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Eaton Shareholders' Equity | 12 Months Ended
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Dec. 31, 2013
Stockholders' Equity Note [Abstract] |
Eaton Shareholders' Equity [Text Block] | EATON SHAREHOLDERS' EQUITY There are 750 million Eaton ordinary shares authorized ($0.01 par value per share), 475.1 million and 470.7 million of which were issued and outstanding at December 31, 2013 and 2012, respectively. Eaton's Memorandum and Articles of Association authorized 40 thousand deferred ordinary shares (€1.00 par value per share) and 10 thousand preferred A shares ($1.00 par value per share), all of which were issued and outstanding at December 31, 2013 and 2012, and 10 million serial preferred shares ($0.01 par value per share), none of which were outstanding at December 31, 2013 and 2012. At December 31, 2013, there were 19,538 holders of record of Eaton ordinary shares. Additionally, 28,128 current and former employees were shareholders through participation in the Eaton Savings Plan, Eaton Personal Investment Plan, Eaton Puerto Rico Retirement Savings Plan, and the Cooper Retirement Savings and Stock Ownership Plan. Eaton Corporation had a common share repurchase program (2007 Program) that authorized the repurchase of 10 million common shares. In 2011, 8.3 million Eaton Corporation common shares were repurchased under the 2007 Program in the open market at a total cost of $343. On September 28, 2011, Eaton Corporation's Board of Directors replaced the 2007 Program with a common share repurchase program (2011 Program) which authorized the purchase of up to 20 million common shares, not to exceed an aggregate purchase price of $1.25 billion. No common shares were purchased under the 2011 Program. On April 24, 2013, the Company's shareholders authorized the Board of Directors to adopt an ordinary share repurchase program (2013 Program) for up to 40 million ordinary shares at prices between 70% and 120% of the closing price of Eaton's ordinary shares on the day of purchase. On October 22, 2013, Eaton's Board of Directors adopted the 2013 Program. The ordinary shares are expected to be repurchased over time, depending on market conditions, the market price of ordinary shares, capital levels, and other considerations. In 2013, no ordinary shares were repurchased under the 2013 Program. In 2012, no common shares were repurchased under the 2011 Program. Eaton has deferral plans that permit certain employees and directors to defer a portion of their compensation. A trust contains $24 and $12 of ordinary shares and marketable securities, as valued at December 31, 2013 and 2012, respectively, to fund a portion of these liabilities. The marketable securities were included in Other assets and the ordinary shares were included in Shareholders' equity at historical cost. On February 26, 2014, Eaton's Board of Directors declared a quarterly dividend of $0.49 per ordinary share, payable on March 21, 2014, to shareholders of record at the close of business on March 10, 2014. Comprehensive Income (Loss) Comprehensive income (loss) consists primarily of net income, currency translation and related hedging instruments, changes in unrecognized costs of pension and other postretirement benefits, and changes in the effective portion of open derivative contracts designated as cash flow hedges. The following table summarizes the pre-tax and after-tax amounts recognized in Comprehensive income (loss):
| 2013 |  | 2012 |  | 2011
| Pre-tax |  | After-tax |  | Pre-tax |  | After-tax |  | Pre-tax |  | After-tax
Currency translation and related hedging instruments | $ | (30 | ) |  | $ | (28 | ) |  | $ | 144 |  |  | $ | 135 |  |  | $ | (252 | ) |  | $ | (241 | )
Pensions and other postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Prior service cost arising during the year | (6 | ) |  | (4 | ) |  | (1 | ) |  | (1 | ) |  | (5 | ) |  | (4 | )
Net gain (loss) arising during the year | 456 |  |  | 277 |  |  | (386 | ) |  | (262 | ) |  | (648 | ) |  | (417 | )
Currency translation | (5 | ) |  | (4 | ) |  | (15 | ) |  | (12 | ) |  | 5 |  |  | 4 |
Other | 2 |  |  | 16 |  |  | (2 | ) |  | 15 |  |  | — |  |  | (15 | )
Amortization of actuarial loss and prior service cost reclassified to earnings | 229 |  |  | 144 |  |  | 170 |  |  | 108 |  |  | 122 |  |  | 79 |
| 676 |  |  | 429 |  |  | (234 | ) |  | (152 | ) |  | (526 | ) |  | (353 | )
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivatives designated as cash flow hedges | 6 |  |  | 3 |  |  | 10 |  |  | 10 |  |  | (28 | ) |  | (21 | )
Changes in cash flow hedges reclassified to earnings | — |  |  | — |  |  | 7 |  |  | 7 |  |  | — |  |  | (1 | )
Cash flow hedges, net of reclassification adjustments | 6 |  |  | 3 |  |  | 17 |  |  | 17 |  |  | (28 | ) |  | (22 | )
Other comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 652 |  |  | $ | 404 |  |  | $ | (73 | ) |  | $ | — |  |  | $ | (806 | ) |  | $ | (616 | )
The changes in Accumulated other comprehensive (loss) income follow:
| Currency translation and related hedging instruments |  | Pensions and other postretirement benefits |  | Cash flow hedges |  | Total
Balance at December 31, 2012 | $ | (367 | ) |  | $ | (1,599 | ) |  | $ | 2 |  |  | $ | (1,964 | )
Other comprehensive (loss) income before reclassifications | (28 | ) |  | 285 |  |  | 3 |  |  | 260 |
Amounts reclassified from Accumulated other comprehensive (loss) income | — |  |  | 144 |  |  | — |  |  | 144 |
Net current-period other comprehensive (loss) income | (28 | ) |  | 429 |  |  | 3 |  |  | 404 |
Balance at December 31, 2013 | $ | (395 | ) |  | $ | (1,170 | ) |  | $ | 5 |  |  | $ | (1,560 | )
The reclassifications out of Accumulated other comprehensive (loss) income follow:
|  | December 31, 2013 |  | Consolidated Statements of Income classification
Amortization of defined benefit pension items |  |  |  |
Actuarial loss |  | $ | (229 | ) |  | 1
|  | (229 | ) |  |
Tax benefit |  | 85 |  |  |
Total, net of tax |  | (144 | ) |  |
Gains and losses on cash flow hedges |  |  |  |
Floating-to-fixed interest rate swaps |  | (1 | ) |  | Interest expense - net
Currency exchange contracts |  | 2 |  |  | Cost of products sold
Commodity contracts |  | (1 | ) |  | Cost of products sold
|  | — |  |  |
Tax expense |  | — |  |  |
Total, net of tax |  | — |  |  |
Total reclassifications for the period |  | $ | (144 | ) |  |
1 These components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost. See Note 6 for additional information about defined benefit pension items. Net Income per Ordinary Share A summary of the calculation of net income per ordinary share attributable to ordinary shareholders follows:
(Shares in millions) | 2013 |  | 2012 |  | 2011
Net income attributable to Eaton ordinary shareholders | $ | 1,861 |  |  | $ | 1,217 |  |  | $ | 1,350 |
Weighted-average number of ordinary shares outstanding - diluted | 476.7 |  |  | 350.9 |  |  | 342.8 |
Less dilutive effect of equity-based compensation | 3.2 |  |  | 3.1 |  |  | 4.5 |
Weighted-average number of ordinary shares outstanding - basic | 473.5 |  |  | 347.8 |  |  | 338.3 |
Net income per ordinary share |  |  |  |  |
Diluted | $ | 3.90 |  |  | $ | 3.46 |  |  | $ | 3.93 |
Basic | 3.93 |  |  | 3.54 |  |  | 3.98 |
In 2013, 2012, and 2011, 0.2 million, 2.2 million, and 1.5 million stock options, respectively, were excluded from the calculation of diluted net income per ordinary share because the exercise price of the options exceeded the average market price of the ordinary shares during the period and their effect, accordingly, would have been antidilutive.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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