EXHIBIT 12.1
TEXTRON MANUFACTURING
COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
(In millions except ratios)
Year
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2003 2002 2001 2000 1999
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Fixed charges:
Interest expense (1) $ 105 $ 135 $ 183 $ 158 $ 56
Distributions on preferred securities of
subsidiary trust, net of income taxes 13 26 26 26 26
Estimated interest portion of rents 34 26 31 31 26
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Total fixed charges $ 152 $ 187 $ 240 $ 215 $ 108
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Income:
Income from continuing operations before
income taxes and distributions on preferred
securities of subsidiary trust $ 401 $ 566 $ 784 $ 597 $ 954
Fixed charges (2) 139 161 214 189 82
Eliminate equity in undistributed pretax
income of finance subsidiaries (10) (65) (146) (112) (92)
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Adjusted income $ 530 $ 662 $ 852 $ 674 $ 944
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Ratio of income to fixed charges 3.49 3.54 3.55 3.13 8.74
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(1) Includes interest unrelated to borrowings of $3 million in 1999.
(2) Adjusted to exclude distributions on preferred securities of subsidiary
trust, net of income taxes.