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EXHIBIT 12.1
TEXTRON MANUFACTURING
COMPUTATION OF RATIO OF INCOME TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(unaudited)
(In millions except ratio)
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Six Months |
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Fixed charges: |
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Interest expense |
$74 |
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Distributions on
preferred securities of manufacturing subsidiary trust, |
13 |
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Estimated interest portion of rents |
15 |
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Total fixed charges |
$102 |
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Income: |
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Income before income
taxes and distributions on preferred |
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Eliminate equity in undistributed pre-tax income of Textron Finance |
(76) |
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Fixed charges * |
89 |
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Adjusted income |
$561 |
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Ratio of income to fixed charges |
5.50 |
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* Adjusted to exclude distributions on preferred securities of manufacturing subsidiary trust, net of income taxes.
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