Eaton Corporation plc
2015 Annual Report on Form 10-K
Item 15(b)
Exhibit 12
Ratio of Earnings to Fixed Charges

|  | Year ended December 31
(In millions) |  | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Income from continuing operations before income taxes and noncontrolling interests in consolidated subsidiaries |  | $ | 2,145 |  |  | $ | 1,761 |  |  | $ | 1,884 |  |  | $ | 1,251 |  |  | $ | 1,553 |
Adjustments |  |  |  |  |  |  |  |  |  |
(Income) loss of equity investees |  | (11 | ) |  | (6 | ) |  | 2 |  |  | (2 | ) |  | (2 | )
Distributed income of equity investees |  | 9 |  |  | 4 |  |  | 77 |  |  | 19 |  |  | 3 |
Interest expensed |  | 237 |  |  | 250 |  |  | 290 |  |  | 165 |  |  | 154 |
Amortization of debt issue costs |  | 8 |  |  | 9 |  |  | 10 |  |  | 74 |  |  | 4 |
Estimated portion of rent expense representing interest |  | 75 |  |  | 81 |  |  | 80 |  |  | 66 |  |  | 65 |
Amortization of capitalized interest |  | 10 |  |  | 14 |  |  | 13 |  |  | 12 |  |  | 10 |
Adjusted income from continuing operations before income taxes |  | $ | 2,473 |  |  | $ | 2,113 |  |  | $ | 2,356 |  |  | $ | 1,585 |  |  | $ | 1,787 |
Fixed charges |  |  |  |  |  |  |  |  |  |
Interest expensed |  | $ | 237 |  |  | $ | 250 |  |  | $ | 290 |  |  | $ | 165 |  |  | $ | 154 |
Interest capitalized |  | 13 |  |  | 13 |  |  | 11 |  |  | 23 |  |  | 18 |
Amortization of debt issue costs |  | 8 |  |  | 9 |  |  | 10 |  |  | 74 |  |  | 4 |
Estimated portion of rent expense representing interest |  | 75 |  |  | 81 |  |  | 80 |  |  | 66 |  |  | 65 |
Total fixed charges |  | $ | 333 |  |  | $ | 353 |  |  | $ | 391 |  |  | $ | 328 |  |  | $ | 241 |
Ratio of earnings to fixed charges |  | 7.43 |  |  | 5.99 |  |  | 6.03 |  |  | 4.83 |  |  | 7.41 |