XML 47 R28.htm IDEA: XBRL DOCUMENT v3.21.1

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

As a result of the retrospective application of the change in accounting principle, certain line items in our consolidated financial statements and related notes were adjusted as follows:

Consolidated statement of income (loss) for the year ended December 31, 2020:						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	15,606					$	8					$	15,614
Gross margin						$	3,850					$	(8)					$	3,842
Operating profit						$	1,623					$	(8)					$	1,615
Earnings before income taxes						$	1,455					$	(8)					$	1,447
Income tax expense (benefit)						$	384					$	(2)					$	382
Net earnings						$	1,071					$	(6)					$	1,065
Net earnings available to Whirlpool						$	1,081					$	(6)					$	1,075
Basic net earnings available to Whirlpool						$	17.24					$	(0.09)					$	17.15
Diluted net earnings available to Whirlpool						$	17.07					$	(0.09)					$	16.98

Consolidated statement of comprehensive income (loss) for the year ended December 31, 2020:						As Originally Reported						Effect of Change						As Adjusted
Net earnings (loss)						$	1,071					$	(6)					$	1,065
Comprehensive income (loss)						$	880					$	(6)					$	874
Comprehensive income (loss) available to Whirlpool						$	888					$	(6)					$	882

Consolidated 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 statement of cash flows for the year ended December 31, 2020:						As Originally Reported						Effect of Change						As Adjusted
Net earnings						$	1,071					$	(6)					$	1,065
Inventories						$	241					$	8					$	249
Taxes deferred and payable, net						$	156					$	(2)					$	154

Consolidated statement of changes in stockholder's equity for the year ended December 31, 2020:						As Originally Reported						Effect of Change						As Adjusted
Net earnings (loss)						$	1,071					$	(6)					$	1,065
Comprehensive income (loss)						$	880					$	(6)					$	874
Total stockholders' equity						$	4,709					$	86					$	4,795

Consolidated statement of income (loss) for the year ended December 31, 2019:						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	16,886					$	22					$	16,908
Gross margin						$	3,533					$	(22)					$	3,511
Operating profit						$	1,571					$	(22)					$	1,549
Earnings before income taxes						$	1,552					$	(22)					$	1,530
Income tax expense (benefit)						$	354					$	(6)					$	348
Net earnings						$	1,198					$	(16)					$	1,182
Net earnings available to Whirlpool						$	1,184					$	(16)					$	1,168
Basic net earnings available to Whirlpool						$	18.60					$	(0.26)					$	18.34
Diluted net earnings available to Whirlpool						$	18.45					$	(0.26)					$	18.19

Consolidated statement of comprehensive income (loss) for the year ended December 31, 2019:						As Originally Reported						Effect of Change						As Adjusted
Net earnings (loss)						$	1,198					$	(16)					$	1,182
Comprehensive income (loss)						$	1,275					$	(16)					$	1,259
Comprehensive income (loss) available to Whirlpool						$	1,261					$	(16)					$	1,245

Consolidated balance sheet as at December 31, 2019:						As Originally Reported						Effect of Change						As Adjusted
Inventories						$	2,438					$	122					$	2,560
Total current assets						$	7,398					$	122					$	7,520
Deferred income taxes						$	2,238					$	(30)					$	2,208
Total assets						$	18,881					$	92					$	18,973
Retained earnings						$	7,870					$	92					$	7,962
Total Whirlpool stockholders' equity						$	3,195					$	92					$	3,287
Total stockholders' equity						$	4,118					$	92					$	4,210
Total liabilities and stockholders' equity						$	18,881					$	92					$	18,973

Consolidated statement of cash flows for the year ended December 31, 2019:						As Originally Reported						Effect of Change						As Adjusted
Net earnings						$	1,198					$	(16)					$	1,182
Inventories						$	(39)					$	22					$	(17)
Taxes deferred and payable, net						$	(116)					$	(6)					$	(122)

Consolidated statement of changes in stockholder's equity for the year ended December 31, 2019:						As Originally Reported						Effect of Change						As Adjusted
Net earnings (loss)						$	1,198					$	(16)					$	1,182
Comprehensive income (loss)						$	1,275					$	(16)					$	1,259
Total stockholders' equity						$	4,118					$	92					$	4,210

Consolidated statement of income (loss) for the year ended December 31, 2018:						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	17,500					$	(46)					$	17,454
Gross margin						$	3,537					$	46					$	3,583
Operating profit						$	279					$	46					$	325
Earnings before income taxes						$	(21)					$	46					$	25
Income tax expense (benefit)						$	138					$	12					$	150
Net earnings						$	(159)					$	34					$	(125)
Net earnings available to Whirlpool						$	(183)					$	34					$	(149)
Basic net earnings available to Whirlpool						$	(2.72)					$	0.50					$	(2.22)
Diluted net earnings available to Whirlpool						$	(2.72)					$	0.50					$	(2.22)

Consolidated statement of comprehensive income (loss) for the year ended December 31, 2018:						As Originally Reported						Effect of Change						As Adjusted
Net earnings (loss)						$	(159)					$	34					$	(125)
Comprehensive income (loss)						$	(504)					$	34					$	(470)
Comprehensive income (loss) available to Whirlpool						$	(530)					$	34					$	(496)

Consolidated statement of cash flows for the year ended December 31, 2018:						As Originally Reported						Effect of Change						As Adjusted
Net earnings						$	(159)					$	34					$	(125)
Inventories						$	73					$	(46)					$	27
Taxes deferred and payable, net						$	(67)					$	12					$	(55)

Consolidated statement of changes in stockholder's equity for the year ended December 31, 2018:						As Originally Reported						Effect of Change						As Adjusted
Net earnings (loss)						$	(159)					$	34					$	(125)
Comprehensive income (loss)						$	(504)					$	34					$	(470)
Total stockholders' equity						$	3,205					$	108					$	3,313

Consolidated statement of changes in stockholder's equity for the year ended December 31, 2017:						As Originally Reported						Effect of Change						As Adjusted
Retained earnings						$	7,352					$	74					$	7,426
Total stockholders' equity						$	5,128					$	74					$	5,202

Segment information						As Originally Reported						Effect of Change						As Adjusted
North America EBIT
2020						$	1,766					$	(8)					$	1,758
2019						$	1,462					$	(22)					$	1,440
2018						$	1,342					$	46					$	1,388
North America Total Assets
2020						$	7,511					$	86					$	7,597
2019						$	7,791					$	92					$	7,883
2018						$	7,161					$	108					$	7,269
Total Whirlpool Operating Profit
2020						$	1,623					$	(8)					$	1,615
2019						$	1,571					$	(22)					$	1,549
2018						$	279					$	46					$	325
Total Whirlpool EBIT
2020						$	1,644					$	(8)					$	1,636
2019						$	1,739					$	(22)					$	1,717
2018						$	171					$	46					$	217
Total Whirlpool Total Assets
2020						$	20,350					$	86					$	20,436
2019						$	18,881					$	92					$	18,973
2018						$	18,347					$	108					$	18,455

Certain line items in our unaudited quarterly results of operations were adjusted as a result of the retrospective application of the change in accounting principle as follows:

Quarterly results of operations (unaudited) for the three months ended December 31, 2020						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	4,434					$	(2)					$	4,432
Gross margin						$	1,364					$	2					$	1,366
Operating profit (loss)						$	716					$	2					$	718
Net earnings (loss)						$	501					$	2					$	503
Net earnings (loss) available to Whirlpool						$	497					$	2					$	499
Basic net earnings (loss)						$	7.90					$	0.03					$	7.93
Diluted net earnings (loss)						$	7.77					$	0.03					$	7.80

Quarterly results of operations (unaudited) for the three months ended September 30, 2020						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	4,136					$	7					$	4,143
Gross margin						$	1,155					$	(7)					$	1,148
Operating profit (loss)						$	570					$	(7)					$	563
Net earnings (loss)						$	398					$	(5)					$	393
Net earnings (loss) available to Whirlpool						$	397					$	(5)					$	392
Basic net earnings (loss)						$	6.35					$	(0.08)					$	6.27
Diluted net earnings (loss)						$	6.27					$	(0.08)					$	6.19

Quarterly results of operations (unaudited) for the three months ended June 30, 2020						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	3,411					$	6					$	3,417
Gross margin						$	631					$	(6)					$	625
Operating profit (loss)						$	77					$	(6)					$	71
Net earnings (loss)						$	25					$	(5)					$	20
Net earnings (loss) available to Whirlpool						$	35					$	(5)					$	30
Basic net earnings (loss)						$	0.55					$	(0.08)					$	0.47
Diluted net earnings (loss)						$	0.55					$	(0.08)					$	0.47

Quarterly results of operations (unaudited) for the three months 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 (loss)						$	260					$	3					$	263
Net earnings (loss)						$	147					$	2					$	149
Net earnings (loss) available to Whirlpool						$	152					$	2					$	154
Basic net earnings (loss)						$	2.42					$	0.04					$	2.46
Diluted net earnings (loss)						$	2.41					$	0.04					$	2.45

Quarterly results of operations (unaudited) for the three months ended December 31, 2019						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	4,334					$	19					$	4,353
Gross margin						$	1,048					$	(19)					$	1,029
Operating profit (loss)						$	424					$	(19)					$	405
Net earnings (loss)						$	288					$	(15)					$	273
Net earnings (loss) available to Whirlpool						$	288					$	(15)					$	273
Basic net earnings (loss)						$	4.56					$	(0.23)					$	4.33
Diluted net earnings (loss)						$	4.52					$	(0.23)					$	4.29

Quarterly results of operations (unaudited) for the three months ended September 30, 2019						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	4,350					$	2					$	4,352
Gross margin						$	741					$	(2)					$	739
Operating profit (loss)						$	693					$	(2)					$	691
Net earnings (loss)						$	364					$	(1)					$	363
Net earnings (loss) available to Whirlpool						$	358					$	(1)					$	357
Basic net earnings (loss)						$	5.62					$	(0.02)					$	5.60
Diluted net earnings (loss)						$	5.57					$	(0.02)					$	5.55

Quarterly results of operations (unaudited) for the three months ended June 30, 2019						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	4,254					$	2					$	4,256
Gross margin						$	932					$	(2)					$	930
Operating profit (loss)						$	191					$	(2)					$	189
Net earnings (loss)						$	72					$	(1)					$	71
Net earnings (loss) available to Whirlpool						$	67					$	(1)					$	66
Basic net earnings (loss)						$	1.04					$	(0.02)					$	1.02
Diluted net earnings (loss)						$	1.04					$	(0.02)					$	1.02

Quarterly results of operations (unaudited) for the three months ended March 31, 2019						As Originally Reported						Effect of Change						As Adjusted
Cost of products sold						$	3,948					$	(1)					$	3,947
Gross margin						$	812					$	1					$	813
Operating profit (loss)						$	263					$	1					$	264
Net earnings (loss)						$	474					$	1					$	475
Net earnings (loss) available to Whirlpool						$	471					$	1					$	472
Basic net earnings (loss)						$	7.36					$	0.01					$	7.37
Diluted net earnings (loss)						$	7.31					$	0.01					$	7.32

Schedule of Property, Plant and Equipment

The following table summarizes our property at December 31, 2020 and 2019:

Millions of dollars						2020						2019						Estimated Useful Life
Land						$	92					$	97					n/a
Buildings						1,517						1,540						10 to 50 years
Machinery and equipment						8,370						8,108						3 to 20 years
Accumulated depreciation						(6,780)						(6,444)
Property plant and equipment, net						$	3,199					$	3,301

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

We adopted the following standards, none of which had a material impact on our Consolidated Financial Statements:

Standard						Effective Date
2018-13			Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement			January 1, 2020
2018-14			Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans			January 1, 2020
2018-15			Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer's Accounting for Implementation Costs Incurred In a Cloud Computing Arrangement That Is a Service Contract			January 1, 2020
2018-18			Collaborative Arrangements (Topic 808) - Clarifying the Interaction between Topic 808 and Topic 606			January 1, 2020

The FASB has issued the following relevant standards, which are not expected to have a material impact on our Consolidated Financial Statements:

Standard						Effective Date
2019-12			Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes			January 1, 2021
2020-06			Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entities Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entities Own Equity			January 1, 2022

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Name:	us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration