Textron (TXT) 10-K 2016 FY Annual report

EXHIBIT 12.1

TEXTRON INC.

MANUFACTURING GROUP

COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES

(Unaudited)

(In millions except ratios)

	2016		2015		2014		2013		2012
Fixed charges:
Interest expense*	$	138	$	130	$	148	$	122	$	150
Estimated interest portion of rents	42		37		40		31		32
Total fixed charges	$	180	$	167	$	188	$	153	$	182
Income:
Income from continuing operations before income taxes	$	876	$	971	$	853	$	674	$	841
Fixed charges	180		167		188		153		182
Dividends received from Finance group	29		63		—		175		345
Capital contributions paid to Finance group under Support Agreement	—		—		—		—		(240)
Eliminate pretax income of Finance group	(19)		(24)		(21)		(49)		(64)
Adjusted income	$	1,066	$	1,177	$	1,020	$	953	$	1,064
Ratio of income to fixed charges	5.92		7.05		5.43		6.23		5.85

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