Financial Highlights

Ongoing earnings per diluted share

The reconciliation provided below reconciles the non-GAAP financial measure of ongoing earnings per diluted share with the most directly comparable GAAP financial measure, net earnings per diluted share available to Whirlpool, for the twelve months ended December 31, 2019, 2018 and 2017. The earnings per diluted share GAAP measure and ongoing business measure are presented net of tax, while each adjustment is presented on a pre-tax basis. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our 2019, 2018 and 2017 full-year tax rates of 15.3%, 6.6% and 14.7%, respectively.

Earnings Per Diluted Share

Twelve Months Ended December 31,

2017

2018

2019

Reported Measure

2017: $ 4.70

2018: $ (2.72)

2019: $18.45

Restructuring expense

2017: 3.70

2018: 3.68

2019: 2.93

Out-of-period adjustment

2017: 0.27

2018: – 

2019: – 

France antitrust settlement

2017: – 

2018: 1.53

2019: – 

Impairment of goodwill and intangibles

2017: – 

2018: 11.11

2019: – 

Trade customer insolvency

2017: – 

2018: 0.45

2019: – 

Divestiture related transition costs

2017: – 

2018: 0.32

2019: – 

Brazil indirect tax credit

2017: – 

2018: – 

2019: (2.80)

(Gain) loss on sale and disposal of businesses

2017: – 

2018: – 

2019: (6.79)

Product warranty and liability expense

2017: – 

2018: – 

2019: 2.04

Sale leaseback, real estate and receivable adjustments

2017: – 

2018: – 

2019: (1.34)

Trade customer insolvency claim settlement

2017: – 

2018: – 

2019: 0.92

Income tax impact

2017: (0.56)

2018: (0.29)

2019: 0.75

Normalized tax rate adjustment

2017: 5.63

2018: 1.25

2019: 1.84

Share adjustment

2017: – 

2018: (0.17)

2019: – 

Ongoing measure

2017: $13.74

2018: $15.16

2019: $16.00

For more information on the adjustments and additional reconciliations of non-GAAP measures, such as free cash flow and ongoing earnings before interest and taxes (EBIT), to the most directly comparable GAAP financial measure, see pages 34-35 of the 2019 Form 10-K included with this annual report, or the document titled “GAAP Reconciliations” at Investors.WhirlpoolCorp.com/financial-information/annual-reports. Please see page 128 of this annual report for a reconciliation of the non-GAAP measure Return on Invested Capital to the most directly comparable GAAP financial measure.

Performance graph

The graph below compares the yearly dollar change in the cumulative total stockholder return on our common stock against the cumulative total return of Standard & Poor’s [S&P] Composite 500 Stock Index and the cumulative total return of the S&P 500 Household Durables Index for the last five fiscal years.** The graph assumes $100 was invested on December 31, 2014, in Whirlpool Corporation common stock, the S&P 500 and the S&P 500 Household Durables Index.

**Cumulative total return is measured by dividing [1] the sum of [a] the cumulative amount of the dividends for the measurement period, assuming dividend reinvestment, and [b] the difference between share price at the end and at the beginning of the measurement period by [2] the share price at the beginning of the measurement period.

Total return to shareholders

(Includes reinvestment of dividends)

ANNUAL RETURN PERCENTAGE Twelve Months Ended December 31,

Company/Index

2015

2016

2017

2018

2019

Company/Index Whirlpool Corporation

2015: -22.70%

2016: 26.69%

2017: -4.89%

2018: -34.50%

2019: 42.83%

Company/Index S&P 500 Index

2015: 1.38

2016: 11.96

2017: 21.83

2018: -4.38

2019: 31.49

Company/Index S&P 500 Household Durables

2015: 0.12

2016: 7.42

2017: 18.65

2018: -34.18

2019: 40.94

INDEXED RETURNS Twelve Months Ended December 31,

Company/Index

Base Period 2014

2015

2016

2017

2018

2019

Company/Index Whirlpool Corporation

2014: $100

2015: $ 77.30

2016: $ 97.93

2017: $ 93.15

2018: $ 61.01

2019: $ 87.15

Company/Index S&P 500 Index

2014: 100

2015: 101.38

2016: 113.51

2017: 138.29

2018: 132.23

2019: 173.86

Company/Index S&P 500 Household Durables

2014: 100

2015: 100.12

2016: 107.54

2017: 127.60

2018: 83.99

2019: 118.37

Comparison of cumulative five-year total return

Line Chart showing the comparison of cumulative five-year total return for 2014 through 2019.
Comparison of cumulative five-year total return
2014 2015 2016 2017 2018 2019
Whirlpool Corporation 100.00 77.28 97.93 93.14 61.01 87.13
S&P 500 Index 100.00 101.38 113.49 138.26 132.19 173.80
S&P 500 Household Durables 100.00 100.12 107.54 127.60 83.99 118.37