$WHR
WHIRLPOOL CORP /DE/

2014 Q2 Form 10-Q Financial Statement

#000010664014000030 Filed on July 23, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $4.682B $4.748B
YoY Change -1.39% 5.28%
Cost Of Revenue $3.895B $3.931B
YoY Change -0.92% 3.94%
Gross Profit $787.0M $817.0M
YoY Change -3.67% 12.23%
Gross Profit Margin 16.81% 17.21%
Selling, General & Admin $457.0M $453.0M
YoY Change 0.88% 1.34%
% of Gross Profit 58.07% 55.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $134.0M $126.0M
YoY Change 6.35% -13.7%
% of Gross Profit 17.03% 15.42%
Operating Expenses $457.0M $453.0M
YoY Change 0.88% 1.34%
Operating Profit $291.0M $328.0M
YoY Change -11.28% 69.07%
Interest Expense $40.00M $44.00M
YoY Change -9.09% -8.33%
% of Operating Profit 13.75% 13.41%
Other Income/Expense, Net -$16.00M -$39.00M
YoY Change -58.97% 77.27%
Pretax Income $235.0M $245.0M
YoY Change -4.08% 97.58%
Income Tax $50.00M $39.00M
% Of Pretax Income 21.28% 15.92%
Net Earnings $179.0M $198.0M
YoY Change -9.6% 75.22%
Net Earnings / Revenue 3.82% 4.17%
Basic Earnings Per Share $2.29 $2.48
Diluted Earnings Per Share $2.25 $2.44
COMMON SHARES
Basic Shares Outstanding 78.30M shares 79.80M shares
Diluted Shares Outstanding 79.60M shares 81.10M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $945.0M $670.0M
YoY Change 41.04% 57.28%
Cash & Equivalents $945.0M $670.0M
Short-Term Investments
Other Short-Term Assets $1.066B $1.217B
YoY Change -12.41% 6.47%
Inventory $2.812B $2.505B
Prepaid Expenses $731.0M $756.0M
Receivables $2.222B $2.216B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.045B $6.608B
YoY Change 6.61% 5.27%
LONG-TERM ASSETS
Property, Plant & Equipment $3.069B $2.907B
YoY Change 5.57% -1.62%
Goodwill $1.723B $1.724B
YoY Change -0.06% -0.17%
Intangibles $1.692B $1.708B
YoY Change -0.94% -1.73%
Long-Term Investments
YoY Change
Other Assets $321.0M $320.0M
YoY Change 0.31% 37.93%
Total Long-Term Assets $8.563B $8.666B
YoY Change -1.19% 4.03%
TOTAL ASSETS
Total Short-Term Assets $7.045B $6.608B
Total Long-Term Assets $8.563B $8.666B
Total Assets $15.61B $15.27B
YoY Change 2.19% 4.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.876B $3.620B
YoY Change 7.07% 2.93%
Accrued Expenses $667.0M $667.0M
YoY Change 0.0% -0.74%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $6.000M
YoY Change -50.0% 100.0%
Long-Term Debt Due $312.0M $509.0M
YoY Change -38.7% -0.2%
Total Short-Term Liabilities $6.118B $6.231B
YoY Change -1.81% 2.82%
LONG-TERM LIABILITIES
Long-Term Debt $2.461B $1.936B
YoY Change 27.12% 0.73%
Other Long-Term Liabilities $342.0M $491.0M
YoY Change -30.35% -5.58%
Total Long-Term Liabilities $4.139B $4.385B
YoY Change -5.61% 3.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.118B $6.231B
Total Long-Term Liabilities $4.139B $4.385B
Total Liabilities $10.26B $10.62B
YoY Change -3.38% 3.18%
SHAREHOLDERS EQUITY
Retained Earnings $6.015B $5.507B
YoY Change 9.22% 9.07%
Common Stock $110.0M $109.0M
YoY Change 0.92% 1.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.124B $1.805B
YoY Change 17.67% 0.61%
Treasury Stock Shares 32.00M shares 30.00M shares
Shareholders Equity $5.240B $4.546B
YoY Change
Total Liabilities & Shareholders Equity $15.61B $15.27B
YoY Change 2.19% 4.57%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $179.0M $198.0M
YoY Change -9.6% 75.22%
Depreciation, Depletion And Amortization $134.0M $126.0M
YoY Change 6.35% -13.7%
Cash From Operating Activities -$29.00M $109.0M
YoY Change -126.61% 60.29%
INVESTING ACTIVITIES
Capital Expenditures $142.0M $106.0M
YoY Change 33.96% 11.58%
Acquisitions
YoY Change
Other Investing Activities -$10.00M -$12.00M
YoY Change -16.67% -700.0%
Cash From Investing Activities -$152.0M -$118.0M
YoY Change 28.81% 26.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -555.0M -55.00M
YoY Change 909.09% -46.6%
NET CHANGE
Cash From Operating Activities -29.00M 109.0M
Cash From Investing Activities -152.0M -118.0M
Cash From Financing Activities -555.0M -55.00M
Net Change In Cash -736.0M -64.00M
YoY Change 1050.0% -50.0%
FREE CASH FLOW
Cash From Operating Activities -$29.00M $109.0M
Capital Expenditures $142.0M $106.0M
Free Cash Flow -$171.0M $3.000M
YoY Change -5800.0% -111.11%

Facts In Submission

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us-gaap Nature Of Operations
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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, and with 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 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, 2013</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 Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Nonoperating Income Expense
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us-gaap Operating Income Loss
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CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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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 Available For Sale Securities Tax
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CY2013Q2 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 Parent
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of 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 Before Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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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 Restructuring
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment 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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CY2013Q2 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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CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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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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CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2013Q2 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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CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2013Q2 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 Adjustment Net Of 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
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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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 Noncontrolling Interest
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CY2014Q2 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 Parent1
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2013Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2014Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2014Q2 us-gaap Other Liabilities Current
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CY2013Q4 us-gaap Other Liabilities Current
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CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q4 us-gaap Percentage Of Lifo Inventory
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CY2014Q2 us-gaap Percentage Of Lifo Inventory
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CY2014Q2 us-gaap Prepaid Expense Current
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q4 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 Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments To Minority Shareholders
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us-gaap Proceeds From Payments To Minority Shareholders
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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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CY2013Q4 us-gaap Product Warranty Accrual
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CY2013Q2 us-gaap Product Warranty Accrual
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CY2014Q2 us-gaap Product Warranty Accrual
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CY2013Q2 us-gaap Product Warranty Accrual Classified Current
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CY2014Q2 us-gaap Product Warranty Accrual Classified Current
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CY2013Q2 us-gaap Product Warranty Accrual Noncurrent
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CY2014Q2 us-gaap Product Warranty Accrual Noncurrent
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Warranties Issued
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us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
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us-gaap Profit Loss
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CY2013Q2 us-gaap Profit Loss
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CY2014Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2014Q2 us-gaap Property Plant And Equipment Net
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CY2013Q4 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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CY2014Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2013Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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CY2014Q2 us-gaap Restructuring Reserve
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CY2013Q4 us-gaap Restructuring Reserve
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us-gaap Restructuring Reserve Settled Without Cash1
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CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q2 us-gaap Revenues
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CY2013Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2013Q2 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q2 us-gaap Sales Revenue Net
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2013Q2 us-gaap Selling General And Administrative Expense
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CY2014Q2 us-gaap Stock Repurchase Program Authorized Amount
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CY2014Q2 us-gaap Stockholders Equity
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CY2013Q4 us-gaap Stockholders Equity
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CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q2 us-gaap Treasury Stock Shares
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CY2013Q4 us-gaap Treasury Stock Shares
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CY2013Q4 us-gaap Treasury Stock Value
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CY2014Q2 us-gaap Treasury Stock Value
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1400000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1500000 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79600000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81000000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79500000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78300000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79800000 shares
whr Befie Xtaxcreditsmonetized
BEFIEXtaxcreditsmonetized
40000000 USD
whr Befie Xtaxcreditsmonetized
BEFIEXtaxcreditsmonetized
14000000 USD
whr Effective Income Tax Rate Reconciliation U.S.Foreignincomeitemsnetofcredits
EffectiveIncomeTaxRateReconciliationU.S.foreignincomeitemsnetofcredits
-25000000 USD
whr Effective Income Tax Rate Reconciliation U.S.Foreignincomeitemsnetofcredits
EffectiveIncomeTaxRateReconciliationU.S.foreignincomeitemsnetofcredits
-22000000 USD
CY2013Q2 whr Effective Income Tax Rate Reconciliation U.S.Foreignincomeitemsnetofcredits
EffectiveIncomeTaxRateReconciliationU.S.foreignincomeitemsnetofcredits
0 USD
CY2014Q2 whr Effective Income Tax Rate Reconciliation U.S.Foreignincomeitemsnetofcredits
EffectiveIncomeTaxRateReconciliationU.S.foreignincomeitemsnetofcredits
-13000000 USD
CY2014Q1 whr Equityinvestmentnumberofsharessold
Equityinvestmentnumberofsharessold
7400000 shares
CY2014Q1 whr Equityinvestmentvalueofsharessold
Equityinvestmentvalueofsharessold
5000000 USD
whr Increase Decrease In Accrued Advertising And Promotions
IncreaseDecreaseInAccruedAdvertisingAndPromotions
-55000000 USD
whr Increase Decrease In Accrued Advertising And Promotions
IncreaseDecreaseInAccruedAdvertisingAndPromotions
-88000000 USD
CY2014Q2 whr Outstanding Befiex Tax Assessment
OutstandingBefiexTaxAssessment
573000000 USD
CY2014Q2 whr Outstanding Befiex Tax Assessment
OutstandingBefiexTaxAssessment
1300000000 BRL
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
11000000 USD
whr Reclassificationofdeferredtaxassets
Reclassificationofdeferredtaxassets
53000000 USD
whr Treasury Stock Acquired Value Netof Treasury Stock Reissued
TreasuryStockAcquiredValueNetofTreasuryStockReissued
-30000000 USD
whr Treasury Stock Acquired Value Netof Treasury Stock Reissued
TreasuryStockAcquiredValueNetofTreasuryStockReissued
0 USD
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000106640
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
77992391 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WHIRLPOOL CORP /DE/

Files In Submission

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0000106640-14-000030-index.html Edgar Link pending
0000106640-14-000030.txt Edgar Link pending
0000106640-14-000030-xbrl.zip Edgar Link pending
exb311-6302014.htm Edgar Link pending
exb312-6302014.htm Edgar Link pending
exb321-6302014.htm Edgar Link pending
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
whirlpoollogoa05.jpg Edgar Link pending
whr-20140630.xml Edgar Link completed
whr-20140630.xsd Edgar Link pending
whr-20140630_cal.xml Edgar Link unprocessable
whr-20140630_def.xml Edgar Link unprocessable
whr-20140630_lab.xml Edgar Link unprocessable
whr-20140630_pre.xml Edgar Link unprocessable
whr6302014-10xq.htm Edgar Link pending