v3.23.3
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Stockholders Equity The changes in Shareholders’ equity are as follows:
Ordinary sharesCapital in excess of par valueRetained earningsAccumulated other comprehensive lossShares held in trustTotal Eaton shareholders' equityNoncontrolling interestsTotal equity
(In millions)SharesDollars
Balance at January 1, 2023
397.8 $4 $12,512 $8,468 $(3,946)$(1)$17,038 $38 $17,075 
Net income— — — 638 — — 638 1 639 
Other comprehensive income, net of tax   132  132  132 
Cash dividends paid and accrued— — — (348)— — (348)(4)(352)
Issuance of shares under equity-based
   compensation plans		0.7 — (11)(1)— 1 (11)— (11)
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — — — — — — 1 1 
Balance at March 31, 2023
398.6 $4 $12,502 $8,757 $(3,814)$— $17,449 $36 $17,485 
Net income— — — 744 — — 744 1 745 
Other comprehensive income, net of tax    53  53  53 
Cash dividends paid— — — (344)— — (344)— (344)
Issuance of shares under equity-based
   compensation plans		0.4 — 52 (1)— (1)51 — 51 
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — — — — — — (1)(1)
Balance at June 30, 2023
399.0 $4 $12,554 $9,156 $(3,760)$(1)$17,953 $36 $17,988 
Net income— — — 891 — — 891 1 892 
Other comprehensive loss, net of tax— — — — (167)— (167)— (167)
Cash dividends paid— — — (343)— — (343)— (343)
Issuance of shares under equity-based
   compensation plans		0.4 — 51 (1)— — 50 — 50 
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — — — — — — (1)(1)
Balance at September 30, 2023
399.3 $4 $12,604 $9,703 $(3,927)$(1)$18,383 $36 $18,420 
Ordinary sharesCapital in excess of par valueRetained earningsAccumulated other comprehensive lossShares held in trustTotal Eaton shareholders' equityNoncontrolling interestsTotal equity
(In millions)SharesDollars
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 
Net income— — — 601 — — 601 — 601 
Other comprehensive loss, net of tax    (444) (444) (444)
Cash dividends paid— — — (323)— — (323)— (323)
Issuance of shares under equity-based
   compensation plans		— — 26 1 — — 27 — 27 
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — (1)— — — (1)— (1)
Repurchase of shares(0.7)— — (100)— — (100)— (100)
Balance at June 30, 2022
398.3 $4 $12,452 $7,886 $(3,961)$(1)$16,380 $36 $16,416 
Net income— — — 607 — — 607 1 608 
Other comprehensive loss, net of tax— — — — (522)— (522)— (522)
Cash dividends paid— — — (323)— — (323)— (323)
Issuance of shares under equity-based
   compensation plans		0.1 — 26 — — — 26 — 26 
Changes in noncontrolling interest of
   consolidated subsidiaries - net		— — — — — — — (2)(2)
Repurchase of shares(0.7)— — (100)— — (100)— (100)
Balance at September 30, 2022
397.7 $4 $12,478 $8,070 $(4,483)$(1)$16,068 $35 $16,103 
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive loss are as follows:
(In millions)Currency translation and related hedging instrumentsPensions and other postretirement benefitsCash flow
hedges		Total
Balance at January 1, 2023$(3,264)$(810)$129 $(3,946)
Other comprehensive income (loss) before
    reclassifications		21 (8)37 50 
Amounts reclassified from Accumulated other
   comprehensive loss (income)		(10)21 (44)(32)
Net current-period Other comprehensive
   income (loss)		11 14 (7)18 
Balance at September 30, 2023$(3,253)$(796)$122 $(3,927)
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)
The reclassifications out of Accumulated other comprehensive loss are as follows:
(In millions)Nine months ended September 30, 2023Consolidated Statements
of Income classification
Gains and (losses) on net investment hedges (amount excluded
  from effectiveness testing)
Currency exchange contracts$10 Interest expense - net
Tax expense— 
Total, net of tax10 
Amortization of defined benefits pensions and other
   postretirement benefits items
Actuarial loss and prior service cost(25)1
Tax benefit4 
Total, net of tax(21)
Gains and (losses) on cash flow hedges
Floating-to-fixed interest rate swaps9 Interest expense - net
Currency exchange contracts45 Net sales and Cost of products sold
Commodity contracts1 Cost of products sold
Tax expense(12)
Total, net of tax44 
Total reclassifications for the period$32 
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 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
September 30		Nine months ended
September 30
(In millions except for per share data)2023202220232022
Net income attributable to Eaton ordinary shareholders$891 $607 $2,273 $1,741 
Weighted-average number of ordinary shares outstanding - diluted401.6 400.3 400.9 400.9 
Less dilutive effect of equity-based compensation2.2 1.9 1.9 2.0 
Weighted-average number of ordinary shares outstanding - basic399.4 398.4 399.0 398.9 
Net income per share attributable to Eaton ordinary shareholders  
Diluted$2.22 $1.52 $5.67 $4.34 
Basic2.23 1.52 5.70 4.36