SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The following table summarizes our property at December 31, 2021 and 2020:

Millions of dollars	2021		2020		Estimated Useful Life
Land	$	84	$	92	n/a
Buildings	1,249		1,517		10 to 50 years
Machinery and equipment	8,091		8,370		3 to 20 years
Accumulated depreciation	(6,619)		(6,780)
Property plant and equipment, net (1)	$	2,805	$	3,199

(1) Decrease of $379 million in property, plant and equipment, net, is due to the deconsolidation of Whirlpool China and divestment of Turkey manufacturing entity. For additional information, see Note 17 to the Consolidated Financial Statements.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

On January 1, 2021 we adopted the following standards, which did not have a material impact on our Consolidated Financial Statements:

Standard		Effective Date
2019-12	Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes	January 1, 2021

The FASB has issued the following relevant standards, which are not expected to have a material impact on our Consolidated Financial Statements:

Standard		Effective Date
2021-10	Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance	January 1, 2022