UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-3932 WHIRLPOOL CORPORATION (Exact name of registrant as specified in its charter) Delaware 38-1490038 (State of Incorpo ...

Whirlpool Corporation (NYSE:WHR) Q4 2023 Earnings Conference Call January 30, 2024 8:00 AM ET Company Participants Korey Thomas - Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants Sam Darkatsh - Raymond James Mike Rehaut - JPMorgan Susan Maklari - Goldman Sachs David MacGregor - Longbow Research Mike Dahl - RBC Capital Markets Jason Haas - Bank of America Eric Bosshard - Cleveland Research Korey Thomas Good morning, and we ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|---------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 Earnings Review | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | and 2024 Perspective | | | | | | | | | | | | | | | | | | TUESDAY, JANUARY 30, 2024 | | | | | | | | | | | Cautionary Statement 2 This document contains forward-looking statements a ...

Whirlpool Corporation (NYSE:WHR) Q3 2023 Results Conference Call October 26, 2023 8:00 AM ET Company Participants Korey Thomas - Senior Director of Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants Susan Maklari - Goldman Sachs Sam Darkatsh - Raymond James David MacGregor - Longbow Research Eric Bosshard - Cleveland Research Mike Dahl - RBC Capital Markets Liz Suzuki - Bank of America Doug Wardlaw - JPMorgan Operator Good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3932 WHIRLPOOL CORPORATION (Exact name of registrant as speci ...

Whirlpool Corporation (NYSE:WHR) Q2 2023 Earnings Conference Call July 25, 2023 8:00 AM ET Company Participants Korey Thomas - Senior Director of Investor Relations Marc Bitzer - Chairman and Chief Executive Officer Jim Peters - Chief Financial Officer Conference Call Participants Mike Rehaut - JPMorgan David MacGregor - Longbow Research Susan Maklari - Goldman Sachs Sam Darkatsh - Raymond James Eric Bosshard - Cleveland Research Mike Dahl - RBC Capital Markets Liz Suzuki - Bank of America Operator Good mor ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides a comprehensive overview of Whirlpool Corporation's financial performance and position for the period [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q2 2023, including income, balance, and cash flow, with notes on policies and corporate activities [Consolidated Condensed Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Net sales decreased to **$4.79 billion** in Q2 2023, with a net profit of **$85 million**, a turnaround from a **$371 million** loss in Q2 2022 Consolidated Income Statement Highlights (Unaudited) | (Millions of dollars, except per share data) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $4,792 | $5,097 | $9,441 | $10,017 | | **Gross margin** | $816 | $897 | $1,579 | $1,748 | | **Operating profit (loss)** | $303 | $(306) | $346 | $155 | | **Net earnings (loss) available to Whirlpool** | $85 | $(371) | $(94) | $(58) | | **Diluted net earnings (loss) per share** | $1.55 | $(6.62) | $(1.71) | $(1.00) | [Consolidated Condensed Balance Sheets](index=7&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Total assets decreased to **$16.98 billion**, while total liabilities increased to **$14.79 billion**, leading to a decrease in stockholders' equity Balance Sheet Summary (Unaudited) | (Millions of dollars) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $6,194 | $6,394 | | **Total assets** | $16,981 | $17,124 | | **Total current liabilities** | $7,087 | $5,931 | | **Total liabilities** | $14,788 | $14,618 | | **Total stockholders' equity** | $2,193 | $2,506 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Cash used in operating activities increased to **$370 million**, while financing activities significantly reduced cash usage, resulting in a **$649 million** decrease in cash Cash Flow Summary (Unaudited) | (Millions of dollars) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Cash provided by (used in) operating activities** | $(370) | $(180) | | **Cash provided by (used in) investing activities** | $(222) | $(142) | | **Cash provided by (used in) financing activities** | $(110) | $(1,022) | | **Increase (decrease) in cash** | $(649) | $(1,402) | | **Cash, cash equivalents and restricted cash at end of period** | $1,309 | $1,642 | [Notes to the Consolidated Condensed Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Condensed%20Financial%20Statements) Detailed notes cover accounting policies, revenue breakdown by product, financing arrangements, contingencies, and strategic transactions including acquisitions and divestitures - Refrigeration is the largest product category by revenue, generating **$1.48 billion** in Q2 2023, followed by Laundry (**$1.29 billion**) and Cooking (**$1.10 billion**)[46](index=46&type=chunk) - The company has ongoing supply chain financing arrangements where suppliers can sell receivables. As of June 30, 2023, approximately **$1.2 billion** had been issued to financial institutions under these programs[37](index=37&type=chunk) - The company entered into a contribution agreement with Arçelik A.Ş. to contribute its European major domestic appliance business into a new entity, of which Whirlpool will own **25%**. This business is now classified as held for sale, and a total loss of **$1.761 billion** has been recorded for the transaction as of June 30, 2023[109](index=109&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk) - The acquisition of InSinkErator was completed on October 31, 2022, for a purchase price of **$3 billion**. The preliminary purchase price allocation includes **$1.15 billion** in goodwill and **$1.63 billion** in other intangible assets[150](index=150&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk) - In Q2 2022, the company recorded a goodwill impairment charge of **$278 million** for the EMEA reporting unit and a **$106 million** impairment for the Indesit and Hotpoint trademarks due to adverse macroeconomic impacts and the Russia/Ukraine conflict[161](index=161&type=chunk)[164](index=164&type=chunk)[167](index=167&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2023 financial results, highlighting sales decline, portfolio transformation, strong liquidity, and providing a full-year 2023 outlook [Overview](index=36&type=section&id=MD%26A%20Overview) Q2 2023 GAAP net earnings improved to **$85 million**, driven by share gains and cost reductions, despite unfavorable price/mix and weak EMEA demand Q2 2023 Key Performance Indicators | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | **GAAP Net Earnings (loss) available to Whirlpool** | $85 million | $(371) million | | **GAAP Diluted EPS** | $1.55 | $(6.62) | | **Ongoing (non-GAAP) Diluted EPS** | $4.21 | $5.97 | | **Ongoing (non-GAAP) EBIT Margin** | 7.3% | 9.0% | - The company is advancing its portfolio transformation through the integration of InSinkErator and progressing towards the completion of the European major domestic appliance transaction, expected in **Q4 2023**[176](index=176&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Consolidated net sales declined **6.0%** to **$4.79 billion**, with varied regional performance and a significant loss from the European business divestiture Q2 2023 Net Sales and EBIT by Segment | Segment | Net Sales (in millions) | % Change YoY | EBIT (in millions) | EBIT Margin | | :--- | :--- | :--- | :--- | :--- | | **North America** | $2,824 | (4.7)% | $290 | 10.3% | | **EMEA** | $854 | (15.3)% | $17 | 2.0% | | **Latin America** | $819 | 4.1% | $53 | 6.5% | | **Asia** | $295 | (12.7)% | $11 | 3.7% | - Consolidated net sales decreased **6.0%** in Q2 2023, driven by unfavorable product price/mix and weak demand in EMEA, partially offset by share gains in North America and Latin America and the InSinkErator acquisition[180](index=180&type=chunk) - A loss of **$240 million** was recorded for the six months ended June 30, 2023, related to the planned divestiture of the European major domestic appliance business[202](index=202&type=chunk) [Financial Condition and Liquidity](index=41&type=section&id=Financial%20Condition%20and%20Liquidity) The company maintains strong liquidity with **$1.3 billion** in cash and access to credit facilities, despite increased cash usage in operating activities - Cash and cash equivalents stood at **$1.3 billion** at June 30, 2023[214](index=214&type=chunk) - The company has total committed credit facilities of approximately **$6.2 billion**, including a **$3.5 billion** revolving credit facility and a **$2.5 billion** term loan[216](index=216&type=chunk)[228](index=228&type=chunk) - Cash used in operating activities increased to **$370 million** for the first half of 2023, up from **$180 million** in the same period of 2022[223](index=223&type=chunk)[224](index=224&type=chunk) [Forward-Looking Perspective](index=47&type=section&id=Forward-Looking%20Perspective) The company projects full-year 2023 GAAP EPS between **$13.00** and **$15.00**, with anticipated cash from operations and free cash flow, and varied regional demand outlook Full-Year 2023 Outlook | Metric | Current Outlook | | :--- | :--- | | **Estimated GAAP EPS** | $13.00 - $15.00 | | **Cash from Operating Activities** | ~$1,400 million | | **Free Cash Flow** | ~$800 million | | **Capital Expenditures** | ~$600 million | 2023 Industry Demand Outlook | Region | Expected Demand Change | | :--- | :--- | | **North America** | (6)% - (4)% | | **EMEA** | (6)% - (4)% | | **Latin America** | (3)% - (1)% | | **Asia** | 2% - 4% | [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk exposures have occurred since December 31, 2022 - There have been no material changes to the company's market risk exposures since the end of the previous fiscal year[250](index=250&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[251](index=251&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[251](index=251&type=chunk) [PART II - OTHER INFORMATION](index=49&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers additional disclosures including legal proceedings, risk factors, and equity security sales [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) Detailed information on legal proceedings is referenced in Note 6 and Note 11 of the financial statements - Information on legal proceedings is detailed in Note 6 and Note 11 of the financial statements[253](index=253&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the 2022 Annual Report on Form 10-K - No material changes to risk factors were reported compared to the 2022 Annual Report[254](index=254&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in the first half of 2023, with **$2.6 billion** remaining authorized for future repurchases - No shares were repurchased in the first six months of 2023[255](index=255&type=chunk) - Approximately **$2.6 billion** remains authorized for share repurchases as of June 30, 2023[128](index=128&type=chunk)[255](index=255&type=chunk)

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First-Quarter 2023 Performance - Net sales were $46 billion, a decrease of 55% year-over-year, with a 52% organic decline[6] - Ongoing EBIT margin was 54%, a year-over-year decrease of 40 percentage points[7] - The company delivered ongoing EPS of $266[9] Guidance and Outlook - The company reaffirmed its full-year ongoing EPS guidance of $1600 - $1800[9] - Net sales for 2023 are projected to be approximately $194 billion, representing a year-over-year decrease of (1)-(2)%[29] - The company expects approximately $300 million to $400 million of raw material inflation tailwinds in 2023[41] Regional Performance - North America experienced a 3% sequential decrease in net sales and a 65% year-over-year decrease, with EBIT margins of 10%[24] - EMEA saw a 13% sequential decrease in net sales and an 18% year-over-year decrease[25] - Asia experienced a 17% sequential increase in net sales and a 10% year-over-year decrease[26] Strategic Initiatives - Cost structure reset is expected to deliver $800 million - $900 million benefit[22] - The company is on track with its EMEA transaction, expecting it to close in the second half of 2023, retaining a 25% stake in a newly formed European appliance company[25, 35] - Share repurchase authorization of approximately $26 billion remaining[30]

Financial Data and Key Metrics Changes - The company reported a revenue decline of 5.5% in Q1 2023, attributed to lower consumer sentiment impacting discretionary appliance purchases [78] - The ongoing EBIT margin improved to 5.4%, reflecting a 200 basis points increase from Q4 2022 [78] - North America EBIT margin improved by 420 basis points to 10% [78] - Ongoing earnings per share for Q1 were $2.66, in line with expectations, and the company reaffirmed its ongoing EPS guidance of $16 to $18 [78][87] Business Line Data and Key Metrics Changes - The North America region saw a 1 point share gain both sequentially and year-over-year, driven by product innovation and improved supply chain execution [83] - The EMEA region experienced an 8% revenue decline, primarily due to continued industry demand weakness [12] - The Asia region's revenue declined by 3%, with EBIT margins at 3.1% [13] Market Data and Key Metrics Changes - The company expects a Q2 industry decline of 5% to 10% and a second half industry decline of low to mid-single digits [10] - Replacement demand, which represents 55% of total industry, is expected to increase in the mid-to-long term [84] Company Strategy and Development Direction - The company is focused on enhancing product offerings and manufacturing efficiencies to drive growth and margin expansion [18] - The integration of InSinkErator is expected to strengthen the portfolio and contribute approximately 50 basis points to consolidated EBIT margins [90] - The company aims to invest over $1 billion in capital expenditures and research and development, including a significant product launch for InSinkErator [88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the medium-to-long term demand dynamics despite current macroeconomic challenges [19] - The company anticipates that easing inflation and cost takeout actions will support performance in the second half of the year [87] - Management noted that consumer sentiment has been impacted by external factors, but they expect gradual improvement in discretionary demand [31][64] Other Important Information - The company recorded approximately $60 million in charges related to EMEA legacy legal matters and a non-cash loss of $222 million due to working capital changes and foreign currency impacts [14] - The company remains committed to returning cash to shareholders, with nearly 70 consecutive years of dividends [15] Q&A Session All Questions and Answers Question: What drove the market share gains this quarter? - The market share gains were driven by improved supply chain execution and product innovations [21] Question: How do you expect commodity pressures to evolve? - The company expects commodity prices to ease, but at a slower pace than initially anticipated, trending towards the lower end of the $300 million to $400 million benefit range [22][79] Question: What are the indications for promotions for the full year? - Management expects the promotional environment for 2023 to be similar to the back half of 2022, with a reasonably normalized promotional environment [28][140] Question: How is the current consumer demand trend characterized? - Current consumer demand is expected to be softer in the first half, with a gradual improvement anticipated towards the year-end [64][154] Question: What impact will the EMEA transaction have on free cash flow? - The timing of the EMEA transaction closing could impact 2023 free cash flow, with potential variations based on when the transaction is completed [112][155]