WHIRLPOOL CORPORATION 
2020 ANNUAL REPORT
Our Response to COVID-19
During the COVID-19 pandemic, the health and safety of our employees has always been our top priority. We continue to deliver our essential products to consumers and focus on business operations in the face of the pandemic.
Those efforts include continuing to keep plants operating, employees safe, and position Whirlpool Corporation to win in the eventual recovery. ►
CARING FOR OUR EMPLOYEES
Employee safety is our number one priority at Whirlpool Corporation, and we responded early with a Global Coronavirus Task Force that met daily to assess developments, communicate health and safety guidance, and address employee questions. We increased safety measures at all manufacturing plants and expanded flexible work policies for all employees able to work from home.
Our plants were quick to make adjustments in the face of COVID-19-in some cases within 24 hours. Through the World Class Manufacturing system, it was possible to quickly institute COVID-19 protocols. This was reinforced with a continued commitment from our people within all our plants around the globe to exercise safety protocols on a daily basis. These measures still consist of regular temperature checks, six-foot social distancing, increased routine cleaning in work and other areas, and an emphasis on individual accountability for all of our employees.
CARING FOR OUR CONSUMERS
We established plans to ensure our consumers had our trusted appliances to improve life at home with their families, knowing they depend on our home appliances more than ever to clean, cook and provide proper food and medicine storage. Service and support continued with strict health and safety processes in place, along with contactless delivery in most regions across our operations.
Powered Air Purification Respirators: Whirlpool Corporation, Dow Inc. and Reynolds Consumer Products Inc. collaborated to provide much-needed respirators. Together, we designed and built headgear and a respirator system, critical in helping ensure the safety of front-line medical workers who are often in direct contact with COVID-19 patients.
Mechanical Ventilators: Whirlpool engineers based in Cassinetta di Biandronno, Italy developed a mechanical ventilator and PPE face shields that were donated to a local hospital and front-line workers.
CARING FOR OUR COMMUNITIES
Our consumers and the communities in which we work and live are at the forefront of everything we do as a company. At no time in the 109-year history of our company has this been more apparent than during the COVID-19 pandemic. Not only did we have a responsibility to continue making the appliances that help keep people's lives running during this global crisis, but as we have done since we were founded, felt a sense of responsibility to provide aid and assistance to our local communities in any way possible.
During 2020, we continued to support organizations such as United Way® by contributing to its COVID-19 relief fund, and we stepped up our support of local food pantries and homeless shelters that saw increased needs as families around the globe found their resources spread thin. We also contributed funding and much-needed supplies such as personal protective equipment and appliances to hospitals and other health care facilities worldwide to aid them during the crisis. Our employees never stopped innovating, as we designed, engineered, built and donated thousands of Powered Air Purifying Respirators (PAPR) to health care workers on the front lines of the crisis in the U.S. and Brazil. We made face mask extenders with our 3D printers for hospitals near our manufacturing centers, and looked for new ways to use our appliances to combat the spread of the virus.
MEDICAL DEVICES
IN CONSTANT PURSUIT OF
Improving Life at Home
At Whirlpool Corporation, our vision has never wavered. We continue to be the world's leading kitchen and laundry appliance company(a), in constant pursuit of improving life at home. In our 109th year of operations as a U.S.-based company, this principle continues to guide us in everything we do. That means incorporating purposeful innovation into our products while caring for our consumers and the people who live in the communities where we do business. Our commitment continues in the workplace, where we strive to increase inclusion and diversity, while growing and developing the unique talents of all our employees to meet the constantly evolving needs of our consumers around the world.
Who We Are
WHERE WE OPERATE
Whirlpool Corporation (NYSE: WHR) is the world's leading kitchen and laundry appliance company(a), with approximately $19 billion in annual sales, 78,000 employees and 57 manufacturing and technology research centers in 2020. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and other major brand names in nearly every country throughout the world.
$19B
in Annual Sales
A MESSAGE FROM
MARC BITZER
Chairman and
Chief Executive Officer
2020 Chairman's Letter
2020 was a year like none before. Starting with the unfolding of events in January, the pandemic has kept a firm grip on our world and our company. Many of our global operations have been at the epicenter of the pandemic, be it in China or in our northern Italy manufacturing facilities.
An unforeseen crisis of this magnitude does not come with a "leadership manual" and is a test of the character of an organization. I am tremendously proud of how our leaders and colleagues throughout the world rose to the occasion and am particularly proud that we stayed true to our roots and committed to serving all our stakeholders.
Always paramount is our employees' health and safety. We had many colleagues working tirelessly to turn large-scale operations into "COVID-safe" operations in a matter of days. We had our procurement teams scouting personal protective equipment for our employees when it was in short supply. Practically overnight, we built an infrastructure to monitor all COVID-19 cases globally and provide health and emotional support for all our people.
Equally important was our commitment to serve our consumers during the many lockdowns. Despite all the challenges, we did not have significant factory shutdowns and were able to provide essential products to our consumers even during the peak of the pandemic. Our service engineers went well beyond the call of duty and visited consumers' homes to repair and service our products.
We also stepped up in serving our local communities. We procured and donated millions of masks, gowns, sanitizers and other critical material to our local hospitals and front-line workers when they were not able to procure these materials themselves. We supported local organizations providing vital services to the most vulnerable in society, such as food banks, shelters and school meal programs.
The pandemic easily could have had devastating impacts on us from a financial perspective. Instead, what could have been a setback for us turned into the best year ever. COVID-related demand tailwinds, in particular during the second half of 2020 helped, but drove only a fraction of our outstanding financial results. Without a doubt, the early and decisive actions we took on the go-to-market and cost sides made all the difference. Many of these decisions were difficult and painful, yet necessary and impactful. Achieving an all-time record of ongoing earnings per share of $18.55(b) is certainly a remarkable accomplishment-and this makes the third consecutive year of all-time record earnings(b). We also madetremendous strides in delivering on our long-term value creation targets with an ongoing EBIT margin(b) of 9.1% (against our long-term target of 10%) and a free cash flow(b) of $1.2 billion (in line with our long-term target).
Despite the operational intensity with which we had to steer the business, we kept our focus on our long-term, globally aligned strategic imperatives.
► Deliver product leadership.
With the changing competitive landscape it is more important than ever to lead the market with innovative, leading-edge designed products. The launch of our new global dishwashing platform, which ultimately will be produced in three of our global facilities (Findlay, USA, Radomsko, Poland, and Hefei, China), is a great example of true product leadership.
► Re-define what product is. Even though the adoption rate of IoT-based products is still low, we are committed to being at the forefront of this development and leading the industry with consumer-relevant product and service solutions. The launch of our Swash detergent, for example, coupled with the unique multi-dosing feature in select washers and our portfolio of IoT apps is a very encouraging innovation with true customer value.
► Winning the digital consumer journey. The advent of digital technologies has fundamentally changed both the consumer pre-buy process as well as the actual purchase process.
No. 7
SPOT ON NEWSWEEK'S 2021 LIST OF AMERICA'S MOST RESPONSIBLE COMPANIES
The pandemic has been a significant accelerator in this space, and we have been hugely successful in capitalizing on these trends-with our direct-to-consumer business rapidly approaching $1 billion in sales.
►
Reinvent our value chain. World Class Manufacturing, digital and Industry 4.0 technologies in our factories allow us to make a step change in sustained cost and quality competitiveness. We are particularly pleased with our progress in creating best-in-class home delivery networks and in driving competitive advantage in our consumer service platforms.
In my letter to you last year, I laid out our longstanding commitment to ESG initiatives which date back to 1969 (and probably even longer). This year we made significant progress toward our ESG goals, and we are very proud of the external recognition we received throughout the year:
► Rose to the No. 7 spot on Newsweek's 2021 list of America's Most Responsible Companies
► Achieved a low risk score of 18.0 on Sustainalytics ESG Risk Rating
► Improved our S&P Global ESG Score to 63 and were named to the 2020 Dow Jones Sustainability Indices (DJSI) North America Index for the 14th time in the last 15 years
► Awarded a perfect 100 on the Human Rights Campaign Foundation's (HRC) 2021 Corporate Equality Index for the 18th year in a row
We will continue to execute on our ESG initiatives and address challenges such as climate change and human capital management. We've set targets approved by the Science-Based Targets initiative (SBTi) for our emissions in both our plants and our products in use and will continue to enhance disclosure on topics relevant to our stakeholdersthrough frameworks such as GRI, SASB and TCFD(d). As outlined in detail in our 2020 Sustainability Report, Whirlpool is uniquely positioned to both aid the energy transition and deliver compelling innovation with meaningful societal impact.
OUTLOOK 2021
It is increasingly clear that the pandemic won't be over anytime soon and that we might have to cope with the related challenges for some time to come. Having said that, we are very encouraged by the strong momentum we have been building in our business over the past quarters and years. We are equally confident in the strong consumer demand trends throughout the world-there is no doubt that this pandemic has led consumers to fundamentally reorient toward house and home or what we call "investing in nesting." Our company's vision and purpose of "improving life at home" couldn't be more fitting!
THANK YOU
Your trust in Whirlpool Corporation allows our 78,000 employees to improve life at home for families around the world. Thank you for your continued support, and we are looking forward to a very successful 2021.
Sincerely,
MARC BITZER
Chairman of the Board and Chief Executive Officer
Unique Structural Position
Whirlpool Corporation is committed to delivering significant, long-term value to both our consumers and our shareholders. For consumers, we deliver value through innovative, high-quality products and services that improve life at home. For our shareholders, we remain committed to our four fundamental pillars-maintain our global leading scale, have the best brand portfolio, advance our track record
of innovation and hold the best cost position in the home appliance industry.
UNIQUE STRUCTURAL POSITION
► Global Leading Scale
► Accelerating Our Pace of Innovation
► Best-Cost Position
► Best Brand Portfolio
GLOBAL LEADING SCALE
We hold the number one share position in six of our ten largest countries by revenue(e).
VISION, MISSION, VALUES
Our Vision
Be the best kitchen and laundry company, in constant pursuit of improving life at home
Our Mission
Earn trust and create demand for our brands in a digital world
Our Values
Integrity, Respect, Inclusion & Diversity, One Whirlpool, Spirit of Winning
BEST-COST POSITION
Leading scale combined with advanced productivity tools, aggressive indirect spending discipline and product architecture modularization has provided us with the ability to produce efficiently and cost-effectively in our regions. Our unique global position empowers Whirlpool Corporation to deliver long-term results by producing and marketing the right products at the right time throughout the world.
STRATEGIC IMPERATIVES
1. Deliver Product Leadership
2.
Redefine What Product Is
3. Win the Digital Consumer Journey
4.
Reinvent Our Value Chain
We have a proven track record of consistently driving cost and complexity out of our business. In 2020, we successfully executed and delivered our $500M+ cost takeout program, offsetting the impact of COVID-19 and structurally improving the company's margin profile.
LONG-TERM GOALS
~ 10% EBIT | 6%+ FCF | ~3% | 12-14% |
(Ongoing Earnings Before | (Free Cash Flow as | Annual Organic | Return on |
Interest and Tax) | % of Net Sales) | Net Sales Growth | Invested Capital |
2020 Annual Report |
7
Accelerated Pace of Innovation
Whirlpool Corporation has been no stranger to leading-edge innovation, state of the art product development and a long list of industry-firsts. This tradition continued with the introduction of our liquid laundry detergent, Swash.
Leveraging over 100 years of laundry expertise and incorporating both the art and science of cleaning, this ultra-concentrated formula delivers an end-to-end laundry experience for consumers, redefines product and will play a key role in our digital transformation journey.
E-COMMERCE INTEGRATION
► Daily consumables increase touchpoints and close loyalty loop
► App keeps customer within our direct-to-consumer business longer term
► Automatic replenishment when supplies are low
► Detergent is highest Consumer Packaged Goods (CPG) category shifting to online purchases
SMART WAY TO WASH
► Digitally integrated with Whirlpool and Maytag laundry
► Do more with less
INDUSTRY DISRUPTOR
► Based on consumer insight; removes guesswork
► Intercepts consumer at first point of appliance use and increases number of touchpoints we have with consumers
► Drives incremental revenue stream-the laundry detergent category is a $14 billion and growing industry with high margin potential
► Redefines product with consumers and shareholders
EASE AND PRECISION CLEANING
► Precision Pour Cap dispenses the detergent for you; only pours what you need
► Up to 83 loads/bottle
► 8x concentration saves laundry room space
8
OUR
$1B+
Best Brand Portfolio
brands include Whirlpool, KitchenAid, Maytag, Indesit, Hotpoint*
*
OUR GLOBAL POSITION
Q&A
North America
Q: How were you able to drive significant margin expansion in North America, despite the impact of COVID-19?
A: 2020 results represent the third consecutive
year of margin expansion for the North America
region. We delivered record EBIT margin of nearly
16% through the execution of our cost takeout
program and disciplined execution of our go-to-
market approach.
Q: What is your goal for North America in 2021?
A: Despite COVID-related supply challenges continuing into 2021, we expect to deliver sustainable, profitable growth in the region.
We expect to capture demand from structurally improving consumer trends, while leveraging
Latin America
JOE LIOTINE | JOÃO BREGA |
EVP and President | EVP and President |
Whirlpool North America | Whirlpool Latin America |
Q: What has driven the extraordinary growth rates
in LAR and now, double-digit margins in the
second half of 2020?
A: We delivered organic sales(b) growth of approximately 23% in 2020. We leveraged our leading brands to capitalize on industry demand growth in Brazil and benefited from the expansion of our direct-to-consumer business. Additionally, strong cost takeout actions and positive price/mix helped offset significant currency devaluation in Brazil and Argentina. Our 2020 performance serves as a proof point of the viability of our long-term financial goals.
Q: How do you plan to continue to drive growth in 2021?
our fundamentally improved cost position and | A: | We expect solid top-line growth driven by |
disciplined execution of our go-to-market strategy | continued demand strength in Brazil and | |
to drive EBIT margins of 15%-well above our | sustained growth in our direct-to-consumer | |
long term financial goal for the region of 13%+. | business. We expect to deliver strong EBIT | |
margins of 7%+ as cost takeout and price/mix | ||
actions offset continued currency headwinds. |
EMEA
A: We are very pleased to have returned the region to profitability this year, overcoming significant
challenges along the way. We executed on our
strategic initiatives, delivering top-line growth
and share gains in key countries, and continued
to drive structural cost improvements in our
business.
Q: How do you ensure the momentum from 2020 carries into 2021?
A: We will continue to execute on our strategic initiatives, focused on driving share gains in key countries and reducing our cost footprint. Additionally, we expect to make strong progress in our premium freestanding and built-in business through the continued launch of award-winning and innovative products. We expect this to result in EBIT margins of 2.5%+ in 2021, a year-over-year expansion of approximately 250 basis points.
GILLES MOREL | SAM WU |
EVP and President | EVP and President |
Whirlpool EMEA | Whirlpool Asia |
Q: What were the key drivers of returning EMEA | Q: What insights did you learn early on in the |
back to profitability? | pandemic that helped to prepare the other |
regions for the impact of COVID-19? |
ASIA
A: From the onset, our primary goal was to ensure the safety of our employees, while continuing to manufacture essential products for our consumers. Our learnings related to the implementation of safety protocols and procurement of personal protective equipment helped us to be one of the first companies to restart production in China. We then leveraged these learnings to support our essential manufacturing operations around the globe.
Q: What are the top priorities for the region as we begin 2021?
A: In India, we are focused on continuing to drive
share gains in a growing demand environment. In
China, we are pleased with the Whirlpool brand
share gains made in 2020 and look forward to
sustaining that momentum in 2021. Overall,
we expect to drive strong top-line growth and
expand margins to 2%+.
OUR
Brands and Products
At Whirlpool Corporation, we don't just build products. We create rich consumer experiences.
This is done through our strong portfolio of brands operating around the globe, which have helped us to establish our reputation as the world's leading kitchen and laundry appliance company.
As experts in our industry, we are not only in constant pursuit of improving life at home, we are also continually innovating both our products and processes, from the design and testing phase all the way through manufacturing. We do this by using targeted research, sophisticated data and our vast knowledge of consumer preferences and behaviors, combined with employees who are second to none.
2020 proved to be challenging on many levels, but we were still able to provide winning results with breakthrough new products, such as our revolutionary third rack dishwasher platform, high-capacity, smart, 4-door refrigerators, and enhancements to the Yummly app that now include an integrated smart thermometer.
Whirlpool Front-Load Washing Machines received the highest rank for customer satisfaction in the J.D. Power 2020 Laundry Appliances
Satisfaction Study(f).
OUR
Operations
Our global teams in Planning, Sourcing, Production, Transportation, Warehousing and Delivery demonstrated agility and resilience. They worked proactively under extreme circumstances to mitigate multiple unprecedented stressors on our manufacturing and supply chain operations not only due to the pandemic, but also multiple natural disasters around the globe.
We were able to leverage the tools and methodologies of World Class Manufacturing to solve problems, increase productivity and improve stability-all while prioritizing employee health and safety during this critical time.
Cross-functional teams from throughout the Integrated Supply Chain remained agile, sharing best practices with their global colleagues to continuously improve and evolve in response to unprecedented events in every region.
EMPLOYEE HEALTH & SAFETY
0.23
Lost-time Incident Rate
Our manufacturing and distribution network will continue to increase its resiliency through the use of advanced data analytics, innovative applications and cutting-edge technologies. We are confident our ambitious vision will enhance business continuity and support our number one priority-the health and safety of our employees.
OUR
People
Whirlpool Corporation has a history of prioritizing issues such as gender and racial equality among our employees. For the past 18 years, we have achieved a perfect 100 score on the Corporate Equality Index, marking nearly two decades of commitment to inclusion in the workplace.
This broad organizational commitment was again demonstrated in 2020 with extensive participation in our second annual Global Inclusion Week. Additionally, our employee resource groups continue to raise awareness for an inclusive culture, giving voice to eight under-represented groups in North America; two in our EMEA region; four in the Latin America region; and one in Asia.
We have a long tradition of measuring employee engagement through our annual employee engagement survey. In 2020, we migrated to a new survey platform in order to gather employee feedback more often, and utilized the platform for a global well-being pulse survey strategy in response to COVID-19. We are committed to continued pulse surveys with coverage of broader engagement and well-being topics.
KEY INITIATIVES TO ADVANCE INCLUSION AND DIVERSITY
► Chairman and CEO Marc Bitzer is a founding member of OneTen, a coalition of leading executives with the mission to train, hire and advance one million Black Americans over the next 10 years into family-sustaining jobs with opportunities for advancement.
Employee photos without masks taken before COVID-19 pandemic
► In 2020, we announced a multi-year action plan in the U.S. to drive sustainable, positive impact for all current and future Black colleagues and the local community-which will ultimately help all underrepresented groups within the company.NAMED TO
OUR
Communities
Since our inception, Whirlpool Corporation has been committed to maintaining strong, lasting connections in the communities in which we do business.
Most of our operations are located in small towns, and we embrace our responsibility to support these communities. We utilize a global collective impact model that centers around improving life at home. Accordingly, our giving priorities focus on the areas of house and home as important levers to create thriving communities.
HOUSE. Our House initiatives focus on ensuring everyone can have a place to live that is comfortable and nurturing; a place where families can make healthy choices to build their best life.
HOME. Our Home initiatives focus on developing resilient, vibrant communities through education and community development. We help improve life at home in our communities with the added benefit that our employees have a great place to live.
In addition to supporting our ongoing commitments to multiple causes, we deployed teams of employees to focus on supporting the immediate community needs as a result of COVID-19. Our company and employees were eager to help in every way possible, from building health care facilities, contributing to COVID-19 research and procuring medical supplies to providing appliances for shelters, health care facilities and other organizations that care for the elderly and disadvantaged.
While COVID-19 meant we had to pivot from face-to-face activities to virtual programs, we stayed true to our local engagement efforts to ensure every Whirlpool Corporation site across the globe participated through our annual United Way campaign in the U.S. and other volunteer opportunities globally. Many of our employees also serve on local nonprofit boards and volunteer on committees that helped address COVID-19 issues in their communities.
OUR
Environmental Sustainability
At Whirlpool Corporation, our environmental sustainability approach drives at the heart of addressing the major challenges our planet and our consumers face. With climate change expected to impact many aspects of our lives for years to come, we take our responsibility seriously.
The idea of contextual sustainability is at the center of our efforts to drive areas of sustainability that focus on our most important priorities. These focus areas include:
► Designing for the Environment
► Zero Impact Operations
► Product Efficiency and Innovation
DESIGNING FOR THE ENVIRONMENT
DISHWASHERS that use approximately three gallons of water are
3 to 4 times
more carbon- and water-efficient than conventional handwashing(g)
We work hard to address plastic waste and eliminate hazardous materials in our products and packaging by creating demand for recycled materials, developing new alternatives and creating value from our products throughout and at the end of their useful life. We have set voluntary commitments with internal targets on recycled content, sustainable packaging and phaseouts of Expanded Polystyrene (EPS), Polyvinyl chloride (PVC) and Substances of Very High Concern (SVHC). This full life cycle thinking and our innovation will together create better and more sustainable products.
ZERO IMPACT OPERATIONS
Our approved science-based targets represent our commitment to meet and exceed the well below 2 degree Celsius target prescribed by the Paris Climate Agreement and drive significant emissions reductions across Whirlpool Corporation's supply chain. In 2020, we invested in renewable energy through a Virtual Power Purchase Agreement (VPPA), expected to cover 50% of our Scope 2 electricity emissions in the U.S. It will help reduce our overall global carbon footprint in operations by nearly 15% starting in 2021. We also made on-site solar installations with new capacity in India and procured utility renewable energy in Mexico.
TRUE VENTLESS HEAT PUMP DRYERS
with the highest efficiency rating in EMEA
PRODUCT EFFICIENCY AND INNOVATION
We continue to make investments in both the efficiency and innovation of our products to improve lives at home and in our communities.
We improved our Greenhouse Gas Emissions Management Systems (GEMS) which was launched in 2018 to monitor our global emissions footprint for products in use. We are currently on track to achieve our emissions reduction targets and will continue to drive energy efficiency in our products across all pricing levels. We are also investing in innovations that automate water levels, utilize cold water settings as default, and auto dose detergents to further lower our environmental impacts and save consumers time and money.
These innovations and engagement with our consumers have the ability to drive significant gains in the emissions of our products in use to exceed our 2030 goals, while providing savings on consumer utility bills.
241,266
241,266
195,274
195,274
178,859
178,859
182,097
182,097
191,234
191,234
PRODUCT AT THE CORE
A Whirlpool Dishwasher
Our new global platform approach incorporates Environmental, Social and Governance (ESG) principles and goals for true holistic impact.
Environmental
ZERO
Manufactured at gold level (UL2799)
Zero Waste to Landfill plants.
15%
Renewable electricity from our onsite wind farm at our dishwasher plant in Findlay, Ohio.
70%
Reduction in GHG emissions achieved by dishwashers during their use phase compared to manual handwashing(h).
3 to 4 times
Social
SAVES
30
minutes of time per cycle vs. handwashing thereby freeing over 100 hours(h) per year for families.
OUR LARGEST CAPACITY
3rd Rack
dishwashers help you make more room when you need it(i).
Governance
More water-efficient vs. handwashing with most of our dishwashers saving over 2,500 gallons a year(h).
Holistic innovation using Design for Environment principles in our global platforms connecting product sustainability directly with business goals.
Learn more about our goals and commitments in our 2020 Sustainability Report.
Responsible sourcing with supplier audits and meeting our aggressive standards on restricted materials.
Product safety process with industry-leading best practices and benchmarked by other companies to improve their own programs.
WHIRLPOOL CORPORATION
Environmental, Social and Governance (ESG) Scorecard
Environmental
Our drive to create a sustainable planet and a path to net-zero
GHGEMISSIONS IN PLANTS
GHG EMISSIONS IN PRODUCTS
1,000
0
(metric tons of CO2eq in thousands)
80
0
(metric tons of CO2eq in millions)
ZERO WASTE
71%
sites achieved Zero
Waste to Landfill
Gold or Platinum status in 2020(j)
Social
Our pursuit to improve life in house and home
WORKPLACE SAFETY
ZERO
work-related fatalities in 2020
18%
reduction in serious incidents
WORKPLACE DIVERSITY
LOCAL COMMUNITIES
HABITAT FOR HUMANITY donated approximately
207,000
ranges and refrigerators in the U.S. and Canada
UNITED WAY more than
49,000
people assisted with basic needs
Governance
Our steadfast commitment to sound corporate governance and ethics
SUPPLIER CODE OF CONDUCT
171
Audits completed in 2020
ENHANCED TRANSPARENCY
Applied robust frameworks to guide our sustainability report disclosure including
GRI, SASB & TCFD
CERTIFICATIONS
73%
of Whirlpool Corporation manufacturing sites were
ISO 9001-2015 Certified in 2020
BOARD DIVERSITY
(Independent Directors)
4 | 33%
Female
8 | 66%
Current or Former CEOs
3 | 25%
Racial/Ethnic Minorities
6 | 50%
Worked Outside of the U.S.
OUR
Governance
Whirlpool is committed to operating sustainably and to creating shareholder value over the long-term. We have a diverse and experienced Board and sound corporate governance structure in place to oversee this commitment.
Our Board is comprised of 13 directors from multiple industries, with skills and experiences that align with Whirlpool Corporation's strategic priorities. Twelve of our 13 directors are non-employee directors (all except Whirlpool CEO Marc Bitzer) who meet the independence standards under the NYSE listing standards. Mr. Bitzer serves as Board Chair, and Samuel Allen serves as Presiding Director. Each of the Board's four committees-Audit, Human Resources, Corporate Governance and Nominating, and Finance-is comprised entirely of independent directors. During 2020, our Board met six times. The Corporate Governance and Nominating Committee leads the Board's annual self-evaluation process and regularly reviews the relevant skill sets for director candidates.
Our Board is committed to overseeing Whirlpool Corporation's integration of environmental, social, and governance (ESG) principles throughout the Company. Senior leaders in key global functions comprise our ESG Councils. The ESG Councils establish and oversee the Company's strategic priorities on relevant ESG issues. We have a responsibility to leave the world a better place now and for generations to come and we forge ahead as we've always done: doing the right thing, the right way, with integrity.
Board of Directors
Samuel R. Allen
Presiding Director, Corporate Governance and Nominating Committee Chairman, Human Resources Committee
Former Chairman and Chief Executive Officer, Deere & Company
Marc R. Bitzer
Chairman and Chief Executive Officer, Whirlpool Corporation
Greg Creed
Human Resources Committee Chairman, Finance Committee
Former Chief Executive Officer, Yum! Brands, Inc.
Gary T. DiCamillo
Audit Committee, Finance Committee Partner, Eaglepoint Advisors, LLC
Diane M. Dietz
Finance Committee,
Human Resources Committee President and Chief Executive Officer, Rodan & Fields, LLC
Gerri T. Elliott Finance Committee,
Human Resources Committee
Executive Vice President and Chief Sales and Marketing Officer, Cisco Systems, Inc.
Jennifer A. LaClair
Audit Committee, Corporate Governance and Nominating Committee
Chief Financial Officer, Ally Financial Inc.
John D. Liu
Finance Committee Chairman, Audit Committee
Managing Partner, Richmond Hill Investments, LLC; Chief Executive Officer, Essex Equity Management LLC
James M. Loree
Audit Committee,
Human Resources Committee President and Chief Executive Officer, Stanley Black & Decker, Inc.
Harish Manwani
Corporate Governance and Nominating Committee, Human Resources Committee Senior Operating Partner,
The Blackstone Group
Patricia K. Poppe Audit Committee, Corporate Governance and Nominating Committee
Chief Executive Officer, PG&E Corporation
Larry O. Spencer
Corporate Governance and Nominating Committee, Finance Committee
President, Armed Forces Benefit Association and 5Star Life Insurance Company
Michael D. White
Audit Committee Chairman, Corporate Governance and Nominating Committee Former Chairman, President and Chief Executive Officer, DIRECTV
Awards
World's Most Admired Companies 2020
America's Most Responsible Companies
FORTUNE magazine
Newsweek
Tenth consecutive year
22º Top of Mind
Corporate Equality Index
Fenix Editora, Diversity and Inclusion
Perfect score of 100 from the Human Rights Campaign Eighteenth consecutive year
Brazil
EPA SmartWay® Excellence Award,
Dow Jones Sustainability Index,
U.S. Environmental Protection Agency Sixth consecutive year
North America
Global corporate sustainability index Fourteenth time in 15 years
STEP Ahead Award
Manufacturing Institute
Readers' Choice Sustainable Company
Patriot Award
Green Builder
United States Department of Defense
The Just 100: America's Best
Highest Ranked Front-Load
Corporate Citizens Forbes magazine
Washing Machines
J.D. Power, Whirlpool brand
EcoVadis Silver Medal Sustainability Index
IF Design, 2020
EcoVadis, EMEA
Whirlpool, KitchenAid, Hotpoint* and Bauknecht brands
Top Employer Europe
Top Employer Institute in six countries
Red Dot Design Award
Third consecutive year
Best Products of the Year 2020, Whirlpool, Bauknecht, Maytag brands
Great Place to Work
Most Trusted Brands
Whirlpool Canada
Brandspark International, Whirlpool, Maytag brands
Top Company for Executive Women
Working Mother Media
ACC Value Champion
Association of Corporate Counsel
Great Employer Award
Via Bona, Slovakia
50 Best Companies to Sell For
Selling Power magazine
Disability Equality Index 100 percent score
Twice VIP Awards in Consumer Electronics
Whirlpool, Yummly, Maytag brands
Diversity Best Practices Inclusion Index
Top 15 in leading companies Third consecutive year
Prêmio Valor Inovação Brasil 2020
Valor Inovação, Number One in Innovation in Electronics, Brazil
Best Places to Work for Disability Inclusion
Disability Inclusion Index
AWE Outstanding Product Award
Fourth consecutive year
Alliance for Workplace Excellence, Whirlpool China
Executive Committee
Marc R. Bitzer
Chairman and Chief Executive Officer
João C. Brega
Executive Vice President and President, Whirlpool Latin America
Roberto H. Campos Senior Vice President, Global Product Organization
Elizabeth A. Door
Senior Vice President, Global Strategic Sourcing
Holger Gottstein
Senior Vice President, Strategy and Business Development
Ava A. Harter
Senior Vice President and Chief Legal Officer
Joseph T. Liotine
Executive Vice President and President, Whirlpool North America
Carey L. Martin
Senior Vice President and Chief Human Resources Officer
Gilles Morel
Executive Vice President and President, Whirlpool Europe, Middle East, and Africa
D. Jeffrey Noel
Corporate Vice President, Communications and Public Affairs
James W. Peters
Executive Vice President and Chief Financial Officer
Shengpo (Samuel) Wu
Executive Vice President and President, Whirlpool Asia
OUR
Financial Position
In 2020, we were impacted by a global pandemic that brought with it economic challenges and new ways of working. At the outset of the pandemic, we outlined and successfully executed our COVID-19 response strategy which was focused on:
► Sustaining strong operating margins
► Protecting our liquidity position
► Winning in the post-COVID economic recovery
This strategy guided our decisions throughout the year, ensuring we stayed focused on meeting the needs of our employees, our business and our consumers. The strong execution of our global teams resulted in record financial results, a strengthened balance sheet position and the return of strong levels of cash to our shareholders through share repurchases and a dividend increase for the eighth consecutive year.
FINANCIAL SUMMARY
As part of our COVID-19 response strategy to sustain strong margins, we implemented and delivered on a $500 million cost takeout program, aggressively targeting both discretionary and structural costs. Additionally, we optimized our go-to-market strategy to operate within a supply constrained environment and delivered strong price/mix for the year. As a result of these actions and strong global demand, we delivered record ongoing EPS(b) of $18.55, record ongoing EBIT margin(b) of 9.1%, and record free cash flow(b) of $1.25 billion in 2020. Further, our regional performance in North America and Latin America was exceptional with both regions delivering approximately 300 basis points of margin improvement. In EMEA, we successfully executed our turnaround strategy resulting in positive EBIT for the year.
Lastly, we remained committed to our capital allocation strategy, yet agile in our approach as the pandemic unfolded. We quickly prioritized and ensured we had robust liquidity measures in place, while remaining committed to reducing our debt leverage by year end and returning cash to shareholders through share repurchases and dividends.
FUNDING THE BUSINESS
We invested over $850 million in capital expenditures and R&D to maintain our best cost position in the industry, and support our proven track record of providing innovative products and services to our consumers.
In 2020, we launched our connected laundry line with consumer-relevant technology, enabling more control and ease when interacting with our appliances. We also launched our global dishwasher platform, with the largest third rack dishwasher, enabling families to spend more time together and less time cleaning up. Not only does this global platform benefit our consumers, but it also drives out cost and complexity in our organization.
Additionally, we increased investments in the digitization of our manufacturing and supply chain network, helping to drive sustained cost advantages and strong progress toward a best-in-class home delivery network. These investments advance our structural position, while ensuring we continue to improve the lives of our consumers both today and in the future.
MAINTAINING LIQUIDITY
Our multi-year focus on strengthening our balance sheet and liquidity position paid strong dividends this year. We leveraged our strong cash balance and existing credit facilities to ensure we were able to support our ongoing business and working capital needs. Further, we benefited from an optimized debt ladder with no bond maturities until the second quarter of 2021 and with ample buffer in our financial covenants. Lastly, because of our strong financial position, we were able to make significant progress toward our debt leverage goal of approximately 2.0x, repaying $1.7 billion of our outstanding short-term debt, and finishing the year at 2.3x(c).
►
RETURNING CASH TO SHAREHOLDERS
While the environment around us was constantly changing, our commitment to delivering strong returns for our shareholders did not. We raised our dividend for the eighth consecutive year and repurchased $121 million of common stock, returning over $425 million to shareholders in 2020. These actions reflect the confidence we have in our business in both the short- and long-term.
In closing, despite the impact of COVID-19, we made sustainable progress toward our long-term financial targets in 2020.
We once again demonstrated the resiliency and agility of our business model, delivering record results in the midst of aglobal pandemic, including a 2021 outlook which represents a fourth consecutive year of record ongoing EPS. We remain committed to continuing to serve our consumers, our employees, and our shareholders by investing in World Class Manufacturing, innovation and progressing on our digital transformation journey. The progress made in 2020, along with strong, structural actions taken in years prior, provides us with confidence that we will continue to deliver strong shareholder value in 2021 while earning trust and creating demand for our products and brands across the globe.
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, 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
Depreciation and amortization
Ongoing earnings before interest, taxes, depreciation and amortization
$1,768 568 $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 ongoing 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, 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)
Company/Index
Whirlpool Corporation S&P 500 Index
S&P 500 Household Durables
Company/Index
Whirlpool Corporation S&P 500 Index
S&P 500 Household Durables
Base Period 2015
$ 100
$ 100
$ 100
Comparison of cumulative five-year total return
ANNUAL RETURN PERCENTAGE Twelve Months Ended December 31,
2016 | 2017 | 2018 | 2019 | 2020 |
27% | -5% | -35% | 43% | 27% |
12 | 22 | -4 | 32 | 18 |
7 | 19 | -34 | 41 | 20 |
2016 |
INDEXED RETURNS Twelve Months Ended December 31,
2017
$ 127
$ 112
$ 107
2018
2019
2020
$ 121
$ 136
$ 127
$ 79
$ 113
$ 143
$ 130
$ 171
$ 203
$ 84
$ 118
$ 142
FOOTNOTES:
PAGES 1, 2
(a) World's leading kitchen and laundry appliance company claim is based on most recently available publicly reported annual product sales, parts and support revenues.
PAGE 4, 10, 20
(b) Please see "Non-GAAP Financial Measures" on pages 37-41 of our
Form 10-K for a reconciliation of this Non-GAAP measure to the equivalent GAAP measure.
PAGE 4, 23
(c) Please see Financial Highlights above for the applicable non-GAAP to
GAAP reconciliations.
PAGE 5
(d) Global Reporting Initiative (GRI), Sustainability Accounting Standards Board
(SASB) and Task Force on Climate-Related Financial Disclosures (TCFD).
PAGE 7
(e) Share positions based on 2020 Euromonitor data.
PAGE 13
(f) Tied with another appliance.
PAGE 18
(g) Based on comparison of KitchenAid Model No. KDTM354ESS to manual handwashing among 40 study subjects using conditions and assumptions set forth in Gabriela Y Porras et al 2020 Environ. Res. Commun. 2 021004.
PAGE 19
(h) Based on favorable water and energy use comparison of KitchenAid Model No. KDTM354ESS, which was compared to manual handwashing among 40 study subjects using conditions and assumptions set forth in Gabriela Y Porras et al 2020 Environ. Res. Commun. 2 021004. Assumes 215 cycles / year.
(i) Models WDTA80SAK, WDT750SAK, WDTA50SAK based on total usable volume. Compared to 3rd Rack models WDTA75SAH, WDT970SAH, WDT975SAH. Handle styles vary by model.
PAGE 20
(j) Meeting UL2799 Gold and Platinum levels, self declared.
PAGE 9, 22, Inside Back Cover
* Whirlpool Corporation ownership of the Hotpoint brand in EMEA and
Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas.
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Whirlpool Corporation published this content on 05 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2021 08:48:03 UTC.
