Eaton (ETN) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page shares in Millions	9 Months Ended
	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
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	397.7
Entity Central Index Key	0001551182
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 5,313	$ 4,923	$ 15,368	$ 14,830
Cost of products sold	3,545	3,338	10,319	10,067
Selling and administrative expense	813	834	2,431	2,505
Research and development expense	165	152	498	454
Interest expense - net	37	37	100	112
Gain on sale of business	0	617	24	617
Other expense (income) - net	34	66	(16)	38
Income before income taxes	720	1,113	2,060	2,271
Income tax expense	112	483	316	676
Net income	608	630	1,743	1,595
Less net income for noncontrolling interests	(1)	(1)	(2)	(2)
Net income attributable to Eaton ordinary shareholders	$ 607	$ 629	$ 1,741	$ 1,593
Net income per share attributable to Eaton ordinary shareholders
Diluted (USD per share)	$ 1.52	$ 1.57	$ 4.34	$ 3.97
Basic (USD per share)	$ 1.52	$ 1.58	$ 4.36	$ 4
Weighted-average number of ordinary shares outstanding
Diluted (shares)	400.3	401.9	400.9	401.4
Basic (shares)	398.4	398.9	398.9	398.7
Cash dividends declared per ordinary share (USD per share)	$ 0.81	$ 0.76	$ 2.43	$ 2.28

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 608	$ 630	$ 1,743	$ 1,595
Less net income for noncontrolling interests	(1)	(1)	(2)	(2)
Net income attributable to Eaton ordinary shareholders	607	629	1,741	1,593
Other comprehensive income (loss), net of tax
Currency translation and related hedging instruments	(483)	170	(1,015)	78
Pensions and other postretirement benefits	(4)	83	32	291
Cash flow hedges	(36)	(10)	133	38
Other comprehensive income (loss) attributable to Eaton ordinary shareholders	(522)	243	(850)	407
Total comprehensive income attributable to Eaton ordinary shareholders	$ 85	$ 872	$ 891	$ 2,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 231	$ 297
Short-term investments	287	271
Accounts receivable - net	3,816	3,297
Inventory	3,428	2,969
Prepaid expenses and other current assets	778	677
Total current assets	8,540	7,511
Property, plant and equipment
Land and buildings	2,049	2,227
Machinery and equipment	5,621	5,591
Gross property, plant and equipment	7,670	7,818
Accumulated depreciation	(4,702)	(4,754)
Net property, plant and equipment	2,967	3,064
Other noncurrent assets
Goodwill	14,479	14,751
Other intangible assets	5,492	5,855
Operating lease assets	555	442
Deferred income taxes	386	392
Other assets	1,946	2,012
Total assets	34,364	34,027
Current liabilities
Short-term debt	903	13
Current portion of long-term debt	23	1,735
Accounts payable	2,937	2,797
Accrued compensation	432	501
Other current liabilities	2,358	2,166
Total current liabilities	6,653	7,212
Noncurrent liabilities
Long-term debt	8,082	6,831
Pension liabilities	817	872
Other postretirement benefits liabilities	246	263
Operating lease liabilities	447	337
Deferred income taxes	527	559
Other noncurrent liabilities	1,489	1,502
Total noncurrent liabilities	11,608	10,364
Shareholders’ equity
Ordinary shares (397.7 million outstanding in 2022 and 398.8 million in 2021)	4	4
Capital in excess of par value	12,478	12,449
Retained earnings	8,070	7,594
Accumulated other comprehensive loss	(4,483)	(3,633)
Shares held in trust	(1)	(1)
Total Eaton shareholders’ equity	16,068	16,413
Noncontrolling interests	35	38
Total equity	16,103	16,451
Total liabilities and equity	$ 34,364	$ 34,027

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Ordinary shares outstanding (shares)	397.7	398.8

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 1,743	$ 1,595
Adjustments to reconcile to net cash provided by operating activities
Depreciation and amortization	716	684
Deferred income taxes	(74)	(123)
Pension and other postretirement benefits expense	39	41
Contributions to pension plans	(80)	(318)
Contributions to other postretirement benefits plans	(18)	(15)
Gain on sale of business	(24)	(197)
Changes in working capital	(968)	(299)
Other - net	12	0
Net cash provided by operating activities	1,347	1,368
Investing activities
Capital expenditures for property, plant and equipment	(389)	(412)
Cash paid for acquisitions of businesses, net of cash acquired	(612)	(4,500)
Proceeds from sale of business, net of cash sold	31	3,110
Proceeds from sales of property, plant and equipment	166	30
Investments in associate companies	(42)	(124)
Sales (purchases) of short-term investments - net	(45)	264
Payments for settlement of currency exchange contracts not designated as hedges - net	(34)	(3)
Other - net	(58)	(53)
Net cash used in investing activities	(983)	(1,688)
Financing activities
Proceeds from borrowings	1,995	1,798
Payments on borrowings	(2,008)	(1,011)
Short-term debt, net	896	430
Cash dividends paid	(977)	(916)
Exercise of employee stock options	16	48
Repurchase of shares	(286)	(122)
Employee taxes paid from shares withheld	(60)	(46)
Other - net	(22)	(15)
Net cash provided by (used in) financing activities	(445)	166
Effect of currency on cash	15	(13)
Total decrease in cash	(67)	(167)
Cash at the beginning of the period	297	438
Cash at the end of the period	$ 231	$ 271

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
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 2021 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. Eaton's reporting currency is United States Dollars (USD). The functional currency for most subsidiaries is their local currency. Financial statements for these subsidiaries are translated at exchange rates in effect at the balance sheet date as to assets and liabilities and weighted-average exchange rates as to revenues and expenses. The resulting translation adjustments are recognized in Accumulated other comprehensive loss. For subsidiaries operating in highly inflationary economies, non-monetary assets and liabilities such as inventory and property, plant and equipment and their related expenses are remeasured at historical exchange rates, while monetary assets and liabilities are remeasured at exchange rates in effect at the balance sheet date. Remeasurement adjustments for these subsidiaries are recognized in income. Certain prior year amounts have been reclassified to conform to the current year presentation.

ACQUISITIONS AND DIVESTITURES O

ACQUISITIONS AND DIVESTITURES OF BUSINESSES	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES OF BUSINESSES	ACQUISITIONS AND DIVESTITURE OF BUSINESSES 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 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. During the measurement period which ended in March 2022, opening balance sheet adjustments were made to finalize Eaton's fair value estimates based on the final valuations received, which are summarized in the table below. The measurement period adjustments did not have a material impact to the Consolidated Statements of Income. (In millions) Preliminary Allocation Measurement Period Adjustments Final Short-term investments $ 5 $ — $ 5 Accounts receivable 94 (1) 93 Inventory 184 (5) 179 Prepaid expenses and other current assets 6 (1) 5 Property, plant and equipment 6 (5) 1 Other intangible assets 630 (26) 604 Other assets — 2 2 Accounts payable (13) — (13) Other current liabilities (32) (2) (34) Other noncurrent liabilities (157) (10) (167) Total identifiable net assets 723 (48) 675 Goodwill 928 48 976 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. The estimated fair values of the customer relationships, trademarks and technology intangible assets of $539 million, $33 million, and $32 million, respectively, were determined using either the relief-from-royalty model or the multi-period excess earnings model, which are discounted cash flow models that rely on the Company's estimates. These estimates require judgment of future revenue growth rates, future margins, 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. The estimated useful lives for customer relationships, trademarks and technology intangible assets were 20 years, 15 years, and 5 years, respectively. 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 $96 million on sales of $283 million, from the date of acquisition through September 30, 2021. Acquisition of Mission Systems On June 1, 2021, Eaton acquired Mission Systems for $2.80 billion, net of cash received. Mission Systems is a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. Mission Systems is reported within the Aerospace business segment. The acquisition of Mission Systems 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. During the measurement period which ended in June 2022, opening balance sheet adjustments were made to finalize Eaton's fair value estimates based on the final valuations received, which are summarized in the table below. The measurement period adjustments did not have a material impact to the Consolidated Statements of Income. (In millions) Preliminary Allocation Measurement Period Adjustments Final Accounts receivable $ 84 $ — $ 84 Inventory 179 (1) 178 Prepaid expenses and other current assets 45 5 50 Property, plant and equipment 86 11 97 Other intangible assets 1,575 (113) 1,462 Other assets 19 (4) 15 Accounts payable (40) — (40) Other current liabilities (159) (43) (202) Other noncurrent liabilities (77) (31) (108) Total identifiable net assets 1,712 (176) 1,536 Goodwill 1,088 176 1,264 Total consideration, net of cash received $ 2,800 $ — $ 2,800 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Mission Systems. As a result of the acquisition, goodwill of $572 million recognized in the United States is expected to be deductible for tax purposes. The estimated fair values of the customer relationships, technology, and backlog intangible assets of $764 million, $612 million, and $86 million, respectively, were determined using either the relief-from-royalty model or the multi-period excess earnings model, which are discounted cash flow models that rely on the Company's estimates. These estimates require judgment of future revenue growth rates, future margins, and the applicable weighted-average cost of capital used to discount those estimated cash flows. The estimated fair value of technology intangibles is also based on the selection of royalty rates used in the valuation model. 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. The estimated useful lives for customer relationships, technology, and backlog intangible assets were 22 years, 21 years, and 2 years, respectively. See Note 6 for additional information about goodwill. Eaton's 2021 Condensed Consolidated Financial Statements include Mission Systems’ results of operations, including segment operating profit of $65 million on sales of $252 million, from the date of acquisition through September 30, 2021. Sale of Hydraulics business On August 2, 2021, Eaton completed the sale of the Hydraulics business to Danfoss A/S. As a result of the sale, the Company received $3.1 billion, net of cash sold, and recognized a pre-tax gain of $617 million in 2021. According to the terms of the sales agreement, the Company finalized negotiations of post-closing adjustments with Danfoss A/S during the first quarter of 2022. As a result of these negotiations, the Company recognized an additional pre-tax gain of $24 million. In the second quarter of 2022, Eaton received cash of $22 million from Danfoss A/S to fully settle all post-closing adjustments. The business had sales of $1.3 billion in 2021 through the date of the sale. Acquisition of Royal Power Solutions On January 5, 2022, Eaton acquired Royal Power Solutions for $612 million, net of cash received. Royal Power Solutions is a U.S. based manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial and mobility markets. Royal Power Solutions is reported within the eMobility business segment. The acquisition of Royal Power Solutions 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, as well as measurement period adjustments recorded as of September 30, 2022. 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. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income. (In millions) Preliminary Allocation Measurement Period Adjustments Adjusted Preliminary Allocation Accounts receivable $ 36 $ — $ 36 Inventory 43 5 48 Prepaid expenses and other current assets 1 — 1 Property, plant and equipment 25 — 25 Other intangible assets 306 — 306 Other assets 21 (21) — Accounts payable (24) — (24) Other current liabilities (10) — (10) Other noncurrent liabilities (70) 20 (50) Total identifiable net assets 328 4 332 Goodwill 284 (4) 280 Total consideration, net of cash received $ 612 $ — $ 612 Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Royal Power Solutions. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. Other intangible assets of $306 million 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 2022 Condensed Consolidated Financial Statements include Royal Power Solutions' results of operations, including segment operating profit of $17 million on sales of $120 million, from the date of acquisition through September 30, 2022. Russia During the second quarter of 2022, in light of the ongoing war with Ukraine, the Company decided to exit its business operations in Russia and recorded charges of $29 million presented in Other expense (income) - net on the Consolidated Statements of Income. The charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance. Acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business On July 1, 2022, Eaton acquired a 50 percent stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business, which manufactures and markets low-voltage circuit breakers in China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2022
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. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. Sales are measured at the amount of consideration the Company expects to be paid in exchange for these products or services. The following table provides disaggregated sales by lines of businesses, geographic destination, market channel or end market, as applicable, for the Company's operating segments: Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Electrical Americas Products $ 737 $ 594 $ 2,034 $ 1,669 Systems 1,442 1,260 4,167 3,656 Total $ 2,179 $ 1,854 $ 6,201 $ 5,325 Electrical Global Products $ 855 $ 887 $ 2,609 $ 2,446 Systems 631 534 1,809 1,646 Total $ 1,486 $ 1,421 $ 4,418 $ 4,092 Hydraulics United States $ — $ 77 $ — $ 534 Rest of World — 102 — 766 Total $ — $ 179 $ — $ 1,300 Aerospace Original Equipment Manufacturers $ 303 $ 281 $ 881 $ 728 Aftermarket 256 238 719 575 Industrial and Other 209 226 628 586 Total $ 768 $ 745 $ 2,227 $ 1,889 Vehicle Commercial $ 460 $ 364 $ 1,307 $ 1,090 Passenger and Light Duty 284 276 816 879 Total $ 744 $ 640 $ 2,123 $ 1,969 eMobility $ 137 $ 84 $ 399 $ 255 Total net sales $ 5,313 $ 4,923 $ 15,368 $ 14,830 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 receivable from customers were $3,394 million and $2,896 million at September 30, 2022 and December 31, 2021, 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 $231 million and $187 million at September 30, 2022 and December 31, 2021, respectively, and are recorded in Prepaid expenses and other current assets. The increase in unbilled receivables reflects higher revenue recognized from increased business activity in 2022. Changes in the deferred revenue liabilities are as follows: (In millions) Deferred Revenue Balance at January 1, 2022 $ 422 Customer deposits and billings 1,135 Revenue recognized in the period (1,086) Translation and other (42) Balance at September 30, 2022 $ 429 (In millions) Deferred Revenue Balance at January 1, 2021 $ 257 Customer deposits and billings 891 Revenue recognized in the period (858) Deferred revenue from business acquisitions 99 Translation and other (8) Balance at September 30, 2021 $ 381 Deferred revenue liabilities of $407 million and $395 million as of September 30, 2022 and December 31, 2021, respectively, were included in Other current liabilities with the remaining balance presented in Other noncurrent liabilities.

CREDIT LOSSES FOR RECEIVABLES

CREDIT LOSSES FOR RECEIVABLES	9 Months Ended
	Sep. 30, 2022
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-off 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. Accounts receivable are net of an allowance for credit losses of $43 million and $42 million at September 30, 2022 and December 31, 2021, respectively. The change in the allowance for credit losses includes expense and net write-offs, none of which are significant.

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows: (In millions) September 30, December 31, Raw materials $ 1,220 $ 1,096 Work-in-process 822 620 Finished goods 1,386 1,253 Total inventory $ 3,428 $ 2,969

GOODWILL

GOODWILL	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL Changes in the carrying amount of goodwill by segment are as follows: (In millions) January 1, Additions Translation September 30, Electrical Americas $ 7,417 $ 5 $ (34) $ 7,387 Electrical Global 4,183 2 (476) 3,709 Aerospace 2,781 184 (224) 2,741 Vehicle 290 — (6) 284 eMobility 80 280 (3) 358 Total $ 14,751 $ 471 $ (743) $ 14,479 The 2022 additions to goodwill relate primarily to the anticipated synergies of acquiring Royal Power Solutions and Mission Systems. The allocation of the Royal Power Solutions purchase price is preliminary and will be completed during the measurement period.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT On August 23, 2022, a subsidiary of Eaton issued sustainability-linked senior notes (2022 Sustainability-Linked Notes) and senior notes (2022 Senior Notes, and collectively referred to as the Notes). The 2022 Sustainability-Linked Notes have a face amount of $1.3 billion, mature in 2033, and pay interest semi-annually at an initial interest rate of 4.15% per annum. Beginning in September 2028, the interest rate payable on the 2022 Sustainability-Linked Notes will be increased by an additional 25 basis points per annum if the Scope 1 and Scope 2 greenhouse gas emissions sustainability performance target is not met. The 2022 Senior Notes have a face amount of $700 million, mature in 2052, and pay interest semi-annually at 4.70% per annum. The issuer received proceeds totaling $1.98 billion from the issuance of the Notes, net of financing costs and discounts. The Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The Notes contain customary optional redemption and par call provisions. The Notes also contain a change of control provision which requires the issuer to make an offer to purchase all or any part of the 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 Notes. The Notes are subject to customary non-financial covenants. On October 3, 2022, the Company replaced its existing $2,000 million five-year revolving credit facility with a new $2,500 million five-year revolving credit facility that will expire on October 1, 2027. On the same date, the Company replaced its existing $500 million 364-day revolving credit facility with a new $500 million 364-day revolving credit facility that will expire on October 2, 2023. The revolving credit facilities totaling $3,000 million 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. In October 2022, the Company also upsized its commercial paper program to $3,000 million. There were no borrowings outstanding under Eaton’s revolving credit facilities at September 30, 2022. The Company had access to the commercial paper markets through its $3,000 million commercial paper program, of which $878 million was outstanding on September 30, 2022.

RETIREMENT BENEFITS PLANS

RETIREMENT BENEFITS PLANS	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
RETIREMENT BENEFITS PLANS	RETIREMENT BENEFITS PLANS The components of retirement benefits expense (income) are as follows: United States Non-United States Other postretirement Three months ended September 30 (In millions) 2022 2021 2022 2021 2022 2021 Service cost $ 6 $ 9 $ 15 $ 17 $ — $ 1 Interest cost 32 19 12 9 2 1 Expected return on plan assets (50) (56) (28) (30) — — Amortization 2 8 11 18 (1) (3) (10) (20) 9 14 — (1) Settlements and curtailments 18 20 — 15 — (1) Total expense (income) $ 8 $ — $ 10 $ 29 $ — $ (2) United States Non-United States Other postretirement Nine months ended September 30 (In millions) 2022 2021 2022 2021 2022 2021 Service cost $ 22 $ 29 $ 45 $ 55 $ 1 $ 1 Interest cost 80 52 36 30 5 4 Expected return on plan assets (155) (167) (88) (90) — — Amortization 14 28 35 55 (5) (4) (39) (58) 27 50 — 1 Settlements and curtailments 49 46 1 16 — (1) Total expense (income) $ 10 $ (12) $ 29 $ 66 $ — $ — The components of retirement benefits expense (income) other than service costs are included in Other expense (income) - net. 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 third quarter and first nine months of 2022, the Company recognized settlement losses from lump-sum distributions of $18 million and $50 million, respectively. During the third quarter and first nine months of 2021, the Company recognized settlement losses from lump-sum distributions of $21 million and $48 million, respectively. The Company remeasured certain pension plans as a result of lump-sum distributions exceeding or expected to exceed the sum of service and interest costs for the year. These remeasurements resulted in the following changes: Increase (decrease) Increase (decrease) Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Funded status $ (88) $ (49) $ (178) $ 132 Accumulated other comprehensive loss 88 49 178 (132) Total retirement benefits expense for the third quarter and first nine months of 2021 of $27 million and $54 million, respectively, included $13 million of settlement and curtailment expense related to the sale of the Hydraulics business discussed in Note 2.

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
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 and indemnity claims, 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 Condensed Consolidated Financial Statements.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rate for the third quarter of 2022 was expense of 15.5% compared to expense of 43.4% for the third quarter of 2021. The effective income tax rate for the first nine months of 2022 was expense of 15.4% compared to expense of 29.8% for the first nine months of 2021. The decrease in the effective tax rate in the third quarter and first nine months of 2022 was primarily due to the one-time tax impact on the gain from the sale of the Hydraulics business in the third quarter of 2021 discussed in Note 2. Brazil Tax Years 2005-2012 The Company has two Brazilian tax cases primarily relating to the amortization of certain goodwill generated from the acquisition of third-party businesses and corporate reorganizations. One case involves tax years 2005-2008 (Case 1), and the other involves tax years 2009-2012 (Case 2). Case 2 is proceeding on a more accelerated timeline than Case 1. For Case 2, the Company received a tax assessment in 2014 that included interest and penalties. In November 2019, the Company received an unfavorable result at the final tax administrative appeals level, resulting in an alleged tax deficiency of $26 million plus $98 million of interest and penalties (translated at the September 30, 2022 exchange rate). The Company is challenging this assessment in the judicial system and, on April 18, 2022, received an unfavorable decision at the first judicial level. On April 27, 2022, the Company filed a motion for clarification relating to that decision. On May 20, 2022, the court largely upheld its prior decision without further clarification. On June 9, 2022, the Company filed its notice of appeal to the second level court. The Company intends to continue its challenge of this assessment in the judicial system. As previously disclosed for Case 1, the Company received a separate tax assessment alleging a tax deficiency of $31 million plus $106 million of interest and penalties (translated at the September 30, 2022 exchange rate), which the Company is challenging in the judicial system. This case is still pending resolution at the first judicial level. Both cases are expected to take several years to resolve through the Brazilian judicial system and require provision of certain assets as security for the alleged deficiencies. As of September 30, 2022, the Company pledged Brazilian real estate assets with net book value of $19 million and provided additional security in the form of bank secured bonds and insurance bonds totaling $110 million and a cash deposit of $18 million (translated at the September 30, 2022 exchange rate). U.S. Tax Years 2005-2006 In 2011, the United States Internal Revenue Service (IRS) issued a Statutory Notice of Deficiency for the Company’s United States subsidiaries (Eaton US) for the 2005 and 2006 tax years (the 2005-06 Notice), which Eaton US contested in United States Tax Court. The 2005-06 Notice proposed assessments of $75 million in additional taxes plus $52 million 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 APA pricing methodology for 2011 through the current reporting period. Immediately prior to the 2005-06 Notice being issued, the IRS sent a letter stating that it was retrospectively canceling the APAs. The case in Tax Court involved whether the IRS improperly cancelled the APAs. On July 26, 2017, the 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. In July 2022, the Sixth Circuit panel heard oral arguments, and on August 25, 2022, issued a ruling in favor of Eaton US, confirming that the IRS must abide by the terms of the APAs. The Sixth Circuit’s ruling did not have a material impact on the Company’s consolidated financial statements. The IRS has until November 23, 2022 to file a petition with the U.S. Supreme Court, if they elect to do so. U.S. Tax Years 2007-2010 In 2014, the IRS issued a Statutory Notice of Deficiency for Eaton US for the 2007 through 2010 tax years (the 2007-10 Notice), which Eaton US contested in Tax Court. The 2007-10 Notice proposed assessments of $190 million in additional taxes plus $72 million in penalties, net of agreed credits and deductions. The proposed assessments pertain to: (i) the same transfer pricing issues and APA for which the Tax Court and Sixth Circuit have issued rulings as noted above; and (ii) the separate proposed assessment noted below. The Company believes that the Sixth Circuit Court of Appeals ruling discussed above for tax years 2005-2006 should also resolve the APA cancellation issue for the 2007-2010 years. Eaton and the IRS have recognized that the ruling on the enforceability of the APA did not address a secondary issue regarding the transfer pricing for a certain royalty paid from 2006-2010. Eaton US reported a consistent royalty rate for 2006-2010. The IRS has agreed to the royalty rate as reported by Eaton US in 2006. Although the IRS has not proposed an alternative rate, it has not agreed to apply the same royalty rate in the 2007-2010 years. The 2007-10 Notice also includes a separate proposed assessment involving the recognition of income for several of Eaton US’s controlled foreign corporations. The Company believes that the proposed assessment is without merit and contested the matter in Tax Court. In October 2017, Eaton and the IRS both moved for partial summary judgment on this issue. On February 25, 2019, the Tax Court granted the IRS’s motion for partial summary judgment and denied Eaton’s. The Company intends to appeal the Tax Court’s partial summary judgment decision to the United States Sixth Circuit Court of Appeals. The total potential impact of the Tax Court's partial summary judgment decision on the controlled foreign corporation income recognition issue is not estimable until all matters in the open tax years have been resolved. The Company believes that the final resolution of the Brazil assessments and remaining U.S. assessments for Tax Years 2007-2010 discussed above will not have a material impact on its condensed consolidated financial statements. The ultimate outcome of these matters cannot be predicted with certainty given the complex nature of tax controversies. Should the ultimate outcome of any one of these matters deviate from our reasonable expectations, they may have a material adverse impact on the Company’s condensed consolidated financial statements. However, Eaton believes that its interpretations of tax laws and application of tax laws to its facts are correct, and that its accrual of unrecognized income tax benefits is appropriate with respect to these matters.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY On February 27, 2019, the Board of Directors adopted a share repurchase program for share repurchases up to $5.0 billion of ordinary shares (2019 Program). On February 23, 2022, the Board renewed the 2019 Program by providing authority for up to $5.0 billion in repurchases to be made during the three-year period commencing on that date (2022 Program). Under the 2022 Program, the ordinary shares are expected to be repurchased over time, depending on market conditions, the market price of ordinary shares, capital levels, and other considerations. During the three and nine months ended September 30, 2022, 0.7 million and 2.0 million ordinary shares, respectively, were repurchased under the 2022 program in the open market at a total cost of $100 million and $286 million, respectively. During the three and nine months ended September 30, 2021, 0.3 million and 0.9 million ordinary shares, respectively, were repurchased under the 2019 Program in the open market at a total cost of $46 million and $122 million, respectively. The changes in Shareholders’ equity are as follows: 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, 2022 398.8 $ 4 $ 12,449 $ 7,594 $ (3,633) $ (1) $ 16,413 $ 38 $ 16,451 Net income — — — 532 — — 532 1 533 Other comprehensive income, net of tax 116 116 — 116 Cash dividends paid and accrued — — — (331) — — (331) (2) (333) Issuance of shares under equity-based compensation plans 0.8 — (22) (2) — — (24) — (24) Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — (1) (1) Repurchase of shares (0.6) — — (86) — — (86) — (86) Balance at March 31, 2022 399.0 $ 4 $ 12,427 $ 7,707 $ (3,517) $ (1) $ 16,620 $ 36 $ 16,656 Net income — — — 601 — — 601 — 601 Other comprehensive loss, net of tax (444) (444) (444) Cash dividends paid — — — (323) — — (323) — (323) Issuance of shares under equity-based compensation plans — — 26 1 — — 27 — 27 Changes in noncontrolling interest of consolidated subsidiaries - net — — (1) — — — (1) — (1) Repurchase of shares (0.7) — — (100) — — (100) — (100) Balance at June 30, 2022 398.3 $ 4 $ 12,452 $ 7,886 $ (3,961) $ (1) $ 16,380 $ 36 $ 16,416 Net income — — — 607 — — 607 1 608 Other comprehensive loss, net of tax (522) (522) (522) Cash dividends paid — — — (323) — — (323) — (323) Issuance of shares under equity-based compensation plans 0.1 — 26 — — — 26 — 26 Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — (2) (2) Repurchase of shares (0.7) — — (100) — — (100) — (100) Balance at September 30, 2022 397.7 $ 4 $ 12,478 $ 8,070 $ (4,483) $ (1) $ 16,068 $ 35 $ 16,103 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 Net income — — — 629 — — 629 1 630 Other comprehensive income, net of tax 243 243 243 Cash dividends paid — — — (303) — — (303) — (303) Issuance of shares under equity-based compensation plans 0.3 — 43 (3) — — 40 — 40 Repurchase of shares (0.3) — — (46) — — (46) — (46) Balance at September 30, 2021 398.6 $ 4 $ 12,411 $ 7,345 $ (3,788) $ (1) $ 15,971 $ 43 $ 16,014 The changes in Accumulated other comprehensive loss are as follows: (In millions) Currency translation and related hedging instruments Pensions and other postretirement benefits Cash flow Total Balance at January 1, 2022 $ (2,617) $ (986) $ (30) $ (3,633) Other comprehensive income (loss) before (1,015) (45) 136 (924) Amounts reclassified from Accumulated other — 77 (3) 74 Net current-period Other comprehensive (1,015) 32 133 (850) Balance at September 30, 2022 $ (3,633) $ (953) $ 103 $ (4,483) The reclassifications out of Accumulated other comprehensive loss are as follows: (In millions) Nine months ended September 30, 2022 Consolidated statements Amortization of defined benefit pensions and other postretirement benefits items Actuarial loss and prior service cost $ (94) 1 Tax benefit 16 Total, net of tax (77) Gains and (losses) on cash flow hedges Floating-to-fixed interest rate swaps 1 Interest expense - net Currency exchange contracts 3 Net sales and Cost of products sold Tax expense (1) Total, net of tax 3 Total reclassifications for the period $ (74) 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 is as follows: Three months ended Nine months ended (In millions except for per share data) 2022 2021 2022 2021 Net income attributable to Eaton ordinary shareholders $ 607 $ 629 $ 1,741 $ 1,593 Weighted-average number of ordinary shares outstanding - diluted 400.3 401.9 400.9 401.4 Less dilutive effect of equity-based compensation 1.9 3.0 2.0 2.7 Weighted-average number of ordinary shares outstanding - basic 398.4 398.9 398.9 398.7 Net income per share attributable to Eaton ordinary shareholders Diluted $ 1.52 $ 1.57 $ 4.34 $ 3.97 Basic 1.52 1.58 4.36 4.00

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
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, is as follows: (In millions) Total Level 1 Level 2 Level 3 September 30, 2022 Cash $ 231 $ 231 $ — $ — Short-term investments 287 287 — — Net derivative contracts (42) — (42) — Contingent consideration from acquisition of Green Motion (57) — — (57) December 31, 2021 Cash $ 297 $ 297 $ — $ — Short-term investments 271 271 — — Net derivative contracts 41 — 41 — Contingent consideration from acquisition of Green Motion (57) — — (57) 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. 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 $106 million, including $49 million of cash paid at closing and $57 million 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 million. Other Fair Value Measurements Long-term debt and the current portion of long-term debt had a carrying value of $8,105 million and fair value of $7,375 million at September 30, 2022 compared to $8,566 million and $9,232 million, respectively, at December 31, 2021. The fair value of Eaton's debt instruments were estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and is considered a Level 2 fair value measurement.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2022
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 non-derivative net investment hedging instruments had a carrying value on an after-tax basis of $2,477 million at September 30, 2022 and $2,880 million at December 31, 2021. Derivative Financial Statement Impacts The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets is as follows: (In millions) Notional Other Other Other Other Type of Term September 30, 2022 Derivatives designated as hedges Currency exchange contracts $ 1,215 $ 38 $ 3 $ 34 $ 23 Cash flow 1 to 36 months Commodity contracts 62 — — 8 — Cash flow 1 to 12 months Total $ 38 $ 3 $ 42 $ 23 Derivatives not designated as hedges Currency exchange contracts $ 4,337 $ 20 $ 38 1 to 12 months December 31, 2021 Derivatives designated as hedges Fixed-to-floating interest rate $ 1,800 $ 22 $ 29 $ — $ — Fair value 8 months to 13 years Forward starting floating-to-fixed 1,350 — 38 — 79 Cash flow 11 to 31 years Currency exchange contracts 1,212 17 2 11 3 Cash flow 1 to 36 months Commodity contracts 50 2 — 1 — Cash flow 1 to 12 months Total $ 41 $ 69 $ 12 $ 82 Derivatives not designated as hedges Currency exchange contracts $ 5,285 $ 34 $ 9 1 to 12 months Commodity contracts 62 1 1 1 month Total $ 35 $ 10 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 Statement of Cash Flows. As of September 30, 2022, the volume of outstanding commodity contracts that were entered into to hedge forecasted transactions: Commodity September 30, 2022 Term Aluminum 2 Millions of pounds 1 to 12 months Copper 10 Millions of pounds 1 to 12 months Gold 1,681 Troy ounces 1 to 12 months Silver 702,021 Troy ounces 1 to 12 months The following amounts were recorded on the Consolidated Balance Sheets related to fixed-to-floating interest rate swaps: (In millions) Carrying amount of the hedged Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities) (a) Location on Consolidated Balance Sheets September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Long-term debt $ (713) $ (2,413) $ (50) $ (84) (a) At September 30, 2022 and December 31, 2021, these amounts include the cumulative liability amount of fair value hedging adjustments remaining for which the hedge accounting has been discontinued of $50 million and $33 million, respectively. The impact of hedging activities to the Consolidated Statements of Income is as follows: Three months ended September 30, 2022 (In millions) Net Sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 5,313 $ 3,545 $ 37 Gain (loss) on derivatives designated as cash flow hedges Forward starting floating-to-fixed interest rate swaps Hedged item $ — $ — $ (1) Derivative designated as hedging instrument — — 1 Currency exchange contracts Hedged item $ 5 $ (6) $ — Derivative designated as hedging instrument (5) 6 — Commodity contracts Hedged item $ — $ 3 $ — Derivative designated as hedging instrument — (3) — Three months ended September 30, 2021 (In millions) Net Sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 4,923 $ 3,338 $ 37 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ — $ (3) $ — Derivative designated as hedging instrument — 3 — Commodity contracts Hedged item $ — $ (2) $ — Derivative designated as hedging instrument — 2 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 9 Derivative designated as hedging instrument — — (9) Nine months ended September 30, 2022 (In millions) Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 15,368 $ 10,319 $ 100 Gain (loss) on derivatives designated as cash flow hedges Forward starting floating-to-fixed interest rate swaps Hedged item $ — $ — $ (1) Derivative designated as hedging instrument — — 1 Currency exchange contracts Hedged item $ 10 $ (12) $ — Derivative designated as hedging instrument (10) 12 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 8 Derivative designated as hedging instrument — — (8) Nine months ended September 30, 2021 (In millions) Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 14,830 $ 10,067 $ 112 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 4 $ (2) $ — Derivative designated as hedging instrument (4) 2 — Commodity contracts Hedged item $ — $ (7) $ — Derivative designated as hedging instrument — 7 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 35 Derivative designated as hedging instrument — — (35) The impact of derivatives not designated as hedges to the Consolidated Statements of Income is as follows: Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Three months ended (In millions) 2022 2021 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ (52) $ (32) Interest expense - net Commodity contracts — 1 Other expense (income) - net and Cost of products sold (a) Total $ (52) $ (31) Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Nine months ended (In millions) 2022 2021 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ (85) $ (9) Interest expense - net Commodity contracts (15) 10 Other expense (income) - net and Cost of products sold (a) Total $ (100) $ 1 (a) In the second quarter of 2022, Eaton changed the presentation of gains and losses associated with derivative contracts for commodities that are not designated as hedges from Cost of product sold to Other expense (income) - net on the Consolidated Statements of Income. Prior period amounts have not been reclassified as they are not material. The impact of derivative and non-derivative instruments designated as hedges to the Consolidated Statements of Income and Comprehensive Income is as follows: Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Three months ended Three months ended (In millions) 2022 2021 2022 2021 Derivatives designated as Forward starting floating-to-fixed $ (36) $ 1 Interest expense - net $ 1 $ — Currency exchange contracts (8) (6) Net sales and Cost of products sold (1) 3 Commodity contracts (3) (3) Cost of products sold (3) 2 Non-derivative designated as net Foreign currency denominated debt 164 74 Interest expense - net — — Total $ 117 $ 66 $ (3) $ 5 Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Nine months ended Nine months ended (In millions) 2022 2021 2022 2021 Derivatives designated as cash Forward starting floating-to-fixed $ 202 $ 62 Interest expense - net $ 1 $ — Currency exchange contracts (18) (11) Net sales and Cost of products sold 3 (2) Commodity contracts (11) 2 Cost of products sold — 7 Non-derivative designated as net Foreign currency denominated debt 405 178 Interest expense - net — — Total $ 577 $ 231 $ 4 $ 5 At September 30, 2022, a loss of $5 million of estimated unrealized net gains or losses associated with our cash flow hedges were expected to be reclassified to income from Accumulated other comprehensive loss within the next twelve months. These reclassifications relate to our designated foreign currency and commodity hedges that will mature in the next 12 months.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	9 Months Ended
	Sep. 30, 2022
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 brought on by the COVID-19 pandemic. Since the inception of the program, the Company has incurred charges of $341 million. These restructuring activities are expected to incur additional expenses of approximately $9 million in 2022 primarily comprised of plant closing and other costs, resulting in total estimated charges of $350 million for the entire program. A summary of restructuring program charges is as follows: Three months ended Nine months ended (In millions except for per share data) 2022 2021 2022 2021 Workforce reductions $ 5 $ 19 $ 11 $ 19 Plant closing and other 17 15 38 44 Total before income taxes 22 34 49 63 Income tax benefit 4 9 10 15 Total after income taxes $ 18 $ 25 $ 39 $ 48 Per ordinary share - diluted $ 0.04 $ 0.06 $ 0.10 $ 0.12 Restructuring program charges related to the following segments: Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Electrical Americas $ 4 $ 5 $ 14 $ 13 Electrical Global 8 11 14 13 Aerospace 2 1 6 4 Vehicle 2 5 8 16 eMobility — — — 1 Corporate 5 12 7 16 Total $ 22 $ 34 $ 49 $ 63 A summary of liabilities related to workforce reductions, plant closing and other associated costs is as follows: (In millions) 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 21 57 78 Payments, utilization and translation (64) (52) (116) Balance at December 31, 2021 $ 96 $ 8 $ 104 Liability recognized 11 38 49 Payments, utilization and translation (35) (41) (75) Balance at September 30, 2022 $ 72 $ 5 $ 78 These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - 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	9 Months Ended
	Sep. 30, 2022
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, Aerospace, Vehicle, and eMobility. On August 2, 2021, Eaton completed the sale of the Hydraulics business. 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 2021 Form 10-K. Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Net sales Electrical Americas $ 2,179 $ 1,854 $ 6,201 $ 5,325 Electrical Global 1,486 1,421 4,418 4,092 Hydraulics — 179 — 1,300 Aerospace 768 745 2,227 1,889 Vehicle 744 640 2,123 1,969 eMobility 137 84 399 255 Total net sales $ 5,313 $ 4,923 $ 15,368 $ 14,830 Segment operating profit (loss) Electrical Americas $ 511 $ 402 $ 1,368 $ 1,127 Electrical Global 305 285 866 757 Hydraulics — 20 — 177 Aerospace 185 164 506 391 Vehicle 125 115 346 349 eMobility (2) (8) (7) (21) Total segment operating profit 1,124 978 3,079 2,780 Corporate Intangible asset amortization expense (124) (126) (375) (326) Interest expense - net (37) (37) (100) (112) Pension and other postretirement benefits income 7 14 35 44 Restructuring program charges (22) (34) (49) (63) Other income (expense) - net (227) 318 (529) (52) Income before income taxes 720 1,113 2,060 2,271 Income tax expense 112 483 316 676 Net income 608 630 1,743 1,595 Less net income for noncontrolling interests (1) (1) (2) (2) Net income attributable to Eaton ordinary shareholders $ 607 $ 629 $ 1,741 $ 1,593

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2022
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 2021 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. Eaton's reporting currency is United States Dollars (USD). The functional currency for most subsidiaries is their local currency. Financial statements for these subsidiaries are translated at exchange rates in effect at the balance sheet date as to assets and liabilities and weighted-average exchange rates as to revenues and expenses. The resulting translation adjustments are recognized in Accumulated other comprehensive loss. For subsidiaries operating in highly inflationary economies, non-monetary assets and liabilities such as inventory and property, plant and equipment and their related expenses are remeasured at historical exchange rates, while monetary assets and liabilities are remeasured at exchange rates in effect at the balance sheet date. Remeasurement adjustments for these subsidiaries are recognized in income. Certain prior year amounts have been reclassified to conform to the current year presentation.

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES OF BUSINESSES (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	(In millions) Preliminary Allocation Measurement Period Adjustments Final Short-term investments $ 5 $ — $ 5 Accounts receivable 94 (1) 93 Inventory 184 (5) 179 Prepaid expenses and other current assets 6 (1) 5 Property, plant and equipment 6 (5) 1 Other intangible assets 630 (26) 604 Other assets — 2 2 Accounts payable (13) — (13) Other current liabilities (32) (2) (34) Other noncurrent liabilities (157) (10) (167) Total identifiable net assets 723 (48) 675 Goodwill 928 48 976 Total consideration, net of cash received $ 1,651 $ — $ 1,651 (In millions) Preliminary Allocation Measurement Period Adjustments Final Accounts receivable $ 84 $ — $ 84 Inventory 179 (1) 178 Prepaid expenses and other current assets 45 5 50 Property, plant and equipment 86 11 97 Other intangible assets 1,575 (113) 1,462 Other assets 19 (4) 15 Accounts payable (40) — (40) Other current liabilities (159) (43) (202) Other noncurrent liabilities (77) (31) (108) Total identifiable net assets 1,712 (176) 1,536 Goodwill 1,088 176 1,264 Total consideration, net of cash received $ 2,800 $ — $ 2,800 (In millions) Preliminary Allocation Measurement Period Adjustments Adjusted Preliminary Allocation Accounts receivable $ 36 $ — $ 36 Inventory 43 5 48 Prepaid expenses and other current assets 1 — 1 Property, plant and equipment 25 — 25 Other intangible assets 306 — 306 Other assets 21 (21) — Accounts payable (24) — (24) Other current liabilities (10) — (10) Other noncurrent liabilities (70) 20 (50) Total identifiable net assets 328 4 332 Goodwill 284 (4) 280 Total consideration, net of cash received $ 612 $ — $ 612

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Sales	The following table provides disaggregated sales by lines of businesses, geographic destination, market channel or end market, as applicable, for the Company's operating segments: Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Electrical Americas Products $ 737 $ 594 $ 2,034 $ 1,669 Systems 1,442 1,260 4,167 3,656 Total $ 2,179 $ 1,854 $ 6,201 $ 5,325 Electrical Global Products $ 855 $ 887 $ 2,609 $ 2,446 Systems 631 534 1,809 1,646 Total $ 1,486 $ 1,421 $ 4,418 $ 4,092 Hydraulics United States $ — $ 77 $ — $ 534 Rest of World — 102 — 766 Total $ — $ 179 $ — $ 1,300 Aerospace Original Equipment Manufacturers $ 303 $ 281 $ 881 $ 728 Aftermarket 256 238 719 575 Industrial and Other 209 226 628 586 Total $ 768 $ 745 $ 2,227 $ 1,889 Vehicle Commercial $ 460 $ 364 $ 1,307 $ 1,090 Passenger and Light Duty 284 276 816 879 Total $ 744 $ 640 $ 2,123 $ 1,969 eMobility $ 137 $ 84 $ 399 $ 255 Total net sales $ 5,313 $ 4,923 $ 15,368 $ 14,830
Schedule of Changes in Deferred Revenue Liabilities	Changes in the deferred revenue liabilities are as follows: (In millions) Deferred Revenue Balance at January 1, 2022 $ 422 Customer deposits and billings 1,135 Revenue recognized in the period (1,086) Translation and other (42) Balance at September 30, 2022 $ 429 (In millions) Deferred Revenue Balance at January 1, 2021 $ 257 Customer deposits and billings 891 Revenue recognized in the period (858) Deferred revenue from business acquisitions 99 Translation and other (8) Balance at September 30, 2021 $ 381

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventory are as follows: (In millions) September 30, December 31, Raw materials $ 1,220 $ 1,096 Work-in-process 822 620 Finished goods 1,386 1,253 Total inventory $ 3,428 $ 2,969

GOODWILL (Tables)

GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill by segment are as follows: (In millions) January 1, Additions Translation September 30, Electrical Americas $ 7,417 $ 5 $ (34) $ 7,387 Electrical Global 4,183 2 (476) 3,709 Aerospace 2,781 184 (224) 2,741 Vehicle 290 — (6) 284 eMobility 80 280 (3) 358 Total $ 14,751 $ 471 $ (743) $ 14,479

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Schedule of Retirement Benefits Expense	The components of retirement benefits expense (income) are as follows: United States Non-United States Other postretirement Three months ended September 30 (In millions) 2022 2021 2022 2021 2022 2021 Service cost $ 6 $ 9 $ 15 $ 17 $ — $ 1 Interest cost 32 19 12 9 2 1 Expected return on plan assets (50) (56) (28) (30) — — Amortization 2 8 11 18 (1) (3) (10) (20) 9 14 — (1) Settlements and curtailments 18 20 — 15 — (1) Total expense (income) $ 8 $ — $ 10 $ 29 $ — $ (2) United States Non-United States Other postretirement Nine months ended September 30 (In millions) 2022 2021 2022 2021 2022 2021 Service cost $ 22 $ 29 $ 45 $ 55 $ 1 $ 1 Interest cost 80 52 36 30 5 4 Expected return on plan assets (155) (167) (88) (90) — — Amortization 14 28 35 55 (5) (4) (39) (58) 27 50 — 1 Settlements and curtailments 49 46 1 16 — (1) Total expense (income) $ 10 $ (12) $ 29 $ 66 $ — $ —
Schedule of Defined Benefit Plans Disclosures	These remeasurements resulted in the following changes: Increase (decrease) Increase (decrease) Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Funded status $ (88) $ (49) $ (178) $ 132 Accumulated other comprehensive loss 88 49 178 (132)

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Changes in Shareholders' Equity	The changes in Shareholders’ equity are as follows: 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, 2022 398.8 $ 4 $ 12,449 $ 7,594 $ (3,633) $ (1) $ 16,413 $ 38 $ 16,451 Net income — — — 532 — — 532 1 533 Other comprehensive income, net of tax 116 116 — 116 Cash dividends paid and accrued — — — (331) — — (331) (2) (333) Issuance of shares under equity-based compensation plans 0.8 — (22) (2) — — (24) — (24) Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — (1) (1) Repurchase of shares (0.6) — — (86) — — (86) — (86) Balance at March 31, 2022 399.0 $ 4 $ 12,427 $ 7,707 $ (3,517) $ (1) $ 16,620 $ 36 $ 16,656 Net income — — — 601 — — 601 — 601 Other comprehensive loss, net of tax (444) (444) (444) Cash dividends paid — — — (323) — — (323) — (323) Issuance of shares under equity-based compensation plans — — 26 1 — — 27 — 27 Changes in noncontrolling interest of consolidated subsidiaries - net — — (1) — — — (1) — (1) Repurchase of shares (0.7) — — (100) — — (100) — (100) Balance at June 30, 2022 398.3 $ 4 $ 12,452 $ 7,886 $ (3,961) $ (1) $ 16,380 $ 36 $ 16,416 Net income — — — 607 — — 607 1 608 Other comprehensive loss, net of tax (522) (522) (522) Cash dividends paid — — — (323) — — (323) — (323) Issuance of shares under equity-based compensation plans 0.1 — 26 — — — 26 — 26 Changes in noncontrolling interest of consolidated subsidiaries - net — — — — — — — (2) (2) Repurchase of shares (0.7) — — (100) — — (100) — (100) Balance at September 30, 2022 397.7 $ 4 $ 12,478 $ 8,070 $ (4,483) $ (1) $ 16,068 $ 35 $ 16,103 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 Net income — — — 629 — — 629 1 630 Other comprehensive income, net of tax 243 243 243 Cash dividends paid — — — (303) — — (303) — (303) Issuance of shares under equity-based compensation plans 0.3 — 43 (3) — — 40 — 40 Repurchase of shares (0.3) — — (46) — — (46) — (46) Balance at September 30, 2021 398.6 $ 4 $ 12,411 $ 7,345 $ (3,788) $ (1) $ 15,971 $ 43 $ 16,014
Schedule of Accumulated Other Comprehensive Loss	The changes in Accumulated other comprehensive loss are as follows: (In millions) Currency translation and related hedging instruments Pensions and other postretirement benefits Cash flow Total Balance at January 1, 2022 $ (2,617) $ (986) $ (30) $ (3,633) Other comprehensive income (loss) before (1,015) (45) 136 (924) Amounts reclassified from Accumulated other — 77 (3) 74 Net current-period Other comprehensive (1,015) 32 133 (850) Balance at September 30, 2022 $ (3,633) $ (953) $ 103 $ (4,483)
Schedule of Reclassifications of Accumulated Other Comprehensive Loss	The reclassifications out of Accumulated other comprehensive loss are as follows: (In millions) Nine months ended September 30, 2022 Consolidated statements Amortization of defined benefit pensions and other postretirement benefits items Actuarial loss and prior service cost $ (94) 1 Tax benefit 16 Total, net of tax (77) Gains and (losses) on cash flow hedges Floating-to-fixed interest rate swaps 1 Interest expense - net Currency exchange contracts 3 Net sales and Cost of products sold Tax expense (1) Total, net of tax 3 Total reclassifications for the period $ (74) 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 is as follows: Three months ended Nine months ended (In millions except for per share data) 2022 2021 2022 2021 Net income attributable to Eaton ordinary shareholders $ 607 $ 629 $ 1,741 $ 1,593 Weighted-average number of ordinary shares outstanding - diluted 400.3 401.9 400.9 401.4 Less dilutive effect of equity-based compensation 1.9 3.0 2.0 2.7 Weighted-average number of ordinary shares outstanding - basic 398.4 398.9 398.9 398.7 Net income per share attributable to Eaton ordinary shareholders Diluted $ 1.52 $ 1.57 $ 4.34 $ 3.97 Basic 1.52 1.58 4.36 4.00

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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, is as follows: (In millions) Total Level 1 Level 2 Level 3 September 30, 2022 Cash $ 231 $ 231 $ — $ — Short-term investments 287 287 — — Net derivative contracts (42) — (42) — Contingent consideration from acquisition of Green Motion (57) — — (57) December 31, 2021 Cash $ 297 $ 297 $ — $ — Short-term investments 271 271 — — Net derivative contracts 41 — 41 — Contingent consideration from acquisition of Green Motion (57) — — (57)

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2022
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 is as follows: (In millions) Notional Other Other Other Other Type of Term September 30, 2022 Derivatives designated as hedges Currency exchange contracts $ 1,215 $ 38 $ 3 $ 34 $ 23 Cash flow 1 to 36 months Commodity contracts 62 — — 8 — Cash flow 1 to 12 months Total $ 38 $ 3 $ 42 $ 23 Derivatives not designated as hedges Currency exchange contracts $ 4,337 $ 20 $ 38 1 to 12 months December 31, 2021 Derivatives designated as hedges Fixed-to-floating interest rate $ 1,800 $ 22 $ 29 $ — $ — Fair value 8 months to 13 years Forward starting floating-to-fixed 1,350 — 38 — 79 Cash flow 11 to 31 years Currency exchange contracts 1,212 17 2 11 3 Cash flow 1 to 36 months Commodity contracts 50 2 — 1 — Cash flow 1 to 12 months Total $ 41 $ 69 $ 12 $ 82 Derivatives not designated as hedges Currency exchange contracts $ 5,285 $ 34 $ 9 1 to 12 months Commodity contracts 62 1 1 1 month Total $ 35 $ 10
Schedule of Notional Amounts of Outstanding Derivative Positions	As of September 30, 2022, the volume of outstanding commodity contracts that were entered into to hedge forecasted transactions: Commodity September 30, 2022 Term Aluminum 2 Millions of pounds 1 to 12 months Copper 10 Millions of pounds 1 to 12 months Gold 1,681 Troy ounces 1 to 12 months Silver 702,021 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: (In millions) Carrying amount of the hedged Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities) (a) Location on Consolidated Balance Sheets September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Long-term debt $ (713) $ (2,413) $ (50) $ (84) (a) At September 30, 2022 and December 31, 2021, these amounts include the cumulative liability amount of fair value hedging adjustments remaining for which the hedge accounting has been discontinued of $50 million and $33 million, respectively.
Schedule of Impact of Hedging Activities to Consolidated Statement of Income	The impact of hedging activities to the Consolidated Statements of Income is as follows: Three months ended September 30, 2022 (In millions) Net Sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 5,313 $ 3,545 $ 37 Gain (loss) on derivatives designated as cash flow hedges Forward starting floating-to-fixed interest rate swaps Hedged item $ — $ — $ (1) Derivative designated as hedging instrument — — 1 Currency exchange contracts Hedged item $ 5 $ (6) $ — Derivative designated as hedging instrument (5) 6 — Commodity contracts Hedged item $ — $ 3 $ — Derivative designated as hedging instrument — (3) — Three months ended September 30, 2021 (In millions) Net Sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 4,923 $ 3,338 $ 37 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ — $ (3) $ — Derivative designated as hedging instrument — 3 — Commodity contracts Hedged item $ — $ (2) $ — Derivative designated as hedging instrument — 2 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 9 Derivative designated as hedging instrument — — (9) Nine months ended September 30, 2022 (In millions) Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 15,368 $ 10,319 $ 100 Gain (loss) on derivatives designated as cash flow hedges Forward starting floating-to-fixed interest rate swaps Hedged item $ — $ — $ (1) Derivative designated as hedging instrument — — 1 Currency exchange contracts Hedged item $ 10 $ (12) $ — Derivative designated as hedging instrument (10) 12 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 8 Derivative designated as hedging instrument — — (8) Nine months ended September 30, 2021 (In millions) Net sales Cost of products sold Interest expense - net Amounts from Consolidated Statements of Income $ 14,830 $ 10,067 $ 112 Gain (loss) on derivatives designated as cash flow hedges Currency exchange contracts Hedged item $ 4 $ (2) $ — Derivative designated as hedging instrument (4) 2 — Commodity contracts Hedged item $ — $ (7) $ — Derivative designated as hedging instrument — 7 — Gain (loss) on derivatives designated as fair value hedges Fixed-to-floating interest rate swaps Hedged item $ — $ — $ 35 Derivative designated as hedging instrument — — (35)
Schedule of Amounts Recognized in Net Income	The impact of derivatives not designated as hedges to the Consolidated Statements of Income is as follows: Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Three months ended (In millions) 2022 2021 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ (52) $ (32) Interest expense - net Commodity contracts — 1 Other expense (income) - net and Cost of products sold (a) Total $ (52) $ (31) Gain (loss) recognized in Consolidated Statements of Income Consolidated Statements of Income classification Nine months ended (In millions) 2022 2021 Gain (loss) on derivatives not designated as hedges Currency exchange contracts $ (85) $ (9) Interest expense - net Commodity contracts (15) 10 Other expense (income) - net and Cost of products sold (a) Total $ (100) $ 1
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 is as follows: Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Three months ended Three months ended (In millions) 2022 2021 2022 2021 Derivatives designated as Forward starting floating-to-fixed $ (36) $ 1 Interest expense - net $ 1 $ — Currency exchange contracts (8) (6) Net sales and Cost of products sold (1) 3 Commodity contracts (3) (3) Cost of products sold (3) 2 Non-derivative designated as net Foreign currency denominated debt 164 74 Interest expense - net — — Total $ 117 $ 66 $ (3) $ 5 Gain (loss) recognized in Location of gain (loss) Gain (loss) reclassified Nine months ended Nine months ended (In millions) 2022 2021 2022 2021 Derivatives designated as cash Forward starting floating-to-fixed $ 202 $ 62 Interest expense - net $ 1 $ — Currency exchange contracts (18) (11) Net sales and Cost of products sold 3 (2) Commodity contracts (11) 2 Cost of products sold — 7 Non-derivative designated as net Foreign currency denominated debt 405 178 Interest expense - net — — Total $ 577 $ 231 $ 4 $ 5

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Program Charges	A summary of restructuring program charges is as follows: Three months ended Nine months ended (In millions except for per share data) 2022 2021 2022 2021 Workforce reductions $ 5 $ 19 $ 11 $ 19 Plant closing and other 17 15 38 44 Total before income taxes 22 34 49 63 Income tax benefit 4 9 10 15 Total after income taxes $ 18 $ 25 $ 39 $ 48 Per ordinary share - diluted $ 0.04 $ 0.06 $ 0.10 $ 0.12 Restructuring program charges related to the following segments: Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Electrical Americas $ 4 $ 5 $ 14 $ 13 Electrical Global 8 11 14 13 Aerospace 2 1 6 4 Vehicle 2 5 8 16 eMobility — — — 1 Corporate 5 12 7 16 Total $ 22 $ 34 $ 49 $ 63
Schedule of Liabilities Related to Restructuring	A summary of liabilities related to workforce reductions, plant closing and other associated costs is as follows: (In millions) 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 21 57 78 Payments, utilization and translation (64) (52) (116) Balance at December 31, 2021 $ 96 $ 8 $ 104 Liability recognized 11 38 49 Payments, utilization and translation (35) (41) (75) Balance at September 30, 2022 $ 72 $ 5 $ 78

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Business Segment Information	Three months ended Nine months ended (In millions) 2022 2021 2022 2021 Net sales Electrical Americas $ 2,179 $ 1,854 $ 6,201 $ 5,325 Electrical Global 1,486 1,421 4,418 4,092 Hydraulics — 179 — 1,300 Aerospace 768 745 2,227 1,889 Vehicle 744 640 2,123 1,969 eMobility 137 84 399 255 Total net sales $ 5,313 $ 4,923 $ 15,368 $ 14,830 Segment operating profit (loss) Electrical Americas $ 511 $ 402 $ 1,368 $ 1,127 Electrical Global 305 285 866 757 Hydraulics — 20 — 177 Aerospace 185 164 506 391 Vehicle 125 115 346 349 eMobility (2) (8) (7) (21) Total segment operating profit 1,124 978 3,079 2,780 Corporate Intangible asset amortization expense (124) (126) (375) (326) Interest expense - net (37) (37) (100) (112) Pension and other postretirement benefits income 7 14 35 44 Restructuring program charges (22) (34) (49) (63) Other income (expense) - net (227) 318 (529) (52) Income before income taxes 720 1,113 2,060 2,271 Income tax expense 112 483 316 676 Net income 608 630 1,743 1,595 Less net income for noncontrolling interests (1) (1) (2) (2) Net income attributable to Eaton ordinary shareholders $ 607 $ 629 $ 1,741 $ 1,593

ACQUISITIONS AND DIVESTITURES_3

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

3 Months Ended

4 Months Ended

7 Months Ended

9 Months Ended

Jan. 05, 2022

Aug. 02, 2021

Jun. 01, 2021

Mar. 17, 2021

Sep. 30, 2022

Jun. 30, 2022

Sep. 30, 2021

Sep. 30, 2021

Aug. 02, 2021

Sep. 30, 2022

Sep. 30, 2021

Jul. 01, 2022

Business Acquisition [Line Items]

Cash purchase price, net of cash received

$ 612

$ 4,500

Other income (expense) - net

$ (34)

$ (66)

16

(38)

War With Russia And Ukraine

Business Acquisition [Line Items]

Other income (expense) - net

$ 29

Held-for-sale | Hydraulics Business

Business Acquisition [Line Items]

Consideration received, net of cash sold

$ 3,100

$ 22

$ 3,100

Disposed of by Sale | Hydraulics Business

Business Acquisition [Line Items]

Pre-tax gain (loss) on disposal

$ 617

24

Sales of business sold

$ 1,300

Tripp Lite

Business Acquisition [Line Items]

Cash purchase price, net of cash received

$ 1,650

Other intangible assets

630

604

604

Revenue of acquiree since acquisition date

283

Operating profit of acquiree since acquisition date

$ 96

Tripp Lite | Customer relationships

Business Acquisition [Line Items]

Other intangible assets

$ 539

Useful life of intangible assets acquired

20 years

Tripp Lite | Technology intangible assets

Business Acquisition [Line Items]

Other intangible assets

$ 32

Useful life of intangible assets acquired

5 years

Tripp Lite | Trademarks

Business Acquisition [Line Items]

Other intangible assets

$ 33

Useful life of intangible assets acquired

15 years

Mission Systems

Business Acquisition [Line Items]

Goodwill, expected to be deductible for tax purposes

$ 572

Cash purchase price, net of cash received

2,800

Other intangible assets

1,575

1,462

1,462

Revenue of acquiree since acquisition date

$ 252

Operating profit of acquiree since acquisition date

$ 65

Mission Systems | Customer relationships

Business Acquisition [Line Items]

Other intangible assets

$ 764

Useful life of intangible assets acquired

22 years

Mission Systems | Technology intangible assets

Business Acquisition [Line Items]

Other intangible assets

$ 612

Useful life of intangible assets acquired

21 years

Mission Systems | Backlog

Business Acquisition [Line Items]

Other intangible assets

$ 86

Useful life of intangible assets acquired

2 years

Royal Power Solutions

Business Acquisition [Line Items]

Cash purchase price, net of cash received

$ 612

Other intangible assets

$ 306

$ 306

306

Revenue of acquiree since acquisition date

120

Operating profit of acquiree since acquisition date

$ 17

Jiangsu Huineng Electric Co Ltd's circuit breaker business

Business Acquisition [Line Items]

Ownership interest acquired

50%

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES OF BUSINESSES - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended	13 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jan. 05, 2022	Dec. 31, 2021	Jun. 01, 2021	Mar. 17, 2021
Allocations
Goodwill	$ 14,479				$ 14,751
Tripp Lite
Allocations
Short-term investments	5						$ 5
Accounts receivable	93						94
Inventory	179						184
Prepaid expenses and other current assets	5						6
Property, plant and equipment	1						6
Other intangible assets	604						630
Other assets	2						0
Accounts payable	(13)						(13)
Other current liabilities	(34)						(32)
Other noncurrent liabilities	(167)						(157)
Total identifiable net assets	675						723
Goodwill	976						928
Total consideration, net of cash received	1,651						$ 1,651
Measurement Period Adjustments
Accounts receivable		$ (1)
Inventory		(5)
Prepaid expenses and other current assets		(1)
Property, plant and equipment		(5)
Other intangible assets		(26)
Other assets		2
Other current liabilities		(2)
Other noncurrent liabilities		(10)
Total identifiable net assets		(48)
Goodwill		48
Total consideration, net of cash received		$ 0
Mission Systems
Allocations
Accounts receivable	84					$ 84
Inventory	178					179
Prepaid expenses and other current assets	50					45
Property, plant and equipment	97					86
Other intangible assets	1,462					1,575
Other assets	15					19
Accounts payable	(40)					(40)
Other current liabilities	(202)					(159)
Other noncurrent liabilities	(108)					(77)
Total identifiable net assets	1,536					1,712
Goodwill	1,264					1,088
Total consideration, net of cash received	2,800					$ 2,800
Measurement Period Adjustments
Accounts receivable			$ 0
Inventory			(1)
Prepaid expenses and other current assets			5
Property, plant and equipment			11
Other intangible assets			(113)
Other assets			(4)
Accounts payable			0
Other current liabilities			(43)
Other noncurrent liabilities			(31)
Total identifiable net assets			(176)
Goodwill			176
Total consideration, net of cash received			$ 0
Royal Power Solutions
Allocations
Accounts receivable	36			$ 36
Inventory	48			43
Prepaid expenses and other current assets	1			1
Property, plant and equipment	25			25
Other intangible assets	306			306
Other assets	0			21
Accounts payable	(24)			(24)
Other current liabilities	(10)			(10)
Other noncurrent liabilities	(50)			(70)
Total identifiable net assets	332			328
Goodwill	280			284
Total consideration, net of cash received	612			$ 612
Measurement Period Adjustments
Accounts receivable	0
Inventory	5
Prepaid expenses and other current assets	0
Property, plant and equipment	0
Other intangible assets	0
Other assets	(21)
Other current liabilities	0
Other noncurrent liabilities	20
Total identifiable net assets	4
Goodwill	(4)
Total consideration, net of cash received	$ 0

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivables from customers	$ 3,394	$ 2,896
Unbilled receivables	231	187
Deferred revenue liabilities, included in other current liabilities	407	$ 395
Backlog of unsatisfied or partially satisfied obligations	$ 11,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Disaggregation of Revenue [Line Items]
Backlog expected to be recognized in the next twelve months, percent	82%
Expected timing of satisfaction	12 months

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 5,313	$ 4,923	$ 15,368	$ 14,830
Electrical Americas
Disaggregation of Revenue [Line Items]
Net sales	2,179	1,854	6,201	5,325
Electrical Americas | Products
Disaggregation of Revenue [Line Items]
Net sales	737	594	2,034	1,669
Electrical Americas | Systems
Disaggregation of Revenue [Line Items]
Net sales	1,442	1,260	4,167	3,656
Electrical Global
Disaggregation of Revenue [Line Items]
Net sales	1,486	1,421	4,418	4,092
Electrical Global | Products
Disaggregation of Revenue [Line Items]
Net sales	855	887	2,609	2,446
Electrical Global | Systems
Disaggregation of Revenue [Line Items]
Net sales	631	534	1,809	1,646
Hydraulics
Disaggregation of Revenue [Line Items]
Net sales	0	179	0	1,300
Hydraulics | United States
Disaggregation of Revenue [Line Items]
Net sales	0	77	0	534
Hydraulics | Rest of World
Disaggregation of Revenue [Line Items]
Net sales	0	102	0	766
Aerospace
Disaggregation of Revenue [Line Items]
Net sales	768	745	2,227	1,889
Aerospace | Original Equipment Manufacturers
Disaggregation of Revenue [Line Items]
Net sales	303	281	881	728
Aerospace | Aftermarket
Disaggregation of Revenue [Line Items]
Net sales	256	238	719	575
Aerospace | Industrial and Other
Disaggregation of Revenue [Line Items]
Net sales	209	226	628	586
Vehicle
Disaggregation of Revenue [Line Items]
Net sales	744	640	2,123	1,969
Vehicle | Commercial
Disaggregation of Revenue [Line Items]
Net sales	460	364	1,307	1,090
Vehicle | Passenger and Light Duty
Disaggregation of Revenue [Line Items]
Net sales	284	276	816	879
eMobility
Disaggregation of Revenue [Line Items]
Net sales	$ 137	$ 84	$ 399	$ 255

REVENUE RECOGNITION - Changes i

REVENUE RECOGNITION - Changes in Deferred Revenue Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Movement in Deferred Revenue [Roll Forward]
Balance at beginning of period	$ 422	$ 257
Customer deposits and billings	1,135	891
Revenue recognized in the period	(1,086)	(858)
Deferred revenue from business acquisitions		99
Translation and other	(42)	(8)
Balance at end of period	$ 429	$ 381

CREDIT LOSSES FOR RECEIVABLES (

CREDIT LOSSES FOR RECEIVABLES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Allowance for credit losses	$ 43	$ 42

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,220	$ 1,096
Work-in-process	822	620
Finished goods	1,386	1,253
Total inventory	$ 3,428	$ 2,969

GOODWILL (Details)

GOODWILL (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 14,751
Additions	471
Translation	(743)
Balance at end of period	14,479
Electrical Americas
Goodwill [Roll Forward]
Balance at beginning of period	7,417
Additions	5
Translation	(34)
Balance at end of period	7,387
Electrical Global
Goodwill [Roll Forward]
Balance at beginning of period	4,183
Additions	2
Translation	(476)
Balance at end of period	3,709
Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	2,781
Additions	184
Translation	(224)
Balance at end of period	2,741
Vehicle
Goodwill [Roll Forward]
Balance at beginning of period	290
Additions	0
Translation	(6)
Balance at end of period	284
eMobility
Goodwill [Roll Forward]
Balance at beginning of period	80
Additions	280
Translation	(3)
Balance at end of period	$ 358

DEBT (Details)

DEBT (Details) - USD ($)	Aug. 23, 2022	Oct. 03, 2022	Sep. 30, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding			$ 0
Senior notes
Debt Instrument [Line Items]
Proceeds from issuance of notes	$ 1,980,000,000
Redemption price (as a percent)	101%
2022 Sustainability-Linked Notes | Senior notes
Debt Instrument [Line Items]
Face value of debt instrument	$ 1,300,000,000
Debt instrument, stated interest rate (as a percent)	4.15%
2022 Sustainability-Linked Notes | Senior notes | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
2022 Senior Notes | Senior notes
Debt Instrument [Line Items]
Face value of debt instrument	$ 700,000,000
Debt instrument, stated interest rate (as a percent)	4.70%
Five Year Credit Facility | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 2,000,000,000
Long-term debt, term (in years)		5 years
Five Year Credit Facility Expiring On October 1, 2027 | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 2,500,000,000
Long-term debt, term (in years)		5 years
364 Day Credit Facility | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 500,000,000
Long-term debt, term (in years)		364 days
364 Day Credit Facility Expiring On October 2, 2023 | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 500,000,000
Long-term debt, term (in years)		364 days
Commercial Paper | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			3,000,000,000
Borrowings outstanding			$ 878,000,000
Commercial Paper | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 3,000,000,000

RETIREMENT BENEFIT PLANS - Reti

RETIREMENT BENEFIT PLANS - Retirement Benefits Expense (Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension plan
Retirement benefits plans expense (income)
Total expense (income)		$ 27		$ 54
Pension plan | United States pension benefit expense (income)
Retirement benefits plans expense (income)
Service cost	$ 6	9	$ 22	29
Interest cost	32	19	80	52
Expected return on plan assets	(50)	(56)	(155)	(167)
Amortization	2	8	14	28
Total	(10)	(20)	(39)	(58)
Settlements and curtailments	18	20	49	46
Total expense (income)	8	0	10	(12)
Pension plan | Foreign Plan
Retirement benefits plans expense (income)
Service cost	15	17	45	55
Interest cost	12	9	36	30
Expected return on plan assets	(28)	(30)	(88)	(90)
Amortization	11	18	35	55
Total	9	14	27	50
Settlements and curtailments	0	15	1	16
Total expense (income)	10	29	29	66
Postretirement plan
Retirement benefits plans expense (income)
Service cost	0	1	1	1
Interest cost	2	1	5	4
Expected return on plan assets	0	0	0	0
Amortization	(1)	(3)	(5)	(4)
Total	0	(1)	0	1
Settlements and curtailments	0	(1)	0	(1)
Total expense (income)	$ 0	$ (2)	$ 0	$ 0

RETIREMENT BENEFITS PLANS - Nar

RETIREMENT BENEFITS PLANS - Narrative (Details) - Pension plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Settlement loss	$ 18	$ 21	$ 50	$ 48
Retirement benefits expense		27		54
Hydraulics Business
Defined Benefit Plan Disclosure [Line Items]
Settlements and curtailments		$ 13		$ 13

RETIREMENT BENEFITS PLANS - Sum

RETIREMENT BENEFITS PLANS - Summary of Remeasurement Changes (Details) - Pension plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ (88)	$ (49)	$ (178)	$ 132
Accumulated other comprehensive loss	$ 88	$ 49	$ 178	$ (132)

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) taxCase advancedPricingAgreement	Sep. 30, 2021	Sep. 30, 2022 USD ($) taxCase advancedPricingAgreement	Sep. 30, 2021	Aug. 31, 2021 USD ($)	Nov. 30, 2019 USD ($)
Income Tax Examination [Line Items]
Effective income tax rate expense (as a percent)	15.50%	43.40%	15.40%	29.80%
Tax Years 2005-2006
Income Tax Examination [Line Items]
IRS Statutory Notice of Deficiency proposed assessment of additional federal taxes	$ 75		$ 75
Penalties associated with IRS Statutory Notice of Deficiency proposed assessment	$ 52		$ 52
Number of advance pricing agreements | advancedPricingAgreement	2		2
Tax Years 2007-2010
Income Tax Examination [Line Items]
IRS Statutory Notice of Deficiency proposed assessment of additional federal taxes	$ 190		$ 190
Penalties associated with IRS Statutory Notice of Deficiency proposed assessment	72		72
Secretariat of the Federal Revenue Bureau of Brazil
Income Tax Examination [Line Items]
Alleged tax deficiency					$ 31
Income tax examination, penalties and interest accrued					$ 106
Net book value of pledged real estate assets	19		19
Real estate bond	110		110
Pledged cash deposit	$ 18		$ 18
Secretariat of the Federal Revenue Bureau of Brazil | Tax Years 2005-2012
Income Tax Examination [Line Items]
Number of tax cases | taxCase	2		2
Alleged tax deficiency						$ 26
Income tax examination, penalties and interest accrued						$ 98

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) shares in Millions		3 Months Ended		9 Months Ended
	Feb. 23, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 27, 2019
Class of Stock [Line Items]
Antidilutive shares excluded from net income per share (shares)		0.2		0.1
2019 Program
Class of Stock [Line Items]
Share repurchase program, authorized amount						$ 5,000,000,000
Ordinary shares purchased (shares)			0.3		0.9
Stock repurchased, value			$ 46,000,000		$ 122,000,000
2022 Program
Class of Stock [Line Items]
Share repurchase program, authorized amount	$ 5,000,000,000
Stock repurchase period	3 years
Ordinary shares purchased (shares)		0.7		2
Stock repurchased, value		$ 100,000,000		$ 286,000,000

EQUITY - Changes in Shareholder

EQUITY - Changes in Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 16,416	$ 16,656	$ 16,451	$ 15,450	$ 15,037	$ 14,973	$ 16,451	$ 14,973
Net income	608	601	533	630	506	459	1,743	1,595
Other comprehensive income (loss), net of tax	(522)	(444)	116	243	194	(30)	(850)	407
Cash dividends paid and accrued	(323)	(323)	(333)	(303)	(304)	(309)
Issuance of shares under equity-based compensation plans	26	27	(24)	40	34	5
Changes in noncontrolling interest of consolidated subsidiaries - net	(2)	(1)	(1)			(2)
Repurchase of shares	(100)	(100)	(86)	(46)	(17)	(59)
Balance at end of period	16,103	16,416	16,656	16,014	15,450	15,037	16,103	16,014
Total Eaton shareholders' equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	16,380	16,620	16,413	15,408	14,995	14,930	16,413	14,930
Net income	607	601	532	629	506	458
Other comprehensive income (loss), net of tax	(522)	(444)	116	243	194	(30)
Cash dividends paid and accrued	(323)	(323)	(331)	(303)	(304)	(309)
Issuance of shares under equity-based compensation plans	26	27	(24)	40	34	5
Changes in noncontrolling interest of consolidated subsidiaries - net		(1)
Repurchase of shares	(100)	(100)	(86)	(46)	(17)	(59)
Balance at end of period	$ 16,068	$ 16,380	$ 16,620	$ 15,971	$ 15,408	$ 14,995	$ 16,068	$ 15,971
Ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (shares)	398.3	399	398.8	398.6	398.5	398.1	398.8	398.1
Balance at beginning of period	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4
Issuance of shares under equity-based compensation plans (shares)	0.1		0.8	0.3	0.2	0.9
Repurchase of shares (shares)	(0.7)	(0.7)	(0.6)	(0.3)	(0.1)	(0.5)
Balance at end of period (shares)	397.7	398.3	399	398.6	398.6	398.5	397.7	398.6
Balance at end of period	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4	$ 4
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	12,452	12,427	12,449	12,368	12,335	12,329	12,449	12,329
Issuance of shares under equity-based compensation plans	26	26	(22)	43	33	6
Changes in noncontrolling interest of consolidated subsidiaries - net		(1)
Balance at end of period	12,478	12,452	12,427	12,411	12,368	12,335	12,478	12,411
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	7,886	7,707	7,594	7,068	6,883	6,794	7,594	6,794
Net income	607	601	532	629	506	458
Cash dividends paid and accrued	(323)	(323)	(331)	(303)	(304)	(309)
Issuance of shares under equity-based compensation plans		1	(2)	(3)		(1)
Repurchase of shares	(100)	(100)	(86)	(46)	(17)	(59)
Balance at end of period	8,070	7,886	7,707	7,345	7,068	6,883	8,070	7,345
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,961)	(3,517)	(3,633)	(4,031)	(4,225)	(4,195)	(3,633)	(4,195)
Other comprehensive income (loss), net of tax	(522)	(444)	116	243	194	(30)
Balance at end of period	(4,483)	(3,961)	(3,517)	(3,788)	(4,031)	(4,225)	(4,483)	(3,788)
Shares held in trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(1)	(1)	(1)	(1)	(2)	(2)	(1)	(2)
Issuance of shares under equity-based compensation plans					1
Balance at end of period	(1)	(1)	(1)	(1)	(1)	(2)	(1)	(1)
Noncontrolling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	36	36	38	42	42	43	38	43
Net income	1		1	1		1
Cash dividends paid and accrued			(2)
Changes in noncontrolling interest of consolidated subsidiaries - net	(2)		(1)			(2)
Balance at end of period	$ 35	$ 36	$ 36	$ 43	$ 42	$ 42	$ 35	$ 43

EQUITY - Changes in Accumulated

EQUITY - Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 16,416	$ 16,656	$ 16,451	$ 15,450	$ 15,037	$ 14,973	$ 16,451	$ 14,973
Other comprehensive income (loss) before reclassifications							(924)
Amounts reclassified from Accumulated other comprehensive loss (income)							74
Other comprehensive income (loss) attributable to Eaton ordinary shareholders	(522)	(444)	116	243	194	(30)	(850)	407
Balance at end of period	16,103	$ 16,416	16,656	$ 16,014	$ 15,450	$ 15,037	16,103	$ 16,014
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(3,633)				(3,633)
Balance at end of period	(4,483)						(4,483)
Currency translation and related hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(2,617)				(2,617)
Other comprehensive income (loss) before reclassifications							(1,015)
Amounts reclassified from Accumulated other comprehensive loss (income)							0
Other comprehensive income (loss) attributable to Eaton ordinary shareholders							(1,015)
Balance at end of period	(3,633)						(3,633)
Pensions and other postretirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(986)				(986)
Other comprehensive income (loss) before reclassifications							(45)
Amounts reclassified from Accumulated other comprehensive loss (income)							77
Other comprehensive income (loss) attributable to Eaton ordinary shareholders							32
Balance at end of period	(953)						(953)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			$ (30)				(30)
Other comprehensive income (loss) before reclassifications							136
Amounts reclassified from Accumulated other comprehensive loss (income)							(3)
Other comprehensive income (loss) attributable to Eaton ordinary shareholders							133
Balance at end of period	$ 103						$ 103

EQUITY - Reclassifications Out

EQUITY - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ 720	$ 1,113	$ 2,060	$ 2,271
Income tax benefit (expense)	(112)	(483)	(316)	(676)
Net income attributable to Eaton ordinary shareholders	$ 607	$ 629	1,741	$ 1,593
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income attributable to Eaton ordinary shareholders			(74)
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			(94)
Income tax benefit (expense)			16
Net income attributable to Eaton ordinary shareholders			(77)
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 benefit (expense)			(1)
Net income attributable to Eaton ordinary shareholders			3
Gains and (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Fixed-to-floating interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes			1
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			$ 3

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Calculation of net income per ordinary share attributable to ordinary shareholders
Net income attributable to Eaton ordinary shareholders	$ 607	$ 629	$ 1,741	$ 1,593
Weighted-average number of ordinary shares outstanding - diluted (shares)	400.3	401.9	400.9	401.4
Less dilutive effect of equity-based compensation (shares)	1.9	3	2	2.7
Weighted-average number of ordinary shares outstanding - basic (shares)	398.4	398.9	398.9	398.7
Net income per share attributable to Eaton ordinary shareholders
Diluted (USD per share)	$ 1.52	$ 1.57	$ 4.34	$ 3.97
Basic (USD per share)	$ 1.52	$ 1.58	$ 4.36	$ 4

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Cash	$ 231	$ 297
Short-term investments	287	271
Net derivative contracts	(42)	41
Contingent consideration from acquisition of Green Motion	(57)	(57)
Level 1
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Cash	231	297
Short-term investments	287	271
Net derivative contracts	0	0
Contingent consideration from acquisition of Green Motion	0	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)	41
Contingent consideration from acquisition of Green Motion	0	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	$ (57)	$ (57)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 22, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Contingent consideration from acquisition of Green Motion		$ 57	$ 57
Long-term debt and current portion of long term debt, carrying value		8,105	8,566
Long-term debt and current portion of long-term debt, fair value		$ 7,375	$ 9,232
Green Motion, SA
Business Acquisition [Line Items]
Total consideration to be transferred for acquisition	$ 106
Cash paid at closing	49
Contingent consideration from acquisition of Green Motion	57
Maximum potential payments based on future revenue performance	$ 109

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Proportion of intercompany balance sheet exposure (as a percent)	100%
Cash flow hedge loss to be reclassified within the next twelve months	$ 5
Non-derivative net investment hedge
Derivative [Line Items]
Foreign currency note payable, noncurrent, after-tax	$ 2,477	$ 2,880

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Financial Instrument Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivatives designated as hedges | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	$ 38	$ 41
Derivatives designated as hedges | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	3	69
Derivatives designated as hedges | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	42	12
Derivatives designated as hedges | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	23	82
Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount		1,800
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		22
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		29
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
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
Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps
Derivatives, Fair Value [Line Items]
Notional amount		1,350
Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument		0
Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument		38
Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument		0
Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument		79
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	1,215	1,212
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	38	17
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	3	2
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	34	11
Derivatives designated as hedges | Cash flow hedging | Currency exchange contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liability designated as hedging instrument	23	3
Derivatives designated as hedges | Cash flow hedging | Commodity contracts
Derivatives, Fair Value [Line Items]
Notional amount	62	50
Derivatives designated as hedges | Cash flow hedging | Commodity contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset designated as hedging instrument	0	2
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	8	1
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		35
Derivatives not designated as hedges | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability not designated as hedging instrument		10
Derivatives not designated as hedges | Currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	4,337	5,285
Derivatives not designated as hedges | Currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset not designated as hedging instrument	20	34
Derivatives not designated as hedges | Currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability not designated as hedging instrument	$ 38	9
Derivatives not designated as hedges | Commodity contracts
Derivatives, Fair Value [Line Items]
Notional amount		62
Derivatives not designated as hedges | Commodity contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset not designated as hedging instrument		1
Derivatives not designated as hedges | Commodity contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability not designated as hedging instrument		$ 1
Derivative, remaining maturity		1 month
Minimum | Derivatives designated as hedges | Fair value hedging | Fixed-to-floating interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity		8 months
Minimum | Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity		11 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
Maximum | Derivatives designated as hedges | Cash flow hedging | Forward starting floating-to-fixed interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity		31 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	9 Months Ended
	Sep. 30, 2022 ozt lb
Aluminum
Derivative [Line Items]
Derivative, outstanding commodity contract | lb	2
Aluminum | Minimum
Derivative [Line Items]
Derivative, term of contract	1 month
Aluminum | Maximum
Derivative [Line Items]
Derivative, term of contract	12 months
Copper
Derivative [Line Items]
Derivative, outstanding commodity contract | lb	10
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	1,681
Gold | Minimum
Derivative [Line Items]
Derivative, term of contract	1 month
Gold | Maximum
Derivative [Line Items]
Derivative, term of contract	12 months
Silver
Derivative [Line Items]
Derivative, outstanding commodity contract | ozt	702,021
Silver | Minimum
Derivative [Line Items]
Derivative, term of contract	1 month
Silver | 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	Sep. 30, 2022	Dec. 31, 2021
Interest rate swap
Derivative [Line Items]
Carrying amount of the hedged assets (liabilities)	$ (713)	$ (2,413)
Long-term debt
Derivative [Line Items]
Discontinued hedge, cumulative adjustment	50	33
Long-term debt | Interest rate swap
Derivative [Line Items]
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities)	$ (50)	$ (84)

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Net sales	$ 5,313	$ 4,923	$ 15,368	$ 14,830
Cost of products sold	3,545	3,338	10,319	10,067
Interest expense - net	37	37	100	112
Cash flow hedging | Net sales | Forward starting floating-to-fixed interest rate swaps
Derivative [Line Items]
Gain (loss) on hedged item	0		0
Gain (loss) on hedging instrument	0		0
Cash flow hedging | Net sales | Currency exchange contracts
Derivative [Line Items]
Gain (loss) on hedged item	5	0	10	4
Gain (loss) on hedging instrument	(5)	0	(10)	(4)
Cash flow hedging | Net sales | Commodity contracts
Derivative [Line Items]
Gain (loss) on hedged item	0	0		0
Gain (loss) on hedging instrument	0	0		0
Cash flow hedging | Cost of products sold | Forward starting floating-to-fixed interest rate swaps
Derivative [Line Items]
Gain (loss) on hedged item	0		0
Gain (loss) on hedging instrument	0		0
Cash flow hedging | Cost of products sold | Currency exchange contracts
Derivative [Line Items]
Gain (loss) on hedged item	(6)	(3)	(12)	(2)
Gain (loss) on hedging instrument	6	3	12	2
Cash flow hedging | Cost of products sold | Commodity contracts
Derivative [Line Items]
Gain (loss) on hedged item	3	(2)		(7)
Gain (loss) on hedging instrument	(3)	2		7
Cash flow hedging | Interest expense - net | Forward starting floating-to-fixed interest rate swaps
Derivative [Line Items]
Gain (loss) on hedged item	(1)		(1)
Gain (loss) on hedging instrument	1		1
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
Gain (loss) on hedging instrument	$ 0	0		0
Fair value hedging | Net sales | Interest rate swap
Derivative [Line Items]
Gain (loss) on hedged item		0	0	0
Gain (loss) on hedging instrument		0	0	0
Fair value hedging | Cost of products sold | Interest rate swap
Derivative [Line Items]
Gain (loss) on hedged item		0	0	0
Gain (loss) on hedging instrument		0	0	0
Fair value hedging | Interest expense - net | Interest rate swap
Derivative [Line Items]
Gain (loss) on hedged item		9	8	35
Gain (loss) on hedging instrument		$ (9)	$ (8)	$ (35)

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Impact of Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (52)	$ (31)	$ (100)	$ 1
Currency exchange contracts | Interest expense - net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(52)	(32)	(85)	(9)
Commodity contracts | Other expense (income) - net and Cost of products sold
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 0	$ 1	$ (15)	$ 10

DERIVATIVE FINANCIAL INSTRUME_9

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Gain (loss) recognized in other comprehensive (loss) income
Total, gain (loss) on derivative and net investment hedge recognized in other comprehensive (loss) income	$ 117	$ 66	$ 577	$ 231
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Abstract]
Total, gain (loss) on derivative and net investment hedge reclassified from accumulated other comprehensive (loss) income	(3)	5	4	5
Interest expense - net | Net investment hedging
Gain (loss) recognized in other comprehensive (loss) income
Non-derivative designated as net investment hedges	164	74	405	178
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Abstract]
Gain (loss) reclassified from Accumulated other comprehensive loss	0	0	0	0
Forward Starting Floating-to-Fixed Interest Rate Swap | Interest expense - net | Cash flow hedging
Gain (loss) recognized in other comprehensive (loss) income
Derivatives designated as cash flow hedges	(36)	1	202	62
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Abstract]
Gain (loss) reclassified from Accumulated other comprehensive loss	1	0	1	0
Currency exchange contracts | Net sales and Cost of products sold | Cash flow hedging
Gain (loss) recognized in other comprehensive (loss) income
Derivatives designated as cash flow hedges	(8)	(6)	(18)	(11)
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Abstract]
Gain (loss) reclassified from Accumulated other comprehensive loss	(1)	3	3	(2)
Commodity contracts | Cost of products sold | Cash flow hedging
Gain (loss) recognized in other comprehensive (loss) income
Derivatives designated as cash flow hedges	(3)	(3)	(11)	2
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Abstract]
Gain (loss) reclassified from Accumulated other comprehensive loss	$ (3)	$ 2	$ 0	$ 7

RESTRUCTURING CHARGES - Narrati

RESTRUCTURING CHARGES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended		30 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 22	$ 34	$ 49	$ 63	$ 78	$ 214
COVID-19
Restructuring Cost and Reserve [Line Items]
Restructuring charges			9				$ 341
Estimated charges	$ 350		$ 350				$ 350

RESTRUCTURING CHARGES - Restruc

RESTRUCTURING CHARGES - Restructuring Program Charges (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Total before income taxes	$ 22	$ 34	$ 49	$ 63	$ 78	$ 214
Income tax benefit	4	9	10	15
Total after income taxes	$ 18	$ 25	$ 39	$ 48
Per ordinary share - diluted (USD per share)	$ 0.04	$ 0.06	$ 0.10	$ 0.12
Workforce reductions
Restructuring Cost and Reserve [Line Items]
Total before income taxes	$ 5	$ 19	$ 11	$ 19	21	172
Plant closing and other
Restructuring Cost and Reserve [Line Items]
Total before income taxes	$ 17	$ 15	$ 38	$ 44	$ 57	$ 42

RESTRUCTURING CHARGES - Restr_2

RESTRUCTURING CHARGES - Restructuring Program Charges Related to Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 22	$ 34	$ 49	$ 63	$ 78	$ 214
Operating segments | Electrical Americas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4	5	14	13
Operating segments | Electrical Global
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8	11	14	13
Operating segments | Aerospace
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	1	6	4
Operating segments | Vehicle
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	5	8	16
Operating segments | eMobility
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0	1
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5	$ 12	$ 7	$ 16

RESTRUCTURING CHARGES - Liabili

RESTRUCTURING CHARGES - Liabilities Related to Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period			$ 104	$ 142	$ 142	$ 0
Liability recognized	$ 22	$ 34	49	63	78	214
Payments, utilization and translation			(75)		(116)	(72)
Balance at end of period	78		78		104	142
Workforce reductions
Restructuring Reserve [Roll Forward]
Balance at beginning of period			96	139	139	0
Liability recognized	5	19	11	19	21	172
Payments, utilization and translation			(35)		(64)	(33)
Balance at end of period	72		72		96	139
Plant closing and other
Restructuring Reserve [Roll Forward]
Balance at beginning of period			8	3	3	0
Liability recognized	17	$ 15	38	$ 44	57	42
Payments, utilization and translation			(41)		(52)	(39)
Balance at end of period	$ 5		$ 5		$ 8	$ 3

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	$ 5,313			$ 4,923			$ 15,368	$ 14,830
Intangible asset amortization expense	(124)			(126)			(375)	(326)
Interest expense - net	(37)			(37)			(100)	(112)
Pension and other postretirement benefits income	7			14			35	44
Restructuring program charges	(22)			(34)			(49)	(63)	$ (78)	$ (214)
Other income (expense) - net	(227)			318			(529)	(52)
Income before income taxes	720			1,113			2,060	2,271
Income tax expense	112			483			316	676
Net income	608	$ 601	$ 533	630	$ 506	$ 459	1,743	1,595
Less net income for noncontrolling interests	(1)			(1)			(2)	(2)
Net income attributable to Eaton ordinary shareholders	607			629			1,741	1,593
Electrical Americas
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	2,179			1,854			6,201	5,325
Electrical Global
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	1,486			1,421			4,418	4,092
Hydraulics
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	0			179			0	1,300
Aerospace
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	768			745			2,227	1,889
Vehicle
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	744			640			2,123	1,969
eMobility
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	137			84			399	255
Operating segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	5,313			4,923			15,368	14,830
Segment operating profit (loss)	1,124			978			3,079	2,780
Operating segments | Electrical Americas
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	2,179			1,854			6,201	5,325
Segment operating profit (loss)	511			402			1,368	1,127
Restructuring program charges	(4)			(5)			(14)	(13)
Operating segments | Electrical Global
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	1,486			1,421			4,418	4,092
Segment operating profit (loss)	305			285			866	757
Restructuring program charges	(8)			(11)			(14)	(13)
Operating segments | Hydraulics
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	0			179			0	1,300
Segment operating profit (loss)	0			20			0	177
Operating segments | Aerospace
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	768			745			2,227	1,889
Segment operating profit (loss)	185			164			506	391
Restructuring program charges	(2)			(1)			(6)	(4)
Operating segments | Vehicle
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	744			640			2,123	1,969
Segment operating profit (loss)	125			115			346	349
Restructuring program charges	(2)			(5)			(8)	(16)
Operating segments | eMobility
Segment Reporting Information, Profit (Loss) [Abstract]
Net sales	137			84			399	255
Segment operating profit (loss)	(2)			(8)			(7)	(21)
Restructuring program charges	0			0			0	(1)
Corporate
Segment Reporting Information, Profit (Loss) [Abstract]
Restructuring program charges	$ (5)			$ (12)			$ (7)	$ (16)