Eaton (ETN) 10-Q 2017 Q1 Quarterly report

Eaton Corporation plc

First Quarter 2017 Report on Form 10-Q

Item 6

Exhibit 12

Ratio of Earnings to Fixed Charges

	Three months ended March 31			Year ended December 31
(Millions of dollars)	2017			2016			2015			2014			2013		2012
Income from continuing operations before income taxes    and noncontrolling interests in consolidated subsidiaries	$	464		$	2,127		$	2,145		$	1,761		$	1,884	$	1,251
Adjustments
(Income) loss of equity investees	(4		)	(14		)	(11		)	(6		)	2		(2		)
Distributed income of equity investees	1			9			9			4			77		19
Interest expensed	65			240			237			250			290		165
Amortization of debt issue costs	2			7			8			9			10		74
Estimated portion of rent expense representing interest	18			73			75			81			80		66
Amortization of capitalized interest	3			12			10			14			13		12
Adjusted income from continuing operations before    income taxes	$	549		$	2,454		$	2,473		$	2,113		$	2,356	$	1,585
Fixed charges
Interest expensed	$	65		$	240		$	237		$	250		$	290	$	165
Interest capitalized	2			12			13			13			11		23
Amortization of debt issue costs	2			7			8			9			10		74
Estimated portion of rent expense representing interest	18			73			75			81			80		66
Total fixed charges	$	87		$	332		$	333		$	353		$	391	$	328
Ratio of earnings to fixed charges	6.31			7.39			7.43			5.99			6.03		4.83