Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Eaton Corp. plc, adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Current assets 11,801 11,675 8,746 7,511 9,178
Adjustments
Add: Allowance for credit losses 55 38 31 42 48
After Adjustment
Adjusted current assets 11,856 11,713 8,777 7,553 9,226

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


Adjustments to Total Assets

Eaton Corp. plc, adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total assets 38,381 38,432 35,014 34,027 31,824
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for credit losses 55 38 31 42 48
Less: Deferred income taxes, noncurrent assets2 609 458 330 392 426
After Adjustment
Adjusted total assets 37,827 38,012 34,715 33,677 31,446

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred income taxes, noncurrent assets. See details »


Adjustments to Current Liabilities

Eaton Corp. plc, adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Current liabilities 7,857 7,747 6,360 7,212 5,881
Adjustments
Less: Current deferred revenue liabilities 602 610 489 395 230
After Adjustment
Adjusted current liabilities 7,255 7,137 5,871 6,817 5,651

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


Adjustments to Total Liabilities

Eaton Corp. plc, adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total liabilities 19,851 19,363 17,940 17,576 16,851
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred income taxes, noncurrent liabilities2 275 402 530 559 277
Less: Deferred revenue liabilities 618 626 508 422 257
Less: Product warranty accruals 150 136 125 125 151
Less: Liabilities related to workforce reductions, plant closing and other associated costs 103 41 41 104 142
After Adjustment
Adjusted total liabilities 18,705 18,158 16,736 16,366 16,024

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income taxes, noncurrent liabilities. See details »


Adjustments to Stockholders’ Equity

Eaton Corp. plc, adjusted total Eaton shareholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total Eaton shareholders’ equity 18,488 19,036 17,038 16,413 14,930
Adjustments
Less: Deferred income taxes1 334 56 (200) (167) 152
Add: Allowance for credit losses 55 38 31 42 48
Add: Deferred revenue liabilities 618 626 508 422 257
Add: Product warranty accruals 150 136 125 125 151
Add: Liabilities related to workforce reductions, plant closing and other associated costs 103 41 41 104 142
Add: Noncontrolling interests 43 33 37 38 43
After Adjustment
Adjusted total equity 19,123 19,854 17,980 17,311 15,419

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Deferred income taxes. See details »


Adjustments to Capitalization Table

Eaton Corp. plc, adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Short-term debt 8 324 13 1
Current portion of long-term debt 674 1,017 10 1,735 1,047
Long-term debt, excluding current portion 8,478 8,244 8,321 6,831 7,010
Total reported debt 9,152 9,269 8,655 8,579 8,058
Total Eaton shareholders’ equity 18,488 19,036 17,038 16,413 14,930
Total reported capital 27,640 28,305 25,693 24,992 22,988
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current operating lease liabilities (included in Other current liabilities)2 163 135 127 120 116
Add: Noncurrent operating lease liabilities3 669 533 459 337 326
Adjusted total debt 9,984 9,937 9,241 9,036 8,500
Adjustments to Equity
Less: Deferred income taxes4 334 56 (200) (167) 152
Add: Allowance for credit losses 55 38 31 42 48
Add: Deferred revenue liabilities 618 626 508 422 257
Add: Product warranty accruals 150 136 125 125 151
Add: Liabilities related to workforce reductions, plant closing and other associated costs 103 41 41 104 142
Add: Noncontrolling interests 43 33 37 38 43
Adjusted total equity 19,123 19,854 17,980 17,311 15,419
After Adjustment
Adjusted total capital 29,107 29,791 27,221 26,347 23,919

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities (included in Other current liabilities). See details »

3 Noncurrent operating lease liabilities. See details »

4 Deferred income taxes. See details »


Adjustments to Revenues

Eaton Corp. plc, adjusted net sales

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Net sales 24,878 23,196 20,752 19,628 17,858
Adjustment
Add: Increase (decrease) in deferred revenue liabilities (8) 118 86 165 23
After Adjustment
Adjusted net sales 24,870 23,314 20,838 19,793 17,881

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


Adjustments to Reported Income

Eaton Corp. plc, adjusted net income attributable to Eaton ordinary shareholders

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Net income attributable to Eaton ordinary shareholders 3,794 3,218 2,462 2,144 1,410
Adjustments
Add: Deferred income tax expense (benefit)1 (154) (182) (128) (30) (125)
Add: Increase (decrease) in allowance for credit losses 17 7 (11) (6) (1)
Add: Increase (decrease) in deferred revenue liabilities (8) 118 86 165 23
Add: Increase (decrease) in product warranty accruals 14 11 (26) (36)
Add: Increase (decrease) in liabilities related to workforce reductions, plant closing and other associated costs 62 (63) (38) 142
Add: Other comprehensive income (loss), net of tax (436) 39 (313) 562 95
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 4 5 4 2 5
After Adjustment
Adjusted net income 3,293 3,216 2,037 2,773 1,513

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 Deferred income tax expense (benefit). See details »