CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 297	$ 438
Short-term investments	271	664
Accounts receivable - net	3,297	2,904
Inventory	2,969	2,109
Assets held for sale	0	2,487
Prepaid expenses and other current assets	677	576
Total current assets	7,511	9,178
Property, plant and equipment
Land and buildings	2,227	2,184
Machinery and equipment	5,591	5,404
Gross property, plant and equipment	7,818	7,588
Accumulated depreciation	(4,754)	(4,624)
Net property, plant and equipment	3,064	2,964
Other noncurrent assets
Goodwill	14,751	12,903
Other intangible assets	5,855	4,175
Operating lease assets	442	428
Deferred income taxes	392	426
Other assets	2,012	1,750
Total assets	34,027	31,824
Current liabilities
Short-term debt	13	1
Current portion of long-term debt	1,735	1,047
Accounts payable	2,797	1,987
Accrued compensation	501	351
Liabilities held for sale	0	468
Other current liabilities	2,166	2,027
Total current liabilities	7,212	5,881
Noncurrent liabilities
Long-term debt	6,831	7,010
Pension liabilities	872	1,588
Other postretirement benefits liabilities	263	330
Operating lease liabilities	337	326
Deferred income taxes	559	277
Other noncurrent liabilities	1,502	1,439
Total noncurrent liabilities	10,364	10,970
Shareholders’ equity
Ordinary shares (398.8 million outstanding in 2021 and 398.1 million in 2020)	4	4
Capital in excess of par value	12,449	12,329
Retained earnings	7,594	6,794
Accumulated other comprehensive loss	(3,633)	(4,195)
Shares held in trust	(1)	(2)
Total Eaton shareholders’ equity	16,413	14,930
Noncontrolling interests	38	43
Total equity	16,451	14,973
Total liabilities and equity	$ 34,027	$ 31,824