EXHIBIT 12

3M COMPANY

AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions)

		Six months
		ended
		June 30,			Year			Year			Year			Year			Year
		2006			2005			2004			2003			2002			2001
EARNINGS
Income before income taxes, minority interest, and cumulative effect of accounting change*		$	2,519		$	4,828		$	4,303		$	3,448		$	2,775		$	1,988
Add:
Interest expense		55			101			88			103			100			143
Interest component of the ESOP benefit expense		4			10			12			14			16			18
Portion of rent under operating leases representative of the interest component		34			64			60			53			45			39
Less:
Equity in undistributed income of 20-50% owned companies		2			4			6			7			10			5
TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES		$	2,610		$	4,999		$	4,457		$	3,611		$	2,926		$	2,183
FIXED CHARGES
Interest on debt		53			94			78			93			100			150
Interest component of the ESOP benefit expense		4			10			12			14			16			18
Portion of rent under operating leases representative of the interest component		34			64			60			53			45			39
TOTAL FIXED CHARGES		$	91		$	168		$	150		$	160		$	161		$	207
RATIO OF EARNINGS TO FIXED CHARGES		28.7			29.8			29.7			22.6			18.2			10.5

 

*As discussed in Note 1 to the Consolidated Financial Statements, effective January 1, 2006, 3M adopted SFAS No.123R. Since 3M elected to use the modified retrospective method prior periods have been restated, resulting in a reduction in earnings and in the ratio of earnings to fixed charges. 2006 includes net pre-tax losses which combined totaled $49 million for settlement costs of a previously disclosed antitrust class action and costs related to the Company’s current efforts to seek strategic alternatives for its branded pharmaceuticals business. 2003 includes a $93 million pre-tax loss related to an adverse ruling associated with a lawsuit filed by LePage’s Inc. 2002 and 2001 include net pre-tax losses of $202 million and $504 million, respectively, primarily related to the 2001/2002 corporate restructuring program.