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Stockholders' Equity
 9 Months Ended
Sep. 30, 2018
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 September 30,
 
 
2018
 
2017
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
(65
)
$
(1
)
$
(66
)
 
$
20

$
—

$
20

Cash flow and net investment hedges
 
(61
)
16

(45
)
 
(22
)
10

(12
)
Pension and other postretirement benefits plans
 
32

(7
)
25

 
(15
)
14

(1
)
Available for sale securities
 
—

—

—

 
7

—

7

Other comprehensive income (loss)
 
(94
)
8

(86
)
 
(10
)
24

14

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

(1
)
 
2

—

2

Other comprehensive income (loss) available to Whirlpool
 
$
(93
)
$
8

$
(85
)
 
$
(12
)
$
24

$
12

 
 
Nine Months Ended September 30,
 
 
2018

2017
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments
 
$
(235
)
$
(7
)
$
(242
)
 
$
96

$
—

$
96

Cash flow and net investment hedges
 
(83
)
21

(62
)
 
(47
)
17

(30
)
Pension and other postretirement benefits plans
 
82

(22
)
60

 
5

7

12

Available for sale securities
 
—

—

—

 
7

—

7

Other comprehensive income (loss)
 
(236
)
(8
)
(244
)
 
61

24

85

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

—

—

 
1

—

1

Other comprehensive income (loss) available to Whirlpool
 
$
(236
)
$
(8
)
$
(244
)
 
$
60

$
24

$
84

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 nine months ended September 30, 2018:
 
 
Three Months Ended
 
Nine Months Ended
 
 
Millions of dollars
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Cash flow hedges, pre-tax
 
$
—

 
$
(19
)
 
Cost of products sold
Cash flow and net investment hedges, pre-tax
 
(34
)
 
(79
)
 
Interest and sundry (income) expense
Pension and postretirement benefits, pre-tax
 
12

 
43

 
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, 2017
 
$
5,128

 
$
4,198

 
$
930

Net earnings (loss)
 
(329
)
 
(353
)
 
24

Other comprehensive loss
 
(244
)
 
(244
)
 
—

Comprehensive income (loss)
 
(573
)
 
(597
)
 
24

Adjustment to beginning retained earnings (1)
 
72

 
72

 
—

Adjustment to beginning accumulated other comprehensive loss
 
(17
)
 
(17
)
 
—

Common stock
 
—

 
—

 
—

Treasury stock
 
(1,102
)
 
(1,102
)
 
—

Additional paid-in capital
 
38

 
38

 
—

Dividends declared on common stock
 
(238
)
 
(232
)
 
(6
)
Stockholders' equity, September 30, 2018
 
$
3,308

 
$
2,360

 
$
948



(1) Increase to beginning retained earnings is due to the following accounting standard adoptions: ASU 2014-09 [increase of approximately $0.4 million], ASU 2016-01 [increase of approximately $17 million] and ASU 2016-16 [increase of approximately $56 million]. For additional information regarding the adoption of these accounting standards, see Note 1 of the Consolidated Condensed Financial Statements.
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 September 30,
 
Nine Months Ended September 30,
Millions of dollars and shares
 
2018

2017
 
2018
 
2017
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool
 
$
210

 
$
276

 
$
(353
)
 
$
618

Denominator for basic earnings per share - weighted-average shares
 
64.5

 
72.9

 
68.2

 
73.9

Effect of dilutive securities – share-based compensation
 
0.8

 
1.1

 
—

 
1.2

Denominator for diluted earnings per share – adjusted weighted-average shares
 
65.3

 
74.0

 
68.2

 
75.1

Anti-dilutive stock options/awards excluded from earnings per share
 
1.7

 
0.5

 
1.9

 
0.6


Share Repurchase Program
On July 25, 2017, our Board of Directors authorized a share repurchase program of up to $2 billion. During the nine months ended September 30, 2018, we repurchased 7,034,362 shares under this share repurchase program at an aggregate price of approximately $1.1 billion. As of September 30, 2018, there were approximately $850 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.