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EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2018
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, 2017 | $ | 17,253 |  |  | $ | 37 |  |  | $ | 17,290 |
Cumulative-effect adjustment upon adoption of ASU 2014-09 | (2 | ) |  | — |  |  | (2 | )
Cumulative-effect adjustment upon adoption of ASU 2016-16 | (199 | ) |  | — |  |  | (199 | )
Net income (loss) | 488 |  |  | (1 | ) |  | 487 |
Other comprehensive income | 296 |  |  | — |  |  | 296 |
Cash dividends paid and accrued | (290 | ) |  | — |  |  | (290 | )
Issuance of shares under equity-based compensation plans - net | 17 |  |  | — |  |  | 17 |
Repurchase of shares | (300 | ) |  | — |  |  | (300 | )
Changes in noncontrolling interest - net | — |  |  | 2 |  |  | 2 |
Balance at March 31, 2018 | $ | 17,263 |  |  | $ | 38 |  |  | $ | 17,301 |
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, 2017 | $ | (2,255 | ) |  | $ | (1,139 | ) |  | $ | (10 | ) |  | $ | (3,404 | )
Other comprehensive (loss) income before reclassifications | 257 |  |  | (12 | ) |  | 10 |  |  | 255 |
Amounts reclassified from Accumulated other comprehensive loss (income) | — |  |  | 38 |  |  | 3 |  |  | 41 |
Net current-period Other comprehensive income (loss) | 257 |  |  | 26 |  |  | 13 |  |  | 296 |
Balance at March 31, 2018 | $ | (1,998 | ) |  | $ | (1,113 | ) |  | $ | 3 |  |  | $ | (3,108 | )
Reclassification Out of Accumulated Other Comprehensive Loss | The reclassifications out of Accumulated other comprehensive loss follow:
| Three months ended March 31, 2018 |  | Consolidated statements of income classification
Amortization of defined benefit pensions and other postretirement benefits items |  |  |
Actuarial loss and prior service cost | $ | (45 | ) | 1 |
Tax benefit | 7 |  |  |
Total, net of tax | (38 | ) |  |
Gains and (losses) on cash flow hedges |  |  |
Currency exchange contracts | (4 | ) |  | Cost of products sold
Tax benefit | 1 |  |  |
Total, net of tax | (3 | ) |  |
Total reclassifications for the period | $ | (41 | ) |  |
1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 6 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 March 31
(Shares in millions) | 2018 |  | 2017
Net income attributable to Eaton ordinary shareholders | $ | 488 |  |  | $ | 434 |
Weighted-average number of ordinary shares outstanding - diluted | 441.7 |  |  | 451.0 |
Less dilutive effect of equity-based compensation | 2.9 |  |  | 2.2 |
Weighted-average number of ordinary shares outstanding - basic | 438.8 |  |  | 448.8 |
Net income per share attributable to Eaton ordinary shareholders |  |  |
Diluted | $ | 1.10 |  |  | $ | 0.96 |
Basic | 1.11 |  |  | 0.97 |

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