3M (MMM) 8-K 2016 FY Annual Report on Form 10-K

EXHIBIT 12

3M COMPANY AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions)

	Year		Year		Year		Year		Year
	2016		2015		2014		2013		2012
EARNINGS
Income before income taxes	$	7,053	$	6,823	$	7,026	$	6,562	$	6,351
Add:
Interest expense (including amortization of capitalized interest)		219		171		164		166		191
Portion of rent under operating leases representative of the interest component		100		101		104		103		92
Less:
Equity in undistributed income of 20-50% owned companies		9		5		(1)		(1)		3
TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES	$	7,363	$	7,090	$	7,295	$	6,832	$	6,631
FIXED CHARGES
Interest on debt (including capitalized interest)		208		162		159		166		194
Portion of rent under operating leases representative of the interest component		100		101		104		103		92
TOTAL FIXED CHARGES	$	308	$	263	$	263	$	269	$	286
RATIO OF EARNINGS TO FIXED CHARGES		23.9		27.0		27.7		25.4		23.2