Investor Presentaiton
Note 9. RETIREMENT BENEFITS PLANS
Eaton has defined benefits pension plans and other postretirement benefits plans.
Obligations and Funded Status
(In millions)
Funded status
Fair value of plan assets
Benefit obligations
Funded status
Amounts recognized in the Consolidated
Balance Sheets
Other assets
Other current liabilities
Pension liabilities and Other postretirement
benefits liabilities
Total
Amounts recognized in Accumulated other
comprehensive loss (pre-tax)
Net actuarial (gain) loss
Prior service cost (credit)
Total
Change in Benefit Obligations
(In millions)
Balance at January 1
Service cost
Interest cost
Actuarial (gain) loss
Gross benefits paid
Currency translation
Plan amendments
Acquisitions and divestitures
Other
Balance at December 31
United States
pension liabilities
Non-United States
pension liabilities
Other postretirement
liabilities
2022
2021
2022
2021
2022
2021
$ 2,635 $ 3,672
$
1,486 $ 2,247 $
16 $
19
(2,807)
$ (172) $
(3,760)
(1,813)
(2,837)
(209)
(304)
(88) $
(327) $
(590) $
(194) $
(285)
59
$
199
179 $
-
(19)
(16)
(30)
(28)
(17)
(22)
(153)
(131)
(496)
(741)
(177)
(263)
$
(172) $
(88) $
(327) $
(590) $
(194) $
(285)
807 $
5
708 $
5
491 $
14
745 $
18
(119) $
(55)
(2)
$ 811 $ 713 $
505 $ 763 $
(120) $
(55)
United States
pension liabilities
2022
2021
Non-United States
pension liabilities
Other postretirement
liabilities
2022
2021
2022
2021
$ 3,760
$ 4,121
$ 2,837 $ 3,036 $ 304 $ 375
27
37
59
72
1
1
117
70
47
40
7
6
(713)
(82)
(817)
(143)
(73)
(59)
(386)
(435)
(99)
(107)
(38)
(36)
(218)
(79)
(3)
1
1
1
48
14
2
3
$ 2,807 $ 3,760 $
13
1,813 $ 2,837 $ 209 $
4
15
304
$ 2,784 $ 3,707 $
1,737
$ 2,709
Accumulated benefit obligation
During 2020, the Company announced it was freezing its United States pension plans for its non-union employees. The
freeze was effective January 1, 2021 for non-union U.S. employees whose retirement benefit was determined under a cash
balance formula and is effective January 1, 2026 for non-union U.S. employees whose retirement benefit is determined under a
final average pay formula.
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