Eaton Corporation
2010 Annual Report on Form 10-K
Item 15(b)
Exhibit 12
Ratio of Earnings to Fixed Charges

	Year ended December 31
(Millions of dollars)	2010			2009			2008			2007			2006
Income from continuing operations before income taxes and noncontrolling interests in consolidated subsidiaries	$	1,036		$	303		$	1,140		$	1,055		$	979
Adjustments
(Income) losses of equity investees		(14	)		(6	)		(11	)		(6	)		1
Distributed income of equity investees		15			9			1			1			1
Interest expensed		162			170			192			193			139
Amortization of debt issue costs		4			5			2			1			1
Estimated portion of rent expense representing interest		57			59			58			44			41
Amortization of capitalized interest		10			13			13			12			12
Adjusted income from continuing operations before income taxes	$	1,270		$	553		$	1,395		$	1,300		$	1,174
Fixed charges
Interest expensed	$	162		$	170		$	192		$	193		$	139
Interest capitalized		8			7			13			14			14
Amortization of debt issue costs		4			5			2			1			1
Estimated portion of rent expense representing interest		57			59			58			44			41
Total fixed charges	$	231		$	241		$	265		$	252		$	195
Ratio of earnings to fixed charges		5.50			2.29			5.26			5.16			6.02

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