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美國證券交易委員會

華盛頓特區20549

 ________________________________________________________

表格 10-Q

  ________________________________________________________

☒						根據1934年證券交易法第13或15(d)條款的季度報告。

截至2024年6月30日季度結束 2024年9月30日

或

☐						根據1934年證券交易法第13或15(d)條款的過渡報告

委員會文件編號 1-3932

惠而浦公司

（依憑章程所載的完整登記名稱）

特拉華州									38-1490038
（註冊地）									（聯邦稅號）
2000 北m-63
Benton Harbor,			密西根						49022-2692
(總部辦公地址)									（郵政編碼）

註冊人電話號碼（包括區號）（269) 923-5000

根據法案第12(b)條規定註冊的證券：

每種類別的名稱

交易標的

每個註冊交易所的名稱

每股面值1.00美元的普通股

WHR

芝加哥交易所

及

紐約證券交易所

請以勾選方式表示，證明公司：(1)在過去12個月內已提交證券交易法1934年第13或15(d)條規定需要提交的所有報告（或在公司被要求提交該報告的更短時期內），以及(2)公司在過去90天內一直受到此提交要求的規定。 是  ☒沒有 ☐

在前12個月內（或公司需要提交這些文件的較短時間內），公司是否已通過選中標記表明已閱讀並提交了應根據S-t法規第405條規定（本章第232.405條）提交的所有互動式數據文件？ 是 ☒　　　　不　　 ☐    

請勾選相應的選項，以指示申報人是大型快速申報人、快速申報人、非快速申報人、較小型報告公司，還是新興成長型公司。詳細定義請參閱《交易所法》第1202條中的“大型快速申報人”、“快速申報人”、“較小型報告公司”和“新興成長型公司”定義。

大型加速歸檔人			☒			加速檔案提交者			☐
非加速申報公司			☐			較小報告公司			☐
						新興成長型企業			☐

如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐

請勾選表示是否公司是一個空殼公司（根據交易所法案第120億2條的定義）。是☐否 ☒

截至最近切實可行日期，發行人各類普通股的流通股數：

普通股類						2024年10月18日的流通股數
每股面值1.00美元的普通股						55,139,707

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惠而浦公司

第10-Q表格季報告

2024年9月30日結束的三個月和九個月

目 錄

						頁碼
第一部分
項目 1。			基本報表
			綜合損益簡明基本報表			5
			合併簡明資產負債表			6
			現金流量合併簡明報表			7
			綜合簡明基本報表附註			8
項目2。			管理層對財務狀況和營運成果的討論與分析			33
第3項目。			市場風險的定量和定性披露。			47
項目 4。			內部控制及程序			48
第二部分
項目 1。			法律訴訟			49
第1項事項			風險因素			49
項目2。			股票權益的未註冊銷售和資金用途			49
第3項目。			優先證券違約			49
項目 4。			礦業安全披露			49
項目5。			其他信息			49
第六項。			展覽s			50
簽名						51

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前瞻性陳述

1995年頒布的私人證券訴訟改革法為我們或我們代表提出的前瞻性聲明提供了避風港。本季度報告中包含的某些聲明，包括管理層討論與分析部分中關於前瞻性觀點的部分，以及我們或我們代表不時提出的其他書面和口頭聲明，並不嚴格涉及歷史或現況事實，可能包含反映我們對未來事件和財務表現的當前觀點的前瞻性聲明。因此，它們被視為「前瞻性聲明」，提供未來事件的當前期望或預測。此類聲明可以通過使用「可能」、「能夠」、「將」、「應當」、「可能的」、「計畫」、「預測」、「預測」、「潛在」、「預測」、「估計」、「期望」、「項目」、「意圖」、「相信」、「可能影響」、「按部就班」、「保證」、「尋找」等術語來識別，以及這些詞語和具有類似性質的詞語和術語。我們的前瞻性聲明通常涉及我們的增長策略、財務結果、產品開發和銷售努力。應該理解這些前瞻性聲明涉及各種已知和未知的風險和不確定性，可能受不準確的假設影響。因此，無法保證任何前瞻性聲明，實際結果可能會有顯著不同。

本文件包含關於惠而浦公司及其合併子公司（" Whirlpool "）的前瞻性陳述，僅截至本日期。 Whirlpool放棄更新這些陳述的任何義務。本文件中的前瞻性陳述可能包括但不限於有關未來財務結果、長期價值創造目標、重組預期、生產力、原材料價格及相關成本、供應鏈、組合轉型預期、資產減值、訴訟、esg努力、償還債務預期以及COVID-19和俄羅斯/烏克蘭、以色列和紅海衝突對我們業務的影響。許多風險、應變和不確定因素可能導致實際結果與Whirlpool的前瞻性陳述有實質差異。其中包括:（1）家用電器行業激烈競爭，以及零售環境變化的影響，包括直接面向消費者的銷售；（2）Whirlpool維持或增加對重要交易客戶的銷售的能力；（3）Whirlpool保持其聲譽和品牌形象的能力；（4）Whirlpool達成業務目標並利用其全球作業平台，加快創新速度的能力；（5）Whirlpool了解消費者偏好並成功開發新產品的能力；（6）Whirlpool獲取和保護知識產權的能力；（7）收購、出售及與投資相關的風險，包括與我們過去收購相關的風險；（8）關鍵零部件、元件和製造設備供應商能否及時且具成本效益地向Whirlpool交付足夠數量的能力；（9）COVID-19大流行、其他與公共衛生緊急情況相關的業務中斷和經濟不確定性；（10）Whirlpool應對新興市場存在風險的能力；（11）與我們國際業務有關的風險；（12）Whirlpool應對突發的社會、政治和/或經濟事件的能力；（13）信息技術系統故障、數據安全漏洞、數據隱私合規、網絡中斷和網絡安全攻擊；（14）產品責任和產品召回成本；（15）Whirlpool吸引、培養和留住高管和其他合格員工的能力；（16）勞資關係的影響；（17）關鍵材料（包括鋼鐵、樹脂、基本金屬）成本和元件成本波動以及Whirlpool抵消成本增加的能力；（18）Whirlpool應對外幣波動的能力；（19）商譽減損和相關費用的影響；（20）對我們長期資產攜帶值產生影響的引發事件或情形；（21）庫存和其他資產風險；（22）醫療保健成本趨勢、監管變化和可能增加未來資金遞延救濟計劃負擔的結果和估計間的差異；（23）訴訟、稅收和法律遵循風險及成本；（24）政府調查或第三方採取的相關行動的影響和成本；（25）法律和監管環境的變化，包括環境、健康和安全法規、數據隱私和稅收和關稅；（26）Whirlpool應對氣候變化和氣候變化規定影響的能力；以及（27）全球經濟的不確定性和經濟條件的變化。

我們不承擔更新任何前瞻性聲明的義務，建議投資者查閱我們在美國證券交易委員會備案中的披露內容。無法預見或確定所有可能導致實際結果與預期或歷史結果不同的因素，因此，投資者不應認爲前述因素是導致實際結果與前瞻性聲明不同的所有風險、不確定性或潛在因素的詳盡陳述。

關於這些以及其他因素的更多信息，請參閱我們在年度報告Form 10-k的"風險因素"部分，該部分在我們在Form 10-Q季度報告的Part II，Item 1A中有更新。

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除非另有說明，「惠而浦」、「公司」、「我們」、「我們」和「我們」的術語均指惠而浦公司及其合併子公司。

網站披露

我們定期在我們的網站whirlpoolcorp.com的"投資者"部分發布重要信息。我們還打算更新該網頁的熱門話題問答部分，作爲披露重要且非公開信息並遵守我們根據FD法規的披露義務的一種方式。因此，投資者應監控我們網站的"投資者"部分，並關注我們的新聞發佈、SEC備案、公開電話會議、介紹和網絡直播。我們網頁上包含的信息或可通過我們網頁訪問的信息，均不被引用或視爲萬億.is文檔的一部分。

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第一部分 財務信息

項目1。			基本報表

目錄

			頁碼
基本報表和補充數據
綜合收益（損失）的合併簡明報表			5
合併簡明資產負債表			6
現金流量的合併簡明報表			7

						頁碼
附註列於合併簡明財務報表（未經審計）
1.			報告範圍			8
2.			收入確認			11
3.			存貨			12
4.			固定資產			12
5.			融資安排			12
6.			承諾和事後約定			15
7.			養老金和其他事後福利計劃			18
8.			基本報表和衍生金融工具			19
9.			公允價值衡量			22
10.			股東權益			23
11.			重組費用			27
12.			所得稅			28
13.			分段信息			29
14.			收購和剝離			31

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惠而浦公司

綜合收益（損失）附註合併簡明財務報表（未經審計）

截至9月30日的期間

(以百萬美元計算，每股數據除外)

			三個月之內結束												九個月結束
			2024						2023						2024						2023
淨銷售額			$	3,993					$	4,926					$	12,471					$	14,367
費用
銷售產品成本			3,350						4,127						10,561						11,989
毛利率			643						799						1,910						2,378
銷售、一般及行政費用			395						473						1,266						1,436
33,093			7						18						24						39
重組成本			8						5						81						14
出售和處置企業的損失（收益）			(32)						46						260						286
營業利潤			265						257						279						603
其他(收益)費用
利息和雜項（收入）費用			(6)						(10)						(27)						77
利息支出			92						95						275						259
稅前收益（損失）			179						172						31						267
所得稅費用（收益）			45						86						(85)						268
投資收益（損失）淨額，扣除稅後			(20)						(1)						(31)						(3)
淨收益（虧損）			114						85						85						(4)
減：歸屬於非控股權益的淨收益（虧損）			5						2						16						6
惠而浦可供使用的淨收益（虧損）			$	109					$	83					$	69					$	(10)
每股普通股
惠而浦可供使用的基本淨收益（虧損）			$	2.01					$	1.53					$	1.27					$	(0.18)
惠而浦可供使用的攤薄後淨收益（虧損）			$	2.00					$	1.53					$	1.26					$	(0.18)
3,341,700			$	1.75					$	1.75					$	5.25					$	5.25
加權平均未流通股份（單位：百萬股）
基本			55.2						55.0						55.0						54.9
稀釋的			55.2						55.3						55.0						54.9
綜合收益（損失）			$	25					$	140					$	16					$	12

隨附的附註是這些合併簡要財務報表的組成部分

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惠而浦公司

合併簡明資產負債表

（百萬美元，除每股數據外）

			(未經審計)
			2024年9月30日						2023年12月31日
資產
流動資產
現金及現金等價物			$	1,084					$	1,570
應收賬款，減：$撥備50 和 $47 的壞賬準備			1,644						1,529
存貨			2,277						2,247
預付和其他流動資產			577						717
待售資產			—						144
總流動資產			5,582						6,207
固定資產淨額，減除累計折舊$5,426 和 $5,259 的壞賬準備			2,254						2,234
使用權資產			856						721
商譽			3,328						3,330
其他無形資產淨額，減除累計攤銷$461 和 $440 的壞賬準備			3,104						3,124
延遲所得稅			1,503						1,317
其他非流動資產			533						379
總資產			$	17,160					$	17,312
負債和股東權益
流動負債
應付賬款			$	3,456					$	3,598
應計費用			459						491
應計的廣告和促銷			496						603
員工報酬			189						238
應付票據			609						17
長期債務的流動部分			350						800
其他流動負債			410						614
待售負債			—						587
流動負債合計			5,969						6,948
非流動負債
長期債務			6,382						6,414
養老金福利			107						147
養老福利			102						107
租賃負債			737						612
其他非流動負債			570						547
非流動負債合計			7,898						7,827
股東權益
普通股，每股面值爲 $0.0001；1每股面值，2501百萬股授權，115500萬股，並且總成本（包括佣金和消費稅）分別爲$114 分別發行了一百萬股和 55500萬股，並且總成本（包括佣金和消費稅）分別爲$55 百萬股流通股和百萬股流通股，分別			115						114
額外實收資本			3,453						3,078
保留盈餘			8,140						8,358
累計其他綜合損失			(1,652)						(2,178)
庫存股票，60500萬股，並且總成本（包括佣金和消費稅）分別爲$60分別爲3,670.7萬股和3,682.2萬股			(7,014)						(7,010)
惠而浦股東權益總額			3,042						2,362
非控制權益			251						175
股東權益合計			3,293						2,537
負債和股東權益合計			$	17,160					$	17,312

隨附的附註是這些合併簡要財務報表的組成部分

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惠而浦公司

綜合經營損益表現金流量表（未經審核）

截至九月三十日結束的期間

（數百萬美元）

			九個月結束了
			2024						2023
營運活動
淨收益（損失）			$	85					$	(4)
調整以將淨收益調解為營運活動提供的現金（使用現金）：
折舊與攤提			249						262
出售和處置企業的損失（獲利）			260						286
資產及負債的變動：
應收帳款			(275)						(359)
存貨			(18)						(282)
應付賬款			(76)						(274)
應計廣告和促銷			(137)						(140)
應計費用和當前負債			(22)						50
遞延且應付稅款，淨額			(237)						161
應計退休金和退休後福利			(15)						(45)
員工報酬			22						57
其他			(107)						(34)
營運活動所提供之現金流量（使用）			(271)						(322)
投資活動
資本支出			(315)						(338)
資產和業務出售所得			95						9
收購企業，已扣除收到的現金淨額			—						(14)
由分拆業務持有的現金			(245)						—
其他			(1)						—
投資活動提供的現金			(466)						(343)
融資活動
長期借款的籌款淨額			300						304
長期債務償還淨額			(801)						(250)
短期借款的籌款淨額（償還）			613						30
分紅派息			(287)						(290)
回購普通股			(50)						—
出售子公司的少數股權			462						—
發行普通股			—						4
其他			(15)						(1)
融資活動所提供之現金流量（使用）			222						(203)
匯率變動對現金及現金等價物的影響			(68)						28
減少：將列為待售之現金變動			—						5
現金及現金等價物的增加（減少）			(583)						(835)
現金及現金等價物期初餘額 (1)			1,667						1,958
期末現金及現金等價物			$	1,084					$	1,123

        

(1) 2024年初的現金及現金等價物包括$1,570百万美元現金及現金等價物和$百万美元現金，截至2023年12月31日列為待售。詳情請參閱附註14。972023年12月31日待售現金及現金等價物為$百萬。有關詳細資訊，請參閱附註14。

附註是這些基本報表不可或缺的一部分。

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綜合總體財務基本報表附註（未經核數）

(1)    報告基礎

一般資訊

附屬的未經查核的綜合總賬基本報表已根據美國通行的會計原則（"GAAP"）編製，適用於中期財務資訊，並符合10-Q表格的說明和S-X法規第10條的指示。因此，它們不包括美國GAAP對完整財務報表所要求的所有信息或註腳。因此，此10-Q表格應與我們截至2023年12月31日的10-k表格中的綜合基本報表和相關附註一起閱讀。

管理層認為隨附的合併簡明基本報表反映了所有調整，包括一切必要的常態性項目，以便公允呈現中期狀況。

我們需要做出影響綜合簡明基本報表及相關附註中所報金額的估計和假設。實際結果可能與這些估計有實質差異。

我們在我們的綜合簡明基本報表中消除了所有的重要公司內部交易。我們不會合併擁有50%或以下股權的任何公司的基本報表，除非該公司被視為變量實體（"VIE"），而我們是其主要受益人。當公司是這些實體的主要受益人並且有能力直接影響這些實體的活動時，將進行合併。

風險與不確定因素

宏觀經濟的波動，以及持續發生的國際衝突，持續影響全球各國，對我們的業務和全球經濟的影響的持續時間和嚴重程度目前尚不明確。這些影響對我們的業務和全球經濟的持續時間和嚴重程度本質上是無法預測的。

此處呈現的綜合總表基本報表反映了管理層在2024年9月30日所做的估計和假設。

這些估計和假設影響著公司的商譽、長期資產和無限期無形資產估值；存貨估值；年度有效稅率評估；递延所得稅和所得稅應收帳款的估值；以及預期信用損失和壞賬的提撥。2024年10月24日後出現的事件和情況，包括宏觀經濟波動和持續的國際衝突所導致的影響，在未來期間的管理估計中將得以反映。

商譽和無限壽命無形資產

我們繼續監控重大的全球經濟不確定性，以評估對我們產品需求的前景以及對我們業務和整體財務績效的影響。我們的 美的 及 InSinkErator 商標在2024年9月30日仍處於風險之中。我們報告單位中的商譽或其他無限期無形資產目前尚未面臨未來減損風險。

需求中斷、生產影響或供應限制等一系列其他因素可能對該公司的收入產生負面影響。 Maytag 及 InSinkErator 這些商標可能會受到影響，但我們仍致力於實現這些商標的長期預測收入和盈利所需的戰略行動。

在市場條件未見恢復或進一步惡化的情況下，經濟因素或其他不可預見的事件導致我們商標等多種因素表現持續低於預期，可能會在未來期間造成減損費用，這可能對我們的基本報表產生重大不利影響。 Maytag 和 InSinkErator 基本報表。

根據我們的分析，考慮到所有事件和情況的總體，2024年第三季度沒有識別出任何損耗觸發事件。

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所得稅

根據美國通用會計準則，公司根據年度估計的有效稅率來計算每季度的稅負，然後通過在每個季度調整這個金額來調整。潛在的變化和波動性的宏觀經濟情況可能導致預測稅前收入的波動。因此，公司的有效稅率可能會受到波動的影響，因為預測的稅前收入受到無法預測的事件影響。

此外，可能由疫情帶來的潛在未來經濟惡化、持續的國際衝突以及相關制裁或其他因素，如企業潛在的出售和新稅法可能對某些递延税款資產的實現性和/或估值產生負面影響。  

其他會計事項

合成租賃安排

我們與金融機構有多項合成租賃安排，涉及非核心物業。這些租賃包含選購、延長原始期限以及歸還物業等選項條款。截至2024年9月30日和2023年12月31日，這些安排中包含最高約為$的殘值擔保。相應的可能於未來期間到期。我們認為不太可能在這些擔保下會有任何重大金額應支付。因此，在用於計量租賃資產和租賃負債的租金中，沒有包括與殘值擔保相關的重大金額。378百萬和$378分別為百萬美元，可能在未來期間到期。我們認為不太可能會有任何重大金額要根據這些擔保支付。因此，在用於測量租用資產和租賃負債的租金中，並未包括與殘值擔保相關的重大金額。

這些租賃大多被歸類為營運租賃。我們評估了這些條款的合理確定性，以判斷適當的租賃期限。這些租賃是使用我們的增量借款利率衡量的，並包含在我們的使用權資產和租賃負債中的綜合資產負債表中。租金支付是根據租賃條款計算的適用參考利率再加上額外費用。對綜合資產負債表和綜合損益表的影響微乎其微。

供應鏈融資安排

本公司在全球範圍內與各種第三方機構簽署了持續性協議，為某些供應商提供賣出機會，讓欠我們款項的供應商可以根據自身與金融機構的唯一選擇，將應收賬款賣給參與金融機構。根據這些協議，平均付款期限範圍是 120 天從發票日期計算，被視為商業合理。 180 天，並且基於行業標準和我們每個全球地區的最佳實踐。惠而浦在全球計畫中沒有作為抵押品的資產。

我們對這些應收賬款的出售沒有經濟利益，亦與這些金融機構就這些服務沒有直接的財務關係。對於某些安排，公司將保證由全資子公司到期的應收賬款。我們對供應商的義務，包括到期金額和付款條款，不受影響。所有此類計劃下的未付餘額均記錄在我們的綜合簡明賬冊的應付賬款中。 以下表格總結了各期間未付款項的變動情況：

數百萬美元			未清債務
截至2023年12月31日確認尚未履行的債務			$	843
本期間確認的發票			1,818
本期間確認支付的發票			(1,845)
外匯貨幣影響			(27)
截至2024年9月30日確認尚未履行的債務			$	789

表格上方的未付款負債和與我們歐洲主要國內家電業務相關的活動未列入上表。 無 截至2024年9月30日，我們歐洲主要國內家電業務相關的未付款負債有。未支付的負債總額為$3934450萬美金。

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信用評級下調或金融市場變化可能會限制金融機構承諾資金並參與該項目。我們相信這樣的風險不會對我們的營運資金或現金流量造成實質影響。

權益法投資

我們的主要權益法投資包括對中國惠而浦的部分所有權，該實體以前由公司控制，以及對Beko歐洲有限公司（Beko）的部分所有權，該公司是因為與Arcelik於2024年4月1日交易而成立的新實體。有關詳細信息，請參見基本財務報表附註14。

以下表格總結了公司在所述期間內與公司主要權益法投資相關的金額。

數百萬美元						2024年9月30日									2023年12月31日
						持股比例						攜帶金額			持股比例						攜帶金額
惠而浦歐洲有限公司						25		%				$	156		25		%				無可奉告
惠而浦中國						20		%				$	188		20		%				$	187

在去除合併日期時，對Beko投資的公允價值是基於折現現金流分析和多個市場數據點（第3 級別因數）計算的，結果為$186百萬。根據報價市價，截至2024年9月30日，我們對中國惠而浦投資的市值為$171百萬。管理層已經得出結論，這些投資沒有其他暫時性損耗的因數。

以下表格彙總了公司主要權益法投資在呈現期間記錄的金額。

數百萬美元			九個月截至九月三十日
			2024						2023
應付帳款			$	67					$	107
購買			$	193					$	232

從我們的權益法投資及其附屬公司獲得的授權營業收入的金額，在所述期間內並不重要。此外，在所述期間內，這些投資也沒有重要的應收帳款或銷售額。

相關方

截至2024年9月30日，公司的控股子公司惠而浦印度持有 97%的控股權在Elica Pb印度，之後在第三季度進行了 10%股權的附購。Elica Pb印度納入惠而浦公司的基本報表中，並在我們的亞洲地區經營部門（MDA）報告中予以披露。 Elica Pb印度是一個可變利益實體（VIE），公司為其主要受益方。客戶關係的帳面金額屬於其他無形資產，扣除累計攤薄後，截至2024年9月30日分別為$27百萬，截至2024年9月30日和2023年12月31日分別為$29百萬。Elica Pb印度的其他資產或負債對於所呈報的公司綜合簡明財務報表，沒有重大影響。

惠而浦印度和非控股權股東保留惠而浦印度購買Elica Pb印度剩餘股權的選擇權，並按公允價值計價，該交易根據業務績效可能對公司的基本報表構成重大影響。

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已發布但尚未生效的會計準則

2023年11月，FASB發布了《基本報表》2023-07號更新，名為「營業板塊披露（主題280）：完善可報告板塊的披露」。這項更新適用於所有根據主題280要求報告板塊信息的上市實體。這項更新中的修訂主要是通過加強關於重要板塊支出的披露，修訂了可報告板塊披露要求。這項更新中的修訂並不改變上市實體如何辨識其營運板塊、整合這些營運板塊，或應用定量閾值來判斷其可報告板塊。新標準自2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內的中期時間生效。允許提前採納。標準應該追溯應用到財務報表中呈現的所有過往時期。公司目前正在評估採納這一新標準的影響。

2023年12月，FASb發布了2023-09更新，名為「所得稅（主題740）：改進所得稅披露」。此更新適用於所有受主題740約束的實體。此更新中的修訂主要修訂了與稅率調和和已支付所得稅信息相關的所得稅披露，以及某些其他所得稅披露的有效性。新標準自2024年12月15日後開始生效。允許提前採納。標準應該採取前瞻性基礎，但允許遡溯應用。公司目前正在評估採用這個新標準的影響。

所有板塊已發布但尚未生效的會計準則與公司無關或無重要性。

(2)    營業收入認列

營業收入的分解

下表顯示我們按營收來源分解的營業收入。有關按營運部門分解的營業收入的詳細資訊，請參閱基本報表的第13條附註。

			截至9月30日的三個月												截至9月30日的九個月
數百萬美元			2024						2023						2024						2023
主要產品類別:
洗衣			$	1,131					$	1,360					$	3,482					$	3,949
冷藏			1,297						1,484						3,850						4,334
烹飪			921						1,199						2,891						3,392
洗碗			282						423						983						1,300
主要產品類別淨銷售額			$	3,631					$	4,466					$	11,206					$	12,975
配件和保固			135						243						515						718
其他			227						217						750						674
總淨銷售額			$	3,993					$	4,926					$	12,471					$	14,367

其他營業收入來源主要包括來自InSinkErator業務的收入、訂閱安排和許可證。

與2024年9月30日結束的三個月和九個月相比，與先前期間履行債務相關的營業收入不到全球貨幣的1%。

預期信用損失及呆賬費用之提存

我們通過使用老齡法來估計預期信用損失和呆帳費用，並為風險較高的交易客戶設立特定客戶儲備金。我們在考慮每個地理板塊內獨有的國家、市場和經濟環境特定信用風險時，評估和控制預期信用損失和呆帳費用。我們在制定儲備時考慮過去事件、當前條件以及合理且可支持的預測。

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以下表格概述截至2024年9月30日九個月結束時，我們按營運部門劃分的預期信貸損失補充和呆帳費用。

數百萬美元			2023年12月31日 (1)												計入收益			核銷			外幣			其他			2024年9月30日
應收賬款準備金
MDA 北美洲			$	4											$	1		$	—		$	—		$	—		$	5
MDA 拉丁美洲			38												9			(2)			(5)			—			40
MDA 亞洲			3												—			—			—			—			3
SDA 全球貨幣			2												—			—			—			—			2
合併			$	47											$	10		$	(2)		$	(5)		$	—		$	50
應收融資減值準備
MDA 拉丁美洲			$	29											$	—		$	—		$	(3)		$	—		$	26
合併			$	76											$	10		$	(2)		$	(8)		$	—		$	76

(1) 自2024年1月1日起，我們重新組織了營運部門結構。所有先前期間金額已重新分類以符合當期呈現。有關更多信息，請參閱綜合簡明財務報表附註13。

(3)    存貨

以下表格彙總了我們在2024年9月30日和2023年12月31日的庫存：

數百萬美元						2024年9月30日						2023年12月31日
成品						$	1,702					$	1,732
原材料和在製品						575						515
總庫存						$	2,277					$	2,247

(4)    資產、廠房和設備

以下表格总结了我们截至2024年9月30日和2023年12月31日的资产、厂房和设备：

數百萬美元						二零二四年九月三十日						二零三年十二月三十一日
土地						$	29					$	29
建築物						951						893
機械設備						6,700						6,571
累計折舊						(5,426)						(5,259)
物業、工廠及設備淨值						$	2,254					$	2,234

截至2024年9月30日的九個月期間，我們處置了淨帳面價值為$的土地、建築、機械和設備。21 百萬，相比之下，2023年7月1日結束的六個月內認列的營業收入在2022年12月31日作為合約負債計入，金額為$112023年同期處置金額為$百萬。處置所得的淨利益為 無這對於截至2024年和2023年9月30日的九個月期間並不是重要的事項。

(5)    融資安排

債券發行

於2024年2月22日，本公司與SMBC日興美洲證券公司、法國巴黎銀行證券公司、荷蘭銀行金融市場有限責任公司、瑞穗美國證券有限責任公司、Scotia Capital（美國）股份有限公司和SG美洲證券有限責任公司（均為各自之代表）進入了一份承銷協議（「承銷協議」），涉及本公司向其公開發行$300總額為$1億620.7百萬的1.75％可轉換票據到2031年到期（“2031年票據”和與2025年票據，2027年票據，2028年票據和2030年票據一起，統稱為“票據”）的發行總額為$620.7百萬美元。 5.750%截至2034年到期之債券（「債券」）的發行，根據一項依據S-3表格（文件編號333-276169）的註冊聲明書進行的公開發行，以及與債券發行相關的初步說明書補充以及說明書補充，均如先前向證券交易委員會（「委員會」）提交。於2024年2月27日，本公司完成了對該債券的發行。該債券包含限制本公司承擔特定留置權或進入特定銷售

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租回交易。此外，如果我們遇到某種特定的控制變更，我們必須以購買價格收購所有的票據。 101其中包括出售票據所得淨額，連同現金，於到期時償還所有$的本金，並支付應計及未支付的利息。300公司的總共發行額為百萬的％債券，將於2024年3月1日到期。 4.000％債券將於2024年3月1日到期。

2023年2月22日，公司完成了100億美元的票面價值至2033年到期的債券發行，根據S-3登記表格（文件編號333-255372）進行了一次公開發行。2033年到期的債券是根據一份於2000年3月20日簽署的契約（“契約”）發行，當中公司作為發行人，而美國銀行信託公司，全美國協會（作為美國銀行，全美國協會和花旗銀行的繼任者）作為受託人。根據與BNP巴黎證券公司，ING金融市場有限責任公司，瑞穗美國證券有限責任公司，三井住友日光美國證券公司以及SG美洲證券有限責任公司簽署的包銷協議，於2023年2月14日進行了2033年到期的債券的銷售，他們是有關該次債券發行和銷售的幾家承銷商中的代表。2033年到期的債券包含限制公司承擔特定留置權或進行特定出售和租回交易的盟約。此外，如果我們經歷特定類型的控制變更，我們必須以票面金額的百分之一百加上已應支付和未支付的利息的價格來購回所有債券。300總額為$1億620.7百萬的1.75％可轉換票據到2031年到期（“2031年票據”和與2025年票據，2027年票據，2028年票據和2030年票據一起，統稱為“票據”）的發行總額為$620.7百萬美元。 5.500%至2033年到期的100億美元高級票據（“2033年票據”）的公開發行已於根據S-3表格（文件編號333-255372）進行。 2033年票據是根據2000年3月20日公司作為發行人，美國銀行信託公司全美國協會（繼承了美國銀行，全美國協會和花旗銀行）作為受託人之間的一項契約（“契約”）發行的。 2033年票據的銷售根據簽署日期為2023年2月14日的承銷協議條款進行，當時與BNP巴黎證券公司，ING金融市場有限責任公司，瑞穗美國證券有限責任公司，SMBC日光美國證券公司和SG美洲證券有限責任公司的代表（有關2033年票據的發行和銷售的幾家承銷商）進行。 2033年票據包含限制公司承擔特定留置權或進行特定出售和租回交易的盟約。 此外，如果我們經歷特定類型的控制變更，則要求我們以每張票面金額的％價格提供購買所有債券的要約，再加上應支付和未支付的利息。 101%的票面金額，加上應計及未付的利息。公司利用從出售2033年票據所得的淨收益償還了於2023年1月1日支付的100億美元票據，並用於一般企業用途。250總額為$1億620.7百萬的1.75％可轉換票據到2031年到期（“2031年票據”和與2025年票據，2027年票據，2028年票據和2030年票據一起，統稱為“票據”）的發行總額為$620.7百萬美元。 3.700%的票面金額，加上應計及未付的利息。公司利用出售2033年票據所得的淨收益償還了於2023年1月1日支付的100億美元票據，並用於一般企業用途。

長期貸款協議

2022年9月23日，公司與住友三井銀行（SMBC）訂立了一項定期貸款協議，該協議由公司、住友三井銀行（SMBC）作為管理代理人和聯絡代理人及貸方，以及其他某些金融機構作為貸方參與。住友三井銀行（SMBC）、巴黎銀行、荷蘭商銀行國際股份有限公司都柏林分行、瑞穗銀行有限公司和法國興業銀行均擔任聯席安排機構和聯絡代理；加拿大諾華銀行和中國銀行芝加哥分行則擔任文書代理；而住友三井銀行則擔任該定期貸款協議的唯一擔保銀行。該定期貸款協議提供了總貸方承諾金額為$2.5 十億美金。公司利用來自該定期貸款設施的收益，按延遲性提取的方式，為公司從艾默生公司（“艾默生”）收購艾默生的InSinkErator業務支付了絕大部分的$3.0 十億美金購買價款，該交易細節見2022年8月7日惠而浦與艾默生簽訂的資產和股份購買協議（“收購協議”）。

2024年9月30日的本期貸款未清餘額為$1.5十億，歸入綜合總賬資產負債表中的非流動負債項下。本期貸款分為 兩個 個分段：一個截至2024年4月30日到期的$1十億分段，其中$500百萬於2023年12月還清，其餘$500百萬於2024年4月還清；另一個截至2025年10月31日到期的$1.5十億分段。

關於公司當前債務評級所涉及的期限貸款設施應付的利息和費率如下：(1) 第一批次的SOFR轉換率為%，(SOFR轉換率調整%)；(2) 第二批次的prime轉換率為 3年 % (具有%的SOFR轉換率調整)； 1.125 0.10%； 3年 批次的prime轉換率為 零級(3) 到期日止，每一期的貼現費用為 3年 ，每一期 0.125%.

條款貸款協議包含慣例的契約和保證，包括但不限於，要求滾動12個月的利息保障比率必須大於或等於 3.0 每個財政季度。此外，這些契約限制了公司（或允許任何子公司）的能力，受到各種例外情況和限制的限制：（i）與其他公司合併；（ii）在其財產上設定留置權；和（iii）在子公司層面承擔債務。截至2024年9月30日，我們符合條款貸款協議下的利息保障比率。

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信貸貸款

公司於2022年5月3日與其他特定借款人以及在其中提及的貸方、摩根大通銀行作為行政代理、花旗銀行作為聯合代理之間達成第五次修訂和重訂長期信貸協議（“修訂長期設施”）。法國巴黎銀行、瑞穗銀行股份有限公司和富國銀行全國協會擔任文件代理。摩根大通銀行、法國巴黎銀行證券公司、花旗銀行、瑞穗銀行股份有限公司和富國證券有限責任公司擔任修訂長期設施的聯合主承辦人和聯合包辦人。根據公司先前的信貸協議，修訂長期設施提供總借款額為3.5 十億美元。該設施的到期日為2027年5月3日，除非提前終止。

就修訂後的長期設施應支付的利率而言，該利率基於公司當前的債務評級、期限SOFR（Secured Overnight Financing Rate）+ 1.125% 的利率保證金，每年（具有 0.10% SOFR 差額調整）或替代的基準利率+ 0.125% 每年，由公司選擇。

經修訂的長期融資安排內含慣例條款和保證，例如，其中包括一個滚动的四季利息保障比率需大於或等於其餘物中的內容。 3.0 截至每個財務季度結束時，經修改的長期融資安排還包括對公司（或允许任何子公司）行使以下權利的限制，但需受到各種例外條件和限制：（i）與其他公司合併；（ii）在其財產上設定抵押權；及（iii）在子公司層面承擔債務。截至2024年9月30日，我們在長期融資安排下的利息保障比率方面合規。

除了已承諾的$3.5 十億美元修訂後的長期設施和已承諾的$1.5十億美元的貸款，我們在巴西和印度都有承諾的信貸機制。這些承諾的信貸機制可借款金額分別達到2024年9月30日約$195 百萬和2023年12月31日$218 百萬，根據當時有效的匯率計算。這些已承諾的信貸機制的到期日一直運行到2025年。

我們在2023年和2022年9月30日分別擁有$百萬的即期信用證。1.5十數億美元2.0 2024年9月30日及2023年12月31日，分別從承諾信貸設施中支取了數十億美元（代表到期貸款設施上的未償還金額）。

應付票據

應付票據由短期向銀行或商業本票借款組成，通常用於籌措營運資金需求。由於這些負債的短期性，我們應付票據的公允價值大致等於攜帶金額。

下表總結了截至2024年9月30日和2023年12月31日應付票據的帳面價值：

數百萬美元						2024年9月30日						2023年12月31日
商業本票						$	580					$	—
短期借款到期於銀行						29						17
總標的付款						$	609					$	17

金融資產的轉讓和服務

為了管理經濟和地理交易客戶風險，公司不時會將某些客戶的應收賬款餘額轉讓給金融機構，主要無追索權，這會導致在利息及雜項（收入）費用中記錄名義影響。這些交易被視為應收賬款的銷售，導致應收賬款從合併簡明資產負債表中剔除。這些轉讓不需要公司持續參與。

某些安排包括惠而浦轉讓應收賬款的服務。截至2024年9月30日，公司繼續為轉讓資產提供服務的未償應收賬款為$121 百萬美元，截至2023年12月31日則為$227百萬美元。根據這些安排獲得的現金收入金額為$391 百萬美元和$153 百萬。

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(6)    承諾和應付款項

BEFIEX貸款和其他巴西稅務事項

在過去幾年裡，我們的巴西業務根據巴西政府的出口激勵計畫（BEFIEX）獲得了稅收優惠。這些優惠減少了巴西聯邦對國內銷售的消費稅。我們的巴西業務因有關部份實現的BEFIEX優惠所需的所得和社會貢獻稅而收到了稅務評估。我們認為BEFIEX優惠不受所得或社會貢獻稅的影響。我們尚未提供這些BEFIEX優惠的所得或社會貢獻稅項，並根據稅務和法律顧問的意見，截至2024年9月30日，我們尚未賬列與這些評估有關的任何金額。截至2024年9月30日，有關BEFIEX優惠的未解決所得和社會貢獻稅的稅務評估總額，包括利息和罰款，約為 2.4 巴西雷亞爾（約相當於$432 百萬，截至2024年9月30日）。

根據現有的巴西法律先例，在 2003 年和 2004 年，我們認可的總金額為 $ 的稅收抵免26 購買用於生產原材料的百萬，按貨幣調整（「IPI 稅額抵免」）。巴西稅務機關隨後對 IPI 稅收抵免的記錄提出質疑。自二零零四年以來，沒有認可此類信貸。2009 年，我們參與了一項巴西政府計劃（「IPI Amnesty」），該計劃提供了延長付款條款和減少罰款和利息，以鼓勵納稅人解決這項和某些其他有爭議的稅務抵免金額。根據該計劃允許，我們選擇通過使用其他現有稅收抵免和約 $ 的記錄費用來解決某些債務34 2009 年有數百萬人與這些事宜相關。2012 年 7 月，巴西稅務局通知我們，我們建議的一部分結算被拒絕，我們收到的稅務評估 292 百萬巴西雷亞爾（約 $）54 二零四年九月三十日的百萬元），反映到目前為止的利息和罰款。政府在本案中所作出的評估主要依賴於其關於某些年度的 BEFIEX 信貸可納稅性的論據，我們在上一段引述的 BEFIEX 政府評估個案中，正在爭議這一宗。由於 IPI 特許的案件（該案已在巴西最高法院以外的所有司法層級進行結束）比 BEFIEX 應課稅申訴案件進行更快，因此我們可能需要支付 IPI 特許權評估，然後才能在 BEFIEX 應課稅案中獲得最終決定。

我們已收到巴西聯邦稅務機關的稅務評估，涉及自 2007 年以來承認的保險稅稅（PIS/COFINS）應付的金額。這些積分是因為對某些製造和其他業務流程的輸入進行認可。這些評估正在巴西行政和司法層面受到挑戰。針對 PIS/COFINS 輸入認可的抵免額，收到的未償還稅務評估總額約為 392 百萬巴西雷亞爾（約 $）72 二零二四年九月三十日的百萬)。根據我們的稅務和法律顧問的意見，我們有 沒有t 累積與這些評估有關的任何金額。

除了上述的BEFIEX、IPI稅收抵免和PIS/COFINS投入事宜外，巴西稅務機關就間接和所得稅事宜以及其他事宜發出的其他評估，正在許多行政和司法程序中處於不同的審查階段。我們正在大力捍衛與BEFIEX抵免和其他巴西稅務事宜相關的立場。與這些評估相關的金額將持續按照巴西中央銀行設定的基準利率Selic進行貨幣調整。根據我們的會計政策，我們定期評估這些事宜，並在必要時記錄我們對損失的最佳預估。

訴訟本質上是不可預測的，這些事項的結論可能需要多年才能最終解決。潛在未來訴訟所涉及的金額可能因未來期間的利息和罰款而增加。因此，這些訴訟中的不利結果可能對我們在任何特定報告期間的基本報表產生重大不利影響。

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拉丁美洲稅務評論

在2023年第一季度，我們在合併簡明基本報表中累計了一筆不重要的金額，與拉丁美洲地域板塊先前的增值稅（VAT）繳納有關。我們在2023年第二季度解決了此事的某些方面，該解決方案對基本報表的整體影響不大。我們繼續審查該地域板塊內的稅務事宜，以了解是否有潛在的額外影響；某些事宜可能會在特定的報告期間對我們的基本報表產生重大不利影響。

其他訴訟

我們目前積極地辯護許多其他與我們產品的製造和銷售相關的訴訟，其中包括集體訴訟指控，並可能參與類似的訴訟。 這些訴訟聲稱的索賠包括疏忽、違約、違反保證、產品責任和安全索賠、虛假廣告、欺詐以及違反聯邦和州法規，包括消費者保護法。 通常來說，我們對於集體訴訟沒有保險覆蓋。 我們還參與了業務常規過程中產生的各種其他法律行動，對於這些行動，根據行動的性質，可能有或可能無保險覆蓋。 我們對這些訴訟和行動的價值提出爭議，並打算積極辯護它們。 管理隊伍相信，基於目前的認識，經過考慮法律顧問對此類訴訟和行動的評估，以及考慮當前的訴訟累計，對於目前對惠而浦提起的這些訴訟，應該不會對我們的基本報表產生重大不利影響，如果有的話。

獲賠償的Legacy MDA 歐洲法律事務 - 競爭調查＆Grenfell 塔架

2013年，法國競爭管理機構（"FCA"）對法國的家電製造商和零售商展開調查，包括惠而浦和Indesit。FCA的調查分為兩部分，2018年12月，我們與FCA就調查的第一部分達成了最終和解。FCA調查的第二部分主要聚焦在製造商與零售商的互動上，目前仍在進行中。公司已同意與FCA就初步和解區間達成一致，並在2023年上半年錄得約$的費用。69百萬，在2024年下半年公司預期和解金額將最終確定。公司向Beko Europe b.V.（Beko）提供了約$的資金，用於支付最終和解金額，這筆款項是為了支援2024年第二季度交易的結束。68歐洲Beko b.V.（Beko）提供了約$百萬，在2024年下半年公司預期和解金額將最終確定。公司提供了約$百萬，用於支付最終和解金額。

2017 年 6 月 23 日，倫敦大都會警察局發布一份聲明，稱它已確定了一個 Hotpoint 品牌的冰箱是倫敦西部格倫費爾塔火災的最初來源。英國當局正在進行調查，包括關於火災的原因和傳播。該型號是由英迪西特公司在 2006 年至 2009 年之間製造，而在惠普利浦於 2014 年收購印迪西特之前。我們與調查當局完全合作。Whirlpool 在賓夕法尼亞州聯邦法院與此事件有關的產品責任訴訟中被命名為被告。聯邦法院於 2020 年 9 月以有偏見解決該案件，並於 2022 年 7 月在上訴後確認了解僱。原告人於 2023 年 1 月向美國最高法院提出申請，隨後被拒絕。2020 年 12 月，英國向大約提出與格倫費爾塔有關的訴訟 20 被告，包括惠而浦公司及若干惠浦附屬公司。2022 年，我們在財務報表中累積了與這些索賠相關的非重要金額。與此事件有關的其他索賠可能提出。

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產品保固準備金

產品保固儲備包含在我們的綜合簡化資產負債表中的其他流動負債及其他非流動負債中。 以下表格總結了所呈報期間的總產品保固責任儲備的變動：

						產品保修
數百萬美元						2024						2023
一月一日結餘						$	206					$	190
期間內的發行/累積						159						170
期間內的結算/其他						(167)						(160)
九月三十日結餘						$	198					$	200
當前部分						139						$	133
非當前部分						59						67
總計						$	198					$	200

在日常業務運作過程中，我們進行潛在品質和安全問題的調查。作為我們不懈努力提供優質產品給消費者的一部分，我們目前正在全球範圍內調查某些潛在的品質和安全問題。必要時，我們會承諾在調查得出需要採取行動的結論時，對電器進行維修或更換。

保證

我們在巴西附屬公司有保證安排。對於某些可信用客戶，該子公司向客戶保證商業銀行的信貸額度，以支持按照其正常信貸政策進行購買。如客戶違約其與該銀行的信貸額度，我們的子公司將被要求承擔信貸額度並履行與該銀行的義務。在二零二四年九月三十日和二零二三年十二月三十一日，保證金額總計為 818 百萬巴西雷亞爾（約 $）150 二零二四年九月三十日的百萬) 及 1.3 十億巴西雷亞爾（約 $）273 截至二零二三年十二月三十一日，分別是百萬）。這些擔保的公平價值為二零二四年九月三十日及二零二三年十二月三十一日的名義值。在正常營運條件下，我們的附屬公司透過向優質承保人購買的保單，對於這些擔保的重大部分信貸風險承保。

我們為各個合併子公司提供負債擔保和信用額度。合併子公司在這些信用額度下可用的最大合約負債和信用額度總額約為$2.7 十億美元3.0 十億，截至2023年12月31日。根據擔保，我們的總短期銀行負債（不包括與歐洲主要家用電器業務相關的負債）為$29百萬和$17百萬，截至2024年9月30日和2023年12月31日。

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(7)    退休金及其他退休後福利計劃

以下表格總結了所呈現期間的淨定期退休金成本及其他退休後福利的成本：

						截至9月30日的三個月
						美國 養老金福利												外匯 退休金福利												其他退休後 好處
數百萬美元						2024						2023						2024						2023						2024						2023
服務成本						$	1					$	1					$	1					$	1					$	—					$	—
利息成本						25						29						1						7						2						2
計劃資產預期回報						(37)						(35)						(1)						(6)						—						—
攤銷:
精算虧損						10						9						—						1						—						—
先前的服務積點						—						—						—						—						(1)						(10)
結算及削減（收益）損失						—						—						—						—						—						—
淨期間福利成本（信貸）						$	(1)					$	4					$	1					$	3					$	1					$	(8)

						九個月截至九月三十日
						美國 養老金福利												外匯 退休金福利												其他退休後 好處
數百萬美元						2024						2023						2024						2023						2024						2023
服務成本						$	2					$	2					$	2					$	2					$	—					$	—
利息成本						76						86						9						20						5						5
計劃資產預期回報						(110)						(106)						(7)						(17)						—						—
攤銷:
精算虧損						30						28						1						4						—						—
先前的服務積點						—						—						—						—						(1)						(31)
結算及縮減（收益）損失						—						—						—						—						—						—
淨定期福利成本（信貸)						$	(2)					$	10					$	5					$	9					$	4					$	(26)

以下表格總結了在呈報期間認可的營業利潤、利息、及雜項（收入）費用中的淨周期成本。

						截至9月30日的三個月
						美國 養老金福利												外匯 退休金福利												其他退職後 好處
數百萬美元						2024						2023						2024						2023						2024						2023
營業利潤（損失）						$	1					$	1					$	1					$	1					$	—					$	—
利息以及其他雜項（收入）費用						(2)						3						—						2						1						(8)
淨週期性福利費用						$	(1)					$	4					$	1					$	3					$	1					$	(8)

						九個月截至九月三十日
						美國 養老金福利												外匯 退休金福利												其他退休後 好處
數百萬美元						2024						2023						2024						2023						2024						2023
營業利潤（損失）						$	2					$	2					$	2					$	2					$	—					$	—
利息及其他（收入）支出						(4)						8						3						7						4						(26)
淨週期性福利費用						$	(2)					$	10					$	5					$	9					$	4					$	(26)

401(k) 定義性供款計劃

從2024年3月開始，公司將為我們的401（k）定義貢獻計劃提供匹配的貢獻，相當於參與者符合資格薪酬的最高 7％，覆蓋幾乎所有美國員工，以公司股票形式提供。

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(8)    對沖及衍生金融工具

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 presented in either other current assets / liabilities or other noncurrent assets / liabilities on the Consolidated Condensed Balance Sheets and in other within cash provided by (used in) operating activities in the Consolidated Condensed 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.

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 and sales of material used in our manufacturing process. The objective of these hedges is to reduce the variability of cash flows associated with the forecasted purchases and sales 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 September 30, 2024 and December 31, 2023, respectively.

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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, or 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 September 30, 2024 and December 31, 2023.

We may enter into instruments that are designated and qualify as a net investment hedge to manage our exposure related to foreign currency denominated investments. 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 underlying 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 Condensed Statements of Comprehensive Income (Loss). There were no outstanding notional amounts of net investment hedges as of September 30, 2024 and December 31, 2023.

The following table summarizes our outstanding derivative contracts and their effects in our Consolidated Condensed Balance Sheets at September 30, 2024 and December 31, 2023.

																		Fair Value of
						Notional Amount												Hedge Assets												Hedge Liabilities																		Maximum Term (Months)
Millions of dollars						2024						2023						2024						2023						2024						2023												2024						2023
Derivatives accounted for as hedges(1)
Commodity swaps/options						$	168					$	193					$	13					$	4					$	6					$	9					(CF)						21						24
Foreign exchange forwards/options						963						952						17						1						7						31						(CF/NI)						15						15
Cross-currency swaps						618						618						5						5						82						79						(CF)						53						62
Total derivatives accounted for as hedges																		$	35					$	10					$	95					$	119
Derivatives not accounted for as hedges
Foreign exchange forwards/options (2)						437						1,569						—						13						1						9						N/A						4						10
Total derivatives not accounted for as hedges																		—						13						1						9
Total derivatives																		$	35					$	23					$	96					$	128
Current																		$	33					$	22					$	13					$	46
Noncurrent																		2						1						83						82
Total derivatives																		$	35					$	23					$	96					$	128

(1)Derivatives accounted for as hedges are considered cash flow (CF) hedges.

(2)Foreign exchange forwards/options have decreased due to intercompany loan movements related to the contribution of our European major domestic appliance business.

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The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income (Loss) for the periods presented:

																		Three Months Ended September 30,
																		Gain (Loss) Recognized in OCI (Effective Portion ) (3)
Millions of dollars																		2024						2023
Cash flow hedges
Commodity swaps/options																		$	(4)					$	17
Foreign exchange forwards/options																		(10)						25
Cross-currency swaps																		(23)						32
																		$	(37)					$	74
																		Three Months Ended September 30,
						Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)												Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(4)
Cash Flow Hedges - Millions of dollars																		2024						2023
Commodity swaps/options						Cost of products sold												$	—					$	(5)
Foreign exchange forwards/options						Net sales												—						(1)
Foreign exchange forwards/options						Cost of products sold												4						(15)
Foreign exchange forwards/options						Interest and sundry (income) expense												3						2
Cross-currency swaps						Interest and sundry (income) expense												(25)						41
																		$	(18)					$	22
																		Three Months Ended September 30,
						Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges												Gain (Loss) Recognized on Derivatives not Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars																		2024						2023
Foreign exchange forwards/options						Interest and sundry (income) expense												$	—					$	(11)

(3)Change in gain (loss) recognized in OCI (effective portion) for the three months ended September 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $6 million and $(13) million for the three months ended September 30, 2024 and 2023, respectively.

(4)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the three months ended September 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.

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																		Nine Months Ended September 30,
																		Gain (Loss) Recognized in OCI (Effective Portion ) (5)
Millions of dollars																		2024						2023
Cash flow hedges
Commodity swaps/options																		$	14					$	(5)
Foreign exchange forwards/options																		34						(38)
Cross-currency swaps																		(1)						12
																		$	47					$	(31)
																		Nine Months Ended September 30,
						Location of Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)												Gain (Loss) Reclassified from OCI into Earnings (Effective Portion)(6)
Cash Flow Hedges - Millions of dollars																		2024						2023
Commodity swaps/options						Cost of products sold												$	—					$	(10)
Foreign exchange forwards/options						Net sales												2						(2)
Foreign exchange forwards/options						Cost of products sold												(12)						(30)
Foreign exchange forwards/options						Interest and sundry (income) expense												6						21
Cross-currency swaps						Interest and sundry (income) expense												(3)						29
Interest rate derivatives						Interest expense												—						—
																		$	(7)					$	8
																		Nine Months Ended September 30,
						Location of Gain (Loss) Recognized on Derivatives not Accounted for as Hedges												Gain (Loss) Recognized on Derivatives not Accounted for as Hedges
Derivatives not Accounted for as Hedges - Millions of dollars																		2024						2023
Foreign exchange forwards/options						Interest and sundry (income) expense												$	8					$	15

(5)Change in gain (loss) recognized in OCI (effective portion) for the nine months ended September 30, 2024 is primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year. The tax impact of the cash flow hedges was $(17) million and $9 million for the nine months ended September 30, 2024 and 2023, respectively.

(6)Change in gain (loss) reclassified from OCI into earnings (effective portion) for the nine months ended September 30, 2024 was primarily driven by fluctuations in currency and commodity prices and interest rates compared to prior year.

For cash flow hedges, the amount of ineffectiveness recognized in interest and sundry (income) expense was nominal for the periods ended September 30, 2024 and 2023. There were no hedges designated as fair value for the periods ended September 30, 2024 and 2023. The net amount of unrealized gain or loss on derivative instruments included in accumulated OCI related to contracts maturing and expected to be realized during the next twelve months is a loss of $13 million at September 30, 2024.

(9)    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.

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The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023:

																		Fair Value
Millions of dollars						Total Cost Basis												Level 1												Level 2																		Total
Measured at fair value on a recurring basis:						2024						2023						2024						2023						2024						2023																		2024						2023
Short-term investments (1)						$	822					$	1,126					$	526					$	867					$	296					$	259																	$	822					$	1,126
Net derivative contracts						—						—						—						—						(61)						(105)																		(61)						(105)

(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.

The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period.

European Major Domestic Appliance Business

On January 16, 2023, the Company entered into a contribution agreement with Arçelik A.Ş (“Arcelik”). Under the terms of the agreement, Whirlpool agreed to contribute its European major domestic appliance business, and Arcelik agreed to contribute its European major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into the newly formed entity of which Whirlpool owns 25% and Arcelik 75%.

On December 20, 2022, the Company's board authorized the transaction with Arcelik and the European major domestic appliance business was classified as held for sale during the fourth quarter of 2022. The disposal group was measured at fair value less cost to sell. We used a discounted cash flow analysis and multiple market data points in our analysis to determine fair value (Level 3 input) of the 25% interest retained, resulting in an estimated fair value of $139 million. The discounted cash flow analysis utilized a discount rate of 16.5% at December 31, 2022.

During the first quarter of 2024, the fair value of the disposal group was updated based on working capital adjustments, cash flow assumptions, and changes in discount rates. This updated assessment resulted in an estimated fair value of $227 million as of March 31, 2024, which consists of $186 million related to fair value of retained interest in Beko Europe B.V. ("Beko") and $41 million of proceeds from the sale of our Middle East and North Africa ("MENA") business.

Subsequent to closing of the transaction, the Company holds an equity interest of 25% in Beko. 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. The discounted cash flow analysis utilized a discount rate of 15.5%.

During the three and nine months ended September 30, 2024, we recorded a loss of $2 million and loss of $294 million, respectively, to the loss on sale and disposal of businesses. The transaction closed on April 1, 2024 and no material fair value adjustments were recorded during the three months ended September 30, 2024 related to the contribution of our European major domestic appliance business. The loss of $294 million recorded during the nine months ended September 30, 2024 reflects reassessment of the fair value less costs to sell of the disposal group, provisions for tax related indemnities and transaction costs.

For additional information see Note 14 to the Consolidated Condensed Financial Statements.

Other Fair Value Measurements

The fair value of long-term debt (including current maturities) was $6.5 billion and $6.9 billion at September 30, 2024 and December 31, 2023, respectively, and was estimated using discounted cash flow analysis based on incremental borrowing rates for similar types of borrowing arrangements (Level 2 input).

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(10)    STOCKHOLDERS' EQUITY

The following table summarizes the changes in stockholders' equity for the periods presented:

												Whirlpool Stockholders' Equity
						Total						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Treasury Stock / Additional Paid-In-Capital						Common Stock						Non-Controlling Interest
Balances, December 31, 2023						$	2,537					$	8,358					$	(2,178)					$	(3,932)					$	114					$	175
Comprehensive income (loss)
Net earnings (loss)						(253)						(259)						—						—						—						6
Other comprehensive income						3						—						3						—						—						—
Comprehensive income (loss)						(250)						(259)						3						—						—						6
Stock issued (repurchased)						(45)						—						—						(45)						—						—
Sale of minority interest in subsidiary						462						—						18						370						—						74
Dividends declared						(94)						(95)						—						—						—						1
Balances, March 31, 2024						$	2,610					$	8,004					$	(2,157)					$	(3,607)					$	114					$	256
Comprehensive income (loss)
Net earnings (loss)						225						219						—						—						—						6
Other comprehensive income						17						—						17						—						—						—
Comprehensive income (loss)						242						219						17						—						—						6
Stock issued (repurchased)						26						—						—						25						1						—
Dividends declared						(96)						(96)						—						—						—						—
Divestitures (1)						577						—						577						—						—						—
Balances, June 30, 2024						$	3,359					$	8,127					$	(1,563)					$	(3,582)					$	115					$	262
Comprehensive income
Net earnings (loss)						114						109						—						—						—						5
Other comprehensive income						(89)						—						(89)						—						—						—
Comprehensive income						25						109						(89)						—						—						5
Stock issued (repurchased)						26						—						—						26						—						—
Purchase of interest in subsidiary						(19)												—						(5)												(14)
Dividends declared						(98)						(96)						—						—						—						(2)
Balances, September 30, 2024						$	3,293					$	8,140					$	(1,652)					$	(3,561)					$	115					$	251

(1) Other comprehensive loss of $440 million related to currency translation and $137 million related to pension has been deconsolidated from accumulated other comprehensive income (loss) as part of deconsolidation of European major appliance business as of April 1, 2024. These amounts have been included in the loss on disposal as disclosed in FN 14.

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												Whirlpool Stockholders' Equity
						Total						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Treasury Stock / Additional Paid-In-Capital						Common Stock						Non-Controlling Interest
Balances, December 31, 2022						$	2,506					$	8,261					$	(2,090)					$	(3,949)					$	114					$	170
Comprehensive income (loss)
Net earnings (loss)						(176)						(179)						—						—						—						3
Other comprehensive income						(1)						—						(1)						—						—						—
Comprehensive income (loss)						(177)						(179)						(1)						—						—						3
Stock issued (repurchased)						2						—						—						2						—						—
Dividends declared						(97)						(97)						—						—						—						—
Balances, March 31, 2023						$	2,234					$	7,985					$	(2,091)					$	(3,947)					$	114					$	173
Comprehensive income (loss)
Net earnings (loss)						87						85						—						—						—						2
Other comprehensive income						(39)						—						(39)						—						—						—
Comprehensive income (loss)						48						85						(39)						—						—						2
Stock issued (repurchased)						7						—						—						7						—						—
Dividends declared						(96)						(96)						—						—						—						—
Balances, June 30, 2023						$	2,193					$	7,974					$	(2,130)					$	(3,940)					$	114					$	175
Comprehensive income
Net earnings						85						83						—						—						—						2
Other comprehensive income						55						—						55						—						—						—
Comprehensive income						140						83						55						—						—						2
Stock issued (repurchased)						4						—						—						4						—						—
Dividends declared						(97)						(96)						—						—						—						(1)
Balances, September 30, 2023						$	2,240					$	7,961					$	(2,075)					$	(3,936)					$	114					$	176

Other Comprehensive Income (Loss)

The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented:

						Three Months Ended September 30,
						2024												2023
Millions of dollars						Pre-tax			Tax Effect			Net						Pre-tax			Tax Effect			Net
Currency translation adjustments						$	(84)		$	—		$	(84)					$	16		$	—		$	16
Cash flow hedges						(21)			6			(15)						52			(13)			39
Pension and other postretirement benefits plans						11			(1)			10						—			—			—
Other comprehensive income (loss)						(94)			5			(89)						68			(13)			55
Less: Other comprehensive income (loss) available to noncontrolling interests						—			—			—						—			—			—
Other comprehensive income (loss) available to Whirlpool						$	(94)		$	5		$	(89)					$	68		$	(13)		$	55

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						Nine Months Ended September 30,
						2024												2023
Millions of dollars						Pre-tax			Tax Effect			Net						Pre-tax			Tax Effect			Net
Currency translation adjustments						$	(135)		$	—		$	(135)					$	43		$	—		$	43
Cash flow hedges						55			(17)			38						(39)			9			(30)
Pension and other postretirement benefits plans						32			(4)			28						2			—			2
Other comprehensive income (loss)						(48)			(21)			(69)						6			9			15
Less: Other comprehensive income (loss) available to noncontrolling interests						—			—			—						—			—			—
Other comprehensive income (loss) available to Whirlpool						$	(48)		$	(21)		$	(69)					$	6		$	9		$	15

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The following table provides the reclassification adjustments out of accumulated other comprehensive income (loss), by component, which was included in net earnings for the three and nine months ended September 30, 2024:

			Three Months Ended						Nine Months Ended
Millions of dollars			(Gain) Loss Reclassified						(Gain) Loss Reclassified			Classification in Earnings
Pension and postretirement benefits, pre-tax			$	10					$	30		Interest and sundry (income) expense
Total			$	10					$	30

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Net earnings (loss) per Share

Diluted net earnings (loss) per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings (loss) per share of common stock for the periods presented were calculated as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
Millions of dollars and shares						2024						2023						2024						2023
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool						$	109					$	83					$	69					$	(10)
Denominator for basic earnings per share - weighted-average shares						55.2						55.0						55.0						54.9
Effect of dilutive securities - share-based compensation						—						0.3						—						—
Denominator for diluted earnings per share - adjusted weighted-average shares						55.2						55.3						55.0						54.9
Anti-dilutive stock options/awards excluded from earnings per share						1.3						1.0						1.4						1.0

Share Repurchase Program

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 nine months ended September 30, 2024, we repurchased 455,952 shares under the share repurchase program at an aggregate price of approximately $50 million. At September 30, 2024, there were approximately $2.5 billion in remaining funds authorized under this program.

Share repurchases are made from time to time on the open market as conditions warrant. The program does not obligate us to repurchase any of our shares and has no expiration date.

(11)    RESTRUCTURING CHARGES

We periodically take action to improve operating efficiencies, typically in connection with business acquisitions or changes in the economic environment. Our footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in the following plans.

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 expected costs for these actions is $23 million, of which we incurred $14 million in employee termination costs and $9 million other associated costs within the first quarter. All of these costs will result in cash settlements primarily in 2024.

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, of which $8 million was recorded during the third quarter of 2024. These costs were primarily for employee termination costs.

The following table summarizes the changes to our restructuring liability during the nine months ended September 30, 2024:

Millions of Dollars			December 31, 2023			Charge to Earnings			Cash Paid			Non-Cash and Other			September 30, 2024
Employee Termination			$	10		$	66		$	(59)		$	(7)		$	10
Other exit costs			—			15			(11)			—			4
Total			$	10		$	81		$	(70)		$	(7)		$	14

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The following table summarizes the restructuring charges by operating segment and Corporate for the periods presented:

Millions of dollars			Three Months Ended September 30,									Nine Months Ended September 30,
			2024			2023						2024			2023
MDA North America			$	1		$	—					$	29		$	—
MDA Latin America			4			—						25			—
MDA Asia			—			—						6			—
SDA Global			1			—						5			—
Corporate/Other			2			5						16			14
Total			$	8		$	5					$	81		$	14

(12)    INCOME TAXES

Income tax expense (benefit) was $45 million and $(85) million for the three and nine months ended September 30, 2024, respectively, compared to income tax expense of $86 million and $268 million for the same periods of 2023. The decrease in tax expense is primarily due to an overall lower level of earnings and tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances.

The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods:

			Three Months Ended September 30,												Nine Months Ended September 30,
Millions of dollars			2024						2023						2024						2023
Earnings (Loss) before income taxes			$	179					$	172					$	31					$	267
Income tax expense (benefit) computed at United States statutory tax rate			38						36						7						56
State and local taxes, net of federal tax benefit			(6)						(6)						(61)						(1)
Valuation allowances			11						8						416						29
Audit and Settlements			11						29						24						83
U.S. foreign income items, net of credits			4						(9)						(12)						(6)
Sale of minority shares and capital gains			—						—						77						—
Legal Entity restructuring tax impact			(7)						—						(601)						—
Non deductible impairments			—						6						64						57
Non deductible fines and penalties			—						—						—						20
Other			(6)						22						1						30
Income tax expense (benefit) computed at effective worldwide tax rates			$	45					$	86					$	(85)					$	268

At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the quarterly rate as necessary.

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(13)    SEGMENT INFORMATION

Beginning January 1, 2024, we reorganized our operating segment structure to better represent the revised structure within our portfolio transformation, including a greater focus on our strong value creating small domestic appliance business. The Company implemented this change to align with the Company's new operating structure, consistent with how the Company’s Chief Operating Decision Maker evaluates performance and allocates resources in accordance with ASC 280, Segment Reporting.

Our reportable segments consist of Major Domestic Appliances ("MDA") North America; MDA Europe, MDA Latin America; MDA Asia; and Small Domestic Appliances ("SDA") Global. All prior period amounts have been reclassified to conform with current period presentation. The MDA Europe business was deconsolidated upon the completion of the European contribution agreement transaction with Arcelik as of April 1, 2024. For additional information see Note 14 to the Consolidated Condensed Financial Statements.

The chief operating decision maker, who is the Company's Chairman and Chief Executive Officer, evaluates performance based on each segment's earnings (loss) before interest and taxes (EBIT), which we define as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the segment's ongoing performance, if any. Total assets by segment are those assets directly associated with the respective operating activities. The "Other/Eliminations" column primarily includes corporate expenses, assets and eliminations, as well as restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the segment's ongoing performance, if any. Intersegment sales are eliminated within each segment. The tables below summarize performance by operating segment for the periods presented:

						Three Months Ended September 30,
						OPERATING SEGMENTS
						MDA North America						MDA Latin America						MDA Asia						MDA Europe (1)						SDA Global						Other / Eliminations						Total Whirlpool
Net sales
2024						$	2,647					$	846					$	239					$	—					$	261					$	—					$	3,993
2023						2,766						843						219						829						269						—						4,926
Intersegment sales
2024						$	28					$	303					$	10					$	—					$	2					$	(343)					$	—
2023						59						408						11						18						—						(496)						—
Depreciation and amortization
2024						$	40					$	16					$	5					$	—					$	5					$	13					$	79
2023						45						17						5						—						3						14						84
EBIT
2024						$	194					$	58					$	7					$	—					$	37					$	(45)					$	251
2023						254						52						5						2						49						(96)						266
Total assets
September 30, 2024						$	10,254					$	3,876					$	1,176					$	—					$	1,257					$	597					$	17,160
December 31, 2023						10,217						4,037						1,054						685						1,134						185						17,312
Capital expenditures
2024						$	34					$	38					$	3					$	—					$	2					$	10					$	87
2023						41						36						3						21						2						18						121

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						Nine Months Ended September 30,
						OPERATING SEGMENTS
						MDA North America						MDA Latin America						MDA Asia						MDA Europe (1)						SDA Global						Other / Eliminations						Total Whirlpool
Net sales
2024						$	7,642					$	2,578					$	818					$	804					$	629					$	—					$	12,471
2023						8,130						2,395						748						2,487						607						—						14,367
Intersegment sales
2024						$	96					$	925					$	32					$	23					$	13					$	(1,089)					$	—
2023						167						1,161						31						62						—						(1,421)						—
Depreciation and amortization
2024						$	130					$	48					$	15					$	—					$	13					$	43					$	249
2023						142						52						16						—						9						43						262
EBIT
2024						$	491					$	175					$	38					$	(9)					$	97					$	(517)					$	275
2023						795						137						23						11						89						(532)						523
Total assets
September 30, 2024						$	10,254					$	3,876					$	1,176					$	—					$	1,257					$	597					$	17,160
December 31, 2023						10,217						4,037						1,054						685						1,134						185						17,312
Capital expenditures
2024						$	129					$	125					$	7					$	22					$	5					$	27					$	315
2023						133						80						6						61						9						49						338

(1) MDA Europe consisted of our European major domestic appliance business which was contributed to Beko Europe as of April 1, 2024. See Note 14 to the Consolidated Condensed Financial Statements for additional information on the transaction.

The following table summarizes the reconciling items in the Other/Eliminations column for total EBIT for the periods presented:

			Three Months Ended September 30,									Nine Months Ended September 30,
in millions			2024			2023						2024			2023
Items not allocated to segments:
Restructuring charges			$	(8)		$	(5)					$	(81)		$	(14)
Legacy MDA Europe legal matters			—			—						—			(98)
(Loss) gain on sale and disposal of businesses			32			(46)						(260)			(286)
Corporate expenses and other			(69)			(45)						(176)			(134)
Total other/eliminations			$	(45)		$	(96)					$	(517)		$	(532)

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A reconciliation of our segment information for total EBIT to the corresponding amounts in the Consolidated Condensed Statements of Comprehensive Income (Loss) is shown in the table below for the periods presented:

						Three Months Ended September 30,									Nine Months Ended September 30,
in millions						2024			2023						2024			2023
Operating profit						$	265		$	257					$	279		$	603
Interest and sundry (income) expense						(6)			(10)						(27)			77
Equity method investment income (loss), net of tax						(20)			(1)						(31)			(3)
Total EBIT						$	251		$	266					$	275		$	523
Interest expense						92			95						275			259
Income tax expense						45			86						(85)			268
Net earnings (loss)						$	114		$	85					$	85		$	(4)
Less: Net earnings available to noncontrolling interests						5			2						16			6
Net earnings (loss) available to Whirlpool						$	109		$	83					$	69		$	(10)

(14) ACQUISITIONS AND DIVESTITURES

European Major Domestic Appliance Business Held for Sale

On January 16, 2023, Whirlpool entered into a contribution agreement with Arçelik B.V. (“Arcelik”) to carve out and contribute our major domestic appliance European business operations into a newly formed European appliance company which constitutes a combination of Arcelik’s and Whirlpool's European businesses. The sale includes the Company's major domestic appliance business in Europe, including nine production sites.

On June 22, 2023, Whirlpool entered into a share purchase agreement with Arcelik for the sale of our MENA business. The sale was previously agreed upon in principle and announced on January 17, 2023, as part of the outcome of Whirlpool’s strategic review of the EMEA business. The financial impact of the MENA transaction has been included in the loss on sale and disposal of businesses related to the European major domestic appliance business transaction as discussed further below.

The disposal group met the criteria for held for sale accounting during the fourth quarter of 2022. The operations of the European disposal group did not meet the criteria to be presented as discontinued operations.

On April 1, 2024, the parties closed the aforementioned contribution transaction and MENA sale. Upon closing in the second quarter of 2024, the transaction resulted in the deconsolidation of the European major appliances and MENA businesses. Whirlpool owns approximately 25% and Arcelik owns approximately 75% of the European appliance company ("Beko"). In connection with the transactions, we recorded a loss on disposal of $1.5 billion in the fourth quarter of 2022. The loss includes a write-down of the net assets of $1.2 billion of the disposal group to a fair value of $139 million and also includes $393 million of cumulative currency translation adjustments, $98 million of other comprehensive loss on pension and $18 million of other transaction related costs. No goodwill is included in the disposal group.

We recorded an adjustment of $2 million and $294 million, respectively, for the three and nine months ended September 30, 2024, resulting in a total loss of $1.9 billion for the transaction. These adjustments are recorded in the loss on sale and disposal of businesses and reflect ongoing reassessment of the fair value less costs to sell of the disposal group, transaction costs and provision for tax related indemnities recorded at closing of the transaction.

Both Whirlpool and Arcelik retain an option for Arcelik to purchase the remaining equity interest in Beko for fair value, which could be material to the financial statements of the Company, depending on the performance of the business.

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The European disposal group was deconsolidated as of April 1, 2024. The following table presents the carrying amounts of the major classes of the disposal group's assets and liabilities as of September 30, 2024 and December 31, 2023, respectively.

Millions of dollars																					September 30, 2024			December 31, 2023
Carrying amounts of major classes of assets
Current Assets
Cash and cash equivalents																					$	—		$	97
Accounts receivable, net of allowance of $0 and $28, respectively																					—			578
Inventories																					—			589
Prepaid and other current assets																					—			94
Total current assets																					—			1,358
Property, net of accumulated depreciation of $0 and $1,442, respectively																					—			952
Right of use assets																					—			162
Other intangibles, net of accumulated amortization of $0 and $149, respectively																					—			286
Deferred income taxes																					—			574
Other noncurrent assets																					—			13
Total noncurrent assets																					—			1,987
Total assets																					$	—		$	3,345
Carrying amounts of major classes of liabilities
Current liabilities
Accounts payable																					$	—		$	1,266
Accrued expenses																					—			218
Accrued advertising and promotions																					—			171
Employee compensation																					—			120
Notes payable																					—			4
Other current liabilities																					—			97
Total current liabilities																					—			1,876
Noncurrent liabilities
Pension benefits																					—			168
Lease liabilities																					—			132
Other noncurrent liabilities																					—			87
Total noncurrent liabilities																					—			387
Total liabilities																					$	—		$	2,263
Total net assets of the disposal group classified as held for sale																					$	—		$	1,082

Assets held for sale			Fair value of consideration			$	—		$	144
Liabilities held for sale			Cumulative currency translation adjustment and Other comprehensive income on pension			$	—		$	587

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The following table summarizes MDA Europe's earnings (loss) available to Whirlpool before income taxes for the nine months ended September 30, 2024 and September 30, 2023 respectively:

						Nine Months Ended September 30,
in millions						2024			2023
Earnings (loss) before income taxes						$	(9)		$	12

Earnings (loss) before income taxes exclude intercompany other income and expense, which is eliminated at the Total Whirlpool level.

Whirlpool India share sale

On November 30, 2023, the Company announced its intention to enter into one or more transactions to sell up to 24% of the outstanding shares of its publicly listed Whirlpool of India Limited subsidiary (“Whirlpool India”) in 2024, and to retain a majority interest following completion of the sale.

On February 20, 2024, the Company’s wholly-owned subsidiary, Whirlpool Mauritius Limited (“Seller”), executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The sale, which was accounted for as an equity transaction, reduced Seller’s ownership in Whirlpool India from 75% to 51%, and generated proceeds of $462 million on settlement.

Latin America sale of Brastemp water filtration subscription business

On January 16, 2024, the Company entered into a share purchase agreement with a third-party buyer to sell the Company's Brastemp-branded water filtration subscription business in the Latin America region and the transaction closed on July 1, 2024. The Company received proceeds of approximately 294 million Brazilian reais (approximately $52 million at the date of transaction) and recorded a gain of approximately $34 million during the third quarter of 2024. The disposal group met the criteria of held for sale at December 31, 2023. The carrying amounts of the disposal group's assets and liabilities as of September 30, 2024 and December 31, 2023, respectively, are immaterial. The disposal group's earnings (loss) available to Whirlpool before income taxes for the three and nine months ended September 30, 2024, and 2023, respectively, are also immaterial.

ITEM 2.			MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management's 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 three and nine months ended periods compared to the same prior-year periods. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Condensed Financial Statements and Notes to the Consolidated Condensed Financial Statements included in this Form 10-Q.

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

ABOUT WHIRLPOOL

Whirlpool Corporation ("Whirlpool") is a leading kitchen and laundry appliance company, in constant pursuit of improving life at home and inspiring generations with our brands. The company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2023, the Company reported approximately $19 billion in annual sales, 59,000 employees, and 55 manufacturing and technology research centers. Beginning January 1, 2024, we are conducting our business through five operating segments, which consist 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.

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OVERVIEW

Whirlpool delivered third-quarter GAAP net earnings (loss) available to Whirlpool of $109 million (net earnings margin of 2.7%), or $2.00 per share, compared to GAAP net earnings (loss) available to Whirlpool of $83 million (net earnings margin of 1.7%), or $1.53 per share in the same prior-year period. Whirlpool delivered cash provided by (used in) operating activities of $(271) million for the nine months ended September 30, 2024, compared to $(322) million in the same prior year period and free cash flow (non-GAAP) of $(586) million, compared to free cash flow of $(660) million in the same prior year period.

Whirlpool delivered third-quarter ongoing (non-GAAP) earnings per share of $3.43 and ongoing EBIT margin of 5.8%, compared to $5.45 and 6.5% in the same prior-year period.

On a GAAP basis, net earnings margins were impacted by the gain on sale and disposal of businesses (see Note 14 for further information) and restructuring expenses related to organizational simplification. On a GAAP basis, net earnings were also impacted by lower income tax expense, primarily due to an overall lower level of earnings and tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances. On a GAAP and ongoing basis, quarterly results were also impacted by negative price/mix and foreign currency.

Our global organizational simplification and MDA North America promotional program price increase actions continue to deliver shareholder value as we navigate through a challenging macro environment in North America. This is demonstrated by the continued sequential margin expansion in the third-quarter. We remain confident in delivering $300-$400 million of cost take out and continued sequential margin progression through 2024.

For additional information regarding non-GAAP financial measures, see the Non-GAAP Financial Measures section of this Management's Discussion and Analysis.

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RESULTS OF OPERATIONS

The following table summarizes the consolidated results of operations for the periods presented:

			Three Months Ended September 30,									Nine Months Ended September 30,
Consolidated - Millions of dollars, except per share data			2024			2023			Better/(Worse) %			2024			2023			Better/(Worse) %
Net sales			$	3,993		$	4,926		(18.9)%			$	12,471		$	14,367		(13.2)%
Gross margin			643			799			(19.5)			1,910			2,378			(19.7)
Selling, general and administrative			395			473			16.5			1,266			1,436			11.8
Restructuring costs			8			5			(60.0)			81			14			(478.6)
Loss (gain) on sale and disposal of businesses			(32)			46			nm			260			286			(9.1)
Interest and sundry (income) expense			(6)			(10)			40.0			(27)			77			nm
Interest expense			92			95			3.2			275			259			(6.2)
Income tax expense (benefit)			45			86			47.7			(85)			268			nm
Net earnings (loss) available to Whirlpool			$	109		$	83		31.3			$	69		$	(10)		nm
Diluted net earnings (loss) available to Whirlpool per share (2)			$	2.00		$	1.53		30.7%			$	1.26		$	(0.18)		nm

(1) Not meaningful ("nm")

(2) As a result of the GAAP earnings loss for the nine months ended September 30, 2023 the impact of antidilutive shares was excluded from the loss per share calculation on a GAAP basis.

Consolidated net sales decreased 18.9% and 13.2% for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decrease for the three and nine months ended September 30, 2024 was primarily driven by divestiture of our European major domestic appliances business. Excluding the impact of foreign currency, net sales decreased 17.4% and 12.7% for the three and nine months ended September 30, 2024, compared to the same periods in 2023.

The consolidated gross margin percentage for the three and nine months ended September 30, 2024 decreased to 16.1% and 15.3% compared to 16.2% and 16.6% in the same prior-year periods. The decrease was primarily driven by volume and unfavorable product price/mix, partially offset by cost productivity.

Beginning January 1, 2024, we are conducting our business through five operating segments, which consist of MDA North America; MDA Europe (deconsolidated as of April 1, 2024); MDA Latin America; MDA Asia; and SDA Global. The chief operating decision maker evaluates performance based on each segment's earnings (loss) before interest and taxes (EBIT), which we define as operating profit less interest and sundry (income) expense and excluding restructuring costs, asset impairment charges and certain other items that management believes are not indicative of the region's ongoing performance, if any. For additional information, see Note 13 to the Consolidated Condensed Financial Statements.

The following is a discussion of results for each of our operating segments. Each of our operating segments have been impacted by some disruptions in supply chains and distribution channels, among other macroeconomic impacts.

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MDA NORTH AMERICA

Net Sales

Net sales decreased 4.3% and 6.0% for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decrease was primarily driven by unfavorable impacts of product price/mix. Excluding the impact from foreign currency, net sales decreased 4.2% and 5.9% for the three and nine months ended September 30, 2024, compared to the same periods in 2023.

EBIT

EBIT decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decrease for the three and nine months ended was primarily due to unfavorable product price/mix. EBIT margin was 7.3% and 6.4% for the three and nine months ended September 30, 2024, compared to 9.2% and 9.8% for the same periods in 2023.

MDA LATIN AMERICA

Net Sales

Net sales increased 0.4% and 7.6% for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The increase was primarily driven by increased volume, partially offset by the unfavorable impacts of foreign currency and product price/mix. Excluding the impact from foreign currency, net sales increased 8.8% and 10.7% for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.

EBIT

EBIT increased for the three and nine months ended months ended September 30, 2024 compared to the same periods in 2023. The increase for the three and nine months ended was primarily driven by increased volume, partially offset by unfavorable product price/mix. EBIT margin was 6.9% and 6.8% for the three and nine months ended September 30, 2024, compared to 6.2% and 5.7% for the same periods in 2023.

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MDA ASIA

Net Sales

Net sales increased 9.1% and 9.4% for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The increase was primarily driven by increased volume and favorable product price/mix. Excluding the impact from foreign currency, net sales increased 10.3% and 10.6% for the three and nine months ended September 30, 2024 compared to the same periods in 2023.

EBIT

EBIT increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The increase was primarily driven by increased volume and favorable product price/mix. EBIT margin was 2.9% and 4.6% for the three and nine months ended September 30, 2024 compared to 2.3% and 3.1% for the same periods in 2023.

SDA GLOBAL

Net Sales

Net sales decreased 3.0% and increased 3.6% for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decrease for the three months ended was primarily driven by unfavorable impacts of product price/mix, partially offset by increased volumes. The increase for the nine months ended was primary driven by increased volumes, partially offset by unfavorable impacts of product price/mix. Excluding the impact from foreign currency, net sales decreased 3.3% and increased 3.6% for the three and nine months ended September 30, 2024 compared to the same periods in 2023.

EBIT

EBIT decreased for the three months ended September 30, 2024 and increased for the nine months ended September 30, 2024 compared to the same periods in 2023. The decrease for the three months ended was primarily driven by unfavorable product price/mix and increased marketing investments. The increase for the nine months ended was primarily driven by increased volumes, partially offset by unfavorable impacts of product price/mix. EBIT margin was 14.2% and 15.4% for the three and nine months ended September 30, 2024 compared to 18.2% and 14.7% for the same periods in 2023.

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MDA EUROPE

Net Sales and EBIT

MDA Europe consisted of our European major domestic appliance business which was contributed to Beko Europe as of April 1, 2024. Therefore, the Company had no net sales or EBIT for MDA Europe during the second or third quarter of 2024. 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.

Selling, General and Administrative

The following table summarizes selling, general and administrative expenses as a percentage of net sales by region for the periods presented:

						Three Months Ended September 30,																								Nine Months Ended September 30,
Millions of dollars						2024						As a % of Net Sales						2023 (1)						As a % of Net Sales						2024						As a % of Net Sales						2023(1)						As a % of Net Sales
MDA North America						$	191					7.2		%				$	187					6.8		%				$	573					7.5		%				$	597					7.3		%
MDA Latin America						76						8.9						76						9.0						229						8.9						227						9.5
MDA Asia						29						12.0						23						10.5						84						10.2						75						10.0
MDA Europe						—						nm						88						10.6						90						11.1						248						10.0
SDA Global						47						17.7						44						16.3						136						21.6						131						21.6
Corporate/other						52						—						55						—						154						—						158						—
Consolidated						$	395					9.9		%				$	473					9.6		%				$	1,266					10.2		%				$	1,436					10.0		%

(1) Effective January 1st, 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 13 to the Consolidated Condensed Financial Statements.

(2) Not meaningful ("nm")

Consolidated selling, general and administrative expenses decreased for the three and nine months ended September 30, 2024, compared to the same periods in 2023 primarily due to the disposal of our European major domestic appliance business on April 1, 2024.

For additional information, see Notes 1 and 14 to the Consolidated Condensed Financial Statements.

Restructuring

We incurred restructuring charges of $8 million and $81 million for the three and nine months ended September 30, 2024 compared to $5 million and $14 million for the same periods in 2023. For additional information, see Note 11 to the Consolidated Condensed Financial Statements.

For the full year 2024, we expect to incur approximately $85 million of restructuring charges, inclusive of the restructuring charges recorded for the nine months ended September 30, 2024. Substantially all will result in cash settlement.

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(Gain) Loss on Sale and Disposal of Businesses

(Gain) loss on sale and disposal of businesses was $(32) million and $260 million for the three and nine months ended September 30, 2024, respectively, and $46 million and 286 million for the same periods of 2023.

The European disposal group was deconsolidated as of April 1, 2024. We recorded an adjustment of $2 million and $294 million, respectively, for the three and nine months ended September 30, 2024, resulting in a total loss of $1.9 billion for the transaction. These adjustments reflect the reassessment of the fair value less costs to sell of the disposal group, transaction costs and provision for tax related indemnities. We recorded an adjustment of $46 million and $286 million, respectively, for the three and nine months ended September 30, 2023 which reflected the reassessment of the fair value less costs to sell, primarily driven by fluctuations of net working capital, of the disposal group and transaction costs.

We also recorded a gain of approximately $34 million during the third quarter of 2024 related to the sale of the Company's Brastemp-branded water filtration subscription business in the Latin America region.

For additional information, see Note 14 to the Consolidated Condensed Financial Statements.

Interest and Sundry (Income) Expense

Net interest and sundry expense decreased for the three and nine months ended September 30, 2024 compared to the same prior year periods in 2023. The decrease for the nine months ended is primarily due to reserves for legacy EMEA legal matters recorded in the prior year.

Interest Expense

Interest expense was $92 million and $275 million for the three and nine months ended September 30, 2024 compared to $95 million and $259 million in the same prior year periods of 2023.

Income Taxes

Income tax expense (benefit) was $45 million and $(85) million for the three and nine months ended September 30, 2024 compared to income tax expense of $86 million and $268 million in the same prior year periods of 2023. The decrease for the three months ended September 30, 2024 is primarily due to an overall lower level of earnings and tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances. For more information, see Note 12 to the Consolidated Condensed Financial Statements.

Other Information

Our Critical Accounting Policies and Estimates for goodwill and other indefinite-lived intangibles are disclosed in Note 1 to the Consolidated Financial Statements and in Management's Discussion and Analysis of our annual report on Form 10-K for the fiscal year ended December 31, 2023.

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. Our Maytag and InSinkErator trademarks continue to be at risk at September 30, 2024. None of our reporting units or other indefinite-lived intangible assets are presently at risk for future impairment.

For additional information, see Note 1 to the Consolidated Condensed Financial Statements.

FINANCIAL CONDITION AND LIQUIDITY

Background

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 and liquidity priorities, which include funding innovation and growth through capital expenditures and research and development expenditures as well as opportunistic mergers

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and acquisitions; and providing returns to shareholders through dividends, share repurchases and maintaining our strong investment grade rating.

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.

On February 20, 2024, Whirlpool’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade. The transaction reduced Whirlpool’s ownership in Whirlpool India from 75% to 51%, and generated sales proceeds of approximately $462 million on settlement. The Company used transaction proceeds to reduce debt.

Our short-term potential uses of liquidity include funding our business operations, ongoing capital spending, debt repayment, and returns to shareholders. As of September 30, 2024, we had $350 million of debt maturing within the next twelve months, which we expect to pay through refinancing, free cash flow generation, cash on hand, or a combination thereof.

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.

Cash and cash equivalents

The Company had cash and cash equivalents of approximately $1.1 billion at September 30, 2024. For cash in 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. Our intent is to permanently reinvest these funds outside of the United States and our current plans do not demonstrate a need to repatriate the cash to fund our U.S. operations. However, 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 practicable to estimate the amount of the deferred tax liability associated with the repatriation of cash due to the complexity of its hypothetical calculation.

At September 30, 2024, we had cash or cash equivalents greater than 1% of our consolidated assets in Brazil (2.8%) and India (1.7%). In addition, we had third-party accounts receivable outside of the United States greater than 1% of our consolidated assets in Brazil, which represented 1.1%. We continue to monitor general financial instability and uncertainty globally.

Revolving credit facility and other committed credit facilities

The Company maintains a $3.5 billion revolving credit facility and a committed $1.5 billion term loan as of September 30, 2024. In addition to these facilities, we have committed credit facilities in Brazil and India that provide borrowings up to approximately $195 million at September 30, 2024.

We were in compliance with our interest coverage ratio under the revolving credit facility and term loan as of September 30, 2024. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.

Notes payable

Notes payable consists of short-term borrowings payable to banks and commercial paper, which are generally used to fund working capital requirements. At September 30, 2024, we have $609 million of notes payable outstanding primarily under the commercial paper programs. For additional information, see Note 5 to the Consolidated Condensed Financial Statements.

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Trade customers

We continue to review customer conditions globally. We had no material impacts from customer insolvencies during the three months ended September 30, 2024, nor do we have immediate visibility into material customer insolvency situations occurring in the future. We continue to monitor these situations, considering each geographic region, the unique credit risk specific to the country, marketplace and economic environment, and take appropriate risk mitigation steps.

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

Share Repurchase Program

For additional information about our share repurchase program, see Note 10 to the Consolidated Condensed Financial Statements.

Sources and Uses of Cash

The following table summarizes the net increase (decrease) in cash and cash equivalents for the periods presented:

						Nine Months Ended September 30,
Millions of dollars						2024						2023
Cash provided by (used in):
Operating activities						$	(271)					$	(322)
Investing activities						(466)						(343)
Financing activities						222						(203)
Effect of exchange rate changes						(68)						28
Less: (decrease) increase in cash classified as held for sale						—						5
Net change in cash and cash equivalents						$	(583)					$	(835)

Cash Flows from Operating Activities

Cash used in operating activities decreased during the nine months ended September 30, 2024 compared to the same prior year period in 2023. The decrease in cash used in operating activities was primarily driven by fluctuations in working capital due to lower inventory from reduced sales volumes.

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 during the nine months ended September 30, 2024 increased compared to the same period in 2023, primarily driven by the contribution of $245 million of cash and cash equivalents held in MDA Europe.

Cash Flows from Financing Activities

Cash provided by financing activities during the nine months ended September 30, 2024 increased compared to the same period in 2023 primarily due to increased short-term borrowings and the sale of minority interest shares in Whirlpool India, partially offset by purchase of additional interest in Elica PB India.

Financing Arrangements

The Company had total committed credit facilities of approximately $5.2 billion at September 30, 2024. These facilities are geographically reflective of the Company's global operations. The Company is confident that the committed credit facilities are sufficient to support its global operations. We had $1.5 billion and $2.0 billion

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drawn on the committed credit facilities (representing amounts drawn on the term loan) at September 30, 2024 and December 31, 2023, respectively, which were used to fund the InSinkErator acquisition in the fourth quarter of 2022.

For additional information about our financing arrangements, see Note 5 to the Consolidated Condensed Financial Statements.

Dividends

On both August 19, 2024 and October 15, 2024, our Board of Directors approved a quarterly dividend on our common stock of $1.75 per share.

Off-Balance Sheet Arrangements

In the ordinary course of business, we enter into agreements 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 September 30, 2024, we had approximately $363 million outstanding under these agreements.

For additional information about our off-balance sheet arrangements, see Notes 5 and 6 to the Consolidated Condensed Financial Statements.

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

•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. EBIT margin is calculated by dividing EBIT by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT 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 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

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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 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 reconciliation 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 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.

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			Three Months Ended September 30,
			2024			2023
Net earnings (loss) available to Whirlpool (1)			$	109		$	83
Net earnings (loss) available to noncontrolling interests			5			2
Income tax expense (benefit)			45			86
Interest expense			92			95
Earnings (loss) before interest & taxes			$	251		$	266
Restructuring expense (a)			8			—
Impact of M&A transactions (b)			(26)			56
Ongoing EBIT (2)			$	233		$	322

(1)Net earnings (loss) margin is approximately 2.7% for the three months September 30, 2024 compared to 1.7% in the same prior year period. Net earnings margin is calculated by dividing net earnings (loss) available to Whirlpool by consolidated net sales for the three months ended September 30, 2024 and September 30, 2023, respectively.

(2)Ongoing EBIT margin is approximately 5.8% for the three months ended September 30, 2024 compared to 6.5% in the same prior year period. Ongoing EBIT margin is calculated by dividing Ongoing EBIT by consolidated net sales for the three months ended September 30, 2024 and September 30, 2023, respectively.

Ongoing Earnings Per Diluted Share Reconciliation			Three Months Ended September 30,
			2024			2023
Earnings (loss) per diluted share			$	2.00		$	1.53
Impact of M&A transactions (b)			(0.47)			1.02
Restructuring expense (a)			0.14			—
Income tax impact			(0.10)			0.34
Normalized tax rate adjustment (c)			1.86			2.56
Ongoing earnings per diluted share			$	3.43		$	5.45

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Free Cash Flow (FCF) Reconciliation: in millions			Nine Months Ended September 30,						Nine Months Ended September 30,
			2024						2023
Cash provided by (used in) operating activities			$	(271)					$	(322)
Capital expenditures			(315)						(338)
Free cash flow			$	(586)					$	(660)
Cash provided by (used in) investing activities			$	(466)					$	(343)
Cash provided by (used in) financing activities			$	222					$	(203)

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Footnotes

(a) RESTRUCTURING EXPENSE - In March 2024, the Company committed to workforce reduction plans. $23 million was recorded during the first quarter, of which $14 million was employee termination costs and $9 million was other associated exit 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, of which $8 million was recorded during the third quarter of 2024. These costs were primarily for employee termination costs.

(b) 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, the Company recorded a loss on disposal of $294 million for the nine months ended September 30, 2024, of which $2 million was incurred in the third quarter of 2024.

The Company also recorded a gain of approximately $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.

Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $23 million for the nine months ended September 30, 2024, of which $6 million was incurred in the third quarter of 2024. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).

For the nine months ended September 30, 2023, a loss on disposal of $286 million was recorded, of which $46 million was recorded during the third quarter. Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $10 million for the three months ended September 30, 2023. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated Condensed Statements of Comprehensive Income (Loss).

(c) NORMALIZED TAX RATE ADJUSTMENT - During the third quarter of 2024, the Company calculated a GAAP tax rate of 25%. Ongoing earnings per share was calculated using an adjusted tax rate of (32)%, which excludes the non-taxable impact of M&A transactions of approximately $(26) million recorded in the third quarter of 2024 and certain other tax impacts related to Europe transaction. The Company expects a full-year GAAP tax rate of approximately 65% and adjusted effective tax rate of (18) - (22)%, revised from the prior quarter estimate of 25% and (8)%, respectively, primarily due to updated legal entity restructuring impacts as we have further refined the estimated benefits of our tax planning strategies since closing the Europe transaction.

During the third quarter of 2023, the Company calculated ongoing earnings per share using an adjusted effective tax rate of (33)%, to reconcile to our full-year ongoing 2023 adjusted effective tax rate between (5.0)% to 0%, which excludes the non-tax deductible impact of M&A transactions and reflects certain expected tax benefits related to legal entity restructuring transactions.

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FORWARD-LOOKING PERSPECTIVE

Earnings per diluted share presented below are net of tax. We currently estimate our anticipated 2024 full-year GAAP tax rate of approximately 65% and adjusted tax rate of (18) - (22)%. We currently estimate earnings per diluted share for 2024 as follows:

			2024
			Current Outlook
Estimated GAAP earnings per diluted share, for the year ending December 31, 2024			~$0.50
Including:
Impact of M&A transactions			$5.25
Restructuring expense			$1.50
Income tax impact			$1.25
Normalized tax rate adjustment			$3.25
Industry Demand
MDA North America			Flat
MDA Latin America			5-7%
MDA Asia			4-6%
SDA Global			Flat
MDA Europe (Q1 Actuals)			(1)%

For the full-year 2024, we expect to generate cash from operating activities of approximately $1,050 million and free cash flow of approximately $500 million, including restructuring cash outlays of approximately $80 million and capital expenditures of approximately $550 million.

Additionally, in the full-year 2024 outlook, the Company calculated ongoing earnings per share using a full-year adjusted tax (non-GAAP) rate of (18) - (22)%. Subsequent to the closure of the Europe transaction, the Company has recorded certain significant tax benefits related to legal entity restructuring transactions. Additional tax impacts from legal entity restructuring projects are possible in future quarters, and those future impacts have been included in our expected full-year non-GAAP tax rate. Reconciling from our expected full-year GAAP tax rate of approximately 65%, certain Europe transaction tax impacts have been adjusted from our full-year adjusted tax (non-GAAP) rate of (18) - (22)%.

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The table below reconciles projected 2024 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 this Management's Discussion and Analysis.

Millions of dollars			2024
			Current Outlook
Cash provided by (used in) operating activities (1)			~$1,050
Capital expenditures			~$550
Free cash flow			~$500

(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. Additional information concerning these and other factors can be found in the "Risk Factors" section of our Annual Report on Form 10-K, as updated in Part II, Item 1A of our Quarterly Reports on Form 10-Q.

OTHER MATTERS

For additional information regarding certain of our loss contingencies/litigation, see Note 6 to the Consolidated Condensed Financial Statements. Unfavorable outcomes in these proceedings could have a material adverse effect on our financial statements in any particular reporting period.

Antidumping Petitions

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 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 be impacted by the following factors: 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.

ITEM 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to our exposures to market risk since December 31, 2023.

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ITEM 4.			CONTROLS AND PROCEDURES

(a)Evaluation of disclosure controls and procedures

Prior to filing this report, we completed an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of September 30, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2024.

(b)Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1.			LEGAL PROCEEDINGS

Information with respect to legal proceedings can be found under the heading "Commitments and Contingencies" in Note 6 to the Consolidated Condensed Financial Statements contained in Part I, Item 1 of this report. Pursuant to 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 1A.			RISK FACTORS

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

ITEM 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

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 nine months ended September 30, 2024, we repurchased 455,952 shares under these programs at an aggregate price of approximately $50 million. At September 30, 2024, there were approximately $2.5 billion in remaining funds authorized under this program.

The following table summarizes repurchases of Whirlpool's common stock in the three months ended September 30, 2024:

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
July 1, 2024 through July 31, 2024			—						—			$	2,537
August 1, 2024 through August 31, 2024			—						—			2,537
September 1, 2024 through September 30, 2024			—						—			2,537
Total			—						—

Share repurchases are made from time to time on the open market as conditions warrant. The program does not obligate us to repurchase any of our shares and has no expiration date.

ITEM 3.			DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.			MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.			OTHER INFORMATION

None.

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ITEM 6.			EXHIBITS

Exhibit 31.1			Certification of Chief Executive Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2			Certification of Chief Financial Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1			Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

									WHIRLPOOL CORPORATION
									(Registrant)
			By:						/s/ JAMES W. PETERS
			Name:						James W. Peters
			Title:						Executive Vice President and Chief Financial and Administrative Officer
			Date:						October 24, 2024

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