Eaton Corporation
Third Quarter 2009 Report on Form 10-Q
Item 6
Exhibit 12
Ratio of Earnings to Fixed Charges

	Nine
	months
	ended
	September 30,			Year ended December 31
	2009			2008			2007			2006		2005		2004
Income from continuing operations before income taxes & noncontrolling interests in consolidated subsidiaries	$	133		$	1,140		$	1,055		$	979	$	969	$	756
Adjustments
(Income) losses of equity investees		(2	)		(11	)		(6	)		1		1
Distributed income of equity investees		8			1			1			1		4		3
Interest expensed		127			192			193			139		109		88
Amortization of debt issue costs		2			2			1			1		1		1
Estimated portion of rent expense representing interest		43			58			44			41		38		37
Amortization of capitalized interest		9			13			12			12		12		17
Adjusted income from continuing operations before income taxes	$	320		$	1,395		$	1,300		$	1,174	$	1,134	$	902
Fixed charges
Interest expensed	$	127		$	192		$	193		$	139	$	109	$	88
Interest capitalized		6			13			14			14		13		7
Amortization of debt issue costs		2			2			1			1		1		1
Estimated portion of rent expense representing interest		43			58			44			41		38		37
Total fixed charges	$	178		$	265		$	252		$	195	$	161	$	133
Ratio of earnings to fixed charges		1.80			5.26			5.16			6.02		7.04		6.78

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