EXHIBIT 12 MINNESOTA MINING AND MANUFACTURING COMPANY AND SUBSIDIARIES CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
1993 1992 1991 1990 1989 ______ ______ ______ ______ ______ EARNINGS Income Before Income Taxes, Minority Interest and $2,002 $1,947 $1,877 $2,135 $2,099 Cumulative Effect of Accounting Changes Add: Interest on debt 50 76 97 98 98 Interest component of the ESOP benefit expense 41 42 44 45 --- Portion of rent under operating leases representative of the interest component 47 47 47 44 35 Less: Equity in undistributed income of 20-50% owned companies -- (1) (6) 1 4 TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES $2,140 $2,113 $2,071 $2,321 $2,228 FIXED CHARGES Interest on debt 50 76 97 98 98 Interest component of the ESOP benefit expense 41 42 44 45 --- Portion of rent under operating leases representative of the interest component 47 47 47 44 35 TOTAL FIXED CHARGES $ 138 $ 165 $ 188 $ 187 $ 133 RATIO OF EARNINGS TO FIXED CHARGES 15.51 12.81 11.02 12.42 16.75