STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

The following table summarizes the changes in stockholders' equity for the periods presented:

			Whirlpool Stockholders' Equity
	Total		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock / Additional Paid-In-Capital		Common Stock		Non-Controlling Interest
Balances, December 31, 2022	$	2,506	$	8,261	$	(2,090)	$	(3,949)	$	114	$	170
Comprehensive income (loss)
Net earnings (loss)	(176)		(179)		—		—		—		3
Other comprehensive income	(1)		—		(1)		—		—		—
Comprehensive income (loss)	(177)		(179)		(1)		—		—		3
Stock issued (repurchased)	2		—		—		2		—		—
Dividends declared	(97)		(97)		—		—		—		—
Balances, March 31, 2023	$	2,234	$	7,985	$	(2,091)	$	(3,947)	$	114	$	173
Comprehensive income (loss)
Net earnings (loss)	87		85		—		—		—		2
Other comprehensive income	(39)		—		(39)		—		—
Comprehensive income (loss)	48		85		(39)		—		—		2
Stock issued (repurchased)	7		—		—		7				—
Dividends declared	(96)		(96)		—		—		—		—
Balances, June 30, 2023	$	2,193	$	7,974	$	(2,130)	$	(3,940)	$	114	$	175

			Whirlpool Stockholders' Equity
	Total		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock / Additional Paid-In-Capital		Common Stock		Non-Controlling Interest
Balances, December 31, 2021	$	5,013	$	10,170	$	(2,357)	$	(3,081)	$	114	$	167
Comprehensive income (loss)
Net earnings (loss)	316		313		—		—		—		3
Other comprehensive income	58		—		58		—		—		—
Comprehensive income (loss)	374		313		58		—		—		3
Stock issued (repurchased)	(539)		—		—		(539)		—		—
Dividends declared	(103)		(103)		—		—		—		—
Balances, March 31, 2022	$	4,745	$	10,380	$	(2,299)	$	(3,620)	$	114	$	170
Comprehensive income (loss)
Net earnings (loss)	(368)		(371)		—		—		—		3
Other comprehensive income	209		—		209		—		—		—
Comprehensive income (loss)	(159)		(371)		209		—		—		3
Stock issued (repurchased)	(280)		—		—		(280)		—		—
Dividends declared	(97)		(97)		—		—		—		—
Balances, June 30, 2022	$	4,209	$	9,912	$	(2,090)	$	(3,900)	$	114	$	173

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,
	2023						2022
Millions of dollars	Pre-tax		Tax Effect		Net		Pre-tax		Tax Effect		Net
Currency translation adjustments	$	27	—		$	27	$	153	1		$	154
Cash flow hedges	(75)		18		(57)		58		(18)		40
Pension and other postretirement benefits plans	(11)		2		(9)		21		(6)		15
Other comprehensive income (loss)	(59)		20		(39)		232		(23)		209
Less: Other comprehensive income (loss) available to noncontrolling interests	—		—		—		—		—		—
Other comprehensive income (loss) available to Whirlpool	$	(59)	$	20	$	(39)	$	232	$	(23)	$	209

	Six Months Ended June 30,
	2023						2022
Millions of dollars	Pre-tax		Tax Effect		Net		Pre-tax		Tax Effect		Net
Currency translation adjustments	$	26	—		$	26	$	258	4		$	262
Cash flow hedges	(91)		23		(68)		1		1		2
Pension and other postretirement benefits plans	2		—		2		6		(4)		2
Other comprehensive income (loss)	(63)		23		(40)		265		1		266
Less: Other comprehensive income (loss) available to noncontrolling interests	—		—		—		—		—		—
Other comprehensive income (loss) available to Whirlpool	$	(63)	$	23	$	(40)	$	265	$	1	$	266

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

There were no material net impacts of the reclassification adjustments out of accumulated other comprehensive income (loss) included in net earnings (loss) for the three and six months ended June 30, 2023:

Net earnings (loss) per Share

Diluted net earnings (loss) per share of common stock include the dilutive effect of stock options and other share-based compensation plans. Basic and diluted net earnings (loss) 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	2023		2022		2023		2022
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool	$	85	$	(371)	$	(94)	$	(58)
Denominator for basic earnings per share - weighted-average shares	55.0		56.0		54.9		57.1
Effect of dilutive securities - share-based compensation	0.2		—		—		—
Denominator for diluted earnings per share - adjusted weighted-average shares	55.2		56.0		54.9		57.1
Anti-dilutive stock options/awards excluded from earnings per share	1.2		0.6		1.0		0.5

Share Repurchase Program

On April 19, 2021, our Board of Directors authorized a share repurchase program of up to $2 billion, which has no expiration date. On February 14, 2022, the Board of Directors authorized an additional $2 billion in share repurchases under the Company's ongoing share repurchase program. During the six months ended June 30, 2023, we did not repurchase any shares under these share repurchase programs. At June 30, 2023, there were approximately $2.6 billion in remaining funds authorized under this program.

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