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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Whirlpool Corp | NYSE:WHR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.58 | 0.63% | 92.56 | 92.56 | 91.405 | 92.05 | 312,708 | 15:46:21 |
ý
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
38-1490038
|
(State of Incorporation)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
2000 North M-63,
Benton Harbor, Michigan
|
|
49022-2692
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
ý
|
|
Accelerated filer
¨
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
¨
|
|
|
Emerging growth company
¨
|
Class of common stock
|
|
Shares outstanding at October 19, 2018
|
Common stock, par value $1 per share
|
|
63,808,275
|
|
|
PAGE
|
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
Exhibit
s
|
|
|
|
|
PART I. FINANCIAL INFORMATION
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
$
|
5,326
|
|
|
$
|
5,418
|
|
|
$
|
15,377
|
|
|
$
|
15,551
|
|
Expenses
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
4,431
|
|
|
4,503
|
|
|
12,790
|
|
|
12,934
|
|
||||
Gross margin
|
895
|
|
|
915
|
|
|
2,587
|
|
|
2,617
|
|
||||
Selling, general and administrative
|
550
|
|
|
521
|
|
|
1,596
|
|
|
1,546
|
|
||||
Intangible amortization
|
18
|
|
|
18
|
|
|
58
|
|
|
52
|
|
||||
Restructuring costs
|
28
|
|
|
45
|
|
|
216
|
|
|
150
|
|
||||
Impairment of goodwill and other intangibles
|
—
|
|
|
—
|
|
|
747
|
|
|
—
|
|
||||
Operating profit (loss)
|
299
|
|
|
331
|
|
|
(30
|
)
|
|
869
|
|
||||
Other (income) expense
|
|
|
|
|
|
|
|
||||||||
Interest and sundry (income) expense
|
24
|
|
|
21
|
|
|
106
|
|
|
69
|
|
||||
Interest expense
|
52
|
|
|
42
|
|
|
141
|
|
|
122
|
|
||||
Earnings (loss) before income taxes
|
223
|
|
|
268
|
|
|
(277
|
)
|
|
678
|
|
||||
Income tax (benefit) expense
|
7
|
|
|
(4
|
)
|
|
52
|
|
|
69
|
|
||||
Net earnings (loss)
|
216
|
|
|
272
|
|
|
(329
|
)
|
|
609
|
|
||||
Less: Net earnings (loss) available to noncontrolling interests
|
6
|
|
|
(4
|
)
|
|
24
|
|
|
(9
|
)
|
||||
Net earnings (loss) available to Whirlpool
|
$
|
210
|
|
|
$
|
276
|
|
|
$
|
(353
|
)
|
|
$
|
618
|
|
Per share of common stock
|
|
|
|
|
|
|
|
||||||||
Basic net earnings (loss) available to Whirlpool
|
$
|
3.25
|
|
|
$
|
3.78
|
|
|
$
|
(5.18
|
)
|
|
$
|
8.36
|
|
Diluted net earnings (loss) available to Whirlpool
|
$
|
3.22
|
|
|
$
|
3.72
|
|
|
$
|
(5.18
|
)
|
|
$
|
8.23
|
|
Dividends declared
|
$
|
1.15
|
|
|
$
|
1.10
|
|
|
$
|
3.40
|
|
|
$
|
3.20
|
|
Weighted-average shares outstanding (in millions)
|
|
|
|
|
|
|
|
||||||||
Basic
|
64.5
|
|
|
72.9
|
|
|
68.2
|
|
|
73.9
|
|
||||
Diluted
|
65.3
|
|
|
74.0
|
|
|
68.2
|
|
|
75.1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income (loss)
|
$
|
130
|
|
|
$
|
286
|
|
|
$
|
(573
|
)
|
|
$
|
694
|
|
|
(Unaudited)
|
|
|
||||
|
September 30, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,032
|
|
|
$
|
1,196
|
|
Accounts receivable, net of allowance of $151 and $157, respectively
|
2,881
|
|
|
2,665
|
|
||
Inventories
|
2,873
|
|
|
2,988
|
|
||
Prepaid and other current assets
|
862
|
|
|
1,081
|
|
||
Assets held for sale
|
813
|
|
|
—
|
|
||
Total current assets
|
8,461
|
|
|
7,930
|
|
||
Property, net of accumulated depreciation of $6,216 and $6,825, respectively
|
3,396
|
|
|
4,033
|
|
||
Goodwill
|
2,478
|
|
|
3,118
|
|
||
Other intangibles, net of accumulated amortization of $512 and $476, respectively
|
2,325
|
|
|
2,591
|
|
||
Deferred income taxes
|
2,103
|
|
|
2,013
|
|
||
Other noncurrent assets
|
330
|
|
|
353
|
|
||
Total assets
|
$
|
19,093
|
|
|
$
|
20,038
|
|
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
4,200
|
|
|
$
|
4,797
|
|
Accrued expenses
|
751
|
|
|
674
|
|
||
Accrued advertising and promotions
|
728
|
|
|
853
|
|
||
Employee compensation
|
363
|
|
|
414
|
|
||
Notes payable
|
2,153
|
|
|
450
|
|
||
Current maturities of long-term debt
|
260
|
|
|
376
|
|
||
Other current liabilities
|
740
|
|
|
941
|
|
||
Liabilities held for sale
|
479
|
|
|
—
|
|
||
Total current liabilities
|
9,674
|
|
|
8,505
|
|
||
Noncurrent liabilities
|
|
|
|
||||
Long-term debt
|
4,768
|
|
|
4,392
|
|
||
Pension benefits
|
542
|
|
|
1,029
|
|
||
Postretirement benefits
|
316
|
|
|
352
|
|
||
Other noncurrent liabilities
|
485
|
|
|
632
|
|
||
Total noncurrent liabilities
|
6,111
|
|
|
6,405
|
|
||
Stockholders' equity
|
|
|
|
||||
Common stock, $1 par value, 250 million shares authorized, 112 million shares issued, and 64 million and 71 million shares outstanding, respectively
|
112
|
|
|
112
|
|
||
Additional paid-in capital
|
2,777
|
|
|
2,739
|
|
||
Retained earnings
|
6,837
|
|
|
7,352
|
|
||
Accumulated other comprehensive loss
|
(2,590
|
)
|
|
(2,331
|
)
|
||
Treasury stock, 48 million and 41 million shares, respectively
|
(4,776
|
)
|
|
(3,674
|
)
|
||
Total Whirlpool stockholders' equity
|
2,360
|
|
|
4,198
|
|
||
Noncontrolling interests
|
948
|
|
|
930
|
|
||
Total stockholders' equity
|
3,308
|
|
|
5,128
|
|
||
Total liabilities and stockholders' equity
|
$
|
19,093
|
|
|
$
|
20,038
|
|
|
Nine Months Ended
|
||||||
|
2018
|
|
2017
|
||||
Operating activities
|
|
|
|
||||
Net earnings (loss)
|
$
|
(329
|
)
|
|
$
|
609
|
|
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
491
|
|
|
487
|
|
||
Impairment of goodwill and other intangibles
|
747
|
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(585
|
)
|
|
(259
|
)
|
||
Inventories
|
(271
|
)
|
|
(589
|
)
|
||
Accounts payable
|
(122
|
)
|
|
107
|
|
||
Accrued advertising and promotions
|
(95
|
)
|
|
18
|
|
||
Accrued expenses and current liabilities
|
196
|
|
|
(154
|
)
|
||
Taxes deferred and payable, net
|
(105
|
)
|
|
(144
|
)
|
||
Accrued pension and postretirement benefits
|
(433
|
)
|
|
(85
|
)
|
||
Employee compensation
|
35
|
|
|
49
|
|
||
Other
|
(144
|
)
|
|
(72
|
)
|
||
Cash used in operating activities
|
(615
|
)
|
|
(33
|
)
|
||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(330
|
)
|
|
(371
|
)
|
||
Proceeds from sale of assets and business
|
27
|
|
|
5
|
|
||
Proceeds from held-to-maturity securities
|
60
|
|
|
—
|
|
||
Investment in related businesses
|
(25
|
)
|
|
(35
|
)
|
||
Other
|
(4
|
)
|
|
1
|
|
||
Cash used in investing activities
|
(272
|
)
|
|
(400
|
)
|
||
Financing activities
|
|
|
|
||||
Proceeds from borrowings of long-term debt
|
703
|
|
|
—
|
|
||
Repayments of long-term debt
|
(381
|
)
|
|
(261
|
)
|
||
Net proceeds from short-term borrowings
|
1,761
|
|
|
1,365
|
|
||
Dividends paid
|
(232
|
)
|
|
(235
|
)
|
||
Repurchase of common stock
|
(1,102
|
)
|
|
(550
|
)
|
||
Common stock issued
|
7
|
|
|
33
|
|
||
Other
|
(6
|
)
|
|
(17
|
)
|
||
Cash provided by financing activities
|
750
|
|
|
335
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(74
|
)
|
|
55
|
|
||
Decrease in cash, cash equivalents and restricted cash
|
(211
|
)
|
|
(43
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
1,293
|
|
|
1,240
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,082
|
|
|
$
|
1,197
|
|
Standard
|
|
Effective Date
|
2016-01
|
Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
|
January 1, 2018
|
2016-04
|
Liabilities-Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products
|
January 1, 2018
|
2016-15
|
Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments
|
January 1, 2018
|
2016-18
|
Statement of Cash Flows (Topic 230): Restricted Cash
|
January 1, 2018
|
2017-01
|
Business Combinations (Topic 805): Clarifying the Definition of a Business
|
January 1, 2018
|
2017-09
|
Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting
|
January 1, 2018
|
Standard
|
|
Effective Date
|
2016-13
|
Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
|
January 1, 2020
|
2018-13
|
Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
|
January 1, 2020
|
2018-14
|
Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
|
January 1, 2021
|
2018-15
|
Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred In a Cloud Computing Arrangement That Is a Service Contract
|
January 1, 2020
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
Millions of dollars
|
|
2018
|
|
2018
|
||||
Major product categories:
|
|
|
|
|
||||
Laundry
|
|
$
|
1,580
|
|
|
$
|
4,605
|
|
Refrigeration
|
|
1,577
|
|
|
4,474
|
|
||
Cooking
|
|
1,204
|
|
|
3,342
|
|
||
Dishwashing
|
|
421
|
|
|
1,229
|
|
||
Total major product category net sales
|
|
$
|
4,782
|
|
|
$
|
13,650
|
|
Compressors
|
|
266
|
|
|
847
|
|
||
Spare parts and warranties
|
|
246
|
|
|
768
|
|
||
Other
|
|
32
|
|
|
112
|
|
||
Total net sales
|
|
$
|
5,326
|
|
|
$
|
15,377
|
|
|
September 30
|
||||||
Millions of dollars
|
2018
|
|
2017
|
||||
Cash and cash equivalents as presented in our Consolidated Condensed Balance Sheets
|
1,032
|
|
|
1,087
|
|
||
Restricted cash included in prepaid and other current assets
(1)
|
45
|
|
|
47
|
|
||
Restricted cash included in other noncurrent assets
(1)
|
5
|
|
|
63
|
|
||
Cash, cash equivalents and restricted cash as presented in our Consolidated Condensed Statements of Cash Flows
|
$
|
1,082
|
|
|
$
|
1,197
|
|
|
December 31,
|
||||||
Millions of dollars
|
2017
|
|
2016
|
||||
Cash and cash equivalents as presented in our Consolidated Balance Sheets
|
1,196
|
|
|
1,085
|
|
||
Restricted cash included in prepaid and other current assets
|
48
|
|
|
45
|
|
||
Restricted cash included in other noncurrent assets
|
49
|
|
|
110
|
|
||
Cash, cash equivalents and restricted cash as presented in our Consolidated Statements of Cash Flows
|
$
|
1,293
|
|
|
$
|
1,240
|
|
Millions of dollars
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Finished products
|
|
$
|
2,385
|
|
|
$
|
2,374
|
|
Raw materials and work in process
|
|
624
|
|
|
725
|
|
||
|
|
3,009
|
|
|
3,099
|
|
||
Less: excess of FIFO cost over LIFO cost
|
|
(136
|
)
|
|
(111
|
)
|
||
Total inventories
|
|
$
|
2,873
|
|
|
$
|
2,988
|
|
Millions of dollars
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Land
|
|
$
|
122
|
|
|
$
|
123
|
|
Buildings
|
|
1,671
|
|
|
1,789
|
|
||
Machinery and equipment
|
|
7,819
|
|
|
8,946
|
|
||
Accumulated depreciation
|
|
(6,216
|
)
|
|
(6,825
|
)
|
||
Property, plant and equipment, net
|
|
$
|
3,396
|
|
|
$
|
4,033
|
|
Millions of dollars
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Commercial paper
|
|
$
|
907
|
|
|
$
|
401
|
|
Short-term borrowings due to banks
|
|
1,246
|
|
|
49
|
|
||
Total notes payable
|
|
$
|
2,153
|
|
|
$
|
450
|
|
|
|
Product Warranty
|
|
Legacy Product Warranty
|
|
Total
|
||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Balance at January 1
|
|
$
|
277
|
|
|
$
|
251
|
|
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
277
|
|
|
$
|
320
|
|
Issuances/accruals during the period
|
|
218
|
|
|
251
|
|
|
—
|
|
|
1
|
|
|
218
|
|
|
252
|
|
||||||
Settlements made during the period/other
|
|
(216
|
)
|
|
(226
|
)
|
|
—
|
|
|
(70
|
)
|
|
(216
|
)
|
|
(296
|
)
|
||||||
Balance at September 30
|
|
$
|
279
|
|
|
$
|
276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
279
|
|
|
$
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current portion
|
|
$
|
204
|
|
|
$
|
203
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
204
|
|
|
$
|
203
|
|
Non-current portion
|
|
75
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
73
|
|
||||||
Total
|
|
$
|
279
|
|
|
$
|
276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
279
|
|
|
$
|
276
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
United States
Pension Benefits |
|
Foreign
Pension Benefits |
|
Other Postretirement
Benefits |
||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Service cost
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Interest cost
|
|
30
|
|
|
34
|
|
|
5
|
|
|
6
|
|
|
3
|
|
|
4
|
|
||||||
Expected return on plan assets
|
|
(43
|
)
|
|
(43
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial loss
|
|
14
|
|
|
12
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
Prior service credit
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
||||||
Settlement and curtailment (gain) loss
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||
Net periodic cost
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
United States
Pension Benefits |
|
Foreign
Pension Benefits |
|
Other Postretirement
Benefits |
||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
5
|
|
Interest cost
|
|
89
|
|
|
101
|
|
|
17
|
|
|
17
|
|
|
10
|
|
|
12
|
|
||||||
Expected return on plan assets
|
|
(128
|
)
|
|
(131
|
)
|
|
(25
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial loss
|
|
40
|
|
|
37
|
|
|
7
|
|
|
5
|
|
|
—
|
|
|
—
|
|
||||||
Prior service credit
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(11
|
)
|
||||||
Settlement and curtailment (gain) loss
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
1
|
|
|
4
|
|
|
—
|
|
||||||
Net periodic cost
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
17
|
|
|
$
|
6
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
United States
Pension Benefits |
|
Foreign
Pension Benefits |
|
Other Postretirement
Benefits |
||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Operating profit (loss)
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Interest and sundry (income) expense
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
United States
Pension Benefits |
|
Foreign
Pension Benefits |
|
Other Postretirement
Benefits |
||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Operating profit (loss)
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
5
|
|
Interest and sundry (income) expense
|
|
(1
|
)
|
|
5
|
|
|
(3
|
)
|
|
—
|
|
|
12
|
|
|
1
|
|
||||||
Net periodic benefit cost
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
17
|
|
|
$
|
6
|
|
|
|
Notional (Local)
|
|
Notional (USD)
|
|
Current Maturity
|
||||||||||||
Instrument
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||
Senior note - 0.625%
|
|
€
|
500
|
|
|
€
|
500
|
|
|
$
|
580
|
|
|
$
|
600
|
|
|
March 2020
|
Commercial Paper
|
|
€
|
150
|
|
|
€
|
150
|
|
|
$
|
174
|
|
|
$
|
180
|
|
|
October 2018
|
Foreign exchange forwards/options
|
|
MXN 7,200
|
|
|
MXN 7,200
|
|
|
$
|
385
|
|
|
$
|
366
|
|
|
August 2022
|
|
|
|
|
Fair Value of
|
|
Type
of Hedge (1) |
|
|
||||||||||||||||||||||
|
|
Notional Amount
|
|
Hedge Assets
|
|
Hedge Liabilities
|
|
Maximum Term (Months)
|
||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|||||||||||||
Derivatives accounted for as hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange forwards/options
|
|
$
|
3,218
|
|
|
$
|
3,113
|
|
|
$
|
27
|
|
|
$
|
55
|
|
|
$
|
56
|
|
|
$
|
157
|
|
|
(CF/NI)
|
|
47
|
|
56
|
Commodity swaps/options
|
|
234
|
|
|
269
|
|
|
5
|
|
|
29
|
|
|
18
|
|
|
1
|
|
|
(CF)
|
|
33
|
|
36
|
||||||
Interest rate derivatives
|
|
350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(CF)
|
|
2
|
|
0
|
||||||
Total derivatives accounted for as hedges
|
|
|
|
|
|
|
|
$
|
32
|
|
|
$
|
84
|
|
|
$
|
76
|
|
|
$
|
158
|
|
|
|
|
|
|
|
||
Derivatives not accounted for as hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange forwards/options
|
|
$
|
4,037
|
|
|
$
|
3,390
|
|
|
$
|
21
|
|
|
$
|
58
|
|
|
$
|
49
|
|
|
$
|
50
|
|
|
N/A
|
|
24
|
|
33
|
Commodity swaps/options
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
0
|
|
5
|
||||||
Total derivatives not accounted for as hedges
|
|
|
|
|
|
|
|
21
|
|
|
58
|
|
|
49
|
|
|
50
|
|
|
|
|
|
|
|
||||||
Total derivatives
|
|
|
|
|
|
$
|
53
|
|
|
$
|
142
|
|
|
$
|
125
|
|
|
$
|
208
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
|
|
|
|
|
|
$
|
39
|
|
|
$
|
89
|
|
|
$
|
72
|
|
|
$
|
81
|
|
|
|
|
|
|
|
||||
Noncurrent
|
|
|
|
|
|
|
|
14
|
|
|
53
|
|
|
53
|
|
|
127
|
|
|
|
|
|
|
|
||||||
Total derivatives
|
|
|
|
|
|
$
|
53
|
|
|
$
|
142
|
|
|
$
|
125
|
|
|
$
|
208
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
||||||||||||||
|
|
Gain (Loss)
Recognized in OCI (Effective Portion) |
|
Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)
(1)
|
|
||||||||||||
Cash Flow Hedges - Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
Foreign exchange forwards/options
|
|
$
|
30
|
|
|
$
|
(49
|
)
|
|
$
|
33
|
|
|
$
|
(34
|
)
|
(a)
|
Commodity swaps/options
|
|
(27
|
)
|
|
18
|
|
|
1
|
|
|
11
|
|
(a)
|
||||
Interest rate derivatives
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
(b)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net Investment Hedges
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency
|
|
(10
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
||||
|
|
$
|
(9
|
)
|
|
$
|
(54
|
)
|
|
$
|
34
|
|
|
$
|
(24
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Three Months Ended September 30,
|
|
||||||||||
|
|
|
|
Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
(2)
|
|
||||||||||||
Derivatives not Accounted for as Hedges - Millions of dollars
|
|
|
|
|
|
2018
|
|
2017
|
|
||||||||
Foreign exchange forwards/options
|
|
|
|
|
|
$
|
48
|
|
|
$
|
(21
|
)
|
|
|
|
Nine Months Ended September 30,
|
|
||||||||||||||
|
|
Gain (Loss)
Recognized in OCI (Effective Portion) |
|
Gain (Loss) Reclassified from
OCI into Earnings
(Effective Portion)
(1)
|
|
||||||||||||
Cash Flow Hedges - Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
Foreign exchange
|
|
$
|
106
|
|
|
$
|
(109
|
)
|
|
$
|
75
|
|
|
$
|
(76
|
)
|
(a)
|
Commodity swaps/options
|
|
(42
|
)
|
|
35
|
|
|
24
|
|
|
29
|
|
(a)
|
||||
Interest rate derivatives
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
(b)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net Investment Hedges
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency
|
|
(5
|
)
|
|
(63
|
)
|
|
—
|
|
|
—
|
|
|
||||
|
|
$
|
57
|
|
|
$
|
(137
|
)
|
|
$
|
98
|
|
|
$
|
(48
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
||||||||||
|
|
|
|
Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
(2)
|
|
||||||||||||
Derivatives not Accounted for as Hedges - Millions of dollars
|
|
|
|
|
|
2018
|
|
2017
|
|
||||||||
Foreign exchange forwards/options
|
|
|
|
|
|
$
|
111
|
|
|
$
|
(100
|
)
|
|
|
|
|
|
|
|
Fair Value
|
||||||||||||||||||||||||||
Millions of dollars
|
|
Total Cost Basis
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||||||||||||||||||||
Measured at fair value on a recurring basis:
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Money market funds
(1)
|
|
$
|
230
|
|
|
$
|
255
|
|
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
223
|
|
|
$
|
253
|
|
|
$
|
230
|
|
|
$
|
255
|
|
Net derivative contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
(66
|
)
|
|
(72
|
)
|
|
(66
|
)
|
||||||||
Available for sale investments
|
|
7
|
|
|
6
|
|
|
21
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
22
|
|
||||||||
Held-to-maturity investments
(2)
|
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
60
|
|
|
Fair Value
|
|||||
Millions of dollars
|
Level 3
|
|||||
Measured at fair value on a non-recurring basis:
|
2018
|
2017
|
||||
Assets:
|
|
|
||||
Goodwill
(3)
|
$
|
315
|
|
$
|
—
|
|
Indefinite-lived intangible assets
(4)
|
384
|
|
—
|
|
||
Definite-lived intangible assets
(5)
|
—
|
|
—
|
|
||
Total level 3 assets
|
$
|
699
|
|
$
|
—
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||
Millions of dollars
|
|
Pre-tax
|
Tax Effect
|
Net
|
|
Pre-tax
|
Tax Effect
|
Net
|
||||||||||||
Currency translation adjustments
|
|
$
|
(65
|
)
|
$
|
(1
|
)
|
$
|
(66
|
)
|
|
$
|
20
|
|
$
|
—
|
|
$
|
20
|
|
Cash flow and net investment hedges
|
|
(61
|
)
|
16
|
|
(45
|
)
|
|
(22
|
)
|
10
|
|
(12
|
)
|
||||||
Pension and other postretirement benefits plans
|
|
32
|
|
(7
|
)
|
25
|
|
|
(15
|
)
|
14
|
|
(1
|
)
|
||||||
Available for sale securities
|
|
—
|
|
—
|
|
—
|
|
|
7
|
|
—
|
|
7
|
|
||||||
Other comprehensive income (loss)
|
|
(94
|
)
|
8
|
|
(86
|
)
|
|
(10
|
)
|
24
|
|
14
|
|
||||||
Less: Other comprehensive income (loss) available to noncontrolling interests
|
|
(1
|
)
|
—
|
|
(1
|
)
|
|
2
|
|
—
|
|
2
|
|
||||||
Other comprehensive income (loss) available to Whirlpool
|
|
$
|
(93
|
)
|
$
|
8
|
|
$
|
(85
|
)
|
|
$
|
(12
|
)
|
$
|
24
|
|
$
|
12
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||
Millions of dollars
|
|
Pre-tax
|
Tax Effect
|
Net
|
|
Pre-tax
|
Tax Effect
|
Net
|
||||||||||||
Currency translation adjustments
|
|
$
|
(235
|
)
|
$
|
(7
|
)
|
$
|
(242
|
)
|
|
$
|
96
|
|
$
|
—
|
|
$
|
96
|
|
Cash flow and net investment hedges
|
|
(83
|
)
|
21
|
|
(62
|
)
|
|
(47
|
)
|
17
|
|
(30
|
)
|
||||||
Pension and other postretirement benefits plans
|
|
82
|
|
(22
|
)
|
60
|
|
|
5
|
|
7
|
|
12
|
|
||||||
Available for sale securities
|
|
—
|
|
—
|
|
—
|
|
|
7
|
|
—
|
|
7
|
|
||||||
Other comprehensive income (loss)
|
|
(236
|
)
|
(8
|
)
|
(244
|
)
|
|
61
|
|
24
|
|
85
|
|
||||||
Less: Other comprehensive income (loss) available to noncontrolling interests
|
|
—
|
|
—
|
|
—
|
|
|
1
|
|
—
|
|
1
|
|
||||||
Other comprehensive income (loss) available to Whirlpool
|
|
$
|
(236
|
)
|
$
|
(8
|
)
|
$
|
(244
|
)
|
|
$
|
60
|
|
$
|
24
|
|
$
|
84
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
||||
Millions of dollars
|
|
(Gain) Loss Reclassified
|
|
(Gain) Loss Reclassified
|
|
Classification in Earnings
|
||||
Cash flow hedges, pre-tax
|
|
$
|
—
|
|
|
$
|
(19
|
)
|
|
Cost of products sold
|
Cash flow and net investment hedges, pre-tax
|
|
(34
|
)
|
|
(79
|
)
|
|
Interest and sundry (income) expense
|
||
Pension and postretirement benefits, pre-tax
|
|
12
|
|
|
43
|
|
|
Interest and sundry (income) expense
|
Millions of dollars
|
|
Total
|
|
Whirlpool
Common
Stockholders
|
|
Noncontrolling
Interests
|
||||||
Stockholders' equity, December 31, 2017
|
|
$
|
5,128
|
|
|
$
|
4,198
|
|
|
$
|
930
|
|
Net earnings (loss)
|
|
(329
|
)
|
|
(353
|
)
|
|
24
|
|
|||
Other comprehensive loss
|
|
(244
|
)
|
|
(244
|
)
|
|
—
|
|
|||
Comprehensive income (loss)
|
|
(573
|
)
|
|
(597
|
)
|
|
24
|
|
|||
Adjustment to beginning retained earnings
(1)
|
|
72
|
|
|
72
|
|
|
—
|
|
|||
Adjustment to beginning accumulated other comprehensive loss
|
|
(17
|
)
|
|
(17
|
)
|
|
—
|
|
|||
Common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Treasury stock
|
|
(1,102
|
)
|
|
(1,102
|
)
|
|
—
|
|
|||
Additional paid-in capital
|
|
38
|
|
|
38
|
|
|
—
|
|
|||
Dividends declared on common stock
|
|
(238
|
)
|
|
(232
|
)
|
|
(6
|
)
|
|||
Stockholders' equity, September 30, 2018
|
|
$
|
3,308
|
|
|
$
|
2,360
|
|
|
$
|
948
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars and shares
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool
|
|
$
|
210
|
|
|
$
|
276
|
|
|
$
|
(353
|
)
|
|
$
|
618
|
|
Denominator for basic earnings per share - weighted-average shares
|
|
64.5
|
|
|
72.9
|
|
|
68.2
|
|
|
73.9
|
|
||||
Effect of dilutive securities – share-based compensation
|
|
0.8
|
|
|
1.1
|
|
|
—
|
|
|
1.2
|
|
||||
Denominator for diluted earnings per share – adjusted weighted-average shares
|
|
65.3
|
|
|
74.0
|
|
|
68.2
|
|
|
75.1
|
|
||||
Anti-dilutive stock options/awards excluded from earnings per share
|
|
1.7
|
|
|
0.5
|
|
|
1.9
|
|
|
0.6
|
|
Millions of dollars
|
December 31,
2017 |
Charge to Earnings
|
Cash Paid
|
Non-cash
and Other
|
September 30,
2018 |
||||||||||
Employee termination costs
|
$
|
131
|
|
$
|
137
|
|
$
|
(167
|
)
|
$
|
—
|
|
$
|
101
|
|
Asset impairment costs
|
—
|
|
36
|
|
—
|
|
(36
|
)
|
—
|
|
|||||
Facility exit costs
|
2
|
|
35
|
|
(39
|
)
|
—
|
|
(2
|
)
|
|||||
Other exit costs
|
29
|
|
8
|
|
(10
|
)
|
(6
|
)
|
21
|
|
|||||
Total
|
$
|
162
|
|
$
|
216
|
|
$
|
(216
|
)
|
$
|
(42
|
)
|
$
|
120
|
|
Millions of dollars
|
September 30,
2018 |
||
North America
|
$
|
5
|
|
EMEA
|
99
|
|
|
Latin America
|
95
|
|
|
Asia
|
—
|
|
|
Corporate / Other
|
17
|
|
|
Total
|
$
|
216
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Earnings (loss) before income taxes
|
|
$
|
223
|
|
|
$
|
268
|
|
|
$
|
(277
|
)
|
|
$
|
678
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax (benefit) expense computed at United States statutory tax rate
|
|
47
|
|
|
94
|
|
|
(58
|
)
|
|
237
|
|
||||
Valuation allowances (releases)
|
|
4
|
|
|
(84
|
)
|
|
43
|
|
|
(77
|
)
|
||||
U.S. transition tax
|
|
78
|
|
|
—
|
|
|
78
|
|
|
—
|
|
||||
U.S. foreign income items, net of credits
|
|
(108
|
)
|
|
(17
|
)
|
|
(146
|
)
|
|
(70
|
)
|
||||
Changes in enacted rates
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
||||
Non deductible impairments
|
|
—
|
|
|
—
|
|
|
138
|
|
|
—
|
|
||||
Non deductible government payments
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
||||
Other
|
|
40
|
|
|
3
|
|
|
14
|
|
|
(21
|
)
|
||||
Income tax (benefit) expense computed at effective worldwide tax rates
|
|
$
|
7
|
|
|
$
|
(4
|
)
|
|
$
|
52
|
|
|
$
|
69
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||
in millions
|
|
September 30, 2018
|
September 30, 2017
|
|
September 30, 2018
|
September 30, 2017
|
||||
Total EBIT
|
|
275
|
|
310
|
|
|
(136
|
)
|
800
|
|
Less: Interest expense
|
|
52
|
|
42
|
|
|
141
|
|
122
|
|
Less: Income tax (benefit) expense
|
|
7
|
|
(4
|
)
|
|
52
|
|
69
|
|
Net earnings (loss)
|
|
216
|
|
272
|
|
|
(329
|
)
|
609
|
|
Millions of dollars
|
September 30, 2018
|
|
December 31, 2017
|
||||
Accounts receivable, net of allowance of $8 and $7, respectively
|
208
|
|
|
202
|
|
||
Inventories
|
190
|
|
|
215
|
|
||
Prepaid and other current assets
|
40
|
|
|
61
|
|
||
Property, net of accumulated depreciation of $640 and $740, respectively
|
344
|
|
|
390
|
|
||
Other noncurrent assets
|
31
|
|
|
36
|
|
||
Total assets
|
$
|
813
|
|
|
$
|
904
|
|
|
|
|
|
||||
Accounts payable
|
$
|
325
|
|
|
$
|
392
|
|
Accrued expenses
|
26
|
|
|
25
|
|
||
Accrued advertising and promotion
|
11
|
|
|
24
|
|
||
Other current liabilities
|
81
|
|
|
42
|
|
||
Other noncurrent liabilities
|
36
|
|
|
45
|
|
||
Total liabilities
|
$
|
479
|
|
|
$
|
528
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
Millions of dollars
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Earnings before income taxes
|
21
|
|
|
8
|
|
|
37
|
|
|
73
|
|
Millions of dollars
|
North
America |
|
EMEA
|
|
Latin
America |
|
Asia
|
|
Total
Whirlpool |
||||||||||
Beginning balance December 31, 2017
|
$
|
1,755
|
|
|
$
|
920
|
|
|
$
|
5
|
|
|
$
|
438
|
|
|
$
|
3,118
|
|
Reassignment of goodwill
(1)
|
(54
|
)
|
|
—
|
|
|
53
|
|
|
1
|
|
|
—
|
|
|||||
Impairment
|
—
|
|
|
(579
|
)
|
|
—
|
|
|
—
|
|
|
(579
|
)
|
|||||
Reclassification of asset held for sale
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Currency translation adjustment
|
(6
|
)
|
|
(28
|
)
|
|
(1
|
)
|
|
(22
|
)
|
|
(57
|
)
|
|||||
Ending net balance September 30, 2018
|
$
|
1,695
|
|
|
$
|
313
|
|
|
$
|
53
|
|
|
$
|
417
|
|
|
$
|
2,478
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
Millions of dollars
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Other intangible assets, finite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
(1)
|
|
$
|
630
|
|
|
$
|
(324
|
)
|
|
$
|
306
|
|
|
$
|
639
|
|
|
$
|
(297
|
)
|
|
$
|
342
|
|
Patents and other
(2)
|
|
322
|
|
|
(188
|
)
|
|
134
|
|
|
387
|
|
|
(179
|
)
|
|
208
|
|
||||||
Total other intangible assets, finite lives
|
|
$
|
952
|
|
|
$
|
(512
|
)
|
|
$
|
440
|
|
|
$
|
1,026
|
|
|
$
|
(476
|
)
|
|
$
|
550
|
|
Trademarks, indefinite lives
(3)
|
|
1,885
|
|
|
—
|
|
|
1,885
|
|
|
2,041
|
|
|
—
|
|
|
2,041
|
|
||||||
Total other intangible assets
|
|
$
|
2,837
|
|
|
$
|
(512
|
)
|
|
$
|
2,325
|
|
|
$
|
3,067
|
|
|
$
|
(476
|
)
|
|
$
|
2,591
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
Consolidated - Millions of dollars, except per share data
|
|
2018
|
|
2017
|
|
Better/(Worse)
|
|
2018
|
|
2017
|
|
Better/(Worse)
|
||||||||
Units (in thousands)
|
|
17,658
|
|
|
18,134
|
|
|
(2.6)%
|
|
49,071
|
|
|
51,974
|
|
|
(5.6)%
|
||||
Net sales
|
|
$
|
5,326
|
|
|
$
|
5,418
|
|
|
(1.7)
|
|
$
|
15,377
|
|
|
$
|
15,551
|
|
|
(1.1)
|
Gross margin
|
|
895
|
|
|
915
|
|
|
(2.2)
|
|
2,587
|
|
|
2,617
|
|
|
(1.2)
|
||||
Selling, general and administrative
|
|
550
|
|
|
521
|
|
|
(5.5)
|
|
1,596
|
|
|
1,546
|
|
|
(3.2)
|
||||
Restructuring costs
|
|
28
|
|
|
45
|
|
|
37.5
|
|
216
|
|
|
150
|
|
|
(44.1)
|
||||
Interest and sundry (income) expense
|
|
24
|
|
|
21
|
|
|
(14.3)
|
|
106
|
|
|
69
|
|
|
(53.6)
|
||||
Interest expense
|
|
52
|
|
|
42
|
|
|
(23.8)
|
|
141
|
|
|
122
|
|
|
(16.0)
|
||||
Income tax (benefit) expense
|
|
7
|
|
|
(4
|
)
|
|
nm
|
|
52
|
|
|
69
|
|
|
25.0
|
||||
Net earnings (loss) available to Whirlpool
|
|
210
|
|
|
276
|
|
|
(23.8)%
|
|
(353
|
)
|
|
618
|
|
|
nm
|
||||
Diluted net earnings (loss) available to Whirlpool per share
|
|
$
|
3.22
|
|
|
$
|
3.72
|
|
|
(13.6)%
|
|
$
|
(5.18
|
)
|
|
$
|
8.23
|
|
|
nm
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars
|
|
2018
|
|
As a %
of Net Sales
|
2017
|
|
As a %
of Net Sales
|
2018
|
|
As a %
of Net Sales
|
2017
|
|
As a %
of Net Sales
|
|||
North America
|
|
$211
|
|
7.1%
|
|
$189
|
|
6.6%
|
|
$578
|
|
7.0%
|
|
$551
|
|
6.8%
|
EMEA
|
|
140
|
|
12.4%
|
|
138
|
|
10.9%
|
|
422
|
|
12.8%
|
|
401
|
|
11.5%
|
Latin America
|
|
95
|
|
10.8%
|
|
81
|
|
8.3%
|
|
265
|
|
10.1%
|
|
261
|
|
9.1%
|
Asia
|
|
54
|
|
16.0%
|
|
71
|
|
19.0%
|
|
181
|
|
14.9%
|
|
189
|
|
16.0%
|
Corporate/other
|
|
50
|
|
—
|
|
42
|
|
—
|
|
150
|
|
—
|
|
144
|
|
—
|
Consolidated
|
|
$550
|
|
10.3%
|
|
$521
|
|
9.6%
|
|
$1,596
|
|
10.4%
|
|
$1,546
|
|
9.9%
|
|
|
Nine Months Ended September 30,
|
||||||
Millions of dollars
|
|
2018
|
|
2017
|
||||
Cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
(615
|
)
|
|
$
|
(33
|
)
|
Investing activities
|
|
(272
|
)
|
|
(400
|
)
|
||
Financing activities
|
|
750
|
|
|
335
|
|
||
Effect of exchange rate changes on cash
|
|
(74
|
)
|
|
55
|
|
||
Net change in cash and cash equivalents
|
|
$
|
(211
|
)
|
|
$
|
(43
|
)
|
•
|
Earnings before interest and taxes (EBIT)
|
•
|
Ongoing EBIT
|
•
|
Ongoing EBIT margin
|
•
|
Sales excluding foreign currency
|
•
|
Ongoing net sales
|
•
|
Free cash flow
|
Ongoing Earnings Before Interest & Taxes (EBIT) Reconciliation:
in millions
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||
2018
|
2017
|
|
2018
|
2017
|
|||||||||
Net earnings (loss) available to Whirlpool
|
$
|
210
|
|
$
|
276
|
|
|
$
|
(353
|
)
|
$
|
618
|
|
Net earnings (loss) available to noncontrolling interests
|
6
|
|
(4
|
)
|
|
24
|
|
(9
|
)
|
||||
Income tax (benefit) expense
|
7
|
|
(4
|
)
|
|
52
|
|
69
|
|
||||
Interest expense
|
52
|
|
42
|
|
|
141
|
|
122
|
|
||||
Earnings before interest & taxes
|
$
|
275
|
|
$
|
310
|
|
|
$
|
(136
|
)
|
$
|
800
|
|
Restructuring expense
|
28
|
|
45
|
|
|
216
|
|
150
|
|
||||
Trade customer insolvency
|
29
|
|
—
|
|
|
29
|
|
—
|
|
||||
French antitrust settlement
|
—
|
|
—
|
|
|
114
|
|
—
|
|
||||
Impairment of goodwill and other intangibles
|
—
|
|
—
|
|
|
747
|
|
—
|
|
||||
Out-of-period adjustment
|
—
|
|
—
|
|
|
—
|
|
40
|
|
||||
Ongoing EBIT
|
$
|
332
|
|
$
|
355
|
|
|
$
|
970
|
|
$
|
990
|
|
Free Cash Flow (FCF) Reconciliation:
in millions
|
Nine Months Ended
|
|||||
2018
|
2017
|
|||||
Cash used in operating activities
|
$
|
(615
|
)
|
$
|
(33
|
)
|
Capital expenditures
|
(330
|
)
|
(371
|
)
|
||
Proceeds from sale of assets and business
|
27
|
|
5
|
|
||
Change in restricted cash
(1)
|
44
|
|
51
|
|
||
Free cash flow
|
$
|
(874
|
)
|
$
|
(348
|
)
|
|
|
|
||||
Cash used in investing activities
|
$
|
(272
|
)
|
$
|
(400
|
)
|
Cash provided by financing activities
|
$
|
750
|
|
$
|
335
|
|
|
2018
|
||
Millions of dollars
|
Current Outlook
|
||
Cash provided by operating activities
(1)
|
~ $1,225
|
||
Capital expenditures, proceeds from sale of assets/businesses and changes in restricted cash
|
~ (625)
|
||
Free cash flow
|
~ $600
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
PART II. OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period (Millions of dollars, except number and price per share)
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans
|
|||||||
July 1, 2018 through July 31, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$
|
950
|
|
|
August 1, 2018 through August 31, 2018
|
764,771
|
|
$
|
130.74
|
|
$
|
764,771
|
|
$
|
850
|
|
September 1, 2018 through September 30, 2018
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
850
|
|
Total
|
764,771
|
|
$
|
130.74
|
|
764,771
|
|
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
|
|
|
WHIRLPOOL CORPORATION
|
|
|
|
(Registrant)
|
|
By:
|
|
/s/ JAMES W. PETERS
|
|
Name:
|
|
James W. Peters
|
|
Title:
|
|
Executive Vice President
and Chief Financial Officer
|
|
Date:
|
|
October 25, 2018
|
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