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Item 5. Market for Registrant’s Common Equity

2022-02-10 compared with 2021-02-11 · 4 added, 86 removed, 10 unchanged (90% of the section changed)

2 unchanged sentences

As of February 4, 2022, the number of holders of record of Whirlpool common stock was approximately 8,013.

On July 25, 2017, our Board of Directors authorized an additional share repurchase program of up to $2 billion.

For the year ended December 31, 2020, we repurchased 902,000 shares at an aggregate purchase price of approximately $121 million under this program.

At December 31, 2020, there were approximately $531 million in remaining funds authorized under this program.

On April 19, 2021, our Board of Directors authorized a share repurchase program of up to $2 billion, which has no expiration date.

At December 31, 2021, there were approximately $1.5 billion in remaining funds authorized under this program.

For the year ended December 31, 2021, we repurchased 4,765,037 shares at an aggregate purchase price of approximately $1 billion under this program.

Share repurchases are made from time to time on the open market as conditions warrant.

5 unchanged sentences

December 1, 2021 through December 31, 2021 690,521 228.72 690,521 $ 1,490

SELECTED FINANCIAL DATA

FIVE-YEAR SELECTED FINANCIAL DATA

(Millions of dollars, except share and employee data) 2020 2019 2018 2017 2016

CONSOLIDATED OPERATIONS

Net sales $ 19,456 $ 20,419 $ 21,037 $ 21,253 $ 20,718

Gross margin 3,850 3,533 3,537 3,602 3,692

Restructuring costs 288 188 247 275 173

Impairment of goodwill and other intangibles 7 — 747 — —

(Gain) loss on sale and disposal of businesses (7) (437) — — —

Depreciation and amortization 568 587 645 654 655

Operating profit 1,623 1,571 279 1,136 1,368

Earnings (loss) before income taxes 1,455 1,552 (21) 887 1,114

Net earnings (loss) 1,071 1,198 (159) 337 928

Net earnings (loss) available to Whirlpool 1,081 1,184 (183) 350 888

Capital expenditures 410 532 590 684 660

Dividends paid 311 305 306 312 294

Repurchase of common stock 121 148 1,153 750 525

CONSOLIDATED FINANCIAL POSITION

Current assets $ 9,015 $ 7,398 $ 7,898 $ 7,930 $ 7,339

Current liabilities 8,330 8,369 9,678 8,505 7,662

Accounts receivable, inventories and accounts payable, net 461 89 256 856 918

Property, net 3,199 3,301 3,414 4,033 3,810

Total assets (1)

20,350 18,881 18,347 20,038 19,153

Long-term debt 5,059 4,140 4,046 4,392 3,876

Total debt (2)

5,369 4,993 6,027 5,218 4,470

Whirlpool stockholders' equity 3,799 3,195 2,291 4,198 4,773

PER SHARE DATA

Basic net earnings (loss) available to Whirlpool $ 17.24 $ 18.60 $ (2.72) $ 4.78 $ 11.67

Diluted net earnings (loss) available to Whirlpool 17.07 18.45 (2.72) 4.70 11.50

Dividends 4.85 4.75 4.55 4.30 3.90

Book value (3)

60.00 49.77 34.08 56.42 61.82

Closing Stock Price at December 31—NYSE 180.49 147.53 106.87 168.64 181.77

Operating profit margin 8.3 % 7.7 % 1.3 % 5.3 % 6.6 %

Pre-tax margin (4)

7.5 % 7.6 % (0.1) % 4.2 % 5.4 %

Net margin (5)

5.6 % 5.8 % (0.9) % 1.6 % 4.3 %

Return on average Whirlpool stockholders' equity (6)

30.9 % 43.2 % (5.6) % 7.8 % 18.7 %

Return on average total assets (7)

5.5 % 6.4 % (1.0) % 1.8 % 4.7 %

Current assets to current liabilities 1.1 0.9 0.8 0.9 1.0

Total debt as a percent of invested capital (8)

53.3 % 54.8 % 65.3 % 50.4 % 43.8 %

Price earnings ratio (9)

10.6 8.0 (39.3) 35.9 15.8

Common shares outstanding (in thousands):

Average number - on a diluted basis 63,317 64,199 67,225 74,400 77,211

Year-end common shares outstanding 62,793 62,894 63,528 70,646 74,465

Year-end number of stockholders 8,449 8,804 9,248 9,960 10,528

Year-end number of employees 78,000 77,000 92,000 92,000 93,000

Five-year annualized total return to stockholders (10)

7.3 % (2.7) % (5.1) % 13.0 % 33.6 %

(1) Total assets for 2020 and 2019 includes the impact related to ASC 842 for leases adopted as of January 1, 2019.

See Note 3 to the Consolidated Financial Statements for additional information.

(2) Total debt includes notes payable, current maturities of long-term debt and long-term debt.

(3) Total Whirlpool stockholders' equity divided by average number of shares on a diluted basis.

(4) Earnings (loss) before income taxes, as a percent of net sales.

2019 includes the effect of a $437 million gain on sale and disposal of businesses, a $180 million gain related to Brazil indirect tax credits and a $105 million charge related to product warranty expense on EMEA-produced washers.

See Note 8, Note 11, Note 14 and Note 17 to the Consolidated Financial Statements for additional information.

2018 includes the effect of a $747 million impairment charge of goodwill and other intangibles and a $103 million charge related to the French Competition Authority (FCA) settlement agreement.

See Note 6 and Note 8 to the Consolidated Financial Statements for additional information.

(5) Net earnings (loss) available to Whirlpool, as a percent of net sales.

2019 includes the effect of a $437 million gain on sale and disposal of businesses, a $180 million gain related to Brazil indirect tax credits a $105 million charge related to product warranty expense on EMEA-produced washers.

See Note 8, Note 11, Note 14 and Note 17 to the Consolidated Financial Statements for additional information.

2018 includes the effect of a $747 million impairment charge of goodwill and other intangibles and a $103 million charge related to the French Competition Authority (FCA) settlement agreement.

See Note 6 and Note 8 to the Consolidated Financial Statements for additional information.

(6) Net earnings (loss) available to Whirlpool, divided by average Whirlpool stockholders' equity.

See Note 8, Note 11, Note 14 and Note 17 to the Consolidated Financial Statements for additional information.

2018 includes the effect of a $747 million impairment charge of goodwill and other intangibles and a $103 million charge related to the French Competition Authority (FCA) settlement agreement.

See Note 6 and Note 8 to the Consolidated Financial Statements for additional information.

(7) Net earnings (loss) available to Whirlpool, divided by average total assets.

See Note 8, Note 11, Note 14 and Note 17 to the Consolidated Financial Statements for additional information.

2018 includes the effect of a $747 million impairment charge of goodwill and other intangibles and a $103 million charge related to the French Competition Authority (FCA) settlement agreement.

See Note 6 and Note 8 to the Consolidated Financial Statements for additional information.

(8) Total debt divided by total debt and total stockholders' equity.

(9) Closing stock price divided by diluted net earnings (loss) available to Whirlpool.

(10) Stock appreciation plus reinvested dividends, divided by share price at the beginning of the period.

Total 1,795,982 $ 222.70 1,795,982

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity