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Stockholders' Equity
 9 Months Ended
Sep. 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 September 30,
 
 
2014
 
2013
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
(198
)
$
—

$
(198
)
 
$
50

$
—

$
50

Cash flow hedges
 
11

(4
)
7

 
11

(5
)
6

Pension and other postretirement benefits plans
 
3

(2
)
1

 
17

(5
)
12

Available for sale securities
 
(6
)
—

(6
)
 
4

—

4

Other comprehensive income (loss)
 
(190
)
(6
)
(196
)
 
82

(10
)
72

Less: Other comprehensive income (loss) available to noncontrolling interests
 
(3
)
—

(3
)
 
2

—

2

Other comprehensive income (loss) available to Whirlpool
 
$
(187
)
$
(6
)
$
(193
)
 
$
80

$
(10
)
$
70


 
 
Nine Months Ended September 30,
 
 
2014
 
2013
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
(164
)
$
—

$
(164
)
 
$
(70
)
$
—

$
(70
)
Cash flow hedges
 
21

(8
)
13

 
(9
)
2

(7
)
Pension and other postretirement benefits plans
 
(11
)
6

(5
)
 
32

(10
)
22

Available for sale securities
 
1

—

1

 
5

—

5

Other comprehensive income
 
(153
)
(2
)
(155
)
 
(42
)
(8
)
(50
)
Less: Other comprehensive income available to noncontrolling interests
 
(2
)
—

(2
)
 
(1
)
—

(1
)
Other comprehensive income available to Whirlpool
 
$
(151
)
$
(2
)
$
(153
)
 
$
(41
)
$
(8
)
$
(49
)

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 nine months ended September 30, 2014:
 
 
Three Months Ended
 
Nine Months Ended
 
 
Component - Accumulated Other Comprehensive Loss
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
4

 
$
4

 
Cost of products sold
Pension and postretirement benefits, pre-tax
 
2

 
7

 
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
 
584

 
569

 
15

Other comprehensive income
 
(155
)
 
(153
)
 
(2
)
Comprehensive income
 
429

 
416

 
13

Common stock
 
1

 
1

 
—

Treasury stock
 
(25
)
 
(25
)
 
—

Additional paid-in capital
 
49

 
49

 
—

Dividends declared on common stock
 
(177
)
 
(167
)
 
(10
)
Stockholders’ equity, September 30, 2014
 
$
5,311

 
$
5,198

 
$
113


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 September 30,
 
Nine Months Ended September 30,
Millions of dollars and shares
 
2014

2013
 
2014
 
2013
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool
 
$
230

 
$
196

 
$
569

 
$
646

Denominator for basic earnings per share – weighted-average shares
 
78.4

 
79.7

 
78.3

 
79.6

Effect of dilutive securities – share-based compensation
 
1.2

 
1.3

 
1.1

 
1.4

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

 
81.0

 
79.4

 
81.0

Anti-dilutive stock options/awards excluded from earnings per share
 
0.2

 
—

 
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. During the nine months ended September 30, 2014, we repurchased 165,900 shares at an aggregate purchase price of approximately $25 million under this program. At September 30, 2014, there were approximately $475 million in remaining funds authorized under this program.