WHIRLPOOL CORP DE
For the period ended Sep 30, 2024. Filed Oct 24, 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.
Sep 30, 2024 · Filed Oct 24, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 | |||
| Comprehensive income (loss) | |||||||||
| Net earnings (loss) | 225 | 219 | — | — | — | 6 | |||
| Other comprehensive income | 17 | — | 17 | — | — | — | |||
| Comprehensive income (loss) | 242 | 219 | 17 | — | — | 6 | |||
| Stock issued (repurchased) | 26 | — | — | 25 | 1 | — | |||
| Dividends declared | (96) | (96) | — | — | — | — | |||
| Divestitures (1) | 577 | — | 577 | — | — | — | |||
| Balances, June 30, 2024 | $3,359 | $8,127 | $(1,563) | $(3,582) | $115 | $262 | |||
| Comprehensive income | |||||||||
| Net earnings (loss) | 114 | 109 | — | — | — | 5 | |||
| Other comprehensive income | (89) | — | (89) | — | — | — | |||
| Comprehensive income | 25 | 109 | (89) | — | — | 5 | |||
| Stock issued (repurchased) | 26 | — | — | 26 | — | — | |||
| Purchase of interest in subsidiary | (19) | — | (5) | (14) | |||||
| Dividends declared | (98) | (96) | — | — | — | (2) | |||
| Balances, September 30, 2024 | $3,293 | $8,140 | $(1,652) | $(3,561) | $115 | $251 | |||
(1)Other comprehensive loss of $440 million related to currency translation and $137 million related to pension has been deconsolidated from accumulated other comprehensive income (loss) as part of deconsolidation of European major appliance business as of April 1, 2024. These amounts have been included in the loss on disposal as disclosed in FN 14.
| 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 |
| Comprehensive income (loss) | ||||||
| Net earnings (loss) | 87 | 85 | — | — | — | 2 |
| Other comprehensive income | (39) | — | (39) | — | — | — |
| Comprehensive income (loss) | 48 | 85 | (39) | — | — | 2 |
| Stock issued (repurchased) | 7 | — | — | 7 | — | — |
| Dividends declared | (96) | (96) | — | — | — | — |
| Balances, June 30, 2023 | $2,193 | $7,974 | $(2,130) | $(3,940) | $114 | $175 |
| Comprehensive income | ||||||
| Net earnings | 85 | 83 | — | — | — | 2 |
| Other comprehensive income | 55 | — | 55 | — | — | — |
| Comprehensive income | 140 | 83 | 55 | — | — | 2 |
| Stock issued (repurchased) | 4 | — | — | 4 | — | — |
| Dividends declared | (97) | (96) | — | — | — | (1) |
| Balances, September 30, 2023 | $2,240 | $7,961 | $(2,075) | $(3,936) | $114 | $176 |
Other Comprehensive Income (Loss)
The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented:
| Three Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Millions of dollars | Pre-tax | Tax Effect | Net | Pre-tax | Tax Effect | Net |
| Currency translation adjustments | $(84) | $— | $(84) | $16 | $— | $16 |
| Cash flow hedges | (21) | 6 | (15) | 52 | (13) | 39 |
| Pension and other postretirement benefits plans | 11 | (1) | 10 | — | — | — |
| Other comprehensive income (loss) | (94) | 5 | (89) | 68 | (13) | 55 |
| Less: Other comprehensive income (loss) available to noncontrolling interests | — | — | — | — | — | — |
| Other comprehensive income (loss) available to Whirlpool | $(94) | $5 | $(89) | $68 | $(13) | $55 |
| Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Millions of dollars | Pre-tax | Tax Effect | Net | Pre-tax | Tax Effect | Net |
| Currency translation adjustments | $(135) | $— | $(135) | $43 | $— | $43 |
| Cash flow hedges | 55 | (17) | 38 | (39) | 9 | (30) |
| Pension and other postretirement benefits plans | 32 | (4) | 28 | 2 | — | 2 |
| Other comprehensive income (loss) | (48) | (21) | (69) | 6 | 9 | 15 |
| Less: Other comprehensive income (loss) available to noncontrolling interests | — | — | — | — | — | — |
| Other comprehensive income (loss) available to Whirlpool | $(48) | $(21) | $(69) | $6 | $9 | $15 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
The following table provides the reclassification adjustments out of accumulated other comprehensive income (loss), by component, which was included in net earnings for the three and nine months ended September 30, 2024:
| Three Months Ended · Nine Months Ended | |||
|---|---|---|---|
| Millions of dollars | (Gain) Loss Reclassified | (Gain) Loss Reclassified | Classification in Earnings |
| Pension and postretirement benefits, pre-tax | $10 | $30 | Interest and sundry (income) expense |
| Total | $10 | $30 | |
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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| Millions of dollars and shares | 2024 | 2023 | 2024 | 2023 |
| Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool | $109 | $83 | $69 | $(10) |
| Denominator for basic earnings per share - weighted-average shares | 55.2 | 55.0 | 55.0 | 54.9 |
| Effect of dilutive securities - share-based compensation | — | 0.3 | — | — |
| Denominator for diluted earnings per share - adjusted weighted-average shares | 55.2 | 55.3 | 55.0 | 54.9 |
| Anti-dilutive stock options/awards excluded from earnings per share | 1.3 | 1.0 | 1.4 | 1.0 |
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 nine months ended September 30, 2024, we repurchased 455,952 shares under the share repurchase program at an aggregate price of approximately $50 million. At September 30, 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 has 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.