2024 Annual ReportFull-Year Ongoing Earnings Before Interest and Taxes and Ongoing Earnings Per Diluted Share
| Earnings Before Interest and Taxes Reconciliation Twelve Months Ended December 31, | ||||
|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | |
| Net earnings (loss) available to Whirlpool | 1,783 | (1,519) | 481 | (323) |
| Net earnings (loss) available to noncontrolling interests | 23 | 8 | 7 | 18 |
| Income tax expense (benefit) | 518 | 265 | 77 | 10 |
| Interest expense | 175 | 190 | 351 | 358 |
| Earnings (loss) before interest and taxes | 2,499 | (1,056) | 916 | 63 |
| Net sales | 21,985 | 19,724 | 19,455 | 16,607 |
| Net earnings (loss) margin | 8.1% | (7.7)% | 2.5% | (1.9)% |
| Earnings before interest and taxes Twelve Months Ended December 31, |
Earnings per diluted share Twelve Months Ended December 31, |
|||||
|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2024 | ||
| Reported measure | 2,499 | (1,056) | 916 | 63 | (5.87) | |
| Restructuring costs | 38 | 79 | 1.44 | |||
| Impairment of goodwill, intangibles and other assets | 396 | 381 | 6.92 | |||
| Impact of M&A transactions | (107) | 1,936 | 181 | 292 | 5.30 | |
| Substantial liquidation of subsidiary | 84 | |||||
| Legacy EMEA legal matters | 94 | (2) | (0.04) | |||
| Equity method investee — restructuring charges | 74 | 1.34 | ||||
| (Gain) loss on previously held equity interest | (42) | |||||
| Product warranty and liability (income) expense | (9) | |||||
| Total income tax impact | 4.28 | |||||
| Normalized tax rate adjustment | (1.16) | |||||
| Ongoing measure | 2,379 | 1,360 | 1,191 | 887 | 12.21 | |
| Net sales | 21,985 | 19,724 | 19,455 | 16,607 | ||
| Ongoing EBIT margin | 10.8% | 6.9% | 6.1% | 5.3% | ||
- For 2024, our full-year GAAP tax rate was (5.5)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.
- For 2023, our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.
- For 2022, our full-year GAAP tax rate was (21.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 4.4%.
- For 2021, our full-year GAAP tax rate was 22.2%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of 23.5%.
| Free Cash Flow Reconciliation Twelve Months Ended December 31, | |
|---|---|
| (millions of dollars) | 2024 |
| Cash provided by (used in) operating activities | $ 835 |
| Capital expenditures | (451) |
| Free cash flow | $ 385 |
| Cash provided by (used in) investing activities | (602) |
| Cash provided by (used in) financing activities | (476) |
- 1 Numbers may not reconcile due to rounding.
