EQUITY

During the first quarter of 2018 and 2017, 3.7 million and 3.6 million ordinary shares, respectively, were repurchased under the 2016 Program in the open market at a total cost of $300 and $255, respectively.

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

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	)

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.

Net Income Per Share Attributable to Eaton Ordinary 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

For the first quarter of 2018 and 2017, 0.1 million and 1.2 million stock options, respectively, were excluded from the calculation of diluted net income per share attributable to Eaton ordinary shareholders because the exercise price of the options exceeded the average market price of the ordinary shares during the period and their effect, accordingly, would have been antidilutive.