EX-12.1 4 a12-30151_4ex12d1.htm EX-12.1

EXHIBIT 12.1

 

TEXTRON INC.

MANUFACTURING GROUP

 

COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES

(Unaudited)

(In millions except ratios)

 

 

 

 

Year

 

 

2012

 

2011

 

2010

 

2009

 

2008

Fixed charges:

 

 

 

 

 

 

 

 

 

 

Interest expense*

 

$

150

 

 $

177

 

 $

176

 

 $

153

 

 $

141

Estimated interest portion of rents

 

32

 

30

 

29

 

31

 

32

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

182

 

 $

207

 

 $

205

 

 $

184

 

 $

173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

841

 

 $

337

 

 $

86

 

 $

(149)

 

 $

629

Fixed charges

 

182

 

207

 

205

 

184

 

173

Dividends received from Finance group

 

345

 

179

 

505

 

349

 

142

Capital contributions paid to Finance group under Support Agreement**

 

(240)

 

(182)

 

(383)

 

(270)

 

(625)

Eliminate pretax loss (income) of Finance group

 

(64)

 

333

 

339

 

307

 

538

 

 

 

 

 

 

 

 

 

 

 

Adjusted income

 

$

1,064

 

 $

874

 

 $

752

 

 $

421

 

 $

857

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

5.85

 

4.22

 

3.67

 

2.29

 

4.95

 

 

*

 

Includes interest expense on all third-party indebtedness, except for interest related to unrecognized tax benefits which is included in income tax expense.

 

 

 

**

 

In 2009, we changed our calculation of the ratio of income to fixed charges to reduce income for the amount of capital contributions required to be paid to the Finance group under a Support Agreement. Prior periods have been recast to conform to this presentation.