Whirlpool Delivers Document Efficiency in 2021 and Guides In the direction of One other Robust 2022

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BENTON HARBOR, Mich., Jan. 26, 2022 /PRNewswire/ — Whirlpool Company (NYSE: WHR), dedicated to being the very best world kitchen and laundry firm, in fixed pursuit of enhancing life at dwelling, as we speak reported fourth quarter and full-year 2021 monetary outcomes.


“We delivered file outcomes for the fourth consecutive yr, demonstrating our means to execute in any difficult surroundings,” stated Marc Bitzer, chairman and chief government officer of Whirlpool Company. “We anticipate one other yr of file efficiency, whereas rising natural progress investments and returning one other roughly $1.5 billion in money to shareholders.”
MARC BITZER

KEY RESULTS

Full Yr Outcomes	2021	2020⁽⁵⁾	Change
Web gross sales ($M)	$21,985	$19,456	$2,529	13.0%
Web gross sales excluding forex ($M)	$21,850	$19,456	$2,394	12.3%
GAAP internet earnings out there to Whirlpool ($M)	$1,783	$1,075	$708	65.9%
Ongoing EBIT⁽²⁾ ($M)	$2,379	$1,760	$619	35.2%
GAAP earnings per diluted share	$28.36	$16.98	$11.38	67.0%
Ongoing earnings per diluted share⁽¹⁾	$26.59	$18.46	$8.13	44.0%

CASH FLOW

Full-Yr Adjusted Money Circulate	2021	2020⁽⁵⁾	Change
Money offered by (utilized in) working actions ($M)	$2,176	$1,500	$676
Adjusted free money stream⁽⁴⁾ ($M)	$1,963	$1,246	$717


“In 2021, we reported double digit income progress of 13%, and we anticipate one other yr of sturdy progress in 2022 of 5-6%,” stated Jim Peters, chief monetary officer of Whirlpool Company. “Our sturdy steadiness sheet and important money stream present us the pliability to proceed to spend money on worthwhile progress and return money to shareholders.”
JIM PETERS

Fourth-Quarter Outcomes	2021	2020⁽⁵⁾	Change
Web gross sales ($M)	$5,815	$5,798	$17	0.3%
Web gross sales excluding forex ($M)	$5,850	$5,798	$52	0.9%
GAAP internet earnings out there to Whirlpool ($M)	$298	$499	$(201)	(40.3)%
Ongoing EBIT⁽²⁾ ($M)	$502	$659	$(157)	(23.8)%
GAAP earnings per diluted share	$4.90	$7.80	$(2.90)	(37.2)%
Ongoing earnings per diluted share⁽¹⁾	$6.14	$6.67	$(0.53)	(7.9)%

QUARTERLY HIGHLIGHTS

Document This fall internet gross sales, with 8% progress in comparison with 2019
Delivered This fall GAAP and ongoing (non-GAAP) earnings per diluted share⁽¹⁾ of $4.90 and $6.14, respectively, pushed by cost-based pricing actions, largely offsetting over $500 million of inflation, led by uncooked materials price will increase
Repurchased $400 million of shares within the quarter

REGIONAL REVIEW

North America

This fall 2021

This fall 2020⁽⁵⁾

Change

excluding

forex

influence

Web gross sales ($M)

$3,291

$3,208

2.6%

2.3%

EBIT⁽³⁾ ($M)

$504

$583

(13.6)%

–

Document income pushed by sturdy execution of cost-based value will increase whereas elevated provide constraints stay
EBIT margin⁽³⁾ of 15.3 p.c, in comparison with 18.2 p.c in the identical prior-year interval, impacted by provide constraints and inflation, partially offset by constructive value/combine

Europe, Center East and Africa

This fall 2021

This fall 2020

Change

excluding

forex

influence

Web gross sales ($M)

$1,412

$1,416

(0.3)%

1.9%

EBIT⁽³⁾ ($M)

$20

$40

(50.0)%

–

EBIT margin⁽³⁾ of 1.4 p.c, in comparison with 2.8 p.c in the identical prior-year interval, impacted by inflation, partially offset by cost-based value will increase
Lengthy-term turnaround is on observe

Latin America

This fall 2021

This fall 2020

Change

excluding

forex

influence

Web gross sales ($M)

$831

$821

1.2%

2.4%

EBIT⁽³⁾ ($M)

$56

$100

(44.0)%

–

Secure income primarily pushed by cost-based value will increase
EBIT margin⁽³⁾ of 6.7 p.c, in comparison with 12.1 p.c in the identical prior-year interval, impacted by inflation and provide constraints, partially offset by cost-based value will increase

Asia

This fall 2021

This fall 2020

Change

excluding

forex

influence

Web gross sales ($M)

$281

$354

(20.6)%

(19.6)%

EBIT⁽³⁾($M)

$17

$21

(20.0)%

–

Prime-line decline attributed to Whirlpool China divestiture⁽⁶⁾
EBIT margin⁽³⁾ of 5.9 p.c, according to the identical prior-year interval with cost-based value will increase offset by inflation

FULL-YEAR 2022 OUTLOOK

Count on full-year 2022 internet gross sales progress of5 to six p.c
Earnings per diluted share of $27.00 to $29.00 on a GAAP and ongoing foundation
Money offered by working actions of $2.2 billion and free money stream⁽⁴⁾ of $1.5 billion
GAAP and adjusted tax fee (non-GAAP) of 24 to 26 p.c

⁽¹⁾	A reconciliation of ongoing earnings per diluted share, a non-GAAP monetary measure, to reported internet earnings per diluted share out there to Whirlpool and different vital info, seems under.
⁽²⁾	A reconciliation of earnings earlier than curiosity and taxes (EBIT) and ongoing EBIT, non-GAAP monetary measures, to reported internet earnings out there to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP monetary measures, to internet earnings margin and different vital info, seems under.
⁽³⁾	Section EBIT represents our consolidated EBIT damaged down by the Firm’s reportable segments and are metrics utilized by the chief working determination maker in accordance with ASC 280. Consolidated EBIT additionally contains company “Different/Eliminations” of $(90) million and $(43) million for the fourth quarters of 2021 and 2020, respectively.
⁽⁴⁾	Reconciliations of free money stream and adjusted free money stream, non-GAAP monetary measures, to money offered by (utilized in) working actions and different vital info, seems under.
⁽⁵⁾	As adjusted reporting – efficient January 1, 2021, the Firm modified its accounting precept for stock valuation for inventories situated within the U.S. from a last-in, first-out (“LIFO”) foundation to a first-in, first-out (“FIFO”) foundation. All prior intervals introduced have been retrospectively adjusted to use the results of the change. The data within the tables herein have been up to date to replicate the retrospective accounting change. For extra info see Notes 1 and 4 to Whirlpool’s Quarterly Report on Kind 10-Q for the quarter ended March 31, 2021.
⁽⁶⁾	Partial tender provide by Galanz for majority possession of the Whirlpool China enterprise was closed Could 6, 2021.

ABOUT WHIRLPOOL CORPORATION

Whirlpool Company (NYSE: WHR) is dedicated to being the very best world kitchen and laundry firm, in fixed pursuit of enhancing life at dwelling. In an more and more digital world, the corporate is driving purposeful innovation to fulfill the evolving wants of shoppers by its iconic model portfolio, together with Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly. In 2021, the corporate reported roughly $22 billion in annual gross sales,69,000 workers and 54 manufacturing and expertise analysis facilities. Extra details about the corporate may be discovered at WhirlpoolCorp.com.

WEBSITE DISCLOSURE

We routinely publish vital info for buyers on our web site, WhirlpoolCorp.com, within the “Buyers” part. We additionally intend to replace the “Sizzling Matters Q&A” portion of this webpage as a method of exposing materials, personal info and for complying with our disclosure obligations underneath Regulation FD. Accordingly, buyers ought to monitor the “Buyers” part of our web site, along with following our press releases, SEC filings, public convention calls, shows and webcasts. The data contained on, or which may be accessed by, our webpage shouldn’t be integrated by reference into, and isn’t part of, this doc.

WHIRLPOOL ADDITIONAL INFORMATION

This doc accommodates forward-looking statements about Whirlpool Company and its consolidated subsidiaries (“Whirlpool”) that talk solely as of this date. Whirlpool disclaims any obligation to replace these statements. Ahead-looking statements on this doc might embrace, however are usually not restricted to, statements relating to future monetary outcomes, long-term worth creation objectives, restructuring expectations, productiveness, uncooked materials costs and the influence of COVID-19 on our operations. Such statements may be recognized by means of terminology resembling “might,” “may,” “will,” “ought to,” “doable,” “plan,” “predict,” “forecast,” “potential,” “anticipate,” “estimate,” “anticipate,” “mission,” “intend,” “consider,” “might influence,” “on observe,” and related phrases or expressions. Many dangers, contingencies and uncertainties may trigger precise outcomes to vary materially from Whirlpool’s forward-looking statements. Amongst these elements are: (1) COVID-19 pandemic-related enterprise disruptions and financial uncertainty; (2) intense competitors within the dwelling equipment business reflecting the influence of each new and established world rivals, together with Asian and European producers, and the influence of the altering retail surroundings, together with direct-to-consumer gross sales; (3) Whirlpool’s means to keep up or improve gross sales to important commerce prospects and the power of those commerce prospects to keep up or improve market share; (4) Whirlpool’s means to keep up its repute and model picture; (5) the power of Whirlpool to realize its enterprise aims and leverage its world working platform, and speed up the speed of innovation; (6) Whirlpool’s means to grasp shopper preferences and efficiently develop new merchandise; (7) Whirlpool’s means to acquire and shield mental property rights; (8) acquisition and investment-related dangers, together with dangers related to our previous acquisitions, and dangers related to our presence in rising markets; (9) dangers associated to our worldwide operations, together with adjustments in international laws, regulatory compliance and disruptions arising from political, authorized and financial instability; (10) info expertise system failures, knowledge safety breaches, knowledge privateness compliance, community disruptions, and cybersecurity assaults; (11) product legal responsibility and product recall prices; (12) the power of suppliers of important components, parts and manufacturing gear to ship adequate portions to Whirlpool in a well timed and cost-effective method; (13) our means to draw, develop and retain executives and different certified workers; (14) the influence of labor relations; (15) fluctuations in the price of key supplies (together with metal, resins, copper and aluminum) and parts and the power of Whirlpool to offset price will increase; (16) Whirlpool’s means to handle international forex fluctuations; (17) impacts from goodwill impairment and associated prices; (18) triggering occasions or circumstances impacting the carrying worth of our long-lived belongings; (19) stock and different asset danger; (20) well being care price tendencies, regulatory adjustments and variations between outcomes and estimates that might improve future funding obligations for pension and postretirement profit plans; (21) adjustments in LIBOR, or alternative of LIBOR with an alternate reference fee; (22) litigation, tax, and authorized compliance danger and prices, particularly if materially totally different from the quantity we anticipate to incur or have accrued for, and any disruptions attributable to the identical; (23) the results and prices of governmental investigations or associated actions by third events; (24) adjustments within the authorized and regulatory surroundings together with environmental, well being and security laws, and taxes and tariffs; and (25) the unsure world economic system and adjustments in financial situations which have an effect on demand for our merchandise. Extra info regarding these and different elements may be present in Whirlpool’s filings with the Securities and Alternate Fee, together with the latest annual report on Kind 10-Okay, quarterly studies on Kind 10-Q, and present studies on Kind 8-Okay.

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
FOR THE PERIODS ENDED DECEMBER 31
(Hundreds of thousands of {dollars}, besides per share knowledge)

	Three Months Ended		Twelve Months Ended
	2021	2020	2021	2020
Web gross sales	$ 5,815	$ 5,798	$ 21,985	$ 19,456
Bills
Value of merchandise offered	4,752	4,432	17,576	15,614
Gross margin	1,063	1,366	4,409	3,842
Promoting, basic and administrative	555	523	2,081	1,877
Intangible amortization	9	16	47	62
Restructuring prices	4	102	38	288
Impairment of goodwill and different intangibles	—	7	—	7
(Achieve) loss on sale and disposal of companies	—	—	(105)	(7)
Working revenue	495	718	2,348	1,615
Different (earnings) expense
Curiosity and varied (earnings) expense	(18)	17	(159)	(21)
Curiosity expense	42	46	175	189
Earnings earlier than earnings taxes	471	655	2,332	1,447
Revenue tax expense (profit)	165	152	518	382
Fairness technique funding earnings (loss), internet of tax	(6)	—	(8)	—
Web earnings	300	503	1,806	1,065
Much less: Web earnings (loss) out there to noncontrolling pursuits	2	4	23	(10)
Web earnings out there to Whirlpool	$ 298	$ 499	$ 1,783	$ 1,075
Per share of widespread inventory
Primary internet earnings out there to Whirlpool	$ 4.96	$ 7.93	$ 28.73	$ 17.15
Diluted internet earnings out there to Whirlpool	$ 4.90	$ 7.80	$ 28.36	$ 16.98
Dividends declared	$ 1.40	$ 1.25	$ 5.45	$ 4.85
Weighted-average shares excellent (in hundreds of thousands)
Primary	60.2	62.9	62.1	62.7
Diluted	60.9	63.9	62.9	63.3

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Hundreds of thousands of {dollars}, besides share knowledge)

	December 31, 2021	December 31, 2020
	(Unaudited)
Belongings
Present belongings
Money and money equivalents	$ 3,044	$ 2,924
Accounts receivable, internet of allowance of $98 and $132, respectively	3,100	3,109
Inventories	2,717	2,301
Pay as you go and different present belongings	834	795
Whole present belongings	9,695	9,129
Property, internet of accrued depreciation of $6,619 and $6,780, respectively	2,805	3,199
Proper of use belongings	946	989
Goodwill	2,485	2,496
Different intangibles, internet of accrued amortization of $522 and $673, respectively	1,981	2,194
Deferred earnings taxes	1,920	2,189
Different noncurrent belongings	453	240
Whole belongings	$ 20,285	$ 20,436
Liabilities and stockholders’ fairness
Present liabilities
Accounts payable	$ 5,413	$ 4,834
Accrued bills	609	637
Accrued promoting and promotions	854	831
Worker compensation	576	648
Notes payable	10	12
Present maturities of long-term debt	298	298
Different present liabilities	750	1,070
Whole present liabilities	8,510	8,330
Noncurrent liabilities
Lengthy-term debt	4,929	5,059
Pension advantages	378	516
Postretirement advantages	142	166
Lease liabilities	794	838
Different noncurrent liabilities	519	732
Whole noncurrent liabilities	6,762	7,311
Stockholders’ fairness
Widespread inventory, $1 par worth, 250 million shares licensed, 114 million and 113 million shares issued, respectively, and 59 million and 63 million shares excellent, respectively	114	113
Extra paid-in capital	3,025	2,923
Retained earnings	10,170	8,725
Amassed different complete loss	(2,357)	(2,811)
Treasury inventory, 55 million and 50 million shares, respectively	(6,106)	(5,065)
Whole Whirlpool stockholders’ fairness	4,846	3,885
Noncontrolling pursuits	167	910
Whole stockholders’ fairness	5,013	4,795
Whole liabilities and stockholders’ fairness	$ 20,285	$ 20,436

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED DECEMBER 31
(Hundreds of thousands of {dollars})

	Twelve Months Ended
	2021	2020

Working actions
Web earnings	$ 1,806	$ 1,065
Changes to reconcile internet earnings to money offered by (utilized in) working actions:
Depreciation and amortization	494	568
Impairment of goodwill and different intangibles	—	7
(Achieve) loss on sale and disposal of companies	(105)	(7)
(Achieve) loss on beforehand held fairness curiosity	(42)	—
Modifications in belongings and liabilities:
Accounts receivable	(232)	(940)
Inventories	(648)	249
Accounts payable	949	341
Accrued promoting and promotions	70	(123)
Accrued bills and present liabilities	125	(287)
Taxes deferred and payable, internet	130	154
Accrued pension and postretirement advantages	(116)	(30)
Worker compensation	16	303
Different	(271)	200
Money offered by (utilized in) working actions	2,176	1,500
Investing actions
Capital expenditures	(525)	(410)
Proceeds from sale of belongings and companies	302	166
Acquisition of companies, internet of money acquired	(46)	—
Money held by divested companies	(393)	—
Different	2	7
Money offered by (utilized in) investing actions	(660)	(237)
Financing actions
Web proceeds from borrowings of long-term debt	300	1,033
Web proceeds (repayments) of long-term debt	(300)	(569)
Web proceeds (repayments) from short-term borrowings	(1)	(330)
Dividends paid	(338)	(311)
Repurchase of widespread inventory	(1,041)	(121)
Widespread inventory issued	76	44
Different	(35)	1
Money offered by (utilized in) financing actions	(1,339)	(253)
Impact of trade fee adjustments on money, money equivalents and restricted money	(67)	(28)
Enhance (lower) in money, money equivalents and restricted money	110	982
Money, money equivalents and restricted money at starting of yr	2,934	1,952
Money, money equivalents and restricted money at finish of interval	$ 3,044	$ 2,934

SUPPLEMENTAL INFORMATION – CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION
OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Hundreds of thousands of {dollars} besides per share knowledge)
(Unaudited)

We complement the reporting of our monetary info decided underneath U.S. usually accepted accounting rules (GAAP) with sure non-GAAP monetary measures, a few of which we confer with as “ongoing” measures, together with earnings earlier than curiosity and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, natural internet gross sales, adjusted efficient tax fee, gross sales excluding forex and adjusted free money stream. Ongoing measures exclude gadgets that is probably not indicative of, or are unrelated to, outcomes from our ongoing operations and supply a greater baseline for analyzing tendencies in our underlying companies. Gross sales excluding international forex is calculated by translating the present interval internet gross sales, in useful forex, to U.S. {dollars} utilizing the prior-year interval’s trade fee in comparison with the prior-year interval internet gross sales. Administration believes that gross sales excluding international forex supplies stockholders with a clearer foundation to evaluate our outcomes over time, excluding the influence of trade fee fluctuations. Administration believes that adjusted tax fee supplies buyers with a significant, constant comparability of the Firm’s efficient tax fee, excluding the pre-tax earnings and tax impact of sure distinctive gadgets. Administration believes that adjusted free money stream supplies buyers and stockholders with a related measure of liquidity and a helpful foundation for assessing the corporate’s means to fund its actions and obligations. The Firm supplies adjusted free money stream associated metrics, resembling adjusted free money stream as a proportion of internet gross sales, as long-term administration objectives, not a component of its annual monetary steerage, and as such doesn’t present a reconciliation of adjusted free money stream to money offered by (utilized in) working actions, probably the most instantly comparable GAAP measure, for these long-term aim metrics. Whirlpool doesn’t present a non-GAAP reconciliation for its forward-looking long-term worth creation objectives, resembling natural internet gross sales, EBIT, adjusted free money stream conversion, ROIC and gross debt/EBITDA, as these long-term administration objectives are usually not annual steerage, and the reconciliation of those long-term measures would depend on market elements and sure different situations and assumptions which might be outdoors of the corporate’s management. We consider that these non-GAAP measures present significant info to help buyers and stockholders in understanding our monetary outcomes and assessing our prospects for future efficiency, and replicate a further manner of viewing elements of our operations that, when considered with our GAAP monetary measures, present a extra full understanding of our enterprise. As a result of non-GAAP monetary measures are usually not standardized, it is probably not doable to match these monetary measures with different corporations’ non-GAAP monetary measures having the identical or related names. These ongoing monetary measures shouldn’t be thought of in isolation or as an alternative to reported internet earnings out there to Whirlpool per diluted share, internet earnings, internet earnings out there to Whirlpool, internet earnings margin, internet gross sales, efficient tax fee and money offered by (utilized in) working actions, probably the most instantly comparable GAAP monetary measures. We additionally disclose section EBIT as vital monetary metrics utilized by the Firm’s Chief Working Resolution Maker to judge efficiency and allocate sources in accordance with ASC 280 – Section Reporting. GAAP internet earnings out there to Whirlpool per diluted share and ongoing earnings per diluted share are introduced internet of tax, whereas particular person changes in every reconciliation are introduced on a pre-tax foundation; the earnings tax influence line merchandise aggregates the tax influence for these changes. The tax influence of particular person line merchandise changes might not foot exactly to the mixture earnings tax influence quantity, as every line merchandise adjustment might embrace non-taxable parts. Historic quarterly earnings per share quantities are introduced primarily based on a normalized tax fee adjustment to reconcile quarterly tax charges to full-year tax fee expectations. We strongly encourage buyers and stockholders to evaluation our monetary statements and publicly-filed studies of their entirety and to not depend on any single monetary measure.

FOURTH-QUARTER 2021 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation offered under reconciles the non-GAAP monetary measures ongoing earnings earlier than curiosity and taxes and ongoing earnings per diluted share, with probably the most instantly comparable GAAP monetary measures, internet earnings out there to Whirlpool and internet earnings per diluted share out there to Whirlpool, for the three months ended December 31, 2021. Web earnings margin is calculated by dividing internet earnings out there to Whirlpool by internet gross sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by internet gross sales. EBIT margin is calculated by dividing EBIT by internet gross sales. The earnings per diluted share GAAP measure and ongoing measure are introduced internet of tax, whereas every adjustment is introduced on a pre-tax foundation. Our fourth-quarter GAAP tax fee was 35.0%. The mixture earnings tax influence of the taxable parts of every adjustment is introduced within the earnings tax influence line merchandise at our fourth-quarter adjusted tax fee (non-GAAP) of 18.1%.

	Three Months Ended
Earnings Earlier than Curiosity & Taxes Reconciliation:	December 31, 2021
Web earnings (loss) out there to Whirlpool	$ 298
Web earnings (loss) out there to noncontrolling pursuits	2
Revenue tax expense (profit)	165
Curiosity expense	42
Earnings earlier than curiosity & taxes	$ 507
Web gross sales	$ 5,815
Web earnings margin	5.1	%

	Outcomes classification	Earnings earlier than curiosity & taxes		Earnings per diluted share
Reported measure		$ 507		$ 4.90
Restructuring prices^(a)	Restructuring prices	4		0.06
Product guarantee and legal responsibility (earnings) expense^(g)	Value of merchandise offered	(9)		(0.15)
Revenue tax influence				0.02
Normalized tax fee adjustment^(d)				1.31
Ongoing measure		$ 502		$ 6.14
Web gross sales		$ 5,815
Ongoing EBIT margin		8.6	%

Word: Numbers might not reconcile on account of rounding

FOURTH-QUARTER 2020 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation offered under reconciles the non-GAAP monetary measures ongoing earnings earlier than curiosity and taxes and ongoing earnings per diluted share, with probably the most instantly comparable GAAP monetary measures, internet earnings out there to Whirlpool and internet earnings per diluted share out there to Whirlpool, for the three months ended December 31, 2020. Web earnings margin is calculated by dividing internet earnings out there to Whirlpool by internet gross sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by internet gross sales. EBIT margin is calculated by dividing EBIT by internet gross sales. The earnings per diluted share GAAP measure and ongoing measure are introduced internet of tax, whereas every adjustment is introduced on a pre-tax foundation. Our fourth-quarter GAAP tax fee was 23.2%. The mixture earnings tax influence of the taxable parts of every adjustment is introduced within the earnings tax influence line merchandise at our fourth-quarter adjusted tax fee (non-GAAP) of 30.0%.

	Three Months Ended
Earnings Earlier than Curiosity & Taxes Reconciliation:	December 31, 2020⁽⁵⁾
Web earnings (loss) out there to Whirlpool	$ 499
Web earnings (loss) out there to noncontrolling pursuits	4
Revenue tax expense (profit)	152
Curiosity expense	46
Earnings (loss) earlier than curiosity & taxes	$ 701
Web gross sales	$ 5,798
Web earnings margin	8.6	%

	Outcomes classification	Earnings earlier than curiosity & taxes⁽⁵⁾		Earnings per diluted share⁽⁵⁾
Reported measure		$ 701		$ 7.80
Restructuring prices^(a)	Restructuring prices	102		1.60
Product guarantee and legal responsibility (earnings) expense^(g)	Value of merchandise offered	(30)		(0.46)
Sale leaseback, actual property and receivable changes^(f)	Value of merchandise offered	(74)		(1.16)
Sale leaseback, actual property and receivable changes^(f)	Promoting, basic and administrative	(39)		(0.62)
Corrective motion restoration^(e)	Value of merchandise offered	(1)		(0.02)
Revenue tax influence		—		0.20
Normalized tax fee adjustment^(d)		—		(0.67)
Ongoing measure		$ 659		$ 6.67
Web gross sales		$ 5,798
Ongoing EBIT margin		11.4	%

Word: Numbers might not reconcile on account of rounding

FULL YEAR 2021 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation offered under reconciles the non-GAAP monetary measures ongoing earnings earlier than curiosity and taxes and ongoing earnings per diluted share, with probably the most instantly comparable GAAP monetary measures, internet earnings out there to Whirlpool and internet earnings per diluted share out there to Whirlpool, for the twelve months ended December 31, 2021. Ongoing EBIT margin is calculated by dividing ongoing EBIT by internet gross sales. EBIT margin is calculated by dividing EBIT by internet gross sales. Web earnings margin is calculated by dividing internet earnings out there to Whirlpool by internet gross sales. The earnings per diluted share GAAP measure and ongoing measure are introduced internet of tax, whereas every adjustment is introduced on a pre-tax foundation. Our full yr GAAP tax fee was 22.2%. The mixture earnings tax influence of the taxable parts of every adjustment is introduced within the earnings tax influence line merchandise at our full-year adjusted tax fee (non-GAAP) of 23.5%.

	Twelve Months Ended
Earnings Earlier than Curiosity & Taxes Reconciliation:	December 31, 2021
Web earnings (loss) out there to Whirlpool	$ 1,783
Web earnings (loss) out there to noncontrolling pursuits	23
Revenue tax expense (profit)	518
Curiosity expense	175
Earnings (loss) earlier than curiosity & taxes	$ 2,499
Web gross sales	$ 21,985
Web earnings margin	8.1	%

	Outcomes classification	Earnings earlier than curiosity & taxes		Earnings per diluted share
Reported measure		$ 2,499		$ 28.36
Restructuring prices^(a)	Restructuring prices	38		0.61
(Achieve) loss on sale and disposal of companies^(b)	(Achieve) loss on sale and disposal of companies	(107)		(1.69)
(Achieve) loss on beforehand held fairness curiosity^(c)	(Achieve) loss on beforehand held fairness curiosity	(42)		(0.50)
Product guarantee and legal responsibility (earnings) expense^(g)	Value of merchandise offered	(9)		(0.14)
Revenue tax influence		—		0.41
Normalized tax fee adjustment^(d)		—		(0.46)
Ongoing measure		$ 2,379		$ 26.59
Web gross sales		$ 21,985
Ongoing EBIT margin		10.8	%

Word: Numbers might not reconcile on account of rounding

FULL YEAR 2020 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation offered under reconciles the non-GAAP monetary measures ongoing earnings earlier than curiosity and taxes and ongoing earnings per diluted share, with probably the most instantly comparable GAAP monetary measures, internet earnings out there to Whirlpool and internet earnings per diluted share out there to Whirlpool, for the twelve months ended December 31, 2020. Ongoing EBIT margin is calculated by dividing ongoing EBIT by internet gross sales. EBIT margin is calculated by dividing EBIT by internet gross sales. Web earnings margin is calculated by dividing internet earnings out there to Whirlpool by internet gross sales. The earnings per diluted share GAAP measure and ongoing measure are introduced internet of tax, whereas every adjustment is introduced on a pre-tax foundation. Our full yr GAAP tax fee was 26.5%. The mixture earnings tax influence of the taxable parts of every adjustment is introduced within the earnings tax influence line merchandise at our full-year adjusted tax fee (non-GAAP) of 26.3%.

	Twelve Months Ended
Earnings Earlier than Curiosity & Taxes Reconciliation:	December 31, 2020⁽⁵⁾
Web earnings (loss) out there to Whirlpool	$ 1,075
Web earnings (loss) out there to noncontrolling pursuits	(10)
Revenue tax expense (profit)	382
Curiosity expense	189
Earnings (loss) earlier than curiosity & taxes	$ 1,636
Web gross sales	$ 19,456
Web earnings margin	5.5	%

	Outcomes classification	Earnings earlier than curiosity & taxes⁽⁵⁾		Earnings per diluted share⁽⁵⁾
Reported measure		$ 1,636		$ 16.98
Restructuring prices^(a)	Restructuring prices	288		4.54
Product guarantee and legal responsibility (earnings) expense^(g)	Value of merchandise offered	(30)		(0.47)
Sale leaseback, actual property and receivable changes^(f)	Value of merchandise offered	(74)		(1.16)
Sale leaseback, actual property and receivable changes^(f)	Promoting, basic and administrative	(39)		(0.61)
Corrective motion restoration^(e)	Value of merchandise offered	(14)		(0.22)
(Achieve) loss on sale and disposal of companies^(b)	(Achieve) loss on sale and disposal of companies	(7)		(0.10)
Revenue tax influence		—		(0.53)
Normalized tax fee adjustment^(d)		—		0.03
Ongoing measure		$ 1,760		$ 18.46
Web gross sales		$ 19,456
Ongoing EBIT margin		9.0	%

Word: Numbers might not reconcile on account of rounding

FOOTNOTES

a.	RESTRUCTURING COSTS– In 2020, these prices have been primarily associated to actions that right-size and scale back the mounted price construction of our world enterprise, attributable primarily to the macroeconomic uncertainties attributable to COVID-19. This contains prices of roughly $100 million associated to restructuring in the USA and roughly $188 million associated to restructuring outdoors of the USA, together with the exit of our Naples, Italy facility. In 2021, these prices have been primarily associated to actions that right-size and scale back the mounted price construction of our EMEA enterprise and different centralized features.

b.	(GAIN) LOSS ON SALE AND DISPOSAL OF BUSINESSES – On March 31, 2021, Galanz launched its partial tender provide for majority possession of Whirlpool China. Our subsidiary tendered roughly 31% of Whirlpool China’s excellent shares within the tender provide, with the rest representing a noncontrolling curiosity of roughly 20% in Whirlpool China. The transaction closed on Could 6, 2021. In reference to the closing of the transaction, we acquired money proceeds of $193 million and acknowledged a acquire on sale of $284 million.
	On Could 17, 2021, our subsidiary entered right into a share buy settlement to promote its Turkish subsidiary to Arçelik. As a part of the settlement, Arçelik assumed duty for working the manufacturing web site in Manisa, Turkey, following closing. The transaction closed on June 30, 2021. In reference to the closing of the transaction, we acquired money proceeds of $93 million and acknowledged a loss on sale of $164 million. Through the third quarter of 2021, quantities for working capital and different customary post-closing changes have been finalized and a further $13 million loss associated to the sale of enterprise was recorded.
	The web influence realized for acquire on sale and disposal of companies included within the earnings assertion for the twelve months ended December 31, 2021 is $105 million.
	Through the third quarter of 2019, the Firm reserved roughly $7 million for an anticipated change in buy value for the sale of the Embraco compressor enterprise. Changes to the ultimate buy value have been finalized as of the third quarter 2020, with no ensuing change to the ultimate buy value, and the reserve was launched and acknowledged as a acquire in the course of the quarter.

c.	(GAIN) LOSS ON PREVIOUSLY HELD EQUITY INTEREST -Through the third quarter of 2021, our subsidiary Whirlpool of India Ltd. acquired a further 38% fairness curiosity in Elica PB India Personal Restricted (Elica PB India) for $57 million, which resulted in a controlling fairness possession of roughly 87%. The beforehand held fairness curiosity of 49% in Elica PB India was remeasured at truthful worth of $74 million on the acquisition date, which resulted in a acquire of $42 million. This acquire was recorded inside Curiosity & sundry (earnings) expense in the course of the third quarter. The earnings per diluted share influence is calculated internet of minority curiosity.

d.	NORMALIZED TAX RATE ADJUSTMENT– Through the fourth quarter of 2020, the Firm calculated ongoing earnings per share utilizing an adjusted tax fee of 30.0%, to reconcile to our full-year 2020 efficient tax fee of 26.3%. Through the fourth quarter of 2021, the Firm calculated ongoing earnings per share utilizing an adjusted tax fee of 18.1% to reconcile to our full-year efficient tax fee of 23.5%.

e.	CORRECTIVE ACTION RECOVERY– The Firm recorded a good thing about $13 million within the third quarter of 2020 and $1 million within the fourth quarter of 2020 associated to a vendor restoration in our ongoing EMEA-produced washer corrective motion.

f.	SALE LEASEBACK – Within the fourth quarter of 2020, the Firm offered and leased again a bunch of properties for internet proceeds of roughly $139 million. The transaction met the necessities on the market leaseback accounting. Within the fourth quarter of 2020, the Firm recorded the sale of the properties, which resulted in a pre-tax acquire of roughly $113 million ($89 million, internet of tax) recorded in price of merchandise offered ($74 million) and promoting, basic and administrative expense ($39 million) within the Consolidated Statements of Complete Revenue (Loss).

g.	PRODUCT WARRANTY AND LIABILITY (INCOME) EXPENSE – In January 2020, we commenced a product recall within the U.Okay. and Eire for EMEA-produced washers, for which the recall is ongoing.
	Through the fourth quarter of 2020, the Firm launched an accrual of roughly $30 million associated to this EMEA-produced washer recall marketing campaign. Through the fourth quarter of 2021, the Firm additional launched an accrual of roughly $9 million. These changes have been made primarily based on our revised expectations relating to future interval money expenditures for the marketing campaign.

ADJUSTED FREE CASH FLOW

As outlined by the Firm, adjusted free money stream is money offered by (utilized in) working actions after capital expenditures, proceeds from the sale of belongings and companies, and adjustments in restricted money. The reconciliation offered under reconciles twelve months ended December 31, 2021 and 2020 adjusted free money stream with money offered by (utilized in) working actions, probably the most instantly comparable GAAP monetary measure. Adjusted free money stream as a proportion of internet gross sales is calculated by dividing adjusted free money stream by internet gross sales.


	Twelve Months Ended
	December 31,
(hundreds of thousands of {dollars})	2021	2020
Money offered by (utilized in) working actions	$2,176	$1,500
Capital expenditures, proceeds from sale of belongings/companies and alter in restricted money	(213)	(254)
Adjusted free money stream	$1,963	$1,246

Money offered by (utilized in) investing actions*	(660)	(237)
Money offered by (utilized in) financing actions*	(1,339)	(253)

FREE CASH FLOW

Free money stream is money offered by (utilized in) working actions after capital expenditures. The reconciliation offered under reconciles full-year free money stream with money offered by (utilized in) working actions, probably the most instantly comparable GAAP monetary measure. Free money stream as a proportion of internet gross sales is calculated by dividing free money stream by internet gross sales.


	Twelve Months Ended
	December 31,
(hundreds of thousands of {dollars})	2022^* (Outlook)	2021
Money offered by (utilized in) working actions	$2,200	$2,176
Capital expenditures	(700)	(525)
Free money stream	$1,500	$1,651

Money offered by (utilized in) investing actions*		(660)
Money offered by (utilized in) financing actions*		(1,339)

*Monetary steerage on a GAAP foundation for money offered by (utilized in) financing actions and money offered by (utilized in) investing actions has not been offered as a result of with a view to put together any such estimate or projection, the Firm would wish to depend on market elements and sure different situations and assumptions which might be outdoors of its management.

SOURCE Whirlpool Company

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