EX-12.1 5 b45662tiexv12w1.txt TEXTRON COMPUTATION OF RATIO EXHIBIT 12.1 TEXTRON MANUFACTURING COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED) (In millions except ratios)
Year ------------------------------------------------------------------------------- 2002 2001 2000 1999 1998 --------- --------- --------- --------- --------- Fixed charges: Interest expense (1) $ 135 $ 183 $ 158 $ 56 $ 146 Distributions on preferred securities of subsidiary trust, net of income taxes 26 26 26 26 26 Estimated interest portion of rents 32 32 30 26 20 --------- --------- --------- --------- --------- Total fixed charges $ 193 $ 241 $ 214 $ 108 $ 192 ========= ========= ========= ========= ========= Income: Income from operations before income taxes and distributions on preferred securities of subsidiary trust $ 490 $ 419 $ 611 $ 1,030 $ 763 Fixed charges (2) 167 215 188 82 166 Eliminate equity in undistributed pretax income of finance subsidiaries (64) (148) (112) (92) (47) --------- --------- --------- --------- --------- Adjusted income $ 593 $ 486 $ 687 $ 1,020 $ 882 ========= ========= ========= ========= ========= Ratio of income to fixed charges 3.07 2.02 3.21 9.44 4.59 ========= ========= ========= ========= =========
------------------------ (1) Includes interest unrelated to borrowings of $3 million in 1999 and $16 million in 1998. (2) Adjusted to exclude distributions on preferred securities of subsidiary trust, net of income taxes.