STOCKHOLDERS' EQUITY

Comprehensive Income

Comprehensive income primarily includes (1) our reported net earnings, (2) foreign currency translation, (3) changes in the effective portion of our open derivative contracts designated as cash flow or net investment hedges, (4) changes in our unrecognized pension and other postretirement benefits and (5) changes in fair value of our available for sale marketable securities.

The following table shows the components of accumulated other comprehensive income (loss) available to Whirlpool at December 31, 2015, 2016, and 2017, and the activity for the years then ended:



Millions of dollars	Foreign Currency			Derivative Instruments			Pension and Postretirement Liability			Marketable Securities			Total
December 31, 2014	$	(925	)	$	(7	)	$	(918	)	$	10		$	(1,840	)
Unrealized gain (loss)	(432		)	(23		)	—			3			(452		)
Unrealized actuarial gain(loss) and prior service credit (cost)	—			—			(79		)	—			(79		)
Tax effect	—			—			30			—			30
Other comprehensive income (loss), net of tax	(432		)	(23		)	(49		)	3			(501		)
Less: Other comprehensive loss available to noncontrolling interests	(9		)	—			—			—			(9		)
Other comprehensive income (loss) available to Whirlpool	(423		)	(23		)	(49		)	3			(492		)
December 31, 2015	$	(1,348	)	$	(30	)	$	(967	)	$	13		$	(2,332	)
Unrealized gain (loss)	(30		)	71			—			(2		)	39
Unrealized actuarial gain (loss) and prior service credit (cost)	—			—			(70		)	—			(70		)
Tax effect	(17		)	(26		)	6			—			(37		)
Other comprehensive income (loss), net of tax	(47		)	45			(64		)	(2		)	(68		)
Less: Other comprehensive loss available to noncontrolling interests	—			—			—			—			—
Other comprehensive income (loss) available to Whirlpool	(47		)	45			(64		)	(2		)	(68		)
December 31, 2016	$	(1,395	)	$	15		$	(1,031	)	$	11		$	(2,400	)
Unrealized gain (loss)	32			(4		)	—			6			34
Unrealized actuarial gain (loss) and prior service credit (cost)	—			—			(15		)	—			(15		)
Tax effect	43			—			7			—			50
Other comprehensive income (loss), net of tax	75			(4		)	(8		)	6			69
Less: Other comprehensive loss available to noncontrolling interests	—			—			—			—			—
Other comprehensive income (loss) available to Whirlpool	75			(4		)	(8		)	6			69
December 31, 2017	$	(1,320	)	$	11		$	(1,039	)	$	17		$	(2,331	)

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 were calculated as follows:



Millions of dollars and shares	2017		2016		2015
Numerator for basic and diluted earnings per share – net earnings available to Whirlpool	$	350	$	888	$	783
Denominator for basic earnings per share – weighted-average shares	73.3		76.1		78.7
Effect of dilutive securities – stock-based compensation	1.1		1.1		1.0
Denominator for diluted earnings per share – adjusted weighted-average shares	74.4		77.2		79.7
Anti-dilutive stock options/awards excluded from earnings per share	0.6		0.3		0.2

Dividends

Dividends per share paid to shareholders were $4.30, $3.90 and $3.45 during 2017, 2016 and 2015, respectively.

Repurchase Program

On April 18, 2016 , our Board of Directors authorized a new share repurchase program of up to $1 billion. For the year ended December 31, 2017, we repurchased 4,010,000 shares at an aggregate purchase price of approximately $700 million under this program. At December 31, 2017, there were no remaining funds authorized under this program.

On July 25, 2017, our Board of Directors authorized an additional share repurchase program of up to $2 billion. For the year ended December 31, 2017, we repurchased 305,500 shares at an aggregate purchase price of approximately $50 million under this program. At December 31, 2017, there were approximately $1,950 million in remaining funds authorized under this program.

Share repurchases are made from time to time on the open market as conditions warrant. These programs do not obligate us to repurchase any of our shares and they have no expiration date.