WHIRLPOOL CORPORATION (NYSE:WHR) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure
On January 3, 2018, Whirlpool Corporation (the "Company") announced changes to its segment structure to align with the Company's new leadership reporting structure effective January 1, 2018. Beginning with fiscal year 2018, the Company will report its Mexico business as a part of its Latin America segment, and will shift certain adjacent business from the North America segment to the Asia segment. In addition the Company announced that it will report and guide segment results as earnings before interest and taxes (EBIT) to align with the Company's long-term metric. This change is also effective on January 1, 2018.
On January 23, 2018, the Company recast selected historical financial information to reflect the realignment of its external segment reporting, and to present segment results as EBIT. The historical financial information has been posted to the Company's website located at http://investors.whirlpoolcorp.com, and as exhibits to this Current Report on Form 8-K.
Unaudited, Recast Operating Segment Data
Exhibit 99.1, 99.2 and 99.3 to this Current Report on Form 8-K provide unaudited summary financial information reflecting the realignment of the Company's operating segments and presentation of the EBIT measure, each as described above, on the Company's historical segment results.
The changes in the segment structure affect only the manner in which the results for the Company's operating segments were previously reported. The description of the nature of the adjustments in Exhibit 99.2 has been previously disclosed as part of the supplemental information in the reconciliation of GAAP to non-GAAP financial measures in our quarterly earnings releases. The recast historical segment information has no impact on the Company's previously reported consolidated statements of income, balance sheets, statements of cash flows and statements of stockholders' equity. The information in this Current Report on Form 8-K, including Exhibit 99.1, 99.2 and 99.3, should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which was filed with the Securities and Exchange Commission on February 13, 2017, and subsequent Quarterly Reports on Form 10-Q.
The information in this Form 8-K, including the Exhibits hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
WHIRLPOOL CORP /DE/ ExhibitEX-99.1 2 a991recasthistoricalsegmen.htm EXHIBIT 99.1 Exhibit RECAST HISTORICAL SEGMENT FINANCIAL DATA(UNAUDITED)Total Whirlpool 2017 2016 2015Amounts in millions Q1Q2Q3 Q1Q2Q3Q4Full Year Q1Q2Q3Q4Full YearUnits Sold (in thousands) 16,…To view the full exhibit click here
About WHIRLPOOL CORPORATION (NYSE:WHR)
Whirlpool Corporation is a manufacturer and marketer of home appliances. The Company manufactures products in approximately 15 countries and markets products around the world under brand names, such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air and Indesit. The Company’s segments include North America, Latin America, EMEA (Europe, Middle East and Africa) and Asia. The Company manufactures and markets a line of home appliances and related products. Its principal products are laundry appliances, refrigerators and freezers, cooking appliances, dishwashers, mixers and other portable household appliances. It also produces hermetic compressors for refrigeration systems. In the United States, it market and distribute products primarily under the Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Roper, Admiral, Affresh and Gladiator brand names primarily to retailers, distributors and builders.