Eaton Corporation plc

First Quarter 2015 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)	2015			2014			2013		2012			2011			2010
Income from continuing operations before income taxes    and noncontrolling interests in consolidated subsidiaries	$	505		$	1,761		$	1,884	$	1,251		$	1,553		$	1,036
Adjustments
(Income) losses of equity investees	(3		)	(6		)	2		(2		)	(2		)	(14		)
Distributed income of equity investees	3			4			77		19			3			15
Interest expensed	59			250			290		165			154			162
Amortization of debt issue costs	2			9			10		74			4			4
Estimated portion of rent expense representing interest	19			81			80		66			65			57
Amortization of capitalized interest	—			14			13		12			10			10
Adjusted income from continuing operations before    income taxes	$	585		$	2,113		$	2,356	$	1,585		$	1,787		$	1,270
Fixed charges
Interest expensed	$	59		$	250		$	290	$	165		$	154		$	162
Interest capitalized	4			13			11		23			18			8
Amortization of debt issue costs	2			9			10		74			4			4
Estimated portion of rent expense representing interest	19			81			80		66			65			57
Total fixed charges	$	84		$	353		$	391	$	328		$	241		$	231
Ratio of earnings to fixed charges	6.96			5.99			6.03		4.83			7.41			5.50