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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2021
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 Interest (1)
Balances, December 31, 2020 |  | $ | 4,795 |  |  | $ | 8,725 |  |  | $ | (2,811) |  |  | $ | (2,142) |  |  | $ | 113 |  |  | $ | 910 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 440 |  |  | 433 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Other comprehensive income |  | 124 |  |  | — |  |  | 124 |  |  | — |  |  | — |  |  | — |
Comprehensive income |  | 564 |  |  | 433 |  |  | 124 |  |  | — |  |  | — |  |  | 7 |
Stock issued (repurchased) |  | (141) |  |  | — |  |  | — |  |  | (141) |  |  | — |  |  | — |
Dividends declared |  | (79) |  |  | (79) |  |  | — |  |  | — |  |  | — |  |  | — |
Balances, March 31, 2021 |  | 5,139 |  |  | 9,079 |  |  | (2,687) |  |  | (2,283) |  |  | 113 |  |  | 917 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 580 |  |  | 581 |  |  | — |  |  | — |  |  | — |  |  | (1) |
Other comprehensive income |  | 229 |  |  | — |  |  | 228 |  |  | — |  |  | — |  |  | 1 |
Comprehensive income |  | 809 |  |  | 581 |  |  | 228 |  |  | — |  |  | — |  |  | — |
Stock issued (repurchased) |  | 8 |  |  | — |  |  | — |  |  | 7 |  |  | 1 |  |  | — |
Dividends declared |  | (88) |  |  | (88) |  |  | — |  |  | — |  |  | — |  |  | — |
Divestitures |  | (783) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (783) |
Balances, June 30, 2021 |  | 5,085 |  |  | 9,572 |  |  | (2,459) |  |  | (2,276) |  |  | 114 |  |  | 134 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 486 |  |  | 471 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Other comprehensive income |  | 46 |  |  | — |  |  | 47 |  |  | — |  |  | — |  |  | (1) |
Comprehensive income |  | 532 |  |  | 471 |  |  | 47 |  |  | — |  |  | — |  |  | 14 |
Stock issued (repurchased) |  | (419) |  |  | — |  |  | — |  |  | (419) |  |  | — |  |  | — |
Dividends declared |  | (88) |  |  | (86) |  |  | — |  |  | — |  |  | — |  |  | (2) |
Acquisitions(2) |  | 19 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |
Balances, September 30, 2021 |  | $ | 5,129 |  |  | $ | 9,957 |  |  | $ | (2,412) |  |  | $ | (2,695) |  |  | $ | 114 |  |  | $ | 165 |
(1)Decrease of $783 million in noncontrolling interest is mainly due to the deconsolidation of Whirlpool China. For additional information, see Note 15 to the Consolidated Condensed Financial Statements. (2)Amount reflects the fair value of Elica PB India non-controlling interest.
|  |  |  | Whirlpool Stockholders' Equity |  |
|  | Total |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock / Additional Paid-In-Capital |  | Common Stock |  | Non-Controlling Interest
Balances, December 31, 2019 |  | $ | 4,210 |  |  | $ | 7,962 |  |  | $ | (2,618) |  |  | $ | (2,169) |  |  | $ | 112 |  |  | $ | 923 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 149 |  |  | 154 |  |  | — |  |  | — |  |  | — |  |  | (5) |
Other comprehensive income |  | (95) |  |  | — |  |  | (97) |  |  | — |  |  | — |  |  | 2 |
Comprehensive income |  | 54 |  |  | 154 |  |  | (97) |  |  | — |  |  | — |  |  | (3) |
Stock issued (repurchased) |  | (115) |  |  | — |  |  | — |  |  | (115) |  |  | — |  |  | — |
Dividends declared |  | (75) |  |  | (75) |  |  | — |  |  | — |  |  | — |  |  | — |
Balances, March 31, 2020 |  | $ | 4,074 |  |  | $ | 8,041 |  |  | $ | (2,715) |  |  | $ | (2,284) |  |  | $ | 112 |  |  | $ | 920 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 20 |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | (10) |
Other comprehensive income |  | (16) |  |  | — |  |  | (16) |  |  | — |  |  | — |  |  | — |
Comprehensive income |  | 4 |  |  | 30 |  |  | (16) |  |  | — |  |  | — |  |  | (10) |
Stock issued (repurchased) |  | 19 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |
Dividends declared |  | (83) |  |  | (80) |  |  | — |  |  | — |  |  | — |  |  | (3) |
Balances, June 30, 2020 |  | 4,014 |  |  | 7,991 |  |  | (2,731) |  |  | (2,265) |  |  | 112 |  |  | 907 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | 393 |  |  | 392 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other comprehensive income |  | (23) |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |
Comprehensive income |  | 370 |  |  | 392 |  |  | (23) |  |  | — |  |  | — |  |  | 1 |
Stock issued (repurchased) |  | 55 |  |  | — |  |  | — |  |  | 54 |  |  | 1 |  |  | — |
Dividends declared |  | (77) |  |  | (76) |  |  | — |  |  | — |  |  | — |  |  | (1) |
Balances, September 30, 2020 |  | $ | 4,362 |  |  | $ | 8,307 |  |  | $ | (2,754) |  |  | $ | (2,211) |  |  | $ | 113 |  |  | $ | 907 |
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,
|  | 2021 |  | 2020
Millions of dollars |  | Pre-tax | Tax Effect | Net |  | Pre-tax | Tax Effect | Net
Currency translation adjustments (2) |  | $ | 8 |  | (2) |  | $ | 6 |  |  | $ | (117) |  | 5 |  | $ | (112) |
Cash flow hedges |  | 50 |  | (14) |  | 36 |  |  | — |  | — |  | — |
Pension and other postretirement benefits plans |  | 9 |  | (5) |  | 4 |  |  | 118 |  | (29) |  | 89 |
Other comprehensive income (loss) |  | 67 |  | (21) |  | 46 |  |  | 1 |  | (24) |  | (23) |
Less: Other comprehensive income (loss) available to noncontrolling interests |  | (1) |  | — |  | (1) |  |  | — |  | — |  | — |
Other comprehensive income (loss) available to Whirlpool |  | $ | 68 |  | $ | (21) |  | $ | 47 |  |  | $ | 1 |  | $ | (24) |  | $ | (23) |
|  | Nine Months Ended September 30,
|  | 2021 |  | 2020
Millions of dollars |  | Pre-tax | Tax Effect | Net |  | Pre-tax | Tax Effect | Net
Currency translation adjustments (2) |  | $ | 334 |  | $ | (1) |  | $ | 333 |  |  | $ | (350) |  | $ | (12) |  | $ | (362) |
Cash flow hedges |  | 58 |  | (21) |  | 37 |  |  | 118 |  | (25) |  | 93 |
Pension and other postretirement benefits plans |  | 42 |  | (13) |  | 29 |  |  | 180 |  | (44) |  | 136 |
Other comprehensive income (loss) |  | 434 |  | (35) |  | 399 |  |  | (52) |  | (81) |  | (133) |
Less: Other comprehensive income (loss) available to noncontrolling interests |  | — |  | — |  | — |  |  | 2 |  | — |  | 2 |
Other comprehensive income (loss) available to Whirlpool |  | $ | 434 |  | $ | (35) |  | $ | 399 |  |  | $ | (54) |  | $ | (81) |  | $ | (135) |
(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 nine months ended September 30, 2021:
| Three Months Ended |  | Nine Months Ended |
Millions of dollars | (Gain) Loss Reclassified |  | (Gain) Loss Reclassified | Classification in Earnings
Pension and postretirement benefits, pre-tax | $ | 9 |  |  | $ | 34 |  | Interest and sundry (income) expense
Currency translation related to divestitures | $ | — |  |  | $ | (198) |  | (Gain) loss on sale and disposal of businesses
Total | $ | 9 |  |  | $ | (164) |  |
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 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator for basic and diluted earnings per share - Net earnings (loss) available to Whirlpool |  | $ | 471 |  |  | $ | 392 |  |  | $ | 1,485 |  |  | $ | 576 |
Denominator for basic earnings per share - weighted-average shares |  | 62.2 |  |  | 62.6 |  |  | 62.7 |  |  | 62.6 |
Effect of dilutive securities - share-based compensation |  | 0.5 |  |  | 0.7 |  |  | 0.5 |  |  | 0.5 |
Denominator for diluted earnings per share - adjusted weighted-average shares |  | 62.7 |  |  | 63.3 |  |  | 63.2 |  |  | 63.1 |
Anti-dilutive stock options/awards excluded from earnings per share |  | 0.1 |  |  | 1.1 |  |  | 0.1 |  |  | 1.7 |
Share Repurchase Program On July 25, 2017, our Board of Directors authorized a share repurchase program of up to $2 billion. As of September 30, 2021, there were no remaining funds available under this program. On April 19, 2021, our Board of Directors authorized an additional share repurchase program of up to $2 billion, which has no expiration date. At September 30, 2021, there were approximately $1.9 billion in remaining funds authorized under this program. During the nine months ended September 30, 2021, we repurchased approximately 3.0 million shares under these share repurchase programs at an aggregate price of approximately $641 million Share repurchases are made from time to time on the open market as conditions warrant. The programs do not obligate us to repurchase any of our shares and have no expiration date.

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