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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended
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Sep. 30, 2017
Condensed Consolidating Financial Information [Abstract] |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS On November 14, 2013 and September 15, 2017, Eaton Corporation registered senior notes under the Securities Act of 1933 (the Senior Notes). Eaton and certain other of Eaton's 100% owned direct and indirect 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. During 2017 and 2016, the Company undertook certain steps to restructure ownership of various subsidiaries. The transactions were entirely among wholly-owned subsidiaries under the common control of Eaton. This restructuring has been reflected as of the beginning of the earliest period presented below.
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | — |  |  | $ | 1,695 |  |  | $ | 1,669 |  |  | $ | 3,223 |  |  | $ | (1,376 | ) |  | $ | 5,211 |
Cost of products sold | — |  |  | 1,322 |  |  | 1,225 |  |  | 2,294 |  |  | (1,372 | ) |  | 3,469 |
Selling and administrative expense | 32 |  |  | 330 |  |  | 200 |  |  | 354 |  |  | — |  |  | 916 |
Research and development expense | — |  |  | 53 |  |  | 54 |  |  | 40 |  |  | — |  |  | 147 |
Interest expense (income) - net | — |  |  | 62 |  |  | 5 |  |  | (7 | ) |  | — |  |  | 60 |
Gain on Sale of Business | — |  |  | 560 |  |  | — |  |  | 517 |  |  | — |  |  | 1,077 |
Other expense (income) - net | 23 |  |  | 1 |  |  | (31 | ) |  | 12 |  |  | — |  |  | 5 |
Equity in loss (earnings) of subsidiaries, net of tax | (1,573 | ) |  | (237 | ) |  | (1,900 | ) |  | (706 | ) |  | 4,416 |  |  | — |
Intercompany expense (income) - net | 119 |  |  | (33 | ) |  | 335 |  |  | (421 | ) |  | — |  |  | — |
Income (loss) before income taxes | 1,399 |  |  | 757 |  |  | 1,781 |  |  | 2,174 |  |  | (4,420 | ) |  | 1,691 |
Income tax expense (benefit) | — |  |  | 120 |  |  | 18 |  |  | 154 |  |  | — |  |  | 292 |
Net income (loss) | 1,399 |  |  | 637 |  |  | 1,763 |  |  | 2,020 |  |  | (4,420 | ) |  | 1,399 |
Less net loss (income) for noncontrolling interests | — |  |  | — |  |  | — |  |  | (1 | ) |  | 1 |  |  | — |
Net income (loss) attributable to Eaton ordinary shareholders | $ | 1,399 |  |  | $ | 637 |  |  | $ | 1,763 |  |  | $ | 2,019 |  |  | $ | (4,419 | ) |  | $ | 1,399 |
Other comprehensive income (loss) | $ | 199 |  |  | $ | (15 | ) |  | $ | 200 |  |  | $ | 267 |  |  | $ | (452 | ) |  | $ | 199 |
Total comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 1,598 |  |  | $ | 622 |  |  | $ | 1,963 |  |  | $ | 2,286 |  |  | $ | (4,871 | ) |  | $ | 1,598 |
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | — |  |  | $ | 1,660 |  |  | $ | 1,592 |  |  | $ | 3,032 |  |  | $ | (1,297 | ) |  | $ | 4,987 |
Cost of products sold | — |  |  | 1,329 |  |  | 1,168 |  |  | 2,168 |  |  | (1,294 | ) |  | 3,371 |
Selling and administrative expense | 2 |  |  | 332 |  |  | 195 |  |  | 324 |  |  | — |  |  | 853 |
Research and development expense | — |  |  | 59 |  |  | 44 |  |  | 43 |  |  | — |  |  | 146 |
Interest expense (income) - net | — |  |  | 59 |  |  | 4 |  |  | (3 | ) |  | (1 | ) |  | 59 |
Other expense (income) - net | (1 | ) |  | 2 |  |  | 6 |  |  | (22 | ) |  | — |  |  | (15 | )
Equity in loss (earnings) of subsidiaries, net of tax | (628 | ) |  | (173 | ) |  | (914 | ) |  | (228 | ) |  | 1,943 |  |  | — |
Intercompany expense (income) - net | 104 |  |  | (34 | ) |  | 333 |  |  | (403 | ) |  | — |  |  | — |
Income (loss) before income taxes | 523 |  |  | 86 |  |  | 756 |  |  | 1,153 |  |  | (1,945 | ) |  | 573 |
Income tax expense (benefit) | — |  |  | (11 | ) |  | 11 |  |  | 52 |  |  | (1 | ) |  | 51 |
Net income (loss) | 523 |  |  | 97 |  |  | 745 |  |  | 1,101 |  |  | (1,944 | ) |  | 522 |
Less net loss (income) for noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Net income (loss) attributable to Eaton ordinary shareholders | $ | 523 |  |  | $ | 97 |  |  | $ | 745 |  |  | $ | 1,101 |  |  | $ | (1,943 | ) |  | $ | 523 |
Other comprehensive income (loss) | $ | 24 |  |  | $ | 24 |  |  | $ | 29 |  |  | $ | 3 |  |  | $ | (56 | ) |  | $ | 24 |
Total comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 547 |  |  | $ | 121 |  |  | $ | 774 |  |  | $ | 1,104 |  |  | $ | (1,999 | ) |  | $ | 547 |
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | — |  |  | $ | 4,963 |  |  | $ | 4,936 |  |  | $ | 9,378 |  |  | $ | (4,086 | ) |  | $ | 15,191 |
Cost of products sold | — |  |  | 3,948 |  |  | 3,638 |  |  | 6,723 |  |  | (4,080 | ) |  | 10,229 |
Selling and administrative expense | 98 |  |  | 998 |  |  | 591 |  |  | 1,016 |  |  | — |  |  | 2,703 |
Research and development expense | — |  |  | 164 |  |  | 154 |  |  | 122 |  |  | — |  |  | 440 |
Interest expense (income) - net | — |  |  | 180 |  |  | 16 |  |  | (15 | ) |  | — |  |  | 181 |
Gain on Sale of Business | — |  |  | 560 |  |  | — |  |  | 517 |  |  | — |  |  | 1,077 |
Other expense (income) - net | 71 |  |  | 8 |  |  | (69 | ) |  | (20 | ) |  | — |  |  | (10 | )
Equity in loss (earnings) of subsidiaries, net of tax | (2,858 | ) |  | (612 | ) |  | (3,625 | ) |  | (931 | ) |  | 8,026 |  |  | — |
Intercompany expense (income) - net | 343 |  |  | (106 | ) |  | 1,007 |  |  | (1,244 | ) |  | — |  |  | — |
Income (loss) before income taxes | 2,346 |  |  | 943 |  |  | 3,224 |  |  | 4,244 |  |  | (8,032 | ) |  | 2,725 |
Income tax expense (benefit) | — |  |  | 120 |  |  | 37 |  |  | 222 |  |  | (1 | ) |  | 378 |
Net income (loss) | 2,346 |  |  | 823 |  |  | 3,187 |  |  | 4,022 |  |  | (8,031 | ) |  | 2,347 |
Less net loss (income) for noncontrolling interests | — |  |  | — |  |  | — |  |  | (3 | ) |  | 2 |  |  | (1 | )
Net income (loss) attributable to Eaton ordinary shareholders | $ | 2,346 |  |  | $ | 823 |  |  | $ | 3,187 |  |  | $ | 4,019 |  |  | $ | (8,029 | ) |  | $ | 2,346 |
Other comprehensive income (loss) | $ | 785 |  |  | $ | 35 |  |  | $ | 792 |  |  | $ | 998 |  |  | $ | (1,825 | ) |  | $ | 785 |
Total comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 3,131 |  |  | $ | 858 |  |  | $ | 3,979 |  |  | $ | 5,017 |  |  | $ | (9,854 | ) |  | $ | 3,131 |
CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net sales | $ | — |  |  | $ | 4,842 |  |  | $ | 4,815 |  |  | $ | 8,962 |  |  | $ | (3,739 | ) |  | $ | 14,880 |
Cost of products sold | — |  |  | 3,788 |  |  | 3,571 |  |  | 6,462 |  |  | (3,740 | ) |  | 10,081 |
Selling and administrative expense | 6 |  |  | 1,048 |  |  | 589 |  |  | 999 |  |  | — |  |  | 2,642 |
Research and development expense | — |  |  | 176 |  |  | 140 |  |  | 128 |  |  | — |  |  | 444 |
Interest expense (income) - net | — |  |  | 169 |  |  | 13 |  |  | (13 | ) |  | 4 |  |  | 173 |
Other expense (income) - net | (1 | ) |  | 3 |  |  | 10 |  |  | (40 | ) |  | — |  |  | (28 | )
Equity in loss (earnings) of subsidiaries, net of tax | (1,726 | ) |  | (495 | ) |  | (2,398 | ) |  | (457 | ) |  | 5,076 |  |  | — |
Intercompany expense (income) - net | 303 |  |  | (104 | ) |  | 901 |  |  | (1,100 | ) |  | — |  |  | — |
Income (loss) before income taxes | 1,418 |  |  | 257 |  |  | 1,989 |  |  | 2,983 |  |  | (5,079 | ) |  | 1,568 |
Income tax expense (benefit) | — |  |  | 9 |  |  | 24 |  |  | 119 |  |  | (1 | ) |  | 151 |
Net income (loss) | 1,418 |  |  | 248 |  |  | 1,965 |  |  | 2,864 |  |  | (5,078 | ) |  | 1,417 |
Less net loss (income) for noncontrolling interests | — |  |  | — |  |  | — |  |  | (2 | ) |  | 3 |  |  | 1 |
Net income (loss) attributable to Eaton ordinary shareholders | $ | 1,418 |  |  | $ | 248 |  |  | $ | 1,965 |  |  | $ | 2,862 |  |  | $ | (5,075 | ) |  | $ | 1,418 |
Other comprehensive income (loss) | $ | 42 |  |  | $ | 68 |  |  | $ | 59 |  |  | $ | (7 | ) |  | $ | (120 | ) |  | $ | 42 |
Total comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 1,460 |  |  | $ | 316 |  |  | $ | 2,024 |  |  | $ | 2,855 |  |  | $ | (5,195 | ) |  | $ | 1,460 |
CONDENSED CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2017
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 1 |  |  | $ | 181 |  |  | $ | 15 |  |  | $ | 594 |  |  | $ | — |  |  | $ | 791 |
Short-term investments | — |  |  | — |  |  | — |  |  | 843 |  |  | — |  |  | 843 |
Accounts receivable - net | — |  |  | 386 |  |  | 1,404 |  |  | 2,172 |  |  | — |  |  | 3,962 |
Intercompany accounts receivable | 1 |  |  | 1,136 |  |  | 3,616 |  |  | 3,802 |  |  | (8,555 | ) |  | — |
Inventory | — |  |  | 330 |  |  | 683 |  |  | 1,529 |  |  | (85 | ) |  | 2,457 |
Prepaid expenses and other current assets | — |  |  | 89 |  |  | 45 |  |  | 233 |  |  | 29 |  |  | 396 |
Total current assets | 2 |  |  | 2,122 |  |  | 5,763 |  |  | 9,173 |  |  | (8,611 | ) |  | 8,449 |
Property, plant and equipment - net | — |  |  | 835 |  |  | 687 |  |  | 1,964 |  |  | — |  |  | 3,486 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,303 |  |  | 6,293 |  |  | 5,949 |  |  | — |  |  | 13,545 |
Other intangible assets | — |  |  | 159 |  |  | 3,305 |  |  | 1,890 |  |  | — |  |  | 5,354 |
Deferred income taxes | — |  |  | 692 |  |  | — |  |  | 270 |  |  | (698 | ) |  | 264 |
Investment in subsidiaries | 35,826 |  |  | 14,062 |  |  | 77,001 |  |  | 13,661 |  |  | (140,550 | ) |  | — |
Intercompany loans receivable | — |  |  | 7,459 |  |  | 2,655 |  |  | 58,045 |  |  | (68,159 | ) |  | — |
Other assets | — |  |  | 794 |  |  | 153 |  |  | 680 |  |  | — |  |  | 1,627 |
Total assets | $ | 35,828 |  |  | $ | 27,426 |  |  | $ | 95,857 |  |  | $ | 91,632 |  |  | $ | (218,018 | ) |  | $ | 32,725 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Current portion of long-term debt | — |  |  | 1,455 |  |  | 36 |  |  | 3 |  |  | — |  |  | 1,494 |
Accounts payable | — |  |  | 382 |  |  | 456 |  |  | 1,201 |  |  | — |  |  | 2,039 |
Intercompany accounts payable | 262 |  |  | 3,739 |  |  | 3,614 |  |  | 940 |  |  | (8,555 | ) |  | — |
Accrued compensation | — |  |  | 111 |  |  | 57 |  |  | 266 |  |  | — |  |  | 434 |
Other current liabilities | 1 |  |  | 636 |  |  | 283 |  |  | 1,009 |  |  | (1 | ) |  | 1,928 |
Total current liabilities | 263 |  |  | 6,323 |  |  | 4,446 |  |  | 3,424 |  |  | (8,556 | ) |  | 5,900 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt | — |  |  | 6,295 |  |  | 969 |  |  | 9 |  |  | — |  |  | 7,273 |
Pension liabilities | — |  |  | 331 |  |  | 76 |  |  | 921 |  |  | — |  |  | 1,328 |
Other postretirement benefits liabilities | — |  |  | 195 |  |  | 98 |  |  | 73 |  |  | — |  |  | 366 |
Deferred income taxes | — |  |  | — |  |  | 677 |  |  | 348 |  |  | (698 | ) |  | 327 |
Intercompany loans payable | 18,972 |  |  | 2,013 |  |  | 45,719 |  |  | 1,455 |  |  | (68,159 | ) |  | — |
Other noncurrent liabilities | — |  |  | 287 |  |  | 230 |  |  | 378 |  |  | — |  |  | 895 |
Total noncurrent liabilities | 18,972 |  |  | 9,121 |  |  | 47,769 |  |  | 3,184 |  |  | (68,857 | ) |  | 10,189 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Eaton shareholders' equity | 16,593 |  |  | 11,982 |  |  | 43,642 |  |  | 84,985 |  |  | (140,609 | ) |  | 16,593 |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | 39 |  |  | 4 |  |  | 43 |
Total equity | 16,593 |  |  | 11,982 |  |  | 43,642 |  |  | 85,024 |  |  | (140,605 | ) |  | 16,636 |
Total liabilities and equity | $ | 35,828 |  |  | $ | 27,426 |  |  | $ | 95,857 |  |  | $ | 91,632 |  |  | $ | (218,018 | ) |  | $ | 32,725 |
CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2016
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 1 |  |  | $ | 92 |  |  | $ | 4 |  |  | $ | 446 |  |  | $ | — |  |  | $ | 543 |
Short-term investments | — |  |  | — |  |  | — |  |  | 203 |  |  | — |  |  | 203 |
Accounts receivable - net | — |  |  | 536 |  |  | 1,049 |  |  | 1,975 |  |  | — |  |  | 3,560 |
Intercompany accounts receivable | 5 |  |  | 954 |  |  | 4,023 |  |  | 3,633 |  |  | (8,615 | ) |  | — |
Inventory | — |  |  | 342 |  |  | 642 |  |  | 1,349 |  |  | (79 | ) |  | 2,254 |
Prepaid expenses and other current assets | — |  |  | 77 |  |  | 42 |  |  | 237 |  |  | 25 |  |  | 381 |
Total current assets | 6 |  |  | 2,001 |  |  | 5,760 |  |  | 7,843 |  |  | (8,669 | ) |  | 6,941 |
Property, plant and equipment - net | — |  |  | 857 |  |  | 706 |  |  | 1,880 |  |  | — |  |  | 3,443 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,355 |  |  | 6,293 |  |  | 5,553 |  |  | — |  |  | 13,201 |
Other intangible assets | — |  |  | 169 |  |  | 3,442 |  |  | 1,903 |  |  | — |  |  | 5,514 |
Deferred income taxes | — |  |  | 904 |  |  | — |  |  | 228 |  |  | (772 | ) |  | 360 |
Investment in subsidiaries | 32,795 |  |  | 13,743 |  |  | 72,938 |  |  | 12,577 |  |  | (132,053 | ) |  | — |
Intercompany loans receivable | — |  |  | 7,605 |  |  | 2,061 |  |  | 56,598 |  |  | (66,264 | ) |  | — |
Other assets | — |  |  | 491 |  |  | 134 |  |  | 335 |  |  | — |  |  | 960 |
Total assets | $ | 32,801 |  |  | $ | 27,125 |  |  | $ | 91,334 |  |  | $ | 86,917 |  |  | $ | (207,758 | ) |  | $ | 30,419 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 14 |
Current portion of long-term debt | — |  |  | 1,250 |  |  | 296 |  |  | 6 |  |  | — |  |  | 1,552 |
Accounts payable | 1 |  |  | 372 |  |  | 252 |  |  | 1,093 |  |  | — |  |  | 1,718 |
Intercompany accounts payable | 281 |  |  | 3,870 |  |  | 3,115 |  |  | 1,349 |  |  | (8,615 | ) |  | — |
Accrued compensation | — |  |  | 98 |  |  | 58 |  |  | 223 |  |  | — |  |  | 379 |
Other current liabilities | 1 |  |  | 591 |  |  | 291 |  |  | 941 |  |  | (2 | ) |  | 1,822 |
Total current liabilities | 283 |  |  | 6,181 |  |  | 4,020 |  |  | 3,618 |  |  | (8,617 | ) |  | 5,485 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt | — |  |  | 5,767 |  |  | 936 |  |  | 8 |  |  | — |  |  | 6,711 |
Pension liabilities | — |  |  | 610 |  |  | 161 |  |  | 888 |  |  | — |  |  | 1,659 |
Other postretirement benefits liabilities | — |  |  | 198 |  |  | 99 |  |  | 71 |  |  | — |  |  | 368 |
Deferred income taxes | — |  |  | — |  |  | 732 |  |  | 361 |  |  | (772 | ) |  | 321 |
Intercompany loans payable | 17,621 |  |  | 2,603 |  |  | 44,788 |  |  | 1,252 |  |  | (66,264 | ) |  | — |
Other noncurrent liabilities | — |  |  | 327 |  |  | 211 |  |  | 396 |  |  | — |  |  | 934 |
Total noncurrent liabilities | 17,621 |  |  | 9,505 |  |  | 46,927 |  |  | 2,976 |  |  | (67,036 | ) |  | 9,993 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |
Eaton shareholders' equity | 14,897 |  |  | 11,439 |  |  | 40,387 |  |  | 80,285 |  |  | (132,111 | ) |  | 14,897 |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | 38 |  |  | 6 |  |  | 44 |
Total equity | 14,897 |  |  | 11,439 |  |  | 40,387 |  |  | 80,323 |  |  | (132,105 | ) |  | 14,941 |
Total liabilities and equity | $ | 32,801 |  |  | $ | 27,125 |  |  | $ | 91,334 |  |  | $ | 86,917 |  |  | $ | (207,758 | ) |  | $ | 30,419 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net cash provided by (used in) operating activities | $ | 528 |  |  | $ | (296 | ) |  | $ | 802 |  |  | $ | 2,365 |  |  | $ | (1,612 | ) |  | $ | 1,787 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant and equipment | — |  |  | (63 | ) |  | (75 | ) |  | (213 | ) |  | — |  |  | (351 | )
Cash received from sales (paid for acquisitions) of affiliates | — |  |  | — |  |  | (92 | ) |  | 92 |  |  | — |  |  | — |
Purchases of short-term investments - net | — |  |  | — |  |  | — |  |  | (621 | ) |  | — |  |  | (621 | )
Investments in affiliates | (90 | ) |  | (108 | ) |  | — |  |  | (90 | ) |  | 288 |  |  | — |
Return of investments in affiliates | — |  |  | — |  |  | 20 |  |  | — |  |  | (20 | ) |  | — |
Loans to affiliates | — |  |  | (29 | ) |  | — |  |  | (4,754 | ) |  | 4,783 |  |  | — |
Repayments of loans from affiliates | — |  |  | 303 |  |  | 46 |  |  | 3,816 |  |  | (4,165 | ) |  | — |
Proceeds from sale of business | — |  |  | 330 |  |  | — |  |  | 270 |  |  | — |  |  | 600 |
Other - net | — |  |  | (36 | ) |  | 2 |  |  | (29 | ) |  | — |  |  | (63 | )
Net cash provided by (used in) investing activities | (90 | ) |  | 397 |  |  | (99 | ) |  | (1,529 | ) |  | 886 |  |  | (435 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 1,000 |
Payments on borrowings | — |  |  | (250 | ) |  | (297 | ) |  | (6 | ) |  | — |  |  | (553 | )
Proceeds from borrowings from affiliates | 1,917 |  |  | 1,873 |  |  | 965 |  |  | 28 |  |  | (4,783 | ) |  | — |
Payments on borrowings from affiliates | (822 | ) |  | (2,904 | ) |  | (352 | ) |  | (87 | ) |  | 4,165 |  |  | — |
Capital contributions from affiliates | — |  |  | — |  |  | 90 |  |  | 198 |  |  | (288 | ) |  | — |
Return of capital to affiliates | — |  |  | — |  |  | — |  |  | (20 | ) |  | 20 |  |  | — |
Other intercompany financing activities | — |  |  | 287 |  |  | (290 | ) |  | 3 |  |  | — |  |  | — |
Cash dividends paid | (803 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (803 | )
Cash dividends paid to affiliates | — |  |  | — |  |  | (803 | ) |  | (809 | ) |  | 1,612 |  |  | — |
Exercise of employee stock options | 59 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 59 |
Repurchase of shares | (789 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (789 | )
Employee taxes paid from shares withheld | — |  |  | (14 | ) |  | (4 | ) |  | (3 | ) |  | — |  |  | (21 | )
Other - net | — |  |  | (4 | ) |  | (1 | ) |  | (3 | ) |  | — |  |  | (8 | )
Net cash provided by (used in) financing activities | (438 | ) |  | (12 | ) |  | (692 | ) |  | (699 | ) |  | 726 |  |  | (1,115 | )
Effect of currency on cash | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Total increase (decrease) in cash | — |  |  | 89 |  |  | 11 |  |  | 148 |  |  | — |  |  | 248 |
Cash at the beginning of the period | 1 |  |  | 92 |  |  | 4 |  |  | 446 |  |  | — |  |  | 543 |
Cash at the end of the period | $ | 1 |  |  | $ | 181 |  |  | $ | 15 |  |  | $ | 594 |  |  | $ | — |  |  | $ | 791 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
| Eaton Corporation plc |  | Eaton Corporation |  | Guarantors |  | Other subsidiaries |  | Consolidating adjustments |  | Total
Net cash provided by (used in) operating activities | $ | (158 | ) |  | $ | (17 | ) |  | $ | (285 | ) |  | $ | 2,392 |  |  | $ | — |  |  | $ | 1,932 |
Investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures for property, plant and equipment | — |  |  | (62 | ) |  | (75 | ) |  | (209 | ) |  | — |  |  | (346 | )
Cash received from acquisitions of businesses, net of cash acquired | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Sales (purchases) of short-term investments - net | — |  |  | — |  |  | 2 |  |  | (31 | ) |  | — |  |  | (29 | )
Investments in affiliates | (1,250 | ) |  | — |  |  | (120 | ) |  | (1,370 | ) |  | 2,740 |  |  | — |
Return of investments in affiliates | — |  |  | — |  |  | 47 |  |  | — |  |  | (47 | ) |  | — |
Loans to affiliates | — |  |  | (287 | ) |  | (655 | ) |  | (6,457 | ) |  | 7,399 |  |  | — |
Repayments of loans from affiliates | — |  |  | 1,288 |  |  | — |  |  | 4,501 |  |  | (5,789 | ) |  | — |
Other - net | — |  |  | — |  |  | 30 |  |  | (27 | ) |  | — |  |  | 3 |
Net cash provided by (used in) investing activities | (1,250 | ) |  | 939 |  |  | (770 | ) |  | (3,593 | ) |  | 4,303 |  |  | (371 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | 22 |  |  | 611 |  |  | — |  |  | — |  |  | 633 |
Payments on borrowings | — |  |  | (408 | ) |  | (240 | ) |  | (18 | ) |  | — |  |  | (666 | )
Proceeds from borrowings from affiliates | 3,333 |  |  | 2,815 |  |  | 1,059 |  |  | 192 |  |  | (7,399 | ) |  | — |
Payments on borrowings from affiliates | (637 | ) |  | (3,453 | ) |  | (1,658 | ) |  | (41 | ) |  | 5,789 |  |  | — |
Capital contributions from affiliates | — |  |  | — |  |  | 1,370 |  |  | 1,370 |  |  | (2,740 | ) |  | — |
Return of capital to affiliates | — |  |  | — |  |  | — |  |  | (47 | ) |  | 47 |  |  | — |
Other intercompany financing activities | — |  |  | 158 |  |  | (81 | ) |  | (77 | ) |  | — |  |  | — |
Cash dividends paid | (780 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (780 | )
Exercise of employee stock options | 60 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 60 |
Repurchase of shares | (567 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (567 | )
Employee taxes paid from shares withheld | — |  |  | (12 | ) |  | (4 | ) |  | (2 | ) |  | — |  |  | (18 | )
Other - net | — |  |  | — |  |  | (3 | ) |  | (2 | ) |  | — |  |  | (5 | )
Net cash provided by (used in) financing activities | 1,409 |  |  | (878 | ) |  | 1,054 |  |  | 1,375 |  |  | (4,303 | ) |  | (1,343 | )
Effect of currency on cash | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Total increase (decrease) in cash | 1 |  |  | 44 |  |  | (1 | ) |  | 182 |  |  | — |  |  | 226 |
Cash at the beginning of the period | — |  |  | 26 |  |  | 7 |  |  | 235 |  |  | — |  |  | 268 |
Cash at the end of the period | $ | 1 |  |  | $ | 70 |  |  | $ | 6 |  |  | $ | 417 |  |  | $ | — |  |  | $ | 494 |

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