51
EXHIBIT 12
MINNESOTA MINING AND MANUFACTURING COMPANY
AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
EARNINGS
Income from continuing operations
before income taxes,
minority interest and
extraordinary loss* $1,952 $3,440 $2,479 $2,168 $2,011
Add:
Interest on debt 139 94 79 102 70
Interest component of the ESOP
benefit expense 29 32 34 37 39
Portion of rent under operating
leases representative of
the interest component 41 41 46 51 46
Less:
Equity in undistributed income
of 20-50 percent owned
companies 4 3 - 1 2
TOTAL EARNINGS AVAILABLE
FOR FIXED CHARGES $2,157 $3,604 $2,638 $2,357 $2,164
FIXED CHARGES
Interest on debt 139 94 79 102 70
Interest component of the ESOP
benefit expense 29 32 34 37 39
Portion of rent under operating
leases representative of
the interest component 41 41 46 51 46
TOTAL FIXED CHARGES $ 209 $ 167 $ 159 $ 190 $ 155
RATIO OF EARNINGS
TO FIXED CHARGES 10.32 21.58 16.59 12.41 13.96
<FN>
<F1>
* 1998 includes a pre-tax restructuring charge of $493 million; 1997
includes a pre-tax gain on the sale of National Advertising Company of
$803 million. These items are discussed in the Notes to Consolidated
Financial Statements. 1995 includes a pre-tax restructuring charge of
$79 million.
</FN>