EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Changes in Shareholders' Equity

The changes in Shareholders’ equity are as follows:

	Ordinary shares			Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss		Shares held in trust		Total Eaton shareholders' equity		Noncontrolling interests		Total equity
(In millions)	Shares	Dollars
Balance at January 1, 2022	398.8	$	4	$	12,449	$	7,594	$	(3,633)	$	(1)	$	16,413	$	38	$	16,451
Net income	—	—		—		532		—		—		532		1		533
Other comprehensive income, net of tax								116				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, 2022	399.0	$	4	$	12,427	$	7,707	$	(3,517)	$	(1)	$	16,620	$	36	$	16,656

	Ordinary shares			Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss		Shares held in trust		Total Eaton shareholders' equity		Noncontrolling interests		Total equity
(In millions)	Shares	Dollars
Balance at January 1, 2021	398.1	$	4	$	12,329	$	6,794	$	(4,195)	$	(2)	$	14,930	$	43	$	14,973
Net income	—	—		—		458		—		—		458		1		459
Other comprehensive loss, net of tax								(30)				(30)		—		(30)
Cash dividends paid and accrued	—	—		—		(309)		—		—		(309)		—		(309)
Issuance of shares under equity-based compensation plans	0.9	—		6		(1)		—		—		5		—		5
Changes in noncontrolling interest of consolidated subsidiaries - net	—	—		—		—		—		—		—		(2)		(2)
Repurchase of shares	(0.5)	—		—		(59)		—		—		(59)		—		(59)
Balance at March 31, 2021	398.5	$	4	$	12,335	$	6,883	$	(4,225)	$	(2)	$	14,995	$	42	$	15,037

Schedule of Accumulated Other Comprehensive 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, 2022	$	(2,617)	$	(986)	$	(30)	$	(3,633)
Other comprehensive income (loss) before    reclassifications	(62)		47		102		87
Amounts reclassified from Accumulated other    comprehensive loss (income)	—		30		(1)		29
Net current-period Other comprehensive    income (loss)	(62)		77		101		116
Balance at March 31, 2022	$	(2,679)	$	(909)	$	71	$	(3,517)

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, 2022			Consolidated statements of income classification
Amortization of defined benefit pensions and other   postretirement benefits items
Actuarial loss and prior service cost	$	(32)	1
Tax benefit	2
Total, net of tax	(30)
Gains and (losses) on cash flow hedges
Commodity contracts	1			Cost of products sold
Tax expense	—
Total, net of tax	1
Total reclassifications for the period	$	(29)

1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 7 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)	2022		2021
Net income attributable to Eaton ordinary shareholders	$	532	$	458
Weighted-average number of ordinary shares outstanding - diluted	401.8		400.9
Less dilutive effect of equity-based compensation	2.6		2.6
Weighted-average number of ordinary shares outstanding - basic	399.2		398.3
Net income per share attributable to Eaton ordinary shareholders
Diluted	$	1.33	$	1.14
Basic	1.33		1.15