10-Q 1 etn-20210930.htm 10-Q etn-20210930
0001551182false2021Q312/31truefalseP5YP4YP5YP5Y00015511822021-01-012021-09-30xbrli:shares00015511822021-09-30iso4217:USD00015511822021-07-012021-09-3000015511822020-07-012020-09-3000015511822020-01-012020-09-30iso4217:USDxbrli:shares00015511822020-12-310001551182us-gaap:FairValueInputsLevel1Member2021-09-3000015511822019-12-3100015511822020-09-300001551182etn:PowerDistributionInc.Member2019-01-012019-12-310001551182etn:LightingBusinessMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-03-020001551182etn:LightingBusinessMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-03-022020-03-020001551182etn:LightingBusinessMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2019-01-012019-12-310001551182etn:TrippLiteMember2021-03-172021-03-170001551182etn:TrippLiteMember2020-01-012020-12-310001551182etn:TrippLiteMember2021-03-170001551182etn:TrippLiteMember2021-09-300001551182etn:TrippLiteMember2021-03-172021-09-300001551182etn:GreenMotionSAMember2021-03-222021-03-220001551182etn:GreenMotionSAMember2021-03-22xbrli:pure0001551182etn:HuanYuHighTechMember2021-03-290001551182etn:HuanYuHighTechMember2019-01-012019-12-310001551182etn:CobhamMissionSystemsMember2021-06-012021-06-010001551182etn:CobhamMissionSystemsMember2020-01-012020-12-310001551182etn:CobhamMissionSystemsMember2021-06-010001551182etn:CobhamMissionSystemsMember2021-09-300001551182etn:CobhamMissionSystemsMember2021-06-012021-09-300001551182etn:JiangsuYiNengElectricMember2021-06-250001551182etn:JiangsuYiNengElectricMember2020-01-012020-12-310001551182us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberetn:HydraulicsBusinessMember2020-01-012020-12-310001551182us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberetn:HydraulicsBusinessMember2020-12-310001551182us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberetn:HydraulicsBusinessMember2021-08-020001551182us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberetn:HydraulicsBusinessMember2021-08-022021-08-020001551182etn:ElectricalAmericasSegmentMemberus-gaap:ProductMember2021-07-012021-09-300001551182etn:ElectricalAmericasSegmentMemberus-gaap:ProductMember2020-07-012020-09-300001551182etn:ElectricalAmericasSegmentMemberus-gaap:ProductMember2021-01-012021-09-300001551182etn:ElectricalAmericasSegmentMemberus-gaap:ProductMember2020-01-012020-09-300001551182etn:ElectricalAmericasSegmentMemberetn:SystemsMember2021-07-012021-09-300001551182etn:ElectricalAmericasSegmentMemberetn:SystemsMember2020-07-012020-09-300001551182etn:ElectricalAmericasSegmentMemberetn:SystemsMember2021-01-012021-09-300001551182etn:ElectricalAmericasSegmentMemberetn:SystemsMember2020-01-012020-09-300001551182etn:ElectricalAmericasSegmentMember2021-07-012021-09-300001551182etn:ElectricalAmericasSegmentMember2020-07-012020-09-300001551182etn:ElectricalAmericasSegmentMember2021-01-012021-09-300001551182etn:ElectricalAmericasSegmentMember2020-01-012020-09-300001551182us-gaap:ProductMemberetn:ElectricalGlobalSegmentMember2021-07-012021-09-300001551182us-gaap:ProductMemberetn:ElectricalGlobalSegmentMember2020-07-012020-09-300001551182us-gaap:ProductMemberetn:ElectricalGlobalSegmentMember2021-01-012021-09-300001551182us-gaap:ProductMemberetn:ElectricalGlobalSegmentMember2020-01-012020-09-300001551182etn:ElectricalGlobalSegmentMemberetn:SystemsMember2021-07-012021-09-300001551182etn:ElectricalGlobalSegmentMemberetn:SystemsMember2020-07-012020-09-300001551182etn:ElectricalGlobalSegmentMemberetn:SystemsMember2021-01-012021-09-300001551182etn:ElectricalGlobalSegmentMemberetn:SystemsMember2020-01-012020-09-300001551182etn:ElectricalGlobalSegmentMember2021-07-012021-09-300001551182etn:ElectricalGlobalSegmentMember2020-07-012020-09-300001551182etn:ElectricalGlobalSegmentMember2021-01-012021-09-300001551182etn:ElectricalGlobalSegmentMember2020-01-012020-09-300001551182etn:HydraulicsSegmentMembercountry:US2021-07-012021-09-300001551182etn:HydraulicsSegmentMembercountry:US2020-07-012020-09-300001551182etn:HydraulicsSegmentMembercountry:US2021-01-012021-09-300001551182etn:HydraulicsSegmentMembercountry:US2020-01-012020-09-300001551182etn:HydraulicsSegmentMemberus-gaap:NonUsMember2021-07-012021-09-300001551182etn:HydraulicsSegmentMemberus-gaap:NonUsMember2020-07-012020-09-300001551182etn:HydraulicsSegmentMemberus-gaap:NonUsMember2021-01-012021-09-300001551182etn:HydraulicsSegmentMemberus-gaap:NonUsMember2020-01-012020-09-300001551182etn:HydraulicsSegmentMember2021-07-012021-09-300001551182etn:HydraulicsSegmentMember2020-07-012020-09-300001551182etn:HydraulicsSegmentMember2021-01-012021-09-300001551182etn:HydraulicsSegmentMember2020-01-012020-09-300001551182etn:AerospaceSegmentMemberetn:OriginalEquipmentManufacturersMember2021-07-012021-09-300001551182etn:AerospaceSegmentMemberetn:OriginalEquipmentManufacturersMember2020-07-012020-09-300001551182etn:AerospaceSegmentMemberetn:OriginalEquipmentManufacturersMember2021-01-012021-09-300001551182etn:AerospaceSegmentMemberetn:OriginalEquipmentManufacturersMember2020-01-012020-09-300001551182etn:AerospaceSegmentMemberetn:AftermarketDistributionAndEndUserMember2021-07-012021-09-300001551182etn:AerospaceSegmentMemberetn:AftermarketDistributionAndEndUserMember2020-07-012020-09-300001551182etn:AerospaceSegmentMemberetn:AftermarketDistributionAndEndUserMember2021-01-012021-09-300001551182etn:AerospaceSegmentMemberetn:AftermarketDistributionAndEndUserMember2020-01-012020-09-300001551182etn:IndustrialandOtherMemberetn:AerospaceSegmentMember2021-07-012021-09-300001551182etn:IndustrialandOtherMemberetn:AerospaceSegmentMember2020-07-012020-09-300001551182etn:IndustrialandOtherMemberetn:AerospaceSegmentMember2021-01-012021-09-300001551182etn:IndustrialandOtherMemberetn:AerospaceSegmentMember2020-01-012020-09-300001551182etn:AerospaceSegmentMember2021-07-012021-09-300001551182etn:AerospaceSegmentMember2020-07-012020-09-300001551182etn:AerospaceSegmentMember2021-01-012021-09-300001551182etn:AerospaceSegmentMember2020-01-012020-09-300001551182etn:CommercialMemberetn:VehicleSegmentMember2021-07-012021-09-300001551182etn:CommercialMemberetn:VehicleSegmentMember2020-07-012020-09-300001551182etn:CommercialMemberetn:VehicleSegmentMember2021-01-012021-09-300001551182etn:CommercialMemberetn:VehicleSegmentMember2020-01-012020-09-300001551182etn:VehicleSegmentMemberetn:PassengerAndLightDutyMember2021-07-012021-09-300001551182etn:VehicleSegmentMemberetn:PassengerAndLightDutyMember2020-07-012020-09-300001551182etn:VehicleSegmentMemberetn:PassengerAndLightDutyMember2021-01-012021-09-300001551182etn:VehicleSegmentMemberetn:PassengerAndLightDutyMember2020-01-012020-09-300001551182etn:VehicleSegmentMember2021-07-012021-09-300001551182etn:VehicleSegmentMember2020-07-012020-09-300001551182etn:VehicleSegmentMember2021-01-012021-09-300001551182etn:VehicleSegmentMember2020-01-012020-09-300001551182etn:EMobilitySegmentMember2021-07-012021-09-300001551182etn:EMobilitySegmentMember2020-07-012020-09-300001551182etn:EMobilitySegmentMember2021-01-012021-09-300001551182etn:EMobilitySegmentMember2020-01-012020-09-300001551182etn:ElectricalAmericasSegmentMember2020-12-310001551182etn:ElectricalAmericasSegmentMember2021-09-300001551182etn:ElectricalGlobalSegmentMember2020-12-310001551182etn:ElectricalGlobalSegmentMember2021-09-300001551182etn:AerospaceSegmentMember2020-12-310001551182etn:AerospaceSegmentMember2021-09-300001551182etn:VehicleSegmentMember2020-12-310001551182etn:VehicleSegmentMember2021-09-300001551182etn:EMobilitySegmentMember2020-12-310001551182etn:EMobilitySegmentMember2021-09-30iso4217:EUR0001551182us-gaap:NotesPayableOtherPayablesMemberetn:EuroNotes2021Due2026And2030Member2021-03-08etn:tranche0001551182us-gaap:NotesPayableOtherPayablesMemberetn:EuroNotes2021Due2026And2030Memberetn:TrancheOneMember2021-03-080001551182etn:TrancheTwoMemberus-gaap:NotesPayableOtherPayablesMemberetn:EuroNotes2021Due2026And2030Member2021-03-080001551182us-gaap:NotesPayableOtherPayablesMemberetn:EuroNotes2021Due2026And2030Memberetn:TrancheOneMember2021-09-300001551182etn:TrancheTwoMemberus-gaap:NotesPayableOtherPayablesMemberetn:EuroNotes2021Due2026And2030Member2021-09-300001551182us-gaap:NotesPayableOtherPayablesMemberetn:EuroNotes2021Due2026And2030Member2021-03-082021-03-080001551182us-gaap:RevolvingCreditFacilityMemberetn:A364DayCreditFacilityMember2021-05-170001551182us-gaap:RevolvingCreditFacilityMemberetn:A364DayCreditFacilityMember2021-05-172021-05-170001551182us-gaap:RevolvingCreditFacilityMember2021-05-170001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:CommercialPaperMember2021-06-300001551182us-gaap:RevolvingCreditFacilityMemberetn:A364DayCreditFacilityMember2021-09-222021-09-220001551182us-gaap:RevolvingCreditFacilityMemberetn:A364DayCreditFacilityMember2021-09-220001551182us-gaap:RevolvingCreditFacilityMember2021-09-220001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:CommercialPaperMember2021-09-220001551182us-gaap:RevolvingCreditFacilityMember2021-09-300001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:CommercialPaperMember2021-09-300001551182us-gaap:RevolvingCreditFacilityMemberetn:A364DayCreditFacilityMember2021-09-300001551182us-gaap:RevolvingCreditFacilityMemberetn:A364DayCreditFacilityMember2021-09-302021-09-300001551182us-gaap:RevolvingCreditFacilityMemberetn:FiveYearCreditFacilityMember2021-09-300001551182us-gaap:RevolvingCreditFacilityMemberetn:FourYearCreditFacilityMember2021-09-300001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberetn:A364DayCreditFacilityMember2021-10-040001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberetn:A364DayCreditFacilityMember2021-10-042021-10-040001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberetn:FiveYearCreditFacilityMember2021-10-040001551182us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:CommercialPaperMember2021-10-040001551182country:USus-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001551182country:USus-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300001551182us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001551182us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300001551182us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300001551182us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012020-09-300001551182country:USus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001551182country:USus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-09-300001551182us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001551182us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-09-300001551182us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300001551182us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-09-300001551182us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001551182us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001551182etn:SettlementAndCurtailmentExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001551182etn:SettlementAndCurtailmentExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001551182etn:TaxYears20052006Member2021-09-300001551182etn:TaxYears20052008Member2018-12-310001551182etn:TaxYears20052008Member2021-08-310001551182etn:TaxYears20092012Member2019-11-300001551182etn:A2019ProgramMember2019-02-270001551182etn:A2019ProgramMember2021-07-012021-09-300001551182etn:A2019ProgramMember2021-01-012021-09-300001551182etn:A2019ProgramMember2020-07-012020-09-300001551182etn:A2019ProgramMember2020-01-012020-09-300001551182us-gaap:CommonStockMember2020-12-310001551182us-gaap:AdditionalPaidInCapitalMember2020-12-310001551182us-gaap:RetainedEarningsMember2020-12-310001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001551182us-gaap:TrustForBenefitOfEmployeesMember2020-12-310001551182us-gaap:ParentMember2020-12-310001551182us-gaap:NoncontrollingInterestMember2020-12-310001551182us-gaap:RetainedEarningsMember2021-01-012021-03-310001551182us-gaap:ParentMember2021-01-012021-03-310001551182us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100015511822021-01-012021-03-310001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001551182us-gaap:CommonStockMember2021-01-012021-03-310001551182us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001551182us-gaap:CommonStockMember2021-03-310001551182us-gaap:AdditionalPaidInCapitalMember2021-03-310001551182us-gaap:RetainedEarningsMember2021-03-310001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001551182us-gaap:TrustForBenefitOfEmployeesMember2021-03-310001551182us-gaap:ParentMember2021-03-310001551182us-gaap:NoncontrollingInterestMember2021-03-3100015511822021-03-310001551182us-gaap:RetainedEarningsMember2021-04-012021-06-300001551182us-gaap:ParentMember2021-04-012021-06-300001551182us-gaap:NoncontrollingInterestMember2021-04-012021-06-3000015511822021-04-012021-06-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001551182us-gaap:CommonStockMember2021-04-012021-06-300001551182us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001551182us-gaap:TrustForBenefitOfEmployeesMember2021-04-012021-06-300001551182us-gaap:CommonStockMember2021-06-300001551182us-gaap:AdditionalPaidInCapitalMember2021-06-300001551182us-gaap:RetainedEarningsMember2021-06-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001551182us-gaap:TrustForBenefitOfEmployeesMember2021-06-300001551182us-gaap:ParentMember2021-06-300001551182us-gaap:NoncontrollingInterestMember2021-06-3000015511822021-06-300001551182us-gaap:RetainedEarningsMember2021-07-012021-09-300001551182us-gaap:ParentMember2021-07-012021-09-300001551182us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001551182us-gaap:CommonStockMember2021-07-012021-09-300001551182us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001551182us-gaap:TrustForBenefitOfEmployeesMember2021-07-012021-09-300001551182us-gaap:CommonStockMember2021-09-300001551182us-gaap:AdditionalPaidInCapitalMember2021-09-300001551182us-gaap:RetainedEarningsMember2021-09-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001551182us-gaap:TrustForBenefitOfEmployeesMember2021-09-300001551182us-gaap:ParentMember2021-09-300001551182us-gaap:NoncontrollingInterestMember2021-09-300001551182us-gaap:CommonStockMember2019-12-310001551182us-gaap:AdditionalPaidInCapitalMember2019-12-310001551182us-gaap:RetainedEarningsMember2019-12-310001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001551182us-gaap:TrustForBenefitOfEmployeesMember2019-12-310001551182us-gaap:ParentMember2019-12-310001551182us-gaap:NoncontrollingInterestMember2019-12-310001551182us-gaap:RetainedEarningsMember2020-01-012020-03-310001551182us-gaap:ParentMember2020-01-012020-03-3100015511822020-01-012020-03-310001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001551182us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001551182us-gaap:CommonStockMember2020-01-012020-03-310001551182us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001551182us-gaap:TrustForBenefitOfEmployeesMember2020-01-012020-03-310001551182us-gaap:CommonStockMember2020-03-310001551182us-gaap:AdditionalPaidInCapitalMember2020-03-310001551182us-gaap:RetainedEarningsMember2020-03-310001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001551182us-gaap:TrustForBenefitOfEmployeesMember2020-03-310001551182us-gaap:ParentMember2020-03-310001551182us-gaap:NoncontrollingInterestMember2020-03-3100015511822020-03-310001551182us-gaap:RetainedEarningsMember2020-04-012020-06-300001551182us-gaap:ParentMember2020-04-012020-06-300001551182us-gaap:NoncontrollingInterestMember2020-04-012020-06-3000015511822020-04-012020-06-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001551182us-gaap:CommonStockMember2020-04-012020-06-300001551182us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001551182us-gaap:TrustForBenefitOfEmployeesMember2020-04-012020-06-300001551182us-gaap:CommonStockMember2020-06-300001551182us-gaap:AdditionalPaidInCapitalMember2020-06-300001551182us-gaap:RetainedEarningsMember2020-06-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001551182us-gaap:TrustForBenefitOfEmployeesMember2020-06-300001551182us-gaap:ParentMember2020-06-300001551182us-gaap:NoncontrollingInterestMember2020-06-3000015511822020-06-300001551182us-gaap:RetainedEarningsMember2020-07-012020-09-300001551182us-gaap:ParentMember2020-07-012020-09-300001551182us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001551182us-gaap:CommonStockMember2020-07-012020-09-300001551182us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001551182us-gaap:CommonStockMember2020-09-300001551182us-gaap:AdditionalPaidInCapitalMember2020-09-300001551182us-gaap:RetainedEarningsMember2020-09-300001551182us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001551182us-gaap:TrustForBenefitOfEmployeesMember2020-09-300001551182us-gaap:ParentMember2020-09-300001551182us-gaap:NoncontrollingInterestMember2020-09-300001551182us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001551182us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001551182us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-310001551182us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001551182us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-09-300001551182us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-09-300001551182us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-09-300001551182us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001551182us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001551182us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-09-300001551182us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001551182us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001551182us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001551182us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001551182us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001551182us-gaap:FairValueInputsLevel2Member2021-09-300001551182us-gaap:FairValueInputsLevel3Member2021-09-300001551182us-gaap:FairValueInputsLevel1Member2020-12-310001551182us-gaap:FairValueInputsLevel2Member2020-12-310001551182us-gaap:FairValueInputsLevel3Member2020-12-310001551182etn:NonderivativenetinvestmenthedgeMember2021-09-300001551182etn:NonderivativenetinvestmenthedgeMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMembersrt:MinimumMemberus-gaap:FairValueHedgingMember2021-01-012021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueHedgingMember2021-01-012021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherAssetsMember2021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMember2021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MinimumMember2021-01-012021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2021-01-012021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherAssetsMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MinimumMember2021-01-012021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2021-01-012021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherAssetsMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MinimumMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-09-300001551182us-gaap:ForeignExchangeContractMembersrt:MinimumMemberus-gaap:NondesignatedMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMembersrt:MaximumMemberus-gaap:NondesignatedMember2021-01-012021-09-300001551182us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-09-300001551182us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-09-300001551182us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-09-300001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMembersrt:MinimumMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMembersrt:MaximumMemberus-gaap:FairValueHedgingMember2020-01-012020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherAssetsMember2020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMember2020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMember2020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MinimumMember2020-01-012020-12-310001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2020-01-012020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherAssetsMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MinimumMember2020-01-012020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2020-01-012020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherAssetsMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MinimumMemberus-gaap:CommodityContractMember2020-01-012020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:CommodityContractMember2020-01-012020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2020-12-310001551182us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-12-310001551182us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-12-310001551182us-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310001551182us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-12-310001551182us-gaap:ForeignExchangeContractMembersrt:MinimumMemberus-gaap:NondesignatedMember2020-01-012020-12-310001551182us-gaap:ForeignExchangeContractMembersrt:MaximumMemberus-gaap:NondesignatedMember2020-01-012020-12-310001551182us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310001551182us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-01-012020-12-310001551182us-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310001551182us-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-12-31utr:lb0001551182etn:CopperMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182srt:MinimumMemberetn:CopperMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182srt:MaximumMemberetn:CopperMemberus-gaap:CommodityContractMember2021-01-012021-09-30utr:ozt0001551182us-gaap:GoldMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:GoldMembersrt:MinimumMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:GoldMembersrt:MaximumMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182etn:SilverMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182etn:SilverMembersrt:MinimumMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182etn:SilverMembersrt:MaximumMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:InterestRateSwapMember2021-09-300001551182us-gaap:InterestRateSwapMember2020-12-310001551182us-gaap:LongTermDebtMemberus-gaap:InterestRateSwapMember2021-09-300001551182us-gaap:LongTermDebtMemberus-gaap:InterestRateSwapMember2020-12-310001551182us-gaap:LongTermDebtMember2021-09-300001551182us-gaap:LongTermDebtMember2020-12-310001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMember2021-07-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2021-07-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMemberus-gaap:CommodityContractMember2021-07-012021-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-07-012021-09-300001551182us-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-07-012021-09-300001551182us-gaap:SalesRevenueNetMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001551182us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001551182us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMember2020-07-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2020-07-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2020-07-012020-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMemberus-gaap:CommodityContractMember2020-07-012020-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-07-012020-09-300001551182us-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-07-012020-09-300001551182us-gaap:SalesRevenueNetMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2020-07-012020-09-300001551182us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2020-07-012020-09-300001551182us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2020-07-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:SalesRevenueNetMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001551182us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001551182us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMember2020-01-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2020-01-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2020-01-012020-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:SalesRevenueNetMemberus-gaap:CommodityContractMember2020-01-012020-09-300001551182us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-01-012020-09-300001551182us-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2020-01-012020-09-300001551182us-gaap:SalesRevenueNetMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2020-01-012020-09-300001551182us-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMemberus-gaap:InterestRateSwapMember2020-01-012020-09-300001551182us-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2020-01-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMember2021-07-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMember2020-07-012020-09-300001551182us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-07-012021-09-300001551182us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-07-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:InterestExpenseMember2020-01-012020-09-300001551182us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-012021-09-300001551182us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-01-012020-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2020-07-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberetn:NetsalesandCostofproductssoldMember2021-07-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberetn:NetsalesandCostofproductssoldMember2020-07-012020-09-300001551182us-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMember2021-07-012021-09-300001551182us-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMember2020-07-012020-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001551182etn:ForwardStartingFloatingtoFixedInterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2020-01-012020-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberetn:NetsalesandCostofproductssoldMember2021-01-012021-09-300001551182us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberetn:NetsalesandCostofproductssoldMember2020-01-012020-09-300001551182us-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMember2021-01-012021-09-300001551182us-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMember2020-01-012020-09-3000015511822020-01-012020-12-310001551182srt:ScenarioForecastMember2021-10-012021-12-310001551182srt:ScenarioForecastMember2022-01-012022-12-310001551182us-gaap:EmployeeSeveranceMember2021-07-012021-09-300001551182us-gaap:EmployeeSeveranceMember2020-07-012020-09-300001551182us-gaap:EmployeeSeveranceMember2021-01-012021-09-300001551182us-gaap:EmployeeSeveranceMember2020-01-012020-09-300001551182us-gaap:FacilityClosingMember2021-07-012021-09-300001551182us-gaap:FacilityClosingMember2020-07-012020-09-300001551182us-gaap:FacilityClosingMember2021-01-012021-09-300001551182us-gaap:FacilityClosingMember2020-01-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalAmericasSegmentMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalAmericasSegmentMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalAmericasSegmentMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalAmericasSegmentMember2020-01-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalGlobalSegmentMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalGlobalSegmentMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalGlobalSegmentMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:ElectricalGlobalSegmentMember2020-01-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:AerospaceSegmentMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:AerospaceSegmentMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:AerospaceSegmentMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:AerospaceSegmentMember2020-01-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:VehicleSegmentMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:VehicleSegmentMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:VehicleSegmentMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:VehicleSegmentMember2020-01-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:EMobilitySegmentMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:EMobilitySegmentMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:EMobilitySegmentMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:EMobilitySegmentMember2020-01-012020-09-300001551182us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001551182us-gaap:CorporateNonSegmentMember2020-07-012020-09-300001551182us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001551182us-gaap:CorporateNonSegmentMember2020-01-012020-09-300001551182us-gaap:EmployeeSeveranceMember2019-12-310001551182us-gaap:FacilityClosingMember2019-12-310001551182us-gaap:EmployeeSeveranceMember2020-01-012020-12-310001551182us-gaap:FacilityClosingMember2020-01-012020-12-310001551182us-gaap:EmployeeSeveranceMember2020-12-310001551182us-gaap:FacilityClosingMember2020-12-310001551182us-gaap:EmployeeSeveranceMember2021-09-300001551182us-gaap:FacilityClosingMember2021-09-300001551182us-gaap:OperatingSegmentsMemberetn:HydraulicsSegmentMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:HydraulicsSegmentMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMemberetn:HydraulicsSegmentMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMemberetn:HydraulicsSegmentMember2020-01-012020-09-300001551182us-gaap:OperatingSegmentsMember2021-07-012021-09-300001551182us-gaap:OperatingSegmentsMember2020-07-012020-09-300001551182us-gaap:OperatingSegmentsMember2021-01-012021-09-300001551182us-gaap:OperatingSegmentsMember2020-01-012020-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
Commission file number 000-54863
EATON CORPORATION plc
(Exact name of registrant as specified in its charter)
Ireland98-1059235
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
Eaton House, 30 Pembroke Road,Dublin 4,IrelandD04 Y0C2
(Address of principal executive offices)(Zip Code)
+3531637 2900
(Registrant's telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares ($0.01 par value)ETNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer Accelerated filer Non-accelerated filer
Smaller reporting company
 Emerging growth company
 (Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
There were 398.6 million Ordinary Shares outstanding as of September 30, 2021.





PART I — FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS.

EATON CORPORATION plc
CONSOLIDATED STATEMENTS OF INCOME
Three months ended
September 30
Nine months ended
September 30
(In millions except for per share data)2021202020212020
Net sales$4,923 $4,526 $14,830 $13,171 
Cost of products sold3,338 3,051 10,067 9,230 
Selling and administrative expense834 754 2,505 2,310 
Research and development expense152 132 454 411 
Interest expense - net37 41 112 113 
Gain on sale of businesses617  617 221 
Other expense - net66 23 38 135 
Income before income taxes1,113 525 2,271 1,193 
Income tax expense483 78 676 254 
Net income630 447 1,595 939 
Less net income for noncontrolling interests(1)(1)(2)(4)
Net income attributable to Eaton ordinary shareholders$629 $446 $1,593 $935 
Net income per share attributable to Eaton ordinary shareholders  
Diluted$1.57 $1.11 $3.97 $2.31 
Basic1.58 1.11 4.00 2.32 
Weighted-average number of ordinary shares outstanding  
Diluted401.9 402.3 401.4 404.9 
Basic398.9 400.4 398.7 403.3 
Cash dividends declared per ordinary share$0.76 $0.73 $2.28 $2.19 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

EATON CORPORATION plc
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended
September 30
Nine months ended
September 30
(In millions)2021202020212020
Net income$630 $447 $1,595 $939 
Less net income for noncontrolling interests(1)(1)(2)(4)
Net income attributable to Eaton ordinary shareholders629 446 1,593 935 
Other comprehensive income (loss), net of tax
Currency translation and related hedging instruments170 217 78 (276)
Pensions and other postretirement benefits83 16 291 128 
Cash flow hedges(10)43 38 (95)
Other comprehensive income (loss) attributable to Eaton
   ordinary shareholders
243 276 407 (243)
Total comprehensive income attributable to Eaton
  ordinary shareholders
$872 $722 $2,000 $692 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

EATON CORPORATION plc
CONSOLIDATED BALANCE SHEETS
(In millions)September 30,
2021
December 31,
2020
Assets  
Current assets  
Cash$271 $438 
Short-term investments389 664 
Accounts receivable - net3,393 2,904 
Inventory2,802 2,109 
Assets held for sale 2,487 
Prepaid expenses and other current assets632 576 
Total current assets7,487 9,178 
Property, plant and equipment
Land and buildings2,248 2,184 
Machinery and equipment5,563 5,404 
Gross property, plant and equipment7,811 7,588 
Accumulated depreciation(4,786)(4,624)
Net property, plant and equipment3,025 2,964 
Other noncurrent assets
Goodwill14,767 12,903 
Other intangible assets6,041 4,175 
Operating lease assets448 428 
Deferred income taxes422 426 
Other assets1,938 1,750 
Total assets$34,128 $31,824 
Liabilities and shareholders’ equity  
Current liabilities  
Short-term debt$428 $1 
Current portion of long-term debt116 1,047 
Accounts payable2,591 1,987 
Accrued compensation489 351 
Liabilities held for sale 468 
Other current liabilities2,290 2,027 
Total current liabilities5,914 5,881 
Noncurrent liabilities  
Long-term debt8,520 7,010 
Pension liabilities1,029 1,588 
Other postretirement benefits liabilities273 330 
Operating lease liabilities343 326 
Deferred income taxes494 277 
Other noncurrent liabilities1,541 1,439 
Total noncurrent liabilities12,200 10,970 
Shareholders’ equity  
Ordinary shares (398.6 million outstanding in 2021 and 398.1 million in 2020)
4 4 
Capital in excess of par value12,411 12,329 
Retained earnings7,345 6,794 
Accumulated other comprehensive loss(3,788)(4,195)
Shares held in trust(1)(2)
Total Eaton shareholders’ equity15,971 14,930 
Noncontrolling interests43 43 
Total equity16,014 14,973 
Total liabilities and equity$34,128 $31,824 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

EATON CORPORATION plc
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended
September 30
(In millions)20212020
Operating activities  
Net income$1,595 $939 
Adjustments to reconcile to net cash provided by operating activities  
Depreciation and amortization684 603 
Deferred income taxes(123)(7)
Pension and other postretirement benefits expense41 159 
Contributions to pension plans(318)(92)
Contributions to other postretirement benefits plans(15)(16)
Gain on sale of businesses(197)(91)
Changes in working capital(299)357 
Other - net 149 
Net cash provided by operating activities1,368 2,001 
Investing activities  
Capital expenditures for property, plant and equipment(412)(291)
Cash paid for acquisitions of businesses, net of cash acquired(4,500)(200)
Proceeds from sales of businesses, net of cash sold3,110 1,408 
Investments in associate companies(124)(19)
Sales (purchases) of short-term investments - net264 (121)
Payments for settlement of currency exchange contracts not designated as hedges - net(3)(28)
Other - net(23)(40)
Net cash provided by (used in) investing activities(1,688)709 
Financing activities  
Proceeds from borrowings1,798  
Payments on borrowings(1,011)(7)
Short-term debt, net430 (253)
Cash dividends paid(916)(884)
Exercise of employee stock options48 31 
Repurchase of shares(122)(1,464)
Employee taxes paid from shares withheld (46)(36)
Other - net(15)(6)
Net cash provided by (used in) financing activities166 (2,619)
Effect of currency on cash(13)(30)
Less: Increase in cash classified as held for sale (2)
Total increase (decrease) in cash(167)59 
Cash at the beginning of the period438 370 
Cash at the end of the period$271 $429 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

EATON CORPORATION plc
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Amounts are in millions unless indicated otherwise (per share data assume dilution).
Note 1.BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of Eaton Corporation plc (Eaton or the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (US GAAP) for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the condensed consolidated financial statements for the interim periods.
This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in Eaton’s 2020 Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission.
Certain prior year amounts have been reclassified to conform to the current year presentation.
Note 2.ACQUISITIONS AND DIVESTITURES OF BUSINESSES
Acquisition of Power Distribution, Inc.
On February 25, 2020, Eaton acquired Power Distribution, Inc. a leading supplier of mission critical power distribution, static switching, and power monitoring equipment and services for data centers and industrial and commercial customers. The company is headquartered in Richmond, Virginia, and had 2019 sales of $125 million. Power Distribution, Inc. is reported within the Electrical Americas business segment.
Sale of Lighting business
On March 2, 2020, Eaton sold its Lighting business to Signify N.V. for a cash purchase price of $1.4 billion. As a result of the sale, the Company recognized a pre-tax gain of $221 million in 2020. The Lighting business, which had sales of $1.6 billion in 2019 as part of the Electrical Americas business segment, served customers in commercial, industrial, residential, and municipal markets.
Acquisition of Tripp Lite
On March 17, 2021, Eaton acquired Tripp Lite for $1.65 billion, net of cash received. Tripp Lite is a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Tripp Lite had sales of over $400 million in 2020. Tripp Lite is reported within the Electrical Americas business segment.
The acquisition of Tripp Lite has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date, as well as measurement period adjustments recorded as of September 30, 2021. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income.
6

(In millions)Preliminary AllocationMeasurement Period AdjustmentsAdjusted Preliminary Allocation
Short-term investments$5 $— $5 
Accounts receivable 94 — 94 
Inventory184 — 184 
Prepaid expenses and other current assets6 (1)5 
Property, plant and equipment6 — 6 
Other intangible assets630 — 630 
Accounts payable(13)— (13)
Other current liabilities(32)(3)(35)
Other noncurrent liabilities(157)(4)(161)
Total identifiable net assets723 (8)715 
Goodwill928 8 936 
Total consideration, net of cash received$1,651 $ $1,651 
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Tripp Lite. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. Other intangible assets of $630 million include customer relationships, trademarks and technology. Given the timing of the acquisition, Eaton utilized a benchmarking approach based on similar acquisitions to determine the preliminary fair values for intangible assets. See Note 6 for additional information about goodwill.
Eaton's 2021 Condensed Consolidated Financial Statements include Tripp Lite’s results of operations, including segment operating profit of $96 million on sales of $283 million, from the date of acquisition through September 30, 2021.
Acquisition of Green Motion SA
On March 22, 2021, Eaton acquired Green Motion SA, a leading designer and manufacturer of electric vehicle charging hardware and related software based in Switzerland. Green Motion SA was acquired for $105 million, including $49 million of cash paid at closing and $56 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. Green Motion SA is reported within the Electrical Global business segment.
Acquisition of a 50% stake in HuanYu High Tech
On March 29, 2021, Eaton acquired a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region. HuanYu High Tech had 2019 sales of $106 million and has production operations in Wenzhou, China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.
7

Acquisition of Cobham Mission Systems
On June 1, 2021, Eaton acquired Cobham Mission Systems (CMS) for $2.80 billion, net of cash received. CMS is a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. CMS had sales of over $700 million in 2020. CMS is reported within the Aerospace business segment.
The acquisition of CMS has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date, as well as measurement period adjustments recorded as of September 30, 2021. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are received and finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income.
(In millions)Preliminary AllocationMeasurement Period AdjustmentsAdjusted Preliminary Allocation
Accounts receivable $84 $— $84 
Inventory179 (1)178 
Prepaid expenses and other current assets45 (4)41 
Property, plant and equipment86 — 86 
Other intangible assets1,575 — 1,575 
Other assets19 — 19 
Accounts payable(40)— (40)
Other current liabilities(159)7 (152)
Other noncurrent liabilities(77)— (77)
Total identifiable net assets1,712 2 1,714 
Goodwill1,088 (2)1,086 
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 CMS. As a result of the acquisition, goodwill of $292 million recognized in the United States is expected to be deductible for tax purposes. Other intangible assets of $1,575 million include customer relationships, technology and backlog. Given the timing of the acquisition, Eaton utilized a benchmarking approach based on similar acquisitions to determine the preliminary fair values for intangible assets. See Note 6 for additional information about goodwill.
Eaton's 2021 Condensed Consolidated Financial Statements include CMS’s results of operations, including segment operating profit of $65 million on sales of $252 million, from the date of acquisition through September 30, 2021.
Acquisition of a 50% stake in Jiangsu YiNeng Electric's busway business
On June 25, 2021, Eaton acquired a 50 percent stake in Jiangsu YiNeng Electric's busway business, which manufactures and markets busway products in China and had sales of $60 million in 2020. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.
Sale of Hydraulics business
On January 21, 2020, Eaton entered into an agreement to sell its Hydraulics business to Danfoss A/S, a Danish industrial company. The Hydraulics business is a global leader in hydraulics components, systems, and services for industrial and mobile equipment. The business had sales of $1.8 billion in 2020.
During the first quarter of 2020, the Company determined the Hydraulics business met the criteria to be classified as held for sale. Therefore, assets and liabilities of the business have been presented as held for sale in the Consolidated Balance Sheet as of December 31, 2020. Assets and liabilities classified as held for sale are measured at the lower of carrying value or fair value less costs to sell. No write-down was required as fair value of the Hydraulics business assets less the costs to sell exceed their respective carrying values. Depreciation and amortization expense was not recorded for the period in which Other long-lived assets were classified as held for sale.
8

The Company used the relative fair value method to allocate goodwill to the Hydraulics business. The fair value of the Hydraulics business was estimated based on a combination of the price paid to Eaton by Danfoss A/S and a discounted cash flow model. The model includes estimates of future cash flows, future growth rates, terminal value amounts, and the applicable weighted-average cost of capital used to discount those estimated cash flows. The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. These analyses require the exercise of judgments, including judgments about appropriate discount rates, perpetual growth rates, revenue growth, and margin assumptions.
The assets and liabilities classified as held for sale for the Hydraulics business on the December 31, 2020 Consolidated Balance Sheet are as follows:
(In millions)December 31, 2020
Accounts receivable - net$345 
Inventory369 
Prepaid expenses and other current assets18 
Net property, plant and equipment504 
Goodwill920 
Other intangible assets248 
Operating lease assets61 
Deferred income taxes6 
Other noncurrent assets16 
Assets held for sale - current$2,487 
Accounts payable$241 
Accrued compensation26 
Other current liabilities101 
Pension liabilities60 
Operating lease liabilities35 
Deferred income taxes3 
Other noncurrent liabilities2 
Liabilities held for sale - current$468 
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, subject to post-closing adjustments to be negotiated with Danfoss A/S. The Hydraulics business did not meet the criteria to be classified as discontinued operations as the sale does not represent a strategic shift that will have a major effect on the Company's operations.

9

Note 3.    REVENUE RECOGNITION
Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Sales are measured at the amount of consideration the Company expects to be paid in exchange for these products or services.
The Company’s operating segments and the following tables disaggregate sales by lines of businesses, geographic destination, market channel or end market.
Three months ended
September 30
Nine months ended
September 30
(In millions)2021202020212020
Electrical Americas
Products$594 $562 $1,669 $1,725 
Systems1,260 1,137 3,656 3,252 
Total$1,854 $1,699 $5,325 $4,977 
Electrical Global
Products$887 $671 $2,446 $1,926 
Systems534 525 1,646 1,525 
Total$1,421 $1,196 $4,092 $3,451 
Hydraulics
United States$77 $191 $534 $601 
Rest of World102 248 766 756 
Total$179 $439 $1,300 $1,357 
Aerospace
Original Equipment Manufacturers$281 $230 $728 $754 
Aftermarket238 158 575 527 
Industrial and Other226 152 586 400 
Total$745 $540 $1,889 $1,681 
Vehicle
Commercial$364 $284 $1,090 $742 
Passenger and Light Duty276 289 879 756 
Total$640 $573 $1,969 $1,498 
eMobility$84 $79 $255 $207 
Total net sales$4,923 $4,526 $14,830 $13,171 




10

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (revenue recognized exceeds amount billed to the customer), and deferred revenue (advance payments and billings in excess of revenue recognized). Accounts receivables from customers were $2,976 million and $2,539 million at September 30, 2021 and December 31, 2020, respectively. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. These assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Unbilled receivables were $169 million and $90 million at September 30, 2021 and December 31, 2020, respectively, and are recorded in Prepaid expenses and other current assets. The increase in unbilled receivables reflects higher revenue recognized and not yet billed during the quarter, and unbilled receivables from the acquisition of Cobham Mission Systems.
Changes in the deferred revenue liabilities are as follows:
(In millions)Deferred Revenue
Balance at January 1, 2021$257 
Customer deposits and billings891 
Revenue recognized in the period(858)
Deferred revenue from business acquisitions99 
Translation and other(8)
Balance at September 30, 2021$381 
(In millions)Deferred Revenue
Balance at January 1, 2020$234 
Customer deposits and billings753 
Revenue recognized in the period(728)
Translation1 
Deferred revenue reclassified to held for sale(11)
Balance at September 30, 2020$249 
A significant portion of open orders placed with Eaton are by original equipment manufacturers or distributors. These open orders are not considered firm as they have been historically subject to releases by customers. In measuring backlog of unsatisfied or partially satisfied obligations, only the amount of orders to which customers are firmly committed are included. Using this criterion, total backlog at September 30, 2021 was approximately $7.3 billion. At September 30, 2021, Eaton expects to recognize approximately 87% of this backlog in the next twelve months and the rest thereafter.

Note 4. CREDIT LOSSES FOR RECEIVABLES
Receivables are exposed to credit risk based on the customers’ ability to pay which is influenced by, among other factors, their financial liquidity position. Eaton’s receivables are generally short-term in nature with a majority outstanding less than 90 days.
Eaton performs ongoing credit evaluation of its customers and maintains sufficient allowances for potential credit losses. The Company evaluates the collectability of its receivables based on the length of time the receivable is past due, and any anticipated future write-offs based on historic experience adjusted for market conditions. The Company’s segments, supported by our global credit department, perform the credit evaluation and monitoring process to estimate and manage credit risk. The process includes an evaluation of credit losses for both the overall segment receivable and specific customer balances. The process also includes review of customer financial information and credit ratings, approval and monitoring of customer credit limits, and an assessment of market conditions. The Company may also require prepayment from customers to mitigate credit risk. Receivable balances are written off against an allowance for credit losses after a final determination of collectability has been made.
Accounts receivable are net of an allowance for credit losses of $46 million and $48 million at September 30, 2021 and December 31, 2020. The change in the allowance for credit losses includes expense and net write-offs, none of which are significant.

11

Note 5.    INVENTORY
Inventory is carried at lower of cost or net realizable value. The components of inventory follow:
(In millions)September 30,
2021
December 31,
2020
Raw materials$1,038 $803 
Work-in-process601 498 
Finished goods1,163 808 
Total inventory$2,802 $2,109 

Note 6.    GOODWILL
Change in the carrying amount of goodwill by segment follows:
(In millions)January 1,
2021
AdditionsTranslationSeptember 30,
2021
Electrical Americas$6,456 $936 $(8)$7,384 
Electrical Global4,295 64 (134)4,225 
Aerospace1,777 1,086 (76)2,787 
Vehicle293  (3)290 
eMobility82  (1)81 
Total$12,903 $2,086 $(222)$14,767 
The 2021 additions to goodwill relate to the anticipated synergies of acquiring Cobham Mission Systems, Tripp Lite, and Green Motion SA. The allocations of the purchase price from these acquisitions are preliminary and will be completed during the measurement periods.

12

Note 7. DEBT
On March 8, 2021, a subsidiary of Eaton issued Euro denominated notes (2021 Euro Notes) with a face value of €1,500 million ($1,798 million), in accordance with Regulation S promulgated under the Securities Act of 1933, as amended. The 2021 Euro Notes are comprised of two tranches of €900 million and €600 million, which mature in 2026 and 2030, respectively, with interest payable annually at a respective rate of 0.128% and 0.577%. The issuer received proceeds totaling €1,494 million ($1,790 million) from the issuance, net of financing costs and discounts. The senior 2021 Euro Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2021 Euro Notes contain customary optional redemption and par call provisions. The 2021 Euro Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the 2021 Euro Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense-net over the respective terms of the 2021 Euro Notes. The 2021 Euro Notes are subject to customary non-financial covenants.
On May 17, 2021, the Company entered into a $2,500 million 364-day revolving credit facility, which brought the Company’s total revolving credit facilities to $4,500 million. At June 30, 2021, the Company had access to the commercial paper markets through its $4,500 million commercial paper program, of which $3,372 million was outstanding including funds to finance the acquisition of Cobham Mission Systems discussed in Note 2. Eaton used the proceeds from the sale of the Hydraulics business, which was completed August 2, 2021, to reduce its outstanding commercial paper borrowings.
On September 22, 2021, the Company downsized the 364-day revolving credit facility from $2,500 million to $500 million, which reduced the Company's total revolving credit facilities to $2,500 million. In September 2021, the Company also downsized its commercial paper program to $2,500 million. There were no borrowings outstanding under Eaton’s revolving credit facilities at September 30, 2021. The Company had access to the commercial paper markets through its $2,500 million commercial paper program, of which $421 million was outstanding on September 30, 2021.
On October 4, 2021, the Company replaced its existing $500 million 364-day revolving credit facility, $750 million five-year revolving credit facility, $500 million four-year revolving credit facility, and $750 million five-year revolving credit facility, with a new $500 million 364-day revolving credit facility and a new $2,000 million five-year revolving credit facility that will expire on October 4, 2026. The revolving credit facilities totaling $2,500 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. The Company maintains access to the commercial paper markets through its $2,500 million commercial paper program.
13

Note 8.    RETIREMENT BENEFITS PLANS
The components of retirement benefits expense (income) follow:
United States
pension benefit expense (income)
Non-United States
pension benefit expense (income)
Other postretirement
benefits expense (income)
Three months ended September 30
(In millions)202120202021202020212020
Service cost$9 $25 $17 $19 $1 $ 
Interest cost19 26 9 11 1 3 
Expected return on plan assets(56)(59)(30)(27) (1)
Amortization8 26 18 15 (3)(3)
(20)18 14 18 (1)(1)
Settlements, curtailments and special termination benefits20 14 15 1 (1) 
Total expense (income)$ $32 $