Eaton (ETN) 10-Q 2016 Q3 Quarterly report

Eaton Corporation plc

Third Quarter 2016 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)	2016			2015			2014			2013		2012			2011
Income from continuing operations before income taxes    and noncontrolling interests in consolidated subsidiaries	$	1,568		$	2,145		$	1,761		$	1,884	$	1,251		$	1,553
Adjustments
(Income) losses of equity investees	(11		)	(11		)	(6		)	2		(2		)	(2		)
Distributed income of equity investees	6			9			4			77		19			3
Interest expensed	178			237			250			290		165			154
Amortization of debt issue costs	6			8			9			10		74			4
Estimated portion of rent expense representing interest	55			75			81			80		66			65
Amortization of capitalized interest	10			10			14			13		12			10
Adjusted income from continuing operations before    income taxes	$	1,812		$	2,473		$	2,113		$	2,356	$	1,585		$	1,787
Fixed charges
Interest expensed	$	178		$	237		$	250		$	290	$	165		$	154
Interest capitalized	9			13			13			11		23			18
Amortization of debt issue costs	6			8			9			10		74			4
Estimated portion of rent expense representing interest	55			75			81			80		66			65
Total fixed charges	$	248		$	333		$	353		$	391	$	328		$	241
Ratio of earnings to fixed charges	7.31			7.43			5.99			6.03		4.83			7.41