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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2015
Business Combinations [Abstract] |
Schedule of Preliminary Allocation of Purchase Price | The following table presents the final allocation of purchase price related to the Whirlpool China and Indesit acquisitions, as of their respective dates of acquisition. Adjustments made to the opening balance sheet in the nine months ended September 30, 2015 include an $8 million increase to Whirlpool China's goodwill resulting primarily from a reassessment of deferred tax assets, a $296 million increase to Indesit's goodwill primarily reflecting the recognition of a corrective action on certain heritage Indesit products, a revaluation of current and deferred tax liabilities, an increase in trade partner incentives, and an increase in environmental liabilities. Additional information about the corrective action can be found in Note 7 in the Company's Consolidated Condensed Financial Statements. In addition, we have performed certain balance sheet reclassifications between notes payable and other current liabilities and between accounts payable and other current liabilities, in order to conform to Whirlpool's financial statement presentation. The effect of these adjustments would not have a material impact to net earnings for the nine months ended September 30, 2015 if they would have been previously recognized as of the acquisition date.
Millions of dollars |  | Whirlpool China(1) |  | Indesit
Cash |  | $ | 98 |  |  | $ | 77 |
Accounts receivable |  | 78 |  |  | 886 |
Inventory |  | 135 |  |  | 471 |
Other current assets |  | 354 |  |  | 288 |
Property, plant and equipment |  | 169 |  |  | 854 |
Goodwill |  | 459 |  |  | 963 |
Identified intangible assets |  | 372 |  |  | 822 |
Other non-current assets |  | 313 |  |  | 185 |
Total assets acquired |  | 1,978 |  |  | 4,546 |
Accounts payable |  | (181 | ) |  | (866 | )
Short-term notes payable |  | — |  |  | (557 | )
Other current liabilities |  | (307 | ) |  | (410 | )
Non-current liabilities |  | (142 | ) |  | (1,276 | )
Total liabilities assumed |  | (630 | ) |  | (3,109 | )
Net assets acquired |  | $ | 1,348 |  |  | $ | 1,437 |
(1) We purchased a 51% controlling interest in Whirlpool China'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 final estimates regarding the fair value of Whirlpool China and Indesit's identifiable intangible assets are presented below. These estimates did not change in the nine months ended September 30, 2015:
|  | Whirlpool China |  | 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 nine months ended September 30, 2014, as if Whirlpool China 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 Whirlpool China 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.
|  | Nine Months Ended September 30,
Millions of dollars, except per share data |  | 2014
Net sales |  | $ | 17,046 |
Net earnings available to Whirlpool |  | $ | 599 |
Diluted net earnings per share |  | $ | 7.53 |

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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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