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Stockholders' Equity
 6 Months Ended
Jun. 30, 2017
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,
 
 
2017
 
2016
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
2

$
—

$
2

 
$
(69
)
$
—

$
(69
)
Cash flow hedges
 
(28
)
10

(18
)
 
36

(12
)
24

Pension and other postretirement benefits plans
 
11

(6
)
5

 
6

(1
)
5

Available for sale securities
 
2

—

2

 
(3
)
—

(3
)
Other comprehensive income (loss)
 
(13
)
4

(9
)
 
(30
)
(13
)
(43
)
Less: Other comprehensive income (loss) available to noncontrolling interests
 
—

—

—

 
1

—

1

Other comprehensive income (loss) available to Whirlpool
 
$
(13
)
$
4

$
(9
)
 
$
(31
)
$
(13
)
$
(44
)
 
 
Six Months Ended June 30,
 
 
2017

2016
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
76

$
—

$
76

 
$
56

$
—

$
56

Cash flow hedges
 
(25
)
7

(18
)
 
38

(11
)
27

Pension and other postretirement benefits plans
 
20

(7
)
13

 
52

(19
)
33

Available for sale securities
 
—

—

—

 
(3
)
—

(3
)
Other comprehensive income (loss)
 
71

—

71

 
143

(30
)
113

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

(1
)
 
2

—

2

Other comprehensive income (loss) available to Whirlpool
 
$
72

$
—

$
72

 
$
141

$
(30
)
$
111

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, 2017:
 
 
Three Months Ended
 
Six Months Ended
 
 
Millions of dollars
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
29

 
$
24

 
Cost of products sold
Pension and postretirement benefits, pre-tax
 
12

 
21

 
Interest and sundry (income) expense

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, 2016
 
$
5,728

 
$
4,773

 
$
955

Net earnings (loss)
 
337

 
342

 
(5
)
Other comprehensive income (loss)
 
71

 
72

 
(1
)
Comprehensive income (loss)
 
408

 
414

 
(6
)
Common stock
 
—

 
—

 
—

Treasury stock
 
(350
)
 
(350
)
 
—

Additional paid-in capital
 
49

 
49

 
—

Dividends declared on common stock
 
(155
)
 
(155
)
 
—

Stockholders' equity, June 30, 2017
 
$
5,680

 
$
4,731

 
$
949


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
 
2017

2016
 
2017
 
2016
Numerator for basic and diluted earnings per share - Net earnings available to Whirlpool
 
$
189

 
$
320

 
$
342

 
$
470

Denominator for basic earnings per share - weighted-average shares
 
74.0

 
76.2

 
74.4

 
76.7

Effect of dilutive securities – share-based compensation
 
1.1

 
1.2

 
1.2

 
1.1

Denominator for diluted earnings per share – adjusted weighted-average shares
 
75.1

 
77.4

 
75.6

 
77.8

Anti-dilutive stock options/awards excluded from earnings per share
 
0.5

 
0.3

 
0.6

 
0.3


Share Repurchase Program
On April 18, 2016, our Board of Directors authorized a share repurchase program of up to $1 billion. During the six months ended June 30, 2017, we repurchased 1,929,620 shares under this share repurchase program at an aggregate purchase price of approximately $350 million. As of June 30, 2017, there were approximately $350 million in remaining funds authorized under this program, which has no expiration date. On July 25, 2017, our Board of Directors authorized an additional share repurchase program of up to $2 billion, which has no expiration date.
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.