<SEC-DOCUMENT>0001193125-21-279170.txt : 20211029
<SEC-HEADER>0001193125-21-279170.hdr.sgml : 20211029
<ACCEPTANCE-DATETIME>20210922121529
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-279170
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210922

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WHIRLPOOL CORP /DE/
		CENTRAL INDEX KEY:			0000106640
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD APPLIANCES [3630]
		IRS NUMBER:				381490038
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		WHIRLPOOL CNTR 2000 M 63
		STREET 2:		C/O CORPORATE SECRETARY
		CITY:			BENTON HARBOR
		STATE:			MI
		ZIP:			49022-2692
		BUSINESS PHONE:		2699235000

	MAIL ADDRESS:	
		STREET 1:		WHIRLPOOL CTR 2000 M 63
		STREET 2:		C/O CORPORATE SECRETARY
		CITY:			BENTON HARBOR
		STATE:			MI
		ZIP:			49022-2692

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WHIRLPOOL SEEGER CORP
		DATE OF NAME CHANGE:	19710824
</SEC-HEADER>
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;22, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, Office of
Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: SiSi Cheng and John Cash </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;WHIRLPOOL CORP /DE/ </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;11, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-03932</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Cheng and Mr.&nbsp;Cash: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Executive Vice
President and Chief Financial Officer of Whirlpool Corporation, I am responding to the letter from the staff of the Division of Corporation Finance of the United States Securities and Exchange Commission (&#147;Staff&#148;) dated September&nbsp;9,
2021, containing comments on the above-referenced filing. For your convenience, we have included in this letter the Staff&#146;s comment before providing our response to that comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2020 Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 37 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>1. Refer to your Ongoing EBIT measure. Please address the following: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Tell us how you considered Question 100.01 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance
and Disclosure Interpretations in your decision to exclude product warranty costs, trade customer insolvency claim settlement and trade customer insolvency from your measure of Ongoing EBIT. </I> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Tell us why you believe the adjustment for restructuring charges is meaningful to an investor. In this regard,
we note that you have incurred significant restructuring charges every year in recent years. </I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Explain what the sale-leaseback, real estate and receivable adjustments represent and how you concluded the
adjustments do not result in presenting a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure that substitutes individually tailor recognition and measurement methods. Refer to </I><I>Question 100.04 of the
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. The same comment applies to your first and second Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> and earnings releases.</I> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B><U>:</U> In response to the Staff&#146;s comment, we respectfully provide the
following supplemental information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to each of the line items excluded from Ongoing EBIT, Whirlpool Corporation (&#147;Whirlpool&#148; or
&#147;the Company&#148;) has historically provided incremental footnote disclosure within our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> reconciliations for press releases and other investor communication material, which provides additional
narrative on each line item. We intend to further supplement our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> reconciliations in subsequent Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Form <FONT STYLE="white-space:nowrap">10-K</FONT>
filings with similar footnote disclosure, which we believe will provide additional clarity to investors on the line items cited in the Staff&#146;s comment, among others. Below is our response to each of the line items cited in the Staff&#146;s
comment.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Product warranty costs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our product warranty cost line item excluded from Ongoing EBIT represents two large, distinct product recall campaigns for which costs were incurred and
subsequently adjusted as a result of claim experience. These campaigns were related to legacy acquisition product designs for which we incurred significant overall expenses. Specifically, we incurred expenses on a dryer recall campaign in our EMEA
region in 2019 totaling $26&nbsp;million, in addition to previously recognized amounts over $300&nbsp;million for this dryer recall. All amounts related to the dryer campaign were excluded from Ongoing EBIT over multiple years. Separately, we
commenced a washer recall campaign in our EMEA region in 2019, and incurred a $105&nbsp;million charge in connection with our cash expenditure expectations for the recall, which was excluded from Ongoing EBIT during the year. In 2020, we excluded
from Ongoing EBIT the benefit of a reserve release related to the washer recall campaign, as a result of claim experience.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Furthermore, both of these actions were executed based upon product designs from a legacy acquisition that are no longer in use. We view these items as
distinct from normal, ongoing service repair costs that would be reflected under ongoing warranty expenses within the operation of our businesses. We believe that excluding the expenses, as well as favorable adjustments such as adjustments based on
claims experience and supplier recoveries, from these unique, discrete recall events provides investors with a clearer view of the operating performance of our business, and we do not believe that the expenses represent, in the words of Question
100.01, &#147;normal, recurring, cash operating expenses necessary to operate the business.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Trade customer insolvency claim settlement
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2017, Alno AG and certain affiliated companies filed for insolvency protection in Germany. Bauknecht Hausger&auml;te GmbH, a subsidiary of the
Company, was a long-standing supplier to Alno and certain of its affiliated companies. The Company was also a former indirect minority shareholder of Alno. In August 2018, the insolvency trustee asserted &#128;174.5&nbsp;million in clawback
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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and related claims against Bauknecht. In January 2020, we entered into an agreement to settle all potential claims that the insolvency trustee may have related to this matter, resulting in a <FONT
STYLE="white-space:nowrap">one-time</FONT> charge of &#128;52.75&nbsp;million (approximately $59&nbsp;million as of December&nbsp;31, 2019), which was recorded in interest and sundry (income) expense in the Consolidated Statements of Income (Loss)
for the year ended December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our trade customer insolvency claim settlement line item excluded from Ongoing EBIT represents expenses
related to this unique, <FONT STYLE="white-space:nowrap">non-recurring</FONT> legal settlement. The settlement was both large ($59M) and unique in nature, in that it was unrelated to the current operations of our EMEA business. The settlement
resolved any potential legal claims arising out of the insolvency proceeding. Given the unique and <FONT STYLE="white-space:nowrap">non-recurring</FONT> nature of this legal settlement, we do not believe the settlement expenses represent normal,
recurring, cash operating expenses necessary to operate the business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Trade customer insolvency </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our trade customer insolvency line item excluded from Ongoing EBIT represents expenses related to two unique trade customer insolvencies. In late 2018 we
experienced receivable losses associated with the insolvencies of two of our larger customers within our North America and Latin America regions, and we excluded an associated combined net expense of $30&nbsp;million for the year. Trade customer
insolvencies, particularly involving some of our most significant trade customers, occur infrequently. These insolvencies were the first of this or similar magnitude to occur over the past ten years. Given the unusual nature of these significant
insolvency events, we do not believe that they reflect normal, recurring, cash operating expenses necessary to operate the business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Adjustment for
restructuring charges </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our restructuring line item excluded from Ongoing EBIT represents expenses related to certain discrete, unique restructuring
actions that largely flow from acquisition or divestiture activities undertaken in recent years. We recognize that Question 102.03 of the updated <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations cautions
registrants against describing a charge or gain as <FONT STYLE="white-space:nowrap">non-recurring,</FONT> infrequent or unusual unless it meets the specified criteria. At the same time, Question 102.03 provides that even if a company cannot describe
a charge or gain as <FONT STYLE="white-space:nowrap">non-recurring,</FONT> infrequent or unusual, that does not mean that a company cannot adjust for that charge or gain. Although we acknowledge that our restructuring charges have not been <FONT
STYLE="white-space:nowrap">non-recurring</FONT> or infrequent during the prior three years, we believe that adjustment is appropriate for the reasons that follow. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Restructuring expenses over this period largely consisted of (i)&nbsp;acquisition or divestiture-related actions, and (ii)&nbsp;COVID-related cost actions. In
recent years, we have completed major acquisitions and divestitures for which we initiate restructuring actions to eliminate redundancies, some of which can span multiple years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The nature of the expenses comprised in restructuring are broken out as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Restructuring Summary</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2019</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2018</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquistion / Divestiture Related</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covid Related</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Restructuring</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For example, in 2018 we undertook a number of restructuring actions consistent with the significant manufacturing footprint
realignment in our EMEA region following our acquisition of Indesit Company S.p.A. We also initiated the closure of a plant in Italy used by our Embraco compressor subsidiary, which we then sold in 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2019, consistent with our post integration EMEA footprint realignment, we initiated a plant closure in Naples, Italy. Due to customary timing of notice
periods and discussions with unions and the Italian government, which resulted in plant operations continuing into 2020, these costs continued to be incurred in 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, in 2020 Whirlpool experienced an abnormally high level of restructuring costs related to fixed cost reduction actions in response to the global
COVID environment. Those actions were necessary given the level of uncertainty within our business, and were comparatively large in scope and breadth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
believe that the Ongoing EBIT measure that adjusts for these restructuring expenses provides investors with a clearer view of the operating performance of our business absent these discrete, unique items. In addition, consistent with Item 10(e) and
Question 102.03, Whirlpool has not historically described the restructuring charges specifically as <FONT STYLE="white-space:nowrap">non-recurring</FONT> or in other terms that mischaracterize the frequency of these charges and instead has described
the restructuring actions specifically as discrete, unique restructuring events. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given the distinct nature of these large actions, we believe they do not
reflect normal ongoing operating performance and that adjustment is important for increased clarity to investors as well as for quarterly performance comparison purposes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale-leaseback, real estate and receivable adjustments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our sale-leaseback, real estate and receivable adjustments line item excluded from Ongoing EBIT represents three real estate-related adjustments: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Sale-Leaseback </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of a review of our global real
estate footprint, Whirlpool entered into simultaneous sale-leaseback transactions consisting of <FONT STYLE="white-space:nowrap">non-core</FONT> properties to our operations.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company recorded the entire gain from the transactions, in accordance with ASC 842 in the Consolidated Statements of Comprehensive Income at the time the
transaction was completed and ownership and control changed. The Company does not consider real estate transactions part of our core operating business of appliance sales and service and therefore excluded these gains from ongoing results. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Receivable </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whirlpool held a real estate-related loan receivable from an independent <FONT STYLE="white-space:nowrap">not-for-profit</FONT> entity in connection with a
community and economic development project. The underlying project for the loan receivable was not related to Whirlpool operations. The entity did not repay the loan, resulting in an $18&nbsp;million charge from the loan write off. The loan
receivable transaction was assessed under ASC 326 for credit impairment with both historical experience and reasonable future forecasts considered. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Real estate </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whirlpool wrote-down the book value of
certain Whirlpool-owned, held for sale real estate properties that became impaired during the reporting period, recognizing a loss of approximately $7&nbsp;million related to the impairments. The Whirlpool owned properties were assessed for
impairment under the long lived asset guidance in ASC 360. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not believe that these <FONT STYLE="white-space:nowrap">non-operating</FONT> receivable
and real estate expenses reflect normal, recurring, cash operating expenses necessary to operate the business. In addition, due to the unique and, in some cases, <FONT STYLE="white-space:nowrap">non-core</FONT> nature of these transactions, the
material net gain on the &#147;sale-leaseback, real estate and receivable adjustments&#148; line item as a whole did not represent our ongoing operational activity. Accordingly, we excluded the net gain from these transactions, consistent with our
practice of excluding significant benefits, as well as expenses, that are not representative of our ongoing results. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Conclusion </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the factors summarized above, we believe these expenses and benefits are not representative of Whirlpool&#146;s underlying operating performance
and thus are appropriately excluded from our Ongoing EBIT measure so that investors can better understand our operating results. Whirlpool uses <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures as a supplement to financial information
presented in accordance with GAAP in order to facilitate operating performance comparisons from period to period by eliminating differences caused by the existence and timing of these charges and benefits that would not otherwise be apparent on a
GAAP basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>2. Your free cash flow computation on page 41 appears to differ from the typical calculation of free cash flow (i.e., cash flows from
operating activities less capital expenditures). Please revise your computation or revise the title of this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure to adjusted free cash flow so it is not confused with free cash flow as typically
calculated. Also expand the narrative to disclose this measure does not represent residual cash flow available for discretionary expenditures. Refer to Item 10(e)(1)(i) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question
No.&nbsp;102.07 of the updated C&amp;DI of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. The same comment applies to your first and second Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> and earnings releases. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B><U>:</U> In response to the Staff&#146;s comment, we respectfully provide the
following supplemental information. Historically, Whirlpool has consistently included proceeds from sales of assets and businesses within our free cash flow calculation as those sale proceeds are typically deemed to be available for use in
value-creating activities for shareholders (similar to cash generated from operations). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, we appreciate the Staff&#146;s recommendation to provide
additional clarity to the investment community by labeling our free cash flow calculation as &#147;Adjusted Free Cash Flow,&#148; and will use this label in all future filings whenever sales of assets and businesses are included in the free cash
flow measure. We will also continue to clearly document our calculation methodology and the necessary reconciliation to the corresponding GAAP measure within our disclosures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With regard to funds being available for discretionary expenditures, Whirlpool possesses ample financial liquidity and is able to fund its business largely
from operating cash flows. In addition to operating cash flows, we have also historically used proceeds from sales of assets and businesses to conduct a variety of shareholder return activities, including share repurchases and dividend payments.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge, in line with Question 102.07 and the Staff&#146;s comment, that debt service costs are one area where such funds are used, and
acknowledge the Staff&#146;s concern that the &#147;free cash&#148; terminology may not fully convey this <FONT STYLE="white-space:nowrap">non-discretionary</FONT> aspect of cash flows. In order to better clarify Whirlpool&#146;s sources and uses of
cash for the investment community, Whirlpool will expand its existing cash flow disclosure within Management&#146;s Discussion and Analysis in future filings to include a statement in line with the following: &#147;Whirlpool has historically been
able to leverage its strong adjusted free cash flow generation to fund our operations, pay for any debt servicing costs and allocate capital for reinvestment in our business, funding share repurchases and dividend payments.&#148; We believe that
this statement, along with use of the &#147;adjusted free cash flow&#148; label and clear documentation of our calculation methodology and the necessary reconciliation to the corresponding GAAP measure, will provide clarity to investors on the
components of and use of funds from our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> cash flow measure. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I hope that the foregoing has been responsive to the Staff&#146;s comment. All inquiries, questions,
comments, notices and orders with respect to this letter, should be directed to the undersigned at (269) <FONT STYLE="white-space:nowrap">923-3732,</FONT> via facsimile at (269) <FONT STYLE="white-space:nowrap">923-3582,</FONT> or via email at
james_peters@whirlpool.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ JAMES W. PETERS</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James W. Peters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="97%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Christopher S. Conley, Corporate Controller</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ava A. Harter, Chief Legal Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bridget K. Quinn, Corporate Secretary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>

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