Whirlpool Announces Exit and Disposal Activities

TL;DR

WHIRLPOOL is exiting/disposing of something, costs incoming.

AI Summary

Whirlpool Corporation announced on April 29, 2024, that it is incurring costs associated with exit or disposal activities. The company has not yet disclosed the specific dollar amounts or the exact nature of these activities, but the filing indicates a strategic shift or restructuring is underway.

Why It Matters

This filing suggests Whirlpool is undergoing a restructuring or divesting certain operations, which could impact future earnings and strategic direction.

Risk Assessment

Risk Level: medium — The filing indicates restructuring or divestitures, which inherently carry financial and operational risks.

Key Players & Entities

• WHIRLPOOL CORP /DE/ (company) — Registrant
• April 29, 2024 (date) — Date of earliest event reported
• 2000 North M-63, Benton Harbor, Michigan 49022-2692 (location) — Principal executive offices address
• 269-923-5000 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $1.00 — ich registered Common stock, par value $1.00 per share WHR Chicago Stock Exchange an
• $23 m — 024. Total costs for these actions were $23 million, of which we incurred $14 million
• $14 million — were $23 million, of which we incurred $14 million in employee termination costs and $9 mi
• $9 million — llion in employee termination costs and $9 million in other associated costs within the fi
• $52 million — kforce Reduction Plans are an estimated $52 million to $57 million, primarily in employee t
• $57 m — n Plans are an estimated $52 million to $57 million, primarily in employee terminatio
• $75 million — restructuring charges of approximately $75 million to $80 million for fiscal year 2024, re
• $80 million — charges of approximately $75 million to $80 million for fiscal year 2024, reflecting amount
• $63 million — it will incur a total of approximately $63 million to $67 million in employee termination
• $67 million — a total of approximately $63 million to $67 million in employee termination costs and appro
• $13 million — yee termination costs and approximately $13 million in other associated costs in 2024, and

Filing Documents

• whr-20240429.htm (8-K) — 29KB
• 0000106640-24-000105.txt ( ) — 188KB
• whr-20240429.xsd (EX-101.SCH) — 2KB
• whr-20240429_def.xml (EX-101.DEF) — 15KB
• whr-20240429_lab.xml (EX-101.LAB) — 26KB
• whr-20240429_pre.xml (EX-101.PRE) — 16KB
• whr-20240429_htm.xml (XML) — 4KB

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities. As previously disclosed in Whirlpool Corporation's (the "Company") quarterly report on Form 10-Q for the quarter ended March 31, 2024, the Company committed to global workforce reduction plans in March 2024 (the "First Quarter Workforce Reduction Plans"). The First Quarter Workforce Reduction Plans were an effort to reduce complexity and simplify the Company's organizational model after the European major domestic appliance transaction, which was completed on April 1, 2024. The First Quarter Workforce Reduction Plans included involuntary severance actions and employee notifications in March 2024. Total costs for these actions were $23 million, of which we incurred $14 million in employee termination costs and $9 million in other associated costs within the first quarter. During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's complexity reduction and organizational simplification efforts. On April 29, 2024, the Company began the employee notification process for an additional global workforce reduction plan, including involuntary severance actions (the "Second Quarter Workforce Reduction Plans"). Total expected costs for actions under the Second Quarter Workforce Reduction Plans are an estimated $52 million to $57 million, primarily in employee termination costs, which we expect to incur within the second quarter of 2024. The Company expects total restructuring charges of approximately $75 million to $80 million for fiscal year 2024, reflecting amounts under the First Quarter Workforce Reduction Plans and Second Quarter Workforce Reduction Plans outlined above. The Company expects these workforce reduction actions to be substantially complete in 2024. As such, the Company estimates that it will incur a total of approximately $63 million to $67 million in employee termination costs and approximately $13 million in other associated costs in

View Full Filing

View this 8-K filing on SEC EDGAR