$ETN
Eaton Corp plc

2014 Q2 Form 10-Q Financial Statement

#000155118214000030 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $5.767B $5.602B
YoY Change 2.95% 37.71%
Cost Of Revenue $4.025B $3.870B
YoY Change 4.01% 37.48%
Gross Profit $1.742B $1.732B
YoY Change 0.58% 38.23%
Gross Profit Margin 30.21% 30.92%
Selling, General & Admin $984.0M $960.0M
YoY Change 2.5% 39.13%
% of Gross Profit 56.49% 55.43%
Research & Development $168.0M $161.0M
YoY Change 4.35% 51.89%
% of Gross Profit 9.64% 9.3%
Depreciation & Amortization $250.0M $245.0M
YoY Change 2.04% 77.54%
% of Gross Profit 14.35% 14.15%
Operating Expenses $1.152B $1.121B
YoY Change 2.77% 40.83%
Operating Profit $590.0M $842.0M
YoY Change -29.93% 42.23%
Interest Expense -$55.00M -$71.00M
YoY Change -22.54% 136.67%
% of Operating Profit -9.32% -8.43%
Other Income/Expense, Net $166.0M -$6.000M
YoY Change -2866.67% -25.0%
Pretax Income $57.00M $534.0M
YoY Change -89.33% 27.45%
Income Tax -$115.0M $37.00M
% Of Pretax Income -201.75% 6.93%
Net Earnings $171.0M $497.0M
YoY Change -65.59% 30.1%
Net Earnings / Revenue 2.97% 8.87%
Basic Earnings Per Share $0.36 $1.04
Diluted Earnings Per Share $0.36 $1.04
COMMON SHARES
Basic Shares Outstanding 475.9M shares 473.4M shares
Diluted Shares Outstanding 478.5M shares 476.3M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.265B $996.0M
YoY Change 27.01% -15.38%
Cash & Equivalents $631.0M $628.0M
Short-Term Investments $634.0M $368.0M
Other Short-Term Assets $1.029B $1.008B
YoY Change 2.08% 34.4%
Inventory $2.534B $2.405B
Prepaid Expenses
Receivables $4.010B $3.820B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.838B $8.229B
YoY Change 7.4% 29.26%
LONG-TERM ASSETS
Property, Plant & Equipment $3.793B $3.749B
YoY Change 1.17% 40.15%
Goodwill $14.38B $14.05B
YoY Change 2.33%
Intangibles $6.976B $7.186B
YoY Change -2.92%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.032B $875.0M
YoY Change 17.94% -46.84%
Total Long-Term Assets $26.42B $27.03B
YoY Change -2.25% 121.76%
TOTAL ASSETS
Total Short-Term Assets $8.838B $8.229B
Total Long-Term Assets $26.42B $27.03B
Total Assets $35.26B $35.26B
YoY Change 0.0% 90.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.044B $2.045B
YoY Change -0.05% 31.43%
Accrued Expenses $373.0M $368.0M
YoY Change 1.36% 10.51%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $115.0M
YoY Change -98.26% 33.72%
Long-Term Debt Due $416.0M $575.0M
YoY Change -27.65% -5.58%
Total Short-Term Liabilities $5.543B $4.981B
YoY Change 11.28% 30.05%
LONG-TERM LIABILITIES
Long-Term Debt $8.615B $9.069B
YoY Change -5.01% 146.57%
Other Long-Term Liabilities $1.121B $934.0M
YoY Change 20.02% -65.04%
Total Long-Term Liabilities $12.67B $14.85B
YoY Change -14.63% 133.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.543B $4.981B
Total Long-Term Liabilities $12.67B $14.85B
Total Liabilities $18.22B $19.83B
YoY Change -8.12% 86.74%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.98B $15.39B
YoY Change
Total Liabilities & Shareholders Equity $35.26B $35.26B
YoY Change 0.0% 90.02%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $171.0M $497.0M
YoY Change -65.59% 30.1%
Depreciation, Depletion And Amortization $250.0M $245.0M
YoY Change 2.04% 77.54%
Cash From Operating Activities $633.0M $609.0M
YoY Change 3.94% 29.85%
INVESTING ACTIVITIES
Capital Expenditures -$126.0M -$129.0M
YoY Change -2.33% 2.38%
Acquisitions
YoY Change
Other Investing Activities -$30.00M -$38.00M
YoY Change -21.05% -93.63%
Cash From Investing Activities -$156.0M -$167.0M
YoY Change -6.59% -76.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $99.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -635.0M -440.0M
YoY Change 44.32% -206.28%
NET CHANGE
Cash From Operating Activities 633.0M 609.0M
Cash From Investing Activities -156.0M -167.0M
Cash From Financing Activities -635.0M -440.0M
Net Change In Cash -158.0M 2.000M
YoY Change -8000.0% -98.75%
FREE CASH FLOW
Cash From Operating Activities $633.0M $609.0M
Capital Expenditures -$126.0M -$129.0M
Free Cash Flow $759.0M $738.0M
YoY Change 2.85% 24.03%

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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
51000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
52000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-148000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-162000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
99000000 USD
CY2014Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
99000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
467000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
397000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
236000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
251000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
180000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
179000000 USD
us-gaap Pension Contributions
PensionContributions
244000000 USD
us-gaap Pension Contributions
PensionContributions
304000000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
477000000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
415000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
273000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
28000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
44000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
78000000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
497000000 USD
us-gaap Profit Loss
ProfitLoss
877000000 USD
us-gaap Profit Loss
ProfitLoss
613000000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
172000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:8px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform to the current year presentation.</font></div></div>
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
761000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3833000000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3793000000 USD
CY2013Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3648000000 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
4010000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
576000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
977000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
313000000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
168000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
330000000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
161000000 USD
CY2014Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
99000000 USD
CY2013Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
32000000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5602000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
10912000000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5767000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
11259000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1918000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1946000000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
960000000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
984000000 USD
CY2013Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
13000000 USD
CY2014Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
2000000 USD
CY2014Q2 us-gaap Short Term Investments
ShortTermInvestments
634000000 USD
CY2013Q4 us-gaap Short Term Investments
ShortTermInvestments
794000000 USD
CY2014Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeUpperBound
43000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
78000000 USD
CY2014Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
40000000 shares
CY2014Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1400000 shares
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
16982000000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
16791000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
16863000000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
17042000000 USD
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2900000 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2600000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2800000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
475700000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478500000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
476300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
472600000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
473400000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475900000 shares
etn Acquisition Integration After Tax Charges
AcquisitionIntegrationAfterTaxCharges
47000000 USD
CY2014Q2 etn Acquisition Integration After Tax Charges
AcquisitionIntegrationAfterTaxCharges
23000000 USD
CY2013Q2 etn Acquisition Integration After Tax Charges
AcquisitionIntegrationAfterTaxCharges
25000000 USD
etn Acquisition Integration After Tax Charges
AcquisitionIntegrationAfterTaxCharges
67000000 USD
etn Acquisition Integration Charges Per Common Share
AcquisitionIntegrationChargesPerCommonShare
0.14
etn Acquisition Integration Charges Per Common Share
AcquisitionIntegrationChargesPerCommonShare
0.10
CY2014Q2 etn Acquisition Integration Charges Per Common Share
AcquisitionIntegrationChargesPerCommonShare
0.05
CY2014Q2 etn Prepaidexpensesothercurrentassetsandcurrentdeferredtaxes
Prepaidexpensesothercurrentassetsandcurrentdeferredtaxes
1029000000 USD
CY2013Q2 etn Acquisition Integration Charges Per Common Share
AcquisitionIntegrationChargesPerCommonShare
0.05
CY2014Q2 etn Adjustedeffectiveincometaxratepercent
Adjustedeffectiveincometaxratepercent
0.08
etn Adjustedeffectiveincometaxratepercent
Adjustedeffectiveincometaxratepercent
0.06
CY2012Q4 etn Eaton Corp.Andcertainothersubsidiariesguaranteeof Senior Debt
EatonCorp.andcertainothersubsidiariesguaranteeofSeniorDebt
1.00
CY2014Q2 etn Intercompanyaccountspayable
Intercompanyaccountspayable
0 USD
CY2013Q4 etn Intercompanyaccountspayable
Intercompanyaccountspayable
0 USD
CY2014Q2 etn Intercompanyaccountsreceivable
Intercompanyaccountsreceivable
0 USD
CY2013Q4 etn Intercompanyaccountsreceivable
Intercompanyaccountsreceivable
0 USD
etn Intercompanyexpenseincome
Intercompanyexpenseincome
0 USD
etn Intercompanyexpenseincome
Intercompanyexpenseincome
0 USD
CY2014Q2 etn Intercompanyexpenseincome
Intercompanyexpenseincome
0 USD
CY2013Q2 etn Intercompanyexpenseincome
Intercompanyexpenseincome
0 USD
CY2014Q2 etn Intercompanyloanspayable
Intercompanyloanspayable
0 USD
CY2013Q4 etn Intercompanyloanspayable
Intercompanyloanspayable
0 USD
CY2014Q2 etn Intercompanyloansreceivables
Intercompanyloansreceivables
0 USD
CY2013Q4 etn Intercompanyloansreceivables
Intercompanyloansreceivables
0 USD
CY2012Q4 etn Issuance Of Senior Notes
IssuanceOfSeniorNotes
4900000000 USD
etn Otherintercompanyfinancingactivities
Otherintercompanyfinancingactivities
0 USD
etn Otherintercompanyfinancingactivities
Otherintercompanyfinancingactivities
0 USD
etn Paymentsonborrowingsfromaffiliates
Paymentsonborrowingsfromaffiliates
0 USD
etn Paymentsonborrowingsfromaffiliates
Paymentsonborrowingsfromaffiliates
0 USD
etn Percentage Of Intercompany Balance Sheet Exposure
PercentageOfIntercompanyBalanceSheetExposure
1
CY2013Q4 etn Prepaidexpensesothercurrentassetsandcurrentdeferredtaxes
Prepaidexpensesothercurrentassetsandcurrentdeferredtaxes
992000000 USD
etn Shareholdersequitychangeincapital
Shareholdersequitychangeincapital
32000000 USD
CY2013Q2 etn Total Acquistiion Integration Charges And Transaction Costs Before Income Taxes
TotalAcquistiionIntegrationChargesAndTransactionCostsBeforeIncomeTaxes
39000000 USD
CY2014Q2 etn Total Acquistiion Integration Charges And Transaction Costs Before Income Taxes
TotalAcquistiionIntegrationChargesAndTransactionCostsBeforeIncomeTaxes
37000000 USD
etn Total Acquistiion Integration Charges And Transaction Costs Before Income Taxes
TotalAcquistiionIntegrationChargesAndTransactionCostsBeforeIncomeTaxes
70000000 USD
etn Total Acquistiion Integration Charges And Transaction Costs Before Income Taxes
TotalAcquistiionIntegrationChargesAndTransactionCostsBeforeIncomeTaxes
103000000 USD
etn Totalpretaxspecialitemsimpactingadjustedeffectivetaxrate
Totalpretaxspecialitemsimpactingadjustedeffectivetaxrate
494000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001551182
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
475900000 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q2 dei Entity Public Float
EntityPublicFloat
31200000000 USD
dei Entity Registrant Name
EntityRegistrantName
Eaton Corp plc
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
dei Trading Symbol
TradingSymbol
ETN

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