ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination, Asset Acquisition, Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of December 31, 2022 and 2021, respectively.

	December 31,
Millions of dollars	2022		2021
Carrying amounts of major classes of assets
Current Assets
Cash and cash equivalents	$	94	$	507
Accounts receivable, net of allowance of $32 and $32, respectively	667		835
Inventories	650		739
Prepaid and other current assets	145		231
Total current assets	1,556		2,312
Property, net of accumulated depreciation of $1,648 and $1,842, respectively	822		895
Right of use assets	163		173
Goodwill	—		296
Other intangibles, net of accumulated amortization of $141 and $145, respectively	279		420
Deferred income taxes	610		559
Other noncurrent assets	17		29
Total noncurrent assets	1,891		2,372
Total assets	$	3,447	$	4,684
Carrying amounts of major classes of liabilities
Current liabilities
Accounts payable	$	1,394	$	1,769
Accrued expenses	152		163
Accrued advertising and promotions	172		248
Employee compensation	107		158
Notes payable	3		4
Other current liabilities	125		140
Total current liabilities	1,953		2,482
Noncurrent liabilities
Long-term debt	2		4
Pension benefits	122		229
Lease liabilities	131		137
Other noncurrent liabilities	88		73
Total noncurrent liabilities	343		443
Total liabilities	$	2,296	$	2,925
Total net assets of the disposal group classified as held for sale	$	1,151

Assets held for sale	Fair value of interest retained	$	139
Liabilities held for sale	Cumulative currency translation adjustment and Other comprehensive loss on pension	$	490

The following table summarizes European major appliances business' earnings (loss) available to Whirlpool before income taxes for the twelve months ended December 31, 2022, 2021 and 2020, respectively:

	Twelve Months Ended December 31,
in millions	2022	2021	2020
Earnings (loss) before income taxes	$(106)	$(46)	$(111)

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of purchase price related to the InSinkErator acquisition, as of the acquisition date October 31, 2022:

(in millions)	Amount
Cash and cash equivalents	$	7
Receivables, net	74
Inventories	93
Other current assets	1
Property, plant and equipment, net	174
Goodwill	1,137
Other intangible assets	1,630
Other assets	11
Accounts payable	49
Accrued expenses	26
Other current liabilities	34
Deferred income taxes	1
Other long-term liabilities	10
Total Estimated Purchase Consideration	$	3,007

Schedule of Intangible Assets Acquired

The estimated fair value of the identifiable intangible assets acquired, their useful life and the related valuation methodology are as follows:

Millions of dollars	Preliminary Fair Value		Estimated Useful Life	Valuation Methodology
Preliminary fair value of intangible assets acquired:
Trademarks	$	1,300	Indefinite	Relief-from-royalty
Customer relationships	330		16 years	Multi-period excess earnings / with and without method
Intangible assets acquired	$	1,630

Business Acquisition, Pro Forma Information

The results of InSinkErator’s operations that have been included in our Consolidated Statements of Income (Loss) from the acquisition date through December 31, 2022 are as follows:

	Two months ended,
Millions of dollars	December 31, 2022
Net Sales	$	93
Earnings before income taxes	4
Net Earnings	$	3

Schedule of Business Acquisition, Pro Forma Financial Information

The following table provides pro forma results of Whirlpool's operations for the years ended December 31, 2022 and 2021, as if InSinkErator had been acquired as of January 1, 2021. The pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the dates indicated or that may result in the future.

	Year ended December 31,
Millions of dollars	2022		2021
Net Sales	$	20,246	$	22,565
Net earnings available to Whirlpool	$	(1,493)	$	1,716