EX-12 2 kmb_10kxexhibit12x2015.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit No. (12)

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)

 
 
Year Ended December 31
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Consolidated Companies
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
1,335

 
$
2,255

 
$
2,641

 
$
2,110

 
$
1,893

Interest expense
 
295

 
284

 
282

 
285

 
277

Interest factor in rent expense
 
93

 
101

 
106

 
101

 
88

Amortization of capitalized interest
 
9

 
23

 
12

 
11

 
13

 
 
 
 
 
 
 
 
 
 
 
Equity Affiliates
 
 
 
 
 
 
 
 
 
 
Share of 50%-owned:
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
(2
)
 
1

 
6

 
3

 
(1
)
Interest expense
 
-

 
-

 
-

 
-

 
-

Interest factor in rent expense
 
-

 
-

 
-

 
-

 
-

Amortization of capitalized interest
 
-

 
-

 
-

 
-

 
-

Distributed income of less than 50%-owned
 
136

 
168

 
163

 
148

 
137

 
 
 
 
 
 
 
 
 
 
 
Earnings
 
$
1,866

 
$
2,832

 
$
3,210

 
$
2,658

 
$
2,407

 
 
 
 
 
 
 
 
 
 
 
Consolidated Companies
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
295

 
$
284

 
$
282

 
$
285

 
$
277

Capitalized interest
 
15

 
11

 
14

 
9

 
8

Interest factor in rent expense
 
93

 
101

 
106

 
101

 
88

 
 
 
 
 
 
 
 
 
 
 
Equity Affiliates
 
 
 
 
 
 
 
 
 
 
Share of 50%-owned:
 
 
 
 
 
 
 
 
 
 
Interest and capitalized interest
 
-

 
-

 
-

 
-

 
-

Interest factor in rent expense
 
-

 
-

 
-

 
-

 
-

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
$
403

 
$
396

 
$
402

 
$
395

 
$
373

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.63

 
7.15

 
7.99

 
6.73

 
6.45