EXHIBIT 12 MINNESOTA MINING AND MANUFACTURING COMPANY AND SUBSIDIARIES CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
2001 2000 1999 1998 1997 EARNINGS Income from continuing operations before income taxes, minority interest, extraordinary loss and cumulative effect of accounting change* $2,186 $2,974 $2,880 $1,952 $3,440 Add: Interest expense 143 127 125 139 94 Interest component of the ESOP benefit expense 18 19 21 29 32 Portion of rent under operating leases representative of the interest component 39 39 37 41 41 Less: Equity in undistributed income of 20-50 percent owned companies 5 10 4 4 3 TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES $2,381 $3,149 $3,059 $2,157 $3,604 FIXED CHARGES Interest on debt 150 141 135 139 94 Interest component of the ESOP benefit expense 18 19 21 29 32 Portion of rent under operating leases representative of the interest component 39 39 37 41 41 TOTAL FIXED CHARGES $ 207 $ 199 $ 193 $ 209 $ 167 RATIO OF EARNINGS TO FIXED CHARGES 11.5 15.8 15.8 10.3 21.6 * 2001 includes a non-recurring net pre-tax loss of $504 million, primarily related to the restructuring. 2000 includes a non-recurring net pre-tax loss of $23 million. 1999 includes a non-recurring net pre-tax gain of $100 million relating to gains on divestitures, litigation expense, an investment valuation adjustment, and a change in estimate that reduced 1998 restructuring charges. 1998 includes pre-tax restructuring charges of $493 million. 1997 includes a pre-tax gain on the sale of National Advertising Company of $803 million.