WHIRLPOOL CORP DE
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Stockholders' Equity
(11)STOCKHOLDERS' EQUITY
Comprehensive Income (Loss)
Comprehensive income (loss) primarily includes (1) our reported net earnings (loss), (2) foreign currency translation, including net investment hedges, (3) changes in the effective portion of our open derivative contracts designated as cash flow hedges, and (4) changes in our unrecognized pension and other postretirement benefits.
The following table shows the components of accumulated other comprehensive income (loss) available to Whirlpool at December 31, 2021, 2022, and 2023, and the activity for the years then ended:
| Millions of dollars | ForeignCurrency | DerivativeInstruments | Pension andPostretirementLiability | Total |
|---|---|---|---|---|
| December 31, 2020 | $(1,918) | $21 | $(914) | (2,811) |
| Unrealized gain (loss) | 364 | 27 | — | 391 |
| Unrealized actuarial gain(loss) and prior service credit (cost) | — | — | 104 | 104 |
| Tax effect | (1) | (14) | (26) | (41) |
| Other comprehensive income (loss), net of tax | 363 | 13 | 78 | 454 |
| Less: Other comprehensive loss available to noncontrolling interests | — | — | — | — |
| Other comprehensive income (loss) available to Whirlpool | 363 | 13 | 78 | 454 |
| December 31, 2021 | $(1,555) | $34 | $(836) | $(2,357) |
| Unrealized gain (loss) | 280 | 26 | — | 306 |
| Unrealized actuarial gain (loss) and prior service credit (cost) | — | — | (27) | (27) |
| Tax effect | — | (2) | (10) | (12) |
| Other comprehensive income (loss), net of tax | 280 | 24 | (37) | 267 |
| Less: Other comprehensive loss available to noncontrolling interests | — | — | — | — |
| Other comprehensive income (loss) available to Whirlpool | 280 | 24 | (37) | 267 |
| December 31, 2022 | $(1,275) | $58 | $(873) | $(2,090) |
| Unrealized gain (loss) | 22 | (64) | — | (42) |
| Unrealized actuarial gain (loss) and prior service credit (cost) | — | — | (99) | (99) |
| Tax effect | — | 17 | 36 | 53 |
| Other comprehensive income (loss), net of tax | 22 | (47) | (63) | (88) |
| Less: Other comprehensive loss available to noncontrolling interests | — | — | — | — |
| Other comprehensive income (loss) available to Whirlpool | 22 | (47) | (63) | (88) |
| December 31, 2023 | $(1,253) | $11 | $(936) | $(2,178) |
Net Earnings per Share
Diluted net earnings per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings per share of common stock were calculated as follows:
| Millions of dollars and shares | 2023 | 2022 | 2021 |
|---|---|---|---|
| Numerator for basic and diluted earnings per share – net earnings (loss) available to Whirlpool | $481 | $(1,519) | $1,783 |
| Denominator for basic earnings per share – weighted-average shares | 55.0 | 55.9 | 62.1 |
| Effect of dilutive securities – stock-based compensation | 0.2 | — | 0.8 |
| Denominator for diluted earnings per share – adjusted weighted-average shares | 55.2 | 55.9 | 62.9 |
| Anti-dilutive stock options/awards excluded from earnings per share | 1.2 | 0.6 | 0.1 |
Dividends
Dividends per share paid to shareholders were $7.00, $7.00 and $5.45 during 2023, 2022 and 2021, respectively.
Share Repurchase Program
On April 19, 2021, our Board of Directors authorized a share repurchase program of up to $2 billion, which has no expiration date. On February 14, 2022, the Board of Directors authorized an additional $2 billion in share repurchases under the Company's ongoing share repurchase program. During the twelve months ended December 31, 2023, we didnot repurchase any shares under the share repurchase programs. At December 31, 2023, there were approximately $2.6 billion in remaining funds authorized under these programs.
Share repurchases are made from time to time on the open market as conditions warrant. The program does not obligate us to repurchase any of our shares and it has no expiration date.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.