Whirlpool 2012 Annual Report Download

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2012 Annual Report

Table of contents

  • Page 1
    2012 Annual Report

  • Page 2
    [Innov ation, Grow th, Leader ship] A company's ability to stand the test of time is built on several elements that work successfully together to attain a common goal. At Whirlpool Corporation, our recipe for winning includes smar t innovation, strategic grow th and industr y leadership. We succeed...

  • Page 3
    1 Whirlpool brand White Ice Kitchen Collection

  • Page 4
    ... strong execution throughout our business, yielded excellent results Jeff M. Fettig Chairman of the Board and Chief Executive Officer in 2012. These outcomes enabled us to strengthen our robust foundation and have allowed us to invest in our business for future success. CHAIRMAN'S MESSAGE WHIRLPOOL...

  • Page 5
    ... about our core value of Integrity - doing what we say we will do. It's that simple. #1 MAJOR APPLIANCE COMPANY STRONGEST BRAND PORTFOLIO BEST DISTRIBUTION LEADING SCALE 3 The Whirlpool Strategic Growth Strategy depicted on the Whirlpool brand Resource Saver 30-inch electric induction cooktop

  • Page 6
    ... of Whirlpool brand kitchen collections in 2012, and we will introduce a strong cadence of new products throughout our Latin America Region in 2013. We are also continuing investments in higher-margin, fastergrowing adjacent businesses, such as water filtration and small appliances. In 2012, we...

  • Page 7
    ... great brands that bring leading consumerrelevant innovation into consumers' homes through outstanding products. This map is a proven course for our sustained success, framing the positive performance we expect and creating long-term value for our shareholders. At Whirlpool, we have only seen the...

  • Page 8
    ... design. BROAD VISION PRECISE ACTIONS In Europe, the Whirlpool brand iXelium Supreme Design cooktop, winner of the 2012 iF Gold Product Design Award 6 Day in and day out, our employees produce leading innovation that meets the needs and fits the lifestyles of our consumers. Our work is recognized...

  • Page 9
    [Inno v ation] [Gr o w th] 7 [L e a d e r s h i p ]

  • Page 10
    25% faster * R A P ID P R E HE AT S AV E S C O O K IN G T IME A ND E NE R G Y 35% better D I S H WA S HE R U S E S S E N S O R C Y CL E , A U T O M AT I C A L LY SELECTS RIGHT SE T TINGS 8 Whirlpool brand Black Ice Kitchen Collection Simply Innovation

  • Page 11
    25% larger ** US A BLE SHELF SPACE W ITH MICROEDGE S P IL L C O N T R O L S HE LV E S 9 *Single-rack baking with Rapid Preheat option versus three-rack without option. **Compared to Whirlpool brand French door refrigerators without MicroEdge shelves.

  • Page 12
    ... we value so much, we've put it into our appliances - making guesswork a thing of the past. Every machine is designed to help you manage your home precisely the way you want - easier, faster and smarter. Products like the Whirlpool brand Duet Steam front-load laundry pair use technology to sense and...

  • Page 13
    $18 billion R E V E N U E I N 2 0 12 11

  • Page 14
    GROWTH THROUGH GEOGRAPHIC EXPANSION Sales by Region Latin America 19% Latin America 27% EMEA 21% North America 52% Asia 3% EMEA 16% 12 North America 57% Jenn-Air brand Lakefront Kitchen in Euro-Style stainless and Custom Panel Overlay design Asia 5% 2008 2012

  • Page 15
    ... brands across all markets and appliance categories, reaching consumers with new and exciting products in nearly ever y par t of the world. We have experienced tremendous grow th as more consumers in emerging markets - like Latin America, China, India and the Middle East - are able to purchase...

  • Page 16
    ... approximately 22 percent of our annual revenues. In the kitchen, laundr y room and outside the home, we provide compelling consumer product solutions. Consul brand Conserva Facil vacuum packaging line STR ATEGIC GROW TH OPPORTUNITIES 14 KitchenAid Artisan Series Stand Mixer in Green Apple

  • Page 17
    15

  • Page 18
    $1 billion brands F I V E O F O UR BR A ND S E A CH GE NE R AT E M O R E T H A N $1 BIL L ION IN A NNUA L S A L E S . 16 Consul brand kitchen in Brazil

  • Page 19
    ... features that fit easily into the ways ever yday life is lived. CONTINUED BR AND E XPANSION NOW THAT'S FORWARD THINKING We are dedicated to creating household appliances that are appealing and easy to use. In Europe, the Whirlpool brand Art Gallery hoods remove odors and steam and are available in...

  • Page 20
    ...the world. We anticipate earning LEED (Leadership in Energy and Environmental Design) Gold certification in recognition of the facility's energy efficient and technologically advanced manufacturing processes. The Maytag brand 30-inch electric double wall oven - manufactured in the Cleveland facility...

  • Page 21
    19 Whirlpool brand Fusion kitchen suite in Europe

  • Page 22
    20 68,000 employees O UR P EO P L E A R E T HE F O UND AT I O N O F O UR S U C CE S S .

  • Page 23
    ..., Leader ship] The best possible per formance requires the best possible talent. In every corner of the company, our 68,000 employees are empowered to be both bold and innovative in a performance-driven environment that rewards results. We bring our different experiences and backgrounds together to...

  • Page 24
    ... the number of plastic bottles in landfills - that's healthier for you and the environment. [Innov ation, Grow th, Leader ship] Sustainable products. Sustainable homes. Sustainable communities. We know how to translate those values and needs into products, ser vices and community impact. Delivered...

  • Page 25
    23

  • Page 26
    24 Bauknecht brand BlackLine Range kitchen suite, winner of the 2013 Plus X Award for High Quality, Design and Functionality

  • Page 27
    ... Benton Harbor, Mich., is LEED Platinum Certified, delivering a positive, eco-friendly work environment. The Bauknecht brand six-litre dishwasher sets new standards in performance and efficiency, combining perfect cleaning results with low resource consumption. It earned the 2012 Kitchen Innovation...

  • Page 28
    ... connections to the communities where our employees live and work. We hold a fundamental belief that there is more we can accomplish by further focusing our talent and resources to help meet community needs. Through our signature charities, volunteerism and Whirlpool Foundation strategic initiatives...

  • Page 29
    ... homes during the 2012 build in Romania. Cook for the Cure® Boys & Girls Clubs of America® Instituto Consulado da Mulher® 15 Years 27,300 28 1,851 86% 8,522 160 20 Direct program support through the KitchenAid brand Number of Club youth served through the Maytag Dependable Club Awards 2010...

  • Page 30
    ... from that work. The golf course operates as a nonprofit, with all profits being reinvested in the Benton Harbor community. In May, the PGA® of America joined with Whirlpool Corporation's KitchenAid brand to bring the top senior professional golfers, international media and golf fans to Southwest...

  • Page 31
    ... related notes, and "Management's Discussion and Analysis." This information appears in the Financial Supplement to the Company's Proxy Statement and in the Financial Supplement to the 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission, both of which are also available...

  • Page 32
    ... expected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance...

  • Page 33
    ...share price at the beginning of the measurement period. T O TA L R E T U R N T O S H A R E H O L D E R S (Includes reinvestment of dividends) Annual Return Percentage Years Ending $160 Company/Index Whirlpool... ATION 2009 S&P 500 INDEX 2010 2011 2012 S & P 5 0 0 HOUS E HOL D D URA BL E S 31

  • Page 34
    ... taxes Income tax expense (benefit) Net earnings Less: Net earnings available to noncontrolling interests Net earnings available to Whirlpool Per share of common stock Basic net earnings available to Whirlpool Diluted net earnings available to Whirlpool Dividends Weighted-average shares outstanding...

  • Page 35
    ... plans, net: Other comprehensive loss, before tax Income tax benefit related to items of other comprehensive loss Other comprehensive loss, net of tax Comprehensive income Less: comprehensive income, available to noncontrolling interests Comprehensive income available to Whirlpool 2012...

  • Page 36
    ... of $211 and $177, respectively Deferred income taxes Other noncurrent assets Total assets Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses Accrued advertising and promotions Employee compensation Notes payable Current maturities of long-term debt Other...

  • Page 37
    ... inventory reserve Brazilian collection dispute Changes in assets and liabilities: Accounts receivable Inventories Accounts payable Accrued advertising and promotions Product recall Taxes deferred and payable, net Accrued pension and postretirement benefits Employee compensation Other Cash provided...

  • Page 38
    ... authority to review and approve all audit engagement fees and terms and pre-approve the nature, extent, and cost of all non-audit services provided by the independent registered public accounting firm. Larry M. Venturelli Executive Vice President and Chief Financial Officer February 19, 2013 36

  • Page 39
    ...audit report on its assessment of Whirlpool's internal control over financial reporting. This report appears on page 39. Jeff M. Fettig Chairman of the Board and Chief Executive Officer February 19, 2013 Larry M. Venturelli Executive Vice President and Chief Financial Officer February 19, 2013 37

  • Page 40
    ... audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Whirlpool Corporation's internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control-Integrated Framework issued by the Committee of...

  • Page 41
    ...financial reporting as of December 31, 2012, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Whirlpool Corporation as of December 31, 2012 and 2011, and the related...

  • Page 42
    ... and accounts payable, net Property, net Total assets Long-term debt Total debt(2) Whirlpool stockholders' equity Per Share Data Basic net earnings available to Whirlpool Diluted net earnings available to Whirlpool Dividends Book value(3) Closing Stock Price-NYSE Key Ratios Operating profit margin...

  • Page 43
    ... by contacting: Joe Lovechio Senior Director, Investor Relations Whirlpool Corporation 2000 N. M-63, Mail Drop 1208 Benton Harbor, MI 49022-2692 Telephone: 269-923-2641 Fax: 269-923-3525 Email: [email protected] Stock Exchanges Transfer Agent, Shareholder Records, Dividend Disburse...

  • Page 44
    ...M. Fettig Chairman of the Board and Chief Executive Officer David A. Binkley Senior Vice President, Global Human Resources Marc Bitzer President, Whirlpool North America João Carlos Brega Executive Vice President and President, Whirlpool Latin America José A. Drummond Executive Vice President and...

  • Page 45
    ... Asia Region - South Whirlpool of India Limited Whirlpool House Plot No. 40, Sector 44 Gurgaon - 122 002 Haryana, India Telephone: 91-124-459-1300 Internet Address Information about Whirlpool Corporation, including financial data, is available at: www.WhirlpoolCorp.com Annual Report Design: Curran...

  • Page 46
    Please visit our online annual report at WhirlpoolCorp.com/2012Annual/