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Stockholders' Equity
 6 Months Ended
Jun. 30, 2016
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,
 
 
2016
 
2015
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
(69
)
$
—

$
(69
)
 
$
63

$
—

$
63

Cash flow hedges
 
36

(12
)
24

 
(38
)
10

(28
)
Pension and other postretirement benefits plans
 
6

(1
)
5

 
9

(1
)
8

Available for sale securities
 
(3
)
—

(3
)
 
(6
)
—

(6
)
Other comprehensive income (loss)
 
(30
)
(13
)
(43
)
 
28

9

37

Less: Other comprehensive loss available to noncontrolling interests
 
1

—

1

 
1

—

1

Other comprehensive income (loss) available to Whirlpool
 
$
(31
)
$
(13
)
$
(44
)
 
$
27

$
9

$
36

 
 
Six Months Ended June 30,
 
 
2016

2015
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
56

$
—

$
56

 
$
(146
)
$
—

$
(146
)
Cash flow hedges
 
38

(11
)
27

 
(24
)
6

(18
)
Pension and other postretirement benefits plans
 
52

(19
)
33

 
(26
)
12

(14
)
Available for sale securities
 
(3
)
—

(3
)
 
4

—

4

Other comprehensive income (loss)
 
143

(30
)
113

 
(192
)
18

(174
)
Less: Other comprehensive (income) loss available to noncontrolling interests
 
2

—

2

 
(2
)
—

(2
)
Other comprehensive income (loss) available to Whirlpool
 
$
141

$
(30
)
$
111

 
$
(190
)
$
18

$
(172
)
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
The following table provides the reclassification adjustments out of accumulated other comprehensive income (loss), by component, which was included in net earnings for the three and six months ended June 30, 2016:
 
 
Three Months Ended
 
Six Months Ended
 
 
Millions of dollars
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
5

 
$
12

 
Cost of products sold
Pension and postretirement benefits, pre-tax
 
6

 
15

 
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, 2015
 
$
5,674

 
$
4,743

 
$
931

Net earnings
 
498

 
470

 
28

Other comprehensive income
 
113

 
111

 
2

Comprehensive income
 
611

 
581

 
30

Treasury stock
 
(325
)
 
(325
)
 
—

Additional paid-in capital
 
18

 
18

 
—

Dividends declared on common stock
 
(145
)
 
(145
)
 
—

Stockholders' equity, June 30, 2016
 
$
5,833

 
$
4,872

 
$
961


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
 
2016

2015
 
2016
 
2015
Numerator for basic and diluted earnings per share - Net earnings available to Whirlpool
 
$
320

 
$
177

 
$
470

 
$
368

Denominator for basic earnings per share - weighted-average shares
 
76.2

 
79.1

 
76.7

 
78.9

Effect of dilutive securities – share-based compensation
 
0.9

 
0.9

 
0.9

 
1.1

Denominator for diluted earnings per share – adjusted weighted-average shares
 
77.1

 
80.0

 
77.6

 
80.0

Anti-dilutive stock options/awards excluded from earnings per share
 
0.3

 
0.3

 
0.3

 
0.2


Repurchase Program
On April 14, 2014, our Board of Directors authorized a share repurchase program of up to $500 million. During the first quarter of 2016, we repurchased 1,507,100 shares at an aggregate purchase price of approximately $225 million under this program. As of March 31, 2016, there were no remaining funds authorized under this program.
On April 18, 2016, our Board of Directors authorized a new share repurchase program of up to $1 billion. As of June 30, 2016 we repurchased 567,700 shares under this share repurchase program at an aggregate purchase price of approximately $100 million. As of June 30, 2016, there were approximately $900 million in remaining funds authorized under this program.
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.