Whirlpool Corporation Reports Third-Quarter Results

October 23, 2015
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Whirlpool Corporation Reports Third-Quarter Results

BENTON HARBOR, Mich., Oct. 23, 2015 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) announced today third-quarter GAAP net earnings of $235 million, or $2.95 per diluted share, compared to $230 million, or $2.88 per diluted share, reported for the same prior-year period. Ongoing business earnings per diluted share(1) totaled a record $3.45 compared to $3.04 in the same prior-year period, primarily driven by the benefits of cost and capacity-reduction initiatives, ongoing cost productivity, favorable price/mix and benefits from acquisition integration activities.

Whirlpool Corporation Logo

Net sales in the quarter were a third-quarter record $5.3 billion compared to $4.8 billion during the same prior-year period, an increase of over 9 percent. Excluding the impact of currency, sales increased nearly 25 percent.

"We are pleased with the strong financial results we delivered in the third quarter," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "Our operating plans and focused execution delivered another quarter of record revenues, operating profit and earnings in spite of a challenging operating environment in several key emerging markets."

Third-quarter GAAP operating profit totaled $329 million compared to $335 million in the same prior-year period. Record third-quarter ongoing business operating profit(2) totaled $418 million, or 7.9 percent of sales, compared to $387 million in the same prior-year period. Benefits from acquisition integration activities, cost and capacity-reduction initiatives, ongoing cost productivity and favorable price-mix more than offset unfavorable currency, declining emerging market demand and increased investments in marketing, technology and products.

For the nine months ended September 30, 2015, the company reported cash used in operating activities of $(157) million compared to cash used in operating activities of $(128) million in the same prior-year period. Whirlpool Corporation reported free cash flow(3) of $(492) million in the first nine months of 2015 compared to free cash flow(3) of $(532) million in the same prior-year period.

OUTLOOK

Whirlpool Corporation has updated its full year 2015 guidance primarily to reflect continued weakness in emerging market demand and negative currency impacts. As a result of these changes, along with the benefits of previously announced actions to improve margins, the company now expects to deliver GAAP earnings per diluted share of $9.75 to $10.25 and ongoing business earnings per diluted share of $12.00 to $12.50 for the full year 2015.



2015 EPS Outlook

Prior GAAP Diluted EPS(i)


$9.50-$10.50

Legacy Product Warranty and Liability Expenses(ii)


(0.41)

Reduced Restructuring Expenses(ii)


0.61

Additional Benefit Plan Curtailment Gains(ii)


0.15

Brazil Demand and Currency


(0.50)

Effective Tax Rate Benefit


0.25

Current GAAP Diluted EPS(i)


$9.75-$10.25

Benefit Plan Curtailment Gain


(0.61)

Restructuring Expense


2.24

Combined Acquisition Related Transition Cost


0.57

Legacy Product Warranty and Liability Expenses


0.41

Pension Settlement Charges


0.15

Proceeds Related to a Business Investment


(0.62)

Antitrust Resolutions


0.13

Ongoing Business Diluted EPS(i)

$12.00-$12.50


(i) Diluted EPS available to Whirlpool.

(ii) These changes do not impact Ongoing Business Diluted EPS.

For the full-year 2015, the company now expects to generate free cash flow(3) of approximately $600 million to $700 million. Included in this guidance are restructuring cash outlays of up to $200 million, capital spending of approximately $700 million to $750 million and U.S. pension contributions of approximately $72 million.

"We remain focused on value creation and executing our long-term growth strategy," said Fettig, "and we will deploy additional actions as necessary to continue delivering strong returns for our shareholders."

THIRD-QUARTER REGIONAL REVIEW

Whirlpool North America

Whirlpool North America reported third-quarter net sales of $2.8 billion, unchanged from the same prior-year period. Excluding the impact of currency, sales increased nearly 3 percent.

The region reported a third-quarter operating profit of $349 million, compared to $304 million in the same prior-year period. Ongoing business segment operating profit(4) totaled a third-quarter record of $336 million, or 12.0 percent of sales, compared to $304 million, or 10.9 percent of sales, in the same prior-year period. Ongoing cost productivity and favorable raw materials more than offset unfavorable currency and increased investments in marketing, technology and products.

The company expects full-year 2015 industry unit shipments to increase by approximately 5 percent.

WhirlpoolEurope, Middle East and Africa

WhirlpoolEurope, Middle East and Africa reported third-quarter net sales of $1.5 billion, compared to $0.8 billion in the same prior-year period, an increase of 85 percent. Excluding the impact of currency, sales increased over 127 percent.

The region reported third-quarter operating profit of $32 million, compared to $9 million in the same prior-year period. Ongoing business segment operating profit(4) totaled a third quarter record $71 million, or 4.9 percent of sales, compared to $9 million, or 1.2 percent of sales, in the same prior-year period. The benefits from acquisition integration activities, favorable price-mix, ongoing cost productivity and the benefits of cost and capacity-reduction initiatives more than offset unfavorable currency and increased investment in marketing, technology and products.

The company expects full-year 2015 industry unit shipments to be flat to up 2 percent.

WhirlpoolLatin America

WhirlpoolLatin America reported third-quarter net sales of $0.8 billion, compared to $1.1 billion in the same prior-year period. Excluding the impact of currency, sales decreased by 7 percent.

The region reported third-quarter GAAP operating profit of $31 million, or 4.2 percent of sales, compared to $118 million, or 10.4 percent of sales, in the same prior-year period. Improved product price/mix and the benefit of cost and capacity reductions were more than offset by unfavorable currency and lower unit volumes due to a weaker demand environment in Brazil.

The company expects full-year 2015 industry unit shipments in Brazil to decrease by approximately 20 percent.

WhirlpoolAsia

WhirlpoolAsia reported third-quarter net sales of $346 million, compared to $157 million in the same prior-year period, an increase of 120 percent. Excluding the impact of currency, sales increased over 127 percent.

The region reported a third-quarter GAAP operating profit of $24 million, compared to an operating loss of $(8) million in the same prior-year period. Ongoing business segment operating profit(4) totaled a third quarter record $27 million, or 7.7 percent of sales, compared to $(8) million, or (5.0) percent of sales, in the same prior-year period. Benefits from acquisition integration activities, favorable raw materials and the benefits of cost and capacity-reduction initiatives positively impacted margins.

The company expects full-year 2015 industry unit shipments to decrease by approximately 2 percent.

(1) A reconciliation of ongoing business earnings per diluted share, a non-GAAP financial measure, to reported net earnings per diluted share available to Whirlpool and other important information, appears below.

(2) A reconciliation of ongoing business operating profit, a non-GAAP financial measure, to reported operating profit and other important information, appears below.

(3) A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.

(4) A reconciliation of ongoing business segment operating profit (loss), a non-GAAP financial measure, to reported segment operating profit (loss) and other important information, appears below.

THIRD-QUARTER 2015 // PRODUCT LEADERSHIP, INNOVATION AND AWARDS

Whirlpool Corporation is the global home appliance industry leader with deep consumer insights and a strong portfolio of brands worldwide. We offer compelling home solutions both within and beyond our core appliance business, delivering innovation that matters to consumers and positioning our company for continued growth and profitability.

Company Awards & Recognition

  • Whirlpool Corporation was named as one of the "50 Best Companies to Sell For" by Selling Power magazine.
  • Hispanic Network Magazine named Whirlpool Corporation to its "Best of the Best" list as a leading company for Hispanic employees.
  • WhirlpoolCanada received the 2015 ENERGY STAR® Manufacturer of the Year award from Natural Resources Canada.
  • Forbes Brazil magazine recognized Whirlpool as one of the ten most innovative companies in Brazil.
  • Whirlpool Corporation was recognized for its commitment to sustainability and natural resource efficiency with inclusion in the 2015 Dow Jones Sustainability North America Index.

Product Innovation

  • Swash 10 Minute Clothing Care System (from Whirlpool and Procter & Gamble) was named a finalist for Fast Company's 2015 Innovation By Design Awards.
  • WhirlpoolProtton World Series Refrigerator has been selected for the prestigious Good Design Awards 2015 in Japan.
  • Whirlpoolbrand's Supreme Care front load washing machine received the prestigious Quiet Mark for delivering exceptional performance while being the quietest machine available in Europe.

About Whirlpool Corporation

Whirlpool Corporation (NYSE: WHR) is the number one major appliance manufacturer in the world, with approximately $20 billion in annual sales, 100,000 employees and 70 manufacturing and technology research centers throughout the world in 2014. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesitand other major brand names in more than 170 countries. Additional information about the company can be found at whirlpoolcorp.com, or find us on Twitter at @WhirlpoolCorp.

Whirlpool Additional Information:

This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and raw material prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (2) acquisition and investment-related risk, including risk associated with our acquisitions of Hefei Sanyo and Indesit, and risk associated with our increased presence in emerging markets; (3) Whirlpool's ability to continue its relationship with significant trade customers and the ability of these trade customers to maintain or increase market share; (4) risks related to our international operations, including changes in foreign regulations, regulatory compliance and disruptions arising from natural disasters or terrorist attacks; (5) fluctuations in the cost of key materials (including steel, plastic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (6) the ability of Whirlpool to manage foreign currency fluctuations; (7) litigation, tax, and legal compliance risk and costs, especially costs which may be materially different from the amount we expect to incur or have accrued for; (8) the effects and costs of governmental investigations or related actions by third parties; (9) changes in the legal and regulatory environment including environmental and health and safety regulations; (10) Whirlpool's ability to maintain its reputation and brand image; (11) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control, price increases, leveraging of its global operating platform, and acceleration of the rate of innovation; (12) information technology system failures and data security breaches; (13) product liability and product recall costs; (14) inventory and other asset risk; (15) changes in economic conditions which affect demand for our products, including the strength of the building industry and the level of interest rates; (16) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (17) the uncertain global economy; (18) our ability to attract, develop and retain executives and other qualified employees; (19) the impact of labor relations; (20) Whirlpool's ability to obtain and protect intellectual property rights; and (21) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans.

Additional information concerning these and other factors can be found in Whirlpool's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

WHIRLPOOL CORPORATION
 CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars, except share data)



























Three Months Ended



Nine Months Ended


2015


2014


2015


2014

Net sales

$

5,277


$

4,824


$

15,331


$

13,869

Expenses








Cost of products sold

4,347


3,997


12,643


11,500

  Gross margin

930


827


2,688


2,369

Selling, general and administrative

529


448


1,583


1,344

Intangible amortization

18


6


55


17

Restructuring costs

54


38


145


101

  Operating profit

329


335


905


907

Other income (expense)








Interest and sundry income (expense)

(21)


(39)


(32)


(78)

Interest expense

(41)


(35)


(124)


(119)

  Earnings before income taxes

267


261


749


710

Income tax expense

17


26


116


126

  Net earnings

250


235


633


584

  Less: Net earnings available to noncontrolling interests

15


5


30


15

  Net earnings available to Whirlpool

$

235


$

230


$

603


$

569

Per share of common stock








Basic net earnings available to Whirlpool

$

2.98


$

2.92


$

7.64


$

7.26

Diluted net earnings available to Whirlpool

$

2.95


$

2.88


$

7.54


$

7.16

Dividends declared

$

0.90


$

0.75


$

2.55


$

2.125

Weighted-average shares outstanding (in millions)








Basic

78.8


78.4


78.9


78.3

Diluted

79.7


79.6


79.9


79.4











Comprehensive income

$

45


$

39


$

254


$

429

 

 

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Millions of dollars, except share data)







September 30,
2015


December 31,
2014


(Unaudited)




Assets






Current assets






Cash and equivalents

$

698


$

1,026

Accounts receivable, net of allowance of $165 and $154, respectively

2,914


2,768

Inventories

2,943


2,740

Deferred income taxes

341


417

Prepaid and other current assets

983


1,147

Total current assets

7,879


8,098

Property, net of accumulated depreciation of $5,964 and $5,959, respectively

3,684


3,981

Goodwill

3,039


2,807

Other intangibles, net of accumulated amortization of $309 and $267, respectively

2,705


2,803

Deferred income taxes

1,917


1,900

Other noncurrent assets

399


413

Total assets

$

19,623


$

20,002

Liabilities and stockholders' equity




Current liabilities




Accounts payable

$

4,162


$

4,730

Accrued expenses

693


852

Accrued advertising and promotions

614


673

Employee compensation

426


499

Notes payable

803


569

Current maturities of long-term debt

507


234

Other current liabilities

1,006


846

Total current liabilities

8,211


8,403

Noncurrent liabilities




Long-term debt

3,502


3,544

Pension benefits

976


1,123

Postretirement benefits

405


446

Other noncurrent liabilities

740


690

Total noncurrent liabilities

5,623


5,803

Stockholders' equity




Common stock, $1 par value, 250 million shares authorized, 110 million shares issued, and 78 million shares outstanding

110


110

Additional paid-in capital

2,597


2,555

Retained earnings

6,611


6,209

Accumulated other comprehensive loss

(2,211)


(1,840)

Treasury stock, 32 million shares

(2,244)


(2,149)

Total Whirlpool stockholders' equity

4,863


4,885

Noncontrolling interests

926


911

Total stockholders' equity

5,789


5,796

Total liabilities and stockholders' equity

$

19,623


$

20,002

 

 

WHIRLPOOL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED SEPTEMBER 30
(Millions of dollars)










Nine Months Ended


2015


2014








Operating activities




Net earnings

$

633



$

584

Adjustments to reconcile net earnings to cash used in operating activities:




Depreciation and amortization

496



397

Curtailment gain

(63)



Changes in assets and liabilities:




Accounts receivable

(405)



(302)

Inventories

(397)



(399)

Accounts payable

(288)



44

Accrued advertising and promotions

(34)



(18)

Accrued expenses and current liabilities

(26)



(161)

Taxes deferred and payable, net

(44)



40

Accrued pension and postretirement benefits

(109)



(165)

Employee compensation

(31)



(55)

Other

111



(93)

Cash used in operating activities

(157)



(128)

Investing activities




Capital expenditures

(391)



(422)

Proceeds from sale of assets and business

35



18

Change in restricted cash

21



Acquisition of Indesit Company S.p.A.



(75)

Acquisition of Hefei Rongshida Sanyo Electric Co., Ltd.



(250)

Investment in related businesses

(72)



(16)

Other



(3)

Cash used in investing activities

(407)



(748)

Financing activities




Proceeds from borrowings of long-term debt

531



818

Repayments of long-term debt

(278)



(606)

Dividends paid

(200)



(165)

Net proceeds from short-term borrowings

307



476

Common stock issued

36



31

Repurchase of common stock

(95)



(25)

Purchase of noncontrolling interest shares



(5)

Other

(5)



(13)

Cash provided by financing activities

296



511

Effect of exchange rate changes on cash and equivalents

(60)



(28)

Decrease in cash and equivalents

(328)



(393)

Cash and equivalents at beginning of period

1,026



1,380

Cash and equivalents at end of period

$

698



$

987

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 business" measures, including ongoing business operating profit (loss), ongoing business operating margin, earnings before interest and taxes (EBIT), earnings before interest and taxes (EBIT) margin, ongoing business earnings before interest and taxes (EBIT), ongoing business earnings before interest and taxes (EBIT) margin, ongoing business earnings (loss) before income taxes, ongoing business earnings per diluted share, ongoing business segment operating profit (loss), ongoing business segment operating margin, and free cash flow. Ongoing business measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing business operations and provide a better baseline for analyzing trends in our underlying businesses. Management believes that free cash flow provides investors and stockholders with a relevant measure of liquidity and a useful basis for assessing the company's ability to fund its activities and obligations. 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. 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 business financial measures should not be considered in isolation or as a substitute for reported operating profit (loss), net earnings per diluted share available to Whirlpool, reported operating profit (loss) by segment, and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the following reconciliations to corresponding GAAP financial measures, provide a more complete understanding of our business. 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.

Ongoing Business Operating Profit, Ongoing Business Earnings Before Interest and Taxes and Ongoing Business Earnings Per Diluted Share

The reconciliation provided below reconciles the non-GAAP financial measures ongoing business operating profit, ongoing business earnings before interest and taxes and ongoing business earnings per diluted share, with the most directly comparable GAAP financial measures, operating profit and net earnings per diluted share available to Whirlpool, for the three months ended September 30, 2015. Ongoing business operating margin is calculated by dividing ongoing business operating profit by net sales.


Three Months Ended


September 30, 2015


Operating Profit


Earnings

Before

Interest &

Taxes(5)


Earnings per

Diluted Share

Reported GAAP Measure

$

329



$

308



$

2.95


Restructuring Expense(a)

54



54



0.54


Acquisition Related Transition Cost(b)

9



9



0.11


Benefit Plan Curtailment Gain(c)

(16)



(16)



(0.16)


Gain Related to a Business Investment(d)



1



0.01


Legacy Product Warranty and Liability Expenses(e)

42



42



0.42


Normalized Tax Rate Adjustment(f)





(0.42)


Ongoing Business Measure

$

418



$

398



$

3.45














(5) Earnings Before Interest & Taxes is a non-GAAP measure calculated by adding Interest and sundry income (expense) [approximately $(21) million] and Operating Profit.

Ongoing Business Operating Profit, Ongoing Business Earnings Before Interest and Taxes and Ongoing Business Earnings Per Diluted Share

The reconciliation provided below reconciles the non-GAAP financial measures ongoing business operating profit, ongoing business earnings before interest and taxes and ongoing business earnings per diluted share, with the most directly comparable GAAP financial measures, operating profit and net earnings per diluted share available to Whirlpool, for the three months ended September 30, 2014. Ongoing business operating margin is calculated by dividing ongoing business operating profit by net sales.


Three Months Ended


September 30, 2014


Operating
Profit 


Earnings

Before

Interest &

Taxes(5)


Earnings Per

Diluted Share

Reported GAAP Measure

$

335



$

296



$

2.88


Restructuring Expense(a)


38




38




0.36


Investment Expense(g)


14




25




0.24


Antitrust Resolutions(h)





2




0.02


Normalized Tax Rate Adjustment(f)








(0.46)


Ongoing Business Measure

$

387



$

361



$

3.04














(5) Earnings Before Interest & Taxes is a non-GAAP measure calculated by adding Interest and sundry income (expense) [approximately $(39) million] and Operating Profit.

Ongoing Business Segment Operating Profit (Loss)

The reconciliation provided below reconciles the non-GAAP financial measure ongoing business segment operating profit (loss) with the most directly comparable GAAP financial measure, reported segment operating profit (loss), for the three months ended September 30, 2015. Ongoing business segment operating margin is calculated by dividing ongoing business segment operating profit (loss) by segment net sales.


Three Months Ended


September 30, 2015


Segment Operating Profit

(Loss)


Restructuring Expense(a)


Acquisition Related Transition Cost(b)


Benefit

Plan Curtailment Gain(c)


Legacy Product Warranty and Liability Expenses(e)


Ongoing Business Segment Operating Profit (Loss)

North America

$

349



$



$



$

(16)



$

3



$

336


Latin America

31











31


EMEA

32









39



71


Asia

24





3







27


Other/Eliminations

(107)



54



6







(47)


Total Whirlpool Corporation

$

329



$

54



$

9



$

(16)



$

42



$

418


























The reconciliation provided below reconciles the non-GAAP financial measure ongoing business segment operating profit (loss) with the most directly comparable GAAP financial measure, reported segment operating profit (loss), for the three months ended September 30, 2014. Ongoing business segment operating margin is calculated by dividing ongoing business segment operating profit (loss) by segment net sales.


Three Months Ended



September 30, 2014



Segment Operating

Profit (Loss)


Restructuring

Expense(a)


Investment

Expense(g)


Ongoing

Business

Segment

Operating

Profit (Loss)

North America

$

304



$



$



$

304


Latin America

118








118


EMEA

9








9


Asia

(8)








(8)


Other/Eliminations

(88)



38



14




(36)


Total Whirlpool Corporation

$

335



$

38



$

14



$

387


















Footnotes:

a. During the third quarters of 2015 and 2014, we recorded restructuring charges of $54 million and $38 million, respectively. The earnings per diluted share impacts are calculated based on income tax impacts of $12 million and $9 million, respectively.

b. During the third quarter of 2015, we recognized acquisition related transition costs of $9 million associated with the acquisition of a majority interest in Hefei Sanyo and the acquisition of Indesit. The earnings per diluted share impact is calculated based on an income tax impact of $2 million.

c. During the third quarter of 2015, we recorded a benefit plan curtailment gain of $16 million. The earnings per diluted share impact is calculated based on an income tax impact of $4 million.

d. During the third quarter of 2015, we recognized an expense related to a business investment of $1 million. The earnings per diluted share impact is calculated based on an income tax impact of $0 million.

e. During the third quarter of 2015, we recognized expenses of $39 million related to legacy product warranty and liability actions on heritage Indesit product in Europe and a $3 million charge associated with a separate product recall in North America. The earnings per diluted share impact is calculated based on an income tax impact of $9 million.

f. During the third quarter of 2014, we made adjustments to ongoing business diluted EPS to reconcile specific items reported to anticipated full-year effective tax rates of approximately 24%. During the third quarter of 2015, we made adjustments to ongoing business diluted EPS to reconcile specific items reported to anticipated full-year effective tax rates of approximately 22%.

g. During the third quarter of 2014 we recognized an investment expense of $25 million related to the pending acquisition of a majority interest in Hefei Sanyo completed in the fourth quarter of 2014 and the pending acquisition of Indesit completed in the fourth quarter of 2014. The earnings per diluted share impact is calculated based on an income tax impact of $6 million.

h. During the third quarter of 2014, we recognized expenses of approximately $2 million related to antitrust resolutions. The earnings per diluted share impact is calculated based on income tax impact of $0 million.

Free Cash Flow

As defined by the company, free cash flow is cash provided by (used in) operating activities after capital expenditures, proceeds from the sale of assets and businesses and changes in restricted cash. The reconciliation provided below reconciles nine-month ended September 30, 2015 and 2014 and projected full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.


Nine Months Ended September 30,



(millions of dollars)

2015

2014


2015 Outlook

Cash Provided by (Used in) Operating Activities

$(157)

$(128)


$1,300- $1,450

Capital expenditures, proceeds from sale of assets/businesses and change in restricted cash*

(335)

(404)


(700) - (750)

Free Cash Flow

$(492)

$(532)


~$600 - $700

*The change in restricted cash relates to the private placement funds paid by Whirlpool to acquire majority control of Whirlpool China and which are used to fund capital and technical resources to enhance Whirlpool China's research and development and working capital.

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SOURCE Whirlpool Corporation

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