WHIRLPOOL CORP /DE/
For the period ended Jun 30, 2025. Filed Jul 29, 2025.
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.
Jun 30, 2025 · Filed Jul 29, 2025
WHR$30.54-3.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0000106640-25-000075
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0000106640-25-000117
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 109 previous paragraphs and 110 current paragraphs.
64 unchanged; 32 reworded; 13 added; 12 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Net sales decreased 4.7% and 2.6% for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease was primarily driven by unfavorable volume partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales decreased 4.6% and 2.3% for the three and six months ended June 30, 2025, compared to the same periods in 2024.
Current report
Cost of products sold for the three and six months ended June 30, 2025 decreased 5.3% and 4.0% compared to the same periods in 2024. The decrease was primarily driven by lower volume and cost take out.
Current report
EBIT decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three and six months ended was primarily due to lower volume partially offset by cost take out. EBIT margin was 5.9% and 6.0% for the three and six months ended June 30, 2025, compared to 6.3% and 6.0% for the same periods in 2024.
Current report
Cost of products sold for the three and six months ended June 30, 2025 decreased 9.2% and 10.0% compared to the same periods in 2024. The decrease was primarily driven by lower volume and cost take out.
Current report
Net sales decreased 5.9% and increased 1.6% for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three months ended was primarily driven by lower volume partially offset by favorable product price/mix. The increase for the six months ended was primarily driven by favorable product price/mix and increased volume. Excluding the impact from foreign currency, net sales decreased 3.7% and increased 4.6% for the three and six months ended June 30, 2025 compared to the same periods in 2024.
Current report
Cost of products sold for the three and six months ended June 30, 2025 decreased 7.2% and 0.8% compared to the same periods in 2024. The decrease for the three months ended was primarily driven by lower volume and cost take out. The decrease for the six months ended was primarily driven by cost take out partially offset by increased volume.
Current report
EBIT increased for the three and six months ended June 30, 2025 compared to the same periods in 2024. The increase was primarily driven by cost take out. EBIT margin was 7.1% for both three and six months ended June 30, 2025 compared to 6.2% and 5.4% for the same periods in 2024.
Current report
Net sales increased 7.5% and 7.7% for the three and six months ended June 30, 2025 compared to the same periods in 2024. The increase was primarily driven by favorable product price/mix. Excluding the impact from foreign currency, net sales increased 6.8% and 8.3% for the three and six months ended June 30, 2025 compared to the same periods in 2024.
Current report
EBIT increased for the three and six months ended June 30, 2025 compared to the same periods in 2024. The increase was primarily driven by favorable product price/mix. EBIT margin was 17.3% and 17.9% for the three and six months ended June 30, 2025 compared to 13.9% and 16.3% for the same periods in 2024.
Current report
Interest expense was $86 million and $164 million for the three and six months ended June 30, 2025 compared to $93 million and $183 million in the same prior year periods of 2024.
Current report
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.
Current report
During the second quarter, our senior unsecured debt was downgraded to a non-investment grade rating from Moody’s Investors Service, Inc. (to Ba1, with negative outlook), S&P Global Ratings (to BB+, with stable outlook), and Fitch Ratings, Inc. (to BB+, with negative outlook). As a result of these downgrades, our debt currently has a non-investment grade rating from these rating agencies, which has partially reduced access to and increased costs associated with accessing certain types of financing that are typically reserved for investment-grade companies (e.g. commercial paper). Please see Part II, Item 1A “Risk Factors” for a discussion of impacts related to potential further developments or downgrades to our credit ratings.
Current report
During the second quarter, home appliance imports were added as derivative steel products under Section 232, effective June 23, 2025. This action, coupled with other tariff and trade policy actions taken by the U.S. government, is expected to help close long-standing loopholes and help support a level playing field for domestic producers.
Removed paragraphs (12)
Previous report
Net sales decreased 0.3% for the three months ended March 31, 2025 compared to the same period in 2024. The decrease was primarily driven by unfavorable currency partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales increased 0.1% for the three months ended March 31, 2025, compared to the same period in 2024.
Previous report
Cost of products sold for the three months ended March 31, 2025 decreased 2.6% compared to the same period in 2024. The decrease was primarily driven by cost productivity.
Previous report
EBIT increased for the three months ended March 31, 2025 compared to the same period in 2024. The increase for the three months ended was primarily due to cost take out and favorable product price/mix. EBIT margin was 6.2% for the three months ended March 31, 2025, compared to 5.6% for the same period in 2024.
Previous report
Cost of products sold for the three months ended March 31, 2025 decreased 10.9% compared to the same period in 2024. The decrease was primarily driven by foreign currency.
Previous report
Net sales increased 12.3% for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily driven by increased volume and favorable product price/mix. Excluding the impact from foreign currency, net sales increased 16.5% for the three months ended March 31, 2025 compared to the same period in 2024.
Previous report
Cost of products sold for the three months ended March 31, 2025 increased 8.1% compared to the same period in 2024. The increase was primarily driven by increased volume.
Previous report
EBIT increased for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily driven by cost take out and increased volume. EBIT margin was 7.0% for the three months ended March 31, 2025 compared to 4.6% for the same period in 2024.
Previous report
Net sales increased 7.9% for the three months ended March 31, 2025 compared to the same period in 2024. The increase for the three months ended was primarily driven by favorable product price/mix partially offset by unfavorable impacts from foreign currency. Excluding the impact from foreign currency, net sales increased 9.9% for the three months ended March 31, 2025 compared to the same period in 2024.
Previous report
EBIT increased for the three months ended March 31, 2025 compared to the same period in 2024. The increase for the three months ended was primarily driven by favorable product price/mix. EBIT margin was 18.5% for the three months ended March 31, 2025 compared to 18.1% for the same period in 2024.
Previous report
(1) Not meaningful ("nm")
Previous report
Interest expense was $77 million for the three months ended March 31, 2025 compared to $90 million in the same prior year period of 2024.
Previous report
We monitor the credit ratings and market indicators of credit risk of our lending, depository, derivative counterparty banks, and customers regularly, and take certain actions to manage credit risk. We diversify our deposits and investments in short-term cash equivalents to limit the concentration of exposure by counterparty.
Reworded paragraphs (32)
Previous wording
The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition of the Company and generally discusses the results of operations for the current three months ended period compared to the same prior-year period. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Condensed Financial Statements and Notes to the Consolidated Condensed Financial Statements included in this Form 10-Q.
Current wording
The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition of the Company and generally discusses the results of operations for the current three and six months ended periods compared to the same prior-year periods. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Condensed Financial Statements and Notes to the Consolidated Condensed Financial Statements included in this Form 10-Q.
Previous wording
Whirlpool Corporation ("Whirlpool") is a leading kitchen and laundry appliance company, in constant pursuit of improving life at home and inspiring generations with our brands. The company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2024, the Company reported approximately $17 billion in annual sales, 44,000 employees, and 55 manufacturing and technology research centers. We conduct our business through four operating segments, which consist of Major Domestic Appliances ("MDA") North America; MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. The MDA Europe segment was deconsolidated as of April 1, 2024.
Current wording
Whirlpool Corporation ("Whirlpool") is a leading kitchen and laundry appliance company, in constant pursuit of improving life at home and inspiring generations with our brands. The company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2024, the Company reported approximately $17 billion in annual sales, 44,000 employees, and 40 manufacturing and technology research centers. We conduct our business through four operating segments, which consist of Major Domestic Appliances ("MDA") North America; MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. The MDA Europe segment was deconsolidated as of April 1, 2024.
Previous wording
Whirlpool delivered first-quarter net earnings (loss) available to Whirlpool of $71 million (net earnings margin of 2.0%), or $1.28 per share, compared to net earnings (loss) available to Whirlpool of $(259) million (net earnings margin of (5.8)%), or $(4.72) per share in the same prior-year period, which included a non-cash charge related to the held for sale treatment for EMEA and other EMEA transaction costs of $259 million. Whirlpool delivered cash provided by (used in) operating activities of $(721) million for the three months ended March 31, 2025, compared to $(873) million in the same prior year period and had capital expenditures of $72 million and $115 million, respectively.
Current wording
Whirlpool delivered second-quarter net earnings (loss) available to Whirlpool of $65 million (net earnings margin of 1.7%), or $1.17 per share, compared to net earnings (loss) available to Whirlpool of $219 million (net earnings margin of 5.5%), or $3.96 per share in the same prior-year period. Whirlpool delivered cash provided by (used in) operating activities of $(702) million for the six months ended June 30, 2025, compared to $(485) million in the same prior year period and had capital expenditures of $154 million and $228 million, respectively.
Previous wording
Net earnings margins were favorably impacted by cost take out, product price/mix, and the non-cash charge related to the EMEA transaction in the same prior-year period. This improvement was partially offset by currency impacts primarily in Latin America and a higher adjusted effective tax rate compared to the same prior-year period.
Current wording
Net earnings margins were favorably impacted by cost take out and product price/mix more than offset by negative currency impacts primarily in Latin America and higher income tax. The higher income tax rate compared to the same prior-year period was primarily due to tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliances business in the prior period.
Previous wording
Our global cost take out and pricing actions continue to deliver shareholder value as we navigate through a challenging macro environment in North America. This is demonstrated by the year-over-year margin expansion in the first-quarter. We remain confident in delivering over $200 million of cost take out, successfully implementing previously announced pricing actions, and expanding margins in 2025.
Current wording
We continue to take actions to deliver shareholder value as we navigate through a challenging macro environment in North America. We remain confident in delivering approximately $200 million of cost take out, implementing previously announced pricing actions, introducing over 100 new products, and expanding margins in 2025.
Previous wording
(2) As a result of the GAAP earnings loss for the three months ended March 31, 2024 the impact of antidilutive shares was excluded from the loss per share calculation on a GAAP basis.
Current wording
(2) As a result of the GAAP earnings loss for the six months ended June 30, 2024 the impact of antidilutive shares was excluded from the loss per share calculation on a GAAP basis.
Previous wording
Consolidated net sales decreased 19.4% for the three months ended March 31, 2025 compared to the same period in 2024. The decrease for the three months ended March 31, 2025 was primarily driven by divestiture of our European major domestic appliances business. Excluding the impact of foreign currency, net sales decreased 16.1% for the three months ended March 31, 2025, compared to the same period in 2024.
Current wording
Consolidated net sales decreased 5.4% and 12.8% for the three and six months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three and six months ended June 30, 2025 was primarily driven by lower volume and the unfavorable impact of foreign currency, partially offset by favorable product price/mix. Excluding the impact of foreign currency, net sales decreased 3.2% and 10.1% for the three and six months ended June 30, 2025, compared to the same periods in 2024. The decrease for the six months ended was primarily driven by the deconsolidation of our European major domestic appliances business, which had approximately $800 million of sales for the six months ended June 30, 2024 (representing 9.5% of total net sales for the period).
Previous wording
The consolidated gross margin percentage for the three months ended March 31, 2025 increased to 16.8% compared to 14.3% in the same prior-year period. The increase was primarily driven by cost take out and favorable product price/mix, partially offset by unfavorable impact from foreign currency.
Current wording
The consolidated gross margin percentage for the three and six months ended June 30, 2025 increased to 16.2% and 16.5% compared to 15.7% and 14.9% in the same prior-year period. The increase was primarily driven by cost take out and favorable product price/mix, partially offset by lower volume.
Previous wording
Our reportable segments consist of MDA North America; MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. 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 13 to the Consolidated Condensed Financial Statements.
Current wording
The following is a discussion of results for each of our operating segments, which consist of MDA North America; MDA Latin America; MDA Asia; and SDA Global. For additional information, see Note 13 to the Consolidated Condensed Financial Statements.
Previous wording
Net sales decreased 11.9% for the three months ended March 31, 2025, compared to the same period in 2024. The decrease was primarily driven by unfavorable impacts of foreign currency partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales increased 2.4% for the three months ended March 31, 2025, respectively, compared to the same period in 2024.
Current wording
Net sales decreased 10.0% and 10.9% for the three and six months ended June 30, 2025, compared to the same periods in 2024. The decrease was primarily driven by unfavorable impacts of foreign currency partially offset by favorable product price/mix. Excluding the impact from foreign currency, net sales decreased 0.9% and increased 0.7% for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024.
Previous wording
EBIT decreased for the three months ended months ended March 31, 2025 compared to the same period in 2024. The decrease for the three months ended was primarily driven by unfavorable currency and a indirect tax benefit in the same period in 2024, partially offset by favorable cost take out and product price/mix. EBIT margin was 6.6% for the three months ended March 31, 2025, compared to 7.8% for the same period in 2024.
Current wording
EBIT decreased for the three and six months ended months ended June 30, 2025 compared to the same periods in 2024. The decrease for the three and six months ended was primarily driven by unfavorable currency partially offset by favorable cost take out and product price/mix. In addition, the decrease for the six months ended was also unfavorably impacted by an indirect tax benefit in the same period in 2024. EBIT margin was 6.0% and 6.3% for the three and six months ended June 30, 2025, compared to 5.8% and 6.7% for the same periods in 2024.
Previous wording
Cost of products sold for the three months ended March 31, 2025 increased 4.8% compared to the same period in 2024. The increase was primarily driven by product mix and increased volume on product attachments and accessories.
Current wording
Cost of products sold for the three and six months ended June 30, 2025 increased 12.0% and 8.7% compared to the same periods in 2024. The increase was primarily driven by product mix.
Previous wording
Consolidated selling, general and administrative expenses decreased for the three months ended March 31, 2025, compared to the same period in 2024 primarily due to the disposal of our European major domestic appliance business on April 1, 2024.
Current wording
Consolidated selling, general and administrative expenses decreased for the six months ended June 30, 2025, compared to the same period in 2024 primarily due to the disposal of our European major domestic appliance business on April 1, 2024.
Previous wording
We incurred restructuring charges of $10 million for the three months ended March 31, 2025 compared to $23 million for the same period in 2024. For additional information, see Note 11 to the Consolidated Condensed Financial Statements.
Current wording
We incurred restructuring charges of $2 million and $11 million for the three and six months ended June 30, 2025 compared to $50 million and $73 million for the same periods in 2024. For additional information, see Note 11 to the Consolidated Condensed Financial Statements.
Previous wording
For the full year 2025, we expect to incur approximately $75 million of restructuring charges, inclusive of the restructuring charges recorded for the three months ended March 31, 2025. Substantially all will result in cash settlement.
Current wording
For the full year 2025, we expect to incur approximately $50 million of restructuring charges, inclusive of the restructuring charges recorded for the six months ended June 30, 2025. Substantially all will result in cash settlement.
Previous wording
There were no amounts recorded to (Gain) loss on sale and disposal of businesses for the three months ended March 31, 2025, compared to $247 million for the same period of 2024. The amounts recorded in 2024 were related to the divestiture of our European major domestic appliance business and were primarily due to fair value fluctuations driven by seasonality of net working capital, and transaction costs.
Current wording
There were no amounts recorded to (Gain) loss on sale and disposal of businesses for the three and six months ended June 30, 2025, compared to $45 million and $292 million for the same periods of 2024. The amounts recorded in 2024 were related to the divestiture of our European major domestic appliance business and were primarily due to fair value fluctuations driven by seasonality of net working capital, and transaction costs.
Previous wording
Net interest and sundry income was $32 million for the three months ended March 31, 2025 compared to $29 million in the same prior year period in 2024.
Current wording
Net interest and sundry (income) expense was $(4) million and $(36) million for the three and six months ended June 30, 2025 compared to $7 million and $(21) million in the same prior year periods in 2024.
Previous wording
Income tax expense was $43 million for the three months ended March 31, 2025 compared to income tax expense of $76 million in the same prior year period of 2024. The decrease for the three months ended March 31, 2025 is primarily due to an overall lower level of earnings and tax benefits recognized in Q1 2025 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. For more information, see Note 12 to the Consolidated Condensed Financial Statements.
Current wording
Income tax expense was $29 million and $72 million for the three and six months ended June 30, 2025 compared to income tax benefit of $206 million and $130 million in the same prior year periods of 2024. The tax benefits recognized in 2024 were 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. For more information, see Note 12 to the Consolidated Condensed Financial Statements.
Previous wording
On February 20, 2024, Whirlpool’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The transaction reduced Whirlpool’s ownership in Whirlpool India from 75% to 51%, and generated sales proceeds of approximately $462 million on settlement. The Company used transaction proceeds to reduce debt. We have announced our intent to reduce our ownership stake in Whirlpool India and continue to evaluate various transaction structures, including via market sale and negotiated transaction. We expect to complete a transaction by mid-to-late 2025. Trans action proceeds are expected to further reduce debt. Sale of Whirlpool India shares is subject to Company board approval, and we have not recorded any impact relating to this announcement as of March 31, 2025.
Current wording
On February 20, 2024, Whirlpool’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The transaction reduced Whirlpool’s ownership in Whirlpool India from 75% to 51%, and generated sales proceeds of approximately $462 million on settlement. The Company used transaction proceeds to reduce debt. We have announced our intent to reduce our ownership stake in Whirlpool India and continue to evaluate various transaction structures, including via market sale and negotiated transaction. We are targeting transaction completion around the end of 2025. Transaction proceeds are expected to further reduce debt. Sale of Whirlpool India shares is subject to Company board approval, and we have not recorded any impact relating to this announcement as of June 30, 2025.
Previous wording
Our short-term potential uses of liquidity include funding our business operations, ongoing capital spending, debt repayment, and returns to shareholders. As of March 31, 2025, we had $1.85 billion of debt maturing within the next twelve months, which we expect to pay through refinancing, free cash flow generation, cash on hand and potential transaction proceeds.
Current wording
Our short-term potential uses of liquidity include funding our business operations, ongoing capital spending, debt repayment, and returns to shareholders. As of June 30, 2025, we had $1.5 billion of debt maturing within the next twelve months (primarily composed of $950 million of Amended Long-Term Facility debt and $300 million of maturing term loan debt), which we expect to pay through refinancing, free cash flow generation, cash on hand and potential transaction proceeds.
Previous wording
The Company had cash and cash equivalents of approximately $1.0 billion at March 31, 2025. For cash in each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and expected future foreign investments. Our intent is to permanently reinvest these funds outside of the United States and our current plans do not demonstrate a need to repatriate the cash to fund our U.S. operations. However, if these funds were repatriated, we would be required to accrue and pay applicable United States taxes (if any) and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.
Current wording
The Company had cash and cash equivalents of approximately $1.1 billion at June 30, 2025. For cash in each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and expected future foreign investments. Our intent is to permanently reinvest these funds outside of the United States and our current plans do not demonstrate a need to repatriate the cash to fund our U.S. operations. However, if these funds were repatriated, we would be required to accrue and pay applicable United States taxes (if any) and withholding taxes payable to various countries. It is not practicable to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.
Previous wording
At March 31, 2025, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil (3.0%) and India (1.8%). In addition, we had no third-party accounts receivable outside of the United States greater than 1% of our consolidated assets. We continue to monitor general financial instability and uncertainty globally.
Current wording
At June 30, 2025, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil (2.6%) and India (2.1%). In addition, we had third-party accounts receivable outside of the United States greater than 1% of our consolidated assets in Mexico, which represented 1.0%. We continue to monitor general financial instability and uncertainty globally.
Previous wording
The Company maintains a $3.5 billion revolving credit facility and a committed $1.5 billion term loan as of March 31, 2025. In addition to these facilities, we have committed credit facilities in Brazil and India that provide borrowings up to approximately $186 million at March 31, 2025.
Current wording
At June 30, 2025, we had $950 million outstanding under the Amended Long-Term Facility and $300 million outstanding under the Term Loan Agreement. In addition to the committed $3.5 billion Amended Long-Term Facility and the committed $1.5 billion Term Loan Agreement (of which $1.2 billion has been repaid as of June 30, 2025), we have committed credit facilities in Brazil and India. These committed credit facilities provide borrowings up to approximately $195 million at June 30, 2025
Previous wording
We were in compliance with our interest coverage ratio under the revolving credit facility and term loan as of March 31, 2025. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.
Current wording
We were in compliance with our interest coverage ratio covenant under the Amended Long-Term Facility and Term Loan Agreement for all fiscal quarters through June 30, 2025. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.
Previous wording
Notes payable consists of short-term borrowings payable to banks and commercial paper, which are generally used to fund working capital requirements. At March 31, 2025, we have $619 million of notes payable outstanding primarily under the commercial paper programs. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.
Current wording
As of June 30, 2025, we have $1.2 billion of notes payable outstanding. This includes the current portion of the outstanding amount under the Amended Long-Term Facility that is expected to be repaid in the next twelve months, commercial paper, and short-term borrowings payable to banks, which are generally used to fund working capital requirements. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.
Previous wording
Cash used in operating activities decreased during the three months ended March 31, 2025 compared to the same prior year period in 2024. Thedecrease in cash used in operating activities was primarily driven byfluctuations in working capital and the impacts of the deconsolidation of the MDA Europe business.
Current wording
Cash used in operating activities increased during the six months ended June 30, 2025 compared to the same prior year period. The increase in cash used in operating activities was primarily driven by fluctuations in working capital.
Previous wording
Cash used in investing activities during the three months ended March 31, 2025 decreased compared to the same period in 2024, primarily driven by lower capital expenditures.
Current wording
Cash used in investing activities during the six months ended June 30, 2025 decreased compared to the same period in 2024, primarily driven by lower capital expenditures.
Previous wording
Cash provided by financing activities during the three months ended March 31, 2025 decreased compared to the same period in 2024. In 2024, cash proceeds of $462 million were generated upon the sale of minority interest shares in Whirlpool India. For additional information, see Note 14 to the Consolidated Condensed Financial Statements.
Current wording
Cash provided by financing activities during the six months ended June 30, 2025 increased compared to the same period in 2024, primarily driven by the drawdown of a portion of our Amended Long-Term Facility in the current period and the sale of minority interest shares in Whirlpool India in the prior-year period. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.
Previous wording
The Company had total committed credit facilities of approximately $5.2 billion at March 31, 2025. These facilities are geographically reflective of the Company's global operations. The Company is confident that the committed credit facilities are sufficient to support its global operations. We had $1.5 billion and $1.5 billion drawn on the committed credit facilities (representing amounts drawn on the term loan) at March 31, 2025 and December 31, 2024, respectively, which were used to fund the InSinkErator acquisition in the fourth quarter of 2022.
Current wording
The Company had total committed credit facilities of approximately $4.0 billion at June 30, 2025. These facilities are geographically reflective of the Company's global operations. The Company is confident that the committed credit facilities are sufficient to support its global operations. At June 30, 2025, we had $1.25 billion drawn on the committed facilities, which includes $950 million outstanding under the Amended Long-Term Facility and $300 million outstanding under the Term Loan Agreement. We had no borrowings outstanding under the Amended Long-Term Facility and $1.5 billion outstanding under the Term Loan Agreement at December 31, 2024, respectively.
Previous wording
In the ordinary course of business, we enter into agreements with financial institutions to issue bank guarantees, letters of credit, and surety bonds. These agreements are primarily associated with unresolved tax matters in Brazil, as is customary under local regulations, and other governmental obligations and debt agreements. At March 31, 2025, we had approximately $286 million outstanding under these agreements.
Current wording
In the ordinary course of business, we enter into agreements with financial institutions to issue bank guarantees, letters of credit, and surety bonds. These agreements are primarily associated with unresolved tax matters in Brazil, as is customary under local regulations, and other governmental obligations and debt agreements. At June 30, 2025, we had approximately $334 million outstanding under these agreements.
Previous wording
For the full-year 2025, we expect to generate cash from operating activities of approximately $1 billion and capital expenditures of approximately $450 million.
Current wording
For the full-year 2025, we expect to generate cash from operating activities of approximately $850 million and capital expenditures of approximately $450 million.
Previous wording
The recent imposition of significant trade policy and tariff actions by the U.S. government, including but not limited to tariffs on imported steel and aluminum products, multiple tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, and baseline tariffs on most imports from most other countries, are creating significant uncertainty and potential risks for our business. These tariffs have increased the cost of certain raw materials and components, impacting our cost of products sold. While we are actively exploring opportunities to mitigate these increased costs, there can be no guarantee that we will be able to fully offset the impact of these tariffs. Furthermore, the imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. The long-term effects of these tariffs and any future trade policy changes on the global economy and our industry remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period.
Current wording
While we continue to actively explore opportunities to mitigate certain increased costs, there can be no guarantee that we will be able to fully offset the impact of these tariffs. Furthermore, the imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. The long-term effects of these tariffs and any future trade policy changes on the global economy and our industry remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The recent imposition of significant trade policy and tariff actions by the U.S. government, including but not limited to tariffs on imported steel and aluminum products, multiple tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, and baseline tariffs on most imports from most other countries, are creating significant uncertainty and potential risks for our business. These actions have increased the cost of certain raw materials and components, impacting our cost of products sold, and have led to "pre-loading" of finished product inventories by foreign competitors. Pre-loading by competitors can delay expected positive impacts of tariffs on appliances and impact competitors’ go-to-market actions. These actions have also created significant uncertainty and potential risks for our business.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The following is a discussion of results for each of our operating segments.