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RETIREMENT BENEFITS PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232024202320242023
Funded status
Fair value of plan assets$2,445 $2,604 $1,548 $1,633 $18 $17 
Benefit obligations(2,700)(2,824)(1,863)(2,022)(196)(212)
Funded status$(255)$(220)$(315)$(389)$(178)$(195)
Amounts recognized in the Consolidated
   Balance Sheets
Other assets$— $— $231 $210 $— $— 
Other current liabilities(29)(18)(31)(33)(14)(15)
Pension liabilities and Other postretirement
  benefits liabilities		(226)(202)(515)(566)(164)(180)
Total$(255)$(220)$(315)$(389)$(178)$(195)
Amounts recognized in Accumulated other
   comprehensive loss (pre-tax)
Net actuarial loss (gain)$904 $867 $678 $649 $(87)$(92)
Prior service cost (credit)5 4 6 12 — (1)
Total$909 $871 $684 $661 $(87)$(93)
Schedule of Change in Benefit Obligations
Change in Benefit Obligations
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202420232024202320242023
Balance at January 1$2,824 $2,807 $2,022 $1,813 $212 $209 
Service cost18 19 46 43 1 1 
Interest cost134 142 85 85 10 10 
Actuarial loss (gain) (20)104 (82)104 (11)11 
Gross benefits paid(258)(250)(121)(110)(29)(31)
Currency translation— — (87)85 (3)1 
Plan amendments2 1 (3)(1)— — 
Other— — 3 3 16 11 
Balance at December 31$2,700 $2,824 $1,863 $2,022 $196 $212 
Accumulated benefit obligation$2,686 $2,807 $1,766 $1,922 
Schedule of Change in Plan Assets
Change in Plan Assets
United States
pension liabilities		Non-United States
pension liabilities		Other postretirement
liabilities
(In millions)202420232024202320242023
Balance at January 1$2,604 $2,635 $1,633 $1,486 $17 $16 
Actual return on plan assets84 203 (10)86 1 1 
Employer contributions15 16 95 97 18 20 
Gross benefits paid(258)(250)(121)(110)(29)(31)
Currency translation— — (52)71 — — 
Other— — 3 3 11 11 
Balance at December 31$2,445 $2,604 $1,548 $1,633 $18 $17 
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)2024202320242023
Accumulated benefit obligation$2,686 $2,807 $701 $742 
Fair value of plan assets2,445 2,604 209 203 
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)2024202320242023
Projected benefit obligation$2,700 $2,824 $772 $827 
Fair value of plan assets2,445 2,604 225 228 
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)202420232024202320242023
Balance at January 1$871 $811 $661 $505 $(93)$(120)
Prior service cost arising during the year2 1 (3)(1)— — 
Net loss (gain) arising during the year86 97 62 139 (7)10 
Currency translation— — (18)29 — — 
Less amounts included in expense during the year(50)(38)(18)(11)13 17 
Net change for the year38 60 23 156 6 27 
Balance at December 31$909 $871 $684 $661 $(87)$(93)
Schedule of Benefits Expense
The components of retirement benefits expense (income) are as follows:
United States
pension benefit expense		Non-United States pension benefit expenseOther postretirement
benefits expense (income)
(In millions)202420232022202420232022202420232022
Service cost$18 $19 $27 $46 $43 $59 $1 $1 $1 
Interest cost134 142 117 85 85 47 10 10 7 
Expected return on plan assets(190)(195)(204)(134)(121)(115)(1)(1)(1)
Amortization9 4 15 11 7 45 (13)(17)(7)
(29)(30)(46)8 14 37 (3)(7)— 
Settlements, curtailments, and special termination benefits41 34 61 7 4 2 — — — 
Total expense (income)$12 $4 $15 $15 $18 $39 $(3)$(7)$— 
Schedule of Assumptions Used to Determine Pension Plans Expense
Pension Plans
United States
pension plans		Non-United States
pension plans
202420232022202420232022
Assumptions used to determine benefit obligation at year-end
Discount rate5.61 %5.14 %5.47 %4.92 %4.52 %4.83 %
Rate of compensation increase3.32 %3.40 %3.33 %3.16 %3.17 %3.12 %
Interest rate used to credit cash balance plans4.79 %4.01 %3.67 %2.01 %1.59 %2.32 %
Assumptions used to determine expense
Discount rate used to determine benefit obligation5.14 %5.47 %4.30 %4.52 %4.83 %2.01 %
Discount rate used to determine service cost5.24 %5.54 %4.41 %6.00 %5.90 %2.98 %
Discount rate used to determine interest cost4.98 %5.33 %3.94 %4.47 %4.80 %1.84 %
Expected long-term return on plan assets6.50 %6.50 %6.50 %6.79 %6.32 %5.70 %
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 %2.62 %1.59 %2.32 %0.56 %
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
202420232022
Assumptions used to determine benefit obligation at year-end
Discount rate5.57 %5.11 %5.46 %
Health care cost trend rate assumed for next year6.70 %7.70 %7.10 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203420332031
Assumptions used to determine expense
Discount rate used to determine benefit obligation5.11 %5.46 %2.79 %
Discount rate used to determine service cost5.25 %5.53 %3.03 %
Discount rate used to determine interest cost4.96 %5.32 %2.24 %
Initial health care cost trend rate7.70 %7.10 %7.45 %
Ultimate health care cost trend rate4.75 %4.75 %4.75 %
Year ultimate health care cost trend rate is achieved203320312031
Schedule of Employer Contributions to Pension Plans
Contributions to pension plans that Eaton expects to make in 2025, and made in 2024, 2023 and 2022, are as follows:
(In millions)
Expected in 2025
202420232022
United States plans$29 $15 $16 $30 
Non-United States plans72 95 97 85 
Total contributions$101 $110 $113 $116 
Schedule of Expected Pension and Other Postretirement Benefit Payments and Expected Subsidy
The following table provides the estimated pension and other postretirement benefit payments for each of the next five years, and the five years thereafter in the aggregate. For other postretirement benefits liabilities, the Company expects minor subsidy receipts related to the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 that would reduce the estimated payments listed below.
(In millions)Estimated
United States
pension payments		Estimated
non-United States
pension payments		Estimated other postretirement
benefit payments
2025$291 $112 $16 
2026269 119 15 
2027254 118 19 
2028248 120 18 
2029236 126 17 
2030 - 20341,049 669 78 
Schedule of Fair Value of Pension Plan Assets
A summary of the fair value of pension plan assets at December 31, 2024 and 2023, 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
2024  
Common collective trusts
Non-United States equity and global equities$241 $— $241 $— 
Fixed income28 — 28 — 
Fixed income securities1,582 — 1,582 — 
United States treasuries461 453 8 — 
Real estate212 63 25 124 
Cash equivalents83 55 28 — 
Exchange traded funds91 91 — — 
Other402 — 40 362 
Common collective and other trusts measured at net asset value
978 
Pending purchases and sales of plan assets, and interest
    receivable		(85)
Total pension plan assets$3,993 $662 $1,952 $486 
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 $128 million at December 31, 2024, 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
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.
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 2024 and 2023 due to the following:
(In millions)Real estateOtherTotal
Balance at January 1, 2023$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, 2023199 370 569 
Actual return on plan assets:
Gains (losses) relating to assets still held at year-end
(24)29 5 
Purchases, sales, settlements - net
(51)(37)(88)
Transfers into or out of Level 3— — — 
Balance at December 31, 2024$124 $362 $486 
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, 2024 and 2023, is as follows:
(In millions)TotalQuoted prices
in active
markets for
identical assets
(Level 1)		Other
observable
inputs
(Level 2)		Unobservable
inputs
(Level 3)
2024    
Cash equivalents$3 $3 $— $— 
Common collective and other trusts measured at net asset value
15 
Total other postretirement benefits plan assets$18 $3 $— $— 
(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 $— $— 
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)
2024$220 
2023201 
2022182