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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 dollarsMarch 31, 2024December 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 
Inventories555 589 
Prepaid and other current assets101 94 
Total current assets1,547 1,358 
Property, net of accumulated depreciation of $1,370 and $1,442, respectively
952 952 
Right of use assets151 162 
Other intangibles, net of accumulated amortization of $146 and $149, respectively
280 286 
Deferred income taxes553 574 
Other noncurrent assets34 13 
Total noncurrent assets1,970 1,987 
Total assets$3,517 $3,345 
Carrying amounts of major classes of liabilities
Current liabilities
Accounts payable$1,179 $1,266 
Accrued expenses208 218 
Accrued advertising and promotions122 171 
Employee compensation130 120 
Notes payable8 4 
Other current liabilities89 97 
Total current liabilities1,736 1,876 
Noncurrent liabilities
Pension benefits160 168 
Lease liabilities121 132 
Other noncurrent liabilities122 87 
Total noncurrent liabilities403 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 saleCumulative currency translation adjustment and Other comprehensive income on pension$577 $587 
(1) Cash and cash equivalents of the disposal group increased due to cash retained in Europe for certain contingencies and other retained liabilities.
The following table summarizes the MDA Europe's earnings (loss) available to Whirlpool before income taxes for the three months ended March 31, 2024 and March 31, 2023 respectively:
Three Months Ended March 31,
in millions20242023
Earnings (loss) before income taxes$(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.