted purchases and sales of material used in our manufacturing process. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchases and sales of commodities. Foreign Currency and Interest 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, intercompany loans 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. We also enter into hedges to mitigate currency risk primarily related to forecasted foreign currency denominated expenditures, intercompany financing agreements and royalty agreements and designate them as cash flow hedges. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. We may enter into cross-currency interest rate swaps to manage our exposure relating to cross-currency debt. Outstanding notional amounts of cross-currency interest rate swap agreements were $618 million at June 30, 2024 and December 31, 2023, respectively. 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 floating rate debt to a fixed rate basis, or 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 may enter into swap rate lock agreements to effectively reduce our exposure to interest rate risk by locking in interest rates on probable long-term debt issuances. There were no outstanding notional amounts of interest rate swap agreements at June 30, 2024 and December 31, 2023. We may enter into instruments that are designated and qualify as a net investment hedge to manage our exposure related to foreign currency denominated investments. The effective portion of the instruments' gain or loss is reported as a component of other comprehensive income (loss) and recorded in accumulated other comprehensive loss. The gain or loss will be subsequently reclassified into net earnings when the underlying net investment is either sold or substantially liquidated. The remaining change in fair value of the hedge instruments represents the ineffective portion, which is immediately recognized in interest and sundry (income) expense on our Consolidated Condensed Statements of Comprehensive Income (Loss). There were no outstanding notional amounts of net investment hedges as of June 30, 2024 and December 31, 2023. The following table summarizes our outstanding derivative contracts and their effects in our Consolidated Condensed Balance Sheets at June 30, 2024 and December 31, 2023. Fair Value of Notional Amount Hedge Assets Hedge Liabilities Maximum Term (Months) Millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Derivatives accounted for as hedges (1) Commodity swaps/options $ 178 $ 193 $ 14 $ 4 $ 2 $ 9 (CF) 21 24 Foreign exchange forwards/options 1,015 952 28 1 3 31 (CF/NI) 15 15 Cross-currency swaps 618 618 5 5 60 79 (CF) 56 62 Total derivatives accounted for as hedges $ 47 $ 10 $ 65 $ 119 Derivatives not accounted for as hedges Commodity swaps/options $ — $ — $ — $ — $ — $ — N/A 0 0 Foreign exchange forwards/options (2) 452 1,569 1 13 — 9 N/A 5 10 Total derivatives not accounted for as hedges 1 13 — 9 Total derivatives $ 48 $ 23 $ 65 $ 128 Current $ 45 $ 22 $ 6 $ 46 Noncurrent 3 1 59 82 Total derivatives $ 48 $ 23 $ 65 $ 128 (1) Derivatives accounted for as hedges are considered cash flow (CF) hedges. (2) Foreign exchange forwards/options have decreased due to intercompany loan movements related to the contribution of our European major domestic appliance business. The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income (Loss) for the periods presented: Three Months Ended June 30, Gain (Loss) (3) Millions of dollars 2024 2023 Cash flow hedges Commodity swaps/options $ 14 $ (22) Foreign exchange forwards/options 29 (43) Cross-currency swaps 9 (19) Interest rate derivatives — 1 $ 52 $ (83) Three Months Ended June 30, Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (4) Cash Flow Hedges - Millions of dollars 2024 2023 Commodity swaps/options Cost of products sold $ 2 $ (5) Foreign exchange forwards/options Net sales — (1) Foreign exchange forwards/options Cost of products sold (3) (7) Foreign exchange forwards/options Interest and sundry (income) expense 3 9 Cross-currency swaps Interest and sundry (income) expense 5 (5) Interest rate derivatives Interest expense — 1 $ 7 $ (8) Three Months Ended June 30, Location of Gain (Loss) Recognized on Derivatives not Gain (Loss) Recognized on Derivatives not Derivatives not Accounted for as Hedges - Millions of dollars 2024 2023 Foreign exchange forwards/options Interest and sundry (income) expense $ 10 $ 14 (3) Change in gain (loss) recognized in OCI (effective portion) for the three months ended June 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(14) million and $18 million for the three months ended June 30, 2024 and 2023, respectively. (4) Change in gain (loss) reclassified from OCI into earnings (effective portion) for the three months ended June 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. Six Months Ended June 30, Gain (Loss) (5) Millions of dollars 2024 2023 Cash flow hedges Commodity swaps/options $ 19 $ (22) Foreign exchange forwards/options 44 (63) Cross-currency swaps 22 (20) $ 85 $ (105) Six Months Ended June 30, Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (6) Cash Flow Hedges - Millions of dollars 2024 2023 Commodity swaps/options Cost of products sold $ — $ (5) Foreign exchange forwards/options Net sales 1 (1) Foreign exchange forwards/options Cost of products sold (16) (15) Foreign exchange forwards/options Interest and sundry (income) expense 2 18 Cross-currency swaps Interest and sundry (income) expense 22 (12) Interest rate derivatives Interest expense — 1 $ 9 $ (14) Six Months Ended June 30, Location of Gain (Loss) Recognized on Derivatives not Gain (Loss) Recognized on Derivatives not Derivatives not Accounted for as Hedges - Millions of dollars 2024 2023 Foreign exchange forwards/options Interest and sundry (income) expense $ 8 $ 27 (5) Change in gain (loss) recognized in OCI (effective portion) for the six months ended June 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(23) million and $23 million for the six months ended June 30, 2024 and 2023, respectively. (6) Change in gain (loss) reclassified from OCI into earnings (effective portion) for the six months ended June 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. For cash flow hedges, the amount of ineffectiveness recognized in interest and sundry (income) expense was nominal for the periods ended June 30, 2024 and 2023. There were no hedges designated as fair value for the periods ended June 30, 2024 and 2023. 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 a loss of $31 million at June 30, 2024. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is measured 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 market participants would use in pricing an asset or liability. Assets and liabilities measured at fair value are based on a market valuation approach using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. 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. The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023: Fair Value Millions of dollars Total Cost Basis Level 1 Level 2 Total Measured at fair value on a recurring basis: 2024 2023 2024 2023 2024 2023 2024 2023 Short-term investments (1) $ 784 $ 1,126 $ 456 $ 867 $ 328 $ 259 $ 784 $ 1,126 Net derivative contracts — — — — (17) (105) (17) (105) (1) Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days. The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period. European Major Domestic Appliance Business On January 16, 2023, the Company entered into a contribution agreement with Arçelik A.Ş (“Arcelik”). Under the terms of the agreement, Whirlpool agreed to contribute its European major domestic appliance business, and Arcelik agreed to contribute its European major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into the newly formed entity of which Whirlpool owns 25% and Arcelik 75%. On December 20, 2022, the Company's board authorized the transaction with Arcelik and the European major domestic appliance business was classified as held for sale during the fourth quarter of 2022. The disposal group was measured at fair value less cost to sell. We used a discounted cash flow analysis and multiple market data points in our analysis to determine fair value (Level 3 input) of the 25% interest retained, resulting in an estimated fair value of $139 million. The discounted cash flow analysis utilized a discount rate of 16.5% at December 31, 2022. During the first quarter of 2024, the fair value of the disposal group was updated based on working capital adjustments, cash flow assumptions, and changes in discount rates. This updated assessment resulted in an estimated fair value of $227 million as of March 31, 2024, which consists of $186 million related to fair value of retained interest in Beko Europe B.V. ("Beko") and $41 million of proceeds from the sale of MENA business. Subsequent to closing of the transaction, the Company holds an equity interest of 25% in Beko. The fair value of the investment in Beko at the date of deconsolidation was calculated based on a discounted cash flow analysis and multiple market data points (Level 3 input), resulting in a fair value of $186 million. The discounted cash flow analysis utilized a discount rate of 15.5%. During the three and six months ended June 30, 2024, we recorded a loss of $45 million and $292 million, respectively, to the loss on sale and disposal of businesses. The transaction closed on April 1, 2024 and no material fair value adjustments were recorded during the three months ended June 30, 2024 related to the contribution of our European major domestic appliance business. The loss of $247 million in the first quarter of 2024, reflected ongoing reassessment of the fair value less costs to sell of the disposal group and transaction costs. The incremental loss of $45 million in the second quarter of 2024 reflects a provision for tax related indemnities and transaction costs. For additional information see Note 14 to the Consolidated Condensed Financial Statements. Other Fair Value Measurements The fair value of long-term debt (including current maturities) was $6.3 billion and $6.9 billion at June 30, 2024 and December 31, 2023, respectively, and was estimated using discounted cash flow analysis based on incremental borrowing rates for similar types of borrowing arrangements (Level 2 input). |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY The following table summarizes the changes in stockholders' equity for the periods presented: Whirlpool Stockholders' Equity Total Retained Accumulated Other Comprehensive Income (Loss) Treasury Stock / Additional Paid-In-Capital Common Non-Controlling Interest Balances, December 31, 2023 $ 2,537 $ 8,358 $ (2,178) $ (3,932) $ 114 $ 175 Comprehensive income (loss) Net earnings (loss) (253) (259) — — — 6 Other comprehensive income 3 — 3 — — — Comprehensive income (loss) (250) (259) 3 — — 6 Stock issued (repurchased) (45) — — (45) — — Sale of minority interest in subsidiary 462 — 18 370 — 74 Dividends declared (94) (95) — — — 1 Balances, March 31, 2024 $ 2,610 $ 8,004 $ (2,157) $ (3,607) $ 114 $ 256 Comprehensive income (loss) Net earnings (loss) 225 219 — — — 6 Other comprehensive income 17 — 17 — — — Comprehensive income (loss) 242 219 17 — — 6 Stock issued (repurchased) 26 — — 25 1 — Dividends declared (96) (96) — — — — Divestitures (1) 577 — 577 — — — Balances, June 30, 2024 $ 3,359 $ 8,127 $ (1,563) $ (3,582) $ 115 $ 262 (1) Other comprehensive loss of $440 million related to currency translation and $137 million related to pension has been deconsolidated from accumulated other comprehensive income (loss) as part of deconsolidation of European major appliance business as of April 1, 2024. These amounts have been included in the loss on disposal as disclosed in FN 14. Whirlpool Stockholders' Equity Total Retained Accumulated Other Comprehensive Income (Loss) Treasury Stock / Additional Paid-In-Capital Common Non-Controlling Interest Balances, December 31, 2022 $ 2,506 $ 8,261 $ (2,090) $ (3,949) $ 114 $ 170 Comprehensive income (loss) Net earnings (loss) (176) (179) — — — 3 Other comprehensive income (1) — (1) — — — Comprehensive income (loss) (177) (179) (1) — — 3 Stock issued (repurchased) 2 — — 2 — — Dividends declared (97) (97) — — — — Balances, March 31, 2023 $ 2,234 $ 7,985 $ (2,091) $ (3,947) $ 114 $ 173 Comprehensive income (loss) Net earnings (loss) 87 85 — — — 2 Other comprehensive income (39) — (39) — — — Comprehensive income (loss) 48 85 (39) — — 2 Stock issued (repurchased) 7 — — 7 — — Dividends declared (96) (96) — — — — Balances, June 30, 2023 $ 2,193 $ 7,974 $ (2,130) $ (3,940) $ 114 $ 175 Other Comprehensive Income (Loss) The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented: Three Months Ended June 30, 2024 2023 Millions of dollars Pre-tax Tax Effect Net Pre-tax Tax Effect Net Currency translation adjustments $ (23) $ — $ (23) $ 27 $ — $ 27 Cash flow hedges 44 (14) 30 (75) 18 (57) Pension and other postretirement benefits plans 10 — 10 (11) 2 (9) Other comprehensive income (loss) 31 (14) 17 (59) 20 (39) Less: Other comprehensive income (loss) available to noncontrolling interests — — — — — — Other comprehensive income (loss) available to Whirlpool $ 31 $ (14) $ 17 $ (59) $ 20 $ (39) Six Months Ended June 30, 2024 2023 Millions of dollars Pre-tax Tax Effect Net Pre-tax Tax Effect Net Currency translation adjustments $ (51) $ — $ (51) $ 26 $ — $ 26 Cash flow hedges 76 (23) 53 (91) 23 (68) Pension and other postretirement benefits plans 20 (2) 18 2 — 2 Other comprehensive income (loss) 45 (25) 20 (63) 23 (40) Less: Other comprehensive income (loss) available to noncontrolling interests — — — — — — Other comprehensive income (loss) available to Whirlpool $ 45 $ (25) $ 20 $ (63) $ 23 $ (40) Reclassifications Out of Accumulated Other Comprehensive Income (Loss) The following table provides the reclassification adjustments out of accumulated other comprehensive income (loss), by component, which was included in net earnings for the three and six months ended June 30, 2024: Three Months Ended Six Months Ended Millions of dollars (Gain) Loss Reclassified (Gain) Loss Reclassified Classification in Earnings Pension and postretirement benefits, pre-tax $ 9 $ 20 Interest and sundry (income) expense Total $ 9 $ 20 Net earnings (loss) per Share Diluted net earnings (loss) per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings (loss) per share of common stock for the periods presented were calculated as follows: Three Months Ended June 30, Six Months Ended June 30, Millions of dollars and shares 2024 2023 2024 2023 Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool $ 219 $ 85 $ (40) $ (94) Denominator for basic earnings per share - weighted-average shares 54.9 55.0 54.9 54.9 Effect of dilutive securities - share-based compensation 0.1 0.2 — — Denominator for diluted earnings per share - adjusted weighted-average shares 55.0 55.2 54.9 54.9 Anti-dilutive stock options/awards excluded from earnings per share 1.8 1.2 2.0 1.0 Share Repurchase Program On April 19, 2021, our Board of Directors authorized a share repurchase program of up to $2 billion, which has no expiration date. On February 14, 2022, the Board of Directors authorized an additional $2 billion in share repurchases under the Company's ongoing share repurchase program. During the six months ended June 30, 2024, we repurchased 455,952 shares under the share repurchase program at an aggregate price of approximately $50 million. At June 30, 2024, there were approximately $2.5 billion in remaining funds authorized under this program. |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring Charges [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES We periodically take action to improve operating efficiencies, typically in connection with business acquisitions or changes in the economic environment. Our footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in the following plans. In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total expected costs for these actions is $23 million, of which we incurred $14 million in employee termination costs and $9 million other associated costs within the first quarter. All of these costs will result in cash settlements primarily in 2024. During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's organizational simplification efforts. Total costs for these actions were $50 million, primarily in employee termination costs, which were incurred within the second quarter of 2024. The following table summarizes the changes to our restructuring liability during the six months ended June 30, 2024: Millions of Dollars December 31, 2023 Charge to Earnings Cash Paid Non-Cash and Other June 30, 2024 Employee Termination $ 10 $ 62 $ (54) $ (7) $ 11 Other exit costs — 11 (2) — 9 Total $ 10 $ 73 $ (56) $ (7) $ 20 The following table summarizes the restructuring charges by operating segment and Corporate for the periods presented: Millions of dollars Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 MDA North America $ 22 $ — $ 27 $ — MDA Latin America 18 — 21 — MDA Asia 5 — 6 — SDA Global 4 — 4 — Corporate/Other 1 9 15 9 Total $ 50 $ 9 $ 73 $ 9 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax benefit was $(206) million and $(130) million for the three and six months ended June 30, 2024, compared to income tax expense of $114 million and $182 million for the same periods of 2023. The decrease in tax expense is primarily due to an overall lower level of earnings and tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances. The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods: Three Months Ended June 30, Six Months Ended June 30, Millions of dollars 2024 2023 2024 2023 Earnings (Loss) before income taxes $ 30 $ 204 $ (148) $ 95 Income tax expense (benefit) computed at United States statutory tax rate 6 43 (31) 20 State and local taxes, net of federal tax benefit (54) 4 (55) 5 Valuation allowances 386 17 405 21 Audit and Settlements 11 34 13 54 U.S. foreign income items, net of credits (2) — (15) 2 Sale of minority shares and capital gains (2) — 77 — Legal Entity restructuring tax impact (559) — (594) — Non deductible impairments 15 1 64 51 Non deductible fines and penalties — 10 — 20 Other (7) 5 6 9 Income tax expense (benefit) computed at effective worldwide tax rates $ (206) $ 114 $ (130) $ 182 At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the quarterly rate as necessary. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Beginning January 1, 2024, we reorganized our operating segment structure to better represent the revised structure within our portfolio transformation, including a greater focus on our strong value creating small domestic appliance business. The Company implemented this change to align with the Company's new operating structure, consistent with how the Company’s Chief Operating Decision Maker evaluates performance and allocates resources in accordance with ASC 280, Segment Reporting . Our reportable segments consist of Major Domestic Appliances ("MDA") North America; MDA Europe, MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. All prior period amounts have been reclassified to conform with current period presentation. The MDA Europe business was deconsolidated upon the completion of the European contribution agreement transaction with Arcelik as of April 1, 2024. For additional information see Note 14 to the Consolidated Condensed Financial Statements. The chief operating decision maker, who is the Company's Chairman and Chief Executive Officer, evaluates performance based on each segment's earnings (loss) before interest and taxes (EBIT), which we define as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the region's ongoing performance, if any. 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, asset impairment charges and certain other items that management believes are not indicative of the region's ongoing performance, if any. Intersegment sales are eliminated within each segment. The tables below summarize performance by operating segment for the periods presented: Three Months Ended June 30, OPERATING SEGMENTS MDA North MDA Latin MDA Asia MDA Europe (1) SDA Global Other / Eliminations Total Net sales 2024 $ 2,567 $ 895 $ 340 $ — $ 187 $ — $ 3,989 2023 2,722 804 284 814 168 — 4,792 Intersegment sales 2024 $ 34 $ 318 $ 12 $ — $ 1 $ (365) $ — 2023 50 376 10 22 — (458) — Depreciation and amortization 2024 $ 42 $ 14 $ 4 $ — $ 5 $ 16 $ 81 2023 48 17 6 — 3 15 89 EBIT 2024 $ 163 $ 52 $ 21 $ — $ 26 $ (150) $ 112 2023 275 49 10 14 21 (79) 290 Total assets June 30, 2024 $ 10,399 $ 3,854 $ 1,203 $ — $ 1,181 $ 706 $ 17,343 December 31, 2023 10,217 4,037 1,054 685 1,134 185 17,312 Capital expenditures 2024 $ 53 $ 47 $ 1 $ — $ 1 $ 11 $ 113 2023 47 30 1 21 4 18 121 Six Months Ended June 30, OPERATING SEGMENTS MDA North MDA Latin America MDA Asia MDA Europe (1) SDA Global Other / Eliminations Total Net sales 2024 $ 4,994 $ 1,732 $ 579 $ 804 $ 369 $ — $ 8,478 2023 5,362 1,551 529 1,661 338 — 9,441 Intersegment sales 2024 $ 67 $ 622 $ 22 $ 23 $ 11 $ (745) $ — 2023 108 754 20 45 — (927) — Depreciation and amortization 2024 $ 90 $ 32 $ 10 $ — $ 8 $ 30 $ 170 2023 97 34 11 — 6 30 178 EBIT 2024 $ 298 $ 116 $ 31 $ (9) $ 60 $ (472) $ 24 2023 542 85 17 10 39 (436) 257 Total assets June 30, 2024 $ 10,399 $ 3,854 $ 1,203 $ — $ 1,181 $ 706 $ 17,343 December 31, 2023 10,217 4,037 1,054 685 1,134 185 17,312 Capital expenditures 2024 $ 95 $ 87 $ 4 $ 22 $ 3 $ 17 $ 228 2023 92 45 3 40 7 30 217 (1) MDA Europe consisted of our European major domestic appliance business which was contributed to Arcelik as of April 1, 2024. See Note 14 to the Consolidated Condensed Financial Statements for additional information on the transaction. The following table summarizes the reconciling items in the Other/Eliminations column for total EBIT for the periods presented: Three Months Ended June 30, Six Months Ended June 30, in millions 2024 2023 2024 2023 Items not allocated to segments: Restructuring charges $ (50) $ (9) $ (73) $ (9) Legacy MDA Europe legal matters — (36) — (98) (Loss) gain on sale and disposal of businesses (45) (18) (292) (240) Corporate expenses and other (55) (16) (107) (89) Total other/eliminations $ (150) $ (79) $ (472) $ (436) A reconciliation of our segment information for total EBIT to the corresponding amounts in the Consolidated Condensed Statements of Comprehensive Income (Loss) is shown in the table below for the periods presented: Three Months Ended June 30, Six Months Ended June 30, in millions 2024 2023 2024 2023 Operating profit $ 130 $ 303 $ 14 $ 346 Interest and sundry (income) expense 7 10 (21) 87 Equity method investment income (loss), net of tax (11) (3) (11) (2) Total EBIT $ 112 $ 290 $ 24 $ 257 Interest expense 93 89 183 164 Income tax expense (206) 114 (130) 182 Net earnings (loss) $ 225 $ 87 $ (29) $ (89) Less: Net earnings available to noncontrolling interests 6 2 11 5 Net earnings (loss) available to Whirlpool $ 219 $ 85 $ (40) $ (94) |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES European Major Domestic Appliance Business Held for Sale On January 16, 2023, Whirlpool entered into a contribution agreement with Arçelik B.V. (“Arcelik”) to carve out and contribute our major domestic appliance European business operations into a newly formed European appliance company which constitutes a combination of Arcelik’s and Whirlpool's European businesses. The sale includes the Company's major domestic appliance business in Europe, including nine production sites. On June 22, 2023, Whirlpool entered into a share purchase agreement with Arcelik for the sale of our Middle East and North Africa ("MENA") business. The sale was previously agreed upon in principle and announced on January 17, 2023, as part of the outcome of Whirlpool’s strategic review of the EMEA business. The financial impact of the MENA transaction has been included in the loss on sale and disposal of businesses related to the European major domestic appliance business transaction as discussed further below. The disposal group met the criteria for held for sale accounting during the fourth quarter of 2022. The operations of the European disposal group did not meet the criteria to be presented as discontinued operations. On April 1, 2024, the parties closed the aforementioned contribution transaction and MENA sale. Upon closing in the second quarter of 2024, the transaction resulted in the deconsolidation of the European major appliances and MENA businesses. Whirlpool owns approximately 25% and Arcelik owns approximately 75% of the European appliance company ("Beko"). In connection with the transactions, we recorded a loss on disposal of $1.5 billion in the fourth quarter of 2022. The loss includes a write-down of the net assets of $1.2 billion of the disposal group to a fair value of $139 million and also includes $393 million of cumulative currency translation adjustments, $98 million of other comprehensive loss on pension and $18 million of other transaction related costs. No goodwill is included in the disposal group. We recorded an adjustment of $45 million and $292 million, respectively, for the three and six months ended June 30, 2024, resulting in a total loss of $1.9 billion for the transaction. These adjustments are recorded in the loss on sale and disposal of businesses and reflect ongoing reassessment of the fair value less costs to sell of the disposal group, transaction costs and provision for tax related indemnities recorded at closing of the transaction. Both Whirlpool and Arcelik retain an option for Arcelik to purchase the remaining equity interest in Beko for fair value, which could be material to the financial statements of the Company, depending on the performance of the business. The European disposal group was deconsolidated as of April 1, 2024. The following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of June 30, 2024 and December 31, 2023, respectively. Millions of dollars June 30, 2024 December 31, 2023 Carrying amounts of major classes of assets Current Assets Cash and cash equivalents $ — $ 97 Accounts receivable, net of allowance of $0 and $28, respectively — 578 Inventories — 589 Prepaid and other current assets — 94 Total current assets — 1,358 Property, net of accumulated depreciation of $0 and $1,442, respectively — 952 Right of use assets — 162 Other intangibles, net of accumulated amortization of $0 and $149, respectively — 286 Deferred income taxes — 574 Other noncurrent assets — 13 Total noncurrent assets — 1,987 Total assets $ — $ 3,345 Carrying amounts of major classes of liabilities Current liabilities Accounts payable $ — $ 1,266 Accrued expenses — 218 Accrued advertising and promotions — 171 Employee compensation — 120 Notes payable — 4 Other current liabilities — 97 Total current liabilities — 1,876 Noncurrent liabilities Pension benefits — 168 Lease liabilities — 132 Other noncurrent liabilities — 87 Total noncurrent liabilities — 387 Total liabilities $ — $ 2,263 Total net assets of the disposal group classified as held for sale $ — $ 1,082 Assets held for sale Fair value of consideration $ — $ 144 Liabilities held for sale Cumulative currency translation adjustment and Other comprehensive income on pension $ — $ 587 The following table summarizes MDA Europe's earnings (loss) available to Whirlpool before income taxes for the six months ended June 30, 2024 and June 30, 2023 respectively: Six Months Ended June 30, in millions 2024 2023 Earnings (loss) before income taxes $ (9) $ 12 Earnings (loss) before income taxes exclude intercompany other income and expense, which is eliminated at the Total Whirlpool level. Whirlpool India share sale On November 30, 2023, the Company announced its intention to enter into one or more transactions to sell up to 24% of the outstanding shares of its publicly listed Whirlpool of India Limited subsidiary (“Whirlpool India”) in 2024, and to retain a majority interest following completion of the sale. On February 20, 2024, the Company’s wholly-owned subsidiary, Whirlpool Mauritius Limited (“Seller”), executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The sale, which was accounted for as an equity transaction, reduced Seller’s ownership in Whirlpool India from 75% to 51%, and generated proceeds of $462 million on settlement. Latin America sale of Brastemp water filtration subscription business On January 16, 2024, the Company entered into a share purchase agreement with a third-party buyer to sell the Company's Brastemp-branded water filtration subscription business in the Latin America region and the transaction closed on July 1, 2024. The Company received proceeds of approximately 294 million Brazilian reais (approximately $52 million at the date of transaction) and expects to record a gain of approximately $32 million during the third quarter of 2024. The disposal group met the criteria of held for sale at December 31, 2023. The carrying amounts of the disposal group's assets and liabilities as of June 30, 2024 and December 31, 2023, respectively, are immaterial. The disposal group's earnings (loss) available to Whirlpool before income taxes for the three and six months ended June 30, 2024, and 2023, respectively, are also immaterial. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
General Information | The accompanying unaudited Consolidated Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by U.S. GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2023. Management believes that the accompanying Consolidated Condensed Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. |
Reclassification | We are required to make estimates and assumptions that affect the amounts reported in the Consolidated Condensed Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. |
Consolidation | We have eliminated all material intercompany transactions in our Consolidated Condensed Financial Statements. 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. VIEs are consolidated when the company is the primary beneficiary of these entities and has the ability to directly impact the activ i ties of these entities. |
Risks and Uncertainties | Macroeconomic volatility, as well as ongoing international conflicts, continues to impact countries across the world, and the duration and severity of the effects are currently unknown. The duration and severity of the effects on our business and the global economy are inherently unpredictable. The Consolidated Condensed Financial Statements presented herein reflect estimates and assumptions made by management at June 30, 2024. These estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and indefinite-lived intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; and the allowance for expected credit losses and bad debt. Events and changes in circumstances arising after July 25, 2024, including those resulting from the impacts of macroeconomic volatility, as well as the ongoing international conflicts, will be reflected in management’s estimates for future periods. Goodwill and Indefinite-lived Intangible Assets We continue to monitor the significant global economic uncertainty to assess the outlook for demand for our products and the impact on our business and our overall financial performance. Our Maytag and InSinkErator trademarks continue to be at risk at June 30, 2024. The goodwill in our reporting units or other indefinite-lived intangible assets are not presently at risk for future impairment. The potential impact of demand disruptions, production impacts or supply constraints along with a number of other factors could negatively affect revenues for the Maytag and InSinkErator trademarks, but we remain committed to the strategic actions necessary to realize the long-term forecasted revenues and profitability of these trademarks. A lack of recovery or further deterioration in market conditions, a sustained trend of weaker than expected financial performance for our Maytag and InSinkErator trademarks, among other factors, as a result of the macroeconomic factors or other unforeseen events could result in an impairment charge in future periods which could have a material adverse effect on our financial statements. As a result of our analysis, and in consideration of the totality of events and circumstances, there were no triggering events of impairment identified during the second quarter of 2024. Income taxes Under U.S. GAAP, the Company calculates its quarterly tax provision based on an estimated effective tax rate for the year and then adjusts this amount by certain discrete items each quarter. Potential changing and volatile macro-economic conditions could cause fluctuations in forecasted earnings before income taxes. As such, the Company's effective tax rate could be subject to volatility as forecasted earnings before income taxes are impacted by events which cannot be predicted. |
Synthetic Lease Arrangements | We have a number of synthetic lease arrangements with financial institutions for non-core properties. The leases contain provisions for options to purchase, extend the original term for additional periods or return the property. As of June 30, 2024 and December 31, 2023, these arrangements include residual value guarantees of up to approximately $378 million and $378 million, respectively, that could potentially come due in future periods. We do not believe it is probable that any material amounts will be owed under these guarantees. Therefore, no material amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. |
Supply Chain Financing Arrangements | The Company has ongoing agreements globally with various third-parties to provide certain suppliers the opportunity to sell receivables due from us to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. Under these agreements, the average payment terms range from 120 to 180 days and are based on industry standards and best practices within each of our global regions. Whirlpool has no assets pledged as part of our global programs. A downgrade in our credit rating or changes in the financial markets could limit the financial institutions’ willingness to commit funds to, and participate in, the programs. We do not believe such risk would have a material impact on our working capital or cash flows. |
Equity Method Investments | Our primary equity method investments include partial ownership in Whirlpool China, an entity that was previously controlled by the Company, and partial ownership in Beko Europe B.V. (Beko), a newly formed entity resulting from the April 1, 2024 transaction with Arcelik. For additional information, see Note 14 to the Consolidated Condensed Financial Statements. The licensing revenue from our equity method investments and their subsidiaries is not material for the periods presented. There are also no material accounts receivable or sales with these investments for the periods presented. |
Related Parties | The Company has a controlling equity ownership of 87% in Elica PB India which is consolidated in Whirlpool Corporation's financial statements and is reported within our MDA Asia reportable segment. Elica PB India is a VIE for which the Company is the primary beneficiary. The carrying amount of customer relationships, which are included in Other intangible assets, net of accumulated amortization, amounts to $28 million as of June 30, 2024 and $29 million as of December 31, 2023, respectively. Other assets or liabilities of Elica PB India are not material to the Consolidated Condensed Financial Statements of the Company for the periods presented. Both Whirlpool India and the non-controlling interest shareholders retain an option for Whirlpool India to purchase the remaining equity interest in Elica PB India for fair value, which could be material to the financial statements of the Company, depending on the performance of the business. |
Accounting Pronouncements Issued But Not Yet Effective | In November 2023, the FASB issued Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This Update applies to all public entities that are required to report segment information in accordance with Topic 280. The amendments in this Update revise reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this new standard. In December 2023, the FASB issued Update 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This Update applies to all entities that are subject to Topic 740. The amendments in this Update revise income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as the effectiveness of certain other income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this new standard. All other issued and not yet effective accounting standards are not relevant or material to the Company. |
Derivatives | Hedging Strategy In the normal course of business, we manage risks relating to our ongoing business operations including those arising from changes in commodity prices, foreign exchange rates and interest rates. 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. Commodity Price Risk We enter into commodity derivative contracts on various commodities to manage the price risk associated with forecasted purchases and sales of material used in our manufacturing process. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchases and sales of commodities. Foreign Currency and Interest 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, intercompany loans 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. We also enter into hedges to mitigate currency risk primarily related to forecasted foreign currency denominated expenditures, intercompany financing agreements and royalty agreements and designate them as cash flow hedges. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. We may enter into cross-currency interest rate swaps to manage our exposure relating to cross-currency debt. Outstanding notional amounts of cross-currency interest rate swap agreements were $618 million at June 30, 2024 and December 31, 2023, respectively. 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 floating rate debt to a fixed rate basis, or 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 may enter into swap rate lock agreements to effectively reduce our exposure to interest rate risk by locking in interest rates on probable long-term debt issuances. There were no outstanding notional amounts of interest rate swap agreements at June 30, 2024 and December 31, 2023. We may enter into instruments that are designated and qualify as a net investment hedge to manage our exposure related to foreign currency denominated investments. The effective portion of the instruments' gain or loss is reported as a component of other comprehensive income (loss) and recorded in accumulated other comprehensive loss. The gain or loss will be subsequently reclassified into net earnings when the underlying net investment is either sold or substantially liquidated. The remaining change in fair value of the hedge instruments represents the ineffective portion, which is immediately recognized in interest and sundry (income) expense on our Consolidated Condensed Statements of Comprehensive Income (Loss). There were no outstanding notional amounts of net investment hedges as of June 30, 2024 and December 31, 2023. |
Fair Value Measurements | Fair value is measured 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 market participants would use in pricing an asset or liability. Assets and liabilities measured at fair value are based on a market valuation approach using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. 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. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Supplier Finance Program | The following table summarizes the changes in outstanding obligations for the periods presented: Millions of dollars Outstanding Obligations Confirmed obligations outstanding as of December 31, 2023 $ 843 Invoices confirmed during the period 1,233 Confirmed invoices paid during the period (1,286) Impact of foreign currency (34) Confirmed obligations outstanding as of June 30, 2024 $ 756 |
Schedule of Equity Method Investments | The following table summarizes the amounts related to the Company's primary equity method investments during the periods presented. Millions of dollars June 30, 2024 December 31, 2023 Percentage Ownership Carrying Amount Percentage Ownership Carrying Amount Beko Europe B.V. 25 % $ 174 25 % N/A Whirlpool China 20 % $ 188 20 % $ 187 The following table summarizes the amounts recorded related to the Company's primary equity method investments during the periods presented. Millions of dollars Six Months Ended June 30, 2024 2023 Accounts Payable $ 67 $ 87 Purchases $ 137 $ 144 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents our disaggregated revenues by revenue source. For additional information on the disaggregated revenues by operating segment, see Note 13 to the Consolidated Condensed Financial Statements. Three Months Ended June 30, Six Months Ended June 30, Millions of dollars 2024 2023 2024 2023 Major product categories: Laundry $ 1,087 $ 1,294 $ 2,351 $ 2,590 Refrigeration 1,299 1,478 2,553 2,850 Cooking 907 1,101 1,969 2,193 Dishwashing 272 445 701 876 Total major product category net sales $ 3,565 $ 4,318 $ 7,574 $ 8,509 Spare parts and warranties 141 239 380 475 Other 283 235 524 457 Total net sales $ 3,989 $ 4,792 $ 8,478 $ 9,441 |
Schedule of Allowance for Doubtful Financing Receivables | The following table summarizes our allowance for expected credit losses and bad debt expense by operating segment for the six months ended June 30, 2024: Millions of dollars December 31, 2023 (1) Charged to Earnings Write-offs Foreign Currency June 30, 2024 Accounts receivable allowance MDA North America $ 4 $ 1 $ — $ — $ 5 MDA Latin America 38 3 — (3) 38 MDA Asia 3 — — — 3 SDA Global 2 — — — 2 Consolidated $ 47 $ 4 $ — $ (3) $ 48 Financing receivable allowance MDA Latin America $ 29 $ — $ — $ (4) $ 25 Consolidated $ 76 $ 4 $ — $ (7) $ 73 (1) Effective January 1, 2024, we reorganized our operating segment structure. All prior period amounts have been reclassified to conform with current period presentation. For additional information, see Note 13 to the Consolidated Condensed Financial Statements. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory, Net [Abstract] | |
Schedule of Inventory | The following table summarizes our inventories at June 30, 2024 and December 31, 2023: Millions of dollars June 30, 2024 December 31, 2023 Finished products $ 1,775 $ 1,732 Raw materials and work in process 534 515 Total Inventories $ 2,309 $ 2,247 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following table summarizes our property, plant and equipment at June 30, 2024 and December 31, 2023: Millions of dollars June 30, 2024 December 31, 2023 Land $ 29 $ 29 Buildings 949 893 Machinery and equipment 6,631 6,571 Accumulated depreciation (5,355) (5,259) Property, plant and equipment, net $ 2,254 $ 2,234 |
FINANCING ARRANGEMENTS (Tables)
FINANCING ARRANGEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | The following table summarizes the carrying value of notes payable at June 30, 2024 and December 31, 2023: Millions of dollars June 30, 2024 December 31, 2023 Commercial paper $ 755 $ — Short-term borrowings due to banks 23 17 Total notes payable $ 778 $ 17 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Reserves | The following table summarizes the changes in total product warranty liability reserves for the periods presented: Product Warranty Millions of dollars 2024 2023 Balance at January 1 $ 206 $ 190 Issuances/accruals during the period 105 109 Settlements made during the period/other (114) (106) Balance at June 30 $ 197 $ 193 Current portion $ 137 $ 129 Non-current portion 60 64 Total $ 197 $ 193 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The following table summarizes the components of net periodic pension cost and the cost of other postretirement benefits for the periods presented: Three Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 1 $ 1 $ — $ — Interest cost 25 29 1 7 2 2 Expected return on plan assets (37) (35) — (6) — — Amortization: Actuarial loss 10 9 — 1 — — Prior service credit — — — — — (10) Settlement and curtailment (gain) loss — — — — — — Net periodic benefit cost (credit) $ (1) $ 4 $ 2 $ 3 $ 2 $ (8) Six Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 1 $ 2 $ — $ — Interest cost 51 58 8 13 3 3 Expected return on plan assets (73) (71) (6) (11) — — Amortization: Actuarial loss 20 19 1 2 — — Prior service credit — — — — — (21) Settlement and curtailment (gain) loss — — — — — — Net periodic benefit cost (credit) $ (1) $ 7 $ 4 $ 6 $ 3 $ (18) |
Schedule of Net Periodic Cost Recognized in Operating Profit and Interest and Sundry (Income) Expense | The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the periods presented: Three Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Operating profit (loss) $ 1 $ 1 $ 1 $ 1 $ — $ — Interest and sundry (income) expense (2) 3 1 2 2 (8) Net periodic benefit cost $ (1) $ 4 $ 2 $ 3 $ 2 $ (8) Six Months Ended June 30, United States Foreign Other Postretirement Millions of dollars 2024 2023 2024 2023 2024 2023 Operating profit (loss) $ 1 $ 1 $ 1 $ 2 $ — $ — Interest and sundry (income) expense (2) 6 3 4 3 (18) Net periodic benefit cost $ (1) $ 7 $ 4 $ 6 $ 3 $ (18) |
HEDGES AND DERIVATIVE FINANCI_2
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes our outstanding derivative contracts and their effects in our Consolidated Condensed Balance Sheets at June 30, 2024 and December 31, 2023. Fair Value of Notional Amount Hedge Assets Hedge Liabilities Maximum Term (Months) Millions of dollars 2024 2023 2024 2023 2024 2023 2024 2023 Derivatives accounted for as hedges (1) Commodity swaps/options $ 178 $ 193 $ 14 $ 4 $ 2 $ 9 (CF) 21 24 Foreign exchange forwards/options 1,015 952 28 1 3 31 (CF/NI) 15 15 Cross-currency swaps 618 618 5 5 60 79 (CF) 56 62 Total derivatives accounted for as hedges $ 47 $ 10 $ 65 $ 119 Derivatives not accounted for as hedges Commodity swaps/options $ — $ — $ — $ — $ — $ — N/A 0 0 Foreign exchange forwards/options (2) 452 1,569 1 13 — 9 N/A 5 10 Total derivatives not accounted for as hedges 1 13 — 9 Total derivatives $ 48 $ 23 $ 65 $ 128 Current $ 45 $ 22 $ 6 $ 46 Noncurrent 3 1 59 82 Total derivatives $ 48 $ 23 $ 65 $ 128 (1) Derivatives accounted for as hedges are considered cash flow (CF) hedges. (2) Foreign exchange forwards/options have decreased due to intercompany loan movements related to the contribution of our European major domestic appliance business. |
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Loss) | The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income (Loss) for the periods presented: Three Months Ended June 30, Gain (Loss) (3) Millions of dollars 2024 2023 Cash flow hedges Commodity swaps/options $ 14 $ (22) Foreign exchange forwards/options 29 (43) Cross-currency swaps 9 (19) Interest rate derivatives — 1 $ 52 $ (83) Three Months Ended June 30, Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (4) Cash Flow Hedges - Millions of dollars 2024 2023 Commodity swaps/options Cost of products sold $ 2 $ (5) Foreign exchange forwards/options Net sales — (1) Foreign exchange forwards/options Cost of products sold (3) (7) Foreign exchange forwards/options Interest and sundry (income) expense 3 9 Cross-currency swaps Interest and sundry (income) expense 5 (5) Interest rate derivatives Interest expense — 1 $ 7 $ (8) Three Months Ended June 30, Location of Gain (Loss) Recognized on Derivatives not Gain (Loss) Recognized on Derivatives not Derivatives not Accounted for as Hedges - Millions of dollars 2024 2023 Foreign exchange forwards/options Interest and sundry (income) expense $ 10 $ 14 (3) Change in gain (loss) recognized in OCI (effective portion) for the three months ended June 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(14) million and $18 million for the three months ended June 30, 2024 and 2023, respectively. (4) Change in gain (loss) reclassified from OCI into earnings (effective portion) for the three months ended June 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. Six Months Ended June 30, Gain (Loss) (5) Millions of dollars 2024 2023 Cash flow hedges Commodity swaps/options $ 19 $ (22) Foreign exchange forwards/options 44 (63) Cross-currency swaps 22 (20) $ 85 $ (105) Six Months Ended June 30, Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (6) Cash Flow Hedges - Millions of dollars 2024 2023 Commodity swaps/options Cost of products sold $ — $ (5) Foreign exchange forwards/options Net sales 1 (1) Foreign exchange forwards/options Cost of products sold (16) (15) Foreign exchange forwards/options Interest and sundry (income) expense 2 18 Cross-currency swaps Interest and sundry (income) expense 22 (12) Interest rate derivatives Interest expense — 1 $ 9 $ (14) Six Months Ended June 30, Location of Gain (Loss) Recognized on Derivatives not Gain (Loss) Recognized on Derivatives not Derivatives not Accounted for as Hedges - Millions of dollars 2024 2023 Foreign exchange forwards/options Interest and sundry (income) expense $ 8 $ 27 (5) Change in gain (loss) recognized in OCI (effective portion) for the six months ended June 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(23) million and $23 million for the six months ended June 30, 2024 and 2023, respectively. (6) Change in gain (loss) reclassified from OCI into earnings (effective portion) for the six months ended June 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023: Fair Value Millions of dollars Total Cost Basis Level 1 Level 2 Total Measured at fair value on a recurring basis: 2024 2023 2024 2023 2024 2023 2024 2023 Short-term investments (1) $ 784 $ 1,126 $ 456 $ 867 $ 328 $ 259 $ 784 $ 1,126 Net derivative contracts — — — — (17) (105) (17) (105) (1) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in stockholders' equity for the periods presented: Whirlpool Stockholders' Equity Total Retained Accumulated Other Comprehensive Income (Loss) Treasury Stock / Additional Paid-In-Capital Common Non-Controlling Interest Balances, December 31, 2023 $ 2,537 $ 8,358 $ (2,178) $ (3,932) $ 114 $ 175 Comprehensive income (loss) Net earnings (loss) (253) (259) — — — 6 Other comprehensive income 3 — 3 — — — Comprehensive income (loss) (250) (259) 3 — — 6 Stock issued (repurchased) (45) — — (45) — — Sale of minority interest in subsidiary 462 — 18 370 — 74 Dividends declared (94) (95) — — — 1 Balances, March 31, 2024 $ 2,610 $ 8,004 $ (2,157) $ (3,607) $ 114 $ 256 Comprehensive income (loss) Net earnings (loss) 225 219 — — — 6 Other comprehensive income 17 — 17 — — — Comprehensive income (loss) 242 219 17 — — 6 Stock issued (repurchased) 26 — — 25 1 — Dividends declared (96) (96) — — — — Divestitures (1) 577 — 577 — — — Balances, June 30, 2024 $ 3,359 $ 8,127 $ (1,563) $ (3,582) $ 115 $ 262 (1) Other comprehensive loss of $440 million related to currency translation and $137 million related to pension has been deconsolidated from accumulated other comprehensive income (loss) as part of deconsolidation of European major appliance business as of April 1, 2024. These amounts have been included in the loss on disposal as disclosed in FN 14. Whirlpool Stockholders' Equity Total Retained Accumulated Other Comprehensive Income (Loss) Treasury Stock / Additional Paid-In-Capital Common Non-Controlling Interest Balances, December 31, 2022 $ 2,506 $ 8,261 $ (2,090) $ (3,949) $ 114 $ 170 Comprehensive income (loss) Net earnings (loss) (176) (179) — — — 3 Other comprehensive income (1) — (1) — — — Comprehensive income (loss) (177) (179) (1) — — 3 Stock issued (repurchased) 2 — — 2 — — Dividends declared (97) (97) — — — — Balances, March 31, 2023 $ 2,234 $ 7,985 $ (2,091) $ (3,947) $ 114 $ 173 Comprehensive income (loss) Net earnings (loss) 87 85 — — — 2 Other comprehensive income (39) — (39) — — — Comprehensive income (loss) 48 85 (39) — — 2 Stock issued (repurchased) 7 — — 7 — — Dividends declared (96) (96) — — — — Balances, June 30, 2023 $ 2,193 $ 7,974 $ (2,130) $ (3,940) $ 114 $ 175 |
Schedule of Other Comprehensive Income (Loss) | The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented: Three Months Ended June 30, 2024 2023 Millions of dollars Pre-tax Tax Effect Net Pre-tax Tax Effect Net Currency translation adjustments $ (23) $ — $ (23) $ 27 $ — $ 27 Cash flow hedges 44 (14) 30 (75) 18 (57) Pension and other postretirement benefits plans 10 — 10 (11) 2 (9) Other comprehensive income (loss) 31 (14) 17 (59) 20 (39) Less: Other comprehensive income (loss) available to noncontrolling interests — — — — — — Other comprehensive income (loss) available to Whirlpool $ 31 $ (14) $ 17 $ (59) $ 20 $ (39) Six Months Ended June 30, 2024 2023 Millions of dollars Pre-tax Tax Effect Net Pre-tax Tax Effect Net Currency translation adjustments $ (51) $ — $ (51) $ 26 $ — $ 26 Cash flow hedges 76 (23) 53 (91) 23 (68) Pension and other postretirement benefits plans 20 (2) 18 2 — 2 Other comprehensive income (loss) 45 (25) 20 (63) 23 (40) Less: Other comprehensive income (loss) available to noncontrolling interests — — — — — — Other comprehensive income (loss) available to Whirlpool $ 45 $ (25) $ 20 $ (63) $ 23 $ (40) |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table provides the reclassification adjustments out of accumulated other comprehensive income (loss), by component, which was included in net earnings for the three and six months ended June 30, 2024: Three Months Ended Six Months Ended Millions of dollars (Gain) Loss Reclassified (Gain) Loss Reclassified Classification in Earnings Pension and postretirement benefits, pre-tax $ 9 $ 20 Interest and sundry (income) expense Total $ 9 $ 20 |
Schedule of Basic and Diluted Net Earnings (Loss) Per Share | Basic and diluted net earnings (loss) per share of common stock for the periods presented were calculated as follows: Three Months Ended June 30, Six Months Ended June 30, Millions of dollars and shares 2024 2023 2024 2023 Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool $ 219 $ 85 $ (40) $ (94) Denominator for basic earnings per share - weighted-average shares 54.9 55.0 54.9 54.9 Effect of dilutive securities - share-based compensation 0.1 0.2 — — Denominator for diluted earnings per share - adjusted weighted-average shares 55.0 55.2 54.9 54.9 Anti-dilutive stock options/awards excluded from earnings per share 1.8 1.2 2.0 1.0 |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring Reserve | The following table summarizes the changes to our restructuring liability during the six months ended June 30, 2024: Millions of Dollars December 31, 2023 Charge to Earnings Cash Paid Non-Cash and Other June 30, 2024 Employee Termination $ 10 $ 62 $ (54) $ (7) $ 11 Other exit costs — 11 (2) — 9 Total $ 10 $ 73 $ (56) $ (7) $ 20 |
Schedule of Restructuring Charges by Segment | The following table summarizes the restructuring charges by operating segment and Corporate for the periods presented: Millions of dollars Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 MDA North America $ 22 $ — $ 27 $ — MDA Latin America 18 — 21 — MDA Asia 5 — 6 — SDA Global 4 — 4 — Corporate/Other 1 9 15 9 Total $ 50 $ 9 $ 73 $ 9 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods: Three Months Ended June 30, Six Months Ended June 30, Millions of dollars 2024 2023 2024 2023 Earnings (Loss) before income taxes $ 30 $ 204 $ (148) $ 95 Income tax expense (benefit) computed at United States statutory tax rate 6 43 (31) 20 State and local taxes, net of federal tax benefit (54) 4 (55) 5 Valuation allowances 386 17 405 21 Audit and Settlements 11 34 13 54 U.S. foreign income items, net of credits (2) — (15) 2 Sale of minority shares and capital gains (2) — 77 — Legal Entity restructuring tax impact (559) — (594) — Non deductible impairments 15 1 64 51 Non deductible fines and penalties — 10 — 20 Other (7) 5 6 9 Income tax expense (benefit) computed at effective worldwide tax rates $ (206) $ 114 $ (130) $ 182 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The tables below summarize performance by operating segment for the periods presented: Three Months Ended June 30, OPERATING SEGMENTS MDA North MDA Latin MDA Asia MDA Europe (1) SDA Global Other / Eliminations Total Net sales 2024 $ 2,567 $ 895 $ 340 $ — $ 187 $ — $ 3,989 2023 2,722 804 284 814 168 — 4,792 Intersegment sales 2024 $ 34 $ 318 $ 12 $ — $ 1 $ (365) $ — 2023 50 376 10 22 — (458) — Depreciation and amortization 2024 $ 42 $ 14 $ 4 $ — $ 5 $ 16 $ 81 2023 48 17 6 — 3 15 89 EBIT 2024 $ 163 $ 52 $ 21 $ — $ 26 $ (150) $ 112 2023 275 49 10 14 21 (79) 290 Total assets June 30, 2024 $ 10,399 $ 3,854 $ 1,203 $ — $ 1,181 $ 706 $ 17,343 December 31, 2023 10,217 4,037 1,054 685 1,134 185 17,312 Capital expenditures 2024 $ 53 $ 47 $ 1 $ — $ 1 $ 11 $ 113 2023 47 30 1 21 4 18 121 Six Months Ended June 30, OPERATING SEGMENTS MDA North MDA Latin America MDA Asia MDA Europe (1) SDA Global Other / Eliminations Total Net sales 2024 $ 4,994 $ 1,732 $ 579 $ 804 $ 369 $ — $ 8,478 2023 5,362 1,551 529 1,661 338 — 9,441 Intersegment sales 2024 $ 67 $ 622 $ 22 $ 23 $ 11 $ (745) $ — 2023 108 754 20 45 — (927) — Depreciation and amortization 2024 $ 90 $ 32 $ 10 $ — $ 8 $ 30 $ 170 2023 97 34 11 — 6 30 178 EBIT 2024 $ 298 $ 116 $ 31 $ (9) $ 60 $ (472) $ 24 2023 542 85 17 10 39 (436) 257 Total assets June 30, 2024 $ 10,399 $ 3,854 $ 1,203 $ — $ 1,181 $ 706 $ 17,343 December 31, 2023 10,217 4,037 1,054 685 1,134 185 17,312 Capital expenditures 2024 $ 95 $ 87 $ 4 $ 22 $ 3 $ 17 $ 228 2023 92 45 3 40 7 30 217 (1) MDA Europe consisted of our European major domestic appliance business which was contributed to Arcelik as of April 1, 2024. See Note 14 to the Consolidated Condensed Financial Statements for additional information on the transaction. The following table summarizes the reconciling items in the Other/Eliminations column for total EBIT for the periods presented: Three Months Ended June 30, Six Months Ended June 30, in millions 2024 2023 2024 2023 Items not allocated to segments: Restructuring charges $ (50) $ (9) $ (73) $ (9) Legacy MDA Europe legal matters — (36) — (98) (Loss) gain on sale and disposal of businesses (45) (18) (292) (240) Corporate expenses and other (55) (16) (107) (89) Total other/eliminations $ (150) $ (79) $ (472) $ (436) A reconciliation of our segment information for total EBIT to the corresponding amounts in the Consolidated Condensed Statements of Comprehensive Income (Loss) is shown in the table below for the periods presented: Three Months Ended June 30, Six Months Ended June 30, in millions 2024 2023 2024 2023 Operating profit $ 130 $ 303 $ 14 $ 346 Interest and sundry (income) expense 7 10 (21) 87 Equity method investment income (loss), net of tax (11) (3) (11) (2) Total EBIT $ 112 $ 290 $ 24 $ 257 Interest expense 93 89 183 164 Income tax expense (206) 114 (130) 182 Net earnings (loss) $ 225 $ 87 $ (29) $ (89) Less: Net earnings available to noncontrolling interests 6 2 11 5 Net earnings (loss) available to Whirlpool $ 219 $ 85 $ (40) $ (94) |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | The European disposal group was deconsolidated as of April 1, 2024. The following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of June 30, 2024 and December 31, 2023, respectively. Millions of dollars June 30, 2024 December 31, 2023 Carrying amounts of major classes of assets Current Assets Cash and cash equivalents $ — $ 97 Accounts receivable, net of allowance of $0 and $28, respectively — 578 Inventories — 589 Prepaid and other current assets — 94 Total current assets — 1,358 Property, net of accumulated depreciation of $0 and $1,442, respectively — 952 Right of use assets — 162 Other intangibles, net of accumulated amortization of $0 and $149, respectively — 286 Deferred income taxes — 574 Other noncurrent assets — 13 Total noncurrent assets — 1,987 Total assets $ — $ 3,345 Carrying amounts of major classes of liabilities Current liabilities Accounts payable $ — $ 1,266 Accrued expenses — 218 Accrued advertising and promotions — 171 Employee compensation — 120 Notes payable — 4 Other current liabilities — 97 Total current liabilities — 1,876 Noncurrent liabilities Pension benefits — 168 Lease liabilities — 132 Other noncurrent liabilities — 87 Total noncurrent liabilities — 387 Total liabilities $ — $ 2,263 Total net assets of the disposal group classified as held for sale $ — $ 1,082 Assets held for sale Fair value of consideration $ — $ 144 Liabilities held for sale Cumulative currency translation adjustment and Other comprehensive income on pension $ — $ 587 The following table summarizes MDA Europe's earnings (loss) available to Whirlpool before income taxes for the six months ended June 30, 2024 and June 30, 2023 respectively: Six Months Ended June 30, in millions 2024 2023 Earnings (loss) before income taxes $ (9) $ 12 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) - USD ($) | Jun. 30, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 16, 2023 |
Schedule of Equity Method Investments [Line Items] | |||||
Residual value guarantees | $ 378,000,000 | $ 378,000,000 | |||
Customer Relationships | Equity Method Investee | Variable Interest Entity, Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Finite-lived intangible assets, net | $ 28,000,000 | $ 29,000,000 | |||
Beko Europe B.V. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest percentage | 25% | 25% | 25% | ||
Beko Europe B.V. | Level 3 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, fair value | $ 186,000,000 | ||||
Whirlpool China | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fair value | $ 156,000,000 | ||||
Equity interest percentage | 20% | 20% | |||
Elica PB India | Variable Interest Entity, Primary Beneficiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest percentage | 87% | ||||
Held-for-sale | European Major Domestic Appliance Business | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Supply chain financing arrangements obligation | $ 0 | $ 393,000,000 | |||
Held-for-sale | European Major Domestic Appliance Business | Beko Europe B.V. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, fair value | $ 186,000,000 | ||||
Minimum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Supply chain financing arrangements obligation, payment term | 120 days | ||||
Maximum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Supply chain financing arrangements obligation, payment term | 180 days |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Supplier Finance Program (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Supplier Finance Program Obligation Roll Forward [Abstract] | |
Confirmed obligations outstanding as of December 31, 2023 | $ 843 |
Invoices confirmed during the period | 1,233 |
Confirmed invoices paid during the period | (1,286) |
Impact of foreign currency | (34) |
Confirmed obligations outstanding as of June 30, 2024 | $ 756 |
BASIS OF PRESENTATION - Sched_2
BASIS OF PRESENTATION - Schedule of Equity Method Investees (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jan. 16, 2023 | Dec. 20, 2022 |
Beko Europe B.V. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage Ownership | 25% | 25% | 25% | |
Carrying Amount | $ 174 | $ 139 | ||
Whirlpool China | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage Ownership | 20% | 20% | ||
Carrying Amount | $ 188 | $ 187 |
BASIS OF PRESENTATION - Sched_3
BASIS OF PRESENTATION - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||
Accounts Payable | $ 3,420 | $ 3,598 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Accounts Payable | 67 | $ 87 | |
Purchases | $ 137 | $ 144 |
REVENUE RECOGNITION - Schedule
REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 3,989 | $ 4,792 | $ 8,478 | $ 9,441 |
Total major product category net sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 3,565 | 4,318 | 7,574 | 8,509 |
Laundry | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 1,087 | 1,294 | 2,351 | 2,590 |
Refrigeration | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 1,299 | 1,478 | 2,553 | 2,850 |
Cooking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 907 | 1,101 | 1,969 | 2,193 |
Dishwashing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 272 | 445 | 701 | 876 |
Spare parts and warranties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 141 | 239 | 380 | 475 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 283 | $ 235 | $ 524 | $ 457 |
REVENUE RECOGNITION - Schedul_2
REVENUE RECOGNITION - Schedule of Allowance for Doubtful Accounts by Operating Segment (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Accounts receivable allowance | |
Balance at beginning of period | $ 47 |
Charged to Earnings | 4 |
Write-offs | 0 |
Foreign Currency | (3) |
Balance at end of period | 48 |
Financing receivable allowance | |
Balance at beginning of period | 76 |
Charged to Earnings | 4 |
Write-offs | 0 |
Foreign Currency | (7) |
Balance at end of period | 73 |
MDA North America | |
Accounts receivable allowance | |
Balance at beginning of period | 4 |
Charged to Earnings | 1 |
Write-offs | 0 |
Foreign Currency | 0 |
Balance at end of period | 5 |
MDA Latin America | |
Accounts receivable allowance | |
Balance at beginning of period | 38 |
Charged to Earnings | 3 |
Write-offs | 0 |
Foreign Currency | (3) |
Balance at end of period | 38 |
Financing receivable allowance | |
Balance at beginning of period | 29 |
Charged to Earnings | 0 |
Write-offs | 0 |
Foreign Currency | (4) |
Balance at end of period | 25 |
MDA Asia | |
Accounts receivable allowance | |
Balance at beginning of period | 3 |
Charged to Earnings | 0 |
Write-offs | 0 |
Foreign Currency | 0 |
Balance at end of period | 3 |
SDA Global | |
Accounts receivable allowance | |
Balance at beginning of period | 2 |
Charged to Earnings | 0 |
Write-offs | 0 |
Foreign Currency | 0 |
Balance at end of period | $ 2 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory, Net [Abstract] | ||
Finished products | $ 1,775 | $ 1,732 |
Raw materials and work in process | 534 | 515 |
Total Inventories | $ 2,309 | $ 2,247 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (5,355) | $ (5,259) |
Property, plant and equipment, net | 2,254 | 2,234 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 29 | 29 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 949 | 893 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 6,631 | $ 6,571 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Net book value of land, buildings, machinery and equipment disposals | $ 16,000,000 | $ 10,000,000 |
Net gain on disposals of land, buildings, machinery and equipment | $ 0 | $ 0 |
FINANCING ARRANGEMENTS - Narrat
FINANCING ARRANGEMENTS - Narrative (Details) | 1 Months Ended | 6 Months Ended | |||||||||
Feb. 27, 2024 USD ($) | Feb. 14, 2023 USD ($) | Sep. 23, 2022 USD ($) | Aug. 07, 2022 USD ($) | May 03, 2022 USD ($) | Apr. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) tranche | Jun. 30, 2023 USD ($) | Feb. 22, 2024 USD ($) | Feb. 22, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Repayments of long-term debt | $ 801,000,000 | $ 250,000,000 | |||||||||
Accounts Receivable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding receivables transferred under arrangements, continued services | $ 227,000,000 | 138,000,000 | |||||||||
Cash proceeds from sale of transferred receivables | 269,000,000 | $ 101,000,000 | |||||||||
Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 218,000,000 | 192,000,000 | |||||||||
Emerson’s InSinkErator Business | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Business combination, consideration transferred | $ 3,000,000,000 | ||||||||||
Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | 2,000,000,000 | 1,500,000,000 | |||||||||
5.750% Notes Maturing 2034 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 5.75% | ||||||||||
4.000% Notes Maturing 2024 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 4% | ||||||||||
Debt instrument, redemption price, percentage | 101% | ||||||||||
5.500% Notes Maturing 2033 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | ||||||||||
3.700% Notes Maturing 2033 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 250,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 3.70% | ||||||||||
Debt instrument, redemption price, percentage | 101% | ||||||||||
Term Loan | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 2,500,000,000 | ||||||||||
Outstanding borrowings | $ 1,500,000,000 | ||||||||||
Debt instrument, number of tranches | tranche | 2 | ||||||||||
Debt instrument, term | 3 years | ||||||||||
Debt instrument, ticking fee percentage | 12.50% | ||||||||||
Minimum coverage ration for debt covenant | 3 | ||||||||||
Term Loan | Secured Debt | Secured Overnight Financing Rate (SOFR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.125% | ||||||||||
Debt instrument, basis spread on variable rate, adjustment | 0.10% | ||||||||||
Term Loan | Secured Debt | Prime Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0% | ||||||||||
Term Loan, Tranche One | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,000,000,000 | ||||||||||
Term Loan, Tranche Two | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | 1,500,000,000 | ||||||||||
Repayments of long-term debt | $ 500,000,000 | $ 500,000,000 | |||||||||
Fifth Amended and Restated Long-Term Credit Agreement | Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum coverage ration for debt covenant | 3 | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 3,500,000,000 | $ 3,500,000,000 | |||||||||
Fifth Amended and Restated Long-Term Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.125% | ||||||||||
Debt instrument, basis spread on variable rate, adjustment | 0.10% | ||||||||||
Fifth Amended and Restated Long-Term Credit Agreement | Line of Credit | Alternate Base Rate | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.125% |
FINANCING ARRANGEMENTS - Schedu
FINANCING ARRANGEMENTS - Schedule of Notes Payable (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Notes payable | $ 778 | $ 17 |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Notes payable | 755 | 0 |
Short-term borrowings due to banks | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 23 | $ 17 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) R$ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2020 defendant | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2009 USD ($) | Dec. 31, 2004 USD ($) | Jun. 30, 2024 BRL (R$) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | |
Commitments and Contingencies [Line Items] | |||||||||
Outstanding BEFIEX tax assessment | R$ 2300 | $ 419,000,000 | |||||||
Customer Lines of Credit for Brazilian Subsidiary | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Guarantor obligations, maximum exposure | 1,000 | 183,000,000 | R$ 1300 | $ 273,000,000 | |||||
Guarantee of Indebtedness of Others | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Guarantor obligations, maximum exposure | 2,600,000,000 | 3,000,000,000 | |||||||
Guarantor obligations, current carrying value | 23,000,000 | $ 17,000,000 | |||||||
Competition Investigation | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Loss contingency accrual, provision | $ 69,000,000 | ||||||||
Loss contingency accrual, payments | $ 68,000,000 | ||||||||
Grenfell Tower | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Number of defendants | defendant | 20 | ||||||||
Brazil Tax Matters | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
IPI tax credits recognized | $ 26,000,000 | ||||||||
Special government program settlement | $ 34,000,000 | ||||||||
Brazil tax assessment | 290 | 52,000,000 | |||||||
CFC Tax | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
CFC potential exposure | R$ 388 | 70,000,000 | |||||||
Loss contingency accrual | $ 0 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Product Warranty Reserves (Details) - Product Warranty - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Balance at January 1 | $ 206 | $ 190 |
Issuances/accruals during the period | 105 | 109 |
Settlements made during the period/other | (114) | (106) |
Balance at June 30 | 197 | 193 |
Current portion | 137 | 129 |
Non-current portion | 60 | 64 |
Total | $ 197 | $ 193 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2 | 2 | 3 | 3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization: | ||||
Actuarial loss | 0 | 0 | 0 | 0 |
Prior service credit | 0 | (10) | 0 | (21) |
Settlement and curtailment (gain) loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | 2 | (8) | 3 | (18) |
United States Pension Benefits | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 25 | 29 | 51 | 58 |
Expected return on plan assets | (37) | (35) | (73) | (71) |
Amortization: | ||||
Actuarial loss | 10 | 9 | 20 | 19 |
Prior service credit | 0 | 0 | 0 | 0 |
Settlement and curtailment (gain) loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (1) | 4 | (1) | 7 |
Foreign Pension Benefits | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 2 |
Interest cost | 1 | 7 | 8 | 13 |
Expected return on plan assets | 0 | (6) | (6) | (11) |
Amortization: | ||||
Actuarial loss | 0 | 1 | 1 | 2 |
Prior service credit | 0 | 0 | 0 | 0 |
Settlement and curtailment (gain) loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | $ 2 | $ 3 | $ 4 | $ 6 |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Schedule of Net Periodic Cost Recognized in Operating Profit and Interest and Sundry (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $ 2 | $ (8) | $ 3 | $ (18) |
Other Postretirement Benefits | Operating profit (loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | 0 | 0 | 0 | 0 |
Other Postretirement Benefits | Interest and sundry (income) expense | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | 2 | (8) | 3 | (18) |
United States Pension Benefits | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | (1) | 4 | (1) | 7 |
United States Pension Benefits | Pension Benefits | Operating profit (loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | 1 | 1 | 1 | 1 |
United States Pension Benefits | Pension Benefits | Interest and sundry (income) expense | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | (2) | 3 | (2) | 6 |
Foreign Pension Benefits | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | 2 | 3 | 4 | 6 |
Foreign Pension Benefits | Pension Benefits | Operating profit (loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | 1 | 1 | 1 | 2 |
Foreign Pension Benefits | Pension Benefits | Interest and sundry (income) expense | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $ 1 | $ 2 | $ 3 | $ 4 |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Narrative (Details) | 1 Months Ended |
Mar. 31, 2024 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined contribution plan, employer matching contribution, percent of match | 7% |
HEDGES AND DERIVATIVE FINANCI_3
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Loss expected to be reclassified in next twelve months | $ (31,000,000) | |
Derivatives accounted for as hedges | Cross-currency swaps | ||
Derivative [Line Items] | ||
Notional amount | 618,000,000 | $ 618,000,000 |
Derivatives accounted for as hedges | Interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 0 | 0 |
Derivatives accounted for as hedges | Net Investment hedges | ||
Derivative [Line Items] | ||
Notional amount | $ 0 | $ 0 |
HEDGES AND DERIVATIVE FINANCI_4
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Outstanding Derivative Contracts (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | ||
Hedge Assets | $ 48 | $ 23 |
Hedge Liabilities | 65 | 128 |
Derivative asset at fair value, current | 45 | 22 |
Derivative asset at fair value, noncurrent | 3 | 1 |
Total derivatives, hedge assets at fair value | 48 | 23 |
Derivative liability at fair value, current | 6 | 46 |
Derivative liability at fair value, noncurrent | 59 | 82 |
Total derivatives, hedge liabilities at fair value | 65 | 128 |
Derivatives accounted for as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Hedge Assets | 47 | 10 |
Hedge Liabilities | 65 | 119 |
Derivatives accounted for as hedges | Commodity swaps/options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 178 | 193 |
Hedge Assets | 14 | 4 |
Hedge Liabilities | $ 2 | $ 9 |
Maximum term of commodity swaps/options | 21 months | 24 months |
Derivatives accounted for as hedges | Foreign exchange forwards/options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 1,015 | $ 952 |
Hedge Assets | 28 | 1 |
Hedge Liabilities | $ 3 | $ 31 |
Maximum term of foreign exchange forwards/options | 15 months | 15 months |
Derivatives accounted for as hedges | Cross-currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 618 | $ 618 |
Hedge Assets | 5 | 5 |
Hedge Liabilities | $ 60 | $ 79 |
Maximum term of cross-currency swaps | 56 months | 62 months |
Derivatives not accounted for as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Hedge Assets | $ 1 | $ 13 |
Hedge Liabilities | 0 | 9 |
Derivatives not accounted for as hedges | Commodity swaps/options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 0 |
Hedge Assets | 0 | 0 |
Hedge Liabilities | $ 0 | $ 0 |
Maximum term of commodity swaps/options | 0 months | 0 months |
Derivatives not accounted for as hedges | Foreign exchange forwards/options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 452 | $ 1,569 |
Hedge Assets | 1 | 13 |
Hedge Liabilities | $ 0 | $ 9 |
Maximum term of foreign exchange forwards/options | 5 months | 10 months |
HEDGES AND DERIVATIVE FINANCI_5
HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Effects of Derivative Instruments on Consolidated Condensed Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI (Effective Portion) | $ 52 | $ (83) | $ 85 | $ (105) |
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | 7 | (8) | 9 | (14) |
Foreign exchange forwards/options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized on Derivatives not Accounted for as Hedges | 8 | 27 | ||
Foreign exchange forwards/options | Interest and sundry (income) expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized on Derivatives not Accounted for as Hedges | 10 | 14 | ||
Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Tax impact of cash flow hedges | (14) | 18 | (23) | 23 |
Cash flow hedges | Commodity swaps/options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI (Effective Portion) | 14 | (22) | 19 | (22) |
Cash flow hedges | Commodity swaps/options | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | 2 | (5) | 0 | (5) |
Cash flow hedges | Foreign exchange forwards/options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI (Effective Portion) | 29 | (43) | 44 | (63) |
Cash flow hedges | Foreign exchange forwards/options | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | (3) | (7) | (16) | (15) |
Cash flow hedges | Foreign exchange forwards/options | Net sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | 0 | (1) | 1 | (1) |
Cash flow hedges | Foreign exchange forwards/options | Interest and sundry (income) expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | 3 | 9 | 2 | 18 |
Cash flow hedges | Cross-currency swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI (Effective Portion) | 9 | (19) | 22 | (20) |
Cash flow hedges | Cross-currency swaps | Interest and sundry (income) expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | 5 | (5) | 22 | (12) |
Cash flow hedges | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI (Effective Portion) | 0 | 1 | ||
Cash flow hedges | Interest rate derivatives | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) | $ 0 | $ 1 | $ 0 | $ 1 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 784 | $ 1,126 |
Net derivative contracts | (17) | (105) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 456 | 867 |
Net derivative contracts | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 328 | 259 |
Net derivative contracts | (17) | (105) |
Total Cost Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 784 | 1,126 |
Net derivative contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Apr. 01, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jan. 16, 2023 | Dec. 20, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Loss (gain) on sale and disposal of businesses | $ 45 | $ 18 | $ 292 | $ 240 | |||||||
Held-for-sale | European Major Domestic Appliance Business | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Loss (gain) on sale and disposal of businesses | $ 45 | $ 247 | $ 1,500 | 292 | $ 1,900 | ||||||
Disposed of by Sale | European Major Domestic Appliance Business | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Equity method investment retained after disposal, ownership interest after disposal | 25% | ||||||||||
Level 2 | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term debt, fair value | $ 6,300 | $ 6,300 | $ 6,300 | $ 6,900 | |||||||
Beko Europe B.V. | Arcelik B.V. | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Ownership percentage | 75% | ||||||||||
Beko Europe B.V. | Arcelik B.V. | Disposed of by Sale | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Ownership percentage | 75% | ||||||||||
Beko Europe B.V. | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Equity interest percentage | 25% | 25% | 25% | 25% | 25% | ||||||
Equity method investments | $ 174 | $ 174 | $ 174 | $ 139 | |||||||
Beko Europe B.V. | Measurement Input, Discount Rate | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Equity method investments, measurement input | 0.165 | 0.155 | |||||||||
Beko Europe B.V. | Held-for-sale | European Major Domestic Appliance Business | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Disposal group, consideration | 227 | ||||||||||
Equity method investments, fair value | 186 | ||||||||||
Beko Europe B.V. | Held-for-sale | MENA | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Proceeds from the sale of business | $ 41 | ||||||||||
Beko Europe B.V. | Disposed of by Sale | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Equity interest percentage | 25% | ||||||||||
Beko Europe B.V. | Level 3 | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Equity method investments, fair value | $ 186 |
STOCKHOLDERS' EQUITY - Schedule
STOCKHOLDERS' EQUITY - Schedule of Changes in Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 2,610 | $ 2,537 | $ 2,234 | $ 2,506 | $ 2,537 | $ 2,506 |
Comprehensive income (loss) | ||||||
Net earnings (loss) | 225 | (253) | 87 | (176) | (29) | (89) |
Other comprehensive income | 17 | 3 | (39) | (1) | 20 | (40) |
Comprehensive income (loss) | 242 | (250) | 48 | (177) | (9) | (129) |
Stock issued (repurchased) | 26 | (45) | 7 | 2 | ||
Sale of minority interest in subsidiary | 462 | |||||
Dividends declared | (96) | (94) | (96) | (97) | ||
Divestitures | 577 | |||||
Ending balance | 3,359 | 2,610 | 2,193 | 2,234 | 3,359 | 2,193 |
Retained Earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 8,004 | 8,358 | 7,985 | 8,261 | 8,358 | 8,261 |
Comprehensive income (loss) | ||||||
Net earnings (loss) | 219 | (259) | 85 | (179) | ||
Comprehensive income (loss) | 219 | (259) | 85 | (179) | ||
Dividends declared | (96) | (95) | (96) | (97) | ||
Ending balance | 8,127 | 8,004 | 7,974 | 7,985 | 8,127 | 7,974 |
Accumulated Other Comprehensive Income (Loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (2,157) | (2,178) | (2,091) | (2,090) | (2,178) | (2,090) |
Comprehensive income (loss) | ||||||
Other comprehensive income | 17 | 3 | (39) | (1) | 20 | (40) |
Comprehensive income (loss) | 17 | 3 | (39) | (1) | ||
Sale of minority interest in subsidiary | 18 | |||||
Divestitures | 577 | |||||
Ending balance | (1,563) | (2,157) | (2,130) | (2,091) | (1,563) | (2,130) |
Treasury Stock / Additional Paid-In-Capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (3,607) | (3,932) | (3,947) | (3,949) | (3,932) | (3,949) |
Comprehensive income (loss) | ||||||
Stock issued (repurchased) | 25 | (45) | 7 | 2 | ||
Sale of minority interest in subsidiary | 370 | |||||
Ending balance | (3,582) | (3,607) | (3,940) | (3,947) | (3,582) | (3,940) |
Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 114 | 114 | 114 | 114 | 114 | 114 |
Comprehensive income (loss) | ||||||
Stock issued (repurchased) | 1 | |||||
Ending balance | 115 | 114 | 114 | 114 | 115 | 114 |
Non-Controlling Interest | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 256 | 175 | 173 | 170 | 175 | 170 |
Comprehensive income (loss) | ||||||
Net earnings (loss) | 6 | 6 | 2 | 3 | ||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 6 | 6 | 2 | 3 | ||
Sale of minority interest in subsidiary | 74 | |||||
Dividends declared | 1 | |||||
Ending balance | 262 | $ 256 | 175 | $ 173 | 262 | 175 |
Currency translation adjustments | ||||||
Comprehensive income (loss) | ||||||
Other comprehensive income | (23) | 27 | (51) | 26 | ||
Divestitures | 440 | |||||
Pension and other postretirement benefits plans | ||||||
Comprehensive income (loss) | ||||||
Other comprehensive income | 10 | $ (9) | $ 18 | $ 2 | ||
Divestitures | $ 137 |
STOCKHOLDERS' EQUITY - Schedu_2
STOCKHOLDERS' EQUITY - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Pre-tax | $ 31 | $ (59) | $ 45 | $ (63) | ||
Tax Effect | (14) | 20 | (25) | 23 | ||
Net | 17 | $ 3 | (39) | $ (1) | 20 | (40) |
Currency translation adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Pre-tax | (23) | 27 | (51) | 26 | ||
Tax Effect | 0 | 0 | 0 | 0 | ||
Net | (23) | 27 | (51) | 26 | ||
Cash flow hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Pre-tax | 44 | (75) | 76 | (91) | ||
Tax Effect | (14) | 18 | (23) | 23 | ||
Net | 30 | (57) | 53 | (68) | ||
Pension and other postretirement benefits plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Pre-tax | 10 | (11) | 20 | 2 | ||
Tax Effect | 0 | 2 | (2) | 0 | ||
Net | 10 | (9) | 18 | 2 | ||
Other comprehensive income (loss) available to noncontrolling interests | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Pre-tax | 0 | 0 | 0 | 0 | ||
Tax Effect | 0 | 0 | 0 | 0 | ||
Net | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) available to Whirlpool | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Pre-tax | 31 | (59) | 45 | (63) | ||
Tax Effect | (14) | 20 | (25) | 23 | ||
Net | $ 17 | $ 3 | $ (39) | $ (1) | $ 20 | $ (40) |
STOCKHOLDERS' EQUITY - Schedu_3
STOCKHOLDERS' EQUITY - Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and sundry (income) expense | $ (7) | $ (10) | $ 21 | $ (87) |
Earnings (loss) before income taxes | 30 | $ 204 | (148) | $ 95 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings (loss) before income taxes | 9 | 20 | ||
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits plans | ||||
Reclassifications out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and sundry (income) expense | $ 9 | $ 20 |
STOCKHOLDERS' EQUITY - Schedu_4
STOCKHOLDERS' EQUITY - Schedule of Net Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | ||||
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool | $ 219 | $ 85 | $ (40) | $ (94) |
Denominator for basic earnings per share – weighted-average shares (in shares) | 54.9 | 55 | 54.9 | 54.9 |
Effect of dilutive securities – share-based compensation (in shares) | 0.1 | 0.2 | 0 | 0 |
Denominator for diluted earnings per share – adjusted weighted-average shares (in shares) | 55 | 55.2 | 54.9 | 54.9 |
Anti-dilutive stock options/awards excluded from earnings per share (in shares) | 1.8 | 1.2 | 2 | 1 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - Common Stock - USD ($) | 6 Months Ended | ||
Feb. 14, 2022 | Jun. 30, 2024 | Apr. 19, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 2,000,000,000 | ||
Stock repurchase program, additional authorized amount | $ 2,000,000,000 | ||
Stock repurchased during period, shares (in shares) | 455,952 | ||
Stock repurchased during period, value | $ 50,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 2,500,000,000 |
RESTRUCTURING CHARGES - Narrati
RESTRUCTURING CHARGES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 50 | $ 9 | $ 73 | $ 9 | |
Employee Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | 62 | ||||
Other exit costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 11 | ||||
Workforce Reduction Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | $ 23 | ||||
Workforce Reduction Plan | Employee Termination | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, total costs to date | 14 | ||||
Workforce Reduction Plan | Other exit costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, total costs to date | $ 9 | ||||
Restructuring Actions, Additional | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 50 |
RESTRUCTURING CHARGES - Schedul
RESTRUCTURING CHARGES - Schedule of Changes to Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 10 | |||
Charge to Earnings | $ 50 | $ 9 | 73 | $ 9 |
Cash Paid | (56) | |||
Non-Cash and Other | (7) | |||
Restructuring reserve, ending balance | 20 | 20 | ||
Employee Termination | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 10 | |||
Charge to Earnings | 62 | |||
Cash Paid | (54) | |||
Non-Cash and Other | (7) | |||
Restructuring reserve, ending balance | 11 | 11 | ||
Other exit costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0 | |||
Charge to Earnings | 11 | |||
Cash Paid | (2) | |||
Non-Cash and Other | 0 | |||
Restructuring reserve, ending balance | $ 9 | $ 9 |
RESTRUCTURING CHARGES - Sched_2
RESTRUCTURING CHARGES - Schedule of Charges by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total | $ 50 | $ 9 | $ 73 | $ 9 |
Operating Segments | MDA North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | 22 | 0 | 27 | 0 |
Operating Segments | MDA Latin America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | 18 | 0 | 21 | 0 |
Operating Segments | MDA Asia | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | 5 | 0 | 6 | 0 |
Operating Segments | SDA Global | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | 4 | 0 | 4 | 0 |
Corporate/Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | $ 1 | $ 9 | $ 15 | $ 9 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ (206) | $ 114 | $ (130) | $ 182 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Earnings (Loss) before income taxes | $ 30 | $ 204 | $ (148) | $ 95 |
Income tax expense (benefit) computed at United States statutory tax rate | 6 | 43 | (31) | 20 |
State and local taxes, net of federal tax benefit | (54) | 4 | (55) | 5 |
Valuation allowances | 386 | 17 | 405 | 21 |
Audit and Settlements | 11 | 34 | 13 | 54 |
U.S. foreign income items, net of credits | (2) | 0 | (15) | 2 |
Sale of minority shares and capital gains | (2) | 0 | 77 | 0 |
Legal Entity restructuring tax impact | (559) | 0 | (594) | 0 |
Non deductible impairments | 15 | 1 | 64 | 51 |
Non deductible fines and penalties | 0 | 10 | 0 | 20 |
Other | (7) | 5 | 6 | 9 |
Income tax expense (benefit) computed at effective worldwide tax rates | $ (206) | $ 114 | $ (130) | $ 182 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 3,989 | $ 4,792 | $ 8,478 | $ 9,441 | |
Depreciation and amortization | 81 | 89 | 170 | 178 | |
EBIT | 112 | 290 | 24 | 257 | |
Total assets | 17,343 | 17,343 | $ 17,312 | ||
Capital expenditures | 113 | 121 | 228 | 217 | |
Operating Segments | MDA North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,567 | 2,722 | 4,994 | 5,362 | |
Depreciation and amortization | 42 | 48 | 90 | 97 | |
EBIT | 163 | 275 | 298 | 542 | |
Total assets | 10,399 | 10,399 | 10,217 | ||
Capital expenditures | 53 | 47 | 95 | 92 | |
Operating Segments | MDA Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 895 | 804 | 1,732 | 1,551 | |
Depreciation and amortization | 14 | 17 | 32 | 34 | |
EBIT | 52 | 49 | 116 | 85 | |
Total assets | 3,854 | 3,854 | 4,037 | ||
Capital expenditures | 47 | 30 | 87 | 45 | |
Operating Segments | MDA Asia | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 340 | 284 | 579 | 529 | |
Depreciation and amortization | 4 | 6 | 10 | 11 | |
EBIT | 21 | 10 | 31 | 17 | |
Total assets | 1,203 | 1,203 | 1,054 | ||
Capital expenditures | 1 | 1 | 4 | 3 | |
Operating Segments | MDA Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 814 | 804 | 1,661 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
EBIT | 0 | 14 | (9) | 10 | |
Total assets | 0 | 0 | 685 | ||
Capital expenditures | 0 | 21 | 22 | 40 | |
Operating Segments | SDA Global | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 187 | 168 | 369 | 338 | |
Depreciation and amortization | 5 | 3 | 8 | 6 | |
EBIT | 26 | 21 | 60 | 39 | |
Total assets | 1,181 | 1,181 | 1,134 | ||
Capital expenditures | 1 | 4 | 3 | 7 | |
Other / Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 16 | 15 | 30 | 30 | |
EBIT | (150) | (79) | (472) | (436) | |
Total assets | 706 | 706 | $ 185 | ||
Capital expenditures | 11 | 18 | 17 | 30 | |
Intersegment sales | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (365) | (458) | (745) | (927) | |
Intersegment sales | MDA North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 34 | 50 | 67 | 108 | |
Intersegment sales | MDA Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 318 | 376 | 622 | 754 | |
Intersegment sales | MDA Asia | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 12 | 10 | 22 | 20 | |
Intersegment sales | MDA Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 22 | 23 | 45 | |
Intersegment sales | SDA Global | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 1 | $ 0 | $ 11 | $ 0 |
SEGMENT INFORMATION - Schedul_2
SEGMENT INFORMATION - Schedule of Reconciling Items in Other/Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Restructuring charges | $ (50) | $ (9) | $ (73) | $ (9) |
(Loss) gain on sale and disposal of businesses | (45) | (18) | (292) | (240) |
Total other/eliminations | 112 | 290 | 24 | 257 |
Other / Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | (50) | (9) | (73) | (9) |
Legacy MDA Europe legal matters | 0 | (36) | 0 | (98) |
(Loss) gain on sale and disposal of businesses | (45) | (18) | (292) | (240) |
Corporate expenses and other | (55) | (16) | (107) | (89) |
Total other/eliminations | $ (150) | $ (79) | $ (472) | $ (436) |
SEGMENT INFORMATION - Schedul_3
SEGMENT INFORMATION - Schedule of Reconciling Information For Total EBIT (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting [Abstract] | ||||||
Operating profit | $ 130 | $ 303 | $ 14 | $ 346 | ||
Interest and sundry (income) expense | 7 | 10 | (21) | 87 | ||
Equity method investment income (loss), net of tax | (11) | (3) | (11) | (2) | ||
Total other/eliminations | 112 | 290 | 24 | 257 | ||
Interest expense | 93 | 89 | 183 | 164 | ||
Income tax expense | (206) | 114 | (130) | 182 | ||
Net earnings (loss) | 225 | $ (253) | 87 | $ (176) | (29) | (89) |
Less: Net earnings (loss) available to noncontrolling interests | 6 | 2 | 11 | 5 | ||
Net earnings (loss) available to Whirlpool | $ 219 | $ 85 | $ (40) | $ (94) |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - European Major Domestic Appliance Business Held for Sale Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Apr. 01, 2024 | Dec. 31, 2023 | Jan. 16, 2023 site | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Loss on disposition of business | $ 45,000,000 | $ 18,000,000 | $ 292,000,000 | $ 240,000,000 | ||||||
Held-for-sale | European Major Domestic Appliance Business | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of production sites | site | 9 | |||||||||
Loss on disposition of business | 45,000,000 | $ 247,000,000 | $ 1,500,000,000 | 292,000,000 | $ 1,900,000,000 | |||||
Loss on write-down of assets | 1,200,000,000 | |||||||||
Fair value of consideration | 139,000,000 | |||||||||
Cumulative foreign currency translation adjustments | 393,000,000 | |||||||||
Release of other comprehensive loss on pension | 98,000,000 | |||||||||
Other transaction related costs | $ 18,000,000 | |||||||||
Goodwill | $ 0 | $ 0 | $ 0 | |||||||
Beko Europe B.V. | Arcelik B.V. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership percentage | 75% | |||||||||
Beko Europe B.V. | Arcelik B.V. | Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership percentage | 75% | |||||||||
Beko Europe B.V. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity interest percentage | 25% | 25% | 25% | 25% | 25% | |||||
Beko Europe B.V. | Disposed of by Sale | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Equity interest percentage | 25% |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES - Schedule of European Major Domestic Appliance Business Held for Sale Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Carrying amounts of major classes of assets | ||
Total current assets | $ 0 | $ 144 |
Noncurrent liabilities | ||
Total liabilities | 0 | 587 |
Held-for-sale | European Major Domestic Appliance Business | ||
Carrying amounts of major classes of assets | ||
Cash and cash equivalents | 0 | 97 |
Accounts receivable, net of allowance of $0 and $28, respectively | 0 | 578 |
Allowance for doubtful accounts | 0 | 28 |
Inventories | 0 | 589 |
Prepaid and other current assets | 0 | 94 |
Total current assets | 0 | 1,358 |
Noncurrent assets | ||
Property, net of accumulated depreciation of $0 and $1,442, respectively | 0 | 952 |
Accumulated depreciation | 0 | 1,442 |
Right of use assets | 0 | 162 |
Other intangibles, net of accumulated amortization of $0 and $149, respectively | 0 | 286 |
Accumulated amortization | 0 | 149 |
Deferred income taxes | 0 | 574 |
Other noncurrent assets | 0 | 13 |
Total noncurrent assets | 0 | 1,987 |
Total assets | 0 | 3,345 |
Current liabilities | ||
Accounts payable | 0 | 1,266 |
Accrued expenses | 0 | 218 |
Accrued advertising and promotions | 0 | 171 |
Employee compensation | 0 | 120 |
Notes payable | 0 | 4 |
Other current liabilities | 0 | 97 |
Total current liabilities | 0 | 1,876 |
Noncurrent liabilities | ||
Pension benefits | 0 | 168 |
Lease liabilities | 0 | 132 |
Other noncurrent liabilities | 0 | 87 |
Total noncurrent liabilities | 0 | 387 |
Total liabilities | 0 | 2,263 |
Total net assets of the disposal group classified as held for sale | 0 | 1,082 |
Fair value of consideration | 0 | 144 |
Cumulative currency translation adjustment and Other comprehensive income on pension | $ 0 | $ 587 |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES - Schedule of European Major Domestic Appliance Business Held for Sale Earnings (Loss) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Held-for-sale | European Major Domestic Appliance Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Earnings (loss) before income taxes | $ (9) | $ 12 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES - Whirlpool India Share Sale Narrative (Details) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | ||||
Feb. 20, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Feb. 19, 2024 | Nov. 30, 2023 | |
Business Acquisition [Line Items] | |||||
Sale of minority interest in subsidiary | $ 462 | $ 0 | |||
Whirlpool India | |||||
Business Acquisition [Line Items] | |||||
Subsidiary, ownership percentage, for sale | 24% | ||||
Sale of minority interest in subsidiary (in shares) | 30.4 | ||||
Subsidiary, ownership percentage | 51% | 75% | |||
Sale of minority interest in subsidiary | $ 462 |
ACQUISITIONS AND DIVESTITURES_5
ACQUISITIONS AND DIVESTITURES - Brastemp Water Filtration Subscription Business Narrative (Details) R$ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jul. 01, 2024 USD ($) | Jul. 01, 2024 BRL (R$) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
(Loss) gain on sale and disposal of businesses | $ (45) | $ (18) | $ (292) | $ (240) | |||
Disposed of by Sale | Brastemp Water Filtration Subscription Business | Subsequent Event | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal group, consideration | $ 52 | R$ 294 | |||||
Disposed of by Sale | Brastemp Water Filtration Subscription Business | Subsequent Event | Forecast | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
(Loss) gain on sale and disposal of businesses | $ 32 |