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Content analysis
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7th grade Avg
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TEXTRON INC.
MANUFACTURING GROUP
COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES
(Unaudited)
(In millions except ratios)
|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 | |||||
Fixed charges: |
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Interest expense* |
| $ | 145 |
| $ | 138 |
| $ | 130 |
| $ | 148 |
| $ | 122 |
Estimated interest portion of rents |
| 41 |
| 42 |
| 37 |
| 40 |
| 31 | |||||
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Total fixed charges |
| $ | 186 |
| $ | 180 |
| $ | 167 |
| $ | 188 |
| $ | 153 |
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Income: |
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Income from continuing operations before income taxes |
| $ | 762 |
| $ | 876 |
| $ | 971 |
| $ | 853 |
| $ | 674 |
Fixed charges |
| 186 |
| 180 |
| 167 |
| 188 |
| 153 | |||||
Dividends received from Finance group |
| — |
| 29 |
| 63 |
| — |
| 175 | |||||
Eliminate pretax income of Finance group |
| (22) |
| (19) |
| (24) |
| (21) |
| (49) | |||||
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Adjusted income |
| $ | 926 |
| $ | 1,066 |
| $ | 1,177 |
| $ | 1,020 |
| $ | 953 |
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Ratio of income to fixed charges |
| 4.98 |
| 5.92 |
| 7.05 |
| 5.43 |
| 6.23 |
* Includes interest expense on all third-party indebtedness, except for interest related to unrecognized tax benefits which is included in income tax expense.