3M 2015 Annual Report Download - page 148

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EXHIBIT12
3MCOMPANYANDSUBSIDIARIES
CALCULATIONOFRATIOOFEARNINGSTOFIXEDCHARGES
(Millions)
        
      
Year Year Year Year Year
 2015  2014  2013  2012  2011
EARNINGS         
        
Incomebeforeincometaxes  $ 6,823  $ 7,026  $ 6,562  $ 6,351  $ 6,031
        
Add:         
        
Interestexpense(includingamortizationof
capitalizedinterest)   171   164   166   191   206
        
Portionofrentunderoperatingleases
representativeoftheinterestcomponent   101   104   103   92   85
        
Less:         
Equityinundistributedincomeof20-50%
ownedcompanies   5  (1)  (1)  3  4
        
TOTALEARNINGSAVAILABLEFOR
FIXEDCHARGES $7,090 $7,295 $6,832 $6,631 $6,318
        
FIXEDCHARGES         
        
Interestondebt(includingcapitalizedinterest)   162   159   166   194   206
        
Portionofrentunderoperatingleases
representativeoftheinterestcomponent   101   104   103   92   85
        
TOTALFIXEDCHARGES $263 $263 $269 $286 $291
        
RATIOOFEARNINGSTOFIXEDCHARGES   27.0   27.7   25.4   23.2   21.7
EXHIBIT18