EX-12.1 7 b38194txex12-1.txt COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES 1 EXHIBIT 12.1 TEXTRON MANUFACTURING COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED) (In millions except ratios)
Year ----------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 ------------- -------------- ------------- ------------- ------------- Fixed charges: Interest expense (1) $ 158 $ 56 $ 146 $ 117 $ 137 Distributions on preferred securities of subsidiary trust, net of income taxes 26 26 26 26 23 Estimated interest portion of rents 30 26 20 14 18 ------------- -------------- ------------- ------------- ------------- Total fixed charges $ 214 $ 108 $ 192 $ 157 $ 178 ============= ============== ============= ============= ============= Income: Income from continuing operations before income taxes and distributions on preferred securities of subsidiary trust $ 611 $ 1,030 $ 763 $ 648 $ 540 Fixed charges (2) 188 82 166 131 155 Eliminate equity in undistributed pretax income of finance subsidiaries (112) (92) (47) (36) (64) ------------- -------------- ------------- ------------- ------------- Adjusted income $ 687 $ 1,020 $ 882 $ 743 $ 631 ============= ============== ============= ============= ============= Ratio of income to fixed charges 3.21 9.44 4.59 4.73 3.54 ============= ============== ============= ============= =============
------------------------ (1) Includes interest unrelated to borrowings of $3 million in 1999, $16 million in 1998; $12 million in 1997 and $11 million in 1996. (2) Adjusted to exclude distributions on preferred securities of subsidiary trust, net of income taxes in 2000, 1999, 1998, 1997 and 1996.