EXHIBIT 12
3M COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)
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|
Year |
|
Year |
|
Year |
|
Year |
|
Year |
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|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
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EARNINGS |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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Income before income taxes* |
|
$ |
6,351 |
|
$ |
6,031 |
|
$ |
5,755 |
|
$ |
4,632 |
|
$ |
5,108 |
|
|
|
|
|
|
|
|
|
|
|
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Add: |
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|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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Interest expense |
|
191 |
|
206 |
|
220 |
|
236 |
|
231 |
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|
|
|
|
|
|
|
|
|
|
|
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Interest component of the ESOP benefit expense |
|
|
|
|
|
|
|
1 |
|
3 |
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|
|
|
|
|
|
|
|
|
|
|
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Portion of rent under operating leases representative of the interest component |
|
92 |
|
85 |
|
81 |
|
76 |
|
77 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
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Less: |
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|
|
|
|
|
|
|
|
|
| |||||
Equity in undistributed income of 20-50% owned companies |
|
3 |
|
4 |
|
4 |
|
4 |
|
6 |
| |||||
|
|
|
|
|
|
|
|
|
|
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TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES |
|
$ |
6,631 |
|
$ |
6,318 |
|
$ |
6,052 |
|
$ |
4,941 |
|
$ |
5,413 |
|
|
|
|
|
|
|
|
|
|
|
|
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FIXED CHARGES |
|
|
|
|
|
|
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|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
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Interest on debt (including capitalized interest) |
|
194 |
|
206 |
|
218 |
|
246 |
|
243 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest component of the ESOP benefit expense |
|
|
|
|
|
|
|
1 |
|
3 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portion of rent under operating leases representative of the interest component |
|
92 |
|
85 |
|
81 |
|
76 |
|
77 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
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TOTAL FIXED CHARGES |
|
$ |
286 |
|
$ |
291 |
|
$ |
299 |
|
$ |
323 |
|
$ |
323 |
|
|
|
|
|
|
|
|
|
|
|
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RATIO OF EARNINGS TO FIXED CHARGES |
|
23.2 |
|
21.7 |
|
20.2 |
|
15.3 |
|
16.8 |
|
*2009 results included net pre-tax charges of $194 million related to restructuring actions partially offset by a gain on sale of real estate. 2008 results included net pre-tax charges of $269 million, with charges related to restructuring actions, exit activities and a loss on sale of businesses partially offset by a gain on sale of real estate.