Eaton Corporation plc
Second Quarter 2013 Report on Form 10-Q
Item 6
Exhibit 12
Ratio of Earnings to Fixed Charges
Six months ended June 30 | Year ended December 31 | |||||||||||||||||||||||
(Millions of dollars) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests in consolidated subsidiaries | $ | 934 | $ | 1,251 | $ | 1,553 | $ | 1,036 | $ | 303 | $ | 1,140 | ||||||||||||
Adjustments | ||||||||||||||||||||||||
Loss (income) of equity investees | 2 | (2 | ) | (2 | ) | (14 | ) | (6 | ) | (11 | ) | |||||||||||||
Distributed income of equity investees | 74 | 19 | 3 | 15 | 9 | 1 | ||||||||||||||||||
Interest expensed | 155 | 165 | 154 | 162 | 170 | 192 | ||||||||||||||||||
Amortization of debt issue costs | 6 | 74 | 4 | 4 | 5 | 2 | ||||||||||||||||||
Estimated portion of rent expense representing interest | 40 | 66 | 65 | 57 | 59 | 58 | ||||||||||||||||||
Amortization of capitalized interest | 6 | 12 | 10 | 10 | 13 | 13 | ||||||||||||||||||
Adjusted income from continuing operations before income taxes | $ | 1,217 | $ | 1,585 | $ | 1,787 | $ | 1,270 | $ | 553 | $ | 1,395 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expensed | $ | 155 | $ | 165 | $ | 154 | $ | 162 | $ | 170 | $ | 192 | ||||||||||||
Interest capitalized | 6 | 23 | 18 | 8 | 7 | 13 | ||||||||||||||||||
Amortization of debt issue costs | 6 | 74 | 4 | 4 | 5 | 2 | ||||||||||||||||||
Estimated portion of rent expense representing interest | 40 | 66 | 65 | 57 | 59 | 58 | ||||||||||||||||||
Total fixed charges | $ | 207 | $ | 328 | $ | 241 | $ | 231 | $ | 241 | $ | 265 | ||||||||||||
Ratio of earnings to fixed charges | 5.88 | 4.83 | 7.41 | 5.50 | 2.29 | 5.26 |