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Stockholders' Equity
 3 Months Ended
Mar. 31, 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 March 31,
 
 
2017
 
2016
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
74

$
—

$
74

 
$
124

$
—

$
124

Cash flow hedges
 
3

(3
)
—

 
3

1

4

Pension and other postretirement benefits plans
 
9

(1
)
8

 
46

(18
)
28

Available for sale securities
 
(2
)
—

(2
)
 
—

—

—

Other comprehensive income (loss)
 
84

(4
)
80

 
173

(17
)
156

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

(1
)
 
1

—

1

Other comprehensive income (loss) available to Whirlpool
 
$
85

$
(4
)
$
81

 
$
172

$
(17
)
$
155

 
 
 
 
 
 
 
 
 
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 months ended March 31, 2017:
Millions of dollars
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
(5
)
 
Cost of products sold
Pension and postretirement benefits, pre-tax
 
9

 
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
 
158

 
153

 
5

Other comprehensive income (loss)
 
80

 
81

 
(1
)
Comprehensive income
 
238

 
234

 
4

Treasury stock
 
(150
)
 
(150
)
 
—

Additional paid-in capital
 
32

 
32

 
—

Dividends declared on common stock
 
(73
)
 
(73
)
 
—

Stockholders' equity, March 31, 2017
 
$
5,775

 
$
4,816

 
$
959


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 March 31,
Millions of dollars and shares
 
2017
 
2016
Numerator for basic and diluted earnings per share - Net earnings available to Whirlpool
 
$
153

 
$
150

Denominator for basic earnings per share - weighted-average shares
 
74.8

 
77.3

Effect of dilutive securities – share-based compensation
 
1.2

 
1.0

Denominator for diluted earnings per share – adjusted weighted-average shares
 
76.0

 
78.3

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

 
0.4


Share Repurchase Program
On April 18, 2016, our Board of Directors authorized a share repurchase program of up to $1 billion. During the three months ended March 31, 2017, we repurchased 843,300 shares under this share repurchase program at an aggregate purchase price of approximately $150 million. As of March 31, 2017, there were approximately $550 million in remaining funds authorized under this program, 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.