What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-11 compared with 2025-02-13 · 339 added, 367 removed, 1454 unchanged (33% of the section changed)

90 unchanged sentences

Goodwill 3,103 3,322

Investment in affiliated companies 827 279

Other intangibles, net of accumulated amortization of $ 464 and $ 447 , respectively

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Other current liabilities 460 560

Liabilities held for sale — 587

Total current liabilities 6,513 7,323

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Depreciation and amortization 338 333 361

Impairment of goodwill and other intangibles 381 — 384

Impairment of goodwill, other intangibles and other assets 143 381 —

Loss (gain) on sale and disposal of businesses ( 280 ) 264 106

Equity method investment (income) loss, net of tax 34 107 28

Share based compensation and other 137 91 34

Changes in assets and liabilities:

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Proceeds from sale of assets and businesses 198 95 10

Distributions from equity method investment 13 — —

Acquisition of businesses, net of cash acquired — — ( 14 )

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Repurchase of common stock — ( 50 ) —

Sale of minority interest in subsidiary 462 — —

Equity transactions of noncontrolling interest — 462 —

Common stock issued — — 4

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Cash and cash equivalents at beginning of year 1,275 1,667 1,958

1,667 1,958 3,044

Cash and cash equivalents at end of period $ 669 $ 1,275 $ 1,570

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Cash paid for income taxes $ 136 $ 181 $ 175

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

For additional information, see Note 16.

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

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Stock issued (repurchased) 30 — — 30 — —

Sale of minority interest in subsidiary 462 — 18 370 — 74

Purchase of interest in subsidiary ( 19 ) — — ( 5 ) — ( 14 )

Treasury stock retirement — ( 6,340 ) — 6,390 ( 50 ) —

Dividends declared ( 386 ) ( 384 ) — — — ( 2 )

Divestitures 577 — 577 — — —

Balances, December 31, 2024 2,933 1,311 ( 1,545 ) 2,853 64 250

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Stock issued (repurchased) 103 — — 102 1 —

Sale of minority interest in subsidiary 462 — 18 370 — 74

Purchase of interest in subsidiary ( 19 ) — — ( 5 ) — ( 14 )

Treasury stock retirement — ( 6,340 ) — 6,390 ( 50 ) —

Dividends declared ( 306 ) ( 300 ) — — — ( 6 )

MDA Europe deconsolidation 577 — 577 — — —

Divestitures (1)

( 89 ) — 189 — — ( 278 )

Balances, December 31, 2025 $ 2,715 $ 1,330 $ ( 1,624 ) $ 2,955 $ 65 $ ( 11 )

(1) These amounts relate to the deconsolidation of Whirlpool India.

For additional information, see Note 16.

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

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General Information

Whirlpool Corporation, a Delaware corporation, manufactures products in six countries and markets products in nearly every country around the world under brand names such as Whirlpool , KitchenAid , Maytag , Consul , Brastemp , Amana , JennAir, and InSinkErator .

We conduct our business through four operating segments, which we define based on product category and geography.

Whirlpool Corporation, a Delaware corporation, manufactures products in four countries and markets products in nearly every country around the world under brand names such as Whirlpool , KitchenAid , Maytag , Consul , Brastemp , Amana , JennAir, and InSinkErator .

We conduct our business through three operating segments, which we define based on product category and geography.

Whirlpool Corporation's operating and reportable segments consist of Major Domestic Appliances (“MDA”) North America;

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and Small Domestic Appliances (“SDA”) Global.

The MDA Europe segment was deconsolidated as of April 1, 2024 upon the completion of the contribution agreement transaction with Arcelik.

As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India.

Prior period segment information has been recast to retrospectively reflect this change.

The MDA Europe segment was deconsolidated as of April 1, 2024 upon the completion of the contribu tion agreement transaction with Arcelik.

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

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Principles of Consolidation

The consolidated financial statements are prepared in conformity with GAAP, and include all majority-owned subsidiaries.

The Consolidated Financial Statements are prepared in conformity with U.S.

GAAP, and include all majority-owned subsidiaries.

All material intercompany transactions have been eliminated upon consolidation.

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We continue to monitor the significant global economic uncertainty to assess the outlook for demand for our products and the impact on our business and our overall financial performance.

The results of the annual assessment performed as of October 1, 2024 determined that the carrying value of our Maytag trademark exceeded its fair value by $ 381 million.

The results of the annual assessment performed as of October 1, 2025 determined that the carrying value of our JennAir trademark exceeded its fair value by $ 106 million.

The trademark remains at risk for future impairment at December 31, 2025.

The InSinkErator trademark is also at risk for impairment at December 31, 2024.

The InSinkErator and Maytag trademarks are also at risk for impairment at December 31, 2025.

The goodwill in our reporting units or other indefinite-lived intangible assets are not presently at risk for future impairment.

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

The potential impact of demand disruptions, production impacts or supply constraints, along with a number of other factors, could negatively effect revenues for the JennAir, Maytag and InSinkErator

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

trademarks, but we remain committed to the strategic actions necessary to realize the long-term forecasted revenues and profitability of these trademarks.

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

GAAP, the Company calculates its quarterly tax provision based on an estimated effective tax rate for the year and then adjusts this amount by certain discrete items each quarter.

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As such, the Company's effective tax rate could be subject to volatility as forecasted earnings before income taxes are impacted by events which cannot be predicted.

In addition, potential future economic deterioration brought on by global events beyond our control or other factors, such as potential sales of businesses and new tax legislation may negatively impact the realizability and/or valuation of certain deferred tax assets.

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

Reclassifications

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We estimate our expected credit losses primarily by using an aging methodology and establish customer-specific reserves for higher risk trade customers.

Our expected credit losses are evaluated and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment.

Our expected credit losses are evaluated

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and controlled within each geographic region considering the unique credit risk specific to the country, marketplace and economic environment.

We take into account a combination of specific customer circumstances, credit conditions, market conditions, reasonable and supportable forecasts of future economic conditions and the history of write-offs and collections in developing the reserve.

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In general, our policy is to not charge interest on trade receivables after the invoice becomes past due.

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A receivable is considered past due if payment has not been received within agreed upon invoice terms.

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For assets measured at net asset values, we have no unfunded commitments or significant restraints.

We measured fair value (non-recurring) for goodwill and other intangibles using a discounted cash flow model and a relief-from-royalty method, respectively, with inputs based on both observable and unobservable market data.

We measured fair value (non-recurring) for goodwill and other intangibles

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

MDA North America and MDA Europe (through Q1 2024) reporting segments use the FIFO method of inventory valuation.

MDA Latin America and MDA Asia inventories are stated at average cost.

MDA Latin America inventories are stated at average cost.

SDA Global consists of both inventory valuation methods.

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Depreciation expense for property, including accelerated depreciation classified as restructuring expense in our Consolidated Statements of Income (Loss), was $ 312 million, $ 302 million and $ 321 million in 2025, 2024 and 2023, respectively.

Depreciation of our European major domestic appliance business was suspended from December 2022 onwards due to the disposal group being classified as held for sale and measured at fair value less cost to sell.

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

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During the twelve months ended December 31, 2025, we disposed of buildings, machinery and equipment with a net carrying value of $ 28 million, compared to $ 7 million in prior year.

The net loss on the disposals is immaterial for the twelve months ended December 31, 2024.

The net gain on the disposals was immaterial for the same period of 2023 and was primarily driven by a sale-leaseback transaction.

The net gain or loss on disposals was immaterial in 2025, 2024, and 2023.

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

Excluding assets held for sale, there were no significant impairments recorded during 2024, 2023 and 2022, respectively.

Excluding assets held for sale, there were impairments of $ 38 million recorded during 2025 and immaterial impairments in 2024 and 2023, respectively.

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

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Capitalization is determined based on specific criteria, including whether the software is in the development stage and meets defined criteria for capitalization.

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

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

As of December 31, 2025 and December 31, 2024, capitalized software costs, net of accumulated depreciation, amounted to $ 167 million and $ 141 million, respectively.

These amounts are included in the Machinery and Equipment category in the Property section of the Consolidated Balance Sheets.

The depreciation expense recorded for these assets was $ 5 million, $ 5 million, and $ 3 million for the twelve months ended 2025, 2024, and 2023, respectively.

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macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, share price and other relevant factors.

We have four reporting units which we assess for impairment which also represent our operating segments and are defined as Major Domestic Appliances ("MDA") North America, MDA Latin America, MDA Asia, and Small Domestic Appliances ("SDA") Global.

We have four reporting units which we assess for impairment:

Major Domestic Appliances ("MDA") North America, MDA Latin America, MDA Asia, and Small Domestic Appliances ("SDA") Global.

In performing a quantitative assessment of goodwill, we estimate each reporting unit's fair value using the best information available to us, including market information and discounted cash flow projections, also referred to as the income approach.

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

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Intangible Assets

We perform a quantitative assessment of other indefinite-lived intangible assets, which are primarily comprised of trademarks.

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

We estimate the fair value of these intangible assets using the relief-from-

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

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

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Confirmed obligations outstanding as of December 31, 2025

Obligations outstanding and activities during the period related to our European major domestic appliance business have been excluded from the table above.

There were no obligations outstanding as of December 31, 2024 related to our former Europe major domestic appliance business.

Obligations outstanding amounted to $ 383 million as of December 31, 2023.

Derivative Financial Instruments

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See Note 9 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Foreign Currency Translation and Transactions

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Gains and losses resulting from foreign currency transactions are included in net earnings.

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Research and Development Costs

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Equity Method Investments

Our primary equity method investments include partial ownership in Whirlpool China, an entity that was previously controlled by the Company, and partial ownership in Beko Europe B.V.

(Beko), a newly formed entity resulting from the April 1, 2024 transaction with Arcelik.

Whirlpool China and Beko are considered related parties.

The Company has various investments accounted for using the equity method.

Under the equity method of accounting, the Company records its proportionate share of the net income or loss of each equity method investee, with a corresponding change to the carrying value of the investment.

The Company records its share of earnings or losses from the equity method investees on a one-to-three-month lag, depending on when the financial information is available for these entities.

The Company records its proportionate share of net income or loss within the Equity method investment income (loss), net of tax line on the Consolidated Statement of Income (Loss).

The carrying value of the investments are recorded within the Investment in affiliated companies on the Consolidated Balance Sheet.

The carrying value of the investment is also adjusted for any dividends received and the effect of foreign exchange.

The Company has elected to record dividends received from its equity method investments under the nature of distribution approach, which provides for the recording of such distributions within operating or financing activities in the Consolidated Statement of Cash Flows based on the source of distribution.

Our primary equity method investments include partial ownership in Whirlpool China, an entity that was previously controlled by the Company, partial ownership in Beko Europe B.V.

(Beko), an entity resulting from the April 1, 2024 transaction with Arcelik, and partial ownership in Whirlpool India, an entity that was previously controlled by the Company.

Whirlpool China, Beko, and Whirlpool India are considered related parties.

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

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

Millions of dollars December 31, 2024 December 31, 2023

Millions of dollars Reporting Lag December 31, 2025 December 31, 2024

Percentage Ownership Carrying Amount Percentage Ownership Carrying Amount

Beko Europe B.V.

25 % $ 74 N/A N/A

Whirlpool China 20 % $ 191 20 % $ 187

The fair value of the investment in Beko at the date of deconsolidation was calculated based on a discounted cash flow analysis and multiple market data points (Level 3 input), resulting in a fair value of $ 186 million.

As of December 31, 2024, the carrying amount of the investment is $ 74 million, reflecting the recognition of equity method investment losses during the year, which includes restructuring charges of $ 74 million.

1 month 25 % $ 19 25 % $ 74

Whirlpool China 1 month 20 % $ 196 20 % $ 191

Whirlpool India 3 months 40 % $ 599 N/A N/A

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The fair value of the investment in Beko at the date of deconsolidation on April 1, 2024 was calculated based on a discounted cash flow analysis and multiple market data points (Level 3 input), resulting in a fair value of $ 186 million.

As of December 31, 2025, the carrying amount of the investment is $ 19 million, reflecting the recognition of equity method investment losses during the year.

The fair value of our investment in Whirlpool China, based on the quoted market price, is $ 209 million as of December 31, 2025.

The fair value of the investment in Whirlpool India at the date of deconsolidation on December 1, 2025, was $ 599 million based on the quoted market price (Level 1 input).

As of December 31, 2025, the fair value of this investment is $ 504 million .

In 2024, we completed a market transaction reducing our ownership in Whirlpool India from 75 % to 51 %.

In November 2025 we completed another market transaction to further reduce our ownership In Whirlpool India to approximately 40 %.

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

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Purchases $ 363 $ 261

The licensing revenue from our equity method investments and their subsidiaries is not material for the periods presented.

The licensing revenue or the dividends received from our equity method investments and their subsidiaries is not material for the periods presented.

There are also no material accounts receivable or sales with these investments for the periods presented.

The Company’s share of the results of equity method investments and elimination of intra-entity results are included in the Equity method investment income (loss), net of tax in the Consolidated Statements of Income (Loss).

The investment balance is reflected within other noncurrent assets in the Consolidated Balance Sheets and the Other/Eliminations column within the Segment Information footnote.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

Related Party Transaction

As of December 31, 2024, the Company's majority-owned subsidiary, Whirlpool India, holds a 97 % controlling equity ownership in Elica PB India, following an additional acquisition of 10 % equity interest during the third quarter of 2024.

Elica PB India is consolidated in Whirlpool Corporation's financial statements and reported within our MDA Asia reportable segment.

Elica PB India is a VIE for which the Company is the primary beneficiary.

The carrying amount of goodwill amounts to $ 86 million and the carrying amount of customer relationships, which are included in Other intangible assets, net of accumulated amortization, amounts to $ 26 million as of December 31, 2024.

Other assets or liabilities of Elica PB India are not material to the Consolidated Financial Statements of the Company.

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

Adoption of New Accounting Standards

On January 1, 2026, we adopted the FASB issued Update 2023-09, "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures".

The adoption of this standard did not have a material impact on our Consolidated Financial Statements, however we have expanded our Effective Tax Rate Table and Income Taxes Paid disclosure to include additional information.

See Note 14 to the Consolidated Financial Statements.

On January 1, 2025, we adopted the FASB issued Update 2023-07, "Segment Reporting (Topic 280):

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Accounting Pronouncements Issued But Not Yet Effective

In December 2023, the FASB issued Update 2023-09, "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures".

This Update applies to all entities that are subject to Topic 740.

The amendments in this Update improve income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as the effectiveness of certain other income tax disclosures.

The new standard is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted.

The standard should be applied on a prospective basis, but retrospective application is permitted.

The Company is currently evaluating the impact of adopting this new standard.

In November 2024, the FASB issued Update 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)".

This update applies to all public business entities.

The Board is issuing this Update to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development).

The FASB issued the Update to improve the disclosures about a public company's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development).

The new standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

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

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(2) REVENUE RECOGNITION

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Determining the transaction price requires significant judgment, which is discussed by revenue category in further detail below.

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In practice, we do not offer extended payment terms beyond one year to customers.

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The Company determines standalone selling price based on the price at which the performance obligation is sold separately.

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Recognize revenue when or as the Company satisfies a performance obligation

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When we give our customers the right to return eligible products, we reduce revenue for our estimate of the expected returns which is primarily based on an analysis of historical experience.

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Spare Parts & Warranties

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When we give our customers the right to return eligible products, we reduce revenue for our estimate of the expected returns which is primarily based on an analysis of historical experience.

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Warranties are classified as either assurance type or service type warranties.

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Other Revenue

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

Other revenue sources include primarily the revenues from the InSinkErator business, subscription arrangements and licenses as described below.

InSinkErator revenues consist primarily of food waste disposers and instant hot water dispensers.

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

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Allowance for Expected Credit Losses and Bad Debt Expense

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We take into account past events, current conditions and reasonable and supportable forecasts in developing the reserve.

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

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MDA Latin America 33 2 — 4 — 39

MDA Asia 3 — — — — 3

SDA Global 2 1 — — — 3

Other 3 1 — — ( 2 ) 2

Consolidated $ 46 $ 10 $ ( 2 ) $ 4 $ ( 2 ) $ 56

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

(1) Effective January 1, 2024, we reorganized our operating segment structure.

All prior period amounts have been reclassified to conform with current period presentation.

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

We recorded an immaterial amount of bad debt expense for the years ended December 31, 2025, 2024 and 2023, respectively.

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At December 31, 2025 and 2024, we have no material leases classified as financing leases.

We have approximately $ 1,048 million of non-cancellable operating lease commitments, excluding variable consideration at December 31, 2024 and $ 929 million at December 31, 2023.

We have approximately $ 999 million of non-cancellable operating lease commitments, excluding variable consideration at December 31, 2025 and $ 1 billion at December 31, 2024, respectively.

The undiscounted annual future minimum lease payments are summarized by year in the table below.

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Total lease payments $ 999

interest $ 164

Present value of lease liabilities $ 836

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The long-term portion of the lease liabilities included in the amounts above is $ 669 million as of December 31, 2025.

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

The weighted average remaining

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lease term and weighted average discount rate was 7 years and 5 % for the year ended December 31, 2023.

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

During the year ended December 31, 2025 the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $ 226 million.

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Additionally, certain lease agreements include lease payment adjustments for inflation.

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

Our lease agreements do not contain any material residual value guarantees or material restrictive covenants, except for synthetic leases.

For additional information, see Synthetic lease arrangements section below.

We rent or sublease certain real estate to third parti es.

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Sale-leaseback transactions

There were no material sale-leaseback transactions in 2024 or 2023.

In the first quarter of 2022, the Company sold and leased back a group of non-core properties for net proceeds of approximately $ 52 million.

The initial total annual rent for the properties is approximately $ 2 million per year over an initial 15 year lease term and is subject to annual rent increases.

Under the terms of the lease agreement, the Company is responsible for all taxes, insurance and utilities and is required to adequately maintain the properties for the lease term.

The Company has two sequential 5-year renewal options.

In the fourth quarter of 2025, the Company sold and leased back a non-core property for net proceeds of approximately $ 35 million.

The initial total annual rent for the property is approximately $ 3 million per year over an initial 15 year lease term and is subject to annual rent increases.

Under the terms of the lease agreement, the Company is responsible for all taxes, insurance and utilities and is required to adequately maintain the property for the lease term.

The Company has four sequential 5-year renewal options.

The transaction met the requirements for sale-leaseback accounting.

Accordingly, the Company recorded the sale of the properties, which resulted in a gain of approximately $ 44 million ($ 36 million, net of tax) recorded in selling, general and administrative expense in the Consolidated Statements of Comprehensive Income (Loss) for the twelve months ended December 31, 2022.

The related land and buildings were removed from property, plant and equipment, net and the appropriate right-of-use asset and lease liabilities of approximately $ 32 million were recorded in the Consolidated Balance Sheets at the time of the transaction in the first quarter of 2022.

Accordingly, the Company

recorded the sale of the property, which resulted in a gain of approximately $ 13 million recorded in selling, general and administrative expense in the Consolidated Statements of Income (Loss) for the twelve months ended December 31, 2025.

The related land and building were removed from property, plant and equipment, net and the appropriate right-of-use asset and lease liabilities of approximately $ 31 million were recorded in the Consolidated Balance Sheets at the time of the transaction in the fourth quarter of 2025.

There were no material sale-leaseback transactions in 2024 or 2023.

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Synthetic lease arrangements

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The leases contain provisions for options to purchase, extend the original term for additional periods or return the property.

As of December 31, 2024, these arrangements include residual value guarantees of up to approximately $ 405 million that could potentially come due in future periods.

As of December 31, 2025, these arrangements include residual value guarantees of up to approx imately $ 504 million th at could potentially come due in future periods.

We do not believe it is probable that any material amounts will be owed under these guarantees.

Therefore, no material amounts related to the residual value guarantees are included in

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the lease payments used to measure the right-of-use assets and lease liabilities.

Therefore, no material amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities.

The residual value guarantee amounted to $ 405 million as of December 31, 2024.

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(5) GOODWILL AND OTHER INTANGIBLES

The following table summarizes the goodwill attributable to our historical reporting units as of December 31, 2022 and December 31, 2023:

Millions of dollars North America Latin America Asia Total

Ending balance December 31, 2022

$ 2,829 $ 33 $ 452 $ 3,314

Currency translation adjustment 1 — ( 1 ) —

Divestitures and acquisitions (1)

Ending balance December 31, 2023

$ 2,846 $ 33 $ 451 $ 3,330

(1) Increase in goodwill is related to a measurement period adjustment for the InSinkErator acquisition that occurred in 2022.

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

As of January 1, 2024, we reorganized our operating segments.

As a result, goodwill balances were reallocated based on the relative fair value of our new segments.

The following table summarizes the reallocated goodwill balances:

The following table summarizes the goodwill attributable to our reporting units for the periods presented:

Millions of dollars MDA North

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$ 2,415 $ 30 $ 245 $ 632 $ 3,322

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

A nnual impairment assessment

We completed our annual impairment assessment for goodwill as of October 1, 2024 The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate goodwill for all our reporting units.

Based on the quantitative assessment we determined there was

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no impairment of goodwill.

Currency translation adjustment $ 3 $ ( 1 ) $ ( 4 ) $ — $ ( 2 )

Divestitures $ — $ — $ ( 217 ) $ — $ ( 217 )

Ending balance December 31, 2025

$ 2,418 $ 29 $ 24 $ 632 $ 3,103

Annual impairment assessment

We completed our annual impairment assessment for goodwill as of October 1, 2025 and October 1, 2024, respectively.

The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate goodwill for all our reporting units.

Based on the quantitative assessment we determined there was no impairment of goodwill in either period.

For additional information, see Note 10 to the Consolidated Financial Statements.

We completed our annual impairment assessment for goodwill as of October 1, 2023.

The Company performed a qualitative assessment for all our reporting units and determined no impairment was indicated.

Interim Impairment assessment - 2022

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Other Intangible Assets

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

(3) Includes InSinkErator and Maytag trademarks with carrying values of $ 1.3 billion and $ 640 million respectively.

A nnual impairment assessment

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

Annual impairment assessment

We completed our annual impairment assessment for other intangible assets as of October 1, 2025.

The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certain indefinite-life intangible assets within our MDA North America operating segment.

The results of the quantitative assessment determined that the carrying value of our Maytag trademark exceeded its fair value by $ 381 million.

The results of the quantitative assessment determined that the carrying value of our JennAir trademark exceeded its fair value by $ 106 million.

Accordingly, an impairment charge of $ 106 million was recorded during the fourth quarter of 2025 and was recorded within Impairment of Goodwill and Other Intangibles .

The brand has been unfavorably impacted as Whirlpool has refocused its brand strategy to the laundry category.

The brand has been unfavorably impacted by the downturn in discretionary demand in the ultra-premium segment.

There were no impairments identified for any other intangible assets.

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We completed our annual impairment assessment for other intangible assets as of October 1, 2024.

The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certain indefinite-lived intangible assets.

Based on the results of the quantitative assessment, we determined there was no impairment of intangible assets in 2023.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Interim Impairment assessment - 2022

In the second quarter of 2022, we identified indicators of impairment associated with other intangible assets in our EMEA reporting unit, which required us to complete an interim impairment assessment.

Based on that assessment, we determined that the carrying value of certain other intangible assets, including the Indesit and Hotpoint * tradenames, exceeded their fair value, and we recorded an impairment charge of $ 106 million during the second quarter of 2022.

The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certain indefinite-life intangible assets within our MDA North America operating segment.

The results of the quantitative assessment determined that the carrying value of our Maytag trademark exceeded its fair value by $ 381 million.

Accordingly, an impairment charge of $ 381 million was recorded during the fourth quarter of 2024 and was recorded within Impairment of Goodwill and Other Intangibles.

The brand has been unfavorably impacted as Whirlpool has since refocused its brand strategy to the laundry category.

There were no impairments identified for any other intangible assets.

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

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Millions of dollars

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

(6) FINANCING ARRANGEMENTS

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Millions of dollars 2025 2024

Senior Note - 4.00 %, maturing 2024

Term Loan - SOFR + 125 bps, maturing 2025

Senior Note - 3.70 %, maturing 2025

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Senior Note - 5.15 %, maturing 2043

Senior Note - 4.50 %, maturing 2046

Senior Note - 4.60 %, maturing 2050

Other, net ( 39 ) ( 25 )

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

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Debt Offering

On June 9, 2025, Whirlpool Corporation (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Mizuho Securities USA LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P.

Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, relating to the offering by the Company of $ 600 million aggregate principal amount of 6.125 % Senior Notes due 2030 and $ 600 million aggregate principal amount of 6.500 % Senior Notes due 2033 (collectively, the “2030 and 2033 Notes”), in a public offering pursuant to a registration statement on Form S-3 (File No.

333-276169), and a preliminary prospectus supplement and prospectus supplement related to the offering of the

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

2030 and 2033 Notes, each as previously filed with the Securities and Exchange Commission (the “Commission”).

On June 11, 2025, the Company closed its offering of the 2030 and 2033 Notes.

The 2030 and 2033 Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions.

In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the 2030 and 2033 Notes at a purchase price of 101 % of the principal amount thereof, plus accrued and unpaid interest.

The Company used the net proceeds from the issuance of the 2030 and 2033 Notes to repay a portion of the $ 1.5 billion outstanding under the term loan agreement with a maturity date of October 31, 2025.

On February 22, 2024, the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc.

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In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the 2034 Notes at a purchase price of 101 % of the principal amount thereof, plus accrued and unpaid interest.

The Company used the net proceeds from the sale of the Notes, together with cash on hand, to repay, at maturity, all $ 300 million aggregate principal amount of the Company's 4.000 % Notes due March 1, 2024.

On February 22, 2023, the Company completed its offering of $ 300 million aggregate principal amount of 5.5 % Senior Notes due 2033 (the “2033 Notes”), in a public offering pursuant to a registration statement on Form S-3 (File No.

The 2033 Notes were issued under an indenture (the “Indenture”), dated March 20, 2000, between the Company, as issuer, and U.S.

Bank Trust Company, National Association (as successor to U.S.

Bank, National Association and Citibank, N.A.), as trustee.

The sale of the 2033 Notes was made pursuant to the terms of an Underwriting Agreement, dated February 14, 2023, with BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc.

and SG Americas Securities, LLC, as representatives of the several underwriters in connection with the offering and sales of the 2033 Notes.

The 2033 Notes contain covenants that limit the Company's ability to incur certain liens or enter into certain sale and lease-back transactions.

In addition, if we experience a specific kind of change of control, we are required to make an offer to purchase all of the notes at a purchase price of 101 % of the principal amount thereof, plus accrued and unpaid interest.

The Company used the net proceeds from the sale of the 2033 Notes to repay $ 250 million aggregate principal amount of 3.7 % Notes which were paid on March 1, 2023, and for general corporate purposes.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The Company used the net proceeds from the issuance of the 2034 Notes, together with cash on hand, to repay, at maturity, all $ 300 million aggregate principal amount of the Company's 4.000 % Notes due March 1, 2024.

Term Loan Agreement

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(“Emerson”) of Emerson’s InSinkErator business, as set forth in the Asset and Stock Purchase Agreement between Whirlpool and Emerson dated as of August 7, 2022 (the “Acquisition Agreement”).

The outstanding amount for this term loan at December 31, 2024 is $ 1.5 billion, which is classified in noncurrent liabilities on the Consolidated Balance Sheet.

The term loan facility is divided into two tranches:

The term loan facility was divided into two tranches:

a $ 1 billion tranche with a maturity date of April 30, 2024, of which $ 500 million was repaid in December 2023 and the remaining $ 500 million was repaid in April 2024;

and a $ 1.5 billion tranche with a maturity date of October 31, 2025.

The interest and fee rates payable with respect to the term loan facility based on the Company's current debt rating are as follows:

(1) the spread over SOFR for the 3-year tranche is 1.25 % (with a 0.10 % SOFR spread adjustment);

and (2) the spread over prime for the 3-year tranche is zero , as the date hereof.

The Term Loan Agreement contains customary covenants and warranties including, among other things, a rolling twelve month interest coverage ratio required to be greater than or equal to 3.0 for each fiscal quarter.

In addition, the covenants limit the Company's ability to (or to permit any subsidiaries to), subject to various exceptions and limitations:

(i) merge with other companies;

(ii) create liens on its property;

and (iii) incur debt at the subsidiary level.

We were in compliance with our interest coverage ratio under the term loan agreement as of December 31, 2024.

and a $ 1.5 billion tranche with a maturity date of October 31, 2025, of which $ 1.2 billion was repaid in June 2025 and the remaining $ 300 million was repaid in October 2025.

The term loan was repaid in full as of December 31, 2025.

Credit Facilities

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The facility has a maturity date of May 3, 2027, unless earlier terminated.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

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We were in compliance with our interest coverage ratio under the Amended Long-Term Facility as of December 31, 2025.

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

These committed credit facilities

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

provide borrowings up to approximately $ 173 million a t December 31, 2024 and $ 218 million at December 31, 2023, based on exchange rates then in effect, respectively.

These committed credit facilities have maturities that run through 2025.

We had $ 1.5 billion and $ 2.0 billion drawn on the committed credit facilities (representing amounts outstanding on the term loan facility) at December 31, 2024 and December 31, 2023, respectively.

In addition to the committed $ 3.5 billion Amended Long-Term Facility, we have committed credit facilities in Brazil, as of December 31, 2025 and 2024 , and India, as of December 31, 2024 .

These committed credit facilities provide borrowings up to approximately $ 182 million and $ 173 million at a t December 31, 2025 and 2024, respectively, based on exchange rates then in effect.

The committed credit facilities in Brazil have maturities through 2026 and 2027.

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

Notes Payable

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Millions of dollars 2025 2024

Commercial paper $ 80 $ —

Short-term borrowings due to banks 271 18

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The total amount of outstanding tax assessments received for income and social contribution taxes relating to the BEFIEX credits, including interest and penalties, is approximately 2.7 billion Brazilian reais (approximately $ 491 million at December 31, 2025).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Relying on existing Brazilian legal precedent, in 2003 and 2004, we recognized tax credits in an aggregate amount of $ 26 million, adjusted for currency, on the purchase of raw materials used in production ("IPI tax credits").

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The government's assessment in this case relies heavily on its arguments regarding taxability of BEFIEX credits for certain years, which we are disputing in one of the BEFIEX government assessment cases cited in the prior paragraph.

Because the IPI Amnesty case (which has concluded at all judicial levels except the Brazil Supreme Court) is moving faster than the BEFIEX taxability case, we could be required to pay the IPI Amnesty assessment before obtaining a final decision in the BEFIEX taxability case.

In October 2025, we received a negative decision at the Brazil Supreme Court in the IPI Amnesty case.

We maintain the right to litigate against foreclosure of the largest portion of the tax amounts at issue, representing substantially all of the amounts at issue in the case.

In Q4 2025, we accrued an immaterial amount related to the tax amounts at issue.

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

credits were recognized for inputs to certain manufacturing and other business processes.

These credits were recognized for inputs to certain manufacturing and other business processes.

These assessments are being challenged at the administrative and judicial levels in Brazil.

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We and other Brazil taxpayers have filed lawsuits in Brazil challenging DIFAL, an interstate tax equalization regime.

In November 2023, in a leading (non-Whirlpool) case, the Brazil Supreme Court issued a decision upholding the constitutionality of DIFAL levied for the majority of 2022, but has not yet ruled on the taxpayer's appeal motion.

Certain other DIFAL litigation remains pending at various levels of judicial review.

In November 2023, in a leading (non-Whirlpool) case, the Brazil Supreme Court issued a decision upholding the constitutionality of DIFAL levied for the majority of 2022.

While this lawsuit is still pending, on October 21, 2025, the Brazil Supreme Court issued a decision in a separate (non-Whirlpool) case, upholding the constitutionality of DIFAL levied on taxpayers, but partially mitigating the impact for those, like Whirlpool, that filed lawsuits to challenge DIFAL before December 2023.

The taxpayer can seek further clarification on the decision.

We continue to evaluate the impact of the decision as applied to the specific facts of our pending DIFAL cases in various states in Brazil.

In the fourth quarter of 2025, we released certain prior accruals based on the impact mitigation portion of the Court's ruling, totaling approximately $ 18 million.

We have accrued amounts related to DIFAL levied in certain states in Brazil, but have not accrued amounts in certain others based on the opinion of our tax and legal advisors.

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Accordingly, it is possible that an unfavorable outcome in these proceedings could have a material adverse effect on our financial statements in any particular reporting period.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Legacy EMEA Legal Matters

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On December 19, 2024, the FCA's college issued its final decision, setting the final fine amount at $ 75 million (based on exchange rates at December 31, 2024), with $ 46 million attributable to Whirlpool's France business and $ 29 million attributable to Indesit's France business.

The Company expects to pay Beko Europe approximately $ 52 million in the first half of 2025 to satisfy indemnification obligations related to this fine, with the remainder satisfied by cash provided in connection with transaction closing.

Under the terms of a settlement with Indesit's former owners, the Company expects to receive approximately $ 9 million out of escrow from the former owners in the first half of 2025.

The Company recorded a nominal amount in the fourth quarter of 2024 related to the decision, representing final fine amounts above the 2023 reserve offset by the escrow amounts from Indesit's former owners.

Grenfell Tower

On June 23, 2017, London's Metropolitan Police Service released a statement that it had identified a Hotpoint–branded refrigerator as the initial source of the Grenfell Tower fire in West London.

authorities are conducting investigations, including regarding the cause and spread of the fire.

The model in question was manufactured by Indesit Company between 2006 and 2009, prior to

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Whirlpool's acquisition of Indesit in 2014.

We are fully cooperating with the investigating authorities.

Whirlpool was named as a defendant in a product liability suit in Pennsylvania federal court related to this matter.

The federal court dismissed the case with prejudice in September 2020 and the dismissal was affirmed on appeal in July 2022.

Plaintiffs filed a petition with the U.S.

Supreme Court in January 2023, which was subsequently denied.

In December 2020, lawsuits related to Grenfell Tower were filed in the U.K.

against approximately 20 defendants, including Whirlpool Corporation and certain Whirlpool subsidiaries.

In the fourth quarter of 2022, we accrued an immaterial amount related to these claims in our financial statements, and in 2024 we reached agreement with our insurers regarding coverage for all likely future financial obligations arising out of this incident.

The Company paid Beko Europe approximately $ 57 million in the second quarter of 2025 to satisfy indemnification obligations related to this fine, with the remainder satisfied by cash provided in connection with transaction closing.

Under the terms of a settlement with Indesit's former owners, the Company received approximately $ 11 million out of escrow from the former owners in the second quarter of 2025.

A nominal amount was recorded in the second quarter related to the net impact of final amounts paid and received.

Latin America Tax Review

In the first quarter of 2023, we accrued an immaterial amount in our Consolidated Condensed Financial Statements related to prior-period Value Added Tax (VAT) remittances in our Latin America region.

We resolved certain aspects of this matter in the second quarter of 2023 and the overall financial statement impact of such resolution was immaterial.

We have resolved certain aspects of this matter and the overall financial statement impact of such resolution has thus far been immaterial.

We continue to review tax matters within the region for any potential additional impacts, if any;

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Management believes, based upon its current knowledge, after taking into consideration legal counsel's evaluation of such suits and actions, and after taking into account current litigation accruals, that the outcome of these matters currently pending against Whirlpool should not have a material adverse effect, if any, on our financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Product Warranty Reserves

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Settlements made during the period/other ( 214 ) ( 245 )

Liabilities classified to held for sale (1)

Liabilities derecognized upon India deconsolidation ( 49 ) —

Balance at December 31 $ 151 $ 196

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Total $ 151 $ 196

(1) Liabilities of our European major domestic appliance business were classified as held for sale through closing of the European major domestic appliance transaction on April 1, 2024.

In the normal course of business, we engage in investigations of potential quality and safety issues.

As part of our ongoing effort to deliver quality products to consumers, we are currently investigating certain potential quality and safety issues globally.

As necessary, we undertake to effect repair or

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

As necessary, we undertake to effect repair or replacement of appliances in the event that an investigation leads to the conclusion that such action is warranted.

We have guarantee arrangements in a Brazilian subsidiary.

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If a customer were to default on its line of credit with the bank, our subsidiary would be required to assume the line of credit and satisfy the obligation with the bank.

At December 31, 2024 and December 31, 2023, the guaranteed amounts totaled 981 million Brazilian reais (approximately $ 159 million at December 31, 2024) and 1,321 million Brazilian reais (approximately $ 273 million at December 31, 2023), respectively.

At December 31, 2025 and December 31, 2024, the guaranteed amounts totaled 2,090 million Brazilian reais (approximately $ 380 million at December 31, 2025) and 981 million Brazilian reais (approximately $ 159 million at December 31, 2024), respectively, with the increase resulting from a trade customer joining the program.

The fair value of these guarantees were nominal at December 31, 2025 and December 31, 2024.

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We provide guarantees of indebtedness and lines of credit for various consolidated subsidiaries.

The maximum contractual amount of indebtedness and lines of credit available under these lines for consolidated subsidiaries totaled approximately $ 1.9 billion at December 31, 2024 and $ 3.0 billion at December 31, 2023.

Our total short-term outstanding bank indebtedness under guarantees (excluding those related to the European major domestic appliance business) was $ 12 million at December 31, 2024, and was $ 17 million at December 31, 2023.

The maximum contractual amount of indebtedness and lines of credit available under these lines for consolidated subsidiaries totaled approximately $ 3.3 billion at December 31, 2025 and $ 1.9 billion at December 31, 2024, respectively.

During the third quarter of 2025, we converted certain comfort letters to guarantees.

Our total short-term outstanding bank indebtedness under guarantees was $ 21 million at December 31, 2025, and was $ 12 million at December 31, 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Purchase Obligations

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This plan is nonqualified and provides certain key employees additional defined pension benefits that supplement those provided by the Company's other retirement plans.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

A defined contribution plan is provided to all United States employees and is not classified within the net periodic benefit cost.

The Company provides annual match and automatic company contributions, in cash or Company stock, of up to 7 % of employees' eligible pay.

Our contributions during 2024, 2023 and 2022 were $ 80 million (the majority funded with Company stock), $ 87 million and $ 90 million, respectively.

Our contributions during 2025, 2024 and 2023 were $ 79 million, $ 80 million and $ 87 million, respectively (the majority funded with Company stock beginning in 2024).

We provide postretirement health care benefits for eligible retired employees in the United States, Canada and Brazil.

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In the United States, benefits for certain retiree populations follow a defined contribution model that allocates certain monthly or annual amounts to a retiree's account under the plan.

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

The postretirement medical benefit programs are unfunded.

We reserve the right to modify these benefits in the future.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Defined Benefit - Pensions and Other Postretirement Benefit Plans

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Amount recognized $ 1,149 $ 1,233 $ 25 $ 23 $ ( 18 ) $ ( 16 )

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Change in Benefit Obligation

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Plan amendments — — — — — —

Acquisitions/divestitures/transfers — — ( 11 ) — — —

Other adjustments — — — — — —

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Foreign currency exchange rates — — 6 ( 8 ) 2 ( 4 )

Reclassification of obligation to held for sale (1)

— — — ( 69 ) — —

Benefit obligation, end of year $ 1,764 $ 1,845 $ 58 $ 59 $ 104 $ 110

Accumulated benefit obligation, end of year $ 1,752 $ 1,835 $ 54 $ 53 N/A N/A

(1) Starting from the fourth quarter of 2022, benefit obligations of our European major domestic appliance business is transferred to assets held for sale.

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

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

The actuarial (gain) loss for all pension and other postretirement benefit plans in 2025 and 2024 was primarily related to a change in the discount rate used to measure the benefit obligation of those plans, combined with experience (gains)/losses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Change in Plan Assets

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Foreign currency exchange rates — — — ( 2 ) — —

Reclassification of plan assets to held for sale (1)

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

(1) Starting from the fourth quarter of 2022, fair value of plan assets of our European major domestic appliance business is transferred to assets held for sale.

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Components of Net Periodic Benefit Cost

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The liability and asset transfer was $ 71 million and did not have a material impact on the consolidated balance sheets as of December 31, 2024.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

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Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax) $ ( 64 ) $ 10 $ 2

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

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

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Pension Benefits Foreign

Pension Benefits (1)

What changed 10-K

Item 8. Financial Statements and Supplementary Data