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目录


美国
证券交易委员会
华盛顿特区20549
表格 10-Q
☑ 根据1934年证券交易法第13或15(d)条规定的季度报告
截至季度结束日期的财务报告2024年9月30日
或者
☐ 根据1934年证券交易法第13或15(d)条规定的过渡报告
在从_____到______的过渡期间
佣金文件号 000-54863
伊顿公司
(根据其章程规定的注册人准确名称)
爱尔兰98-1059235
（设立或组织的其他管辖区域）（IRS雇主识别号）
伊顿大厦， 30彭伯克路，都柏林4区爱尔兰D04 Y0C2
，（主要行政办公地址）(邮政编码)
+3531637 2900
（注册人的电话号码，包括区号）
不适用
（如果自上次报告以来发生了变更，列出之前的名称、地址和财政年度）
在法案第12(b)条的规定下注册的证券：
每一类的名称交易代码在其上注册的交易所的名称
普通股(每股面值0.01美元)伊顿请使用moomoo账号登录查看New York Stock Exchange
请勾选以指示注册人：（1）在过去12个月内已按照1934年证券交易所法第13或15(d)条的要求提交所有必须提交的报告（或者对于注册人需要提交此类报告的时间更短的时期），并且（2）在过去90天内一直受到此类提交要求的约束。 是 ☑否☐
请打勾，表明申报人在过去12个月内（或申报人需要提交此类文件的更短期间内）已按规则405或本章节232.405条的规定递交了每份互动数据文件。是 ☑否☐
请用复选标记表示，注册人是一个大型加速覆核者、一个加速覆核者、一个非加速覆核者、一个较小的报告公司或一个新兴增长公司。请参阅《交易所法》规则 120亿.2中“大型加速覆核者”，“加速覆核者”，“较小的报告公司”和“新兴增长公司”的定义。
大型加速存取器☑ 加速文件提交人☐ 非加速报告人☐
较小的报告公司
☐
 新兴成长公司
☐
 
如果是一家新兴增长公司，请勾选此项，表示注册机构已选择不使用根据《交易所法》第13(a)条规定提供的任何新的或修改后的财务会计准则的扩展过渡期。 ¨
。 ☐
请在以下方框内打勾：公司是否是空壳公司(根据证券交易法第12b-2条规定定义）。是☐否☑
截至2023年7月31日，续借贷款协议下未偿还的借款额为395.2 截至2024年9月30日，公司拥有百万普通股。

目录


目录









































目录


第一部分 — 财务信息

项目1。基本报表。

伊顿公司
综合利润表
三个月结束了
9 月 30 日		九个月已结束
9 月 30 日
（以百万计，每股数据除外）2024202320242023
净销售额$6,345 $5,880 $18,638 $17,229 
销售产品的成本3,899 3,684 11,564 11,030 
销售和管理费用1,028 949 3,074 2,839 
研发费用207 187 593 553 
利息支出——净额29 33 88 124 
其他收入——净额(22)(52)(80)(56)
所得税前收入1,204 1,079 3,399 2,739 
所得税支出193 187 573 463 
净收入1,011 892 2,827 2,277 
减去非控股权益的净收入(1)(1)(4)(4)
归属于伊顿普通股股东的净收益$1,009 $891 $2,823 $2,273 
归属于伊顿普通股股东的每股净收益  
稀释$2.53 $2.22 $7.05 $5.67 
基本2.54 2.23 7.08 5.70 
已发行普通股的加权平均数  
稀释398.9 401.6 400.6 400.9 
基本397.1 399.4 398.7 399.0 
每股普通股申报的现金分红$0.94 $0.86 $2.82 $2.58 
随附说明是这些简明合并财务报表的一部分。
2
目录


伊顿公司
综合收益综合表
截至三个月结束时
9月30日		截至九月底的九个月的营业租赁成本
9月30日
（以百万计）2024202320242023
净收入$1,011 $892 $2,827 $2,277 
非控股权益的净利润较少(1)(1)(4)(4)
伊顿普通股股东应为净利润1,009 891 2,823 2,273 
其他综合收益（亏损），净额
货币翻译及相关对冲工具144 (165)(34)11 
养老金和其他退休福利(15)18 15 14 
现金流量套期收益(7)(21)(21)(7)
其他综合收益（损失）归属于伊顿
   普通股东		122 (167)(40)18 
总综合收益归属于伊顿
  普通股东		$1,131 $724 $2,783 $2,291 
随附说明是这些简明合并财务报表的一部分。


3
目录


伊顿公司
基本报表
（以百万计）2024年9月30日2023年12月31日
资产  
流动资产  
现金$473 $488 
短期投资1,521 2,121 
应收账款- 净额4,886 4,475 
库存4,178 3,739 
预付费用和其他流动资产1,094 851 
总流动资产12,152 11,675 
资产：固定资产
土地和建筑2,280 2,241 
机械和设备6,826 6,497 
总房地产、厂房和设备9,106 8,738 
累计折旧(5,395)(5,208)
净固定资产3,711 3,530 
其他非流动资产
商誉15,044 14,977 
其他无形资产4,809 5,091 
营业租赁资产817 648 
延迟所得税549 458 
其他2,154 2,052 
总资产$39,236 $38,432 
负债和股东权益  
流动负债  
短期债务$3 $8 
开多次数714 1,017 
应付账款3,609 3,365 
应计的薪资687 676 
其他流动负债2,928 2,680 
流动负债合计7,941 7,747 
非流动负债  
长期债务8,678 8,244 
养老金责任709 768 
其他离退休福利负债174 180 
经营租赁负债681 533 
延迟所得税387 402 
其他非流动负债1,503 1,489 
非流动负债合计12,132 11,616 
股东权益  
普通股份（395.2 2024年和2024年尚未偿还的数百万美元。 399.4 百万美元）
4 4 
超过面值的资本12,694 12,634 
保留盈余10,366 10,305 
累计其他综合损失(3,947)(3,906)
受托持有的股份(1)(1)
伊顿股东权益总额19,117 19,036 
非控制权益45 33 
股东权益总计19,162 19,069 
负债和所有者权益总额$39,236 $38,432 
随附说明是这些简明合并财务报表的一部分。

4
目录


伊顿公司
现金流量表简明综合报表
截至九月底的九个月的营业租赁成本
9月30日
（以百万计）20242023
经营活动  
净收入$2,827 $2,277 
调整以进行营业活动的净现金流量
折旧和摊销687 695 
延迟所得税(88)(69)
养老金和其他雇后福利支出18 13 
养老金计划的捐赠(89)(83)
向其他雇后福利计划捐款(13)(15)
营运资本变动(657)(436)
其他-净额45 (56)
经营活动产生的现金流量净额2,730 2,326 
投资活动  
物业、厂房和设备的资本支出(553)(514)
固定资产出售的收益84 54 
现金支付用于购并业务，净额扣除现金收到的金额(50)— 
对联营公司的投资(68)(68)
从联营公司的投资回报33 9 
短期投资的销售（购买）- 净额595 (1,304)
货币兑换合同结算的收入（付款）- 净额，未指定为避险
未指定为套期工具的货币兑换合同收入-净额
(14)61 
其他-净额(27)(20)
投资活动产生的净现金流出— (1,782)
筹资活动  
借款收入1,084 818 
偿还借款(1,011)(11)
短期债务，净额(6)(295)
支付现金分红派息(1,130)(1,035)
行使员工股票期权54 73 
股票回购(1,615)— 
员工税款由扣减的股票支付 (67)(49)
其他-净额(1)(9)
筹集资金净额(2,692)(507)
货币对现金的影响(52)18 
现金增加（减少）总额(14)54 
期初现金余额488 294 
期末现金$473 $348 
附带的说明是这些简明合并财务报表不可或缺的一部分。

5
目录


伊顿公司
简明财务报表注解
金额单位为百万，除非另有说明（每股数据假定稀释）。列和行可能不相加，各元件之和可能不等于由于取整而报告的总金额。

 提供的基础
伊顿公司（Eaton Corporation plc）的未经审计的简缩合并基本报表是根据公认的会计原则、10-Q表格的说明和S-X规则第10条编制的。因此，它们不包括美国公认会计原则（US GAAP）对完整基本报表所要求的所有信息和附注。然而，管理层认为，所有必要的调整（包括正常的经常性应计）已做出，以便公正地呈现期间的简缩合并基本报表。
本10-Q表格应与伊顿2023年10-K表格中包含的合并基本报表及相关说明一起阅读。中期结果不一定能反映全年预期的结果。管理层已对截至本10-Q表格向证券交易委员会提交之日的后续事件进行了评估。
为符合当年度报表展示，某些先前年度的金额已被重新分类。
最近发布的会计声明
在2023年11月，财务会计准则委员会（FASB）发布了会计准则更新2023-07，细分报告（主题280）：可报告细分披露的改进（ASU 2023-07）。该会计标准要求在年度和季度基础上提供额外的细分披露，包括定期提供给首席运营决策maker的重要细分费用。该标准并未改变运营细分和可报告细分的确定方式。ASU 2023-07自2023年12月15日后开始的年度报告期间生效，自2024年12月15日后开始的季度报告期间生效。该标准要求对合并基本报表中呈现的所有期间进行追溯应用。伊顿计划在截至2024年12月31日的年度采用该标准。公司正在评估ASU 2023-07的影响，并预计该标准只会影响其细分披露，对合并基本报表没有重大影响。
2023年12月，FASB发布了会计准则更新2023-09号《所得税（第740号课题）：改进所得税披露（ASU 2023-09）》。该会计准则要求在年度基础上分解所得税披露，包括公司的有效所得税税率调和和所得税支付等信息。ASU 2023-09自2024年12月15日后开始的年度报告期生效，并可进行前瞻性或回顾性应用。公司正在评估ASU 2023-09的影响，预计这一准则仅会影响其所得税披露，对综合财务报表没有重大影响。

923 企业收购
收购一个 49% 持有江苏瑞安电气有限公司的股份
在2023年4月23日，伊顿收购了一个 49 在江苏瑞扬电气有限公司（中国的一个电力分配和次级变压器制造商）中的股份。伊顿在权益法下对该投资进行会计处理，并在电气全球业务板块中报告。
收购Exertherm
2024年5月20日，伊顿收购了Exertherm，这是一家总部位于英国的热监控解决方案供应商，专注于电气设备。Exertherm列入了美洲的电气业务部门。
收购一个 49% NordicEPOD AS的股权份额
2024年5月31日，伊顿收购了一家公司的股份。 49 挪迪克EPOD AS是一家专门为北欧地区数据中心设计和组装标准化电源模块的公司。伊顿根据权益法会计处理这笔投资，并将其报告在全球电气业务部门内。
6
目录


(313)收入确认。
销售额在合同条款下的义务得到满足并且对承诺的货物或服务的控制权转移到我们的客户时被确认。当客户有能力指导使用和从货物或服务中获益时，控制权就会转移。销售额以公司预期为这些产品或服务支付的考虑金额计量。
下表提供了按业务线、地理目的地、市场渠道或最终市场等，适用于公司经营部门的分解销售情况：
截至三个月
9月30日		截至九个月
9月30日
(以百万计)2024202320242023
电器美洲
产品$794 $748 $2,272 $2,221 
系统2,169 1,846 6,258 5,205 
总计$2,963 $2,594 $8,530 $7,426 
电气全球
产品$879 $848 $2,604 $2,620 
系统694 655 2,074 1,952 
总计$1,573 $1,503 $4,678 $4,572 
航空
原始设备制造商$366 $342 $1,110 $980 
售后市场341 302 961 863 
工业和其他239 223 701 674 
总计$946 $867 $2,772 $2,517 
车辆
商业$426 $452 $1,311 $1,359 
乘用车和轻型货车270 301 831 884 
总计$696 $753 $2,143 $2,242 
eMobility$167 $163 $514 $471 
总净销售额$6,345 $5,880 $18,638 $17,229 
收入确认的时机、账单和现金收款导致已开具应收账款、未开具应收账款（已确认的收入超过向客户开具的金额）和递延收入（预付款项和已确认收入超过账单金额）。来自客户的应收账款分别为2024年9月30日和2023年12月31日 $百万。金额根据约定的合同条款随工作进展而开具，可以按照周期性间隔或者实现合同里程碑时开具。这些资产和负债按照每个报告期结束时的合同基础在合并资产负债表上报告。未开具应收账款分别为2024年9月30日和2023年12月31日 $百万，并记录在预付款项及其他流动资产中。未开具应收账款的增加反映了2024年业务活动增加导致已确认但尚未开具的更高收入。4,375 百万美元和美元3,966 百万。金额根据约定的合同条款随工作进展而开具，可以按照周期性间隔或者实现合同里程碑时开具。这些资产和负债按照每个报告期结束时的合同基础在合并资产负债表上报告。未开具应收账款分别为2024年9月30日和2023年12月31日 $百万，并记录在预付款项及其他流动资产中。未开具应收账款的增加反映了2024年业务活动增加导致已确认但尚未开具的更高收入。351 百万美元和美元289 百万。金额根据约定的合同条款随工作进展而开具，可以按照周期性间隔或者实现合同里程碑时开具。这些资产和负债按照每个报告期结束时的合同基础在合并资产负债表上报告。未开具应收账款分别为2024年9月30日和2023年12月31日 $百万，并记录在预付款项及其他流动资产中。未开具应收账款的增加反映了2024年业务活动增加导致已确认但尚未开具的更高收入。
7
目录


递延收入负债的变动如下：
(以百万计)递延收入
2024年1月1日的余额
$626 
客户存款和账单1,999 
本期确认的营业收入(2,009)
翻译6 
截止到2024年9月30日的余额
$622 
(以百万计)递延收入
2023年1月1日的余额
$508 
客户存款和账单1,684 
本期确认的营业收入(1,563)
翻译1 
截至2023年9月30日的余额
$630 
递延收入负债为美元607 百万和美元610 截至2024年9月30日和2023年12月31日，分别将百万美元计入合并资产负债表中的其他流动负债，剩余余额列于其他非流动负债。
伊顿收到的大部分未交易订单来自原始设备制造商或经销商。 这些未交易订单不被视为牢固订单，因为根据历史记录，它们可能会被客户取消。 在衡量未满足或部分满足义务的积压订单时，只包括客户明确承诺的订单金额。 根据这一标准，2024年9月30日的总积压订单约为 $15.9 十亿。2024年9月30日，大约 71% 的这些积压订单计划在接下来的 十二个月 年交付给客户，剩余部分则稍后交付。

备注 4.    应收账款的信贷损失
应收账款面临信用风险，取决于客户支付能力，受其财务流动性等因素影响。伊顿的应收账款通常是短期性质的，其中大部分未超过90天。
伊顿对其客户进行持续的信贷评估，并保持足够的潜在信贷损失准备金。公司根据应收账款逾期的时间长度以及根据市场状况调整的历史经验预期的未来坏账，评估应收账款的可收回性。公司的各个部门在我们的全球信用部门的支持下，执行信贷评估和监控流程，以估算和管理信贷风险。该流程包括对整体部门应收账款和特定客户余额的信用损失评估。该流程还包括对客户财务信息和信用评级的审查，客户信用额度的批准和监控，以及市场状况的评估。公司可能还要求客户预付款，以降低信贷风险。应收账款余额在最终确定可收回性后，将按信贷损失准备金进行冲销。
以下是Nordson Corporation截至2024年7月31日的季度报告（Form 10-Q）中以内联可扩展商业报告语言（iXBRL）格式编制的财务信息：（一）2024年和2023年7月31日止三个月和九个月的简明合并利润表，（二）2024年和2023年7月31日止三个月和九个月的合并综合收益表，（三）2024年7月31日和2023年10月31日的合并资产负债表，（四）2024年和2023年7月31日止三个月和九个月的合并股东权益表，（五）2024年和2023年7月31日止九个月的简明合并现金流量表，以及（六）简明合并财务报表注释。56 百万美元和美元38 2024年9月30日和2023年12月31日分别为xx百万美元。信贷损失准备金的变化包括支出和净核销，但都不重大。

我们的Ideanomics Capital业务单元的订单和销售主要受到利率变化及其对美国房地产市场的影响的影响，特别是与购买住房和现有抵押贷款的再融资相关的影响，这在我们的Timios业务中至关重要。存货
存货按成本或可变现净值中较低者计价。 存货的元件如下：
(以百万计)2024年9月30日2023年12月31日
原材料$1,615 $1,515 
在制品1,037 870 
成品1,526 1,354 
19,782$4,178 $3,739 

8
目录


注意事项6。商誉
各业务部门商誉账面价值的变动如下：
（以百万计）2024 年 1 月 1 日补充翻译2024 年 9 月 30 日
美洲电气公司$7,415 $22 $(12)$7,425 
全球电气4,038 — 13 4,051 
航空航天2,901 — 44 2,945 
车辆289 — — 289 
电动交通334 — — 334 
总计$14,977 $22 $45 $15,044 
2024年对商誉的增加主要与收购Exertherm预期的协同效应有关。Exertherm购置价格的分配是初步的，将在衡量期间完成。

注7。供应链金融计划
公司直接与供应商就购买商品和服务的付款条件进行谈判。此外，第三方金融机构提供自愿供应链融资（SCF）计划，该计划使公司的某些供应商能够根据与金融机构直接谈判的条款自行决定向金融机构出售公司应付的应收账款。如果供应商选择参与SCF计划，则供应商将决定将哪些发票出售给金融机构，并且供应商出售发票的决定对公司没有经济利益。无论供应商是否向金融机构出售个人发票，公司向参与供应商的付款均在发票到期日支付给金融机构。参与SCF计划的供应商应向金融机构支付的款项包含在 应付账款 在合并资产负债表上，相关付款包含在简明合并现金流量表的经营活动中。
SCF义务的变化如下：
(以百万计)SCF义务
2024年1月1日的余额
$369 
本期确认的发票1,062 
期间支付的发票(1,030)
翻译(3)
截止到2024年9月30日的余额
$398 
(以百万计)SCF义务
2023年1月1日的余额
$219 
本期确认的发票988 
在该期间支付的发票(834)
翻译(1)
截至2023年9月30日的余额
$372 

9
目录


注意 8.债务
截至2023年10月，贵公司更换了现有的$500百万美元的运营租赁负债的当前部分，分别为2023年9月30日和2022年12月31日。364天循环信贷额度为新的$500百万美元的运营租赁负债的当前部分，分别为2023年9月30日和2022年12月31日。364天循环信贷额度将于2025年9月29日到期。公司还拥有$2,500百万美元的运营租赁负债的当前部分，分别为2023年9月30日和2022年12月31日。五年 循环信贷额度将于2027年10月1日到期。这些循环信贷额度总计为$3,000 百万用于支持商业票据借款，并由伊顿及其直接和间接子公司在无次级、无担保的基础上完全无条件保证。共有 没有 截至2024年9月30日，伊顿的循环信贷额度下尚有借款。公司通过其$3,000 百万的商业票据计划保持对商业票据市场的访问，其中 无 截至2024年9月30日尚有。
2024年5月21日，伊顿的子公司发行了以欧元计价的债券（2024年欧元票据），面值为€1,000百万美元（$1,084百万），根据1933年修订后颁布的S条例标准。2024年欧元票据由 二 各为€500百万，分别于2031年和2036年到期，年息率为各 3.601%和 3.802%。发行人获得总额为€995百万美元（$1,0792024年欧元指数债券的发行金额为（金额），扣除融资成本。这些债券由伊顿及其若干直接和间接子公司全面无条件担保。2024年欧元指数债券包含惯例的自由清偿和看涨条款。2024年欧元指数债券还包括一项变更控制规定，要求公司以购买价格购买全部或部分2024年欧元指数债券。 101本金金额的％加计利息金额的%。资本化的递延融资费用按照2024年欧元指数债券的各自期限分期摊销在利息费用-净额中。2024年欧元指数债券受惯例的非金融契约约束。

注意 9.养老福利计划
养老福利支出的组成部分如下：
美国
养老金福利支出		非美国
养老金福利支出
截至9月30日的三个月
(以百万计)2024202320242023
服务成本$5 $4 $11 $11 
利息成本33 35 21 22 
计划资产预期回报(47)(48)(35)(31)
摊销2 1 4 1 
(7)(8)1 4 
结算12 9 1 1 
总费用$5 $1 $2 $5 
美国
养老金福利支出		非美国养老金福利支出
截至9月30日的九个月
(以百万计)2024202320242023
服务成本$14 $14 $34 $32 
利息成本100 106 64 64 
计划资产预期回报(142)(146)(101)(91)
摊销7 3 9 5 
(21)(23)6 11 
结算31 28 4 2 
总费用$10 $5 $10 $13 
养老福利费用的元件除了服务成本外，还包括在其他收入净额内。
在2020年，公司宣布将冻结其在美国的非工会员工养老金计划。该冻结自2021年1月1日起对根据现金余额公式确定退休福利的非工会美国员工生效，而自2026年1月1日起对根据最终平均工资公式确定退休福利的非工会美国员工生效。
10
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注意10。法律诉讼事项
伊顿面临广泛的索赔、行政和法律程序，例如与合同指控和赔偿索赔、税务审计、专利侵权、人身伤害、反垄断事务和与就业相关事务有关的诉讼。伊顿还面临来自历史产品的法律索赔，这些产品可能含有石棉。保险可能涵盖与这些索赔和程序相关的部分费用。尽管无法准确预测这些事项的结果或费用，但公司相信这些事项不会对压缩合并基本报表产生重大不利影响。

注释 11.    所得税
2024年第三季度的有效所得税税率为支出 16.1%，相比之下2023年第三季度的支出为 17.3%。2024年第三季度有效税率的下降是由于对外税属性的评估准备金减少，部分被高税收管辖区的收入增加所抵消。2024年前九个月的有效所得税税率为支出 16.8%，相比之下2023年前九个月的支出为 16.9%。2024年前九个月有效税率的下降是由于员工股权支付中确认的超额税收优惠的影响增大以及对外税属性的评估准备金减少，部分被高税收管辖区的收入增加所抵消。
巴西税务年度 2005-2012
公司在加利福尼亚州为其办公空间租赁了一个子租约，该租约于2023年11月开始，最初租约期至2026年1月。该租约替代了同一地址于2022年1月开始的租约，最初租约期至2024年1月（于2024年1月结束）。此外，该公司还租用其他租期少于十二个月的空间；因此，在资产负债表上不承认此租约为营运租约。二 巴西税务案件主要涉及从收购第三方企业和企业重组中产生的某些商誉的摊销。其中一个案件涉及2005-2008税年（案件1），另一个案件涉及2009-2012税年（案件2）。案件2的进展速度快于案件1。针对案件2，公司在2014年收到了一份包括利息和罚款的税务评估。2019年11月，公司在最终税务行政上诉层面收到了不利的结果，导致声称的税务缺口为$24百万美元以及$112百万的利息和罚款（按2024年9月30日的汇率计算）。公司正在司法系统中对该评估提出挑战，并且在2022年4月18日，在第一个司法级别收到了不利的裁决。2022年4月27日，公司对此裁决提交了澄清请求。2022年5月20日，法院在没有进一步澄清的情况下大致维持了其先前的裁决。2022年6月9日，公司向第二级法院提交了上诉通知。2024年7月11日，法院发布了有利的裁决，导致税务机关对额外的 75%的罚款被撤销。由于这一有利的裁决，声称的利息和罚款从$112 百万到 $79百万（按2024年9月30日的汇率计算）。公司打算在司法系统中继续对该评估提出挑战。
如之前所披露的案例1，公司收到了一项单独的税务评估，声称有税务缺口$30百万美元以及$113百万的利息和罚款（按2024年9月30日的交易所汇率计算），公司正在司法系统中对此进行挑战。2024年4月4日，法院发布了有利的裁决，导致案例1中因收购第三方业务而产生的商誉评估减少。在同一裁决中，法院确认取消了税务机关施加的额外 75%罚款。由于这项有利的裁决，声称的税务缺口减少到$30百万美元以及$92百万的利息和罚款（按2024年9月30日的交易所汇率计算）。案例1的其余部分仍在第一司法层面等待解决。
这两起案件预计需要数年时间通过巴西司法系统解决，并要求提供某些资产作为涉嫌缺陷的安全保证。截至2024年9月30日，公司以巴西房地产资产为抵押，净账面价值为$18百万，并提供额外的安全保证形式为银行担保债券和保险债券，合计$127百万及现金存款$25百万（以2024年9月30日的汇率换算）。
公司认为，两项评估的最终裁决将不会对其合并的基本报表产生重大影响。这些事项的最终结果由于税务争议的复杂性无法确定。如果这些事项的最终结果偏离我们的合理预期，可能会对公司的合并基本报表产生重大不利影响。然而，伊顿相信其对税法的解读及税法在其事实上的应用是正确的。

11
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注意事项12。伊顿股东权益
股东权益变动如下:
普通股超过面值的资本留存收益累计其他综合损失受托持有的股份伊顿股东权益合计非控制权益总股本
(以百万计)股份美元
2024年1月1日的余额
399.4 $4 $12,634 $10,305 $(3,906)$(1)$19,036 $33 $19,069 
净利润— — — 821 — — 821 1 822 
其他综合损失，税后净额   (40) (40) (40)
现金分红支付和应计— — — (381)— — (381)— (381)
股权为基础的股份发行
  薪酬计划下的保单合同存款和其他存款		0.9 — (4)(1)— — (5)— (5)
回购的股票(0.5)— — (138)— — (138)— (138)
2024年3月31日的余额
399.8 $4 $12,630 $10,605 $(3,946)$(1)$19,292 $34 $19,326 
净利润— — — 993 — — 993 1 994 
其他综合损失，税后净额    (122) (122) (122)
支付现金分红派息— — — (375)— — (375)— (375)
股权激励计划下股份发行
  薪酬计划下的保单合同存款和其他存款		0.1 — 31 — — — 31 — 31 
回购的股票(1.9)— — (600)— — (600)— (600)
2024年6月30日余额
398.1 $4 $12,662 $10,622 $(4,069)$(1)$19,219 $35 $19,254 
净利润— — — 1,009 — — 1,009 1 1,011 
其他综合收益，扣除税费    122  122  122 
支付现金分红派息— — — (374)— — (374)— (374)
根据股权为基础的发行股份
  薪酬计划下的保单合同存款和其他存款		0.1 — 33 (1)— — 32 — 32 
非控股权益变动
子公司合并 - 净		— — — — — — — 8 8 
回购的股票(3.0)— — (891)— — (891)— (891)
截止到2024年9月30日的余额
395.2 $4 $12,694 $10,366 $(3,947)$(1)$19,117 $45 $19,162 
普通股超过面值的资本留存收益累计其他综合损失受托持有的股份伊顿的股东权益合计非控制权益总股本
(以百万计)股份美元
2023年1月1日的余额
397.8 $4 $12,512 $8,468 $(3,946)$(1)$17,038 $38 $17,075 
净利润— — — 638 — — 638 1 639 
其他综合收益，扣除税费   132  132 — 132 
已支付的现金分红和应计— — — (348)— — (348)(4)(352)
按股权为基础发行股份
  薪酬计划下的保单合同存款和其他存款		0.7 — (11)(1)— 1 (11)— (11)
非控股权益变动
合并子公司净额		— — — — — — — 1 1 
2023年3月31日余额
398.6 $4 $12,502 $8,757 $(3,814)$— $17,449 $36 $17,485 
净利润— — — 744 — — 744 1 745 
其他综合收益，扣除税费    53  53  53 
支付现金分红派息— — — (344)— — (344)— (344)
权益为基础发行股票
  薪酬计划下的保单合同存款和其他存款		0.4 — 52 (1)— (1)51 — 51 
非控股权益变动
子公司的合并-关键		— — — — — — — (1)(1)
6,749.7
399.0 $4 $12,554 $9,156 $(3,760)$(1)$17,953 $36 $17,988 
净利润— — — 891 — — 891 1 892 
其他综合损失，税后净额    (167) (167) (167)
支付现金分红派息— — — (343)— — (343)— (343)
在权益为基础的股份发行
  薪酬计划下的保单合同存款和其他存款		0.4 — 51 (1)— — 50 — 50 
非控制权益的变动
合并子公司-净		— — — — — — — (1)(1)
截至2023年9月30日的余额
399.3 $4 $12,604 $9,703 $(3,927)$(1)$18,383 $36 $18,420 
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2019年2月27日，董事会通过了一个高达$的股份回购计划5.0 亿的普通股（2019计划）。2022年2月23日，董事会通过提供高达$的回购权威，续议了2019年计划5.0 在该日期开始的期间（2022计划）内进行回购的权威提供了高达$的回购 三年 在2022计划下，预计根据市场条件、普通股市场价格、资本水平和其他考虑因素随时间回购普通股。截至2024年9月30日结束的三个月和九个月内 3.0 百万美元和 5.3 分别在开放市场以总成本为$回购了2022年计划下的百万普通股891 百万美元和美元1,629 百万美元和一千万美元，分别。截至2023年9月30日的三个月和九个月内， 没有 普通股份已经回购。
累计其他全面损失的变化如下：
(以百万计)货币翻译及相关对冲工具养老金和其他退休福利现金流量
对冲		总计
2024年1月1日的余额
$(3,029)$(995)$118 $(3,906)
其他综合收益（损失）前
再分类		(23)(20)(6)(49)
重新分类自其他累积金额
综合损失（收益）		(11)35 (15)9 
净本期其他综合
收入（亏损）		(34)15 (21)(40)
截止到2024年9月30日的余额
$(3,063)$(980)$97 $(3,947)
从累计其他综合损失中重新分类的内容如下：
(以百万计)截至九个月
2024年9月30日		综合报表
收入分类
净投资对冲的收益和（损失）（金额排除
有效性测试）
货币兑换合同$11 利息支出 - 净额
税费— 
净额，税后11 
确定福利养老金和其他商品的摊销
   退休后福利项目
精算损失和前期服务成本(41)1
税收益7 
净额，税后(35)
现金流对冲的收益和（损失）
浮动利率转为固定利率的掉期10 利息支出 - 净额
货币兑换合同7 净销售额和商品成本
商品合同3 产品销售成本
税费(4)
净额，税后15 
期间内总重分类$(9)
1 这些其他综合损失的元件被包含在净定期福利成本的计算中。有关养老金和其他退休后福利项目的更多信息，请参见第9条。
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伊顿普通股东应占每股净利润
归属于伊顿普通股东的每股净利润计算的摘要如下：
截至三个月
9月30日		截至九个月
9月30日
(除每股数据外，单位为百万)2024202320242023
伊顿普通股股东应为净利润$1,009 $891 $2,823 $2,273 
加权平均普通股股份 - 稀释后398.9 401.6 400.6 400.9 
较少的股权激励稀释效应1.8 2.2 1.9 1.9 
加权平均在外在普通股的数量 - 基本397.1 399.4 398.7 399.0 
归属于伊顿普通股股东的每股净利润  
摊薄$2.53 $2.22 $7.05 $5.67 
基本2.54 2.23 7.08 5.70 
2024年第三季度和前九个月，所有期权均计入了每股稀释净利润，归属于伊顿普通股股东，因为它们都具有稀释性。2023年第三季度，所有期权均计入了每股稀释净利润，归属于伊顿普通股股东，因为它们都具有稀释性。2023年前九个月， 0.1 百万股期权被排除在每股稀释净利润的计算之外，归属于伊顿普通股股东，因为期权行权价超过了期间普通股的平均市价，因此，它们的影响将是抗稀释的。

14
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注释 13.     公允价值计量
资产的公允价值是根据退出价格才计算的，这代表在市场参与者之间进行有序交易时收到的金额或支付的金额来满足一项负债。公允价值是一种基于市场的度量，应基于市场参与者在定价资产或负债时使用的假设来确定。为考虑这种假设，建立了一种公允价值层次结构，将用于测量公允价值的输入分类如下：（第1级）可观测的输入，如活跃市场中的报价价格；（第2级）除活跃市场中的报价价格之外的输入，可以直接或间接地观察到；以及（第3级）没有或很少市场数据的不可观测输入，需要报告实体开发自己的假设。
资产和已确认以公允价值计量的可能支付的概述，以及使用的公允价值计量如下:
(以百万计)总计相同资产在活跃市场的报价
(级别1)		其他可观察输入
(二级)		不可观测的输入
(三级)
2024年9月30日    
现金$473 $473 $— $— 
短期投资1,521 1,521 — — 
净衍生合同资产(14)— (14)— 
收购绿色动力的未来支付风险(6)— — (6)
2023年12月31日    
现金$488 $488 $— $— 
短期投资2,121 2,121 — — 
净衍生合约11 — 11 — 
绿色动力收购中的未来支付(18)— — (18)
伊顿使用行业标准市场方法来评估其金融工具，其中价格和其他相关信息是通过涉及相同或可比资产或负债的市场交易产生的。
在2021年3月22日，伊顿收购了Green Motion SA，这是一家位于瑞士的领先电动汽车充电硬件和相关软件的设计与制造商。106 {$X百万，包括作为可能对价记录的$X百万。}49 Green Motion SA的收购金额为$百万，现金在交割时支付，初步估算为$百万，基于2023年和2024年的营业收入表现的或有未来对价的公允价值。57 或有对价负债的公允价值是通过对预期支付的或有款项进行折现来估计的，可能会因营业收入估算和折现率的变化而增加或减少，最大可能的不折现价值为$百万。122 截至2024年9月30日，或有未来支付的公允价值已根据2023年营业收入的下降和对2024年营业收入的低估而减少至$百万。6 这一减少在合并收益表中列示为其他收入 - 净额。
其他公允价值计量
长期债务和长期债务的流动部分在2023年12月31日的账面价值分别为$9,392 1千6百万美元，并且公允价值为9,173 年9月30日的金额为百万美元，相比之下，年为百万美元。9,261 百万美元和美元8,924 百万。伊顿公司债券的公允价值是使用类似信用评级、期限和到期日的债务的市场利率进行估算的，并被视为二级公允价值衡量。

15
目录


注意 14.    衍生金融工具和对冲活动
在正常的业务过程中，伊顿面临与利率、货币兑换汇率和商品价格波动相关的某些风险。公司使用各种衍生和非衍生金融工具，主要是利率互换、货币远期交换合同、货币互换和商品合同，以管理来自这些市场波动的风险。伊顿使用的工具是简单的非杠杆工具。这些工具的对手方是信用评级较高的金融机构。伊顿对与任何一个对手方达成的头寸规模保持控制，并定期监测这些机构的信用评级。此类工具并非出于交易目的而购买和出售。
衍生金融工具按公允价值计量，并在合并资产负债表中确认作为资产或负债。衍生金融工具公允价值变动所产生的收益或损失的会计处理取决于该工具是否被指定为对冲关系的一部分、其有效性及对冲活动的性质。伊顿正式记录所有作为指定对冲的衍生金融工具与被对冲项目之间的关系，以及其风险管理目标和开展对冲交易的策略。该过程包括将衍生金融工具与已确认的资产或负债、特定的企业承诺、预测的交易或对外投资的净投资进行关联。这些金融工具可以被指定为：
•为已确认的固定利率资产或负债的公允价值变动，或者即将获取这类资产或负债的确定性承诺（公允价值套期保值）；对于这些套期保值，源于衍生金融工具的收益或损失，以及与被套期风险相关的套期项目的抵消损失或收益，在公允价值变动期间纳入收入。
•对已确认的变量利率资产或负债的变量现金流进行套期保值，或对将要收购此类资产或负债的预测进行套期保值（现金流量套期工具）；对于这些套期保值，衍生金融工具的收益或损失被确认为累计其他全面收入，并在包含套期项目的收益或损失的同一期间重新分类为收入。
•与外部控件的净投资相关的货币风险对冲（净投资对冲）；对于这些对冲，衍生金融工具的收益或损失在其他综合收益累计中确认，并在与外部控件的净投资的收益或损失计入收益的同一期间内重新分类为收益。
作为对冲的衍生金融工具带来的收益或损失，在“综合收益表”中与对冲项目的抵消损益同一行分类。从这些金融工具产生的现金流量，在“现金流量表摘要”中归类为经营活动。
对于未指定为对冲的衍生品，任何收益或损失都会立即计入收入。大多数以这种方式使用的衍生品与因外币计值的资产或负债以及某些在正常业务中产生的商品合同相关的风险有关。
伊顿使用货币兑换合同和部分以外币计价的债务对冲其在外国业务中的净投资部分，以对冲外币风险（净投资对冲）。公司在净投资对冲中使用即期汇率法评估对冲效果。根据该方法，即期汇率的变动将被确认为其他综合收益中。与远期汇率有关的变动被排除在对冲关系之外，并且远期点数将以直线摊销的方式分期计入利息费用-净。这些货币兑换合同产生的现金流量在“现金流量表”的投资活动中分类。
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衍生财务报表影响
在合并资产负债表中确认的衍生金融工具的公允价值如下：
(以百万计)名义
ROCE 趋势可以告诉我们什么？比起 Enphase Energy，有更好的资本回报率选择。在过去的五年中，该公司增加了 1,306% 的资本，而该资本的回报率保持稳定在 9.9%。这样差的回报率现在并不令人信服，而且随着资本的增加，很明显企业并没有将资金投入到高回报的投资中。		其他
当前
资产		其他
非流动
资产		其他
判断
负债		其他
非流动
负债		Type of
hedge		期限
2024年9月30日      
指定为投资组合保值的衍生品      
前低水平的固定利率互换
$168 $— $— $2 $— 现金流11 年
货币兑换合同549 5 2 19 — 现金流
1 to 16 个月
商品合同14 2 — — — 现金流
1 to 11 个月
货币兑换合同572 — — 1 — 净投资
3 个月
总计 $7 $2 $21 $—  
根据衍生工具合同的主要安排，在某些情况下并符合适用要求，我们有权通过单一净额经过与另一方调节以净额支付的方式对交易进行净结算。然而，我们选择在合并和综合财务状况声明中以毛基础呈现衍生工具资产和衍生工具负债，并在上述表格中呈现。这些合同的公允价值在综合财务状况声明的所有其他流动资产、所有其他资产、所有其他流动负债和所有其他负债中识别，基于这些合同的约定结算时间。     
货币兑换合同$4,661 $9  $11  
1 to 10 个月
2023年12月31日      
指定为投资组合保值的衍生品      
远期起始的浮动到固定利率交换
$165 $— $— $— $3 现金流8 年
货币兑换合同505 17 3 7 1 现金流
1 to 25 个月
商品合同54 1 — 1 — 现金流
1 to 12 个月
货币兑换合同564 — — 1 — 净投资
3 个月
总计 $17 $3 $9 $4   
根据衍生工具合同的主要安排，在某些情况下并符合适用要求，我们有权通过单一净额经过与另一方调节以净额支付的方式对交易进行净结算。然而，我们选择在合并和综合财务状况声明中以毛基础呈现衍生工具资产和衍生工具负债，并在上述表格中呈现。这些合同的公允价值在综合财务状况声明的所有其他流动资产、所有其他资产、所有其他流动负债和所有其他负债中识别，基于这些合同的约定结算时间。      
货币兑换合同$4,797 $12  $8  
1 to 7 个月
上表中显示的货币兑换合同属于未指定为套期工具的衍生工具，主要用于管理公司间应收账款、应付账款和贷款的货币波动或风险。虽然伊顿公司不选择对这些衍生工具采用套期会计处理，伊顿的目标是进行管理 95% 到 100的内部资产负债表敞口的%以最小化货币波动对货物和服务运作正常过程中的影响。这一活动代表了这些货币兑换合同的绝大部分。从这些衍生工具结算产生的现金流量在《简要合并现金流量表》中已分类为投资活动。
作为非衍生金融工具的外币计价债务，作为净投资套期工具的账面价值在税后基础上为$3,342 百万美元，在2024年9月30日为$3,140百万美元。
截至2024年9月30日，为对冲预计交易而进入的未结商品合同的成交量：
商品2024年9月30日期限
铝1 百万磅
1 to 3 个月
铜3 百万磅
1 to 11 个月
黄金829 金衡盎司
1 to 4 个月
白银3,140 金衡盎司
1 月



17
目录


在合并资产负债表上记录的以下金额与固定转浮动利率互换相关：
(以百万计)被对冲的账面价值
资产（负债）
包含在被对冲资产（负债）账面价值中的累计公允价值对冲调整金额1
合并资产负债表上的位置2024年9月30日2023年12月31日2024年9月30日2023年12月31日
长期债务$(647)$(713)$(38)$(42)
1 截至2024年9月30日和2023年12月31日，这些金额包括公允价值对冲调整中止对冲会计后的累计负债金额$38 百万美元和美元42 百万，分别为。
现金流和公允价值对冲活动对合并损益表的影响如下：
2024年9月30日止三个月
(以百万计)净销售额产品销售成本利息支出 - 净额
合并收益表中的金额$6,345 $3,899 $29 
指定为现金流量对冲的衍生品的收益（损失）
前向开始的浮动利率转固定利率掉期
被套期项目$— $— $(3)
指定为对冲工具的衍生品— — 3 
货币兑换合同
被套期项目$1 $4 $— 
指定为对冲工具的衍生品(1)(4)— 
商品合同
被套期项目$— $(2)$— 
指定为对冲工具的衍生品— 2 — 
2023年9月30日结束的三个月
(以百万计)净销售额产品销售成本利息支出 - 净额
来自损益表的金额$5,880 $3,684 $33 
指定为现金流量套期工具的衍生工具收益（损失）
前瞻性起始的浮动至固定利率互换
被套期项目$— $— $(3)
衍生品被指定为对冲工具— — 3 
货币兑换合同
被套期项目$(3)$(16)$— 
衍生品被指定为对冲工具3 16 — 
18
目录


2024年9月30日结束的九个月
(以百万计)净销售额产品销售成本利息支出 - 净额
综合损益表中的金额$18,638 $11,564 $88 
作为现金流量套期交易指定的衍生工具的收益（损失）
前瞻性起始的浮动利率到固定利率互换
被套期项目$— $— $(10)
作为对冲工具指定的衍生品— — 10 
货币兑换合同
被套期项目$1 $(8)$— 
作为对冲工具指定的衍生品(1)8 — 
商品合同
被套期项目$— $(3)$— 
作为对冲工具指定的衍生品— 3 — 
截至2023年9月30日的九个月中，
(以百万计)净销售额产品销售成本利息支出 - 净额
合并损益表中的金额$17,229 $11,030 $124 
指定为现金流对冲的衍生品的收益（损失）
从浮动利率到固定利率的前向利率互换
被套期项目$— $— $(9)
指定为对冲工具的衍生品— — 9 
货币兑换合同
被套期项目$(2)$(46)$— 
指定为对冲工具的衍生品2 46 — 
商品合同
被套期项目$— $(1)$— 
指定为对冲工具的衍生品— 1 — 
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目录


未指定为对冲的衍生工具对合并利润表的影响如下：
在合并利润表中确认的收益（损失）合并利润表分类
 截至三个月
9月30日
(以百万计)20242023
未指定为对冲的衍生工具的收益（损失）
货币兑换合同$(3)$14 利息支出 - 净额
总计$(3)$14 
合并损益表中确认的收益（损失）合并损益表分类
 截至九个月
9月30日
(以百万计)20242023
未指定为对冲的衍生品收益（损失）
货币兑换合同$(11)$31 利息支出 - 净额
总计$(11)$31 
The impact of derivative and non-derivative instruments designated as hedges to the Consolidated Statements of Income and Comprehensive Income is as follows:
Gain (loss) recognized in
other comprehensive
income (loss)		Location of gain (loss)
reclassified from
Accumulated other
comprehensive loss		Gain (loss) reclassified
from Accumulated other
comprehensive loss
Three months ended
September 30		Three months ended
September 30
(In millions)2024202320242023
Derivatives designated as cash
   flow hedges
Forward starting floating-to-fixed
   interest rate swaps		$(2)$1 Interest expense - net$3 $3 
Currency exchange contracts(7)(2)Net sales and Cost of products sold(5)20 
Commodity contracts— (1)Cost of products sold2 — 
Derivatives designated as net
   investment hedges
Currency exchange contracts
Effective portion(23)3 Gain (loss) on sale of business— — 
Amount excluded from effectiveness
   testing		4 2 Interest expense - net4 4 
Non-derivative designated as net
   investment hedges
Foreign currency denominated debt(145)85 Gain (loss) on sale of business— — 
Total$(172)$87 $5 $27 
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Gain (loss) recognized in
other comprehensive
income (loss)		Location of gain (loss)
reclassified from
Accumulated other
comprehensive loss		Gain (loss) reclassified
from Accumulated other
comprehensive loss
Nine months ended
September 30		Nine months ended
September 30
(In millions)2024202320242023
Derivatives designated as cash
   flow hedges
Forward starting floating-to-fixed
   interest rate swaps		$4 $2 Interest expense - net$10 $9 
Currency exchange contracts(16)47 Net sales and Cost of products sold7 45 
Commodity contracts4 (2)Cost of products sold3 1 
Derivatives designated as net
   investment hedges
Currency exchange contracts
Effective portion(7)21 Gain (loss) on sale of business— — 
Amount excluded from effectiveness
   testing		8 11 Interest expense - net11 10 
Non-derivative designated as net
   investment hedges
Foreign currency denominated debt(47)19 Gain (loss) on sale of business— — 
Total$(54)$98 $30 $65 
There was no net gain or loss included in Accumulated other comprehensive loss related to the pre-tax portion of the fair value of currency exchange contracts designated as net investment hedges at September 30, 2024. There was no net gain or loss included in Accumulated other comprehensive loss related to the pre-tax portion of the fair value of the forward points at September 30, 2024.
At September 30, 2024, a gain of $13 million of estimated unrealized net gains or losses associated with our cash flow hedges were expected to be reclassified to income from Accumulated other comprehensive loss within the next twelve months. These reclassifications relate to our designated foreign currency and commodity hedges that will mature in the next twelve months.
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Note 15.    RESTRUCTURING CHARGES
In the second quarter of 2020, Eaton initiated a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to initially respond to declining market conditions brought on by the COVID-19 pandemic. Since the inception of the program, the Company incurred expenses of $199 million for workforce reductions and $184 million for plant closing and other costs, resulting in total charges of $382 million through December 31, 2023. This multi-year restructuring program was substantially complete at the end of 2023, with final payments expected to be made in 2024.
During the first quarter of 2024, Eaton implemented a new multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Restructuring charges incurred under this program were $54 million in the third quarter and $132 million in the first nine months of 2024. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $198 million and plant closing and other costs of $45 million, resulting in total estimated charges of $375 million for the entire program.
A summary of restructuring program charges is as follows:
Three months ended
September 30		Nine months ended
September 30
(In millions except for per share data)2024202320242023
Workforce reductions$10 $— $78 $17 
Plant closing and other44 7 55 29 
Total before income taxes54 7 132 46 
Income tax benefit11 1 28 9 
Total after income taxes$43 $5 $104 $37 
Per ordinary share - diluted$0.11 $0.01 $0.26 $0.09 
Restructuring program charges (income) related to the following segments:
Three months ended
September 30		Nine months ended
September 30
(In millions)2024202320242023
Electrical Americas$— $— $9 $4 
Electrical Global42 5 70 22 
Aerospace(1)1 7 4 
Vehicle4 1 32 4 
eMobility2 — 2 6 
Corporate6 — 13 6 
Total$54 $7 $132 $46 
A summary of liabilities related to workforce reductions, plant closing, and other associated costs is as follows:
(In millions)Workforce reductionsPlant closing and otherTotal
Balance at January 1, 2024
$35 $6 $41 
Liability recognized, net78 55 132 
Payments, utilization and translation(38)(53)(92)
Balance at September 30, 2024
$74 $7 $82 
These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other income – net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. See Note 16 for additional information about business segments.

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Note 16.    BUSINESS SEGMENT INFORMATION
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. Eaton's operating segments are Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility. Operating profit includes the operating profit from intersegment sales. For additional information regarding Eaton's business segments, see Note 18 to the consolidated financial statements contained in the 2023 Form 10-K.
Three months ended
September 30		Nine months ended
September 30
(In millions)2024202320242023
Net sales  
Electrical Americas$2,963 $2,594 $8,530 $7,426 
Electrical Global1,573 1,503 4,678 4,572 
Aerospace946 867 2,772 2,517 
Vehicle696 753 2,143 2,242 
eMobility167 163 514 471 
Total net sales$6,345 $5,880 $18,638 $17,229 
Segment operating profit (loss)  
Electrical Americas$892 $719 $2,537 $1,913 
Electrical Global294 328 872 892 
Aerospace230 209 637 580 
Vehicle135 131 381 353 
eMobility(7)— (9)(5)
Total segment operating profit1,544 1,386 4,417 3,732 
Corporate  
Intangible asset amortization expense(106)(107)(319)(344)
Interest expense - net(29)(33)(88)(124)
Pension and other postretirement benefits income 9 11 29 33 
Restructuring program charges(54)(7)(132)(46)
Other expense - net(160)(171)(508)(512)
Income before income taxes1,204 1,079 3,399 2,739 
Income tax expense193 187 573 463 
Net income1,011 892 2,827 2,277 
Less net income for noncontrolling interests(1)(1)(4)(4)
Net income attributable to Eaton ordinary shareholders$1,009 $891 $2,823 $2,273 
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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Amounts are in millions of dollars or shares unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding.

COMPANY OVERVIEW
Eaton Corporation plc (Eaton or the Company) is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are well positioned to capitalize on the megatrends of electrification, energy transition and digitalization. The reindustrialization of North America and Europe, growth in North American megaprojects, and increased global infrastructure spending focused on clean energy programs are expanding our end markets and positioning Eaton for growth for years to come. We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets. We are guided by our commitment to operate sustainably and with the highest ethical standards. Our work is accelerating the planet’s transition to renewable energy sources, helping to solve the world’s most urgent power management challenges, and building a more sustainable society for people today and for future generations.
Eaton was founded in 1911 and has been listed on the New York Stock Exchange for more than a century. We reported revenues of $23.2 billion in 2023 and serve customers in more than 160 countries.
Portfolio Changes
The Company continues to actively manage its portfolio of businesses to deliver on its strategic objectives. The Company is focused on deploying its capital toward businesses that provide opportunities for above-market growth, strong returns, and align with secular trends and its power management strategies. During 2023 and 2024, Eaton continued to selectively add businesses to strengthen its portfolio.
Acquisitions of businesses and investments in associate companiesDate of acquisitionBusiness segment
Jiangsu Ryan Electrical Co. Ltd.April 23, 2023Electrical Global
A 49 percent stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distribution and sub-transmission transformers in China.
ExerthermMay 20, 2024Electrical Americas
A U.K. based provider of thermal monitoring solutions for electrical equipment.
NordicEPOD ASMay 31, 2024Electrical Global
A 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region.
Additional information related to acquisitions of businesses is presented in Note 2.
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RESULTS OF OPERATIONS
Non-GAAP Financial Measures
The following discussion of Consolidated Financial Results includes certain non-GAAP financial measures. These financial measures include adjusted earnings and adjusted earnings per ordinary share, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of adjusted earnings and adjusted earnings per ordinary share to the most directly comparable GAAP measure is included in the Consolidated Financial Results table below. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton’s financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton.
Acquisition and Divestiture Charges
Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:
Three months ended
September 30		Nine months ended
September 30
(In millions except for per share data)2024202320242023
Acquisition integration, divestiture charges and transaction costs (income)$(4)$18 $23 $69 
Income tax benefit— 4 7 14 
Total charges (income) after income taxes$(4)$14 $17 $54 
Per ordinary share - diluted$(0.01)$0.03 $0.04 $0.14 
Acquisition integration, divestiture charges and transaction costs (income) in 2024 and 2023 are primarily related to acquisitions completed prior to 2023, including other charges and income to acquire and exit businesses. 2024 also included the reduction in fair value of contingent future consideration from the Green Motion SA acquisition. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other income - net. In Business Segment Information in Note 16, the charges were included in Other expense - net.
Restructuring Programs
In the second quarter of 2020, Eaton initiated a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to initially respond to declining market conditions brought on by the COVID-19 pandemic. Since the inception of the program, the Company incurred expenses of $199 million for workforce reductions and $184 million for plant closing and other costs, resulting in total charges of $382 million through December 31, 2023. This restructuring program was substantially complete at the end of 2023 and mature year benefits from the program are estimated to be $265 million and will be largely realized by the end of 2024.
During the first quarter of 2024, Eaton implemented a new multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Restructuring charges incurred under this program were $54 million in the third quarter and $132 million in the first nine months of 2024. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $198 million and plant closing and other costs of $45 million, resulting in total estimated charges of $375 million for the entire program. The Company expects mature year benefits of $325 million when the multi-year program is fully implemented.
Additional information related to these restructuring programs is presented in Note 15.
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Intangible Asset Amortization Expense
Intangible asset amortization expense is as follows:
Three months ended
September 30		Nine months ended
September 30
(In millions except for per share data)2024202320242023
Intangible asset amortization expense$106 $107 $319 $344 
Income tax benefit23 23 68 74 
Total after income taxes$84 $84 $251 $269 
Per ordinary share - diluted$0.21 $0.21 $0.62 $0.67 
Consolidated Financial Results
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
(In millions except for per share data)2024202320242023
Net sales$6,345 $5,880 8 %$18,638 $17,229 8 %
Gross profit2,446 2,196 11 %7,074 6,199 14 %
Percent of net sales38.6 %37.3 % 38.0 %36.0 %
Income before income taxes1,204 1,079 12 %3,399 2,739 24 %
Net income1,011 892 13 %2,827 2,277 24 %
Less net income for noncontrolling interests(1)(1) (4)(4)
Net income attributable to Eaton ordinary shareholders1,009 891 13 %2,823 2,273 24 %
Excluding acquisition and divestiture charges (income), after-tax(4)14  17 54 
Excluding restructuring program charges, after-tax43 5 104 37 
Excluding intangible asset amortization expense, after-tax84 84 251 269 
Adjusted earnings$1,132 $994 14 %$3,194 $2,633 21 %
Net income per share attributable to Eaton ordinary shareholders - diluted$2.53 $2.22 14 %$7.05 $5.67 24 %
Excluding per share impact of acquisition and divestiture charges (income), after-tax(0.01)0.03  0.04 0.14 
Excluding per share impact of restructuring program charges, after-tax0.11 0.01 0.26 0.09 
Excluding per share impact of intangible asset amortization expense, after-tax0.21 0.21 0.62 0.67 
Adjusted earnings per ordinary share$2.84 $2.47 15 %$7.97 $6.57 21 %
Net Sales
Changes in Net sales are summarized as follows:Three months ended September 30, 2024Nine months ended September 30 2024
Organic growth8 %8 %
Foreign currency— %— %
Total increase in Net sales8 %8 %
Organic sales increased 8% in the third quarter of 2024 due to strength in commercial & institutional end-markets in the Electrical Americas business segment, strength in data center and utility end-markets in the Electrical Americas and Electrical Global business segments, and strength in commercial OEM, commercial aftermarket, and military aftermarket in the Aerospace business segment, partially offset by weakness in industrial end-markets in the Electrical Americas business segment, weakness in the residential end-markets in the Electrical Americas and Electrical Global business segments, and weakness in the North American region in the Vehicle business segment.
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Additionally, during the third quarter of 2024, certain facilities in the Electrical Americas business segment were impacted by Hurricane Helene, and the Aerospace business segment was impacted by industry related labor strikes. These events had a negative impact on Net sales in the third quarter of 2024 of $46 million. We expect Hurricane Helene and the labor strikes could continue to have an impact on Net sales in the fourth quarter of 2024.
Organic sales increased 8% in the first nine months of 2024 due to strength in commercial & institutional end-markets in the Electrical Americas business segment, strength in utility end-markets in the Electrical Global business segment, strength in data center end-markets in the Electrical Americas and Electrical Global business segments, strength in commercial OEM, commercial aftermarket, and military OEM in the Aerospace business segment, and strength in the European region in the eMobility business segment, partially offset by weakness in residential end-markets in the Electrical Americas and Electrical Global business segments and weakness in the North American region in the Vehicle business segment.
Gross Profit
Gross profit margin increased from 37.3% in the third quarter of 2023 to 38.6% in the third quarter of 2024. Material factors affecting this increase were a 270 basis point increase from higher sales and a 160 basis point increase from operating efficiencies, partially offset by a 120 basis point decline from higher commodity and wage inflation and a 110 basis point decline from higher costs to support growth initiatives.
Gross profit margin increased from 36.0% in the first nine months of 2023 to 38.0% in the first nine months of 2024. Material factors affecting this increase were a 290 basis point increase from higher sales and a 140 basis point increase from operating efficiencies, partially offset by a 100 basis point decline from higher commodity and wage inflation and an 80 basis point decline from higher costs to support growth initiatives.
Income Taxes
The effective income tax rate for the third quarter of 2024 was expense of 16.1% compared to expense of 17.3% for the third quarter of 2023. The decrease in the effective tax rate in the third quarter of 2024 was due to the reduction of a valuation allowance on a foreign tax attribute, partially offset by greater levels of income in higher tax jurisdictions. The effective income tax rate for the first nine months of 2024 was expense of 16.8% compared to expense of 16.9% for the first nine months of 2023. The decrease in the effective tax rate in the first nine months of 2024 was due to a larger impact from the excess tax benefits recognized for employee share-based payments and the reduction of valuation allowances on foreign tax attributes, partially offset by greater levels of income in higher tax jurisdictions.
Net Income
Changes in Net income attributable to Eaton ordinary shareholders and Net income per share attributable to Eaton ordinary shareholders - diluted are summarized as follows:
Three months endedNine months ended
(In millions except for per share data)DollarsPer shareDollarsPer share
September 30, 2023
$891 $2.22 $2,273 $5.67 
  Business segment results of operations
    Operational performance124 0.32 579 1.43 
    Foreign currency6 0.01 (14)(0.03)
  Corporate
    Intangible asset amortization expense— — 19 0.05 
    Restructuring program charges(38)(0.10)(67)(0.17)
    Acquisition and divestiture charges18 0.04 38 0.10 
    Other corporate items(7)(0.02)(8)(0.02)
  Tax rate impact15 0.04 4 0.01 
  Impact of shares— 0.02 — 0.01 
September 30, 2024
$1,009 $2.53 $2,823 $7.05 

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Business Segment Results of Operations
The following is a discussion of Net sales, operating profit (loss) and operating margin by business segment. Additionally, the Company uses the following metrics as indicators of customer demand and future revenue expectations in the Electrical Americas, Electrical Global, and Aerospace business segments. The Company believes these metrics are useful to investors for the same reasons.
•Backlog: Includes orders to which customers are firmly committed
•Organic change in backlog: Percentage change in backlog, excluding the impact of foreign currency, acquisitions and divestitures
•Organic change in customer orders: Percentage change in firm customer orders on a trailing twelve month basis, excluding the impact of foreign currency, acquisitions and divestitures
•Book-to-bill: Average of the ratio of firm customer orders to Net sales for the last four quarters
Electrical Americas
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
($ in millions)2024202320242023
Net sales$2,963 $2,594 14 %$8,530 $7,426 15 %
Operating profit$892 $719 24 %$2,537 $1,913 33 %
Operating margin30.1 %27.7 % 29.7 %25.8 %
Changes in Net sales:
Organic growth14 %15 %
Foreign currency— %— %
Total increase in Net sales14 %15 %
Performance metrics:September 30, 2024September 30, 2023
Backlog$9,970 $7,927 26 %
Organic change in backlog 26 %
Organic change in customer orders16 %
Book-to-bill1.2
The increase in organic sales in the third quarter of 2024 was due to strength in data center, commercial & institutional, and utility end-markets, partially offset by weakness in industrial and residential end-markets. The increase in organic sales in the first nine months of 2024 was due to strength in data center and commercial & institutional end-markets, partially offset by weakness in residential end-markets.
The operating margin increased from 27.7% in the third quarter of 2023 to 30.1% in the third quarter of 2024. Material factors affecting this increase were a 540 basis point increase from higher sales and a 120 basis point increase from operating efficiencies, partially offset by a 280 basis point decline from higher costs to support growth initiatives and a 150 basis point decline from higher commodity and wage inflation. The operating margin increased from 25.8% in the first nine months of 2023 to 29.7% in the first nine months of 2024. Material factors affecting this increase were a 610 basis point increase from higher sales and a 180 basis point increase from operating efficiencies, partially offset by a 220 basis point decline from higher costs to support growth initiatives and a 140 basis point decline from higher commodity and wage inflation.
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Electrical Global
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
($ in millions)2024202320242023
Net sales$1,573 $1,503 5 %$4,678 $4,572 2 %
Operating profit$294 $328 (10)%$872 $892 (2)%
Operating margin18.7 %21.8 % 18.6 %19.5 %
Changes in Net sales:
Organic growth4 %3 %
Foreign currency1 %(1)%
Total increase in Net sales5 %2 %
Performance metrics:September 30, 2024September 30, 2023
Backlog$1,856 $1,517 22 %
Organic change in backlog 19 %
Organic change in customer orders6 %
Book-to-bill1.1
The increase in organic sales in the third quarter and first nine months of 2024 was due to strength in data center and utility end-markets, partially offset by weakness in residential end-markets. Additionally, the increase in organic sales in the third quarter of 2024 was due to strength in the European and Asia Pacific regions, partially offset by weakness in the Global Energy Infrastructure Solutions (GEIS) business, and the increase in organic sales in the first nine months of 2024 was due to strength in the Asia Pacific region.
The operating margin decreased from 21.8% in the third quarter of 2023 to 18.7% in the third quarter of 2024. Material factors affecting this decrease were a 270 basis point decline from the sale of a non-production facility in the third quarter of 2023, a 230 basis point decline from higher commodity and wage inflation, and a 70 basis point decline from unfavorable product mix, partially offset by a 170 basis point increase from operating efficiencies and an 80 basis point increase from higher sales. The operating margin decreased from 19.5% in the first nine months of 2023 to 18.6% in the first nine months of 2024. Material factors affecting this decrease were a 140 basis point decline from higher wage inflation, a 90 basis point decline from the sale of a non-production facility in the third quarter of 2023, and a 50 basis point decline from unfavorable product mix, partially offset by a 170 basis point increase from operating efficiencies and a 90 basis point increase from higher sales.
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Aerospace
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
($ in millions)2024202320242023
Net sales$946 $867 9 %$2,772 $2,517 10 %
Operating profit$230 $209 10 %$637 $580 10 %
Operating margin24.4 %24.1 % 23.0 %23.0 %
Changes in Net sales:
Organic growth8 %10 %
Foreign currency1 %— %
Total increase in Net sales9 %10 %
Performance metrics:September 30, 2024September 30, 2023
Backlog$3,660 $3,138 17 %
Organic change in backlog 14 %
Organic change in customer orders6 %
Book-to-bill1.1
The increase in organic sales in the third quarter of 2024 was due to strength in commercial OEM, commercial aftermarket, and military aftermarket. The increase in organic sales in the first nine months of 2024 was due to strength in commercial OEM, commercial aftermarket, and military OEM.
The operating margin increased from 24.1% in the third quarter of 2023 to 24.4% in the third quarter of 2024. Material factors affecting this increase were a 450 basis point increase from higher sales and a 220 basis point increase from operating efficiencies, partially offset by a 410 basis point decline from higher costs to support growth initiatives and a 260 basis point decline from higher commodity and wage inflation. The operating margin was flat at 23.0% in both the first nine months of 2024 and 2023. Material factors affecting the operating margin were a 450 basis point increase from higher sales and a 90 basis point increase from the sale of a production facility in the first quarter of 2024, partially offset by a 260 basis point decline from higher commodity and wage inflation and a 240 basis point decline from higher costs to support growth initiatives.
Vehicle
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
(In millions)2024202320242023
Net sales$696 $753 (7)%$2,143 $2,242 (4)%
Operating profit$135 $131 3 %$381 $353 8 %
Operating margin19.4 %17.4 % 17.8 %15.7 %
Changes in Net sales:
Organic growth(6)%(4)%
Foreign currency(1)%— %
Total decrease in Net sales(7)%(4)%
The decrease in organic sales in the third quarter and first nine months of 2024 was due to weakness in the North American and European regions, partially offset by strength in the South American region.
The operating margin increased from 17.4% in the third quarter of 2023 to 19.4% in the third quarter of 2024. The material factor affecting this increase was a 170 basis point increase from operating efficiencies. The operating margin increased from 15.7% in the first nine months of 2023 to 17.8% in the first nine months of 2024. Material factors affecting this increase were a 240 basis point increase from operating efficiencies and an 80 basis point increase from the sale of a non-production facility in the second quarter of 2024, partially offset by an 80 basis point decrease from lower income from investments in associate companies.
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eMobility
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
(In millions)2024202320242023
Net sales$167 $163 2 %$514 $471 9 %
Operating profit (loss)$(7)$— NM$(9)$(5)(80)%
Operating margin(4.4)%— % (1.8)%(1.1)%
Changes in Net sales:
Organic growth1 %9 %
Foreign currency1 %— %
Total increase in Net sales2 %9 %
Despite OEM delays in electric vehicle rollouts due to weaker than expected customer demand, organic sales increased in the third quarter and first nine months of 2024 due to strength in the European region, partially offset by weakness in the North American region.
The operating margin decreased from 0.0% in the third quarter of 2023 to negative 4.4% in the third quarter of 2024. Material factors affecting this decrease were a 400 basis point decline from higher costs to support growth initiatives and a 380 basis point decline from unfavorable product mix, partially offset by a 330 basis point increase from operating efficiencies. The operating margin decreased from negative 1.1% in the first nine months of 2023 to negative 1.8% in the first nine months of 2024. Material factors affecting this decrease were a 510 basis point decline from unfavorable product mix, a 230 basis point decline from higher costs to support growth initiatives, and a 180 basis point decline from higher commodity and wage inflation, partially offset by a 460 basis point increase from higher sales, a 280 basis point increase from the sale of a non-production facility in the second quarter of 2024, and a 140 basis point increase from operating efficiencies.
Corporate Expense
Three months ended
September 30		Increase (decrease)Nine months ended
September 30		Increase (decrease)
(In millions)2024202320242023
Intangible asset amortization expense$106 $107 (1)%$319 $344 (7)%
Interest expense - net29 33 (12)%88 124 (29)%
Pension and other postretirement benefits income(9)(11)(18)%(29)(33)(12)%
Restructuring program charges54 7 671 %132 46 187 %
Other expense - net160 171 (6)%508 512 (1)%
Total corporate expense$340 $307 11 %$1,018 $993 3 %
Total corporate expense increased from $307 million in the third quarter of 2023 to $340 million in the third quarter of 2024. Material factors affecting this increase were higher Restructuring program charges, partially offset by lower Other expense - net. The decrease in Other expense - net is due to lower acquisition and divestiture costs. Total corporate expense increased from $993 million in the first nine months of 2023 to $1,018 million in the first nine months of 2024. Material factors affecting this increase were higher Restructuring program charges, partially offset by lower Interest expense - net and Intangible asset amortization expense.
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LIQUIDITY, CAPITAL RESOURCES, AND FINANCIAL CONDITION
Liquidity and Financial Condition
Eaton’s objective is to finance its business through operating cash flow and an appropriate mix of equity and long-term and short-term debt. By diversifying its debt maturity structure, Eaton reduces liquidity risk.
On September 30, 2024, the Company replaced its existing $500 million 364-day revolving credit facility with a new $500 million 364-day revolving credit facility that will expire on September 29, 2025. The Company also has a $2,500 million five-year revolving credit facility that will expire on October 1, 2027. The revolving credit facilities totaling $3,000 million are used to support commercial paper borrowings and are fully and unconditionally guaranteed by Eaton and certain of its direct and indirect subsidiaries on an unsubordinated, unsecured basis. There were no borrowings outstanding under Eaton’s revolving credit facilities at September 30, 2024. The Company maintains access to the commercial paper markets through its $3,000 million commercial paper program, of which none was outstanding on September 30, 2024.
On May 21, 2024, a subsidiary of Eaton issued Euro denominated notes (2024 Euro Notes) with a face value of €1,000 million ($1,084 million), in accordance with Regulation S promulgated under the Securities Act of 1933, as amended. The 2024 Euro Notes are comprised of 2 tranches of €500 million each, which mature in 2031 and 2036, with interest payable annually at a respective rate of 3.601% and 3.802%. The issuer received proceeds totaling €995 million ($1,079 million) from the issuance, net of financing costs. The 2024 Euro Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2024 Euro Notes contain customary optional redemption and par call provisions. The 2024 Euro Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the 2024 Euro Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense - net over the respective terms of the 2024 Euro Notes. The 2024 Euro Notes are subject to customary non-financial covenants.
Over the course of a year, cash, short-term investments, and short-term debt may fluctuate in order to manage global liquidity. As of September 30, 2024 and December 31, 2023, Eaton had cash of $473 million and $488 million, short-term investments of $1,521 million and $2,121 million, and short-term debt of $3 million and $8 million, respectively. Eaton believes it has the operating flexibility, cash flow, cash and short-term investment balances, availability under existing revolving credit facilities, and access to capital markets in excess of the liquidity necessary to meet future operating needs of the business, fund capital expenditures and acquisitions of businesses, as well as scheduled payments of long-term debt.
Eaton was in compliance with each of its debt covenants for all periods presented.
Cash Flows
A summary of cash flows is as follows:
Nine months ended
September 30
Change
from 2023
(In millions)20242023
Net cash provided by operating activities$2,730 $2,326 $404 
Net cash used in investing activities— (1,782)1,782 
Net cash used in financing activities(2,692)(507)(2,185)
Effect of currency on cash(52)18 (70)
Total increase (decrease) in cash$(14)$54 
Operating Cash Flow
Net cash provided by operating activities increased by $404 million in the first nine months of 2024 compared to 2023. Material factors affecting this increase were higher net income of $550 million, partially offset by higher working capital balances of $221 million.
Investing Cash Flow
Net cash used in investing activities decreased by $1,782 million in the first nine months of 2024 compared to 2023. Material factors affecting this decrease were an increase in sales of short-term investments of $595 million in 2024 compared to purchases of short-term investments of $1,304 million in 2023, partially offset by an increase in payments for settlement of currency exchange contracts not designated as hedges of $14 million in 2024 compared to proceeds from settlement of currency exchange contracts not designated as hedges of $61 million in 2023, and an increase in cash paid for acquisition of a business to $50 million in 2024 compared to no cash paid in 2023.
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Financing Cash Flow
Net cash used in financing activities increased by $2,185 million in the first nine months of 2024 compared to 2023. Material factors affecting this increase were an increase in repurchase of shares to $1,615 million in 2024 compared to no repurchase of shares in 2023, and an increase in payments on borrowings to $1,011 million in 2024 from $11 million in 2023, partially offset by an increase in proceeds from borrowings to $1,084 million in 2024 from $818 million in 2023 and a decrease in net payments of short-term debt to $6 million in 2024 from $295 million in 2023.
Uses of Cash
Capital Expenditures
Capital expenditures were $553 million and $514 million in the first nine months of 2024 and 2023, respectively. The Company plans to increase capital expenditures over the next five years to expand production capacity across various markets to support anticipated growth. As a result, Eaton expects approximately $800 million in capital expenditures in 2024.
Dividends
Cash dividend payments were $1,130 million and $1,035 million in the first nine months of 2024 and 2023, respectively. Payment of quarterly dividends in the future depends upon the Company’s ability to generate net income and operating cash flows, among other factors, and is subject to declaration by the Eaton Board of Directors. The Company intends to continue to pay quarterly dividends in 2024.
Share Repurchases
On February 27, 2019, the Board of Directors adopted a share repurchase program for share repurchases up to $5.0 billion of ordinary shares (2019 Program). On February 23, 2022, the Board renewed the 2019 Program by providing authority for up to $5.0 billion in repurchases to be made during the three-year period commencing on that date (2022 Program). Under the 2022 Program, the ordinary shares are expected to be repurchased over time, depending on market conditions, the market price of ordinary shares, capital levels, and other considerations. During the three and nine months ended September 30, 2024, 3.0 million and 5.3 million ordinary shares, respectively, were repurchased under the 2022 program in the open market at a total cost of $891 million and $1,629 million, respectively. During the three and nine months ended September 30, 2023, no ordinary shares were repurchased. The Company will continue to pursue share repurchases in 2024 depending on market conditions and capital levels.
Acquisition of Businesses
The Company paid cash of $50 million to acquire a business in the first nine months of 2024. There were no business acquisitions in the first nine months of 2023. The Company paid cash of $68 million for investments in associate companies in the first nine months of 2024 and 2023. The Company will continue to focus on deploying its capital toward businesses that provide opportunities for higher growth and strong returns, and align with secular trends and its power management strategies.
Debt
The Company manages a number of short-term and long-term debt instruments, including commercial paper. At September 30, 2024, the Company had Short-term debt of $3 million, Current portion of long-term debt of $714 million, and Long-term debt of $8,678 million. The Company believes it has the operating flexibility, cash flow, and access to capital markets to meet scheduled payments of long-term debt.
Supply Chain Finance Program
A third-party financial institution offers a voluntary supply chain finance (SCF) program that enables certain of the Company’s suppliers, at the supplier’s sole discretion, to sell receivables due from the Company to the financial institution on terms directly negotiated with the financial institution. The SCF program does not have a significant impact on the Company’s liquidity as payments by the Company to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. For additional information on the SCF program, see Note 7.
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Guaranteed Debt
Issuers, Guarantors and Guarantor Structure    
Eaton Corporation has issued senior notes pursuant to indentures dated April 1, 1994 (the 1994 Indenture), November 20, 2012 (the 2012 Indenture), September 15, 2017 (the 2017 Indenture) and August 23, 2022 (as supplemented by the First and Second Supplemental Indentures of the same date and the Third Supplemental Indenture dated May 18, 2023, the 2022 Indenture). The senior notes of Eaton Corporation are registered under the Securities Act of 1933, as amended (the Registered Senior Notes). Eaton Capital Unlimited Company, a subsidiary of Eaton, is the issuer of five outstanding series of debt securities sold in offshore transactions under Regulation S promulgated under the Securities Act (the Eurobonds). The Eurobonds and the Registered Senior Notes (together, the Senior Notes) comprise substantially all of Eaton’s long-term indebtedness.
Substantially all of the Senior Notes (with limited exceptions), together with the credit facilities described above under Liquidity and Financial Condition (the Credit Facilities), are guaranteed by Eaton and 17 of its subsidiaries. Accordingly, they rank equally with each other. However, because these obligations are not secured, they would be effectively subordinated to any existing or future secured indebtedness of Eaton and its subsidiaries. As of September 30, 2024, Eaton has no material, long-term secured debt. The guaranteed Registered Senior Notes are also structurally subordinated to the liabilities of Eaton's subsidiaries that are not guarantors. Except as described below under Future Guarantors, Eaton is not obligated to cause its subsidiaries to guarantee the Registered Senior Notes.
The table set forth in Exhibit 22 filed with the Form 10-K filed on February 23, 2023 (10-K Exhibit 22) details the primary obligors and guarantors with respect to the guaranteed Registered Senior Notes.
Terms of Guarantees of Registered Securities
Payment of principal and interest on the Registered Senior Notes is guaranteed, on an unsecured, unsubordinated basis by the subsidiaries of Eaton set forth in the table referenced in the 10-K Exhibit 22. Each guarantee is full and unconditional, and joint and several. Each guarantor’s guarantee is an unsecured obligation that ranks equally with all its other unsecured and unsubordinated indebtedness. The obligations of each guarantor under its guarantee of the Registered Senior Notes are subject to a customary savings clause or similar provision designed to prevent such guarantee from constituting a fraudulent conveyance or otherwise legally impermissible or voidable obligation.
Though the terms of the indentures vary slightly, generally, each guarantee of the Registered Senior Notes by a guarantor that is a subsidiary of Eaton Corporation provides that it will be automatically and unconditionally released and discharged under certain circumstances, including, but not limited to:
(a)the consummation of certain types of transactions permitted under the applicable indenture, including one that results in such guarantor ceasing to be a subsidiary; and
(b)for Registered Senior Notes issued under the 2022 Indenture, when such guarantor is a guarantor or issuer of indebtedness in an aggregate outstanding principal amount of less than 25% of our total outstanding indebtedness.
Further, each guarantee by a direct or indirect parent of Eaton Corporation (other than Eaton) provides that it will also be released if:
(c)such guarantee (so long as the guarantor is not obligated under any other U.S. debt obligations), becomes prohibited by any applicable law, rule or regulation or by any contractual obligation; or
(d)such guarantee results in material adverse tax consequences to Eaton or any of its subsidiaries (so long as the applicable guarantor is not obligated under any other U.S. debt obligation).
The guarantee of Eaton does not contain any release provisions.
Future Guarantors
The 2012 and 2017 Indentures generally provide that, with certain limited exceptions, any subsidiary of Eaton must become a guarantor if it becomes obligated as borrower or guarantor under any series of debt securities or a syndicated credit facility. Further, the 2012 and 2017 Indentures provide that any entity that becomes a direct or indirect parent entity of Eaton Corporation and holds any material assets, with certain limited exceptions, or owes any material liabilities must become a guarantor. The 2022 Indenture provides only that, with certain limited exceptions, any subsidiary of Eaton must become a guarantor if it becomes obligated as borrower or guarantor under indebtedness with an aggregate outstanding principal amount in excess of 25% of the Parent and its Subsidiaries’ then-outstanding indebtedness.
The 1994 Indenture does not contain provisions with respect to future guarantors.
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Summarized Financial Information of Guarantors and Issuers
(In millions)September 30, 2024December 31, 2023
Current assets$4,726 $5,006 
Noncurrent assets13,089 13,004 
Current liabilities3,768 3,927 
Noncurrent liabilities10,528 10,012 
Amounts due to subsidiaries that are non-issuers and non-guarantors - net9,356 8,178 
(In millions)Nine months ended
September 30, 2024
Net sales$10,963 
Sales to subsidiaries that are non-issuers and non-guarantors845 
Cost of products sold7,951 
Expense from subsidiaries that are non-issuers and non-guarantors - net557 
Net income740 
The financial information presented is that of Eaton Corporation and the Guarantors, which includes Eaton Corporation plc, on a combined basis and the financial information of non-issuer and non-guarantor subsidiaries has been excluded. Intercompany balances and transactions between Eaton Corporation and Guarantors have been eliminated, and amounts due from, amounts due to, and transactions with non-issuer and non-guarantor subsidiaries have been presented separately.

FORWARD-LOOKING STATEMENTS
This Form 10-Q Report contains forward-looking statements concerning litigation, expected capital deployment, expected capital expenditures, future dividend payments, anticipated share repurchases, future impact from Hurricane Helene and labor strikes, and expected restructuring program charges and benefits. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to Eaton, based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside Eaton’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: global pandemics such as COVID-19; unanticipated changes in the markets for the Company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; the availability of credit to customers and suppliers; supply chain disruptions, competitive pressures on sales and pricing; unanticipated changes in the cost of material, labor and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest at Eaton or at our customers or suppliers; the impact of acquisitions and divestitures; unanticipated difficulties integrating acquisitions; new laws and governmental regulations; interest rate changes; tax rate changes or exposure to additional income tax liability; stock market and currency fluctuations; war, geopolitical tensions, natural disasters, civil or political unrest or terrorism; and unanticipated deterioration of economic and financial conditions in the United States and around the world. Eaton does not assume any obligation to update these forward-looking statements.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
There have been no material changes in exposures to market risk since December 31, 2023.

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ITEM 4.CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures - Pursuant to SEC Rule 13a-15, an evaluation was performed under the supervision and with the participation of Eaton’s management, including Craig Arnold - Principal Executive Officer; and Olivier Leonetti - Principal Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on that evaluation, management concluded that Eaton’s disclosure controls and procedures were effective as of September 30, 2024.
Disclosure controls and procedures are designed to ensure that information required to be disclosed in Eaton’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Eaton’s reports filed under the Exchange Act is accumulated and communicated to management, including Eaton’s Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.
During the third quarter of 2024, there was no change in Eaton’s internal control over financial reporting that materially affected, or is reasonably likely to materially affect, internal control over financial reporting. Management is currently evaluating the impact of businesses acquired in the past twelve months on Eaton's internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS.
Information regarding the Company's current legal proceedings is presented in Note 10 of the Notes to the condensed consolidated financial statements.

ITEM 1A.RISK FACTORS.
“Item 1A. Risk Factors” in Eaton's 2023 Form 10-K includes a discussion of the Company's risk factors. There have been no material changes from the risk factors described in the 2023 Form 10-K.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
(c) Issuer's Purchases of Equity Securities
During the third quarter of 2024, 3.0 million ordinary shares were repurchased in the open market at a total cost of $891 million. These shares were repurchased under the program approved by the Board on February 23, 2022 (the 2022 Program). A summary of the shares repurchased in the third quarter of 2024 is as follows:
MonthTotal number
of shares
purchased		Average
price paid
per share		Total number of
shares purchased as
part of publicly
announced
plans or programs		Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions)
July26,598 $287.58 26,598 $3,969 
August1,661,893 $294.48 1,661,893 $3,480 
September1,294,256 $304.47 1,294,256 $3,086 
Total2,982,747 $298.75 2,982,747 

ITEM 5.    OTHER INFORMATION.
During the three months ended September 30, 2024, no director or officer of the Company adopted, amended or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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ITEM 6.EXHIBITS.
Eaton Corporation plc
Third Quarter 2024 Report on Form 10-Q
3 (i)
3 (ii)
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11Pursuant to Regulation S-K Item 601(b)(4), Eaton agrees to furnish to the SEC, upon request, a copy of the instruments defining the rights of holders of its long-term debt other than those set forth in Exhibits (4.2 - 4.10) hereto
10.1
10.2
31.1
31.2
32.1
32.2
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101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. *
101.SCHXBRL Taxonomy Extension Schema Document *
101.CALXBRL Taxonomy Extension Calculation Linkbase Document *
101.DEFXBRL Taxonomy Extension Label Definition Document *
101.LABXBRL Taxonomy Extension Label Linkbase Document *
101.PREXBRL Taxonomy Extension Presentation Linkbase Document *
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
_______________________________
*Submitted electronically herewith.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  EATON CORPORATION plc
  Registrant
Date:October 31, 2024By:/s/ Olivier Leonetti
Olivier Leonetti
  Principal Financial Officer
  (On behalf of the registrant and as Principal Financial Officer)

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