Eaton Corp plc 8-K, filed Oct 16, 2026

Eaton Corp plc (ETN)

8-K 2026-10-16 For: 2026-10-16

Added on October 27, 2026

About this 8-K

Eaton Corp plc filed this 8-K on October 16, 2026.

Eaton Corporation plc recast 2025 segment information after creating the Mobility segment from the legacy Vehicle and eMobility segments in the first quarter of 2026. The recast does not amend or restate previously issued financial statements. AI summary

Items reported

Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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	+353	1637 2900
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)


TABLE OF CONTENTS
Part I		2
Item 1.	Business	2






Part II		7


Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	7

Item 8.	Financial Statements and Supplementary Data	7










Part IV		8
Item 15.	Exhibits and Financial Statement Schedules	8


(In thousands)			2025
Electrical Americas			35
Electrical Global			26
Aerospace			14
Mobility			12
Corporate			10
Total number of persons employed			97


	Total Global	Number of women (Global)	Percentage of women (Global)		U.S. total	Number of minorities (U.S. only)1	Percentage of minorities (U.S. only)1
Board of directors	12	4	33.3	%	9	5	55.6	%
Executive leadership team	19	2	10.5	%	18	6	33.3	%
Executives	718	189	26.3	%	517	116	22.4	%
Managers	8,983	2,272	25.3	%	4,556	1,036	22.7	%
All other employees	87,583	30,452	34.8	%	24,911	9,657	38.8	%
All employees	97,303	32,915	33.8	%	30,002	10,815	36.0	%


			Unrecognized Income Tax Benefits
Description of the Matter			As discussed in Note 12 to the consolidated financial statements, the Company had gross unrecognized income tax benefits of $1,300 million related to its uncertain tax positions at December 31, 2025. Unrecognized income tax benefits are recorded under the two-step recognition and measurement principles when a tax position does not meet the more likely than not standard, or if a tax position meets the more likely than not standard, but the financial statement tax benefit is reduced as part of the measurement step. The balance of unrecognized income tax benefits is comprised of uncertain tax positions which meet the more likely than not standard, but the financial statement tax benefit has been reduced as part of measuring the tax position. Auditing management’s analysis of certain of its uncertain tax positions and resulting unrecognized income tax benefits is complex as each tax position carries unique facts and circumstances that must be evaluated and ultimate resolution is dependent on uncontrollable factors such as the timing of finalizing resolutions of audit disputes through reaching settlement agreements or concluding litigation, or changes in law, and other factors.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of management’s controls related to uncertain tax positions. For example, we tested controls over management’s application of the two-step recognition and measurement principles and management’s review of the inputs and resultant calculations of unrecognized income tax benefits, as well as the identification of new factors affecting existing uncertain tax positions. We also evaluated the Company’s assessment of its uncertain tax positions. Our audit procedures included, among others, evaluating management’s accounting policies and documentation to assess the appropriateness and consistency of the methods and assumptions used to develop certain of its uncertain tax positions and related unrecognized income tax benefit amounts. We also tested the completeness and accuracy of the underlying data used by the Company for certain uncertain tax positions. For example, we compared the unrecognized income tax benefits recorded with similar positions in prior periods and assessed management’s consideration of current tax controversy and litigation, including current year developments with respect to the Company's ongoing litigation and examinations with respect to certain open tax years in the United States. We also assessed the historical accuracy of management’s estimates of its unrecognized income tax benefits with the resolution of those positions. In addition, for certain uncertain tax positions we involved tax subject matter professionals to evaluate the application of relevant tax laws, regulations, case law, and Company-specific controversy developments in the Company’s recognition determination. We have also evaluated the Company’s income tax disclosures in relation to these matters.



	Year ended December 31
(In millions except for per share data)		2025		2024		2023
Net sales		$	27,448	$	24,878	$	23,196

Cost of products sold		17,131		15,375		14,762
Selling and administrative expense		4,311		4,077		3,795
Research and development expense		797		794		754
Interest expense - net		241		130		151

Other expense (income) - net		37		(64)		(93)
Income before income taxes		4,932		4,566		3,827
Income tax expense		841		768		604
Net income		4,090		3,798		3,223
Less net income for noncontrolling interests		(3)		(4)		(5)
Net income attributable to Eaton ordinary shareholders		$	4,087	$	3,794	$	3,218

Net income per share attributable to Eaton ordinary shareholders
Diluted		$	10.45	$	9.50	$	8.02
Basic		10.48		9.54		8.06

Weighted-average number of ordinary shares outstanding
Diluted		391.2		399.4		401.1
Basic		389.9		397.6		399.1

Cash dividends declared per ordinary share		$	4.16	$	3.76	$	3.44



	Year ended December 31
(In millions)		2025		2024		2023
Net income		$	4,090	$	3,798	$	3,223
Less net income for noncontrolling interests		(3)		(4)		(5)
Net income attributable to Eaton ordinary shareholders		4,087		3,794		3,218

Other comprehensive income (loss), net of tax
Currency translation and related hedging instruments		240		(370)		235
Pensions and other postretirement benefits		(18)		(49)		(185)
Cash flow hedges		1		(17)		(11)


Other comprehensive income (loss) attributable to Eaton ordinary shareholders		223		(436)		39

Total comprehensive income attributable to Eaton ordinary shareholders		$	4,310	$	3,358	$	3,257


	December 31
(In millions)	2025		2024

Assets
Current assets
Cash	$	622	$	555
Short-term investments	181		1,525
Accounts receivable - net	5,387		4,619
Inventory	4,721		4,227

Prepaid expenses and other current assets	1,444		874
Total current assets	12,355		11,801

Property, plant and equipment
Land and buildings	2,361		2,239
Machinery and equipment	7,667		6,823
Gross property, plant and equipment	10,028		9,062
Accumulated depreciation	(5,712)		(5,333)
Net property, plant and equipment	4,316		3,729
Other noncurrent assets
Goodwill	15,769		14,713
Other intangible assets	5,054		4,658

Operating lease assets	768		806
Deferred income taxes	707		609
Other assets	2,281		2,066
Total assets	$	41,251	$	38,381

Liabilities and shareholders’ equity
Current liabilities
Short-term debt	$	1	$	—
Current portion of long-term debt	1,136		674
Accounts payable	4,168		3,678
Accrued compensation	644		670

Other current liabilities	3,421		2,835
Total current liabilities	9,370		7,857
Noncurrent liabilities
Long-term debt	8,758		8,478
Pension liabilities	702		741
Other postretirement benefits liabilities	161		164
Operating lease liabilities	637		669
Deferred income taxes	265		275
Other noncurrent liabilities	1,889		1,667
Total noncurrent liabilities	12,412		11,994
Shareholders’ equity
Ordinary shares (387.9 million outstanding in 2025 and 392.9 million in 2024)	4		4
Capital in excess of par value	12,837		12,731
Retained earnings	10,702		10,096
Accumulated other comprehensive loss	(4,118)		(4,342)
Shares held in trust	—		(1)
Total Eaton shareholders’ equity	19,425		18,488
Noncontrolling interests	44		43
Total equity	19,469		18,531
Total liabilities and equity	$	41,251	$	38,381


	Ordinary shares			Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss		Shares held in trust		Total Eaton shareholders' equity		Noncontrolling interests		Total equity

(In millions)	Shares	Dollars


Balance at January 1, 2023	397.8	$	4	$	12,512	$	8,468	$	(3,946)	$	(1)	$	17,038	$	38	$	17,075


Net income	—	—		—		3,218		—		—		3,218		5		3,223
Other comprehensive income, net of tax								39				39				39
Cash dividends paid	—	—		—		(1,379)		—		—		(1,379)		(9)		(1,388)

Issuance of shares under equity-based compensation plans	1.5	—		122		(2)		—		—		120		—		120



Changes in noncontrolling interest of consolidated subsidiaries - net	—	—				—		—		—		—		(1)		(1)

Balance at December 31, 2023	399.4	4		12,634		10,305		(3,906)		(1)		19,036		33		19,069


Net income	—	—		—		3,794		—		—		3,794		4		3,798
Other comprehensive loss, net of tax								(436)				(436)				(436)
Cash dividends paid	—	—		—		(1,500)		—		—		(1,500)		(2)		(1,502)
Issuance of shares under equity-based compensation plans	1.3	—		96		(2)		—		—		94		—		94



Changes in noncontrolling interest of consolidated subsidiaries - net	—	—		—		—		—		—		—		8		8
Repurchase of shares	(7.8)	—		—		(2,500)		—		—		(2,500)		—		(2,500)

Balance at December 31, 2024	392.9	4		12,731		10,096		(4,342)		(1)		18,488		43		18,531
Net income	—	—		—		4,087		—		—		4,087		3		4,090
Other comprehensive income, net of tax								223				223				223
Cash dividends paid	—	—		—		(1,626)		—		—		(1,626)		(2)		(1,628)
Issuance of shares under equity-based compensation plans	0.7	—		107		(1)		—		—		106		—		106






Repurchase of shares	(5.7)	—		—		(1,854)		—		—		(1,854)		—		(1,854)

Balance at December 31, 2025	387.9	$	4	$	12,837	$	10,702	$	(4,118)	$	—	$	19,425	$	44	$	19,469


Category						Estimated useful life or amortization period
Buildings						Generally 40 years
Machinery and equipment						3 - 10 years
Software						5 - 15 years
Customer relationships, certain trademarks, and patents and technology						Weighted-average of 18 years


(In millions)	Preliminary Allocation		Measurement Period Adjustments		Adjusted Preliminary Allocation

Accounts receivable	$	50	$	(5)	$	45
Inventory	96		5		101
Prepaid expenses and other current assets	72		(5)		67
Property, plant and equipment	104		13		117
Other intangible assets	709		6		715
Other assets	3		—		3
Accounts payable	(48)		—		(48)
Other current liabilities	(106)		26		(80)
Other noncurrent liabilities	(2)		(23)		(25)
Total identifiable net assets	$	878	$	17	$	895
Goodwill	572		(32)		540
Total consideration, net of cash received	$	1,450	$	(15)	$	1,435


(In millions)	Deferred Revenue
Balance at January 1, 2024	$	626
Customer deposits and billings	2,719
Revenue recognized in the period	(2,712)

Translation	(15)
Balance at December 31, 2024	$	618
Customer deposits and billings	4,074
Revenue recognized in the period	(3,854)
Deferred revenue from business acquisition	73
Translation	12

Balance at December 31, 2025	$	923


(In millions)	January 1, 2024		Additions		Translation		December 31, 2024		Additions		Translation		December 31, 2025
Electrical Americas	$	7,415	$	17	$	(35)	$	7,396	$	581	$	33	$	8,010
Electrical Global	4,038		—		(196)		3,842		—		314		4,156
Aerospace	2,901		—		(45)		2,856		—		121		2,977
Mobility	623		—		(5)		619		—		7		626
Total	$	14,977	$	17	$	(281)	$	14,713	$	581	$	475	$	15,769


(In millions)	SCF Obligations
Balance at January 1, 2024	$	369
Invoices confirmed during the period	1,424
Invoices paid during the period	(1,389)
Translation	(6)
Balance at December 31, 2024	398
Invoices confirmed during the period	1,728
Invoices paid during the period	(1,583)

Balance at December 31, 2025	$	543


(In millions)	Operating Leases		Finance Leases
2026	$	183	$	8
2027	150		7
2028	122		4
2029	97		3
2030	72		2
Thereafter	332		3
Total lease payments	957		27
Less imputed interest	168		2
Total present value of lease liabilities	$	789	$	25


/s/ Ernst & Young LLP

Cleveland, Ohio
October 16, 2026



(In millions)	2025		2024		2023
Electrical Americas
Products	$	3,205	$	3,009	$	2,949
Systems	10,070		8,426		7,149
Total	$	13,276	$	11,436	$	10,098

Electrical Global
Products	$	3,885	$	3,493	$	3,462
Systems	2,930		2,755		2,622
Total	$	6,815	$	6,248	$	6,084






Aerospace
Original Equipment Manufacturers	$	1,640	$	1,500	$	1,350
Aftermarket	1,553		1,312		1,183
Industrial and Other	1,055		931		878
Total	$	4,249	$	3,744	$	3,413

Mobility
Vehicle	$	2,505	$	2,790	$	2,965
eMobility	604		662		636
Total	$	3,109	$	3,451	$	3,601

Total net sales	$	27,448	$	24,878	$	23,196


	December 31
(In millions)	2025		2024
Raw materials	$	1,726	$	1,614
Work-in-process	1,034		1,038
Finished goods	1,961		1,576
Total inventory	$	4,721	$	4,227


	December 31
	2025				2024
(In millions)	Historical cost		Accumulated amortization		Historical cost		Accumulated amortization
Intangible assets not subject to amortization
Trademarks	$	1,215			$	1,200

Intangible assets subject to amortization
Customer relationships	$	5,236	$	2,934	$	4,659	$	2,577
Patents and technology	2,225		1,191		1,979		1,056
Trademarks	1,214		787		1,107		693
Other	235		159		169		131
Total intangible assets subject to amortization	$	8,911	$	5,071	$	7,915	$	4,456


	United States pension liabilities				Non-United States pension liabilities				Other postretirement liabilities
(In millions)	2025		2024		2025		2024		2025		2024
Funded status
Fair value of plan assets	$	2,469	$	2,445	$	1,722	$	1,548	$	20	$	18
Benefit obligations	(2,650)		(2,700)		(2,038)		(1,863)		(194)		(196)
Funded status	$	(181)	$	(255)	$	(316)	$	(315)	$	(174)	$	(178)

Amounts recognized in the Consolidated Balance Sheets
Other assets	$	—	$	—	$	256	$	231	$	—	$	—
Other current liabilities	(9)		(29)		(42)		(31)		(13)		(14)
Pension liabilities and Other postretirement benefits liabilities	(172)		(226)		(530)		(515)		(161)		(164)
Total	$	(181)	$	(255)	$	(316)	$	(315)	$	(174)	$	(178)

Amounts recognized in Accumulated other comprehensive loss (pre-tax)
Net actuarial loss (gain)	$	847	$	904	$	738	$	678	$	(72)	$	(87)
Prior service cost	3		5		15		6		—		—

Total	$	850	$	909	$	753	$	684	$	(72)	$	(87)















	United States pension benefit expense						Non-United States pension benefit expense						Other postretirement benefits expense (income)

(In millions)	2025		2024		2023		2025		2024		2023		2025		2024		2023
Service cost	$	16	$	18	$	19	$	45	$	46	$	43	$	—	$	1	$	1
Interest cost	135		134		142		88		85		85		11		10		10
Expected return on plan assets	(190)		(190)		(195)		(128)		(134)		(121)		(1)		(1)		(1)
Amortization	15		9		4		16		11		7		(13)		(13)		(17)
	(24)		(29)		(30)		21		8		14		(3)		(3)		(7)

Settlements, curtailments, and special termination benefits	40		41		34		9		7		4		—		—		—
Total expense (income)	$	16	$	12	$	4	$	30	$	15	$	18	$	(3)	$	(3)	$	(7)


	United States pension plans						Non-United States pension plans
	2025		2024		2023		2025		2024		2023
Assumptions used to determine benefit obligation at year-end
Discount rate	5.34	%	5.61	%	5.14	%	5.11	%	4.92	%	4.52	%
Rate of compensation increase	3.05	%	3.32	%	3.40	%	3.13	%	3.16	%	3.17	%
Interest rate used to credit cash balance plans	4.56	%	4.79	%	4.01	%	2.50	%	2.01	%	1.59	%

Assumptions used to determine expense
Discount rate used to determine benefit obligation	5.61	%	5.14	%	5.47	%	4.92	%	4.52	%	4.83	%
Discount rate used to determine service cost	5.76	%	5.24	%	5.54	%	5.90	%	6.00	%	5.90	%
Discount rate used to determine interest cost	5.29	%	4.98	%	5.33	%	4.71	%	4.47	%	4.80	%
Expected long-term return on plan assets	7.00	%	6.50	%	6.50	%	6.63	%	6.79	%	6.32	%
Rate of compensation increase	3.32	%	3.40	%	3.33	%	3.16	%	3.17	%	3.12	%
Interest rate used to credit cash balance plans	4.79	%	4.01	%	3.67	%	2.01	%	1.59	%	2.32	%


	Other postretirement benefits plans
	2025		2024		2023
Assumptions used to determine benefit obligation at year-end
Discount rate	5.24	%	5.57	%	5.11	%
Health care cost trend rate assumed for next year	6.50	%	6.70	%	7.70	%
Ultimate health care cost trend rate	4.75	%	4.75	%	4.75	%
Year ultimate health care cost trend rate is achieved	2035		2034		2033

Assumptions used to determine expense
Discount rate used to determine benefit obligation	5.57	%	5.11	%	5.46	%
Discount rate used to determine service cost	5.84	%	5.25	%	5.53	%
Discount rate used to determine interest cost	5.29	%	4.96	%	5.32	%
Initial health care cost trend rate	6.70	%	7.70	%	7.10	%
Ultimate health care cost trend rate	4.75	%	4.75	%	4.75	%
Year ultimate health care cost trend rate is achieved	2034		2033		2031


(In millions)	Expected in 2026		2025		2024		2023
United States plans	$	9	$	30	$	15	$	16
Non-United States plans	89		94		95		97
Total contributions	$	98	$	124	$	110	$	113



(In millions)	Estimated United States pension payments		Estimated non-United States pension payments		Estimated other postretirement benefit payments
2026	$	276	$	135	$	15
2027	259		135		19
2028	250		136		18
2029	241		141		17
2030	226		144		17
2031 - 2035	1,008		757		75


(In millions)	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)1
2025
Common collective trusts
Non-United States equity and global equities	$	211	$	—	$	211	$	—

Fixed income	32		—		32		—
Fixed income securities	1,647		—		1,647		—
United States treasuries	258		255		3		—

Real estate	248		100		32		116

Cash equivalents	49		25		24		—
Exchange traded funds	105		105		—		—
Other	419		—		50		369
Common collective and other trusts measured at net asset value	1,287

Money market funds measured at net asset value	2
Pending purchases and sales of plan assets, and interest receivable	(67)
Total pension plan assets	$	4,191	$	485	$	1,999	$	485


	Income (loss) before income taxes
(In millions)	2025		2024		2023
Ireland	$	188	$	183	$	(3)

Foreign	4,744		4,383		3,830
Total income before income taxes	$	4,932	$	4,566	$	3,827


	Income tax expense (benefit)
(In millions)	2025		2024		2023
Current
Ireland	$	85	$	128	$	42
Foreign	711		794		744


Total current income tax expense	796		922		786

Deferred
Ireland	(3)		(16)		1
Foreign	48		(138)		(183)


Total deferred income tax expense (benefit)	45		(154)		(182)
Total income tax expense	$	841	$	768	$	604



	2025
(Amounts in millions)	Amount		Percent
Income taxes at the applicable statutory rate	$	1,233	25.0	%

Ireland
Nontaxable or nondeductible items
Nondeductible interest expense	78		1.6	%
Other Adjustments
Tax rate differential - Ireland tax on trading income	(61)		(1.2)	%
Other items - net	30		0.6	%

Foreign tax effects
United States
Tax rate differential	(96)		(1.9)	%
State and local income taxes	62		1.3	%
Effect of cross-border tax laws – foreign derived intangible income	(64)		(1.3)	%
Other items - net	(61)		(1.2)	%

United Arab Emirates
Tax rate differential	(86)		(1.7)	%
Other items - net	32		0.6	%

Puerto Rico operations
Tax rate differential	(71)		(1.4)	%

Other foreign jurisdictions	(33)		(0.7)	%

Changes in unrecognized tax benefits	(123)		(2.5)	%
Effective income tax expense rate	$	841	17.1	%


(In millions)	2026 through 2030		2031 through 2035		2036 through 2040		2041 through 2050		Not subject to expiration		Valuation allowance
Ireland income tax loss carryforwards	$	—	$	—	$	—	$	—	$	8	$	—
Ireland deferred income tax assets for income tax loss carryforwards	—		—		—		—		1		(1)
Foreign income tax loss carryforwards	26		739		10,914		208		6,396		—
Foreign deferred income tax assets for income tax loss carryforwards	6		179		2,608		51		943		(3,527)
Foreign deferred income tax assets for income tax loss carryforwards after ASU 2013-11	4		179		2,608		51		943		(3,527)
Foreign income tax credit carryforwards	148		48		27		20		43		(95)
Foreign income tax credit carryforwards after ASU 2013-11	82		45		23		20		43		(95)


(In millions)	December 31, 2025			Consolidated Statements of Income classification
Gains and (losses) on net investment hedges (amount excluded from effectiveness testing)
Currency exchange contracts	$	15		Interest expense - net
Tax expense	—
Total, net of tax	15

Amortization of defined benefits pensions and other postretirement benefits items
Actuarial loss and prior service cost	(67)		1


Tax benefit	17
Total, net of tax	(50)

Gains and (losses) on cash flow hedges
Floating-to-fixed interest rate swaps	13			Interest expense - net
Currency exchange contracts	13			Net sales and Cost of products sold
Commodity contracts	1			Cost of products sold

Tax expense	(6)
Total, net of tax	22

Total reclassifications for the period	$	(13)


(Restricted stock units and awards in millions)	Number of restricted stock units and awards	Weighted-average fair value per unit and award
Non-vested at January 1	0.7	$	202.76
Granted	0.3	305.76
Vested	(0.4)	210.02
Forfeited	—	275.66
Non-vested at December 31	0.6	$	244.44


(Performance share units in millions)	2025		2024		2023
Percent payout	138	%	163	%	187	%
Shares vested	0.2		0.2		0.3


(Performance share units in millions)	Number of performance share units	Weighted-average fair value per unit
Non-vested at January 1	0.2	$	248.21
Granted1	0.1	296.52
Adjusted for performance results achieved2	—	203.18
Vested	(0.2)	203.18
Forfeited	(0.1)	303.41
Non-vested at December 31	0.1	$	332.05


(Options and aggregate intrinsic value in millions)	Weighted-average exercise price per option		Options	Weighted-average remaining contractual life in years	Aggregate intrinsic value
Outstanding at January 1, 2025	$	130.25	1.6
Granted	297.35		0.1
Exercised	104.73		(0.4)
Forfeited and canceled	252.95		—
Outstanding at December 31, 2025	$	152.22	1.3	5.2	$	214

Exercisable at December 31, 2025	$	119.93	1.0	4.3	$	199
Reserved for future grants at December 31, 2025			17.1


(In millions)	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
December 31, 2025
Cash	$	622	$	622	$	—	$	—
Short-term investments	181		181		—		—
Derivative contract assets	26		—		26		—
Derivative contract liabilities	(64)		—		(64)		—
Contingent future payments from acquisition of Resilient Power Systems Inc. (Note 2)	(31)		—		—		(31)

December 31, 2024
Cash	$	555	$	555	$	—	$	—
Short-term investments	1,525		1,525		—		—
Derivative contract assets	28		—		28		—
Derivative contract liabilities	(44)		—		(44)		—


(In millions)	Workforce reductions		Plant closing and other		Total









Balance at January 1, 2024	$	35	$	6	$	41
Liability recognized, net	120		83		202
Payments, utilization and translation	(59)		(81)		(141)
Balance at December 31, 2024	96		7		103
Liability recognized, net1	81		52		133
Payments, utilization and translation	(67)		(51)		(118)
Balance at December 31, 2025	$	109	$	8	$	118


(In millions except for per share data)	2025			Change from 2024		2024			Change from 2023		2023
Net sales	$	27,448		10	%	$	24,878		7	%	$	23,196
Gross profit	10,317			9	%	9,503			13	%	8,434
Percent of net sales	37.6		%			38.2		%			36.4		%
Income before income taxes	4,932			8	%	4,566			19	%	3,827
Net income	4,090			8	%	3,798			18	%	3,223
Less net income for noncontrolling interests	(3)					(4)					(5)
Net income attributable to Eaton ordinary shareholders	4,087			8	%	3,794			18	%	3,218
Excluding acquisition and divestiture charges, after-tax	145					26					39
Excluding restructuring program charges, after-tax	103					160					46
Excluding intangible asset amortization expense, after-tax	384					335					353
Adjusted earnings	$	4,720		9	%	$	4,314		18	%	$	3,657

Net income per share attributable to Eaton ordinary shareholders - diluted	$	10.45		10	%	$	9.50		18	%	$	8.02
Excluding per share impact of acquisition and divestiture charges, after-tax	0.37					0.06					0.10
Excluding per share impact of restructuring program charges, after-tax	0.26					0.40					0.11
Excluding per share impact of intangible asset amortization expense, after-tax	0.99					0.84					0.89
Adjusted earnings per ordinary share	$	12.07		12	%	$	10.80		18	%	$	9.12


Changes in Net sales:	2025		2024
Organic growth	8	%	8	%
Acquisitions of businesses	2	%	—	%

Foreign currency	—	%	(1)	%
Total increase in Net sales	10	%	7	%