EX-99.2 3 exhibit992historicalsegmen.htm EX-99.2
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 Whirlpool |  | 2023 |  | 2022 |  | 2021
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year
Net Sales |  | 4,649 | 4,792 | 4,926 |  | 4,920 | 5,097 | 4,784 | 4,923 | 19,724 |  | 5,358 | 5,324 | 5,488 | 5,815 | 21,985
Gross Margin |  | 763 | 816 | 799 |  | 851 | 897 | 680 | 645 | 3,073 |  | 1,148 | 1,090 | 1,108 | 1,063 | 4,409
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 Expenses |  | 487 | 476 | 473 |  | 376 | 461 | 446 | 537 | 1,820 |  | 493 | 509 | 524 | 555 | 2,081
Earnings Before Interest and Taxes |  | (33) | 290 | 266 |  | 463 | (286) | 238 | (1,471) | (1,056) |  | 644 | 719 | 630 | 506 | 2,499
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) | 85 | 83 |  | 313 | (371) | 143 | (1,604) | (1,519) |  | 433 | 581 | 471 | 298 | 1,783
Ongoing Earnings Before Interest and Taxes |  | 251 | 352 | 322 |  | 463 | 461 | 265 | 171 | 1,360 |  | 664 | 607 | 608 | 500 | 2,379
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 Amortization |  | 89 | 89 | 84 |  | 112 | 114 | 118 | 131 | 475 |  | 141 | 118 | 119 | 116 | 494

MDA NAR |  | 2023 |  | 2022 |  | 2021
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year
Net Sales |  | 2,641 | 2,722 | 2,766 |  | 2,656 | 2,831 | 2,678 | 2,597 | 10,762 |  | 2,890 | 2,870 | 2,955 | 3,010 | 11,725
Gross Margin |  | 472 | 498 | 453 |  | 544 | 565 | 404 | 368 | 1,881 |  | 720 | 690 | 717 | 652 | 2,779
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 Expenses |  | 192 | 218 | 187 |  | 140 | 185 | 178 | 218 | 720 |  | 155 | 187 | 201 | 209 | 751
Earnings before Interest and Taxes |  | 266 | 275 | 254 |  | 405 | 383 | 236 | 154 | 1,178 |  | 568 | 504 | 518 | 445 | 2,033
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 Amortization |  | 49 | 51 | 48 |  | 41 | 39 | 40 | 69 | 189 |  | 43 | 40 | 41 | 41 | 165

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HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)

MDA Europe |  | 2023 |  | 2022 |  | 2021 |  |
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year |  |
Net Sales |  | 846 | 814 | 829 |  | 1,020 | 951 | 858 | 948 | 3,779 |  | 1,093 | 1,146 | 1,161 | 1,282 | 4,682 |  |
Gross Margin |  | 74 | 85 | 85 |  | 45 | 68 | 34 | 48 | 195 |  | 117 | 116 | 103 | 88 | 424 |  |
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 Expenses |  | 79 | 79 | 88 |  | 87 | 87 | 76 | 77 | 326 |  | 115 | 114 | 105 | 109 | 443 |  |
Earnings Before Interest and Taxes |  | (5) | 14 | 2 |  | (37) | (4) | (31) | (21) | (93) |  | 7 | 7 | 6 | (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 |  | — | — | — |  | 35 | 35 | 41 | 22 | 132 |  | 46 | 44 | 39 | 38 | 167 |  |
MDA LAR |  | 2023 |  | 2022 |  | 2021 |  |
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year |  |
Net Sales |  | 747 | 804 | 843 |  | 750 | 773 | 739 | 818 | 3,079 |  | 724 | 749 | 827 | 818 | 3,118 |  |
Gross Margin |  | 114 | 118 | 127 |  | 112 | 123 | 101 | 109 | 445 |  | 121 | 114 | 125 | 120 | 481 |  |
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 Expenses |  | 78 | 73 | 76 |  | 63 | 66 | 64 | 75 | 267 |  | 56 | 57 | 65 | 64 | 243 |  |
Earnings Before Interest and Taxes |  | 36 | 49 | 52 |  | 51 | 52 | 36 | 46 | 185 |  | 63 | 72 | 71 | 56 | 263 |  |
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 Amortization |  | 17 | 17 | 18 |  | 16 | 16 | 17 | 16 | 65 |  | 15 | 16 | 17 | 15 | 63 |  |
MDA Asia |  | 2023 |  | 2022 |  | 2021 |  |
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year |  |
Net Sales |  | 245 | 284 | 219 |  | 269 | 318 | 242 | 202 | 1,031 |  | 396 | 248 | 258 | 253 | 1,155 |  |
Gross Margin |  | 33 | 36 | 27 |  | 43 | 43 | 32 | 23 | 141 |  | 71 | 31 | 41 | 36 | 179 |  |
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 Expenses |  | 26 | 26 | 23 |  | 28 | 29 | 24 | 27 | 108 |  | 51 | 34 | 22 | 25 | 132 |  |
Earnings Before Interest and Taxes |  | 8 | 10 | 5 |  | 10 | 16 | 8 | 3 | 37 |  | 19 | (1) | 18 | 6 | 42 |  |
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 Amortization |  | 5 | 6 | 5 |  | 5 | 5 | 4 | 6 | 20 |  | 13 | 5 | 4 | 4 | 26 |  |

HISTORICAL SEGMENT FINANCIAL DATA
(UNAUDITED)

SDA Global |  | 2023 |  | 2022 |  | 2021
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year
Net Sales |  | 170 | 168 | 269 |  | 225 | 223 | 267 | 358 | 1,073 |  | 256 | 311 | 287 | 451 | 1,305
Gross Margin |  | 61 | 67 | 95 |  | 96 | 90 | 97 | 98 | 381 |  | 102 | 132 | 111 | 165 | 510
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 Expenses |  | 43 | 44 | 44 |  | 38 | 44 | 47 | 66 | 195 |  | 44 | 47 | 44 | 57 | 192
Earnings Before Interest and Taxes |  | 19 | 21 | 49 |  | 62 | 47 | 53 | 32 | 194 |  | 58 | 85 | 68 | 110 | 321
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 Amortization |  | 3 | — | 1 |  | 3 | 3 | 2 | 3 | 11 |  | 3 | 3 | 3 | 2 | 11
Corp |  | 2023 |  | 2022 |  | 2021
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year
Net Sales |  | — | — | — |  | — | — | — | — | — |  | — | — | — | — | —
Gross Margin |  | 9 | 12 | 12 |  | 9 | 8 | 12 | 2 | 31 |  | 18 | 6 | 11 | 3 | 38
Gross Margin % |  | nm | nm | nm |  | nm | nm | nm | nm | nm |  | nm | nm | nm | nm | nm
Selling, General and Administrative Expenses |  | 69 | 36 | 55 |  | 21 | 50 | 59 | 77 | 207 |  | 74 | 73 | 87 | 91 | 325
Earnings Before Interest and Taxes |  | (357) | (79) | (96) |  | (28) | (781) | (64) | (1,684) | (2,557) |  | (71) | 48 | (51) | (94) | (169)
EBIT Margin % |  | nm | nm | nm |  | nm | nm | nm | nm | nm |  | nm | nm | nm | nm | nm
Depreciation and Amortization |  | 15 | 14 | 13 |  | 13 | 16 | 14 | 15 | 58 |  | 21 | 10 | 16 | 15 | 62

HISTORICAL ONGOING EBIT RECONCILIATION
(UNAUDITED)

Total Whirlpool |  | 2023 |  | 2022 |  | 2021
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full Year
Earnings Before Interest and Taxes |  | $(33) | $290 | $266 |  | $463 | $(286) | $238 | $(1,471) | $(1,056) |  | $644 | $719 | $630 | $506 | $2,499
Restructuring |  | — | — | — |  | — | — | — | — | — |  | 20 | 8 | 7 | 3 | 38
Impairment of goodwill, intangibles and other assets |  | — | — | — |  | — | 384 | — | 12 | 396 |  | — | — | — | — | —
Impact of M&A Transactions |  | 222 | 26 | 56 |  | — | 363 | 27 | 1,546 | 1,936 |  | — | (120) | 13 | — | (107)
Substantial liquidation of subsidiary |  | — | — | — |  | — | — | — | 84 | 84 |  | — | — | — | — | —
(Gain) loss on previously held equity interest |  | — | — | — |  | — | — | — | — | — |  | — | — | (42) | — | (42)
Product warranty and liability (income) expense |  | — | — | — |  | — | — | — | — | — |  | — | — | — | (9) | (9)
Legacy EMEA legal matters |  | 62 | 36 | — |  | — | — | — | — | — |  | — | — | — | — | —
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 Whirlpool |  | 2023 |  | 2022 |  | 2021
Amounts in millions |  | Q1 | Q2 | Q3 |  | Q1 | Q2 | Q3 | Q4 | Full Year |  | Q1 | Q2 | Q3 | Q4 | Full 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 Interests |  | 3 | 2 | 2 |  | 3 | 3 | 2 | — | 8 |  | 7 | (1) | 15 | 2 | 23
Income Tax Expense |  | 68 | 114 | 86 |  | 106 | 37 | 53 | 69 | 265 |  | 159 | 94 | 100 | 165 | 518
Interest Expense |  | 75 | 89 | 95 |  | 41 | 45 | 40 | 64 | 190 |  | 45 | 45 | 44 | 41 | 175
Earnings Before Interest & Taxes |  | $(33) | $290 | $266 |  | $463 | $(286) | $238 | $(1,471) | $(1,056) |  | 644 | 719 | 630 | 506 | 2,499

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