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Stockholders' Equity
 6 Months Ended
Jun. 30, 2020
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, 2019
 
$
4,118

 
$
7,870

 
$
(2,618
)
 
$
(2,169
)
 
$
112

 
$
923

Comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
147

 
152

 
—

 
—

 
—

 
(5
)
Other comprehensive income
 
(95
)
 
—

 
(97
)
 
—

 
—

 
2

Comprehensive income
 
52

 
152

 
(97
)
 
—

 
—

 
(3
)
Stock issued (repurchased)
 
(115
)
 
—

 
—

 
(115
)
 
—

 
—

Dividends declared
 
(75
)
 
(75
)
 
—

 
—

 
—

 
—

Balances, March 31, 2020
 
3,980

 
7,947

 
(2,715
)
 
(2,284
)
 
112

 
920

Comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
25

 
35

 
—

 
—

 
—

 
(10
)
Other comprehensive income
 
(16
)
 
—

 
(16
)
 
—

 
—

 
—

Comprehensive income
 
9

 
35

 
(16
)
 
—

 
—

 
(10
)
Stock issued (repurchased)
 
19

 
—

 
—

 
19

 
—

 
—

Dividends declared
 
(83
)
 
(80
)
 
—

 
—

 
—

 
(3
)
Balances, June 30, 2020
 
3,925

 
7,902

 
(2,731
)
 
(2,265
)
 
112

 
907

 
 
 
 
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

(1) 
Increase to beginning retained earnings is due to the adoption of ASU 2016-02 [increase of approximately $61 million (net of tax)].
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,
 
 
2020
 
2019
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments (2)
 
$
(61
)
$
7

$
(54
)
 
$
(54
)
5

$
(49
)
Cash flow hedges
 
7

(3
)
4

 
(21
)
5

(16
)
Pension and other postretirement benefits plans
 
46

(12
)
34

 
11

(2
)
9

Other comprehensive income (loss)
 
(8
)
(8
)
(16
)
 
(64
)
8

(56
)
Less: Other comprehensive income (loss) available to noncontrolling interests
 
—

—

—

 
(1
)
—

(1
)
Other comprehensive income (loss) available to Whirlpool
 
$
(8
)
$
(8
)
$
(16
)
 
$
(63
)
$
8

$
(55
)
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
2020

2019
Millions of dollars
 
Pre-tax
Tax Effect
Net
 
Pre-tax
Tax Effect
Net
Currency translation adjustments(2)
 
$
(233
)
$
(17
)
$
(250
)
 
$
38

$
6

$
44

Cash flow hedges
 
118

(26
)
92

 
(35
)
10

(25
)
Pension and other postretirement benefits plans
 
62

(15
)
47

 
22

(4
)
18

Other comprehensive income (loss)
 
(53
)
(58
)
(111
)
 
25

12

37

Less: Other comprehensive income (loss) available to noncontrolling interests
 
2

—

2

 
(1
)
—

(1
)
Other comprehensive income (loss) available to Whirlpool
 
$
(55
)
$
(58
)
$
(113
)
 
$
26

$
12

$
38


(2) 
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 six months ended June 30, 2020:
 
 
Three Months Ended
 
Six Months Ended
 
 
Millions of dollars
 
(Gain) Loss Reclassified
 
(Gain) Loss Reclassified
 
Classification in Earnings
Pension and postretirement benefits, pre-tax
 
13

 
29

 
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 June 30,
 
Six Months Ended June 30,
Millions of dollars and shares
 
2020

2019
 
2020
 
2019
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool
 
$
35

 
$
67

 
$
187

 
$
538

Denominator for basic earnings per share - weighted-average shares
 
62.4

 
63.8

 
62.6

 
63.9

Effect of dilutive securities - share-based compensation
 
0.3

 
0.5

 
0.4

 
0.5

Denominator for diluted earnings per share - adjusted weighted-average shares
 
62.7

 
64.3

 
63.0

 
64.4

Anti-dilutive stock options/awards excluded from earnings per share
 
2.3

 
1.5

 
2.1

 
1.5


Share Repurchase Program
On July 25, 2017, our Board of Directors authorized a share repurchase program of up to $2 billion. During the six months ended June 30, 2020, we repurchased 902,000 shares under this share repurchase program at an aggregate price of approximately $121 million, all of which were repurchased in the first quarter of 2020. At June 30, 2020, there were approximately $531 million in remaining funds authorized under this program.
Share repurchases are made from time to time on the open market as conditions warrant. Given the current level of uncertainty surrounding the COVID-19 pandemic, we have decided to temporarily suspend our share repurchase program to protect liquidity in the current environment. The program does not obligate us to repurchase any of our shares and it has no expiration date.