TEXTRON FINANCIAL CORP - FORM 10-K - EX-12 - EX-12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 25, 2010

Attached files

file filename
EX-24 - EX-24 POWER OF ATTORNEY DATED AS OF FEBRUARY 25, 2010 - TEXTRON FINANCIAL CORPb78748exv24.htm
EX-23 - EX-23 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - TEXTRON FINANCIAL CORPb78748exv23.htm
EX-32.2 - EX-32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 - TEXTRON FINANCIAL CORPb78748exv32w2.htm
EX-31.2 - EX-31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) - TEXTRON FINANCIAL CORPb78748exv31w2.htm
EX-31.1 - EX-31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) - TEXTRON FINANCIAL CORPb78748exv31w1.htm
EX-32.1 - EX-32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 - TEXTRON FINANCIAL CORPb78748exv32w1.htm
10-K - TEXTRON FINANCIAL CORPORATION - TEXTRON FINANCIAL CORPb78748e10vk.htm
Exhibit 12
TEXTRON FINANCIAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    2009   2008   2007   2006   2005
    (Dollars in millions)
(Loss) income from continuing operations before income taxes and noncontrolling interest
   $ (305 )   $ (539 )   $ 222     $ 210     $ 171  
 
 
                                        
Fixed Charges:
                                        
Interest on debt
     159       307       397       351       218  
Estimated interest portion of rents
     2       3       3       3       3  
 
Total fixed charges
     161       310       400       354       221  
 
Adjusted (loss) income
   $ (144 )   $ (229 )   $ 622     $ 564     $ 392  
Ratio of earnings to fixed charges (1)
     (0.89 )x     (0.74 )x     1.56 x     1.59 x     1.77 x
 
(1)   The ratio of earnings to fixed charges has been computed by dividing (loss) income from continuing operations before income taxes and noncontrolling interest and fixed charges, by fixed charges. Fixed charges consist of interest on debt and one-third rental expense as representative of interest portion of rentals. Additional earnings of $305 million and $539 million would have been necessary to bring the ratio of earnings to fixed charges to 1.0 in 2009 and 2008, respectively.

 

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