XML 75 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
ACQUISITIONS AND DIVESTITURES (Tables)
 12 Months Ended
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 dollars20232022
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 
Inventories589 650 
Prepaid and other current assets94 145 
Total current assets1,358 1,556 
Property, net of accumulated depreciation of $1,442 and $1,648, respectively
952 822 
Right of use assets162 163 
Other intangibles, net of accumulated amortization of $149 and $141, respectively
286 279 
Deferred income taxes574 610 
Other noncurrent assets13 17 
Total noncurrent assets1,987 1,891 
Total assets$3,345 $3,447 
Carrying amounts of major classes of liabilities
Current liabilities
Accounts payable$1,266 $1,394 
Accrued expenses218 152 
Accrued advertising and promotions171 172 
Employee compensation120 107 
Notes payable4 3 
Other current liabilities97 125 
Total current liabilities1,876 1,953 
Noncurrent liabilities
Long-term debt— 2 
Pension benefits168 122 
Lease liabilities132 131 
Other noncurrent liabilities87 88 
Total noncurrent liabilities387 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 saleFair value of interest retained$144 $139 
Liabilities held for saleCumulative 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 millions202320222021
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, net74 
Inventories 93 
Other current assets 1 
Property, plant and equipment, net 173 
Goodwill1,153 
Other intangible assets 1,630 
Other assets10 
Accounts payable49 
Accrued expenses26 
Other current liabilities34 
Deferred income taxes1 
Other long-term liabilities10 
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 dollarsPreliminary Fair ValueEstimated Useful LifeValuation
Methodology
Preliminary fair value of intangible assets acquired:
Trademarks$1,300 IndefiniteRelief-from-royalty
Customer relationships330 16 yearsMulti-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 dollars20222021
Net Sales$20,246 $22,565 
Net earnings available to Whirlpool$(1,493)$1,716