EX-12 2 etn03312012ex12.htm EXHIBIT 12 ETN 03.31.2012 EX 12


Eaton Corporation
First Quarter 2012 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)
 
2012
 
2011
 
2010
 
2009
 
2008
 
2007
Income from continuing operations
  before income taxes and noncontrolling interests in
  consolidated subsidiaries
 
$
368

 
$
1,553

 
$
1,036

 
$
303

 
$
1,140

 
$
1,055


Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
Income of equity investees
 
(1
)
 
(2
)
 
(14
)
 
(6
)
 
(11
)
 
(6
)
Distributed income of equity investees
 
—

 
3

 
15

 
9

 
1

 
1

Interest expensed
 
36

 
154

 
162

 
170

 
192

 
193

Amortization of debt issue costs
 
1

 
4

 
4

 
5

 
2

 
1

Estimated portion of rent expense representing interest
 
16

 
65

 
57

 
59

 
58

 
44

Amortization of capitalized interest
 
3

 
10

 
10

 
13

 
13

 
12

Adjusted income from continuing operations before
  income taxes
 
$
423

 
$
1,787

 
$
1,270

 
$
553

 
$
1,395

 
$
1,300


Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
 
$
36

 
$
154

 
$
162

 
$
170

 
$
192

 
$
193

Interest capitalized
 
6

 
18

 
8

 
7

 
13

 
14

Amortization of debt issue costs
 
1

 
4

 
4

 
5

 
2

 
1

Estimated portion of rent expense representing interest
 
16

 
65

 
57

 
59

 
58

 
44

Total fixed charges
 
$
59

 
$
241

 
$
231

 
$
241

 
$
265

 
$
252

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
7.17

 
7.41

 
5.50

 
2.29

 
5.26

 
5.16