WHIRLPOOL CORP DE
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
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Restructuring Charges
(11)RESTRUCTURING CHARGES
We periodically take action to improve operating efficiencies, typically in connection with business acquisitions or changes in the economic environment. Our footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in the following plans.
In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total expected costs for these actions is $23 million, of which we have incurred $14 million in employee termination costs and $9 million other associated costs within the first quarter. All of these costs will result in cash settlements primarily in 2024. The Company is currently evaluating certain follow-on restructuring actions for the remainder of 2024.
The following table summarizes the changes to our restructuring liability during the three months ended March 31, 2024:
| Millions of Dollars | December 31, 2023 | Charge to Earnings | Cash Paid | Non-Cash and Other | March 31, 2024 |
|---|---|---|---|---|---|
| Employee Termination | $10 | $14 | $(14) | $— | $10 |
| Other exit costs | — | 9 | — | — | 9 |
| Total | $10 | $23 | $(14) | $— | $19 |
The following table summarizes the restructuring charges by operating segment and Corporate for the periods presented:
| Millions of dollars | Three Months Ended March 31 | |
|---|---|---|
| 2024 | 2023 | |
| MDA North America | $4 | $— |
| MDA Latin America | 3 | — |
| MDA Asia | 1 | — |
| Corporate/Other | 15 | — |
| Total | $23 | $— |
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