Exhibit No. (12)

KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Dollar amounts in millions)

	Year Ended December 31
	2014		2013		2012		2011			2010
Consolidated Companies
Income from continuing operations before income taxes	$	2,255	$	2,641	$	2,110	$	1,893		$	2,308
Interest expense	284		282		285		277			244
Interest factor in rent expense	101		106		101		88			90
Amortization of capitalized interest	23		12		11		13			14
Equity Affiliates
Share of 50%-owned:
Income before income taxes	1		6		3		(1		)	-
Interest expense	-		-		-		-			-
Interest factor in rent expense	-		-		-		-			-
Amortization of capitalized interest	-		-		-		-			-
Distributed income of less than 50%-owned	168		163		148		137			132
Earnings	$	2,832	$	3,210	$	2,658	$	2,407		$	2,788
Consolidated Companies
Interest expense	$	284	$	282	$	285	$	277		$	244
Capitalized interest	11		14		9		8			12
Interest factor in rent expense	101		106		101		88			90
Equity Affiliates
Share of 50%-owned:
Interest and capitalized interest	-		-		-		-			-
Interest factor in rent expense	-		-		-		-			-
Fixed Charges	$	396	$	402	$	395	$	373		$	346
Ratio of earnings to fixed charges	7.15		7.99		6.73		6.45			8.06