EXHIBIT 12
3M COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)
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| June 30, |
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| Year |
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| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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EARNINGS |
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Income before income taxes* |
| $ | 3,508 |
| $ | 6,562 |
| $ | 6,351 |
| $ | 6,031 |
| $ | 5,755 |
| $ | 4,632 |
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Add: |
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Interest expense (including amortization of capitalized interest) |
| 93 |
| 166 |
| 191 |
| 206 |
| 220 |
| 236 |
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Interest component of the ESOP benefit expense |
| — |
| — |
| — |
| — |
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| 1 |
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Portion of rent under operating leases representative of the interest component |
| 52 |
| 103 |
| 92 |
| 85 |
| 81 |
| 76 |
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Less: |
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Equity in undistributed income of 20-50% owned companies |
| (1 | ) | (1 | ) | 3 |
| 4 |
| 4 |
| 4 |
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TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES |
| $ | 3,654 |
| $ | 6,832 |
| $ | 6,631 |
| $ | 6,318 |
| $ | 6,052 |
| $ | 4,941 |
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FIXED CHARGES |
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Interest on debt (including capitalized interest) |
| 90 |
| 166 |
| 194 |
| 206 |
| 218 |
| 246 |
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Interest component of the ESOP benefit expense |
| — |
| — |
| — |
| — |
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| 1 |
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Portion of rent under operating leases representative of the interest component |
| 52 |
| 103 |
| 92 |
| 85 |
| 81 |
| 76 |
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TOTAL FIXED CHARGES |
| $ | 142 |
| $ | 269 |
| $ | 286 |
| $ | 291 |
| $ | 299 |
| $ | 323 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 25.7 |
| 25.4 |
| 23.2 |
| 21.7 |
| 20.2 |
| 15.3 |
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*2009 results included net pre-tax charges of $194 million related to restructuring actions partially offset by a gain on sale of real estate.
