Eaton Corporation plc
Third Quarter 2015 Report on Form 10-Q
Item 6
Exhibit 12
Ratio of Earnings to Fixed Charges
| Nine months ended September 30 | Year ended December 31 | |||||||||||||||||||||||
| (Millions of dollars) | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests in consolidated subsidiaries | $ | 1,590 | $ | 1,761 | $ | 1,884 | $ | 1,251 | $ | 1,553 | $ | 1,036 | ||||||||||||
Adjustments | ||||||||||||||||||||||||
| (Income) losses of equity investees | (8 | ) | (6 | ) | 2 | (2 | ) | (2 | ) | (14 | ) | |||||||||||||
| Distributed income of equity investees | 7 | 4 | 77 | 19 | 3 | 15 | ||||||||||||||||||
| Interest expensed | 177 | 250 | 290 | 165 | 154 | 162 | ||||||||||||||||||
| Amortization of debt issue costs | 6 | 9 | 10 | 74 | 4 | 4 | ||||||||||||||||||
| Estimated portion of rent expense representing interest | 57 | 81 | 80 | 66 | 65 | 57 | ||||||||||||||||||
| Amortization of capitalized interest | 7 | 14 | 13 | 12 | 10 | 10 | ||||||||||||||||||
Adjusted income from continuing operations before income taxes | $ | 1,836 | $ | 2,113 | $ | 2,356 | $ | 1,585 | $ | 1,787 | $ | 1,270 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
| Interest expensed | $ | 177 | $ | 250 | $ | 290 | $ | 165 | $ | 154 | $ | 162 | ||||||||||||
| Interest capitalized | 10 | 13 | 11 | 23 | 18 | 8 | ||||||||||||||||||
| Amortization of debt issue costs | 6 | 9 | 10 | 74 | 4 | 4 | ||||||||||||||||||
| Estimated portion of rent expense representing interest | 57 | 81 | 80 | 66 | 65 | 57 | ||||||||||||||||||
| Total fixed charges | $ | 250 | $ | 353 | $ | 391 | $ | 328 | $ | 241 | $ | 231 | ||||||||||||
| Ratio of earnings to fixed charges | 7.34 | 5.99 | 6.03 | 4.83 | 7.41 | 5.50 | ||||||||||||||||||