Textron (TXT) 10-Q 2002 Q2 Quarterly report

EXHIBIT 12.1

TEXTRON MANUFACTURING

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

(unaudited)

(In millions except ratio)

	Six Months Ended June 30, 2001
Fixed charges:
Interest expense	$           90
Distributions on preferred securities of manufacturing subsidiary trust	20
Estimated interest portion of rents	16
Total fixed charges	$         126
Income:
Income before income taxes and distributions on preferred           securities of subsidiary trusts	$        390
Eliminate equity in undistributed pre-tax income of Textron Finance	(59)
Fixed charges *	106
Adjusted income	$        437
Ratio of income to fixed charges	3.47

*  Adjusted to exclude distributions on preferred securities of manufacturing subsidiary trust.