EX-12.1 5 a06-1864_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

EXHIBIT 12.1

 

TEXTRON MANUFACTURING

 

COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED

CHARGES AND PREFERRED STOCK DIVIDENDS

 

(Unaudited)

 

(In millions except ratios)

 

 

 

Year

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

96

 

$

100

 

$

101

 

$

130

 

$

177

 

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

 

—

 

—

 

13

 

26

 

26

 

Estimated interest portion of rents

 

27

 

27

 

26

 

19

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

123

 

$

127

 

$

140

 

$

175

 

$

228

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

 

 

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

 

$

739

 

$

540

 

$

424

 

$

524

 

$

803

 

Fixed charges*

 

123

 

127

 

127

 

149

 

202

 

Eliminate equity in undistributed pretax income of finance subsidiary

 

(71

)

(69

)

(10

)

(65

)

(146

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income

 

$

791

 

$

598

 

$

541

 

$

608

 

$

859

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

6.43

 

4.71

 

3.86

 

3.47

 

3.77

 

 

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