No. 1 appliance manufacturer globally; Portfolio of well-recognized brands at various price points Discretionary products; Operating in a cyclical industry that is vulnerable to economic downturns; Improving operating margins from meaningful cost reduction programs; and Geographically diverse, but exposed to foreign currency fluctuations. Leverage maintained between 2x and 3x; Good free operating cash flow (FOCF) generation; and Track record of deleveraging following debt-financed acquisitions. S&P Global Ratings' stable rating outlook on Whirlpool Corp. reflects our view that the company will continue to implement its margin expansion program, despite expectations for greater input cost inflation in 2018, while maintaining solid market positions. We expect the company to maintain debt leverage between 2x and 3x, which we believe the company can maintain
