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RETIREMENT BENEFITS PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222023202220232022
Funded status
Fair value of plan assets$2,604 $2,635 $1,633 $1,486 $17 $16 
Benefit obligations(2,824)(2,807)(2,022)(1,813)(212)(209)
Funded status$(220)$(172)$(389)$(327)$(195)$(194)
Amounts recognized in the Consolidated
   Balance Sheets
Other assets$— $— $210 $199 $— $— 
Other current liabilities(18)(19)(33)(30)(15)(17)
Pension liabilities and Other postretirement
  benefits liabilities		(202)(153)(566)(496)(180)(177)
Total$(220)$(172)$(389)$(327)$(195)$(194)
Amounts recognized in Accumulated other
   comprehensive loss (pre-tax)
Net actuarial loss (gain)$867 $807 $649 $491 $(92)$(119)
Prior service cost (credit)4 5 12 14 (1)(2)
Total$871 $811 $661 $505 $(93)$(120)
Schedule of Change in Benefit Obligations
Change in Benefit Obligations
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202320222023202220232022
Balance at January 1$2,807 $3,760 $1,813 $2,837 $209 $304 
Service cost19 27 43 59 1 1 
Interest cost142 117 85 47 10 7 
Actuarial loss (gain) 104 (713)104 (817)11 (73)
Gross benefits paid(250)(386)(110)(99)(31)(38)
Currency translation— — 85 (218)1 (3)
Plan amendments1 1 (1)1 — (2)
Other— — 3 3 11 13 
Balance at December 31$2,824 $2,807 $2,022 $1,813 $212 $209 
Accumulated benefit obligation$2,807 $2,784 $1,922 $1,737 
Schedule of Change in Plan Assets
Change in Plan Assets
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202320222023202220232022
Balance at January 1$2,635 $3,672 $1,486 $2,247 $16 $19 
Actual return on plan assets203 (682)86 (554)1 (2)
Employer contributions16 30 97 85 20 24 
Gross benefits paid(250)(386)(110)(99)(31)(38)
Currency translation— — 71 (197)— — 
Other— — 3 3 11 13 
Balance at December 31$2,604 $2,635 $1,633 $1,486 $17 $16 
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)2023202220232022
Accumulated benefit obligation$2,807 $2,784 $742 $654 
Fair value of plan assets2,604 2,635 203 173 
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)2023202220232022
Projected benefit obligation$2,824 $2,807 $827 $722 
Fair value of plan assets2,604 2,635 228 195 
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)202320222023202220232022
Balance at January 1$811 $713 $505 $763 $(120)$(55)
Prior service cost arising during the year1 1 (1)1 — (2)
Net loss (gain) arising during the year97 173 139 (149)10 (69)
Currency translation— — 29 (64)— (1)
Less amounts included in expense during the year(38)(76)(11)(47)17 7 
Net change for the year60 98 156 (259)27 (65)
Balance at December 31$871 $811 $661 $505 $(93)$(120)
Schedule of Benefits Expense (Income)
The components of retirement benefits expense (income) are as follows:
United States pension benefit expense (income)Non-United States pension benefit expense (income)Other postretirement
benefits expense (income)
(In millions)202320222021202320222021202320222021
Service cost$19 $27 $37 $43 $59 $72 $1 $1 $1 
Interest cost142 117 70 85 47 40 10 7 6 
Expected return on plan assets(195)(204)(223)(121)(115)(120)(1)(1)— 
Amortization4 15 36 7 45 71 (17)(7)(5)
(30)(46)(80)14 37 63 (7)— 2 
Settlements, curtailments, and special termination benefits34 61 65 4 2 17 — — (1)
Total expense (income)$4 $15 $(15)$18 $39 $80 $(7)$— $1 
Schedule of Assumptions Used to Determine Pension Plans Expense
Pension Plans
United States
pension plans		Non-United States
pension plans
202320222021202320222021
Assumptions used to determine benefit obligation at year-end
Discount rate5.14 %5.47 %2.81 %4.52 %4.83 %2.01 %
Rate of compensation increase3.40 %3.33 %3.12 %3.17 %3.12 %3.01 %
Interest rate used to credit cash balance plans4.01 %3.67 %1.99 %1.59 %2.32 %0.56 %
Assumptions used to determine expense
Discount rate used to determine benefit obligation5.47 %4.30 %2.61 %4.83 %2.01 %1.63 %
Discount rate used to determine service cost5.54 %4.41 %2.92 %5.90 %2.98 %2.52 %
Discount rate used to determine interest cost5.33 %3.94 %1.83 %4.80 %1.84 %1.36 %
Expected long-term return on plan assets6.50 %6.50 %6.75 %6.32 %5.70 %5.62 %
Rate of compensation increase3.33 %3.12 %3.12 %3.12 %3.01 %3.02 %
Interest rate used to credit cash balance plans3.67 %2.62 %2.14 %2.32 %0.56 %0.52 %
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
202320222021
Assumptions used to determine benefit obligation at year-end
Discount rate5.11 %5.46 %2.79 %
Health care cost trend rate assumed for next year7.70 %7.10 %7.45 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203320312031
Assumptions used to determine expense
Discount rate used to determine benefit obligation5.46 %2.79 %2.44 %
Discount rate used to determine service cost5.53 %3.03 %2.76 %
Discount rate used to determine interest cost5.32 %2.24 %1.70 %
Initial health care cost trend rate7.10 %7.45 %7.38 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203120312030
Schedule of Employer Contributions to Pension Plans
Contributions to pension plans that Eaton expects to make in 2024, and made in 2023, 2022 and 2021, are as follows:
(In millions)
Expected in 2024
202320222021
United States plans$19 $16 $30 $237 
Non-United States plans96 97 85 106 
Total contributions$115 $113 $116 $343 
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
2024$286 $111 $18 $— 
2025267 113 17 — 
2026257 116 16 — 
2027246 121 19 — 
2028236 123 18 — 
2029 - 20331,061 669 82 (1)
Schedule of Fair Value of Pension Plan Assets
A summary of the fair value of pension plan assets at December 31, 2023 and 2022, 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
2023  
Common collective trusts
Non-United States equity and global equities$154 $— $154 $— 
United States equity76 — 76 — 
Fixed income115 — 115 — 
Fixed income securities1,607 — 1,607 — 
United States treasuries566 566 — — 
Real estate291 65 27 199 
Cash equivalents36 14 22 — 
Exchange traded funds84 84 — — 
Other405 — 35 370 
Common collective and other trusts measured at net asset value
968 
Money market funds measured at net asset value2 
Pending purchases and sales of plan assets, and interest
    receivable		(67)
Total pension plan assets$4,237 $729 $2,036 $569 
1 These pension plan assets include private equity, private credit and private real estate funds that generally have redemption notice periods of six months or longer and are often not eligible for redemption until the underlying assets are liquidated or distributed. The Company has unfunded commitments to these funds of approximately $154 million at December 31, 2023, 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
2022    
Common collective trusts
Non-United States equity and global equities$173 $— $173 $— 
United States equity54 — 54 — 
Fixed income620 — 620 — 
Fixed income securities744 — 744 — 
United States treasuries660 660 — — 
Real estate295 76 20 199 
Cash equivalents77 21 56 — 
Exchange traded funds77 77 — — 
Other387 — 27 360 
Common collective and other trusts measured at net asset value
1,100 
Money market funds measured at net asset value3 
Pending purchases and sales of plan assets, and interest
    receivable		(69)
Total pension plan assets$4,121 $834 $1,694 $559 
1 These pension plan assets include private equity, private credit and private real estate funds that generally have redemption notice periods of six months or longer, and are often not eligible for redemption until the underlying assets are liquidated or distributed. The Company has unfunded commitments to these funds of approximately $180 million at December 31, 2022, 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 2023 and 2022 due to the following:
(In millions)Real estateOtherTotal
Balance at January 1, 2022
$216 $319 $535 
Actual return on plan assets:
Gains (losses) relating to assets still held at year-end
1 (3)(2)
Purchases, sales, settlements - net
(18)44 26 
Transfers into or out of Level 3— — — 
Balance at December 31, 2022
199 360 559 
Actual return on plan assets:
Gains (losses) relating to assets still held at year-end
7 19 26 
Purchases, sales, settlements - net
(7)— (7)
Transfers into or out of Level 3— (9)(9)
Balance at December 31, 2023
$199 $370 $569 
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, 2023 and 2022, is as follows:
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)		Unobservable
inputs
(Level 3)
2023    
Cash equivalents$2 $2 $— $— 
Common collective and other trusts measured at net asset value
15 
Total other postretirement benefits plan assets$17 $2 $— $— 
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)		Unobservable
inputs
(Level 3)
2022    
Cash equivalents$3 $3 $— $— 
Common collective and other trusts measured at net asset value
13 
Total other postretirement benefits plan assets$16 $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)
2023$201 
2022182 
2021171