WHIRLPOOL CORP DE
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
View on SEC.govAbout this filing
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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Stockholders' Equity
(10)STOCKHOLDERS' EQUITY
The following table summarizes the changes in stockholders' equity for the periods presented:
| Whirlpool Stockholders' Equity | ||||||
|---|---|---|---|---|---|---|
| Total | RetainedEarnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock / Additional Paid-In-Capital | CommonStock | Non-Controlling Interest | |
| Balances, December 31, 2023 | $2,537 | $8,358 | $(2,178) | $(3,932) | $114 | $175 |
| Comprehensive income (loss) | ||||||
| Net earnings (loss) | (253) | (259) | — | — | — | 6 |
| Other comprehensive income | 3 | — | 3 | — | — | — |
| Comprehensive income (loss) | (250) | (259) | 3 | — | — | 6 |
| Stock issued (repurchased) | (45) | — | — | (45) | — | — |
| Sale of minority interest in subsidiary | 462 | — | 18 | 370 | — | 74 |
| Dividends declared | (94) | (95) | — | — | — | 1 |
| Balances, March 31, 2024 | $2,610 | $8,004 | $(2,157) | $(3,607) | $114 | $256 |
| Whirlpool Stockholders' Equity | ||||||
|---|---|---|---|---|---|---|
| Total | RetainedEarnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock / Additional Paid-In-Capital | CommonStock | Non-Controlling Interest | |
| Balances, December 31, 2022 | $2,506 | $8,261 | $(2,090) | $(3,949) | $114 | $170 |
| Comprehensive income (loss) | ||||||
| Net earnings (loss) | (176) | (179) | — | — | — | 3 |
| Other comprehensive income | (1) | — | (1) | — | — | — |
| Comprehensive income (loss) | (177) | (179) | (1) | — | — | 3 |
| Stock issued (repurchased) | 2 | — | — | 2 | — | — |
| Dividends declared | (97) | (97) | — | — | — | — |
| Balances, March 31, 2023 | $2,234 | $7,985 | $(2,091) | $(3,947) | $114 | $173 |
Other Comprehensive Income (Loss)
The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented:
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Millions of dollars | Pre-tax | Tax Effect | Net | Pre-tax | Tax Effect | Net |
| Currency translation adjustments | $(29) | $— | $(29) | $(1) | $— | $(1) |
| Cash flow hedges | 33 | (9) | 24 | (16) | 5 | (11) |
| Pension and other postretirement benefits plans | 10 | (2) | 8 | 13 | (2) | 11 |
| Other comprehensive income (loss) | 14 | (11) | 3 | (4) | 3 | (1) |
| Less: Other comprehensive income (loss) available to noncontrolling interests | — | — | — | — | — | — |
| Other comprehensive income (loss) available to Whirlpool | $14 | $(11) | $3 | $(4) | $3 | $(1) |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
There were no material net impacts of the reclassification adjustments out of accumulated other comprehensive income (loss) included in net earnings (loss) for the three months ended March 31, 2024.
Net earnings (loss) per Share
Diluted net earnings (loss) per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings (loss) per share of common stock for the periods presented were calculated as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| Millions of dollars and shares | 2024 | 2023 |
| Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool | $(259) | $(179) |
| Denominator for basic earnings per share - weighted-average shares | 54.9 | 54.8 |
| Denominator for diluted earnings per share - adjusted weighted-average shares | 54.9 | 54.8 |
| Anti-dilutive stock options/awards excluded from earnings per share | 1.2 | 0.9 |
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 three months ended March 31, 2024, we repurchased 456 thousand shares under the share repurchase program at an aggregate price of approximately $50 million. At March 31, 2024, there were approximately $2.5 billion in remaining funds authorized under this program.
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 have 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.