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2017 Annual Report 2017 Annual 2017 ANNUAL REPORT 2017 ANNUAL Whirlpool Corporation 2017 Annual Report * Please visit our online Annual Report at WhirlpoolCorp.com/2017Annual Stockholder and Other Information Whirlpool Corporation’s Annual Report on Form 10-K, and other fnancial information, is available free of charge to stockholders. OUR GLOBAL PRESENCE The Financial Summary contained in this The Annual Report on Form 10-K and Stock Exchanges Annual Report should be read together company earnings releases for each Common stock of Whirlpool Corporation with Whirlpool Corporation’s Financial quarter — typically issued in April, July, (exchange symbol: WHR) is listed on the Statements and related notes, and October and February — can be obtained New York and Chicago stock exchanges. “Management’s Discussion and Analysis.” by contacting: Trademarks This information appears in the company’s Max Tunnicliff Bauknecht, Brastemp, Consul, Design of the Net Sales Employees 2017 Annual Report on Form 10-K fled with Senior Director, Investor Relations stand mixer, Hotpoint,* Indesit, KitchenAid, the Securities and Exchange Commission, $21B 92K Whirlpool Corporation Maytag, Whirlpool, and Yummly are trademarks which is available on the company’s 2000 N. M-63, Mail Drop 2609 of Whirlpool Corporation or its wholly or website at Investors.WhirlpoolCorp.com. Benton Harbor, MI 49022-2692 majority-owned affliates. Telephone: 269-923-2641 Products Manufacturing Fax: 269-923-3525 Email: [email protected] Sold Locations 72M 43 Board of Directors Samuel R. Allen † (3,4) Gerri T. Elliott(1,2) Harish Manwani(3,4) Sales By Reportable Segment Chairman and Chief Executive Offcer, Former Executive Vice President & Strategic Global Executive Advisor, Deere & Company Advisor, Juniper Networks, Inc. Blackstone Private Equity Marc R. Bitzer Jeff M. Fettig WIlliam D. Perez(2,4) President and Chief Executive Offcer, Chairman of the Board and Former Former President and Chief Executive Offcer, 54% 23% Whirlpool Corporation Chief Executive Offcer, Whirlpool Corporation WM. Wrigley Jr. Company Greg Creed(2,4) Michael F. Johnston(1,4) Larry O. Spencer(2,3) Chief Executive Offcer, Yum! Brands, Inc. Former Chairman of the Board and President, Air Force Association Chief Executive Offcer, Visteon Corporation North America Europe, Middle East, Gary T. DiCamillo(1,2) Michael D. White(1,3) Africa President and Chief Executive Offcer, James M. Loree(1,3) Former Chairman, President and Universal Trailer Corporation President and Chief Executive Offcer, Chief Executive Offcer, DIRECTV Stanley Black & Decker, Inc. Diane M. Dietz(3,4) (1) Audit Committee (2) Finance Committee President and Chief Executive Offcer, John D. Liu(1,2) 16% 7% (3) Corporate Governance and Nominating Committee Rodan & Fields, LLC Managing Partner, Richmond Hill (4) Human Resources Committee Investments, and Chief Executive Offcer, † Presiding Director Essex Equity Management Latin America Asia Executive Committee Marc R. Bitzer João C. Brega James W. Peters Sales By Product Category President and Chief Executive Offcer Executive Vice President and President, Executive Vice President and Whirlpool Latin America Chief Financial Offcer Esther Berrozpe Galindo Executive Vice President and President, Kirsten J. Hewitt Shengpo (Samuel) Wu Whirlpool Europe, Middle East and Africa Senior Vice President, Corporate Affairs President, Whirlpool Asia and General Counsel 28% David A. Binkley 29% Senior Vice President, Joseph T. Liotine Global Human Resources Executive Vice President and President, Whirlpool North America Laundry Refrigerators & Freezers Footnotes (a) Pages 2, 8, Based on most recently available publicly reported annual (f) Page 5, Bauknecht, Brastemp, Consul, Design of the stand mixer, Hotpoint*, revenues. Indesit, KitchenAid, Maytag, Whirlpool, and Yummly are trademarks of (b) Pages 2, 5, Based on AHAM, Traqline and Internal Research for the full-year 2016. Whirlpool Corporation of its wholly or majority-owned affliates. (c) Pages 2, 14, 17, Amazon, Boys and Girls Clubs of America, Google, Habitat * Page 5 and Back Cover, Whirlpool Corporation ownership of the Hotpoint brand 19% 24% for Humanity International, Honeywell, IBM, Instituto Consulado da Mulher, in EMEA and Asia Pacifc regions is not affliated with the Hotpoint brand sold International Red Cross, United Way and certain other trademarks are owned in the Americas. by their respective companies. (g) Page 11, Appliance must be set to remote enable. WiFi & App required. (d) Page 3, See page 18 of this Annual Report for reconciliation. Features subject to change. For details and privacy statement, visit Cooking Other (e) Page 3, See Form 10-K for reconciliation. whirlpool.com/connect. Appliances © 2018 Whirlpool Corporation. All rights reserved. Letter to Shareholders A Message from Marc Bitzer, Chief Executive Offcer In October 2017, it was my honor to accept the Whirlpool example, equally passionate about winning in the marketplace Corporation Board of Directors’ appointment as the eighth as he was about doing things the right way. Chief Executive Officer in this great company’s 106-year history. I want to use my first letter to shareholders as I look forward to building on the strong foundation Jeff has an opportunity to share some thoughts about this recent put in place. The exceptional values and strong leadership transition, our long-term commitment to shareholder value principles that have guided us throughout our history will continue to be a catalyst for success in the future. creation and corporate responsibility, as well as our current I am committed to protect and further advance them for business performance and outlook for 2018. the next generation of Whirlpool employees, customers and shareholders. Leadership Transition At Whirlpool, we frmly believe that leadership is the catalyst Unique Global Strategic Position for positive change. I clearly remember the moment I frst said As a global company, we believe we are uniquely positioned, “Yes, I want to work at Whirlpool,” more than 18 years ago. I today and in the future, to deliver long-term value for you. We did so because I wanted to work for a company recognized for believe we have the best brand portfolio in our industry, and are its exceptional values and strong leadership principles. Those proud to have seven brands which each generate more than same values and principles inspire and guide me to this day. $1 billion in sales. Our portfolio of timeless brands like Whirlpool and KitchenAid are increasingly desired throughout the world. Our values and principles are exemplifed by Jeff Fettig, who Trusted brands and differentiated features matter more than spent his entire 36-year career with Whirlpool Corporation. ever, especially when designed for local consumer preferences. Jeff brought great vision to Whirlpool, and during his tenure we became the number one major appliance manufacturer Legacy of Innovation in the world. In his 13 years as CEO, Whirlpool’s revenues We have a proud legacy of innovation and our exceptionally increased approximately 75 percent and both the company’s strong innovation pipeline allowed us to launch more than › market value and dividend more than tripled. Jeff led by 1 100 new products this year. As technology continues to $2.3 billion to shareholders, including $1.1 billion in dividends advance, the wants and needs of consumers are changing. and $1.2 billion in share repurchases. In turn, the appliance industry is evolving and becoming less and less commoditized. Today’s consumers are demanding connected appliances as part of a home ecosystem that We returned a record simplifes their lives. Whirlpool Corporation is answering that demand. We have partnered with leaders in the connected $1.1 Billion cash to shareholders in 2017 home, and we see many exciting opportunities for future growth in the connected space. This year, we invested approximately $680 million in capital expenditures to fund innovation. We also continued to return Global Leading Manufacturer strong levels of cash to shareholders, including more than $300 million through our increased quarterly dividend, and Through the strength of our winning brands and innovative $750 million in share repurchases, an increase of more than products, we have become the world’s leading global 40 percent versus 2016. appliance manufacturer.(a) We are the leading manufacturer in seven out of the ten largest countries in the world,(b) which Commitment to Corporate Responsibility provides us a cost advantage. We have a strong presence in both developed countries and emerging markets, and At Whirlpool, we are committed to being a responsible are well-positioned to beneft as demand recovers in key corporate citizen, both because it is the right thing to do emerging markets like Brazil, China and Russia. and because it is good for business. This year, we furthered that commitment by taking a number of steps to minimize Best Cost Position our impact on the environment while also supporting our employees and the communities in which we live and work. Our global scale allows us to effciently produce the right products at the right time anywhere throughout the world. Our focus on conserving our planet’s resources continued We have strong capabilities for cost takeout, which is key this year. We met our 2020 goals for energy and water to effectively cope with macroeconomic challenges. By usage three years early, and will set new sustainability combining leading scale with disciplined cost management, goals which
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