EX-12 2 etn03312018ex12.htm EXHIBIT 12 Exhibit


Eaton Corporation plc
First Quarter 2018 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)
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Income from continuing operations before income taxes
   and noncontrolling interests in consolidated subsidiaries
 
$
565

 
$
3,368

 
$
2,118

 
$
2,133

 
$
1,762

 
$
1,870


Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
(Income) loss of equity investees
 
7

 
(1
)
 
(14
)
 
(11
)
 
(6
)
 
2

Distributed income of equity investees
 
—

 
7

 
9

 
9

 
4

 
77

Interest expensed
 
80

 
273

 
240

 
237

 
250

 
290

Amortization of debt issue costs
 
2

 
7

 
7

 
8

 
9

 
10

Estimated portion of rent expense representing interest
 
20

 
74

 
73

 
75

 
81

 
80

Amortization of capitalized interest
 
3

 
11

 
12

 
10

 
14

 
13

Adjusted income from continuing operations before
   income taxes
 
$
677

 
$
3,739

 
$
2,445

 
$
2,461

 
$
2,114

 
$
2,342


Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
 
$
80

 
$
273

 
$
240

 
$
237

 
$
250

 
$
290

Interest capitalized
 
4

 
11

 
12

 
13

 
13

 
11

Amortization of debt issue costs
 
2

 
7

 
7

 
8

 
9

 
10

Estimated portion of rent expense representing interest
 
20

 
74

 
73

 
75

 
81

 
80

Total fixed charges
 
$
106

 
$
365

 
$
332

 
$
333

 
$
353

 
$
391

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
6.39

 
10.24

 
7.36

 
7.39

 
5.99

 
5.99