FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
[X] SECURITIES EXCHANGE ACT OF 1934 (No Fee Required)
For the plan year ended December 31, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
[_] SECURITIES EXCHANGE ACT OF 1934 (No Fee Required)
Commission file number 1-3932
Full title of plan: WHIRLPOOL 401(k) PLAN
Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
WHIRLPOOL CORPORATION
Administration Center
2000 North M-63
Benton Harbor, MI 49022-2692
Total Number of pages herein is _____ pages
The Exhibit Index appears on page _____ .
Reference is hereby made to the Financial Statements attached hereto which begin
on p. F-1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees of the Plan have duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
WHIRLPOOL 401(k) PLAN
Date: June 26, 1997
By: /s/ E. R. Dunn
------------------------------
Name: E. R. Dunn
Title: Trustee and Chairman of the
Individual Trustees
ANNUAL REPORT ON FORM 11-K
--------------------------
FINANCIAL STATEMENTS
--------------------
PLAN YEAR ENDED DECEMBER 31, 1996
WHIRLPOOL 401(k) PLAN
WHIRLPOOL CORPORATION
BENTON HARBOR, MICHIGAN
F-1
FORM 11-K
FINANCIAL STATEMENTS
WHIRLPOOL 401(k) PLAN
WHIRLPOOL CORPORATION
The following financial statements of the Whirlpool 401(k) Plan are submitted
herewith:
Page
----
Report of Independent Auditors F-3
Statements of Assets Available for
Benefits -- December 31, 1996 and 1995 F-4
Statements of Changes in Assets Available
for Benefits -- Two-Years Ended
December 31, 1996 F-5
Notes to Financial Statements F-6
Line 27a - Schedule of Assets Held for
Investment Purposes F-19
Line 27d - Schedule of Reportable
Transactions F-20
Schedules Nos. I, II and III, for which provisions are made in the applicable
accounting regulations of the Securities and Exchange Commission, have been
omitted since the information required is shown in the related financial
statements and notes thereto.
F-2
Report of Independent Auditors
The Trustees
Whirlpool 401(k) Plan
We have audited the accompanying statements of assets available for benefits of
the Whirlpool 401(k) Plan as of December 31, 1996 and 1995, and the related
statements of changes in assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for plan benefits of the Plan at
December 31, 1996 and 1995, and the changes in its assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1996, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The supplemental schedules
have been subjected to the auditing procedures applied in our audits of the
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
June 18, 1997
F-3
Whirlpool 401(k) Plan
Statements of Assets Available for Benefits
December 31
1996 1995
--------------------------
Contributions receivable $ 13,747,271 $ 7,783,258
Interest and dividends receivable 160,165 555,279
Investments:
At fair value:
Mutual funds 281,588,580 -
Common trust funds 41,793,526 263,768,324
Common stock of Whirlpool Corporation 55,930,639 66,191,880
At contract value:
Guaranteed investment contracts 68,938,488 60,251,783
Group annuity contract - 19,887,187
At cost:
Participant loans 19,838,946 15,312,081
--------------------------
468,090,179 425,411,255
--------------------------
Assets available for benefits $481,997,615 $433,749,792
==========================
See accompanying notes.
F-4
Whirlpool 401(k) Plan
Statements of Changes in Assets Available for Benefits
Year ended December 31
1996 1995
---------------------------
Additions
Dividends on Whirlpool Corporation
common stock $ 1,698,883 $ 1,888,189
Other dividends 18,191,366 11,889,525
Interest 6,348,961 5,811,499
---------------------------
26,239,210 19,589,213
Net realized and unrealized
appreciation (depreciation) in fair
value of investments:
Whirlpool Corporation common stock (7,832,687) 4,811,509
Investments other than Whirlpool
Corporation common stock 12,029,779 45,126,965
---------------------------
4,197,092 49,938,474
Employer contributions 7,358,765 3,410,838
Employee contributions 53,907,401 39,094,140
---------------------------
61,266,166 42,504,978
---------------------------
Total additions 91,702,468 112,032,665
Deductions
Participant withdrawals 43,351,317 37,464,492
Administrative expenses 103,328 148,636
---------------------------
Total deductions 43,454,645 37,613,128
---------------------------
Net increase 48,247,823 74,419,537
Assets available for benefits at
beginning of year 433,749,792 359,330,255
---------------------------
Assets available for benefits at end of
year $481,997,615 $433,749,792
===========================
See accompanying notes.
F-5
Whirlpool 401(k) Plan
Notes to Financial Statements
1. Description of Plan
The Whirlpool 401(k) Plan (the Plan) is a defined-contribution plan sponsored by
Whirlpool Corporation and participating subsidiaries (referred to as Employer or
Whirlpool.) The following description of the Plan provides only general
information. Participants should refer to the Whirlpool Savings Plan Summary
Plan Description for a more complete description of the Plan's provisions.
Effective January 1, 1996, every full-time and every part-time employee of
Whirlpool shall be eligible to participate upon employment. Prior to January 1,
1996, employees were eligible to participate upon completion of 1,000 hours of
service during one year of employment.
Participation in the Plan is voluntary. The Plan allows each participant to
make tax-deferred contributions to the Plan, by payroll reduction, each payroll
period, in any whole percentage of eligible earnings up to 15%, but not to
exceed the maximum allowable annual contribution, as determined by the Internal
Revenue Code. Such elections are made and can be adjusted by giving notice to
the custodian via the voice response system on a daily basis, to be effective,
in most cases, as of the beginning of the next payroll period. In addition,
certain employees may make additional tax-deferred contributions to the Plan by
directing that a portion of any annual bonus due to the participant of one or
more designated bonus plans be deposited into the Plan. The amount of any such
additional tax-deferred contributions may be elected by the employee to equal
the same percentage of any annual bonus payment as is applied for payroll
reduction purposes or in any whole percentage between 0% and 75%, as the
participant elects, provided, however, that the reduction percentage applicable
to a participant who is a highly compensated participant may not exceed 15%.
For each year, the Employer establishes performance goals that consist of five
levels of performance for the Employer. The attainment of these goals results in
an Employer matching contribution based on the tax-deferred contributions of
each employee (other than exempt employees, and employees who terminated
employment during the year for a reason other than retirement, disability, or
death) that do not exceed 5% of the employee's eligible earnings, as follows:
(i) no matching contribution if Employer performance compared to goals is below
level 1 performance; (ii) a $.25 per dollar match for level 1 performance; (iii)
a $.40 per dollar match for level 2 performance; (iv) a $.50 per dollar match
for level 3 performance; (v) a $.60 per dollar match for level 4 performance;
and (vi) a $.75 per dollar match for level 5 performance. Employer matching
contributions and tax-deferred contributions are 100% vested at all times.
Exempt employees are not
F-6
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
eligible for Employer matching contributions. Furthermore, participants who
terminate employment during the year are not eligible for Employer matching
contributions unless the termination is due to the participant's retirement,
death, disability or a reduction in force.
The value of each participant's aggregate deposits can be invested in accordance
with that participant's election in one or more of the following investment
funds in any whole percentage:
Whirlpool Stock Fund
Consists exclusively of stock in Whirlpool Corporation for those who want
to share in the potential growth of Whirlpool Corporation. Since this
investment is in shares of an individual stock, the potential return will
depend on Whirlpool's performance.
Putnam New Opportunities Fund
Aggressively seeks long-term capital appreciation by investing primarily in
common stocks of companies within certain emerging industry groups that
offer above-average potential for growth.
EuroPacific Growth Fund
Aggressively seeks higher long-term returns by investing primarily in
common and preferred stock of companies located outside the United States,
as well as in fixed-income securities and other short-term securities.
Heartland Value Fund
Aggressively seeks higher long-term returns by investing primarily in
common and preferred stocks of companies located in the Unites States with
small-market capitalizations, as well as in fixed-income securities and
other short-term securities.
F-7
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Putnam Voyager Fund
Seeks aggressive capital appreciation by investing primarily in a
combination of stocks of smaller companies expected to grow over time, as
well as stocks of larger, more established corporations.
Putnam Income Fund
Seeks current income consistent with prudent risk by investing primarily in
corporate bonds from creditworthy companies.
Stable Value Fund
Seeks a stable rate of return while preserving principal by investing in a
diversified portfolio of investment contracts and other fixed-income
securities. This fund includes investments selected prospectively by
Putnam Investments for Whirlpool participants, as well as investments
previously negotiated by Whirlpool Corporation.
The Asset Allocation Portfolios described below are a mix of stocks, bonds,
and money market instruments adjusted by Putnam's investment team to take
advantage of market conditions. The three funds differ for the most part
in the percentages of stocks they contain compared to bonds and money
market instruments. Participants select the portfolio that is most
consistent with their lifestyle and financial needs. Each of the
portfolios are managed for long-term results and changes are made to each
portfolio depending on its goals.
Putnam Asset Allocation: Growth Portfolio
For more aggressive investors who will accept more risk in exchange for
higher growth potential. Diversification is among different types of
stocks, with some investment in bond and money market instruments.
Putnam Asset Allocation: Balanced Portfolio
For investors who want an investment with moderate risk and potential for
moderate growth. Risk is reduced because of the balance between the
relative stability of bonds and the fluctuation of stocks.
F-8
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Putnam Asset Allocation: Conservative Portfolio
For investors who are willing to assume reduced potential for growth in
exchange for less risk. Risk is reduced through substantial investments in
investment-grade bonds, while a portion remains in stocks to help
investments stay ahead of inflation.
Prior to June 30, 1996, participants could direct their aggregate deposits in
the following funds in addition to the Whirlpool Stock Fund, the EuroPacific
Growth Fund, and the Heartland Value Fund:
Index Fund
The objective of the Index Fund is to closely match the performance of the
Standard and Poor's 500 Index. This fund is 100% invested in the Woodward
Equity Index Fund. Because the fund is a broadly diversified fund, it may
invest in securities of Whirlpool or its subsidiaries.
Equity Growth Fund
The objective of the Equity Growth Fund is to achieve long-term capital
appreciation from common stocks. This fund is 100% invested in the IDS New
Dimensions Fund, Inc. Because the fund is a broadly diversified fund, it
may from time to time invest in securities of Whirlpool or its
subsidiaries.
Income Fund
The objective of the Income Fund is to earn a consistent return with
stability of principal. The fund is invested in guaranteed investment
contracts and a common trust fund. The underlying securities of the common
trust fund include U.S. government bonds, Treasury notes, and corporate
bonds.
Balanced Fund
The objective of the Balanced Fund is to allow the investor to benefit from
periods of strength in both the stock and bond markets while helping to
reduce the risk of investing in a single market. It allows the participant
to
F-9
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
utilize the expertise of a professional to make the critical asset mix
decision.
This fund is 100% invested in IDS Investment Series, Inc. Because the fund
is a broadly diversified fund, it may, from time to time, invest in
securities of Whirlpool or its subsidiaries.
Money Market Fund
The objective of the Money Market Fund is to earn a good return for
investments concurrent with preservation of capital and liquidity. The
Money Market Fund is invested in obligations issued or guaranteed by the
U.S. government or its agencies, high quality certificates of deposit, time
deposits, bankers' acceptances, variable rate master notes, commercial
paper, and repurchase agreements.
Deposits and withdrawals from each investment fund and transfers among
investment funds are made at the direction of the participants' elections. The
Employer is responsible for determining that such transactions are in accordance
with the Plan.
Income, including market value adjustments, under each of these funds is
allocated to the participants' accounts daily based on each participant's equity
in the fund.
Employer matching contributions are initially invested in the Whirlpool Stock
Fund (but may subsequently be transferred to another investment fund in
accordance with provisions of the Plan).
Plan investments are made in the manner specified in the Trust agreement and in
accordance with the stated investment policies of the respective funds. To the
extent monies available for investment are not immediately invested, as provided
in the investment policy of each fund, such monies are temporarily invested in
short-term income investments. All investments are made in light of a
continuing evaluation of economic and market conditions that may cause such
investment policy to vary from time to time.
The Plan makes loans to participants in amounts up to the lesser of $50,000 or
50% of a participant's account balance, with a minimum loan amount of $500.
Each such loan is allocated to a separate loan account and treated for
investment purposes as an investment of the account of the participant who
received the loan.
F-10
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies
Investments Held by the Trust
All the investments of the Plan are held by the Trust. For the period January
1, 1996 to June 30, 1996, NBD Bank was the custodian of the Trust's assets.
Effective July 1, 1996, custodianship was transferred to Putnam Investment
Company. The custodian invests all assets of the Trust except as follows:
(i) The Individual Trustees direct the investment of the Whirlpool Stock Fund;
(ii) the Individual Trustees also direct the extent to which the assets credited
to the Income Fund are invested in guaranteed principal and interest contracts
with insurance companies and used to purchase wrap contracts issued by banks and
insurance companies and options, futures and other types of investments; and
(iii) the Individual Trustees may direct that a specified percentage of the
assets credited to any or all of the investment fund or funds be allocated to
one or more separate accounts within said investment fund and invested in
accordance with the direction of the Individual Trustees or an investment
manager designated by the Individual Trustees.
Contributions, loan distributions and repayments, and participant withdrawals
are specifically identified to the fund or funds within the Trust to which
assets of the Plan are credited. Investment income and related expenses of the
Trust are allocated to the investment funds based on each investment fund's
proportionate share of the current value of the Trust assets at the end of each
month.
Valuation of Investments
The Plan's investments represent the Plan's share of the Trust's investments.
The Plan's group annuity contracts and guaranteed investment contract are stated
at contract value as reported by the insurance companies. Contract value
represents contributions made under the contract, plus interest at the contract
rate, less the insurance companies' administrative expenses. Whirlpool common
stock is valued at the last reported sales price on a national securities
exchange on the last business day of the Plan year. The fair value of the
participation units owned by the Plan in the common trust funds and mutual funds
is based on quoted redemption values on the last business day of the Plan year.
Participant loans are valued at cost, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the ex-
dividend date.
Plan Expenses
In general, plan expenses, except for broker commissions and portfolio
transaction fees, are paid by Whirlpool.
F-11
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Trustees to make estimates and assumptions
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
3. Investments
A summary of the investments held at December 31 is as follows:
December 31
1996 1995
----------------------------
Investments, at fair value:
Mutual funds $281,588,580 $ --
Common trust funds 41,793,526 263,768,324
Common stock of Whirlpool:
(1,199,586 shares at December 31,
1996; 1,243,040 shares at
December 31, 1995) 55,930,639 66,191,880
Investments, at contract value:
Group annuity contract 19,887,187
Guaranteed investment contracts 68,938,488 60,251,783
Investment, at cost:
Participant loans 19,838,946 15,312,081
----------------------------
Total investments $468,090,179 $425,411,255
============================
The group annuity contract with Lincoln National Life Insurance Company had an
average yield of 9.0% and 9.32% in 1996 and 1995, respectively. The credited
interest rate was 8.81% and 9.25% in 1996 and 1995, respectively. The contract
matured in 1996.
F-12
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
3. Investments (continued)
The guaranteed investment contract with Security of Life Denver Insurance
Company had an average yield of 5.90% and 6.97% in 1996 and 1995, respectively.
The credited interest rate, which is adjusted annually on April 1, was 5.06% and
6.86% in 1996 and 1995, respectively. The fair value of the wrapper contract is
$(1,980,921), and the fair value of the underlying investments with Lotsoff
Capital Management is $61,933,927 at December 31, 1996.
The John Hancock Mutual Life Insurance Company insurance contract had an average
yield of 5.8% in 1996. The credited interest rate was 6.04% in 1996. The
credited interest rate is fixed for the life of the contract. The fair value of
the contract is $5,009,216 at December 31, 1996.
The fair value of individual investments that represent 5% or more of the Plan's
assets is as follows:
December 31
1996 1995
----------------------------
Heartland Value Fund $ 28,148,402 $ 12,882,721
Putnam Asset Allocation: Balanced Portfolio 38,313,040 --
Putnam Voyager Fund 166,479,169 --
Whirlpool Common Stock 55,930,639 66,191,880
Security Life of Denver guaranteed investment contract 63,914,848 60,251,783
Boston Safe Deposit & Trust Company Short
Term Investment Fund 41,793,526 --
Woodward Equity Index Fund -- 57,060,824
PIMCO Funds, low duration portfolio -- 25,903,956
IDS New Dimensions Fund, Inc. -- 102,259,508
IDS Investment Series Inc., common -- 31,126,659
NBD Master Trust Money Market Fund -- 29,017,615
F-13
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
4. Detail of the Allocation of Plan Assets
Detail of the allocation of Plan assets as of December 31, 1996, follows:
Putnam
Whirlpool New EuroPacific Heartland Putnam Putnam
Stock Opportunities Growth Value Voyager Income
Fund Fund Fund Fund Fund Fund
-----------------------------------------------------------------------------------
Contributions receivable $ - $ - $ - $ - $ - $ -
Interest and dividends
receivable - - - - - -
Investments: - - - - - -
Mutual Funds - 21,133,369 13,688,148 28,148,188 166,479,169 4,758,430
Common trust fund - - - - - -
Common stock of Whirlpool
Corporation 55,930,639 - - - - -
Guaranteed investment contracts - - - - - -
Participant loans - - - - - -
-----------------------------------------------------------------------------------
Total investments 55,930,639 21,133,369 13,688,148 28,148,188 166,479,169 4,758,430
-----------------------------------------------------------------------------------
Assets available for benefits $55,930,639 $ 21,133,369 $13,688,148 $ 28,148,188 $166,479,169 $ 4,758,430
===================================================================================
Putnam Putnam Putnam
Asset Asset Asset
Stable Allocation: Allocation: Allocation: Contributions
Value Growth Conservative Balanced Pending Participant
Fund Portfolio Portfolio Portfolio Allocation Loans Total
--------------------------------------------------------------------------------------------------
Contributions receivable $ - $ - $ - $ - $ 13,747,271 $ - $ 13,747,271
Interest and dividends receivable 160,165 - - - - - 160,165
Investments: - - - - - - -
Mutual Funds - 5,029,055 38,313,040 4,039,181 - - 281,588,580
Common trust fund 41,793,526 - - - - - 41,793,526
Common stock of Whirlpool
Corporation - - - - - - 55,930,639
Guaranteed investment contracts 68,938,488 - - - - - 68,938,488
Participant loans - - - - - 19,838,946 19,838,946
--------------------------------------------------------------------------------------------------
Total investments 110,732,014 5,029,055 38,313,040 4,039,181 - 19,838,946 468,090,179
--------------------------------------------------------------------------------------------------
Assets available for benefits $110,892,179 $ 5,029,055 $38,313,040 $ 4,039,181 $ 13,747,271 $19,838,946 $481,997,615
==================================================================================================
Detail of the allocation of Plan assets as of December 31, 1995, follows:
Equity Whirlpool EuroPacific
Index Growth Stock Income Balanced Growth
Fund Fund Fund Fund Fund Fund
-----------------------------------------------------------------------------------
Contributions receivable $ - $ - $ - $ - $ - $ -
Interest and dividends
receivable - - 423,607 130,441 - -
Investments:
Common trust funds 57,091,495 102,259,508 212,766 52,538,242 31,126,659 5,517,039
Common stock of Whirlpool - - 66,191,880 - - -
Group annuity contract - - - 19,887,187 - -
Guaranteed investment contract - - - 60,251,783 - -
Participant loans - - - - - -
-----------------------------------------------------------------------------------
Total investments 57,091,495 102,259,508 66,404,646 132,677,212 31,126,659 5,517,039
-----------------------------------------------------------------------------------
Assets available for benefits $57,091,495 $102,259,508 $66,828,253 $132,807,653 $ 31,126,659 $ 5,517,039
===================================================================================
Heartland Money Contributions
Value Market Participant Pending
Fund Fund Loans Allocation Total
--------------------------------------------------------------------
Contributions receivable $ - $ - $ - $ 7,783,258 $ 7,783,258
Interest and dividends
receivable - 942 - 289 555,279
Investments:
Common trust funds 12,882,721 2,093,059 - 46,835 263,768,324
Common stock of Whirlpool - - - - 66,191,880
Group annuity contract - - - - 19,887,187
Guaranteed investment contract - - - - 60,251,783
Participant loans - - 15,312,081 - 15,312,081
--------------------------------------------------------------------
Total investments 12,882,721 2,093,059 15,312,081 46,835 425,411,255
--------------------------------------------------------------------
Assets available for benefits $ 12,882,721 $ 2,094,001 $15,312,081 $ 7,830,382 $433,749,792
====================================================================
F-14
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
5. Detail of Statement of Changes in Assets Available for Plan Benefits
Detail of statement of changes in assets available for plan benefits for the
year ended December 31, 1996.
Equity
Index Growth Income
Fund Fund Fund
--------------------------------------------------
Assets available for benefits at
beginning of year $ 57,091,495 $ 102,259,508 $ 132,807,653
Dividends on Whirlpool common stock -- -- --
Other dividends 715,000 1,071 881,616
Interest 29,067 10,222 1,491,387
--------------------------------------------------
744,067 11,293 2,373,003
Net realized and unrealized
appreciation in fair value of
investments:
Whirlpool common stock -- -- --
Investments other than Whirlpool
common stock 5,155,581 12,893,183 1,313,227
--------------------------------------------------
5,155,581 12,893,183 1,313,227
Employer contributions -- -- --
Employee contributions 3,322,673 5,431,966 4,483,933
--------------------------------------------------
3,322,673 5,431,966 4,483,933
Participant withdrawals (2,202,830) (2,973,781) (13,611,141)
Loans issued (1,185,230) (1,969,447) (1,594,223)
Loan repayments 747,237 1,258,775 1,197,481
Administrative expenses (33,760) (14,745) (14,770)
Interfund transfers 415,986 2,450,322 (6,156,702)
Transfers to (from) custodians (64,055,219) (119,347,074) (120,798,461)
--------------------------------------------------
Assets available for benefits at end of
year $ -- $ -- $ --
==================================================
Putnam
Money Whirlpool New EuroPacific Heartland Putnam
Balanced Market Stock Opportunities Growth Value Voyager
Fund Fund Fund Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------
$ 31,126,659 $ 2,094,001 $66,828,253 $ - $ 5,517,039 $12,882,721 $ -
- - 1,698,883 - - - -
647,237 57,233 - 165,755 407,048 1,774,806 10,485,282
1,666 24 4,119 - 91 208 -
- --------------------------------------------------------------------------------------------------------------
648,903 57,257 1,703,002 165,755 407,139 1,775,014 10,485,282
- - (7,832,687) - - - -
624,860 - - (520,234) 1,224,825 2,067,252 (10,856,941)
- --------------------------------------------------------------------------------------------------------------
624,860 - (7,832,687) (520,234) 1,224,825 2,067,252 (10,856,941)
- - - - - -
2,050,565 525,200 6,667,167 2,084,331 1,632,630 3,906,800 8,461,046
- --------------------------------------------------------------------------------------------------------------
2,050,565 525,200 6,667,167 2,084,331 1,632,630 3,906,800 8,461,046
(1,443,877) (757,942) (3,593,706) (379,201) (603,692) (1,022,913) (4,259,199)
(552,960) (43,126) (3,265,875) (234,550) (257,253) (563,599) (2,403,798)
414,138 20,781 1,821,173 235,561 219,985 525,431 2,273,710
(4,888) (384) (21,384) 1,111 (419) (2,162) (7,755)
(262,096) 928,326 (6,375,304) 19,780,596 5,547,894 8,579,644 (20,706,471)
(32,601,304) (2,824,113) - - - - 183,493,295
- --------------------------------------------------------------------------------------------------------------
$ - $ - $55,930,639 $21,133,369 $13,688,148 $28,148,188 $166,479,169
==============================================================================================================
Putnam Putnam Putnam
Asset Asset Asset
Putnam Stable Allocation: Allocation: Allocation: Contributions
Income Value Growth Conservative Balanced Pending Participant
Fund Fund Portfolio Portfolio Portfolio Allocation Loans Total
- ---------------------------------------------------------------------------------------------------------------------
$ - $ - $ - $ - $ - $ 7,830,382 $ 15,312,081 $433,749,792
- - - - - - - 1,698,883
94,231 - 229,863 2,536,951 195,273 - - 18,191,366
- 3,240,495 - - - - 1,571,682 6,348,961
- ---------------------------------------------------------------------------------------------------------------------
94,231 3,240,495 229,863 2,536,951 195,273 - 1,571,682 26,239,210
- - - - - - - (7,832,687)
29,479 - (28,564) 198,282 (71,171) - - 12,029,779
- ---------------------------------------------------------------------------------------------------------------------
29,479 - (28,564) 198,282 (71,171) - - 4,197,092
- - - - - 7,358,765 - 7,358,765
1,205,988 4,990,194 603,076 2,606,658 349,146 5,586,028 - 53,907,401
- ---------------------------------------------------------------------------------------------------------------------
1,205,988 4,900,194 603,076 2,606,658 349,146 12,944,793 - 61,266,166
(166,106) (10,003,439) (148,217) (1,624,765) (59,485) - (501,023) (43,351,317)
(24,651) (1,142,132) (24,965) (478,217) (16,612) - 13,756,638 -
14,872 1,084,389 32,867 431,041 14,816 - (10,292,257) -
(65) 4,702 (126) (486) (22) - (8,175) (103,328)
3,604,682 (10,813,602) 4,365,121 2,042,272 3,627,236 (7,027,904) - -
- 123,531,572 - 32,601,304 - - - -
- ---------------------------------------------------------------------------------------------------------------------
$4,758,430 $110,892,179 $5,029,055 $38,313,040 $4,039,181 $13,747,271 $ 19,838,946 $481,997,615
=====================================================================================================================
F-15
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
5. Detail of Statement of Changes in Assets Available for Plan Benefits
(continued)
Detail of statement of changes in assets available for plan benefits for the
year ended December 31, 1995, follows:
Equity Whirlpool
Index Growth Stock Income Balanced
Fund Fund Fund Fund Fund
-----------------------------------------------------------------------
Assets available for benefits at
beginning of year (as restated) $40,484,303 $ 74,022,808 $70,812,067 $121,725,940 $27,137,000
Dividends on Whirlpool common stock - - 1,888,189 - -
Other dividends 1,258,326 7,775,877 - 1,360,146 1,250,600
Interest 183,625 321,423 270,752 4,890,366 100,163
-----------------------------------------------------------------------
1,441,951 8,097,300 2,158,941 6,250,512 1,350,763
Net realized and unrealized appreciation
in fair value of investments:
Whirlpool common stock - - 4,811,509 - -
Investments other than Whirlpool
common stock 13,938,029 22,422,860 - 1,907,942 5,078,717
-----------------------------------------------------------------------
13,938,029 22,422,860 4,811,509 1,907,942 5,078,717
Employer contributions - - - - -
Employee contributions 5,187,303 8,844,682 6,965,286 8,133,995 3,484,754
-----------------------------------------------------------------------
5,187,303 8,844,682 6,965,286 8,133,995 3,484,754
Participant withdrawals (2,220,324) (3,708,127) (3,910,029) (23,812,045) (2,425,763)
Loans issued (1,518,255) (2,727,039) (3,481,654) (2,562,529) (788,307)
Loan repayments 972,459 1,712,162 1,425,718 1,624,588 600,076
Administrative expenses (43,374) (21,728) (39,716) (27,878) (7,369)
Interfund transfers (1,150,597) (6,383,410) (11,913,869) 19,567,128 (3,303,212)
-----------------------------------------------------------------------
Assets available for benefits at
end of year $57,091,495 $102,259,508 $66,828,253 $132,807,653 $31,126,659
=======================================================================
EuroPacific Heartland Money
Growth Value Market Participant
Fund Fund Fund Loans
-----------------------------------------------------------
Assets available for benefits at
beginning of year (as restated) $ - $ - $ - $11,290,487
Dividends on Whirlpool common stock - - - -
Other dividends 102,092 56,596 85,888 -
Interest 15,784 25,742 3,644 -
-----------------------------------------------------------
117,876 82,338 89,532 -
Net realized and unrealized appreciation
in fair value of investments:
Whirlpool common stock - - - -
Investments other than Whirlpool
common stock 409,392 -
1,370,025 - -
-----------------------------------------------------------
409,392 1,370,025 - -
Employer contributions - - - -
Employee contributions 738,371 1,139,333 227,996 -
-----------------------------------------------------------
738,371 1,139,333 227,996 -
Participant withdrawals (49,928) (67,898) (511,395) (758,983)
Loans issued (79,649) (173,662) (46,742) 11,377,837
Loan repayments 92,753 142,340 27,164 (6,597,260)
Administrative expenses (758) (1,868) (499) -
Interfund transfers 4,288,982 10,392,113 2,307,945 -
-----------------------------------------------------------
Assets available for benefits at
end of year $5,517,039 $12,882,721 $2,094,001 $15,312,081
===========================================================
Contributions
Pending
Allocation Total
---------------------------------------
Assets available for benefits at
beginning of year (as restated) $13,857,650 $359,330,255
Dividends on Whirlpool common stock - 1,888,189
Other dividends - 11,889,525
Interest - 5,811,499
---------------------------------------
- 19,589,213
Net realized and unrealized appreciation
in fair value of investments:
Whirlpool common stock - 4,811,509
Investments other than Whirlpool
common stock - 45,126,965
---------------------------------------
- 49,938,474
Employer contributions 3,410,838 3,410,838
Employee contributions 4,372,420 39,094,140
---------------------------------------
7,783,258 42,504,978
Participant withdrawals - (37,464,492)
Loans issued - -
Loan repayments - -
Administrative expenses (5,446) (148,636)
Interfund transfers (13,805,080) -
---------------------------------------
Assets available for benefits at
end of year $ 7,830,382 $433,749,792
=======================================
F-16
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
6. Income Tax Status
The Internal Revenue Service ruled on March 27, 1995, that the Plan qualified
under section 401(a) of the Internal Revenue Code (IRC) and that the related
trust is tax-exempt under section 501(a) of the IRC. The Plan has been amended
since receiving the determination letter. In addition, in order to maintain its
qualified status, the Plan must be operated in accordance with the terms of the
Plan document and the requirements of the IRC. The Plan Administrator believes
that the Plan is designed and is currently being operated in compliance with the
applicable requirements of the IRC.
F-17
Supplemental Schedules
F-18
Whirlpool 401(k) Plan
Line 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
Number of Contract/
Shares Current
Description of Investment or Units Cost Value
- ------------------------------------------------------------------------------------------------------------
Mutual funds:
EuroPacific Growth Fund* 525,659 units $ 12,595,099 $ 13,688,148
Heartland Value Fund* 889,358 units 26,268,689 28,148,188
Putnam* Asset Allocation: Growth Portfolio 446,234 units 5,072,034 5,029,055
Putnam* Asset Allocation: Balanced Portfolio 421,187 units 4,122,853 4,039,181
Putnam* Asset Allocation: Conservative Portfolio 3,652,239 units 38,273,804 38,313,040
Putnam* Income Fund 678,806 units 4,751,563 4,758,430
Putnam* New Opportunities Fund 516,708 units 21,661,976 21,133,369
Putnam* Voyager Fund 10,232,278 units 176,867,386 166,479,169
--------------------------
289,613,404 281,588,580
Boston Safe Deposit & Trust Company Short-Term
Investment Fund 41,793,526 units 41,793,526 41,793,526
Whirlpool Corporation* common stock 1,199,586 shares 57,394,516 55,930,639
Insurance contracts:
Security Life of Denver Insurance Company* guranteed
investment contract, #SC0119, 5.06% 63,914,329 63,914,329
John Hancock Mutual Life Insurance Company*
guaranteed insurance contract, #8722GAC, 6.04% 5,024,159 5,024,159
--------------------------
68,938,488 68,938,488
Participant Loans 19,838,946
--------------------------
Total investments $457,739,934 $468,090,179
==========================
*Party in interest.
F-19
Whirlpool 401(k) Plan
Line 27d - Schedule of Reportable Transactions
Year ended December 31, 1996
Current
Value
of Asset on
Identity of Purchase Selling Cost of Transaction Net Gain
Party Involved Description of Assets Price Price Asset Date (Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
Category (iii) - Series of transactions in excess of 5% of plan assets
- ---------------------------------------------------------------------
NBD Bank* Woodward Equity Index $ 76,054,381 $ -- $ -- $ 76,054,381 $ --
Fund -- 138,271,083 119,566,450 138,271,083 18,704,633
PIMCO Funds, low 881,615 -- -- 881,615 --
duration portfolio 26,239,647 26,791,765 26,239,647 (552,118)
NBD Master Trust Money 119,934,758 -- -- 111,934,758 --
Market Fund 140,952,373 140,952,373 140,952,373 --
IDS New Dimensions 11,080,213 -- -- 11,080,213 --
Fund Inc. 126,232,904 95,415,975 -- 30,816,929
IDS Investments Series 4,474,923 -- -- 4,474,923 --
Inc. Common 36,226,441 33,906,650 -- 2,319,791
Putnam Investment New Opportunities Fund 25,507,548 -- -- 25,507,548 --
Company* -- 3,853,945 3,845,572 -- 8,373
Voyager Fund 210,976,138 -- -- 210,976,138 --
33,640,819 34,108,752 -- (467,933)
American Funds* Heartland Value Fund 20,723,478 -- -- 20,723,478 --
-- 7,289,561 6,674,271 7,289,561 615,290
Whirlpool Corporation* Common stock 22,083,441 -- -- 22,083,441 --
-- 23,226,947 20,900,646 23,226,947 2,326,301
*Party in interest.
Note: There were no category (i), (ii), or (iv) reportable transactions for the
year ended December 31, 1996.
Expenses related to the purchase and sales of investments are included in the
cost of the investment or the proceeds from the sale and are not separately
identified.
F-20
Exhibit Index
--------------
Sequential
Exhibit No. Document Page Number*
- ----------- -------- ------------
23 Consent of Ernst & Young
_____________________________________
*This information appears only in the manually signed original of the Form 11-K