3M (MMM) 10-Q 2014 Q3 Quarterly report

EXHIBIT 12

3M COMPANY AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions)

	Nine months ended
	September 30,			Year			Year		Year		Year		Year
	2014			2013			2012		2011		2010		2009
EARNINGS
Income before income taxes*	$	5,388		$	6,562		$	6,351	$	6,031	$	5,755	$	4,632
Add:
Interest expense (including amortization of capitalized interest)	127			166			191		206		220		236
Interest component of the ESOP benefit expense	—			—			—		—		—		1
Portion of rent under operating leases representative of the interest component	78			103			92		85		81		76
Less:
Equity in undistributed income of 20-50% owned companies	(2		)	(1		)	3		4		4		4
TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES	$	5,595		$	6,832		$	6,631	$	6,318	$	6,052	$	4,941
FIXED CHARGES
Interest on debt (including capitalized interest)	124			166			194		206		218		246
Interest component of the ESOP benefit expense	—			—			—		—		—		1
Portion of rent under operating leases representative of the interest component	78			103			92		85		81		76
TOTAL FIXED CHARGES	$	202		$	269		$	286	$	291	$	299	$	323
RATIO OF EARNINGS TO FIXED CHARGES	27.7			25.4			23.2		21.7		20.2		15.3

*2009 results included net pre-tax charges of $194 million related to restructuring actions partially offset by a gain on sale of real estate.

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