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EATON SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Schedule of Pre-Tax and After-Tax Amounts Recognized in Comprehensive Income (Loss) | The following table summarizes the pre-tax and after-tax amounts recognized in Comprehensive income (loss):
| 2021 |  | 2020 |  | 2019
(In millions) | Pre-tax |  | After-tax |  | Pre-tax |  | After-tax |  | Pre-tax |  | After-tax
Currency translation and related hedging instruments |  |  |  |  |  |  |  |  |  |  |
Gain (loss) from currency translation and related hedging instruments | $ | (335) |  |  | $ | (339) |  |  | $ | 154 |  |  | $ | 164 |  |  | $ | 15 |  |  | $ | 16 |
Translation reclassified to earnings | 369 |  |  | 369 |  |  | 37 |  |  | 37 |  |  | — |  |  | — |
| 34 |  |  | 30 |  |  | 191 |  |  | 201 |  |  | 15 |  |  | 16 |
Pensions and other postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Prior service credit (cost) arising during the year | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | (2) |
Net gain (loss) arising during the year | 448 |  |  | 337 |  |  | (263) |  |  | (203) |  |  | (294) |  |  | (232) |
Currency translation | 24 |  |  | 19 |  |  | (48) |  |  | (37) |  |  | (16) |  |  | (13) |
Other | — |  |  | — |  |  | (2) |  |  | (1) |  |  | — |  |  | — |
Amortization of actuarial loss and prior service cost reclassified to earnings | 183 |  |  | 140 |  |  | 221 |  |  | 169 |  |  | 148 |  |  | 117 |
| 654 |  |  | 495 |  |  | (93) |  |  | (73) |  |  | (164) |  |  | (130) |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivatives designated as cash flow hedges | 50 |  |  | 39 |  |  | (60) |  |  | (47) |  |  | (33) |  |  | (27) |
Changes in cash flow hedges reclassified to earnings | (3) |  |  | (2) |  |  | 17 |  |  | 14 |  |  | (5) |  |  | (4) |
| 47 |  |  | 37 |  |  | (43) |  |  | (33) |  |  | (38) |  |  | (31) |
Other comprehensive income (loss) attributable to Eaton ordinary shareholders | $ | 735 |  |  | $ | 562 |  |  | $ | 55 |  |  | $ | 95 |  |  | $ | (187) |  |  | $ | (145) |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The changes in Accumulated other comprehensive loss are as follows:
(In millions) | Currency translation and related hedging instruments |  | Pensions and other postretirement benefits |  | Cash flow hedges |  | Total
Balance at January 1, 2021 | $ | (2,647) |  |  | $ | (1,481) |  |  | $ | (67) |  |  | $ | (4,195) |
Other comprehensive income (loss) before reclassifications | (339) |  |  | 355 |  |  | 39 |  |  | 55 |
Amounts reclassified from Accumulated other comprehensive loss (income) | 369 |  |  | 140 |  |  | (2) |  |  | 507 |
Net current-period Other comprehensive income | 30 |  |  | 495 |  |  | 37 |  |  | 562 |
Balance at December 31, 2021 | $ | (2,617) |  |  | $ | (986) |  |  | $ | (30) |  |  | $ | (3,633) |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The reclassifications out of Accumulated other comprehensive loss are as follows:
(In millions) |  | December 31, 2021 |  | Consolidated Statements of Income classification
Currency translation losses |  |  |  |
Sale of business |  | $ | (369) |  |  | Gain on sale of businesses
Tax benefit |  | — |  |  |
Total, net of tax |  | (369) |  |  |
Amortization of defined benefits pension and other postretirement benefits items |  |  |  |
Actuarial loss and prior service cost |  | (183) |  |  | 1
Tax benefit |  | 43 |  |  |
Total, net of tax |  | (140) |  |  |
Gains and (losses) on cash flow hedges |  |  |  |
Currency exchange contracts |  | (6) |  |  | Net sales and Cost of products sold
Commodity contracts |  | 9 |  |  | Cost of products sold
Tax expense |  | (1) |  |  |
Total, net of tax |  | 2 |  |  |
Total reclassifications for the period |  | $ | (507) |  |  |
1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 9 for additional information about defined benefits pension and other postretirement benefits items.
Schedule of Net Income per Share | A summary of the calculation of net income per share attributable to Eaton ordinary shareholders is as follows:
(In millions except for per share data) | 2021 |  | 2020 |  | 2019
Net income attributable to Eaton ordinary shareholders | $ | 2,144 |  |  | $ | 1,410 |  |  | $ | 2,211 |
Weighted-average number of ordinary shares outstanding - diluted | 401.6 |  |  | 404.0 |  |  | 420.8 |
Less dilutive effect of equity-based compensation | 2.9 |  |  | 1.8 |  |  | 1.8 |
Weighted-average number of ordinary shares outstanding - basic | 398.7 |  |  | 402.2 |  |  | 419.0 |
Net income per share attributable to Eaton ordinary shareholders |  |  |  |  |
Diluted | $ | 5.34 |  |  | $ | 3.49 |  |  | $ | 5.25 |
Basic | 5.38 |  |  | 3.51 |  |  | 5.28 |

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