WHIRLPOOL CORP DE
For the period ended Sep 30, 2024. Filed Oct 24, 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.
Sep 30, 2024 · Filed Oct 24, 2024
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Income Taxes
(12)INCOME TAXES
Income tax expense (benefit) was $45 million and $(85) millionfor the three and nine months ended September 30, 2024, respectively, compared to income tax expense of $86 million and $268 million for the same periods of 2023. The decrease in tax expense is primarily due to an overall lower level of earnings and tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances.
The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| Millions of dollars | 2024 | 2023 | 2024 | 2023 |
| Earnings (Loss) before income taxes | $179 | $172 | $31 | $267 |
| Income tax expense (benefit) computed at United States statutory tax rate | 38 | 36 | 7 | 56 |
| State and local taxes, net of federal tax benefit | (6) | (6) | (61) | (1) |
| Valuation allowances | 11 | 8 | 416 | 29 |
| Audit and Settlements | 11 | 29 | 24 | 83 |
| U.S. foreign income items, net of credits | 4 | (9) | (12) | (6) |
| Sale of minority shares and capital gains | — | — | 77 | — |
| Legal Entity restructuring tax impact | (7) | — | (601) | — |
| Non deductible impairments | — | 6 | 64 | 57 |
| Non deductible fines and penalties | — | — | — | 20 |
| Other | (6) | 22 | 1 | 30 |
| Income tax expense (benefit) computed at effective worldwide tax rates | $45 | $86 | $(85) | $268 |
At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the quarterly rate as necessary.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.