EX-12 4 tweone.htm EXHIBIT 12

EXHIBIT 12.1

TEXTRON MANUFACTURING

COMPUTATION OF RATIO OF INCOME TO
COMBINED FIXED CHARGES AND PREFERRED SECURITIES DIVIDENDS

(unaudited)

(In millions except ratio)

 

Six Months
Ended
June 28,
2003

  

Fixed charges:

  

 

  

 Interest expense

$

50

  

 Distributions on preferred securities of manufacturing subsidiary trust, net
  of income taxes

  


13

  

 Estimated interest portion of rents

  

14

  


  Total fixed charges


$


77

  
   

 

  
   

 

  

Income:

  

 

  

 Income from operations before income taxes and distributions on preferred
  securities of subsidiary trusts


$


209

  

 Eliminate equity in undistributed pre-tax income of Textron Finance

  

(14)

  

 Fixed charges *

  

64

  


  Adjusted income


$


259

  
   

 

  


 

 

  

Ratio of income to fixed charges

  

3.36

  
   

 

  

 

*    Adjusted to exclude distributions on preferred securities of manufacturing subsidiary trust, net of income taxes.