EX-12.1 4 a18-1018_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)

 

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

Fixed charges:

 

 

 

 

 

 

 

 

 

 

Interest expense*

 

 $

145

 

 $

138

 

 $

130

 

 $

148

 

 $

122

Estimated interest portion of rents

 

41

 

42

 

37

 

40

 

31

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 $

186

 

 $

180

 

 $

167

 

 $

188

 

 $

153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

 $

762

 

 $

876

 

 $

971

 

 $

853

 

 $

674

Fixed charges

 

186

 

180

 

167

 

188

 

153

Dividends received from Finance group

 

—

 

29

 

63

 

—

 

175

Eliminate pretax income of Finance group

 

(22)

 

(19)

 

(24)

 

(21)

 

(49)

 

 

 

 

 

 

 

 

 

 

 

Adjusted income

 

 $

926

 

 $

1,066

 

 $

1,177

 

 $

1,020

 

 $

953

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges

 

4.98

 

5.92

 

7.05

 

5.43

 

6.23

 

 

 

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