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8-K - 8-K - WHIRLPOOL CORP /DE/whr12320188-k.htm
EX-99.3 - EXHIBIT 99.3 - WHIRLPOOL CORP /DE/a993netearningstoebitrecon.htm
EX-99.2 - EXHIBIT 99.2 - WHIRLPOOL CORP /DE/a992historicalongoingebitr.htm
RECAST HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)


Total Whirlpool
 
2017
 
2016
 
2015
Amounts in millions
 
Q1
Q2
Q3
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Units Sold (in thousands)
 
16,161
17,679
18,134
 
15,802
17,292
17,950
20,648
71,692
 
16,250
16,657
17,440
19,925
70,272
Net Sales
 
4,786
5,347
5,418
 
4,616
5,198
5,248
5,656
20,718
 
4,846
5,208
5,277
5,560
20,891
Ongoing Net Sales (*)
 
4,786
5,379
5,418
 
4,616
5,198
5,248
5,656
20,718
 
4,846
5,208
5,277
5,560
20,891
Gross Margin
 
826
876
915
 
823
969
940
960
3,692
 
826
907
919
1,008
3,660
Gross Margin %
 
17.3%
16.4%
16.9%
 
17.8%
18.6%
17.9%
17.0%
17.8%
 
17.1%
17.4%
17.4%
18.1%
17.5%
Selling, General and Administrative Expenses
 
499
526
521
 
473
543
519
545
2,080
 
510
555
534
544
2,143
Earnings Before Interest and Taxes
 
239
251
310
 
253
327
344
351
1,275
 
250
315
308
323
1,196
EBIT Margin %
 
5.0%
4.7%
5.7%
 
5.5%
6.3%
6.6%
6.2%
6.2%
 
5.2%
6.1%
5.8%
5.8%
5.7%
Ongoing Earnings Before Interest and Taxes
 
285
350
355
 
309
401
388
413
1,511
 
279
336
398
431
1,445
Ongoing EBIT Margin %
 
6.0%
6.5%
6.6%
 
6.7%
7.7%
7.4%
7.3%
7.3%
 
5.7%
6.4%
7.5%
7.8%
6.9%
Depreciation and Amortization
 
163
156
168
 
168
164
164
159
655
 
161
170
165
172
668



RECAST HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)


North America
 
2017
 
2016
 
2015
Amounts in millions
 
Q1
Q2
Q3
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Units Sold (in thousands)
 
5,931
6,839
7,274
 
5,521
6,124
6,755
8,133
26,533
 
5,327
5,889
6,317
7,257
24,790
Net Sales
 
2,446
2,833
2,854
 
2,289
2,611
2,713
2,928
10,541
 
2,221
2,549
2,663
2,722
10,155
Ongoing Net Sales
 
2,446
2,833
2,854
 
2,289
2,611
2,713
2,928
10,541
 
2,221
2,549
2,663
2,722
10,155
Gross Margin
 
444
541
532
 
406
524
530
533
1,993
 
397
460
514
525
1,896
Gross Margin %
 
18.2%
19.1%
18.6%
 
17.7%
20.1%
19.5%
18.2%
18.9%
 
17.9%
18.0%
19.3%
19.3%
18.7%
Selling, General and Administrative Expenses
 
163
199
189
 
163
198
192
189
742
 
175
183
192
191
741
Earnings Before Interest and Taxes
 
275
336
336
 
236
318
331
339
1,224
 
261
265
336
307
1,169
EBIT Margin %
 
11.2%
11.9%
11.8%
 
10.3%
12.2%
12.2%
11.6%
11.6%
 
11.8%
10.4%
12.6%
11.3%
11.5%
Ongoing Earnings Before Interest and Taxes
 
275
336
336
 
239
318
331
339
1,227
 
214
268
323
344
1,150
Ongoing EBIT Margin %
 
11.2%
11.9%
11.8%
 
10.4%
12.2%
12.2%
11.6%
11.6%
 
9.7%
10.5%
12.1%
12.1%
11.2%
Depreciation and Amortization
 
53
54
53
 
52
54
53
53
212
 
52
52
52
52
208




RECAST HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)


Latin America
 
2017
 
2016
 
2015
Amounts in millions
 
Q1
Q2
Q3
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Units Sold (in thousands)
 
2,589
2,886
2,869
 
2,659
2,977
2,676
3,401
11,713
 
3,122
2,802
2,690
3,903
12,517
Net Sales
 
921
986
966
 
815
960
920
1,036
3,731
 
1,011
981
871
1,020
3,883
Ongoing Net Sales
 
921
986
966
 
815
960
920
1,036
3,731
 
1,011
981
871
1,020
3,883
Gross Margin
 
171
157
143
 
127
148
138
165
578
 
151
143
128
154
576
Gross Margin %
 
18.6%
15.9%
14.8%
 
15.6%
15.4%
14.9%
15.9%
15.5%
 
15.0%
14.5%
14.7%
15.1%
14.9%
Selling, General and Administrative Expenses
 
96
84
81
 
77
83
81
89
330
 
83
94
84
81
342
Earnings Before Interest and Taxes
 
66
57
55
 
40
50
43
59
192
 
48
106
35
40
229
EBIT Margin %
 
7.2%
5.8%
5.7%
 
4.9%
5.2%
4.6%
5.7%
5.2%
 
4.8%
10.8%
4.0%
3.9%
5.9%
Ongoing Earnings Before Interest and Taxes
 
66
57
55
 
40
50
43
59
192
 
58
44
36
42
180
Ongoing EBIT Margin %
 
7.2%
5.8%
5.7%
 
4.9%
5.2%
4.6%
5.7%
5.2%
 
5.7%
4.5%
4.1%
5.7%
5.0%
Depreciation and Amortization
 
31
32
32
 
28
33
30
30
121
 
30
33
24
30
117




RECAST HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)


Europe, Middle East and Africa
 
2017
 
2016
 
2015
Amounts in millions
 
Q1
Q2
Q3
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Units Sold (in thousands)
 
5,078
5,776
5,795
 
5,465
6,031
6,367
6,808
24,671
 
5,716
5,910
6,491
7,028
25,145
Net Sales
 
1,033
1,200
1,268
 
1,173
1,296
1,319
1,360
5,148
 
1,273
1,334
1,452
1,542
5,601
Ongoing Net Sales
 
1,033
1,200
1,268
 
1,173
1,296
1,319
1,360
5,148
 
1,273
1,334
1,452
1,542
5,601
Gross Margin
 
113
146
157
 
191
212
188
171
762
 
182
208
189
248
827
Gross Margin %
 
11.0%
12.2%
12.4%
 
16.3%
16.4%
14.3%
12.6%
14.8%
 
14.3%
15.6%
13.0%
16.1%
14.8%
Selling, General and Administrative Expenses
 
124
139
139
 
129
159
141
148
577
 
150
149
149
153
601
Earnings Before Interest and Taxes
 
(23)
(2)
(2)
 
46
36
30
38
150
 
(5)
48
20
78
141
EBIT Margin %
 
(2.3)%
(0.2)%
(0.2)%
 
4.0%
2.8%
2.3%
2.8%
2.9%
 
(0.4)%
3.6%
1.4%
5.1%
2.5%
Ongoing Earnings Before Interest and Taxes
 
(23)
(2)
(2)
 
49
52
39
38
178
 
13
53
59
78
203
Ongoing EBIT Margin %
 
(2.3)%
(0.2)%
(0.2)%
 
4.2%
4.0%
3.0%
2.8%
3.5%
 
1.0%
4.0%
4.1%
5.1%
3.6%
Depreciation and Amortization
 
48
41
47
 
47
42
66
49
204
 
48
59
47
45
199




RECAST HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)


Asia
 
2017
 
2016
 
2015
Amounts in millions
 
Q1
Q2
Q3
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Units Sold (in thousands)
 
2,563
2,178
2,196
 
2,157
2,160
2,152
2,306
8,775
 
2,085
2,056
1,942
1,737
7,820
Net Sales
 
435
373
375
 
382
378
355
375
1,490
 
386
392
354
328
1,460
Ongoing Net Sales (*)
 
435
405
375
 
382
378
355
375
1,490
 
386
392
354
328
1,460
Gross Margin
 
96
30
81
 
96
81
82
86
345
 
92
93
87
79
351
Gross Margin %
 
22.0%
8.2%
21.7%
 
25.3%
21.3%
23.2%
22.9%
23.2%
 
23.9%
23.9%
24.7%
24.2%
24.0%
Selling, General and Administrative Expenses
 
63
55
70
 
61
53
58
59
231
 
60
58
56
63
237
Earnings Before Interest and Taxes
 
24
(30)
9
 
24
19
19
31
93
 
26
30
28
12
96
EBIT Margin %
 
5.6%
(8.0)%
2.5%
 
6.4%
5.1%
5.5%
8.2%
6.2%
 
6.7%
7.6%
8.0%
3.8%
6.6%
Ongoing Earnings Before Interest and Taxes
 
24
10
9
 
26
35
21
32
114
 
32
35
31
18
116
Ongoing EBIT Margin %
 
5.6%
2.5%
2.5%
 
6.9%
8.5%
6.1%
8.4%
7.4%
 
7.2%
8.6%
8.8%
5.6%
7.6%
Depreciation and Amortization
 
17
15
22
 
17
17
16
13
63
 
16
16
16
14
62




RECAST HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)


Other/Elimination
 
2017
 
2016
 
2015
Amounts in millions
 
Q1
Q2
Q3
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Units Sold (in thousands)
 
 
 
Net Sales
 
(49)
(45)
(45)
 
(43)
(47)
(59)
(43)
(192)
 
(45)
(48)
(63)
(52)
(208)
Ongoing Net Sales
 
(49)
(45)
(45)
 
(43)
(47)
(59)
(43)
(192)
 
(45)
(48)
(63)
(52)
(208)
Gross Margin
 
2
2
2
 
3
4
2
5
14
 
4
3
1
2
10
Gross Margin %
 
(3.8)%
(4.3)%
(5.3)%
 
(6.9)%
(8.9)%
(4.1)%
(11.6)%
(7.5)%
 
(9.7)%
(6.5)%
(1.8)%
(3.1)%
(4.9)%
Selling, General and Administrative Expenses
 
53
49
42
 
43
50
47
60
200
 
42
71
53
56
222
Earnings Before Interest and Taxes
 
(103)
(110)
(88)
 
(93)
(96)
(79)
(116)
(384)
 
(80)
(134)
(111)
(114)
(439)
EBIT Margin %
 
nm
nm
nm
 
nm
nm
nm
nm
nm
 
nm
nm
nm
nm
nm
Ongoing Earnings Before Interest and Taxes
 
(57)
(51)
(43)
 
(45)
(54)
(46)
(55)
(200)
 
(38)
(64)
(51)
(52)
(205)
Ongoing EBIT Margin %
 
nm
nm
nm
 
nm
nm
nm
nm
nm
 
nm
nm
nm
nm
nm
Depreciation and Amortization
 
14
14
14
 
24
18
(1)
14
55
 
15
10
26
31
82

nm = not meaningful

(*) Reflects the impact of the out-of-period adjustment in our China business related to trade promotion accruals as disclosed in footnote (d) within the supplemental information information in the reconciliation of GAAP to non-GAAP financial measures in our second quarter 2017 earnings release.