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Basis of Presentation (Tables)

3 Months Ended

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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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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