EX-12.1 6 b83538exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
TEXTRON INC.
MANUFACTURING GROUP
COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES
(Unaudited)
(In millions except ratios)
                                         
    Year  
    2010     2009     2008     2007     2006  
Fixed charges:
                                        
Interest expense*
   $ 176     $ 153     $ 141     $ 110     $ 100  
Estimated interest portion of rents
     29       31       32       25       25  
 
                              
 
                                        
Total fixed charges
   $ 205     $ 184     $ 173     $ 135     $ 125  
 
                              
 
                                        
Income:
                                        
Income (loss) from continuing operations before income taxes
   $ 86     $ (149 )   $ 629     $ 1,234     $ 907  
Fixed charges
     205       184       173       135       125  
Dividends received from Finance group
     505       349       142       135       80  
Capital contributions paid to Finance group under Support Agreement**
     (383 )     (270 )     (625 )     —       —  
Eliminate pretax loss (income) of Finance group
     339       307       538       (222 )     (210 )
 
                              
 
                                        
Adjusted income
   $ 752     $ 421     $ 857     $ 1,282     $ 902  
 
                              
 
                                        
Ratio of income to fixed charges
     3.67       2.29       4.95       9.50       7.22  
 
                              
 
*   Includes interest expense on all third-party indebtedness, except for interest related to unrecognized tax benefits which is included in income tax expense.
 
**   In 2009, we changed our calculation of the ratio of income to fixed charges to reduce income for the amount of capital contributions required to be paid to the Finance group under a Support Agreement. Prior periods have been recast to conform to this presentation.