EX-12 2 kmb_10kx2017xexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit No. (12)
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)

|  | Year Ended December 31
|  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Consolidated Companies |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes |  | $ | 2,991 |  |  | $ | 3,009 |  |  | $ | 1,335 |  |  | $ | 2,255 |  |  | $ | 2,641 |
Interest expense |  | 318 |  |  | 319 |  |  | 295 |  |  | 284 |  |  | 282 |
Interest factor in rent expense |  | 94 |  |  | 94 |  |  | 93 |  |  | 101 |  |  | 106 |
Amortization of capitalized interest |  | 8 |  |  | 9 |  |  | 9 |  |  | 23 |  |  | 12 |
Equity Affiliates |  |  |  |  |  |  |  |  |  |
Share of 50%-owned: |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | (2 | ) |  | (2 | ) |  | (2 | ) |  | 1 |  |  | 6 |
Interest expense |  | 1 |  |  | 1 |  |  | - |  |  | - |  |  | - |
Interest factor in rent expense |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Amortization of capitalized interest |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Distributed income of less than 50%-owned |  | 130 |  |  | 120 |  |  | 136 |  |  | 168 |  |  | 163 |
Earnings |  | $ | 3,540 |  |  | $ | 3,550 |  |  | $ | 1,866 |  |  | $ | 2,832 |  |  | $ | 3,210 |
Consolidated Companies |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 318 |  |  | $ | 319 |  |  | $ | 295 |  |  | $ | 284 |  |  | $ | 282 |
Capitalized interest |  | 8 |  |  | 10 |  |  | 15 |  |  | 11 |  |  | 14 |
Interest factor in rent expense |  | 94 |  |  | 94 |  |  | 93 |  |  | 101 |  |  | 106 |
Equity Affiliates |  |  |  |  |  |  |  |  |  |
Share of 50%-owned: |  |  |  |  |  |  |  |  |  |
Interest and capitalized interest |  | 1 |  |  | 1 |  |  | - |  |  | - |  |  | - |
Interest factor in rent expense |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Fixed Charges |  | $ | 421 |  |  | $ | 424 |  |  | $ | 403 |  |  | $ | 396 |  |  | $ | 402 |
Ratio of Earnings to Fixed Charges |  | 8.41 |  |  | 8.37 |  |  | 4.63 |  |  | 7.15 |  |  | 7.99 |