Financial Highlights

FULL-YEAR 2020, 2019 AND 2018 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, 2020, December 31, 2019 and December 31, 2018. 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, 2020

	2018	2019	2020
Net earnings (loss) available to Whirlpool	($183)	$1,184	$1,081
Total assets	18,347	18,881	20,350
Return on assets (ROA)	(1.0%)	6.3%	5.3%

	2018	2019	2020
Ongoing earnings before interest and taxes*	$1,319	$1,414	$1,768
Taxes @ 24%**	317	339	424
Ongoing EBIT after taxes	$1,002	$1,075	$1,344

	2018	2019	2020
Total assets	$18,347	$18,881	$20,350
Current liabilities	(9,678)	(8,369)	(8,330)
Current maturities of long-term debt	$947	$559	$298
Notes payable	1,034	294	12
Total invested capital	$10,650	$11,365	$12,330

	2018	2019	2020
Return on invested capital (ROIC)	9.4%	9.5%	10.9%

* Please see pages 37-41 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

FULL-YEAR 2020 GROSS DEBT TO Ongoing EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION & AMORTIZATION RATIO

The reconciliation provided below reconciles the non-GAAP financial measure ongoing EBITDA to net earnings available to Whirlpool, for the twelve months ended December 31, 2020.

Ongoing earnings before interest, taxes, depreciation and amortization:	Twelve Months Ended December 31, 2020
Net earnings (loss) available to Whirlpool	$1,081
Net earnings (loss) available to noncontrolling interests	(10)
Income tax expense (benefit)	384
Interest expense	189
Earnings before interest and taxes	$1,644
Restructuring costs	288
Product warranty and liability expense	(30)
Sale lease-back, real estate and receivable adjustments	(114)
Corrective action recovery	(14)
(Gain) loss on sale and disposal of businesses	(7)
Ongoing earnings before interest and taxes	$1,768
Depreciation and amortization	568
Ongoing earnings before interest, taxes, depreciation and amortization	$2,336

The reconciliation provided below reconciles Whirlpool Corporation's Gross Debt outstanding, for the twelve months ended December 31, 2020.

Gross debt outstanding:	Twelve Months Ended December 31, 2020
Long-term debt	$5,059
Current maturities of long-term debt	298
Notes payable	12
Gross debt outstanding	$5,369

The reconciliation provided below calculates Whirlpool Corporation's Gross Debt to ongoing EBITDA ratio, for the twelve months ended December 31, 2020.

Gross debt to EBITDA ratio:	Twelve Months Ended December 31, 2020
Gross debt outstanding	$5,369
Ongoing earnings before interest, taxes, depreciation and amortization	$2,336
Gross debt to EBITDA ratio:	2.3

Note: Numbers may not reconcile due to rounding

For more information on the adjustments and additional reconciliations of non-GAAP measures, such as free cash flow, ongoing earnings per share and ongoing earnings before interest and taxes (EBIT), to the most directly comparable GAAP financial measures, see pages 37-41 of the 2020 Form 10-K included with this annual report, or the document titled “GAAP Reconciliations” at Investors.WhirlpoolCorp.com/financial-information/annual-reports.

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, 2020 2015, 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, 2020

Company/Index	2016	2017	2018	2019	2020
Company/Index: Whirlpool Corporation	2016: 27%	2017: -5%	2018: -35%	2019: 43%	2020: 27%
Company/Index: S&P 500 Index	2016: 12	2017: 22	2018: -4	2019: 32	2020: 18
Company/Index: S&P 500 Household Durables	2016: 7	2017: 19	2018: -34	2019: 41	2020: 20

INDEXED RETURNS Twelve Months Ended December 31, 2020

Company/Index	Base Period 2015	2016	2017	2018	2019	2020
Company/Index: Whirlpool Corporation	Base Period 2015: $ 100	2016: $ 127	2017: $ 121	2018: $ 79	2019: $ 113	2020: $ 143
Company/Index: S&P 500 Index	Base Period 2015: $ 100	2016: $ 112	2017: $ 136	2018: $ 130	2019: $ 171	2020: $ 203
Company/Index: S&P 500 Household Durables	Base Period 2015: $ 100	2016: $ 107	2017: $ 127	2018: $ 84	2019: $ 118	2020: $ 142