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Financing Arrangements | 12 Months Ended
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Dec. 31, 2013
Debt Disclosure [Abstract] |
Financing Arrangements | FINANCING ARRANGEMENTS Debt The following table summarizes our debt at December 31, 2013 and 2012:
Millions of dollars |  |  | 2013 |  | 2012
Medium-term note—5.5%, matured 2013 |  |  | $ | — |  |  | $ | 500 |
Maytag medium-term note—6.5%, maturing 2014 |  |  | 100 |  |  | 101 |
Senior note—8.6%, maturing 2014 |  |  | 500 |  |  | 500 |
Maytag medium-term note—5.0%, maturing 2015 |  |  | 198 |  |  | 196 |
Senior note—6.5%, maturing 2016 |  |  | 250 |  |  | 250 |
Debentures—7.75%, maturing 2016 |  |  | 244 |  |  | 244 |
Senior note—4.85%, maturing 2021 |  |  | 300 |  |  | 300 |
Senior note—4.70%, maturing 2022 |  |  | 300 |  |  | 300 |
Senior note—3.70% maturing 2023 |  |  | 250 |  |  | — |
Senior note—5.15% maturing 2043 |  |  | 250 |  |  | — |
Other (various maturing through 2019) |  |  | 61 |  |  | 63 |
|  |  | 2,453 |  |  | 2,454 |
Less current maturities |  |  | 607 |  |  | 510 |
Total long-term debt |  |  | $ | 1,846 |  |  | $ | 1,944 |
The following table summarizes the contractual maturities of our debt, including current maturities, at December 31, 2013:
Millions of dollars |  |
2014 |  | $ | 607 |
2015 |  | 212 |
2016 |  | 508 |
2017 |  | 9 |
2018 |  | 8 |
Thereafter |  | 1,109 |
Debt, including current maturities |  | $ | 2,453 |
The fair value of long-term debt (including current maturities) was $2.6 billion at December 31, 2013 and 2012 and was estimated using a discounted cash flow analysis based on incremental borrowing rates for similar types of borrowing arrangements. In March 2013, $500 million of 5.50% notes matured and were repaid. On February 27, 2013, we completed a debt offering of $250 million principal amount of 3.70% notes due in 2023 and $250 million principal amount of 5.15% notes due in 2043 (collectively, the "Notes"). The Notes contain covenants that limit our ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Notes are registered under the Securities Act of 1933 (the "Securities Act"), as amended, pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-181339) filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2012. On May 1, 2012, $350 million of 8.00% notes matured and were repaid. On June 1, 2012, we completed a debt offering of $300 million principal amount of 4.70% notes due June 1, 2022 (the “2022 Notes”). The 2022 Notes contain covenants that limit our ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the 2022 Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The 2022 Notes are registered under the Securities Act, pursuant to our Registration Statement on Form S-3 (File No. 333-181339) filed with the SEC on May 11, 2012. We have a $1.725 billion committed credit facility maturing on June 28, 2016 which includes a $200 million letter of credit sub-facility. Borrowings under the credit facility are available to us and designated subsidiaries for general corporate purposes, including commercial paper support. Subsidiary borrowings under this facility, if any, are guaranteed by Whirlpool Corporation. Interest under the credit facility accrues at a variable annual rate based on LIBOR plus a margin or the prime rate plus a margin. The margin is dependent on our credit rating at that time. The credit facility requires us to meet certain leverage and interest coverage requirements. We will incur a commitment fee based on Whirlpool's credit rating for any unused portion of the credit facility. At December 31, 2013 and 2012, we had no borrowings outstanding under this credit agreement and are in compliance with all financial covenant requirements. We have committed credit facilities in Brazil, which provide borrowings up to 1,120 million Brazilian reais (approximately $478 million as of December 31, 2013) maturing in 2014 and in 2015. The credit facilities contain no financial covenants and we had no borrowings outstanding under these credit facilities at December 31, 2013 and 2012. Notes Payable Notes payable, which consist of either short-term borrowings payable to banks or commercial paper, are generally used to fund working capital requirements. The fair value of our notes payable approximates the carrying amount due to the short maturity of these obligations. We had no commercial paper outstanding at December 31, 2013 and 2012.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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