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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2019
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 Interests
Balances, December 31, 2018 |  | $ | 3,205 |  |  | $ | 6,933 |  |  | $ | (2,695 | ) |  | $ | (2,059 | ) |  | $ | 112 |  |  | $ | 914 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 474 |  |  | 471 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other comprehensive income |  | 93 |  |  | — |  |  | 93 |  |  | — |  |  | — |  |  | — |
Comprehensive income |  | 567 |  |  | 471 |  |  | 93 |  |  | — |  |  | — |  |  | 3 |
Adjustment to beginning retained earnings (1) |  | 61 |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock issued (repurchased) |  | (40 | ) |  | — |  |  | — |  |  | (40 | ) |  | — |  |  | — |
Dividends declared |  | (74 | ) |  | (74 | ) |  | — |  |  | — |  |  | — |  |  | — |
Balances, March 31, 2019 |  | 3,719 |  |  | 7,391 |  |  | (2,602 | ) |  | (2,099 | ) |  | 112 |  |  | 917 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 72 |  |  | 67 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Other comprehensive income |  | (56 | ) |  | — |  |  | (55 | ) |  | — |  |  | — |  |  | (1 | )
Comprehensive income |  | 16 |  |  | 67 |  |  | (55 | ) |  | — |  |  | — |  |  | 4 |
Stock issued (repurchased) |  | 13 |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |
Dividends declared |  | (81 | ) |  | (78 | ) |  | — |  |  | — |  |  | — |  |  | (3 | )
Balances, June 30, 2019 |  | 3,667 |  |  | 7,380 |  |  | (2,657 | ) |  | (2,086 | ) |  | 112 |  |  | 918 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 364 |  |  | 358 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Other comprehensive income |  | 55 |  |  | — |  |  | 54 |  |  | — |  |  | — |  |  | 1 |
Comprehensive income |  | 419 |  |  | 358 |  |  | 54 |  |  | — |  |  | — |  |  | 7 |
Stock issued (repurchased) |  | (54 | ) |  | — |  |  | — |  |  | (54 | ) |  | — |  |  | — |
Dividends declared |  | (83 | ) |  | (79 | ) |  | — |  |  | — |  |  | — |  |  | (4 | )
Balances, September 30, 2019 |  | $ | 3,949 |  |  | $ | 7,659 |  |  | $ | (2,603 | ) |  | $ | (2,140 | ) |  | $ | 112 |  |  | $ | 921 |
(1) Increase to beginning retained earnings is due to the adoption of ASU 2016-02 [increase of approximately $61 million (net of tax)]. For additional information regarding the adoption of this accounting standard, see Notes 1 and 3 to the Consolidated Condensed Financial Statements.
|  |  |  | Whirlpool Stockholders' Equity |  |
|  | Total |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock/ Additional Paid- in-Capital |  | Common Stock |  | Non- Controlling Interests
Balances, December 31, 2017 |  | $ | 5,128 |  |  | $ | 7,352 |  |  | $ | (2,331 | ) |  | $ | (935 | ) |  | $ | 112 |  |  | $ | 930 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 94 |  |  | 94 |  |  | — |  |  | — |  |  | — |  |  | — |
Other comprehensive income |  | 5 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 1 |
Comprehensive income |  | 99 |  |  | 94 |  |  | 4 |  |  | — |  |  | — |  |  | 1 |
Adjustment to beginning retained earnings (2) |  | 72 |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | — |
Adjustment to beginning accumulated other comprehensive loss |  | (17 | ) |  | — |  |  | (17 | ) |  | — |  |  | — |  |  | — |
Stock issued (repurchased) |  | 16 |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | — |
Dividends declared |  | (78 | ) |  | (78 | ) |  | — |  |  | — |  |  | — |  |  | — |
Balances, March 31, 2018 |  | 5,220 |  |  | 7,440 |  |  | (2,344 | ) |  | (919 | ) |  | 112 |  |  | 931 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | (639 | ) |  | (657 | ) |  | — |  |  | — |  |  | — |  |  | 18 |
Other comprehensive income |  | (163 | ) |  | — |  |  | (162 | ) |  | — |  |  | — |  |  | (1 | )
Comprehensive income |  | (802 | ) |  | (657 | ) |  | (162 | ) |  | — |  |  | — |  |  | 17 |
Stock issued (repurchased) |  | (990 | ) |  | — |  |  | — |  |  | (990 | ) |  | — |  |  | — |
Dividends declared |  | (84 | ) |  | (82 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Balances, June 30, 2018 |  | 3,344 |  |  | 6,701 |  |  | (2,506 | ) |  | (1,909 | ) |  | 112 |  |  | 946 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 216 |  |  | 210 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Other comprehensive income |  | (86 | ) |  | — |  |  | (84 | ) |  | — |  |  | — |  |  | (2 | )
Comprehensive income |  | 130 |  |  | 210 |  |  | (84 | ) |  | — |  |  | — |  |  | 4 |
Stock issued (repurchased) |  | (90 | ) |  | — |  |  | — |  |  | (90 | ) |  | — |  |  | — |
Dividends declared |  | (76 | ) |  | (74 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Balances, September 30, 2018 |  | $ | 3,308 |  |  | $ | 6,837 |  |  | $ | (2,590 | ) |  | $ | (1,999 | ) |  | $ | 112 |  |  | $ | 948 |
(2) 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]. 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,
|  | 2019 |  | 2018
Millions of dollars |  | Pre-tax | Tax Effect | Net |  | Pre-tax | Tax Effect | Net
Currency translation adjustments (3) |  | $ | 35 |  | $ | (15 | ) | $ | 20 |  |  | $ | (82 | ) | $ | 4 |  | $ | (78 | )
Cash flow hedges |  | 32 |  | (8 | ) | 24 |  |  | (44 | ) | 11 |  | (33 | )
Pension and other postretirement benefits plans |  | 17 |  | (6 | ) | 11 |  |  | 32 |  | (7 | ) | 25 |
Other comprehensive income (loss) |  | 84 |  | (29 | ) | 55 |  |  | (94 | ) | 8 |  | (86 | )
Less: Other comprehensive income (loss) available to noncontrolling interests |  | 1 |  | — |  | 1 |  |  | (2 | ) | — |  | (2 | )
Other comprehensive income (loss) available to Whirlpool |  | $ | 83 |  | $ | (29 | ) | $ | 54 |  |  | $ | (92 | ) | $ | 8 |  | $ | (84 | )
|  | Nine Months Ended September 30,
|  | 2019 |  | 2018
Millions of dollars |  | Pre-tax | Tax Effect | Net |  | Pre-tax | Tax Effect | Net
Currency translation adjustments(3) |  | $ | 73 |  | $ | (9 | ) | $ | 64 |  |  | $ | (271 | ) | $ | 3 |  | $ | (268 | )
Cash flow hedges |  | (3 | ) | 2 |  | (1 | ) |  | (47 | ) | 11 |  | (36 | )
Pension and other postretirement benefits plans |  | 39 |  | (10 | ) | 29 |  |  | 82 |  | (22 | ) | 60 |
Other comprehensive income (loss) |  | 109 |  | (17 | ) | 92 |  |  | (236 | ) | (8 | ) | (244 | )
Less: Other comprehensive income (loss) available to noncontrolling interests |  | — |  | — |  | — |  |  | (2 | ) | — |  | (2 | )
Other comprehensive income (loss) available to Whirlpool |  | $ | 109 |  | $ | (17 | ) | $ | 92 |  |  | $ | (234 | ) | $ | (8 | ) | $ | (242 | )
`(3) Currency translation adjustments includes net investment hedges. 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, 2019:
|  | Three Months Ended |  | Nine Months Ended |  |
Millions of dollars |  | (Gain) Loss Reclassified |  | (Gain) Loss Reclassified |  | Classification in Earnings
Pension and postretirement benefits, pre-tax |  | 21 |  |  | 43 |  |  | Interest and sundry (income) expense
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 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool |  | $ | 358 |  |  | $ | 210 |  |  | $ | 896 |  |  | $ | (353 | )
Denominator for basic earnings per share - weighted-average shares |  | 63.6 |  |  | 64.5 |  |  | 63.8 |  |  | 68.2 |
Effect of dilutive securities - share-based compensation |  | 0.6 |  |  | 0.8 |  |  | 0.5 |  |  | — |
Denominator for diluted earnings per share - adjusted weighted-average shares |  | 64.2 |  |  | 65.3 |  |  | 64.3 |  |  | 68.2 |
Anti-dilutive stock options/awards excluded from earnings per share |  | 1.3 |  |  | 1.7 |  |  | 1.5 |  |  | 1.9 |
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, 2019, we repurchased 718,421 shares under this share repurchase program at an aggregate price of approximately $100 million. At September 30, 2019, there were approximately $700 million in remaining funds authorized under this program. 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 and it has no expiration date.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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