SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes our property at December 31, 2022 and 2021:


Millions of dollars	2022		2021		Estimated Useful Life
Land	$	32	$	84	n/a
Buildings	862		1,249		10 to 50 years
Machinery and equipment	6,016		8,091		3 to 20 years
Accumulated depreciation	(4,808)		(6,619)
Property plant and equipment, net	$	2,102	$	2,805

Schedule of Equity Method Investments

The following tables summarize balances and transactions with Whirlpool China and its subsidiaries during the periods presented.


Millions of dollars		December 31, 2022		December 31, 2021
Other noncurrent assets	Carrying value of equity interest	$	201	$	206
Accounts payable	Outstanding amounts due	$	75	$	137


	Twelve Months Ended December 31,
Millions of dollars	2022		2021
Purchases from Whirlpool China	$	376	$	290

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

We adopted the following standards for the year ended December 31, 2022 which did not have a material impact on our Consolidated Financial Statements:


Standard		Effective Date
2020-04	Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting	March 12, 2020 to December 31, 2022
2021-01	Reference Rate Reform (Topic 848) - Scope	January 7, 2021 to December 31, 2022
2021-10	Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance	January 1, 2022
2022-06	Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848	December 21, 2022 to December 31, 2024