EX-12.2 5 twetwo.htm EXHIBIT 12

EXHIBIT 12.2

 

TEXTRON INC.
INCLUDING ALL MAJORITY-OWNED SUBSIDIARIES

COMPUTATION OF RATIO OF INCOME TO
COMBINED FIXED CHARGES AND PREFERRED SECURITIES DIVIDENDS

(unaudited)

(In millions except ratio)

 

Nine Months
Ended
September 27,
2003

  

Fixed charges:

      

     Interest expense*

$

217

  

     Distributions on preferred securities of subsidiary trusts, net of income taxes

  

13

  

     Estimated interest portion of rents

  

24

  


          Total fixed charges


$


254

  
   

 

  
   

 

  

Income:

  

 

  

     Income from operations before income taxes and distributions on preferred
          securities of subsidiary trusts


$


308

  

     Fixed charges**

  

241

  


          Adjusted income


$


549

  
   

 

  


 


 

Ratio of income to fixed charges

  

2.16

  
   

 

  

*  Includes $2.4 million of interest related to distributions on preferred securities recorded in the third quarter as the result of the adoption of SFAS No. 150, "Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity".

**  Adjusted to exclude distributions on preferred securities of subsidiary trusts, net of income taxes, recorded prior to June 29, 2003. Upon adoption of SFAS No. 150 in the third quarter, distributions on preferred securities are now reported as interest expense.