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EATON SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
EATON SHAREHOLDERS' EQUITY EATON SHAREHOLDERS' 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, 2024
399.4 $4 $12,634 $10,305 $(3,906)$(1)$19,036 $33 $19,069 
Net income— — — 821 — — 821 1 822 
Other comprehensive loss, net of tax   (40) (40) (40)
Cash dividends paid and accrued— — — (381)— — (381)— (381)
Issuance of shares under equity-based
   compensation plans		0.9 — (4)(1)— — (5)— (5)
Repurchase of shares(0.5)— — (138)— — (138)— (138)
Balance at March 31, 2024
399.8 $4 $12,630 $10,605 $(3,946)$(1)$19,292 $34 $19,326 
Net income— — — 993 — — 993 1 994 
Other comprehensive loss, net of tax    (122) (122) (122)
Cash dividends paid— — — (375)— — (375)— (375)
Issuance of shares under equity-based
   compensation plans		0.1 — 31 — — — 31 — 31 
Repurchase of shares(1.9)— — (600)— — (600)— (600)
Balance at June 30, 2024
398.1 $4 $12,662 $10,622 $(4,069)$(1)$19,219 $35 $19,254 
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 
On February 27, 2019, the Board of Directors adopted a share repurchase program for share repurchases up to $5.0 billion of ordinary shares (2019 Program). On February 23, 2022, the Board renewed the 2019 Program by providing authority for up to $5.0 billion in repurchases to be made during the three-year period commencing on that date (2022 Program). Under the 2022 Program, the ordinary shares are expected to be repurchased over time, depending on market conditions, the market price of ordinary shares, capital levels, and other considerations. During the three and six months ended June 30, 2024, 1.9 million and 2.3 million ordinary shares, respectively, were repurchased under the 2022 program in the open market at a total cost of $600 million and $738 million, respectively. During the three and six months ended June 30, 2023, no ordinary shares were repurchased.
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, 2024
$(3,029)$(995)$118 $(3,906)
Other comprehensive income (loss) before
    reclassifications		(171)7 — (164)
Amounts reclassified from Accumulated other
   comprehensive loss (income)		(7)23 (14)2 
Net current-period Other comprehensive
   income (loss)		(178)30 (14)(162)
Balance at June 30, 2024
$(3,207)$(965)$104 $(4,069)
The reclassifications out of Accumulated other comprehensive loss are as follows:
(In millions)Six months ended
June 30, 2024		Consolidated Statements
of Income classification
Gains and (losses) on net investment hedges (amount excluded
  from effectiveness testing)
Currency exchange contracts$7 Interest expense - net
Tax expense— 
Total, net of tax7 
Amortization of defined benefits pensions and other
   postretirement benefits items
Actuarial loss and prior service cost(26)1
Tax benefit3 
Total, net of tax(23)
Gains and (losses) on cash flow hedges
Floating-to-fixed interest rate swaps6 Interest expense - net
Currency exchange contracts11 Net sales and Cost of products sold
Commodity contracts— Cost of products sold
Tax expense(4)
Total, net of tax14 
Total reclassifications for the period$(2)
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.
Net Income Per Share Attributable to Eaton Ordinary Shareholders
A summary of the calculation of net income per share attributable to Eaton ordinary shareholders is as follows:
Three months ended
June 30		Six months ended
June 30
(In millions except for per share data)2024202320242023
Net income attributable to Eaton ordinary shareholders$993 $744 $1,814 $1,382 
Weighted-average number of ordinary shares outstanding - diluted401.0 400.7 401.5 400.6 
Less dilutive effect of equity-based compensation1.8 1.8 1.9 1.9 
Weighted-average number of ordinary shares outstanding - basic399.2 398.9 399.6 398.7 
Net income per share attributable to Eaton ordinary shareholders  
Diluted$2.48 $1.86 $4.52 $3.45 
Basic2.49 1.86 4.54 3.47 
For the second quarter and first six months of 2024, all stock options were included in the calculation of diluted net income per share attributable to Eaton ordinary shareholders because they were all dilutive. For the second quarter and first six months of 2023, 0.1 million stock options were excluded from the calculation of diluted net income per share attributable to Eaton ordinary shareholders because the exercise price of the options exceeded the average market price of the ordinary shares during the period and their effect, accordingly, would have been antidilutive.