<PAGE>
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (Fee Required)
For the plan year ended December 31, 1994
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (No Fee Required)
Commission file number 1-3932
Full title of plan: WHIRLPOOL 401(k) PLAN
Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
WHIRLPOOL CORPORATION
Administration Center
200 North M-63
Benton Harbor, MI 49022-2692
Total Number of pages herein is____pages
The Exhibit Index appears on page___.
<PAGE>
Reference is hereby made to the Financial Statements attached hereto which begin
on p. F-1.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees of the Plan have duly caused this annual report to be signed by the
undersigned hereunto duly authorized.
WHIRLPOOL 401(k) PLAN
Date: June 28, 1995
By: /s/ E. R. Dunn
-----------------------------
Name: E. R. Dunn
Title: Trustee and Chairman of the
Individual Trustees
<PAGE>
ANNUAL REPORT ON FORM 11-K
--------------------------
FINANCIAL STATEMENTS
--------------------
PLAN YEAR ENDED DECEMBER 31, 1994
WHIRLPOOL 401(k) PLAN
WHIRLPOOL CORPORATION
BENTON HARBOR, MICHIGAN
F-1
<PAGE>
FORM 11-K
FINANCIAL STATEMENTS
WHIRLPOOL 401(k) PLAN
WHIRLPOOL CORPORATION
The following financial statements of the Whirlpool 401(k) Plan are submitted
herewith:
Page
----
Report of Independent Auditors F-3
Statements of Assets Available for Plan
Benefits -- December 31, 1994 and 1993 F-4
Statements of Changes in Assets Available
for Plan Benefits -- Two Years Ended
December 31, 1994 F-5
Notes to Financial Statements F-6
Investments F-17
Transactions or Series of Transactions
in Excess of 5% of the Current Value
of Plan Assets F-22
Schedules Nos. I, II and III, for which provisions are made in the applicable
accounting regulations of the Securities and Exchange Commission, have been
omitted since the information required is shown in the related financial
statements and notes thereto.
F-2
<PAGE>
Report of Independent Auditors
The Trustees
Whirlpool 401(k) Plan
We have audited the accompanying statements of assets available for plan
benefits of the Whirlpool 401(k) Plan as of December 31, 1994 and 1993, and the
related statements of changes in assets available for plan benefits for the
years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for plan benefits of the Plan at
December 31, 1994 and 1993, and the changes in its assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of
investments as of December 31, 1994, and transactions or series of transactions
in excess of 5% of the current value of plan assets for the year then ended are
presented for purposes of complying with the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, and are not a required part of the financial statements.
The supplemental schedules have been subjected to the auditing procedures
applied in our audit of the 1994 financial statements and, in our opinion, are
fairly stated in all material respects in relation to the 1994 financial
statements taken as a whole.
ERNST & YOUNG LLP
May 24, 1995
F-3
<PAGE>
Whirlpool 401(k) Plan
Statements of Assets Available for Plan Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1994 1993
--------------------------
<S> <C> <C>
Cash $ 149,560 $ 487,960
Contributions receivable 13,805,080 13,085,991
Interest and dividends receivable 585,747 144,825
Investments:
Bonds 50,690,564 50,238,889
Common trust funds - Debt instruments 35,211,381 44,249,624
Common trust funds - Equity instruments 141,494,551 146,217,243
Common stock of Whirlpool Corporation 70,190,004 62,506,941
Group annuity contracts 27,350,147 25,140,481
--------------------------
324,936,647 328,353,178
Loans to participants 11,290,487 7,786,463
--------------------------
$350,767,521 $349,858,417
==========================
</TABLE>
See accompanying notes.
F-4
<PAGE>
Whirlpool 401(k) Plan
Statements of Changes in Assets Available for Plan Benefits
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1994 1993
---------------------------
<S> <C> <C>
Balance at beginning of year $349,858,417 $253,873,384
Net assets transferred from Whirlpool
Performance Savings Plan - 49,686,240
Dividends on Whirlpool Corporation common stock 1,508,711 964,975
Other dividends 3,673,584 7,183,335
Interest 7,995,103 4,331,789
---------------------------
13,177,398 12,480,099
Net realized and unrealized (depreciation)
appreciation in fair value of investments:
Whirlpool common stock (19,359,678) 16,069,304
Investments other than Whirlpool common stock (15,300,166) 9,395,556
---------------------------
(34,659,844) 25,464,860
Employer's contributions 7,897,965 6,804,799
Participants' contributions 40,033,848 29,863,026
---------------------------
47,931,813 36,667,825
Participants' withdrawals (25,018,601) (28,026,488)
Administrative expenses (521,662) (287,503)
---------------------------
Net additions 909,104 95,985,033
---------------------------
Balance at end of year $350,767,521 $349,858,417
===========================
</TABLE>
See accompanying notes.
F-5
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements
1. PLAN MERGER
Prior to April 1, 1993, all of the investments of the Whirlpool Savings Plan
(Savings Plan) and the Whirlpool Performance Savings Plan (Performance Savings
Plan) were held by the Whirlpool Savings Trust (Savings Trust).
Effective April 1, 1993, the Performance Savings Plan was merged into the
Savings Plan, and the net assets were transferred to the Savings Plan. The
merged plan was renamed the Whirlpool 401(k) Plan (Plan), and the Savings Trust
was renamed the Whirlpool 401(k) Trust (Trust). Participants in the Performance
Savings Plan immediately became participants in the Plan. Participation and
vesting provisions under the Plan were not changed by the merger.
2. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS HELD BY TRUST
All the investments of the Plan are held by the Trust. The Corporate Trustee,
NBD Bank, is custodian of the Trust's assets. The Corporate Trustee invests all
assets of the Trust except as follows: (i) The Individual Trustees (management
of Whirlpool Corporation) direct the investment of the Whirlpool Stock Fund;
(ii) the Individual Trustees also direct the extent to which the assets credited
to the Income Fund are invested in guaranteed principal and interest contracts
with insurance companies and used to purchase wrap contracts issued by banks and
insurance companies and options, futures and other types of investments; and
(iii) the Individual Trustees may direct that a specified percentage of the
assets credited to any or all of the investment fund or funds are allocated to
one or more separate accounts within said investment funds and invested in
accordance with the direction of the Individual Trustees or an investment
manager designated by the Individual Trustees.
The Trust enters into options to hedge interest rates on certain government
securities. At December 31, 1994, there were options outstanding to purchase and
sell $106 million of government securities expiring at various dates through
March 6, 1995. The options are recorded at fair value and market gains and
losses are recognized in the statement of changes in assets available for plan
benefits.
Contributions, loan distributions and repayments, and participant withdrawals
are specifically identified to the fund or funds within the Trust to which
assets of the Plan are credited. Investment income and related expenses of the
Trust are allocated to the investment funds based on each investment fund's
proportionate share of the current value of the Trust assets at the end of each
month.
F-6
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
VALUATION OF INVESTMENTS
The Plan's investments represent the Plan's share of the Trust's investments.
The Plan's group annuity contracts are stated at the cost of contracts purchased
plus interest accrued. All other investments are stated at fair value, as
determined by the Corporate Trustee.
3. DESCRIPTION OF PLAN
Every full-time employee of Whirlpool Corporation and participating subsidiaries
(referred to as Employer or Whirlpool), and every part-time employee of the
Employer who completes 1,000 hours of service during his or her initial year of
employment, or a subsequent calendar year, shall be eligible to participate in
the Plan.
Participation in the Plan is voluntary. The Plan allows each participant to
make tax-deferred contributions to the Plan, by payroll reduction, each payroll
period, in any whole percentage of eligible earnings as the participant may
elect up to and including 15%. Such elections are made and can be adjusted by
giving notice to the Individual Trustees via the voice response system on a
daily basis, to be effective, in most cases, as of the beginning of the next
payroll period. In addition, certain employees may make additional tax-deferred
contributions to the Plan by directing that a portion of any annual bonus due to
the participant of one or more designated bonus plans be deposited into the
Plan. The amount of any such additional tax-deferred contributions may be
elected by the employee to equal the same percentage of any annual bonus payment
as is applied for payroll reduction purposes or in any whole percentage between
0% and 75%, as the participant elects, provided, however, that the reduction
percentage applicable to a participant who is a highly compensated participant
may not exceed 15%.
For each year, the Employer establishes performance goals which consist of five
levels of performance for the Employer. The attainment of these goals results
in an Employer matching contribution based on that portion of each employee's
(other than exempt employees) tax-deferred contributions which do not exceed 5%
of the employee's eligible earnings, as follows: There will be (i) no matching
contribution if company performance compared to goals is below level 1
performance; (ii) a $.25 per dollar match for level 1 performance; (iii) a $.40
per dollar match for level 2 performance; (iv) a $.50 per dollar match for
level 3 performance; (v) a $.60 per dollar match for level 4 performance; (vi) a
$.75 per dollar match for level 5 performance. Employer matching contributions
and tax-deferred contributions are 100% vested at all times. Exempt employees
are not eligible for Employer matching contributions.
F-7
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
3. DESCRIPTION OF PLAN (CONTINUED)
The maximum amount which a participant can deposit in the Plan in a given year
is subject to certain limitations imposed by the Internal Revenue Code of 1986,
as amended.
The value of each participant's aggregate deposits can be invested in accordance
with that participation's election in one or more of the following investment
funds:
Index Fund
The objective of the Index Fund is to closely match the performance of the
Standard and Poor's 500 Index. This fund is 100% invested in the Woodward
Equity Index Fund. Because the fund is a broadly diversified fund, it may
invest in securities of Whirlpool or its subsidiaries.
Equity Growth Fund
The objective of the Equity Growth Fund is to achieve long-term capital
appreciation from common stocks. This fund is 100% invested in the IDS New
Dimensions Fund. Because the fund is a broadly diversified fund, it may
from time to time invest in securities of Whirlpool Corporation or its
subsidiaries.
Whirlpool Stock Fund
The objective of the Stock Fund is to allow participants to share in the
appreciation in value of the Company's stock. This fund is primarily
invested in common shares of Whirlpool stock. The Fund also invests a
small portion of its assets in high-quality money market securities to
provide liquidity.
Income Fund
The objective of the Income Fund is to earn a consistent return with
stability of principal. The fund is invested in a variety of fixed income
securities such as GICs, corporate bonds, U.S. government bonds, Treasury
notes, certificates of deposit and money market accounts.
F-8
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
3. DESCRIPTION OF PLAN (CONTINUED)
Balanced Fund
The objective of the Balanced Fund is to allow the investor to benefit from
periods of strength in both the stock and bond markets while helping to
reduce the risk of investing in a single market. It allows the participant
to utilize the expertise of a professional to make the critical asset mix
decision. This fund is 100% invested in the IDS Mutual Fund. Because the
fund is a broadly diversified fund, it may from time to time invest in
securities of Whirlpool Corporation or its subsidiaries.
Deposits and withdrawals from each investment fund and transfers among
investment funds are made by the Trust at the direction of the Employer, based
on Plan participants' elections. The Employer is responsible for determining
that such transactions are in accordance with the Plan.
Income, including market value adjustments, under each of these funds is
allocated to the participants' accounts daily based on each participant's equity
in the fund.
Employer matching contributions are initially invested in the Whirlpool Stock
Fund (but may subsequently be transferred to another investment fund in
accordance with provisions of the Plan).
Plan investments are made in the manner specified in the Plan and Trust and in
accordance with the stated investment policies of the respective funds. To the
extent monies available for investment are not immediately invested, as provided
in the investment policy of each fund, such monies are temporarily invested in
short-term income investments. All investments are made in light of a
continuing evaluation of economic and market conditions which may cause such
investment policy to vary from time to time.
The Plan makes loans to participants in amounts up to the lesser of $50,000 or
50% of a participant's equity, with a minimum loan amount of $500. Each such
loan is allocated to a separate loan account and treated for investment purposes
as an investment of the participant who received the loan.
F-9
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
4. INVESTMENTS
A summary of the cost and the market value of investments is as follows:
<TABLE>
<CAPTION>
DECEMBER 31, 1994 DECEMBER 31, 1993
----------------------------------------------------------------------
NUMBER NUMBER
OF OF
ISSUES COST MARKET ISSUES COST MARKET
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bonds 32 $ 52,318,118 $ 50,690,564 17 $ 50,391,887 $ 50,238,889
Common trust funds - Debt instruments 2 36,991,537 35,211,381 2 44,424,722 44,249,624
Common trust funds - Equity instruments 3 145,753,801 141,494,551 3 138,695,579 146,217,243
Common stock of Whirlpool:
(1,396,816 shares at December 31, 1994;
939,954 shares at December 31, 1993) 1 59,839,113 70,190,004 1 30,874,393 62,506,941
Group annuity contracts 1 27,350,147 27,350,147 1 25,140,481 25,140,481
----------------------------------------------------------------------
Total investments 39 $322,252,716 $324,936,647 24 $289,527,062 $328,353,178
======================================================================
</TABLE>
F-10
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
4. INVESTMENTS (CONTINUED)
The fair value of individual investments that represent 5% or more of the Plan's
assets is as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1994 1993
------------------------
<S> <C> <C>
Whirlpool Corporation common stock $70,190,004 $62,506,941
Woodward Equity Index Fund 40,334,743 40,566,786
Lincoln National Pension Insurance Company,
group annuity contracts 27,350,147 25,140,481
PIMCO Funds, low duration portfolio 28,219,844 29,824,902
IDS New Dimensions Fund, Inc. 74,022,808 75,781,461
IDS Investment Series Inc., common, formerly
IDS Mutual, Inc. 27,136,999 29,868,996
</TABLE>
F-11
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
5. DETAIL OF STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
Detail of statement of changes in assets available for plan benefits for the
year ended December 31, 1994 follows:
<TABLE>
<CAPTION>
EQUITY WHIRLPOOL CONTRIBUTIONS
INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING
FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at beginning
of year $40,566,786 $75,781,461 $ 63,070,323 $119,568,137 $ 7,786,463 $29,869,122 $ 13,216,125 $349,858,417
Interfund transfers (4,008,785) (3,365,494) 21,346,571 2,911,075 - (3,797,376) (13,085,991) -
Dividends on Whirlpool
common stock - - 1,508,711 - - - - 1,508,711
Other dividends 1,157,162 - - - - 2,516,422 - 3,673,584
Interest 133,840 254,992 201,483 7,328,163 - 76,625 - 7,995,103
-----------------------------------------------------------------------------------------------------------
1,291,002 254,992 1,710,194 7,328,163 - 2,593,047 - 13,177,398
Net realized and
unrealized depreciation
in fair value of
investments:
Whirlpool common stock - - (19,359,678) - - - - (19,359,678)
Investments other than
Whirlpool common stock (720,204) (5,960,385) - (5,172,719) - (3,446,858) - (15,300,166)
-----------------------------------------------------------------------------------------------------------
(720,204) (5,960,385) (19,359,678) (5,172,719) - (3,446,858) - (34,659,844)
Employer's
contributions - - - - - - 7,897,965 7,897,965
Participants'
contributions 5,509,509 9,933,839 7,340,612 7,445,957 - 3,896,816 5,907,115 40,033,848
-----------------------------------------------------------------------------------------------------------
5,509,509 9,933,839 7,340,612 7,445,957 - 3,896,816 13,805,080 47,931,813
Participants'
withdrawals (1,780,417) (1,866,028) (1,673,605) (17,941,661) (24,379) (1,732,511) - (25,018,601)
Loans issued (1,015,491) (2,050,749) (2,636,544) (1,920,255) 8,289,468 (666,429) - -
Principal payments 687,017 1,318,441 1,054,577 1,267,481 (4,761,065) 433,549 - -
Administrative expense (45,114) (23,269) (40,383) (322,972) - (12,360) (77,564) (521,662)
-----------------------------------------------------------------------------------------------------------
Balance at end of year $40,484,303 $74,022,808 $ 70,812,067 $113,163,206 $11,290,487 $27,137,000 $ 13,857,650 $350,767,521
===========================================================================================================
</TABLE>
F-12
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
5. DETAIL OF STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
(CONTINUED)
Detail of statement of changes in assets available for plan benefits for the
year ended December 31, 1993 follows:
<TABLE>
<CAPTION>
EQUITY WHIRLPOOL CONTRIBUTIONS
INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING
FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at beginning of
year $29,766,810 $51,309,388 $25,749,321 $135,275,547 $ 4,627,276 $ - $ 7,145,042 $253,873,384
Net assets transferred
from Whirlpool
Performance Savings Plan 5,701,004 8,317,850 19,758,218 13,514,797 1,234,937 - 1,159,434 49,686,240
Interfund transfers (1,743,756) 1,187,721 (1,584,843) (15,767,277) - 26,212,631 (8,304,476) -
Dividends on Whirlpool
common stock - - 964,975 - - - - 964,975
Other dividends 1,007,067 3,781,244 - - - 2,395,024 - 7,183,335
Interest 23,211 158,412 91,603 4,055,916 - 2,647 - 4,331,789
--------------------------------------------------------------------------------------------------------
1,030,278 3,939,656 1,056,578 4,055,916 - 2,397,671 - 12,480,099
Net realized and
unrealized appreciation
(depreciation) in fair
value of investments:
Whirlpool common stock - - 16,069,304 - - - - 16,069,304
Investments other than
Whirlpool common stock 2,717,628 5,338,456 - 1,558,978 - (219,506) - 9,395,556
--------------------------------------------------------------------------------------------------------
2,717,628 5,338,456 16,069,304 1,558,978 - (219,506) - 25,464,860
Employer's contributions - - - - - - 6,804,799 6,804,799
Participants'
contributions 4,623,166 7,786,891 4,174,158 4,678,965 - 2,172,299 6,427,547 29,863,026
--------------------------------------------------------------------------------------------------------
4,623,166 7,786,891 4,174,158 4,678,965 - 2,172,299 13,232,346 36,667,825
Participants' withdrawals (1,245,664) (1,746,123) (1,136,846) (23,273,670) (123,114) (501,071) - (28,026,488)
Loans issued (881,278) (1,411,170) (1,726,906) (1,493,819) 5,901,746 (388,573) - -
Principal payments 610,618 1,073,240 728,331 1,241,700 (3,854,382) 200,493 - -
Administrative expense (12,020) (14,448) (16,992) (223,000) - (4,822) (16,221) (287,503)
--------------------------------------------------------------------------------------------------------
Balance at end of year $40,566,786 $75,781,461 $63,070,323 $119,568,137 $ 7,786,463 $29,869,122 $13,216,125 $349,858,417
========================================================================================================
</TABLE>
F-13
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
6. DETAIL OF THE ALLOCATION OF PLAN ASSETS
Detail of the allocation of Plan assets as of December 31, 1994 follows:
<TABLE>
<CAPTION>
EQUITY WHIRLPOOL CONTRIBUTIONS
INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING
FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash $ 149,558 $ - $ 2 $ - $ - $ - $ - $ 149,560
Contributions
receivable - - - - - - 13,805,080 13,805,080
Interest and dividends
receivable 2 - 409,495 175,975 - - 275 585,747
Investments:
Bonds - - - 50,690,564 - - - 50,690,564
Common trust funds - Debt
instruments - - 212,566 34,946,520 - - 52,295 35,211,381
Common trust funds -
Equity instruments 40,334,743 74,022,808 - - - 27,137,000 - 141,494,551
Common stock of Whirlpool - - 70,190,004 - - - - 70,190,004
Group annuity contracts - - - 27,350,147 - - - 27,350,147
--------------------------------------------------------------------------------------------------------
Total investments 40,334,743 74,022,808 70,402,570 112,987,231 - 27,137,000 52,295 324,936,647
Loans to participants - - - - 11,290,487 - - 11,290,487
--------------------------------------------------------------------------------------------------------
$40,484,303 $74,022,808 $70,812,067 $113,163,206 $11,290,487 $27,137,000 $13,857,650 $350,767,521
========================================================================================================
</TABLE>
Detail of the allocation of Plan assets as of December 31, 1993 follows:
<TABLE>
<CAPTION>
EQUITY WHIRLPOOL CONTRIBUTIONS
INDEX GROWTH STOCK INCOME LOAN BALANCED PENDING
FUND FUND FUND FUND FUND FUND ALLOCATION TOTAL
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash $ - $ - $ 166 $ 487,668 $ - $ 126 $ - $ 487,960
Contributions receivable - - - - - - 13,085,991 13,085,991
Interest and dividends
receivable - - 1,100 143,298 - - 427 144,825
Investments:
Bonds - - - 50,238,889 - - - 50,238,889
Common trust funds - Debt
instruments - - 562,116 43,557,801 - - 129,707 44,249,624
Common trust funds -
Equity instruments 40,566,786 75,781,461 - - - 29,868,996 - 146,217,243
Common stock of Whirlpool - - 62,506,941 - - - - 62,506,941
Group annuity contracts - - - 25,140,481 - - - 25,140,481
--------------------------------------------------------------------------------------------------------
Total investments 40,566,786 75,781,461 63,069,057 118,937,171 - 29,868,996 129,707 328,353,178
Loans to participants - - - - 7,786,463 - - 7,786,463
--------------------------------------------------------------------------------------------------------
$40,566,786 $75,781,461 $63,070,323 $119,568,137 $ 7,786,463 $29,869,122 $13,216,125 $349,858,417
========================================================================================================
</TABLE>
F-14
<PAGE>
Whirlpool 401(k) Plan
Notes to Financial Statements (continued)
7. INCOME TAX STATUS
The Internal Revenue Service ruled on May 27, 1995 that the Plan qualifies under
section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related
trust is not subject to tax under present income tax law. Once qualified, the
Plan is required to operate in conformity with the IRC to maintain its
qualification.
8. SUBSEQUENT EVENT
Effective January 1, 1995, the value of each participant's aggregate deposit can
also be invested in three additional funds: Euro-Pacific Growth Fund, Heartland
Value Fund, and Woodward Money Market Fund.
F-15
<PAGE>
Supplemental Schedules
F-16
<PAGE>
Whirlpool 401(k) Plan
Investments
December 31, 1994
<TABLE>
<CAPTION>
CURRENT
MARKET
ISSUER DESCRIPTION OF INVESTMENT COST VALUE
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bonds:
Federal Home Loan Mortgage Corporation Dated 7/15/91, $3,990,676 par value, 6.69%,
maturing 10/15/03 $4,003,147 $3,991,913
Federal Home Loan Mortgage Corporation Dated 8/1/92, $5,555,395 par value, 6.69%,
maturing 8/15/07 5,571,888 5,517,174
Federal National Mortgage Association Dated 8/1/92, $2,633,766 par value, 6.47%,
maturing 8/25/07 2,640,350 2,620,597
Federal Home Loan Mortgage Corporation Dated 9/1/92, $3,960,104 par value, floating
rate 6.69%, maturing 9/15/07 3,977,429 3,934,086
Federal Home Loan Mortgage Corporation Dated 7/1/93, $4,671,701 par value, 7.00%,
maturing 3/15/12 708,785 378,408
Federal National Mortgage Association Dated 5/25/93, $4,500,000 par value, 6.42%,
maturing 12/25/16 4,500,000 4,474,665
Federal National Mortgage Association Dated 2/1/93, $7,742,175 par value, 6.42%,
maturing 6/25/18 7,760,320 7,717,942
Federal Home Loan Mortgage Corporation Dated 10/15/90, $1,327,000 par value, 6.99%,
maturing 10/15/20 1,346,076 1,331,552
</TABLE>
F-17
<PAGE>
Whirlpool 401(k) Plan
Investments (continued)
December 31, 1994
<TABLE>
<CAPTION>
CURRENT
MARKET
ISSUER DESCRIPTION OF INVESTMENT COST VALUE
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bonds (continued):
Federal National Mortgage Association
Dated 4/1/92, $3,550,801 par value, 6.57%,
maturing 10/25/21 $3,564,560 $3,510,854
Federal Home Loan Mortgage Corporation Dated 12/1/90, $1,556,797 par value, 8.75%,
maturing 7/15/04 1,585,014 1,567,975
Federal Home Loan Mortgage Corporation Dated 2/15/93, $2,000,000 par value, 6.69%,
maturing 1/15/05 2,001,875 1,992,500
Federal National Mortgage Association Dated 10/25/91, $2,275,774 par value, 6.42%,
maturing 10/25/06 2,277,552 2,276,480
Federal National Mortgage Association Dated 11/25/92, $1,694,591 par value, 6.47%,
maturing 11/25/07 1,697,503 1,683,457
Federal National Mortgage Association Dated 3/25/93, $1,000,000 par value, 6.42%,
maturing 4/25/17 1,001,563 996,870
Small Business Administration Guaranteed Dated 5/1/93, $1,797,999 par value, 5.25%,
Ln Pool #502276 maturing 4/25/18 1,795,751 1,784,514
Federal Home Loan Mortgage Corporation Dated 11/15/88, $1,436,537 par value, 6.03%,
maturing 3/15/20 1,443,271 1,442,370
</TABLE>
F-18
<PAGE>
Whirlpool 401(k) Plan
Investments (continued)
December 31, 1994
<TABLE>
<CAPTION>
CURRENT
MARKET
ISSUER DESCRIPTION OF INVESTMENT COST VALUE
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bonds (continued):
Federal Home Loan Mortgage Corporation Dated 10/15/90, $1,775,953 par value, 6.79%,
maturing 10/15/20 $ 1,783,722 $ 1,764,853
Federal Home Loan Mortgage Corporation Dated 11/15/90, $993,947 par value, 7.09%,
maturing 11/15/20 1,005,439 1,006,053
Thomson McKinnon Mortgage Assets Trust Dated 1/1/87, $1,763,879 par value, floating
rate, maturing 2/1/17 1,766,358 1,746,786
Collateralized Mortgage Securities Dated 12/29/88, $316,145 par value, 9.10%
Corporation maturing 2/27/18 324,740 318,132
Capstead Securities Corporation III Dated 10/1/91, $100,536 par value, 9.50%,
maturing 7/25/20 103,049 103,150
Prudential Home Mortgage Secs. Co. Dated 4/1/93, $478,783 par value, variable rate 479,606 470,251
U.S. Treasury Note $9,000,000 par value, 7.25%, expiring
1/3/95, strike 95.56, put 98,438 8,460
U.S. Treasury Note $10,000,000 par value, 7.88%, expiring
1/3/95, strike 99.27, put 46,875 1,600
Cap 1 month LIBOR $3,000,000 par value, expiring 7/8/97,
strike 9.50, put 138,000 157,500
</TABLE>
F-19
<PAGE>
Whirlpool 401(k) Plan
Investments (continued)
December 31, 1994
<TABLE>
<CAPTION>
CURRENT
MARKET
ISSUER DESCRIPTION OF INVESTMENT COST VALUE
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cap 1 month LIBOR $840,000 par value, expiring 9/7/98, strike 9.50, put $ 57,120 $ 79,892
Federal National Mortgage Association $9,000,000 par value, 8.50%, expiring 1/5/95,
strike 98.09, put 74,531 11,250
Federal National Mortgage Association $8,000,000 par value, 8.00%, expiring 3/6/95,
strike 94.44, put 55,000 33,760
Government National Mortgage Association $17,000,000 par value, 8.50%, expiring 2/9/95,
strike 96.31, put 116,875 21,250
Government National Mortgage Association $17,000,000 par value, 8.50%, expiring 2/9/95,
strike 98.13, call 116,875 (180,970)
Federal National Mortgage Association $8,000,000 par value, 8.00%, expiring 3/6/95,
strike 96.47, call 110,000 (64,960)
U.S. Treasury Note $10,000,000 par value, 7.88%, expiring 1/3/95,
strike 100.77, call 46,875 (7,800)
U.S. Treasury Note $9,000,000 par value, 7.25%, expiring 1/95,
strike 98.03, call 98,437 --
Federal National Mortgage Association $9,000,000 par value, 8.50%, expiring 1/95,
strike 100.00, call 21,094 --
--------------------------
Total bonds 52,318,118 50,690,564
Common trust funds - Debt instruments:
NBD Bank - United States Master Trust - A fixed income fund invested in short-term debt
Money Market Fund instruments 6,991,537 6,991,537
PIMCO Funds, low duration portfolio 2,918,288 shares 30,000,000 28,219,844
Total common trust funds - Debt instruments --------------------------
36,991,537 35,211,381
</TABLE>
F-20
<PAGE>
Whirlpool 401(k) Plan
Investments (continued)
December 31, 1994
<TABLE>
<CAPTION>
CURRENT
MARKET
ISSUER DESCRIPTION OF INVESTMENT COST VALUE
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common trust funds - Equity instruments:
Woodward Equity Index Fund 3,786,944 shares $ 38,780,886 $ 40,334,744
IDS New Dimensions Fund Inc. 5,569,812 shares 76,464,253 74,022,808
IDS Investment Series Inc. common, formerly
IDS Mutual Inc. 2,462,523 shares 30,508,662 27,136,999
-----------------------------
Total common trust funds - Equity instruments 145,753,801 141,494,551
Whirlpool Corporation common stock 1,396,816 shares 59,839,113 70,190,004
Group annuity contract:
Lincoln National Pension Insurance Company Contract GA-8645, 9.25%, maturing 9/30/96 27,350,147 27,350,147
-----------------------------
Total investments $322,252,716 $324,936,647
=============================
</TABLE>
F-21
<PAGE>
Whirlpool 401(k) Plan
Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets
Year ended December 31, 1994
<TABLE>
<CAPTION>
CURRENT
VALUE
NUMBER OF ASSET ON
IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NBD Bank NBD Master Trust Money 659 $85,541,008 $ - $ - $85,541,008 $ -
Market Fund 643 - 92,896,781 92,896,781 - -
IDS New Dimensions Fund 217 18,729,478 - - 18,729,478 -
156 - 14,256,446 13,981,483 - 274,963
IDS Investment Series 202 9,794,048 - - 9,794,048 -
164 - 9,017,467 9,388,465 - (370,998)
Woodward Equity Index 185 9,924,936 - - 9,924,936 -
166 - 8,320,185 7,687,273 - 632,912
Various purchases and sales
of Whirlpool Corporation
common stock 189 33,723,299 - - 33,723,299 -
62 - 6,412,433 4,490,717 - 1,921,716
Federal National Mortgage
Association Pass Thru TBA
30 year, 6.50%, maturing
2/14/24 1 9,871,875 - - 9,871,875 -
1 - 9,868,748 9,871,875 - (3,127)
</TABLE>
F-22
<PAGE>
Whirlpool 401(k) Plan
Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets (continued)
Year ended December 31, 1994
<TABLE>
<CAPTION>
CURRENT
VALUE
NUMBER OF ASSET ON
IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NBD Bank Federal National Mortgage
Association Pass Thru TBA
30 year, 6.50% maturing
3/14/24 2 $19,764,063 $ - $ - $19,764,063 $ -
2 - 19,596,871 19,764,063 - (167,192)
1 9,887,500 - - 9,887,500 -
1 - 9,799,998 9,882,031 - (82,033)
1 9,876,563 - - 9,876,563 -
1 - 9,796,873 9,882,031 - (85,158)
Federal National Mortgage
Association Pass Thru TBA
30 year, 7.00%, maturing
6/13/24 2 32,204,375 - - 32,204,375 -
2 - 32,333,199 32,204,375 - 128,824
1 16,144,688 - - 16,144,688 -
1 - 16,119,451 16,102,188 - 17,263
1 16,059,688 - - 16,059,688 -
1 - 16,213,748 16,102,188 - 111,560
</TABLE>
F-23
<PAGE>
Whirlpool 401(k) Plan
Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets (continued)
Year ended December 31, 1994
<TABLE>
<CAPTION>
CURRENT
VALUE
NUMBER OF ASSET ON
IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- - ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NBD Bank Federal National Mortgage
Association Pass Thru TBA
30 year, 7.00%, maturing
8/11/24 1 $16,033,125 $ - $ - $16,033,125 $ -
1 - 15,987,967 16,033,125 - (45,158)
Federal National Mortgage
Association Pass Thru TBA
30 year, 8.00%, maturing
9/14/24 2 17,007,969 - $ - $17,007,969 $ -
2 - 16,852,808 17,007,969 - (155,161)
Federal National Mortgage
Association Pass Thru TBA
30 year, 8.00%, maturing
12/13/24 2 17,699,375 - - 17,699,375 -
2 - 17,286,246 17,699,375 - (413,129)
</TABLE>
F-24
<PAGE>
Whirlpool 401(k) Plan
Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets (continued)
Year ended December 31, 1994
<TABLE>
<CAPTION>
CURRENT
VALUE
NUMBER OF ASSET ON
IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NBD Bank Federal National Mortgage
Association Pass Thru TBA
30 year, 7.00%, maturing
1/13/24 1 $10,200,000 $ - $ - $10,200,000 $ -
1 - 10,174,998 10,200,000 - (25,002)
Federal National Mortgage
Association Pass Thru TBA
30 year, 7.00%, maturing
4/14/24 1 10,071,875 - - 10,071,875 -
1 - 9,993,748 10,071,875 - (78,127)
Federal National Mortgage
Association Pass Thru TBA
30 year, 7.00%, maturing
5/15/24 1 10,064,063 - - 10,064,063 -
1 - 9,343,748 10,064,063 - (720,315)
</TABLE>
F-25
<PAGE>
Whirlpool 401(k) Plan
Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets (continued)
Year ended December 31, 1994
<TABLE>
<CAPTION>
CURRENT
VALUE
NUMBER OF ASSET ON
IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NBD Bank Government National
Mortgage Association Pass
Thru, 30 year TBA, 7.00%
maturing 5/15/24 1 $16,808,750 $ - $ - $16,808,750 $ -
1 - 16,500,625 16,808,750 - (308,125)
Federal National Mortgage
Association Pass Thru Gold
TBA 30 year, 7.50%,
maturing 7/15/24 2 17,381,250 - - 17,381,250 -
2 - 17,333,433 17,381,250 - (47,817)
Federal National Mortgage
Association Pass Thru TBA
30 year, 7.50%, maturing
10/13/24 2 17,195,625 - - 17,195,625 -
2 - 17,080,308 17,195,625 - (115,317)
</TABLE>
F-26
<PAGE>
Whirlpool 401(k) Plan
Transactions or Series of Transactions in Excess
of 5% of the Current Value of Plan Assets (continued)
Year ended December 31, 1994
<TABLE>
<CAPTION>
CURRENT
VALUE
NUMBER OF ASSET ON
IDENTITY OF OF PURCHASE SELLING COST OF TRANSACTION NET GAIN
PARTY INVOLVED DESCRIPTION OF ASSETS TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NBD Bank Federal National Mortgage
Association Pass Thru TBA
30 year, 6.50%, maturing
1/15/24 1 $12,050,625 $ - $ - $12,050,625 $ -
1 - 11,932,498 12,050,625 - (118,127)
Federal National Mortgage
Association Pass Thru TBA
30 year, 6.50%, maturing
4/14/24 1 11,816,250 - - 11,816,250 -
1 - 11,039,998 11,816,250 - (776,252)
</TABLE>
The above information includes the 5% reportable transactions, including (a)
single transactions, (b) series of transactions in the same securities, and (c)
series of transactions with the same party. These transactions represent all 5%
reportable transactions occurring in the Plan for the year ended December 31,
1994.
F-27
<PAGE>
Exhibit Index
-------------
Sequential
Exhibit No. Document Page Number*
- - ----------- -------- ------------
24 Consent of Ernst & Young LLP
- - ------------------------------
*This information appears only in the manually signed original of the Form 11-K
<PAGE>
CONSENT OF ERNST & YOUNG LLP
We consent to the incorporation by reference in the Registration Statements
(Form S-8 Nos. 33-26680 and 33-53196) pertaining to the Whirlpool 401(k) Plan of
Whirlpool Corporation and in the related Prospectus of our report dated May 24,
1995, with respect to the financial statements and schedules of the Whirlpool
401(k) Plan, included in this Annual Report (Form 11-K) for the year ended
December 31, 1994.
ERNST & YOUNG LLP
Chicago, Illinois
June 28, 1995
