EX-12.1 8 b49049tiexv12w1.txt EX-12.1 COMPUTATION OF INCOME TO FIXED CHARGES EXHIBIT 12.1 TEXTRON MANUFACTURING COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED) (In millions except ratios)
Year ---- 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- Fixed charges: Interest expense (1) $ 105 $ 135 $ 183 $ 158 $ 56 Distributions on preferred securities of subsidiary trust, net of income taxes 13 26 26 26 26 Estimated interest portion of rents 34 26 31 31 26 ----- ----- ----- ----- ----- Total fixed charges $ 152 $ 187 $ 240 $ 215 $ 108 ===== ===== ===== ===== ===== Income: Income from continuing operations before income taxes and distributions on preferred securities of subsidiary trust $ 401 $ 566 $ 784 $ 597 $ 954 Fixed charges (2) 139 161 214 189 82 Eliminate equity in undistributed pretax income of finance subsidiaries (10) (65) (146) (112) (92) ----- ----- ----- ----- ----- Adjusted income $ 530 $ 662 $ 852 $ 674 $ 944 ===== ===== ===== ===== ===== Ratio of income to fixed charges 3.49 3.54 3.55 3.13 8.74 ===== ===== ===== ===== =====
------------- (1) Includes interest unrelated to borrowings of $3 million in 1999. (2) Adjusted to exclude distributions on preferred securities of subsidiary trust, net of income taxes.