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Stockholders' Equity
 6 Months Ended
Jun. 30, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY
Other Comprehensive Income (Loss)
The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented:
 
 
Three Months Ended June 30,
 
 
2014
 
2013
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
6

$
—

$
6

 
$
(82
)
$
—

$
(82
)
Cash flow hedges
 
9

(4
)
5

 
(19
)
6

(13
)
Pension and other postretirement benefits plans
 
(16
)
9

(7
)
 
8

(4
)
4

Available for sale securities
 
(5
)
—

(5
)
 
—

—

—

Other comprehensive income (loss)
 
(6
)
5

(1
)
 
(93
)
2

(91
)
Less: Other comprehensive income (loss) available to noncontrolling interests
 
1

—

1

 
(4
)
—

(4
)
Other comprehensive income (loss) available to Whirlpool
 
$
(7
)
$
5

$
(2
)
 
$
(89
)
$
2

$
(87
)

 
 
Six Months Ended June 30,
 
 
2014
 
2013
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
34

$
—

$
34

 
$
(120
)
$
—

$
(120
)
Cash flow hedges
 
10

(4
)
6

 
(20
)
7

(13
)
Pension and other postretirement benefits plans
 
(14
)
8

(6
)
 
15

(5
)
10

Available for sale securities
 
7

—

7

 
1

—

1

Other comprehensive income (loss)
 
37

4

41

 
(124
)
2

(122
)
Less: Other comprehensive income (loss) available to noncontrolling interests
 
1

—

1

 
(3
)
—

(3
)
Other comprehensive income (loss) available to Whirlpool
 
$
36

$
4

$
40

 
$
(121
)
$
2

$
(119
)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
The following table provides the reclassification adjustments out of accumulated other comprehensive loss, by component, that was included in net earnings for the three and six months ended June 30, 2014:
 
 
Three Months Ended
 
Six Months Ended
 
 
Component - Accumulated Other Comprehensive Loss
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
(1
)
 
$
—

 
Cost of products sold
Pension and postretirement benefits, pre-tax
 
3

 
5

 
Cost of products sold / Selling, general and administrative

The following table summarizes the changes in stockholders’ equity for the period presented:
Millions of dollars
 
Total
 
Whirlpool
Common
Stockholders
 
Noncontrolling
Interests
Stockholders’ equity, December 31, 2013
 
$
5,034

 
$
4,924

 
$
110

Net earnings
 
349

 
339

 
10

Other comprehensive income
 
41

 
40

 
1

Comprehensive income
 
390

 
379

 
11

Common stock
 
1

 
1

 
—

Additional paid-in capital
 
44

 
44

 
—

Dividends declared on common stock
 
(118
)
 
(108
)
 
(10
)
Stockholders’ equity, June 30, 2014
 
$
5,351

 
$
5,240

 
$
111


Net Earnings per Share
Diluted net earnings per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings per share of common stock for the periods presented were calculated as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Millions of dollars and shares
 
2014

2013
 
2014
 
2013
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool
 
$
179

 
$
198

 
$
339

 
$
450

Denominator for basic earnings per share – weighted-average shares
 
78.3

 
79.8

 
78.2

 
79.5

Effect of dilutive securities – share-based compensation
 
1.3

 
1.3

 
1.4

 
1.5

Denominator for diluted earnings per share – adjusted weighted-average shares
 
79.6

 
81.1

 
79.6

 
81.0

Anti-dilutive stock options/awards excluded from earnings per share
 
0.4

 
0.3

 
—

 
—


Repurchase Program
On April 14, 2014, our Board of Directors authorized a new share repurchase program of up to $500 million. Share repurchases are made from time to time on the open market as conditions warrant. The program does not obligate us to repurchase any of our shares. We have not repurchased any shares under this program as of June 30, 2014.