Exhibit No. (12)
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Year Ended December 31 | |||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||
Consolidated Companies | |||||||||||||||
Income from continuing operations before income taxes | $ | 2,183 | $ | 2,550 | $ | 2,576 | $ | 2,289 | $ | 2,318 | |||||
Interest expense | 277 | 243 | 275 | 304 | 265 | ||||||||||
Interest factor in rent expense | 93 | 94 | 90 | 102 | 88 | ||||||||||
Amortization of capitalized interest | 13 | 14 | 14 | 13 | 15 | ||||||||||
Equity Affiliates | |||||||||||||||
Share of 50%-owned: | |||||||||||||||
Income before income taxes | (1 | ) | - | - | 1 | 2 | |||||||||
Interest expense | - | - | - | - | - | ||||||||||
Interest factor in rent expense | - | - | - | - | - | ||||||||||
Amortization of capitalized interest | - | - | - | - | - | ||||||||||
Distributed income of less than 50%-owned | 137 | 132 | 114 | 131 | 130 | ||||||||||
Earnings | $ | 2,702 | $ | 3,033 | $ | 3,069 | $ | 2,840 | $ | 2,818 | |||||
Consolidated Companies | |||||||||||||||
Interest expense | $ | 277 | $ | 243 | $ | 275 | $ | 304 | $ | 265 | |||||
Capitalized interest | 8 | 12 | 13 | 14 | 18 | ||||||||||
Interest factor in rent expense | 93 | 94 | 90 | 102 | 88 | ||||||||||
Equity Affiliates | |||||||||||||||
Share of 50%-owned: | |||||||||||||||
Interest and capitalized interest | - | - | - | - | - | ||||||||||
Interest factor in rent expense | - | - | - | - | - | ||||||||||
Fixed Charges | $ | 378 | $ | 349 | $ | 378 | $ | 420 | $ | 371 | |||||
Ratio of earnings to fixed charges | 7.15 | 8.69 | 8.12 | 6.76 | 7.60 |
Note: | We are liable for certain obligations of S.D. Warren Company, which was sold in December 1994. The buyer provided us with a letter of credit from a major financial institution guaranteeing repayment of these obligations. No losses are expected from these arrangements and they have not been included in the computation of earnings to fixed charges. |