EX-12.1 7 a13-26941_1ex12d1.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

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense*

 

$

122

 

$

150

 

 $

177

 

 $

176

 

 $

153

 

Estimated interest portion of rents

 

31

 

32

 

30

 

29

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

153

 

$

182

 

 $

207

 

 $

205

 

 $

184

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

674

 

$

841

 

 $

337

 

 $

86

 

 $

(149)

 

Fixed charges

 

153

 

182

 

207

 

205

 

184

 

Dividends received from Finance group

 

175

 

345

 

179

 

505

 

349

 

Capital contributions paid to Finance group under Support Agreement

 

—

 

(240)

 

(182)

 

(383)

 

(270)

 

Eliminate pretax loss (income) of Finance group

 

(49)

 

(64)

 

333

 

339

 

307

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income

 

$

953

 

$

1,064

 

 $

874

 

 $

752

 

 $

421

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

6.23

 

5.85

 

4.22

 

3.67

 

2.29

 

 

 

 

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