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v3.21.1

Basis of Presentation (Tables) | 3 Months Ended
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Mar. 31, 2021
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following tables reflect the effect of the change in accounting principle on our current period Consolidated Condensed Financial Statements (in millions except for per share amounts):
Consolidated condensed statement of comprehensive income (loss) for the quarter ended March 31, 2021: |  | As Computed under LIFO |  | Effect of Change |  | As Reported under FIFO
Cost of products sold |  | $ | 4,213 |  |  | $ | (3) |  |  | $ | 4,210 |
Gross margin |  | $ | 1,145 |  |  | $ | 3 |  |  | $ | 1,148 |
Operating profit |  | $ | 615 |  |  | $ | 3 |  |  | $ | 618 |
Earnings before income taxes |  | $ | 596 |  |  | $ | 3 |  |  | $ | 599 |
Income tax expense (benefit) |  | $ | 158 |  |  | $ | 1 |  |  | $ | 159 |
Net earnings |  | $ | 438 |  |  | $ | 2 |  |  | $ | 440 |
Net earnings available to Whirlpool |  | $ | 431 |  |  | $ | 2 |  |  | $ | 433 |
Basic net earnings available to Whirlpool |  | $ | 6.84 |  |  | $ | 0.03 |  |  | $ | 6.87 |
Diluted net earnings available to Whirlpool |  | $ | 6.78 |  |  | $ | 0.03 |  |  | $ | 6.81 |
Comprehensive income |  | $ | 562 |  |  | $ | 2 |  |  | $ | 564 |
Consolidated condensed balance sheet as at March 31, 2021: |  | As Computed under LIFO |  | Effect of Change |  | As Reported under FIFO
Inventories |  | $ | 2,353 |  |  | $ | 117 |  |  | $ | 2,470 |
Total current assets |  | $ | 9,721 |  |  | $ | 117 |  |  | $ | 9,838 |
Deferred income taxes |  | $ | 2,082 |  |  | $ | (29) |  |  | $ | 2,053 |
Total assets |  | $ | 20,250 |  |  | $ | 88 |  |  | $ | 20,338 |
Retained earnings |  | $ | 8,991 |  |  | $ | 88 |  |  | $ | 9,079 |
Total Whirlpool stockholders' equity |  | $ | 4,134 |  |  | $ | 88 |  |  | $ | 4,222 |
Total stockholders' equity |  | $ | 5,051 |  |  | $ | 88 |  |  | $ | 5,139 |
Total liabilities and stockholders' equity |  | $ | 20,250 |  |  | $ | 88 |  |  | $ | 20,338 |
Consolidated condensed statement of cash flows for the quarter ended March 31, 2021: |  | As Computed under LIFO |  | Effect of Change |  | As Reported under FIFO
Net earnings |  | $ | 438 |  |  | $ | 2 |  |  | $ | 440 |
Inventories |  | $ | (329) |  |  | $ | (3) |  |  | $ | (332) |
Taxes deferred and payable, net |  | $ | 109 |  |  | $ | 1 |  |  | $ | 110 |
Stockholders' equity for the quarter ended March 31, 2021 |  | As Computed under LIFO |  | Effect of Change |  | As Reported under FIFO
Net earnings |  | $ | 438 |  |  | $ | 2 |  |  | $ | 440 |
Comprehensive income |  | $ | 562 |  |  | $ | 2 |  |  | $ | 564 |
Total stockholders' equity |  | $ | 5,051 |  |  | $ | 88 |  |  | $ | 5,139 |
Segment information |  | As Computed under LIFO |  | Effect of Change |  | As Reported under FIFO
North America EBIT |  |  |  |  |  |
Three Months Ended March 31, 2021 |  | $ | 604 |  |  | $ | 3 |  |  | $ | 607 |
North America Total Assets |  |  |  |  |  |
As of March 31, 2021 |  | $ | 7,748 |  |  | $ | 88 |  |  | $ | 7,836 |
Total Whirlpool Operating Profit |  |  |  |  |  |
Three Months Ended March 31, 2021 |  | $ | 615 |  |  | $ | 3 |  |  | $ | 618 |
Total Whirlpool EBIT |  |  |  |  |  |
Three Months Ended March 31, 2021 |  | $ | 641 |  |  | $ | 3 |  |  | $ | 644 |
Total Whirlpool Total Assets |  |  |  |  |  |
As of March 31, 2021 |  | $ | 20,250 |  |  | $ | 88 |  |  | $ | 20,338 |
As a result of the retrospective application of the change in accounting principle, certain line items in our Consolidated Condensed Financial Statements and related notes were adjusted as follows:
Consolidated condensed statement of comprehensive income (loss) for the quarter ended March 31, 2020: |  | As Originally Reported |  | Effect of Change |  | As Adjusted
Cost of products sold |  | $ | 3,625 |  |  | $ | (3) |  |  | $ | 3,622 |
Gross margin |  | $ | 700 |  |  | $ | 3 |  |  | $ | 703 |
Operating profit |  | $ | 260 |  |  | $ | 3 |  |  | $ | 263 |
Earnings before income taxes |  | $ | 219 |  |  | $ | 3 |  |  | $ | 222 |
Income tax expense (benefit) |  | $ | 72 |  |  | $ | 1 |  |  | $ | 73 |
Net earnings |  | $ | 147 |  |  | $ | 2 |  |  | $ | 149 |
Net earnings available to Whirlpool |  | $ | 152 |  |  | $ | 2 |  |  | $ | 154 |
Basic net earnings available to Whirlpool |  | $ | 2.42 |  |  | $ | 0.04 |  |  | $ | 2.46 |
Diluted net earnings available to Whirlpool |  | $ | 2.41 |  |  | $ | 0.04 |  |  | $ | 2.45 |
Comprehensive income |  | $ | 52 |  |  | $ | 2 |  |  | $ | 54 |
Consolidated condensed balance sheet as at December 31, 2020: |  | As Originally Reported |  | Effect of Change |  | As Adjusted
Inventories |  | $ | 2,187 |  |  | $ | 114 |  |  | $ | 2,301 |
Total current assets |  | $ | 9,015 |  |  | $ | 114 |  |  | $ | 9,129 |
Deferred income taxes |  | $ | 2,217 |  |  | $ | (28) |  |  | $ | 2,189 |
Total assets |  | $ | 20,350 |  |  | $ | 86 |  |  | $ | 20,436 |
Retained earnings |  | $ | 8,639 |  |  | $ | 86 |  |  | $ | 8,725 |
Total Whirlpool stockholders' equity |  | $ | 3,799 |  |  | $ | 86 |  |  | $ | 3,885 |
Total stockholders' equity |  | $ | 4,709 |  |  | $ | 86 |  |  | $ | 4,795 |
Total liabilities and stockholders' equity |  | $ | 20,350 |  |  | $ | 86 |  |  | $ | 20,436 |
Consolidated condensed statement of cash flows for the quarter ended March 31, 2020: |  | As Originally Reported |  | Effect of Change |  | As Adjusted
Net earnings |  | $ | 147 |  |  | $ | 2 |  |  | $ | 149 |
Inventories |  | $ | (203) |  |  | $ | (3) |  |  | $ | (206) |
Taxes deferred and payable, net |  | $ | 40 |  |  | $ | 1 |  |  | $ | 41 |
Stockholders' equity for the quarter ended March 31, 2020: |  | As Originally Reported |  | Effect of Change |  | As Adjusted
Net earnings (loss) |  | $ | 147 |  |  | $ | 2 |  |  | $ | 149 |
Comprehensive income (loss) |  | $ | 52 |  |  | $ | 2 |  |  | $ | 54 |
Total stockholders' equity |  | $ | 3,980 |  |  | $ | 94 |  |  | $ | 4,074 |
Segment information: |  | As Originally Reported |  | Effect of Change |  | As Adjusted
North America EBIT |  |  |  |  |  |
Three Months Ended March 31, 2020 |  | $ | 303 |  |  | $ | 3 |  |  | $ | 306 |
North America Total Assets |  |  |  |  |  |
As of December 31, 2020 |  | $ | 7,511 |  |  | $ | 86 |  |  | $ | 7,597 |
Total Whirlpool Operating Profit |  |  |  |  |  |
Three Months Ended March 31, 2020 |  | $ | 260 |  |  | $ | 3 |  |  | $ | 263 |
Total Whirlpool EBIT |  |  |  |  |  |
Three Months Ended March 31, 2020 |  | $ | 261 |  |  | $ | 3 |  |  | $ | 264 |
Total Whirlpool Total Assets |  |  |  |  |  |
As of December 31, 2020 |  | $ | 20,350 |  |  | $ | 86 |  |  | $ | 20,436 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | We adopted the following standard, which did not have a material impact on our Consolidated Condensed Financial Statements:
Standard |  | Effective Date
2019-12 | Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes | January 1, 2021

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