3M COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)
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Year |
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Year |
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Year |
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Year |
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Year |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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EARNINGS |
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Income before income taxes |
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$ |
6,823 |
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$ |
7,026 |
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$ |
6,562 |
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$ |
6,351 |
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$ |
6,031 |
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Add: |
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Interest expense (including amortization of capitalized interest) |
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171 |
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164 |
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166 |
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191 |
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206 |
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Portion of rent under operating leases representative of the interest component |
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101 |
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104 |
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103 |
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92 |
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85 |
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Less: |
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Equity in undistributed income of 20-50% owned companies |
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5 |
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(1) |
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(1) |
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3 |
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4 |
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TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES |
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$ |
7,090 |
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$ |
7,295 |
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$ |
6,832 |
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$ |
6,631 |
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$ |
6,318 |
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FIXED CHARGES |
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Interest on debt (including capitalized interest) |
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162 |
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159 |
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166 |
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194 |
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206 |
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Portion of rent under operating leases representative of the interest component |
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101 |
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104 |
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103 |
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92 |
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85 |
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TOTAL FIXED CHARGES |
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$ |
263 |
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$ |
263 |
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$ |
269 |
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$ |
286 |
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$ |
291 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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27.0 |
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27.7 |
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25.4 |
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23.2 |
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21.7 |
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