ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of 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 June 30, 2023 and December 31, 2022, respectively.

Millions of dollars	June 30, 2023		December 31, 2022
Carrying amounts of major classes of assets
Current Assets
Cash and cash equivalents	$	96	$	94
Accounts receivable, net of allowance of $31 and $32, respectively	756		667
Inventories	655		650
Prepaid and other current assets	128		145
Total current assets	1,635		1,556
Property, net of accumulated depreciation of $1,670 and $1,648, respectively	877		822
Right of use assets	166		163
Other intangibles, net of accumulated amortization of $146 and $141, respectively	285		279
Deferred income taxes	608		610
Other noncurrent assets	16		17
Total noncurrent assets	1,952		1,891
Total assets	$	3,587	$	3,447
Carrying amounts of major classes of liabilities
Current liabilities
Accounts payable	$	1,220	$	1,394
Accrued expenses	245		152
Accrued advertising and promotions	170		172
Employee compensation	99		107
Notes payable	3		3
Other current liabilities	107		125
Total current liabilities	1,844		1,953
Noncurrent liabilities
Long-term debt	1		2
Pension benefits	114		122
Lease liabilities	136		131
Other noncurrent liabilities	100		88
Total noncurrent liabilities	351		343
Total liabilities	$	2,195	$	2,296
Total net assets of the disposal group classified as held for sale	$	1,392	$	1,151

Assets held for sale	Fair value of interest retained	$	144	$	139
Liabilities held for sale	Cumulative currency translation adjustment and Other comprehensive income on pension	$	468	$	490

The following table summarizes European major appliances business' earnings (loss) available to Whirlpool before income taxes for the six months ended June 30, 2023 and June 30, 2022 respectively:

	Six Months Ended June 30,
in millions	2023		2022
Earnings (loss) before income taxes	$	12	$	(70)

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 June 30, 2023. Purchase accounting adjustments recorded during the second quarter of 2023 were not material.

(in millions)	Amount
Cash and cash equivalents	$	7
Receivables, net	74
Inventories	93
Other current assets	1
Property, plant and equipment, net	173
Goodwill	1,152
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	$	3,021