3M (MMM) 10-Q2005 Q1 Quarterly report

Filed: 6 May 05, 12:00am

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New words: advance, African, alternative, APB, auction, Austria, back, barred, began, Beteiligungsgesellschaft, breakthrough, buy, buying, Campbell, category, central, cervical, Citibank, classified, coal, collaborate, commenced, Commission, competition, copy, criteria, CRT, decide, deemed, deliver, depreciation, dermatology, discipline, distribution, Division, domestic, duly, dust, dysplasia, earned, East, Eastern, effort, enacted, enactment, enterprise, exclusivity, Exhibit, existed, Export, fixed, flex, flexible, furnish, GESPP, herewith, high, HPV, hurt, incentive, Indenture, intent, interior, intrinsic, jointly, Jr, leave, mature, mbH, McNerney, Mexico, Middle, military, monitoring, MSOP, negotiated, occasionally, OEM, omitted, oral, papilloma, Patrick, payable, phase, power, prepaid, procedural, Proxy, pursue, put, realigned, realignment, rear, Registrant, Registration, rehearing, remitted, replaced, reserve, restructuring, retain, returned, Richard, sale, secondary, shortened, sluggish, solid, stage, statutory, structure, sum, Takeda, technical, telecom, television, temperature, temporary, thereunto, transmission, twelve, uncertainty, undersigned, videotape, VIP, virtue, Voluntary, Western, wiring, workplace, world, written, Yield, Ziegler

Removed: accountant, Administration, advertising, Africa, agency, alerting, amortized, appellate, apply, approval, assumption, August, beneficiary, brand, captioned, consistent, consisting, consolidate, Consolidation, contracted, coverage, deductible, determine, determining, digit, divested, electric, entity, EPA, FAS, FDA, half, identifiable, important, individually, influence, initiative, larger, merchandising, notably, paid, platform, prescription, receive, reduced, reducing, renewed, repaid, repeat, represent, Research, respiratory, revenue, revision, serve, showing, small, spending, subsidy, Swedish, Termination, timely, Transition, treasury, understanding, variable, vehicle

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EXHIBIT 12

3M COMPANY

AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions)

	Three months ended March 31,		Year		Year		Year			Year					Year
EARNINGS	2005		2004		2003		2002			2001					2000

Income from continuing operations before income taxes, minority interest, and cumulative effect of accounting change*	$	1,220	$	4,555	$	3,657	$		3,005	$	2,186				$	2,974
							��
Add:

Interest expense	25		88		103		100			143					127

Interest component of the ESOP benefit expense	3		12		14		16			18					19

Portion of rent under operating leases representative of the interest component	16		60		53		45			39					39

Less:

Equity in undistributed income of 20-50% owned companies	1		6		7		10			5					10

TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES	$	1,263	$	4,709	$	3,820	$	3,156				$	2,381	$		3,149

FIXED CHARGES

Interest on debt	23		78		93		100			150					141

Interest component of the ESOP benefit expense	3		12		14		16			18					19

Portion of rent under operating leases representative of the interest component	16		60		53		45			39					39

TOTAL FIXED CHARGES	$	42	$	150	$	160	$		161	$	207				$	199

RATIO OF EARNINGS TO FIXED CHARGES	30.1		31.4		23.9		19.6			11.5					15.8

* 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 restructuring. 2000 includes non-recurring net pre-tax losses of $23 million.