Eaton (ETN) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page shares in Millions	6 Months Ended
	Jun. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Entity File Number	000-54863
Entity Registrant Name	EATON CORPORATION plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1059235
Entity Address, Address Line One	Eaton House,
Entity Address, Address Line Two	30 Pembroke Road,
Entity Address, City or Town	Dublin 4,
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 Y0C2
City Area Code	+353
Local Phone Number	1637 2900
Title of 12(b) Security	Ordinary shares ($0.01 par value)
Trading Symbol	ETN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	398.6
Entity Central Index Key	0001551182
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 5,215	$ 3,856	$ 9,907	$ 8,645
Cost of products sold	3,545	2,877	6,729	6,179
Selling and administrative expense	876	691	1,671	1,556
Research and development expense	154	126	302	279
Interest expense - net	37	38	75	72
Gain on sale of business	0	0	0	221
Other (income) expense - net	(17)	77	(28)	112
Income before income taxes	620	47	1,158	668
Income tax expense (benefit)	114	(7)	193	176
Net income	506	54	965	492
Less net income for noncontrolling interests	0	(3)	(1)	(3)
Net Income Attributable to Eaton ordinary shareholders	$ 506	$ 51	$ 964	$ 489
Net income per share attributable to Eaton ordinary shareholders
Diluted (USD per share)	$ 1.26	$ 0.13	$ 2.40	$ 1.20
Basic (USD per share)	$ 1.27	$ 0.13	$ 2.42	$ 1.21
Weighted-average number of ordinary shares outstanding
Diluted (shares)	401.4	401.3	401.2	406.2
Basic (shares)	398.8	400.4	398.6	404.8
Cash dividends declared per ordinary share (USD per share)	$ 0.76	$ 0.73	$ 1.52	$ 1.46

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 506	$ 54	$ 965	$ 492
Less net income for noncontrolling interests	0	(3)	(1)	(3)
Net income attributable to Eaton ordinary shareholders	506	51	964	489
Other comprehensive income (loss), net of tax
Currency translation and related hedging instruments	80	116	(92)	(493)
Pensions and other postretirement benefits	161	26	208	112
Cash flow hedges	(47)	15	48	(138)
Other comprehensive income (loss) attributable to Eaton ordinary shareholders	194	157	164	(519)
Total comprehensive income (loss) attributable to Eaton ordinary shareholders	$ 700	$ 208	$ 1,128	$ (30)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 279	$ 438
Short-term investments	261	664
Accounts receivable - net	3,341	2,904
Inventory	2,668	2,109
Assets held for sale	2,604	2,487
Prepaid expenses and other current assets	636	576
Total current assets	9,789	9,178
Property, plant and equipment
Land and buildings	2,259	2,184
Machinery and equipment	5,557	5,404
Gross property, plant and equipment	7,816	7,588
Accumulated depreciation	(4,758)	(4,624)
Net property, plant and equipment	3,058	2,964
Other noncurrent assets
Goodwill	14,880	12,903
Other intangible assets	6,195	4,175
Operating lease assets	470	428
Deferred income taxes	445	426
Other assets	1,967	1,750
Total assets	36,804	31,824
Current liabilities
Short-term debt	3,373	1
Current portion of long-term debt	8	1,047
Accounts payable	2,484	1,987
Accrued compensation	425	351
Liabilities held for sale	527	468
Other current liabilities	2,089	2,027
Total current liabilities	8,906	5,881
Noncurrent liabilities
Long-term debt	8,721	7,010
Pension liabilities	1,085	1,588
Other postretirement benefits liabilities	322	330
Operating lease liabilities	366	326
Deferred income taxes	494	277
Other noncurrent liabilities	1,460	1,439
Total noncurrent liabilities	12,448	10,970
Shareholders’ equity
Ordinary shares (398.6 million outstanding in 2021 and 398.1 million in 2020)	4	4
Capital in excess of par value	12,368	12,329
Retained earnings	7,068	6,794
Accumulated other comprehensive loss	(4,031)	(4,195)
Shares held in trust	(1)	(2)
Total Eaton shareholders’ equity	15,408	14,930
Noncontrolling interests	42	43
Total equity	15,450	14,973
Total liabilities and equity	$ 36,804	$ 31,824

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Ordinary shares outstanding (shares)	398.6	398.1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 965	$ 492
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization	437	397
Deferred income taxes	(73)	32
Pension and other postretirement benefits expense	27	109
Contributions to pension plans	(268)	(65)
Contributions to other postretirement benefits plans	(13)	(9)
Gain on sale of business	0	(91)
Changes in working capital	(169)	95
Other - net	(9)	120
Net cash provided by operating activities	897	1,080
Investing activities
Capital expenditures for property, plant and equipment	(272)	(202)
Cash paid for acquisitions of businesses, net of cash acquired	(4,500)	(195)
Proceeds from sale of business	0	1,408
Investments in associate companies	(122)	(15)
Sales of short-term investments - net	401	4
Proceeds from (payments for) settlement of currency exchange contracts not designated as hedges - net	30	(82)
Other - net	(20)	(18)
Net cash provided by (used in) investing activities	(4,483)	900
Financing activities
Proceeds from borrowings	1,798	0
Payments on borrowings	(1,009)	(5)
Short-term debt, net	3,380	(116)
Cash dividends paid	(613)	(592)
Exercise of employee stock options	31	17
Repurchase of shares	(76)	(1,300)
Employee taxes paid from shares withheld	(44)	(34)
Other - net	(14)	(4)
Net cash provided by (used in) financing activities	3,453	(2,034)
Effect of currency on cash	(13)	(22)
Less: Increase in cash classified as held for sale	(13)	(2)
Decrease in cash	(159)	(78)
Cash at the beginning of the period	438	370
Cash at the end of the period	$ 279	$ 292

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Eaton Corporation plc (Eaton or the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (US GAAP) for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the condensed consolidated financial statements for the interim periods. This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in Eaton’s 2020 Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission. Certain prior year amounts have been reclassified to conform to the current year presentation.

ACQUISITIONS AND DIVESTITURES O

ACQUISITIONS AND DIVESTITURES OF BUSINESSES	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES OF BUSINESSES	ACQUISITIONS AND DIVESTITURES OF BUSINESSES Acquisition of Power Distribution, Inc. On February 25, 2020, Eaton acquired Power Distribution, Inc. a leading supplier of mission critical power distribution, static switching, and power monitoring equipment and services for data centers and industrial and commercial customers. The company is headquartered in Richmond, Virginia, and had 2019 sales of $125. Power Distribution, Inc. is reported within the Electrical Americas business segment. Sale of Lighting business On March 2, 2020, Eaton sold its Lighting business to Signify N.V. for a cash purchase price of $1.4 billion. As a result of the sale, the Company recognized a pre-tax gain of $221 in 2020. The Lighting business, which had sales of $1.6 billion in 2019 as part of the Electrical Americas business segment, served customers in commercial, industrial, residential, and municipal markets. Acquisition of Tripp Lite On March 17, 2021, Eaton acquired Tripp Lite for $1.65 billion, net of cash received. Tripp Lite is a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Tripp Lite had sales of over $400 in 2020. Tripp Lite is reported within the Electrical Americas business segment. The acquisition of Tripp Lite has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date, as well as measurement period adjustments recorded as of June 30, 2021. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income. Preliminary Allocation Measurement Period Adjustments Adjusted Preliminary Allocation Short-term investments $ 5 $ — $ 5 Accounts receivable 94 — 94 Inventory 184 — 184 Prepaid expenses and other current assets 6 (1) 5 Property, plant and equipment 6 — 6 Other intangible assets 630 — 630 Accounts payable (13) — (13) Other current liabilities (32) (2) (34) Other noncurrent liabilities (157) 10 (147) Total identifiable net assets 723 7 730 Goodwill 928 (7) 921 Total consideration, net of cash received $ 1,651 $ — $ 1,651 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Tripp Lite. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. Other intangible assets of $630 are expected to include customer relationships, trademarks and technology. Given the timing of the acquisition, Eaton utilized a benchmarking approach based on similar acquisitions to determine the preliminary fair values for intangible assets. See Note 6 for additional information about goodwill. Eaton's 2021 Condensed Consolidated Financial Statements include Tripp Lite’s results of operations, including segment operating profit of $53 on sales of $151, from the date of acquisition through June 30, 2021. Acquisition of Green Motion SA On March 22, 2021, Eaton acquired Green Motion SA, a leading designer and manufacturer of electric vehicle charging hardware and related software based in Switzerland. Green Motion SA was acquired for $105, including $49 of cash paid at closing and $56 of estimated fair value of contingent future consideration based on 2023 and 2024 revenue performance. The fair value of contingent consideration liabilities is estimated by discounting contingent payments expected to be made, and may increase or decrease based on changes in revenue estimates and discount rates, with a maximum possible undiscounted value of $109. Green Motion SA is reported within the Electrical Global business segment. Acquisition of a 50% stake in HuanYu High Tech On March 29, 2021, Eaton acquired a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region. HuanYu High Tech had 2019 sales of $106 and has production operations in Wenzhou, China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment. Acquisition of Cobham Mission Systems On June 1, 2021, Eaton acquired Cobham Mission Systems (CMS) for $2.80 billion, net of cash received. CMS is a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. CMS had sales of over $700 in 2020. CMS is reported within the Aerospace business segment. The acquisition of CMS has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation. June 1, 2021 Accounts receivable $ 84 Inventory 179 Prepaid expenses and other current assets 45 Property, plant and equipment 86 Other intangible assets 1,575 Other assets 19 Accounts payable (40) Other current liabilities (159) Other noncurrent liabilities (77) Total identifiable net assets 1,712 Goodwill 1,088 Total consideration, net of cash received $ 2,800 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring CMS. As a result of the acquisition, goodwill of $289 recognized in the United States is expected to be deductible for tax purposes. Other intangible assets of $1,575 are expected to include customer relationships, technology and backlog. Given the timing of the acquisition, Eaton utilized a benchmarking approach based on similar acquisitions to determine the preliminary fair values for intangible assets. See Note 6 for additional information about goodwill. Eaton's 2021 Condensed Consolidated Financial Statements include CMS’s results of operations, including segment operating profit of $19 on sales of $72, from the date of acquisition through June 30, 2021. Acquisition of a 50% stake in Jiangsu YiNeng Electric's busway business On June 25, 2021, Eaton acquired a 50 percent stake in Jiangsu YiNeng Electric's busway business, which manufactures and markets busway products in China and had sales of $60 in 2020. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment. Sale of Hydraulics business On January 21, 2020, Eaton entered into an agreement to sell its Hydraulics business to Danfoss A/S, a Danish industrial company, for $3.3 billion. Eaton’s Hydraulics business is a global leader in hydraulics components, systems, and services for industrial and mobile equipment. The business had sales of $1.8 billion in 2020. During the first quarter of 2020, the Company determined the Hydraulics business met the criteria to be classified as held for sale. Therefore, assets and liabilities of the business have been presented as held for sale in the Consolidated Balance Sheets as of December 31, 2020 and June 30, 2021. Assets and liabilities classified as held for sale are measured at the lower of carrying value or fair value less costs to sell. No write-down has been required as fair value of the Hydraulics business assets less the costs to sell exceed their respective carrying values. Depreciation and amortization expense is not recorded for the period in which Other long-lived assets are classified as held for sale. The Company used the relative fair value method to allocate goodwill to the Hydraulics business. The fair value of the Hydraulics business was estimated based on a combination of the price paid to Eaton by Danfoss A/S and a discounted cash flow model. The model includes estimates of future cash flows, future growth rates, terminal value amounts, and the applicable weighted-average cost of capital used to discount those estimated cash flows. The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. These analyses require the exercise of judgments, including judgments about appropriate discount rates, perpetual growth rates, revenue growth, and margin assumptions. The assets and liabilities classified as held for sale for the Hydraulics business on the June 30, 2021 and December 31, 2020 Consolidated Balance Sheets are as follows: June 30, 2021 December 31, 2020 Cash $ 13 $ — Accounts receivable - net 389 345 Inventory 419 369 Prepaid expenses and other current assets 14 18 Net property, plant and equipment 529 504 Goodwill 909 920 Other intangible assets 246 248 Operating lease assets 66 61 Deferred income taxes 1 6 Other noncurrent assets 18 16 Assets held for sale - current $ 2,604 $ 2,487 Accounts payable $ 293 $ 241 Accrued compensation 28 26 Other current liabilities 111 101 Pension liabilities 59 60 Operating lease liabilities 30 35 Deferred income taxes 3 3 Other noncurrent liabilities 3 2 Liabilities held for sale - current $ 527 $ 468 On August 2, 2021, Eaton sold its Hydraulics business to Danfoss A/S. The Hydraulics business did not meet the criteria to be classified as discontinued operations as the sale does not represent a strategic shift that will have a major effect on the Company's operations.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Sales are measured at the amount of consideration the Company expects to be paid in exchange for these products or services. The Company’s six operating segments and the following tables disaggregate sales by lines of businesses, geographic destination, market channel or end market. Three months ended Six months ended 2021 2020 2021 2020 Electrical Americas Products $ 555 $ 439 $ 1,075 $ 1,163 Systems 1,294 1,051 2,396 2,115 Total $ 1,849 $ 1,490 $ 3,471 $ 3,278 Electrical Global Products $ 846 $ 598 $ 1,559 $ 1,255 Systems 572 513 1,112 1,000 Total $ 1,418 $ 1,111 $ 2,671 $ 2,255 Hydraulics United States $ 235 $ 183 $ 457 $ 410 Rest of World 325 228 664 508 Total $ 560 $ 411 $ 1,121 $ 918 Aerospace Original Equipment Manufacturers $ 239 $ 199 $ 447 $ 524 Aftermarket 191 149 337 369 Industrial and Other 195 113 360 248 Total $ 625 $ 461 $ 1,144 $ 1,141 Vehicle Commercial $ 384 $ 166 $ 726 $ 458 Passenger and Light Duty 291 161 603 467 Total $ 675 $ 327 $ 1,329 $ 925 eMobility $ 88 $ 56 $ 171 $ 128 Total net sales $ 5,215 $ 3,856 $ 9,907 $ 8,645 The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (revenue recognized exceeds amount billed to the customer), and deferred revenue (advance payments and billings in excess of revenue recognized). Accounts receivables from customers were $2,958 and $2,539 at June 30, 2021 and December 31, 2020, respectively. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. These assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Unbilled receivables were $161 and $90 at June 30, 2021 and December 31, 2020, respectively, and are recorded in Prepaid expenses and other current assets. The increase in unbilled receivables reflects higher revenue recognized and not yet billed during the quarter, and unbilled receivables from the acquisition of Cobham Mission Systems. Changes in the deferred revenue liabilities are as follows: Deferred Revenue Balance at January 1, 2021 $ 257 Customer deposits and billings 570 Revenue recognized in the period (545) Deferred revenue from business acquisitions 99 Translation and other (3) Balance at June 30, 2021 $ 378 Deferred Revenue Balance at January 1, 2020 $ 234 Customer deposits and billings 464 Revenue recognized in the period (459) Translation (1) Deferred revenue reclassified to held for sale (11) Balance at June 30, 2020 $ 227

CREDIT LOSSES FOR RECEIVABLES

CREDIT LOSSES FOR RECEIVABLES	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
CREDIT LOSSES FOR RECEIVABLES	CREDIT LOSSES FOR RECEIVABLES Receivables are exposed to credit risk based on the customers’ ability to pay which is influenced by, among other factors, their financial liquidity position. Eaton’s receivables are generally short-term in nature with a majority outstanding less than 90 days. Eaton performs ongoing credit evaluation of its customers and maintains sufficient allowances for potential credit losses. The Company evaluates the collectability of its receivables based on the length of time the receivable is past due, and any anticipated future write-offs based on historic experience adjusted for market conditions. The Company’s segments, supported by our global credit department, perform the credit evaluation and monitoring process to estimate and manage credit risk. The process includes an evaluation of credit losses for both the overall segment receivable and specific customer balances. The process also includes review of customer financial information and credit ratings, approval and monitoring of customer credit limits, and an assessment of market conditions. The Company may also require prepayment from customers to mitigate credit risk. Receivable balances are written off against an allowance for credit losses after a final determination of collectability has been made.

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory is carried at lower of cost or net realizable value. The components of inventory follow: June 30, December 31, Raw materials $ 987 $ 803 Work-in-process 595 498 Finished goods 1,086 808 Total inventory $ 2,668 $ 2,109

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL Change in the carrying amount of goodwill by segment follows: January 1, Additions Translation June 30, Electrical Americas $ 6,456 $ 921 $ 3 $ 7,380 Electrical Global 4,295 64 (60) 4,299 Aerospace 1,777 1,088 (37) 2,828 Vehicle 293 — (1) 292 eMobility 82 — (1) 81 Total $ 12,903 $ 2,073 $ (96) $ 14,880 The 2021 additions to goodwill relate to the anticipated synergies of acquiring Cobham Mission Systems, Tripp Lite, and Green Motion SA. The allocations of the purchase price from these acquisitions are preliminary and will be completed during the measurement periods.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT On March 8, 2021, a subsidiary of Eaton issued Euro denominated notes (2021 Euro Notes) with a face value of €1,500 ($1,798), in accordance with Regulation S promulgated under the Securities Act of 1933, as amended. The 2021 Euro Notes are comprised of two tranches of €900 and €600, which mature in 2026 and 2030, respectively, with interest payable annually at a respective rate of 0.128% and 0.577%. The issuer received proceeds totaling €1,494 ($1,790) from the issuance, net of financing costs and discounts. The senior 2021 Euro Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2021 Euro Notes contain customary optional redemption and par call provisions. The 2021 Euro Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the 2021 Euro Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense-net over the respective terms of the 2021 Euro Notes. The 2021 Euro Notes are subject to customary non-financial covenants. On May 17, 2021, the Company entered into a $2,500, 364-day revolving credit facility. The Company also maintains a $750 five-year revolving credit facility that will expire November 17, 2022, a $500 four-year revolving credit facility that will expire November 7, 2023, and a $750 five-year revolving credit facility that will expire November 7, 2024. The revolving credit facilities totaling $4,500 are used to support commercial paper borrowings and are fully and unconditionally guaranteed by Eaton and certain of its direct and indirect subsidiaries on an unsubordinated, unsecured basis. There were no borrowings outstanding under Eaton’s revolving credit facilities at June 30, 2021. The Company maintains access to the commercial paper markets through a $4,500 commercial paper program, of which $3,372 was outstanding on June 30, 2021, including funds to finance the acquisition of Cobham Mission Systems discussed in Note 2.

RETIREMENT BENEFITS PLANS

RETIREMENT BENEFITS PLANS	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
RETIREMENT BENEFITS PLANS	RETIREMENT BENEFITS PLANS The components of retirement benefits expense (income) follow: United States Non-United States Other postretirement Three months ended June 30 2021 2020 2021 2020 2021 2020 Service cost $ 10 $ 24 $ 19 $ 18 $ — $ 1 Interest cost 16 26 11 11 1 2 Expected return on plan assets (55) (58) (30) (27) — — Amortization 10 26 18 14 — (3) (19) 18 18 16 1 — Settlements and special termination benefits 12 18 1 3 — — Total expense (income) $ (7) $ 36 $ 19 $ 19 $ 1 $ — United States Non-United States Other postretirement Six months ended June 30 2021 2020 2021 2020 2021 2020 Service cost $ 20 $ 48 $ 38 $ 36 $ — $ 1 Interest cost 33 52 21 22 3 4 Expected return on plan assets (111) (115) (60) (54) — — Amortization 20 51 37 29 (1) (6) (38) 36 36 33 2 (1) Settlements, curtailments and special termination benefits 26 35 1 6 — — Total expense (income) $ (12) $ 71 $ 37 $ 39 $ 2 $ (1) During 2020, the Company announced it was freezing its United States pension plans for its non-union employees. The freeze was effective January 1, 2021 for non-union U.S. employees whose retirement benefit was determined under a cash balance formula and is effective January 1, 2026 for non-union U.S. employees whose retirement benefit is determined under a final average pay formula. During the second quarter of 2021, the Company recognized settlement losses of $13 and remeasured certain pension plans as a result of lump-sum distributions exceeding the sum of service and interest costs for the year. The remeasurement resulted in a decrease in pension liabilities and a corresponding decrease in other comprehensive loss of $181. The components of retirement benefits expense (income) other than service costs are included in Other (income) expense - net.

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
LEGAL CONTINGENCIES	LEGAL CONTINGENCIESEaton is subject to a broad range of claims, administrative and legal proceedings such as lawsuits that relate to contractual allegations, tax audits, patent infringement, personal injuries, antitrust matters, and employment-related matters. Eaton is also subject to asbestos claims from historic products which may have contained asbestos. Insurance may cover some of the costs associated with these claims and proceedings. Although it is not possible to predict with certainty the outcome or cost of these matters, the Company believes they will not have a material adverse effect on the consolidated financial statements.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rate for the second quarter of 2021 was expense of 18.4% compared to a tax benefit of 15.1% for the second quarter of 2020. The increase in the effective tax rate in the second quarter of 2021 was primarily due to the tax impact of the restructuring charges in 2020 described in Note 14. The effective income tax rate for the first six months of 2021 was expense of 16.7% compared to expense of 26.4% for the first six months of 2020. The decrease in the effective tax rate in the first six months of 2021 was primarily due to the tax impact on the gain from the sale of the Lighting business in 2020 described in Note 2. In 2011, the United States Internal Revenue Service (“IRS”) issued a Statutory Notice of Deficiency (the “2011 Notice”) for the Company’s United States subsidiaries (“Eaton US”) for the 2005 and 2006 tax years. The 2011 Notice proposed assessments of $75 in additional taxes plus $52 in penalties related primarily to transfer pricing adjustments for products manufactured in the Company's facilities in Puerto Rico and the Dominican Republic and sold to affiliated companies located in the United States. Eaton US has set its transfer prices for products sold between these affiliates at the same prices that Eaton US sells such products to third parties as required by two successive Advance Pricing Agreements (APAs) Eaton US entered into with the IRS that governed the 2005-2010 tax years. Eaton US has continued to apply the arms-length transfer pricing methodology for 2011 through the current reporting period. Immediately prior to the 2011 Notice being issued, the IRS sent a letter stating that it was retrospectively canceling the APAs. Eaton US contested the proposed assessments in United States Tax Court. The case involved both whether the APAs should be enforced and, if not, the appropriate transfer pricing methodology. On July 26, 2017, the United States Tax Court issued a ruling in which it agreed with Eaton US that the IRS must abide by the terms of the APAs for the tax years 2005-2006. The Tax Court’s ruling on the APAs did not have a material impact on Eaton’s consolidated financial statements. On May 24, 2021, the IRS filed a notice to appeal the Tax Court’s ruling to the United States Sixth Circuit Court of Appeals. The Company believes it will be successful on appeal and does not expect the final resolution to have a material impact on its consolidated financial statements. During the second quarter of 2021, the IRS completed its examination of the consolidated income tax returns of Eaton US for tax years 2014 through 2016 and has proposed a number of adjustments primarily related to certain transfer pricing tax positions, including adjustments similar to those proposed and previously disclosed for prior audit periods for products manufactured in the Company’s facilities in Puerto Rico and the Dominican Republic and sold to affiliated companies located in the U.S., and adjustments related to intercompany financing. The Company intends to pursue its administrative appeals alternatives. The Company believes that final resolution of the proposed adjustments will not have a material impact on its consolidated financial statements.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY On February 27, 2019, the Board of Directors adopted a share repurchase program for share repurchases up to $5,000 of ordinary shares (2019 Program). Under the 2019 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, 2021, 0.1 million and 0.6 million ordinary shares, respectively, were repurchased under the 2019 Program in the open market at a total cost of $17 and $76, respectively. During the three months ended June 30, 2020, no ordinary shares were repurchased. During the six months ended June 30, 2020, 14.2 million ordinary shares were repurchased under the 2019 Program in the open market at a total cost of $1,300. The changes in Shareholders’ equity follow: 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 Net income — — — 506 — — 506 — 506 Other comprehensive income, net of tax 194 194 194 Cash dividends paid — — — (304) — — (304) — (304) Issuance of shares under equity-based compensation plans 0.2 — 33 — — 1 34 — 34 Repurchase of shares (0.1) — — (17) — — (17) — (17) Balance at June 30, 2021 398.6 $ 4 $ 12,368 $ 7,068 $ (4,031) $ (1) $ 15,408 $ 42 $ 15,450 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, 2020 413.3 $ 4 $ 12,200 $ 8,170 $ (4,290) $ (2) $ 16,082 $ 51 $ 16,133 Net income — — — 438 — — 438 — 438 Other comprehensive loss, net of tax (676) (676) — (676) Cash dividends paid and accrued — — — (300) — — (300) (5) (305) Issuance of shares under equity-based compensation plans 0.9 — 3 (1) — (1) 1 — 1 Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — (3) (3) Repurchase of shares (14.2) — — (1,300) — — (1,300) — (1,300) Balance at March 31, 2020 400.0 $ 4 $ 12,203 $ 7,007 $ (4,966) $ (3) $ 14,245 $ 43 $ 14,288 Net income — — — 51 — — 51 3 54 Other comprehensive income, net of tax 157 157 — 157 Cash dividends paid — — — (292) — — (292) (1) (293) Issuance of shares under equity-based compensation plans 0.1 — 25 1 — 1 27 — 27 Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — 2 2 Balance at June 30, 2020 400.1 $ 4 $ 12,228 $ 6,767 $ (4,809) $ (2) $ 14,188 $ 47 $ 14,235 The changes in Accumulated other comprehensive loss follow: Currency translation and related hedging instruments Pensions and other postretirement benefits Cash flow Total Balance at January 1, 2021 $ (2,647) $ (1,481) $ (67) $ (4,195) Other comprehensive income (loss) (92) 143 48 99 Amounts reclassified from Accumulated other — 65 — 65 Net current-period Other comprehensive (92) 208 48 164 Balance at June 30, 2021 $ (2,739) $ (1,273) $ (19) $ (4,031) The reclassifications out of Accumulated other comprehensive loss follow: Six months ended June 30, 2021 Consolidated statements Amortization of defined benefit pensions and other postretirement benefits items Actuarial loss and prior service cost $ (83) 1 Tax benefit 18 Total, net of tax (65) Gains and (losses) on cash flow hedges Currency exchange contracts (5) Net sales and Cost of products sold Commodity contracts 5 Cost of products sold Tax expense — Total, net of tax — Total reclassifications for the period $ (65) 1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 8 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 follows: Three months ended Six months ended (Shares in millions) 2021 2020 2021 2020 Net income attributable to Eaton ordinary shareholders $ 506 $ 51 $ 964 $ 489 Weighted-average number of ordinary shares outstanding - diluted 401.4 401.3 401.2 406.2 Less dilutive effect of equity-based compensation 2.6 0.9 2.6 1.4 Weighted-average number of ordinary shares outstanding - basic 398.8 400.4 398.6 404.8 Net income per share attributable to Eaton ordinary shareholders Diluted $ 1.26 $ 0.13 $ 2.40 $ 1.20 Basic 1.27 0.13 2.42 1.21

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to satisfy a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy is established, which categorizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. A summary of financial instruments and contingent consideration recognized at fair value, and the fair value measurements used, follows: Total Level 1 Level 2 Level 3 June 30, 2021 Cash $ 279 $ 279 $ — $ — Short-term investments 261 261 — — Net derivative contracts 42 — 42 — Contingent consideration from acquisition of Green Motion (Note 2) (56) — — (56) December 31, 2020 Cash $ 438 $ 438 $ — $ — Short-term investments 664 664 — — Net derivative contracts 31 — 31 — Eaton values its financial instruments using an industry standard market approach, in which prices and other relevant information is generated by market transactions involving identical or comparable assets or liabilities. Other Fair Value Measurements Long-term debt and the current portion of long-term debt had a carrying value of $8,729 and fair value of $9,498 at June 30, 2021 compared to $8,057 and $9,075, respectively, at December 31, 2020. The fair value of Eaton's debt instruments were estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities, and are considered a Level 2 fair value measurement.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, Eaton is exposed to certain risks related to fluctuations in interest rates, currency exchange rates and commodity prices. The Company uses various derivative and non-derivative financial instruments, primarily interest rate swaps, currency forward exchange contracts, currency swaps and, commodity contracts to manage risks from these market fluctuations. The instruments used by Eaton are straightforward, non-leveraged instruments. The counterparties to these instruments are financial institutions with strong credit ratings. Eaton maintains control over the size of positions entered into with any one counterparty and regularly monitors the credit rating of these institutions. Such instruments are not purchased and sold for trading purposes. Derivative financial instruments are accounted for at fair value and recognized as assets or liabilities in the Consolidated Balance Sheets. Accounting for the gain or loss resulting from the change in the fair value of the derivative financial instrument depends on whether it has been designated, and is effective, as part of a hedging relationship and, if so, as to the nature of the hedging activity. Eaton formally documents all relationships between derivative financial instruments accounted for as designated hedges and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. This process includes linking derivative financial instruments to a recognized asset or liability, specific firm commitment, forecasted transaction, or net investment in a foreign operation. These financial instruments can be designated as: • Hedges of the change in the fair value of a recognized fixed-rate asset or liability, or the firm commitment to acquire such an asset or liability (a fair value hedge); for these hedges, the gain or loss from the derivative financial instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in income during the period of change in fair value. • Hedges of the variable cash flows of a recognized variable-rate asset or liability, or the forecasted acquisition of such an asset or liability (a cash flow hedge); for these hedges, the gain or loss from the derivative financial instrument is recognized in Accumulated other comprehensive income and reclassified to income in the same period when the gain or loss on the hedged item is included in income. • Hedges of the currency exposure related to a net investment in a foreign operation (a net investment hedge); for these hedges, the gain or loss from the derivative financial instrument is recognized in Accumulated other comprehensive income and reclassified to income in the same period when the gain or loss related to the net investment in the foreign operation is included in income. The gain or loss from a derivative financial instrument designated as a hedge is classified in the same line of the Consolidated Statements of Income as the offsetting loss or gain on the hedged item. The cash flows resulting from these financial instruments are classified in operating activities on the Condensed Consolidated Statements of Cash Flows. For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in income. The majority of derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency and certain commodity contracts that arise in the normal course of business. Eaton uses certain of its debt denominated in foreign currency to hedge portions of its net investments in foreign operations against foreign currency exposure (net investment hedges). Foreign currency denominated debt designated as a non-derivative net investment hedging instruments had a carrying value on an after-tax basis of $3,014 at June 30, 2021 and $2,020 at December 31, 2020. Derivative Financial Statement Impacts The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets follows: Notional Other Other Other Other Type of Term June 30, 2021 Derivatives designated as hedges Fixed-to-floating interest rate $ 1,800 $ — $ 76 $ — $ — Fair value 1 to 13 years Forward starting floating-to-fixed 950 — 39 — 69 Cash flow 11 to 31 years Currency exchange contracts 1,337 16 6 17 1 Cash flow 1 to 36 months Commodity contracts 31 4 — 1 — Cash flow 1 to 12 months Total $ 20 $ 121 $ 18 $ 70 Derivatives not designated as Currency exchange contracts $ 5,894 $ 14 $ 27 1 to 12 months Commodity contracts 27 2 — 1 month Total $ 16 $ 27 December 31, 2020 Derivatives designated as hedges Fixed-to-floating interest rate $ 2,075 $ 2 $ 100 $ — $ — Fair value 6 months to 14 years Forward starting floating-to-fixed 900 — 17 — 108 Cash flow 12 to 32 years Currency exchange contracts 946 20 6 20 1 Cash flow 1 to 36 months Commodity contracts 24 4 — — — Cash flow 1 to 12 months Total $ 26 $ 123 $ 20 $ 109 Derivatives not designated as Currency exchange contracts $ 5,227 $ 43 $ 34 1 to 12 months Commodity contracts 18 2 — 1 month Total $ 45 $ 34 The currency exchange contracts shown in the table above as derivatives not designated as hedges are primarily contracts entered into to manage currency volatility or exposure on intercompany receivables, payables and loans. While Eaton does not elect hedge accounting treatment for these derivatives, Eaton targets managing 100% of the intercompany balance sheet exposure to minimize the effect of currency volatility related to the movement of goods and services in the normal course of its operations. This activity represents the great majority of these currency exchange contracts. The cash flows resulting from the settlement of these derivatives have been classified in investing activities in the Condensed Consolidated Statements of Cash Flows. As of June 30, 2021, the volume of outstanding commodity contracts that were entered into to hedge forecasted transactions: Commodity June 30, 2021 Term Copper 7 millions of pounds 1 to 12 months Gold 1,320 Troy ounces 1 to 12 months The following amounts were recorded on the Consolidated Balance Sheets related to fixed-to-floating interest rate swaps: Carrying amount of the hedged assets (liabilities) Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities) (a) Location on Consolidated Balance Sheets June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term debt $ (2,413) $ (2,688) $ (111) $ (139) (a) At June 30, 2021 and December 31, 2020, these amounts include the cumulative liability amount of fair value hedging adjustments remaining for which the hedge accounting has been discontinued of $35 and $37, respectively. The impact of hedging activities to the Consolidated Statements of Income are as follow: Three months ended June 30, 2021 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 5,215 $ 3,545 $ 37 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 1 $ — $ — Derivative designated as hedging instrument (1) — — Commodity contracts Hedged item $ — $ (3) $ — Derivative designated as hedging instrument — 3 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 7 Derivative designated as hedging instrument — — (7) Three months ended June 30, 2020 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 3,856 $ 2,877 $ 38 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 5 $ 4 $ — Derivative designated as hedging instrument (5) (4) — Commodity contracts Hedged item $ — $ — $ — Derivative designated as hedging instrument — — — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ (1) Derivative designated as hedging instrument — — 1 Six months ended June 30, 2021 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 9,907 $ 6,729 $ 75 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 4 $ 1 $ — Derivative designated as hedging instrument (4) (1) — Commodity contracts Hedged item $ — $ (5) $ — Derivative designated as hedging instrument — 5 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 26 Derivative designated as hedging instrument — — (26) Six months ended June 30, 2020 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 8,645 $ 6,179 $ 72 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 5 $ 1 $ — Derivative designated as hedging instrument (5) (1) — Commodity contracts Hedged item $ — $ — $ — Derivative designated as hedging instrument — — — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ (69) Derivative designated as hedging instrument — — 69 The impact of derivatives not designated as hedges to the Consolidated Statements of Income are as follow: Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Three months ended 2021 2020 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ 86 $ 46 Interest expense - net Commodity contracts 7 1 Cost of products sold Total $ 93 $ 47 Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Six months ended 2021 2020 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ 23 $ (103) Interest expense - net Commodity contracts 9 1 Cost of products sold Total $ 32 $ (102) The impact of derivative and non-derivative instruments designated as hedges to the Consolidated Statements of Income and Comprehensive Income follow: Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Three months ended Three months ended 2021 2020 2021 2020 Derivatives designated as Forward starting floating-to-fixed $ (68) $ 11 Interest expense - net $ — $ — Currency exchange contracts 8 (3) Net sales and Cost of products sold (1) (9) Commodity contracts 2 3 Cost of products sold 3 — Non-derivative designated as net Foreign currency denominated debt (40) (38) Interest expense - net — — Total $ (98) $ (27) $ 2 $ (9) Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Six months ended Six months ended 2021 2020 2021 2020 Derivatives designated as cash Forward starting floating-to-fixed $ 61 $ (136) Interest expense - net $ — $ — Currency exchange contracts (5) (45) Net sales and Cost of products sold (5) (6) Commodity contracts 5 1 Cost of products sold 5 — Non-derivative designated as net Foreign currency denominated debt 104 5 Interest expense - net — — Total $ 165 $ (175) $ — $ (6)

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES In the second quarter of 2020, Eaton decided to undertake a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to respond to declining market conditions. Restructuring charges incurred under this program were $214 in 2020 and $29 for the six months ended June 30, 2021. These restructuring activities are expected to incur additional expenses of $32 in 2021, and $5 in 2022, primarily comprised of plant closing costs and other costs, resulting in total estimated charges of $280 for the entire program. A summary of restructuring program charges by type follows: Three months ended Six months ended 2021 2020 2021 2020 Workforce reductions $ (2) $ 166 $ — $ 166 Plant closing and other 15 21 29 21 Total before income taxes 13 187 29 187 Income tax benefit 2 39 6 39 Total after income taxes $ 11 $ 148 $ 23 $ 148 Per ordinary share - diluted $ 0.03 $ 0.37 $ 0.06 $ 0.37 Restructuring program charges related to the following segments: Three months ended Six months ended 2021 2020 2021 2020 Electrical Americas $ 3 $ 13 $ 8 $ 13 Electrical Global — 51 2 51 Aerospace 2 30 3 30 Vehicle 5 90 11 90 eMobility 1 1 1 1 Corporate 2 2 4 2 Total $ 13 $ 187 $ 29 $ 187 A summary of liabilities related to workforce reductions, plant closing and other associated costs follows: Workforce reductions Plant closing and other Total Balance at January 1, 2020 $ — $ — $ — Liability recognized 172 42 214 Payments, utilization and translation (33) (39) (72) Balance at December 31, 2020 139 3 142 Liability recognized — 29 29 Payments, utilization and translation (39) (18) (57) Balance at June 30, 2021 $ 100 $ 14 $ 114 These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other (income) expense - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. See Note 15 for additional information about business segments.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	BUSINESS SEGMENT INFORMATION Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. Eaton's operating segments are Electrical Americas, Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. Operating profit includes the operating profit from intersegment sales. For additional information regarding Eaton's business segments, see Note 17 to the Consolidated Financial Statements contained in the 2020 Form 10-K. Three months ended Six months ended 2021 2020 2021 2020 Net sales Electrical Americas $ 1,849 $ 1,490 $ 3,471 $ 3,278 Electrical Global 1,418 1,111 2,671 2,255 Hydraulics 560 411 1,121 918 Aerospace 625 461 1,144 1,141 Vehicle 675 327 1,329 925 eMobility 88 56 171 128 Total net sales $ 5,215 $ 3,856 $ 9,907 $ 8,645 Segment operating profit (loss) Electrical Americas $ 393 $ 308 $ 725 $ 616 Electrical Global 259 178 472 344 Hydraulics 73 37 157 92 Aerospace 131 68 227 215 Vehicle 121 (21) 234 60 eMobility (6) (2) (13) (1) Total segment operating profit 971 568 1,802 1,326 Corporate Intangible asset amortization expense (108) (88) (200) (175) Interest expense - net (37) (38) (75) (72) Pension and other postretirement benefits income (expense) 16 (12) 30 (20) Restructuring program charges (13) (187) (29) (187) Other expense - net (209) (196) (370) (204) Income before income taxes 620 47 1,158 668 Income tax expense (benefit) 114 (7) 193 176 Net income 506 54 965 492 Less net income for noncontrolling interests — (3) (1) (3) Net income attributable to Eaton ordinary shareholders $ 506 $ 51 $ 964 $ 489

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Eaton Corporation plc (Eaton or the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (US GAAP) for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the condensed consolidated financial statements for the interim periods. This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in Eaton’s 2020 Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission. Certain prior year amounts have been reclassified to conform to the current year presentation.

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES OF BUSINESSES (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date, as well as measurement period adjustments recorded as of June 30, 2021. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income. Preliminary Allocation Measurement Period Adjustments Adjusted Preliminary Allocation Short-term investments $ 5 $ — $ 5 Accounts receivable 94 — 94 Inventory 184 — 184 Prepaid expenses and other current assets 6 (1) 5 Property, plant and equipment 6 — 6 Other intangible assets 630 — 630 Accounts payable (13) — (13) Other current liabilities (32) (2) (34) Other noncurrent liabilities (157) 10 (147) Total identifiable net assets 723 7 730 Goodwill 928 (7) 921 Total consideration, net of cash received $ 1,651 $ — $ 1,651 June 1, 2021 Accounts receivable $ 84 Inventory 179 Prepaid expenses and other current assets 45 Property, plant and equipment 86 Other intangible assets 1,575 Other assets 19 Accounts payable (40) Other current liabilities (159) Other noncurrent liabilities (77) Total identifiable net assets 1,712 Goodwill 1,088 Total consideration, net of cash received $ 2,800
Schedule of Assets and Liabilities Classified as Held-for-Sale	The assets and liabilities classified as held for sale for the Hydraulics business on the June 30, 2021 and December 31, 2020 Consolidated Balance Sheets are as follows: June 30, 2021 December 31, 2020 Cash $ 13 $ — Accounts receivable - net 389 345 Inventory 419 369 Prepaid expenses and other current assets 14 18 Net property, plant and equipment 529 504 Goodwill 909 920 Other intangible assets 246 248 Operating lease assets 66 61 Deferred income taxes 1 6 Other noncurrent assets 18 16 Assets held for sale - current $ 2,604 $ 2,487 Accounts payable $ 293 $ 241 Accrued compensation 28 26 Other current liabilities 111 101 Pension liabilities 59 60 Operating lease liabilities 30 35 Deferred income taxes 3 3 Other noncurrent liabilities 3 2 Liabilities held for sale - current $ 527 $ 468

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Sales	The Company’s six operating segments and the following tables disaggregate sales by lines of businesses, geographic destination, market channel or end market. Three months ended Six months ended 2021 2020 2021 2020 Electrical Americas Products $ 555 $ 439 $ 1,075 $ 1,163 Systems 1,294 1,051 2,396 2,115 Total $ 1,849 $ 1,490 $ 3,471 $ 3,278 Electrical Global Products $ 846 $ 598 $ 1,559 $ 1,255 Systems 572 513 1,112 1,000 Total $ 1,418 $ 1,111 $ 2,671 $ 2,255 Hydraulics United States $ 235 $ 183 $ 457 $ 410 Rest of World 325 228 664 508 Total $ 560 $ 411 $ 1,121 $ 918 Aerospace Original Equipment Manufacturers $ 239 $ 199 $ 447 $ 524 Aftermarket 191 149 337 369 Industrial and Other 195 113 360 248 Total $ 625 $ 461 $ 1,144 $ 1,141 Vehicle Commercial $ 384 $ 166 $ 726 $ 458 Passenger and Light Duty 291 161 603 467 Total $ 675 $ 327 $ 1,329 $ 925 eMobility $ 88 $ 56 $ 171 $ 128 Total net sales $ 5,215 $ 3,856 $ 9,907 $ 8,645
Schedule of Changes in Deferred Revenue Liabilities	Changes in the deferred revenue liabilities are as follows: Deferred Revenue Balance at January 1, 2021 $ 257 Customer deposits and billings 570 Revenue recognized in the period (545) Deferred revenue from business acquisitions 99 Translation and other (3) Balance at June 30, 2021 $ 378 Deferred Revenue Balance at January 1, 2020 $ 234 Customer deposits and billings 464 Revenue recognized in the period (459) Translation (1) Deferred revenue reclassified to held for sale (11) Balance at June 30, 2020 $ 227

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventory follow: June 30, December 31, Raw materials $ 987 $ 803 Work-in-process 595 498 Finished goods 1,086 808 Total inventory $ 2,668 $ 2,109

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Change in the carrying amount of goodwill by segment follows: January 1, Additions Translation June 30, Electrical Americas $ 6,456 $ 921 $ 3 $ 7,380 Electrical Global 4,295 64 (60) 4,299 Aerospace 1,777 1,088 (37) 2,828 Vehicle 293 — (1) 292 eMobility 82 — (1) 81 Total $ 12,903 $ 2,073 $ (96) $ 14,880

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Retirement Benefits Expense	The components of retirement benefits expense (income) follow: United States Non-United States Other postretirement Three months ended June 30 2021 2020 2021 2020 2021 2020 Service cost $ 10 $ 24 $ 19 $ 18 $ — $ 1 Interest cost 16 26 11 11 1 2 Expected return on plan assets (55) (58) (30) (27) — — Amortization 10 26 18 14 — (3) (19) 18 18 16 1 — Settlements and special termination benefits 12 18 1 3 — — Total expense (income) $ (7) $ 36 $ 19 $ 19 $ 1 $ — United States Non-United States Other postretirement Six months ended June 30 2021 2020 2021 2020 2021 2020 Service cost $ 20 $ 48 $ 38 $ 36 $ — $ 1 Interest cost 33 52 21 22 3 4 Expected return on plan assets (111) (115) (60) (54) — — Amortization 20 51 37 29 (1) (6) (38) 36 36 33 2 (1) Settlements, curtailments and special termination benefits 26 35 1 6 — — Total expense (income) $ (12) $ 71 $ 37 $ 39 $ 2 $ (1)

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Changes in Shareholders' Equity	The changes in Shareholders’ equity follow: 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 Net income — — — 506 — — 506 — 506 Other comprehensive income, net of tax 194 194 194 Cash dividends paid — — — (304) — — (304) — (304) Issuance of shares under equity-based compensation plans 0.2 — 33 — — 1 34 — 34 Repurchase of shares (0.1) — — (17) — — (17) — (17) Balance at June 30, 2021 398.6 $ 4 $ 12,368 $ 7,068 $ (4,031) $ (1) $ 15,408 $ 42 $ 15,450 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, 2020 413.3 $ 4 $ 12,200 $ 8,170 $ (4,290) $ (2) $ 16,082 $ 51 $ 16,133 Net income — — — 438 — — 438 — 438 Other comprehensive loss, net of tax (676) (676) — (676) Cash dividends paid and accrued — — — (300) — — (300) (5) (305) Issuance of shares under equity-based compensation plans 0.9 — 3 (1) — (1) 1 — 1 Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — (3) (3) Repurchase of shares (14.2) — — (1,300) — — (1,300) — (1,300) Balance at March 31, 2020 400.0 $ 4 $ 12,203 $ 7,007 $ (4,966) $ (3) $ 14,245 $ 43 $ 14,288 Net income — — — 51 — — 51 3 54 Other comprehensive income, net of tax 157 157 — 157 Cash dividends paid — — — (292) — — (292) (1) (293) Issuance of shares under equity-based compensation plans 0.1 — 25 1 — 1 27 — 27 Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — 2 2 Balance at June 30, 2020 400.1 $ 4 $ 12,228 $ 6,767 $ (4,809) $ (2) $ 14,188 $ 47 $ 14,235
Schedule of Accumulated Other Comprehensive Loss	The changes in Accumulated other comprehensive loss follow: Currency translation and related hedging instruments Pensions and other postretirement benefits Cash flow Total Balance at January 1, 2021 $ (2,647) $ (1,481) $ (67) $ (4,195) Other comprehensive income (loss) (92) 143 48 99 Amounts reclassified from Accumulated other — 65 — 65 Net current-period Other comprehensive (92) 208 48 164 Balance at June 30, 2021 $ (2,739) $ (1,273) $ (19) $ (4,031)
Schedule of Reclassifications of Accumulated Other Comprehensive Loss	The reclassifications out of Accumulated other comprehensive loss follow: Six months ended June 30, 2021 Consolidated statements Amortization of defined benefit pensions and other postretirement benefits items Actuarial loss and prior service cost $ (83) 1 Tax benefit 18 Total, net of tax (65) Gains and (losses) on cash flow hedges Currency exchange contracts (5) Net sales and Cost of products sold Commodity contracts 5 Cost of products sold Tax expense — Total, net of tax — Total reclassifications for the period $ (65) 1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 8 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 follows: Three months ended Six months ended (Shares in millions) 2021 2020 2021 2020 Net income attributable to Eaton ordinary shareholders $ 506 $ 51 $ 964 $ 489 Weighted-average number of ordinary shares outstanding - diluted 401.4 401.3 401.2 406.2 Less dilutive effect of equity-based compensation 2.6 0.9 2.6 1.4 Weighted-average number of ordinary shares outstanding - basic 398.8 400.4 398.6 404.8 Net income per share attributable to Eaton ordinary shareholders Diluted $ 1.26 $ 0.13 $ 2.40 $ 1.20 Basic 1.27 0.13 2.42 1.21

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Recognized at Fair Value and Fair Value Measurements Used	A summary of financial instruments and contingent consideration recognized at fair value, and the fair value measurements used, follows: Total Level 1 Level 2 Level 3 June 30, 2021 Cash $ 279 $ 279 $ — $ — Short-term investments 261 261 — — Net derivative contracts 42 — 42 — Contingent consideration from acquisition of Green Motion (Note 2) (56) — — (56) December 31, 2020 Cash $ 438 $ 438 $ — $ — Short-term investments 664 664 — — Net derivative contracts 31 — 31 —

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Instruments Recognized in Condensed Consolidated Balance Sheet	The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets follows: Notional Other Other Other Other Type of Term June 30, 2021 Derivatives designated as hedges Fixed-to-floating interest rate $ 1,800 $ — $ 76 $ — $ — Fair value 1 to 13 years Forward starting floating-to-fixed 950 — 39 — 69 Cash flow 11 to 31 years Currency exchange contracts 1,337 16 6 17 1 Cash flow 1 to 36 months Commodity contracts 31 4 — 1 — Cash flow 1 to 12 months Total $ 20 $ 121 $ 18 $ 70 Derivatives not designated as Currency exchange contracts $ 5,894 $ 14 $ 27 1 to 12 months Commodity contracts 27 2 — 1 month Total $ 16 $ 27 December 31, 2020 Derivatives designated as hedges Fixed-to-floating interest rate $ 2,075 $ 2 $ 100 $ — $ — Fair value 6 months to 14 years Forward starting floating-to-fixed 900 — 17 — 108 Cash flow 12 to 32 years Currency exchange contracts 946 20 6 20 1 Cash flow 1 to 36 months Commodity contracts 24 4 — — — Cash flow 1 to 12 months Total $ 26 $ 123 $ 20 $ 109 Derivatives not designated as Currency exchange contracts $ 5,227 $ 43 $ 34 1 to 12 months Commodity contracts 18 2 — 1 month Total $ 45 $ 34
Schedule of Notional Amounts of Outstanding Derivative Positions	As of June 30, 2021, the volume of outstanding commodity contracts that were entered into to hedge forecasted transactions: Commodity June 30, 2021 Term Copper 7 millions of pounds 1 to 12 months Gold 1,320 Troy ounces 1 to 12 months
Schedule of Derivative Instruments Recorded in Balance Sheet	The following amounts were recorded on the Consolidated Balance Sheets related to fixed-to-floating interest rate swaps: Carrying amount of the hedged assets (liabilities) Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities) (a) Location on Consolidated Balance Sheets June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term debt $ (2,413) $ (2,688) $ (111) $ (139) (a) At June 30, 2021 and December 31, 2020, these amounts include the cumulative liability amount of fair value hedging adjustments remaining for which the hedge accounting has been discontinued of $35 and $37, respectively.
Schedule of Impact of Hedging Activities to Consolidated Statement of Income	The impact of hedging activities to the Consolidated Statements of Income are as follow: Three months ended June 30, 2021 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 5,215 $ 3,545 $ 37 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 1 $ — $ — Derivative designated as hedging instrument (1) — — Commodity contracts Hedged item $ — $ (3) $ — Derivative designated as hedging instrument — 3 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 7 Derivative designated as hedging instrument — — (7) Three months ended June 30, 2020 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 3,856 $ 2,877 $ 38 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 5 $ 4 $ — Derivative designated as hedging instrument (5) (4) — Commodity contracts Hedged item $ — $ — $ — Derivative designated as hedging instrument — — — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ (1) Derivative designated as hedging instrument — — 1 Six months ended June 30, 2021 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 9,907 $ 6,729 $ 75 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 4 $ 1 $ — Derivative designated as hedging instrument (4) (1) — Commodity contracts Hedged item $ — $ (5) $ — Derivative designated as hedging instrument — 5 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 26 Derivative designated as hedging instrument — — (26) Six months ended June 30, 2020 Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 8,645 $ 6,179 $ 72 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 5 $ 1 $ — Derivative designated as hedging instrument (5) (1) — Commodity contracts Hedged item $ — $ — $ — Derivative designated as hedging instrument — — — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ (69) Derivative designated as hedging instrument — — 69
Schedule of Amounts Recognized in Net Income	The impact of derivatives not designated as hedges to the Consolidated Statements of Income are as follow: Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Three months ended 2021 2020 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ 86 $ 46 Interest expense - net Commodity contracts 7 1 Cost of products sold Total $ 93 $ 47 Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Six months ended 2021 2020 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ 23 $ (103) Interest expense - net Commodity contracts 9 1 Cost of products sold Total $ 32 $ (102)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income	The impact of derivative and non-derivative instruments designated as hedges to the Consolidated Statements of Income and Comprehensive Income follow: Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Three months ended Three months ended 2021 2020 2021 2020 Derivatives designated as Forward starting floating-to-fixed $ (68) $ 11 Interest expense - net $ — $ — Currency exchange contracts 8 (3) Net sales and Cost of products sold (1) (9) Commodity contracts 2 3 Cost of products sold 3 — Non-derivative designated as net Foreign currency denominated debt (40) (38) Interest expense - net — — Total $ (98) $ (27) $ 2 $ (9) Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Six months ended Six months ended 2021 2020 2021 2020 Derivatives designated as cash Forward starting floating-to-fixed $ 61 $ (136) Interest expense - net $ — $ — Currency exchange contracts (5) (45) Net sales and Cost of products sold (5) (6) Commodity contracts 5 1 Cost of products sold 5 — Non-derivative designated as net Foreign currency denominated debt 104 5 Interest expense - net — — Total $ 165 $ (175) $ — $ (6)

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Program Charges	A summary of restructuring program charges by type follows: Three months ended Six months ended 2021 2020 2021 2020 Workforce reductions $ (2) $ 166 $ — $ 166 Plant closing and other 15 21 29 21 Total before income taxes 13 187 29 187 Income tax benefit 2 39 6 39 Total after income taxes $ 11 $ 148 $ 23 $ 148 Per ordinary share - diluted $ 0.03 $ 0.37 $ 0.06 $ 0.37 Restructuring program charges related to the following segments: Three months ended Six months ended 2021 2020 2021 2020 Electrical Americas $ 3 $ 13 $ 8 $ 13 Electrical Global — 51 2 51 Aerospace 2 30 3 30 Vehicle 5 90 11 90 eMobility 1 1 1 1 Corporate 2 2 4 2 Total $ 13 $ 187 $ 29 $ 187
Schedule of Liabilities Related to Restructuring	A summary of liabilities related to workforce reductions, plant closing and other associated costs follows: Workforce reductions Plant closing and other Total Balance at January 1, 2020 $ — $ — $ — Liability recognized 172 42 214 Payments, utilization and translation (33) (39) (72) Balance at December 31, 2020 139 3 142 Liability recognized — 29 29 Payments, utilization and translation (39) (18) (57) Balance at June 30, 2021 $ 100 $ 14 $ 114

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Business Segment Information	Three months ended Six months ended 2021 2020 2021 2020 Net sales Electrical Americas $ 1,849 $ 1,490 $ 3,471 $ 3,278 Electrical Global 1,418 1,111 2,671 2,255 Hydraulics 560 411 1,121 918 Aerospace 625 461 1,144 1,141 Vehicle 675 327 1,329 925 eMobility 88 56 171 128 Total net sales $ 5,215 $ 3,856 $ 9,907 $ 8,645 Segment operating profit (loss) Electrical Americas $ 393 $ 308 $ 725 $ 616 Electrical Global 259 178 472 344 Hydraulics 73 37 157 92 Aerospace 131 68 227 215 Vehicle 121 (21) 234 60 eMobility (6) (2) (13) (1) Total segment operating profit 971 568 1,802 1,326 Corporate Intangible asset amortization expense (108) (88) (200) (175) Interest expense - net (37) (38) (75) (72) Pension and other postretirement benefits income (expense) 16 (12) 30 (20) Restructuring program charges (13) (187) (29) (187) Other expense - net (209) (196) (370) (204) Income before income taxes 620 47 1,158 668 Income tax expense (benefit) 114 (7) 193 176 Net income 506 54 965 492 Less net income for noncontrolling interests — (3) (1) (3) Net income attributable to Eaton ordinary shareholders $ 506 $ 51 $ 964 $ 489

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES OF BUSINESSES - Narrative (Details) - USD ($) $ in Millions

Jun. 01, 2021

Mar. 22, 2021

Mar. 17, 2021

Mar. 02, 2020

Jun. 30, 2021

Jun. 30, 2021

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Jun. 25, 2021

Mar. 29, 2021

Jan. 21, 2020

Business Acquisition [Line Items]

Cash purchase price, net of cash received

$ 4,500

$ 195

Contingent consideration expected to be paid to former shareholders

$ 56

$ 56

56

Lighting Business | Disposed of by Sale

Divestiture of Business [Abstract]

Cash purchase price

$ 1,400

Pre-tax gain (loss) on disposal

$ 221

Sales of business sold

$ 1,600

Hydraulics Business | Held-for-sale

Divestiture of Business [Abstract]

Cash purchase price

$ 3,300

Sales of business sold

$ 1,800

Power Distribution, Inc.

Business Acquisition [Line Items]

Revenue reported by acquiree for last annual period

125

Tripp Lite

Business Acquisition [Line Items]

Revenue reported by acquiree for last annual period

400

Cash purchase price, net of cash received

$ 1,650

Intangible assets acquired

$ 630

630

630

$ 630

Operating profit of acquiree since acquisition date

53

Revenue of acquiree since acquisition date

$ 151

Cobham Mission Systems

Business Acquisition [Line Items]

Revenue reported by acquiree for last annual period

700

Intangible assets acquired

$ 1,575

Operating profit of acquiree since acquisition date

19

Revenue of acquiree since acquisition date

$ 72

Total consideration to be transferred for acquisition

2,800

Goodwill, expected to be deductible for tax purposes

$ 289

Green Motion, SA

Business Acquisition [Line Items]

Total consideration to be transferred for acquisition

$ 105

Cash purchase price

49

Contingent consideration expected to be paid to former shareholders

56

Maximum potential payments based on future revenue performance

$ 109

HuanYu High Tech

Business Acquisition [Line Items]

Revenue reported by acquiree for last annual period

$ 106

Ownership interest acquired (as a percent)

50.00%

Jiangsu YiNeng Electric

Business Acquisition [Line Items]

Revenue reported by acquiree for last annual period

$ 60

Ownership interest acquired (as a percent)

50.00%

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES OF BUSINESSES - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 01, 2021	Mar. 17, 2021	Dec. 31, 2020
Allocations
Goodwill	$ 14,880			$ 12,903
Tripp Lite
Allocations
Short-term investments	5		$ 5
Accounts receivable	94		94
Inventory	184		184
Prepaid expenses and other current assets	5		6
Property, plant and equipment	6		6
Other intangible assets	630		630
Accounts payable	(13)		(13)
Other current liabilities	(34)		(32)
Other noncurrent liabilities	(147)		(157)
Total identifiable net assets	730		723
Goodwill	921		928
Total consideration, net of cash received	1,651		$ 1,651
Measurement Period Adjustments
Prepaid expenses and other current assets	(1)
Other current liabilities	(2)
Other noncurrent liabilities	10
Total identifiable net assets	7
Goodwill	(7)
Total consideration, net of cash received	$ 0
Cobham Mission Systems
Allocations
Accounts receivable		$ 84
Inventory		179
Prepaid expenses and other current assets		45
Property, plant and equipment		86
Other intangible assets		1,575
Other assets		19
Accounts payable		(40)
Other current liabilities		(159)
Other noncurrent liabilities		(77)
Total identifiable net assets		1,712
Goodwill		1,088
Total consideration, net of cash received		$ 2,800

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES OF BUSINESSES - Sale of Businesses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - current	$ 2,604	$ 2,487
Hydraulics Business | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	13	0
Accounts receivable - net	389	345
Inventory	419	369
Prepaid expenses and other current assets	14	18
Net property, plant and equipment	529	504
Goodwill	909	920
Other intangible assets	246	248
Operating lease assets	66	61
Deferred income taxes	1	6
Other noncurrent assets	18	16
Assets held for sale - current	2,604	2,487
Accounts payable	293	241
Accrued compensation	28	26
Other current liabilities	111	101
Pension liabilities	59	60
Operating lease liabilities	30	35
Deferred income taxes	3	3
Other noncurrent liabilities	3	2
Liabilities held for sale - current	$ 527	$ 468

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)operating_segment	Dec. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Number of operating segments | operating_segment	6
Accounts receivables from customers	$ 2,958	$ 2,539
Unbilled receivables	161	$ 90
Backlog of unsatisfied or partially satisfied obligations	$ 8,300
Backlog expected to be recognized in the next twelve months (as a percent)	87.00%

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 5,215	$ 3,856	$ 9,907	$ 8,645
Electrical Americas
Disaggregation of Revenue [Line Items]
Net sales	1,849	1,490	3,471	3,278
Electrical Americas | Products
Disaggregation of Revenue [Line Items]
Net sales	555	439	1,075	1,163
Electrical Americas | Systems
Disaggregation of Revenue [Line Items]
Net sales	1,294	1,051	2,396	2,115
Electrical Global
Disaggregation of Revenue [Line Items]
Net sales	1,418	1,111	2,671	2,255
Electrical Global | Products
Disaggregation of Revenue [Line Items]
Net sales	846	598	1,559	1,255
Electrical Global | Systems
Disaggregation of Revenue [Line Items]
Net sales	572	513	1,112	1,000
Hydraulics
Disaggregation of Revenue [Line Items]
Net sales	560	411	1,121	918
Hydraulics | United States
Disaggregation of Revenue [Line Items]
Net sales	235	183	457	410
Hydraulics | Rest of World
Disaggregation of Revenue [Line Items]
Net sales	325	228	664	508
Aerospace
Disaggregation of Revenue [Line Items]
Net sales	625	461	1,144	1,141
Aerospace | Original Equipment Manufacturers
Disaggregation of Revenue [Line Items]
Net sales	239	199	447	524
Aerospace | Aftermarket
Disaggregation of Revenue [Line Items]
Net sales	191	149	337	369
Aerospace | Industrial and Other
Disaggregation of Revenue [Line Items]
Net sales	195	113	360	248
Vehicle
Disaggregation of Revenue [Line Items]
Net sales	675	327	1,329	925
Vehicle | Commercial
Disaggregation of Revenue [Line Items]
Net sales	384	166	726	458
Vehicle | Passenger and Light Duty
Disaggregation of Revenue [Line Items]
Net sales	291	161	603	467
eMobility
Disaggregation of Revenue [Line Items]
Net sales	$ 88	$ 56	$ 171	$ 128

REVENUE RECOGNITION - Changes i

REVENUE RECOGNITION - Changes in Deferred Revenue Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Movement in Deferred Revenue [Roll Forward]
Balance at beginning of period	$ 257	$ 234
Customer deposits and billings	570	464
Revenue recognized in the period	(545)	(459)
Deferred revenue from business acquisitions	99
Translation and other	(3)
Translation		(1)
Deferred revenue reclassified to held for sale		(11)
Balance at end of period	$ 378	$ 227

CREDIT LOSSES FOR RECEIVABLES -

CREDIT LOSSES FOR RECEIVABLES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Credit Loss [Abstract]
Allowance for credit losses	$ 52	$ 48

INVENTORY - Summary (Details)

INVENTORY - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 987	$ 803
Work-in-process	595	498
Finished goods	1,086	808
Total inventory	$ 2,668	$ 2,109

GOODWILL - Summary (Details)

GOODWILL - Summary (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 12,903
Additions	2,073
Translation	(96)
Balance at end of period	14,880
Electrical Americas
Goodwill [Roll Forward]
Balance at beginning of period	6,456
Additions	921
Translation	3
Balance at end of period	7,380
Electrical Global
Goodwill [Roll Forward]
Balance at beginning of period	4,295
Additions	64
Translation	(60)
Balance at end of period	4,299
Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	1,777
Additions	1,088
Translation	(37)
Balance at end of period	2,828
Vehicle
Goodwill [Roll Forward]
Balance at beginning of period	293
Additions	0
Translation	(1)
Balance at end of period	292
eMobility
Goodwill [Roll Forward]
Balance at beginning of period	82
Additions	0
Translation	(1)
Balance at end of period	$ 81

DEBT - Narrative (Details)

DEBT - Narrative (Details) € in Millions	Mar. 08, 2021EUR (€)tranche	Mar. 08, 2021USD ($)	Jun. 30, 2021USD ($)	May 17, 2021USD ($)	Mar. 08, 2021USD ($)tranche
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding			$ 0
364 Day Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 2,500,000,000
Credit Facility Expiring November 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			750,000,000
Credit Facility Expiring November 2023 | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			500,000,000
Credit Facility Expiring November 2024 | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			750,000,000
Commercial Paper | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			4,500,000,000
Commercial paper, amount outstanding			$ 3,372,000,000
Notes | 2021 Euro Notes
Debt Instrument [Line Items]
Face value of debt instrument	€ 1,500				$ 1,798,000,000
Number of tranches | tranche	2				2
Proceeds from issuance of notes	€ 1,494	$ 1,790,000,000
Redemption price (as a percent)	101.00%	101.00%
Notes | 2021 Euro Notes | Tranche One
Debt Instrument [Line Items]
Face value of debt instrument | €	€ 900
Debt instrument, stated interest rate (as a percent)			0.128%
Notes | 2021 Euro Notes | Tranche Two
Debt Instrument [Line Items]
Face value of debt instrument | €	€ 600
Debt instrument, stated interest rate (as a percent)			0.577%

RETIREMENT BENEFIT PLANS (Detai

RETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension plan
Retirement benefits plans expense (income)
Settlement loss	$ 13
Decrease in pension liabilities from pension remeasurement	181
Pension plan | United States pension benefit expense (income)
Retirement benefits plans expense (income)
Service cost	10	$ 24	$ 20	$ 48
Interest cost	16	26	33	52
Expected return on plan assets	(55)	(58)	(111)	(115)
Amortization	10	26	20	51
Total	(19)	18	(38)	36
Settlements, curtailments and special termination benefits	12	18	26	35
Total expense (income)	(7)	36	(12)	71
Pension plan | Non-United States pension benefit expense (income)
Retirement benefits plans expense (income)
Service cost	19	18	38	36
Interest cost	11	11	21	22
Expected return on plan assets	(30)	(27)	(60)	(54)
Amortization	18	14	37	29
Total	18	16	36	33
Settlements, curtailments and special termination benefits	1	3	1	6
Total expense (income)	19	19	37	39
Postretirement plan
Retirement benefits plans expense (income)
Service cost	0	1	0	1
Interest cost	1	2	3	4
Expected return on plan assets	0	0	0	0
Amortization	0	(3)	(1)	(6)
Total	1	0	2	(1)
Settlements, curtailments and special termination benefits	0	0	0	0
Total expense (income)	$ 1	$ 0	$ 2	$ (1)

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (benefit) expense (as a percent)	18.40%	(15.10%)	16.70%	26.40%

INCOME TAXES - Additional Taxes

INCOME TAXES - Additional Taxes and Penalties (Details) - Tax Year 2011 $ in Millions	Jun. 30, 2021USD ($)
Income Tax Examination [Line Items]
IRS Statutory Notice of Deficiency proposed assessment of additional federal taxes	$ 75
Penalties associated with IRS Statutory Notice of Deficiency proposed assessment	$ 52

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 27, 2019
Class of Stock [Line Items]
Antidilutive shares excluded from net income per share (shares)		1.7	0.1	1
2019 Program
Class of Stock [Line Items]
Share repurchase program, authorized amount					$ 5,000
Ordinary shares purchased (shares)	0.1		0.6	14.2
Stock repurchased, value	$ 17		$ 76	$ 1,300

EQUITY - Changes in Shareholder

EQUITY - Changes in Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 15,037	$ 14,973	$ 14,288	$ 16,133	$ 14,973	$ 16,133
Net income	506	459	54	438	965	492
Other comprehensive income (loss), net of tax	194	(30)	157	(676)	164	(519)
Cash dividends paid and accrued	(304)	(309)	(293)	(305)
Issuance of shares under equity-based compensation plans	34	5	27	1
Changes in noncontrolling interest of consolidated subsidiaries - net		(2)	2	(3)
Repurchase of shares	(17)	(59)		(1,300)
Balance at end of period	15,450	15,037	14,235	14,288	15,450	14,235
Total Eaton shareholders' equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	14,995	14,930	14,245	16,082	14,930	16,082
Net income	506	458	51	438
Other comprehensive income (loss), net of tax	194	(30)	157	(676)
Cash dividends paid and accrued	(304)	(309)	(292)	(300)
Issuance of shares under equity-based compensation plans	34	5	27	1
Repurchase of shares	(17)	(59)		(1,300)
Balance at end of period	$ 15,408	$ 14,995	$ 14,188	$ 14,245	$ 15,408	$ 14,188
Ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (shares)	398.5	398.1	400	413.3	398.1	413.3
Balance at beginning of period	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4
Issuance of shares under equity-based compensation plans (shares)	0.2	0.9	0.1	0.9
Repurchase of shares (shares)	(0.1)	(0.5)		(14.2)
Balance at end of period (shares)	398.6	398.5	400.1	400	398.6	400.1
Balance at end of period	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	12,335	12,329	12,203	12,200	12,329	12,200
Issuance of shares under equity-based compensation plans	33	6	25	3
Balance at end of period	12,368	12,335	12,228	12,203	12,368	12,228
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	6,883	6,794	7,007	8,170	6,794	8,170
Net income	506	458	51	438
Cash dividends paid and accrued	(304)	(309)	(292)	(300)
Issuance of shares under equity-based compensation plans	0	(1)	1	(1)
Repurchase of shares	(17)	(59)		(1,300)
Balance at end of period	7,068	6,883	6,767	7,007	7,068	6,767
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(4,225)	(4,195)	(4,966)	(4,290)	(4,195)	(4,290)
Other comprehensive income (loss), net of tax	194	(30)	157	(676)
Balance at end of period	(4,031)	(4,225)	(4,809)	(4,966)	(4,031)	(4,809)
Shares held in trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(2)	(2)	(3)	(2)	(2)	(2)
Issuance of shares under equity-based compensation plans	1		1	(1)
Balance at end of period	(1)	(2)	(2)	(3)	(1)	(2)
Noncontrolling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	42	43	43	51	43	51
Net income	0	1	3
Cash dividends paid and accrued	0		(1)	(5)
Changes in noncontrolling interest of consolidated subsidiaries - net		(2)	2	(3)
Balance at end of period	$ 42	$ 42	$ 47	$ 43	$ 42	$ 47

EQUITY - Changes in Accumulated

EQUITY - Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 15,037	$ 14,973	$ 14,288	$ 16,133	$ 14,973	$ 16,133
Other comprehensive income (loss) before reclassifications					99
Amounts reclassified from Accumulated other comprehensive loss (income)					65
Other comprehensive income (loss) attributable to Eaton ordinary shareholders	194	(30)	157	(676)	164	(519)
Balance at end of period	15,450	15,037	14,235	14,288	15,450	14,235
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(4,225)	(4,195)	(4,966)	(4,290)	(4,195)	(4,290)
Other comprehensive income (loss) attributable to Eaton ordinary shareholders	194	(30)	157	(676)
Balance at end of period	(4,031)	(4,225)	$ (4,809)	$ (4,966)	(4,031)	$ (4,809)
Currency translation and related hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(2,647)			(2,647)
Other comprehensive income (loss) before reclassifications					(92)
Amounts reclassified from Accumulated other comprehensive loss (income)					0
Other comprehensive income (loss) attributable to Eaton ordinary shareholders					(92)
Balance at end of period	(2,739)				(2,739)
Pensions and other postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		(1,481)			(1,481)
Other comprehensive income (loss) before reclassifications					143
Amounts reclassified from Accumulated other comprehensive loss (income)					65
Other comprehensive income (loss) attributable to Eaton ordinary shareholders					208
Balance at end of period	(1,273)				(1,273)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period		$ (67)			(67)
Other comprehensive income (loss) before reclassifications					48
Amounts reclassified from Accumulated other comprehensive loss (income)					0
Other comprehensive income (loss) attributable to Eaton ordinary shareholders					48
Balance at end of period	$ (19)				$ (19)

EQUITY - Reclassifications Out

EQUITY - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ 620	$ 47	$ 1,158	$ 668
Income tax expense (benefit)	(114)	7	(193)	(176)
Net income attributable to Eaton ordinary shareholders	$ 506	$ 51	964	$ 489
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income attributable to Eaton ordinary shareholders			(65)
Pensions and other postretirement benefits | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes			(83)
Income tax expense (benefit)			18
Net income attributable to Eaton ordinary shareholders			(65)
Gains and (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)			0
Net income attributable to Eaton ordinary shareholders			0
Gains and (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Currency exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes			(5)
Gains and (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Commodity contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes			$ 5

EQUITY - Calculation of Net Inc

EQUITY - Calculation of Net Income per Ordinary Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Calculation of net income per ordinary share attributable to ordinary shareholders
Net Income Attributable to Eaton ordinary shareholders	$ 506	$ 51	$ 964	$ 489
Weighted-average number of ordinary shares outstanding - diluted (shares)	401.4	401.3	401.2	406.2
Less dilutive effect of equity-based compensation (shares)	2.6	0.9	2.6	1.4
Weighted-average number of ordinary shares outstanding - basic (shares)	398.8	400.4	398.6	404.8
Net income per share attributable to Eaton ordinary shareholders
Diluted (USD per share)	$ 1.26	$ 0.13	$ 2.40	$ 1.20
Basic (USD per share)	$ 1.27	$ 0.13	$ 2.42	$ 1.21

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Cash	$ 279	$ 438
Short-term investments	261	664
Net derivative contracts	42	31
Contingent consideration from acquisition of Green Motion (Note 2)	(56)
Level 1
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Cash	279	438
Short-term investments	261	664
Net derivative contracts	0	0
Contingent consideration from acquisition of Green Motion (Note 2)	0
Level 2
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Cash	0	0
Short-term investments	0	0
Net derivative contracts	42	31
Contingent consideration from acquisition of Green Motion (Note 2)	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Cash	0	0
Short-term investments	0	0
Net derivative contracts	0	$ 0
Contingent consideration from acquisition of Green Motion (Note 2)	$ (56)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Long-term debt and current portion of long term debt, carrying value	$ 8,729	$ 8,057
Long-term debt and current portion of long-term debt, fair value	$ 9,498	$ 9,075

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Proportion of intercompany balance sheet exposure (as a percent)	100.00%
Cash flow hedge gain to be reclassified within the next twelve months	$ 3
Non-derivative net investment hedge
Derivative [Line Items]
Foreign currency note payable, noncurrent, after-tax	$ 3,014	$ 2,020

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Financial Instrument Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivatives designated as hedges | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	$ 20	$ 26
Derivatives designated as hedges | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	121	123
Derivatives designated as hedges | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	18	20
Derivatives designated as hedges | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	70	109
Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	1,800	2,075
Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	0	2
Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	76	100
Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	0	0
Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	0	0
Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount	950	900
Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	0	0
Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	39	17
Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	0	0
Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	69	108
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	1,337	946
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	16	20
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	6	6
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	17	20
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	1	1
Derivatives designated as hedges | Cash flow hedging | Commodity contracts
Derivatives, Fair Value [Line Items]
Notional amount	31	24
Derivatives designated as hedges | Cash flow hedging | Commodity contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	4	4
Derivatives designated as hedges | Cash flow hedging | Commodity contracts | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	0	0
Derivatives designated as hedges | Cash flow hedging | Commodity contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	1	0
Derivatives designated as hedges | Cash flow hedging | Commodity contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	0	0
Derivatives not designated as hedges | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset not designated as hedging instrument	16	45
Derivatives not designated as hedges | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability not designated as hedging instrument	27	34
Derivatives not designated as hedges | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	5,894	5,227
Derivatives not designated as hedges | Currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset not designated as hedging instrument	14	43
Derivatives not designated as hedges | Currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability not designated as hedging instrument	27	34
Derivatives not designated as hedges | Commodity contracts
Derivatives, Fair Value [Line Items]
Notional amount	27	18
Derivatives not designated as hedges | Commodity contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset not designated as hedging instrument	2	2
Derivatives not designated as hedges | Commodity contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability not designated as hedging instrument	$ 0	$ 0
Derivative, remaining maturity	1 month	1 month
Minimum | Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	1 year	6 months
Minimum | Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	11 years	12 years
Minimum | Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	1 month	1 month
Minimum | Derivatives designated as hedges | Cash flow hedging | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	1 month	1 month
Minimum | Derivatives not designated as hedges | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	1 month	1 month
Maximum | Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	13 years	14 years
Maximum | Derivatives designated as hedges | Cash flow hedging | Floating-to-fixed interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	31 years	32 years
Maximum | Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	36 months	36 months
Maximum | Derivatives designated as hedges | Cash flow hedging | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	12 months	12 months
Maximum | Derivatives not designated as hedges | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity	12 months	12 months

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Volume of Outstanding Commodity Contracts (Details) - Commodity contracts lb in Millions	6 Months Ended
	Jun. 30, 2021oztlb
Copper
Derivative [Line Items]
Derivative, outstanding commodity contract | lb	7
Copper | Minimum
Derivative [Line Items]
Derivative, term of contract	1 month
Copper | Maximum
Derivative [Line Items]
Derivative, term of contract	12 months
Gold
Derivative [Line Items]
Derivative, outstanding commodity contract | ozt	1,320
Gold | Minimum
Derivative [Line Items]
Derivative, term of contract	1 month
Gold | Maximum
Derivative [Line Items]
Derivative, term of contract	12 months

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Recorded on Balance Sheet Related to Fixed-to-Floating Interest Rate Swaps (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fixed-to-floating interest rate swaps
Derivative [Line Items]
Carrying amount of the hedged assets (liabilities)	$ (2,413)	$ (2,688)
Long-term debt
Derivative [Line Items]
Discontinued hedge, cumulative adjustment	35	37
Long-term debt | Fixed-to-floating interest rate swaps
Derivative [Line Items]
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities)	$ (111)	$ (139)

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Impact of Derivatives on Consolidated Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Net sales	$ 5,215	$ 3,856	$ 9,907	$ 8,645
Cost of products sold	3,545	2,877	6,729	6,179
Interest expense - net	37	38	75	72
Cash flow hedging | Net sales | Currency exchange contracts
Derivative [Line Items]
Gain (loss) on hedged item	1	5	4	5
Gain (loss) on hedging instrument	(1)	(5)	(4)	(5)
Cash flow hedging | Net sales | Commodity contracts
Derivative [Line Items]
Gain (loss) on hedged item	0	0	0	0
Gain (loss) on hedging instrument	0	0	0	0
Cash flow hedging | Cost of products sold | Currency exchange contracts
Derivative [Line Items]
Gain (loss) on hedged item	0	4	1	1
Gain (loss) on hedging instrument	0	(4)	(1)	(1)
Cash flow hedging | Cost of products sold | Commodity contracts
Derivative [Line Items]
Gain (loss) on hedged item	(3)	0	(5)	0
Gain (loss) on hedging instrument	3	0	5	0
Cash flow hedging | Interest expense - net | Currency exchange contracts
Derivative [Line Items]
Gain (loss) on hedged item	0	0	0	0
Gain (loss) on hedging instrument	0	0	0	0
Cash flow hedging | Interest expense - net | Commodity contracts
Derivative [Line Items]
Gain (loss) on hedged item	0	0	0	0
Gain (loss) on hedging instrument	0	0	0	0
Fair value hedging | Net sales | Fixed-to-floating interest rate swaps
Derivative [Line Items]
Gain (loss) on hedged item	0	0	0	0
Gain (loss) on hedging instrument	0	0	0	0
Fair value hedging | Cost of products sold | Fixed-to-floating interest rate swaps
Derivative [Line Items]
Gain (loss) on hedged item	0	0	0	0
Gain (loss) on hedging instrument	0	0	0	0
Fair value hedging | Interest expense - net | Fixed-to-floating interest rate swaps
Derivative [Line Items]
Gain (loss) on hedged item	7	(1)	26	(69)
Gain (loss) on hedging instrument	$ (7)	$ 1	$ (26)	$ 69

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Impact of Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedges	$ 93	$ 47	$ 32	$ (102)
Currency exchange contracts | Interest expense - net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedges	86	46	23	(103)
Commodity contracts | Cost of products sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedges	$ 7	$ 1	$ 9	$ 1

DERIVATIVE FINANCIAL INSTRUME_9

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Amounts recognized in accumulated other comprehensive income
Total, gain (loss) on derivative and net investment hedge recognized in other comprehensive (loss) income	$ (98)	$ (27)	$ 165	$ (175)
Total, gain (loss) on derivative and net investment hedge recognized in accumulated other comprehensive (loss) income	2	(9)	0	(6)
Interest expense - net | Non-derivative designated as net investment hedges
Amounts recognized in accumulated other comprehensive income
Gain (loss) recognized in other comprehensive (loss) income	(40)	(38)	104	5
Gain (loss) reclassified from Accumulated other comprehensive loss	0	0	0	0
Forward Starting Floating-to-Fixed Interest Rate Swap | Interest expense - net | Derivatives designated as cash flow hedges
Amounts recognized in accumulated other comprehensive income
Gain (loss) recognized in other comprehensive (loss) income	(68)	11	61	(136)
Gain (loss) reclassified from Accumulated other comprehensive loss	0	0	0	0
Currency exchange contracts | Net sales and Cost of products sold | Derivatives designated as cash flow hedges
Amounts recognized in accumulated other comprehensive income
Gain (loss) recognized in other comprehensive (loss) income	8	(3)	(5)	(45)
Gain (loss) reclassified from Accumulated other comprehensive loss	(1)	(9)	(5)	(6)
Commodity contracts | Cost of products sold | Derivatives designated as cash flow hedges
Amounts recognized in accumulated other comprehensive income
Gain (loss) recognized in other comprehensive (loss) income	2	3	5	1
Gain (loss) reclassified from Accumulated other comprehensive loss	$ 3	$ 0	$ 5	$ 0

RESTRUCTURING CHARGES - Narrati

RESTRUCTURING CHARGES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	$ 187		$ 29	$ 187		$ 214
Estimated charges	$ 280			$ 280
Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 32			$ 5

RESTRUCTURING CHARGES - Restruc

RESTRUCTURING CHARGES - Restructuring Program Charges (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Total before income taxes	$ 13	$ 187	$ 29	$ 187	$ 214
Income tax benefit	2	39	6	39
Total after income taxes	$ 11	$ 148	$ 23	$ 148
Per ordinary share - diluted (USD per share)	$ 0.03	$ 0.37	$ 0.06	$ 0.37
Workforce reductions
Restructuring Cost and Reserve [Line Items]
Total before income taxes	$ (2)	$ 166	$ 0	$ 166	172
Plant closing and other
Restructuring Cost and Reserve [Line Items]
Total before income taxes	$ 15	$ 21	$ 29	$ 21	$ 42

RESTRUCTURING CHARGES - Restr_2

RESTRUCTURING CHARGES - Restructuring Program Charges Related to Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	$ 187	$ 29	$ 187	$ 214
Operating segments | Electrical Americas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3	13	8	13
Operating segments | Electrical Global
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	51	2	51
Operating segments | Aerospace
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	30	3	30
Operating segments | Vehicle
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5	90	11	90
Operating segments | eMobility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	1	1	1
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2	$ 2	$ 4	$ 2

RESTRUCTURING CHARGES - Liabili

RESTRUCTURING CHARGES - Liabilities Related to Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period			$ 142	$ 0	$ 0
Liability recognized	$ 13	$ 187	29	187	214
Payments, utilization and translation			(57)		(72)
Balance at end of period	114		114		142
Workforce reductions
Restructuring Reserve [Roll Forward]
Balance at beginning of period			139	0	0
Liability recognized	(2)	166	0	166	172
Payments, utilization and translation			(39)		(33)
Balance at end of period	100		100		139
Plant closing and other
Restructuring Reserve [Roll Forward]
Balance at beginning of period			3	0	0
Liability recognized	15	$ 21	29	$ 21	42
Payments, utilization and translation			(18)		(39)
Balance at end of period	$ 14		$ 14		$ 3

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Summary (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	$ 5,215		$ 3,856		$ 9,907	$ 8,645
Interest expense - net	(37)		(38)		(75)	(72)
Pension and other postretirement benefits income (expense)					(27)	(109)
Restructuring program charges	(13)		(187)		(29)	(187)	$ (214)
Other expense - net	17		(77)		28	(112)
Income before income taxes	620		47		1,158	668
Income tax expense (benefit)	114		(7)		193	176
Net income	506	$ 459	54	$ 438	965	492
Less net income for noncontrolling interests	0		(3)		(1)	(3)
Net income attributable to Eaton ordinary shareholders	506		51		964	489
Electrical Americas
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	1,849		1,490		3,471	3,278
Electrical Global
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	1,418		1,111		2,671	2,255
Hydraulics
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	560		411		1,121	918
Aerospace
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	625		461		1,144	1,141
Vehicle
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	675		327		1,329	925
eMobility
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	88		56		171	128
Operating segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	5,215		3,856		9,907	8,645
Segment operating profit (loss)	971		568		1,802	1,326
Operating segments | Electrical Americas
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	1,849		1,490		3,471	3,278
Segment operating profit (loss)	393		308		725	616
Restructuring program charges	(3)		(13)		(8)	(13)
Operating segments | Electrical Global
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	1,418		1,111		2,671	2,255
Segment operating profit (loss)	259		178		472	344
Restructuring program charges	0		(51)		(2)	(51)
Operating segments | Hydraulics
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	560		411		1,121	918
Segment operating profit (loss)	73		37		157	92
Operating segments | Aerospace
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	625		461		1,144	1,141
Segment operating profit (loss)	131		68		227	215
Restructuring program charges	(2)		(30)		(3)	(30)
Operating segments | Vehicle
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	675		327		1,329	925
Segment operating profit (loss)	121		(21)		234	60
Restructuring program charges	(5)		(90)		(11)	(90)
Operating segments | eMobility
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	88		56		171	128
Segment operating profit (loss)	(6)		(2)		(13)	(1)
Restructuring program charges	(1)		(1)		(1)	(1)
Corporate
Segment Reporting Information, Profit (Loss) [Abstract]
Intangible asset amortization expense	(108)		(88)		(200)	(175)
Interest expense - net	(37)		(38)		(75)	(72)
Pension and other postretirement benefits income (expense)	16		(12)		30	(20)
Restructuring program charges	(2)		(2)		(4)	(2)
Other expense - net	$ (209)		$ (196)		$ (370)	$ (204)