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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of 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
Comprehensive income
Net earnings						398						397						—						—						—						1
Other comprehensive income						(23)						—						(23)						—						—						—
Comprehensive income						375						397						(23)						—						—						1
Stock issued (repurchased)						55						—						—						54						1						—
Dividends declared						(77)						(76)						—						—						—						(1)
Balances, September 30, 2020						$	4,278					$	8,223					$	(2,754)					$	(2,211)					$	113					$	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
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)].

Schedule of Other Comprehensive Income

The following table summarizes our other comprehensive income (loss) and related tax effects for the periods presented:

						Three Months Ended September 30,
						2020																		2019
Millions of dollars						Pre-tax			Tax Effect			Net						Pre-tax			Tax Effect			Net
Currency translation adjustments (2)						$	(117)		5			$	(112)					$	35		(15)			$	20
Cash flow hedges						—			—			—						32			(8)			24
Pension and other postretirement benefits plans						118			(29)			89						17			(6)			11
Other comprehensive income (loss)						1			(24)			(23)						84			(29)			55
Less: Other comprehensive income (loss) available to noncontrolling interests						—			—			—						1			—			1
Other comprehensive income (loss) available to Whirlpool						$	1		$	(24)		$	(23)					$	83		$	(29)		$	54

						Nine Months Ended September 30,
						2020																		2019
Millions of dollars						Pre-tax			Tax Effect			Net						Pre-tax			Tax Effect			Net
Currency translation adjustments(2)						$	(350)		$	(12)		$	(362)					$	73		$	(9)		$	64
Cash flow hedges						118			(25)			93						(3)			2			(1)
Pension and other postretirement benefits plans						180			(44)			136						39			(10)			29
Other comprehensive income (loss)						(52)			(81)			(133)						109			(17)			92
Less: Other comprehensive income (loss) available to noncontrolling interests						2			—			2						—			—			—
Other comprehensive income (loss) available to Whirlpool						$	(54)		$	(81)		$	(135)					$	109		$	(17)		$	92

⁽²⁾Currency translation adjustments includes net investment hedges.

Reclassifications Out of Accumulated Other Comprehensive Income

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, 2020:

Three Months Ended

Nine Months Ended

Millions of dollars

(Gain) Loss Reclassified

(Gain) Loss Reclassified

Classification in Earnings

Pension and postretirement benefits, pre-tax

7

36

Interest and sundry (income) expense

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

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						2020						2019						2020						2019
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool						$	397					$	358					$	584					$	896
Denominator for basic earnings per share - weighted-average shares						62.6						63.6						62.6						63.8
Effect of dilutive securities - share-based compensation						0.7						0.6						0.5						0.5
Denominator for diluted earnings per share - adjusted weighted-average shares						63.3						64.2						63.1						64.3
Anti-dilutive stock options/awards excluded from earnings per share						1.1						1.3						1.7						1.5

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

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Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

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