EX-12.1 3 exhibit121-computationofra.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
(Unaudited)
| Three Months Ended March 31
| 2016 |  | 2015
Consolidated Companies |  |  |
Income from continuing operations before income taxes | $ | 732 |  |  | $ | 680 |
Interest expense | 76 |  |  | 72 |
Interest factor in rent expense | 23 |  |  | 24 |
Amortization of capitalized interest | 2 |  |  | 2 |
Equity Affiliates |  |  |
Share of 50%-owned |  |  |
Income from continuing operations before income taxes | — |  |  | (2 | )
Interest expense | — |  |  | — |
Interest factor in rent expense | — |  |  | — |
Amortization of capitalized interest | — |  |  | — |
Distributed income of less than 50%-owned | — |  |  | — |
Earnings | $ | 833 |  |  | $ | 776 |
Consolidated Companies |  |  |
Interest expense | $ | 76 |  |  | $ | 72 |
Capitalized interest | 4 |  |  | 4 |
Interest factor in rent expense | 23 |  |  | 24 |
Equity Affiliates |  |  |
Share of 50%-owned |  |  |
Interest and capitalized interest | — |  |  | — |
Interest factor in rent expense | — |  |  | — |
Fixed charges | $ | 103 |  |  | $ | 100 |
Ratio of earnings to fixed charges | 8.09 |  |  | 7.76 |