EXHIBIT 12.2
TEXTRON INC. INCLUDING ALL MAJORITY-OWNED SUBSIDIARIES
COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
(In millions except ratios)
Year
----
2003 2002 2001 2000 1999
---- ---- ---- ---- ----
Fixed charges:
Interest expense (1) $ 277 $ 324 $ 445 $ 492 $ 245
Distributions on preferred securities of
subsidiary trust, net of income taxes 13 26 26 26 26
Estimated interest portion of rents 37 30 34 33 27
------ ------ ------ ------ ------
Total fixed charges $ 327 $ 380 $ 505 $ 551 $ 298
====== ====== ====== ====== ======
Income:
Income from continuing operations
before income taxes and distributions
on preferred securities of subsidiary
trust $ 401 $ 566 $ 784 $ 597 $ 954
Fixed charges (2) 314 354 479 525 272
------ ------ ------ ------ ------
Adjusted income $ 715 $ 920 $1,263 $1,122 $1,226
====== ====== ====== ====== ======
Ratio of income to fixed charges 2.19 2.42 2.50 2.04 4.11
====== ====== ====== ====== ======
- -------------
(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.