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EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2017
Stockholders' Equity Note [Abstract] |
Changes in Shareholders' equity | The changes in Shareholders’ equity follow:
| Eaton shareholders’ equity |  | Noncontrolling interests |  | Total equity
Balance at December 31, 2016 | $ | 14,897 |  |  | $ | 44 |  |  | $ | 14,941 |
Cumulative-effect adjustment upon adoption of ASU 2016-09 | 48 |  |  | — |  |  | 48 |
Net income | 2,346 |  |  | 1 |  |  | 2,347 |
Other comprehensive income | 785 |  |  | — |  |  | 785 |
Cash dividends paid | (803 | ) |  | (3 | ) |  | (806 | )
Issuance of shares under equity-based compensation plans - net | 109 |  |  | — |  |  | 109 |
Repurchase of shares | (789 | ) |  | — |  |  | (789 | )
Changes in noncontrolling interest - net | — |  |  | 1 |  |  | 1 |
Balance at September 30, 2017 | $ | 16,593 |  |  | $ | 43 |  |  | $ | 16,636 |
Schedule of Accumulated Other Comprehensive Loss | The changes in Accumulated other comprehensive loss follow:
| Currency translation and related hedging instruments |  | Pensions and other postretirement benefits |  | Cash flow hedges |  | Total
Balance at December 31, 2016 | $ | (3,062 | ) |  | $ | (1,380 | ) |  | $ | (6 | ) |  | $ | (4,448 | )
Other comprehensive (loss) income before reclassifications | 743 |  |  | (46 | ) |  | (19 | ) |  | 678 |
Amounts reclassified from Accumulated other comprehensive loss (income) | — |  |  | 99 |  |  | 8 |  |  | 107 |
Net current-period Other comprehensive income (loss) | 743 |  |  | 53 |  |  | (11 | ) |  | 785 |
Balance at September 30, 2017 | $ | (2,319 | ) |  | $ | (1,327 | ) |  | $ | (17 | ) |  | $ | (3,663 | )
Reclassification Out of Accumulated Other Comprehensive Loss | The reclassifications out of Accumulated other comprehensive loss follow:
| Nine months ended September 30, 2017 |  | Consolidated statements of income classification
Amortization of defined benefit pensions and other postretirement benefits items |  |  |
Actuarial loss and prior service cost | $ | (146 | ) | 1 |
Tax benefit | 47 |  |  |
Total, net of tax | (99 | ) |  |
Gains and (losses) on cash flow hedges |  |  |
Currency exchange contracts | (12 | ) |  | Cost of products sold
Tax benefit | 4 |  |  |
Total, net of tax | (8 | ) |  |
Total reclassifications for the period | $ | (107 | ) |  |
1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 7 for additional information about pension and other postretirement benefits items.
Calculation of Net Income Per Ordinary Share Attributable to Shareholders | A summary of the calculation of net income per share attributable to Eaton ordinary shareholders follows:
| Three months ended September 30 |  | Nine months ended September 30
(Shares in millions) | 2017 |  | 2016 |  | 2017 |  | 2016
Net income attributable to Eaton ordinary shareholders | $ | 1,399 |  |  | $ | 523 |  |  | $ | 2,346 |  |  | $ | 1,418 |
Weighted-average number of ordinary shares outstanding - diluted | 445.2 |  |  | 455.6 |  |  | 448.3 |  |  | 457.9 |
Less dilutive effect of equity-based compensation | 2.6 |  |  | 1.7 |  |  | 2.4 |  |  | 1.4 |
Weighted-average number of ordinary shares outstanding - basic | 442.6 |  |  | 453.9 |  |  | 445.9 |  |  | 456.5 |
Net income per share attributable to Eaton ordinary shareholders |  |  |  |  |  |  |
Diluted | $ | 3.14 |  |  | $ | 1.15 |  |  | $ | 5.23 |  |  | $ | 3.09 |
Basic | 3.16 |  |  | 1.15 |  |  | 5.26 |  |  | 3.10 |

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