EX-12.1 5 a05-3904_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

TEXTRON MANUFACTURING

 

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

 

(Unaudited)

 

(In millions except ratios)

 

 

 

Year

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

103

 

$

105

 

$

135

 

$

183

 

$

158

 

Distributions on preferred securities of subsidiary trusts, net of income taxes

 

—

 

13

 

26

 

26

 

26

 

Estimated interest portion of rents

 

31

 

32

 

25

 

30

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

134

 

$

150

 

$

186

 

$

239

 

$

213

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

 

 

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

 

$

528

 

$

417

 

$

576

 

$

800

 

$

589

 

Fixed charges*

 

134

 

137

 

160

 

213

 

187

 

Eliminate equity in undistributed pretax income of finance subsidiary

 

(69

)

(10

)

(65

)

(146

)

(112

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income

 

$

593

 

$

544

 

$

671

 

$

867

 

$

664

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

4.43

 

3.63

 

3.61

 

3.63

 

3.12

 

 

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