Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - 3M CO | Financial_Report.xls |
| EX-95 - EX-95 - 3M CO | a14-19786_1ex95.htm |
| EX-15 - EX-15 - 3M CO | a14-19786_1ex15.htm |
| EX-31.2 - EX-31.2 - 3M CO | a14-19786_1ex31d2.htm |
| EX-32.2 - EX-32.2 - 3M CO | a14-19786_1ex32d2.htm |
| EX-31.1 - EX-31.1 - 3M CO | a14-19786_1ex31d1.htm |
| EX-32.1 - EX-32.1 - 3M CO | a14-19786_1ex32d1.htm |
| 10-Q - 10-Q - 3M CO | a14-19786_110q.htm |
EXHIBIT 12
3M COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)
|
|
|
Nine months |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
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 |
|
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.