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, 2017, 2016 and 2015. 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 2017, 2016 and 2015 full-year tax rates of 14.7%, 16.6% and 20.3%, respectively. For more information, see document titled “GAAP Reconciliations” at Investors.WhirlpoolCorp.com/financial-information/annual-reports.

Earnings Per Diluted Share
Twelve Months Ended December 31,
2017 2016 2015
Reported GAAP Measure 4.70 11.50 9.83
Restructuring Expense 3.70 2.24 2.52
Out of Period Adjustment 0.27 — —
Acquisition Related Transition Costs — 1.11 0.80
Antitrust and Dispute Resolutions — — 0.44
Gain/Expenses Related to a Business Investment — — (0.58)
Pension Settlement Charges — — 0.19
Benefit Plan Curtailment Gain — — (0.78)
Legacy Product Warranty and Liability Expense — (0.30) 0.53
Income Tax Impact (0.56) (0.49) (0.57)
Normalized Tax Rate Adjustment 5.63 — —
Ongoing Business Measure 13.74 14.06 12.38

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, 2012, in Whirlpool Corporation common stock, the S&P 500 and the S&P 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
Years Ending
Company/Index Dec. '13 Dec. '14 Dec. '15 Dec. '16 Dec. '17
Whirlpool Corporation 57.00% 25.81% -22.71% 26.71% -4.89%
S&P 500 Index 32.39 13.69 1.38 11.96 21.82
S&P 500 Household Durables 31.08 18.54 0.12 7.42 18.65
Base Period Indexed Returns
Years Ending
Company/Index Dec. '12 Dec. '13 Dec. '14 Dec. '15 Dec. '16 Dec. '17
Whirlpool Corporation $100 $157.00 $197.52 $152.66 $193.44 $183.98
S&P 500 Index 100 132.39 150.51 152.59 170.84 208.12
S&P 500 Household Durables 100 131.08 155.38 155.57 167.11 198.28

Footnotes

  • (a) Based on most recently available publicly reported annual revenues.
  • (b) Based on AHAM, Traqline and Internal Research for the full-year 2016.
  • (c) Amazon, Boys and Girls Clubs of America, Google, Habitat for Humanity International, Honeywell, IBM, Instituto Consulado da Mulher, International Red Cross, United Way and certain other trademarks are owned by their respective companies.
  • (d) Click here for reconciliation
  • (e) Click here to see 10-K for reconciliation
  • (f) Bauknecht, Brastemp, Consul, Design of the stand mixer, Hotpoint*, Indesit, KitchenAid, Maytag, Whirlpool, and Yummly are trademarks of Whirlpool Corporation of its wholly or majority-owned affiliates.
  • *   Whirlpool Corporation ownership of the Hotpoint brand in EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas.
  • (g) Appliance must be set to remote enable. WiFi & App required. Features subject to change. For details and privacy statement, visit whirlpool.com/connect.

What We See: A Regional Perspective

Long-Term Favorable
Growth Trends

leveraging best cost in
a recovering market

INTEGRATING BRAND AND PRODUCT
PORTFOLIO FOR GROWTH

Award-winning innovation

map

Joe LiotineEVP and President
Whirlpool North America

long-term favorable growth trends

We are proud of our strong growth and operating margins this year. Our teams executed well in a solid demand environment, and we are pleased by another year of market share gains led by the Maytag brand. We expect strong results to continue in 2018 as a result of new product launches, including the new Whirlpool brand connected kitchen suite, previously announced cost-based pricing actions and continued industry growth driven by strong housing trends and low unemployment.

João BregaEVP and President
Whirlpool Latin America

leveraging best cost in a recovering market

The operating environment in Latin America continues to be uneven, but we are encouraged by signs of demand growth. We continue to have strong share behind the Brastemp and Consul brands and we continue to invest in innovation. We are implementing previously announced cost-based price increases and fixed cost reductions, and we are well-positioned to benefit from demand growth when it returns.

Esther Berrozpe GalindoEVP and President
Whirlpool EMEA

INTEGRATING BRAND AND PRODUCT PORTFOLIO FOR GROWTH

This was a challenging year with complex integration activities and significant raw material inflation. After a difficult start to the year, we made significant progress to improve the stability of our operations and have largely completed our brand and product transitions. We are on track to finalize the Indesit integration next year, and are implementing previously announced cost-based pricing actions and launching innovative new products. We are confident we are well-positioned for growth in 2018.

Sam WuPresident
Whirlpool Asia

award-winning innovation

Our business in India delivered record performance again this year, with strong growth, market share gains and improved margins. Tax reform in India was favorable for consumer demand, and we expect to benefit from continued economic growth to deliver another record year in 2018. In contrast, the environment in China continues to be challenging but we have taken strong actions to significantly reduce costs, and have deployed previously announced cost-based price increases to offset these pressures. Overall, we expect to deliver improved performance in 2018 in the region.