Whirlpool 2014 Annual Report Download - page 23

At December 31, 2014 2013
Assets
Current assets
Cash and equivalents $ 1,026 $ 1,380
Accounts receivable, net of allowance of $154 and $73, respectively 2,768 2,005
Inventories 2,740 2,408
Deferred income taxes 417 549
Prepaid and other current assets 1,147 680
Total current assets 8,098 7,022
Property, net of accumulated depreciation of $5,959 and
$6,278, respectively 3,981 3,041
Goodwill 2,807 1,724
Other intangibles, net of accumulated amortization of $267
and $237, respectively 2,803 1,702
Deferred income taxes 1,900 1,764
Other noncurrent assets 413 291
Total assets $ 20,002 $ 15,544
At December 31, 2014 2013
Liabilities and stockholders’ equity
Current liabilities
Accounts payable $ 4,730 $ 3,865
Accrued expenses 852 710
Accrued advertising and promotions 673 441
Employee compensation 499 456
Notes payable 569 10
Current maturities of long-term debt 234 607
Other current liabilities 846 705
Total current liabilities 8,403 6,794
Noncurrent liabilities
Long-term debt 3,544 1,846
Pension benefits 1,123 930
Postretirement benefits 446 458
Other noncurrent liabilities 690 482
Total noncurrent liabilities 5,803 3,716
Stockholders’ equity
Common stock, $1 par value, 250 million shares authorized,
110 million and 109 million shares issued, and 78 million and
77 million shares outstanding, respectively 110 109
Additional paid-in capital 2,555 2,453
Retained earnings 6,209 5,784
Accumulated other comprehensive loss (1,840) (1,298)
Treasury stock, 32 million shares (2,149) (2,124)
Total Whirlpool stockholders’ equity 4,885 4,924
Noncontrolling interests 911 110
Total stockholders’ equity 5,796 5,034
Total liabilities and stockholders’ equity $ 20,002 $ 15,544
WHIRLPOOL CORPORATION
Consolidated Balance Sheets
(Millions of dollars, except share data)
Year Ended December 31, 2014 2013 2012
Operating activities
Net earnings $ 692 $ 849 $ 425
Adjustments to reconcile net earnings to cash provided by
operating activities:
Depreciation and amortization 560 540 551
Curtailment gain —— (52)
Increase (decrease) in LIFO inventory reserve 9(26) (13)
Brazilian collection dispute —— (275)
Changes in assets and liabilities (net of effects
of acquisitions):
Accounts receivable (90) (65) 47
Inventories 40 (86) (7)
Accounts payable 359 275 240
Accrued advertising and promotions 121 28 (13)
Accrued expenses and current liabilities (232) 82 —
Taxes deferred and payable, net 49 (105) (68)
Accrued pension and postretirement benefits (181) (184) (227)
Employee compensation (17) (23) 249
Other 169 (23) (161)
Cash provided by operating activities 1,479 1,262 696
Investing activities
Capital expenditures (720) (578) (476)
Proceeds from sale of assets and business 21 6 10
Change in restricted cash 74 — —
Acquisition of Indesit Company S.p.A. (1,356) — —
Acquisition of Hefei Rongshida Sanyo Electric Co., Ltd. (453) — —
Investment in related businesses (16) (6) (28)
Other (6) (4) —
Cash used in investing activities $ (2,456) $ (582) $ (494)
Year Ended December 31, 2014 2013 2012
Financing activities
Proceeds from borrowings of long-term debt $ 1,483 $ 518 $ 322
Repayments of long-term debt (606) (513) (361)
Net proceeds from short-term borrowings 63 5 6
Dividends paid (224) (187) (155)
Repurchase of common stock (25) (350) —
Purchase of noncontrolling interest shares (5) — —
Common stock issued 38 95 43
Other (19) (2) (3)
Cash provided by (used in) financing activities 705 (434) (148)
Effect of exchange rate changes on cash and equivalents (82) (34) 5
Increase (decrease) in cash and equivalents (354) 212 59
Cash and equivalents at beginning of year 1,380 1,168 1,109
Cash and equivalents at end of year $ 1,026 $ 1,380 $ 1,168
Supplemental disclosure of cash flow information
Cash paid for interest $ 172 $ 179 $ 197
Cash paid for income taxes $ 140 $ 158 $ 177
WHIRLPOOL CORPORATION
Consolidated Statements of Cash Flows
(Millions of dollars)
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