v2.4.0.8

Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Statements [Text Block] | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS On November 20, 2012, Eaton Corporation issued senior notes (the "Senior Notes") totaling $4,900 to finance part of the cash portion of the acquisition of Cooper. See Note 5 for additional information related to these Senior Notes. Eaton and certain other of Eaton's principal 100% owned subsidiaries (the "Guarantors") fully and unconditionally guaranteed (subject, in the case of the Guarantors, other than Eaton, to customary release provisions as described below), on a joint and several basis, the Senior Notes. The following condensed consolidating financial statements are included so that separate financial statements of Eaton, Eaton Corporation and each of the Guarantors are not required to be filed with the Securities and Exchange Commission. The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. The guarantee of a Guarantor that is not a parent of the issuer will be automatically and unconditionally released and discharged in the event of any sale of the Guarantor or of all or substantially all of its assets, or in connection with the release or termination of the Guarantor as a guarantor under all other U.S. debt securities or U.S. syndicated credit facilities, subject to limitations set forth in the indenture. The guarantee of a Guarantor that is a direct or indirect parent of the issuer will only be automatically and unconditionally released and discharged in connection with the release or termination of such Guarantor as a guarantor under all other debt securities or syndicated credit facilities (in both cases, U.S. or otherwise), subject to limitations set forth in the indenture. Eaton was incorporated under the laws of Ireland on May 10, 2012, and became the successor registrant to Eaton Corporation on November 30, 2012 in connection with the acquisition of Cooper. Therefore, for presentation purposes of entities under common control, Eaton is presented as the parent company in the 2012 condensed consolidating financial statements. For periods prior to 2012, Eaton Corporation is presented as the parent company.
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2013
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | — |  |  | $ | 6,695 |  |  | $ | 6,421 |  |  | $ | 13,579 |  |  | $ | (4,649 | ) |  | $ | 22,046 |
Cost of products sold | — |  |  | 5,227 |  |  | 4,784 |  |  | 10,010 |  |  | (4,652 | ) |  | 15,369 |
Selling and administrative expense | 32 |  |  | 1,400 |  |  | 749 |  |  | 1,705 |  |  | — |  |  | 3,886 |
Research and development expense | — |  |  | 255 |  |  | 200 |  |  | 189 |  |  | — |  |  | 644 |
Interest expense (income) - net | — |  |  | 271 |  |  | 28 |  |  | (22 | ) |  | (6 | ) |  | 271 |
Other expense (income) - net | — |  |  | 8 |  |  | 4 |  |  | (20 | ) |  | — |  |  | (8 | )
Equity in (earnings) loss of subsidiaries, net of tax | (2,147 | ) |  | (1,156 | ) |  | (1,214 | ) |  | (813 | ) |  | 5,330 |  |  | — |
Intercompany expense (income) - net | 254 |  |  | (155 | ) |  | (479 | ) |  | 380 |  |  | — |  |  | — |
Income before income taxes | 1,861 |  |  | 845 |  |  | 2,349 |  |  | 2,150 |  |  | (5,321 | ) |  | 1,884 |
Income tax (benefit) expense | — |  |  | (108 | ) |  | (90 | ) |  | 207 |  |  | 2 |  |  | 11 |
Net income | 1,861 |  |  | 953 |  |  | 2,439 |  |  | 1,943 |  |  | (5,323 | ) |  | 1,873 |
Less net income for noncontrolling interests | — |  |  | — |  |  | — |  |  | (9 | ) |  | (3 | ) |  | (12 | )
Net income attributable to Eaton ordinary shareholders | $ | 1,861 |  |  | $ | 953 |  |  | $ | 2,439 |  |  | $ | 1,934 |  |  | $ | (5,326 | ) |  | $ | 1,861 |
Other comprehensive income | $ | 404 |  |  | $ | 300 |  |  | $ | 481 |  |  | $ | 363 |  |  | $ | (1,144 | ) |  | $ | 404 |
Total comprehensive income attributable to Eaton ordinary shareholders | $ | 2,265 |  |  | $ | 1,253 |  |  | $ | 2,920 |  |  | $ | 2,297 |  |  | $ | (6,470 | ) |  | $ | 2,265 |
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2012
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | — |  |  | $ | 6,680 |  |  | $ | 2,849 |  |  | $ | 10,346 |  |  | $ | (3,564 | ) |  | $ | 16,311 |
Cost of products sold | — |  |  | 5,115 |  |  | 2,193 |  |  | 7,708 |  |  | (3,568 | ) |  | 11,448 |
Selling and administrative expense | — |  |  | 1,307 |  |  | 335 |  |  | 1,252 |  |  | — |  |  | 2,894 |
Research and development expense | — |  |  | 230 |  |  | 108 |  |  | 101 |  |  | — |  |  | 439 |
Interest expense (income) - net | — |  |  | 229 |  |  | 8 |  |  | (29 | ) |  | — |  |  | 208 |
Other expense - net | — |  |  | 10 |  |  | 48 |  |  | 13 |  |  | — |  |  | 71 |
Equity in (earnings) loss of subsidiaries, net of tax | (1,219 | ) |  | (732 | ) |  | (1,337 | ) |  | (611 | ) |  | 3,899 |  |  | — |
Intercompany expense (income) - net | 2 |  |  | (237 | ) |  | 42 |  |  | 193 |  |  | — |  |  | — |
Income before income taxes | 1,217 |  |  | 758 |  |  | 1,452 |  |  | 1,719 |  |  | (3,895 | ) |  | 1,251 |
Income tax expense | — |  |  | 24 |  |  | — |  |  | 6 |  |  | 1 |  |  | 31 |
Net income | 1,217 |  |  | 734 |  |  | 1,452 |  |  | 1,713 |  |  | (3,896 | ) |  | 1,220 |
Less net income for noncontrolling interests | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net income attributable to Eaton ordinary shareholders | $ | 1,217 |  |  | $ | 734 |  |  | $ | 1,452 |  |  | $ | 1,710 |  |  | $ | (3,896 | ) |  | $ | 1,217 |
Other comprehensive income (loss) | $ | — |  |  | $ | 290 |  |  | $ | (1,976 | ) |  | $ | (1,621 | ) |  | $ | 3,307 |  |  | $ | — |
Total comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 1,217 |  |  | $ | 1,024 |  |  | $ | (524 | ) |  | $ | 89 |  |  | $ | (589 | ) |  | $ | 1,217 |
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED DECEMBER 31, 2011
| Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | 6,294 |  |  | $ | 2,642 |  |  | $ | 10,520 |  |  | $ | (3,407 | ) |  | $ | 16,049 |
Cost of products sold | 4,865 |  |  | 1,975 |  |  | 7,822 |  |  | (3,401 | ) |  | 11,261 |
Selling and administrative expense | 1,201 |  |  | 295 |  |  | 1,242 |  |  | — |  |  | 2,738 |
Research and development expense | 207 |  |  | 112 |  |  | 98 |  |  | — |  |  | 417 |
Interest expense (income) - net | 144 |  |  | 8 |  |  | (34 | ) |  | — |  |  | 118 |
Other income - net | (18 | ) |  | (2 | ) |  | (18 | ) |  | — |  |  | (38 | )
Equity in (earnings) loss of subsidiaries, net of tax | (1,271 | ) |  | (61 | ) |  | — |  |  | 1,332 |  |  | — |
Intercompany (income) expense - net | (224 | ) |  | (13 | ) |  | 237 |  |  | — |  |  | — |
Income before income taxes | 1,390 |  |  | 328 |  |  | 1,173 |  |  | (1,338 | ) |  | 1,553 |
Income tax expense | 40 |  |  | 89 |  |  | 74 |  |  | (2 | ) |  | 201 |
Net income | 1,350 |  |  | 239 |  |  | 1,099 |  |  | (1,336 | ) |  | 1,352 |
Less net income for noncontrolling interests | — |  |  | — |  |  | (1 | ) |  | (1 | ) |  | (2 | )
Net income attributable to Eaton ordinary shareholders | $ | 1,350 |  |  | $ | 239 |  |  | $ | 1,098 |  |  | $ | (1,337 | ) |  | $ | 1,350 |
Other comprehensive loss | $ | (616 | ) |  | $ | (64 | ) |  | $ | (302 | ) |  | $ | 366 |  |  | $ | (616 | )
Total comprehensive income attributable to Eaton ordinary shareholders | $ | 734 |  |  | $ | 175 |  |  | $ | 796 |  |  | $ | (971 | ) |  | $ | 734 |
CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2013
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 3 |  |  | $ | 51 |  |  | $ | 10 |  |  | $ | 851 |  |  | $ | — |  |  | $ | 915 |
Short-term investments | — |  |  | — |  |  | 134 |  |  | 660 |  |  | — |  |  | 794 |
Accounts receivable - net | — |  |  | 473 |  |  | 922 |  |  | 2,253 |  |  | — |  |  | 3,648 |
Intercompany accounts receivable | 5 |  |  | 471 |  |  | 3,368 |  |  | 4,470 |  |  | (8,314 | ) |  | — |
Inventory | — |  |  | 344 |  |  | 609 |  |  | 1,466 |  |  | (37 | ) |  | 2,382 |
Prepaid expenses and other current assets | — |  |  | 458 |  |  | 175 |  |  | 350 |  |  | 9 |  |  | 992 |
Total current assets | 8 |  |  | 1,797 |  |  | 5,218 |  |  | 10,050 |  |  | (8,342 | ) |  | 8,731 |
Property, plant and equipment - net | — |  |  | 982 |  |  | 761 |  |  | 2,090 |  |  | — |  |  | 3,833 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,382 |  |  | 6,350 |  |  | 6,763 |  |  | — |  |  | 14,495 |
Other intangible assets | — |  |  | 211 |  |  | 3,996 |  |  | 2,979 |  |  | — |  |  | 7,186 |
Deferred income taxes | — |  |  | 839 |  |  | 3 |  |  | 145 |  |  | (747 | ) |  | 240 |
Investment in subsidiaries | 24,940 |  |  | 8,853 |  |  | 40,776 |  |  | 8,473 |  |  | (83,042 | ) |  | — |
Intercompany loans receivable | — |  |  | 8,019 |  |  | 2,518 |  |  | 18,776 |  |  | (29,313 | ) |  | — |
Other assets | — |  |  | 450 |  |  | 186 |  |  | 370 |  |  | — |  |  | 1,006 |
Total assets | $ | 24,948 |  |  | $ | 22,533 |  |  | $ | 59,808 |  |  | $ | 49,646 |  |  | $ | (121,444 | ) |  | $ | 35,491 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |
Current portion of long-term debt | — |  |  | 552 |  |  | — |  |  | 15 |  |  | — |  |  | 567 |
Accounts payable | — |  |  | 440 |  |  | 380 |  |  | 1,140 |  |  | — |  |  | 1,960 |
Intercompany accounts payable | 4 |  |  | 3,751 |  |  | 3,288 |  |  | 1,271 |  |  | (8,314 | ) |  | — |
Accrued compensation | — |  |  | 140 |  |  | 37 |  |  | 284 |  |  | — |  |  | 461 |
Other current liabilities | 5 |  |  | 547 |  |  | 400 |  |  | 965 |  |  | (4 | ) |  | 1,913 |
Total current liabilities | 9 |  |  | 5,430 |  |  | 4,105 |  |  | 3,688 |  |  | (8,318 | ) |  | 4,914 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt | — |  |  | 7,693 |  |  | 1,266 |  |  | 16 |  |  | (6 | ) |  | 8,969 |
Pension liabilities | — |  |  | 546 |  |  | 131 |  |  | 788 |  |  | — |  |  | 1,465 |
Other postretirement benefits liabilities | — |  |  | 402 |  |  | 171 |  |  | 95 |  |  | — |  |  | 668 |
Deferred income taxes | — |  |  | — |  |  | 1,303 |  |  | 757 |  |  | (747 | ) |  | 1,313 |
Intercompany loans payable | 8,148 |  |  | 2,113 |  |  | 18,207 |  |  | 845 |  |  | (29,313 | ) |  | — |
Other noncurrent liabilities | — |  |  | 652 |  |  | 162 |  |  | 485 |  |  | — |  |  | 1,299 |
Total noncurrent liabilities | 8,148 |  |  | 11,406 |  |  | 21,240 |  |  | 2,986 |  |  | (30,066 | ) |  | 13,714 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Eaton shareholders' equity | 16,791 |  |  | 5,697 |  |  | 34,463 |  |  | 42,906 |  |  | (83,066 | ) |  | 16,791 |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | 66 |  |  | 6 |  |  | 72 |
Total equity | 16,791 |  |  | 5,697 |  |  | 34,463 |  |  | 42,972 |  |  | (83,060 | ) |  | 16,863 |
Total liabilities and equity | $ | 24,948 |  |  | $ | 22,533 |  |  | $ | 59,808 |  |  | $ | 49,646 |  |  | $ | (121,444 | ) |  | $ | 35,491 |
CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2012
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 7 |  |  | $ | 54 |  |  | $ | 14 |  |  | $ | 502 |  |  | $ | — |  |  | $ | 577 |
Short-term investments | — |  |  | 25 |  |  | 38 |  |  | 464 |  |  | — |  |  | 527 |
Accounts receivable - net | — |  |  | 654 |  |  | 393 |  |  | 2,427 |  |  | — |  |  | 3,474 |
Intercompany accounts receivable | 38 |  |  | 335 |  |  | 4,683 |  |  | 3,887 |  |  | (8,943 | ) |  | — |
Inventory | — |  |  | 341 |  |  | 602 |  |  | 1,432 |  |  | (39 | ) |  | 2,336 |
Prepaid expenses and other current assets | — |  |  | 391 |  |  | 245 |  |  | 341 |  |  | 9 |  |  | 986 |
Total current assets | 45 |  |  | 1,800 |  |  | 5,975 |  |  | 9,053 |  |  | (8,973 | ) |  | 7,900 |
Property, plant and equipment - net | — |  |  | 934 |  |  | 777 |  |  | 2,075 |  |  | — |  |  | 3,786 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,382 |  |  | 6,350 |  |  | 6,711 |  |  | — |  |  | 14,443 |
Other intangible assets | — |  |  | 231 |  |  | 4,094 |  |  | 3,255 |  |  | — |  |  | 7,580 |
Deferred income taxes | — |  |  | 941 |  |  | — |  |  | 195 |  |  | (783 | ) |  | 353 |
Investment in subsidiaries | 20,662 |  |  | 7,678 |  |  | 21,912 |  |  | 6,931 |  |  | (57,183 | ) |  | — |
Intercompany loans receivable | — |  |  | 7,650 |  |  | 13,262 |  |  | 14,125 |  |  | (35,037 | ) |  | — |
Other assets | — |  |  | 459 |  |  | 124 |  |  | 1,165 |  |  | — |  |  | 1,748 |
Total assets | $ | 20,707 |  |  | $ | 21,075 |  |  | $ | 52,494 |  |  | $ | 43,510 |  |  | $ | (101,976 | ) |  | $ | 35,810 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | 753 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 757 |
Current portion of long-term debt | — |  |  | 303 |  |  | 8 |  |  | 3 |  |  | — |  |  | 314 |
Accounts payable | — |  |  | 424 |  |  | 344 |  |  | 1,111 |  |  | — |  |  | 1,879 |
Intercompany accounts payable | 2 |  |  | 2,794 |  |  | 3,099 |  |  | 3,048 |  |  | (8,943 | ) |  | — |
Accrued compensation | — |  |  | 129 |  |  | 74 |  |  | 259 |  |  | — |  |  | 462 |
Other current liabilities | — |  |  | 523 |  |  | 411 |  |  | 1,173 |  |  | (4 | ) |  | 2,103 |
Total current liabilities | 2 |  |  | 4,926 |  |  | 3,936 |  |  | 5,598 |  |  | (8,947 | ) |  | 5,515 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt | — |  |  | 8,398 |  |  | 1,331 |  |  | 36 |  |  | — |  |  | 9,765 |
Pension liabilities | — |  |  | 895 |  |  | 232 |  |  | 876 |  |  | — |  |  | 2,003 |
Other postretirement benefits liabilities | — |  |  | 454 |  |  | 189 |  |  | 99 |  |  | — |  |  | 742 |
Deferred income taxes | — |  |  | — |  |  | 1,397 |  |  | 934 |  |  | (783 | ) |  | 1,548 |
Intercompany loans payable | 5,592 |  |  | 1,401 |  |  | 14,857 |  |  | 13,187 |  |  | (35,037 | ) |  | — |
Other noncurrent liabilities | — |  |  | 440 |  |  | 157 |  |  | 462 |  |  | — |  |  | 1,059 |
Total noncurrent liabilities | 5,592 |  |  | 11,588 |  |  | 18,163 |  |  | 15,594 |  |  | (35,820 | ) |  | 15,117 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Eaton shareholders' equity | 15,113 |  |  | 4,561 |  |  | 30,395 |  |  | 22,263 |  |  | (57,219 | ) |  | 15,113 |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | 55 |  |  | 10 |  |  | 65 |
Total equity | 15,113 |  |  | 4,561 |  |  | 30,395 |  |  | 22,318 |  |  | (57,209 | ) |  | 15,178 |
Total liabilities and equity | $ | 20,707 |  |  | $ | 21,075 |  |  | $ | 52,494 |  |  | $ | 43,510 |  |  | $ | (101,976 | ) |  | $ | 35,810 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS DECEMBER 31, 2013
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net cash provided by operating activities | $ | 104 |  |  | $ | 739 |  |  | $ | 428 |  |  | $ | 1,067 |  |  | $ | (53 | ) |  | $ | 2,285 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant and equipment | — |  |  | (171 | ) |  | (119 | ) |  | (324 | ) |  | — |  |  | (614 | )
Cash paid for acquisitions of businesses, net of cash acquired | — |  |  | — |  |  | — |  |  | (9 | ) |  | — |  |  | (9 | )
Sales (purchases) of short-term investments - net | — |  |  | 25 |  |  | (95 | ) |  | (218 | ) |  | — |  |  | (288 | )
Loans to affiliates | — |  |  | (535 | ) |  | (545 | ) |  | (6,215 | ) |  | 7,295 |  |  | — |
Repayments of loans from affiliates | — |  |  | 36 |  |  | 626 |  |  | 5,795 |  |  | (6,457 | ) |  | — |
Proceeds from the sales of businesses | — |  |  | — |  |  | — |  |  | 777 |  |  | — |  |  | 777 |
Other - net | — |  |  | (41 | ) |  | (12 | ) |  | (15 | ) |  | — |  |  | (68 | )
Net cash (used in) provided by investing activities | — |  |  | (686 | ) |  | (145 | ) |  | (209 | ) |  | 838 |  |  | (202 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Payments on borrowings | — |  |  | (1,048 | ) |  | (43 | ) |  | (5 | ) |  | — |  |  | (1,096 | )
Proceeds from borrowings from affiliates | — |  |  | 2,395 |  |  | 4,260 |  |  | 640 |  |  | (7,295 | ) |  | — |
Payments on borrowings from affiliates | — |  |  | (2,921 | ) |  | (2,874 | ) |  | (662 | ) |  | 6,457 |  |  | — |
Other intercompany financing activities | 688 |  |  | 1,365 |  |  | (1,630 | ) |  | (423 | ) |  | — |  |  | — |
Cash dividends paid | (796 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (796 | )
Cash dividends paid to affiliates | — |  |  | — |  |  | — |  |  | (53 | ) |  | 53 |  |  | — |
Exercise of employee stock options | — |  |  | 121 |  |  | — |  |  | — |  |  | — |  |  | 121 |
Excess tax benefit from equity-based compensation | — |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |
Other - net | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Net cash used in financing activities | (108 | ) |  | (56 | ) |  | (287 | ) |  | (500 | ) |  | (785 | ) |  | (1,736 | )
Effect of currency on cash | — |  |  | — |  |  | — |  |  | (9 | ) |  | — |  |  | (9 | )
Total (decrease) increase in cash | (4 | ) |  | (3 | ) |  | (4 | ) |  | 349 |  |  | — |  |  | 338 |
Cash at the beginning of the period | 7 |  |  | 54 |  |  | 14 |  |  | 502 |  |  | — |  |  | 577 |
Cash at the end of the period | $ | 3 |  |  | $ | 51 |  |  | $ | 10 |  |  | $ | 851 |  |  | $ | — |  |  | $ | 915 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS DECEMBER 31, 2012
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net cash (used in) provided by operating activities | $ | (35 | ) |  | $ | 1,012 |  |  | $ | 217 |  |  | $ | 487 |  |  | $ | (17 | ) |  | $ | 1,664 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant and equipment | — |  |  | (291 | ) |  | (73 | ) |  | (229 | ) |  | — |  |  | (593 | )
Cash paid for acquisitions of businesses, net of cash acquired | (6,542 | ) |  | — |  |  | 11 |  |  | (405 | ) |  | — |  |  | (6,936 | )
Sales of short-term investments - net | — |  |  | 175 |  |  | 210 |  |  | 218 |  |  | — |  |  | 603 |
Loans to affiliates | — |  |  | (6,693 | ) |  | — |  |  | (8,054 | ) |  | 14,747 |  |  | — |
Repayments of loans from affiliates | — |  |  | 268 |  |  | — |  |  | 8,175 |  |  | (8,443 | ) |  | — |
Proceeds from the sales of businesses | — |  |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Other - net | — |  |  | (28 | ) |  | 2 |  |  | (23 | ) |  | — |  |  | (49 | )
Net cash (used in) provided by investing activities | (6,542 | ) |  | (6,567 | ) |  | 150 |  |  | (317 | ) |  | 6,304 |  |  | (6,972 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | 7,156 |  |  | — |  |  | — |  |  | — |  |  | 7,156 |
Payments on borrowings | — |  |  | (1,306 | ) |  | (16 | ) |  | (2 | ) |  | — |  |  | (1,324 | )
Payments of financing costs | — |  |  | (117 | ) |  | — |  |  | — |  |  | — |  |  | (117 | )
Proceeds from borrowings from affiliates | 5 |  |  | 8,054 |  |  | 6,425 |  |  | 263 |  |  | (14,747 | ) |  | — |
Payments on borrowings from affiliates | (5 | ) |  | (8,175 | ) |  | — |  |  | (263 | ) |  | 8,443 |  |  | — |
Other intercompany financing activities |  |  | 273 |  |  | (340 | ) |  | 67 |  |  | — |  |  | — |
Cash dividends paid | — |  |  | (512 | ) |  | — |  |  | — |  |  | — |  |  | (512 | )
Cash dividends paid to affiliates | — |  |  | — |  |  | — |  |  | (17 | ) |  | 17 |  |  | — |
Exercise of employee stock options | — |  |  | 95 |  |  | — |  |  | — |  |  | — |  |  | 95 |
Issuance (repurchase) of shares | 6,584 |  |  | — |  |  | (6,425 | ) |  | — |  |  | — |  |  | 159 |
Excess tax benefit from equity-based compensation | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Other - net | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Net cash provided by (used in) financing activities | 6,584 |  |  | 5,489 |  |  | (356 | ) |  | 50 |  |  | (6,287 | ) |  | 5,480 |
Effect of currency on cash | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Total increase (decrease) in cash | 7 |  |  | (66 | ) |  | 11 |  |  | 240 |  |  | — |  |  | 192 |
Cash at the beginning of the period | — |  |  | 120 |  |  | 3 |  |  | 262 |  |  | — |  |  | 385 |
Cash at the end of the period | $ | 7 |  |  | $ | 54 |  |  | $ | 14 |  |  | $ | 502 |  |  | $ | — |  |  | $ | 577 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS DECEMBER 31, 2011
| Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net cash provided by operating activities | $ | 613 |  |  | $ | 171 |  |  | $ | 1,017 |  |  | $ | (553 | ) |  | $ | 1,248 |
Investing activities |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant and equipment | (249 | ) |  | (39 | ) |  | (280 | ) |  | — |  |  | (568 | )
Cash paid for acquisitions of businesses, net of cash acquired | (24 | ) |  | (2 | ) |  | (299 | ) |  | — |  |  | (325 | )
Sales of short-term investments - net | 27 |  |  | — |  |  | 76 |  |  | — |  |  | 103 |
Loans to affiliates | (149 | ) |  | — |  |  | (5,855 | ) |  | 6,004 |  |  | — |
Repayments of loans from affiliates | 100 |  |  | — |  |  | 5,650 |  |  | (5,750 | ) |  | — |
Proceeds from the sales of businesses | 1 |  |  | 14 |  |  | — |  |  | — |  |  | 15 |
Other - net | (24 | ) |  | (9 | ) |  | 8 |  |  | — |  |  | (25 | )
Net cash used in investing activities | (318 | ) |  | (36 | ) |  | (700 | ) |  | 254 |  |  | (800 | )
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from borrowings | 379 |  |  | — |  |  | 2 |  |  | — |  |  | 381 |
Payments on borrowings | (70 | ) |  | — |  |  | (8 | ) |  | — |  |  | (78 | )
Payments of financing costs | (3 | ) |  | — |  |  | — |  |  | — |  |  | (3 | )
Proceeds from borrowings from affiliates | 5,855 |  |  | — |  |  | 149 |  |  | (6,004 | ) |  | — |
Payments on borrowings from affiliates | (5,650 | ) |  | — |  |  | (100 | ) |  | 5,750 |  |  | — |
Other intercompany financing activities | (42 | ) |  | (106 | ) |  | 148 |  |  | — |  |  | — |
Cash dividends paid | (462 | ) |  | — |  |  | — |  |  | — |  |  | (462 | )
Cash dividends paid to affiliates | — |  |  | (32 | ) |  | (521 | ) |  | 553 |  |  | — |
Exercise of employee stock options | 71 |  |  | — |  |  | — |  |  | — |  |  | 71 |
Repurchase of shares | (343 | ) |  | — |  |  | — |  |  | — |  |  | (343 | )
Excess tax benefit from equity-based compensation | 57 |  |  | — |  |  | — |  |  | — |  |  | 57 |
Other - net | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Net cash used in financing activities | (208 | ) |  | (138 | ) |  | (334 | ) |  | 299 |  |  | (381 | )
Effect of currency on cash | — |  |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Total increase (decrease) in cash | 87 |  |  | (3 | ) |  | (32 | ) |  | — |  |  | 52 |
Cash at the beginning of the period | 33 |  |  | 6 |  |  | 294 |  |  | — |  |  | 333 |
Cash at the end of the period | $ | 120 |  |  | $ | 3 |  |  | $ | 262 |  |  | $ | — |  |  | $ | 385 |

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