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Financial Reconciliations

Full-Year Ongoing Earnings Before Interest and Taxes and Ongoing Earnings Per Diluted Share

Earnings Before Interest and Taxes Reconciliation Twelve Months Ended December 31,
2019 2020 2021 2022
Net earnings (loss) available to Whirlpool 2019: 1,168 2020: 1,075 2021: 1,783 2022: (1,519)
Net earnings (loss) available to noncontrolling interest 2019: 14 2020: (10) 2021: 23 2022: 8
Income tax expense (benefit) 2019: 348 2020: 382 2021: 518 2022: 265
Interest expense 2019: 187 2020: 189 2021: 175 2022: 190
Earnings before interest and taxes 2019: 1,717 2020: 1,636 2021: 2,499 2022: (1,056)
Net sales 2019: 20,419 2029: 19,456 2021: 21,985 2022: 19,724
  Earnings before
interest & taxes
Earnings per
diluted share
Twelve Months Ended December 31,
2019 2020 2021 2022 2022
Reported Measure Earnings before interest & taxes: 2019: 1,717 2020: 1,636 2021: 2,499 2022: (1,056) Earnings per diluted share: 2022: (27.18)
Restructuring Costs Earnings before interest & taxes: 2019: 188 2020: 288 2021: 38 2022:   Earnings per diluted share: 2022:  
Impairment of goodwill, intangibles and other assets Earnings before interest & taxes: 2019:   2020:   2021:   2022: 396 Earnings per diluted share: 2022: 7.08
Impact of M&A transactions Earnings before interest & taxes: 2019:   2020: (7) 2021: (107) 2022: 1,936 Earnings per diluted share: 2022: 34.63
Substantial liquidation of subsidiary Earnings before interest & taxes: 2019:   2020:   2021:   2022: 84 Earnings per diluted share: 2022: 1.51
(Gain) loss on previously held equity interest Earnings before interest & taxes: 2019:   2020:   2021: (42) 2022:   Earnings per diluted share: 2022:  
(Gain) loss on sale and disposal of businesses Earnings before interest & taxes: 2019: (437) 2020:   2021:   2022:   Earnings per diluted share: 2022:  
Sale leaseback, real estate and receivable adjustments Earnings before interest & taxes: 2019: (86) 2020: (113) 2021:   2022:   Earnings per diluted share: 2022:  
Corrective action recovery Earnings before interest & taxes: 2019:   2020: (14) 2021:   2022:   Earnings per diluted share: 2022:  
Product warranty and liability (income) expense Earnings before interest & taxes: 2019: 131 2020: (30) 2021: (9) 2022:   Earnings per diluted share: 2022:  
Brazil indirect tax credit Earnings before interest & taxes: 2019: (180) 2020:   2021:   2022:   Earnings per diluted share: 2022:  
Trade customer insolvency claim settlement Earnings before interest & taxes: 2019: 59 2020:   2021:   2022:   Earnings per diluted share: 2022:  
Total income tax impact Earnings before interest & taxes: 2019:   2020:   2021:   2022:   Earnings per diluted share: 2022: (1.89)
Normalized tax rate adjustment Earnings before interest & taxes: 2019:   2020:   2021:   2022:   Earnings per diluted share: 2022: 5.69
Share adjustment Earnings before interest & taxes: 2019:   2020:   2021:   2022:   Earnings per diluted share: 2022: (0.20)
Ongoing Measure Earnings before interest & taxes: 2019: 1,392 2020: 1,760 2021: 2,379 2022: 1,360 Earnings per diluted share: 2022: 19.64
Net sales Earnings before interest & taxes: 2019: 20,419 2020: 19,456 2021: 21,985 2022: 19,724 Earnings per diluted share: 2022:  
Ongoing EBIT Margin Earnings before interest & taxes: 2019: 6.8% 2020: 9.0% 2021: 10.8% 2022: 6.9% Earnings per diluted share: 2022:  
  • For 2022, our full-year GAAP tax rate was (21.6)% and the aggregate income tax impacts of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax rates (non-GAAP) of 4.4%.
Twelve Months Ended December 31,
(millions of dollars) 2022
Cash provided by (used in) operating activities $1,390
Capital expenditures (570)
Free cash flow $820
Cash provided by (used in) investing activities(c) (660)
Cash provided by (used in) financing activities(c) (1,339)
  • (c) Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.

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, 2018, 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 2018 2019 2020 2021 2022
Company/Index:Whirlpool Corporation 2018: -34.50 2019: 42.83 2020: 26.52 2021: 33.26 2022: -37.16
Company/Index:S&P 500 Index 2018: -4.38 2019: 31.49 2020: 18.40 2021: 28.71 2022: -18.11
Company/Index:S&P 500 Household Durables 2018: -34.18 2019: 40.94 2020: 20.37 2021: 36.51 2022: -24.91
Indexed Returns Twelve Months Ended December 31,
Company/Index Base Period
2017
2018 2019 2020 2021 2022
Company/Index:Whirlpool Corporation Base Period 2017: $100 2018: $65.50 2019: $93.56 2020: $118.37 2021: $157.74 2022: $99.13
Company/Index:S&P 500 Index Base Period 2017: $100 2018: $95.62 2019: $125.72 2020: $148.85 2021: $191.58 2022: $156.88
Company/Index:S&P 500 Household Durables Base Period 2017: $100 2018: $65.82 2019: $92.77 2020: $111.67 2021: $152.44 2022: $114.47

Comparison of cumulative five-year total return

Comparison of cumulative five-year total return

Company/Index: Whirlpool Corporation

Indexed Returns Twelve Months Ended December 31,

Company/Index: S&P 500 Index

Indexed Returns Twelve Months Ended December 31,

Company/Index: S&P 500 Household Durables

Indexed Returns Twelve Months Ended December 31,