Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Whirlpool to Take $68 Million Charge for Aircraft Assets
Jan 16, 2003
 Printable format
 Email this Article
 Search

Benton Harbor, MI, U.S.-based appliance maker Whirlpool Corporation today announced that the company, consistent with its August 2002 disclosure, will recognize a non-cash charge of approximately U.S. $68 million, or $43 million after tax, related to aircraft lease assets in discontinued operations. Whirlpool previously disclosed that these assets could be reduced in value if UAL Corp. filed for bankruptcy protection. The fourth-quarter charge to discontinued operations is estimated at approximately $0.62 per diluted share and will have no impact on Whirlpool's appliance business.

In addition, Whirlpool will accelerate the payment of up to $49 million in long-term deferred income taxes related to the lease assets. For 2003, the payments will be sourced from the company's cash flow, but have no impact on earnings.

The aircraft leases are part of a Whirlpool subsidiary's leveraged lease portfolio in discontinued operations. The portfolio is part of Whirlpool Financial Corporation, the financial services subsidiary whose operations were discontinued in 1997.

Back to Daily News

 

Daily News

...........................................................

Apr 16, 2014: Home Builder Confidence Steady in April

Apr 16, 2014: Little Swan Sees China Becoming a Front-Loader Washing Machine Market

Apr 16, 2014: Hisense Poised for Continued Growth in Africa

Apr 16, 2014: Sensor Hubs Seeing Big Gains

Apr 10, 2014: AGA Rangemaster Names Kathryn M. Ireland To Be North American Brand Ambassador

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows