|
Acquisitions and Sales of Businesses (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Business Acquisition, Contingent Consideration [Line Items] |
|
| Fair Value of Consideration Transferred [Table Text Block] |
The total purchase price for the acquisition of Cooper was $13,192, comprised of Eaton share consideration valued at $6,649 and cash consideration for Cooper shares of $6,474 and to settle certain Cooper equity-based compensation plans of $69, as follows: | | | | | Cooper shares outstanding as of November 30, 2012 | 163.6 |
| Cooper shares issued pursuant to conversion of stock options and share units outstanding under Cooper equity-based compensation plans | 1.8 |
| Total Cooper shares and share equivalents prior to transaction | 165.4 |
| Exchange ratio per share | 0.77479 |
| Total Eaton shares issued | 128.1 |
| Weighted-average Eaton Corporation per share price on November 30, 2012 | $ | 51.91 |
| Total value of Eaton shares issued | $ | 6,649 |
| Total cash consideration paid at $39.15 per Cooper share and share equivalent | 6,474 |
| Total cash consideration paid for equity-based compensation plans | 69 |
| Total consideration | $ | 13,192 |
|
|
| Fair Values of Assets Acquired and Liabilities Assumed [Table Text Block] |
| | | | | | | | | | | | | | November 30, 2012 (as previously reported) | | Adjustments | | November 30, 2012 (final adjusted) | Working capital accounts (1) | $ | 2,304 |
| | $ | (18 | ) | | $ | 2,286 |
| Prepaid expenses and other current assets | 204 |
| | 69 |
| | 273 |
| Property, plant and equipment | 885 |
| | (40 | ) | | 845 |
| Investment in Apex Tool Group, LLC | 807 |
| | (7 | ) | | 800 |
| Intangible assets | 5,250 |
| | 119 |
| | 5,369 |
| Other assets | 35 |
| | 30 |
| | 65 |
| Debt | (1,221 | ) | | — |
| | (1,221 | ) | Accounts payable | (519 | ) | | 3 |
| | (516 | ) | Other current liabilities | (673 | ) | | (206 | ) | | (879 | ) | Other noncurrent liabilities | (2,185 | ) | | (177 | ) | | (2,362 | ) | Total identifiable net assets | 4,887 |
| | (227 | ) | | 4,660 |
| Goodwill | 8,305 |
| | 227 |
| | 8,532 |
| Total consideration | $ | 13,192 |
| | $ | — |
| | $ | 13,192 |
| | | | | | | (1) Working capital accounts include Cash, Short-term investments, Accounts receivable and Inventory. | | | | |
|
| Business Acquisition, Pro Forma Information [Table Text Block] |
The following unaudited pro forma information gives effect to Eaton's acquisition of Cooper as if the acquisition had occurred on January 1, 2012 and Cooper had been included in Eaton's consolidated results of operations for the year ended December 31, 2012. | | | | | | 2012 | Net sales | $ | 21,792 |
| Net income from continuing operations attributable to Eaton ordinary shareholders | 1,695 |
| Diluted earnings per share from continuing operations | $ | 3.54 |
|
|
| Annual Sales of Acquired Entities From Previous Periods [TableText Block] |
These transactions and the related annual sales prior to acquisition are summarized below: | | | | | | | | Acquired businesses and joint venture | | Date of transaction | | Business segment | | Annual sales | Rolec Comercial e Industrial S.A. | | September 28,
2012 | | Electrical
Systems
and
Services | | $85 for the
12 months
ended
September 30,
2012 | A Chilean manufacturer of integrated power assemblies and low- and medium-voltage switchgear, and a provider of engineering services serving mining and other heavy industrial applications in Chile and Peru. | | | | | | | | | | | Jeil Hydraulics Co., Ltd. | | July 6,
2012 | | Hydraulics | | $189 for 2011 | A Korean manufacturer of track drive motors, swing drive motors, main control valves and remote control valves for the construction equipment market. | | | | | | | | | | | Polimer Kaucuk Sanayi ve Pazarlama A.S. | | June 1,
2012 | | Hydraulics | | $335 for 2011 | A Turkish manufacturer of hydraulic and industrial hose for construction, mining, agriculture, oil and gas, manufacturing, food and beverage, and chemicals markets. This business sells its products under the SEL brand name. | | | |
| | | | | | | | Acquired businesses and joint venture | | Date of transaction | | Business segment | | Annual sales | Gycom Electrical Low-Voltage Power Distribution, Control and Automation | | June 1,
2012 | | Electrical
Systems
and
Services | | $24 for 2011 | A Swedish electrical low-voltage power distribution, control and automation components business. | | | | | | | | | | | E.A. Pedersen Company | | December 29,
2011 | | Electrical
Systems
and
Services | | $37 for 2011 | A United States manufacturer of medium voltage switchgear, metal-clad switchgear, power control buildings and relay control panels primarily for the electrical utilities industry. | | | | | | | | | | | IE Power, Inc. | | August 31,
2011 | | Electrical
Systems
and
Services | | $5 for 2010 | A Canadian provider of high power inverters for a variety of mission-critical applications including solar, wind and battery energy storage. | | | | | | | | | | | E. Begerow GmbH & Co. KG | | August 15,
2011 | | Hydraulics | | $84 for 2010 | A German system provider of advanced liquid filtration solutions. This business develops and produces technologically innovative filter media and filtration systems for food and beverage, chemical, pharmaceutical and industrial applications. | | | | | | | | | | | ACTOM Low Voltage | | June 30,
2011 | | Electrical
Systems
and
Services | | $65 for the
year ended
May 31,
2011 | A South African manufacturer and supplier of motor control components, engineered electrical distribution systems and uninterruptible power supply (UPS) systems. | | | | | | | | | | | C.I. ESI de Colombia S.A. | | June 2,
2011 | | Electrical
Products | | $8 for 2010 | A Colombian distributor of industrial electrical equipment and engineering services in the Colombian market, focused on oil and gas, mining, and industrial and commercial construction. | | | | | | | | | | | Internormen Technology Group | | May 12,
2011 | | Hydraulics | | $55 for 2010 | A Germany-based manufacturer of hydraulic filtration and instrumentation with sales and distribution subsidiaries in China, the United States, India and Brazil. | | | | | | | | | | | Eaton-SAMC (Shanghai) Aircraft Conveyance System Manufacturing
Co., Ltd. | | March 8,
2011 | | Aerospace | | Joint venture | A 49%-owned joint venture in China focusing on the design, development, manufacturing and support of fuel and hydraulic conveyance systems for the global civil aviation market. | | | | | | | | | | | Tuthill Coupling Group | | January 1,
2011 | | Hydraulics | | $35 for the
year ended
November 30,
2010 | A United States based manufacturer of pneumatic and hydraulic quick coupling solutions and leak-free connectors used in industrial, construction, mining, defense, energy and power applications. | | | |
|