STOCKHOLDERS' EQUITY

Comprehensive Income (Loss)

Comprehensive income (loss) primarily includes (1) our reported net earnings (loss), (2) foreign currency translation, including net investment hedges, (3) changes in the effective portion of our open derivative contracts designated as cash flow hedges, (4) changes in our unrecognized pension and other postretirement benefits and (5) changes in fair value of our available for sale marketable securities (prior to the adoption of ASU 2016-01 in 2018).

*Whirlpool ownership of the Hotpoint brand in the EMEA and Asia Pacific regions is not affiliated with the Hotpoint brand sold in the Americas.

The following table shows the components of accumulated other comprehensive income (loss) available to Whirlpool at December 31, 2016, 2017, and 2018, and the activity for the years then ended:



Millions of dollars	Foreign Currency			Derivative Instruments			Pension and Postretirement Liability			Marketable Securities			Total
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	)
Unrealized gain (loss)	(272		)	(30		)	—			—			(302		)
Unrealized actuarial gain (loss) and prior service credit (cost)	—			—			(48		)	—			(48		)
Tax effect	(15		)	7			13			—			5
Other comprehensive income (loss), net of tax	(287		)	(23		)	(35		)	—			(345		)
Less: Other comprehensive loss available to noncontrolling interests	2			—			—			—			2
Other comprehensive income (loss) available to Whirlpool	(289		)	(23		)	(35		)	—			(347		)
Adjustment to beginning accumulated other comprehensive loss	21			(21		)	—			(17		)	(17		)
December 31, 2018	$	(1,588	)	$	(33	)	$	(1,074	)	$	—		$	(2,695	)

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	2018			2017		2016
Numerator for basic and diluted earnings per share – net earnings (loss) available to Whirlpool	$	(183	)	$	350	$	888
Denominator for basic earnings per share – weighted-average shares	67.2			73.3		76.1
Effect of dilutive securities – stock-based compensation	—			1.1		1.1
Denominator for diluted earnings per share – adjusted weighted-average shares	67.2			74.4		77.2
Anti-dilutive stock options/awards excluded from earnings per share	1.9			0.6		0.3

Dividends

Dividends per share paid to shareholders were $4.55, $4.30 and $3.90 during 2018, 2017 and 2016, respectively.

Share Repurchase 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, 2018, we repurchased 7,456,038 shares at an aggregate purchase price of approximately $1.2 billion under this program. At December 31, 2018, 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. These programs do not obligate us to repurchase any of our shares and they have no expiration date.

Retained Earnings

The increase to beginning retained earnings in 2018 of $72 million was a result of the adoption of the following accounting standards: ASU 2016-16 ($56 million), ASU 2016-01 ($17 million) and ASU 2014-09 ($0.4 million). For additional information regarding the adoption of these accounting standards, see Note 1 to the Consolidated Financial Statements.