Whirlpool (US:WHR)2023-02-10 11:44Sales and Revenue - Whirlpool's sales to Lowe's accounted for approximately 14% of consolidated net sales in 2022, with a 9% decrease in accounts receivable from the prior year[72]. Environmental Commitment - The company aims for a 20% reduction in emissions linked to the use of its products by 2030, compared to 2016 levels, with this target approved by the Science Based Targets initiative[50]. - Whirlpool has committed to achieving net zero emissions in its plants and operations by 2030, covering over 30 manufacturing sites and large distribution centers globally[51]. - Whirlpool's Environmental, Social and Governance (ESG) strategy is integral to its long-term strategic imperatives and operating priorities[49]. - The company has entered into a second Virtual Purchase Power Agreement (VPPA) for an additional 53 megawatts of renewable wind energy over the next 12 years[51]. - Whirlpool's carbon offsetting initiative in North America allows it to generate tradable environmental assets, although the revenue from ACR credit sales in 2022 was immaterial[52]. - The company is focused on developing innovative products that drive efficiencies in water and energy use, tailored to regional consumer preferences and infrastructure[50]. - Whirlpool's compliance with environmental laws and regulations did not materially affect capital expenditures or earnings in 2022 and is not expected to be material in 2023[54]. Workforce and Inclusion - As of December 31, 2022, Whirlpool employed approximately 61,000 employees across 48 countries, with 32% located in the United States[60]. - The company has a history of achieving a perfect score of 100 on the Corporate Equality Index for nearly two decades, demonstrating its commitment to inclusion in the workplace[67]. Financial Risk Management - As of December 31, 2022, a 10% favorable or unfavorable exchange rate movement in foreign currency contracts would have resulted in an incremental unrealized gain of approximately $258 million or loss of approximately $267 million, respectively[297]. - A 100 basis point increase or decrease in interest rates would have resulted in an incremental unrealized gain of approximately $4 million or unrealized loss of approximately $5 million related to interest rate swap contracts as of December 31, 2022[298]. - A 10% favorable or unfavorable shift in commodity prices would have resulted in an incremental gain or loss of approximately $18 million related to commodity swap contracts as of December 31, 2022[299]. - The most significant foreign currency exposures as of December 31, 2022, were related to the Brazilian Real, Canadian Dollar, and British Pound[297]. - The company employs derivatives as risk management tools to mitigate exposure to market risks, including foreign currency exchange rates, interest rates, and commodity prices[296]. - The enterprise risk management process is integrated into the internal audit planning and execution cycle, receiving oversight from the Board of Directors and management[295]. - There has been no material change to market risk exposure other than foreign exchange, which is attributed to a change in the size of the derivative portfolio year over year[300].