EX-12.1 5 a07-4686_1ex12d1.htm EX-12.1

EXHIBIT 12.1

TEXTRON INC.
MANUFACTURING GROUP

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

(Unaudited)

(In millions except ratios)

 

 

Year

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

101

 

$

96

 

$

100

 

$

101

 

$

130

 

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

 

—

 

—

 

—

 

13

 

26

 

Estimated interest portion of rents

 

27

 

27

 

27

 

26

 

19

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

128

 

$

123

 

$

127

 

$

140

 

$

175

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

 

 

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

 

$

975

 

$

739

 

$

540

 

$

424

 

$

524

 

Fixed charges*

 

128

 

123

 

127

 

127

 

149

 

Eliminate equity in undistributed pretax income of finance subsidiary

 

(130

)

(71

)

(69

)

(10

)

(65

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income

 

$

973

 

$

791

 

$

598

 

$

541

 

$

608

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

7.60

 

6.43

 

4.71

 

3.86

 

3.47

 

 

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