EATON SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Pre-Tax and After-Tax Amounts Recognized in Comprehensive Income (Loss)

The following table summarizes the pre-tax and after-tax amounts recognized in Comprehensive income (loss):

	2021				2020				2019
(In millions)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Currency translation and related hedging instruments
Gain (loss) from currency translation and related hedging    instruments	$	(335)	$	(339)	$	154	$	164	$	15	$	16
Translation reclassified to earnings	369		369		37		37		—		—
	34		30		191		201		15		16
Pensions and other postretirement benefits
Prior service credit (cost) arising during the year	(1)		(1)		(1)		(1)		(2)		(2)
Net gain (loss) arising during the year	448		337		(263)		(203)		(294)		(232)
Currency translation	24		19		(48)		(37)		(16)		(13)
Other	—		—		(2)		(1)		—		—
Amortization of actuarial loss and prior service cost    reclassified to earnings	183		140		221		169		148		117
	654		495		(93)		(73)		(164)		(130)
Cash flow hedges
Gain (loss) on derivatives designated as cash flow hedges	50		39		(60)		(47)		(33)		(27)
Changes in cash flow hedges reclassified to earnings	(3)		(2)		17		14		(5)		(4)
	47		37		(43)		(33)		(38)		(31)
Other comprehensive income (loss) attributable to Eaton ordinary shareholders	$	735	$	562	$	55	$	95	$	(187)	$	(145)

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive loss are as follows:

(In millions)	Currency translation and related hedging instruments		Pensions and other postretirement benefits		Cash flow hedges		Total
Balance at January 1, 2021	$	(2,647)	$	(1,481)	$	(67)	$	(4,195)
Other comprehensive income (loss) before     reclassifications	(339)		355		39		55
Amounts reclassified from Accumulated other    comprehensive loss (income)	369		140		(2)		507
Net current-period Other comprehensive    income	30		495		37		562
Balance at December 31, 2021	$	(2,617)	$	(986)	$	(30)	$	(3,633)

Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)

The reclassifications out of Accumulated other comprehensive loss are as follows:

(In millions)	December 31, 2021		Consolidated Statements of Income classification
Currency translation losses
Sale of business	$	(369)	Gain on sale of businesses
Tax benefit	—
Total, net of tax	(369)
Amortization of defined benefits pension and other    postretirement benefits items
Actuarial loss and prior service cost	(183)		1
Tax benefit	43
Total, net of tax	(140)
Gains and (losses) on cash flow hedges
Currency exchange contracts	(6)		Net sales and Cost of products sold
Commodity contracts	9		Cost of products sold
Tax expense	(1)
Total, net of tax	2
Total reclassifications for the period	$	(507)

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 defined benefits pension and other postretirement benefits items.

Schedule of Net Income per Share

A summary of the calculation of net income per share attributable to Eaton ordinary shareholders is as follows:

(In millions except for per share data)	2021		2020		2019
Net income attributable to Eaton ordinary shareholders	$	2,144	$	1,410	$	2,211
Weighted-average number of ordinary shares outstanding - diluted	401.6		404.0		420.8
Less dilutive effect of equity-based compensation	2.9		1.8		1.8
Weighted-average number of ordinary shares outstanding - basic	398.7		402.2		419.0
Net income per share attributable to Eaton ordinary shareholders
Diluted	$	5.34	$	3.49	$	5.25
Basic	5.38		3.51		5.28