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ACQUISITIONS AND DIVESTITURES | 9 Months Ended
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Sep. 30, 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. 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 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. 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. Whirlpool owns approximately 25% and Arcelik owns approximately 75% of the European appliance company ("Beko"). 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 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 $2 million and $294 million, respectively, for the three and nine months ended September 30, 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 ongoing reassessment of the fair value less costs to sell of the disposal group, transaction costs and provision for tax related indemnities recorded at closing of the transaction. 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 was deconsolidated as of April 1, 2024. The following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of September 30, 2024 and December 31, 2023, respectively.
Millions of dollars |  |  |  |  |  |  | September 30, 2024 | December 31, 2023
Carrying amounts of major classes of assets |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  | $ | — |  | $ | 97 |
Accounts receivable, net of allowance of $0 and $28, respectively |  |  |  |  |  |  | — |  | 578 |
Inventories |  |  |  |  |  |  | — |  | 589 |
Prepaid and other current assets |  |  |  |  |  |  | — |  | 94 |
Total current assets |  |  |  |  |  |  | — |  | 1,358 |
Property, net of accumulated depreciation of $0 and $1,442, respectively |  |  |  |  |  |  | — |  | 952 |
Right of use assets |  |  |  |  |  |  | — |  | 162 |
Other intangibles, net of accumulated amortization of $0 and $149, respectively |  |  |  |  |  |  | — |  | 286 |
Deferred income taxes |  |  |  |  |  |  | — |  | 574 |
Other noncurrent assets |  |  |  |  |  |  | — |  | 13 |
Total noncurrent assets |  |  |  |  |  |  | — |  | 1,987 |
Total assets |  |  |  |  |  |  | $ | — |  | $ | 3,345 |
Carrying amounts of major classes of liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  | $ | — |  | $ | 1,266 |
Accrued expenses |  |  |  |  |  |  | — |  | 218 |
Accrued advertising and promotions |  |  |  |  |  |  | — |  | 171 |
Employee compensation |  |  |  |  |  |  | — |  | 120 |
Notes payable |  |  |  |  |  |  | — |  | 4 |
Other current liabilities |  |  |  |  |  |  | — |  | 97 |
Total current liabilities |  |  |  |  |  |  | — |  | 1,876 |
Noncurrent liabilities |  |  |  |  |  |  |  |
Pension benefits |  |  |  |  |  |  | — |  | 168 |
Lease liabilities |  |  |  |  |  |  | — |  | 132 |
Other noncurrent liabilities |  |  |  |  |  |  | — |  | 87 |
Total noncurrent liabilities |  |  |  |  |  |  | — |  | 387 |
Total liabilities |  |  |  |  |  |  | $ | — |  | $ | 2,263 |
Total net assets of the disposal group classified as held for sale |  |  |  |  |  |  | $ | — |  | $ | 1,082 |
Assets held for sale | Fair value of consideration | $ | — |  | $ | 144 |
Liabilities held for sale | Cumulative currency translation adjustment and Other comprehensive income on pension | $ | — |  | $ | 587 |
The following table summarizes MDA Europe's earnings (loss) available to Whirlpool before income taxes for the nine months ended September 30, 2024 and September 30, 2023 respectively:
|  | Nine Months Ended September 30, |  |
in millions |  | 2024 | 2023 |  |  |  |
Earnings (loss) before income taxes |  | $ | (9) |  | $ | 12 |  |  |  |  |
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 and the transaction closed on July 1, 2024. The Company received proceeds of approximately 294 million Brazilian reais (approximately $52 million at the date of transaction) and recorded a gain of approximately $34 million during the third quarter of 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 September 30, 2024 and December 31, 2023, respectively, are immaterial. The disposal group's earnings (loss) available to Whirlpool before income taxes for the three and nine months ended September 30, 2024, and 2023, respectively, are also immaterial.

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- 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
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- Definition Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups + References No definition available. + Details
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