EXHIBIT 12 MINNESOTA MINING AND MANUFACTURING COMPANY AND SUBSIDIARIES CALCULATION OF THE RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions) (Unaudited)
Nine Months Ended September 30, Year Year Year Year Year 1998 1997 1996 1995 1994 1993 ------- ------- ------- ------- ------- ------- EARNINGS Income from continuing operations before income taxes and minority interest* $1,555 $3,440 $2,479 $2,168 $2,011 $1,851 Add: Interest on debt 106 94 79 102 70 39 Interest component of the ESOP benefit expense 22 32 34 37 39 41 Portion of rent under operating leases representative of the interest component 33 41 46 51 46 44 Less: Equity in undistributed income of 20-50% owned companies 4 3 -- 1 2 -- ------ ------- ------- ------- ------- ------- TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES $1,712 $3,604 $2,638 $2,357 $2,164 $1,975 ====== ====== ====== ====== ====== ====== FIXED CHARGES Interest on debt 106 94 79 102 70 39 Interest component of the ESOP benefit expense 22 32 34 37 39 41 Portion of rent under operating leases representative of the interest component 33 41 46 51 46 44 ------ ------ ------ ------ ------ ------ TOTAL FIXED CHARGES $ 161 $ 167 $ 159 $ 190 $ 155 $ 124 ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 10.63 21.58 16.59 12.41 13.96 15.93 *1998 includes a pre-tax restructuring charge of $332 million; 1997 includes a pre-tax gain on the sale of National Advertising Company of $803 million; 1995 includes a pre-tax restructuring charge of $79 million.