3M (MMM) 8-K Other Events

EXHIBIT 12

3M COMPANY

AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions)

	2004		2003		2002		2001		2000
EARNINGS
Income from continuing operations before income taxes, minority interest, and cumulative effect of accounting change*	$	4,555	$	3,657	$	3,005	$	2,186	$	2,974
Add:
Interest expense	88		103		100		143		127
Interest component of the ESOP benefit expense	12		14		16		18		19
Portion of rent under operating leases representative of the interest component	60		53		45		39		39
Less:
Equity in undistributed income of 20-50% owned companies	6		7		10		5		10
TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES	$	4,709	$	3,820	$	3,156	$	2,381	$	3,149
FIXED CHARGES
Interest on debt	78		93		100		150		141
Interest component of the ESOP benefit expense	12		14		16		18		19
Portion of rent under operating leases representative of the interest component	60		53		45		39		39
TOTAL FIXED CHARGES	$	150	$	160	$	161	$	207	$	199
RATIO OF EARNINGS TO FIXED CHARGES	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.