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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2023 and 2022, respectively.
|  |  |  |  |  |  | December 31,
Millions of dollars |  |  |  |  |  |  | 2023 | 2022
Carrying amounts of major classes of assets |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  | $ | 97 |  | $ | 94 |
Accounts receivable, net of allowance of $28 and $32, respectively |  |  |  |  |  |  | 578 |  | 667 |
Inventories |  |  |  |  |  |  | 589 |  | 650 |
Prepaid and other current assets |  |  |  |  |  |  | 94 |  | 145 |
Total current assets |  |  |  |  |  |  | 1,358 |  | 1,556 |
Property, net of accumulated depreciation of $1,442 and $1,648, respectively |  |  |  |  |  |  | 952 |  | 822 |
Right of use assets |  |  |  |  |  |  | 162 |  | 163 |
Other intangibles, net of accumulated amortization of $149 and $141, respectively |  |  |  |  |  |  | 286 |  | 279 |
Deferred income taxes |  |  |  |  |  |  | 574 |  | 610 |
Other noncurrent assets |  |  |  |  |  |  | 13 |  | 17 |
Total noncurrent assets |  |  |  |  |  |  | 1,987 |  | 1,891 |
Total assets |  |  |  |  |  |  | $ | 3,345 |  | $ | 3,447 |
Carrying amounts of major classes of liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  | $ | 1,266 |  | $ | 1,394 |
Accrued expenses |  |  |  |  |  |  | 218 |  | 152 |
Accrued advertising and promotions |  |  |  |  |  |  | 171 |  | 172 |
Employee compensation |  |  |  |  |  |  | 120 |  | 107 |
Notes payable |  |  |  |  |  |  | 4 |  | 3 |
Other current liabilities |  |  |  |  |  |  | 97 |  | 125 |
Total current liabilities |  |  |  |  |  |  | 1,876 |  | 1,953 |
Noncurrent liabilities |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  | — |  | 2 |
Pension benefits |  |  |  |  |  |  | 168 |  | 122 |
Lease liabilities |  |  |  |  |  |  | 132 |  | 131 |
Other noncurrent liabilities |  |  |  |  |  |  | 87 |  | 88 |
Total noncurrent liabilities |  |  |  |  |  |  | 387 |  | 343 |
Total liabilities |  |  |  |  |  |  | $ | 2,263 |  | $ | 2,296 |
Total net assets of the disposal group classified as held for sale |  |  |  |  |  |  | $ | 1,082 |  | $ | 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 | $ | 587 |  | $ | 490 |
The following table summarizes European major appliances business' earnings (loss) available to Whirlpool before income taxes for the twelve months ended December 31, 2023, 2022 and 2021, respectively:
|  |  |  | Twelve Months Ended December 31,
in millions |  |  |  |  | 2023 | 2022 | 2021
Earnings (loss) before income taxes |  |  |  |  | $28 | $(106) | $(46)
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the final allocation of purchase price related to the InSinkErator acquisition, as of December 31, 2023. Purchase accounting adjustments recorded in 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 | 1,153 |
Other intangible assets | 1,630 |
Other assets | 10 |
Accounts payable | 49 |
Accrued expenses | 26 |
Other current liabilities | 34 |
Deferred income taxes | 1 |
Other long-term liabilities | 10 |
Total Purchase Consideration | $ | 3,021 |
Schedule of Intangible Assets Acquired | The estimated fair value of the identifiable intangible assets acquired, their useful life and the related valuation methodology are as follows:
Millions of dollars | Preliminary Fair Value | Estimated Useful Life | Valuation Methodology
Preliminary fair value of intangible assets acquired: |  |  |
Trademarks | $ | 1,300 |  | Indefinite | Relief-from-royalty
Customer relationships | 330 |  | 16 years | Multi-period excess earnings / with and without method
Intangible assets acquired | $ | 1,630 |  |  |
Schedule of Business Acquisition, Pro Forma Financial Information | The following table provides pro forma results of Whirlpool's operations for the years ended December 31, 2022 and 2021, as if InSinkErator had been acquired as of January 1, 2021. The pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future.
|  | Year ended December 31,
Millions of dollars |  | 2022 |  | 2021
Net Sales |  | $ | 20,246 |  |  | $ | 22,565 |
Net earnings available to Whirlpool |  | $ | (1,493) |  |  | $ | 1,716 |

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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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