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Content analysis
?Positive | ||
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Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
7th 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 |
| ||||||||||||||||||
|
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| ||||||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense* |
| $ | 130 |
|
| $ | 148 |
|
| $ | 122 |
|
| $ | 150 |
|
| $ | 177 |
|
|
Estimated interest portion of rents |
| 37 |
|
| 40 |
|
| 31 |
|
| 32 |
|
| 30 |
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| |||||
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Total fixed charges |
| $ | 167 |
|
| $ | 188 |
|
| $ | 153 |
|
| $ | 182 |
|
| $ | 207 |
|
|
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Income: |
|
|
|
|
|
|
|
|
|
|
|
|
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Income from continuing operations before income taxes |
| $ | 971 |
|
| $ | 853 |
|
| $ | 674 |
|
| $ | 841 |
|
| $ | 337 |
|
|
Fixed charges |
| 167 |
|
| 188 |
|
| 153 |
|
| 182 |
|
| 207 |
|
| |||||
Dividends received from Finance group |
| 63 |
|
| — |
|
| 175 |
|
| 345 |
|
| 179 |
|
| |||||
Capital contributions paid to Finance group under Support Agreement |
| — |
|
| — |
|
| — |
|
| (240 | ) |
| (182 | ) |
| |||||
Eliminate pretax loss (income) of Finance group |
| (24 | ) |
| (21 | ) |
| (49 | ) |
| (64 | ) |
| 333 |
|
| |||||
|
|
|
|
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|
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Adjusted income |
| $ | 1,177 |
|
| $ | 1,020 |
|
| $ | 953 |
|
| $ | 1,064 |
|
| $ | 874 |
|
|
|
|
|
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Ratio of income to fixed charges |
| 7.05 |
|
| 5.43 |
|
| 6.23 |
|
| 5.85 |
|
| 4.22 |
|
|
* Includes interest expense on all third-party indebtedness, except for interest related to unrecognized tax benefits which is included in income tax expense.