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Important Note Regarding 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 herein 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," and similar words or expressions. Our forward-looking statements generally relate to our growth strategies, financial results, product development, sales efforts, and, specific to the above, potential financial and supply chain impacts from coronavirus. 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.

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.

Except as otherwise noted, each answer above speaks only as of the date of our most recent quarterly earnings materials. We do not intend to update, and undertake no obligation to update, such answers, until the date of our next quarterly earnings materials.


Whirlpool Russia Sale

On June 27, 2022, Whirlpool Corporation (the “Company”), through its subsidiary Whirlpool EMEA SpA, entered into a share purchase agreement with Arçelik A.Ş.(“Arcelik”) to sell the Company’s Russian business to Arcelik for deferred payments.

The sale closed on August 31, 2022. See Note 15 to the consolidated condensed financial statements in our second quarter 2022 Form 10-Q, linked here, for further information on the transaction.

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February 24, 2022

We are monitoring the developments in and around Ukraine, including potential impacts to our business. The situation is very fluid and could change quickly. Our primary focus remains the safety and security of our employees. We have put the appropriate proactive measures in place to protect our employees and to support business continuity.

Whirlpool Corporation has manufacturing operations in Russia with approximately 2,500 employees. Net sales attributed to Whirlpool Corporation’s operations in Russia in 2021 were approximately $500 million. The Company has a sales and distribution presence in Ukraine, with revenues that are immaterial to our Europe, Middle East and Africa operations or to the Company's consolidated results.

We will provide further updates on our first-quarter earnings call in April.

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Whirlpool Reaches Agreement to Acquire Majority Interest in Elica PB India

  • In 2018, Whirlpool of India Limited (Whirlpool India), a majority-owned subsidiary of Whirlpool Corporation, acquired a 49% equity interest in Elica PB India Private Limited (Elica PB India) for $22 million
  • On September 27, 2021, Whirlpool India entered into a share purchase agreement to acquire an additional approximately 38% equity interest in Elica PB India for $57 million
  • Following the closing of the transaction, which occurred on September 29, 2021, Elica PB India will be consolidated within Whirlpool India’s and Whirlpool Corporation’s financial statements, and Elica will remain a minority shareholder in Elica PB India
  • This transaction is expected to be accretive to Whirlpool Corporation’s results and is aligned to our capital allocation priority of opportunistic M&A with a high ROIC threshold

Both Whirlpool India and the non-Whirlpool India shareholders retain options for Whirlpool India to purchase the remaining equity interest in Elica PB India.

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Whirlpool Names Joseph Liotine as President and Chief Operating Officer

Whirlpool Corporation (NYSE: WHR) announced the promotion of Joseph T. Liotine to the position of President and Chief Operating Officer. In this new role, Liotine will be responsible for all global operations. This change is effective September 1, 2021. 

Prior to assuming the Chief Operating Officer position Liotine served as the Executive Vice President and President of Whirlpool’s North America Region. In addition, he leads both the Global KitchenAid Small Domestic Appliances business as well as Global Information Systems. Liotine was named Executive Vice President and President, North America Region in November 2014. Previous to this assignment, he was President of U.S. Operations and has held a variety of roles with increasing responsibilities such as Vice President of Marketing for the North America Region where he led: Brand Management, Digital Marketing, Product Marketing, and Consumer Insights. 

Whirlpool Corporation also announced that Winn Everhart will succeed Liotine as the company’s Executive Vice President and President of the North America Region. Everhart joined Whirlpool Corporation in October 2020 as Senior Vice President overseeing U.S. commercial and business operations including Brand and Strategy, Product Marketing, Sales, Consumer Services and Integrated Supply Chain including U.S. and Mexico plants. In his new assignment, effective September 1, Everhart will also join Whirlpool’s Executive Committee.

There are no additional changes in management to announce.

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Why did the Company’s North America business change its accounting methodology from LIFO to FIFO?

Effective January 1, 2021, the Company changed its accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis.

We believe this change in accounting principle is preferable as it:

  1. is consistent with how we internally manage our business
  2. results in a more consistent method to value our inventory across regions
  3. provides better comparability with our peers
  4. the FIFO method better reflects our current cost of inventory.
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What is the expected impact of the LIFO to FIFO change on 2021 results?

In Q1 2021, the change from LIFO to FIFO increased EBIT by $3M and earnings per diluted share by 0.03.

Consistent with Q1 2021 results, we expect the impact on our full-year 2021 results to be immaterial.

For additional information on the impact of the LIFO to FIFO change on past periods (2018 - 2020), please refer to our quarterly report on Form 10-Q for quarter ended March 31, 2021, our Form 8-K filed on April 22, 2021, and the ‘Recast Historical Financial Data’ page in the ‘Financial Information’ section of the IR website.

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