WHIRLPOOL CORP /DE/0000106640false2024FYhttp://fasb.org/us-gaap/2024#AccountsPayableCurrenthttp://fasb.org/us-gaap/2024#AccountsPayableCurrenthttp://fasb.org/us-gaap/2024#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrentiso4217:USDxbrli:sharesiso4217:USDxbrli:shareswhr:countrywhr:segmentwhr:reportingUnitxbrli:purewhr:optionwhr:trancheiso4217:BRLwhr:defendantwhr:sitewhr:transactioniso4217:EUR00001066402024-01-012024-12-310000106640exch:XCHI2024-01-012024-12-310000106640exch:XNYS2024-01-012024-12-3100001066402024-06-3000001066402025-02-0700001066402023-01-012023-12-3100001066402022-01-012022-12-3100001066402024-12-3100001066402023-12-3100001066402022-12-3100001066402021-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310000106640us-gaap:RetainedEarningsMember2021-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2021-12-310000106640us-gaap:CommonStockMember2021-12-310000106640us-gaap:NoncontrollingInterestMember2021-12-310000106640us-gaap:RetainedEarningsMember2022-01-012022-12-310000106640us-gaap:NoncontrollingInterestMember2022-01-012022-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2022-01-012022-12-310000106640us-gaap:RetainedEarningsMember2022-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2022-12-310000106640us-gaap:CommonStockMember2022-12-310000106640us-gaap:NoncontrollingInterestMember2022-12-310000106640us-gaap:RetainedEarningsMember2023-01-012023-12-310000106640us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2023-01-012023-12-310000106640us-gaap:RetainedEarningsMember2023-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2023-12-310000106640us-gaap:CommonStockMember2023-12-310000106640us-gaap:NoncontrollingInterestMember2023-12-310000106640us-gaap:RetainedEarningsMember2024-01-012024-12-310000106640us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2024-01-012024-12-310000106640us-gaap:CommonStockMember2024-01-012024-12-310000106640us-gaap:RetainedEarningsMember2024-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2024-12-310000106640us-gaap:CommonStockMember2024-12-310000106640us-gaap:NoncontrollingInterestMember2024-12-310000106640whr:MaytagMemberus-gaap:TrademarksMember2024-10-012024-12-310000106640us-gaap:TradeAccountsReceivableMember2024-12-310000106640us-gaap:TradeAccountsReceivableMember2023-12-310000106640us-gaap:FairValueInputsLevel3Member2023-12-310000106640us-gaap:FairValueInputsLevel3Member2024-12-310000106640us-gaap:LandMember2024-12-310000106640us-gaap:LandMember2023-12-310000106640us-gaap:BuildingMember2024-12-310000106640us-gaap:BuildingMember2023-12-310000106640srt:MinimumMemberus-gaap:BuildingMember2024-12-310000106640srt:MaximumMemberus-gaap:BuildingMember2024-12-310000106640us-gaap:MachineryAndEquipmentMember2024-12-310000106640us-gaap:MachineryAndEquipmentMember2023-12-310000106640srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2024-12-310000106640srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2024-12-310000106640us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2024-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-12-310000106640whr:BekoEuropeB.V.Member2024-12-310000106640whr:WhirlpoolChinaMember2024-12-310000106640whr:WhirlpoolChinaMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberwhr:BekoEuropeB.V.Member2024-04-010000106640whr:BekoEuropeB.V.Member2024-01-012024-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2023-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-01-012024-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2023-01-012023-12-310000106640whr:ElicaPBIndiaMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000106640whr:ElicaPBIndiaMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-07-012024-09-300000106640us-gaap:CustomerRelationshipsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EquityMethodInvesteeMember2024-12-310000106640whr:LaundryMember2024-01-012024-12-310000106640whr:LaundryMember2023-01-012023-12-310000106640whr:LaundryMember2022-01-012022-12-310000106640whr:RefrigerationMember2024-01-012024-12-310000106640whr:RefrigerationMember2023-01-012023-12-310000106640whr:RefrigerationMember2022-01-012022-12-310000106640whr:CookingMember2024-01-012024-12-310000106640whr:CookingMember2023-01-012023-12-310000106640whr:CookingMember2022-01-012022-12-310000106640whr:DishwashingMember2024-01-012024-12-310000106640whr:DishwashingMember2023-01-012023-12-310000106640whr:DishwashingMember2022-01-012022-12-310000106640whr:TotalMajorProductCategoryMember2024-01-012024-12-310000106640whr:TotalMajorProductCategoryMember2023-01-012023-12-310000106640whr:TotalMajorProductCategoryMember2022-01-012022-12-310000106640whr:SparePartsAndWarrantiesMember2024-01-012024-12-310000106640whr:SparePartsAndWarrantiesMember2023-01-012023-12-310000106640whr:SparePartsAndWarrantiesMember2022-01-012022-12-310000106640us-gaap:ProductAndServiceOtherMember2024-01-012024-12-310000106640us-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000106640us-gaap:ProductAndServiceOtherMember2022-01-012022-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-01-012024-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-01-012024-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2023-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2024-01-012024-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2024-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2023-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2024-01-012024-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2024-12-3100001066402022-01-012022-03-3100001066402022-03-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:NorthAmericaSegmentMember2022-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:LatinAmericaSegmentMember2022-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:AsiaSegmentMember2022-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMember2022-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:NorthAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:LatinAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:AsiaSegmentMember2023-01-012023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMember2023-01-012023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:NorthAmericaSegmentMember2023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:LatinAmericaSegmentMember2023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMemberwhr:AsiaSegmentMember2023-12-310000106640us-gaap:SegmentReportingReportedAsIfOldSegmentationBasisOldBasisMember2023-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2022-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2022-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2022-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2022-12-310000106640whr:EuropeMiddleEastandAfricaSegmentMember2022-04-012022-06-300000106640us-gaap:CustomerRelationshipsMember2024-12-310000106640us-gaap:CustomerRelationshipsMember2023-12-310000106640whr:PatentsandOtherIntangibleAssetsMember2024-12-310000106640whr:PatentsandOtherIntangibleAssetsMember2023-12-310000106640us-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-12-310000106640us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-12-310000106640whr:PatentsandOtherIntangibleAssetsMembersrt:MinimumMember2024-12-310000106640whr:PatentsandOtherIntangibleAssetsMembersrt:MaximumMember2024-12-310000106640whr:InSinkEratorMemberus-gaap:TrademarksMember2024-12-310000106640whr:MaytagMemberus-gaap:TrademarksMember2024-12-310000106640whr:SeniorNote400Maturing2024Member2024-12-310000106640whr:SeniorNote400Maturing2024Member2023-12-310000106640whr:TermLoanSOFR85bpsMaturing2024Member2024-01-012024-12-310000106640whr:TermLoanSOFR85bpsMaturing2024Member2024-12-310000106640whr:TermLoanSOFR85bpsMaturing2024Member2023-12-310000106640whr:TermLoanSOFR125bpsMaturing2025Member2024-01-012024-12-310000106640whr:TermLoanSOFR125bpsMaturing2025Member2024-12-310000106640whr:TermLoanSOFR125bpsMaturing2025Member2023-12-310000106640whr:SeniorNote370Maturing2025Member2024-12-310000106640whr:SeniorNote370Maturing2025Member2023-12-310000106640whr:SeniorNote125Maturing2026Member2024-12-310000106640whr:SeniorNote125Maturing2026Member2023-12-310000106640whr:SeniorNote110Maturing2027Member2024-12-310000106640whr:SeniorNote110Maturing2027Member2023-12-310000106640whr:SeniorNote050Maturing2028Member2024-12-310000106640whr:SeniorNote050Maturing2028Member2023-12-310000106640whr:SeniorNote475Maturing2029Member2024-12-310000106640whr:SeniorNote475Maturing2029Member2023-12-310000106640whr:SeniorNote240Maturing2031Member2024-12-310000106640whr:SeniorNote240Maturing2031Member2023-12-310000106640whr:SeniorNote470Maturing2032Member2024-12-310000106640whr:SeniorNote470Maturing2032Member2023-12-310000106640whr:SeniorNote550Maturing2033Member2024-12-310000106640whr:SeniorNote550Maturing2033Member2023-12-310000106640whr:SeniorNote5.75Maturing2034Member2024-12-310000106640whr:SeniorNote5.75Maturing2034Member2023-12-310000106640whr:SeniorNote515Maturing2043Member2024-12-310000106640whr:SeniorNote515Maturing2043Member2023-12-310000106640whr:SeniorNote450Maturing2046Member2024-12-310000106640whr:SeniorNote450Maturing2046Member2023-12-310000106640whr:SeniorNote460Maturing2050Member2024-12-310000106640whr:SeniorNote460Maturing2050Member2023-12-310000106640whr:NotesMaturing20345.750InterestRateMemberus-gaap:SeniorNotesMember2024-02-220000106640whr:NotesMaturing20244.000InterestRateMemberus-gaap:SeniorNotesMember2024-02-272024-02-270000106640whr:NotesMaturing20244.000InterestRateMemberus-gaap:SeniorNotesMember2024-02-270000106640whr:NotesMaturing20335.500InterestRateMemberus-gaap:SeniorNotesMember2023-02-220000106640whr:NotesMaturing20333.700InterestRateMemberus-gaap:SeniorNotesMember2023-02-142023-02-140000106640whr:NotesMaturing20333.700InterestRateMemberus-gaap:SeniorNotesMember2023-02-140000106640whr:TermLoanMemberus-gaap:SecuredDebtMember2022-09-230000106640whr:EmersonsInSinkEratorBusinessMember2022-08-072022-08-070000106640whr:TermLoanMemberus-gaap:SecuredDebtMember2024-12-310000106640whr:TermLoanTrancheOneMemberus-gaap:SecuredDebtMember2024-12-310000106640whr:TermLoanTrancheTwoMemberus-gaap:SecuredDebtMember2023-12-012023-12-310000106640whr:TermLoanTrancheTwoMemberus-gaap:SecuredDebtMember2024-04-012024-04-300000106640whr:TermLoanTrancheTwoMemberus-gaap:SecuredDebtMember2024-12-310000106640whr:TermLoanMemberus-gaap:SecuredDebtMember2022-09-232022-09-230000106640whr:TermLoanMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-09-232022-09-230000106640whr:TermLoanMemberus-gaap:SecuredDebtMemberus-gaap:PrimeRateMember2022-09-232022-09-230000106640whr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-05-030000106640whr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-05-032022-05-030000106640whr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberwhr:AlternateBaseRateMember2022-05-032022-05-030000106640whr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-05-032022-05-030000106640whr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310000106640us-gaap:LetterOfCreditMember2024-12-310000106640us-gaap:LetterOfCreditMember2023-12-310000106640us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310000106640us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-12-310000106640us-gaap:NotesPayableToBanksMember2024-12-310000106640us-gaap:NotesPayableToBanksMember2023-12-310000106640whr:BrazilTaxMattersMember2003-01-012004-12-310000106640whr:BrazilTaxMattersMember2009-01-012009-12-310000106640whr:BrazilTaxMattersMember2024-12-310000106640whr:CFCtaxMember2024-12-310000106640whr:DIFALRelatedContigencyMember2024-12-310000106640whr:CompetitionInvestigationMember2023-01-012023-06-300000106640whr:CompetitionInvestigationMember2024-12-192024-12-190000106640whr:CompetitionInvestigationMemberwhr:WhirlpoolFranceMember2024-12-192024-12-190000106640whr:CompetitionInvestigationMemberwhr:IndesitMember2024-12-192024-12-190000106640us-gaap:IndemnificationGuaranteeMemberwhr:CompetitionInvestigationMembersrt:ScenarioForecastMember2025-06-300000106640whr:CompetitionInvestigationMembersrt:ScenarioForecastMember2025-01-012025-06-300000106640whr:GrenfellTowerMember2020-12-012020-12-310000106640whr:ProductWarrantyMember2023-12-310000106640whr:ProductWarrantyMember2022-12-310000106640whr:ProductWarrantyMember2024-01-012024-12-310000106640whr:ProductWarrantyMember2023-01-012023-12-310000106640whr:ProductWarrantyMember2024-12-310000106640whr:CustomerLinesOfCreditForBrazilianSubsidiaryMember2024-12-310000106640whr:CustomerLinesOfCreditForBrazilianSubsidiaryMember2023-12-310000106640us-gaap:GuaranteeOfIndebtednessOfOthersMember2024-12-310000106640us-gaap:GuaranteeOfIndebtednessOfOthersMember2023-12-310000106640country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2024-01-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2022-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000106640country:USus-gaap:OperatingIncomeLossMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640country:USus-gaap:OperatingIncomeLossMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640country:USus-gaap:OperatingIncomeLossMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000106640us-gaap:ForeignPlanMemberus-gaap:OperatingIncomeLossMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:OperatingIncomeLossMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:OperatingIncomeLossMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000106640us-gaap:OperatingIncomeLossMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:OperatingIncomeLossMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:OperatingIncomeLossMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000106640country:USwhr:InterestAndSundryIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640country:USwhr:InterestAndSundryIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640country:USwhr:InterestAndSundryIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000106640us-gaap:ForeignPlanMemberwhr:InterestAndSundryIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:ForeignPlanMemberwhr:InterestAndSundryIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:ForeignPlanMemberwhr:InterestAndSundryIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000106640whr:InterestAndSundryIncomeExpenseMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000106640whr:InterestAndSundryIncomeExpenseMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000106640whr:InterestAndSundryIncomeExpenseMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2024-10-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DomesticCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberwhr:LimitedPartnershipsEmergingGrowthMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000106640us-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-01-012024-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-01-012023-12-310000106640us-gaap:NondesignatedMember2024-12-310000106640us-gaap:NondesignatedMember2023-12-310000106640us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310000106640us-gaap:CurrencySwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberwhr:InterestAndSundryIncomeExpenseMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberwhr:InterestAndSundryIncomeExpenseMember2023-01-012023-12-310000106640us-gaap:ForeignExchangeContractMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMember2023-01-012023-12-310000106640us-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:CashFlowHedgingMember2023-01-012023-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMember2023-12-310000106640us-gaap:MeasurementInputDiscountRateMemberwhr:EuropeMiddleEastandAfricaSegmentMember2022-06-300000106640whr:EuropeMiddleEastandAfricaSegmentMember2022-01-012022-12-310000106640us-gaap:MeasurementInputDiscountRateMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberwhr:MaytagMember2024-12-310000106640whr:MeasurementInputRoyaltyRateMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberwhr:MaytagMember2024-12-310000106640us-gaap:MeasurementInputDiscountRateMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberus-gaap:OtherIntangibleAssetsMemberwhr:EuropeMiddleEastandAfricaSegmentMember2022-06-300000106640srt:MinimumMemberwhr:EuropeMiddleEastandAfricaSegmentMemberwhr:MeasurementInputRoyaltyRateMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberus-gaap:OtherIntangibleAssetsMember2022-06-300000106640srt:MaximumMemberwhr:EuropeMiddleEastandAfricaSegmentMemberwhr:MeasurementInputRoyaltyRateMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberus-gaap:OtherIntangibleAssetsMember2022-06-300000106640us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwhr:IndesitMemberus-gaap:UnclassifiedIndefinitelivedIntangibleAssetsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberwhr:HotpointMemberus-gaap:UnclassifiedIndefinitelivedIntangibleAssetsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwhr:IndesitMemberus-gaap:UnclassifiedIndefinitelivedIntangibleAssetsMember2024-12-310000106640us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberwhr:HotpointMemberus-gaap:UnclassifiedIndefinitelivedIntangibleAssetsMember2024-12-310000106640whr:IndesitMemberus-gaap:UnclassifiedIndefinitelivedIntangibleAssetsMember2024-01-012024-12-310000106640whr:HotpointMemberus-gaap:UnclassifiedIndefinitelivedIntangibleAssetsMember2024-01-012024-12-310000106640whr:BekoEuropeB.V.Member2023-01-160000106640whr:BekoEuropeB.V.Memberwhr:ArcelikBVMember2023-01-160000106640whr:BekoEuropeB.V.Member2022-12-200000106640us-gaap:MeasurementInputDiscountRateMemberwhr:BekoEuropeB.V.Member2022-12-310000106640whr:EuropeanMajorDomesticApplianceBusinessMemberwhr:BekoEuropeB.V.Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310000106640whr:MENABusinessMemberwhr:BekoEuropeB.V.Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-01-012024-03-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2024-04-012024-04-010000106640us-gaap:MeasurementInputDiscountRateMemberwhr:BekoEuropeB.V.Member2024-04-010000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2024-01-012024-12-310000106640us-gaap:FairValueInputsLevel2Memberwhr:RussiaSaleTransactionMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-04-012022-06-300000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:RussiaSaleTransactionMember2022-04-012022-06-300000106640us-gaap:FairValueInputsLevel2Member2024-12-310000106640us-gaap:FairValueInputsLevel2Member2023-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-01-012022-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000106640us-gaap:CommonStockMember2021-04-190000106640us-gaap:CommonStockMember2022-02-142022-02-140000106640us-gaap:CommonStockMember2024-01-012024-12-310000106640us-gaap:CommonStockMember2024-12-310000106640whr:A2018OmnibusStockAndIncentivePlanAnd2023OmnibusStockAndIncentivePlanMember2024-12-310000106640us-gaap:EmployeeStockOptionMember2024-01-012024-12-310000106640us-gaap:EmployeeStockOptionMember2023-01-012023-12-310000106640us-gaap:EmployeeStockOptionMember2022-01-012022-12-310000106640us-gaap:RestrictedStockUnitsRSUMembersrt:ManagementMember2024-01-012024-12-310000106640us-gaap:RestrictedStockUnitsRSUMembersrt:ExecutiveOfficerMembersrt:MinimumMember2024-01-012024-12-310000106640us-gaap:RestrictedStockUnitsRSUMembersrt:ExecutiveOfficerMembersrt:MaximumMember2024-01-012024-12-310000106640us-gaap:PerformanceSharesMembersrt:ManagementMember2024-01-012024-12-310000106640us-gaap:PerformanceSharesMembersrt:ManagementMembersrt:MinimumMember2024-01-012024-12-310000106640us-gaap:PerformanceSharesMembersrt:ManagementMembersrt:MaximumMember2024-01-012024-12-310000106640whr:NonEmployeeDirectorMember2024-01-012024-12-310000106640whr:WorkforceReductionPlanMember2024-03-310000106640us-gaap:ContractTerminationMemberwhr:WorkforceReductionPlanMember2024-03-310000106640us-gaap:OtherRestructuringMemberwhr:WorkforceReductionPlanMember2024-03-310000106640whr:RestructuringActionsAdditionalMember2024-04-012024-06-300000106640us-gaap:ContractTerminationMember2023-12-310000106640us-gaap:ContractTerminationMember2024-01-012024-12-310000106640us-gaap:ContractTerminationMember2024-12-310000106640us-gaap:OtherRestructuringMember2023-12-310000106640us-gaap:OtherRestructuringMember2024-01-012024-12-310000106640us-gaap:OtherRestructuringMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2024-01-012024-12-310000106640us-gaap:CorporateNonSegmentMember2024-01-012024-12-3100001066402024-10-012024-12-3100001066402023-10-012023-12-310000106640us-gaap:GeographicDistributionForeignMember2024-12-310000106640country:US2024-12-310000106640country:US2023-12-310000106640whr:NetOperatingLossCarryforwardMember2024-12-310000106640whr:OtherDeferredTaxAssetsMember2024-12-310000106640whr:NetOperatingLossCarryforwardMember2023-12-310000106640whr:OtherDeferredTaxAssetsMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2024-01-012024-12-310000106640whr:CorporateAndReconcilingItemsMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2023-01-012023-12-310000106640whr:CorporateAndReconcilingItemsMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2022-01-012022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2022-01-012022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2022-01-012022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2022-01-012022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2022-01-012022-12-310000106640whr:CorporateAndReconcilingItemsMember2022-01-012022-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2022-01-012022-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2022-01-012022-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2022-01-012022-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2022-01-012022-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2022-01-012022-12-310000106640us-gaap:IntersegmentEliminationMember2022-01-012022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2024-12-310000106640whr:CorporateAndReconcilingItemsMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2023-12-310000106640whr:CorporateAndReconcilingItemsMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesAsiaSegmentMember2022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2022-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2022-12-310000106640whr:CorporateAndReconcilingItemsMember2022-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-01-012024-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2023-01-012023-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2022-01-012022-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-01-012023-12-310000106640country:US2024-01-012024-12-310000106640country:US2023-01-012023-12-310000106640country:US2022-01-012022-12-310000106640country:BR2024-01-012024-12-310000106640country:MX2024-12-310000106640whr:AllOtherCountriesMember2024-12-310000106640country:MX2023-12-310000106640whr:AllOtherCountriesMember2023-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2022-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-01-160000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:BekoEuropeB.V.Member2024-04-010000106640whr:BekoEuropeB.V.Memberwhr:ArcelikBVMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-04-010000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2022-10-012022-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-01-012023-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-06-222024-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2022-01-012022-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:BrastempWaterFiltrationSubscriptionBusinessMember2024-07-010000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:BrastempWaterFiltrationSubscriptionBusinessMember2024-07-012024-09-300000106640whr:WhirlpoolIndiaMembersrt:MinimumMember2023-11-300000106640whr:WhirlpoolIndiaMember2023-11-300000106640whr:WhirlpoolIndiaMember2024-02-202024-02-200000106640whr:WhirlpoolIndiaMember2024-02-190000106640whr:WhirlpoolIndiaMember2024-02-200000106640whr:EmersonsInSinkEratorBusinessMemberwhr:TermLoanMemberus-gaap:SecuredDebtMember2022-10-312022-10-310000106640whr:EmersonsInSinkEratorBusinessMember2022-10-310000106640whr:EmersonsInSinkEratorBusinessMember2022-01-012022-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:RussiaSaleTransactionMember2022-08-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:RussiaSaleTransactionMember2022-04-012022-06-300000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:RussiaSaleTransactionMember2022-01-012022-09-300000106640us-gaap:AllowanceForCreditLossMember2023-12-310000106640us-gaap:AllowanceForCreditLossMember2024-01-012024-12-310000106640us-gaap:AllowanceForCreditLossMember2024-12-310000106640us-gaap:AllowanceForCreditLossMember2022-12-310000106640us-gaap:AllowanceForCreditLossMember2023-01-012023-12-310000106640us-gaap:AllowanceForCreditLossMember2021-12-310000106640us-gaap:AllowanceForCreditLossMember2022-01-012022-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-01-012022-12-31

WHIRLPOOL CORP /DE/0000106640false2025FYhttp://fasb.org/us-gaap/2025#AccountsPayableCurrenthttp://fasb.org/us-gaap/2025#AccountsPayableCurrenthttp://fasb.org/us-gaap/2025#GoodwillAndIntangibleAssetImpairmenthttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrentiso4217:USDxbrli:sharesiso4217:USDxbrli:shareswhr:countrywhr:segmentwhr:reportingUnitxbrli:purewhr:optionwhr:trancheiso4217:BRLwhr:transactionwhr:site00001066402025-01-012025-12-310000106640exch:XNYS2025-01-012025-12-310000106640stpr:TX2025-01-012025-12-3100001066402025-06-3000001066402026-02-0600001066402024-01-012024-12-3100001066402023-01-012023-12-3100001066402025-12-3100001066402024-12-3100001066402023-12-3100001066402022-12-310000106640us-gaap:RetainedEarningsMember2022-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2022-12-310000106640us-gaap:CommonStockMember2022-12-310000106640us-gaap:NoncontrollingInterestMember2022-12-310000106640us-gaap:RetainedEarningsMember2023-01-012023-12-310000106640us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2023-01-012023-12-310000106640us-gaap:RetainedEarningsMember2023-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2023-12-310000106640us-gaap:CommonStockMember2023-12-310000106640us-gaap:NoncontrollingInterestMember2023-12-310000106640us-gaap:RetainedEarningsMember2024-01-012024-12-310000106640us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2024-01-012024-12-310000106640us-gaap:CommonStockMember2024-01-012024-12-310000106640us-gaap:RetainedEarningsMember2024-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2024-12-310000106640us-gaap:CommonStockMember2024-12-310000106640us-gaap:NoncontrollingInterestMember2024-12-310000106640us-gaap:RetainedEarningsMember2025-01-012025-12-310000106640us-gaap:NoncontrollingInterestMember2025-01-012025-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2025-01-012025-12-310000106640us-gaap:CommonStockMember2025-01-012025-12-310000106640us-gaap:RetainedEarningsMember2025-12-310000106640us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000106640whr:TreasuryStockCommonAndAdditionalPaidInCapitalMember2025-12-310000106640us-gaap:CommonStockMember2025-12-310000106640us-gaap:NoncontrollingInterestMember2025-12-310000106640whr:JennAirMemberus-gaap:TrademarksMember2025-01-012025-12-310000106640us-gaap:TradeAccountsReceivableMember2025-12-310000106640us-gaap:TradeAccountsReceivableMember2024-12-310000106640us-gaap:FairValueInputsLevel3Member2025-12-310000106640us-gaap:FairValueInputsLevel3Member2024-12-310000106640us-gaap:LandMember2025-12-310000106640us-gaap:LandMember2024-12-310000106640us-gaap:BuildingMember2025-12-310000106640us-gaap:BuildingMember2024-12-310000106640srt:MinimumMemberus-gaap:BuildingMember2025-12-310000106640srt:MaximumMemberus-gaap:BuildingMember2025-12-310000106640us-gaap:MachineryAndEquipmentMember2025-12-310000106640us-gaap:MachineryAndEquipmentMember2024-12-310000106640srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2025-12-310000106640srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2025-12-310000106640us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2025-12-310000106640whr:BekoEuropeB.V.Member2025-12-310000106640whr:BekoEuropeB.V.Member2024-12-310000106640whr:WhirlpoolChinaMember2025-12-310000106640whr:WhirlpoolChinaMember2024-12-310000106640whr:WhirlpoolIndiaMember2025-12-310000106640whr:BekoEuropeB.V.Memberus-gaap:FairValueInputsLevel3Member2024-04-010000106640whr:WhirlpoolIndiaMemberus-gaap:FairValueInputsLevel1Member2025-12-010000106640whr:WhirlpoolIndiaMember2023-12-310000106640whr:WhirlpoolIndiaMember2024-10-300000106640whr:WhirlpoolIndiaMember2025-11-300000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-01-012025-12-310000106640us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-01-012024-12-310000106640whr:LaundryMember2025-01-012025-12-310000106640whr:LaundryMember2024-01-012024-12-310000106640whr:LaundryMember2023-01-012023-12-310000106640whr:RefrigerationMember2025-01-012025-12-310000106640whr:RefrigerationMember2024-01-012024-12-310000106640whr:RefrigerationMember2023-01-012023-12-310000106640whr:CookingMember2025-01-012025-12-310000106640whr:CookingMember2024-01-012024-12-310000106640whr:CookingMember2023-01-012023-12-310000106640whr:DishwashingMember2025-01-012025-12-310000106640whr:DishwashingMember2024-01-012024-12-310000106640whr:DishwashingMember2023-01-012023-12-310000106640whr:TotalMajorProductCategoryMember2025-01-012025-12-310000106640whr:TotalMajorProductCategoryMember2024-01-012024-12-310000106640whr:TotalMajorProductCategoryMember2023-01-012023-12-310000106640whr:SparePartsAndWarrantiesMember2025-01-012025-12-310000106640whr:SparePartsAndWarrantiesMember2024-01-012024-12-310000106640whr:SparePartsAndWarrantiesMember2023-01-012023-12-310000106640us-gaap:ProductAndServiceOtherMember2025-01-012025-12-310000106640us-gaap:ProductAndServiceOtherMember2024-01-012024-12-310000106640us-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2025-01-012025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2025-01-012025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2025-01-012025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2025-12-310000106640us-gaap:CorporateNonSegmentMember2024-12-310000106640us-gaap:CorporateNonSegmentMember2025-01-012025-12-310000106640us-gaap:CorporateNonSegmentMember2025-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2025-01-012025-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2025-12-3100001066402025-10-012025-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2023-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2023-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-01-012024-12-310000106640whr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-01-012024-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2024-01-012024-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2024-01-012024-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2024-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2024-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2025-01-012025-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2025-01-012025-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2025-01-012025-12-310000106640whr:MajorDomesticAppliancesNorthAmericaSegmentMember2025-12-310000106640whr:MajorDomesticAppliancesAsiaSegmentMember2025-12-310000106640whr:SmallDomesticAppliancesGlobalSegmentMember2025-12-310000106640us-gaap:CustomerRelationshipsMember2025-12-310000106640us-gaap:CustomerRelationshipsMember2024-12-310000106640whr:PatentsandOtherIntangibleAssetsMember2025-12-310000106640whr:PatentsandOtherIntangibleAssetsMember2024-12-310000106640srt:MinimumMemberus-gaap:CustomerRelationshipsMember2025-12-310000106640srt:MaximumMemberus-gaap:CustomerRelationshipsMember2025-12-310000106640srt:MinimumMemberwhr:PatentsandOtherIntangibleAssetsMember2025-12-310000106640srt:MaximumMemberwhr:PatentsandOtherIntangibleAssetsMember2025-12-310000106640whr:InSinkEratorMemberus-gaap:TrademarksMember2025-12-310000106640whr:MaytagMemberus-gaap:TrademarksMember2025-12-310000106640whr:JennAirMemberus-gaap:TrademarksMember2025-12-310000106640whr:InSinkEratorMemberus-gaap:TrademarksMember2024-12-310000106640whr:MaytagMemberus-gaap:TrademarksMember2024-12-310000106640whr:JennAirMemberus-gaap:TrademarksMember2024-12-310000106640whr:JennAirMemberus-gaap:TrademarksMember2025-10-012025-12-310000106640whr:MaytagMemberus-gaap:TrademarksMember2024-10-012024-12-310000106640whr:TermLoanSOFR125bpsMaturing2025Member2025-01-012025-12-310000106640whr:TermLoanSOFR125bpsMaturing2025Member2025-12-310000106640whr:TermLoanSOFR125bpsMaturing2025Member2024-12-310000106640whr:SeniorNote370Maturing2025Member2025-12-310000106640whr:SeniorNote370Maturing2025Member2024-12-310000106640whr:SeniorNote125Maturing2026Member2025-12-310000106640whr:SeniorNote125Maturing2026Member2024-12-310000106640whr:SeniorNote110Maturing2027Member2025-12-310000106640whr:SeniorNote110Maturing2027Member2024-12-310000106640whr:SeniorNote050Maturing2028Member2025-12-310000106640whr:SeniorNote050Maturing2028Member2024-12-310000106640whr:SeniorNote475Maturing2029Member2025-12-310000106640whr:SeniorNote475Maturing2029Member2024-12-310000106640whr:SeniorNote6.125Maturing2030Member2025-12-310000106640whr:SeniorNote6.125Maturing2030Member2024-12-310000106640whr:SeniorNote2.40Maturing2031Member2025-12-310000106640whr:SeniorNote2.40Maturing2031Member2024-12-310000106640whr:SeniorNote4.75Maturing2032Member2025-12-310000106640whr:SeniorNote4.75Maturing2032Member2024-12-310000106640whr:SeniorNote550Maturing2033Member2025-12-310000106640whr:SeniorNote550Maturing2033Member2024-12-310000106640whr:SeniorNote6.50Maturing2033Member2025-12-310000106640whr:SeniorNote6.50Maturing2033Member2024-12-310000106640whr:SeniorNote5.75Maturing2034Member2025-12-310000106640whr:SeniorNote5.75Maturing2034Member2024-12-310000106640whr:SeniorNote515Maturing2043Member2025-12-310000106640whr:SeniorNote515Maturing2043Member2024-12-310000106640whr:SeniorNote450Maturing2046Member2025-12-310000106640whr:SeniorNote450Maturing2046Member2024-12-310000106640whr:SeniorNote460Maturing2050Member2025-12-310000106640whr:SeniorNote460Maturing2050Member2024-12-310000106640whr:NotesMaturing20306.125InterestRateMemberus-gaap:SeniorNotesMember2025-06-090000106640whr:NotesMaturing20336.500InterestRateMemberus-gaap:SeniorNotesMember2025-06-090000106640whr:NotesMaturing20306.125InterestRateMemberus-gaap:SeniorNotesMember2024-02-272024-02-270000106640whr:NotesMaturing20336.500InterestRateMemberus-gaap:SeniorNotesMember2024-02-272024-02-270000106640us-gaap:SeniorNotesMember2025-06-110000106640whr:NotesMaturing20345.750InterestRateMemberus-gaap:SeniorNotesMember2024-02-220000106640whr:NotesMaturing20345.750InterestRateMemberus-gaap:SeniorNotesMember2024-02-272024-02-270000106640whr:NotesMaturing20244.000InterestRateMemberus-gaap:SeniorNotesMember2024-02-270000106640whr:TermLoanMemberus-gaap:SecuredDebtMember2022-09-230000106640whr:EmersonsInSinkEratorBusinessMember2022-08-072022-08-070000106640whr:TermLoanMemberus-gaap:SecuredDebtMember2025-12-310000106640whr:TermLoanTrancheOneMemberus-gaap:SecuredDebtMember2025-12-310000106640whr:TermLoanTrancheOneMemberus-gaap:SecuredDebtMember2023-12-012023-12-310000106640whr:TermLoanTrancheOneMemberus-gaap:SecuredDebtMember2024-04-012024-04-300000106640whr:TermLoanTrancheTwoMemberus-gaap:SecuredDebtMember2025-12-310000106640whr:TermLoanTrancheTwoMemberus-gaap:SecuredDebtMember2025-06-012025-06-300000106640whr:TermLoanTrancheTwoMemberus-gaap:SecuredDebtMember2025-10-012025-10-310000106640us-gaap:RevolvingCreditFacilityMemberwhr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:LineOfCreditMember2022-05-030000106640us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMemberwhr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:LineOfCreditMember2022-05-032022-05-030000106640us-gaap:RevolvingCreditFacilityMemberwhr:AlternateBaseRateMemberwhr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:LineOfCreditMember2022-05-032022-05-030000106640us-gaap:RevolvingCreditFacilityMemberwhr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:LineOfCreditMember2022-05-032022-05-030000106640us-gaap:RevolvingCreditFacilityMemberwhr:FifthAmendedAndRestatedLongTermCreditAgreementMemberus-gaap:LineOfCreditMember2025-12-310000106640us-gaap:LetterOfCreditMember2025-12-310000106640us-gaap:LetterOfCreditMember2024-12-310000106640us-gaap:RevolvingCreditFacilityMemberwhr:TermLoanMemberus-gaap:LineOfCreditMember2024-12-310000106640us-gaap:CommercialPaperMember2025-12-310000106640us-gaap:CommercialPaperMember2024-12-310000106640us-gaap:NotesPayableToBanksMember2025-12-310000106640us-gaap:NotesPayableToBanksMember2024-12-310000106640whr:BrazilTaxMattersMember2003-01-012004-12-310000106640whr:BrazilTaxMattersMember2009-01-012009-12-310000106640whr:BrazilTaxMattersMember2025-12-310000106640whr:CFCtaxMember2025-12-310000106640whr:DIFALRelatedContigencyMember2025-12-310000106640whr:CompetitionInvestigationMember2023-01-012023-06-300000106640whr:CompetitionInvestigationMember2024-12-192024-12-190000106640whr:CompetitionInvestigationMemberwhr:WhirlpoolFranceMember2024-12-192024-12-190000106640whr:CompetitionInvestigationMemberwhr:IndesitMember2024-12-192024-12-190000106640whr:CompetitionInvestigationMemberus-gaap:IndemnificationGuaranteeMember2025-06-300000106640whr:CompetitionInvestigationMember2025-04-012025-06-300000106640whr:ProductWarrantyMember2024-12-310000106640whr:ProductWarrantyMember2023-12-310000106640whr:ProductWarrantyMember2025-01-012025-12-310000106640whr:ProductWarrantyMember2024-01-012024-12-310000106640whr:ProductWarrantyMember2025-12-310000106640whr:CustomerLinesOfCreditForBrazilianSubsidiaryMember2025-12-310000106640whr:CustomerLinesOfCreditForBrazilianSubsidiaryMember2024-12-310000106640us-gaap:GuaranteeOfIndebtednessOfOthersMember2025-12-310000106640us-gaap:GuaranteeOfIndebtednessOfOthersMember2024-12-310000106640country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2025-01-012025-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000106640us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OperatingIncomeLossMember2025-01-012025-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OperatingIncomeLossMember2024-01-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OperatingIncomeLossMember2023-01-012023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OperatingIncomeLossMember2025-01-012025-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OperatingIncomeLossMember2024-01-012024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OperatingIncomeLossMember2023-01-012023-12-310000106640us-gaap:OperatingIncomeLossMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000106640us-gaap:OperatingIncomeLossMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000106640us-gaap:OperatingIncomeLossMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberwhr:InterestAndSundryIncomeExpenseMember2025-01-012025-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberwhr:InterestAndSundryIncomeExpenseMember2024-01-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberwhr:InterestAndSundryIncomeExpenseMember2023-01-012023-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:InterestAndSundryIncomeExpenseMember2025-01-012025-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:InterestAndSundryIncomeExpenseMember2024-01-012024-12-310000106640us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:InterestAndSundryIncomeExpenseMember2023-01-012023-12-310000106640whr:InterestAndSundryIncomeExpenseMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000106640whr:InterestAndSundryIncomeExpenseMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000106640whr:InterestAndSundryIncomeExpenseMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMember2024-10-012024-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000106640country:USus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MoneyMarketFundsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsU.S.EquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:CommonAndCollectiveFundsInternationalEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsUSEquitySecuritiesMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberwhr:LimitedPartnershipsEmergingGrowthMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000106640us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000106640us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-12-310000106640us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-12-310000106640us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-12-310000106640us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000106640us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000106640us-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-01-012025-12-310000106640us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-01-012024-12-310000106640us-gaap:NondesignatedMember2025-12-310000106640us-gaap:NondesignatedMember2024-12-310000106640us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-12-310000106640us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-12-310000106640us-gaap:CurrencySwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-12-310000106640us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberwhr:InterestAndSundryIncomeExpenseMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberwhr:InterestAndSundryIncomeExpenseMember2024-01-012024-12-310000106640us-gaap:CurrencySwapMemberus-gaap:CashFlowHedgingMemberwhr:InterestAndSundryIncomeExpenseMember2025-01-012025-12-310000106640us-gaap:CurrencySwapMemberus-gaap:CashFlowHedgingMemberwhr:InterestAndSundryIncomeExpenseMember2024-01-012024-12-310000106640us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-01-012025-12-310000106640us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-01-012024-12-310000106640us-gaap:ForeignExchangeContractMemberwhr:InterestAndSundryIncomeExpenseMember2025-01-012025-12-310000106640us-gaap:ForeignExchangeContractMemberwhr:InterestAndSundryIncomeExpenseMember2024-01-012024-12-310000106640us-gaap:CashFlowHedgingMember2025-01-012025-12-310000106640us-gaap:CashFlowHedgingMember2024-01-012024-12-310000106640us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000106640us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000106640us-gaap:FairValueMeasurementsRecurringMember2025-12-310000106640us-gaap:FairValueMeasurementsRecurringMember2024-12-310000106640whr:JennAirMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310000106640whr:JennAirMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberwhr:MeasurementInputRoyaltyRateMember2025-12-310000106640whr:MaytagMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310000106640whr:MaytagMemberwhr:ValuationTechniqueReliefFromRoyaltyMemberwhr:MeasurementInputRoyaltyRateMember2025-12-310000106640whr:WhirlpoolIndiaMember2025-11-272025-11-270000106640whr:WhirlpoolMauritiusLimitedMemberwhr:WhirlpoolIndiaMember2025-11-260000106640whr:WhirlpoolMemberwhr:WhirlpoolIndiaMember2025-11-270000106640whr:WhirlpoolIndiaMemberus-gaap:FairValueInputsLevel1Member2025-11-270000106640whr:BekoEuropeB.V.Member2023-01-160000106640whr:BekoEuropeB.V.Memberwhr:ArcelikBVMember2023-01-160000106640whr:BekoEuropeB.V.Member2022-12-200000106640whr:BekoEuropeB.V.Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310000106640whr:BekoEuropeB.V.Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2024-03-310000106640whr:BekoEuropeB.V.Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:MENABusinessMember2024-01-012024-03-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2024-04-012024-04-010000106640whr:BekoEuropeB.V.Memberus-gaap:MeasurementInputDiscountRateMember2024-04-010000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2024-01-012024-12-310000106640us-gaap:FairValueInputsLevel2Member2025-12-310000106640us-gaap:FairValueInputsLevel2Member2024-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-01-012025-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-12-310000106640us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-12-310000106640us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-12-310000106640us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-12-310000106640us-gaap:CommonStockMember2021-04-190000106640us-gaap:CommonStockMember2022-02-142022-02-140000106640us-gaap:CommonStockMember2025-12-310000106640whr:A2023OmnibusStockAndIncentivePlanMember2025-04-152025-04-250000106640whr:A2018OmnibusStockAndIncentivePlanAnd2023OmnibusStockAndIncentivePlanMember2025-12-310000106640us-gaap:EmployeeStockOptionMember2025-01-012025-12-310000106640us-gaap:EmployeeStockOptionMember2024-01-012024-12-310000106640us-gaap:EmployeeStockOptionMember2023-01-012023-12-310000106640srt:ManagementMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310000106640us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMembersrt:ExecutiveOfficerMember2025-01-012025-12-310000106640us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMembersrt:ExecutiveOfficerMember2025-01-012025-12-310000106640srt:ManagementMemberus-gaap:PerformanceSharesMember2025-01-012025-12-310000106640us-gaap:PerformanceSharesMembersrt:MinimumMembersrt:ManagementMember2025-01-012025-12-310000106640us-gaap:PerformanceSharesMembersrt:MaximumMembersrt:ManagementMember2025-01-012025-12-310000106640whr:NonEmployeeDirectorMember2025-01-012025-12-310000106640whr:MultiRegionFootprintOptimizationPlanMember2025-10-012025-12-310000106640us-gaap:EmployeeSeveranceMemberwhr:MultiRegionFootprintOptimizationPlanMember2025-10-012025-12-310000106640whr:RestructuringAssetImpairmentMemberwhr:MultiRegionFootprintOptimizationPlanMember2025-10-012025-12-310000106640us-gaap:EmployeeSeveranceMemberwhr:MultiRegionFootprintOptimizationPlanMember2025-01-012025-12-310000106640whr:WorkforceReductionPlanMember2024-03-012024-03-310000106640us-gaap:EmployeeSeveranceMemberwhr:WorkforceReductionPlanMember2024-03-012024-03-310000106640us-gaap:OtherRestructuringMemberwhr:WorkforceReductionPlanMember2024-03-012024-03-310000106640us-gaap:ContractTerminationMemberwhr:WorkforceReductionPlanMember2024-06-300000106640us-gaap:EmployeeSeveranceMember2024-12-310000106640us-gaap:EmployeeSeveranceMember2025-01-012025-12-310000106640us-gaap:EmployeeSeveranceMember2025-12-310000106640whr:RestructuringAssetImpairmentMember2024-12-310000106640whr:RestructuringAssetImpairmentMember2025-01-012025-12-310000106640whr:RestructuringAssetImpairmentMember2025-12-310000106640us-gaap:FacilityClosingMember2024-12-310000106640us-gaap:FacilityClosingMember2025-01-012025-12-310000106640us-gaap:FacilityClosingMember2025-12-310000106640us-gaap:OtherRestructuringMember2024-12-310000106640us-gaap:OtherRestructuringMember2025-01-012025-12-310000106640us-gaap:OtherRestructuringMember2025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2024-01-012024-12-310000106640us-gaap:CorporateNonSegmentMember2024-01-012024-12-310000106640country:AR2025-01-012025-12-310000106640country:BR2025-01-012025-12-310000106640country:CA2025-01-012025-12-310000106640country:LU2025-01-012025-12-310000106640country:MU2025-01-012025-12-310000106640country:MX2025-01-012025-12-310000106640country:NL2025-01-012025-12-310000106640us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-12-310000106640us-gaap:GeographicDistributionForeignMember2025-12-310000106640country:US2025-12-310000106640country:US2024-12-310000106640whr:NetOperatingLossCarryforwardMember2025-12-310000106640whr:OtherDeferredTaxAssetsMember2025-12-310000106640whr:NetOperatingLossCarryforwardMember2024-12-310000106640whr:OtherDeferredTaxAssetsMember2024-12-310000106640country:IN2025-01-012025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2025-01-012025-12-310000106640whr:CorporateAndReconcilingItemsMember2025-01-012025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2024-01-012024-12-310000106640whr:CorporateAndReconcilingItemsMember2024-01-012024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2023-01-012023-12-310000106640whr:CorporateAndReconcilingItemsMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2025-01-012025-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2025-01-012025-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2025-01-012025-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2025-01-012025-12-310000106640whr:CorporateReconcilingItemsAndEliminationsMember2025-01-012025-12-310000106640us-gaap:IntersegmentEliminationMember2025-01-012025-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2024-01-012024-12-310000106640whr:CorporateReconcilingItemsAndEliminationsMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMember2024-01-012024-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2023-01-012023-12-310000106640whr:CorporateReconcilingItemsAndEliminationsMember2023-01-012023-12-310000106640us-gaap:IntersegmentEliminationMember2023-01-012023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2025-12-310000106640whr:CorporateAndReconcilingItemsMember2025-12-310000106640srt:ConsolidationEliminationsMember2025-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2024-12-310000106640whr:CorporateAndReconcilingItemsMember2024-12-310000106640srt:ConsolidationEliminationsMember2024-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesNorthAmericaSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesLatinAmericaSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:MajorDomesticAppliancesEuropeSegmentMember2023-12-310000106640us-gaap:OperatingSegmentsMemberwhr:SmallDomesticAppliancesGlobalSegmentMember2023-12-310000106640whr:CorporateAndReconcilingItemsMember2023-12-310000106640srt:ConsolidationEliminationsMember2023-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-01-012024-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2023-01-012023-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310000106640srt:NorthAmericaMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-12-310000106640country:US2025-01-012025-12-310000106640country:US2024-01-012024-12-310000106640country:US2023-01-012023-12-310000106640country:BR2025-01-012025-12-310000106640country:BR2024-01-012024-12-310000106640country:BR2023-01-012023-12-310000106640country:MX2025-12-310000106640whr:AllOtherCountriesMember2025-12-310000106640country:MX2024-12-310000106640whr:AllOtherCountriesMember2024-12-310000106640whr:WhirlpoolIndiaMembersrt:MinimumMember2023-11-300000106640whr:WhirlpoolIndiaMember2023-11-300000106640whr:WhirlpoolIndiaMember2024-02-202024-02-200000106640whr:WhirlpoolIndiaMember2024-02-190000106640whr:WhirlpoolIndiaMember2024-02-200000106640whr:WhirlpoolIndiaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2025-12-310000106640whr:WhirlpoolIndiaMember2025-11-260000106640whr:WhirlpoolIndiaMember2025-11-280000106640whr:ElicaPBIndiaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2025-01-012025-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2025-10-012025-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2025-11-280000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2025-11-282025-11-280000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2024-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2024-01-012024-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:WhirlpoolIndiaMember2023-01-012023-12-310000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:BrastempWaterFiltrationSubscriptionBusinessMember2024-07-010000106640us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:BrastempWaterFiltrationSubscriptionBusinessMember2024-07-012024-09-300000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-01-160000106640whr:BekoEuropeB.V.Memberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-04-010000106640whr:BekoEuropeB.V.Memberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhr:ArcelikBVMember2024-04-010000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2022-10-012022-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2022-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2025-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-01-012023-12-310000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2023-06-222025-12-3100001066402025-07-012025-09-300000106640us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberwhr:EuropeanMajorDomesticApplianceBusinessMember2025-01-012025-12-310000106640us-gaap:AllowanceForCreditLossMember2024-12-310000106640us-gaap:AllowanceForCreditLossMember2025-01-012025-12-310000106640us-gaap:AllowanceForCreditLossMember2025-12-310000106640us-gaap:AllowanceForCreditLossMember2023-12-310000106640us-gaap:AllowanceForCreditLossMember2024-01-012024-12-310000106640us-gaap:AllowanceForCreditLossMember2022-12-310000106640us-gaap:AllowanceForCreditLossMember2023-01-012023-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-01-012025-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000106640us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-31

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)


☒						ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 1-3932

WHIRLPOOL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		38-1490038
(State of Incorporation)		(I.R.S. Employer Identification No.)

2000 North M-63
Benton Harbor,	Michigan	49022-2692
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code (269) 923-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $1 per share

WHR

~~Chicago~~New York Stock Exchange

and

~~New~~NYSE ~~York Stock Exchange~~Texas

Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes

☒

☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes

☐

☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

☐


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
(Check one)
Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes

☒

☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Yes

☐

☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Yes

☐

☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes

☐

☒

The aggregate market value of voting common stock of the registrant held by stockholders not including voting stock held by directors and executive officers of the registrant and certain employee plans of the registrant (the exclusion of such shares shall not be deemed an admission by the registrant that any such person is an affiliate of the registrant) at the close of business on June 30, ~~2024~~2025 (the last business day of the registrant's most recently completed second fiscal quarter) was $5,~~419~~409,~~952~~388,~~977~~540.

On February 76, ~~2025~~2026, the registrant had 5556,~~382~~518,~~815~~699 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the following documents are incorporated herein by reference into the Part of the Form 10-K indicated:

Document			Part of Form 10-K into which incorporated
Portions of the registrant's proxy statement for the 2025 annual meeting of stockholders (the "Proxy Statement") to be filed pursuant to Regulation 14A within 120 days after the registrant's fiscal year end of December 31, 2024 are incorporated by reference into Part III of this Annual Report on From 10-K.			Part III
Portions of the registrant's proxy statement for the 2026 annual meeting of stockholders (the "Proxy Statement") to be filed pursuant to Regulation 14A within 120 days after the registrant's fiscal year end of December 31, 2025 are incorporated by reference into Part III of this Annual Report on From 10-K.			Part III

WHIRLPOOL CORPORATION

ANNUAL REPORT ON FORM 10-K

For the fiscal year ended December 31, ~~2024~~2025

TABLE OF CONTENTS

		PAGE
PART I
Item 1.	Business	23
Item 1A.	Risk Factors	1513
Item 1B.	Unresolved Staff Comments	2927
Item 1C.	Cybersecurity	2927
Item 2.	Properties	3130
Item 3.	Legal Proceedings	3230
Item 4.	Mine Safety Disclosures	3230
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	3331
Item 6.	[Reserved]	3331
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3432
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	5852
Item 8.	Financial Statements and Supplementary Data	5953
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~117~~109
Item 9A.	Controls and Procedures	~~117~~109
Item 9B.	Other Information	~~117~~109
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~117~~109
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	~~118~~110
Item 11.	Executive Compensation	~~119~~111
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~119~~111
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~119~~111
Item 14.	Principal Accountant Fees and Services	~~119~~111
PART IV
Item 15.	Exhibits, Financial Statement Schedules	~~120~~112
Item 16.	Form 10-K Summary	~~120~~112
SIGNATURES		~~128~~120

~~The~~PART Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Certain statements contained in this annual report, including those within the forward-looking perspective section within the Management's Discussion and Analysis section, do not relate strictly to historical or current facts and may contain forward-looking statements that reflect our current views with respect to future events and financial performance. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "guarantee," "seek," and the negative of these words and words and terms of similar substance. These forward-looking statements should be considered with the understanding that such statements involve a variety of risks and uncertainties, known and unknown including those identified below under “Item 1A. Risk Factors,” and elsewhere herein. Unless otherwise indicated, the terms "Whirlpool," "the Company," "we," "us," and "our" refer to Whirlpool Corporation and its consolidated subsidiaries.I


ITEM 1.			BUSINESS

Our CompanyImproving life at home has been at the heart of our business for ~~113~~114 years – it is why we exist and why we are passionate about what we do.

Whirlpool Corporation ("Whirlpool"), committed to being the best kitchen and laundry company, in constant pursuit of improving life at home, was incorporated in 1955 under the laws of Delaware and was founded in 1911. Whirlpool manufactures products in ~~six~~four countries and markets products in nearly every country around the world. We have received worldwide recognition for accomplishments in a variety of business and social efforts, including leadership, diversity, innovative product design, business ethics, environmental sustainability, social responsibility and community involvement. Whirlpool had approximately $1716 billion in annual net sales and 4441,000 employees in ~~2024~~2025.

We conduct our business through ~~four~~three operating segments: Major Domestic Appliances (“MDA”) North America; MDA Latin America; ~~MDA Asia;~~ and Small Domestic Appliances (“SDA”) Global. As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India. Prior period segment information has been recast to retrospectively reflect this change. The MDA Europe segment, which is presented within our results through the first quarter of 2024, was deconsolidated as of April 1, 2024. For additional information, see Note 15 and Note 16 to the Consolidated Financial Statements.

As used herein, and except where the context otherwise requires, "Whirlpool," "the Company," "we," "us," and "our" refer to Whirlpool Corporation and its consolidated subsidiaries.

Our Strategic Architecture

Our strategic architecture is the foundational component that drives our shareholder value creation strategy. Below ~~are~~were the key components of our strategic architecture for ~~2024~~2025.

Portfolio Transformation

Whirlpool Corporation is committed to delivering significant, long-term value to both our consumers and our shareholders. In 2024, we completed a transaction to contribute our European major domestic appliance business into a newly formed company with Arcelik. Additionally, we sold our Middle East and North Africa business to Arcelik. These transactions marked a major milestone in our portfolio transformation to becoming a higher growth and higher margin business, unlocking significant value creation opportunities for the Company. Our value creation approach is enabled by three strong pillars: small appliances, major appliances, and commercial appliances. In recognition of our portfolio transformation, we reorganized our operating segments effective January 1, 2024, including presenting our SDA Global business as a separate operating segment.

4In 2024, we completed a market transaction reducing our ownership in Whirlpool of India Ltd ("Whirlpool India") from 75% to 51%. In November 2025 we completed another market transaction to further reduce our ownership in Whirlpool India to approximately 40%. As a result of the transaction, the operations previously reported within MDA Asia segment are no longer reported as a segment. We are pleased with our retained position and will continue to evaluate all options to further reduce our debt throughout 2026 in line with our guidance and capital allocation priorities.

~~Reconciliations~~We are committed to ~~equivalent~~being ~~GAAP~~the ~~net~~best ~~earnings~~kitchen ~~measures~~and ~~are~~laundry ~~not~~company. ~~provided~~Our asglobal ~~EBIT~~footprint ~~percentages~~includes ~~presented~~developed ~~above~~countries ~~represent~~and ~~our~~emerging ~~expectations~~markets, ~~for~~including ~~these~~a ~~business~~leading ~~lines~~position in many of the key countries in which we operate. In 2026 and ~~are~~beyond, ~~not~~we ~~provided~~expect ~~with~~to ~~respect~~continue to ~~results~~win ~~for~~in ~~any~~the ~~specific~~Americas ~~period~~with our leading position in multiple countries and leading U.S. builder share.

We are committed to being the best kitchen and laundry company. Our global footprint includes developed countries and emerging markets, including a leading position in many of the key countries in which we operate. In 2025 and beyond, we expect to continue to win in the Americas with our leading position in multiple countries and leading U.S. builder share.

Our Sustained Investment in Innovation

Whirlpool Corporation has been responsible for a number of first-to-market innovations. These include the first electric wringer washer in 1911, the first residential stand mixer in 1919, the first countertop microwave in 1967, the first energy and water efficient top-load washer in 1998 and the first top-load clothes washer with a removable agitator in 2021. In ~~2024~~2025, we ~~launched~~transitioned more than ~~100~~30% ~~new~~of ~~products~~North ~~throughout~~America’s ~~the~~product ~~world~~portfolio, demonstrating our commitment to innovation. These products include ~~the~~our ~~KitchenAid~~refreshed ~~Espresso~~Whirlpool ~~collection~~top ofload ~~semi-automatic and fully-automatic espresso machines~~laundry, the ~~KitchenAid~~JennAir ~~rice~~induction ~~and grain cooker~~downdraft, and our ~~Spin~~new &lineup ~~Load~~of ~~dishwasher~~french ~~rack~~door ~~accessory~~refrigerators ~~designed~~across ~~with~~Whirlpool ~~accessibility~~and ~~in mind~~KitchenAid. We also ~~expanded~~introduced ~~our~~the ~~award-winning~~new ~~Pet~~KitchenAid ~~Pro~~suite, ~~laundry~~which ~~technology~~offers toa ~~front~~modern ~~load washers~~ and ~~dryers~~advanced ~~and~~design wethat ~~introduced~~is ~~the~~unique ~~FreshFlow Vent System~~ in ~~our~~its ~~Whirlpool~~personalization ~~brand,~~opportunities ~~the~~through ~~first~~interchangeable ~~fan-powered~~colors, ~~system~~handles, ~~with antimicrobial protection designed to help keep both clothes~~ and ~~washing machines fresh~~knobs.

We are committed to continue innovating for a new generation of consumers. Our world-class innovation pipeline has driven consistent innovation, enabled by a passionate culture of employees focused on bringing new technologies to market.

Throughout the past year, we have remained committed to delivering connected appliances that seamlessly integrate into the evolving ~~smart~~ home ~~ecosystem~~of the consumer. Our focus has been on enhancing the consumer experience through key features such as ~~voice~~our ~~control~~Temp ~~compatibility~~Cook ~~with~~technology ~~popular~~for ~~smart~~precise ~~home~~cooking, ~~assistants~~easy-to-clean WipeClean coating for cooktops, automatic door open dry system for dishwashing, and continued development of voice control compatibility and WiFi connectivity that make life at home easier, ~~faster~~ and better. Additionally, we have continued to provide over-the-air updates to help ~~ensure~~optimize ~~optimal~~ performance and functionality for qualified connected appliances. These advancements, coupled with our highly-rated mobile app platform, demonstrate our dedication to providing consumers with a superior connected appliance experience.

5Whirlpool manufactures and markets a full line of major home appliances and related products. Our principal products are laundry appliances, refrigerators and freezers, cooking appliances, and dishwashers. Additionally, the Company has a strong portfolio of small domestic appliances, including the KitchenAid stand mixer, and a strong line of commercial laundry appliances. We have successfully integrated the InSinkErator business into our MDA North America operations, expanding our portfolio of products to include food waste disposers and instant hot water dispensers for home and commercial use. InSinkErator product net sales are reported under the 'Other' product category which are aggregated under the 'Dishwashing and Other' category on the chart below. KitchenAid Small Domestic Appliance net sales are reported under the 'Cooking Appliances' product category.

functionality for qualified connected appliances. These advancements, coupled with our highly-rated mobile app platform, demonstrate our dedication to providing consumers with a superior connected appliance experience.

Whirlpool manufactures and markets a full line of major home appliances and related products. Our principal products are laundry appliances, refrigerators and freezers, cooking appliances, and dishwashers. Additionally, the Company has a strong portfolio of small domestic appliances, including the KitchenAid stand mixer, and a strong line of commercial laundry appliances. We have successfully integrated the InSinkErator business into our North America operations, expanding our portfolio of products to include food waste disposers and instant hot water dispensers for home and commercial use. InSinkErator product net sales are reported under the 'Other' product category which are aggregated under the 'Dishwashing and Other' category on the chart below. KitchenAid Small Domestic Appliance net sales are reported under the 'Cooking Appliances' product category.

The following chart provides the percentage of net sales for each of our product categories which accounted for 10% or more of our consolidated net sales over the last three years:

Best Brand Portfolio

We have the best brand portfolio in the industry, with multiple brands with more than $1 billion in revenue. The Company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, demonstrating our commitment to being the best kitchen and laundry company, improving life at home for our consumers.

6We aim to position our brands as essential to many consumer segments by meeting different consumers' wide-ranging needs and aspirations. Our sales are led by two global iconic brands: Whirlpool and KitchenAid. Whirlpool is a trusted partner for families worldwide, making it easier to provide the care and support loved ones need to thrive every day. From innovative laundry solutions to intuitive kitchen appliances, Whirlpool aims to ensure that care is simple, reliable, and always within reach. KitchenAid inspires a deeper connection to the culinary experience. With its seamless blend of innovation and design, KitchenAid products are designed for personalization and empowering the maker. Together, these brands deliver differentiated products that combine exceptional performance and desirable features while remaining accessible to consumers everywhere.

We aim to position our brands as essential to many consumer segments by meeting their wide-ranging needs and aspirations. Our sales are led by two global iconic brands: Whirlpool and KitchenAid. Whirlpool is a trusted partner for families worldwide, making it easier to provide the care and support loved ones need to thrive every day. From innovative laundry solutions to intuitive kitchen appliances, Whirlpool ensures that care is simple, reliable, and always within reach. KitchenAid, on the other hand, inspires a deeper connection to the culinary experience. With its seamless blend of innovation and design, KitchenAid products were designed for personalization and empowering the maker. Together, these brands deliver differentiated products that combine exceptional performance and desirable features while remaining accessible to consumers everywhere.

Additionally, we have a number of strong regional and local brands, including Maytag, Brastemp, Consul, Amana, InSinkErator and JennAir. These brands add to our impressive depth and breadth of kitchen and laundry product offerings and help us provide products that are tailored to local consumer needs and preferences. Our best brand portfolio in the industry, paired with our robust investment in research and development and consumer insights, position us well to meet trends in consumer preferences and demand.

Strong Cost Position

We have a culture of cost optimization and productivity, which we call productivity for growth, and it includes continuous focus on cost efficiency. We have a history of delivering substantial gains through reduced complexity in all aspects of our business: research, design, reduced architectures, and reduced footprint. Our regional scale enables our local-for-local production model as we continue to focus on producing as efficiently as possible. We are well positioned for success in the new tariff environment, as approximately 80% of the major appliances we sell in the U.S. are produced in the U.S. and approximately 96% of the steel we use in the U.S. is domestically sourced.

As the macro environment continues to change, we believe our demonstrated ability to execute cost takeout allows us to effectively cope with macroeconomic challenges, and we see additional opportunities to further streamline our cost structure in the years ahead. Throughout ~~2024~~2025 we continued to manage our fixed cost base across manufacturing, logistics and selling, general and administrative expenses while at the same time continuing our portfolio transformation journey. We also continue our journey to reduce the complexity of our design and product platforms. We believe this initiative, among many others, will enable us to ~~utilize~~reduce ~~increased~~parts ~~modular~~complexity ~~production~~to ~~and~~increase ~~improved~~procurement scale ~~in procurement~~.

We are committed to even further cost improvement, creating strong levels of value for our shareholders, regardless of the external environment.

Value Creation Framework

Our long-term value creation framework is built upon the strong foundation we have in place: our industry-leading brand portfolio and robust product innovation pipeline, supported by our leading regional scale and executed by our exceptional employees throughout the world.

Our long-term value-creation goals reflect our agile and resilient business model, which we believe enables us to succeed in any operating environment with profitable growth, margin expansion, and cash conversion.

Capital Allocation Strategy

We take a balanced approach to capital allocation by focusing on the following key metrics:

In 2024, we continued our 69th year of quarterly dividends, with $384 million in dividends paid. We continue to prioritize debt repayments, with approximately $500 million of debt repayment in the second quarter of 2024. We remain committed to funding innovation and growth and are confident in our ability to generate strong free cash flow. Our free cash flow generation, coupled with our balance sheet strength, provides us the flexibility to support our commitment to returning cash to shareholders. 7

8In 2025, we continued our 70th year of quarterly dividends, with $300 million in dividends paid. Starting in the second half of 2025, we decreased the quarterly dividend from $1.75 to $0.90 per share. We continue to prioritize debt repayments, with approximately $320 million of debt repayment in 2025. We remain committed to funding innovation and growth and are confident in our ability to generate free cash flow to continue supporting our commitment to returning cash to shareholders.

Business Summary by Segment

As of ~~January~~December 131, ~~2024~~2025, wethe ~~reorganized~~operations ~~our~~previously ~~operating~~reported ~~segments.~~within ~~The~~the MDA ~~Europe~~Asia segment ~~was~~are ~~deconsolidated~~ no longer reported as a segment as a result of ~~April~~the 1,deconsolidation ~~2024.~~of ~~For~~Whirlpool ~~additional~~India. ~~information,~~Prior ~~see~~period ~~Note~~segment 15information ~~and~~has ~~Note~~been 16recast to ~~the~~retrospectively ~~Consolidated~~reflect ~~Financial~~this ~~Statements~~change.

MDA North America			•In the United States and Canada, we market and distribute major home appliances and other consumer products primarily under the Whirlpool, KitchenAid, Maytag, Amana, InSinkErator, JennAir, affresh, Swash, everydrop and Gladiator brand names primarily to retailers, distributors and builders, as well as directly to consumers. •We sell some products to other manufacturers, distributors, and retailers for resale in North America under those manufacturers' and retailers' respective brand names.
MDA Latin America			•In Latin America, we produce, market and distribute our major home appliances and other consumer products primarily under the Consul, Brastemp, Whirlpool, KitchenAid, Acros, Maytag and Eslabon de Lujo brand names primarily to retailers, distributors and directly to consumers.•We serve the countries of Brazil, Mexico, Bolivia, Paraguay, Uruguay, Argentina, Colombia, Chile, and certain Caribbean and Central America countries, via sales and distribution through accredited distributors.
MDA Asia			•In Asia, we market and distribute our major home appliances in multiple countries, notably in India. •We market and distribute our products in Asia primarily under the Whirlpool, Elica, Maytag, and KitchenAid brand names through a combination of direct sales to appliance retailers and chain stores and through full-service distributors to a large network of retail stores. •In May 2021, we sold our majority interest in Whirlpool China and subsequently retained a non-controlling interest. Whirlpool China continues to sell Whirlpool-branded products through a licensing agreement in China. In September 2021, we acquired a majority interest in Elica PB India and increased our interest by 10% in the third quarter of 2024.•In 2024, we reduced our ownership in Whirlpool of India from 75% to 51%, and we recently announced our intent to reduce our ownership stake to ~20% in 2025 via market sale.
SDA Global			•We market small domestic appliances under the KitchenAid brand name to retailers, distributors and directly to consumers. •We serve the countries of United States, Canada, Germany, Australia, and France, among others.

The MDA Europe segment was deconsolidated as of April 1, 2024. For additional information, see Note 15 and Note 16 to the Consolidated Financial Statements.

9MDA North America •In the United States and Canada, we market and distribute major home appliances and other consumer products primarily under the Whirlpool, KitchenAid, Maytag, Amana, InSinkErator, JennAir, affresh, Swash, everydrop and Gladiator brand names primarily to retailers, distributors and builders, as well as directly to consumers. •We sell some products to other manufacturers, distributors, and retailers for resale in North America under those manufacturers' and retailers' respective brand names. MDA Latin America •In Latin America, we produce, market and distribute our major home appliances and other consumer products primarily under the Consul, Brastemp, Whirlpool, KitchenAid, Acros, Maytag and Eslabon de Lujo brand names primarily to retailers, distributors and directly to consumers.•We serve the countries of Brazil, Mexico, Bolivia, Paraguay, Uruguay, Argentina, Colombia, Chile, and certain Caribbean and Central America countries, via sales and distribution through accredited distributors. SDA Global •We market small domestic appliances under the KitchenAid brand name to retailers, distributors and directly to consumers. •We serve the countries of the United States, Canada, Mexico, Germany, Australia, and France, among others.

Competition

Competition in the major home appliance industry is intense, including competitors such as BSH (Bosch), Electrolux, Haier, Hisense, LG, Mabe, Midea, Panasonic and Samsung, many of which are increasingly expanding beyond their existing manufacturing footprint. Competitors in the small domestic appliance industry include Breville, DeLonghi, Ninja, Groupe SEB, and Cuisinart, among others. The competitive environment includes the impact of a changing retail environment, including the shifting of consumer purchase practices towards e-commerce and other channels. Moreover, our customer base includes large, sophisticated trade customers who have many choices and demand competitive products, services and prices, and many of whom have their own brands which compete with our products. We believe that we can best compete in the current environment by focusing on introducing new and innovative products, building strong brands, enhancing trade customer and consumer value with our product and service offerings, meeting or exceeding our emissions and product efficiency commitments, optimizing our regional footprint and trade distribution channels, increasing productivity, improving quality, lowering costs, and taking other efficiency-enhancing measures.

Seasonality

The Company's quarterly revenues have historically been affected by a variety of seasonal factors, including holiday-driven promotional periods. In each fiscal year, the Company's total revenue and operating margins are typically highest in the third and fourth quarter, and this pattern is more pronounced in our SDA Global operating segment.

Raw Materials and Purchased Components

Our supplier performance is essential to our business. Some supply disruptions and unanticipated costs have been and may be incurred in transitioning to a new supplier if a prior single supplier relationship was abruptly interrupted or terminated. In the event of a disruption, we have been able and believe that we would be able to leverage our scale to qualify and use alternate materials, though sometimes at premium costs. InThroughout ~~2022~~2023, ~~our industry was impacted by supply constraints with our suppliers~~2024, ~~factories,~~ and ~~logistics~~2025 ~~providers,~~(excluding ~~based~~the ineffects ~~significant~~of ~~part on geopolitical developments and macroeconomic factors beyond our control. Throughout 2023 and 2024~~tariffs), supply chain constraints and inflation moderated, while geopolitical and macroeconomic factors remained volatile in certain countries.

In 2025, the trade policy and tariff actions by the U.S. government created significant uncertainty and potential risks for our business. These actions have increased the cost of certain raw materials and components, impacting our cost of products sold, and throughout 2025 led to “pre-loading” of finished product inventories by foreign competitors that delayed and may continue to delay expected positive impacts of tariffs on appliances and impact competitors’ go-to-market actions.

We have been able to and expect to continue to use our scale and dual sourcing strategies to optimize our supply chain, even with the U.S. government's tariff actions.

Working Capital

The Company maintains varying levels of working capital throughout the year to support business needs and customer requirements through various inventory management techniques, including demand forecasting and planning. The demand forecasting and planning includes planning for a variety of seasonal factors, including holiday-driven promotional periods. In each fiscal year, the Company's total revenue and operating margins are typically highest in the third and fourth quarter, and this pattern is more pronounced in our SDA Global operating segment. See the Financial Condition and Liquidity section of the “Management's Discussion and Analysis” section of this Annual Report on Form 10-K for additional information on our working capital requirements and processes.

Trademarks, Licenses and Patents

We consider the trademarks, copyrights, patents, and trade secrets we own, and the licenses we hold, in the aggregate, to be a valuable asset. Whirlpool is the owner of a number of trademarks in the United States and foreign countries. Whirlpool has a strong presence in North America with the Whirlpool, Maytag, JennAir, KitchenAid, InSinkErator, and Amana brands; in Latin America with the Consul, Brastemp, Whirlpool, KitchenAid and Acros brands; and in Asia with Whirlpool brand.

10We receive royalties from licensing our trademarks to third parties who manufacture, sell and service certain products bearing the Whirlpool, Maytag, KitchenAid and Amana brand names. As part of the transaction with Arcelik involving the contribution of our European major domestic appliance business, we agreed to a multi-year licensing of the Whirlpool brand to Beko Europe for sales in Europe. We also have agreed to multi-year agreements related to licensing certain intellectual property to Whirlpool India and Whirlpool China. We continually apply for and obtain patents globally. The primary purpose in obtaining patents is to protect our designs, technologies, products and services.

We receive royalties from licensing our trademarks to third parties who manufacture, sell and service certain products bearing the Whirlpool, Maytag, KitchenAid and Amana brand names. As part of the transaction with Arcelik involving the contribution of our European major domestic appliance business, we agreed to a multi-year licensing of the Whirlpool brand to the newly formed company for sales in Europe. We continually apply for and obtain patents globally. The primary purpose in obtaining patents is to protect our designs, technologies, products and services.

Government Regulation and Protection of the Environment

We know that an environmentally sustainable Whirlpool is a more competitive Whirlpool -— a company better positioned for long-term success. Our ~~Environmental,~~Corporate ~~Social~~Responsibility ~~and Governance (ESG)~~ strategy is an integral part of our long-term, globally -aligned strategic imperatives and operating priorities. It is deeply embedded in our vision, mission and values as an organization. We seek opportunities to broaden and deepen our ~~ESG~~corporate responsibility commitments and to continue making life at home, in our communities and in our operations better today and in the future.

We are committed to developing ~~innovative~~and ~~products~~producing ~~that~~high-performing ~~drive~~appliances ~~efficiencies~~at inaffordable ~~water~~prices ~~and~~while reducing energy ~~use~~and water consumption and ~~save~~enhancing ~~our~~durability ~~consumers’~~and ~~time~~recyclability. From the initial design phase to packaging and end of life, we leverage new technologies, materials and processes, embedding sustainability throughout as we work to minimize the environmental impact of our products while upholding our commitment to excellence in quality and performance. We are also committed to a 20 percent reduction in emissions linked to the use of our products (scope 3 category 11) across the globe by 2030, compared to 2016 levels. This target has been approved by the Science Based Targets initiative, and builds on the Company's reduction in emissions across all scopes since 2005.

In ~~2021~~2025, ~~the~~we ~~Company~~had ~~announced~~our anew ~~global~~emission ~~commitment~~reduction totargets ~~reach~~validated aby ~~net~~the ~~zero~~Science-based ~~emissions~~Targets ~~target~~initiative (SBTi). We committed to a 65% reduction in ~~its~~emissions ~~plants~~across ~~and~~our operations (~~scopes~~Scope 1-Direct Emissions and 2-Indirect Emissions) byand ~~2030,~~a ~~which~~25% isreduction ~~expected~~in toemissions ~~cover~~linked ~~Whirlpool~~to ~~Corporation's~~the ~~manufacturing~~use ~~sites~~of ~~and~~our ~~its~~products ~~large~~(Scope ~~distribution~~3 ~~centers~~category 11) around the ~~world~~globe by 2030, compared to 2021 levels. We ~~expect~~also tohad ~~achieve~~a ~~this~~new long-term target validated to reach net-zero emissions across the value chain by ~~generating~~2050 ~~and~~from ~~consuming~~a ~~renewable~~2021 ~~energy,~~base ~~including~~year. ~~installation~~This ofincludes ~~wind~~a ~~turbines,~~90% ~~solar~~reduction ~~panels~~in Scope 1 and ~~investing~~2 inemissions ~~off-site~~and ~~renewables~~Scope ~~through~~3 ~~virtual~~category ~~power~~1 ~~purchase~~and ~~agreements,~~category ~~improvements~~11 inemissions ~~energy~~from ~~efficiency,~~a ~~electrification~~2021 ~~and~~base ~~leveraging~~year. ~~carbon~~These ~~removal~~new togoals ~~offset~~build directly upon the Company's earlier science-based targets and overall emissions ~~that~~reductions ~~cannot~~across beall ~~avoided~~scopes since 2005.

We ~~comply~~expect ~~with~~to ~~all~~achieve ~~laws~~our ~~and~~Scope ~~regulations~~1 ~~regarding~~and ~~protection~~2 ofreduction ~~the~~targets ~~environment,~~by ~~and~~improvements in ~~many~~energy ~~cases~~efficiency, ~~where~~electrification, ~~laws~~generation and ~~regulations~~consumption ~~are~~of ~~less~~renewable ~~restrictive~~energy, weincluding ~~have~~installation ~~established~~of ~~and~~wind ~~are following our own standards~~turbines, ~~consistent~~solar ~~with~~panels ~~our commitment to environmental responsibility. These compliance requirements pair well with our ESG focus~~ and weinvestment ~~believe that we are~~ in ~~compliance,~~off-site inrenewables ~~all~~through ~~material~~virtual ~~respects,~~power ~~with~~purchase ~~presently~~agreements. ~~applicable~~We ~~governmental~~plan ~~provisions relating~~ to ~~environmental~~leverage ~~protection~~carbon inremoval ~~the~~to ~~countries~~offset inemissions ~~which~~that wecannot have manufacturing operations. Compliance with these environmental laws and regulations did not have a material effect on capital expenditures, earnings, or our competitive position during 2024 and is not expected to be ~~material in 2025~~avoided.

~~The~~We ~~entire~~comply ~~major~~with ~~home~~all ~~appliance~~laws ~~industry,~~and ~~including~~regulations ~~Whirlpool,~~regarding ~~must contend with~~ the ~~adoption~~protection of ~~stricter~~the ~~government~~environment, ~~energy~~ and ~~environmental~~in ~~standards.~~many ~~These~~cases ~~standards~~where ~~have~~laws ~~been~~and ~~phased~~regulations inare ~~over~~less ~~the~~restrictive, ~~past~~we ~~several~~have ~~years~~established and ~~continue~~are tofollowing beour ~~phased~~own instandards, ~~and~~consistent ~~include~~with ~~the~~our ~~general~~commitment ~~phase-out~~to ofenvironmental ~~ozone-depleting~~responsibility. ~~chemicals~~These ~~used~~compliance inrequirements ~~refrigeration,~~pair ~~and~~well ~~energy~~with ~~and~~our ~~related~~commitment ~~standards~~to ~~for~~corporate ~~selected~~responsibility ~~major~~and ~~appliances,~~we ~~regulatory~~believe ~~restrictions~~that onwe ~~the~~are ~~materials~~in ~~content~~compliance, ~~specified for use~~ in ~~our~~all ~~products~~material byrespects, ~~some~~with ~~jurisdictions~~presently ~~and~~applicable ~~mandated~~governmental ~~recycling~~provisions ofrelating ~~our~~to ~~products~~environmental ~~and~~protection ~~packaging~~in ~~materials~~the atcountries ~~the~~in ~~end~~which ofwe ~~their~~have ~~useful~~manufacturing ~~lives~~operations. Compliance with these ~~various~~environmental ~~standards,~~laws asand ~~they~~regulations ~~become~~did ~~effective,~~not ~~will~~have ~~increase~~a ~~costs~~material oreffect ~~require~~on ~~some~~capital ~~product redesign. However~~expenditures, ~~we believe~~earnings, ~~based~~or on our ~~understanding~~competitive ofposition ~~the~~during ~~current~~2025 ~~state~~and ofis ~~proposed~~not ~~regulations,~~expected ~~that~~to ~~we will~~ be ~~able~~material toin ~~develop, manufacture, and market products that comply with these regulations~~2026.

Various municipal, state, and federal regulators have discussed, proposed, or sought to enact new regulations or bans on appliances that utilize natural gas. These regulations would impose transition costs and impact our product mix and product offerings, among other impacts. We also believe that transition to a lower-carbon economy presents opportunities for our business, given our broad-based product portfolio of resource-efficient appliances, including a full line of electric, natural gas and induction-based appliances.10

11The entire major home appliance industry, including Whirlpool, must contend with the adoption of stricter government energy and environmental standards. These standards have been phased in over the past several years and include the general phase-out of certain chemicals used in refrigeration. These standards also include energy and related standards for selected major appliances, regulatory restrictions on the materials content specified for use in our products, right-to-repair regulations, and mandated recycling of our products and packaging materials at the end of their useful lives. Compliance with these various standards, as they become effective, will increase costs or require some product redesign. However, we believe, based on our understanding of the current state of proposed regulations, that we will be able to develop, manufacture, and market products that comply with these regulations.

~~Our~~Various ~~operations~~municipal, ~~are~~state, ~~also~~and ~~subject~~federal toregulators ~~numerous~~have ~~legal~~discussed, ~~and~~proposed, ~~regulatory~~or ~~requirements~~enacted ~~concerning~~new ~~product~~regulations ~~energy~~or ~~usage,~~bans ~~data~~on ~~privacy,~~cooking ~~cybersecurity,~~appliances ~~employment~~that ~~conditions~~utilize ~~and~~natural ~~worksite health and safety~~gas, ~~among~~which ~~others.~~would ~~These~~impose ~~requirements~~transition ~~often~~costs ~~provide~~and ~~broad~~impact ~~discretion~~our toproduct ~~government~~mix ~~authorities,~~ and ~~they~~product ~~could~~offerings, beamong ~~interpreted~~other orimpacts. ~~revised~~We inalso ~~ways~~believe that ~~delay~~transition ~~production~~to ora ~~make~~lower-carbon ~~production~~economy ~~more~~presents ~~costly.~~opportunities ~~The~~for ~~costs~~our ~~to comply~~business, orgiven ~~associated~~our ~~with~~broad-based ~~any~~product ~~noncompliance,~~portfolio ~~are,~~of orresource-efficient ~~can be~~appliances, ~~significant~~including ~~and~~a ~~vary~~full ~~from~~line ~~period~~of toelectric ~~period.~~and induction-based appliances.

Our operations are also subject to numerous legal and regulatory requirements concerning data privacy, cybersecurity, employment conditions and worksite health and safety. These requirements often provide broad discretion to government authorities, and they could be interpreted or revised in ways that delay production or make production more costly. The costs to comply, or associated with any noncompliance, are, or can be, significant and vary from period to period.

Human Capital Management

At Whirlpool, our enduring values guide everything we do. We have created an environment where open and honest communication is the expectation, not the exception. We hold our employees to this standard and offer the same in return. Our Integrity Manual helps our employees follow our commitment to win the right way. Additionally, our Supplier Code of Conduct formalizes the key principles under which Whirlpool’s suppliers are required to operate.

Our Human Capital Strategy is built around three pillars:

Effective and Efficient Organization

Our employees are a critical driver of Whirlpool’s global business results. On December 31, ~~2024~~2025, Whirlpool employed approximately 4441,000 employees across 27 countries, with 39% located within the United States. Outside of the United States, our largest employee populations were located within Brazil and Mexico.

Through our organizational effectiveness practices, we seek to ensure that our organizational design, processes and governance are fit for purpose. For example, we evaluated and increased the average span of control for our people leaders to be aligned with best practice, reduced complexity and increased the speed of decision-making. We also changed reporting lines and the way work is accomplished to enable more autonomy, speed, and agility within our business units. Lastly, we identified and have begun implementing technology enhancements and process improvements needed to enable our strategic imperatives and operational priorities.

In ~~2024, as part of our organizational model, we introduced Accelerator Centers of Excellence, a more refined Strategic Center and Business Unit Services. During~~ 2025, we ~~will~~ further ~~evolve~~evolved our business services model, transitioning ~~certain~~specific ~~functional~~business processes to a third-party ~~partner~~service provider. This ~~will~~allows ~~allow~~ us to optimize cross-functionally, leverage scale, and automate repeatable operational processes to capture efficiency gains and further enable speed and agility within our business units.

Best Talent and Leadership

We believe that our talent is a competitive advantage. We invest in attracting the best talent, developing employees’ skills and capabilities, and retaining top talent. We provide robust and challenging career opportunities for employees, ~~which~~as ~~ensures~~we ~~that~~strive weto build a deep succession bench for ~~our leadership roles. We provide all employees with access to learning opportunities to improve critical skills in order to develop the capabilities required to succeed now and into the future.~~

Development of leadership acumen within Whirlpool Corporation is critical in ensuring people leaders at all levels are capable and confident in their ability to bring out the best in our people. At Whirlpool, we believe in “Leaders Teaching Leaders'' where our senior leaders are expected to embrace their role in developing our next generation of leaders. As a result, all of our leadership development programs are internally designed and facilitated by Whirlpool leaders. The benefits of this strategy are multifold; our senior leaders learn and grow by teaching others, our next-level leaders learn from their role models’ personal experiences and in turn, our organization builds a leadership engine. Leadership development is a crucial component of our overall organizational strategy, and will continue to be an area of focus in the coming years.11

12our leadership roles. We provide all employees with access to learning opportunities to improve critical skills in order to develop the capabilities required to succeed now and into the future.

Development of leadership acumen within Whirlpool Corporation is critical in ensuring people leaders at all levels are capable and confident in their ability to bring out the best in our people. At Whirlpool, we believe in “Leaders Teaching Leaders'' where our senior leaders are expected to embrace their role in developing our next generation of leaders. As a result, our leadership development programs are internally designed and facilitated by Whirlpool leaders. The benefits of this strategy are multifold; our senior leaders learn and grow by teaching others, our next-level leaders learn from their role models’ personal experiences and in turn, our organization builds a leadership engine.

Winning Culture

We continually foster aan ~~“family~~owner's ~~feel” culture where we are accountable to each other~~mindset. This means that we live our enduring values and ~~conduct~~Whirlpool ~~ourselves~~Leadership inModel abehaviors ~~way~~through ~~that~~the islens ~~consistent~~of ~~with~~an ~~the~~owner ~~Whirlpool~~of ~~Leadership~~this ~~Model behaviors~~Company.

We leverage a multi-faceted employee listening strategy to better understand our employees’ experience and needs, including regular employee engagement pulse surveys ~~that cover broad engagement, belonging and well-being topics~~. In ~~2024~~2025, ~~we solicited~~ feedback onfrom ~~topics related to the support that~~ our employees ~~needed,~~indicates inthat ~~light~~their ofengagement ~~our~~remains ~~business~~strong, ~~strategy~~slightly ~~and~~increasing ~~portfolio~~from ~~transformation~~2024. WeThis ~~used this~~ feedback towas ~~design~~received ~~“Leading~~from ~~Change”~~over ~~sessions~~29,000 toemployees, ~~equip~~which ~~our~~is ~~senior~~approximately ~~leaders~~70% toof ~~drive ongoing change and empower their teams to deliver~~ our ~~portfolio~~employee ~~transformation~~population.

Our employees’ safety and well-being is of the utmost importance. Whirlpool has a proud history of providing our employees with comprehensive and competitive benefits packages and we continue to invest in our employees' health and well-being. Our global well-being strategy focuses on six main pathways: Be healthy; Be you; Be balanced; Be curious; Be prepared; and Be connected, to further empower and support our employees to “Be Well” in all aspects of their lives. We provide benefits, resources and tools, ~~such as webinars and communications globally,~~ to ~~help~~support our employees ~~explore~~with each of the pathways. We also provide a global Employee Assistance Program to support employees and their families with confidential counseling, coaching and referral services to address personal or work concerns that affect their well-being.

Whirlpool offers a variety of programs globally to protect the health and safety of our employees. While we maintain targets for year-over-year reduction of the total recordable incident rate and serious injuries, our goal is always zero.

Whirlpool believes in creating a culture of inclusion where all employees feel a sense of belonging. Inclusion and Diversity has been an enduring value at Whirlpool for decades. Our efforts to appreciate all perspectives and backgrounds enable us to understand our diverse consumer base, improve our products so they can be used by everyone, and make our communities stronger.

For additional information, please see Whirlpool Corporation’s website (www.whirlpoolcorp.com), and forthcoming ~~2025~~2026 Proxy Statement and ~~2024~~2025 ~~Sustainability~~Corporate Responsibility reports: Impact Report and Technical Report. The contents of our ~~Sustainability~~Corporate ~~Report~~Responsibility Reports, Proxy Statement (except where noted herein), and the Company's website are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.

Other Information

For information about the challenges and risks associated with our foreign operations, see "Risk Factors" under Item 1A.

Whirlpool is a major supplier of laundry, refrigeration, cooking and dishwasher home appliances to Lowe's, a North American retailer. Sales to Lowe's represented approximately 1315%, 13%, and 1413% of our consolidated net sales in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. Lowe's represented approximately 3844% and 38% of our consolidated accounts receivable as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. For additional information, see Note 15 to the Consolidated Financial Statements.

1312

Information About Our Executive Officers

The following table sets forth the names and ages of our executive officers on February 1311, ~~2025~~2026, the positions and offices they held on that date, and the year they first became executive officers:

Name	Office	First Becamean ExecutiveOfficer	Age
Marc R. Bitzer	Chairman of the Board and Chief Executive Officer and President, Whirlpool Asia	2006	6061
James W. Peters	Executive Vice President and Chief Financial and Administrative Officer and President, Whirlpool Asia	2016	55
Roxanne Warner	Executive Vice President and Chief Financial Officer	2026	43
Carey Martin	Executive Vice President and Chief Human Resources and Corporate Relations Officer	2023	48
Juan Carlos Puente	Executive President, Whirlpool North America and Global Strategic Sourcing	2023	51
Juan Carlos Puente	Executive Vice President and President, Whirlpool Latin America	2023	50
Ludovic Beaufils	Executive President, KitchenAid Small Appliances, Whirlpool Latin America, Global Information Technology, and Design	2024	53
Ludovic Beaufils	Executive Vice President and President, KitchenAid Small Appliances	2024	52
Carey Martin	Executive Vice President and Chief Human Resources, Corporate Relations and Business Services Officer	2023	49
Alessandro Perucchetti	Executive Vice President and President, Whirlpool North America	2024	49
Kyle De Jong	Executive Vice President and Chief Legal Officer	2025	46

The executive officers named above were elected by our Board of Directors to serve in the office indicated until the first meeting of the Board of Directors following the annual meeting of stockholders in ~~2025~~2026 and until a successor is chosen and qualified or until the executive officer's earlier resignation or removal.

Each of our executive officers has held the position set forth in the table above or has served Whirlpool in various executive or administrative capacities for at least the past five years.

Available Information

Financial results and investor information (including Whirlpool's Form 10-K, 10-Q, and 8-K reports) are accessible at Whirlpool's investor website: investors.whirlpoolcorp.com. Copies of our Form 10-K, 10-Q, and 8-K reports and amendments, if any, are available free of charge through our website on the same day they are filed with, or furnished to, the Securities and Exchange Commission.

We routinely post important information for investors on our website, whirlpoolcorp.com, in the "Investors" section. We also intend to update the Hot Topics Q&A portion of this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

PART I


ITEM 1A.			RISK FACTORS

This report contains statements referring to Whirlpool that are not historical facts and are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which are intended to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, are based on current projections about operations, industry conditions, financial condition and liquidity. Words that identify forward-looking statements include words such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "determine," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "may affect," “guarantee”,” “seek,” "would," "committed," "undertake," "target," and the negative of these words and words and terms of similar substance used in connection with any discussion of future operating or financial performance, an acquisition or merger, or our businesses. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Those statements are not guarantees and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results could differ materially and adversely from these forward-looking statements.

other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Those statements are not guarantees and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results could differ materially and adversely from these forward-looking statements.

We have listed below what we believe to be the most significant strategic, operational, financial, legal and compliance, and general risks relating to our business.

STRATEGIC RISKS

We face intense competition in the home appliance industry and failure to successfully compete could adversely affect our business and financial performance.

Each of our operating segments operates in a highly competitive business environment and faces intense competition from a significant number of competitors, many of which have strong consumer brand equity. Several of these competitors, such as those set forth in the Business section of this Annual Report on Form 10-K, are large, well-established companies, ranking among the Global Fortune 500. We also face competition that may be able to quickly adapt to changing consumer preferences, particularly in the connected appliance ~~space~~and direct-to-consumer spaces, or may be able to adapt more quickly to changes brought about by supply chain constraints, inflationary pressures, currency fluctuations, ~~geopolitical~~trade ~~uncertainty,~~laws ~~epidemics~~and ortariffs, ~~pandemics~~geopolitical uncertainty, increased interest rates or other factors. Moreover, our customer base includes large, sophisticated trade customers who have many choices and demand competitive products, services and prices, and which have and may in the future merge, consolidate, form alliances or further increase their relative purchasing scale. Competition in the global appliance industry is based on a number of factors including selling price, product features and design, consumer preference, performance, innovation, reputation, energy efficiency, service, quality, cost, distribution, and financial incentives, such as promotional funds, sales incentives, volume rebates and terms. Many of our competitors are increasingly expanding beyond their existing manufacturing footprints. Our competitors, especially global competitors with low-cost sources of supply, vertically integrated business models and/or highly protected home countries outside the United States (U.S.), have aggressively priced their products and/or introduced new products to increase market share and expand into new geographies. Many of our competitors have established and may expand their presence in the rapidly changing retail environment, including the continued shift of consumer purchasing practices towards e-commerce and other channels, and the increasing global prevalence of direct-to-consumer sales models. In addition, technological innovation is a significant competitive factor for our products, as consumers continually look for new product features that save time, effort, water and energy. We may further be exposed to competitive risks related to the adoption and application of new technologies by established participants or new entrants, and competitive risks from uncertainty driven by changes to trade laws, regulations and policies, including tariffs, sanctions, and import/export controls. If we are unable to successfully compete in this highly competitive environment, our business and financial performance could be adversely affected.

A loss of or substantial decline in volume of sales to any of our key trade customers, major buying groups, and/or builders could adversely affect our financial performance.

We sell to a sophisticated customer base of large trade customers, including large domestic and international trade customers, that have significant leverage as buyers over their suppliers. Most of our products are not sold through long-term contracts, allowing trade customers to change volume among suppliers like us. As the trade customers continue to become larger through merger, consolidation or organic growth, they have sought and may seek to use their position to improve their profitability by various means, including improved efficiency, lower pricing, and increased promotional programs. As has occurred in the past, if we are unable to meet their demand requirements, our volume growth and financial results could be adversely affected. We also continue to pursue direct-to-consumer sales globally, ~~including the launch of direct-to-consumer sales on most of our brand websites in recent years,~~ which may impact our relationships with existing trade customers. The loss or substantial decline in volume of sales to our key trade customers, major buying groups, builders, or any other trade customers to which we sell a significant amount of products, has adversely affected and in the future could adversely affect our financial performance. Additionally, the loss of share with these trade customers, or financial ~~difficulties, including bankruptcy and financial restructuring, by these trade customers could have a material adverse effect on our financial statements.~~

difficulties, including bankruptcy and financial restructuring, by these trade customers could have a material adverse effect on our financial statements.

Failure to maintain our reputation and brand image could adversely impact our business.

Our brands have worldwide recognition, and our success depends on our ability to maintain and enhance our brand image and reputation. Maintaining, promoting and growing our brands depends on our marketing efforts, including advertising and consumer campaigns, as well as product innovation. We could be adversely impacted if we fail in these efforts or if, whether or not justified, the reputation or image of our company or any of our brands is tarnished or receives negative publicity. In addition, adverse publicity about regulatory or legal action against us, product safety concerns, data privacy breaches or quality issues, inability to meet our net zero or other sustainability goals, or negative association with any brand could damage our reputation and brand image, undermine our customers' confidence in us and reduce long-term demand for our products, even if the regulatory or legal action is unfounded or not material to our operations.

In addition, our success in maintaining, extending and expanding our brand image depends on our ability to adapt to a rapidly changing media environment, including an ever-increasing reliance on social media and online dissemination of advertising campaigns. Inaccurate or negative posts, comments or reviews have been and may continue to be made about us or our products on social media and other websites that can spread rapidly through such forums, which could seriously damage our reputation and brand image. Implementation of generative, agentic and other forms of artificial intelligence (“AI”) into our business and products poses risks, such as the misuse of such AI by personnel or vendors, or unintended consequences of such AI, that have and could result in reputational harm. If we do not protect, maintain, extend and expand our brand image, then our financial statements could be materially and adversely affected.

An inability to effectively execute and manage our business objectives, strategic portfolio transformation and transition to an outsourced third-party business unit services model could adversely affect our financial performance.

The highly competitive nature of our industry requires that we effectively execute and manage our business objectives, including key strategic priorities and initiatives. In 2022, we announced a strategic portfolio transformation initiative with a goal of focusing our portfolio on higher-growth, higher-margin businesses. Since that time, we have divested our operations in Russia and the Middle East and North Africa (MENA), contributed our Europe major appliance business to a newly formed entity with Arcelik (“Beko Europe”), acquired InSinkErator, and ~~increased~~reduced ~~Whirlpool~~our ~~India’s~~equity ~~ownership~~stake in ~~Elica~~Whirlpool PB India. ~~We also resegmented our operating segments~~ to ~~provide~~less ~~more~~than ~~information~~a onmajority. ~~our~~We ~~small~~also ~~domestic appliance business, and~~ undertook a reorganization of our salaried workforce focused on efficiency and empowering our business units.

The successful implementation of the initiative has and may in the future present challenges and we may not be able to fully realize all of the anticipated benefits from the initiative. Events and circumstances, such as financial or strategic difficulties, organizational and people transitions, delays and unexpected costs may occur that could result in the Company not realizing all of the anticipated benefits or the Company not realizing such benefits on our expected timetable. If we are unable to fully realize the anticipated benefits from our portfolio transformation, including increased profitability driven by higher-growth, higher-margin businesses, our ability to fund other initiatives may be adversely affected. The failure to successfully implement this or our other important strategic initiatives may materially adversely affect our operating results, financial condition and liquidity.

16In 2024, as part of our organizational model, we introduced Accelerator Centers of Excellence, a more refined Strategic Center and Business Unit Services. During 2025, we further evolved our business services model, transitioning certain functional processes to a third-party provider. The reliance on external providers may increase the risk of service disruptions, data breaches, or non-compliance with regulatory requirements. Standardized processes may lead to a lack of flexibility, making it harder to respond to specific business unit needs. Additionally, inconsistent oversight of third-party operations could compromise the accuracy and integrity of financial reporting, while diminished internal control over key functions could result in errors, fraud, or regulatory penalties.

and unexpected costs may occur that could result in the Company not realizing all of the anticipated benefits or the Company not realizing such benefits on our expected timetable. If we are unable to fully realize the anticipated benefits from our portfolio transformation, including increased profitability driven by higher-growth, higher-margin businesses, our ability to fund other initiatives may be adversely affected. The failure to implement successfully this or our other important strategic initiatives may materially adversely affect our operating results, financial condition and liquidity.15

In 2024, as part of our organizational model, we introduced Accelerator Centers of Excellence, a more refined Strategic Center and Business Unit Services. During 2025, we will further evolve our business services model, transitioning certain functional processes to a third-party provider. The reliance on external providers may increase the risk of service disruptions, data breaches, or non-compliance with regulatory requirements. Standardized processes may lead to a lack of flexibility, making it harder to respond to specific business unit needs. Additionally, inconsistent oversight of third-party operations could compromise the accuracy and integrity of financial reporting, while diminished internal control over key functions could result in errors, fraud, or regulatory penalties.

An inability to understand consumers’ preferences and to timely identify, develop, manufacture, market, and sell products that meet customer demand could adversely affect our business.

Our success is dependent on anticipating and appropriately reacting to changes in consumer preferences, including the shifting of consumer purchasing practices towards e-commerce, direct-to-consumer and other channels, and on successful new product development, including in the eco-efficiency space, the connected appliance space and the digital space, and process development and product relaunches in response to such changes. In addition, the adoption of ~~generative artificial intelligence ("~~AI") technologies may bring challenges in terms of disruption to both our business model and our existing technology and products. We may further be exposed to competitive risks related to the adoption and application of new technologies by established participants or new entrants, and others. The speed of technological development may prove disruptive if we are unable to maintain the pace of innovation. To compete effectively we must also be responsive to technological change, potential regulatory developments, and public scrutiny. Our future results and our ability to maintain or improve our competitive position will depend on our capacity to gauge the direction of our key product categories and geographic regions and upon our ability to successfully and timely identify, develop, manufacture, market, and sell new or improved products in these changing environments.

Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products, services and brands.

We consider our intellectual property rights, including patents, trademarks, copyrights and trade secrets, and the licenses we hold, to be a significant and valuable aspect of our business. We attempt to protect our intellectual property rights through a combination of patent, trademark, copyright and trade secret laws, as well as licensing agreements and third-party nondisclosure and assignment agreements, as well as agreements and policies with our employees and other parties (including non-compete agreements which may become subject to future regulatory action impacting many companies). Our failure to secure and maintain protection for or adequately protect our trademarks, products, new features of our products, or our processes may diminish our competitiveness.

We have applied for intellectual property protection in the U.S. and other key jurisdictions with respect to certain innovations and new products, design patents, product features, and processes. We cannot be assured that the U.S. Patent and Trademark Office or any similar authority in other jurisdictions will approve any of our patent applications. Our intellectual property has been subject to infringement by certain parties in the past and we may experience such infringement in the future. We have also sought and are seeking to enforce our intellectual property rights through litigation against parties that we believe are infringing on certain of our patents and trademarks, and we may be unsuccessful in such litigation or, if successful, the outcome of such litigation may be inadequate to redress the infringement at issue. Additionally, the patents we own could be challenged or invalidated, others could design around our patents or the patents may not be of sufficient scope or strength to provide us with any meaningful protection or commercial advantage. Further, the laws of certain foreign countries in which we do business do not recognize intellectual property rights or protect them to the same extent as U.S. law. These factors could weaken our competitive advantage with respect to our products, services, and brands in foreign jurisdictions, which could adversely affect our financial performance. Moreover, while we do not believe that any of our products infringe on enforceable intellectual property rights of third parties, others have in the past and may in the future assert intellectual property rights that cover some of our technology, brands, products, or services. Any litigation regarding patents or other intellectual property could be costly and time-consuming and could divert the attention of our management and key personnel from our business operations. Claims of intellectual property infringement might also require us to enter into costly license agreements or modify our products or services. We also may be subject to significant damages, injunctions against the development and sale of certain products or services, or

1716

property rights or protect them to the same extent as U.S. law. These factors could weaken our competitive advantage with respect to our products, services, and brands in foreign jurisdictions, which could adversely affect our financial performance.Moreover, while we do not believe that any of our products infringe on enforceable intellectual property rights of third parties, others have in the past and may in the future assert intellectual property rights that cover some of our technology, brands, products, or services. Any litigation regarding patents or other intellectual property could be costly and time-consuming and could divert the attention of our management and key personnel from our business operations. Claims of intellectual property infringement might also require us to enter into costly license agreements or modify our products or services. We also may be subject to significant damages, injunctions against the development and sale of certain products or services, or limited in the use of our brands. In addition, advances in and growing adoption of AI technology may exacerbate intellectual property risks, including the risk that existing intellectual property laws and rights may not provide adequate protection given advances in AI technology. AI may also increase the risk of inadvertent disclosure of Whirlpool's trade secrets and other confidential information as well as the risk that Whirlpool inadvertently infringes upon others' intellectual property rights.

OPERATIONAL RISKS

We face risks associated with our divestitures, acquisitions, other investments and joint ventures.

From time to time, we make strategic divestitures, acquisitions, investments and participate in joint ventures. For example, in ~~2021, we divested our majority interest in Whirlpool China (formerly Hefei Sanyo), and in~~ 2022, we divested our operations in Russia and acquired our InSinkErator business from Emerson Electric Co. In April 2024, we closed the sale of our MENA major domestic appliance business and also contributed our European major domestic appliance business to Beko Europe, while retaining a 25% interest in Beko Europe. In 2025 we completed a share sale to lower our equity stake in Whirlpool India below a majority of Whirlpool India’s outstanding shares. These transactions, and other transactions that we have entered into or which we may enter into in the future, involve significant challenges and risks, including that the transaction does not advance our business strategy or fails to produce a satisfactory return on our investment. We have encountered and may encounter difficulties in integrating acquisitions with our operations, separating divested businesses from our operations, undertaking post-acquisition restructuring activities, applying our internal control processes to these acquisitions, managing strategic investments, and in overseeing the operations, systems, and controls of acquired companies. We have also experienced and may in the future experience entity governance and management difficulties where we hold only a minority, as is the case with Whirlpool India, Beko Europe and Whirlpool China, or simple majority equity ownership position. Integrating acquisitions and carving out divestitures is often costly, may be dilutive to earnings and may require significant attention from management. There might also be differing or inadequate cybersecurity and data protection controls, which could impact our exposure to data security incidents and potentially increase anticipated costs or time to integrate the business, as well as inadequate protection and/or unauthorized usage of our intellectual property. We also have and may in the future enter into agreements with certain affiliated entities where we do not hold a majority interest, which may introduce antitrust, product liability, intellectual property, and sourcing risk, among others. In addition, our ability to apply our internal controls and compliance policies to our minority interest investments is limited and can expose us to additional financial and reputational risks. Furthermore, we may not realize the degree, or timing, of benefits we anticipate when we first enter into a transaction.

While our evaluation of any potential transaction includes business, legal, regulatory and financial due diligence with the goal of identifying and evaluating the material risks involved, our due diligence reviews have not always or consistently identified and may not always or consistently in the future identify all of the issues necessary to accurately estimate and address the cost, time and potential loss contingencies of a particular transaction, including potential exposure to regulatory actions and other potential compliance-related liabilities resulting from an acquisition target's previous activities, costs associated with any quality issues with an acquisition target's legacy products or difficulties and costs associated with obtaining necessary regulatory approvals. In addition, certain liabilities have in the past and may be in the future retained by Whirlpool when closing a facility, divesting an entity or selling physical assets, and certain of these retained liabilities have been material in the past and may be in the future. For example, we agreed to retain certain liabilities relating to legacy EMEA legal matters (see Note 7) in connection with the ~~MENA~~European ~~sale and Europe~~ contribution ~~transactions~~transaction which closed in April 2024. In addition, changes to the U.S. and foreign regulatory approval process and requirements in connection with an acquisition have caused and may cause approvals to take longer than anticipated to obtain, not be forthcoming or contain burdensome conditions, which may jeopardize, delay or reduce the anticipated benefits of the transaction to us and could impede the execution of our business strategy.

1817

foreign regulatory approval process and requirements in connection with an acquisition have caused and may cause approvals to take longer than anticipated to obtain, not be forthcoming or contain burdensome conditions, which may jeopardize, delay or reduce the anticipated benefits of the transaction to us and could impede the execution of our business strategy.

The ability of our suppliers to deliver parts, components and manufacturing equipment to our manufacturing facilities according to schedule and quality required may impact our ability to manufacture without disruption and could affect product availability and sales.

We use a wide range of materials and components in the global production of our products, which come from numerous suppliers around the world. Because not all of our business arrangements provide for guaranteed supply, and our suppliers also are subject to the economic, social and political conditions in the countries in which they operate and, moreover, some key parts may be available only from single-source unaffiliated third-party suppliers or a limited group of suppliers, we are subject to supply chain risk. In addition, certain proprietary component parts used in some of our products are provided by single-source unaffiliated third-party suppliers. We would be unable to obtain these proprietary components for an indeterminate period of time if these single-source suppliers were to cease or interrupt production or otherwise fail to supply these components to us as agreed, which could adversely affect our product sales and operating results.

Our operations and those of our suppliers are subject to disruption for a variety of unexpected reasons, including, but not limited to, sudden changes in business conditions, plant shutdowns or slowdowns, transportation delays due to port delays or any disruption on the supply chain, work stoppages, epidemics and pandemics, labor shortages, labor relations, global geopolitical instability, foreign conflict or country invasion, price inflation, governmental regulatory and enforcement actions, including with respect to trade and tariffs, intellectual property claims against suppliers, disputes with suppliers, distributors or transportation providers, financial issues such as supplier bankruptcy, information technology failures, hazards such as fire, earthquakes, flooding, or other natural disasters, including due to climate change, and increased homeland security requirements in the U.S. and other countries. For example, we have in the past and may in the future be significantly impacted by supply chain issues, due to factors largely beyond our control, including a global shortage of certain components, such as select semiconductors, a strain on raw materials and input cost inflation. These issues have delayed and could in the future delay importation and increase the cost of products and/or components or require us to locate alternative providers to avoid disruption to customers. These alternatives have not always been and in the future may not be available on short notice and have in the past and in the future could result in higher transit costs and stock availability, which could have an adverse impact on our business and financial statements. We also have in the past and may in the future experience significant quality issues with certain materials or components sourced from one or more suppliers, and we may be unable to fully recover from the supplier for such defects. Such quality issues could have a significant adverse impact on our financial statements. Additionally, we are subject to our suppliers’ capabilities to accurately forecast and manage their production and supply chains and consistently supply us with parts and raw materials, which can impact our operations given the combination of potential issues including sourcing thousands of parts globally from numerous suppliers in multiple countries.

The inability to timely convert our backlog due to supply chain disruptions subjects us to pricing and product availability risks and its conversion into revenue. If our suppliers are unable to effectively recover parts and components and we are unable to effectively manage the impacts of price inflation and timely convert our backlog, our financial statements could materially and adversely be affected.

The lack of availability of any parts, components or equipment has resulted and could in the future result in production delays and sales disruptions, as well as our ability to fulfill contractual obligations. Unexpected disruption risks as such cannot be completely eliminated due to our reliance on suppliers’ performance to consistently build and ship products to customers.

Insurance for certain disruptions may not be available, affordable or adequate. The effects of climate change, including extreme weather events, long-term changes in temperature levels and water ~~availability~~scarcity may exacerbate these risks. Such disruption has in the past and could in the future interrupt our ability to manufacture certain products. Any significant supply chain disruption for the reasons stated above or otherwise could have a material adverse impact on our financial statements.

1918

Risks associated with our international operations may decrease our revenues and increase our costs.

For the year ended December 31, ~~2024~~2025, sales outside the North America region represented a significant amount of our net sales. We expect that international sales will continue to account for a significant percentage of our net sales. Accordingly, we have faced and continue to face numerous risks associated with conducting international operations, any of which could negatively affect our financial performance. These risks include the following:

•Political, legal, and economic instability and uncertainty, including the ongoing conflict between Russia and Ukraine, Israel and Palestine, China and Taiwan tensions, the Red Sea conflict and its impact on shipping and logistics and other global conflicts, including tensions between China and the United States, economic instability in Argentina, as well as pandemic-related uncertainties in the countries in which we operate;

•Foreign currency exchange rate fluctuations;

•Changes in foreign tax rules, regulations and other requirements, including changes in tax rates and changes in statutory and judicial interpretations of tax laws which could result in significant tax disputes;

•Changes in diplomatic and trade relationships, including sanctions, export controls, and related regulations resulting from the current political situation in countries in which we do business, and potential changes to the United States-Mexico-Canada Agreement (USMCA) and other trade agreements;

•Inflation and/or deflation, and changes in interest rates;

•Changes in foreign country regulatory requirements, including data privacy laws;

•Various import/export restrictions and disruptions and the availability of required import/export licenses;

•Imposition of tariffs and other trade barriers, as further set forth above;

•Managing widespread operations and enforcing internal policies and procedures such as compliance with U.S. and foreign anti-bribery, anti-corruption regulations, and anti-money laundering regulations, such as the U.S. Foreign Corrupt Practices Act (FCPA), U.K. Bribery Act, and antitrust and fair competition laws;

•Significant limitations in our ability to apply our internal controls over financial reporting to our minority interest investments;

•Labor disputes, labor shortages and work stoppages at our operations and suppliers;

•Government price controls;

•Trade customer insolvency and the inability to collect accounts receivable;

•Limitations on the repatriation or movement of earnings and cash; and

•Various U.S. and non-U.S. laws and regulations specific to and/or focused on requirements to ~~ensure~~prohibit the ~~non-~~use of forced labor and child labor within our supply chain, as well as compliance with various applicable human rights laws and regulations.

2019

We are subject to the FCPA, U.K. Bribery Act, and other similar non-U.S. laws and regulations, which may place us at a competitive disadvantage to foreign companies that are not subject to similar regulations. Our internal controls may not always protect us from the improper conduct of our employees, suppliers, sub-suppliers or other contract parties, agents and business partners. Additionally, any suspicion or determination that we have violated the FCPA, U.K. Bribery Act, or other anti-bribery and/or anti-corruption laws could have a material adverse effect on us. We may incur unanticipated costs, expenses or other liabilities as a result of an acquisition target's violation of applicable laws, such as the FCPA, the U.K. Bribery Act, and/or similar anti-bribery/anti-corruption laws in non-U.S. jurisdictions. We may incur unanticipated costs or expenses, including post-closing asset impairment charges, expenses associated with eliminating duplicate facilities, litigation, and other liabilities.

Risks associated with unanticipated social, political, economic and/or public health events, including epidemics and pandemics, may materially and adversely impact our business.

Terrorist attacks, cyber events, armed conflicts (including the war in Ukraine discussed elsewhere in Risk Factors and other global conflicts), bank failures, civil unrest, espionage, natural disasters, governmental actions, epidemics and pandemics have and could affect our domestic and international sales, disrupt our supply chain, and impair our ability to produce and deliver our products. Many of such events have impacted and could directly impact our physical facilities or those of our suppliers or customers, and could materially and adversely impact our business.

Also, a resurgence or development of new strains of COVID-19, or other public health emergencies, epidemics or pandemics, could negatively impact our global operations, trade customers, suppliers, consumers, and each of their financial conditions.

We have been and may be subject to information technology system failures, cloud failures, network disruptions, cybersecurity attacks and breaches in data security, which may materially adversely affect our operations, financial condition and operating results.

We depend on information technology to improve the effectiveness of our operations, to interface with our customers, consumers and employees, to maintain the continuity of our manufacturing operations, and to maintain financial accuracy and efficiency. In addition, we collect, store, and process confidential or sensitive data, including proprietary business information, personal data or other information that is subject to privacy and security laws, regulations and/or customer-imposed controls. Our business processes and data sharing across suppliers and vendors is dependent on technology system availability. Our systems may depend, directly or indirectly, on software developed by third parties (such as open source libraries or vendor software) and we may have limited visibility into the robustness of the security practices followed during design, development, or remediation of this third party software. The failure of any such systems, whether internal, cloud-based or third-party, could disrupt our operations by causing transaction errors, processing inefficiencies, delays or cancellation of customer orders, the loss of customers, impediments to the manufacture or shipment of products, other financial and business disruptions, employee relations issues, the loss of or damage to intellectual property and the unauthorized disclosure or compromise of personal data of consumers and employees or of commercially sensitive information.

In addition, we have outsourced certain technology services and administrative functions to third-party service providers and may outsource additional functions in the future. If these service providers do not perform effectively or experience failures, we may experience similar issues depending on the function involved. In addition, we may not achieve expected cost savings of outsourcing and may incur additional costs to correct errors made by such service providers.

Our information systems, or those of our third-party service providers, have been in the past and could be in the future impacted by malicious activity of threat actors intent on extracting or corrupting information or disrupting business processes, or by unintentional data-compromising activities by our employees or service providers. The use of ~~generative~~ AI technologies could lead to the unauthorized disclosure of sensitive, proprietary, or confidential information, inadvertent infringement of intellectual property owned by third parties, and could lead to new potential cyberattack methods for third parties.

2120

~~infringement~~Unauthorized access has in the past and could in the future disrupt our business, result in the loss of ~~intellectual~~assets, ~~property~~expose ~~owned~~the company to potential litigation and/or regulatory liability, and adversely affect our reputation. Cyber attacks are becoming more sophisticated and include ransomware attacks, attempts to gain unauthorized access to data, social engineering and other security breaches that have in the past and could in the future lead to disruptions in availability of critical systems, unauthorized release of confidential or otherwise protected information, and corruption of data. Our growth in the areas of direct-to-consumer sales and connected appliances (the "Internet of Things"); increasingly advanced data processing capabilities, accompanied by increasing handling of consumer information; and evolving AI technologies, has increased these risks. These events have in the past and could in the future impact our customers, consumers, employees, third parties, and reputation and have in the past and could in the future lead to ~~new~~financial losses from remediation actions, loss of business or potential ~~cyberattack~~litigation ~~methods~~or ~~for~~regulatory ~~third~~liability ~~parties~~or an increase in expenses. While we have not yet experienced any material impacts from a cyber attack, any one or more future cyber attacks could have a material adverse effect on our financial statements. Further, market dynamics are increasingly driving heightened cybersecurity protections and mandating cybersecurity standards in our products, and we may incur additional costs to address these increased risks and to comply with such demands.

Unauthorized access has in the past and could in the future disrupt our business, result in the loss of assets, expose the company to potential litigation and/or regulatory liability, and adversely affect our reputation. Cyber attacks are becoming more sophisticated and include ransomware attacks, attempts to gain unauthorized access to data, social engineering and other security breaches that have in the past and could in the future lead to disruptions in availability of critical systems, unauthorized release of confidential or otherwise protected information, and corruption of data. Our growth in the areas of direct-to-consumer sales and connected appliances (the "Internet of Things"), and increasingly advanced data processing capabilities, accompanied by increasing handling of consumer information has increased these risks. These events have in the past and could in the future impact our customers, consumers, employees, third parties and reputation and have in the past and could in the future lead to financial losses from remediation actions, loss of business or potential litigation or regulatory liability or an increase in expenses. While we have not yet experienced any material impacts from a cyber attack, any one or more future cyber attacks could have a material adverse effect on our financial statements. Further, market dynamics are increasingly driving heightened cybersecurity protections and mandating cybersecurity standards in our products, and we may incur additional costs to address these increased risks and to comply with such demands.

Product-related liability or product recall costs could adversely affect our business and financial performance.

We have been and may in the future be exposed to product-related liabilities, which in some instances result in product redesigns, product recalls, or other corrective action. In addition, any claim, product recall or other corrective action that results in significant adverse publicity, particularly if those claims or recalls cause customers to question the safety or reliability of our products, may adversely affect our financial statements. We maintain product liability insurance, but it may not be adequate to cover losses related to product liability claims brought against us. Product liability insurance could become more expensive and difficult to maintain or may not be available on commercially reasonable terms, if at all. We are now and may in the future be involved in class action litigation and may be involved in product recalls for which we generally have not purchased insurance, and may be involved in other litigation or events for which insurance products may have limitations.

We regularly engage in investigations of potential quality and safety issues as part of our ongoing effort to deliver quality products to our customers. We are currently investigating certain potential quality and safety issues globally, and as appropriate, we undertake to effect repair or replacement of appliances in the event that an investigation leads to the conclusion that such action is warranted. The actual costs incurred as a result of any ~~future~~such issues could have a material adverse effect on our financial statements, and to the extent that one or more suppliers are responsible for such issues, we may be unable to fully recover such amounts from the supplier.

Our ability to attract, develop and retain executives and other qualified employees is crucial to our results of operations and future growth.

We depend upon the continued services and performance of our key executives, senior management and skilled personnel, particularly professionals with experience in our business, operations, engineering, technology and the home appliance industry. While we strive to attract, develop and retain these individuals through execution of our human capital strategy, we cannot be sure that any of these individuals will continue to be employed by us. In the case of talent losses, significant time is required to hire, develop and train skilled replacement personnel. For additional information about our human capital strategy, see "Human Capital Management" in Item 1 of this Annual Report on Form 10-K. We must also attract, develop, and retain individuals with the requisite engineering and technical expertise to develop new technologies and introduce new products and services.

22Like many other companies, we are subject to fluctuations in the availability of qualified labor in certain key positions. A shortage of key employees can jeopardize our ability to implement our business objectives and execute our portfolio transformation, and changes in key executives can result in loss of continuity, loss of accumulated knowledge, departures of other key employees,

Like many other companies, we are subject to fluctuations in the availability of qualified labor in certain key positions. A shortage of key employees can jeopardize our ability to implement our business objectives and execute our portfolio transformation, and changes in key executives can result in loss of continuity, loss of accumulated knowledge, departures of other key employees, disruptions to our operations and inefficiencies during transition periods. In addition, if we are unable to enforce certain non-compete covenants and confidentiality provisions when key employees leave for a competitor, we may lose a competitive advantage arising from confidential and proprietary company information known to such former employees. An inability to hire, develop, transfer retained knowledge, engage and retain a sufficient number of qualified employees could materially hinder our business by, for example, delaying our ability to bring new products and services to market or impairing the success of our operations, which could adversely affect our results of operations.21

disruptions to our operations and inefficiencies during transition periods. In addition, if we are unable to enforce certain non-compete covenants and confidentiality provisions when key employees leave for a competitor, we may lose a competitive advantage arising from confidential and proprietary company information known to such former employees. An inability to hire, develop, transfer retained knowledge, engage and retain a sufficient number of qualified employees could materially hinder our business by, for example, delaying our ability to bring new products and services to market or impairing the success of our operations, which could adversely affect our results of operations.

A deterioration in labor relations could adversely impact our global business.

As of December 31, ~~2024~~2025, we had approximately 4441,000 employees globally. We are subject to separate collective bargaining agreements with certain labor unions, as well as various other commitments regarding our workforce. We periodically negotiate with certain unions representing our employees and may be subject to work stoppages or may be unable to renew collective bargaining agreements on the same or similar terms, or at all. If we become subject to additional collective bargaining relationships in the future, it could adversely affect our labor costs, how we operate our business, and our operational results. In addition, our global restructuring activities have in the past and may in the future be received negatively by governments and unions and attract negative media attention, which may delay the implementation of such plans. A deterioration in labor relations may have a material adverse effect on our financial statements.

FINANCIAL RISKS

Fluctuations and volatility in the cost and availability of raw materials and purchased components could adversely affect our results of operation.

The sources and prices of the primary materials (such as steel, resins, and base metals) used to manufacture our products and components containing those materials are susceptible to significant global and regional price fluctuations or availability due to inflation, supply and demand trends, transportation and fuel costs, port and shipping capacity, labor costs or disputes, government regulations, including increased homeland security requirements, and tariffs, changes in currency exchange rates and interest rates, price controls, the economic climate, severe weather, climate change, pandemics, and other unforeseen circumstances. For example, we experienced significant raw material inflation in 2021 and 2022, respectively, in addition to many other cost increases throughout our business. In addition, we engage in contract negotiations and enter into commodity swap contracts to manage risk associated with certain commodities purchases, and we have in the past and may in the future experience losses based on commodity price changes. Significant increases in materials cost and availability and other costs now and in the future could have a material adverse effect on our financial statements. As an example, in recent years the company has experienced and may in the future experience significant levels of commodity, logistics and wage inflation across our businesses. We have responded to these inflationary factors with strong cost reduction initiatives and cost-based price increases. An inability to respond to inflationary pressures effectively could have a material adverse effect on our financial statements.

Foreign currency fluctuations may affect our financial performance.

We generate a significant portion of our revenue and incur a significant portion of our expenses in foreign currencies. Changes in the exchange rates of functional currencies of those operations affect the U.S. dollar value of our revenue and earnings from our foreign operations. We use currency forwards, net investment hedges, and other financial products to manage our foreign currency transaction exposures. We cannot completely eliminate our exposure to foreign currency fluctuations, which have in the past and may in the future adversely affect our financial performance. In addition, because our consolidated financial results are reported in U.S. dollars, as ~~we generate sales or earnings in other currencies, the translation of those results into U.S. dollars~~

2322

we generate sales or earnings in other currencies, the translation of those results into U.S. dollars can result in a significant increase or decrease in the amount of those sales or earnings. Finally, the amount of legal contingencies related to foreign operations may fluctuate significantly based upon changes in exchange rates and usually cannot be managed with currency forwards, options or other financial instruments. Such fluctuations in exchange rates can significantly increase or decrease the amount of any legal contingency related to our foreign operations and make it difficult to assess and manage the potential exposure.

Impairment charges have in the past and may in the future adversely affect our operating results.

We face impairment risk related to our assets. We have a substantial amount of goodwill and indefinite-lived intangible assets, primarily trademarks, on our balance sheet. We test the goodwill and intangible assets for impairment on an annual basis and when events occur or circumstances change that indicate that the fair value of the reporting unit or intangible asset may be below its carrying amount. Fair value determinations require considerable judgment and are sensitive to inherent uncertainties and changes in estimates and assumptions regarding revenue growth rates, earnings before interest and taxes (EBIT) margins, capital expenditures, working capital requirements, tax rates, terminal growth rates, discount rates, royalty rates, benefits associated with a taxable transaction and synergies available to market participants. Declines in market conditions, a trend of weaker than anticipated financial performance for our reporting units or declines in projected revenue for our trademarks, a decline in our share price for a sustained period of time, an increase in the market-based weighted average cost of capital or a decrease in royalty rates, among other factors, are indicators that the carrying value of our goodwill or indefinite-lived intangible assets may not be recoverable. In 2025, we recorded a $106 million impairment for the JennAir trade name, and in 2024, we recorded a $381 million impairment for the Maytag trade name. In addition, our long-lived asset groups are subject to an impairment assessment when certain triggering events or circumstances indicate that their carrying value may be impaired. If the carrying value exceeds our estimate of future undiscounted cash flows of the operations related to the asset group, an impairment is recorded for the difference between the carrying amount and the fair value of the asset group. We also write down product and component inventories that have become obsolete or do not meet anticipated demand or net realizable value. No assurance can be given that, given the unpredictable pace of product obsolescence and business conditions with trade customers and in general, we will not incur additional inventory related charges. We may in the future be required to record an asset impairment charge that, if incurred, could have a material adverse effect on our financial statements.

Significant differences between actual results and estimates of the amount of future funding for our pension plans and postretirement health care benefit programs, and significant changes in funding assumptions or significant increases in funding obligations due to regulatory changes, could adversely affect our financial results.

We have both funded and unfunded defined benefit pension plans that cover certain employees around the world. We also have unfunded postretirement health care benefit plans for eligible retired employees. The Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, as amended, govern the funding obligations for our U.S. pension plans, which are our principal pension plans. Our U.S. defined benefit plans were frozen on or before December 31, 2006 for substantially all participants. Since 2007, U.S. employees have been eligible for an enhanced employer contribution under our defined contribution (401(k)) plan.

2423

As of December 31, ~~2024~~2025, our projected benefit obligations under our pension plans and postretirement health and welfare benefit programs exceeded the fair value of plan assets by an aggregate of approximately $~~241~~0.2 ~~million~~billion, including $~~131~~0.1 ~~million~~billion of which was attributable to pension plans and $~~110~~0.1 ~~million~~billion of which was attributable to postretirement health care benefits. Estimates for the amount and timing of the future funding obligations of these pension plans and postretirement health and welfare benefit plans are based on various assumptions, including discount rates, expected long-term rate of return on plan assets, life expectancies and health care cost trend rates. These assumptions are subject to change based on changes in interest rates on high quality bonds, stock and bond market returns, health care cost trend rates and regulatory changes, all of which are largely outside our control. Significant differences in results or significant changes in assumptions may materially affect our postretirement obligations and related future contributions and expenses.

~~Failure~~Our ~~to maintain our~~ credit ratings ~~could~~were ~~increase~~downgraded ~~our~~below ~~cost~~investment ofgrade ~~borrowing~~in 2025 and ~~could~~our ~~adversely~~access ~~affect~~to ~~our~~certain ~~cost~~types of ~~funds,~~financing ~~liquidity,~~and ~~competitive~~borrowing ~~position~~costs have been and ~~access~~may continue to ~~capital~~be ~~markets~~negatively impacted.

Our costs of borrowing and ability to access the capital markets are affected not only by market conditions but also by the short- and long-term credit ratings assigned to our debt by the major credit rating agencies. These ratings are based, in significant part, on our financial performance as measured by metrics such as profitability, interest coverage and leverage ratios, as well as economic conditions in the geographies in which we operate. During 2024, we received credit ratings downgrades by three major credit rating agencies. A further downgrade of our credit rating by any of the major credit rating agencies could result in increased borrowing costs and could adversely affect our liquidity, competitive position and access to the capital markets, including restricting, in whole or in part, access to the commercial paper market. An inability to access the capital markets could have an adverse effect on our cash flow, results of operations and financial condition.

During the second quarter of 2025, Moody’s downgraded our senior unsecured debt rating to Ba1, with a negative outlook; in February 2026, Moody's downgraded our senior unsecured debt to Ba2 with a negative outlook. In 2025, S&P downgraded our unsecured debt rating to BB+, with a stable outlook, since revised to BB, with a negative outlook. In 2025, Fitch downgraded our unsecured debt rating to BB+, with a negative outlook. As a result of these downgrades, our debt currently carries a non-investment-grade rating from each of Moody’s, S&P, and Fitch, which has partially reduced access to and increased the costs associated with accessing certain types of financing typically reserved for investment-grade companies (e.g., commercial paper).

Our credit ratings are subject to periodic review by Moody’s, S&P, and Fitch, and may be subject to rating and periodic review by additional independent credit rating agencies in the future. Further developments or downgrades to our credit ratings, including any announcement that our ratings are under further review for an additional downgrade by any of the major credit rating agencies, could result in additional increased borrowing costs, and could adversely affect our liquidity, competitive position and access to the capital markets, which could have an adverse effect on our cash flow, results of operations and financial condition. In addition, further increased borrowing costs and/or reduced EBITDA performance could result in non-compliance with the interest coverage ratio in our credit facility, which could further restrict our access to capital and increase costs associated with our financing activities.

LEGAL & COMPLIANCE RISKS

Unfavorable results of legal and regulatory proceedings could materially adversely affect our business and financial condition and performance.

We are or may in the future become subject to a variety of litigation and legal compliance risks relating to, among other things: products; intellectual property rights; income and indirect taxes; environmental matters (including matters related to climate change); corporate matters; commercial matters; credit matters; competition laws; distribution, marketing and trade practice matters; customs and duties; occupational health and safety (including matters related to pandemics), industrial accidents, anti–bribery and anti–corruption regulations; energy regulations; data privacy and cybersecurity regulations; financial and securities regulations; and employment and benefit matters. For example, we are currently disputing certain income and indirect tax related assessments issued by the Brazilian authorities; and we are disputing certain income and indirect tax assessments in various legal proceedings globally. For additional information about certain income and indirect tax related assessments issued by the Brazilian authorities, see Note 7 to the Consolidated Financial Statements. Unfavorable outcomes regarding these assessments could have a material adverse effect on our financial statements in any particular reporting period. Results of legal and regulatory proceedings cannot be predicted with certainty and for some matters, such as class actions, no insurance is cost-effectively available. Regardless of merit, legal and regulatory proceedings may be both time-consuming and disruptive to our operations and could divert the attention of our management and key personnel from our business operations. Such proceedings could also generate significant negative publicity and have a negative impact on our reputation and brand image, regardless of the existence or amount of liability. Actual results may significantly vary from our reserves.

2524

Consolidated Financial Statements. Unfavorable outcomes regarding these assessments could have a material adverse effect on our financial statements in any particular reporting period. Results of legal and regulatory proceedings cannot be predicted with certainty and for some matters, such as class actions, no insurance is cost-effectively available. Regardless of merit, legal and regulatory proceedings may be both time-consuming and disruptive to our operations and could divert the attention of our management and key personnel from our business operations. Such proceedings could also generate significant negative publicity and have a negative impact on our reputation and brand image, regardless of the existence or amount of liability. Actual results may significantly vary from our reserves.

We are subject to, and could be further subject to, governmental investigations or actions by other third parties.

We are subject to various federal, foreign and state laws, including antitrust and product-related laws and regulations, violations of which can involve civil or criminal sanctions. Responding to governmental investigations or other actions may be both time-consuming and disruptive to our operations and could divert the attention of our management and key personnel from our business operations. For example, the second part of a French Competition Authority investigation, which is focused primarily on manufacturer interactions with retailers, is expected to be completed in 2025 with final payment to the authority (see Note 7 to the Consolidated Financial Statements). The impact of these and other investigations and lawsuits could have a material adverse effect on our financial statements and harm our reputation.

Changes in the legal and regulatory environment, including data privacy and protection, corporate governance and securities disclosure, and changes to tax laws, regulations and policy, could limit our business activities, increase our operating costs, reduce demand for our products or result in litigation or regulatory action.

The conduct of our businesses, and the production, distribution, sale, advertising, labeling, safety, transportation and use of many of our products, are subject to various laws and regulations administered by federal, state and local governmental agencies in the U. S., as well as to foreign laws and regulations administered by government entities and agencies in countries in which we operate. Compliance with these regulations may require us to, among other things, change our manufacturing processes or product offerings, or undertake other costly activities. In addition, we operate in an environment in which there are different and potentially conflicting data privacy and data protection laws in effect in the various U.S. states and foreign jurisdictions in which we operate and we must understand and comply with each law and standard in each of these jurisdictions. For example, the European Union’s General Data Protection Regulation, the California Consumer Privacy Act and the Brazilian General Data Protection Law, and various other privacy and data protection laws that have been passed or are pending in other states and countries collectively impose or will impose new regulatory data privacy and protection standards with which we must comply. These expanding privacy and data protection laws may affect our collection, processing, and cross-border transfer of consumer information and other personal data, such as in connection with our growth in the areas of direct-to-consumer sales, Internet of Things, and the digital space. Some of the laws allow for significant fines, reaching several percentage points of global corporate revenues or more. In addition, the regulatory landscape surrounding AI is rapidly evolving. Our usage of AI and the usage of AI by our vendors could be subjected to evolving legal requirements, compliance issues, and enhanced regulatory scrutiny. These laws and regulations may change, sometimes dramatically, as a result of political, economic or social events. Changes in laws, regulations or governmental policy and the related interpretations may alter the environment in which we do business and may impact our results or increase our costs or liabilities. Additionally, we could be subjected to future liabilities, fines or penalties or the suspension of production for failing to comply, or being alleged as failing to comply, with various laws and regulations, including environmental regulations. ~~In addition, the EU has enacted, and other jurisdictions are considering, regulatory frameworks for generative AI that implicate data protection laws.~~

Additionally, as a global company headquartered in the U.S., we are exposed to the impact of U.S. and global tax changes, especially those that affect our effective corporate income tax rate and various non-income taxes that impact our business operations, such as the recently enacted One Big Beautiful Bill Act. It is possible that the U.S. or another jurisdiction could enact tax legislation in the future that could have a material impact on our tax rate, our operations or both. For additional information about our consolidated tax provision, see Note 14 to the Consolidated Financial Statements.

Changes in foreign trade policies and other factors beyond our control may adversely impact our business and financial performance.

The current domestic and international political environment, including changes in administrations, government shutdowns, and changes to trade laws, regulations and policies, including tariffs, sanctions, and ~~import/~~export controls, has resulted in uncertainty surrounding the future state of the global economy. Many of our most significant competitors are ~~global~~foreign companies with varying global production footprints, and in an escalating global trade conflict, ~~or the imposition of~~ tariffs, sanctions or other trade ~~restrictions~~policy ~~their~~actions by various governments could be favorable to our competitors.

The U.S. government continues to implement and adjust significant trade policy and tariff actions, including but not limited to tariffs on imported steel, aluminum, and copper products, multiple tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, and country-specific reciprocal tariffs. These actions have increased the cost of certain raw materials and components, led to "pre-loading" of finished product inventories by foreign competitors in advance of tariff implementation, and created significant uncertainty and potential risks for our business. Pre-loading by competitors can delay expected positive impacts of tariffs on finished appliances and impact competitors’ go-to-market actions. Certain countries have announced or may announce retaliatory tariffs in response to U.S. trade policy actions. We continue to take actions to mitigate the impact of tariffs and retaliatory tariffs on our business, including but not limited to component sourcing changes, supply chain modifications, product sourcing transitions, tariff refund claim monetization, addressing suspected tariff evasion by competitors, and executing broader cost-takeout goals. The U.S. government may increase enforcement activity around tariffs and customs compliance, including evolving guidance, increased audits and more aggressive investigations, which could impact our mitigation strategies and lead to increased costs and legal risks. The U.S. government may also propose and implement additional changes to international trade agreements, tariffs, taxes, and other government rules and regulations. While the future financial impact of these actions and potential additional U.S. tariff actions and retaliatory actions by other countries remains unknown, the impacts could have a material adverse effect on our financial statements in any particular reporting period.

The impact of climate change and climate or other environmental-related regulation may adversely impact our business.

The effects of climate change, such as extreme weather conditions, create operational and financial risks to our business and may exacerbate risks discussed elsewhere in Risk Factors, which could have an adverse effect on our business. Moreover, increasing public awareness and concern about climate events may lead to additional municipal, state, federal, and foreign rules and regulations, including regulations on appliances that utilize natural gas. Currently, there continues to be a lack of consistent climate change legislation and standards, which creates economic and regulatory uncertainty. The entire major home appliance industry, including Whirlpool Corporation, must contend with the adoption of stricter government energy and related standards for selected major appliances. Violations of applicable environmental, health and safety laws are subject to civil, and in some cases, criminal sanctions. Compliance with these various standards is expected to increase costs or require some product redesign.

We have set various sustainability goals, including emission reduction targets with the Science Based Targets initiative (SBTi) . These targets could prove more costly or difficult to achieve than we expect, and we may be unable to achieve them at all. Failure to achieve our sustainability goals could result in negative publicity and adversely affect our reputation. Additionally, different stakeholder groups have divergent views on sustainability and ESG matters, which increases the risk that our sustainability measures will be perceived negatively by at least some stakeholders. If we do not successfully manage ESG-related expectations across stakeholders, it could erode stakeholder trust, impact our reputation and adversely affect our business.

respective governments may impose regulations or policies that are favorable to our competitors. The U.S. federal government has proposed and implemented and may in the future propose and implement additional changes to international trade agreements, tariffs, taxes, and other government rules and regulations and, if initiated, retaliatory tariffs or other actions may be taken by certain governments. These regulatory or policy changes could adversely impact our business and financial performance.

The impact of climate change and climate change or other environmental regulation may adversely impact our business.

The effects of climate change, whether involving physical risks (such as extreme weather events, long-term changes in temperature levels, water availability and sea levels) or transition risks, could have an impact on our business and have in the past and could in the future impact our business and cause us to incur capital and other expenditures to comply with various laws and regulations, especially relating to the protection of the environment, human health and safety, and water and energy efficiency, and may also exacerbate other risks discussed elsewhere in Item 1A. Risk Factors in this Annual Report on Form 10-K, which could have an adverse effect on our business. Climate change regulations at the federal, state or local level, or in international jurisdictions, or customer or consumer preferences or expectations, could require us to limit emissions, change our manufacturing processes or product offerings, or undertake other costly activities. Globally, a lack of harmonization in relation to ESG legal and regulatory reform across the jurisdictions in which we operate may affect our future implementation of, and compliance with, rapidly developing ESG standards and requirements, such as the European Union's Corporate Sustainability Reporting Directive (CSRD) and India’s Business Responsibility and Sustainability Report (BRSR) framework.

In addition, various municipal, state, and federal regulators have discussed, proposed, or sought to enact new regulations or bans on appliances that utilize natural gas citing climate change and other concerns and other material and/or chemical restrictions, which would impose transition costs and impact our product mix and product offerings, among other impacts. We recognize that making changes to our supply chain, manufacturing processes and product offerings can and does introduce transition risks. Among these are the risk that our more efficient product offerings are not competitive in terms of price or consumer perception; the risk that our upstream suppliers are unable to deliver lower emissions sources of supply that are cost and quality-competitive; and the risk that we fail to continually innovate to develop products and manufacturing processes with a lower carbon footprint.

The entire major home appliance industry, including Whirlpool Corporation, must contend with the adoption of stricter government energy and related standards for selected major appliances, including recently issued U.S. Department of Energy appliance efficiency standards. We also must contend with various state-level regulatory standards, the volume and complexity of which may increase in the future. Compliance with these various standards, as they become effective, is expected to increase costs or require some product redesign. We are also subject to global regulations related to chemical substances and materials in our products (such as the U.S. Toxic Substances Control Act), which may require us to modify the materials used in our products or undertake activities which may have a cost impact. There is also increased focus by governmental and non-governmental entities on sustainability matters. In addition, a number of governmental bodies have finalized, proposed or are contemplating additional legislative and regulatory changes in response to the potential effects of climate change. In particular, cleanup obligations that might arise at any of our manufacturing sites or the imposition of more stringent environmental laws in the future could adversely affect our business.

We have set rigorous targets for greenhouse gas reductions and related sustainability goals, including a net zero emissions target in our plants and operations that was announced in 2021. These targets could prove more costly or difficult to achieve than we expect, and we may be unable to achieve these targets or any other sustainability goal or commitment at acceptable cost or at all. Whether as a result of cost, operational or technological limitations, or if such targets or our progress against them are not perceived to be sufficiently robust, any failure to achieve our sustainability goals or reduce our impact on the environment, any changes in the scientific or

governmental metrics utilized to objectively measure success, or the perception that we have failed to act responsibly regarding climate change could result in negative publicity and adversely affect our reputation as well as our relationships with customers, investors and other stakeholders, which could in turn adversely affect our business operations, reputation, including a reduction in customer and consumer sentiment and negatively impact our financial condition, including our access to capital and cost of debt. In addition, not all of our competitors may seek to establish climate or other ESG targets and goals, or at a comparable level to ours, which could result in our competitors achieving competitive advantages through lower supply chain or operating costs, which could adversely affect our business, results of operations, financial condition and prospects.

Increasingly, different stakeholder groups have divergent views on sustainability and ESG matters, which increases the risk that any action or lack thereof with respect to sustainability or ESG matters will be perceived negatively by at least some stakeholders and adversely impact our reputation and business. Anti-ESG sentiment has gained some momentum across the U.S., with several states having enacted or proposed "anti-ESG" policies or legislation. If we do not successfully manage ESG-related expectations across stakeholders, it could erode stakeholder trust, impact our reputation and adversely affect our business.

Additionally, any failure in our procedures to monitor climate-related regulatory and policy changes in the jurisdictions in which we operate or in our processes and tools to track our greenhouse gas emissions and assess both operational and financial impacts of climate-related regulations, and any failure to comply with any such regulations and policies, could subject us to additional costs and penalties and harm to our reputation. Violations of environmental, health and safety laws are subject to civil, and, in some cases, criminal sanctions. As a result of these various uncertainties, we may incur unexpected interruptions to operations, fines, penalties or other reductions in income which could adversely affect our business, financial condition and results of operations, and harm our reputation.

GENERAL RISKS

We are exposed to risks associated with the uncertain global economy.

The current domestic and international political and economic environment are posing challenges to the industry in which we operate. A number of economic factors, including the impact of gross domestic product, availability of consumer credit, interest rates, consumer sentiment and debt levels, retail trends, housing starts, sales of existing homes, the level of mortgage refinancing and defaults, fiscal and credit market uncertainty, and foreign currency exchange rates, currency controls, inflation and deflation, generally affect demand for our products in the U.S. and other countries which we operate.

Economic uncertainty and related factors, including a potential recession, may exacerbate negative trends in business and consumer spending and has caused in the past and may cause in the future certain customers to push out, cancel, or refrain from placing orders for our products. Uncertain market conditions, inflation, increases in interest rates, difficulties in obtaining capital, or reduced profitability has caused and may cause some customers to scale back operations, exit markets, merge with other retailers, or file for bankruptcy protection and potentially cease operations, which can also result in lower sales and/or additional inventory. These conditions have affected and may similarly affect key suppliers, which could impair their ability to deliver parts and result in delays for our products or added costs.

A decline in economic activity and conditions, particularly in the housing market, in certain areas in which we operate have had an adverse effect on our financial condition and results of operations in recent years, and future declines and adverse conditions could have a similar adverse effect. Regional, political and economic instability in countries in which we do business may adversely affect business conditions, disrupt our operations, and have an adverse effect on our financial condition and results of operations. In addition, we expect to continue to be impacted by the global supply chain issues discussed elsewhere in Item 1A. Risk Factors in this Annual Report on Form 10-K.

Uncertainty about future economic and industry conditions also makes it more challenging for us to forecast our operating results, make business decisions, and identify and prioritize the risks that may adversely affect our businesses, sources and uses of cash, financial condition and results of operations. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely affect our ability to capitalize on opportunities in a market recovery. In addition, our operations are subject to general credit, liquidity, foreign exchange, market and interest rate risks. Our ability to access liquidity or borrow to invest in our businesses, fund strategic acquisitions and refinance maturing debt obligations depends in part on access to the capital markets. In 2025, each of the three credit rating agencies downgraded our senior unsecured debt to non-investment grade, which has and may in the future, along with any potential interest rate increases, reduce the availability and increase the costs of obtaining new variable rate debt and refinancing existing indebtedness, and adversely affect our financial condition and results of operations. If inflation increases costs beyond our ability to control, we may not be able to adjust prices or use our portfolio strategy to sufficiently offset the effect without negatively impacting consumer demand or our gross margin.

forecast our operating results, make business decisions, and identify and prioritize the risks that may adversely affect our businesses, sources and uses of cash, financial condition and results of operations. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely affect our ability to capitalize on opportunities in a market recovery. In addition, our operations are subject to general credit, liquidity, foreign exchange, market and interest rate risks. Our ability to access liquidity or borrow to invest in our businesses, fund strategic acquisitions and refinance maturing debt obligations depends in part on access to the capital markets. For example, the U.S. Federal Reserve began raising its benchmark rate in March 2022, increasing the rate by a total of 5.25% to 5.5% at its peak as of July 2023. Such increases and any future increases may, among other things, reduce the availability and increase the costs of obtaining new variable rate debt and refinancing existing indebtedness, and adversely affect our financial condition and results of operations. If inflation increases costs beyond our ability to control, we may not be able to adjust prices or use our portfolio strategy to sufficiently offset the effect without negatively impacting consumer demand or our gross margin.

If we do not timely and appropriately adapt to changes resulting from the uncertain macroeconomic environment and industry conditions, or to difficulties in the financial markets, or if we are unable to continue to access the capital markets, our financial statements may be materially and adversely affected.


ITEM 1B.			UNRESOLVED STAFF COMMENTS

None.


ITEM 1C.			CYBERSECURITY

Information Security Risk Management and Strategy

Our Board is responsible for monitoring the Company’s key risks and overseeing the risk management structure and programs implemented by management. At meetings throughout the year, the Board receives updates from business unit and functional leaders regarding significant risks and challenges within their areas of responsibility and associated mitigation plans and strategies. The Chief Financial ~~and Administrative~~ Officer is responsible for the Company’s enterprise risk management (ERM) system, which helps ~~ensure~~to ~~enterprise~~effectively ~~risks~~manage ~~are~~enterprise ~~being effectively managed~~risks. Our ERM processes systematically identify, assess, mitigate and monitor enterprise risks, whether strategic, financial, non-financial, operational, compliance or reporting.

As part of our risk management processes, we perform risk assessments in which we map and prioritize information security risks identified through the processes described above, including risks associated with our use of third-party service providers, based on probability, immediacy and potential magnitude. Our centralized third-party security risk management program is established to proactively assess and mitigate cybersecurity risks across our vendor and supplier ecosystem. This comprehensive governance framework mandates formal procurement due-diligence for all new vendors and requires periodic security reassessment for existing vendors. We utilize a standardized decision framework and a structured security questionnaire, administered through an enterprise risk management platform, to evaluate vendor controls. This disciplined approach supports consistent oversight, risk-based decision-making and the protection of the Company's sensitive information assets. These assessments inform our risk mitigation strategies, which are reviewed regularly with the Board and management, and we view information security risks as one of the key risk categories we face. For example, our information technology and infrastructure has experienced and may in the future be vulnerable to cyberattacks (including ransomware attacks) or security incidents, and third parties have in the past and may in the future be able to access proprietary business information, ~~and~~Personally ~~personal~~Identifiable Information (PII), or Payment Card (PCI) data that we collect, store and process. For more information regarding the information security-related risks we face, see the information in “Part I, Item 1A: Risk Factors” under the caption “We have been and may be subject to information technology system failures, cloud failures, network disruptions, cybersecurity attacks and breaches in data security, which may materially adversely affect our operations, financial condition and operating results”.

Our risk mitigation process assesses, prioritizes, and monitors information security risks and vulnerabilities and focuses on embedment of risk mitigation efforts across our business. Among other things, our internal experts regularly conduct audits and tests of our information systems and our cybersecurity program, which is in line with the NIST Cybersecurity Framework, is periodically assisted by established, independent third party consultants, who provide assistance through tabletop and other preparedness exercises. We also review information security threat information published by government entities and other organizations in which we participate and actively engage with suppliers, industry associations, key thought leaders and law enforcement communities as part of our continuous efforts to evaluate and enhance the effectiveness of our cybersecurity program. In 2022, we launched and required all salaried employees to complete a mandatory Global Cybersecurity and Privacy training, covering information security, end-user security policies, breach response, remote working, phishing and email security and digital threats. The training content is reassessed and refreshed each year to reflect evolving risks. Additionally, we maintain regular cyber awareness on our Company portal and conduct ongoing simulated phishing exercises. We use the findings from these and other processes to improve our information security practices, procedures and technologies. In 2023, we implemented additional management governance through the creation of a Cybersecurity, Privacy and AI Steering Committee, which meets periodically to review information security risks and drive the appropriate management and mitigation of vulnerabilities. In addition, we maintain insurance to protect against potential losses arising from an information security incident.

2928

~~organizations~~While ~~in which~~ we ~~participate~~have ~~and~~not ~~actively~~yet ~~engage~~experienced ~~with~~any ~~suppliers,~~material ~~industry~~impacts ~~associations,~~from ~~key~~a ~~thought~~cyber ~~leaders~~attack, ~~and~~any ~~law~~one ~~enforcement~~or ~~communities~~more asfuture ~~part~~cyber ofattacks ~~our~~could ~~continuous~~materially ~~efforts~~adversely toimpact ~~evaluate~~the ~~and~~Company, ~~enhance~~including ~~the~~a ~~effectiveness~~loss of ~~our~~trust ~~cybersecurity~~among ~~program.~~our Incustomers ~~2022, we launched~~ and ~~required~~consumers, ~~all~~departures ~~salaried~~of key employees, togeneral ~~complete~~diminishment aof ~~mandatory~~our ~~Global~~global ~~Cybersecurity~~reputation and ~~Privacy~~financial ~~training,~~losses ~~covering~~from ~~information~~remediation ~~security~~actions, ~~end-user~~loss ~~security~~of ~~policies,~~business ~~breach~~or ~~response,~~potential ~~remote~~litigation ~~working,~~or ~~phishing~~regulatory ~~and email security and digital threats~~liability. The ~~training~~use ~~content~~of isAI ~~reassessed~~technologies ~~and~~could ~~refreshed~~lead ~~each~~to ~~year~~the tounauthorized ~~reflect~~disclosure ~~evolving~~of ~~risks. Additionally~~sensitive, weproprietary, ~~maintain~~or ~~regular~~confidential ~~publications~~information, oninadvertent ~~cyber~~infringement ~~awareness~~of onintellectual ~~our~~property ~~Company~~owned ~~portal~~by ~~and~~third ~~conduct~~parties, ~~ongoing simulated phishing exercises. We use the findings from these~~ and ~~other~~could ~~processes~~lead to ~~improve~~new ~~our~~potential ~~information~~cyberattack ~~security~~methods ~~practices,~~for ~~procedures~~third ~~and technologies~~parties. ~~In 2023~~Further, weevolving ~~implemented~~market ~~additional~~dynamics ~~management~~are ~~governance~~increasingly ~~through~~driving ~~the~~heightened ~~creation~~cybersecurity ofprotections aand ~~Global~~mandating ~~Cybersecurity~~cybersecurity ~~and~~standards ~~Data~~for ~~Privacy~~our ~~Steering Committee~~products, ~~which~~and ~~meets~~we ~~periodically~~may toincur ~~review~~additional ~~information~~costs ~~security~~to ~~risks~~address ~~and~~these ~~vulnerabilities~~increased ~~are~~risks ~~being appropriately managed~~ and ~~mitigated. In addition, we maintain insurance~~ to ~~protect~~comply ~~against~~with ~~potential~~such ~~losses arising from an information security incident~~demands.

~~While~~As wepart ~~have~~of ~~not~~our ~~yet~~overall ~~experienced~~risk ~~any~~mitigation ~~material impacts from a cyber attack~~strategy, ~~any~~we ~~one~~maintain orinsurance ~~more~~coverage ~~future~~that ~~cyber~~is ~~attacks~~intended ~~could~~to ~~materially~~address ~~adversely~~certain ~~impact~~aspects ~~the Company, including a loss~~ of ~~trust~~cybersecurity ~~among~~risks; ~~our customers and consumers~~however, ~~departures~~such ofinsurance ~~key~~may ~~employees,~~not ~~general~~be ~~diminishment~~sufficient ofin ~~our~~type ~~global reputation and financial losses from remediation actions, loss of business~~ or ~~potential~~amount ~~litigation~~to orcover ~~regulatory~~us ~~liability.~~against ~~Further,~~claims ~~evolving~~related ~~market~~to ~~dynamics are increasingly driving heightened~~ cybersecurity ~~protections and mandating cybersecurity standards for our products~~breaches, cyberattacks and weother ~~may~~related ~~incur~~breaches. ~~additional~~We ~~costs~~periodically toreview ~~address~~our ~~these~~cybersecurity ~~increased~~insurance ~~risks and to comply with such demands~~program.

In addition to the risk management processes identified above, Whirlpool also maintains active knowledge security and data privacy programs. Leveraging policies and governance, ongoing training and awareness as well as strong controls and systems-based approaches, these programs focus on protecting Whirlpool confidential information and compliance with applicable data privacy and data protection laws in all countries where we do business.

Information Security Governance and Oversight

Our risk management process and information security risk mitigation framework enables our Board and management to establish a mutual understanding of the effectiveness of our information security risk management practices and capabilities, including the division of responsibilities for reviewing our information security risk exposure and risk tolerance, tracking emerging information risks and ~~ensuring~~facilitating proper escalation of certain key risks for periodic review by the Board and its committees.

As part of its broader risk oversight activities, the Board oversees risks from information security threats, both directly and through the Audit Committee of the Board (the “Audit Committee”). As reflected in its charter, the Audit Committee assists the Board in its oversight of risk by periodically reviewing policies and guidelines with respect to risk assessment and risk management, including management reports on our processes to manage and report risks. As another element of its risk oversight activities, the Audit Committee receives reports quarterly from our Global Chief Information Officer (“CIO”) and Global Chief Information Security Officer (“CISO”) on the execution and effectiveness of our cybersecurity and privacy program, cybersecurity incidents, cyber resilience metrics and the global threat landscape. The Audit Committee also oversees our internal control over financial reporting, including with respect to financial reporting-related information systems.

Our CISO, who manages our cybersecurity program, reports to our CIO regularly on how certain information security risks are being managed and progress towards agreed mitigation goals, as well as any potential material risks from cybersecurity threats. The CIO and CISO discuss these matters with our Audit Committee who reports to the Board on the substance of its reviews and discussions. In addition to these discussions, each year our CIO and CISO present to our Board on cybersecurity related trends and program updates. Our CIO and CISO are also responsible for prioritizing risk mitigation activities and developing a culture of risk-aware practices with strong support from management. ~~Both~~Our ~~our~~CISO ~~CIO~~has ~~and~~approximately ~~CISO~~20 ~~have~~years ~~extensive~~of ~~background~~experience in cybersecurity operations and ~~expertise~~holds inCISSP ~~information~~and ~~security,~~CISM ~~having~~certifications. ~~served~~Our inCIO ~~senior~~has ~~leadership~~over ~~positions~~20 years experience in ~~the~~cybersecurity ~~information~~roles and ~~information~~holds ~~security~~CISSP, ~~spaces~~CISM, ~~respectively~~CGEIT, ~~for~~CDSPSE ~~many~~and ~~years~~PMP ~~prior to joining Whirlpool~~certifications.

30The day-to-day monitoring, identification, and assessment of information security risks and incident response functions are managed centrally by our core cyber incident response team (the “CIRT”), which operationalizes our Cyber Incident Response Plan (the “Plan”). The Plan includes processes to triage, assess severity of, escalate, contain, investigate and remediate information security incidents, including those associated with our third-party service providers, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. Under the Plan,

The day-to-day monitoring, identification, and assessment of information security risks and incident response functions are managed centrally by our core cyber incident response team (the “CIRT”), which operationalizes our Cyber Incident Response Plan (the “Plan”). The Plan includes processes to triage, assess severity of, escalate, contain, investigate and remediate information security incidents, including those associated with our third-party service providers, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. Under the Plan, the CIRT may escalate matters as necessary to our CISO and CIO, General Counsel, and other senior leadership, depending on the severity classification of the incident. 29

the CIRT may escalate matters as necessary to our CISO and CIO, Chief Legal Officer, and other senior leadership, depending on the severity classification of the incident.

In addition to the ordinary-course Board and Audit Committee reporting and oversight described above, we also maintain disclosure controls and procedures designed for prompt reporting to the Board and timely public disclosure, as appropriate, of material events covered by our risk management framework, including information security risks.


ITEM 2.			PROPERTIES

Our principal executive offices are located in Benton Harbor, Michigan. On December 31, ~~2024~~2025, our principal manufacturing operations were carried on at 2520 locations in ~~six~~four countries worldwide. We occupied a total of approximately 5146 million square feet devoted to manufacturing, service, sales and administrative offices, warehouse and distribution space. Over 3734 million square feet of such space was occupied under lease. Whirlpool properties include facilities which are suitable and adequate for the manufacture and distribution of Whirlpool's products.

The Company's principal manufacturing locations by ~~operating~~ segment were as follows:

Operating Segment

MDA North America

MDA Latin America

MDA Asia

SDA Global

Segment

MDA North America

MDA Latin America

SDA Global

Other

Manufacturing Locations


ITEM 3.			LEGAL PROCEEDINGS

Information regarding legal proceedings can be found in Note 7 to the Consolidated Financial Statements and is incorporated herein by reference. Pursuant to the SEC regulation, the Company will use a threshold of $1 million for purposes of determining whether disclosure of certain environmental proceedings covered by the regulation is required.


ITEM 4.			MINE SAFETY DISCLOSURES

Not applicable.

3230

PART II


ITEM 5.			MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Whirlpool's common stock is listed on the New York Stock Exchange and the NYSE ~~Chicago~~Texas under the ticker symbol WHR. As of February 76, ~~2025~~2026, the number of holders of record of Whirlpool common stock was approximately 76,~~103~~741.

On April 19, 2021, our Board of Directors authorized a share repurchase program of up to $2 billion, which has no expiration date. On February 14, 2022, the Board of Directors authorized an additional $2 billion in share repurchases under the Company's ongoing share repurchase program. During the twelve months ended December 31, ~~2024~~2025, we ~~repurchased~~did ~~455,952~~not repurchase any shares under ~~these~~the ~~programs at an aggregate price of approximately $50 million~~program. At December 31, ~~2024~~2025, there were approximately $2.5 billion in remaining funds authorized under these programs.

Share repurchases are made from time to time on the open market as conditions warrant. These programs do not obligate us to repurchase any of our shares and they have no expiration date.

The following table summarizes repurchases of Whirlpool's common stock in the three months ended December 31, ~~2024~~2025:

Period (Millions of dollars, except number and price per share)	Total Number of Shares Purchased	Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans
October 1, 2024 through October 31, 2024	—		—		—	$	2,537
October 1, 2025 through October 31, 2025	—		$	—	—	$	2,537
November 1, 2024 through November 30, 2024	—		—		—	2,537
November 1, 2025 through November 30, 2025	—		—		—	2,537
December 1, 2024 through December 31, 2024	—		—		—	2,537
December 1, 2025 through December 31, 2025	—		—		—	2,537
Total	—				—


ITEM 6.			[RESERVED]

None.

3331


ITEM 7.			MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition of the Company and generally discusses the results of operations for the current year compared to prior two years. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in this Form 10-K.

Certain references to particular information in the Notes to the Consolidated Financial Statements are made to assist readers.

OVERVIEW

Whirlpool's full-year net sales declined by approximately 157%, due to the deconsolidation of the European major domestic appliance business, which occurred on April 1, 2024.

~~Whirlpool~~Earnings ~~saw GAAP net earnings (loss)~~ available to Whirlpool ofwas $~~(323)~~318 million (net earnings ~~(loss)~~ margin of (12.9)2%), or $(5.~~87)~~66 per share, compared to ~~GAAP~~ net earnings (loss) available to Whirlpool of $~~481~~(323) million (net earnings (loss) margin of 2(1.59)%), or $8(5.7287) per share in the same prior-year period, primarily due to non-cash charges related to the European transaction and Maytag trade name impairment. ~~Whirlpool delivered ongoing (non-GAAP) earnings per share of $12.21 and full-year ongoing EBIT margin of 5.3%, compared to $16.16 and 6.1%~~ in the ~~same~~ prior~~-year~~ period.

OnNet ~~a GAAP basis, net~~ earnings margins benefited from strong cost take out actions of approximately $~~300~~200 million, including ~~organization~~product ~~simplification actions following the European transaction~~ and ~~manufacturing and~~ supply chain cost efficiencies, ~~more~~and ~~than~~the ~~offset~~gain ~~by negative product mix, Maytag trade name impairment, non-cash charges~~ related to the ~~European~~ownership ~~transaction,~~stake ~~currency,~~reduction ~~and~~in ~~continued~~Whirlpool ~~marketing and technology investments. On an ongoing basis~~India, ~~Whirlpool's~~partially ~~results~~offset ~~were impacted primarily~~ by the ~~same~~incremental ~~drivers~~cost of ~~strong cost take out actions~~tariffs, ~~more~~JennAir ~~than~~trade ~~offset~~name ~~by negative price/mix~~impairment, currency, and ~~increased~~continued marketing and technology investments.

Cash provided by operating activities ofwere $~~835~~470 million, compared to $~~915~~835 million in ~~2023~~2024, ~~alongside~~primarily ~~free~~driven ~~cash~~by ~~flow~~lower ~~(non-GAAP)~~earnings ofand ~~$385~~higher ~~million~~working incapital ~~2024,~~requirement ~~compared~~ to ~~$366~~support ~~million~~product intransitions. ~~2023,~~Capital ~~primarily~~expenditures ~~driven~~were by$389 ~~lower~~million ~~capital~~in ~~expenditures~~2025 and ~~improved~~$451 ~~working~~million ~~capital~~in ~~efficiency, partially offset by lower earnings~~2024.

~~Please see "Non-GAAP Financial Measures" elsewhere in this Management's Discussion and Analysis for a reconciliation of these non-GAAP financial measures to their equivalent GAAP measures.~~32

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

RESULTS OF OPERATIONS

The following table summarizes the consolidated results of operations:

December 31,

Consolidated - In Millions (except per share data)

~~2024~~2025

Better/(Worse) %

~~2023~~2024

Better/(Worse) %

~~2022~~2023

Net sales

1615,~~607~~524

(~~14.~~6.5)%

1916,~~455~~607

(114.46)%

19,~~724~~455

Gross margin

2,~~581~~386

(187.6)

32,~~170~~581

3(18.26)

3,~~073~~170

Selling, general and administrative

1,~~684~~633

153.50

1,~~993~~684

(915.5)

1,~~820~~993

Restructuring costs

7963

nm20.5

1679

~~23.8~~nm

2116

Impairment of goodwill and other intangibles

~~381~~106

—381

~~384~~—

(Gain) loss on sale and disposal of businesses

~~264~~(280)

~~106~~264

~~1,869~~106

Interest and sundry (income) expense

(2720)

nm(25.9)

71(27)

~~(19)~~71

Interest expense

~~358~~341

(24.0)7

~~351~~358

(842.70)

~~190~~351

Income tax expense

10142

~~87.0~~nm

7710

7087.90

~~265~~77

Net earnings (loss) available to Whirlpool

~~(323)~~318

~~481~~(323)

~~(1,519)~~481

Diluted net earnings available to Whirlpool per share

(5.~~87)~~66

8(5.7287)

~~(27~~8.~~18)~~72

nm: not meaningful

Consolidated net sales for ~~2024~~2025 decreased by ~~14.~~6.5% compared to ~~2023~~2024, primarily driven by the deconsolidation of our European major domestic appliance business, which occurred on April 1, 2024. Excluding the impact of foreign currency, net sales for ~~2024~~2025 decreased 135.74% compared to ~~2023~~2024. Consolidated net sales for ~~2023~~2024 decreased 114.46% compared to ~~2022~~2023, primarily driven by the ~~unfavorable~~deconsolidation ~~impact~~ of ~~product/price~~our ~~mix,~~European ~~partially~~major ~~offset~~domestic byappliance ~~increased volume and the acquisition of the InSinkErator~~ business. Excluding the impact of foreign currency, net sales for ~~2023~~2024 decreased 113.7% compared to ~~2022~~2023.

The chart below summarizes the balance of net sales by operating segment for ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

~~The~~(1)Other ~~consolidated~~includes ~~gross~~the ~~margin~~previously ~~percentage~~reported ~~for~~MDA ~~2024~~Asia ~~decreased~~segment tothat ~~15.5%~~was ~~compared~~deconsolidated toas ~~16.3%~~of inDecember ~~2023~~31, ~~primarily~~2025 driven by unfavorable product/price mix, partially offset by decreased material costs and increased volume. The consolidated gross margin percentage for 2023 increased to 16.3% compared to 15.6% in 2022, primarily driven by decreased raw material costs and cost productivity, partially offset by unfavorable product/price mix.

35The consolidated gross margin percentage for 2025 slightly decreased to 15.4% compared to 15.5% in 2024, primarily driven by the higher cost of tariffs, partially offset by the favorable impact of product and supply chain cost efficiencies. The consolidated gross margin percentage for 2024 decreased to 15.5% compared to 16.3% in 2023, primarily driven by unfavorable product/price mix, partially offset by decreased material costs and increased volume.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Results of Operating Segments

In 2023 ~~and 2022~~, our operating segments were based on geographical region and were defined as North America, EMEA, Latin America and Asia. These regions also represented our reportable segments. Beginning January 1, 2024, we began conducting our business through five operating segments, which ~~consist~~consisted of Major Domestic Appliances (“MDA”) North America; MDA Europe (deconsolidated as of April 1, 2024), MDA Latin America; MDA Asia; and Small Domestic Appliances (“SDA”) Global. The chief operating decision maker (CODM), who is the Company's Chairman and Chief Executive Officer, evaluates operational performance based on each segment's earnings (loss) before interest and taxes (EBIT). We define EBIT as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items, if any, that management believes are not indicative of the region's ongoing performance. Cost of products sold is the significant expense regularly reviewed by the CODM. It consists of variable costs associated with products sold, including but not limited to raw materials, direct labor, and variable freight and warehousing. Other segment expenses/ (income) primarily include selling, general and administrative items. See Note 15 to the Consolidated Financial Statements for additional information.

As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India. The chief operating decision maker (CODM), who is the Company's Chairman and Chief Executive Officer, evaluates operational performance based on each segment's earnings (loss) before interest and taxes (EBIT). We define EBIT as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items, if any, that management believes are not indicative of the region's ongoing performance. Cost of products sold is the significant expense regularly reviewed by the CODM. It consists of variable costs associated with products sold, including but not limited to raw materials, direct labor, and variable freight and warehousing. Other segment expenses/ (income) primarily include selling, general and administrative items. See Note 15 to the Consolidated Financial Statements for additional information.

The following is a discussion of results for each of our operating segments.

3634

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

MDA NORTH AMERICA

Net Sales Summary

Net sales for ~~2024~~2025 decreased 40.98% compared to ~~2023~~2024 primarily driven by lower volume and the unfavorable impact of product price/mix in Canada. Excluding the impact of foreign currency, net sales decreased 40.86% in ~~2024~~2025. Net sales for ~~2023~~2024 ~~remained~~decreased ~~flat~~4.9% compared to ~~2022~~2023 primarily driven by the unfavorable impact of product price/mix~~, offset by increased volume and the acquisition of the InSinkErator business~~.

Cost of Products Sold

Cost of products sold for ~~2024~~2025 ~~decreased~~increased 10.64% compared to ~~2023~~2024 primarily driven by ~~lower~~the ~~volumes~~unfavorable impact of tariff cost, partially offset by cost ~~productivity~~take out. Cost of products sold for ~~2023~~2024 ~~increased~~decreased 01.56% compared to ~~2022~~2023 primarily driven by ~~higher~~lower volumes, ~~partially~~and ~~offset~~cost ~~by reduced raw material costs~~productivity.

EBIT Summary

EBIT margin for ~~2024~~2025 was 64.59% compared to 96.45% for ~~2023~~2024. EBIT margin decreased primarily due to the unfavorable impact of ~~product~~tariff ~~price/mix~~cost, partially offset by favorable cost ~~productivity~~take out. EBIT margin for ~~2023~~2024 was 96.45% compared to ~~10.~~9.4% for ~~2022~~2023. EBIT margin decreased primarily due to the unfavorable impact of product price/mix, partially offset by ~~reduced~~favorable ~~raw~~cost ~~material inflation~~productivity.

3735

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

MDA LATIN AMERICA

Net Sales Summary

Net sales for ~~2024~~2025 ~~increased~~decreased 46.35% compared to ~~2023~~2024 primarily driven by ~~increased~~lower volume, ~~partially~~and ~~offset by~~ the unfavorable impact of foreign currency. Excluding the impact of foreign currency, net sales ~~increased~~decreased 92.74% in ~~2024~~2025. Net sales for ~~2023~~2024 increased 94.03% compared to ~~2022~~2023 primarily driven by increased volume, ~~and~~partially offset by the unfavorable impact of foreign currency.

Cost of Products Sold

Cost of products sold for ~~2024~~2025 ~~increased~~decreased 45.02% compared to ~~2023~~2024 primarily driven by ~~increased~~lower volume, ~~partially~~and ~~offset~~favorable byimpact of cost productivity. Cost of products sold for ~~2023~~2024 increased 84.30% compared to ~~2022~~2023 primarily driven by increased volume ~~and decreased cost productivity~~, partially offset by ~~reduced~~the ~~raw~~favorable ~~material~~impact ~~costs~~of cost productivity.

EBIT Summary

EBIT margin for ~~2024~~2025 was 76.02% compared to 57.60% for ~~2023~~2024. EBIT margin ~~increased~~decreased primarily due to ~~increased~~lower volume and the ~~favorable~~unfavorable impact of ~~cost~~foreign ~~productivity~~currency, partially offset by the ~~unfavorable~~favorable impact of ~~product~~cost ~~price/mix~~productivity. EBIT margin for ~~2023~~2024 was 57.60% compared to 65.06% for ~~2022~~2023. EBIT margin ~~decreased~~increased primarily due to increased volume and the favorable impact of cost ~~inflation,~~productivity partially offset by ~~increased~~the ~~volume~~unfavorable impact of product price/mix.

3836

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

MDA ASIA

Net Sales Summary

Net sales for 2024 increased 9.0% compared to 2023 primarily due to increased volume. Excluding the impact of foreign currency, net sales increased 10.2% in 2024. Net sales for 2023 decreased 6.0% compared to 2022 primarily due to the unfavorable impacts of product price/mix and foreign currency, partially offset by increased volume.

Cost of Products Sold

Cost of products sold for 2024 increased 8.2% compared to 2023 primarily driven by increased volume, partially offset by cost productivity. Cost of products sold for 2023 decreased 5.1% compared to 2022 primarily driven by reduced material costs.

EBIT Summary

EBIT margin for 2024 was 3.9% compared to 2.3% for 2023. EBIT margin increased primarily due to the favorable impact of cost productivity and increased volume, partially offset by unfavorable impacts of product price/mix. EBIT margin for 2023 was 2.3% compared to 3.6% for 2022. EBIT margin decreased primarily due to the unfavorable impact of product price/mix, partially offset by the favorable impact of raw material inflation.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

SDA Global

Net Sales Summary

Net sales for ~~2024~~2025 increased 49.4% compared to ~~2023~~2024 primarily due to ~~increased volume, partially offset by~~ the ~~unfavorable~~favorable impact of product price/mix. Excluding the impact of foreign currency, net sales increased 48.75% in ~~2024~~2025. Net sales for ~~2023~~2024 ~~decreased~~increased 94.64% compared to ~~2022~~2023 primarily due to ~~decreased~~increased volume, ~~and~~partially offset by the unfavorable impact of product price/mix.

Cost of Products Sold

Cost of products sold for ~~2024~~2025 increased 36.03% compared to ~~2023~~2024 primarily driven by ~~increased~~the ~~volume,~~unfavorable ~~partially~~impact ~~offset~~of ~~by cost productivity~~tariffs. Cost of products sold for ~~2023~~2024 ~~decreased~~increased 73.50% compared to ~~2022~~2023 primarily driven by ~~decreased~~increased volume, partially offset by cost productivity.

EBIT Summary

EBIT margin for ~~2024~~2025 was 1416.30% compared to 14.3% for ~~2023~~2024. ~~Increased~~EBIT ~~volume~~margin ~~was~~increased ~~fully~~primarily due to favorable price/mix, partially offset by the unfavorable impact of ~~product~~tariffs ~~price/mix~~ and increased marketing spend. EBIT margin for ~~2023~~2024 was 14.3% compared to 1814.03% for ~~2022~~2023. ~~EBIT~~Increased ~~decreased~~volume ~~primarily~~was ~~due~~fully tooffset ~~decreased~~by ~~volume and~~ the unfavorable impact of product price/mix and increased marketing spend.

4037

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

MDA EUROPE

Net Sales, Cost of Products Sold, and EBIT

MDA Europe consisted of our European major domestic appliance business which was contributed to Beko Europe and deconsolidated as of April 1, 2024. Therefore, the Company had no net sales, Cost of Products Sold, or EBIT for MDA Europe during ~~the second, third or fourth quarter of 2024~~2025. For additional information on the financial performance of MDA Europe for the three months ended March 31, 2024, see our Form 10-Q for the quarter then ended.

4138

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Selling, General and Administrative

The following table summarizes selling, general and administrative expenses as a percentage of sales:

	December 31,
Millions of dollars	~~2024~~2025		As a %of Net Sales		~~2023~~2024		As a %of Net Sales		~~2022~~2023		As a %of Net Sales
Consolidated	$	1,~~684~~633	10.15	%	$	1,~~993~~684	10.21	%	$	1,~~820~~993	910.2	%

Consolidated selling, general and administrative expenses as a percent of consolidated net sales in ~~2024~~2025 ~~decreased~~increased compared to ~~2023~~2024. ~~The~~This ~~decrease~~increase iswas primarily ~~due~~driven toby lower consolidated net sales following the disposal of our European major domestic appliance business, onwhich ~~April~~exceeded 1,the ~~2024~~corresponding reduction in SG&A expenses. Consolidated selling, general and administrative expenses as a percent of consolidated net sales in ~~2023~~2024 ~~increased~~decreased compared to ~~2022~~2023. The ~~increase~~decrease was primarily ~~driven~~due ~~by transaction costs, increased employee compensation and marketing investments, in addition~~ to athe ~~gain~~disposal ~~from~~of aour ~~sale-leaseback~~European ~~transaction~~major indomestic ~~the~~appliance ~~first~~business ~~quarter~~on ofApril ~~2022~~1, 2024.

Restructuring

We incurred restructuring charges of $7963 million, $1679 million and $2116 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

For additional information, see Note 13 to the Consolidated Financial Statements.

Impairment of Goodwill and Other Intangibles

As a result of our ~~2024~~2025 annual impairment assessment, we recorded an impairment charge of $~~381~~106 million related to the ~~Maytag~~JennAir trademark in the fourth quarter of ~~2024~~2025. The results of the ~~2024~~2025 quantitative assessment determined that the carrying value of our ~~Maytag~~JennAir trademark exceeded its fair value by $~~381~~106 million. The brand has been unfavorably impacted asby ~~Whirlpool~~the ~~has~~downturn ~~refocused~~in ~~its~~discretionary ~~brand~~demand ~~strategy~~in to the ~~laundry~~ultra-premium ~~category~~segment.

As a result of our ~~interim~~2024 annual impairment assessment ~~in the second quarter of 2022~~, we recorded an impairment charge of $~~384~~381 million related to ~~goodwill~~the ~~($278 million)~~Maytag ~~and~~trademark ~~other~~in ~~intangibles ($106 million) related to~~ the ~~EMEA~~fourth ~~reporting~~quarter ~~unit,~~of ~~and Indesit and Hotpoint* trademarks, respectively~~2024. The ~~primary~~results ~~indicators~~ of ~~impairment~~the ~~were~~2024 ~~the~~quantitative ~~adverse~~assessment ~~impacts~~determined ~~from~~that the ~~continuation~~carrying value of ~~the~~our ~~Russia~~Maytag ~~and~~trademark ~~Ukraine~~exceeded ~~conflict~~its ~~resulting~~fair invalue ~~economic~~by ~~uncertainty~~$381 million. inThe ~~the~~brand ~~EMEA~~has ~~region,~~been ~~the~~unfavorably ~~divestiture~~impacted ofas ~~our~~Whirlpool ~~Russia~~has ~~operations~~since ~~and~~refocused ~~other~~its ~~macroeconomic~~brand ~~factors~~strategy to the laundry category.

See Note 5 and Note 10 to the Consolidated Financial Statements and the Critical Accounting Policies and Estimates section of this Management's Discussion and Analysis for additional information.

(Gain) Loss on Sale and Disposal of Businesses

(Gain) loss on sale and disposal of businesses was $~~264~~(280) million for the twelve months ended December 31, ~~2024~~ 2025, compared to $264 million and $106 million for the ~~twelve~~same ~~months~~periods ~~ended~~in ~~December~~2024 ~~31,~~and 2023, respectively.

WeDuring the fourth quarter of 2025, we recorded a ~~loss~~gain of $~~298~~251 million ~~and $106 million~~ related to the ~~divestiture~~sale of ~~our~~an ~~European~~11% ~~major~~ownership ~~domestic~~interest ~~appliance~~in ~~business~~Whirlpool ~~for the twelve months ended December 31, 2024 and December 31, 2023, respectively~~India. ~~These~~During ~~adjustments~~the ~~were~~third ~~primarily~~quarter ~~due to fair value fluctuations driven by seasonality~~ of ~~net working capital~~2025, ~~partially~~we ~~offset~~recorded bya ~~transaction~~gain ~~costs. In the fourth quarter~~ of ~~2022,~~$30 million wefor ~~incurred~~ a ~~loss~~release of ~~$1.5 billion,~~previously ~~resulting~~accrued intax anrelated ~~aggregate~~indemnity ~~loss~~related onto ~~disposal~~the divestiture of ~~$1.9 billion~~our ~~for~~European ~~the~~major ~~transaction.~~domestic appliance business.

*WhirlpoolWe ~~prior~~recorded ~~ownership~~a loss of ~~the~~$298 ~~Hotpoint~~million and $106 ~~brand~~million inrelated to the ~~EMEA~~divestiture ~~and~~of ~~Asia~~our ~~Pacific~~European ~~regions~~major ~~was~~domestic ~~not~~appliance ~~affiliated~~business ~~with~~for the ~~Hotpoint brand~~ ~~sold~~twelve inmonths ~~the~~ended ~~Americas~~December 31, 2024 and December 31, 2023, respectively. These losses were primarily due to fair value fluctuations driven by seasonality of net working capital.

4239

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

We recorded a gain of $34 million during the third quarter of 2024 related to the sale of the our Brastemp-branded water filtration subscription business related to our portfolio transformation.

On June 27, 2022, our subsidiary Whirlpool EMEA SpA entered into a share purchase agreement with Arcelik to sell our Russian business to Arcelik for contingent consideration. On August 31, 2022, we completed the sale to Arcelik. We incurred a loss of $348 million for the twelve months ended December 31, 2022 related to the sale of the Russia business.

See Note 16 to the Consolidated Financial Statements for additional information.

Interest and Sundry (Income) Expense

Interest and sundry (income) expenses were $(2720) million, $71(27) million and $~~(19)~~71 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Net interest and sundry (income) expense ~~increased $98 million~~was flat in ~~2024~~2025 compared to ~~2023, primarily due to reserves for legacy EMEA legal matters recorded in 2023~~2024.

Net interest and sundry (income) expense decreased $9098 million in ~~2023~~2024 compared to ~~2022~~2023, primarily due to reserves ~~related~~for to legacy EMEA legal matters recorded in 2023.

Interest Expense

Interest expense was $~~358~~341 million, $~~351~~358 million and $~~190~~351 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. Interest expense was flat in ~~2024~~2025 compared to ~~2023~~2024. Interest expense ~~increased~~was flat in ~~2023~~2024 compared to ~~2022 primarily due to an increase in long-term debt driven by the InSinkErator acquisition and higher average interest rates~~2023.

For additional information, see Note 6 to the Consolidated Financial Statements.

Income Taxes

Income tax expense was $10142 million, $7710 million and $~~265~~77 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. The ~~decrease~~increase in tax expense in ~~2024~~2025 compared to ~~2023~~2024 ~~includes~~is ~~lower~~the ~~earnings~~result ~~and~~of ~~legal~~higher ~~entity~~earnings ~~restructuring~~in ~~tax~~2025 ~~benefits~~and ~~related~~an toincrease ~~simplifying~~in ~~our~~valuation ~~legal~~allowances ~~entity~~that ~~structure~~resulted infrom ~~2024~~business todisposal ~~reduce~~and ~~administrative~~restructuring ~~costs~~transactions ~~associated~~in ~~with the prior structure~~2025. ~~The~~ ~~completion~~These ofnegative ~~the~~impacts ~~restructuring~~were inpartially ~~2024~~offset ~~created~~by a tax ~~deductible~~benefits ~~loss~~that ~~which~~were ~~was~~the ~~recognized~~result inof ~~2024~~continued ~~and~~legal ~~resulted~~entity insimplification aand ~~$721~~the ~~million~~release ~~net~~of unrecognized tax ~~benefit~~benefits ~~partially~~related ~~offset~~to byaudit ~~increases~~settlements in ~~valuation allowances and the divestiture tax impact~~2025.

The ~~change~~decrease in tax expense in ~~2023~~2024 compared to ~~2022~~2023 includes lower earnings and legal entity restructuring tax benefits, related to simplifying our legal entity structure in 2024 to reduce administrative costs associated with the prior structure. The completion of the restructuring in 2024 created a tax- deductible loss which was recognized in ~~the~~2024 ~~fourth quarter of 2023,~~ and resulted in a $~~172~~ 721 million net tax benefit, partially offset by increases in valuation allowances and the divestiture tax impact.

See Note 14 to the Consolidated Financial Statements for additional information.

4340

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

FORWARD-LOOKING PERSPECTIVE

Based on internal projections for the industry and broader economy, we currently estimate earnings per diluted share and industry demand for ~~2025~~2026 to be within the following ranges:

			2025
			2026
			Current Outlook
Estimated GAAP earnings per diluted share, for the year ending December 31			~$8.75
Estimated earnings per diluted share, for the year ending December 31			~$6.25
Industry demand
MDA North America			~Flat
MDA Latin America			0-3%
MDA Asia			3-5%
SDA Global			~Flat

For the full-year ~~2025~~2026, we have incorporated our latest expectations of the following key trends in our guidance: continued subdued discretionary demand alongside strong replacement demand, and margin expansion from ~~strong~~previously ~~net~~announced ~~cost~~promotional ~~takeout~~pricing actions, ~~delivering~~recent ~~over~~and ~~$200~~new ~~million~~product ~~of benefit~~launches, ~~previously~~as ~~announced~~well ~~promotion~~as ~~and~~strong ~~pricing~~net ~~action~~cost ~~carryover,~~takeout ~~and~~actions ~~new~~expected ~~product~~to ~~launches~~deliver over $150 million of benefit. Our anticipated ~~GAAP~~ tax rate is approximately ~~20 to~~ 25%. Additionally, we expect to generate cash from operating activities of approximately $1850 ~~billion and free cash flow of approximately $500 to $600~~ million, including restructuring cash outlays of approximately $~~(75)~~50 million, and, expect capital expenditures of approximately $~~(450)~~400 million.

The table below reconciles projected 2025 cash provided by operating activities determined in accordance with GAAP to free cash flow, a non-GAAP measure. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing Whirlpool's ability to fund its activities and obligations. There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similarly named non-GAAP measures whose calculations may differ from our calculations. We define free cash flow as cash provided by operating activities less capital expenditures. For additional information regarding non-GAAP financial measures, see the Non-GAAP Financial Measures section of Management's Discussion and Analysis.

			2025
Millions of dollars			Current Outlook
Cash provided by (used in) operating activities(1)			~$1,000
Capital expenditures			~$(450)
Free cash flow			$500 - $600

(1)Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.

The projections above are based on many estimates and are inherently subject to change based on future decisions made by management and the Board of Directors of Whirlpool, and significant economic, competitive and other uncertainties and contingencies.

NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures, including:

•Earnings before interest and taxes (EBIT)

•EBIT margin

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

•Ongoing EBIT

•Ongoing earnings per diluted share

•Ongoing EBIT margin

•Sales excluding foreign currency

•Free cash flow

•Adjusted effective tax rate

Ongoing measures, including ongoing earnings per diluted share and ongoing EBIT, exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses. Ongoing EBIT margin and EBIT margin are calculated by dividing ongoing EBIT and EBIT, respectively, by net sales. Sales excluding foreign currency is calculated by translating the current period net sales, in functional currency, to U.S. dollars using the prior-year period's exchange rate compared to the prior-year period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations. We also disclose segment EBIT, which we define as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items, if any, that management believes are not indicative of the region's ongoing performance, as the financial profitability metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280, Segment Reporting. Management believes that the adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company's effective tax rate, excluding the pre-tax income and tax effect of certain unique items.

Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing Whirlpool's ability to fund its activities and obligations. The Company provides free cash flow related metrics, such as free cash flow as a percentage of net sales, as long-term management goals, not an element of its annual financial guidance, and as such does not provide a reconciliation of free cash flow and adjusted free cash flow to cash provided by (used in) operating activities, the most directly comparable GAAP measure, for these long-term goal metrics. Any such reconciliation would rely on market factors and certain other conditions and assumptions that are outside of the Company's control. Whirlpool does not provide a non-GAAP reconciliation for its other forward looking long-term value creation and other goals, such as organic net sales, EBIT, and net debt/Ongoing EBITDA, as such reconciliations related to longer-term metrics would rely on market factors and certain other conditions and assumptions that are outside of the company’s control.

We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These non-GAAP financial measures should not be considered in isolation or as a substitute for reported net earnings (loss) available to Whirlpool, net sales, net earnings (loss) as a percentage of net sales (net earnings (loss) margin), net earnings (loss) per diluted share and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures. We strongly encourage investors and stockholders to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Please refer to a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures below.

Ongoing Earnings Before Interest & Taxes (EBIT) Reconciliation:in millions	Twelve Months Ended December 31,
	2024		2023
Net earnings (loss) available to Whirlpool (1)	$	(323)	$	481
Net earnings (loss) available to noncontrolling interests	18		7
Income tax expense	10		77
Interest expense	358		351
Earnings before interest & taxes	$	63	$	916
Restructuring expense (a)	79		—
Impairment of goodwill, intangibles and other assets (b)	381		—
Impact of M&A transactions (c)	292		181
Legacy EMEA legal matters (d)	(2)		94
Equity method investee - restructuring charges (e)	74		—
Ongoing EBIT(2)	$	887	$	1,191

(1)Net earnings (loss) margin is approximately (1.9)% and 2.5% for the twelve months ended December 31, 2024 and 2023, respectively, and is calculated by dividing net earnings (loss) available to Whirlpool by consolidated net sales for the twelve months ended December 31, 2024 and 2023, respectively.

(2)Ongoing EBIT margin is approximately 5.3% and 6.1% for the twelve months ended December 31, 2024 and 2023, respectively. Ongoing EBIT margin is calculated by dividing Ongoing EBIT by consolidated net sales for the twelve months ended December 31, 2024 and 2023, respectively.

Ongoing Earnings Per Diluted Share Reconciliation:	Twelve Months Ended December 31,
	2024		2023
Earnings per diluted share	$	(5.87)	$	8.72
Restructuring expense (a)	1.44		—
Impairment of goodwill, intangibles and other assets (b)	6.92		—
Impact of M&A transactions (c)	5.30		3.27
Legacy EMEA legal matters (d)	(0.04)		1.71
Income tax impact	4.28		0.35
Equity Method Investee - Restructuring Charges (e)	1.34		—
Normalized tax rate adjustment (f)	(1.16)		2.11
Ongoing earnings per diluted share	12.21		16.16

Free Cash Flow (FCF) Reconciliation:in millions	Twelve Months Ended December 31,
	2024		2023
Cash provided by (used in) operating activities	$	835	$	915
Capital expenditures	(451)		(549)
Free cash flow	$	385	$	366
Cash provided by (used in) investing activities	$	(602)	$	(553)
Cash provided by (used in) financing activities	$	(476)	$	(792)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Footnotes

(a) RESTRUCTURING EXPENSE - In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total costs for these actions were $21 million, of which we incurred $14 million in employee termination costs and $7 million other associated costs.

During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.

(b) IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS - During the fourth quarter of 2024, we determined that the carrying value of the Maytag trademark exceeded its fair value, resulting in an impairment charge of $381 million.

(c) IMPACT OF M&A TRANSACTIONS - On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik. In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million and $106 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $28 million and $75 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Statements of Comprehensive Income (Loss).

The Company also recorded a gain of $34 million during the third quarter of 2024 related to the sale of the Company's Brastemp-branded water filtration subscription business related to our portfolio transformation.

(d) LEGACY EMEA LEGAL MATTERS - During the fourth quarter of 2024 we recorded immaterial amounts related to legacy matters of our European major domestic appliance business.

During the first quarter of 2023, the Company accrued $62 million related to the Competition Investigation and unrelated trade customer insolvency matter of our European major domestic appliance business. During the second quarter of 2023, the accrual was increased by $36 million resulting in an aggregate amount of $98 million for the six months ended June 30, 2023. An immaterial adjustment was made in the fourth quarter of 2023 related to these matters. For certain additional information, see Note 7 to the Consolidated Financial Statements.

(e) EQUITY METHOD INVESTEE - RESTRUCTURING CHARGES - During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee.

(f) NORMALIZED TAX RATE ADJUSTMENT - For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%. Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.

For the full-year 2023, the Company calculated a GAAP tax rate of 13%. Ongoing earnings per share was calculated using an adjusted tax rate of (6.7)%, which excludes certain tax related impacts of M&A transactions and certain tax related impacts to legal entity restructuring transactions.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

FINANCIAL CONDITION AND LIQUIDITY

Our objective is to finance our business through operating cash flow and the appropriate mix of long-term and short-term debt. By diversifying the maturity structure, we avoid concentrations of debt, reducing liquidity risk. We have varying needs for short-term working capital financing as a result of the nature of our business. We regularly review our capital structure ~~through~~and ~~the~~liquidity ~~lens of maintaining our strong investment grade credit rating. We also regularly review our capital allocation~~ priorities, which include funding innovation and growth through capital and research and development expenditures; ~~opportunistic~~debt ~~mergers and acquisitions~~repayment; returns to shareholders through dividends and/or share repurchases; and ~~debt~~opportunistic ~~repayment~~mergers and acquisitions.

The Company believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing Whirlpool's ability to fund its activities and obligations. Whirlpool has historically been able to leverage its strong free cash flow generation to fund our operations, pay for any debt servicing costs and allocate capital for reinvestment in our business, funding share repurchases and dividend payments.

Our short term potential uses of liquidity include funding our ongoing capital and research and development spending, debt repayment, and returns to shareholders. We have $~~1.9~~586 ~~billion~~million of debt maturing in the next twelve months, which we expect to repay through a combination of refinancing, potential asset sale proceeds, cash flow generation and cash on hand. Furthermore, in ~~2025~~2026 we expect to incur capital expenditures of approximately $~~450~~400 million.

On February 20, 2024, Whirlpool's wholly-owned subsidiary, Whirlpool Mauritius Limited ("Seller"), executed the sale of 30.4 million equity shares of Whirlpool India via ana ~~on-~~market ~~trade~~transaction. The transaction reduced Whirlpool's ownership in Whirlpool India from 75% to 51%, and generated sales proceeds of approximately $462 million on settlement. ~~The~~In ~~Company~~October ~~used~~2025, ~~transaction~~we ~~proceeds~~signed tocertain ~~reduce~~brand ~~debt~~license, technology license, and transition services agreements with Whirlpool India. InOn ~~January~~November 27, 2025, wethe ~~announced~~Seller ~~our~~executed ~~intent~~the tosale ~~reduce~~of ~~our~~14.3 ~~ownership~~million ~~stake~~equity inshares of Whirlpool India tovia ~~~20%~~a inmarket ~~2025~~transaction. ~~via~~The ~~market~~transaction ~~sale,~~reduced ~~which~~Seller's isownership ~~expected~~of toWhirlpool beIndia ~~complete~~from by51% ~~mid-~~to~~-late~~ ~~2025.~~approximately ~~Transaction~~40%, and generated gross sales proceeds ~~are~~of ~~expected~~approximately to$166 million ~~further~~on ~~reduce~~settlement, ~~debt~~which occurred on November 28, 2025. ~~Sale~~We ofare ~~Whirlpool~~pleased ~~India~~with ~~shares~~our isretained ~~subject~~position and will continue to ~~Company~~evaluate ~~board~~all ~~approval,~~options ~~and~~to wefurther ~~have~~reduce ~~not~~our ~~recorded~~debt ~~any~~throughout ~~impact~~2026 ~~relating~~in toline ~~this~~with ~~announcement~~our asguidance ofand ~~December~~capital ~~31,~~allocation ~~2024~~priorities.

The Company had cash and cash equivalents of approximately $1.3 billion at December 31, 2024, of which 83% was held by subsidiaries in foreign countries. For each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and expected future foreign investments. If these funds were repatriated, we would be required to accrue and pay applicable United States taxes (if any) and withholding taxes payable to various countries. It is not practical to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.41

At December 31, 2024, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil, India, and the United States, which represented 3.3%, 1.8% and 1.3%, respectively. In addition, we had third-party accounts receivable outside of the United States greater than 1% of our consolidated assets in Brazil and Canada, which represented 1.7% and 1.0%, respectively. We continue to monitor general financial instability and uncertainty globally.

Notes payable primarily consists of short-term borrowings payable to banks, which are generally used to fund working capital requirements. At December 31, 2024, we had $18 million of notes payable outstanding. See Note 6 to the Consolidated Financial Statements for additional information.

We monitor the credit ratings and market indicators of credit risk of our lending, depository, derivative counterparty banks and customers regularly, and take certain actions to manage credit risk. We diversify our deposits and investments in short-term cash equivalents to limit the concentration of exposure by counterparty. We also continue to review customer conditions globally.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

The Company had cash and cash equivalents of approximately $669 million at December 31, 2025, of which 96% was held by subsidiaries in foreign countries. For each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and expected future foreign investments. If these funds were repatriated, we would be required to accrue and pay applicable United States taxes (if any) and withholding taxes payable to various countries. It is not practical to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.

At December 31, 2025, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil, which represented 3.0%. In addition, we had third-party accounts receivable outside of the United States greater than 1% of our consolidated assets in Mexico, which represented 1.3%. We continue to monitor general financial instability and uncertainty globally.

Notes payable primarily consists of short-term borrowings payable to banks, which are generally used to fund working capital requirements. At December 31, 2025, we had $351 million of notes payable outstanding. See Note 6 to the Consolidated Financial Statements for additional information.

In the past, when faced with a potential volume reduction from any one particular segment of our trade distribution network, we generally have been able to offset such declines through increased sales throughout our broad distribution network.

For additional information on transfers and servicing of financial assets, accounts payable outsourcing and guarantees, see Note 1 and Note 7 to the Consolidated Financial Statements.

Share Repurchase Program

For additional information about our share repurchase program, see Note 11 to the Consolidated Financial Statements.

Sources and Uses of Cash

We met our cash needs during ~~2024~~2025 through cash flows from operations, cash and cash equivalents, and financing arrangements. Our cash, and cash equivalents and ~~restricted cash~~ at December 31, ~~2024~~2025 decreased $~~391~~606 million compared to the same period in ~~2023~~2024.

The following table summarizes the net increase (decrease) in cash, cash equivalents and restricted cash for the periods presented. Significant drivers of changes in our cash and cash equivalents balance during ~~2024~~2025 are discussed below:

Cash Flow Summary

Millions of dollars

~~2024~~2025

~~2023~~2024

~~2022~~2023

Cash provided by (used in):

Operating activities

~~835~~470

~~915~~835

~~1,390~~915

Investing activities

(~~602~~504)

(~~553~~602)

(~~3,568~~553)

Financing activities

(~~476~~621)

(~~792~~476)

~~1,206~~(792)

Effect of exchange rate changes

~~(149)~~49

45(149)

~~(20)~~45

Less: change in cash classified as held for sale

—

~~(3)~~—

(943)

Net increase in cash, cash equivalents and restricted cash

(~~391~~606)

(~~388~~391)

(~~1,086~~388)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Cash Flows from Operating Activities

Cash provided by operating activities in 2025 decreased compared to 2024. The decrease was primarily driven by lower cash earnings and higher working capital requirements to support product transitions.

Cash provided by operating activities in 2024 decreased compared to 2023. The decrease was primarily driven by reduced cash earnings, offset by working capital actions. Working capital actions included accelerated accounts receivable collections, reduced inventory levels, and accounts payable payment term extensions.

Cash provided by operating activities in 2023 decreased compared to 2022. The decrease was primarily driven by reduced cash earnings in 2023 and higher incremental working capital actions in the prior year.

The timing of cash flows from operations varies significantly throughout the year primarily due to changes in production levels, sales patterns, promotional programs, funding requirements, credit management, as well as receivable and payment terms. Depending on the timing of cash flows, the location of cash balances, as well as the liquidity requirements of each country, external sources of funding are used to support working capital requirements.

Cash Flows from Investing Activities

Cash used in investing activities in ~~2024~~2025 ~~increased~~decreased compared to ~~2023~~2024. The ~~increase~~decrease was primarily driven by ~~the~~increased ~~contribution~~proceeds ofyear-over-year ~~$245~~from ~~million~~the sale of ~~cash~~Whirlpool India and ~~cash~~lower ~~equivalents~~capital ~~held in MDA Europe~~expenditures, partially offset by ~~lower~~the ~~capital~~cash ~~expenditures~~held by divested businesses.

The ~~decrease~~increase in cash used in investing activities during ~~2023~~2024 was primarily ~~reflects~~driven by the contribution of $~~3 billion~~245 million of cash ~~outflow~~and ~~for~~cash ~~the~~equivalents ~~purchase~~held ofin ~~the~~MDA ~~InSinkErator~~Europe, ~~business~~offset by lower capital expenditures.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Cash Flows from Financing Activities

Cash used in financing activities ~~decreased~~increased during ~~2024~~2025 compared to ~~2023~~2024. The ~~decrease~~increase was primarily driven by the sale of 24% interest in Whirlpool of India in 2024, generating proceeds of $462 million that was used for debt repayment. Cash used in financing activities ~~increased~~decreased during ~~2023~~2024 compared to ~~2022~~2023. The ~~increase~~decrease was primarily driven by ~~net~~the ~~debt~~same ~~repayments~~sale of ~~approximately~~24% ~~$450 million~~interest in ~~2023~~Whirlpool ~~and~~India ~~the $2.5 billion proceeds from borrowings of long-term debt related to the InSinkErator acquisition~~ in ~~2022~~2024.

Dividends paid in financing activities were $~~384~~300 million, $384 million, and $~~390~~384 million during ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Financing Arrangements

The Company had total committed credit facilities of approximately $53.27 billion and $5.72 billion at December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The facilities are geographically diverse and reflect the Company's global operations. The Company ~~believes~~is ~~these~~confident that the committed credit facilities are sufficient to support its global operations. We had $~~1.5~~250 ~~billion~~million ~~and~~(representing ~~$2.0 billion~~amounts ~~drawn~~ on the ~~term~~Amended ~~loan~~Long-Term ~~at December~~Facility) ~~31, 2024~~ and ~~December 31,~~$1.5 ~~2023,~~billion ~~respectively.~~(representing ~~These~~amounts ~~funds~~outstanding ~~were~~on ~~used~~the toterm ~~fund~~loan ~~the~~facility) ~~InSinkErator~~drawn ~~acquisition~~on in the ~~fourth~~committed ~~quarter~~credit offacilities ~~2022~~at December ~~and~~31, ~~were~~2025 ~~partially repaid in 2023~~ and December 31, 2024., respectively.

See Note 6 to the Consolidated Financial Statements for additional information.

Other material obligations include off-balance sheet arrangements arising in the normal course of business. They primarily consist of agreements we enter into with financial institutions to issue bank guarantees, letters of credit and surety bonds. These agreements are primarily associated with unresolved tax matters in Brazil, as is customary under local regulations, and other governmental obligations and debt agreements. At December 31, 2024 and 2023, we had approximately $329 million and $464 million outstanding under these agreements, respectively.43

Additionally, we have material contractual obligations. They primarily consist of long-term debt obligations, operating lease obligations, purchase obligations, taxes, United States and foreign pension plans and other postretirement benefits. See Notes 1, 3, 6-9 and 14 to the Consolidated Financial Statements for additional information.

Dividends

On October 15, 2024, our Board of Directors approved a quarterly dividend on our common stock of $1.75 per share.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Other material obligations include off-balance sheet arrangements arising in the normal course of business. They primarily consist of agreements we enter into with financial institutions to issue bank guarantees, letters of credit and surety bonds. These agreements are primarily associated with unresolved tax matters in Brazil, as is customary under local regulations, and other governmental obligations and debt agreements. At December 31, 2025 and 2024, we had approximately $444 million and $329 million outstanding under these agreements, respectively.

Dividends

On October 20, 2025, our Board of Directors approved a quarterly dividend on our common stock of $0.90 per share.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements, in conformity with GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. We periodically evaluate these estimates and assumptions, which are based on historical experience, forecasted events, changes in the business environment and other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes the accounting policies below are critical in the presentation of our financial condition and results of operations and require management's most difficult, subjective, or complex judgments.

Pension and Other Postretirement Benefits

Accounting for pensions and other postretirement benefits involves estimating the costs of future benefits and attributing the cost over the employee's expected period of employment. The determination of our obligation and expense for these costs requires the use of certain assumptions. Those key assumptions include the discount rate, expected long-term rate of return on plan assets, life expectancy, and health care cost trend rates. These assumptions are subject to change based on interest rates on high quality bonds, ~~and~~ stock market performance, and medical cost inflation. Actual results that differ from our assumptions are accumulated and amortized over future periods and therefore, generally affect our recognized expense and accrued liability in such future periods. While we believe that our assumptions are appropriate given current economic conditions and actual experience, significant differences in results or significant changes in our assumptions may materially affect our pension and other postretirement benefit obligations and related future expense.

Our pension and other postretirement benefit obligations at December 31, 2024 and preliminary retirement benefit costs for 2025 were prepared using the assumptions that were determined as of December 31, 2024. The following table summarizes the sensitivity of our December 31, 2024 retirement obligations and 2025 retirement benefit costs of our United States plans to changes in the key assumptions used to determine those results:44

		Estimated increase (decrease) in
Millions of dollars	PercentageChange	2025 Expense	PBO/APBO(1)for 2024
United States Pension Plans
Discount rate	+/-50bps	0/0	(70)/76
Expected long-term rate of return on plan assets	+/-50bps	(10)/10	–
United States Other Postretirement Benefit Plan
Discount rate	+/-50bps	0/0	(3)/4

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Our pension and other postretirement benefit obligations at December 31, 2025 and preliminary retirement benefit costs for 2026 were prepared using the assumptions that were determined as of December 31, 2025. The following table summarizes the sensitivity of our December 31, 2025 retirement obligations and 2026 retirement benefit costs of our United States plans to changes in the key assumptions used to determine those results:


		Estimated increase (decrease) in
Millions of dollars	Percentage Change	2026 Expense	PBO/APBO(1) for 2025
United States Pension Plans
Discount rate	+/-50bps	0/0	(67)/72
Expected long-term rate of return on plan assets	+/-50bps	(9)/9	–
United States Other Postretirement Benefit Plan
Discount rate	+/-50bps	0/0	(3)/4

(1)Projected benefit obligation (PBO) for pension plans and accumulated postretirement benefit obligation (APBO) for other postretirement benefit plans.

These sensitivities may not be appropriate to use for other years' financial results. Furthermore, the impact of assumption changes outside of the ranges shown above may not be approximated by using the above results. For additional information about our pension and other postretirement benefit obligations, see Note 8 to the Consolidated Financial Statements.

Income Taxes

We estimate our income taxes in each of the taxing jurisdictions in which we operate. This involves estimating actual current tax expense together with assessing any temporary differences resulting from the different treatment of certain items, such as the timing for recognizing expenses, for tax and accounting purposes. These differences may result in deferred tax assets or liabilities, which are included in our Consolidated Balance Sheets. We are required to assess the likelihood that deferred tax assets, which include net operating loss carryforwards, general business credits and deductible temporary differences, will be realizable in future years. Realization of our net operating loss and general business credit deferred tax assets is supported by specific tax planning strategies and, where possible, considers projections of future profitability. If recovery is not more likely than not, we provide a valuation allowance based on estimates of future taxable income in the various taxing jurisdictions, for the amount of deferred taxes that are ultimately realizable. If future taxable income is lower than expected or if tax planning strategies are not available as anticipated, we may record additional valuation allowances through income tax expense in the period such determination is made. Likewise, if we determine that we are able to realize our deferred tax assets in the future in excess of net recorded amounts, an adjustment to the deferred tax asset will benefit income tax expense in the period such determination is made.

51At December 31, 2025 and 2024, we had total deferred tax assets of $1.9 billion and $2.0 billion, respectively, net of valuation allowances of $1.0 billion and $885 million, respectively. The Company has established tax planning strategies and transfer pricing policies to provide sufficient future taxable income to realize these deferred tax assets. Our income tax expense has fluctuated considerably over the last five years. The tax expense has been influenced primarily by foreign tax credits, audit settlements and adjustments, tax planning strategies, enacted legislation, and dispersion of global income. Future changes in the effective tax rate will be subject to several factors, including business profitability, tax planning strategies, and enacted tax laws.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

~~general~~We ~~business~~have ~~credit~~various ~~deferred~~ tax ~~assets~~filings iswith ~~supported~~applicable byjurisdictions ~~specific~~to ~~tax~~defend ~~planning~~our ~~strategies~~positions ~~and,~~with ~~where~~regards ~~possible,~~to ~~considers~~the ~~projections~~timing and amount of ~~future~~deductions ~~profitability.~~and Ifcredits ~~recovery~~as iswell ~~not~~as ~~more~~the ~~likely~~allocation ~~than~~of ~~not,~~income weacross ~~provide~~various ajurisdictions. ~~valuation~~We ~~allowance~~regularly ~~based~~inventory, onevaluate ~~estimates~~and ofmeasure ~~future~~all ~~taxable~~uncertain ~~income~~tax inpositions ~~the~~taken ~~various~~or ~~taxing~~expected ~~jurisdictions,~~to ~~for~~be taken to ensure the ~~amount~~timely recording of ~~deferred~~liabilities ~~taxes~~for ~~that~~tax ~~are~~positions ~~ultimately~~that ~~realizable.~~may Ifnot ~~future~~be ~~taxable~~sustained ~~income~~or ismay ~~lower~~only ~~than~~be ~~expected~~partially orsustained ifupon ~~tax~~examination ~~planning~~by ~~strategies~~the ~~are~~relevant ~~not~~taxing ~~available~~authorities. asWe ~~anticipated,~~believe wethat ~~may~~our ~~record~~estimates ~~additional~~and ~~valuation~~judgments ~~allowances~~with ~~through~~respect ~~income~~to uncertain tax ~~expense~~positions inare ~~the~~reasonable ~~period~~and ~~such~~accurate ~~determination~~at isthe ~~made~~time they are developed. ~~Likewise~~However, ifactual weresults ~~determine~~may ~~that~~differ wedue ~~are~~to ~~able~~unforeseen tofuture ~~realize~~events ~~our~~and ~~deferred~~circumstances. ~~tax~~If ~~assets~~one inor more of the ~~future~~applicable intaxing ~~excess~~authorities ofwere ~~net~~to ~~recorded~~successfully ~~amounts,~~challenge anour ~~adjustment~~right to ~~the~~realize ~~deferred~~some or all of the tax ~~asset~~benefits ~~will~~we ~~benefit~~have ~~income~~recorded, ~~tax~~it ~~expense~~could inhave ~~the~~a ~~period~~material ~~such~~adverse ~~determination~~effect ison ~~made~~our financial statements.

At December 31, 2024 and 2023, we had total deferred tax assets of $2.0 billion and $2.9 billion, respectively, net of valuation allowances of $885 million and $490 million, respectively. The Company has established tax planning strategies and transfer pricing policies to provide sufficient future taxable income to realize these deferred tax assets. Our income tax expense has fluctuated considerably over the last five years. The tax expense has been influenced primarily by foreign tax credits, audit settlements and adjustments, tax planning strategies, enacted legislation, and dispersion of global income. Future changes in the effective tax rate will be subject to several factors, including business profitability, tax planning strategies, and enacted tax laws.

We have various tax filings with applicable jurisdictions to defend our positions with regards to the timing and amount of deductions and credits as well as the allocation of income across various jurisdictions. We regularly inventory, evaluate and measure all uncertain tax positions taken or expected to be taken to ensure the timely recording of liabilities for tax positions that may not be sustained or may only be partially sustained upon examination by the relevant taxing authorities. We believe that our estimates and judgements with respect to uncertain tax positions are reasonable and accurate at the time they are developed. However, actual results may differ due to unforeseen future events and circumstances. If one or more of the applicable taxing authorities were to successfully challenge our right to realize some or all of the tax benefits we have recorded, it could have a material adverse effect on our financial statements.

In addition, we operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which may require an extended period of time to resolve and could result in outcomes that are unfavorable to the Company. For additional information about income taxes, see Note 1, Note 7 and Note 14 to the Consolidated Financial Statements.

Warranty Obligations

The estimation of warranty obligations is determined in the same period that revenue from the sale of the related products is recognized. The warranty obligation is based on historical experience and represents our best estimate of expected costs at the time products are sold. Warranty accruals are adjusted for known or anticipated warranty claims as new information becomes available. New product launches require a greater use of judgment in developing estimates until historical experience becomes available. Future events and circumstances could materially change our estimates and require adjustments to the warranty obligations. For the year ended December 31, ~~2024~~2025 and ~~2023~~2024, warranty expense as a percentage of consolidated net sales approximated 2.41% and 2.14%, respectively. For additional information about warranty obligations, see Note 7 to the Consolidated Financial Statements.

Goodwill and Indefinite-Lived Intangibles

Certain business acquisitions have resulted in the recording of goodwill and trademark assets which are not amortized. At December 31, ~~2024~~2025 and ~~2023~~2024, we had goodwill of approximately $3.31 billion and $3.3 billion, respectively. We have trademark assets with a carrying value of approximately $2.4 3 billion and $2.84 billion at December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

We perform our annual impairment assessment for goodwill and other indefinite-lived intangible assets as of October 1 or more frequently if events or changes in circumstances indicate that the asset might be impaired. We consider qualitative factors to assess if it is more likely than not that the fair value for goodwill or indefinite-lived intangible assets is below the carrying amount. We may also elect to bypass the qualitative assessment and perform a quantitative assessment.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

the fair value for goodwill or indefinite-lived intangible assets is below the carrying amount. We may also elect to bypass the qualitative assessment and perform a quantitative assessment.

In conducting a qualitative assessment, the Company analyzes a variety of events or factors that may influence the fair value of the reporting unit or indefinite-lived intangible, including, but not limited to: the results of prior quantitative assessments performed; changes in the carrying amount of the reporting unit or indefinite-lived intangible; actual and projected revenue and EBIT margin; relevant market data for both the Company and its peer companies; industry outlooks; macroeconomic conditions; liquidity; changes in key personnel; and the Company's competitive position. Significant judgment is used to evaluate the totality of these events and factors to make the determination of whether it is more likely than not that the fair value of the reporting unit or indefinite-lived intangible is less than its carrying value.

For additional information, see Notes 10 and 16 to the Consolidated Financial Statements.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Goodwill Valuations

In performing a quantitative assessment of goodwill, we estimate each reporting unit's fair value using a blend of income and market approaches. The income approach uses each reporting unit's projection of estimated operating results and cash flows that are discounted using a market participant discount rate based on a weighted-average cost of capital. The financial projections reflect management's best estimate of economic and market conditions over the five-year projected period including forecasted revenue growth, EBIT margin, tax rate, capital expenditures, depreciation and amortization and changes in working capital requirements. Other assumptions include discount rate and terminal growth rate. The estimated fair value of each reporting unit is compared to their respective carrying values. Additionally, we validate our estimates of fair value under the income approach by comparing the values to fair value estimates using a market approach. A market approach estimates fair value by applying cash flow multiples to the operating performance of each reporting unit. The multiples are derived from comparable publicly traded companies with operating and investment characteristics similar to the reporting units. We also corroborate the fair value through a market capitalization reconciliation to determine whether the implied control premium is reasonable based on recent market transactions and other qualitative considerations.

In 2025 and 2024, we evaluated goodwill using a quantitative assessment and determined there was no impairment. ~~In 2023, we evaluated goodwill using a qualitative assessment and determined there were no indicators of impairment.~~

Indefinite-Lived Intangible Valuations

In performing a quantitative assessment of indefinite-lived intangible assets other than goodwill, primarily trademarks, we estimate the fair value of these intangible assets using the relief-from-royalty method which requires assumptions related to projected revenues from our annual long-range plan; assumed royalty rates that could be payable if we did not own the trademark; and a market participant discount rate based on a weighted-average cost of capital. If the estimated fair value of the indefinite-lived intangible asset is less than its carrying value, we would recognize an impairment loss.

The estimates of future cash flows used in determining the fair value of intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management's estimates due to changes in business conditions, operating performance and economic conditions. In performing the quantitative assessment on these assets, significant assumptions used in our relief-from-royalty model included revenue growth rates, assumed royalty rates and the discount rate, which are discussed further below.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Revenue growth rates relate to projected revenues from our financial planning and analysis process and vary from brand to brand. Adverse changes in the operating environment or our inability to grow revenues at the forecasted rates may result in a material impairment charge.

In determining royalty rates for the valuation of our trademarks, we considered factors that affect the assumed royalty rates that would hypothetically be paid by a market participant for the use of trademarks. The most significant factors in determining the assumed royalty rates include the overall role and importance of the trademarks in the particular industry, the profitability of the products utilizing the trademarks, and the position of the trademarked products in the given product category.

In developing discount rates for the valuation of our trademarks, we used a market participant discount rate based on a weighted-average cost of capital, adjusted for higher relative level of risks associated with doing business in other countries, as applicable, as well as the higher relative levels of risks associated with intangible assets.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

If actual results are not consistent with management's estimate and assumptions, a material impairment charge of our trademarks could occur, which could have a material adverse effect on our consolidated financial statements.

~~Maytag~~JennAir trademark

The results of the ~~2024~~2025 quantitative assessment determined that the carrying value of our ~~Maytag~~JennAir trademark exceeded its fair value by $~~381~~106 million. Accordingly, an impairment charge of $~~381~~106 million was recorded during the fourth quarter of ~~2024~~2025. The trademark remains at risk for future impairment at December 31, ~~2024~~2025.

InSinkErator trademark

Our InSinkErator trademark is at risk at December 31, ~~2024~~2025. The InSinkErator business was acquired in the fourth quarter of 2022 and is included in our MDA North America operating segment. The fair value of the InSinkErator trademark exceeded its carrying value of $1~~,300~~.3 billion ~~million~~ by approximately 302%.

Maytag trademark

Our Maytag trademark is at risk at December 31, 2025. The fair value of the Maytag trademark exceeded its carrying value of $640 million by approximately 20%.

The following table provides key assumptions used in our indefinite-lived intangibles impairment assessment, along with sensitivity analysis showing the effect of a change in certain key assumptions, assuming all other assumptions remain constant.

	Key Assumptions				Excess/ (Deficit) of FVFair Value to Carrying Value
Asset	Discount Rate		Royalty Rate		Decrease of 10% in Forecasted Revenues	Decrease of 0.5% in Royalty Rate	Increase of 0.5% in Discount Rate
Maytag	1211.5	%	4.0	%	~~(50)~~48	~~(70)~~31	~~(25)~~84
InSinkErator	78.0	%	12.0	%	~~134~~(112)	~~328~~(35)	~~230~~(104)
JennAir	10.5	%	6.0	%	(19)	(16)	(12)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Other indefinite-lived intangible assets

~~Based~~The onfair ~~our quantitative impairment assessment as of May 31, 2022, the carrying~~ values of ~~the~~all Hotpoint*other ~~and Indesit~~ trademarks ~~exceeded~~exceed their ~~fair~~carrying values by ~~$36 million~~a ~~and~~sufficient ~~$70 million,~~amount ~~respectively,~~ and weare ~~recorded~~not ~~intangible~~deemed ~~impairment~~at ~~charges for these amounts during the second quarter of 2022~~risk. ~~The~~There ~~remaining carrying values of the Hotpoint* and Indesit trademarks~~ were ~~included~~no inother ~~the~~impairments ~~European~~of ~~major~~indefinite-lived ~~domestic~~intangible ~~appliance~~assets ~~disposal group which was classified as held for sale~~ in ~~the~~2024 ~~fourth~~or ~~quarter of 2022~~2023.

The fair values of all other trademarks exceeded their carrying values by an amount sufficient to not be deemed at risk. There were no other impairments of indefinite-lived intangible assets in 2023 or 2022.

For additional information about goodwill and indefinite-life intangible valuations, see Note 5 and Note 10 to the Consolidated Financial Statements.

ISSUED BUT NOT YET EFFECTIVE ACCOUNTING PRONOUNCEMENTS

For additional information regarding recently issued accounting pronouncements, see Note 1 to the Consolidated Financial Statements.

OTHER MATTERS

For additional information regarding certain of our loss contingencies/litigation, see Note 7 to the Consolidated Financial Statements. Unfavorable outcomes in these proceedings could have a material adverse effect on our financial statements in any particular reporting period.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

Antidumping

As previously reported, Whirlpool filed petitions in 2011 and 2015 alleging that Samsung, LG and Electrolux violated U.S. and international trade laws by dumping large residential washers into the U.S. Those petitions resulted in orders imposing antidumping duties on certain large residential washers imported from South Korea, Mexico, and China, and countervailing duties on certain large residential washers from South Korea. In August 2022, the order covering certain large residential washers from China was extended for an additional five years. In September 2024, the order covering certain large residential washers from Mexico was extended for an additional five years.

Raw Materials and Global Economy

The current domestic and international political environment have contributed to uncertainty surrounding the future state of the global economy. We have experienced raw material inflation in certain prior years based on the impact of U.S. tariffs and other global macroeconomic factors. Due to many factors beyond our control, including the conflict in Ukraine and related sanctions, the Israel-Palestinian conflict, the Red Sea conflict and its impact on shipping and logistics, government actions in China, and potential trade and tariff actions by the U.S. government and retaliatory actions by others, among other factors, we expect to continue to be impacted by the following factors: a global shortage of certain components, such as semiconductors, a strain on raw material and input cost inflation, and fluctuations in logistics availability, timing and costs, all of which began easing in 2023 but remain volatile. This could require us to modify our current business practices, and could have a material adverse effect on our financial statements in any particular reporting period.

*The ~~Whirlpool~~recent ~~prior~~imposition ~~ownership~~ of ~~the Hotpoint brand~~significant intrade policy and tariff actions by the ~~EMEA~~U.S. government, including but not limited to tariffs on imported steel, aluminum and ~~Asia~~copper ~~Pacific~~products, ~~regions~~multiple ~~was~~tariffs ~~not~~on ~~affiliated~~certain ~~with~~imports from China, tariffs on certain imports from Canada and Mexico, and country-specific reciprocal tariffs, are creating significant uncertainty and potential risks for our business. These actions have increased the ~~Hotpoint brand~~ cost of certain raw materials and components, impacting our cost of products sold, inand ~~the~~have ~~Americas~~led to "pre-loading" of finished product inventories by foreign competitors. Pre-loading by competitors can delay expected positive impacts of tariffs on appliances and impact competitors' go-to-market actions. These actions have also created significant uncertainty and potential risks for our business.

55During the second quarter, home appliance imports were added as derivative steel products under Section 232, effective June 23, 2025. This action, coupled with other tariff and trade policy actions taken by the U.S. government, is expected to help close long-standing loopholes and help support a level playing field for domestic producers.

While we continue to actively explore and implement opportunities to mitigate certain increased costs, as further set forth in "Risk Factors," there can be no guarantee that we will be able to fully offset the impact of these tariffs. The U.S. government may increase enforcement activity around tariffs and customs compliance, including evolving guidance, increased audits and more aggressive investigations, which could impact our mitigation strategies and lead to increased costs and legal risks. The imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. The long-term effects of these tariffs and any future trade policy changes on the global economy and our industry remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period.

In addition to existing and potential additional tariff actions by the U.S. government and retaliatory actions by others, and certain additional factors beyond our control, including the conflict in Ukraine and related sanctions, the Israel-Palestinian conflict, the Red Sea conflict and its impact on shipping and logistics, and government actions in China, among other factors, we expect to continue to experience the following impacts: a global shortage of certain components, such as semiconductors, raw material and input cost inflation, and fluctuations in logistics availability, timing and costs. This could require us to modify our current business practices, and could have a material adverse effect on our financial statements in any particular reporting period.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Certain statements contained in this annual report, including those within the forward-looking perspective section within ~~the~~this Management's Discussion and Analysis section, and other written and oral statements made from time to time by us or on our behalf do not relate strictly to historical or current facts and may contain forward-looking statements that reflect our current views with respect to future events and financial performance. As such, they are considered "forward-looking statements" which provide current expectations or forecasts of future events. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "guarantee," "seek," "target," "would," "committed," "undertake," and the negative of these words and words and terms of similar substance. ~~Our~~In ~~forward-looking~~addition, any statements ~~generally~~that ~~relate~~refer to ~~our~~strategic ~~growth~~or ~~strategies~~transactional objectives, including M&A and divestitures; India transaction expectations; operational planning or implementation, including technology and workforce management; financial ~~results~~projections or goals, ~~product~~including ~~development~~capital allocation and tax impacts; external or macroeconomic risks, such as supply chain volatility and ~~sales~~geopolitical ~~efforts~~conditions; legal, regulatory or sustainability matters; or other characterizations of future events or circumstances, are forward-looking statements. These forward-looking statements should be considered with the understanding that such statements involve a variety of risks and uncertainties, known and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially.

~~This document contains forward-looking statements about~~ Whirlpool ~~Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool~~ disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, India transaction expectations, asset impairment, trade and tariffs, litigation, ESG efforts, debt repayment expectations, and the impact of the global economy and geopolitical events on our operations and financial results. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool's ability to maintain or increase sales to significant trade customers and builders; (3) Whirlpool's ability to maintain its reputation and brand image; (4) ~~the~~Whirlpool's ability ~~of Whirlpool~~ to achieve its business objectives and successfully manage its strategic portfolio transformation and outsourced business unit service model; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool's ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past ~~acquisitions~~transactions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to ~~our~~Whirlpool's international operations; (10) Whirlpool's ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool's ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool's ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and ~~generative~~ AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool's ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching any transaction based on ~~Board approval,~~ market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received,

5650

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS - (CONTINUED)

~~proceeds being lower than expected, alternative uses for proceeds received,~~ brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized.

Additional information concerning these and other factors can be found in "Risk Factors" in Part I, Item 1A of this report.

We undertake no obligation to update any forward-looking statement, and investors are advised to review disclosures in our filings with the SEC. It is not possible to foresee or identify all factors that could cause actual results to differ from expected or historic results. Therefore, investors should not consider the foregoing factors to be an exhaustive statement of all risks, uncertainties, or factors that could potentially cause actual results to differ from forward-looking statements.

Unless otherwise indicated, the terms "Whirlpool," "the Company," "we," "us," and "our" refer to Whirlpool Corporation and its consolidated subsidiaries.

5751


ITEM 7A.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

MARKET RISK

We have in place an enterprise risk management process that involves systematic risk identification and mitigation covering the categories of enterprise, strategic, financial, operational and compliance and reporting risks. The enterprise risk management process receives Board of Directors and management oversight, drives risk mitigation decision-making and is fully integrated into our internal audit planning and execution cycle.

We are exposed to market risk from changes in foreign currency exchange rates, domestic and foreign interest rates, and commodity prices, which can affect our operating results and overall financial condition. We manage exposure to these risks through our operating and financing activities and, when deemed appropriate, through the use of derivatives. Derivatives are viewed as risk management tools and are not used for speculation or for trading purposes. Derivatives are generally contracted with a diversified group of investment grade counterparties to reduce exposure to nonperformance on such instruments.

We use foreign currency forward contracts, currency options, currency swaps and cross-currency swaps to hedge the price risk associated with firmly committed and forecasted cross-border payments and receipts related to ongoing business and operational financing activities. At December 31, ~~2024~~2025 and ~~2023~~2024, our most significant currency exposures are in Canada, Brazil, and Europe. We may also use forward or option contracts to hedge our investment in the net assets of certain international subsidiaries to offset foreign currency translation adjustments related to our net investment in those subsidiaries. These foreign currency contracts are sensitive to changes in foreign currency exchange rates. At December 31, ~~2024~~2025, a 10% favorable or unfavorable exchange rate movement in each currency in our portfolio of foreign currency contracts would have resulted in an incremental unrealized gain of approximately $~~167~~157 million or loss of approximately $~~182~~169 million, respectively. Consistent with the use of these contracts to mitigate the effect of exchange rate fluctuations, such unrealized losses or gains would be offset by corresponding gains or losses, respectively, in the re-measurement of the underlying exposures.

We enter into interest rate swap and cross-currency swap agreements to manage our exposure to interest rate risk from long-term debt issuances or cross-currency debt. At December 31, ~~2024~~2025, a 100 basis point increase or decrease in interest rates would have resulted in an incremental unrealized gain of approximately $34 million or unrealized loss of approximately $34 million, respectively, related to these contracts.

We enter into commodity swap contracts to hedge the price risk associated with firmly committed and forecasted commodities purchases, the prices of which are not fixed directly through supply contracts. At December 31, ~~2024~~2025, a 10% favorable or unfavorable shift in commodity prices would have resulted in an incremental gain of approximately $1926 million or loss of approximately $1926 million, respectively, related to these contracts.

There is no material change to market risk exposure other than foreign exchange, which is attributable to a change in the size of the derivative portfolio year over year. For additional information, see Note 9 to the Consolidated Financial Statements.

5852


ITEM 8.			FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

TABLE OF CONTENTS

			PAGE
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Consolidated Statements of Income (Loss)			6054
Consolidated Statements of Comprehensive Income (Loss)			6155
Consolidated Balance Sheets			6256
Consolidated Statements of Cash Flows			6357
Consolidated Statements of Changes in Stockholders' Equity			6458

		PAGE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1	Significant Accounting Policies	6559
2	Revenue Recognition	7468
3	Leases	7771
4	Inventories	7973
5	Goodwill and Other Intangibles	7973
6	Financing Arrangements	8175
7	Commitments and Contingencies	8477
8	Pension and Other Postretirement Benefit Plans	8781
9	Hedges and Derivative Financial Instruments	9487
10	Fair Value Measurements	9891
11	Stockholders' Equity	~~100~~92
12	Share-Based Incentive Plans	~~102~~94
14	Income Taxes	~~105~~97
15	Segment Information	~~110~~102
16	Acquisitions and Divestitures	~~113~~106

Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) ~~131~~123

5953

WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Year Ended December 31,

(Millions of dollars, except per share data)

2024

2023

2022

2025

2024

2023

Net sales

1615,~~607~~524

1916,~~455~~607

19,~~724~~455

Expenses

Cost of products sold

1413,~~026~~138

1614,~~285~~026

16,~~651~~285

Gross margin

2,~~581~~386

32,~~170~~581

3,~~073~~170

Selling, general and administrative

1,~~684~~633

1,~~993~~684

1,~~820~~993

Intangible amortization

3126

4031

3540

Restructuring costs

7963

1679

2116

Impairment of goodwill and other intangibles

~~381~~106

—381

~~384~~—

Loss (gain) on sale and disposal of businesses

~~264~~(280)

~~106~~264

~~1,869~~106

Operating profit

~~143~~838

~~1,015~~143

(1,~~056)~~015

Other (income) expense

Interest and sundry (income) expense

(2720)

71(27)

~~(19)~~71

Interest expense

~~358~~341

~~351~~358

~~190~~351

Earnings (loss) before income taxes

~~(188)~~516

~~593~~(188)

~~(1,227)~~593

Income tax expense (benefit)

10142

7710

~~265~~77

Equity method investment income (loss), net of tax

(~~107~~34)

(28107)

(1928)

Net earnings (loss)

~~(305)~~341

~~488~~(305)

~~(1,511)~~488

Less: Net earnings (loss) available to noncontrolling interests

1823

718

Net earnings (loss) available to Whirlpool

~~(323)~~318

~~481~~(323)

~~(1,519)~~481

Per share of common stock

Basic net earnings (loss) available to Whirlpool

(5.~~87)~~68

8(5.7687)

~~(27~~8.~~18)~~76

Diluted net earnings (loss) available to Whirlpool

(5.~~87)~~66

8(5.7287)

~~(27~~8.~~18)~~72

Weighted-average shares outstanding (in millions)

Basic

5556.10

55.01

55.90

Diluted

5556.12

55.21

55.92

The accompanying notes are an integral part of these Consolidated Financial Statements.

6054

WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Year Ended December 31,

(Millions of dollars)

	2024		2023		2022
	2025		2024		2023
Net earnings (loss)	$	~~(305)~~341	$	~~488~~(305)	$	~~(1,511)~~488
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(29288)		22(29)		~~280~~22
Derivative instruments:
Net (loss) gain arising during period	~~133~~(117)		~~(100)~~133		~~119~~(100)
Less: reclassification adjustment for gain (loss) included in net earnings (loss)	52(46)		~~(36)~~52		93(36)
Derivative instruments, net	81(71)		~~(64)~~81		26(64)
Defined benefit pension and postretirement plans:
Prior service (cost) credit arising during period	—		~~(1)~~—		5(1)
Net gain (loss) arising during period	~~(9)~~48		(999)		(5499)
Less: amortization of prior service credit (cost) and actuarial (loss)	(3931)		(139)		(221)
Defined benefit pension and postretirement plans, net	3079		~~(99)~~30		(2799)
Other comprehensive income (loss), before tax	82(280)		~~(141)~~82		~~279~~(141)
Income tax benefit (expense) related to items of other comprehensive income (loss)	~~(45)~~11		53(45)		~~(12)~~53
Other comprehensive income (loss), net of tax	$	37(268)	$	~~(88)~~37	$	~~267~~(88)
Comprehensive income (loss)	$	~~(268)~~73	$	~~400~~(268)	$	~~(1,244)~~400
Less: comprehensive income (loss), available to noncontrolling interests	1723		717		87
Comprehensive income (loss) available to Whirlpool	$	~~(285)~~50	$	~~393~~(285)	$	~~(1,252)~~393

The accompanying notes are an integral part of these Consolidated Financial Statements.

6155

WHIRLPOOL CORPORATION

CONSOLIDATED BALANCE SHEETS

At December 31,

(Millions of dollars)

	2024		2023
	2025		2024
Assets
Current assets
Cash and cash equivalents	$	~~1,275~~669	$	1,~~570~~275
Accounts receivable, net of allowance of $46 and $47, respectively	1,317		1,529
Accounts receivable, net of allowance of $56 and $46, respectively	1,276		1,317
Inventories	2,~~035~~307		2,~~247~~035
Prepaid and other current assets	~~612~~654		~~717~~612
Assets held for sale	—17		~~144~~—
Total current assets	54,~~239~~924		65,~~207~~239
Property, net of accumulated depreciation of $5,414 and $5,259, respectively	2,275		2,234
Property, net of accumulated depreciation of $5,547 and $5,414, respectively	2,194		2,275
Right of use assets	~~841~~796		~~721~~841
Goodwill	3,~~322~~103		3,~~330~~322
Other intangibles, net of accumulated amortization of $447 and $440, respectively	2,717		3,124
Investment in affiliated companies	827		279
Deferred income taxes	1,433		1,317
Other intangibles, net of accumulated amortization of $464 and $447, respectively	2,563		2,717
Other noncurrent assets	474		379
Deferred income taxes	1,327		1,433
Total assets	$	16,301	$	17,312
Other noncurrent assets	266		195
Total assets	$	16,001	$	16,301
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	3,~~530~~704	$	3,~~598~~530
Accrued expenses	~~455~~448		~~491~~455
Accrued advertising and promotions	~~682~~755		~~603~~682
Employee compensation	~~228~~208		~~238~~228
Notes payable	18351		1718
Current maturities of long-term debt	~~1,850~~586		~~800~~1,850
Other current liabilities	~~560~~460		~~614~~560
Liabilities held for sale	—		587
Total current liabilities	6,513		7,323
Total current liabilities	7,323		6,948
Noncurrent liabilities
Long-term debt	45,~~758~~583		64,~~414~~758
Pension benefits	~~122~~64		~~147~~122
Postretirement benefits	9692		~~107~~96
Lease liabilities	~~711~~669		~~612~~711
Other noncurrent liabilities	~~358~~365		~~547~~358
Total noncurrent liabilities	6,~~045~~773		76,~~827~~045
Stockholders' equity
Common stock, $1 par value, 250 million shares authorized, 65 million and 114 million shares issued, respectively, and 55 million and 55 million shares outstanding, respectively	64		114
Common stock, $1 par value, 250 million shares authorized, 65 million and 65 million shares issued, respectively, and 56 million and 55 million shares outstanding, respectively	65		64
Additional paid-in capital	3,~~462~~485		3,~~078~~462
Retained earnings	1,~~311~~330		81,~~358~~311
Accumulated other comprehensive loss	(1,~~545~~624)		(21,~~178~~545)
Treasury stock, 9 million and 60 million shares, respectively	(609)		(7,010)
Treasury stock, 9 million and 9 million shares, respectively	(530)		(609)
Total Whirlpool stockholders' equity	2,~~683~~726		2,~~362~~683
Noncontrolling interests	~~250~~(11)		~~175~~250
Total stockholders' equity	2,~~933~~715		2,~~537~~933
Total liabilities and stockholders' equity	$	16,~~301~~001	$	1716,~~312~~301

The accompanying notes are an integral part of these Consolidated Financial Statements.

6256

WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31,

(Millions of dollars)

	2024		2023		2022
	2025		2024		2023
Operating activities
Net earnings (loss)	$	~~(305)~~341	$	~~488~~(305)	$	~~(1,511)~~488
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	~~333~~338		~~361~~333		~~475~~361
Impairment of goodwill and other intangibles	381		—		384
Impairment of goodwill, other intangibles and other assets	143		381		—
Loss (gain) on sale and disposal of businesses	~~264~~(280)		~~106~~264		~~1,869~~106
Equity method investment (income) loss, net of tax	~~107~~34		28107		1928
Share based compensation and other	137		91		34
Changes in assets and liabilities:
Accounts receivable	~~(14)~~40		~~159~~(14)		~~854~~159
Inventories	~~172~~(372)		~~(123)~~172		(49123)
Accounts payable	~~125~~174		1125		~~(612)~~1
Accrued advertising and promotions	6390		~~(37)~~63		(5137)
Accrued expenses and current liabilities	739		~~122~~7		~~113~~122
Taxes deferred and payable, net	(~~183~~67)		(97183)		18(97)
Accrued pension and postretirement benefits	~~(24)~~21		(5924)		(~~105~~59)
Employee compensation	97(25)		~~103~~6		~~(288)~~69
Other	(~~188~~142)		(~~137~~188)		~~274~~(137)
Cash provided by (used in) operating activities	~~835~~470		~~915~~835		~~1,390~~915
Investing activities
Capital expenditures	(~~451~~389)		(~~549~~451)		(~~570~~549)
Proceeds from sale of assets and businesses	95198		1095		7710
Acquisition of businesses, net of cash acquired	—		(14)		(3,000)
Distributions from equity method investment	13		—		—
Cash held by divested businesses	(245)		—		(75)
Acquisition of businesses, net of cash acquired	—		—		(14)
Other	(1)		—		—
Cash held by divested businesses	(327)		(245)		—
Cash provided by (used in) investing activities	(602)		(553)		(3,568)
Other	—		(1)		—
Cash provided by (used in) investing activities	(504)		(602)		(553)
Financing activities
Net proceeds from borrowings of long-term debt	~~300~~1,200		~~304~~300		~~2,800~~304
Net repayments of long-term debt	(~~801~~1,850)		(~~750~~801)		(~~300~~750)
Net proceeds (repayments) from short-term borrowings	11340		3411		~~(4)~~34
Dividends paid	(~~384~~300)		(384)		(~~390~~384)
Repurchase of common stock	~~(50)~~—		—(50)		~~(903)~~—
Sale of minority interest in subsidiary	462		—		—
Equity transactions of noncontrolling interest	—		462		—
Common stock issued	—		4—		34
Other	(1410)		—(14)		—
Cash provided by (used in) financing activities	(~~476~~621)		(~~792~~476)		~~1,206~~(792)
Effect of exchange rate changes on cash and cash equivalents	~~(149)~~49		45(149)		~~(20)~~45
Less: change in cash classified as held for sale	—		~~(3)~~—		(943)
Increase (decrease) in cash and cash equivalents	(~~391~~606)		(~~388~~391)		(~~1,086~~388)
Cash and cash equivalents at beginning of year (1)	1,667		1,958		3,044
Cash and cash equivalents at beginning of year	1,275		1,667		1,958
Cash and cash equivalents at end of period	$	~~1,275~~669	$	1,~~570~~275	$	1,~~958~~570
Supplemental disclosure of cash flow information
Cash paid for interest	$	~~352~~350	$	~~370~~352	$	~~161~~370
Cash paid for income taxes	$	~~181~~136	$	~~175~~181	$	~~247~~175

(1) Cash and cash equivalent at the beginning of 2024 include $1,570 million of cash and cash equivalents and cash of $97 million classified as held for sale as of December 31, 2023. For additional information, see Note 16.

The accompanying notes are an integral part of these Consolidated Financial Statements.

6357

WHIRLPOOL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

Year ended December 31,

(Millions of dollars)

			Whirlpool Stockholders' Equity
	Total		RetainedEarnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock/Additional Paid-In-Capital		CommonStock		Non-ControllingInterests
Balances, December 31, 2021	$	5,013	$	10,170	$	(2,357)	$	(3,081)	$	114	$	167
Balances, December 31, 2022	$	2,506	$	8,261	$	(2,090)	$	(3,949)	$	114	$	170
Comprehensive income
Net earnings (loss)	(1,511)		(1,519)		—		—		—		8
Other comprehensive income (loss)	267		—		267		—		—		—
Comprehensive income	(1,244)		(1,519)		267		—		—		8
Stock issued (repurchased)	(868)		—		—		(868)		—		—
Dividends declared	(395)		(390)		—		—		—		(5)
Balances, December 31, 2022	2,506		8,261		(2,090)		(3,949)		114		170
Comprehensive income
Net earnings (loss)	488		481		—		—		—		7
Other comprehensive income (loss)	(88)		—		(88)		—		—		—
Comprehensive income	400		481		(88)		—		—		7
Stock issued (repurchased)	17		—		—		17		—		—
Dividends declared	(386)		(384)		—		—		—		(2)
Balances, December 31, 2023	2,537		8,358		(2,178)		(3,932)		114		175
Comprehensive income
Net earnings	(305)		(323)		—		—		—		18
Net earnings (loss)	(305)		(323)		—		—		—		18
Other comprehensive income (loss)	37		—		38		—		—		(1)
Comprehensive income	(268)		(323)		38		—		—		17
Stock issued (repurchased)	30		—		—		30		—		—
Sale of minority interest in subsidiary	462		—		18		370		—		74
Purchase of interest in subsidiary	(19)		—		—		(5)		—		(14)
Treasury stock retirement	—		(6,340)		—		6,390		(50)		—
Dividends declared	(386)		(384)		—		—		—		(2)
MDA Europe deconsolidation	577		—		577		—		—		—
Divestitures	577		—		577		—		—		—
Balances, December 31, 2024	$2,933	~~2,933~~	$1,311	~~1,311~~	$(1,545)	~~(1,545)~~	$2,853	~~2,853~~	$64	64	$250	~~250~~
Comprehensive income
Net earnings	341		318		—		—		—		23
Other comprehensive income (loss)	(268)		—		(268)		—		—		—
Comprehensive income	73		318		(268)		—		—		23
Stock issued (repurchased)	103		—		—		102		1		—
Dividends declared	(306)		(300)		—		—		—		(6)
Divestitures(1)	(89)		—		189		—		—		(278)
Balances, December 31, 2025	$	2,715	$	1,330	$	(1,624)	$	2,955	$	65	$	(11)

(1) These amounts relate to the deconsolidation of Whirlpool India. For additional information, see Note 16.

The accompanying notes are an integral part of these Consolidated Financial Statements.

6458

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(1) SIGNIFICANT ACCOUNTING POLICIES

General Information

Whirlpool Corporation, a Delaware corporation, manufactures products in ~~six~~four countries and markets products in nearly every country around the world under brand names such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, JennAir, and InSinkErator. We conduct our business through ~~four~~three operating segments, which we define based on product category and geography. Whirlpool Corporation's operating and reportable segments consist of Major Domestic Appliances (“MDA”) North America; MDA Latin America; ~~MDA Asia;~~ and Small Domestic Appliances (“SDA”) Global. As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India. Prior period segment information has been recast to retrospectively reflect this change. The MDA Europe segment was deconsolidated as of April 1, 2024 upon the completion of the contribution agreement transaction with Arcelik. For additional information, see Note 16 to the Consolidated Financial Statements.

Change in Presentation

In 2024, the Company changed its rounding presentation. Certain columns and rows within the consolidated financial statements and tables presented may not add due to rounding and percentages have been calculated from the underlying whole-dollar amounts. This change is not material and does not impact the comparability of our consolidated financial statements.

Principles of Consolidation

The ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~Statements are prepared in conformity with U.S. GAAP, and include all majority-owned subsidiaries. All material intercompany transactions have been eliminated upon consolidation. We do not consolidate the financial statements of any company in which we have an ownership interest of 50% or less, unless that company is deemed to be a variable interest entity ("VIE") of which we are the primary beneficiary. VIEs are consolidated when the company is the primary beneficiary of these entities and has the ability to directly impact the activities of these entities. Our primary business purpose and involvement with VIEs is for product development and distribution.

Risks and Uncertainties

The Consolidated Financial Statements presented herein reflect estimates and assumptions made by management at December 31, ~~2024~~2025 and for the twelve months ended December 31, ~~2024~~2025.

These estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and indefinite-lived intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; and the allowance for expected credit losses and bad debt. Events and changes in circumstances arising after February 1311, ~~2025~~2026, including those resulting from the impacts of macroeconomic volatility, as well as the ongoing international conflicts, will be reflected in management’s estimates for future periods.

Goodwill and indefinite-lived intangible assets

We continue to monitor the significant global economic uncertainty to assess the outlook for demand for our products and the impact on our business and our overall financial performance. The results of the annual assessment performed as of October 1, ~~2024~~2025 determined that the carrying value of our ~~Maytag~~JennAir trademark exceeded its fair value by $~~381~~106 million. The trademark remains at risk for future impairment at December 31, ~~2024~~2025. The InSinkErator ~~trademark~~and isMaytag trademarks are also at risk for impairment at December 31, ~~2024~~2025. The goodwill in our reporting units or other indefinite-lived intangible assets are not presently at risk for future impairment.

The potential impact of demand disruptions, production impacts or supply constraints, along with a number of other factors, could negatively effect revenues for the JennAir, Maytag and InSinkErator ~~trademarks, but we remain committed to the strategic actions necessary to realize the long-term forecasted revenues and profitability of these trademarks.~~

6559

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Atrademarks, ~~lack~~but ofwe ~~recovery~~remain orcommitted ~~further~~to ~~deterioration~~the instrategic ~~market~~actions ~~conditions,~~necessary ato ~~sustained~~realize ~~trend~~the oflong-term ~~weaker~~forecasted ~~than~~revenues ~~expected financial performance for our Maytag~~ and ~~InSinkErator~~profitability ~~trademarks, among other factors, as a result~~ of ~~macroeconomic~~these ~~factors or other unforeseen events could result in an impairment charge in future periods which could have a material adverse effect on our financial statements~~trademarks.

A lack of recovery or further deterioration in market conditions, a sustained trend of weaker than expected financial performance for our JennAir, Maytag and InSinkErator trademarks, among other factors, as a result of macroeconomic factors or other unforeseen events, could result in an impairment charge in future periods which could have a material adverse effect on our financial statements.

Income taxes

Under U.S. GAAP, the Company calculates its quarterly tax provision based on an estimated effective tax rate for the year and then adjusts this amount by certain discrete items each quarter. Potential changing and volatile macroeconomic conditions could cause fluctuations in forecasted earnings before income taxes. As such, the Company's effective tax rate could be subject to volatility as forecasted earnings before income taxes are impacted by events which cannot be predicted. In addition, potential future economic deterioration brought on by global events beyond our control or other factors, such as potential sales of businesses and new tax legislation may negatively impact the realizability and/or valuation of certain deferred tax assets.

In addition, potential future economic deterioration brought on by the trade and tariff landscape, ongoing international conflicts, and related sanctions or other factors, such as potential sales of businesses and new tax legislation may negatively impact the realizability and/or valuation of certain deferred tax assets.

Reclassifications

We reclassified certain prior period amounts in the Consolidated Financial Statements to conform with current year presentation.

Use of Estimates

We are required to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. The most significant assumptions are estimates in determining the fair value of goodwill and indefinite-lived intangible assets, assets held for sale, legal contingencies, income taxes and pension and other postretirement benefits. Actual results could differ materially from those estimates.

Revenue Recognition

Revenue is recognized when performance obligations under the terms of a contract with our customers are satisfied, the sales price is determinable, and the risk and rewards of ownership are transferred. Generally the risk and rewards of ownership are transferred with the transfer of control of our products and services. For the majority of our sales, control is transferred to the customer as soon as products are shipped. For a portion of our sales, control is transferred to the customer upon receipt of products at the customer's location. Sales are net of allowances for product returns, which are based on historical return rates and certain promotions. See Note 2 to the Consolidated Financial Statements for additional information.

Sales Incentives

The cost of sales incentives is accrued at the date at which revenue is recognized by Whirlpool as a reduction of revenue. If new incentives are added after the product has been shipped, then they are accrued at that time, also as a reduction of revenue. These accrued promotions are recognized based on the expected value amount of incentives that will be ultimately claimed by trade customers or consumers. If the amount of incentives cannot be reasonably estimated, an accrued promotion liability is recognized for the maximum potential amount. See Note 2 to the Consolidated Financial Statements for additional information.

Accounts Receivable and Allowance for Expected Credit Losses

We carry accounts receivable at sales value less an allowance for expected credit losses. We estimate our expected credit losses primarily by using an aging methodology and establish customer-specific reserves for higher risk trade customers. Our expected credit losses are evaluated and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment. We take into account a combination of specific customer circumstances, credit conditions, market conditions, reasonable and supportable forecasts of future economic conditions and the history of write-offs and collections in developing the reserve. We evaluate items on an individual basis when determining accounts receivable write-offs. In general, our policy is to not charge interest on trade receivables after the invoice becomes past due.

6660

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment. We take into account a combination of specific customer circumstances, credit conditions, market conditions, reasonable and supportable forecasts of future economic conditions and the history of write-offs and collections in developing the reserve. We evaluate items on an individual basis when determining accounts receivable write-offs. In general, our policy is to not charge interest on trade receivables after the invoice becomes past due. A receivable is considered past due if payment has not been received within agreed upon invoice terms.

Transfers and Servicing of Financial Assets

In an effort to manage economic and geographic trade customer risk, from time to time, the Company will transfer, primarily without recourse, accounts receivable balances of certain customers to financial institutions resulting in a nominal impact recorded in interest and sundry (income) expense. These transactions are accounted for as sales of the receivables resulting in the receivables being de-recognized from the Consolidated Balance Sheets. These transfers do not require continuing involvement from the Company.

Certain arrangements include servicing of transferred receivables by Whirlpool. Outstanding accounts receivable transferred under arrangements where the Company continues to service the transferred asset was $~~183~~233 million and $~~227~~183 million as of December 31, ~~2024~~2025 and December 31, ~~2023~~2024, respectively. The amount of cash proceeds received under these arrangements was $~~574~~646 million and $~~379~~574 million for the twelve months ended December 31, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

Freight and Warehousing Costs

We classify freight and warehousing costs within cost of products sold in our Consolidated Statements of Income (Loss).

Cash and Cash Equivalents

All highly liquid debt instruments purchased with an initial maturity of three months or less are considered cash equivalents. Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days. See Note 10 to the Consolidated Financial Statements for additional information.

Fair Value Measurements

We measure fair value based on an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Certain investments are valued based on net asset value (NAV), which approximates fair value. Such basis is determined by referencing the respective fund's underlying assets. There are no unfunded commitments or other restrictions associated with these investments. We had Level 3 assets at December 31, ~~2024~~2025 and ~~2023~~2024 that included pension plan assets disclosed in Note 8 to the Consolidated Financial Statements. We had no Level 3 liabilities at December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

We measured fair value for money market funds, available for sale investments and held-to-maturity securities using quoted market prices in active markets for identical or comparable assets. We measured fair value for derivative contracts, all of which have counterparties with high credit ratings, based on model driven valuations using significant inputs derived from observable market data. We also measured fair value for disposal groups held for sale based on the expected proceeds received from the sale. For assets measured at net asset values, we have no unfunded commitments or significant restraints. We measured fair value (non-recurring) for goodwill and other intangibles ~~using a discounted cash flow model and a relief-from-royalty method, respectively, with inputs based on both observable and unobservable market data.~~

6761

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

using a discounted cash flow model and a relief-from-royalty method, respectively, with inputs based on both observable and unobservable market data.

Inventories

MDA North America and MDA Europe (through Q1 2024) reporting segments use the FIFO method of inventory valuation. MDA Latin America ~~and MDA Asia~~ inventories are stated at average cost. SDA Global consists of both inventory valuation methods. Costs include materials, labor and production overhead at normal production capacity. Costs do not exceed net realizable values.

Property

Property is stated at cost, net of accumulated depreciation. For production machinery and equipment, we record depreciation based on units produced, unless units produced drop below a minimum threshold at which point depreciation is recorded using the straight-line method. For certain acquired production assets, we depreciate costs based on the straight-line method.

Property, plant and equipment and related accumulated depreciation of all divested businesses have been removed. For additional information, see Note 16 to the Consolidated Financial Statements.

Depreciation expense for property, including accelerated depreciation classified as restructuring expense in our Consolidated Statements of Income (Loss), was $~~302~~312 million, $~~321~~302 million and $~~440~~321 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. Depreciation of our European major domestic appliance business was suspended from December 2022 onwards due to the disposal group being classified as held for sale and measured at fair value less cost to sell.

The following table summarizes our property at December 31, ~~2024~~2025 and ~~2023~~2024:

Millions of dollars

~~2024~~2025

~~2023~~2024

Estimated Useful Life

Land

3626

2936

nN/aA

Buildings

~~981~~1,024

~~893~~981

10 to 50 years

Machinery and equipment

6,~~673~~691

6,~~571~~673

3 to 20 years

Accumulated depreciation

(5,~~414~~547)

(5,~~259~~414)

Property plant and equipment, net

2,~~275~~194

2,~~234~~275

We classify gains and losses associated with asset dispositions in the same line item as the underlying depreciation of the disposed asset in the Consolidated Statements of Income (Loss).

During the twelve months ended December 31, ~~2024~~2025, we disposed of buildings, machinery and equipment with a net carrying value of $728 million, compared to $167 million in prior year. The net gain or loss on ~~the~~ disposals iswas immaterial ~~for~~in ~~the twelve months ended December 31~~2025, 2024., ~~The net gain on the disposals was immaterial for the same period of 2023~~ and ~~was primarily driven by a sale-leaseback transaction~~2023.

We record impairment losses on long-lived assets, excluding goodwill and indefinite-lived intangibles, when events and circumstances indicate the assets may be impaired and the estimated undiscounted future cash flows generated by those assets are less than their carrying amounts.

Excluding assets held for sale, there were noimpairments ~~significant~~of ~~impairments~~$38 million recorded during ~~2024,~~2025 ~~2023~~and immaterial impairments in 2024 and ~~2022~~2023, respectively. For additional information, see Notes 10 and 16 to the Consolidated Financial Statements.

Capitalization of Internal Use Software Costs

We capitalize certain computer software development costs associated with qualifying application development stage activities or the acquisition of computer software for internal use. Capitalization is determined based on specific criteria, including whether the software is in the development stage and meets defined criteria for capitalization.

68Capitalized software costs are recognized as part of property, plant, and equipment within machinery and equipment and are depreciated on a straight-line basis over the estimated useful lives of the software, generally not exceeding five years.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

~~Capitalized~~As ~~software~~of ~~costs~~December ~~are~~31, ~~recognized~~2025 asand ~~part~~December of31, ~~property~~2024, ~~plant~~capitalized software costs, ~~and~~net ~~equipment~~of accumulated depreciation, amounted to $167 million and ~~are~~$141 million, ~~depreciated~~respectively. onThe adepreciation ~~straight-line~~expense ~~basis~~recorded ~~over~~for ~~the~~these ~~estimated~~assets ~~useful~~was ~~lives~~$5 million, of$5 million, and $3 million for the ~~software~~twelve months ended 2025, ~~generally~~2024, ~~not~~and ~~exceeding~~2023, ~~five~~respectively. ~~years~~There were no significant impairments recorded during 2025, 2024 and 2023, respectively.

As of December 31, 2024 and December 31, 2023, capitalized software costs, net of accumulated depreciation, amounted to $141 million and $135 million, respectively. These amounts are included in the Machinery and Equipment category in the Property section of the Consolidated Balance Sheets. The depreciation expense recorded for these assets was $5 million, $3 million, and $2 million for the twelve months ended 2024, 2023, and 2022, respectively. There were no significant impairments recorded during 2024, 2023 and 2022, respectively.

Leases

We determine if an arrangement contains a lease at contract inception and determine the lease term by assuming the exercise of those renewal options that are reasonably assured. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. We elect to not separate lease and non-lease components for all leases.

As the Company's lease agreements normally do not provide an implicit interest rate, we apply the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. Relevant information used in determining the Company's incremental borrowing rate includes the duration of the lease, location of the lease, and the Company's credit risk relative to risk-free market rates.

Certain leases also include options to purchase the underlying asset at fair market value. If leased assets have leasehold improvements, typically the depreciable life of those leasehold improvements are limited by the expected lease term. Additionally, certain lease agreements include lease payment adjustments for inflation.

Goodwill and Other Intangibles

We perform our annual impairment assessment for goodwill and indefinite-lived intangible assets as of October 1st and more frequently if indicators of impairment exist. We consider qualitative factors to assess if it is more likely than not that the fair value for goodwill or indefinite-lived intangible assets is below the carrying amount. We may also elect to bypass the qualitative assessment and perform a quantitative assessment.

In conducting a qualitative assessment, the Company analyzes a variety of events or factors that may influence the fair value of the reporting unit or indefinite-lived intangible asset, including, but not limited to: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, share price and other relevant factors.

Goodwill

We have four reporting units which we assess for impairment: ~~which also represent our operating segments and are defined as~~ Major Domestic Appliances ("MDA") North America, MDA Latin America, MDA Asia, and Small Domestic Appliances ("SDA") Global. In performing a quantitative assessment of goodwill, we estimate each reporting unit's fair value using the best information available to us, including market information and discounted cash flow projections, also referred to as the income approach. The income approach uses the reporting unit's projections of estimated operating results and cash flows and discounts them using a market participant discount rate based on a weighted-average cost of capital. We further validate our estimates of fair value under the income approach by incorporating the market approach.

If the fair value of the reporting unit exceeds its carrying amount, no impairment loss is measured. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, then a goodwill impairment loss is measured at the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill.

For additional information, see Notes 5 and 10 to the Consolidated Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Intangible Assets

We perform a quantitative assessment of other indefinite-lived intangible assets, which are primarily comprised of trademarks. We estimate the fair value of these intangible assets using the relief-from-royalty method, which primarily requires assumptions related to projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the trademark, and a market participant discount rate based on a weighted-average cost of capital.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

royalty method, which primarily requires assumptions related to projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the trademark, and a market participant discount rate based on a weighted-average cost of capital.

Other definite-life intangible assets are amortized over their useful life and are assessed for impairment when impairment indicators are present.

For additional information, see Notes 5 and 10 to the Consolidated Financial Statements.

Supply Chain Financing Arrangements

The Company has ongoing agreements globally with various third-parties to allow certain suppliers the opportunity to sell receivables due from us to participating financial institutions at the sole discretion of both the suppliers and the financial institutions.

We have no economic interest in the sale of these receivables and no direct financial relationship with the financial institutions concerning these services. Our obligations to suppliers, including amounts due and scheduled payment terms, are not impacted. All outstanding balances under these programs are recorded in accounts payable on our Consolidated Balance Sheets. The following table summarizes the changes in outstanding obligations for the periods presented:

Millions of dollars	Outstanding Obligations
Confirmed obligations outstanding as of December 31, 2023	$	843
Invoices confirmed during the period	2,452
Confirmed invoices paid during the period	(2,431)
Impact of foreign currency	(70)
Confirmed obligations outstanding as of December 31, 2024	$	794
Invoices confirmed during the period	2,327
Confirmed invoices paid during the period	(2,394)
Impact of foreign currency	37
Confirmed obligations outstanding as of December 31, 2025	$	763

Obligations outstanding and activities during the period related to our European major domestic appliance business have been excluded from the table above. There were no obligations outstanding as of December 31, 2024 related to our former Europe major domestic appliance business. Obligations outstanding amounted to $383 million as of December 31, 2023.

Derivative Financial Instruments

We use derivative instruments designated as cash flow, fair value and net investment hedges to manage our exposure to the volatility in material costs, foreign currency and interest rates on certain debt instruments. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, we designate the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings immediately with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of Other Comprehensive Income (Loss) and is subsequently recognized in earnings when the hedged exposure affects earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative's gain or loss is reported in Other Comprehensive Income (Loss) as part of the cumulative translation adjustment. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. See Note 9 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Foreign Currency Translation and Transactions

Foreign currency denominated assets and liabilities are translated into United States dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of Accumulated Other Comprehensive Income (Loss). The results of operations of foreign subsidiaries are translated at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in net earnings.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Research and Development Costs

Research and development costs are charged to expense and totaled $~~405~~370 million, $~~473~~405 million and $~~465~~473 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Advertising Costs

Advertising costs are charged to expense when the advertisement is first communicated and totaled $~~264~~276 million, $~~392~~264 million and $~~329~~392 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Income Taxes and Indirect Tax Matters

We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement and tax basis of assets and liabilities using enacted rates. The effect of a change in tax rates on deferred tax assets is recognized in income in the period of the enactment date.

We recognize, primarily in other noncurrent liabilities in the Consolidated Balance Sheets, the effects of uncertain income tax positions. Interest and penalties related to uncertain tax positions are reflected in income tax expense. We record liabilities, net of the amount, after determining it is more likely than not that the uncertain tax position will not be sustained upon examination based on its technical merits. We accrue for indirect tax contingencies when we determine that a loss is probable and the amount or range of loss is reasonably estimable.

Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested.

See Note 14 to the Consolidated Financial Statements for additional information.

Share-based Incentive Plans

Share-based compensation expense is based on the grant date fair value and is expensed over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The Company's Share-based incentive plans include stock options, performance stock units, and restricted stock units, among other award types. The fair value of stock options are determined using the Black-Scholes option-pricing model, which incorporates assumptions regarding the risk-free interest rate, expected volatility, expected option life, expected forfeitures and dividend yield. Expected forfeitures are based on historical experience. Stock options are granted with an exercise price equal to the closing stock price on the date of grant. The fair value of restricted stock units and performance stock units is generally based on the closing market price of Whirlpool common stock on the grant date. Share-based compensation is recorded in selling, general and administrative expense on our Consolidated Statements of Income (Loss). See Note 12 to the Consolidated Financial Statements for additional information.

7165

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Acquisitions

We include the results of operations of the businesses in which we acquire a controlling financial interest in our Consolidated Financial Statements beginning as of the acquisition date. On the acquisition date, we recognize, separate from goodwill, the assets acquired, including separately identifiable intangible assets, and the liabilities assumed based on the preliminary purchase price allocation. The excess of the consideration transferred over the fair values assigned to the net identifiable assets and liabilities of the acquired business is recognized as goodwill. Transaction costs are recognized separately from the acquisition and are expensed as incurred.

We may adjust preliminary amounts recognized at the acquisition date to their subsequently determined acquisition-date fair values during the measurement period which is twelve months from acquisition date.

For additional information, see Note 16 to the Consolidated Financial Statements.

Equity Method Investments

~~Our~~The ~~primary~~Company ~~equity~~has ~~method~~various investments ~~include~~accounted ~~partial~~for ~~ownership~~using inthe ~~Whirlpool~~equity ~~China~~method. Under the equity method of accounting, anthe ~~entity~~Company ~~that~~records ~~was~~its ~~previously~~proportionate ~~controlled~~share byof the ~~Company,~~net ~~and~~income ~~partial~~or ~~ownership~~loss inof ~~Beko~~each ~~Europe~~equity ~~B.V.~~method ~~(Beko)~~investee, with a ~~newly~~corresponding ~~formed~~change ~~entity~~to ~~resulting~~the ~~from~~carrying value of the ~~April~~investment. 1,The ~~2024~~Company ~~transaction~~records ~~with~~its ~~Arcelik.~~share ~~Whirlpool~~of ~~China~~earnings ~~and~~or ~~Beko~~losses ~~are~~from ~~considered~~the ~~related~~equity ~~parties.~~method ~~For~~investees ~~additional~~on ~~information,~~a ~~see~~one-to-three-month ~~Note~~lag, 16depending toon when the ~~Consolidated~~financial ~~Financial~~information ~~Statements~~is available for these entities.

The Company records its proportionate share of net income or loss within the Equity method investment income (loss), net of tax line on the Consolidated Statement of Income (Loss). The carrying value of the investments are recorded within the Investment in affiliated companies on the Consolidated Balance Sheet.

The carrying value of the investment is also adjusted for any dividends received and the effect of foreign exchange. The Company has elected to record dividends received from its equity method investments under the nature of distribution approach, which provides for the recording of such distributions within operating or financing activities in the Consolidated Statement of Cash Flows based on the source of distribution.

Our primary equity method investments include partial ownership in Whirlpool China, an entity that was previously controlled by the Company, partial ownership in Beko Europe B.V. (Beko), an entity resulting from the April 1, 2024 transaction with Arcelik, and partial ownership in Whirlpool India, an entity that was previously controlled by the Company. Whirlpool China, Beko, and Whirlpool India are considered related parties. For additional information, see Note 16 to the Consolidated Financial Statements.

The following table summarizes the amounts related to the Company's primary equity method investments during the periods presented.

Millions of dollars	Reporting Lag	December 31, ~~2024~~2025				December 31, ~~2023~~2024
		Percentage Ownership		Carrying Amount		Percentage Ownership		Carrying Amount
Beko Europe B.V.	1 month	25	%	$	7419	~~N/A~~25	%	~~N/A~~$	74
Whirlpool China	1 month	20	%	$	~~191~~196	20	%	$	~~187~~191
Whirlpool India	3 months	40	%	$	599	N/A		N/A

The fair value of the investment in Beko at the date of deconsolidation was calculated based on a discounted cash flow analysis and multiple market data points (Level 3 input), resulting in a fair value of $186 million. As of December 31, 2024, the carrying amount of the investment is $74 million, reflecting the recognition of equity method investment losses during the year, which includes restructuring charges of $74 million. The fair value of our investment in Whirlpool China, based on the quoted market price, is $193 million as of December 31, 2024. Management has concluded that there are no indicators of other than temporary impairment related to these investments.66

The following table summarizes the amounts recorded related to the Company's primary equity method investments during the periods presented.

Millions of dollars	Twelve Months Ended December 31,
	2024		2023
Accounts Payable	$	101	$	91
Purchases	$	261	$	303

The licensing revenue from our equity method investments and their subsidiaries is not material for the periods presented. There are also no material accounts receivable or sales with these investments for the periods presented.

The Company’s share of the results of equity method investments and elimination of intra-entity results are included in the Equity method investment income (loss), net of tax in the Consolidated Statements of Income (Loss). The investment balance is reflected within other noncurrent assets in the Consolidated Balance Sheets and the Other/Eliminations column within the Segment Information footnote.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The fair value of the investment in Beko at the date of deconsolidation on April 1, 2024 was calculated based on a discounted cash flow analysis and multiple market data points (Level 3 input), resulting in a fair value of $186 million. As of December 31, 2025, the carrying amount of the investment is $19 million, reflecting the recognition of equity method investment losses during the year. The fair value of our investment in Whirlpool China, based on the quoted market price, is $209 million as of December 31, 2025. The fair value of the investment in Whirlpool India at the date of deconsolidation on December 1, 2025, was $599 million based on the quoted market price (Level 1 input). As of December 31, 2025, the fair value of this investment is $504 million.

In 2024, we completed a market transaction reducing our ownership in Whirlpool India from 75% to 51%. In November 2025 we completed another market transaction to further reduce our ownership In Whirlpool India to approximately 40%.

Management has concluded that there are no indicators of other than temporary impairment related to these investments.

The following table summarizes the amounts recorded related to the Company's primary equity method investments during the periods presented.


Millions of dollars	Twelve Months Ended December 31,
	2025		2024


Accounts Payable	$	198	$	101


Purchases	$	363	$	261

The licensing revenue or the dividends received from our equity method investments and their subsidiaries is not material for the periods presented. There are also no material accounts receivable or sales with these investments for the periods presented.

For additional information, see Note 16 to the Consolidated Financial Statements.

Related Party Transaction

As of December 31, 2024, the Company's majority-owned subsidiary, Whirlpool India, holds a 97% controlling equity ownership in Elica PB India, following an additional acquisition of 10% equity interest during the third quarter of 2024. Elica PB India is consolidated in Whirlpool Corporation's financial statements and reported within our MDA Asia reportable segment.

Elica PB India is a VIE for which the Company is the primary beneficiary. The carrying amount of goodwill amounts to $86 million and the carrying amount of customer relationships, which are included in Other intangible assets, net of accumulated amortization, amounts to $26 million as of December 31, 2024. Other assets or liabilities of Elica PB India are not material to the Consolidated Financial Statements of the Company.

Both Whirlpool India and the non-controlling interest shareholders retain an option for Whirlpool India to purchase the remaining equity interest in Elica PB India for fair value, which could be material to the financial statements of the Company, depending on the performance of the business.

Adoption of New Accounting Standards

On January 1, ~~2025~~2026, we adopted the FASB issued Update 2023-0709, "~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures". The adoption of this standard did not have a material impact on our Consolidated Financial Statements, however we have expanded our ~~Segment~~Effective ~~disclosure~~Tax toRate ~~include~~Table ~~additional~~and ~~information~~Income ~~that~~Taxes isPaid ~~significant~~disclosure to ~~the~~include ~~chief~~additional ~~operating~~information. ~~decision~~See ~~maker,~~Note ~~who~~14 isto the ~~Company’s~~Consolidated ~~Chairman~~Financial ~~and Chief Executive Officer~~Statements.

On January 1, 2025, we adopted the FASB issued Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The adoption of this standard did not have a material impact on our Consolidated Financial Statements, however we have expanded our Segment disclosure to include additional information that is significant to the chief operating decision maker, who is the Company’s Chairman and Chief Executive Officer. For additional information on the required disclosures related to the impact of adopting this standard, see Note 15 to the Consolidated Financial Statements.

All other standards adopted for the year ended December 31, ~~2024~~2025 did not have a material impact on our Consolidated Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Accounting Pronouncements Issued But Not Yet Effective

In ~~December~~November ~~2023~~2024, the FASB issued Update ~~2023~~2024-0903, "Income ~~Taxes~~Statement—Reporting ~~(Topic~~Comprehensive ~~740): Improvements to~~ Income—Expense ~~Tax~~Disaggregation Disclosures (Subtopic 220-40)". This ~~Update~~update applies to all public business entities. ~~that~~The ~~are~~FASB ~~subject~~issued the Update to ~~Topic~~improve ~~740.~~the ~~The~~disclosures ~~amendments~~about ina ~~this~~public ~~Update~~company's ~~improve~~expenses ~~income~~and ~~tax~~address ~~disclosures~~requests ~~primarily~~from ~~related~~investors tofor more detailed information about the ~~rate~~types ~~reconciliation~~of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and ~~income~~depletion) ~~taxes~~in ~~paid~~commonly ~~information~~presented asexpense ~~well~~captions (such as ~~the~~cost ~~effectiveness~~ of ~~certain~~sales, ~~other~~SG&A, ~~income~~and ~~tax~~research ~~disclosures~~and development). The new standard is effective for annual periods beginning after December 15, ~~2024.~~2026, ~~Early~~and ~~adoption~~interim isreporting ~~permitted.~~periods ~~The~~beginning ~~standard~~after ~~should~~December ~~be applied on a prospective basis~~15, ~~but~~2027. ~~retrospective~~Early ~~application~~adoption is permitted. The Company is currently evaluating the impact of adopting this new standard.

In November 2024, the FASB issued Update 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)". This update applies to all public business entities. The Board is issuing this Update to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The new standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new standard.

All other issued and not yet effective accounting standards are not relevant to the Company.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

(2) REVENUE RECOGNITION

Revenue from Contracts with Customers

In accordance with Topic 606, revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our products or services. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services. Certain customers may receive cash and/or non-cash incentives, which are accounted for as variable consideration. To achieve the core principle, the Company applies the following five steps:

1. Identify the contract with a customer

A contract with a customer exists when (i) the Company enters into an agreement with a customer that defines each party's rights regarding the products or services to be transferred and identifies the payment terms related to these products or services, (ii) both parties to the contract are committed to perform their respective obligations, (iii) the contract has commercial substance, and (iv) the Company determines that collection of substantially all consideration for products or services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. The Company applies judgment in determining the customer's ability and intention to pay, which is based on a variety of factors including the customer's payment history or, in the case of a new customer, published credit and financial information pertaining to the customer.

2. Identify the performance obligations in the contract

Performance obligations promised in a contract are identified based on the products or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the product or service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised products or services, the Company must apply judgment to determine whether promised products or services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised products or services are accounted for as a combined performance obligation. The Company has elected to account for shipping and handling activities as a fulfillment cost as permitted by the standard.

3. Determine the transaction price

The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring products or services to the customer. To the extent the transaction price is variable, revenue is recognized at an amount equal to the consideration to which the Company expects to be entitled. This estimate includes customer sales incentives which are accounted for as a reduction to revenue and estimated primarily using the expected value method. Determining the transaction price requires significant judgment, which is discussed by revenue category in further detail below.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

In practice, we do not offer extended payment terms beyond one year to customers. As such, we do not adjust our consideration for financing arrangements.

4. Allocate the transaction price to performance obligations in the contract

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis unless a portion of the variable consideration related to the contract is allocated entirely to a performance obligation. The Company determines standalone selling price based on the price at which the performance obligation is sold separately.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

5. Recognize revenue when or as the Company satisfies a performance obligation

The Company generally satisfies performance obligations at a point in time. Revenue is recognized based on the transaction price at the time the related performance obligation is satisfied by transferring a promised product or service to a customer. The impact to revenue related to prior period performance obligations is less than 1% of global consolidated revenues for the twelve months ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Disaggregation of Revenue

The following table presents our disaggregated revenues by revenue source. We sell products within all major product categories in each operating segment. For additional information on the disaggregated revenues by operating segment, see Note 15 to the Consolidated Financial Statements.

Twelve months ended

Millions of dollars

~~2024~~2025

~~2023~~2024

~~2022~~2023

Major product categories:

Laundry

4,~~585~~376

54,~~333~~585

5,~~133~~333

Refrigeration

54,~~097~~790

5,~~794~~097

65,~~248~~794

Cooking

3,~~939~~687

43,~~721~~939

54,~~056~~721

Dishwashing

1,~~276~~175

1,~~729~~276

1,~~822~~729

Total major product category net sales

14,~~897~~028

1714,~~577~~897

1817,~~259~~577

Spare parts and warranties

~~649~~550

~~953~~649

~~923~~953

Other

~~1,062~~946

~~925~~1,062

~~542~~925

Total net sales

1615,~~607~~524

1916,~~455~~607

19,~~724~~455

Major Product Category Sales

Whirlpool Corporation manufactures and markets a full line of home appliances and related products and services. Our major product categories include the following: refrigeration, laundry, cooking, and dishwashing. The refrigeration product category includes refrigerators, freezers, ice makers and refrigerator water filters. The laundry product category includes laundry appliances, commercial laundry products and related laundry accessories. The cooking category includes cooking appliances and other small domestic appliances. The dishwashing product category includes dishwasher appliances and related accessories.

For product sales, we transfer control and recognize a sale when we ship the product from our manufacturing facility to our customer or when the customer receives the product based upon agreed shipping terms. Each unit sold is considered an independent, unbundled performance obligation. We do not have any additional performance obligations other than product sales that are material in the context of the contract. The amount of consideration we receive and revenue we recognize varies due to sales incentives and returns we offer to our customers. When we give our customers the right to return eligible products, we reduce revenue for our estimate of the expected returns which is primarily based on an analysis of historical experience.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Spare Parts & Warranties

Spare parts are primarily sold to parts distributors and retailers, with a small number of sales to end consumers. For spare part sales, we transfer control and recognize a sale when we ship the product to our customer or when the customer receives product based upon agreed shipping terms. Each unit sold is considered an independent, unbundled performance obligation. We do not have any additional performance obligations other than spare part sales that are material in the context of the contract. The amount of consideration we receive and revenue we recognize varies due to sales incentives and returns we offer to our customers. When we give our customers the right to return eligible products, we reduce revenue for our estimate of the expected returns which is primarily based on an analysis of historical experience.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Warranties are classified as either assurance type or service type warranties. A warranty is considered an assurance type warranty if it provides the consumer with assurance that the product will function as intended. A warranty that goes above and beyond ensuring standard functionality is considered a service type warranty. The Company offers certain limited warranties that are assurance type warranties and extended service arrangements that are service type warranties. Assurance type warranties are not accounted for as separate performance obligations under the revenue model. If a service type warranty is sold with a product or separately, revenue is recognized over the life of the warranty. The Company evaluates warranty offerings in comparison to industry standards and market expectations to determine appropriate warranty classification. Industry standards and market expectations are determined by jurisdictional laws, competitor offerings and customer expectations. Market expectations and industry standards can vary based on product type and geography. The Company primarily offers assurance type warranties.

Whirlpool sells certain extended service arrangements separately from the sale of products. Whirlpool acts as a sales agent under a majority of these arrangements whereby the Company receives a fee that is recognized as revenue upon the sale of the extended service arrangement.

Other Revenue

Other revenue sources include primarily the revenues from the InSinkErator business, ~~acquired in the fourth quarter of 2022,~~ subscription arrangements and licenses as described below.

InSinkErator revenues consist primarily of food waste disposers and instant hot water dispensers. We transfer control and recognize a sale when we ship the product from our manufacturing facility to our customer or when the customer receives the product based upon agreed shipping terms, in a similar manner as our major product category sales.

The Company previously had a water filtration subscription business, operating under our Brastemp brand, in our Latin America segment which provided water filtration systems for consumer and business locations. On January 16, 2024, the Company entered into a share purchase agreement with a third-party buyer to sell the Company's Brastemp water filtration subscription business in the Latin America region and the transaction closed on July 1, 2024. For additional information, see Note 16 to the Consolidated Financial Statements.

We license our brands in arrangements that do not include other performance obligations. Whirlpool licensing provides a right of access to the Company's intellectual property throughout the license period. Whirlpool recognizes licensing revenue over the life of the license contract as the underlying sale or usage occurs. As a result, we recognize revenue for these contracts at the amount which directly corresponds to the value provided to the customer.

Costs to Obtain or Fulfill a Contract

We do not capitalize costs to obtain a contract because a nominal number of contracts have terms that extend beyond one year. The Company does not have a significant amount of capitalized costs related to fulfillment.

Sales Tax and Indirect Taxes

The Company is subject to certain indirect taxes in certain jurisdictions including but not limited to sales tax, value added tax, excise tax and other taxes we collect concurrent with revenue-producing activities that are excluded from the transaction price, and therefore, excluded from revenue.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Allowance for Expected Credit Losses and Bad Debt Expense

We estimate our expected credit losses primarily by using an aging methodology and establish customer-specific reserves for higher risk trade customers. Our expected credit losses are evaluated and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment. We take into account past events, current conditions and reasonable and supportable forecasts in developing the reserve.

76The following table summarizes our allowance for doubtful accounts by operating segment for the twelve months ended December 31, 2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Millions of dollars	December 31, 2024		Charged to Earnings		Write-offs		Foreign Currency		Other		December 31, 2025
Accounts receivable allowance
MDA North America	$	8	$	6	$	(2)	$	—	$	—	$	12
MDA Latin America	33		2		—		4		—		39

SDA Global	2		1		—		—		—		3
Other	3		1		—		—		(2)		2
Consolidated	$	46	$	10	$	(2)	$	4	$	(2)	$	56
Financing receivable allowance
MDA Latin America	$	23	$	—	$	—	$	3	$	—	$	26


Consolidated	$	69	$	10	$	(2)	$	7	$	(2)	$	82

~~The~~We ~~following~~recorded ~~table~~an ~~summarizes~~immaterial ~~our~~amount ~~allowance~~of ~~for~~bad ~~doubtful~~debt ~~accounts~~expense ~~by operating segment~~ for the ~~twelve~~years ~~months~~ ended December 31, 2025, 2024 and 2023, respectively.

Millions of dollars	December 31, 2023 (1)		Charged to Earnings		Write-offs		Foreign Currency		Other		December 31, 2024
Accounts receivable allowance
MDA North America	$	4	$	4	$	—	$	—	$	—	$	8
MDA Latin America	38		8		(6)		(7)		—		33
MDA Asia	3		—		—		—		—		3
SDA Global	2		—		—		—		—		2
Consolidated	$	47	$	12	$	(6)	$	(7)	$	—	$	46
Financing receivable allowance
MDA Latin America	$	29	$	—	$	—	$	(6)	$	—	$	23
Consolidated	$	76	$	12	$	(6)	$	(13)	$	—	$	69

(1) Effective January 1, 2024, we reorganized our operating segment structure. All prior period amounts have been reclassified to conform with current period presentation. For additional information, see Note 16 to the Consolidated Financial Statements.

We recorded an immaterial amount of bad debt expense for the years ended December 31, 2024, 2023 and 2022, respectively.

(3) LEASES

Leases

We lease certain manufacturing facilities, warehouses/distribution centers, office space, land, vehicles, and equipment. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. The Company had operating lease costs of approximately $~~216~~224 million, $~~235~~216 million and $~~218~~235 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

At December 31, ~~2024~~2025 and ~~2023~~2024, we have no material leases classified as financing leases. We have approximately $~~1,048~~999 million of non-cancellable operating lease commitments, excluding variable consideration at December 31, ~~2024~~2025 and $~~929~~1 ~~million~~billion at December 31, ~~2023~~2024, respectively. The undiscounted annual future minimum lease payments are summarized by year in the table below.

Maturity of Lease Liabilities	Operating Leases(in millions)
2025	$	204
2026	$	214
2026	185
2027	192
2027	162
2028	158
2028	134
2029	132
2029	108
2030	105
Thereafter	~~255~~197
Total lease payments	$	~~1,048~~999
Less: interest	~~175~~$	164
Present value of lease liabilities	$	~~873~~836

The long-term portion of the lease liabilities included in the amounts above is $711 million as of December 31, 2024. The remainder of our lease liabilities are included in other current liabilities in the Consolidated Balance Sheets.71

During the year ended December 31, 2024 the weighted average remaining lease term and weighted average discount rate for operating leases was 6 years and 6%. The weighted average remaining

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

~~lease~~The long-term ~~and~~portion ~~weighted~~of ~~average~~the ~~discount~~lease ~~rate~~liabilities ~~was~~included 7in ~~years~~the ~~and~~amounts 5%above ~~for~~is ~~the~~$669 ~~year~~million ~~ended~~as of December 31, ~~2023~~2025. The remainder of our lease liabilities are included in other current liabilities in the Consolidated Balance Sheets.

During the year ended December 31, 2025 the weighted average remaining lease term and weighted average discount rate for operating leases was 6 years and 6%. The weighted average remaining lease term and weighted average discount rate was 6 years and 6% for the year ended December 31, 2024.

During the year ended December 31, 2025 the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $226 million. The right of use assets obtained in exchange for new liabilities was $127 million for the year ended December 31, 2025.

During the year ended December 31, 2024 the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $206 million. The right of use assets obtained in exchange for new liabilities was $268 million for the year ended December 31, 2024.

During the year ended December 31, 2023 the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $236 million. The right of use assets obtained in exchange for new liabilities was $157 million for the year ended December 31, 2023.

Many of our leases include renewal options that can extend the lease term. The execution of those renewal options is at our sole discretion and reflected in the lease term when they are reasonably certain to be exercised.

Our lease agreements do not contain any material residual value guarantees or material restrictive covenants, except for synthetic leases. (For additional information, see Synthetic lease arrangements) section below.

We rent or sublease certain real estate to third parties. Our sublease portfolio primarily consists of operating leases within our warehouses, resulting in a nominal amount of sublease income for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Sale-leaseback transactions

~~There were no material sale-leaseback transactions in 2024 or 2023.~~ In the ~~first~~fourth quarter of ~~2022~~2025, the Company sold and leased back a ~~group of~~ non-core ~~properties~~property for net proceeds of approximately $5235 million. The initial total annual rent for the ~~properties~~property is approximately $23 million per year over an initial 15 year lease term and is subject to annual rent increases. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance and utilities and is required to adequately maintain the ~~properties~~property for the lease term. The Company has ~~two~~four sequential 5-year renewal options.

The transaction met the requirements for sale-leaseback accounting. Accordingly, the Company recorded the sale of the properties, which resulted in a gain of approximately $44 million ($36 million, net of tax) recorded in selling, general and administrative expense in the Consolidated Statements of Comprehensive Income (Loss) for the twelve months ended December 31, 2022. The related land and buildings were removed from property, plant and equipment, net and the appropriate right-of-use asset and lease liabilities of approximately $32 million were recorded in the Consolidated Balance Sheets at the time of the transaction in the first quarter of 2022.

~~Synthetic~~recorded the sale of the property, which resulted in a gain of approximately $13 million recorded in selling, general and administrative expense in the Consolidated Statements of Income (Loss) for the twelve months ended December 31, 2025. The related land and building were removed from property, plant and equipment, net and the appropriate right-of-use asset and lease ~~arrangements~~liabilities of approximately $31 million were recorded in the Consolidated Balance Sheets at the time of the transaction in the fourth quarter of 2025.

WeThere ~~have~~were ano ~~number~~material ~~of synthetic lease arrangements with financial institutions for non~~sale-~~core~~leaseback ~~properties.~~transactions ~~The~~in ~~leases~~2024 ~~contain provisions for options to purchase, extend the original term for additional periods~~ or ~~return the property~~2023. As of December 31, 2024, these arrangements include residual value guarantees of up to approximately $405 million that could potentially come due in future periods. We do not believe it is probable that any material amounts will be owed under these guarantees. Therefore, no material amounts related to the residual value guarantees are included in

7872

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

~~the~~Synthetic lease ~~payments used to measure the right-of-use assets and lease liabilities. The residual value guarantee amounted to $378 million as of December 31, 2023.~~arrangements

We have a number of synthetic lease arrangements with financial institutions for non-core properties. The leases contain provisions for options to purchase, extend the original term for additional periods or return the property. As of December 31, 2025, these arrangements include residual value guarantees of up to approximately $504 million that could potentially come due in future periods. We do not believe it is probable that any material amounts will be owed under these guarantees. Therefore, no material amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities. The residual value guarantee amounted to $405 million as of December 31, 2024.

The majority of these leases are classified as operating leases. We have assessed the reasonable certainty of these provisions to determine the appropriate lease term. The leases were measured using our incremental borrowing rate and are included in our right of use assets and lease liabilities in the Consolidated Balance Sheets. Rental payments are calculated at the applicable reference rate plus a margin. The impact to the Consolidated Balance Sheets and Consolidated Statements of Income (Loss) is nominal.

(4) INVENTORIES

The following table summarizes our inventories at December 31, ~~2024~~2025 and ~~2023~~2024:

Millions of dollars

~~2024~~2025

~~2023~~2024

Finished products

1,~~463~~750

1,~~732~~463

Raw materials and work in process

~~572~~557

~~515~~572

Total inventories

2,~~035~~307

2,~~247~~035

(5) GOODWILL AND OTHER INTANGIBLES

Goodwill

As of January 1, 2024, we reorganized our operating segments. As a result, goodwill balances were reallocated based on the relative fair value of our new segments. The following table summarizes the goodwill attributable to our ~~historical~~ reporting units asfor ofthe ~~December~~periods ~~31, 2022 and December 31, 2023~~presented:

Millions of dollars	~~North~~MDA ~~America~~NorthAmerica		~~Latin~~MDA ~~America~~LatinAmerica		MDA Asia		~~TotalWhirlpool~~		SDA Global		TotalWhirlpool
Ending balance December 31, 2022	$	2,829	$	33	$	452	$	3,314
Beginning balance January 1, 2024	$	2,419	$	31	$	248			$	632	$	3,330
Currency translation adjustment	1(4)		—(1)		(13)		—		—		(8)
Divestitures and acquisitions (1)	16		—		—		16
Ending balance December 31, 2024	$	2,415	$	30	$	245			$	632	$	3,322
Ending balance December 31, 2023	$	2,846	$	33	$	451	$	3,330
Currency translation adjustment	$	3	$	(1)	$	(4)			$	—	$	(2)
Divestitures	$	—	$	—	$	(217)			$	—	$	(217)
Ending balance December 31, 2025	$	2,418	$	29	$	24			$	632	$	3,103

(1)Increase in goodwill is related to a measurement period adjustment for the InSinkErator acquisition that occurred in 2022. For additional information, see Note 16 to the Consolidated Financial Statements.

Millions of dollars	MDA NorthAmerica		MDA LatinAmerica		MDA Asia		SDA Global		TotalWhirlpool
Beginning balance January 1, 2024	$	2,419	$	31	$	248	$	632	$	3,330
Currency translation adjustment	(4)		(1)		(3)				(8)
Ending balance December 31, 2024	$	2,415	$	30	$	245	$	632	$	3,322

See Note 15 to the Consolidated Financial Statements for additional information on the operating segment change.

Annual impairment assessment

We completed our annual impairment assessment for goodwill as of October 1, 2025 and October 1, 2024 , respectively. The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate goodwill for all our reporting units. Based on the quantitative assessment we determined there was no impairment of goodwill in either period. For additional information, see Note 10 to the Consolidated Financial Statements.

7973

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

no impairment of goodwill. For additional information, see Note 10 to the Consolidated Financial Statements.

We completed our annual impairment assessment for goodwill as of October 1, 2023. The Company performed a qualitative assessment for all our reporting units and determined no impairment was indicated.

Interim Impairment assessment - 2022

Based on our interim quantitative impairment assessment as of June 30, 2022, the carrying value of the EMEA reporting unit exceeded its fair value and we recorded a goodwill impairment charge for the full amount of the goodwill's carrying value of $278 million during the second quarter of 2022.

Other Intangible Assets

The following table summarizes other intangible assets for the period presented:

December 31, 2024

December 31, 2023

December 31, 2025

December 31, 2024

Millions of dollars

Gross Carrying Amount

Accumulated Amortization

Net

Gross Carrying Amount

Accumulated Amortization

Net

Other intangible assets, finite lives:

Customer relationships (1)

~~665~~633

(~~349~~366)

~~316~~268

~~669~~665

(~~326~~349)

~~343~~316

Patents and other (2)

~~100~~98

(9798)

3—

~~115~~100

(~~114~~97)

Total other intangible assets, finite lives

~~765~~$

731

~~(447)~~$

(464)

~~318~~$

268

~~784~~765

(~~440~~447)

~~344~~318

Trademarks, indefinite lives (3)

2,~~399~~295

—

2,~~399~~295

2,~~780~~399

—

2,~~780~~399

Total other intangible assets

3,~~164~~026

(~~447~~464)

2,~~717~~563

3,~~564~~164

(~~440~~447)

32,~~124~~717

(1)Customer relationships have an estimated useful life of 5 to 18 years.

(2)Patents and other intangibles have an estimated useful life of 3 to 43 years.

(3)Includes InSinkErator, Maytag, and ~~Maytag~~JennAir trademarks with carrying values of $1.3 billion, $640 million, and $198 million respectively, at December 31, 2025, and $1.3 billion, $640 million, and $304 million, respectively, at December 31, 2024.

Annual impairment assessment

We completed our annual impairment assessment for other intangible assets as of October 1, ~~2024~~2025. The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certain indefinite-life intangible assets within our MDA North America operating segment. The results of the quantitative assessment determined that the carrying value of our ~~Maytag~~JennAir trademark exceeded its fair value by $~~381~~106 million. Accordingly, an impairment charge of $~~381~~106 million was recorded during the fourth quarter of ~~2024~~2025 and was recorded within Impairment of Goodwill and Other Intangibles. The brand has been unfavorably impacted asby ~~Whirlpool~~the ~~has~~downturn ~~refocused~~in ~~its~~discretionary ~~brand~~demand ~~strategy~~in to the ~~laundry~~ultra-premium ~~category~~segment. There were no impairments identified for any other intangible assets. For additional information, see Note 10 to the Consolidated Financial Statements.

We completed our annual impairment assessment for other intangible assets as of October 1, ~~2023~~2024. The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certain indefinite-~~lived~~life intangible assets. ~~Based~~within onour ~~the~~MDA North America operating segment. The results of the quantitative assessment determined that the carrying value of our Maytag trademark exceeded its fair value by $381 million. Accordingly, wean ~~determined~~impairment ~~there~~charge of $381 million was norecorded ~~impairment~~during the fourth quarter of ~~intangible~~2024 ~~assets~~and inwas ~~2023~~recorded within Impairment of Goodwill and Other Intangibles. The brand has been unfavorably impacted as Whirlpool has since refocused its brand strategy to the laundry category. There were no impairments identified for any other intangible assets.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Interim Impairment assessment - 2022

In the second quarter of 2022, we identified indicators of impairment associated with other intangible assets in our EMEA reporting unit, which required us to complete an interim impairment assessment. Based on that assessment, we determined that the carrying value of certain other intangible assets, including the Indesit and Hotpoint* tradenames, exceeded their fair value, and we recorded an impairment charge of $106 million during the second quarter of 2022.

See Note 10 to the Consolidated Financial Statements for additional information.

Amortization Expense

Amortization expense was $3126 million, $4031 million and $3540 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

The following table summarizes our future estimated amortization expense by year:

Millions of dollars
2025	$	24
2026	$	22
2026	24
2027	22
2027	24
2028	22
2028	24
2029	22
2029	24
2030	21

*Whirlpool prior ownership of the Hotpoint brand in the EMEA and Asia Pacific regions was not affiliated with the Hotpoint brand sold in the Americas.74

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

(6) FINANCING ARRANGEMENTS

Long-Term Debt

The following table summarizes our long-term debt at December 31, ~~2024~~2025 and ~~2023~~2024:

Millions of dollars	~~2024~~2025		~~2023~~2024
Senior Note - 4.00%, maturing 2024	$	—	$	300
Term Loan - SOFR +125bps, maturing 2025	$	—	$	1,500
Term Loan - SOFR + 85bps, maturing 2024	—		500
Senior Note - 3.70%, maturing 2025	—		350
Term Loan - SOFR +125bps, maturing 2025	1,500		1,500
Senior Note - 1.25%, maturing 2026(1)	587		516
Senior Note - 3.70%, maturing 2025	350		350
Senior Note - 1.10%, maturing 2027(1)	703		619
Senior Note - 1.25%, maturing 2026(1)	516		549
Senior Note - 0.50%, maturing 2028(1)	586		516
Senior Note - 1.10%, maturing 2027(1)	619		659
Senior Note - 4.75%, maturing 2029	697		696
Senior Note - 0.50%, maturing 2028(1)	516		550
Senior Note - 6.125%, maturing 2030	600		—
Senior Note - 4.75%, maturing 2029	696		695
Senior Note - 2.40%, maturing 2031	300		300
Senior Note - 4.70%, maturing 2032	298		298
Senior Note - 4.75%, maturing 2032	298		298
Senior Note - 5.50%, maturing 2033	300		300
Senior Note - 5.75%, maturing 2034	299
Senior Note - 6.50%, maturing 2033	600		—
Senior Note - 5.75%, maturing 2034	299		299
Senior Note - 5.15%, maturing 2043	249		249
Senior Note - 4.50%, maturing 2046	497		497
Senior Note - 4.60%, maturing 2050	493		493
Other, net	(2539)		(2625)
	$	6,~~608~~169	$	76,~~214~~608
Less current maturities	~~1,850~~586		~~800~~1,850
Total long-term debt	$	45,~~758~~583	$	64,~~414~~758

(1)Euro denominated debt reflects impact of currency

For outstanding notes issued by our wholly-owned subsidiaries the debt is fully and unconditionally guaranteed by the Company.

81The following table summarizes the contractual maturities of our long-term debt (net of discounts or premiums), including current maturities, at December 31, 2025:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Millions of dollars
2026	$	586
2027	702
2028	585
2029	695
2030	592
Thereafter	3,008
Long-term debt, including current maturities	$	6,169

The following table summarizes the contractual maturities of our long-term debt (net of discounts or premiums) , including current maturities, at December 31, 2024:

Millions of dollars
2025	$	1,850
2026	516
2027	618
2028	515
2029	694
Thereafter	2,415
Long-term debt, including current maturities	$	6,608

Debt Offering

On ~~February~~June 229, ~~2024~~2025, Whirlpool Corporation (the “Company”) entered into an Underwriting Agreement (the "“Underwriting Agreement"”) with ~~SMBC~~Mizuho ~~Nikko~~ Securities ~~America,~~USA ~~Inc.~~LLC, BNP Paribas Securities Corp., ~~ING~~Citigroup ~~Financial~~Global Markets ~~LLC~~Inc., ~~Mizuho~~J.P. Morgan Securities ~~USA~~ LLC, ~~Scotia Capital (USA) Inc.~~ and SGWells ~~Americas~~Fargo Securities, LLC, as representatives of the several underwriters named therein, relating to the offering by the Company of $~~300~~600 million aggregate principal amount of 56.~~750~~125% Senior Notes due ~~2034~~2030 and $600 million aggregate principal amount of 6.500% Senior Notes due 2033 (collectively, the "“2030 and 2033 Notes"”), in a public offering pursuant to a registration statement on Form S-3 (File No. 333-276169), and a preliminary prospectus supplement and prospectus supplement related to the offering of the Notes, each as previously filed with the Securities and Exchange Commission (the "Commission"). On February 27, 2024, the Company closed its offering of the Notes. The Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Company used the net proceeds from the sale of the Notes, together with cash on hand, to repay, at maturity, all $300 million aggregate principal amount of the Company's 4.000% Notes due March 1, 2024.

On February 22, 2023, the Company completed its offering of $300 million aggregate principal amount of 5.5% Senior Notes due 2033 (the “2033 Notes”), in a public offering pursuant to a registration statement on Form S-3 (File No. 333-255372). The 2033 Notes were issued under an indenture (the “Indenture”), dated March 20, 2000, between the Company, as issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank, National Association and Citibank, N.A.), as trustee. The sale of the 2033 Notes was made pursuant to the terms of an Underwriting Agreement, dated February 14, 2023, with BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc. and SG Americas Securities, LLC, as representatives of the several underwriters in connection with the offering and sales of the 2033 Notes. The 2033 Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Company used the net proceeds from the sale of the 2033 Notes to repay $250 million aggregate principal amount of 3.7% Notes which were paid on March 1, 2023, and for general corporate purposes.75

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

2030 and 2033 Notes, each as previously filed with the Securities and Exchange Commission (the “Commission”). On June 11, 2025, the Company closed its offering of the 2030 and 2033 Notes.

The 2030 and 2033 Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the 2030 and 2033 Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Company used the net proceeds from the issuance of the 2030 and 2033 Notes to repay a portion of the $1.5 billion outstanding under the term loan agreement with a maturity date of October 31, 2025.

On February 22, 2024, the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and SG Americas Securities, LLC, as representatives of the several underwriters named therein, relating to the offering by the Company of $300 million aggregate principal amount of 5.750% Senior Notes due 2034 (the "2034 Notes"), in a public offering pursuant to a registration statement on Form S-3 (File No. 333-276169), and a preliminary prospectus supplement and prospectus supplement related to the offering of the 2034 Notes, each as previously filed with the Securities and Exchange Commission (the "Commission"). On February 27, 2024, the Company closed its offering of the 2034 Notes.

The 2034 Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions. In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the 2034 Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest. The Company used the net proceeds from the issuance of the 2034 Notes, together with cash on hand, to repay, at maturity, all $300 million aggregate principal amount of the Company's 4.000% Notes due March 1, 2024.

Term Loan Agreement

On September 23, 2022, the Company entered into a Term Loan Agreement by and among the Company, Sumitomo Mitsui Banking Corporation (“SMBC”), as Administrative Agent and Syndication Agent and as lender, and certain other financial institutions as lenders. SMBC, BNP Paribas, ING Bank N.V., Dublin Branch, Mizuho Bank, Ltd., and Societe Generale acted as Joint Lead Arrangers and Syndication Agents; The Bank of Nova Scotia and Bank of China, Chicago Branch acted as Documentation Agents; and SMBC acted as Sole Bookrunner for the Term Loan Agreement. The Term Loan Agreement provides for an aggregate lender commitment of $2.5 billion. The Company utilized proceeds from the term loan facility on a delayed draw basis to fund a majority of the $3.0 billion purchase price consideration for the Company’s acquisition from Emerson Electric Co. (“Emerson”) of Emerson’s InSinkErator business, as set forth in the Asset and Stock Purchase Agreement between Whirlpool and Emerson dated as of August 7, 2022 (the “Acquisition Agreement”).

The ~~outstanding amount for this~~ term loan ~~at December 31, 2024 is $1.5 billion, which is classified in noncurrent liabilities on the Consolidated Balance Sheet. The term loan~~ facility iswas divided into two tranches: a $1 billion tranche with a maturity date of April 30, 2024, of which $500 million was repaid in December 2023 and the remaining $500 million was repaid in April 2024; and a $1.5 billion tranche with a maturity date of October 31, 2025, of which $1.2 billion was repaid in June 2025 and the remaining $300 million was repaid in October 2025. The term loan was repaid in full as of December 31, 2025.

The interest and fee rates payable with respect to the term loan facility based on the Company's current debt rating are as follows: (1) the spread over SOFR for the 3-year tranche is 1.25% (with a 0.10% SOFR spread adjustment); and (2) the spread over prime for the 3-year tranche is zero, as the date hereof.

The Term Loan Agreement contains customary covenants and warranties including, among other things, a rolling twelve month interest coverage ratio required to be greater than or equal to 3.0 for each fiscal quarter. In addition, the covenants limit the Company's ability to (or to permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on its property; and (iii) incur debt at the subsidiary level. We were in compliance with our interest coverage ratio under the term loan agreement as of December 31, 2024.

Credit Facilities

On May 3, 2022, the Company entered into a Fifth Amended and Restated Long-Term Credit Agreement (the “Amended Long-Term Facility”) by and among the Company, certain other borrowers, the lenders referred to therein, JPMorgan Chase Bank, N.A. as Administrative Agent, and Citibank, N.A., as Syndication Agent. BNP Paribas, Mizuho Bank, Ltd. and Wells Fargo Bank, National Association acted as Documentation Agents. JPMorgan Chase Bank, N.A., BNP Paribas Securities Corp., Citibank, N.A., Mizuho Bank, Ltd. and Wells Fargo Securities, LLC acted as Joint Lead Arrangers and Joint Bookrunners for the Amended Long-Term Facility. Consistent with the Company’s prior credit agreement, the Amended Long-Term Facility provides an aggregate borrowing capacity of $3.5 billion. The facility has a maturity date of May 3, 2027, unless earlier terminated.

The interest rate payable with respect to the Amended Long-Term Facility is based on the Company’s current debt rating, Term SOFR (Secured Overnight Financing Rate) + 1.25% interest rate margin per annum (with a 0.10% SOFR spread adjustment) or the Alternate Base Rate + 0.25% per annum, at the Company’s election.76

The Amended Long-Term Facility contains customary covenants and warranties, such as, among other things, a rolling four quarter interest coverage ratio required to be greater than or equal to 3.0 as of the end of each fiscal quarter. The Amended Long-Term Facility also includes limitations on the Company’s ability to (or to permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on its property; and (iii) incur debt at the subsidiary level. We were in compliance with our interest coverage ratio under the Amended Long-Term Facility as of December 31, 2024.

In addition to the committed $3.5 billion Amended Long-Term Facility and the committed $1.5 billion term loan, we have committed credit facilities in Brazil and India. These committed credit facilities

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

~~provide~~The ~~borrowings~~interest uprate payable with respect to ~~approximately $173~~the ~~million at December~~Amended ~~31,~~Long-Term ~~2024~~Facility ~~and~~is ~~$218 million~~based aton ~~December~~the ~~31,~~Company’s ~~2023~~current debt rating, ~~based~~Term onSOFR ~~exchange~~(Secured ~~rates~~Overnight ~~then~~Financing inRate) ~~effect,~~+ ~~respectively~~1.25% ~~These~~interest ~~committed~~rate ~~credit~~margin ~~facilities~~per ~~have~~annum ~~maturities~~(with ~~that~~a ~~run~~0.10% ~~through~~SOFR ~~2025~~spread adjustment) or the Alternate Base Rate + 0.25% per annum, at the Company’s election.

WeThe ~~had~~Amended ~~$1.5~~Long-Term ~~billion~~Facility contains customary covenants and $2warranties, such as, among other things, a rolling four quarter interest coverage ratio required to be greater than or equal to 3.0 ~~billion~~ ~~drawn~~as of the end of each fiscal quarter. The Amended Long-Term Facility also includes limitations on the ~~committed~~Company’s ~~credit~~ability ~~facilities~~to (~~representing~~or ~~amounts~~to ~~outstanding~~permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on ~~the~~its ~~term~~property; ~~loan~~and ~~facility~~(iii) incur debt at ~~December~~ ~~31,~~the ~~2024~~subsidiary ~~and~~level. We were in compliance with our interest coverage ratio under the Amended Long-Term Facility as of December 31, ~~2023,~~ ~~respectively~~2025.

In addition to the committed $3.5 billion Amended Long-Term Facility, we have committed credit facilities in Brazil, as of December 31, 2025 and 2024, and India, as of December 31, 2024. These committed credit facilities provide borrowings up to approximately $182 million and $173 million at at December 31, 2025 and 2024, respectively, based on exchange rates then in effect. The committed credit facilities in Brazil have maturities through 2026 and 2027.

We had $250 million (representing amounts on the Amended Long-Term Facility) and $1.5 billion (representing amounts outstanding on the term loan facility) drawn on the committed credit facilities at December 31, 2025 and December 31, 2024, respectively.

Notes Payable

Notes payable, which consist of short-term borrowings payable to banks or commercial paper, are generally used to fund working capital requirements. The fair value of our notes payable approximates the carrying amount due to the short maturity of these obligations.

The following table summarizes the carrying value of notes payable at December 31, ~~2024~~2025 and ~~2023~~2024:

Millions of dollars	~~2024~~2025		~~2023~~2024
Short-term borrowings due to banks	$	18	$	17
Commercial paper	$	80	$	—
Total notes payable	$	18	$	17
Short-term borrowings due to banks	271		18
Total notes payable	$	351	$	18

(7) COMMITMENTS AND CONTINGENCIES

OTHER MATTERS

BEFIEX Credits and Other Brazil Tax Matters

In previous years, our Brazilian operations earned tax credits under the Brazilian government's export incentive program (BEFIEX). These credits reduced Brazilian federal excise taxes on domestic sales.

Our Brazilian operations have received tax assessments for income and social contribution taxes associated with certain monetized BEFIEX credits. We do not believe BEFIEX credits are subject to income or social contribution taxes. We have not provided for income or social contribution taxes on these BEFIEX credits, and based on the opinions of tax and legal advisors, we have not accrued any amount related to these assessments at December 31, ~~2024~~2025. The total amount of outstanding tax assessments received for income and social contribution taxes relating to the BEFIEX credits, including interest and penalties, is approximately 2.47 billion Brazilian reais (approximately $~~385~~491 million at December 31, ~~2024~~2025).

Relying on existing Brazilian legal precedent, in 2003 and 2004, we recognized tax credits in an aggregate amount of $26 million, adjusted for currency, on the purchase of raw materials used in production ("IPI tax credits"). The Brazilian tax authority subsequently challenged the recording of IPI tax credits. No such credits have been recognized since 2004. In 2009, we entered into a Brazilian government program ("IPI Amnesty") which provided extended payment terms and reduced penalties and interest to encourage taxpayers to resolve this and certain other disputed tax credit amounts. As permitted by the program, we elected to settle certain debts through the use of other existing tax credits and recorded charges of approximately $34 million in 2009 associated with these matters. In July 2012, the Brazilian revenue authority notified us that a portion of our proposed settlement was rejected and we received tax assessments of 295 million Brazilian reais (approximately $48 million at December 31, 2024), reflecting interest and penalties to date. The government's assessment in this case relies heavily on its arguments regarding taxability of BEFIEX credits for certain years, which we are disputing in one of the BEFIEX government assessment cases cited in the prior paragraph. Because the IPI Amnesty case (which has concluded at all judicial levels except the Brazil Supreme Court) is moving faster than the BEFIEX taxability case, we could be required to pay the IPI Amnesty assessment before obtaining a final decision in the BEFIEX taxability case.77

We have received tax assessments from the Brazilian federal tax authorities relating to amounts allegedly due regarding insurance taxes (PIS/COFINS) for tax credits recognized since 2007. These

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

~~credits~~Relying ~~were~~on ~~recognized~~existing ~~for~~Brazilian ~~inputs~~legal toprecedent, ~~certain~~in ~~manufacturing~~2003 and ~~other~~2004, ~~business~~we ~~processes.~~recognized ~~These~~tax ~~assessments~~credits ~~are~~in ~~being~~an ~~challenged~~aggregate atamount of $26 million, adjusted for currency, on the ~~administrative~~purchase ~~and~~of ~~judicial~~raw ~~levels~~materials used in ~~Brazil~~production ("IPI tax credits"). The ~~total~~Brazilian ~~amount~~tax authority subsequently challenged the recording of ~~outstanding~~IPI tax ~~assessments~~credits. ~~received~~No ~~for~~such credits have been recognized ~~for~~since ~~PIS/COFINS~~2004. ~~inputs~~In is2009, we entered into a Brazilian government program ("IPI Amnesty") which provided extended payment terms and reduced penalties and interest to encourage taxpayers to resolve this and certain other disputed tax credit amounts. As permitted by the program, we elected to settle certain debts through the use of other existing tax credits and recorded charges of approximately ~~397~~$34 million in 2009 associated with these matters. In July 2012, the Brazilian revenue authority notified us that a portion of our proposed settlement was rejected and we received tax assessments of 308 million Brazilian reais (approximately $6456 million at December 31, ~~2024~~2025), reflecting interest and penalties to date. ~~Based~~The government's assessment in this case relies heavily on its arguments regarding taxability of BEFIEX credits for certain years, which we are disputing in one of the ~~opinion~~BEFIEX government assessment cases cited in the prior paragraph. In October 2025, we received a negative decision at the Brazil Supreme Court in the IPI Amnesty case. We maintain the right to litigate against foreclosure of ~~our~~the largest portion of the tax ~~and~~amounts ~~legal~~at ~~advisors~~issue, werepresenting ~~have~~substantially ~~not~~all of the amounts at issue in the case. In Q4 2025, we accrued ~~any~~an immaterial amount related to ~~these~~the ~~assessments~~tax amounts at issue.

We ~~and other Brazil taxpayers~~ have ~~filed~~received ~~lawsuits~~tax inassessments ~~Brazil~~from ~~challenging~~the ~~DIFAL,~~Brazilian anfederal ~~interstate~~ tax ~~equalization~~authorities ~~regime.~~relating Into ~~November~~amounts ~~2023,~~allegedly indue aregarding ~~leading~~insurance taxes (~~non-Whirlpool~~PIS/COFINS) ~~case,~~for ~~the~~tax ~~Brazil~~credits ~~Supreme~~recognized ~~Court~~since ~~issued~~2007. aThese ~~decision~~credits ~~upholding~~were ~~the~~recognized ~~constitutionality~~for ofinputs ~~DIFAL~~to ~~levied~~certain ~~for~~manufacturing ~~the~~and ~~majority~~other ofbusiness ~~2022,~~processes. ~~but~~These ~~has~~assessments ~~not~~are ~~yet~~being ~~ruled~~challenged onat the ~~taxpayer's~~administrative ~~appeal~~and ~~motion.~~judicial ~~Certain~~levels ~~other~~in ~~DIFAL~~Brazil. ~~litigation~~The ~~remains~~total ~~pending~~amount ~~at various levels~~ of ~~judicial~~outstanding ~~review.~~tax Weassessments ~~have~~received ~~accrued~~for ~~amounts~~credits ~~related~~recognized tofor ~~DIFAL~~PIS/COFINS ~~levied~~inputs inis ~~certain~~approximately ~~states~~439 inmillion ~~Brazil,~~Brazilian ~~but~~reais ~~have~~(approximately ~~not~~$80 ~~accrued~~million ~~amounts~~at inDecember ~~certain~~31, ~~others~~2025). ~~based~~Based on the opinion of our tax and legal advisors., ~~Our~~we ~~total~~have ~~unreserved~~not ~~amounts~~accrued ~~related~~any toamount ~~DIFAL-~~related ~~contingency~~to isthese ~~approximately 315 million Brazilian reais (approximately $52 million at December 31, 2024)~~assessments.

We and other Brazil taxpayers have filed lawsuits in Brazil challenging DIFAL, an interstate tax equalization regime. In November 2023, in a leading (non-Whirlpool) case, the Brazil Supreme Court issued a decision upholding the constitutionality of DIFAL levied for the majority of 2022. While this lawsuit is still pending, on October 21, 2025, the Brazil Supreme Court issued a decision in a separate (non-Whirlpool) case, upholding the constitutionality of DIFAL levied on taxpayers, but partially mitigating the impact for those, like Whirlpool, that filed lawsuits to challenge DIFAL before December 2023. The taxpayer can seek further clarification on the decision. We continue to evaluate the impact of the decision as applied to the specific facts of our pending DIFAL cases in various states in Brazil. In the fourth quarter of 2025, we released certain prior accruals based on the impact mitigation portion of the Court's ruling, totaling approximately $18 million. We have accrued amounts related to DIFAL levied in certain states in Brazil, but have not accrued amounts in certain others based on the opinion of our tax and legal advisors. Our total unreserved amounts related to DIFAL-related contingency is approximately 526 million Brazilian reais (approximately $96 million at December 31, 2025).

In addition to the BEFIEX, IPI tax credit, PIS/COFINS inputs and DIFAL matters noted above, other assessments issued by the Brazilian tax authorities related to indirect and income tax matters, and other matters, are at various stages of review in numerous administrative and judicial proceedings. We are vigorously defending our positions related to BEFIEX credits and other Brazil Tax Matters. The amounts related to these assessments will continue to be increased by monetary adjustments at the Selic rate, which is the benchmark rate set by the Brazilian Central Bank. In accordance with our accounting policies, we routinely assess these matters and, when necessary, record our best estimate of a loss.

Litigation is inherently unpredictable and the conclusion of these matters may take many years to ultimately resolve. Amounts at issue in potential future litigation could increase as a result of interest and penalties in future periods. Accordingly, it is possible that an unfavorable outcome in these proceedings could have a material adverse effect on our financial statements in any particular reporting period.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Legacy EMEA Legal Matters

Competition Investigation

In 2013, the French Competition Authority ("FCA") commenced an investigation of appliance manufacturers and retailers in France, including Whirlpool and Indesit. The FCA investigation was split into two parts, and in December 2018, we finalized a settlement with the FCA on the first part of the investigation. The second part of the FCA investigation, focused primarily on manufacturer interactions with retailers, has concluded. The Company agreed to a preliminary settlement range with the FCA and recorded a charge of approximately $69 million in the first half of 2023.

On December 19, 2024, the FCA's college issued its final decision, setting the final fine amount at $75 million (based on exchange rates at December 31, 2024), with $46 million attributable to Whirlpool's France business and $29 million attributable to Indesit's France business. The Company ~~expects~~paid ~~to pay~~ Beko Europe approximately $5257 million in the ~~first~~second ~~half~~quarter of 2025 to satisfy indemnification obligations related to this fine, with the remainder satisfied by cash provided in connection with transaction closing. Under the terms of a settlement with Indesit's former owners, the Company ~~expects~~received ~~to receive~~ approximately $911 million out of escrow from the former owners in the ~~first~~second ~~half~~quarter of 2025. ~~The~~ ~~Company~~A ~~recorded a~~ nominal amount was recorded in the ~~fourth~~second quarter ~~of 2024~~ related to the ~~decision,~~net ~~representing~~impact of final ~~fine~~ amounts ~~above~~paid ~~the~~and ~~2023 reserve offset by the escrow amounts from Indesit's former owners~~received.

Grenfell Tower

On June 23, 2017, London's Metropolitan Police Service released a statement that it had identified a Hotpoint–branded refrigerator as the initial source of the Grenfell Tower fire in West London. U.K. authorities are conducting investigations, including regarding the cause and spread of the fire. The model in question was manufactured by Indesit Company between 2006 and 2009, prior to

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Whirlpool's acquisition of Indesit in 2014. We are fully cooperating with the investigating authorities. Whirlpool was named as a defendant in a product liability suit in Pennsylvania federal court related to this matter. The federal court dismissed the case with prejudice in September 2020 and the dismissal was affirmed on appeal in July 2022. Plaintiffs filed a petition with the U.S. Supreme Court in January 2023, which was subsequently denied. In December 2020, lawsuits related to Grenfell Tower were filed in the U.K. against approximately 20 defendants, including Whirlpool Corporation and certain Whirlpool subsidiaries. In the fourth quarter of 2022, we accrued an immaterial amount related to these claims in our financial statements, and in 2024 we reached agreement with our insurers regarding coverage for all likely future financial obligations arising out of this incident.

Latin America Tax Review

In the first quarter of 2023, we accrued an immaterial amount in our Consolidated Condensed Financial Statements related to prior-period Value Added Tax (VAT) remittances in our Latin America region. We have resolved certain aspects of this matter ~~in the second quarter of 2023~~ and the overall financial statement impact of such resolution ~~was~~has thus far been immaterial. We continue to review tax matters within the region for any potential additional impacts, if any; certain matters could have a material adverse effect on our financial statements in any particular reporting period.

Other Litigation

We are currently vigorously defending a number of other lawsuits related to the manufacture and sale of our products which include class action allegations, and may become involved in similar actions. These lawsuits allege claims which include negligence, breach of contract, breach of warranty, product liability and safety claims, false advertising, fraud, and violation of federal and state regulations, including consumer protection laws. In general, we do not have insurance coverage for class action lawsuits. We are also involved in various other legal actions arising in the normal course of business, for which insurance coverage may or may not be available depending on the nature of the action. We dispute the merits of these suits and actions, and intend to vigorously defend them. Management believes, based upon its current knowledge, after taking into consideration legal counsel's evaluation of such suits and actions, and after taking into account current litigation accruals, that the outcome of these matters currently pending against Whirlpool should not have a material adverse effect, if any, on our financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Product Warranty Reserves

Product warranty reserves are included in other current and other noncurrent liabilities in our Consolidated Balance Sheets. The following table summarizes the changes in total product warranty reserves for the periods presented:

	Product Warranty
Millions of dollars	~~2024~~2025		~~2023~~2024
Balance at January (1)	$	206	$	190
Balance at January	$	196	$	206
Issuances/accruals during the period	~~235~~218		~~311~~235
Settlements made during the period/other	(~~245~~214)		(~~303~~245)
Liabilities classified to held for sale (1)	—		8
Liabilities derecognized upon India deconsolidation	(49)		—
Balance at December 31	$	~~196~~151	$	~~206~~196
Current portion	$	~~136~~130	$	136
Non-current portion	6020		7060
Total	$	~~196~~151	$	~~206~~196

~~(1)Liabilities~~In the normal course of business, we engage in investigations of potential quality and safety issues. As part of our ~~European~~ongoing ~~major~~effort ~~domestic~~to ~~appliance~~deliver ~~business~~quality ~~were~~products ~~classified~~to asconsumers, ~~held~~we ~~for~~are ~~sale~~currently ~~through~~investigating ~~closing~~certain potential quality and safety issues globally. As necessary, we undertake to effect repair or replacement of appliances in the ~~European~~event ~~major~~that ~~domestic~~an ~~appliance~~investigation ~~transaction~~leads onto ~~April~~the 1,conclusion ~~2024~~that such action is warranted.

In the normal course of business, we engage in investigations of potential quality and safety issues. As part of our ongoing effort to deliver quality products to consumers, we are currently investigating certain potential quality and safety issues globally. As necessary, we undertake to effect repair or

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

replacement of appliances in the event that an investigation leads to the conclusion that such action is warranted.

Guarantees

We have guarantee arrangements in a Brazilian subsidiary. For certain creditworthy customers, the subsidiary guarantees customer lines of credit at commercial banks to support purchases following its normal credit policies. If a customer were to default on its line of credit with the bank, our subsidiary would be required to assume the line of credit and satisfy the obligation with the bank. At December 31, ~~2024~~2025 and December 31, ~~2023~~2024, the guaranteed amounts totaled ~~981~~2,090 million Brazilian reais (approximately $~~159~~380 million at December 31, ~~2024~~2025) and ~~1,321~~981 million Brazilian reais (approximately $~~273~~159 million at December 31, ~~2023~~2024), respectively, with the increase resulting from a trade customer joining the program. The fair value of these guarantees were nominal at December 31, ~~2024~~2025 and December 31, ~~2023~~2024. Our subsidiary insures against a significant portion of this credit risk for these guarantees, under normal operating conditions, through policies purchased from high-quality underwriters.

We provide guarantees of indebtedness and lines of credit for various consolidated subsidiaries. The maximum contractual amount of indebtedness and lines of credit available under these lines for consolidated subsidiaries totaled approximately $13.93 billion at December 31, ~~2024~~2025 and $31.09 billion at December 31, ~~2023~~2024, respectively. ~~Our~~During ~~total~~the ~~short-term~~third ~~outstanding~~quarter ~~bank~~of ~~indebtedness~~2025, ~~under~~we ~~guarantees~~converted ~~(excluding~~certain ~~those~~comfort ~~related~~letters to ~~the~~guarantees. ~~European~~Our ~~major~~total ~~domestic~~short-term ~~appliance~~outstanding ~~business)~~bank indebtedness under guarantees was $12 21 million at December 31, ~~2024~~2025, and was $1712 million at December 31, ~~2023~~2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Purchase Obligations

Our expected cash outflows resulting from non-cancellable purchase obligations are summarized by year in the table below.

Millions of dollars
2025	179
2026	$	166
2026	77
2027	126
2027	63
2028	101
2028	50
2029	44
Thereafter	45
2030	8
Total purchase obligations	458
Thereafter	37
Total purchase obligations	$	481

(8) PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

We have funded and unfunded defined benefit pension plans that cover certain employees in North America, Europe, Asia and Brazil. The United States plans comprise the majority of our obligation. All of the United States plans are frozen for all participants, except for the Supplemental Executive Retirement Plan discussed below. The primary formula for United States salaried employees covered under the qualified defined benefit plan and the unfunded, nonqualified Retirement Benefits Restoration Plan was based on years of service and final average salary, while the primary formula for United States hourly employees covered under the defined benefit plans was based on specific dollar amounts for each year of service. There were multiple formulas for employees covered under the qualified and nonqualified defined benefit plans that were sponsored by Maytag, including a cash balance formula. We have foreign pension plans that accrue benefits. The plans generally provide benefit payments using a formula that is based upon employee compensation and length of service.

We sponsor an unfunded Supplemental Executive Retirement Plan in the United States that remains open to new participants and additional benefit accruals. This plan is nonqualified and provides certain key employees additional defined pension benefits that supplement those provided by the Company's other retirement plans.

A defined contribution plan is provided to all United States employees and is not classified within the net periodic benefit cost. The Company provides annual match and automatic company contributions, in cash or Company stock, of up to 7% of employees' eligible pay. Our contributions during 2025, 2024 and 2023 were $79 million, $80 million and $87 million, respectively (the majority funded with Company stock beginning in 2024).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

A defined contribution plan is provided to all United States employees and is not classified within the net periodic benefit cost. The Company provides annual match and automatic company contributions, in cash or Company stock, of up to 7% of employees' eligible pay. Our contributions during 2024, 2023 and 2022 were $80 million (the majority funded with Company stock), $87 million and $90 million, respectively.

We provide postretirement health care benefits for eligible retired employees in the United States, Canada and Brazil. For our United States plan, which comprises the majority of our obligation, eligible retirees include those who were full-time employees with 10 years of service who attained age 55 while in service with us and those union retirees who met the eligibility requirements of their collective bargaining agreements. In general, the postretirement health and welfare benefit plans include cost-sharing provisions that limit our exposure for recent and future retirees and are contributory, with participants' contributions adjusted annually. In the United States, benefits for certain retiree populations follow a defined contribution model that allocates certain monthly or annual amounts to a retiree's account under the plan.

As of December 31, 2023, pension assets and liabilities related to the European major domestic appliance business have been classified as held for sale.

The postretirement medical benefit programs are unfunded. We reserve the right to modify these benefits in the future.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Defined Benefit - Pensions and Other Postretirement Benefit Plans

Obligations and Funded Status at End of Year

	United StatesPension Benefits				ForeignPension Benefits				Other PostretirementBenefits
Millions of dollars	~~2024~~2025		~~2023~~2024		~~2024~~2025		~~2023~~2024		~~2024~~2025		~~2023~~2024
Funded status
Fair value of plan assets	$	1,~~745~~734	$	1,~~980~~745	$	2912	$	29	$	—	$	—
Benefit obligations	1,~~845~~764		21,~~098~~845		5958		6559		~~110~~104		~~123~~110
Funded status	$	(~~100~~30)	$	(~~118~~100)	$	(3046)	$	(3630)	$	(~~110~~104)	$	(~~123~~110)
Amounts recognized in the consolidated balance sheets
Noncurrent asset	$	—23	$	—	$	62	$	6	$	—	$	—
Current liability	(106)		(810)		(45)		(54)		(1412)		(1614)
Noncurrent liability	(9047)		(~~110~~90)		(3243)		(3732)		(9692)		(~~107~~96)
Amount recognized	$	(~~100~~30)	$	(~~118~~100)	$	(3046)	$	(3630)	$	(~~110~~104)	$	(~~123~~110)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Net actuarial loss	$	1,~~232~~148	$	1,~~239~~232	$	2325	$	~~206~~23	$	(710)	$	(27)
Prior service (credit) cost	1		1		—		2—		(98)		(9)
Amount recognized	$	1,~~233~~149	$	1,~~240~~233	$	2325	$	~~208~~23	$	(1618)	$	(1116)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Change in Benefit Obligation

	United StatesPension Benefits				ForeignPension Benefits				Other PostretirementBenefits
Millions of dollars	~~2024~~2025		~~2023~~2024		~~2024~~2025		~~2023~~2024		~~2024~~2025		~~2023~~2024
Benefit obligation, beginning of year	$	21,~~098~~845	$	2,~~211~~098	$	6559	$	6065	$	~~123~~110	$	~~121~~123
Service cost	2		2		2		32		—		—
Interest cost	~~102~~97		~~115~~102		4		264		7		7
Plan participants' contributions	—		—		—		—		—		—
Actuarial (gain) loss	~~(90)~~4		44(90)		27		532		(76)		11(7)
Benefits paid	(~~196~~184)		(~~274~~196)		(34)		(303)		(9)		(199)
Plan amendments	—		—		—		~~(1)~~—		—		2—
Acquisitions/divestitures/transfers	—		—		(11)		—		—		—
Other adjustments	—		—		—		—		—		—
Transfer of benefits	~~(71)~~—		—(71)		—		—		—		—
Settlements / curtailment (gain)	—		—		(35)		(63)		—		—
Foreign currency exchange rates	—		—		~~(8)~~6		29(8)		~~(4)~~2		1(4)
Reclassification of obligation to held for sale (1)	—		—		—		(69)		—		—
Benefit obligation, end of year	$	1,764	$	1,845	$	58	$	59	$	104	$	110
Benefit obligation, end of year	$	1,845	$	2,098	$	59	$	65	$	110	$	123
Accumulated benefit obligation, end of year	$	1,752	$	1,835	$	54	$	53	N/A		N/A
Accumulated benefit obligation, end of year	$	1,835	$	2,090	$	53	$	58	N/A		N/A

The actuarial (1gain) ~~Starting~~loss ~~from~~for ~~the~~all ~~fourth~~pension ~~quarter~~and ofother ~~2022,~~postretirement benefit ~~obligations~~plans ofin ~~our~~2025 ~~European~~and ~~major~~2024 ~~domestic~~was ~~appliance~~primarily ~~business~~related isto ~~transferred~~a tochange ~~assets~~in ~~held~~the ~~for~~discount ~~sale.~~rate ~~For~~used ~~additional~~to ~~information,~~measure ~~see~~the ~~Note~~benefit 16obligation toof ~~the~~those ~~Consolidated~~plans, ~~Financial~~combined ~~Statements~~with experience (gains)/losses.

The actuarial (gain) loss for all pension and other postretirement benefit plans in 2024 and 2023 was primarily related to a change in the discount rate used to measure the benefit obligation of those plans. 82

Change in Plan Assets

	United States Pension Benefits				ForeignPension Benefits				Other PostretirementBenefits
Millions of dollars	2024		2023		2024		2023		2024		2023
Fair value of plan assets, beginning of year	$	1,980	$	2,072	$	29	$	30	$	—	$	—
Actual return on plan assets	26		175		2		1		—		—
Employer contribution	6		7		6		3		9		19
Plan participants' contributions	—		—		—		—		—		—
Benefits paid	(196)		(274)		(3)		(4)		(9)		(19)
Transfer of plan assets	(71)		—		—		—		—		—
Other adjustments	—		—		—		(1)		—		—
Settlements	—		—		(3)		—		—		—
Foreign currency exchange rates	—		—		(2)		—		—		—
Reclassification of plan assets to held for sale (1)	—		—		—		—		—		—
Fair value of plan assets, end of year	$	1,745	$	1,980	$	29	$	29	$	—	$	—

(1) Starting from the fourth quarter of 2022, fair value of plan assets of our European major domestic appliance business is transferred to assets held for sale. For additional information, see Note 16 to the Consolidated Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Change in Plan Assets


	United States Pension Benefits				Foreign Pension Benefits				Other Postretirement Benefits
Millions of dollars	2025		2024		2025		2024		2025		2024
Fair value of plan assets, beginning of year	$	1,745	$	1,980	$	29	$	29	$	—	$	—
Actual return on plan assets	167		26		4		2		—		—
Employer contribution	6		6		(2)		6		9		9
Plan participants' contributions	—		—		—		—		—		—
Benefits paid	(184)		(196)		(4)		(3)		(9)		(9)
Transfer of plan assets	—		(71)		(10)		—		—		—
Other adjustments	—		—		—		—		—		—
Settlements	—		—		(5)		(3)		—		—
Foreign currency exchange rates	—		—		—		(2)		—		—

Fair value of plan assets, end of year	$	1,734	$	1,745	$	12	$	29	$	—	$	—

Components of Net Periodic Benefit Cost

	United StatesPension Benefits						ForeignPension Benefits						Other PostretirementBenefits
Millions of dollars	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2024~~2025		~~2023~~2024		~~2022~~2023
Service cost	$	2	$	2	$	32	$	2	$	32	$	43	$	—	$	—	$	—
Interest cost	~~102~~97		~~115~~102		82115		104		2610		1526		7		7		57
Expected return on plan assets	(~~146~~119)		(~~140~~146)		(~~144~~140)		(72)		(227)		(3122)		—		—		—
Amortization:
Actuarial loss	3940		3739		5737		1		51		95		(12)		(1)		—(1)
Prior service cost (credit)	—		—		—		—		—		—		(1)		(411)		(4641)
Curtailment (gain) / loss	—		—		—		—		—		~~(1)~~—		—		—		—
Settlement loss	—		—		1—		1(2)		1		21		—		—		—
Net periodic benefit cost (income)	$	~~(3)~~20	$	14(3)	$	~~(1)~~14	$	73	$	137	$	~~(2)~~13	$	54	$	~~(35)~~5	$	(4135)

The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023:

	United StatesPension Benefits						ForeignPension Benefits						Other PostretirementBenefits
Millions of dollars	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2024~~2025		~~2023~~2024		~~2022~~2023
Operating (profit) loss	$	2	$	2	$	32	$	2	$	32	$	43	$	—	$	—	$	—
Interest and sundry (income) expense	~~(5)~~18		12(5)		~~(4)~~12		51		105		~~(6)~~10		54		~~(35)~~5		(4135)
Net periodic benefit cost (income)	$	~~(3)~~20	$	14(3)	$	~~(1)~~14	$	73	$	137	$	~~(2)~~13	$	54	$	~~(35)~~5	$	(4135)

During the fourth quarter of 2024, we transferred a portion of small-benefit retirees under the pension plan to an insurance company. The liability and asset transfer was $71 million and did not have a material impact on the consolidated balance sheets as of December 31, 2024.

~~Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2024~~ 83

Millions of dollars	United StatesPension Benefits		ForeignPension Benefits		Other PostretirementBenefits
Current year actuarial loss / (gain)	$	32	$	(17)	$	(6)
Actuarial (loss) recognized during the year	(39)		(2)		1
Current year prior service cost (credit)	—		—		—
Prior service credit (cost) recognized during the year	—		—		1
Total recognized in other comprehensive income (loss) (pre-tax)	$	(7)	$	(19)	$	(4)
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)	$	(10)	$	(12)	$	1

We amortize actuarial losses and prior service costs (credits) over a period of up to 15 years and 9 years, respectively.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2025


Millions of dollars	United States Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
Current year actuarial loss / (gain)	$	(44)	$	1	$	(5)
Actuarial (loss) recognized during the year	(40)		6		2
Current year prior service cost (credit)	—		—		—
Prior service credit (cost) recognized during the year	—		—		1
Total recognized in other comprehensive income (loss) (pre-tax)	$	(84)	$	7	$	(2)
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)	$	(64)	$	10	$	2

We amortize actuarial losses and prior service costs (credits) over a period of up to 17 and 8 years, respectively.

Assumptions

Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year

	United StatesPension Benefits				ForeignPension Benefits ~~(1)~~				Other PostretirementBenefits
	2024		2023		2024		2023		2024		2023
	2025		2024		2025		2024		2025		2024
Discount rate	5.6035	%	5.1560	%	7.9386	%	47.4493	%	6.2423	%	56.7224	%
Rate of compensation increase	4.50	%	4.50	%	54.0726	%	35.5807	%	N/A		N/A
Interest crediting rate for cash balance plans	4.3510	%	34.9035	%	3.00	%	23.8100	%	N/A		N/A

(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale.

Weighted-Average Assumptions used to Determine Net Periodic Cost

	United StatesPension Benefits			ForeignPension Benefits ~~(1)~~			Other PostretirementBenefits
	2024	2023	2022	2024	2023	2022	2024	2023	2022
	2025	2024	2023	2025	2024	2023	2025	2024	2023
Discount rate	5.1560%	5.5515%	25.8555%	47.4493%	4.7244%	14.8972%	6.0077%	6.3600%	46.2736%
Expected long-term rate of return on plan assets	6.5000%	6.0050%	56.5000%	6.0310%	56.3303%	5.2333%	N/A	N/A	N/A
Rate of compensation increase	4.50%	4.50%	4.50%	35.5807%	3.5258%	3.5952%	N/A	N/A	N/A
Interest crediting rate for cash balance plans	34.9035%	43.3090%	14.6030%	23.8100%	2.8581%	2.3685%	N/A	N/A	N/A
Health care cost trend rate
Initial rate	N/A	N/A	N/A	N/A	N/A	N/A	5.25%	5.50%	5.75%
Ultimate rate	N/A	N/A	N/A	N/A	N/A	N/A	5.00%	5.00%	5.00%
Year that ultimate rate will be reached	N/A	N/A	N/A	N/A	N/A	N/A	2025	2025	2025

(1) Weighted-average assumptions for 2023 and 2022 include assumptions related to pension plans classified as held for sale.

Discount Rate

For our United States pension and postretirement benefit plans, the discount rate was selected using a hypothetical portfolio of high quality bonds outstanding at December 31 that would provide the necessary cash flows to match our projected benefit payments. For our foreign pension and postretirement benefit plans, the discount rate was primarily selected using high quality bond yields for the respective country or region covered by the plan.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Expected Return on Plan Assets

In the United States, the expected return on plan assets is developed considering asset mix, historical asset class data and long-term expectations. The resulting weighted-average return was rounded to the nearest quarter of one percent and applied to the fair value of plan assets at December 31, ~~2024~~2025.

For foreign pension plans, the expected rate of return on plan assets was primarily determined by observing historical returns in the local fixed income and equity markets and computing the weighted average returns with the weights being the asset allocation of each plan.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Cash Flows

Funding Policy

Our funding policy is to contribute to our qualified United States pension plans amounts sufficient to meet the minimum funding requirement as defined by employee benefit and tax laws, plus additional amounts which we may determine to be appropriate. In certain countries other than the United States, the funding of pension plans is not common practice. Contributions to our United States pension plans may be made in the form of cash or, in the case of our defined contribution plan in our discretion, company stock. We pay for retiree medical benefits as they are incurred.

There have been no contributions to the pension trust for our U.S. defined benefit plans during the twelve months ended December 31, ~~2024~~2025 and ~~2023~~2024.

Expected Employer Contributions to Funded Plans

Millions of dollars	United StatesPension Benefits		ForeignPension Benefits
2025	$	—	$	—
2026	$	—	$	—

Expected Benefit Payments

Millions of dollars	United StatesPension Benefits		ForeignPension Benefits		Other Postretirement Benefits
2025	$	236	$	8	$	14
2026	$	215	$	6	$	12
2026	192		6		12
2027	183		9		11
2027	189		10		11
2028	176		6		10
2028	179		7		9
2029	168		6		9
2029	171		6		9
2030	161		6		9
2030-2034	$	724	$	27	$	41
2031-2035	$	688	$	30	$	40

Plan Assets

Our overall investment strategy is to achieve an appropriate mix of investments for long-term growth and for near-term benefit payments with a wide diversification of asset types, fund strategies, and investment fund managers. The target allocation for our plans is approximately 2526% in growth assets and 7574% in immunizing fixed income securities, with exceptions for foreign pension plans. The fixed income securities duration is intended to match that of our United States pension liabilities.

Plan assets are reported at fair value based on an exit price, representing the amount that would be received to sell an asset in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Certain investments are valued based on net asset value (NAV), which approximates fair value. Such basis is determined by referencing the respective fund's underlying assets. There are no unfunded commitments or other restrictions associated with these investments. We manage the process and approve the results of a third-party pricing service to value the majority of our securities and to determine the appropriate level in the fair value hierarchy.

9285

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

~~The~~to develop its own assumptions. Certain investments are valued based on net asset value (NAV), which approximates fair ~~values~~value. ofSuch ~~our~~basis ~~pension~~is ~~plan~~determined by referencing the respective fund's underlying assets. atThere ~~December~~are ~~31,~~no ~~2024~~unfunded commitments or other restrictions associated with these investments. We manage the process and ~~2023,~~approve bythe ~~asset~~results ~~category~~of ~~were~~a asthird-party ~~follows:~~pricing service to value the majority of our securities and to determine the appropriate level in the fair value hierarchy.

	December 31,
	Quoted prices(Level 1)				Other significantobservable inputs(Level 2)				Significantunobservable inputs(Level 3)				Net Asset Value				Total
Millions of dollars	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Cash and cash equivalents	$	—	$	—	$	146	$	178	$	—	$	—	$	—	$	—	$	146	$	178
Government and government agency securities (1)
U.S. securities	—		—		57		75		—		—		—		—		57		75
International securities	—		—		43		39		—		—		—		—		43		39
Corporate bonds and notes (1)
U.S. companies	—		—		909		1,094		—		—		—		—		909		1,094
International companies	—		—		105		154		—		—		—		—		105		154
Equity securities (2)
International companies	4		8		—		—		—		—		—		—		4		8
Mutual funds (3)	—		—		100		71		—		—		—		—		100		71
Investments at net asset value
U.S. equity securities (4)	—		—		—		—		—		—		234		227		234		227
International equity securities (4)	—		—		—		—		—		—		128		119		128		119
U.S. private equity investments	—		—		—		—		6		15		—		—		6		15
Emerging growth	—		—		—		—		—		2		—		—		—		2
All other investments	—		—		41		27		—		—		—		—		41		27
	$	4	$	8	$	1,401	$	1,638	$	6	$	17	$	362	$	346	$	1,773	$	2,009

The fair values of our pension plan assets at December 31, 2025 and 2024, by asset category were as follows:


	December 31,
	Quoted prices (Level 1)				Other significant observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Net Asset Value				Total
Millions of dollars	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Cash and cash equivalents	$	—	$	—	$	143	$	146	$	—	$	—	$	—	$	—	$	143	$	146
Government and government agency securities (1)
U.S. securities	—		—		124		57		—		—		—		—		124		57
International securities	—		—		32		43		—		—		—		—		32		43
Corporate bonds and notes (1)
U.S. companies	—		—		566		909		—		—		—		—		566		909
International companies	—		—		73		105		—		—		—		—		73		105
Equity securities (2)

International companies	6		4		—		—		—		—		—		—		6		4
Mutual funds (3)	—		—		104		100		—		—		—		—		104		100
Investments at net asset value
U.S. equity securities (4)	—		—		—		—		—		—		538		234		538		234
International equity securities (4)	—		—		—		—		—		—		133		128		133		128





U.S. private equity investments	—		—		—		—		4		6		—		—		4		6

Emerging growth	—		—		—		—		—		—		—		—		—		—
All other investments	1		—		22		41		—		—		—		—		23		41
	$	7	$	4	$	1,064	$	1,401	$	4	$	6	$	671	$	362	$	1,746	$	1,773

(1)Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk.

(2)Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year.

(3)Valued using the NAV of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities, fixed income debt securities and real estate issued by non-U.S. companies.

(4)Common and collective trust funds valued using the NAV of the fund, which is based on the fair value of underlying securities.

9386

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Millions of dollars	LimitedPartnerships
Balance, December 31, 2023	$	16
Realized gain / (loss) (net)	3
Unrealized gain / (loss) (net)	(5)
Purchases	—
Settlements	(8)
Balance, December 31, 2024	$	6
Realized gain / (loss) (net)	—
Unrealized gain / (loss) (net)	—
Purchases	—
Settlements	(2)
Balance, December 31, 2025	$	4

Additional Information

The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, ~~2024~~2025 and ~~2023~~2024 were as follows:

	United StatesPension Benefits				ForeignPension Benefits
Millions of dollars	~~2024~~2025(1)		~~2023~~2024		~~2024~~2025		~~2023~~2024
Projected benefit obligation	$	~~1,845~~53	$	21,~~098~~845	$	3748	$	4237
Fair value of plan assets	$	~~1,745~~—	$	1,~~980~~745	$	—	$	1—

(1)The ~~projected~~decrease ~~benefit~~in ~~obligation,~~projected ~~accumulated~~ benefit obligation and fair value of plan assets for pension plans with ana ~~accumulated~~projected benefit obligation in excess of plan assets atis ~~December~~primarily ~~31,~~due ~~2024~~to ~~and~~actuarial ~~2023~~gain ~~were~~that asoccurred ~~follows:~~in 2025.

	United StatesPension Benefits				ForeignPension Benefits
Millions of dollars	2024		2023		2024		2023
Projected benefit obligation	$	1,845	$	2,098	$	37	$	42
Accumulated benefit obligation	1,835		2,090		35		39
Fair value of plan assets	$	1,745	$	1,980	$	—	$	1

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2025 and 2024 were as follows:


	United States Pension Benefits				Foreign Pension Benefits
Millions of dollars	2025(1)		2024		2025		2024
Projected benefit obligation	$	53	$	1,845	$	48	$	37
Accumulated benefit obligation	41		1,835		44		35
Fair value of plan assets	$	—	$	1,745	$	—	$	—

(1)The decrease in projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets is primarily due to actuarial gain that occurred in 2025.

(9) HEDGES AND DERIVATIVE FINANCIAL INSTRUMENTS

Derivative instruments are accounted for at fair value based on market rates. Derivatives where we elect hedge accounting are designated as either cash flow, fair value or net investment hedges. Derivatives that are not accounted for based on hedge accounting are marked to market through earnings. If the designated cash flow hedges are highly effective, the gains and losses are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in accumulated other comprehensive income (loss) would be recognized in earnings. The fair value of the hedge asset or liability is present in either other current assets/liabilities or other noncurrent assets/liabilities on the Consolidated Balance Sheets and in other within cash provided by (used in) operating activities in the Consolidated Statements of Cash Flows. Using derivative instruments means assuming counterparty credit risk. Counterparty credit risk relates to the loss we could incur if a counterparty were to default on a derivative contract. We generally deal with investment grade counterparties and monitor the overall credit risk and exposure to individual counterparties. We do not anticipate nonperformance by any counterparties. The amount of counterparty credit exposure is limited to the unrealized gains, if any, on such derivative contracts. We do not require nor do we post collateral on such contracts.

9487

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Hedging Strategy

In the normal course of business, we manage risks relating to our ongoing business operations including those arising from changes in commodity prices, foreign exchange rates and interest rates. Fluctuations in these rates and prices can affect our operating results and financial condition. We use a variety of strategies, including the use of derivative instruments, to manage these risks. We do not enter into derivative financial instruments for trading or speculative purposes.

Commodity Price Risk

We enter into commodity derivative contracts on various commodities to manage the price risk associated with forecasted purchases of materials used in our manufacturing process. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchase of commodities.

Foreign Currency and Interest Rate Risk

We incur expenses associated with the procurement and production of products in a limited number of countries, while we sell in the local currencies of a large number of countries. Our primary foreign currency exchange exposures result from cross-currency sales of products. As a result, we enter into foreign exchange contracts to hedge certain firm commitments and forecasted transactions to acquire products and services that are denominated in foreign currencies. We enter into certain undesignated non-functional currency asset and liability hedges that relate primarily to short-term payables, receivables, intercompany loans and dividends. When we hedge a foreign currency denominated payable or receivable with a derivative, the effect of changes in the foreign exchange rates are reflected currently in interest and sundry (income) expense for both the payable/receivable and the derivative. Therefore, as a result of the economic hedge, we do not elect hedge accounting.

We also enter into hedges to mitigate currency risk primarily related to forecasted foreign currency denominated expenditures, intercompany financing agreements and royalty agreements and designate them as cash flow hedges. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur.

We may enter into cross-currency interest rate swaps to manage our exposure relating to cross-currency debt. Outstanding notional amounts of cross-currency interest rate swap agreements were $618 million at December 31, ~~2024~~2025, December 31 ,~~2023~~2024, and December 31, ~~2022~~2023.

We may enter into interest rate swap agreements to manage interest rate risk exposure. Our interest rate swap agreements, if any, effectively modify our exposure to interest rate risk, primarily through converting certain floating rate debt to a fixed rate basis, and certain fixed rate debt to a floating rate basis. These agreements involve either the receipt or payment of floating rate amounts in exchange for fixed rate interest payments or receipts, respectively, over the life of the agreements without an exchange of the underlying principal amounts. We may enter into swap rate lock agreements to effectively reduce our exposure to interest rate risk by locking in interest rates on probable long-term debt issuances. There were no outstanding notional amounts of interest rate swap agreements at December 31, ~~2024~~2025 December 31, ~~2023~~2024 and December 31, ~~2022~~2023.

Net Investment Hedging

For instruments that are designated and qualify as a net investment hedge, the effective portion of the instruments' gain or loss is reported as a component of other comprehensive income (loss) and recorded in accumulated other comprehensive loss. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. The remaining change in fair value of the hedge instruments represents the ineffective portion, which is immediately recognized in interest and sundry (income) expense on our Consolidated Statements of Income. There were no outstanding hedges designated as net investment hedges at December 31, ~~2024~~2025, December 31, ~~2023~~2024 and December 31, ~~2022~~2023.

9588

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Net Investment Hedging

The following table summarizes our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, ~~2024~~2025 and ~~2023~~2024. Hedge assets and liabilities of our European major domestic appliance business were classified as held for sale through closing of the European major domestic appliance transaction on April 1, 2024 and are excluded from the table below.

					Fair Value of								Type ofHedge
	Notional Amount				Hedge Assets				Hedge Liabilities					Maximum Term (Months)
Millions of dollars	~~2024~~2025		~~2023~~2024		~~2024~~2025		~~2023~~2024		~~2024~~2025		~~2023~~2024			~~2024~~2025	~~2023~~2024
Derivatives accounted for as hedges(1)
Commodity swaps/options	$	~~204~~247	$	~~193~~204	$	527	$	45	$	96	$	9	(CF)	24	24
Foreign exchange forwards/options	~~967~~675		~~952~~967		523		152		225		312		(CF/NI)	15	15
Cross-currency swaps	618		618		6		5		47		79		(CF)	50	62
Cross-currency swaps(2)	618		618		4		6		107		47		(CF)	38	50
Interest rate derivatives	—		—		—		—		—		—		(CF)	0	0
Total derivatives accounted for as hedges					$	6334	$	1063	$	58138	$	~~119~~58
Derivatives not accounted for as hedges
Commodity swaps/options	$	—	$	—	$	—	$	—	$	—	$	—	N/A	0	0
Foreign exchange forwards/options (2)	473		1,569		5		13		1		9		N/A	12	10
Foreign exchange forwards/options(3)	1,266		473		2		5		8		1		N/A	7	12
Total derivatives not accounted for as hedges					$	52	$	135	$	18	$	91
Total derivatives					$	6836	$	2368	$	59146	$	~~128~~59
Current					$	6528	$	2265	$	1138	$	4611
Noncurrent					38		13		48108		8248
Total derivatives					$	6836	$	2368	$	59146	$	~~128~~59

(1)Derivatives accounted for as hedges are considered ~~either~~ cash flow (CF) ~~or net investment (NI)~~ hedges.

(2)~~Foreign~~Change ~~exchange~~in ~~forwards/options~~cross-currency ~~have~~swaps ~~decreased~~is ~~due~~primarily todriven ~~intercompany~~by ~~loan~~the ~~movements~~currency ~~related~~change toin the ~~contribution~~Euro ~~of our European major domestic appliance business~~year-over-year.

96(3)Change in foreign exchange forwards/options is primarily driven by proactive actions taken to manage our short-term currency risk.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The following tables summarize the effects of derivative instruments on our Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, ~~2024~~2025 and ~~2023~~2024:

		Gain (Loss)Recognized in OCI(Effective Portion)(3)
		Gain (Loss)Recognized in OCI(Effective Portion)(4)
Millions of dollars		~~2024~~2025		~~2023~~2024
Cash flow hedges
Commodity swaps/options		$	419	$	~~(13)~~4
Foreign exchange forwards/options		96		(69)
Foreign exchange forwards/options(6)		(75)		96
Cross-currency swaps(5)		34		(18)
Cross-currency swaps(6)		(61)		34
		$	~~133~~(117)	$	~~(100)~~133
	Location of Gain (Loss) Reclassified fromOCI into Earnings(Effective Portion)	Gain (Loss) Reclassified fromOCI into Earnings(Effective Portion)(4)(5)
Cash Flow Hedges - Millions of dollars		~~2024~~2025		~~2023~~2024
Commodity swaps/options	Cost of products sold	$	1(2)	$	~~(15)~~1
Foreign exchange forwards/options	Net sales	1		~~(2)~~1
Foreign exchange forwards/options	Cost of products sold	(56)		(465)
Foreign exchange forwards/options	Interest and sundry (income) expense	813		248
Cross-currency swaps(5)	Interest and sundry (income) expense	46		3
Cross-currency swaps(6)	Interest and sundry (income) expense	(83)		46
		$	52	$	(36)
Interest rate derivatives(7)	Interest expense	31		1
		$	(46)	$	52
	Location of Gain (Loss) Recognized on Derivatives notAccounted for as Hedges	Gain (Loss) Recognized on Derivatives notAccounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars		~~2024~~2025		~~2023~~2024
Foreign exchange forwards/options	Interest and sundry (income) expense	$	28(42)	$	~~(35)~~28

(34)Change in gain (loss) recognized in OCI (effective portion) is primarily driven by increases in commodity prices and fluctuations in currency and interest rates. The tax impact of the cash flow hedges was $~~(26)~~23 million and $17(26) million in ~~2024~~2025 and ~~2023~~2024, respectively.

(45)Change in gain (loss) reclassified from OCI into earnings (effective portion) was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.

(56)Change in foreign exchange forwards/options and cross-currency swaps is primarily driven by the currency change in the Euro year-over-year.

~~For~~(7)The ~~cash~~OCI ~~flow~~release ~~hedges,~~on the ~~amount of ineffectiveness recognized in~~ interest ~~and~~rate ~~sundry~~derivative ~~(income) expense~~ was ~~nominal~~driven ~~during~~by ~~2024~~an ~~and~~assessment ~~2023. There were no hedges designated as fair value~~ in ~~2024~~the ~~and~~period ~~2023.~~which ~~The~~determined ~~net~~that ~~amount~~the offorecasted ~~unrealized~~debt ~~gain~~transaction orwas ~~loss~~determined ~~on derivative instruments included in accumulated other comprehensive income (loss) related~~ to ~~contracts maturing and expected to~~ be ~~realized~~not ~~during~~probable ~~the next twelve months is a gain~~ of ~~approximately $46 million at December 31, 2024~~occurring.

97For cash flow hedges, the amount of ineffectiveness recognized in interest and sundry (income) expense was nominal during 2025 and 2024. There were no hedges designated as fair value in 2025 and 2024. The net amount of unrealized gain or loss on derivative instruments included in accumulated other comprehensive income (loss) related to contracts maturing and expected to be realized during the next twelve months is a gain of approximately $8 million at December 31, 2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

(10) FAIR VALUE MEASUREMENTS

Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. Assets and liabilities measured at fair value are based on a market valuation approach using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis at December 31, ~~2024~~2025 and ~~2023~~2024 are as follows:

Total Cost Basis

Quoted Prices InActive Markets forIdentical Assets(Level 1)

Significant OtherObservable Inputs(Level 2)

Total Fair Value

Millions of dollars

~~2024~~2025

~~2023~~2024

~~2024~~2025

~~2023~~2024

~~2024~~2025

~~2023~~2024

~~2024~~2025

~~2023~~2024

Short-term investments (1)

~~1,000~~441

1,~~126~~000

~~705~~435

~~867~~705

~~295~~6

~~259~~295

~~1,000~~441

1,~~126~~000

Net derivative contracts

—

8(111)

~~(105)~~8

8(111)

~~(105)~~8

Filing Compare · WHIRLPOOL CORP /DE/