ACQUISITIONS AND DIVESTITURES OF BUSINESSES (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date, as well as measurement period adjustments recorded as of June 30, 2021. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income.

	Preliminary Allocation		Measurement Period Adjustments		Adjusted Preliminary Allocation
Short-term investments	$	5	$	—	$	5
Accounts receivable	94		—		94
Inventory	184		—		184
Prepaid expenses and other current assets	6		(1)		5
Property, plant and equipment	6		—		6
Other intangible assets	630		—		630
Accounts payable	(13)		—		(13)
Other current liabilities	(32)		(2)		(34)
Other noncurrent liabilities	(157)		10		(147)
Total identifiable net assets	723		7		730
Goodwill	928		(7)		921
Total consideration, net of cash received	$	1,651	$	—	$	1,651

The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation.

	June 1, 2021
Accounts receivable	$	84
Inventory	179
Prepaid expenses and other current assets	45
Property, plant and equipment	86
Other intangible assets	1,575
Other assets	19
Accounts payable	(40)
Other current liabilities	(159)
Other noncurrent liabilities	(77)
Total identifiable net assets	1,712
Goodwill	1,088
Total consideration, net of cash received	$	2,800

Schedule of Assets and Liabilities Classified as Held-for-Sale

The assets and liabilities classified as held for sale for the Hydraulics business on the June 30, 2021 and December 31, 2020 Consolidated Balance Sheets are as follows:

	June 30, 2021		December 31, 2020
Cash	$	13	$	—
Accounts receivable - net	389		345
Inventory	419		369
Prepaid expenses and other current assets	14		18
Net property, plant and equipment	529		504
Goodwill	909		920
Other intangible assets	246		248
Operating lease assets	66		61
Deferred income taxes	1		6
Other noncurrent assets	18		16
Assets held for sale - current	$	2,604	$	2,487
Accounts payable	$	293	$	241
Accrued compensation	28		26
Other current liabilities	111		101
Pension liabilities	59		60
Operating lease liabilities	30		35
Deferred income taxes	3		3
Other noncurrent liabilities	3		2
Liabilities held for sale - current	$	527	$	468