XML 44 R19.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

ACQUISITIONS AND DIVESTITURES | 3 Months Ended
--- | ---
Mar. 31, 2024
Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups [Abstract] |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES European Major Domestic Appliance Business Held for Sale On January 16, 2023, Whirlpool entered into a contribution agreement with Arçelik B.V. (“Arcelik”) to carve out and contribute our major domestic appliance European business operations into a newly formed European appliance company which constitutes a combination of Arcelik’s and Whirlpool's European businesses. Whirlpool will own approximately 25% and Arcelik will own approximately 75% of the European appliance company ("Beko"). The sale includes the Company's major domestic appliance business in Europe, including nine production sites. On June 22, 2023, Whirlpool entered into a share purchase agreement with Arcelik for the sale of our Middle East and North Africa ("MENA") business. The sale was previously agreed upon in principle and announced on January 17, 2023, as part of the outcome of Whirlpool’s strategic review of the EMEA business. The financial impact of the MENA transaction has been included in the loss on sale and disposal of businesses related to the European major domestic appliance business transaction as discussed further below. The disposal group met the criteria for held for sale accounting during the fourth quarter of 2022. The operations of the European disposal group did not meet the criteria to be presented as discontinued operations. Subsequent Events On April 1, 2024, the parties closed the aforementioned contribution transaction and MENA sale. Upon closing in the second quarter of 2024, the transaction resulted in the deconsolidation of the European major appliances and MENA businesses. In connection with the transactions, we recorded a loss on disposal of $1.5 billion in the fourth quarter of 2022. The loss includes a write-down of the net assets of $1.2 billion of the disposal group to a fair value of $139 million and also includes $393 million of cumulative currency translation adjustments, $98 million release of other comprehensive loss on pension and $18 million of other transaction related costs. No goodwill is included in the disposal group. We recorded an adjustment of $247 million for the three months ended March 31, 2024, resulting in a total loss of $1.9 billion for the transaction. These adjustments are recorded in the loss on sale and disposal of businesses and reflect transaction costs and ongoing reassessment of the fair value less costs to sell of the disposal group which has been evaluated each reporting period until completion of the transaction. No further material adjustments are expected in subsequent periods. Both Whirlpool and Arcelik retain an option for Arcelik to purchase the remaining equity interest in Beko for fair value, which could be material to the financial statements of the Company, depending on the performance of the business. The European disposal group is classified as held for sale as of March 31, 2024 and the following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of March 31, 2024 and December 31, 2023, respectively.
Millions of dollars |  |  |  |  |  |  | March 31, 2024 | December 31, 2023
Carrying amounts of major classes of assets |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |
Cash and cash equivalents (1) |  |  |  |  |  |  | $ | 245 |  | $ | 97 |
Accounts receivable, net of allowance of $28 and $28, respectively |  |  |  |  |  |  | 646 |  | 578 |
Inventories |  |  |  |  |  |  | 555 |  | 589 |
Prepaid and other current assets |  |  |  |  |  |  | 101 |  | 94 |
Total current assets |  |  |  |  |  |  | 1,547 |  | 1,358 |
Property, net of accumulated depreciation of $1,370 and $1,442, respectively |  |  |  |  |  |  | 952 |  | 952 |
Right of use assets |  |  |  |  |  |  | 151 |  | 162 |
Other intangibles, net of accumulated amortization of $146 and $149, respectively |  |  |  |  |  |  | 280 |  | 286 |
Deferred income taxes |  |  |  |  |  |  | 553 |  | 574 |
Other noncurrent assets |  |  |  |  |  |  | 34 |  | 13 |
Total noncurrent assets |  |  |  |  |  |  | 1,970 |  | 1,987 |
Total assets |  |  |  |  |  |  | $ | 3,517 |  | $ | 3,345 |
Carrying amounts of major classes of liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  | $ | 1,179 |  | $ | 1,266 |
Accrued expenses |  |  |  |  |  |  | 208 |  | 218 |
Accrued advertising and promotions |  |  |  |  |  |  | 122 |  | 171 |
Employee compensation |  |  |  |  |  |  | 130 |  | 120 |
Notes payable |  |  |  |  |  |  | 8 |  | 4 |
Other current liabilities |  |  |  |  |  |  | 89 |  | 97 |
Total current liabilities |  |  |  |  |  |  | 1,736 |  | 1,876 |
Noncurrent liabilities |  |  |  |  |  |  |  |
Pension benefits |  |  |  |  |  |  | 160 |  | 168 |
Lease liabilities |  |  |  |  |  |  | 121 |  | 132 |
Other noncurrent liabilities |  |  |  |  |  |  | 122 |  | 87 |
Total noncurrent liabilities |  |  |  |  |  |  | 403 |  | 387 |
Total liabilities |  |  |  |  |  |  | $ | 2,139 |  | $ | 2,263 |
Total net assets of the disposal group classified as held for sale |  |  |  |  |  |  | $ | 1,378 |  | $ | 1,082 |
Assets held for sale | Fair value of consideration | $ | 227 |  | $ | 144 |
Liabilities held for sale | Cumulative currency translation adjustment and Other comprehensive income on pension | $ | 577 |  | $ | 587 |
(1) Cash and cash equivalents of the disposal group increased due to cash retained in Europe for certain contingencies and other retained liabilities. The following table summarizes the MDA Europe's earnings (loss) available to Whirlpool before income taxes for the three months ended March 31, 2024 and March 31, 2023 respectively:
|  | Three Months Ended March 31, |  |
in millions |  | 2024 | 2023 |  |  |  |
Earnings (loss) before income taxes |  | $ | (9) |  | $ | — |  |  |  |  |
Earnings (loss) before income taxes exclude intercompany other income and expense, which is eliminated at the Total Whirlpool level. Whirlpool India share sale On November 30, 2023, the Company announced its intention to enter into one or more transactions to sell up to 24% of the outstanding shares of its publicly listed Whirlpool of India Limited subsidiary (“Whirlpool India”) in 2024, and to retain a majority interest following completion of the sale. On February 20, 2024, the Company’s wholly-owned subsidiary, Whirlpool Mauritius Limited (“Seller”), executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The sale, which was accounted for as an equity transaction, reduced Seller’s ownership in Whirlpool India from 75% to 51%, and generated proceeds of $462 million on settlement. Latin America sale of Brastemp water filtration subscription business On January 16, 2024, the Company entered into a share purchase agreement with a third-party buyer to sell the Company's Brastemp-branded water filtration subscription business in the Latin America region. The completion of the transaction is contingent upon regulatory approvals and other customary closing conditions, and is anticipated to occur in 2024. The disposal group met the criteria of held for sale at December 31, 2023. The carrying amounts of the disposal group's assets and liabilities as of December 31, 2023 are immaterial. The disposal group's earnings (loss) available to Whirlpool before income taxes for the three months ended March 31, 2024, and 2023, respectively, are also immaterial.

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups + References No definition available. + Details
Name: | whr_BusinessCombinationAssetAcquisitionDiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | whr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration