What changed in this filing

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Item 1. Business

2025-02-13 compared with 2024-02-14 · 101 added, 150 removed, 120 unchanged (68% of the section changed)

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Whirlpool Corporation ("Whirlpool"), committed to being the best kitchen and laundry company, in constant pursuit of improving life at home, was incorporated in 1955 under the laws of Delaware and was founded in 1911.

Whirlpool manufactures products in 10 countries and markets products in nearly every country around the world.

Whirlpool manufactures products in six countries and markets products in nearly every country around the world.

We have received worldwide recognition for accomplishments in a variety of business and social efforts, including leadership, diversity, innovative product design, business ethics, environmental sustainability, social responsibility and community involvement.

Whirlpool had approximately $17 billion in annual net sales and 44,000 employees in 2024.

In 2023, we conducted our business through four operating segments, which we define based on geography.

Whirlpool's operating segments in 2023 consisted of North America;

Europe, Middle East and Africa ("EMEA");

Latin America and Asia.

Beginning January 1, 2024, we are conducting our business through five operating segments, which consist of Major Domestic Appliances (“MDA”) North America;

MDA Europe, MDA Latin America;

We conduct our business through four operating segments:

Major Domestic Appliances (“MDA”) North America;

MDA Latin America;

and Small Domestic Appliances (“SDA”) Global.

For additional information, see Note 14 to the Consolidated Financial Statements.

On January 16, 2023, Whirlpool entered into a contribution agreement with Arçelik A.Ş (“Arcelik”) in alignment with Whirlpool’s portfolio transformation.

Under the terms of the agreement, Whirlpool will contribute its European major domestic appliance business, and Arcelik will contribute its European major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into the newly formed entity of which Whirlpool will own 25% and Arcelik 75%, subject to an adjustment mechanism based on certain financial matters.

Separately, Whirlpool subsequently reached an agreement for the sale of Whirlpool’s Middle East and Africa business to Arcelik.

These transactions impact businesses that are collectively referred to as the European major domestic appliance business which was classified as held for sale in the fourth quarter of 2022.

Whirlpool will retain ownership of its EMEA KitchenAid small domestic appliance business.

The transactions are expected to close by April 2024 and include nine Whirlpool production sites located in Italy, Poland, Slovakia, and the UK, as well as two Arcelik production facilities in Romania.

The Europe transaction is subject to certain closing conditions, including regulatory approvals from the European Commission, Germany, Austria and China, which have been received, and the UK which remains.

On February 8, 2024, the U.K.

Competition and Markets Authority (“CMA”) provisionally cleared the Transaction.

The CMA is expected to issue its final decision by March 26, 2024.

For additional information, see Note 15 to the Consolidated Financial Statements.

The MDA Europe business will be deconsolidated upon the completion of the European contribution agreement transaction with Arcelik, and it does not qualify for reporting as discontinued operations.

The MDA Europe segment, which is presented within our results through the first quarter of 2024, was deconsolidated as of April 1, 2024.

For additional information, see Note 15 and Note 16 to the Consolidated Financial Statements.

As used herein, and except where the context otherwise requires, "Whirlpool," "the Company," "we," "us," and "our" refer to Whirlpool Corporation and its consolidated subsidiaries.

Our Strategic Architecture

Our strategic architecture is the foundational component that drives our shareholder value creation and strategy.

Below are the key components of our strategic architecture.

Our strategic architecture is the foundational component that drives our shareholder value creation strategy.

Below are the key components of our strategic architecture for 2024.

Portfolio Transformation

Whirlpool Corporation is committed to delivering significant, long-term value to both our consumers and our shareholders.

In 2023 we continued our multi-year portfolio transformation journey, which we expect to transform the company into a higher-growth and higher-margin business.

In reflection of this, we have successfully integrated the InSinkErator business into our North America operations and are nearing the expected completion of the contribution agreement transaction with Arcelik for our European major domestic appliance business.

Our value creating approach is enabled by three strong pillars:

small appliances, major appliances in the Americas and India and commercial appliances, and we are committed to investing in businesses that support higher growth and higher margins.

In recognition of our portfolio transformation, including our pending European transaction, we have reorganized our operating segments effective January 1, 2024, including presenting our SDA Global business as a separate operating segment.

In 2024, we completed a transaction to contribute our European major domestic appliance business into a newly formed company with Arcelik.

Additionally, we sold our Middle East and North Africa business to Arcelik.

These transactions marked a major milestone in our portfolio transformation to becoming a higher growth and higher margin business, unlocking significant value creation opportunities for the Company.

Our value creation approach is enabled by three strong pillars:

small appliances, major appliances, and commercial appliances.

In recognition of our portfolio transformation, we reorganized our operating segments effective January 1, 2024, including presenting our SDA Global business as a separate operating segment.

Reconciliations to equivalent GAAP net earnings measures are not provided as EBIT percentages presented above represent our expectations for these business lines and are not provided with respect to results for any specific period.

We are committed to being the best kitchen and laundry company.

Our global footprint includes developed countries and emerging markets, including a leading position in many of the key countries in which we expect to operate.

Following the contribution of our European major domestic appliance business, we expect to continue to win in the Americas with our leading position in multiple countries and leading U.S.

builder share, alongside over 100 new product introductions in 2023 and accelerating growth in India.

Our global footprint includes developed countries and emerging markets, including a leading position in many of the key countries in which we operate.

In 2025 and beyond, we expect to continue to win in the Americas with our leading position in multiple countries and leading U.S.

builder share.

Our Sustained Investment in Innovation

Whirlpool Corporation has been responsible for a number of first-to-market innovations.

These include the first electric wringer washer in 1911, the first residential stand mixer in 1919, the first countertop microwave in 1967, the first energy and water efficient top-load washer in 1998 and the first top-load clothes washer with a removable agitator in 2021, among others.

In 2023, we launched more than 100 new products throughout the world, demonstrating our commitment to innovation, including the KitchenAid Go cordless system, a 70 centimeter built-in bottom mount refrigerator with leading capacity and noise reduction, and our over-the-range flush microwave hood combination.

We also unveiled our SlimTech insulation technology, which we expect to deliver benefits ranging from increased capacity and quieter performance to the potential for increased sustainability and design flexibility.

Ever mindful of our impact on the planet, our holistic innovation approach uses Design for Sustainability principles in our global platforms and connects product sustainability directly with our business goals.

For example, our InSinkErator food disposers can reduce from landfills up to 600 pounds of food waste generated by the average family of four.

We are proud of our track record of innovation and our progress on sustainable innovation with eco-efficient products that reduce environmental impacts.

These include the first electric wringer washer in 1911, the first residential stand mixer in 1919, the first countertop microwave in 1967, the first energy and water efficient top-load washer in 1998 and the first top-lo ad clothes washer with a removable agitator in 2021.

In 2024, we launched more than 100 new products throughout the world, demonstrating our commitment to innovation.

These include the KitchenAid Espresso collection of semi-automatic and fully-automatic espresso machines, the KitchenAid rice and grain cooker, and our Spin & Load dishwasher rack accessory designed with accessibility in mind.

We also expanded our award-winning Pet Pro laundry technology to front load washers and dryers and we introduced the FreshFlow Vent System in our Whirlpool brand, the first fan-powered system with antimicrobial protection designed to help keep both clothes and washing machines fresh.

We are committed to continue innovating for a new generation of consumers.

Our world-class innovation pipeline has driven consistent innovation over the last few years, driven by a passionate culture of employees focused on bringing new technologies to market.

As the shift to digital continues, consumers continue to desire connected appliances which fit seamlessly into the larger home ecosystem.

As a leading connected appliance manufacturer, we are excited to bring connected products and technologies to market, including voice control with a compatible smart home assistant, food recognition and automatic laundry detergent replenishment and over-the-air updates to qualified connected appliances.

These digitally-enabled products and services will increasingly enhance the appliance experience for our consumers, as demonstrated by our highly rated mobile apps.

Our world-class innovation pipeline has driven consistent innovation, enabled by a passionate culture of employees focused on bringing new technologies to market.

Throughout the past year, we have remained committed to delivering connected appliances that seamlessly integrate into the evolving smart home ecosystem.

Our focus has been on enhancing the consumer experience through key features such as voice control compatibility with popular smart home assistants and WiFi connectivity that make life at home easier, faster and better.

Additionally, we have continued to provide over-the-air updates to help ensure optimal performance and

functionality for qualified connected appliances.

These advancements, coupled with our highly-rated mobile app platform, demonstrate our dedication to providing consumers with a superior connected appliance experience.

Whirlpool manufactures and markets a full line of major home appliances and related products.

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We have successfully integrated the InSinkErator business into our North America operations, expanding our portfolio of products to include food waste disposers and instant hot water dispensers for home and commercial use.

InSinkErator net sales are reported under the 'Other' product category which are aggregated under the 'Dishwashing and Other' category on the chart below.

InSinkErator product net sales are reported under the 'Other' product category which are aggregated under the 'Dishwashing and Other' category on the chart below.

KitchenAid Small Domestic Appliance net sales are reported under the 'Cooking Appliances' product category.

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The Company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, demonstrating our commitment to being the best kitchen and laundry company improving life at home for our consumers.

We aim to position these desirable brands across many consumer segments.

Our sales are led by our global brands Whirlpool and KitchenAid .

Whirlpool is trusted throughout the world as a brand that delivers innovative care daily.

Our KitchenAid brand brings a combination of innovation and design that inspires and fuels the passion of chefs, bakers and kitchen enthusiasts worldwide.

These two brands offer differentiated products that provide exceptional performance and desirable features while remaining affordable to consumers.

Additionally, we have a number of strong regional and local brands, including Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Hotpoint*, Indesit, and InSinkErator, among others.

We aim to position our brands as essential to many consumer segments by meeting their wide-ranging needs and aspirations.

Our sales are led by two global iconic brands:

Whirlpool and KitchenAid .

Whirlpool is a trusted partner for families worldwide, making it easier to provide the care and support loved ones need to thrive every day.

From innovative laundry solutions to intuitive kitchen appliances, Whirlpool ensures that care is simple, reliable, and always within reach.

KitchenAid , on the other hand, inspires a deeper connection to the culinary experience.

With its seamless blend of innovation and design, KitchenAid products were designed for personalization and empowering the maker.

Together, these brands deliver differentiated products that combine exceptional performance and desirable features while remaining accessible to consumers everywhere.

Additionally, we have a number of strong regional and local brands, including Maytag, Brastemp , Consul, Amana, InSinkErator and JennAir .

These brands add to our impressive depth and breadth of kitchen and laundry product offerings and help us provide products that are tailored to local consumer needs and preferences.

Our best brand portfolio in the industry, paired with our robust investment in research and development and consumer insights, positions us well to meet trends in consumer preferences and market demand.

Our best brand portfolio in the industry, paired with our robust investment in research and development and consumer insights, position us well to meet trends in consumer preferences and demand.

Strong Cost Position

We have a culture of cost optimization and productivity, which we call productivity for growth, and it includes continuous focus on cost efficiency.

Since 2017, we have delivered substantial gains through reduced complexity in all aspects of our business:

We have a history of delivering substantial gains through reduced complexity in all aspects of our business:

research, design, reduced architectures, and reduced footprint.

The regional scale enables our local-for-local production model as we continue to focus on producing as efficiently as possible.

As the macro environment continues to change, we believe our demonstrated ability to execute cost takeout allows us to effectively cope with macroeconomic challenges, and we see additional opportunities to further streamline our cost structure.

Our regional scale enables our local-for-local production model as we continue to focus on producing as efficiently as possible.

Throughout 2024 we continued to manage our fixed cost base across manufacturing, logistics and selling, general and administrative expenses while at the same time continuing our portfolio transformation journey.

We also continue our journey to reduce the complexity of our design and product platforms.

We believe this initiative, among many others, will enable us to utilize increased modular production and improved scale in global procurement.

We believe our cost position is clearly differentiated in the appliance industry and we are committed to even further improvement, creating strong levels of value for our shareholders, regardless of the external environment.

*Whirlpool ownership of the Hotpoint brand in the EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas.

We believe this initiative, among many others, will enable us to utilize increased modular production and improved scale in procurement.

We are committed to even further cost improvement, creating strong levels of value for our shareholders, regardless of the external environment.

Value Creation Framework

Our long-term value creation framework is built upon the strong foundation we have in place:

our industry-leading brand portfolio and robust product innovation pipeline, supported by our global operating platform and executed by our exceptional employees throughout the world.

Our long-term value-creation goals reflect our agile and resilient business model, which enables us to succeed in any operating environment with profitable growth, margin expansion, and cash conversion.

our industry-leading brand portfolio and robust product innovation pipeline, supported by our leading regional scale and executed by our exceptional employees throughout the world.

Our long-term value-creation goals reflect our agile and resilient business model, which we believe enables us to succeed in any operating environment with profitable growth, margin expansion, and cash conversion.

Capital Allocation Strategy

We take a balanced approach to capital allocation by focusing on the following key metrics:

In 2023, we continued our 68th year of quarterly dividends, with $384 million in dividends paid in 2023.

We continue to prioritize debt repayments, with $500 million of debt repayment in the fourth quarter of 2023.

In November 2023, we announced our intention to reduce our ownership interest in our Whirlpool of India subsidiary while maintaining a majority interest, and we expect to utilize the proceeds to further reduce debt levels in 2024.

In 2024, we continued our 69th year of quarterly dividends, with $384 million in dividends paid.

We continue to prioritize debt repayments, with approximately $500 million of debt repayment in the second quarter of 2024.

We remain committed to funding innovation and growth and are confident in our ability to generate strong free cash flow.

Our free cash flow generation, coupled with our balance sheet strength, provides us the flexibility to support our commitment to returning cash to shareholders.

Regional Business Summary

Overview below includes a summary of our current operating segments relevant for the periods presented in the Consolidated Financial Statements of 2023.

Beginning January 1, 2024, we have realigned our operating segments.

For additional information, see Note 14 to the Consolidated Financial Statements.

North America • In the United States and Canada, we market and distribute major home appliances and other consumer products primarily under the Whirlpool, KitchenAid, Maytag, Amana, InSinkErator, JennAir, affresh, Swash, everydrop and Gladiator brand names primarily to retailers, distributors and builders, as well as directly to consumers.

We also market small domestic appliances under the KitchenAid brand name to retailers, distributors and directly to consumers.

Business Summary by Segment

As of January 1, 2024, we reorganized our operating segments.

The MDA Europe segment was deconsolidated as of April 1, 2024.

For additional information, see Note 15 and Note 16 to the Consolidated Financial Statements.

MDA North America • In the United States and Canada, we market and distribute major home appliances and other consumer products primarily under the Whirlpool, KitchenAid, Maytag, Amana, InSinkErator, JennAir, affresh, Swash, everydrop and Gladiator brand names primarily to retailers, distributors and builders, as well as directly to consumers.

• We sell some products to other manufacturers, distributors, and retailers for resale in North America under those manufacturers' and retailers' respective brand names.

Europe, Middle East and Africa (EMEA) • In Europe, we market and distribute major domestic appliances to retailers, distributors and directly to consumers under the Whirlpool , Indesit, Hotpoint*, Bauknecht, Ignis, Maytag and Privileg brand names.

We also market major domestic appliances and small domestic appliances under the KitchenAid brand name primarily to retailers and distributors, as well as directly to consumers for small domestic appliances.

• We market and distribute products under the Whirlpool, Bauknecht, Maytag, Indesit, Amana and Ignis brand names to distributors and dealers in Africa and the Middle East.

• In 2023, we entered into the contribution agreement with Arçelik to contribute our European major domestic appliance business into a newly formed European appliance company and into a separate agreement for the sale of the Middle East and North Africa business, and expect to close both transactions by April 2024.

Latin America • In Latin America, we produce, market and distribute our major home appliances, small domestic appliances and other consumer products primarily under the Consul, Brastemp, Whirlpool, KitchenAid, Acros, Maytag and Eslabon de Lujo brand names primarily to retailers, distributors and directly to consumers.

MDA Latin America • In Latin America, we produce, market and distribute our major home appliances and other consumer products primarily under the Consul, Brastemp, Whirlpool, KitchenAid, Acros, Maytag and Eslabon de Lujo brand names primarily to retailers, distributors and directly to consumers.

• We serve the countries of Brazil, Mexico, Bolivia, Paraguay, Uruguay, Argentina, Colombia, Chile, and certain Caribbean and Central America countries, via sales and distribution through accredited distributors.

Asia • In Asia, we market and distribute our major home appliances and small domestic appliances in multiple countries, notably in India.

• We market and distribute our products in Asia primarily under the Whirlpool , Elica , Maytag , KitchenAid , and Indesit brand names through a combination of direct sales to appliance retailers and chain stores and through full-service distributors to a large network of retail stores.

MDA Asia • In Asia, we market and distribute our major home appliances in multiple countries, notably in India.

• We market and distribute our products in Asia primarily under the Whirlpool , Elica , Maytag , and KitchenAid brand names through a combination of direct sales to appliance retailers and chain stores and through full-service distributors to a large network of retail stores.

• In May 2021, we sold our majority interest in Whirlpool China and subsequently retained a non-controlling interest.

Whirlpool China continues to sell Whirlpool -branded products through a licensing agreement in China.

In September 2021, we acquired a majority interest in Elica PB India.

*Whirlpool ownership of the Hotpoint brand in the EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas.

Competition in the major home appliance industry is intense, including competitors such as BSH (Bosch), Electrolux, Haier, Hisense, LG, Mabe, Midea, Panasonic and Samsung, among others, many of which are increasingly expanding beyond their existing manufacturing footprint.

In September 2021, we acquired a majority interest in Elica PB India and increased our interest by 10% in the third quarter of 2024.

• In 2024, we reduced our ownership in Whirlpool of India from 75% to 51%, and we recently announced our intent to reduce our ownership stake to ~20% in 2025 via market sale.

• We market small domestic appliances under the KitchenAid brand name to retailers, distributors and directly to consumers.

• We serve the countries of United States, Canada, Germany, Australia, and France, among others.

Competition in the major home appliance industry is intense, including competitors such as BSH (Bosch), Electrolux, Haier, Hisense, LG, Mabe, Midea, Panasonic and Samsung, many of which are increasingly expanding beyond their existing manufacturing footprint.

Competitors in the small domestic appliance industry include Breville, DeLonghi, Ninja, Groupe SEB, and Cuisinart, among others.

The competitive environment includes the impact of a changing retail environment, including the shifting of consumer purchase practices towards e-commerce and other channels.

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The Company's quarterly revenues have historically been affected by a variety of seasonal factors, including holiday-driven promotional periods.

Historically, the Company's total revenue and operating margins have been highest in the third and fourth quarter, and this pattern is more pronounced in our Small Domestic Appliance Global business.

In 2022 and 2021, we realized a seasonality pattern that differed from historical periods due to the COVID-19 pandemic, supply chain disruptions, and other macroeconomic factors.

In 2023, the Company returned to a seasonal pattern of revenue and operating margins that was more heavily weighted to the second half of the year, and we expect that pattern to continue into 2024.

In each fiscal year, the Company's total revenue and operating margins are typically highest in the third and fourth quarter, and this pattern is more pronounced in our SDA Global operating segment.

Raw Materials and Purchased Components

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In the event of a disruption, we have been able and believe that we would be able to leverage our scale to qualify and use alternate materials, though sometimes at premium costs.

In 2022 and 2021, our industry was impacted by supply constraints with our suppliers, factories, and logistics providers, based in significant part on geopolitical developments and macroeconomic factors beyond our control.

More specifically, in the fourth quarter of 2022, we experienced a one-off supply chain disruption driving revenue decline in the North America operating segment.

In 2023, supply chain constraints and inflation moderated, while geopolitical and macroeconomic factors remained volatile in certain countries.

In 2022, our industry was impacted by supply constraints with our suppliers, factories, and logistics providers, based in significant part on geopolitical developments and macroeconomic factors beyond our control.

Throughout 2023 and 2024, supply chain constraints and inflation moderated, while geopolitical and macroeconomic factors remained volatile in certain countries.

Working Capital

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Whirlpool is the owner of a number of trademarks in the United States and foreign countries.

The most important trademarks to North America are Whirlpool, Maytag, JennAir, KitchenAid, InSinkErator, and Amana .

The most important trademarks to Latin America are Consul, Brastemp, Whirlpool, KitchenAid and Acros .

The most important trademark to Asia is Whirlpool .

The most important trademarks to EMEA are Whirlpool, KitchenAid, Bauknecht, Indesit, Hotpoint* and Ignis .

In connection with the European major domestic appliance transaction with Arcelik, ownership of the Bauknecht , Indesit , Hotpoint * and Ignis trademarks will transfer to the newly formed company, which is also granted a license to sell Whirlpool-branded products in Europe as further set forth below.

Whirlpool has a strong presence in North America with the Whirlpool , Maytag , JennAir , KitchenAid , InSinkErator, and Amana brands;

in Latin America with Consul , B rastemp, Whirlpool, KitchenAid and Acros brands;

and in Asia with Whirlpool brand.

We receive royalties from licensing our trademarks to third parties who manufacture, sell and service certain products bearing the Whirlpool, Maytag, KitchenAid and Amana brand names.

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Government Regulation and Protection of the Environment

At Whirlpool, we believe our vision to be the world’s best kitchen and laundry company, in constant pursuit of improving life at home, is an urgent call to action.

Our commitment to sustainability is guided by this belief and brought to life through the choices and investments we make:

to protect our shared environment, to support our employees’ continuous growth and ensure their safety, and to always do our best to uplift our communities.

And we are uniquely placed to achieve that.

We know that an environmentally sustainable Whirlpool is a more competitive Whirlpool - a company better positioned for long-term success.

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It is deeply embedded in our vision, mission and values as an organization.

We continuously seek to identify ways to broaden our commitments to ESG efforts and make progress on our goal of making our homes, our communities and our operations better today and in the future.

We seek opportunities to broaden and deepen our ESG commitments and to continue making life at home, in our communities and in our operations better today and in the future.

We are committed to developing innovative products that drive efficiencies in water and energy use and save our consumers’ time.

Because we consider consumer preferences and cultural influences, and differences in infrastructure and availability of resources (such as water and energy) in regions where we operate, our approach and impact vary by region.

In developed countries such as the U.S.

and in Europe, our journey in providing efficient appliances has been one of continuous success over decades of delivering on innovation while not sacrificing performance.

In developing countries we are committed to providing solutions specific to those areas, while minimizing the water and energy use of those products.

It is these purposeful innovations that have improved the lives of millions of our consumers in meaningful ways.

From the initial design phase to packaging and end of life, we leverage new technologies, materials and processes, embedding sustainability throughout as we work to minimize the environmental impact of our products while upholding our commitment to excellence in quality and performance.

We are also committed to a 20 percent reduction in emissions linked to the use of our products (scope 3 category 11) across the globe by 2030, compared to 2016 levels.

This target has been approved by the Science Based Targets initiative, and builds on the Company's earlier reduction in emissions across all scopes since 2005.

In 2021, the Company announced a global commitment to reach a net zero emissions target in its plants and operations (scopes 1 and 2) by 2030, which is expected to cover more than 20 of Whirlpool Corporation's manufacturing sites and its large distribution centers around the world, exclusive of the European manufacturing sites.

We expect to achieve this target by generating and consuming renewable energy, including installation of wind turbines, solar panels and investing in off-site renewables through virtual power purchase agreements, improvements in energy efficiency and leveraging carbon removal to offset emissions that cannot be avoided.

As of 2023, we are in process of operationalizing two virtual power purchase agreements, which are expected to cover 100% of the electricity consumed by U.S.

We are also taking actions to reduce waste material across all global manufacturing facilities, and in 2023 we achieved the gold level for Zero Waste to Landfill (ZWtL) for two new manufacturing sites and maintained Gold or Platinum Level at 100% of our other large global manufacturing sites.

*Whirlpool ownership of the Hotpoint brand in the EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas.

We continued a carbon offsetting initiative based on our use of advanced formulation blowing agents with lower global warming potential in refrigerators produced in North America.

These conversions allow us to generate tradable environmental assets and operate in the voluntary carbon offsets market by following an approved American Carbon Registry (ACR) methodology.

ACR is a leading carbon offset program that has developed environmentally rigorous, science-based offset methodologies for years.

Our ACR-registered carbon offsets are sold to external buyers via a broker, and the funds are used to further our initiatives in reducing our carbon footprint through sustainable product development and emissions offsetting.

The amount received for ACR credit sales in 2023 was immaterial.

Offset activation, verification, and brokerage was also immaterial in 2023 and is not expected to be material in 2024.

This target has been approved by the Science Based Targets initiative, and builds on the Company's reduction in emissions across all scopes since 2005.

In 2021, the Company announced a global commitment to reach a net zero emissions target in its plants and operations (scopes 1 and 2) by 2030, which is expected to cover Whirlpool Corporation's manufacturing sites and its large distribution centers around the world.

We expect to achieve this target by generating and consuming renewable energy, including installation of wind turbines, solar panels and investing in off-site renewables through virtual power purchase agreements, improvements in energy efficiency, electrification and leveraging carbon removal to offset emissions that cannot be avoided.

We comply with all laws and regulations regarding protection of the environment, and in many cases where laws and regulations are less restrictive, we have established and are following our own standards, consistent with our commitment to environmental responsibility.

These compliance requirements tend to pair well with our ESG focus and we believe that we are in compliance, in all material respects, with presently applicable governmental provisions relating to environmental protection in the countries in which we have manufacturing operations.

These compliance requirements pair well with our ESG focus and we believe that we are in compliance, in all material respects, with presently applicable governmental provisions relating to environmental protection in the countries in which we have manufacturing operations.

Compliance with these environmental laws and regulations did not have a material effect on capital expenditures, earnings, or our competitive position during 2024 and is not expected to be material in 2025.

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However, we believe, based on our understanding of the current state of proposed regulations, that we will be able to develop, manufacture, and market products that comply with these regulations.

Various municipal, state, and federal regulators have discussed, proposed, or enacted new regulations or bans on appliances that utilize natural gas citing climate change and other concerns, which would impose transition costs and impact our product mix and product offerings, among other impacts.

Various municipal, state, and federal regulators have discussed, proposed, or sought to enact new regulations or bans on appliances that utilize natural gas.

These regulations would impose transition costs and impact our product mix and product offerings, among other impacts.

We also believe that transition to a lower-carbon economy presents opportunities for our business, given our broad-based product portfolio of resource-efficient appliances, including a full line of electric, natural gas and induction-based appliances.

Our operations are also subject to numerous legal and regulatory requirements concerning product energy usage, data privacy, cybersecurity, employment conditions and worksite health and safety.

Our operations are also subject to numerous legal and regulatory requirements concerning product energy usage, data privacy, cybersecurity, employment conditions and worksite health and safety, among others.

These requirements often provide broad discretion to government authorities, and they could be interpreted or revised in ways that delay production or make production more costly.

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Our employees are a critical driver of Whirlpool’s global business results.

On December 31, 2023, Whirlpool employed approximately 59,000 employees across 48 countries, with 32% located within

the United States.

On December 31, 2024, Whirlpool employed approximately 44,000 employees across 27 countries, with 39% located within the United States.

Outside of the United States, our largest employee populations were located within Brazil and Mexico.

We ensure that we are aligning our people strategies with the organization’s strategic priorities, enabling the execution of our priorities by attracting, developing, engaging and retaining our global talent.

Through our organizational effectiveness practices, we ensure that our organizational design, processes and governance are fit for purpose.

We provide all employees with access to learning opportunities to improve critical skills, in order to develop the capabilities required to succeed now and into the future.

For example, we evaluated and increased the average span of control for our people leaders to be aligned with best practice, reduced complexity and increased the speed of decision-making.

We also changed reporting lines and the way work is accomplished to enable more autonomy, speed, and agility within our business units.

Lastly, we identified and have begun implementing technology enhancements and process improvements needed to enable our strategic imperatives and operational priorities.

In 2024, as part of our organizational model, we introduced Accelerator Centers of Excellence, a more refined Strategic Center and Business Unit Services.

During 2025, we will further evolve our business services model, transitioning certain functional processes to a third-party partner.

This will allow us to optimize cross-functionally, leverage scale, and automate repeatable operational processes to capture efficiency gains and further enable speed and agility within our business units.

Best Talent and Leadership

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We provide robust and challenging career opportunities for employees, which ensures that we build a deep succession bench for our leadership roles.

We provide all employees with access to learning opportunities to improve critical skills in order to develop the capabilities required to succeed now and into the future.

Development of leadership acumen within Whirlpool Corporation is critical in ensuring people leaders at all levels are capable and confident in their ability to bring out the best in our people.

At Whirlpool, we believe in “Leaders Teaching Leaders'' where our senior leaders are expected to step up and embrace their role in developing our next generation of leaders.

As a result, all of our formal leadership development programs are internally designed and facilitated by Whirlpool leaders themselves.

At Whirlpool, we believe in “Leaders Teaching Leaders'' where our senior leaders are expected to embrace their role in developing our next generation of leaders.

As a result, all of our leadership development programs are internally designed and facilitated by Whirlpool leaders.

The benefits of this strategy are multifold;

our senior leaders grow continually by playing the role of teachers, our next-level leaders learn from their role models’ personal experiences and in turn, our organization builds a leadership engine.

our senior leaders learn and grow by teaching others, our next-level leaders learn from their role models’ personal experiences and in turn, our organization builds a leadership engine.

Leadership development is a crucial component of our overall organizational strategy, and will continue to be an area of focus in the coming years.

Winning Culture

We continually strive to foster a “family feel” culture where we are accountable to each other.

We continually foster a “family feel” culture where we are accountable to each other.

This means that we live our enduring values and conduct ourselves in a way that is consistent with the Whirlpool Leadership Model behaviors.

We leverage a multi-faceted employee listening strategy to better understand our employees’ experience and needs, including regular employee engagement pulse surveys that cover broader engagement, belonging and wellbeing topics.

Our employees’ safety and wellbeing is of the utmost importance.

Whirlpool has a proud history of providing our employees with comprehensive and competitive benefits packages and we continue to invest in our employees' health and wellbeing.

Our global wellbeing strategy focuses on six main pathways– Be healthy;

In 2024, we solicited feedback on topics related to the support that our employees needed, in light of our business strategy and portfolio transformation.

We used this feedback to design “Leading Change” sessions to equip our senior leaders to drive ongoing change and empower their teams to deliver our portfolio transformation.

Our employees’ safety and well-being is of the utmost importance.

Whirlpool has a proud history of providing our employees with comprehensive and competitive benefits packages and we continue to invest in our employees' health and well-being.

Our global well-being strategy focuses on six main pathways:

and Be connected, to further empower and support our employees to “Be Well” in all aspects of their lives.

In addition, we provide access for all our employees to clinical counselors and guidance on relationships, finances, retirement planning, legal issues and emotional needs.

All global employees, regardless of their full-time or part-time status, are eligible for this free well-being benefit.

We provide benefits, resources and tools, such as webinars and communications globally, to help employees explore each of the pathways.

We also provide a global Employee Assistance Program to support employees and their families with confidential counseling, coaching and referral services to address personal or work concerns that affect their well-being.

Whirlpool offers a variety of programs globally to protect the health and safety of our employees.

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Inclusion and Diversity has been an enduring value at Whirlpool for decades.

Our efforts to appreciate all perspectives and backgrounds enables us to understand our diverse consumer base, improve our products so they can be used by everyone, and make our communities stronger.

Our value of Inclusion and Diversity includes focused actions to build a diverse workforce, an inclusive workplace and a vibrant ecosystem.

Around the world, nineteen Employee Resource Groups support our inclusive culture by providing opportunities for employees to connect with one another, grow personally and professionally, and give back to their communities.

In 2020, Whirlpool committed to an action-based pledge focused on equality and fairness, with specific workstreams focused on actions we can take within our company and our communities.

Since the announcement of this pledge, we have invested in programs that help drive sustainable, positive impact for employees and local communities.

In 2023, these investments included supporting our local community through a park restoration on our second annual Juneteenth Day of Impact , and through the grand opening of an 80-unit apartment complex in Benton Harbor.

This apartment complex, named Emma Jean Hull Flats, provides high quality housing opportunities for local residents, including discounted leasing for hometown heroes such as emergency personnel and teachers.

Also in 2023 as a part of our pledge for equality and fairness, we continued to enhance our relationship with Florida A&M University.

This relationship provides an opportunity for Whirlpool employees to engage with students through mentoring and engineering projects, while also opening opportunities for recruiting top engineering talent from an esteemed Historically Black College & University (HBCU).

Hosting a Habitat for Humanity build near Florida A&M University’s campus allowed students, faculty, and local residents to engage with Whirlpool’s employees in new ways.

Our efforts to appreciate all perspectives and backgrounds enable us to understand our diverse consumer base, improve our products so they can be used by everyone, and make our communities stronger.

For additional information, please see Whirlpool’s website (www.whirlpoolcorp.com), and forthcoming 2025 Proxy Statement and 2024 Sustainability Report.

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Bitzer Chairman of the Board and Chief Executive Officer 2006 60

Peters Executive Vice President and Chief Financial Officer and President, Whirlpool Asia 2016 54

Carey Martin Executive Vice President and Chief Human Resources Officer 2023 47

Gilles Morel Executive Vice President and President, Whirlpool Europe, Middle East & Africa 2019 58

Peters Executive Vice President and Chief Financial and Administrative Officer and President, Whirlpool Asia 2016 55

Carey Martin Executive Vice President and Chief Human Resources and Corporate Relations Officer 2023 48

Juan Carlos Puente Executive Vice President and President, Whirlpool Latin America 2023 50

Ava Harter Executive Vice President and Chief Legal Officer 2023 54

Ludovic Beaufils Executive Vice President and General Manager, KitchenAid Small Appliances 2024 51

Ludovic Beaufils Executive Vice President and President, KitchenAid Small Appliances 2024 52

Alessandro Perucchetti Executive Vice President and President, Whirlpool North America 2024 49

The executive officers named above were elected by our Board of Directors to serve in the office indicated until the first meeting of the Board of Directors following the annual meeting of stockholders in 2025 and until a successor is chosen and qualified or until the executive officer's earlier resignation or removal.

Each of our executive officers has held the position set forth in the table above or has served Whirlpool in various executive or administrative capacities for at least the past five years, except for Mr.

Morel and Ms.

Prior to joining Whirlpool in April 2019, Mr.

Morel served for two years as CEO of Northern and Central Europe for Groupe Savencia.

Prior to that, he worked for 27 years at Mars Inc.

in various leadership positions, most recently as Regional President, Europe & Eurasia for Mars Chocolate.

Prior to joining Whirlpool in December 2020, Ms.

Harter served as senior vice president, general counsel, and corporate secretary of Owens Corning since 2015.

Prior to her role at Owens Corning, Ms.

Harter held roles of increasing responsibility with General Electric, The Dow Chemical Company, Jones Day, and Thompson Hine LLP.

Each of our executive officers has held the position set forth in the table above or has served Whirlpool in various executive or administrative capacities for at least the past five years.

Available Information

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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 1. Business