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RETIREMENT BENEFITS PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
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)202120202021202020212020
Funded status
Fair value of plan assets$3,672 $3,463 $2,247 $2,137 $19 $20 
Benefit obligations(3,760)(4,121)(2,837)(3,036)(304)(375)
Funded status$(88)$(658)$(590)$(899)$(285)$(355)
Amounts recognized in the Consolidated
   Balance Sheets
Non-current assets$59 $— $179 $95 $— $— 
Current liabilities(16)(36)(28)(28)(22)(25)
Non-current liabilities(131)(622)(741)(966)(263)(330)
Total$(88)$(658)$(590)$(899)$(285)$(355)
Amounts recognized in Accumulated other
   comprehensive loss (pre-tax)
Net actuarial (gain) loss$708 $1,046 $745 $1,005 $(55)$1 
Prior service cost (credit)5 5 18 21 — (3)
Total$713 $1,051 $763 $1,026 $(55)$(2)
Schedule of Change in Benefit Obligations
Change in Benefit Obligations
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202120202021202020212020
Balance at January 1$4,121 $4,028 $3,036 $2,747 $375 $378 
Service cost37 97 72 73 1 2 
Interest cost70 103 40 45 6 9 
Actuarial (gain) loss (82)223 (143)217 (59)11 
Gross benefits paid(435)(330)(107)(121)(36)(49)
Currency translation— — (79)137 — 2 
Plan amendments1 — — 1 — — 
Acquisitions and divestitures48 — 14 — 2 — 
Benefit obligation reclassified to held for sale— — — (65)— — 
Other— — 4 2 15 22 
Balance at December 31$3,760 $4,121 $2,837 $3,036 $304 $375 
Accumulated benefit obligation$3,707 $4,054 $2,709 $2,862 
Schedule of Change in Plan Assets
Change in Plan Assets
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202120202021202020212020
Balance at January 1$3,463 $3,433 $2,137 $1,903 $20 $23 
Actual return on plan assets380 342 127 185 — 1 
Employer contributions237 18 106 104 20 23 
Gross benefits paid(435)(330)(107)(121)(36)(49)
Currency translation— — (23)69 — — 
Acquisitions and divestitures27 — 4 — — — 
Plan assets reclassified to held for sale— — — (5)— — 
Other— — 3 2 15 22 
Balance at December 31$3,672 $3,463 $2,247 $2,137 $19 $20 
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)2021202020212020
Accumulated benefit obligation$131 $4,054 $894 $2,586 
Fair value of plan assets— 3,463 207 1,756 
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)2021202020212020
Projected benefit obligation$147 $4,121 $1,290 $2,763 
Fair value of plan assets— 3,463 521 1,770 
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)202120202021202020212020
Balance at January 1$1,051 $1,103 $1,026 $904 $(2)$(25)
Prior service cost arising during the year1 — — 1 — — 
Net loss (gain) arising during the year(238)112 (151)141 (59)10 
Currency translation— — (24)48 — — 
Other— — — 2 — — 
Less amounts included in expense during the year(101)(164)(88)(70)6 13 
Net change for the year(338)(52)(263)122 (53)23 
Balance at December 31$713 $1,051 $763 $1,026 $(55)$(2)
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)202120202019202120202019202120202019
Service cost$37 $97 $91 $72 $73 $58 $1 $2 $2 
Interest cost70 103 138 40 45 57 6 9 14 
Expected return on plan assets(223)(231)(235)(120)(109)(106)— — (2)
Amortization36 102 62 71 60 38 (5)(13)(14)
 (80)71 56 63 69 47 2 (2)— 
Settlements, curtailments and special termination benefits65 62 48 17 10 14 (1)— — 
Total expense (income)$(15)$133 $104 $80 $79 $61 $1 $(2)$— 
Schedule of Assumptions Used to Determine Pension Plans Expense
Pension Plans
United States
pension plans		Non-United States
pension plans
202120202019202120202019
Assumptions used to determine benefit obligation at year-end
Discount rate2.81 %2.48 %3.22 %2.01 %1.59 %2.02 %
Rate of compensation increase3.12 %3.12 %3.14 %3.01 %3.02 %3.05 %
Interest rate used to credit cash balance plans1.99 %2.02 %2.59 %0.56 %0.53 %0.54 %
Assumptions used to determine expense
Discount rate used to determine benefit obligation2.61 %3.22 %4.28 %1.63 %2.02 %2.83 %
Discount rate used to determine service cost2.92 %3.34 %4.39 %2.52 %2.78 %4.02 %
Discount rate used to determine interest cost1.83 %2.75 %3.94 %1.36 %1.82 %2.56 %
Expected long-term return on plan assets6.75 %7.25 %7.25 %5.62 %5.84 %6.42 %
Rate of compensation increase3.12 %3.14 %3.14 %3.02 %3.05 %3.10 %
Interest rate used to credit cash balance plans2.14 %2.59 %3.13 %0.52 %0.54 %2.60 %
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
202120202019
Assumptions used to determine benefit obligation at year-end
Discount rate2.79 %2.37 %3.13 %
Health care cost trend rate assumed for next year7.45 %7.05 %6.95 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203120302029
Assumptions used to determine expense
Discount rate used to determine benefit obligation2.44 %3.13 %4.23 %
Discount rate used to determine service cost2.76 %3.25 %4.29 %
Discount rate used to determine interest cost1.70 %2.67 %3.85 %
Initial health care cost trend rate7.38 %6.95 %7.10 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203020292028
Schedule of Employer Contributions to Pension Plans
Contributions to pension plans that Eaton expects to make in 2022, and made in 2021, 2020 and 2019, are as follows:
(In millions)
Expected in 2022
202120202019
United States plans$17 $237 $18 $17 
Non-United States plans97 106 104 102 
Total contributions$114 $343 $122 $119 
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
2022$303 $106 $25 $— 
2023296 107 21 — 
2024281 111 20 — 
2025276 113 18 — 
2026265 118 17 — 
2027 - 20311,176 642 94 (1)
Schedule of Fair Value of Pension Plan Assets
A summary of the fair value of pension plan assets at December 31, 2021 and 2020, 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
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 real estate, private credit and private equity funds that generally have redemption notice periods of six months or longer, and are 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.
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)
Unobservable
inputs
(Level 3)1
2020    
Common collective trusts
Non-United States equity and global equities$610 $— $610 $— 
United States equity73 — 73 — 
Fixed income681 — 681 — 
Fixed income securities1,021 — 1,021 — 
United States treasuries316 316 — — 
Bank loans110 — 110 — 
Real estate419 221 14 184 
Cash equivalents184 71 113 — 
Exchange traded funds88 88 — — 
Other213 — 39 174 
Common collective and other trusts measured at net asset value
1,987 
Money market funds measured at net asset value6 
Pending purchases and sales of plan assets, and interest
    receivable		(108)
Total pension plan assets$5,600 $696 $2,661 $358 
1 These pension plan assets include private real estate, private credit and private equity funds that generally have redemption notice periods of six months or longer, and are not eligible for redemption until the underlying assets are liquidated or distributed. The Company has unfunded commitments to these funds of approximately $254 million at December 31, 2020, 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 2020 and 2021 due to the following:
(In millions)Real estateOtherTotal
Balance at January 1, 2020$61 $129 $190 
Actual return on plan assets:
Gains (losses) relating to assets still held at year-end
2 12 14 
Purchases, sales, settlements - net
121 33 154 
Transfers into or out of Level 3— — — 
Balance at December 31, 2020184 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, 2021$216 $319 $535 
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, 2021 and 2020, is as follows:
(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 $— $— 
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)		Unobservable
inputs
(Level 3)
2020    
Cash equivalents$3 $3 $— $— 
Common collective and other trusts measured at net asset value
17 
Total other postretirement benefits plan assets$20 $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)
2021$171 
2020111 
2019130