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8th grade Avg
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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: |
|
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|
|
| |||||
Interest expense* |
| $ | 150 |
| $ | 177 |
| $ | 176 |
| $ | 153 |
| $ | 141 |
Estimated interest portion of rents |
| 32 |
| 30 |
| 29 |
| 31 |
| 32 | |||||
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|
| |||||
Total fixed charges |
| $ | 182 |
| $ | 207 |
| $ | 205 |
| $ | 184 |
| $ | 173 |
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Income: |
|
|
|
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|
|
|
|
|
| |||||
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 | |||||
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Adjusted income |
| $ | 1,064 |
| $ | 874 |
| $ | 752 |
| $ | 421 |
| $ | 857 |
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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. |
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|
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** |
| 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. |