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RETIREMENT BENEFITS PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202220212022202120222021
Funded status
Fair value of plan assets$2,635 $3,672 $1,486 $2,247 $16 $19 
Benefit obligations(2,807)(3,760)(1,813)(2,837)(209)(304)
Funded status$(172)$(88)$(327)$(590)$(194)$(285)
Amounts recognized in the Consolidated
   Balance Sheets
Other assets$— $59 $199 $179 $— $— 
Other current liabilities(19)(16)(30)(28)(17)(22)
Pension liabilities and Other postretirement benefits liabilities(153)(131)(496)(741)(177)(263)
Total$(172)$(88)$(327)$(590)$(194)$(285)
Amounts recognized in Accumulated other
   comprehensive loss (pre-tax)
Net actuarial (gain) loss$807 $708 $491 $745 $(119)$(55)
Prior service cost (credit)5 5 14 18 (2)— 
Total$811 $713 $505 $763 $(120)$(55)
Schedule of Change in Benefit Obligations
Change in Benefit Obligations
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202220212022202120222021
Balance at January 1$3,760 $4,121 $2,837 $3,036 $304 $375 
Service cost27 37 59 72 1 1 
Interest cost117 70 47 40 7 6 
Actuarial (gain) loss (713)(82)(817)(143)(73)(59)
Gross benefits paid(386)(435)(99)(107)(38)(36)
Currency translation— — (218)(79)(3)— 
Plan amendments1 1 1 — (2)— 
Acquisitions and divestitures— 48 — 14 — 2 
Other— — 3 4 13 15 
Balance at December 31$2,807 $3,760 $1,813 $2,837 $209 $304 
Accumulated benefit obligation$2,784 $3,707 $1,737 $2,709 
Schedule of Change in Plan Assets
Change in Plan Assets
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202220212022202120222021
Balance at January 1$3,672 $3,463 $2,247 $2,137 $19 $20 
Actual return on plan assets(682)380 (554)127 (2)— 
Employer contributions30 237 85 106 24 20 
Gross benefits paid(386)(435)(99)(107)(38)(36)
Currency translation— — (197)(23)— — 
Acquisitions and divestitures— 27 — 4 — — 
Other— — 3 3 13 15 
Balance at December 31$2,635 $3,672 $1,486 $2,247 $16 $19 
Schedule of Components of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The components of pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows:
United States
pension liabilities		Non-United States
pension liabilities
(In millions)2022202120222021
Accumulated benefit obligation$2,784 $131 $654 $894 
Fair value of plan assets2,635 — 173 207 
Schedule of Components of Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
The components of pension plans with a projected benefit obligation in excess of plan assets at December 31 are as follows:
United States
pension liabilities		Non-United States
pension liabilities
(In millions)2022202120222021
Projected benefit obligation$2,807 $147 $722 $1,290 
Fair value of plan assets2,635 — 195 521 
Schedule of Changes in Pension and Other Postretirement Benefits Liabilities recognized in Accumulated Other Comprehensive Income (Loss)
Changes in pension and other postretirement benefit liabilities recognized in Accumulated other comprehensive loss are as follows:
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202220212022202120222021
Balance at January 1$713 $1,051 $763 $1,026 $(55)$(2)
Prior service cost arising during the year1 1 1 — (2)— 
Net loss (gain) arising during the year173 (238)(149)(151)(69)(59)
Currency translation— — (64)(24)(1)— 
Other— — — — — — 
Less amounts included in expense during the year(76)(101)(47)(88)7 6 
Net change for the year98 (338)(259)(263)(65)(53)
Balance at December 31$811 $713 $505 $763 $(120)$(55)
Schedule of Benefits Expense Benefits Expense
United States pension
benefit expense (income)		Non-United States pension
benefit expense (income)		Other postretirement
benefits expense (income)
(In millions)202220212020202220212020202220212020
Service cost$27 $37 $97 $59 $72 $73 $1 $1 $2 
Interest cost117 70 103 47 40 45 7 6 9 
Expected return on plan assets(204)(223)(231)(115)(120)(109)(1)— — 
Amortization15 36 102 45 71 60 (7)(5)(13)
 (46)(80)71 37 63 69 — 2 (2)
Settlements, curtailments and special termination benefits61 65 62 2 17 10 — (1)— 
Total expense (income)$15 $(15)$133 $39 $80 $79 $— $1 $(2)
Schedule of Assumptions Used to Determine Pension Plans Expense
Pension Plans
United States
pension plans		Non-United States
pension plans
202220212020202220212020
Assumptions used to determine benefit obligation at year-end
Discount rate5.47 %2.81 %2.48 %4.83 %2.01 %1.59 %
Rate of compensation increase3.33 %3.12 %3.12 %3.12 %3.01 %3.02 %
Interest rate used to credit cash balance plans3.67 %1.99 %2.02 %2.32 %0.56 %0.53 %
Assumptions used to determine expense
Discount rate used to determine benefit obligation4.30 %2.61 %3.22 %2.01 %1.63 %2.02 %
Discount rate used to determine service cost4.41 %2.92 %3.34 %2.98 %2.52 %2.78 %
Discount rate used to determine interest cost3.94 %1.83 %2.75 %1.84 %1.36 %1.82 %
Expected long-term return on plan assets6.50 %6.75 %7.25 %5.70 %5.62 %5.84 %
Rate of compensation increase3.12 %3.12 %3.14 %3.01 %3.02 %3.05 %
Interest rate used to credit cash balance plans2.62 %2.14 %2.59 %0.56 %0.52 %0.54 %
Schedule of Assumptions Used to Determine Other Postretirement Benefits Obligations and Expense Assumptions used to determine other postretirement benefits obligations and expense are as follows:
Other postretirement
benefits plans
202220212020
Assumptions used to determine benefit obligation at year-end
Discount rate5.46 %2.79 %2.37 %
Health care cost trend rate assumed for next year7.10 %7.45 %7.05 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203120312030
Assumptions used to determine expense
Discount rate used to determine benefit obligation2.79 %2.44 %3.13 %
Discount rate used to determine service cost3.03 %2.76 %3.25 %
Discount rate used to determine interest cost2.24 %1.70 %2.67 %
Initial health care cost trend rate7.45 %7.38 %6.95 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203120302029
Schedule of Employer Contributions to Pension Plans
Contributions to pension plans that Eaton expects to make in 2023, and made in 2022, 2021 and 2020, are as follows:
(In millions)
Expected in 2023
202220212020
United States plans$23 $30 $237 $18 
Non-United States plans86 85 106 104 
Total contributions$108 $116 $343 $122 
Schedule of Expected Pension and Other Postretirement Benefit Payments and Expected Subsidy For other postretirement benefits liabilities, the expected subsidy receipts related to the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 would reduce the gross payments listed below.
Estimated
United States
pension payments		Estimated
non-United States
pension payments		Estimated other postretirement
benefit payments
(In millions)GrossMedicare prescription
drug subsidy
2023$281 $101 $20 $— 
2024267 101 18 — 
2025261 101 17 — 
2026253 107 16 — 
2027242 110 19 — 
2028 - 20321,100 595 84 (1)
Schedule of Fair Value of Pension Plan Assets
A summary of the fair value of pension plan assets at December 31, 2022 and 2021, is as follows:
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)
Unobservable
inputs
(Level 3)1
2022  
Common collective trusts
Non-United States equity and global equities$173 $— $173 $— 
United States equity54 — 54 — 
Fixed income620 — 620 — 
Fixed income securities744 — 744 — 
United States treasuries660 660 — — 
Real estate295 76 20 199 
Cash equivalents77 21 56 — 
Exchange traded funds77 77 — — 
Other387 — 27 360 
Common collective and other trusts measured at net asset value
1,100 
Money market funds measured at net asset value3 
Pending purchases and sales of plan assets, and interest
    receivable		(69)
Total pension plan assets$4,121 $834 $1,694 $559 
1 These pension plan assets include private equity, private credit and private real estate funds that generally have redemption notice periods of six months or longer and are often not eligible for redemption until the underlying assets are liquidated or distributed. The Company has unfunded commitments to these funds of approximately $180 million at December 31, 2022, which will be satisfied by a reallocation of pension plan assets.
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)
Unobservable
inputs
(Level 3)1
2021    
Common collective trusts
Non-United States equity and global equities$586 $— $586 $— 
United States equity240 — 240 — 
Fixed income624 — 624 — 
Fixed income securities1,074 — 1,074 — 
United States treasuries417 417 — — 
Bank loans117 — 117 — 
Real estate471 237 18 216 
Equity securities2 2 — — 
Cash equivalents150 28 122 — 
Exchange traded funds122 122 — — 
Other365 — 46 319 
Common collective and other trusts measured at net asset value
1,841 
Money market funds measured at net asset value9 
Pending purchases and sales of plan assets, and interest
    receivable		(99)
Total pension plan assets$5,919 $806 $2,827 $535 
1 These pension plan assets include private equity, private credit and private real estate funds that generally have redemption notice periods of six months or longer, and are often not eligible for redemption until the underlying assets are liquidated or distributed. The Company has unfunded commitments to these funds of approximately $192 million at December 31, 2021, which will be satisfied by a reallocation of pension plan assets.
Schedule of Fair Value Measurement of Plan Assets using Significant Unobservable Inputs
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2021 and 2022 due to the following:
(In millions)Real estateOtherTotal
Balance at January 1, 2021$184 $174 $358 
Actual return on plan assets:
Gains (losses) relating to assets still held at year-end
28 61 89 
Purchases, sales, settlements - net
4 79 83 
Transfers into or out of Level 3— 5 5 
Balance at December 31, 2021216 319 535 
Actual return on plan assets:
Gains (losses) relating to assets still held at year-end
1 (3)(2)
Purchases, sales, settlements - net
(18)44 26 
Transfers into or out of Level 3— — — 
Balance at December 31, 2022$199 $360 $559 
Schedule of Fair Value of Other Postretirement Benefits Plan Assets
A summary of the fair value of other postretirement benefits plan assets at December 31, 2022 and 2021, is as follows:
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)		Unobservable
inputs
(Level 3)
2022    
Cash equivalents$3 $3 $— $— 
Common collective and other trusts measured at net asset value
13 
Total other postretirement benefits plan assets$16 $3 $— $— 

(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)		Unobservable
inputs
(Level 3)
2021    
Cash equivalents$3 $3 $— $— 
Common collective and other trusts measured at net asset value
16 
Total other postretirement benefits plan assets$19 $3 $— $— 
Schedule of Employer Contributions to Defined Contribution Benefit Plans, Charged to Expense The total contributions related to these plans are charged to expense and are as follows:
(In millions)
2022$182 
2021171 
2020111