3M 2015 Annual Report Download - page 148
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EXHIBIT12
3MCOMPANYANDSUBSIDIARIES
CALCULATIONOFRATIOOFEARNINGSTOFIXEDCHARGES
(Millions)
Year Year Year Year Year
2015 2014 2013 2012 2011
EARNINGS
Incomebeforeincometaxes $ 6,823 $ 7,026 $ 6,562 $ 6,351 $ 6,031
Add:
Interestexpense(includingamortizationof
capitalizedinterest) 171 164 166 191 206
Portionofrentunderoperatingleases
representativeoftheinterestcomponent 101 104 103 92 85
Less:
Equityinundistributedincomeof20-50%
ownedcompanies 5 (1) (1) 3 4
TOTALEARNINGSAVAILABLEFOR
FIXEDCHARGES $7,090 $7,295 $6,832 $6,631 $6,318
FIXEDCHARGES
Interestondebt(includingcapitalizedinterest) 162 159 166 194 206
Portionofrentunderoperatingleases
representativeoftheinterestcomponent 101 104 103 92 85
TOTALFIXEDCHARGES $263 $263 $269 $286 $291
RATIOOFEARNINGSTOFIXEDCHARGES 27.0 27.7 25.4 23.2 21.7
EXHIBIT18