Whirlpool 2014 Annual Report Download

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CREATING DEMAND
AND EARNING TRUST
EVERY DAY
THROUGHOUT THE WORLD
2014 Annual Report

Table of contents

  • Page 1
    CREATING DEMAND AND EARNING TRUST EVERY DAY THROUGHOUT THE WORLD 2014 Annual Report

  • Page 2
    ...000 employees and 70 manufacturing and technology research centers throughout the world in 2014. The company markets Whirlpool, KitchenAid, Consul, Maytag, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in more than 170 countries. In 2014, Whirlpool Corporation introduced...

  • Page 3
    ... years of margin expansion. We effectively managed through volatility and headwinds in emerging markets and continued our focus on driving benefits through ongoing cost productivity programs. As a result, we created value for our shareholders as our stock finished the year at an all-time high in...

  • Page 4
    ... the World our core values under these four strategic planks is what differentiates Whirlpool Corporation as the best branded consumer products company. 2015 OUTLOOK The global environment in which we operate continues to be volatile with emerging market challenges in China and Brazil, volatile...

  • Page 5
    ... in annual sales* Whirlpool Corporation is committed to providing the best branded consumer products to every home throughout the world. With two acquisitions in 2014, Whirlpool Corporation became more geographically diverse. In Europe, Middle East and Africa (EMEA), the Indesit Company brought...

  • Page 6
    ... David A. Binkley Senior Vice President, Global Human Resources David T. Szczupak Executive Vice President, Global Product Organization Michael A. Todman Vice Chairman Kirsten J. Hewitt Senior Vice President, Corporate Affairs, General Counsel and Corporate Secretary Standing: Marc R. Bitzer...

  • Page 7
    ...our appliances. We strive to offer the most preferred product with the best design, quality and cost. We work to achieve this every day by producing innovative, iconic products. Whirlpool 2014AR p 10 / 11 Cooking Innovation Key to being a global power in innovation for the home is an attentiveness...

  • Page 8
    ...p 12 / 13 Fabric Care Innovation Whirlpool Corporation innovates to make people's lives better. Consumers were looking for a way to care for their clothing between washes. The SWASHTM system, an all-in-one express clothing care system that helps remove light wrinkles, freshens, neutralizes odor and...

  • Page 9
    Whirlpool 2014AR p 14 / 15 Refrigeration Innovation Jenn-Air brand Obsidian Interior Dramatically illuminated with innovative LED technology and the industry's first premium obsidian interior - refrigeration has been elevated to a new level. With soft close drawers and metallic finishes, Jenn-Air ...

  • Page 10
    ... touch controls with memory to program the perfect cycle for every load. Whirlpool India 360° Bloom Wash Whirlpool India Ace 8.0 Supreme Plus This compact, mobile, all-in-one laundry machine is perfect for getting the job done at a very competitive price. A washing machine like no other combining...

  • Page 11
    ... with juggling beers between freezer and refrigerator. Refreshing Innovation Incredible Latin America launches feature must-have beverage innovations that resonate with consumers looking for a better way to unwind. Whether it's a piping hot cup of coffee or an icy cold beverage, Whirlpool Latin...

  • Page 12
    ..., loyal consumers for life. Whirlpool 2014AR p 20 / 21 Breakthrough Advertising Campaign Every meal you cook, every dish you wash, every shirt you clean - that's caring. And every act of care you give helps the people you love become people who love. That's why at Whirlpool brand we believe that...

  • Page 13
    ... Premium Small Appliances Knowing its consumers well helps KitchenAid brand bring useful and desirable innovation into new spaces in the kitchen. The magnetic drive Torrent blender, the Nespresso® by KitchenAid® coffee machine and the Sparkling Beverage Maker powered by SodaStream® highlighted...

  • Page 14
    Whirlpool 2014AR p 24 / 25 Garage Innovation PrimeTime Lockers Gladiator GarageWorks, a leader in garage storage and organization, has expanded its line of quality storage solutions. Tapping into the passion of college sports fans throughout the United States, Gladiator brand consumers can now show...

  • Page 15
    ... combination machines in China under the Diqua brand provide innovative Fuzzy Logic Smart Cycles for the best laundry care, as well as convenience through a highspeed direct-drive inverter motor. This touch-screen model is making waves with the Chinese consumers. Diqua Refrigerator The combination...

  • Page 16
    ..., processes and tools to drive productivity and cost reduction while allowing us to innovate faster and deliver the best products. Operating excellence builds on these best practices and drives them across our entire organization - from manufacturing to purchasing, from engineering to aesthetic...

  • Page 17
    ...-class organization built by people from every level. In 2014, Whirlpool Corporation introduced our Winning Workplace in every region. This program is how we empower, enable and inspire our people with the best culture, environment and tools to deliver results beyond expectations. Winning Workplace...

  • Page 18
    ... organizing an annual Day of Dependability for Whirlpool Corporation employees who join together to make a difference for youth. Expanding on our longstanding global commitment to Habitat for Humanity, Whirlpool Mexico completed their first build, helping to provide affordable housing to low income...

  • Page 19
    ...place every day at Whirlpool Corporation, reflecting the company's efforts to conserve water, reduce energy consumption, reduce carbon intensity and minimize or eliminate waste. The Whirlpool brand HybridCare Heat Pump Duet dryer was awarded an Environmental Protection Agency (EPA) 2014 ENERGY STAR...

  • Page 20
    ... with Whirlpool Corporation's Financial Statements and related notes, and "Management's Discussion and Analysis." This information appears in the Company's 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission, which is available on the company's website at investors...

  • Page 21
    ... cash relates to the private placement funds paid by Whirlpool to acquire a majority control of Hefei Sanyo and which are used to fund capital and technical resources to enhance Hefei Sanyo's research and development and working capital. (Millions of dollars) 2014 $1,479 (625) $ 854 2013 $1,262...

  • Page 22
    ... / 41 W HIRLP OOL CORP OR ATION Consolidated Statements of Income (Millions of dollars, except per share data) Year Ended December 31, Net sales Expenses Cost of products sold Gross margin Selling, general and administrative Intangible amortization Restructuring costs Operating profit Other income...

  • Page 23
    ... of assets and business Change in restricted cash Acquisition of Indesit Company S.p.A. Acquisition of Hefei Rongshida Sanyo Electric Co., Ltd. Investment in related businesses Other Cash used in investing activities $ 2014 692 2013 $ 849 2012 $ 425 Year Ended December 31, Financing activities...

  • Page 24
    ... and terms and pre-approve the nature, extent, and cost of all non-audit services provided by the independent registered public accounting firm. Management's Report on Internal Control Over Financial Reporting The management of Whirlpool Corporation is responsible for establishing and maintaining...

  • Page 25
    ... audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Whirlpool Corporation at December 31, 2014 and 2013 and the related consolidated statements of income, comprehensive income, changes in stockholders' equity...

  • Page 26
    ... Annual Report on Form 10-K and Company earnings releases for each quarter-typically issued in April, July, October and February-can be obtained by contacting: Chris Conley Senior Director, Investor Relations Whirlpool Corporation 2000 N. M-63, Mail Drop 2609 Benton Harbor, MI 49022-2692 Telephone...

  • Page 27
    ...(1, 4) Former President and Chief Executive Officer, Arbitron, Inc. Whirlpool Corporation and General Offices Global Headquarters 2000 N. M-63 Benton Harbor, MI 49022-2692 Telephone: 269-923-5000 North America Region 600 W. Main Street Benton Harbor, MI 49022 Telephone: 269-923-0700 Europe, Middle...

  • Page 28
    Please visit our online annual report at WhirlpoolCorp.com/2014Annual/