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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Revenue Recognition
(2)REVENUE RECOGNITION
Disaggregation of Revenue
The following table presents our disaggregated revenues by revenue source. For additional information on the disaggregated revenues by operating segment, see Note 13 to the Consolidated Condensed Financial Statements.
| Three Months Ended March 31, | ||
|---|---|---|
| Millions of dollars | 2024 | 2023 |
| Major product categories: | ||
| Laundry | $1,264 | $1,295 |
| Refrigeration | 1,254 | 1,372 |
| Cooking | 1,063 | 1,092 |
| Dishwashing | 428 | 432 |
| Total major product category net sales | $4,009 | $4,191 |
| Spare parts and warranties | 239 | 236 |
| Other | 242 | 222 |
| Total net sales | $4,490 | $4,649 |
Other revenue sources include primarily the revenues from the InSinkErator business, subscription arrangements and licenses.
The impact to revenue related to prior period performance obligations is less than 1% of global consolidated revenues for the three months ended March 31, 2024.
Allowance for Expected Credit Losses and Bad Debt Expense
We estimate our expected credit losses and bad debt expense primarily by using an aging methodology and establish customer-specific reserves for higher risk trade customers. Our expected credit losses and bad debt expense are evaluated and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment. We take into account past events, current conditions and reasonable and supportable forecasts in developing the reserve.
The following table summarizes our allowance for expected credit losses and bad debt expense by operating segment for the three months ended March 31, 2024:
| Millions of dollars | December 31, 2023 (1) | Charged to Earnings | Write-offs | Foreign Currency | March 31, 2024 |
|---|---|---|---|---|---|
| Accounts receivable allowance | |||||
| MDA North America | $4 | $— | $— | $— | $4 |
| MDA Latin America | 38 | 2 | (1) | 1 | 40 |
| MDA Asia | 3 | — | — | — | 3 |
| SDA Global | 2 | — | — | — | 2 |
| Consolidated | $47 | $2 | $(1) | $1 | $49 |
| Financing receivable allowance | |||||
| MDA Latin America | $29 | $— | $— | $(1) | $28 |
| Consolidated | $76 | $2 | $(1) | $— | $77 |
(1)Effective January 1, 2024, we reorganized our operating segment structure. All prior period amounts have been reclassified to conform with current period presentation. For additional information, see Note 13 to the Consolidated Condensed Financial Statements.
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