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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,
  2020 2021 2022 2023
Net earnings (loss) available to Whirlpool 1,075 1,783 (1,519) 481
Net earnings (loss) available to noncontrolling interest (10) 23 8 7
Income tax expense (benefit) 382 518 265 77
Interest expense 189 175 190 351
Earnings before interest and taxes 1,636 2,499 (1,056) 916
Net sales 19,456 21,985 19,724 19,455
  Earnings before interest and taxes
Twelve Months Ended
December 31,		 Earnings per diluted share
Twelve Months Ended
December 31,
  2020 2021 2022 2023 2022 2023
Reported measure 1,636 2,499 (1,056) 916 (27.18) 8.72
Restructuring costs 288 38        
Impairment of goodwill, intangibles and other assets     396   7.08  
Impact of M&A transactions (7) (107) 1,936 181 34.63 3.27
Substantial liquidation of subsidiary     84   1.51  
Legacy EMEA legal matters       94   1.71
(Gain) loss on previously held equity interest   (42)        
Sale leaseback, real estate and receivable adjustments (113)          
Corrective action recovery (14)          
Product warranty and liability (income) expense (30) (9)        
Total income tax impact         (1.89) 0.35
Normalized tax rate adjustment         5.69 2.11
Share adjustment         (0.20) NA
Ongoing measure 1,760 2,379 1,360 1,191 19.64 16.16
Net sales 19,456 21,985 19,724 19,455    
Ongoing EBIT margin 9.0% 10.8% 6.9% 6.1%    

For 2023, our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.

For 2022, our full-year GAAP tax rate was (21.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 4.4%.

For 2021, our full-year GAAP tax rate was 22.2%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 23.5%.

For 2020, our full-year GAAP tax rate was 26.5%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 26.3%.

total shareholder return

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.

Comparison of cumulative five-year total return

  • S&P 500 Index
  • S&P 500 Household Durables
  • Whirlpool Corporation

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,