CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
And Regulation FD
Date of Report (Date of earliest event reported) June 12, 2003
WHIRLPOOL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3932 38-1490038
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
2000 M63 North, Benton Harbor, Michigan 49022-2692
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(Address of principal executive officers) (Zip Code)
(269)-923-5000
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Registrant's telephone number, including area code
Item 5. - Other Events and Regulation FD Disclosure
On June 12, 2003, the registrant announced changes to its U.S. retiree
healthcare plans, which become effective January 2004. In conjunction with the
change to the retiree healthcare plans, the company will record a non-cash,
after-tax curtailment gain of $13.5 million, or $0.19 per diluted share, in the
second quarter. The registrant reported that this one-time gain will be largely
offset by an after-tax charge of between $10 million to $12 million, or from
$0.14 to $0.17 per diluted share. The one-time charge reflects additional costs
related to the 2001 recall of certain microwave oven hood combination products.
The company continues to expect 2003 full-year earnings to be in the range
of $5.90 to $6.10 per share, which includes the one-time gain and charge
described above.
This press release is being filed in accordance with Item 5.
Item 7. - Financial Statements and Exhibits
Copy of press release dated June 12, 2003.
SIGNATURE
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 hereunto duly authorized.
WHIRLPOOL CORPORATION
Date: June 13, 2003 By: /s/ Robert T. Kenagy
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Name: Robert T. Kenagy
Title: Corporate Secretary
CONTACT: Whirlpool Corporation
Media: Tom Kline, 269/923-3738 thomas_e_kline@whirlpool.com
Financial: Thomas Filstrup, 269/923-3189
thomas_c_filstrup@whirlpool.com
Whirlpool Announces Changes to U.S. Retiree Healthcare Plans
BENTON HARBOR, Mich. - June 12, 2003 - Whirlpool Corporation (NYSE: WHR) today
announced changes to its U.S. retiree healthcare plans, which become effective
January 2004. The changes affect the company's current U.S. retirees and
employees. They are a part of the company's ongoing effort to manage increasing
healthcare costs and strengthen its competitiveness, while continuing to provide
employees with contemporary benefits coverage.
The new plan is based on a Retiree Healthcare Savings Account (RHSA), which
will be established for each U.S.-paid employee retiring after Dec. 31, 2003.
The RHSA is a notional account designed to provide employees that retire from
Whirlpool with a company-funded healthcare savings account for each year of
continuous service, beginning at age 40. The account will be reduced each year
by paying for 80 percent of the cost of retiree healthcare plans; future
retirees will pay the remaining 20 percent of the cost of the healthcare plan.
Current Whirlpool retirees will also have the choice of two new healthcare
plans that require contributions and offer more comprehensive and contemporary
coverage. They can also elect to stay in a plan similar to their current plan.
In conjunction with the change to the retiree healthcare plans, the company
will record a non-cash, after-tax curtailment gain of $13.5 million, or $0.19
per diluted share, in the second quarter. This one-time gain will be largely
offset by an after-tax charge of between $10 million to $12 million, or from
$0.14 to $0.17 per diluted share. The one-time charge reflects additional costs
related to the 2001 recall of certain microwave oven hood combination products.
The company continues to expect 2003 full-year earnings to be in the range
of $5.90 to $6.10 per share, which includes the one-time gain and charge
described above.
Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances, with annual sales of over $11 billion, 68,000 employees,
and nearly 50 manufacturing and technology research centers around the globe.
The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other
major brand names to consumers in more than 170 countries. Additional
information about the company can be found on the Internet at
www.whirlpoolcorp.com.
This news release contains forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995. In addition to
the expected appliance industry results for 2003 noted in this news release,
there are certain factors that could cause results to differ materially from
those anticipated by some of the statements made. These factors are listed in
the company's most recently filed Form 10-Q and/or Form 10-K.
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