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x
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
38-1490038
|
(State of Incorporation)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
2000 North M-63,
Benton Harbor, Michigan
|
|
49022-2692
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
Class of common stock
|
|
Shares outstanding at October 31, 2011
|
Common stock, par value $1 per share
|
|
76,439,148
|
|
|
|
|
|
Page
|
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Net sales
|
$
|
4,625
|
|
|
$
|
4,519
|
|
|
$
|
13,755
|
|
|
$
|
13,325
|
|
Expenses
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
4,052
|
|
|
3,871
|
|
|
11,891
|
|
|
11,277
|
|
||||
Gross margin
|
573
|
|
|
648
|
|
|
1,864
|
|
|
2,048
|
|
||||
Selling, general and administrative
|
394
|
|
|
391
|
|
|
1,199
|
|
|
1,163
|
|
||||
Intangible amortization
|
7
|
|
|
7
|
|
|
21
|
|
|
21
|
|
||||
Restructuring costs
|
36
|
|
|
16
|
|
|
58
|
|
|
58
|
|
||||
Operating profit
|
136
|
|
|
234
|
|
|
586
|
|
|
806
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Interest and sundry income (expense)
|
(27
|
)
|
|
(104
|
)
|
|
(583
|
)
|
|
(185
|
)
|
||||
Interest expense
|
(51
|
)
|
|
(54
|
)
|
|
(160
|
)
|
|
(167
|
)
|
||||
Earnings (loss) before income taxes and other items
|
58
|
|
|
76
|
|
|
(157
|
)
|
|
454
|
|
||||
Income tax benefit
|
(123
|
)
|
|
(7
|
)
|
|
(353
|
)
|
|
(18
|
)
|
||||
Earnings before equity earnings
|
181
|
|
|
83
|
|
|
196
|
|
|
472
|
|
||||
Equity in loss of affiliated companies
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Net earnings
|
181
|
|
|
83
|
|
|
195
|
|
|
472
|
|
||||
Less: Net earnings available to noncontrolling interests
|
4
|
|
|
4
|
|
|
10
|
|
|
24
|
|
||||
Net earnings available to Whirlpool
|
$
|
177
|
|
|
$
|
79
|
|
|
$
|
185
|
|
|
$
|
448
|
|
Per share of common stock
|
|
|
|
|
|
|
|
||||||||
Basic net earnings available to Whirlpool
|
$
|
2.31
|
|
|
$
|
1.04
|
|
|
$
|
2.41
|
|
|
$
|
5.90
|
|
Diluted net earnings available to Whirlpool
|
$
|
2.27
|
|
|
$
|
1.02
|
|
|
$
|
2.37
|
|
|
$
|
5.79
|
|
Dividends
|
$
|
0.50
|
|
|
$
|
0.43
|
|
|
$
|
1.43
|
|
|
$
|
1.29
|
|
Weighted-average shares outstanding (in millions)
|
|
|
|
|
|
|
|
||||||||
Basic
|
76.9
|
|
|
76.5
|
|
|
76.8
|
|
|
76.1
|
|
||||
Diluted
|
78.1
|
|
|
77.7
|
|
|
78.1
|
|
|
77.4
|
|
|
(Unaudited)
|
|
|
||||
|
September 30,
2011 |
|
December 31,
2010 |
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and equivalents
|
$
|
511
|
|
|
$
|
1,368
|
|
Accounts receivable, net of allowance of $64 and $66, respectively
|
2,261
|
|
|
2,278
|
|
||
Inventories
|
2,864
|
|
|
2,792
|
|
||
Deferred income taxes
|
225
|
|
|
204
|
|
||
Prepaid and other current assets
|
599
|
|
|
673
|
|
||
Total current assets
|
6,460
|
|
|
7,315
|
|
||
Property, net of accumulated depreciation of $6,314 and $6,660, respectively
|
3,081
|
|
|
3,134
|
|
||
Goodwill
|
1,724
|
|
|
1,731
|
|
||
Other intangibles, net of accumulated amortization of $170 and $146, respectively
|
1,767
|
|
|
1,789
|
|
||
Deferred income taxes
|
1,703
|
|
|
1,305
|
|
||
Other noncurrent assets
|
268
|
|
|
310
|
|
||
Total assets
|
$
|
15,003
|
|
|
$
|
15,584
|
|
Liabilities and stockholders’ equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
3,536
|
|
|
$
|
3,660
|
|
Accrued expenses
|
971
|
|
|
671
|
|
||
Accrued advertising and promotions
|
339
|
|
|
426
|
|
||
Employee compensation
|
355
|
|
|
467
|
|
||
Notes payable
|
17
|
|
|
2
|
|
||
Current maturities of long-term debt
|
361
|
|
|
312
|
|
||
Other current liabilities
|
664
|
|
|
611
|
|
||
Total current liabilities
|
6,243
|
|
|
6,149
|
|
||
Noncurrent liabilities
|
|
|
|
||||
Long-term debt
|
2,133
|
|
|
2,195
|
|
||
Pension benefits
|
1,238
|
|
|
1,519
|
|
||
Postretirement benefits
|
452
|
|
|
610
|
|
||
Other noncurrent liabilities
|
600
|
|
|
791
|
|
||
Total noncurrent liabilities
|
4,423
|
|
|
5,115
|
|
||
Stockholders’ equity
|
|
|
|
||||
Common stock, $1 par value, 250 million shares authorized, 106 million shares issued and 76 million shares outstanding
|
106
|
|
|
106
|
|
||
Additional paid-in capital
|
2,189
|
|
|
2,156
|
|
||
Retained earnings
|
4,755
|
|
|
4,680
|
|
||
Accumulated other comprehensive loss
|
(990
|
)
|
|
(893
|
)
|
||
Treasury stock, 30 million shares
|
(1,821
|
)
|
|
(1,823
|
)
|
||
Total Whirlpool stockholders’ equity
|
4,239
|
|
|
4,226
|
|
||
Noncontrolling interests
|
98
|
|
|
94
|
|
||
Total stockholders’ equity
|
4,337
|
|
|
4,320
|
|
||
Total liabilities and stockholders’ equity
|
$
|
15,003
|
|
|
$
|
15,584
|
|
|
2011
|
|
2010
|
||||
Operating activities
|
|
|
|
||||
Net earnings
|
$
|
195
|
|
|
$
|
472
|
|
Adjustments to reconcile net earnings to cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
422
|
|
|
414
|
|
||
Curtailment gain
|
—
|
|
|
(62
|
)
|
||
Settlement of Brazilian collection dispute
|
144
|
|
|
57
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(64
|
)
|
|
(76
|
)
|
||
Inventories
|
(171
|
)
|
|
(878
|
)
|
||
Accounts payable
|
4
|
|
|
386
|
|
||
Accrued advertising and promotions
|
(80
|
)
|
|
(74
|
)
|
||
Product recall
|
(14
|
)
|
|
30
|
|
||
Taxes deferred and payable, net
|
(476
|
)
|
|
19
|
|
||
Accrued pension
|
(248
|
)
|
|
(24
|
)
|
||
Employee compensation
|
(83
|
)
|
|
7
|
|
||
Other
|
29
|
|
|
106
|
|
||
Cash (used in) provided by operating activities
|
(342
|
)
|
|
377
|
|
||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(417
|
)
|
|
(387
|
)
|
||
Proceeds from sale of assets
|
20
|
|
|
9
|
|
||
Investment in related businesses
|
(7
|
)
|
|
(18
|
)
|
||
Acquisition of brand
|
—
|
|
|
(27
|
)
|
||
Other
|
(4
|
)
|
|
—
|
|
||
Cash used in investing activities
|
(408
|
)
|
|
(423
|
)
|
||
Financing activities
|
|
|
|
||||
Proceeds from borrowings of long-term debt
|
300
|
|
|
—
|
|
||
Repayments of long-term debt
|
(310
|
)
|
|
(373
|
)
|
||
Dividends paid
|
(110
|
)
|
|
(99
|
)
|
||
Purchase of noncontrolling interest shares
|
—
|
|
|
(12
|
)
|
||
Net proceeds (repayments) from short-term borrowings
|
14
|
|
|
(7
|
)
|
||
Common stock issued
|
14
|
|
|
72
|
|
||
Other
|
(12
|
)
|
|
(12
|
)
|
||
Cash used in financing activities
|
(104
|
)
|
|
(431
|
)
|
||
Effect of exchange rate changes on cash and equivalents
|
(3
|
)
|
|
(2
|
)
|
||
Decrease in cash and equivalents
|
(857
|
)
|
|
(479
|
)
|
||
Cash and equivalents at beginning of period
|
1,368
|
|
|
1,380
|
|
||
Cash and equivalents at end of period
|
$
|
511
|
|
|
$
|
901
|
|
Millions of dollars
|
Estimated Useful Life
|
|
September 30,
2011 |
|
December 31,
2010 |
||||
North America reporting unit
|
Indefinite life
|
|
$
|
1,720
|
|
|
$
|
1,727
|
|
Embraco reporting unit
|
Indefinite life
|
|
4
|
|
|
4
|
|
||
Total goodwill
|
|
|
$
|
1,724
|
|
|
$
|
1,731
|
|
Trademarks
|
Indefinite life
|
|
$
|
1,528
|
|
|
$
|
1,535
|
|
Customer relationships
|
18 years
|
|
198
|
|
|
210
|
|
||
Patents and non-compete agreements
|
3 to 10 years
|
|
41
|
|
|
44
|
|
||
Total other intangible assets, net
|
|
|
$
|
1,767
|
|
|
$
|
1,789
|
|
(a)
|
Market approach—prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities
|
(b)
|
Cost approach—amount that would be required to replace the service capacity of an asset (replacement cost)
|
(c)
|
Income approach—techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models)
|
|
|
Total Cost Basis
|
|
Quoted Prices In
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Total Fair Value
|
|
Valuation
Technique
|
||||||||||||||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
||||||||||||||||
Money market funds
(1)
|
|
$
|
—
|
|
|
$
|
414
|
|
|
$
|
—
|
|
|
$
|
414
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
414
|
|
|
(a)
|
Net derivative contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
125
|
|
|
(26
|
)
|
|
125
|
|
|
(a)
|
||||||||
Available for sale investments
|
|
34
|
|
|
27
|
|
|
22
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
25
|
|
|
(a)
|
(1)
|
Money market funds are primarily comprised of United States government obligations.
|
Millions of dollars
|
|
September 30,
2011 |
|
December 31,
2010 |
||||
Finished products
|
|
$
|
2,459
|
|
|
$
|
2,314
|
|
Raw materials and work in process
|
|
578
|
|
|
627
|
|
||
|
|
3,037
|
|
|
2,941
|
|
||
Less: excess of FIFO cost over LIFO cost
|
|
(173
|
)
|
|
(149
|
)
|
||
Total inventories
|
|
$
|
2,864
|
|
|
$
|
2,792
|
|
Millions of dollars
|
|
September 30,
2011 |
|
December 31,
2010 |
||||
Land
|
|
$
|
77
|
|
|
$
|
74
|
|
Buildings
|
|
1,170
|
|
|
1,218
|
|
||
Machinery and equipment
|
|
8,148
|
|
|
8,502
|
|
||
Accumulated depreciation
|
|
(6,314
|
)
|
|
(6,660
|
)
|
||
Property, plant and equipment, net
|
|
$
|
3,081
|
|
|
$
|
3,134
|
|
|
|
Product Warranty
|
|
Product Recall
|
|
Total
|
||||||||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
Balance at January 1
|
|
$
|
202
|
|
|
$
|
187
|
|
|
$
|
15
|
|
|
$
|
2
|
|
|
$
|
217
|
|
|
$
|
189
|
|
Issuances/accruals during the period
|
|
248
|
|
|
253
|
|
|
—
|
|
|
78
|
|
|
248
|
|
|
331
|
|
||||||
Settlements made during the period
|
|
(251
|
)
|
|
(250
|
)
|
|
(5
|
)
|
|
(49
|
)
|
|
(256
|
)
|
|
(299
|
)
|
||||||
Other changes
|
|
(12
|
)
|
|
10
|
|
|
(9
|
)
|
|
—
|
|
|
(21
|
)
|
|
10
|
|
||||||
Balance at September 30
|
|
$
|
187
|
|
|
$
|
200
|
|
|
$
|
1
|
|
|
$
|
31
|
|
|
$
|
188
|
|
|
$
|
231
|
|
Current portion
|
|
$
|
147
|
|
|
$
|
161
|
|
|
$
|
1
|
|
|
$
|
31
|
|
|
$
|
148
|
|
|
$
|
192
|
|
Non-current portion
|
|
40
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
39
|
|
||||||
Total
|
|
$
|
187
|
|
|
$
|
200
|
|
|
$
|
1
|
|
|
$
|
31
|
|
|
$
|
188
|
|
|
$
|
231
|
|
|
|
|
|
Fair Value of
|
|
Type of
Hedge
(1)
|
|
|
||||||||||||||||||||||
Millions of dollars
|
|
Notional Amount
|
|
Hedge Assets
|
|
Hedge Liabilities
|
|
Maximum Term (Months)
|
||||||||||||||||||||||
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
2011
|
|
2010
|
||||||||||||
Derivatives accounted for as hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange forwards/options
|
|
$
|
1,056
|
|
|
$
|
909
|
|
|
$
|
38
|
|
|
$
|
13
|
|
|
$
|
20
|
|
|
$
|
31
|
|
|
(CF/FV)
|
|
21
|
|
15
|
Commodity swaps/options
|
|
349
|
|
|
539
|
|
|
15
|
|
|
129
|
|
|
22
|
|
|
2
|
|
|
(CF/FV)
|
|
27
|
|
24
|
||||||
Treasury rate locks
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
9
|
|
—
|
||||||
Total derivatives accounted for as hedges
|
|
|
|
|
|
$
|
53
|
|
|
$
|
142
|
|
|
$
|
42
|
|
|
$
|
33
|
|
|
|
|
|
|
|
||||
Derivatives not accounted for as hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign exchange forwards/options
|
|
$
|
1,437
|
|
|
$
|
990
|
|
|
$
|
20
|
|
|
$
|
11
|
|
|
$
|
57
|
|
|
$
|
3
|
|
|
|
|
4
|
|
10
|
Commodity swaps/options
|
|
5
|
|
|
13
|
|
|
1
|
|
|
11
|
|
|
1
|
|
|
3
|
|
|
|
|
14
|
|
12
|
||||||
Total derivatives not accounted for as hedges
|
|
|
|
|
|
21
|
|
|
22
|
|
|
58
|
|
|
6
|
|
|
|
|
|
|
|
||||||||
Total derivatives
|
|
|
|
|
|
$
|
74
|
|
|
$
|
164
|
|
|
$
|
100
|
|
|
$
|
39
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current
|
|
|
|
|
|
$
|
67
|
|
|
$
|
135
|
|
|
$
|
94
|
|
|
$
|
39
|
|
|
|
|
|
|
|
||||
Noncurrent
|
|
|
|
|
|
7
|
|
|
29
|
|
|
6
|
|
|
—
|
|
|
|
|
|
|
|
||||||||
Total derivatives
|
|
|
|
|
|
$
|
74
|
|
|
$
|
164
|
|
|
$
|
100
|
|
|
$
|
39
|
|
|
|
|
|
|
|
(1)
|
Derivatives accounted for as hedges are either considered cash flow (CF) or fair value (FV) hedges.
|
|
|
Three Months Ended September 30,
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
Cash Flow Hedges - Millions of dollars
|
|
Gain (Loss)
Recognized in OCI
(Effective Portion)
|
|
Gain (Loss)
Reclassified from
OCI into Income
(Effective Portion)
(1)
|
|
|
|
Gain (Loss)
Recognized in Income
(Ineffective Portion)
(2)
|
||||||||||||||||||
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
2011
|
|
2010
|
||||||||||||
Foreign exchange forwards/options
|
|
$
|
26
|
|
|
$
|
1
|
|
|
$
|
(5
|
)
|
|
$
|
(8
|
)
|
|
(a)(b)
|
|
$
|
—
|
|
|
$
|
—
|
|
Commodity swaps/options
|
|
(60
|
)
|
|
92
|
|
|
22
|
|
|
14
|
|
|
(b)
|
|
1
|
|
|
—
|
|
||||||
|
|
$
|
(34
|
)
|
|
$
|
93
|
|
|
$
|
17
|
|
|
$
|
6
|
|
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
Three Months Ended September 30,
|
|
|
||||||||||||||
Fair Value Hedges - Millions of dollars
|
|
Gain (Loss) Recognized
on Derivatives
(3)
|
|
Gain (Loss) Recognized
on Related
Hedged Items
(3)
|
|
Hedged Item
|
||||||||||||
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
||||||||
Foreign exchange forwards/options
|
|
$
|
6
|
|
|
$
|
(2
|
)
|
|
$
|
(6
|
)
|
|
$
|
2
|
|
|
Non-functional
currency assets and liabilities
|
|
|
Three Months Ended September 30,
|
||||||
Derivatives not Accounted for as Hedges - Millions of dollars
|
|
Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
(4)
|
||||||
|
|
2011
|
|
2010
|
||||
Foreign exchange forwards/options
|
|
$
|
(45
|
)
|
|
$
|
45
|
|
Commodity swaps
|
|
(1
|
)
|
|
—
|
|
||
|
|
$
|
(46
|
)
|
|
$
|
45
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
Cash Flow Hedges - Millions of dollars
|
|
Gain (Loss)
Recognized in OCI
(Effective Portion)
|
|
Gain (Loss)
Reclassified from
OCI into Income
(Effective Portion)
(1)
|
|
|
|
Gain (Loss)
Recognized in Income
(Ineffective Portion)
(2)
|
||||||||||||||||||
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
2011
|
|
2010
|
||||||||||||
Foreign exchange forwards/options
|
|
$
|
15
|
|
|
$
|
(20
|
)
|
|
$
|
(16
|
)
|
|
$
|
(24
|
)
|
|
(a)(b)
|
|
$
|
—
|
|
|
$
|
2
|
|
Commodity swaps/options
|
|
(56
|
)
|
|
44
|
|
|
85
|
|
|
48
|
|
|
(b)
|
|
1
|
|
|
2
|
|
||||||
|
|
$
|
(41
|
)
|
|
$
|
24
|
|
|
$
|
69
|
|
|
$
|
24
|
|
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||||||||
Fair Value Hedges - Millions of dollars
|
|
Gain (Loss) Recognized
on Derivatives
(3)
|
|
Gain (Loss) Recognized
on Related
Hedged Items
(3)
|
|
Hedged Item
|
||||||||||||
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
||||||||
Foreign exchange forwards/options
|
|
$
|
7
|
|
|
$
|
(9
|
)
|
|
$
|
(7
|
)
|
|
$
|
9
|
|
|
Non-functional
currency assets and
liabilities
|
|
|
Nine Months Ended September 30,
|
||||||
Derivatives not Accounted for as Hedges - Millions of dollars
|
|
Gain (Loss) Recognized on Derivatives not
Accounted for as Hedges
(4)
|
||||||
|
|
2011
|
|
2010
|
||||
Foreign exchange forwards/options
|
|
$
|
(1
|
)
|
|
$
|
40
|
|
Commodity swaps
|
|
(1
|
)
|
|
1
|
|
||
|
|
$
|
(2
|
)
|
|
$
|
41
|
|
(1)
|
Gains and losses reclassified from accumulated OCI and recognized in income are recorded in (a) interest and sundry income (expense) or (b) cost of products sold.
|
(2)
|
Gains and losses recognized in income related to the ineffective portion of hedges are recorded in interest and sundry income (expense).
|
(3)
|
Gains and losses recognized in income are recorded in interest and sundry income (expense).
|
(4)
|
Mark to market gains and losses recognized in income are recorded in interest and sundry income (expense).
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Net earnings as reported
|
|
$
|
181
|
|
|
$
|
83
|
|
|
$
|
195
|
|
|
$
|
472
|
|
Currency translation adjustments – net
|
|
(269
|
)
|
|
227
|
|
|
(95
|
)
|
|
(2
|
)
|
||||
Cash flow hedges – net
|
|
(35
|
)
|
|
60
|
|
|
(77
|
)
|
|
(4
|
)
|
||||
Pension and other postretirement benefits plans – net
|
|
(3
|
)
|
|
(1
|
)
|
|
82
|
|
|
(63
|
)
|
||||
Available for sale securities
|
|
(3
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(6
|
)
|
||||
Comprehensive income (loss)
|
|
(129
|
)
|
|
367
|
|
|
95
|
|
|
397
|
|
||||
Less: Comprehensive income (loss) available to noncontrolling interests
|
|
(3
|
)
|
|
8
|
|
|
7
|
|
|
25
|
|
||||
Comprehensive income (loss) available to Whirlpool
|
|
$
|
(126
|
)
|
|
$
|
359
|
|
|
$
|
88
|
|
|
$
|
372
|
|
Millions of dollars
|
|
Total
|
|
Whirlpool
Common
Stockholders
|
|
Noncontrolling
Interests
|
||||||
Stockholders’ equity, December 31, 2010
|
|
$
|
4,320
|
|
|
$
|
4,226
|
|
|
$
|
94
|
|
Net earnings
|
|
195
|
|
|
185
|
|
|
10
|
|
|||
Other comprehensive loss
|
|
(100
|
)
|
|
(97
|
)
|
|
(3
|
)
|
|||
Comprehensive income
|
|
95
|
|
|
88
|
|
|
7
|
|
|||
Treasury stock
|
|
2
|
|
|
2
|
|
|
—
|
|
|||
Additional paid-in capital
|
|
33
|
|
|
33
|
|
|
—
|
|
|||
Dividends declared on common stock
|
|
(113
|
)
|
|
(110
|
)
|
|
(3
|
)
|
|||
Stockholders’ equity, September 30, 2011
|
|
$
|
4,337
|
|
|
$
|
4,239
|
|
|
$
|
98
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars and shares
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool
|
|
$
|
177
|
|
|
$
|
79
|
|
|
$
|
185
|
|
|
$
|
448
|
|
Denominator for basic earnings per share – weighted-average shares
|
|
76.9
|
|
|
76.5
|
|
|
76.8
|
|
|
76.1
|
|
||||
Effect of dilutive securities – stock-based compensation
|
|
1.2
|
|
|
1.2
|
|
|
1.3
|
|
|
1.3
|
|
||||
Denominator for diluted earnings per share – adjusted weighted-average shares
|
|
78.1
|
|
|
77.7
|
|
|
78.1
|
|
|
77.4
|
|
||||
Anti-dilutive stock options/awards excluded from earnings per share
|
|
2.5
|
|
|
1.8
|
|
|
2.1
|
|
|
1.8
|
|
•
|
Reduction of approximately
1,200
salaried positions.
|
•
|
Closure of the refrigeration manufacturing facility in Fort Smith, Arkansas by mid-2012. Production from Fort Smith will be consolidated into current North American sites to leverage existing resources and capacity.
|
•
|
Relocation of dishwasher production from Neunkirchen, Germany to Poland in January 2012.
|
•
|
Additional organizational efficiency actions in North America and Europe.
|
Millions of dollars
|
|
Balance at January 1
|
|
Charge to
Earnings
|
|
Cash
Paid
|
|
Non-Cash
|
|
Revision of
Estimate
|
|
Translation
|
|
Balance at September 30
|
||||||||||||||
Termination costs
|
|
$
|
36
|
|
|
$
|
37
|
|
|
$
|
(51
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Non-employee exit costs
|
|
14
|
|
|
21
|
|
|
(9
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||||
Total
|
|
$
|
50
|
|
|
$
|
58
|
|
|
$
|
(60
|
)
|
|
$
|
(9
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||||||||||
Earnings (loss) before income taxes and other items
|
|
$
|
58
|
|
|
|
|
$
|
76
|
|
|
|
|
$
|
(157
|
)
|
|
|
|
$
|
454
|
|
|
|
||||
Income tax computed at United States statutory tax rate
|
|
$
|
20
|
|
|
35
|
%
|
|
$
|
27
|
|
|
35
|
%
|
|
$
|
(55
|
)
|
|
(35
|
)%
|
|
$
|
159
|
|
|
35
|
%
|
U.S. government tax incentive - Energy Tax Credits
|
|
(122
|
)
|
|
(210
|
)%
|
|
(45
|
)
|
|
(59
|
)%
|
|
(255
|
)
|
|
(163
|
)%
|
|
(161
|
)
|
|
(35
|
)%
|
||||
Foreign government tax incentive - BEFIEX
|
|
(28
|
)
|
|
(48
|
)%
|
|
(18
|
)
|
|
(24
|
)%
|
|
(66
|
)
|
|
(42
|
)%
|
|
(18
|
)
|
|
(4
|
)%
|
||||
Other
|
|
7
|
|
|
12
|
%
|
|
29
|
|
|
38
|
%
|
|
23
|
|
|
15
|
%
|
|
2
|
|
|
—
|
%
|
||||
Income tax computed at effective worldwide tax rates
|
|
$
|
(123
|
)
|
|
(211
|
)%
|
|
$
|
(7
|
)
|
|
(10
|
)%
|
|
$
|
(353
|
)
|
|
(225
|
)%
|
|
$
|
(18
|
)
|
|
(4
|
)%
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
United States
Pension Benefits |
|
Foreign Pension
Benefits |
|
Other Postretirement
Benefits |
||||||||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Interest cost
|
|
48
|
|
|
50
|
|
|
5
|
|
|
5
|
|
|
7
|
|
|
9
|
|
||||||
Expected return on plan assets
|
|
(48
|
)
|
|
(47
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial loss
|
|
8
|
|
|
7
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Prior service credit
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(8
|
)
|
||||||
Settlement and curtailment (gain) loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost (credit)
|
|
$
|
7
|
|
|
$
|
10
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
United States
Pension Benefits |
|
Foreign Pension
Benefits |
|
Other Postretirement
Benefits |
||||||||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
7
|
|
Interest cost
|
|
144
|
|
|
150
|
|
|
15
|
|
|
14
|
|
|
24
|
|
|
29
|
|
||||||
Expected return on plan assets
|
|
(144
|
)
|
|
(142
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial loss
|
|
24
|
|
|
22
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
1
|
|
||||||
Prior service credit
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(25
|
)
|
||||||
Settlement and curtailment (gain) loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(62
|
)
|
||||||
Net periodic benefit cost (credit)
|
|
$
|
21
|
|
|
$
|
30
|
|
|
$
|
15
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
(50
|
)
|
(13)
|
OPERATING SEGMENT INFORMATION
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
OPERATING SEGMENTS
|
||||||||||||||||||||||
Millions of dollars
|
|
North
America
|
|
Latin
America
|
|
Europe,
Middle East
and Africa
|
|
Asia
|
|
Other/
Eliminations
|
|
Total
Whirlpool
|
||||||||||||
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
2,374
|
|
|
$
|
1,207
|
|
|
$
|
874
|
|
|
$
|
215
|
|
|
$
|
(45
|
)
|
|
$
|
4,625
|
|
2010
|
|
2,429
|
|
|
1,122
|
|
|
827
|
|
|
195
|
|
|
(54
|
)
|
|
4,519
|
|
||||||
Intersegment sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
31
|
|
|
$
|
36
|
|
|
$
|
19
|
|
|
$
|
38
|
|
|
$
|
(124
|
)
|
|
$
|
—
|
|
2010
|
|
52
|
|
|
67
|
|
|
52
|
|
|
55
|
|
|
(226
|
)
|
|
—
|
|
||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
67
|
|
|
$
|
25
|
|
|
$
|
28
|
|
|
$
|
5
|
|
|
$
|
11
|
|
|
$
|
136
|
|
2010
|
|
78
|
|
|
22
|
|
|
26
|
|
|
6
|
|
|
9
|
|
|
141
|
|
||||||
Restructuring costs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
27
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
2010
|
|
13
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
16
|
|
||||||
Operating profit (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
62
|
|
|
$
|
147
|
|
|
$
|
(12
|
)
|
|
$
|
4
|
|
|
$
|
(65
|
)
|
|
$
|
136
|
|
2010
|
|
114
|
|
|
143
|
|
|
26
|
|
|
5
|
|
|
(54
|
)
|
|
234
|
|
||||||
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2011
|
|
$
|
7,967
|
|
|
$
|
3,569
|
|
|
$
|
2,988
|
|
|
$
|
837
|
|
|
$
|
(358
|
)
|
|
$
|
15,003
|
|
December 31, 2010
|
|
8,163
|
|
|
3,618
|
|
|
3,144
|
|
|
775
|
|
|
(116
|
)
|
|
15,584
|
|
||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
77
|
|
|
$
|
39
|
|
|
$
|
23
|
|
|
$
|
5
|
|
|
$
|
14
|
|
|
$
|
158
|
|
2010
|
|
59
|
|
|
33
|
|
|
16
|
|
|
5
|
|
|
7
|
|
|
120
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
OPERATING SEGMENTS
|
||||||||||||||||||||||
Millions of dollars
|
|
North
America
|
|
Latin
America
|
|
Europe,
Middle East
and Africa
|
|
Asia
|
|
Other/
Eliminations
|
|
Total
Whirlpool
|
||||||||||||
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
7,002
|
|
|
$
|
3,741
|
|
|
$
|
2,458
|
|
|
$
|
680
|
|
|
$
|
(126
|
)
|
|
$
|
13,755
|
|
2010
|
|
7,219
|
|
|
3,306
|
|
|
2,305
|
|
|
650
|
|
|
(155
|
)
|
|
13,325
|
|
||||||
Intersegment sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
139
|
|
|
$
|
128
|
|
|
$
|
115
|
|
|
$
|
134
|
|
|
$
|
(516
|
)
|
|
$
|
—
|
|
2010
|
|
148
|
|
|
189
|
|
|
198
|
|
|
149
|
|
|
(684
|
)
|
|
—
|
|
||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
212
|
|
|
$
|
77
|
|
|
$
|
82
|
|
|
$
|
16
|
|
|
$
|
35
|
|
|
$
|
422
|
|
2010
|
|
223
|
|
|
67
|
|
|
78
|
|
|
15
|
|
|
31
|
|
|
414
|
|
||||||
Restructuring costs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
39
|
|
|
$
|
1
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58
|
|
2010
|
|
35
|
|
|
1
|
|
|
20
|
|
|
—
|
|
|
2
|
|
|
58
|
|
||||||
Operating profit (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
196
|
|
|
$
|
487
|
|
|
$
|
32
|
|
|
$
|
29
|
|
|
$
|
(158
|
)
|
|
$
|
586
|
|
2010
|
|
408
|
|
|
475
|
|
|
73
|
|
|
30
|
|
|
(180
|
)
|
|
806
|
|
||||||
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2011
|
|
$
|
7,967
|
|
|
$
|
3,569
|
|
|
$
|
2,988
|
|
|
$
|
837
|
|
|
$
|
(358
|
)
|
|
$
|
15,003
|
|
December 31, 2010
|
|
8,163
|
|
|
3,618
|
|
|
3,144
|
|
|
775
|
|
|
(116
|
)
|
|
15,584
|
|
||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
$
|
222
|
|
|
$
|
81
|
|
|
$
|
55
|
|
|
$
|
14
|
|
|
$
|
45
|
|
|
$
|
417
|
|
2010
|
|
240
|
|
|
64
|
|
|
49
|
|
|
12
|
|
|
22
|
|
|
387
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||||||||
Consolidated
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
||||||||||
Net sales
|
|
$
|
4,625
|
|
|
$
|
4,519
|
|
|
2.3
|
%
|
|
$
|
13,755
|
|
|
$
|
13,325
|
|
|
3.2
|
%
|
Gross margin
|
|
573
|
|
|
648
|
|
|
(11.6
|
)%
|
|
1,864
|
|
|
2,048
|
|
|
(9.0
|
)%
|
||||
Selling, general and administrative
|
|
394
|
|
|
391
|
|
|
(0.8
|
)%
|
|
1,199
|
|
|
1,163
|
|
|
(3.1
|
)%
|
||||
Restructuring
|
|
36
|
|
|
16
|
|
|
(125.0
|
)%
|
|
58
|
|
|
58
|
|
|
—
|
%
|
||||
Interest and sundry income (expense)
|
|
(27
|
)
|
|
(104
|
)
|
|
nm
|
|
|
(583
|
)
|
|
(185
|
)
|
|
nm
|
|
||||
Interest expense
|
|
(51
|
)
|
|
(54
|
)
|
|
5.6
|
%
|
|
(160
|
)
|
|
(167
|
)
|
|
4.2
|
%
|
||||
Income tax benefit
|
|
(123
|
)
|
|
(7
|
)
|
|
nm
|
|
|
(353
|
)
|
|
(18
|
)
|
|
nm
|
|
||||
Net earnings available to Whirlpool
|
|
177
|
|
|
79
|
|
|
nm
|
|
|
185
|
|
|
448
|
|
|
nm
|
|
||||
Diluted net earnings available to Whirlpool per share
|
|
$
|
2.27
|
|
|
$
|
1.02
|
|
|
nm
|
|
|
$
|
2.37
|
|
|
$
|
5.79
|
|
|
nm
|
|
|
|
Units Sold (in thousands)
|
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
Region
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
||||||
North America
|
|
6,238
|
|
|
6,444
|
|
|
(3.2
|
)%
|
|
18,433
|
|
|
18,699
|
|
|
(1.4
|
)%
|
Latin America
|
|
2,695
|
|
|
2,846
|
|
|
(5.3
|
)%
|
|
8,370
|
|
|
8,040
|
|
|
4.1
|
%
|
Europe, Middle East and Africa
|
|
3,249
|
|
|
3,241
|
|
|
0.2
|
%
|
|
8,946
|
|
|
8,832
|
|
|
1.3
|
%
|
Asia
|
|
979
|
|
|
942
|
|
|
4.0
|
%
|
|
3,031
|
|
|
3,011
|
|
|
0.7
|
%
|
Other/eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consolidated
|
|
13,161
|
|
|
13,473
|
|
|
(2.3
|
)%
|
|
38,780
|
|
|
38,582
|
|
|
0.5
|
%
|
|
|
Net Sales (in millions)
|
||||||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
Region
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
||||||||||
North America
|
|
$
|
2,374
|
|
|
$
|
2,429
|
|
|
(2.3
|
)%
|
|
$
|
7,002
|
|
|
$
|
7,219
|
|
|
(3.0
|
)%
|
Latin America
|
|
1,207
|
|
|
1,122
|
|
|
7.6
|
%
|
|
3,741
|
|
|
3,306
|
|
|
13.2
|
%
|
||||
Europe, Middle East and Africa
|
|
874
|
|
|
827
|
|
|
5.8
|
%
|
|
2,458
|
|
|
2,305
|
|
|
6.6
|
%
|
||||
Asia
|
|
215
|
|
|
195
|
|
|
10.0
|
%
|
|
680
|
|
|
650
|
|
|
4.6
|
%
|
||||
Other/eliminations
|
|
(45
|
)
|
|
(54
|
)
|
|
—
|
|
|
(126
|
)
|
|
(155
|
)
|
|
—
|
|
||||
Consolidated
|
|
$
|
4,625
|
|
|
$
|
4,519
|
|
|
2.3
|
%
|
|
$
|
13,755
|
|
|
$
|
13,325
|
|
|
3.2
|
%
|
•
|
North America net sales
decreased
2.3%
and
3.0%
for the
three and nine months ended
September 30, 2011
compared to the same periods in
2010
, primarily due to
a
decrease
in units sold. The decrease in net sales for the three month period was partially offset by favorable product price/mix driven by price increases previously announced. The decrease for the nine month period includes the unfavorable impact from product price/mix. Foreign currency did not have a significant impact on net sales in the comparable periods.
|
•
|
Latin America net sales
increased
7.6%
and
13.2%
for the
three and nine months ended
September 30, 2011
compared to the same periods in
2010
. The increase for the three month period was primarily due to favorable foreign currency and favorable product price/mix, partially offset by a decrease in units sold. The increase for the nine month period reflects the favorable impact of foreign currency, an increase in units sold, favorable product price/mix and higher BEFIEX credits recognized. Excluding the impact of foreign currency, net sales
increased
1.4%
for the
three months ended
September 30, 2011
and
6.2%
for the
nine months ended
September 30, 2011
compared to the same periods in 2010.
|
•
|
Europe, Middle East and Africa net sales
increased
5.8%
for the
three months ended
September 30, 2011
and
6.6%
for the
nine months ended
September 30, 2011
compared to the same periods in
2010
, primarily due to the favorable impact of foreign currency, partially offset by unfavorable product price/mix. Excluding the impact of foreign currency, net sales
decreased
2.8%
for the
three months ended
September 30, 2011
and
1.5%
for the
nine months ended
September 30, 2011
compared to the same periods in
2010
.
|
•
|
Asia net sales
increased
10.0%
for the
three months ended
September 30, 2011
and
increased
4.6%
for the
nine months ended
September 30, 2011
compared to the same periods in
2010
, primarily due to the favorable impact of foreign currency,
an
increase
in units sold and favorable product price/mix. Excluding the impact of foreign currency, net sales
increased
6.5%
for the
three months ended
September 30, 2011
and
1.8%
for the
nine months ended
September 30, 2011
compared to the same periods in
2010
.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
||||||||||||||
Percentage of net sales
|
|
2011
|
|
2010
|
|
Change
|
|
2011
|
|
2010
|
|
Change
|
|
||||||
North America
|
|
9.8
|
%
|
|
11.9
|
%
|
|
(2.1
|
)
|
pts
|
10.2
|
%
|
|
12.7
|
%
|
|
(2.5
|
)
|
pts
|
Latin America
|
|
19.6
|
%
|
|
20.0
|
%
|
|
(0.4
|
)
|
pts
|
20.2
|
%
|
|
21.4
|
%
|
|
(1.2
|
)
|
pts
|
Europe, Middle East and Africa
|
|
8.1
|
%
|
|
12.3
|
%
|
|
(4.2
|
)
|
pts
|
11.2
|
%
|
|
13.2
|
%
|
|
(2.0
|
)
|
pts
|
Asia
|
|
14.6
|
%
|
|
16.7
|
%
|
|
(2.1
|
)
|
pts
|
16.8
|
%
|
|
17.5
|
%
|
|
(0.7
|
)
|
pts
|
Consolidated
|
|
12.4
|
%
|
|
14.3
|
%
|
|
(1.9
|
)
|
pts
|
13.5
|
%
|
|
15.4
|
%
|
|
(1.9
|
)
|
pts
|
•
|
North America gross margin
decreased
for the
three months ended
September 30, 2011
, compared to the same period in
2010
primarily due to significant increases in raw material and oil-related costs and lower productivity, partially offset by the favorable impact from previously announced price increases. For the nine months ended
September 30, 2011
, gross margin decreased compared to the same period in 2010 primarily due to increases in raw material and oil-related costs and unfavorable product price/mix, partially offset by continued productivity improvements and cost reduction initiatives.
|
•
|
Latin America gross margin
decreased
for both the
three and nine month
periods ended
September 30, 2011
, compared to the same periods in
2010
. The decrease for the three month period was primarily due to higher raw material and oil-related costs and unfavorable foreign currency, partially offset by continued productivity and cost reduction initiatives, an increase in BEFIEX credits recognized and favorable product price/mix. For the nine month period, the decrease was primarily due to higher raw material and oil-related costs, unfavorable foreign currency and product price/mix, partially offset by an increase in BEFIEX credits recognized and productivity improvements.
|
•
|
Europe, Middle East and Africa gross margin
decreased
for both the
three and nine month
periods ended
September 30, 2011
, compared to the same periods in
2010
, primarily due to higher raw material and oil-related costs, decreased demand and unfavorable product price/mix, partially offset by continued productivity improvements and cost reduction initiatives.
|
•
|
Asia gross margin decreased for both the
three and nine month
periods ended
September 30, 2011
, compared to the same periods in
2010
, primarily due to higher raw material and oil-related costs, partially offset by continued productivity improvements and cost reduction initiatives. Product price/mix was unfavorable for the three month period, however, remained favorable for the nine month period.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
Millions of dollars
|
|
2011
|
|
As a %
of Net Sales
|
|
2010
|
|
As a %
of Net Sales
|
|
2011
|
|
As a %
of Net Sales
|
|
2010
|
|
As a %
of Net Sales
|
||||||||||||
North America
|
|
$
|
164
|
|
|
6.9
|
%
|
|
$
|
169
|
|
|
7.0
|
%
|
|
$
|
497
|
|
|
7.1
|
%
|
|
$
|
491
|
|
|
6.8
|
%
|
Latin America
|
|
89
|
|
|
7.4
|
%
|
|
81
|
|
|
7.3
|
%
|
|
270
|
|
|
7.2
|
%
|
|
233
|
|
|
7.1
|
%
|
||||
Europe, Middle East and Africa
|
|
83
|
|
|
9.5
|
%
|
|
75
|
|
|
9.1
|
%
|
|
243
|
|
|
9.9
|
%
|
|
232
|
|
|
10.0
|
%
|
||||
Asia
|
|
28
|
|
|
12.9
|
%
|
|
28
|
|
|
14.3
|
%
|
|
86
|
|
|
12.6
|
%
|
|
84
|
|
|
12.8
|
%
|
||||
Corporate/other
|
|
30
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
123
|
|
|
—
|
|
||||
Consolidated
|
|
$
|
394
|
|
|
8.5
|
%
|
|
$
|
391
|
|
|
8.7
|
%
|
|
$
|
1,199
|
|
|
8.7
|
%
|
|
$
|
1,163
|
|
|
8.7
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||
Millions of dollars
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|||||||||||||||||||||
Earnings (loss) before income taxes and other items
|
|
$
|
58
|
|
|
|
|
$
|
76
|
|
|
|
|
$
|
(157
|
)
|
|
|
|
$
|
454
|
|
|
|
|||||
Income tax computed at United States statutory tax rate
|
|
$
|
20
|
|
|
35
|
%
|
|
$
|
27
|
|
|
35
|
%
|
|
$
|
(55
|
)
|
|
(35
|
)%
|
|
$
|
159
|
|
|
35
|
%
|
|
U.S. government tax incentive - Energy Tax Credits
|
|
(122
|
)
|
|
(210
|
)%
|
|
(45
|
)
|
|
(59
|
)%
|
|
(255
|
)
|
|
(163
|
)%
|
|
(161
|
)
|
|
(35
|
)%
|
|||||
Foreign government tax incentive - BEFIEX
|
|
(28
|
)
|
|
(48
|
)%
|
|
(18
|
)
|
|
(24
|
)%
|
|
(66
|
)
|
|
(42
|
)%
|
|
(18
|
)
|
|
(4
|
)%
|
|||||
Other
|
|
7
|
|
|
12
|
%
|
|
29
|
|
|
38
|
%
|
|
23
|
|
|
15
|
%
|
|
2
|
|
|
—
|
%
|
|||||
Income tax computed at effective worldwide tax rates
|
|
$
|
(123
|
)
|
|
(211
|
)%
|
—
|
|
$
|
(7
|
)
|
|
(10
|
)%
|
|
$
|
(353
|
)
|
|
(225
|
)%
|
|
$
|
(18
|
)
|
|
(4
|
)%
|
Millions of dollars, except per share data
|
|
Current Outlook
|
||||
Estimated earnings per diluted share - September 30, 2011
|
|
$4.75
|
—
|
$5.25
|
||
|
Including:
|
|
|
|
|
|
|
|
BEFIEX ($250 to $300 million)
|
|
3.20
|
—
|
3.84
|
|
|
Energy tax credit (approximately $350 million)
|
|
4.48
|
—
|
4.48
|
|
|
Raw material inflation ($450 to $500 million)
|
|
(5.75)
|
—
|
(6.39)
|
Free cash flow
|
|
$(150)
|
—
|
$(200)
|
||
|
Including:
|
|
|
|
|
|
|
|
US Pension plan contributions
|
|
(300)
|
—
|
(300)
|
|
|
Brazilian collection dispute settlement
|
|
(270)
|
—
|
(270)
|
|
|
BEFIEX
|
|
250
|
—
|
300
|
Industry demand
|
|
|
|
|
||
|
North America
|
|
(3)%
|
—
|
(5)%
|
|
|
Latin America
|
|
0%
|
—
|
5%
|
|
|
Europe, Middle East and Africa
|
|
0%
|
—
|
0%
|
|
|
Asia
|
|
2%
|
—
|
4%
|
Millions of dollars
|
|
Current Outlook
|
||||||||
Cash provided by operating activities
|
|
$
|
430
|
|
|
—
|
|
$
|
400
|
|
Capital expenditures
|
|
(600
|
)
|
|
—
|
|
(625
|
)
|
||
Proceeds from sale of assets/businesses
|
|
20
|
|
|
—
|
|
25
|
|
||
Free cash flow
|
|
$
|
(150
|
)
|
|
—
|
|
$
|
(200
|
)
|
(a)
|
Evaluation of disclosure controls and procedures.
|
(b)
|
Changes in internal control over financial reporting.
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
(REMOVED AND RESERVED)
|
ITEM 5.
|
OTHER INFORMATION
|
|
|
|
Exhibit 31.1
|
|
Certification of Chief Executive Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit 31.2
|
|
Certification of Chief Financial Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit 32.1
|
|
Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
WHIRLPOOL CORPORATION
|
|
|
|
(Registrant)
|
|
By
|
|
/s/ ROY W. TEMPLIN
|
|
Name:
|
|
Roy W. Templin
|
|
Title:
|
|
Executive Vice President
and Chief Financial Officer (Principal Financial Officer)
|
November 2, 2011
|
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Toll Brothers, Inc. | TOL |
Suppliers
Supplier name | Ticker |
---|---|
Danaher Corporation | DHR |
Eaton Corporation plc | ETN |
PPG Industries, Inc. | PPG |
Waste Management, Inc. | WM |
Canaan Inc. | CAN |
ABB Ltd | ABB |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|