XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.1
EQUITY (Tables)
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Shareholders' Equity The changes in Shareholders’ equity are as follows:
Ordinary sharesCapital in excess of par valueRetained earningsAccumulated other comprehensive lossShares held in trustTotal Eaton shareholders' equityNoncontrolling interestsTotal equity
(In millions)SharesDollars
Balance at January 1, 2023397.8 $4 $12,512 $8,468 $(3,946)$(1)$17,038 $38 $17,075 
Net income— — — 638 — — 638 1 639 
Other comprehensive income, net of tax132 132 — 132 
Cash dividends paid and accrued— — — (348)— — (348)(4)(352)
Issuance of shares under equity-based
   compensation plans		0.7 — (11)(1)— 1 (11)— (11)
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — — — — — — 1 1 
Balance at March 31, 2023398.6 $4 $12,502 $8,757 $(3,814)$— $17,449 $36 $17,485 
Ordinary sharesCapital in excess of par valueRetained earningsAccumulated other comprehensive lossShares held in trustTotal Eaton shareholders' equityNoncontrolling interestsTotal equity
(In millions)SharesDollars
Balance at January 1, 2022398.8 $4 $12,449 $7,594 $(3,633)$(1)$16,413 $38 $16,451 
Net income— — — 532 — — 532 1 533 
Other comprehensive income, net of tax116 116 — 116 
Cash dividends paid and accrued— — — (331)— — (331)(2)(333)
Issuance of shares under equity-based
   compensation plans		0.8 — (22)(2)— — (24)— (24)
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — — — — — — (1)(1)
Repurchase of shares(0.6)— — (86)— — (86)— (86)
Balance at March 31, 2022399.0 $4 $12,427 $7,707 $(3,517)$(1)$16,620 $36 $16,656 
Schedule of Accumulated Other Comprehensive Loss
The changes in Accumulated other comprehensive loss are as follows:
(In millions)Currency translation and related hedging instrumentsPensions and other postretirement benefitsCash flow
hedges		Total
Balance at January 1, 2023$(3,264)$(810)$129 $(3,946)
Other comprehensive income (loss) before
   reclassifications		121 (11)26 136 
Amounts reclassified from Accumulated other
   comprehensive loss (income)		(1)8 (11)(4)
Net current-period Other comprehensive
   income (loss)		119 (2)15 132 
Balance at March 31, 2023$(3,145)$(813)$144 $(3,814)
Schedule of Reclassifications of Accumulated Other Comprehensive Loss
The reclassifications out of Accumulated other comprehensive loss are as follows:
(In millions)Three months ended March 31, 2023Consolidated Statements
of Income classification
Gains and (losses) on net investment hedges (amount excluded
  from effectiveness testing)
Currency exchange contracts$1 Interest expense - net
Tax expense— 
Total, net of tax1 
Amortization of defined benefits pensions and other
  postretirement benefits items
Actuarial loss and prior service cost(8)1
Tax benefit— 
Total, net of tax(8)
Gains and (losses) on cash flow hedges
Floating-to-fixed interest rate swaps3 Interest expense - net
Currency exchange contracts11 Net sales and Cost of products sold
Tax expense(3)
Total, net of tax11 
Total reclassifications for the period$4 
1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 9 for additional information about pension and other postretirement benefits items.
Schedule of Net Income per Ordinary Share Attributable to Shareholders
A summary of the calculation of net income per share attributable to Eaton ordinary shareholders is as follows:
Three months ended
March 31
(In millions except for per share data)20232022
Net income attributable to Eaton ordinary shareholders$638 $532 
Weighted-average number of ordinary shares outstanding - diluted400.5 401.8 
Less dilutive effect of equity-based compensation2.0 2.6 
Weighted-average number of ordinary shares outstanding - basic398.5 399.2 
Net income per share attributable to Eaton ordinary shareholders
Diluted$1.59 $1.33 
Basic1.60 1.33