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Debt and Credit Facilities
 12 Months Ended
Jan. 02, 2021
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Our debt is summarized in the table below:
(In millions)January 2,
2021		January 4,
2020
Manufacturing group
6.625% due 2020
$— $199 
Variable-rate notes due 2020 (2.45%)
— 350 
3.65% due 2021
250 250 
5.95% due 2021
250 250 
4.30% due 2024
350 350 
3.875% due 2025
350 350 
4.00% due 2026
350 350 
3.65% due 2027
350 350 
3.375% due 2028
300 300 
3.90% due 2029
300 300 
3.00% due 2030
650 — 
2.45% due 2031
500 — 
Other (weighted-average rate of 2.60% and 3.01%, respectively)
57 75 
Total Manufacturing group debt$3,707 $3,124 
Less: Current portion of long-term debt(509)(561)
Total Long-term debt$3,198 $2,563 
Finance group
Variable-rate note due 2022 (1.70% and 2.87%, respectively)
$150 $150 
2.88% note due 2022
150 150 
Fixed-rate notes due 2020-2028 (weighted-average rate of 3.25% and 3.20%, respectively)*
51 65 
Variable-rate notes due 2020-2027 (weighted-average rate of 1.73% and  3.31%, respectively)*
17 22 
Fixed-to-Floating Rate Junior Subordinated Notes (1.96% and 3.64%, respectively)
294 299 
Total Finance group debt$662 $686 
* Notes amortize on a monthly basis and are secured by finance receivables as described in Note 4.
The following table shows required payments during the next five years on debt outstanding at January 2, 2021:
(In millions)20212022202320242025
Manufacturing group$509 $8 $8 $361 $357 
Finance group13 316 16 15 5 
Total$522 $324 $24 $376 $362 
Textron has a senior unsecured revolving credit facility for an aggregate principal amount of $1.0 billion, of which up to $100 million is available for the issuance of letters of credit. We may elect to increase the aggregate amount of commitments under the facility to up to $1.3 billion by designating an additional lender or by an existing lender agreeing to increase its commitment. The facility expires in October 2024, subject to up to two one-year extensions at our option with the consent of lenders representing a
majority of the commitments under the facility. At January 2, 2021 and January 4, 2020, there were no amounts borrowed against the facility and there were $9 million and $10 million, respectively, of outstanding letters of credit issued under the facility.
Fixed-to-Floating Rate Junior Subordinated Notes
The Finance group’s $294 million of Fixed-to-Floating Rate Junior Subordinated Notes are unsecured and rank junior to all of its existing and future senior debt. The notes mature on February 15, 2067; however, we have the right to redeem the notes at par at any time and we are obligated to redeem the notes beginning on February 15, 2042.  During 2020, TFC repurchased $5 million of these notes. Interest on the notes was fixed at 6% through February 15, 2017 and is now variable at the three-month London Interbank Offered Rate + 1.735%.
Support Agreement
Under a Support Agreement between Textron and TFC, Textron is required to maintain a controlling interest in TFC. The agreement, as amended in December 2015, also requires Textron to ensure that TFC maintains fixed charge coverage of no less than 125% and consolidated shareholders' equity of no less than $125 million. There were no cash contributions required to be paid to TFC in 2020, 2019 and 2018 to maintain compliance with the support agreement.