Eaton (ETN) 10-Q 2018 Q3 Quarterly report

Eaton Corporation plc

Third Quarter 2018 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)	2018		2017			2016			2015			2014			2013
Income from continuing operations before income taxes    and noncontrolling interests in consolidated subsidiaries	$	1,698	$	3,368		$	2,118		$	2,133		$	1,762		$	1,870
Adjustments
Loss (income) of equity investees	16		(1		)	(14		)	(11		)	(6		)	2
Distributed income of equity investees	3		7			9			9			4			77
Interest expensed	234		273			240			237			250			290
Amortization of debt issue costs	2		7			7			8			9			10
Estimated portion of rent expense representing interest	57		74			73			75			81			80
Amortization of capitalized interest	9		11			12			10			14			13
Adjusted income from continuing operations before    income taxes	$	2,019	$	3,739		$	2,445		$	2,461		$	2,114		$	2,342
Fixed charges
Interest expensed	$	234	$	273		$	240		$	237		$	250		$	290
Interest capitalized	13		11			12			13			13			11
Amortization of debt issue costs	2		7			7			8			9			10
Estimated portion of rent expense representing interest	57		74			73			75			81			80
Total fixed charges	$	306	$	365		$	332		$	333		$	353		$	391
Ratio of earnings to fixed charges	6.60		10.24			7.36			7.39			5.99			5.99