Whirlpool 2013 Annual Report Download - page 38

FREE CASH FLOW
The reconciliation provided below reconciles the non-GAAP financial measure, free cash flow, with the most directly
comparable GAAP financial measure, cash provided by operating activities, for the twelve months ended December 31,
2013, December 31, 2012, and December 31, 2011. For more information, see document titled “GAAP Reconciliations”
at investors.whirlpoolcorp.com/annuals.cfm.
(Millions of dollars) 2013 2012 2011
Cash provided by operating activities $ 1,262 $ 696 $ 530
Capital expenditures and proceeds from sale of assets/businesses (572)(466)(585)
Free cash flow $ 690 $ 230 $ (55)
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by
us or on our behalf. Certain statements contained in this annual report, including those within the forward-looking
perspective section within this Management’s Discussion and Analysis, and other written and oral statements made
from time to time by us or on our behalf do not relate strictly to historical or current facts and may contain forward-
looking statements that reflect our current views with respect to future events and financial performance. As such,
they are considered “forward-looking statements” which provide current expectations or forecasts of future events.
Such statements can be identified by the use of terminology such as “may,” “could,” “will,” “should,” “possible,” “plan,”
“predict,” “forecast,” “potential,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “may impact,” “on
track,” and similar words or expressions. Our forward-looking statements generally relate to our growth strategies,
financial results, product development, and sales efforts. These forward-looking statements should be considered
with the understanding that such statements involve a variety of risks and uncertainties, known and unknown, and
may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and
actual results may vary materially.
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries
(“Whirlpool”) that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-
looking statements in this document may include, but are not limited to, statements regarding 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 industry reflecting the impact of both new and established global
competitors, including Asian and European manufacturers; (2) Whirlpool’s ability to continue its relationship with
significant trade customers and the ability of these trade customers to maintain or increase market share; (3) acqui-
sition and investment-related risk; (4) changes in economic conditions which affect demand for our products, including
the strength of the building industry and the level of interest rates; (5) product liability and product recall costs;
(6) inventory and other asset risk; (7) risks related to our international operations, including changes in foreign regu-
lations, regulatory compliance and disruptions arising from natural disasters or terrorist attacks; (8) the uncertain
global economy; (9) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control,
price increases, leveraging of its global operating platform, and acceleration of the rate of innovation; (10) Whirlpool’s
ability to maintain its reputation and brand image; (11) fluctuations in the cost of key materials (including steel, plas-
tic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (12) litigation,
tax, and legal compliance risk and costs, especially costs which may be materially different from the amount we
expect to incur or have accrued for; (13) the effects and costs of governmental investigations or related actions by
third parties; (14) Whirlpool’s ability to obtain and protect intellectual property rights; (15) the ability of suppliers
of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely
and cost-effective manner; (16) health care cost trends, regulatory changes and variations between results and esti-
mates that could increase future funding obligations for pension and postretirement benefit plans; (17) information
technology system failures and data security breaches; (18) the impact of labor relations; (19) our ability to attract,
develop and retain executives and other qualified employees; (20) changes in the legal and regulatory environment
including environmental and health and safety regulations; and (21) the ability of Whirlpool to manage foreign
currency fluctuations.
We undertake no obligation to update any forward-looking statement, and investors are advised to review disclosures
in our filings with the SEC. It is not possible to foresee or identify all factors that could cause actual results to differ
from expected or historic results. Therefore, investors should not consider the foregoing factors to be an exhaustive
statement of all risks, uncertainties, or factors that could potentially cause actual results to differ from forward-
looking statements.
Additional information concerning these and other factors can be found in Whirlpool Corporation’s filings with the
Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K.
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