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Business Segment and Geographic Region Information | 12 Months Ended
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Dec. 31, 2013
Segment Reporting [Abstract] |
Business Segment and Geographic Region Information | BUSINESS SEGMENT AND GEOGRAPHIC REGION INFORMATION Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. Eaton’s segments are as follows: Electrical Products and Electrical Systems and Services The Electrical Products segment consists of electrical components, industrial components, residential products, single phase power quality, emergency lighting, fire detection, wiring devices, structural support systems, circuit protection, and lighting products. The Electrical Systems and Services segment consists of power distribution and assemblies, three phase power quality, hazardous duty electrical equipment, intrinsically safe explosion-proof instrumentation, utility power distribution, power reliability equipment, and services. The principal markets for these segments are industrial, institutional, governmental, utility, commercial, residential and information technology. These products are used wherever there is a demand for electrical power in commercial buildings, data centers, residences, apartment and office buildings, hospitals, factories, and utilities. The segments share several common global customers, but a large number of customers are located regionally. Sales are made directly to original equipment manufacturers, utilities, and certain other end users, as well as through distributors, resellers, and manufacturers' representatives. Hydraulics The Hydraulics segment is a global leader in hydraulics components, systems and services for industrial and mobile equipment. Eaton offers a wide range of power products including pumps, motors and hydraulic power units; a broad range of controls and sensing products including valves, cylinders and electronic controls; a full range of fluid conveyance products including industrial and hydraulic hose, fittings, and assemblies, thermoplastic hose and tubing, couplings, connectors, and assembly equipment; filtration systems solutions; heavy-duty drum and disc brakes; and golf grips. The principal markets for the Hydraulics segment include oil and gas, renewable energy, marine, agriculture, construction, mining, forestry, utility, material handling, truck and bus, machine tools, molding, primary metals, and power generation. Key manufacturing customers in these markets and other customers are located globally. Products are sold and serviced through a variety of channels. Aerospace The Aerospace segment is a leading global supplier of aerospace fuel, hydraulics, and pneumatic systems for commercial and military use. Products include hydraulic power generation systems for aerospace applications including pumps, motors, hydraulic power units, hose and fittings, electro-hydraulic pumps and power and load management systems; controls and sensing products including valves, cylinders, electronic controls, electromechanical actuators, sensors, displays and panels, aircraft flap and slat systems and nose wheel steering systems; fluid conveyance products, including hose, thermoplastic tubing, fittings, adapters, couplings, sealing and ducting; and fuel systems including fuel pumps, sensors, valves, adapters and regulators. The principal markets for the Aerospace segment are manufacturers of commercial and military aircraft and related after-market customers. These manufacturers and other customers operate globally. Products are sold and serviced through a variety of channels. Vehicle The Vehicle segment is a leader in the design, manufacture, marketing, and supply of drivetrain and powertrain systems and critical components that reduce emissions and improve fuel economy, stability, performance, and safety of cars, light trucks and commercial vehicles. Products include transmissions, clutches, hybrid power systems, superchargers, engine valves and valve actuation systems, cylinder heads, locking and limited slip differentials, transmission and engine controls, fuel vapor components, compressor control clutches for mobile refrigeration, fluid connectors and hoses for air conditioning and power steering, underhood plastic components, fluid conveyance products including, hose, thermoplastic tubing, fittings, adapters, couplings and sealing products for the global vehicle industry. The principal markets for the Vehicle segment are original equipment manufacturers and aftermarket customers of heavy-, medium-, and light-duty trucks, SUVs, CUVs, passenger cars and agricultural equipment. Other Information No single customer represented greater than 10% of net sales in 2013, 2012 or 2011, respectively. The accounting policies of the business segments are generally the same as the policies described in Note 1, except that inventory and related cost of products sold of the segments are accounted for using the FIFO method and operating profit only reflects the service cost component related to pensions and other postretirement benefits. Intersegment sales and transfers are accounted for at the same prices as if the sales and transfers were made to third parties. These intersegment sales are eliminated in consolidation. For purposes of business segment performance measurement, the Company does not allocate items that are of a non-operating nature or are of a corporate or functional governance nature. Corporate expenses consist of transaction costs associated with the acquisition of certain businesses and corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. Identifiable assets of the business segments exclude goodwill, other intangible assets, and general corporate assets, which principally consist of cash, short-term investments, deferred income taxes, certain accounts receivable, certain property, plant and equipment, and certain other assets. See Note 2 for additional information about business acquisitions. Business Segment Information
| 2013 |  | 2012 |  | 2011
Net sales |  |  |  |  |
Electrical Products | $ | 7,026 |  |  | $ | 3,846 |  |  | $ | 3,619 |
Electrical Systems and Services | 6,430 |  |  | 3,872 |  |  | 3,557 |
Hydraulics | 2,981 |  |  | 2,960 |  |  | 2,835 |
Aerospace | 1,774 |  |  | 1,719 |  |  | 1,648 |
Vehicle | 3,835 |  |  | 3,914 |  |  | 4,390 |
Total net sales | $ | 22,046 |  |  | $ | 16,311 |  |  | $ | 16,049 |
Segment operating profit |  |  |  |  |
Electrical Products | $ | 1,090 |  |  | $ | 640 |  |  | $ | 531 |
Electrical Systems and Services | 889 |  |  | 424 |  |  | 352 |
Hydraulics | 355 |  |  | 369 |  |  | 438 |
Aerospace | 252 |  |  | 213 |  |  | 244 |
Vehicle | 592 |  |  | 570 |  |  | 695 |
Total segment operating profit | 3,178 |  |  | 2,216 |  |  | 2,260 |
Corporate |  |  |  |  |
Amortization of intangible assets | (437 | ) |  | (195 | ) |  | (190 | )
Interest expense - net | (271 | ) |  | (208 | ) |  | (118 | )
Pension and other postretirement benefits expense | (183 | ) |  | (162 | ) |  | (142 | )
Inventory step-up adjustment | (34 | ) |  | (42 | ) |  | (5 | )
Other corporate expense - net | (369 | ) |  | (358 | ) |  | (252 | )
Income before income taxes | 1,884 |  |  | 1,251 |  |  | 1,553 |
Income tax expense | 11 |  |  | 31 |  |  | 201 |
Net income | 1,873 |  |  | 1,220 |  |  | 1,352 |
Less net income for noncontrolling interests | (12 | ) |  | (3 | ) |  | (2 | )
Net income attributable to Eaton ordinary shareholders | $ | 1,861 |  |  | $ | 1,217 |  |  | $ | 1,350 |
Business segment operating profit was reduced by acquisition integration charges as follows:
| 2013 |  | 2012 |  | 2011
Electrical Products | $ | 44 |  |  | $ | 4 |  |  | $ | 1 |
Electrical Systems and Services | 37 |  |  | 13 |  |  | 9 |
Hydraulics | 36 |  |  | 16 |  |  | 4 |
Total | $ | 117 |  |  | $ | 33 |  |  | $ | 14 |
Corporate acquisition integration charges totaled $37 and $11 in 2013 and 2012, respectively. Corporate acquisition integration charges related primarily to the acquisition of Cooper and are included above in Other corporate expense - net. Acquisition-related transaction costs, such as investment banking, legal and other professional fees, and costs associated with change in control agreements, are included above in Interest expense - net and Other corporate expense - net. These charges totaled $9 and $178 in 2013 and 2012, respectively. There were no significant Corporate acquisition-related transition costs in 2011. See Note 3 for additional information about acquisition integration charges and transaction costs.
| 2013 |  | 2012 |  | 2011
Identifiable assets |  |  |  |  |
Electrical Products | $ | 3,204 |  |  | $ | 3,338 |  |  | $ | 1,653 |
Electrical Systems and Services | 2,683 |  |  | 2,408 |  |  | 1,242 |
Hydraulics | 1,362 |  |  | 1,426 |  |  | 1,265 |
Aerospace | 852 |  |  | 806 |  |  | 754 |
Vehicle | 1,716 |  |  | 1,698 |  |  | 1,783 |
Total identifiable assets | 9,817 |  |  | 9,676 |  |  | 6,697 |
Goodwill | 14,495 |  |  | 14,443 |  |  | 5,537 |
Other intangible assets | 7,186 |  |  | 7,580 |  |  | 2,192 |
Corporate | 3,993 |  |  | 4,111 |  |  | 3,447 |
Total assets | $ | 35,491 |  |  | $ | 35,810 |  |  | $ | 17,873 |
Capital expenditures for property, plant and equipment |  |  |  |  |
Electrical Products | $ | 152 |  |  | $ | 108 |  |  | $ | 76 |
Electrical Systems and Services | 113 |  |  | 47 |  |  | 41 |
Hydraulics | 80 |  |  | 60 |  |  | 70 |
Aerospace | 29 |  |  | 27 |  |  | 21 |
Vehicle | 161 |  |  | 148 |  |  | 172 |
Total | 535 |  |  | 390 |  |  | 380 |
Corporate | 79 |  |  | 203 |  |  | 188 |
Total expenditures for property, plant and equipment | $ | 614 |  |  | $ | 593 |  |  | $ | 568 |
Depreciation of property, plant and equipment |  |  |  |  |
Electrical Products | $ | 151 |  |  | $ | 78 |  |  | $ | 74 |
Electrical Systems and Services | 86 |  |  | 42 |  |  | 37 |
Hydraulics | 65 |  |  | 61 |  |  | 54 |
Aerospace | 27 |  |  | 26 |  |  | 26 |
Vehicle | 133 |  |  | 136 |  |  | 147 |
Total | 462 |  |  | 343 |  |  | 338 |
Corporate | 54 |  |  | 38 |  |  | 29 |
Total depreciation of property, plant and equipment | $ | 516 |  |  | $ | 381 |  |  | $ | 367 |
Geographic Region Information Net sales are measured based on the geographic destination of sales. Long-lived assets consist of property, plant and equipment - net.
| 2013 |  | 2012 |  | 2011
Net sales |  |  |  |  |
United States | $ | 11,092 |  |  | $ | 7,789 |  |  | $ | 7,165 |
Canada | 1,154 |  |  | 918 |  |  | 815 |
Latin America | 2,113 |  |  | 1,588 |  |  | 1,952 |
Europe | 5,112 |  |  | 3,997 |  |  | 4,092 |
Asia Pacific | 2,575 |  |  | 2,019 |  |  | 2,025 |
Total | $ | 22,046 |  |  | $ | 16,311 |  |  | $ | 16,049 |
Long-lived assets |  |  |  |  |
United States | $ | 1,966 |  |  | $ | 1,914 |  |  | $ | 1,227 |
Canada | 28 |  |  | 33 |  |  | 27 |
Latin America | 331 |  |  | 346 |  |  | 247 |
Europe | 856 |  |  | 845 |  |  | 649 |
Asia Pacific | 652 |  |  | 648 |  |  | 452 |
Total | $ | 3,833 |  |  | $ | 3,786 |  |  | $ | 2,602 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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