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WHIRLPOOL CORP DE

For the period ended Jun 30, 2024. Filed Jul 25, 2024.

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About 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.

Jun 30, 2024 · Filed Jul 25, 2024

WHR$30.54-3.2%Stored close · as of Nov 6, 2026

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Segment Information

(13)SEGMENT INFORMATION

Beginning January 1, 2024, we reorganized our operating segment structure to better represent the revised structure within our portfolio transformation, including a greater focus on our strong value creating small domestic appliance business. The Company implemented this change to align with the Company's new operating structure, consistent with how the Company’s Chief Operating Decision Maker evaluates performance and allocates resources in accordance with ASC 280, Segment Reporting.

Our reportable segments consist of Major Domestic Appliances ("MDA") North America; MDA Europe, MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. All prior period amounts have been reclassified to conform with current period presentation. The MDA Europe business was deconsolidated upon the completion of the European contribution agreement transaction with Arcelik as of April 1, 2024. For additional information see Note 14 to the Consolidated Condensed Financial Statements.

The chief operating decision maker, who is the Company's Chairman and Chief Executive Officer, evaluates performance based on each segment's earnings (loss) before interest and taxes (EBIT), which we define as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the region's ongoing performance, if any. Total assets by segment are those assets directly associated with the respective operating activities. The "Other/Eliminations" column primarily includes corporate expenses, assets and eliminations, as well as restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the region's ongoing performance, if any. Intersegment sales are eliminated within each segment. The tables below summarize performance by operating segment for the periods presented:

Three Months Ended June 30,
OPERATING SEGMENTS
MDA NorthAmerica · MDA LatinAmerica · MDA Asia · MDA Europe (1) · SDA Global · Other / Eliminations · TotalWhirlpool
Net sales
2024$2,567$895$340$—$187$—$3,989
20232,722804284814168—4,792
Intersegment sales
2024$34$318$12$—$1$(365)$—
2023503761022—(458)—
Depreciation and amortization
2024$42$14$4$—$5$16$81
202348176—31589
EBIT
2024$163$52$21$—$26$(150)$112
202327549101421(79)290
Total assets
June 30, 2024$10,399$3,854$1,203$—$1,181$706$17,343
December 31, 202310,2174,0371,0546851,13418517,312
Capital expenditures
2024$53$47$1$—$1$11$113
20234730121418121
Six Months Ended June 30,
OPERATING SEGMENTS
MDA NorthAmerica · MDA Latin America · MDA Asia · MDA Europe (1) · SDA Global · Other / Eliminations · TotalWhirlpool
Net sales
2024$4,994$1,732$579$804$369$—$8,478
20235,3621,5515291,661338—9,441
Intersegment sales
2024$67$622$22$23$11$(745)$—
20231087542045—(927)—
Depreciation and amortization
2024$90$32$10$—$8$30$170
2023973411—630178
EBIT
2024$298$116$31$(9)$60$(472)$24
202354285171039(436)257
Total assets
June 30, 2024$10,399$3,854$1,203$—$1,181$706$17,343
December 31, 202310,2174,0371,0546851,13418517,312
Capital expenditures
2024$95$87$4$22$3$17$228
20239245340730217

(1) MDA Europe consisted of our European major domestic appliance business which was contributed to Arcelik as of April 1, 2024. See Note 14 to the Consolidated Condensed Financial Statements for additional information on the transaction.

The following table summarizes the reconciling items in the Other/Eliminations column for total EBIT for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
in millions2024202320242023
Items not allocated to segments:
Restructuring charges$(50)$(9)$(73)$(9)
Legacy MDA Europe legal matters—(36)—(98)
(Loss) gain on sale and disposal of businesses(45)(18)(292)(240)
Corporate expenses and other(55)(16)(107)(89)
Total other/eliminations$(150)$(79)$(472)$(436)

A reconciliation of our segment information for total EBIT to the corresponding amounts in the Consolidated Condensed Statements of Comprehensive Income (Loss) is shown in the table below for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
in millions2024202320242023
Operating profit$130$303$14$346
Interest and sundry (income) expense710(21)87
Equity method investment income (loss), net of tax(11)(3)(11)(2)
Total EBIT$112$290$24$257
Interest expense9389183164
Income tax expense(206)114(130)182
Net earnings (loss)$225$87$(29)$(89)
Less: Net earnings available to noncontrolling interests62115
Net earnings (loss) available to Whirlpool$219$85$(40)$(94)
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