2013 Q2 Form 10-Q Financial Statement

#000010664013000037 Filed on July 19, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $4.748B $4.510B
YoY Change 5.28% -4.65%
Cost Of Revenue $3.931B $3.782B
YoY Change 3.94% -6.87%
Gross Profit $817.0M $728.0M
YoY Change 12.23% 8.82%
Gross Profit Margin 17.21% 16.14%
Selling, General & Admin $453.0M $447.0M
YoY Change 1.34% 5.18%
% of Gross Profit 55.45% 61.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $126.0M $146.0M
YoY Change -13.7% 0.69%
% of Gross Profit 15.42% 20.05%
Operating Expenses $453.0M $447.0M
YoY Change 1.34% 5.18%
Operating Profit $328.0M $194.0M
YoY Change 69.07% -13.0%
Interest Expense $44.00M $48.00M
YoY Change -8.33% -12.73%
% of Operating Profit 13.41% 24.74%
Other Income/Expense, Net -$39.00M -$22.00M
YoY Change 77.27% -95.91%
Pretax Income $245.0M $124.0M
YoY Change 97.58% -133.51%
Income Tax $39.00M $4.000M
% Of Pretax Income 15.92% 3.23%
Net Earnings $198.0M $113.0M
YoY Change 75.22% -170.19%
Net Earnings / Revenue 4.17% 2.51%
Basic Earnings Per Share $2.48 $1.45
Diluted Earnings Per Share $2.44 $1.43
COMMON SHARES
Basic Shares Outstanding 79.80M shares 78.00M shares
Diluted Shares Outstanding 81.10M shares 78.80M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $670.0M $426.0M
YoY Change 57.28% -49.59%
Cash & Equivalents $670.0M $426.0M
Short-Term Investments
Other Short-Term Assets $1.217B $1.143B
YoY Change 6.47% 35.43%
Inventory $2.505B $2.583B
Prepaid Expenses $756.0M $676.0M
Receivables $2.216B $2.125B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.608B $6.277B
YoY Change 5.27% -13.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.907B $2.955B
YoY Change -1.62% -8.03%
Goodwill $1.724B $1.727B
YoY Change -0.17% -0.12%
Intangibles $1.708B $1.738B
YoY Change -1.73% -2.36%
Long-Term Investments
YoY Change
Other Assets $320.0M $232.0M
YoY Change 37.93% -32.56%
Total Long-Term Assets $8.666B $8.330B
YoY Change 4.03% -4.24%
TOTAL ASSETS
Total Short-Term Assets $6.608B $6.277B
Total Long-Term Assets $8.666B $8.330B
Total Assets $15.27B $14.61B
YoY Change 4.57% -8.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.620B $3.517B
YoY Change 2.93% -8.1%
Accrued Expenses $667.0M $672.0M
YoY Change -0.74% -46.75%
Deferred Revenue
YoY Change
Short-Term Debt $6.000M $3.000M
YoY Change 100.0% -80.0%
Long-Term Debt Due $509.0M $510.0M
YoY Change -0.2% 40.5%
Total Short-Term Liabilities $6.231B $6.060B
YoY Change 2.82% -11.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.936B $1.922B
YoY Change 0.73% -10.31%
Other Long-Term Liabilities $491.0M $520.0M
YoY Change -5.58% -16.93%
Total Long-Term Liabilities $4.385B $4.229B
YoY Change 3.69% -6.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.231B $6.060B
Total Long-Term Liabilities $4.385B $4.229B
Total Liabilities $10.62B $10.29B
YoY Change 3.18% -9.86%
SHAREHOLDERS EQUITY
Retained Earnings $5.507B $5.049B
YoY Change 9.07% 9.36%
Common Stock $109.0M $107.0M
YoY Change 1.87% 0.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.805B $1.794B
YoY Change 0.61% -1.54%
Treasury Stock Shares 30.00M shares 30.00M shares
Shareholders Equity $4.546B $4.213B
YoY Change
Total Liabilities & Shareholders Equity $15.27B $14.61B
YoY Change 4.57% -8.21%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $198.0M $113.0M
YoY Change 75.22% -170.19%
Depreciation, Depletion And Amortization $126.0M $146.0M
YoY Change -13.7% 0.69%
Cash From Operating Activities $109.0M $68.00M
YoY Change 60.29% -780.0%
INVESTING ACTIVITIES
Capital Expenditures $106.0M $95.00M
YoY Change 11.58% -34.03%
Acquisitions
YoY Change
Other Investing Activities -$12.00M $2.000M
YoY Change -700.0% -114.29%
Cash From Investing Activities -$118.0M -$93.00M
YoY Change 26.88% -41.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.00M -103.0M
YoY Change -46.6% 255.17%
NET CHANGE
Cash From Operating Activities 109.0M 68.00M
Cash From Investing Activities -118.0M -93.00M
Cash From Financing Activities -55.00M -103.0M
Net Change In Cash -64.00M -128.0M
YoY Change -50.0% -35.03%
FREE CASH FLOW
Cash From Operating Activities $109.0M $68.00M
Capital Expenditures $106.0M $95.00M
Free Cash Flow $3.000M -$27.00M
YoY Change -111.11% -82.47%

Facts In Submission

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us-gaap Interest Expense
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General Information</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited Consolidated Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in the Financial Supplement of our Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management believes that the accompanying Consolidated Condensed Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods.</font></div></div>
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Income Loss
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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CY2012Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2012Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2013Q2 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Restructuring Reserve Settled With Cash
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us-gaap Payments To Acquire Property Plant And Equipment
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180000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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CY2012Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2012Q4 us-gaap Percentage Of Lifo Inventory
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CY2013Q2 us-gaap Percentage Of Lifo Inventory
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CY2012Q4 us-gaap Prepaid Expense Current
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts in the Consolidated Condensed Financial Statements have been reclassified to conform with current year presentation.</font></div></div>
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Repayments Of Short Term Debt
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CY2012Q4 us-gaap Product Warranty Accrual
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CY2012Q2 us-gaap Product Warranty Accrual Classified Current
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CY2012Q2 us-gaap Product Warranty Accrual Noncurrent
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33000000 USD
us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Product Warranty Accrual Warranties Issued
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177000000 USD
us-gaap Product Warranty Accrual Warranties Issued
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188000000 USD
us-gaap Profit Loss
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463000000 USD
CY2012Q2 us-gaap Profit Loss
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CY2013Q2 us-gaap Profit Loss
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206000000 USD
us-gaap Profit Loss
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217000000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Restructuring And Related Cost Cost Incurred To Date
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388000000 USD
us-gaap Restructuring And Related Cost Expected Cost
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500000000 USD
CY2013Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
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0 USD
CY2012Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
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us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
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0 USD
us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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CY2012Q2 us-gaap Sales Revenue Net
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4510000000 USD
CY2013Q2 us-gaap Sales Revenue Net
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CY2013Q2 us-gaap Segment Reporting Information Revenue
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us-gaap Segment Reporting Information Revenue
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us-gaap Segment Reporting Information Revenue
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Stock Issued During Period Value New Issues
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StockRepurchaseProgramAuthorizedAmount
500000000 USD
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
320000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
241000 shares
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
4260000000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
4546000000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4367000000 USD
CY2013Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4658000000 USD
CY2013Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
30000000 shares
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
29000000 shares
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1777000000 USD
CY2013Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1805000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
30000000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
53000000 USD
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
800000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1500000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81000000 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78800000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77700000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79800000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78000000 shares
whr Brazilian Collection Dispute
BrazilianCollectionDispute
0 USD
whr Brazilian Collection Dispute
BrazilianCollectionDispute
-275000000 USD
whr Increase Decrease In Accrued Advertising And Promotions
IncreaseDecreaseInAccruedAdvertisingAndPromotions
-55000000 USD
whr Increase Decrease In Accrued Advertising And Promotions
IncreaseDecreaseInAccruedAdvertisingAndPromotions
-97000000 USD
CY2011Q4 whr Number Of Salaried Positions Expected To Be Eliminated
NumberOfSalariedPositionsExpectedToBeEliminated
1200 Employees
CY2013Q2 whr Outstanding Befiex Tax Assessment
OutstandingBefiexTaxAssessment
1200000000 BRL
CY2013Q2 whr Outstanding Befiex Tax Assessment
OutstandingBefiexTaxAssessment
550000000 USD
whr Proceeds From Sale Of Property Plant And Equipment And Other Investments
ProceedsFromSaleOfPropertyPlantAndEquipmentAndOtherInvestments
3000000 USD
whr Proceeds From Sale Of Property Plant And Equipment And Other Investments
ProceedsFromSaleOfPropertyPlantAndEquipmentAndOtherInvestments
2000000 USD
CY2013Q2 whr Tax Exposure Netof Expected Foreign Tax Credits
TaxExposureNetofExpectedForeignTaxCredits
54000000 USD
CY2013Q2 whr Tax Exposure Netof Expected Foreign Tax Credits
TaxExposureNetofExpectedForeignTaxCredits
119000000 BRL
whr Treasury Stock Acquired Value Netof Treasury Stock Reissued
TreasuryStockAcquiredValueNetofTreasuryStockReissued
-28000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000106640
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
79269458 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WHIRLPOOL CORP /DE/

Files In Submission

Name View Source Status
0000106640-13-000037-index-headers.html Edgar Link pending
0000106640-13-000037-index.html Edgar Link pending
0000106640-13-000037.txt Edgar Link pending
0000106640-13-000037-xbrl.zip Edgar Link pending
exb311-6302013x10xq.htm Edgar Link pending
exb312-6302013x10xq.htm Edgar Link pending
exb321-6302013x10xq.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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report.css Edgar Link pending
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whirlpoollogo.jpg Edgar Link pending
whr-20130630.xml Edgar Link completed
whr-20130630.xsd Edgar Link pending
whr-20130630_cal.xml Edgar Link unprocessable
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whr6302013-10xq.htm Edgar Link pending