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ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of June 30, 2023 and December 31, 2022, respectively.
Millions of dollars |  |  |  |  |  |  | June 30, 2023 | December 31, 2022
Carrying amounts of major classes of assets |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  | $ | 96 |  | $ | 94 |
Accounts receivable, net of allowance of $31 and $32, respectively |  |  |  |  |  |  | 756 |  | 667 |
Inventories |  |  |  |  |  |  | 655 |  | 650 |
Prepaid and other current assets |  |  |  |  |  |  | 128 |  | 145 |
Total current assets |  |  |  |  |  |  | 1,635 |  | 1,556 |
Property, net of accumulated depreciation of $1,670 and $1,648, respectively |  |  |  |  |  |  | 877 |  | 822 |
Right of use assets |  |  |  |  |  |  | 166 |  | 163 |
Other intangibles, net of accumulated amortization of $146 and $141, respectively |  |  |  |  |  |  | 285 |  | 279 |
Deferred income taxes |  |  |  |  |  |  | 608 |  | 610 |
Other noncurrent assets |  |  |  |  |  |  | 16 |  | 17 |
Total noncurrent assets |  |  |  |  |  |  | 1,952 |  | 1,891 |
Total assets |  |  |  |  |  |  | $ | 3,587 |  | $ | 3,447 |
Carrying amounts of major classes of liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  | $ | 1,220 |  | $ | 1,394 |
Accrued expenses |  |  |  |  |  |  | 245 |  | 152 |
Accrued advertising and promotions |  |  |  |  |  |  | 170 |  | 172 |
Employee compensation |  |  |  |  |  |  | 99 |  | 107 |
Notes payable |  |  |  |  |  |  | 3 |  | 3 |
Other current liabilities |  |  |  |  |  |  | 107 |  | 125 |
Total current liabilities |  |  |  |  |  |  | 1,844 |  | 1,953 |
Noncurrent liabilities |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  | 1 |  | 2 |
Pension benefits |  |  |  |  |  |  | 114 |  | 122 |
Lease liabilities |  |  |  |  |  |  | 136 |  | 131 |
Other noncurrent liabilities |  |  |  |  |  |  | 100 |  | 88 |
Total noncurrent liabilities |  |  |  |  |  |  | 351 |  | 343 |
Total liabilities |  |  |  |  |  |  | $ | 2,195 |  | $ | 2,296 |
Total net assets of the disposal group classified as held for sale |  |  |  |  |  |  | $ | 1,392 |  | $ | 1,151 |
Assets held for sale | Fair value of interest retained | $ | 144 |  | $ | 139 |
Liabilities held for sale | Cumulative currency translation adjustment and Other comprehensive income on pension | $ | 468 |  | $ | 490 |
The following table summarizes European major appliances business' earnings (loss) available to Whirlpool before income taxes for the six months ended June 30, 2023 and June 30, 2022 respectively:
|  | Six Months Ended June 30, |  |
in millions |  | 2023 | 2022 |  |  |  |
Earnings (loss) before income taxes |  | $ | 12 |  | $ | (70) |  |  |  |  |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the preliminary allocation of purchase price related to the InSinkErator acquisition as of June 30, 2023. Purchase accounting adjustments recorded during the second quarter of 2023 were not material.
(in millions) | Amount
Cash and cash equivalents | $ | 7 |
Receivables, net | 74 |
Inventories | 93 |
Other current assets | 1 |
Property, plant and equipment, net | 173 |
Goodwill | 1,152 |
Other intangible assets | 1,630 |
Other assets | 11 |
Accounts payable | 49 |
Accrued expenses | 26 |
Other current liabilities | 34 |
Deferred income taxes | 1 |
Other long-term liabilities | 10 |
Total Estimated Purchase Consideration | $ | 3,021 |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3 + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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