Full-Year 2021, 2020 and 2019 Return on Invested Capital
The reconciliation provided below compares the non-GAAP financial measure Return on Invested Capital (ROIC) with the most directly comparable GAAP financial measure, Return on Assets (ROA), for the twelve months ended December 31, 2021, December 31, 2020 and December 31, 2019. The Company selected ROIC because it represents an important measure of capital efficiency, which is considered a key driver of sustainable stockholder value creation. The Company defines ROIC as ongoing EBIT after taxes divided by total invested capital, defined as total assets less non interest-bearing current liabilities (NIBCLs). NIBCLs is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies’ methods and therefore may not be comparable to those used by other companies.
Twelve Months Ended December 31,
2019
2020
2021
Net earnings (loss) available to Whirlpool Corporation
2019: $1,168
2020: $1,075
2021: $1,783
Total assets
2019: 18,973
2020: 20,436
2021: 20,285
Return on assets (ROA)
2019: 6.2%
2020: 5.3%
2021: 8.8%
2019
2020
2021
Ongoing earnings before interest and taxes*
2019: $1,392
2020: $1,760
2021: $2,379
Taxes @ 24%**
2019: 334
2020: 422
2021: 571
Ongoing EBIT after taxes
2019: $1,058
2020: $1,338
2021: $1,808
2019
2020
2021
Total assets
2019: $18,973
2020: $20,436
2021: $20,285
Current liabilities
2019: (8,369)
2020: (8,330)
2021: (8,510)
Current maturities on long-term debt
2019: 559
2020: 298
2021: 298
Notes payable
2019: 294
2020: 12
2021: 10
Total invested capital
2019: $11,457
2020: $12,416
2021: $12,083
2019
2020
2021
Return on invested capital
9.2%
10.8%
15.0%
*Please see pages 36-40 of our Annual Report on Form 10-K for a reconciliation of the non-GAAP financial measure ongoing earnings before interest and taxes, with the most directly comparable GAAP financial measure, net earnings available to Whirlpool.
**Taxes are calculated at a flat 24% tax rate to enable standard, consistent comparisons across years and remove variability of tax credits, allowances, incentives and other tax-related items that can fluctuate on an annual basis.
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, 2016, 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,
