Whirlpool Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Whirlpool Corp. has filed its annual report for the fiscal year 2023.</b>

AI Summary

WHIRLPOOL CORP /DE/ (WHR-PA) filed a Annual Report (10-K) with the SEC on February 14, 2024. Whirlpool Corp. filed its 2023 Form 10-K on February 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Benton Harbor, Michigan. Whirlpool Corp. was formerly known as Whirlpool Seeger Corp. The SIC code for Whirlpool Corp. is HOUSEHOLD APPLIANCES [3630].

Why It Matters

For investors and stakeholders tracking WHIRLPOOL CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Whirlpool's financial performance and business operations for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and risk factors within this report are essential for stakeholders to understand the company's financial position, profitability, and potential challenges in the household appliance market.

Risk Assessment

Risk Level: medium — WHIRLPOOL CORP /DE/ shows moderate risk based on this filing. The company operates in the household appliances sector, which can be subject to cyclical consumer spending and intense competition, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Whirlpool's performance and outlook in the competitive appliance market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-14 — Filing Date (Filed as of date)
• 151 — Public Document Count (Conformed document count)
• 1971-08-24 — Date of Name Change (Former company name date)

Key Players & Entities

• WHIRLPOOL CORP /DE/ (company) — Filer name
• 2000 M 63 STREET (address) — Business street address
• BENTON HARBOR (address) — Business city
• MI (address) — Business state
• 49022-2692 (address) — Business zip code
• 2699235000 (phone_number) — Business phone
• WHIRLPOOL SEEGER CORP (company) — Former company name
• HOUSEHOLD APPLIANCES [3630] (industry) — Standard Industrial Classification

FAQ

Industry Context

Whirlpool Corp. operates in the household appliances industry, a sector characterized by consumer durables and subject to economic cycles.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Review Whirlpool's 2023 financial statements for revenue, net income, and other key performance indicators.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare Whirlpool's performance and financial health against industry peers and historical trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-14: Filing Date — Date Whirlpool Corp. submitted its 2023 10-K to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial data.

Key Financial Figures

• $1 — ich registered Common stock, par value $1 per share WHR Chicago Stock Exchange an
• $19 billion — nvolvement. Whirlpool had approximately $19 billion in annual net sales and 59,000 employee
• $1 billion — ry, with multiple brands with more than $1 billion in revenue. The Company is driving purp
• $384 million — 68th year of quarterly dividends, with $384 million in dividends paid in 2023. We continue
• $500 million — nue to prioritize debt repayments, with $500 million of debt repayment in the fourth quarter

Filing Documents

• whr-20231231.htm (10-K) — 3203KB
• exb21listofsubsidiaries123.htm (EX-21) — 82KB
• exhibit2212312023.htm (EX-22) — 3KB
• exb23consentofindependentr.htm (EX-23) — 11KB
• exb24powerofattorney123120.htm (EX-24) — 21KB
• exb311-12312023.htm (EX-31.1) — 10KB
• exb312-12312023.htm (EX-31.2) — 10KB
• exb321-12312023.htm (EX-32.1) — 7KB
• exhibit97-whrpolicyforreco.htm (EX-97) — 27KB
• whr-20231231_g1.jpg (GRAPHIC) — 75KB
• whr-20231231_g10.jpg (GRAPHIC) — 428KB
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• whr-20231231_g2.jpg (GRAPHIC) — 346KB
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• whr-20231231_g6.jpg (GRAPHIC) — 1069KB
• whr-20231231_g7.jpg (GRAPHIC) — 307KB
• whr-20231231_g8.jpg (GRAPHIC) — 556KB
• whr-20231231_g9.jpg (GRAPHIC) — 755KB
• 0000106640-24-000020.txt (&nbsp;) — 30597KB
• whr-20231231.xsd (EX-101.SCH) — 102KB
• whr-20231231_cal.xml (EX-101.CAL) — 208KB
• whr-20231231_def.xml (EX-101.DEF) — 783KB
• whr-20231231_lab.xml (EX-101.LAB) — 1430KB
• whr-20231231_pre.xml (EX-101.PRE) — 1090KB
• whr-20231231_htm.xml (XML) — 3764KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 31

Cybersecurity

Item 1C. Cybersecurity 31

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 57

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 119

Controls and Procedures

Item 9A. Controls and Procedures 119

Other Information

Item 9B. Other Information 119

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 120

Executive Compensation

Item 11. Executive Compensation 120

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 121

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 121 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 122

Form 10-K Summary

Item 16. Form 10-K Summary 122

SIGNATURES

SIGNATURES 130 The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Certain statements contained in this annual report, including those within the forward-looking perspective section within the Management's Discussion and Analysis section, do not relate strictly to historical or current facts and may contain forward-looking statements that reflect our current views with respect to future events and financial performance. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "guarantee," "seek," and the negative of these words and words and terms of similar substance. These forward-looking statements should be considered with the understanding that such statements involve a variety of risks and uncertainties, known and unknown including those identified below, under "Item 1A. Risk Factors," and elsewhere herein. Unless otherwise indicated, the terms "Whirlpool," "the Company," "we," "us," and "our" refer to Whirlpool Corporation and its consolidated subsidiaries.

BUSINESS

ITEM 1. BUSINESS Our Company Improving life at home has been at the heart of our business for 112 years – it is why we exist and why we are passionate about what we do. Whirlpool Corporation ("Whirlpool"), committed to being the best kitchen and laundry company, in constant pursuit of improving life at home, was incorporated in 1955 under the laws of Delaware and was founded in 1911. Whirlpool manufactures products in 10 countries and markets products in nearly every country around the world. We have received worldwide recognition for accomplishments in a variety of business and social efforts, including leadership, diversity, innovative product design, business ethics, environmental sustainability, social responsibility and community involvement. Whirlpool had approximately $19 billion in annual net sales and 59,000 employees in 2023. In 2023, we conducted our business through four operating segments, which we define based on geography. Whirlpool's operating segments in 2023 consisted of North America; Europe, Middle East and Africa ("EMEA"); Latin America and Asia. Beginning January 1, 2024, we are conducting our business through five operating segments, which consist of Major Domestic Appliances ("MDA") North America; MDA Europe, MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. For additional information, see Note 14 to the Consolidated Financial Statements. On January 16, 2023, Whirlpool entered into a contribution agreement with Arelik A. ("Arcelik") in alignment with Whirlpool's portfolio transformation. Under the terms of the agreement, Whirlpool will contribute its European major domestic appliance business, and Arcelik will contribute its European major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into the newly formed entity of which Whirlpool will own 25% and Arcelik 75%, subject to an adjustment mechanism based on certain financial matters. Separately, Whirlpool subs

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