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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2015
Business Combinations [Abstract] |
Schedule of Preliminary Allocation of Purchase Price | The following table presents the latest preliminary allocation of purchase price related to the Hefei Sanyo and Indesit acquisitions, as of their respective dates of acquisition. Adjustments made to the opening balance sheet in the three months ended March 31, 2015 include a $14 million decrease to Hefei Sanyo's goodwill resulting from a reassessment of uncertain tax positions, and a $22 million increase to Indesit's goodwill primarily to reflect a revaluation of current and deferred tax liabilities. In addition, we have performed a balance sheet reclassification between notes payable and other current liabilities in order to conform to Whirlpool's financial statement presentation.
Millions of dollars |  | Hefei Sanyo(1) |  | Indesit
Cash |  | $ | 98 |  |  | $ | 77 |
Accounts receivable |  | 81 |  |  | 888 |
Inventory |  | 137 |  |  | 471 |
Other current assets |  | 354 |  |  | 288 |
Property, plant and equipment |  | 169 |  |  | 854 |
Goodwill |  | 437 |  |  | 689 |
Identified intangible assets |  | 372 |  |  | 822 |
Other non-current assets |  | 317 |  |  | 162 |
Total assets acquired |  | 1,965 |  |  | 4,251 |
Accounts payable |  | (181 | ) |  | (631 | )
Short-term notes payable |  | — |  |  | (557 | )
Other current liabilities |  | (307 | ) |  | (630 | )
Non-current liabilities |  | (129 | ) |  | (996 | )
Total liabilities assumed |  | (617 | ) |  | (2,814 | )
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's preliminary estimates regarding the fair value of Hefei Sanyo and Indesit's identifiable intangible assets have not changed in the three months ended March 31, 2015, as presented below:
|  | 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 three months ended March 31, 2014, as if Hefei Sanyo and Indesit had been acquired as of January 1, 2014. 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.
|  | Three Months Ended March 31,
Millions of dollars, except per share data |  | 2014
Net sales |  | $ | 5,355 |
Net earnings available to Whirlpool |  | 149 |
Diluted net earnings per share |  | $ | 1.88 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472 + Details
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