Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Preliminary Allocation of Purchase Price

The following table presents the preliminary allocation of purchase price related to the Hefei Sanyo and Indesit acquisitions, as of their respective dates of acquisition:



Millions of dollars	Hefei Sanyo⁽¹⁾			Indesit
Cash	$	98		$	77
Accounts receivable	81			891
Inventory	137			471
Other current assets	354			288
Property, plant and equipment	169			854
Goodwill	451			667
Identified intangible assets	372			822
Other non-current assets	317			162

Total assets acquired	1,979			4,232

Accounts payable	(181		)	(631		)
Short-term notes payable	(226		)	(555		)
Other current liabilities	(91		)	(622		)
Non-current liabilities	(133		)	(987		)

Total liabilities assumed	(631		)	(2,795		)

Net assets acquired	$	1,348		$	1,437

⁽¹⁾ We purchased a 51% controlling interest in Hefei Sanyo's net assets described in the table; the non-controlling interest was valued at $801 million, the market value of the stock price of the shares purchased on the date of acquisition

Summary of Preliminary Estimated Fair Value of Identifiable Intangible Assets Acquired

The Company has preliminarily estimated the fair value of Hefei Sanyo and Indesit's identifiable intangible assets as follows:



	Hefei Sanyo			Indesit
Millions of dollars	Estimated Fair Value		Estimated Useful Life	Estimated Fair Value		Estimated Useful Life
Trademarks-indefinite lived	$	42		$	535
Customer relationships	230		13-16 years	134		5-19 years
Patents and other intangibles	100		3-10 years	153		6-15 years

	$	372		$	822

Summary of Pro Forma Information

The following table provides pro forma results of operations for the years ended December 31, 2014 and 2013, as if Hefei Sanyo and Indesit had been acquired as of January 1, 2013. The pro forma results include certain purchase accounting adjustments such as the estimated changes in depreciation and amortization expense on acquired tangible and intangible assets as well as interest expense on borrowings used to finance the acquisitions. Additionally, the pro forma results include adjustments to convert Hefei Sanyo and Indesit’s historical results from local accounting standards to U.S. GAAP. Pro forma results do not include any anticipated cost savings or other effects of the planned integration of these acquisitions. Accordingly, such amounts are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future.



	Year Ended December 31,
Millions of dollars, except per share data	2014		2013
Net sales	$	23,204	$	23,109

Net earnings available to Whirlpool	691		791

Diluted net earnings per share	$	8.68	$	9.79