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