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WHIRLPOOL CORP DE

For the period ended Sep 30, 2024. Filed Oct 24, 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.

Sep 30, 2024 · Filed Oct 24, 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 segment'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 segment'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 September 30,
OPERATING SEGMENTS
MDA NorthAmerica · MDA LatinAmerica · MDA Asia · MDA Europe (1) · SDA Global · Other / Eliminations · TotalWhirlpool
Net sales
2024$2,647$846$239$—$261$—$3,993
20232,766843219829269—4,926
Intersegment sales
2024$28$303$10$—$2$(343)$—
2023594081118—(496)—
Depreciation and amortization
2024$40$16$5$—$5$13$79
202345175—31484
EBIT
2024$194$58$7$—$37$(45)$251
2023254525249(96)266
Total assets
September 30, 2024$10,254$3,876$1,176$—$1,257$597$17,160
December 31, 202310,2174,0371,0546851,13418517,312
Capital expenditures
2024$34$38$3$—$2$10$87
20234136321218121
Nine Months Ended September 30,
OPERATING SEGMENTS
MDA NorthAmerica · MDA Latin America · MDA Asia · MDA Europe (1) · SDA Global · Other / Eliminations · TotalWhirlpool
Net sales
2024$7,642$2,578$818$804$629$—$12,471
20238,1302,3957482,487607—14,367
Intersegment sales
2024$96$925$32$23$13$(1,089)$—
20231671,1613162—(1,421)—
Depreciation and amortization
2024$130$48$15$—$13$43$249
20231425216—943262
EBIT
2024$491$175$38$(9)$97$(517)$275
2023795137231189(532)523
Total assets
September 30, 2024$10,254$3,876$1,176$—$1,257$597$17,160
December 31, 202310,2174,0371,0546851,13418517,312
Capital expenditures
2024$129$125$7$22$5$27$315
202313380661949338

(1) MDA Europe consisted of our European major domestic appliance business which was contributed to Beko Europe 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 September 30,Nine Months Ended September 30,
in millions2024202320242023
Items not allocated to segments:
Restructuring charges$(8)$(5)$(81)$(14)
Legacy MDA Europe legal matters———(98)
(Loss) gain on sale and disposal of businesses32(46)(260)(286)
Corporate expenses and other(69)(45)(176)(134)
Total other/eliminations$(45)$(96)$(517)$(532)

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 September 30,Nine Months Ended September 30,
in millions2024202320242023
Operating profit$265$257$279$603
Interest and sundry (income) expense(6)(10)(27)77
Equity method investment income (loss), net of tax(20)(1)(31)(3)
Total EBIT$251$266$275$523
Interest expense9295275259
Income tax expense4586(85)268
Net earnings (loss)$114$85$85$(4)
Less: Net earnings available to noncontrolling interests52166
Net earnings (loss) available to Whirlpool$109$83$69$(10)
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