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Published: 2024-01-29 00:00:00 ET
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EX-99.2 3 exhibit992historicalsegmen.htm EX-99.2 Document

SUPPLEMENTAL INFORMATION - CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as "ongoing" measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT and ongoing EBIT margin.

Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.

Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.

Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as EBIT, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the company’s control.

We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.

We also disclose segment EBIT as an important financial metric used by the Company's Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 - Segment Reporting.

GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.


 HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)
Total Whirlpool202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales4,6494,7924,9264,9205,0974,7844,92319,7245,3585,3245,4885,81521,985
Gross Margin7638167998518976806453,0731,1481,0901,1081,0634,409
Gross Margin %16.4%17.0%16.2%17.3%17.6%14.2%13.1%15.6%21.4%20.5%20.2%18.3%20.1%
Selling, General and Administrative Expenses4874764733764614465371,8204935095245552,081
Earnings Before Interest and Taxes(33)290266463(286)238(1,471)(1,056)6447196305062,499
EBIT Margin %(0.7)%6.1%5.4%9.4%(5.6)%5.0%(29.9)%(5.4)%12.0%13.5%11.5%8.7%11.4%
Net earnings (loss) available to Whirlpool(179)8583313(371)143(1,604)(1,519)4335814712981,783
Ongoing Earnings Before Interest and Taxes2513523224634612651711,3606646076085002,379
Ongoing EBIT Margin %5.4%7.3%6.5%9.4%9.0%5.5%3.5%6.9%12.4%11.4%11.1%8.6%10.8%
Depreciation and Amortization898984112114118131475141118119116494
MDA NAR202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales2,6412,7222,7662,6562,8312,6782,59710,7622,8902,8702,9553,01011,725
Gross Margin4724984535445654043681,8817206907176522,779
Gross Margin %17.9%18.3%16.4%20.5%20.0%15.1%14.2%17.5%24.9%24.0%24.3%21.6%23.7%
Selling, General and Administrative Expenses192218187140185178218720155187201209751
Earnings before Interest and Taxes2662752544053832361541,1785685045184452,033
EBIT Margin %10.1%10.1%9.2%15.2%13.5%8.8%5.9%10.9%19.7%17.6%17.5%14.8%17.3%
Depreciation and Amortization4951484139406918943404141165


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 HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)
MDA Europe202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales8468148291,0209518589483,7791,0931,1461,1611,2824,682
Gross Margin7485854568344819511711610388424
Gross Margin %8.7%10.4%10.3%4.4%7.2%4.0%5.1%5.2%10.7%10.1%8.9%6.9%9.1%
Selling, General and Administrative Expenses79798887877677326115114105109443
Earnings Before Interest and Taxes(5)142(37)(4)(31)(21)(93)776(16)4
EBIT Margin %(0.6)%1.7%0.2%(3.6)%(0.4)%(3.6)%(2.2)%(2.5)%0.6%0.6%0.5%(1.2)%0.1%
Depreciation and Amortization———3535412213246443938167
MDA LAR202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales7478048437507737398183,0797247498278183,118
Gross Margin114118127112123101109445121114125120481
Gross Margin %15.3%14.7%15.1%14.9%15.9%13.7%13.2%14.5%16.7%15.2%15.1%14.7%15.4%
Selling, General and Administrative Expenses7873766366647526756576564243
Earnings Before Interest and Taxes3649525152364618563727156263
EBIT Margin %4.8%6.1%6.2%6.8%6.7%4.9%5.6%6.0%8.7%9.6%8.6%6.8%8.4%
Depreciation and Amortization17171816161716651516171563
MDA Asia202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales2452842192693182422021,0313962482582531,155
Gross Margin3336274343322314171314136179
Gross Margin %13.5%12.7%12.3%16.0%13.5%13.2%11.4%13.7%18.0%12.5%15.9%14.2%15.5%
Selling, General and Administrative Expenses2626232829242710851342225132
Earnings Before Interest and Taxes81051016833719(1)18642
EBIT Margin %3.3%3.5%2.3%3.7%5.0%3.3%1.5%3.6%4.8%(0.4)%7.0%2.4%3.6%
Depreciation and Amortization5655546201354426



HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)
SDA Global 202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales1701682692252232673581,0732563112874511,305
Gross Margin61679596909798381102132111165510
Gross Margin %35.9%39.9%35.3%42.7%40.4%36.3%27.4%35.5%39.8%42.4%38.7%36.6%39.1%
Selling, General and Administrative Expenses4344443844476619544474457192
Earnings Before Interest and Taxes19214962475332194588568110321
EBIT Margin %10.6%12.5%18.2%27.6%21.1%19.9%8.9%18.1%22.7%27.3%23.7%24.4%24.6%
Depreciation and Amortization3—1332311333211
Corp202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Sales—————————————
Gross Margin91212981223118611338
Gross Margin %nmnmnmnmnmnmnmnmnmnmnmnmnm
Selling, General and Administrative Expenses6936552150597720774738791325
Earnings Before Interest and Taxes(357)(79)(96)(28)(781)(64)(1,684)(2,557)(71)48(51)(94)(169)
EBIT Margin %nmnmnmnmnmnmnmnmnmnmnmnmnm
Depreciation and Amortization15141313161415582110161562












HISTORICAL ONGOING EBIT RECONCILIATION
(UNAUDITED)
Total Whirlpool202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Earnings Before Interest and Taxes$(33)$290$266$463$(286)$238$(1,471)$(1,056)$644$719$630$506$2,499
Restructuring————————2087338
Impairment of goodwill, intangibles and other assets————384—12396—————
Impact of M&A Transactions2222656—363271,5461,936—(120)13—(107)
Substantial liquidation of subsidiary——————8484—————
(Gain) loss on previously held equity interest——————————(42)—(42)
Product warranty and liability (income) expense———————————(9)(9)
Legacy EMEA legal matters6236———————————
Ongoing Earnings Before Interest and Taxes$251$352$322$463$461$265$171$1,360$664$607$608$500$2,379










NET EARNINGS TO EBIT RECONCILIATION
(UNAUDITED)
Total Whirlpool202320222021
Amounts in millionsQ1Q2Q3Q1Q2Q3Q4Full YearQ1Q2Q3Q4Full Year
Net Earnings (Loss) Available to WHR$(179)$85$83$313$(371)$143$(1,604)$(1,519)$433$581$471$298$1,783
Net Earnings (Loss) Margin(3.9)%1.8%1.7%6.4%(7.3)%3.0%(32.6)%7.7%8.1%10.9%8.6%5.1%8.1%
Net Earnings Available to Non-Controlling Interests322332—87(1)15223
Income Tax Expense681148610637536926515994100165518
Interest Expense7589954145406419045454441175
Earnings Before Interest & Taxes$(33)$290$266$463$(286)$238$(1,471)$(1,056)6447196305062,499



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