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Stockholders' Equity
 9 Months Ended
Sep. 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 September 30,
 
 
2016
 
2015
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
25

$
—

$
25

 
$
(197
)
$
—

$
(197
)
Cash flow hedges
 
23

(9
)
14

 
(10
)
2

(8
)
Pension and other postretirement benefits plans
 
10

(3
)
7

 
9

(4
)
5

Available for sale securities
 
(1
)
—

(1
)
 
(5
)
—

(5
)
Other comprehensive income (loss)
 
57

(12
)
45

 
(203
)
(2
)
(205
)
Less: Other comprehensive loss available to noncontrolling interests
 
—

—

—

 
(6
)
—

(6
)
Other comprehensive income (loss) available to Whirlpool
 
$
57

$
(12
)
$
45

 
$
(197
)
$
(2
)
$
(199
)
 
 
Nine Months Ended September 30,
 
 
2016

2015
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
81

$
—

$
81

 
$
(343
)
$
—

$
(343
)
Cash flow hedges
 
61

(20
)
41

 
(34
)
8

(26
)
Pension and other postretirement benefits plans
 
62

(22
)
40

 
(17
)
8

(9
)
Available for sale securities
 
(4
)
—

(4
)
 
(1
)
—

(1
)
Other comprehensive income (loss)
 
200

(42
)
158

 
(395
)
16

(379
)
Less: Other comprehensive (income) loss available to noncontrolling interests
 
2

—

2

 
(8
)
—

(8
)
Other comprehensive income (loss) available to Whirlpool
 
$
198

$
(42
)
$
156

 
$
(387
)
$
16

$
(371
)
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 nine months ended September 30, 2016:
 
 
Three Months Ended
 
Nine Months Ended
 
 
Millions of dollars
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
7

 
$
19

 
Cost of products sold
Pension and postretirement benefits, pre-tax
 
11

 
26

 
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
 
742

 
708

 
34

Other comprehensive income
 
158

 
156

 
2

Comprehensive income
 
900

 
864

 
36

Treasury stock
 
(425
)
 
(425
)
 
—

Additional paid-in capital
 
43

 
43

 
—

Dividends declared on common stock
 
(225
)
 
(221
)
 
(4
)
Stockholders' equity, September 30, 2016
 
$
5,967

 
$
5,004

 
$
963


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
 
2016

2015
 
2016
 
2015
Numerator for basic and diluted earnings per share - Net earnings available to Whirlpool
 
$
238

 
$
235

 
$
708

 
$
603

Denominator for basic earnings per share - weighted-average shares
 
75.7

 
78.8

 
76.4

 
78.9

Effect of dilutive securities – share-based compensation
 
0.9

 
0.9

 
0.9

 
1.0

Denominator for diluted earnings per share – adjusted weighted-average shares
 
76.6

 
79.7

 
77.3

 
79.9

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

 
0.3

 
0.3

 
0.2


Repurchase Program
On April 18, 2016, our Board of Directors authorized a new share repurchase program of up to $1 billion. As of September 30, 2016 we repurchased 1,088,400 shares under this share repurchase program at an aggregate purchase price of approximately $200 million. As of September 30, 2016, there were approximately $800 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.