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Debt and Credit Facilities
 12 Months Ended
Jan. 01, 2022
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Our debt is summarized in the table below:
(In millions)January 1,
2022		January 2,
2021
Manufacturing group
3.65% due 2021
$— $250 
5.95% due 2021
— 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
650 650 
2.45% due 2031
500 500 
Other (weighted-average rate of 2.04% and 2.60%, respectively)
35 57 
Total Manufacturing group debt$3,185 $3,707 
Less: Current portion of long-term debt(6)(509)
Total Long-term debt$3,179 $3,198 
Finance group
2.88% note due 2022
$150 $150 
Variable-rate note due 2022 (1.65% and 1.70%, respectively)
100 150 
Fixed-rate notes due 2021-2028 (weighted-average rate of 3.29% and 3.25%, respectively)*
36 51 
Variable-rate notes due 2021-2027 (weighted-average rate of 1.57% and  1.73%, respectively)*
7 17 
Fixed-to-Floating Rate Junior Subordinated Notes (1.89% and 1.96%, respectively)
289 294 
Total Finance group debt$582 $662 
* 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 1, 2022:
(In millions)20222023202420252026
Manufacturing group$6 $7 $357 $357 $357 
Finance group263 14 10 4 1 
Total$269 $21 $367 $361 $358 
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. There were no amounts borrowed against the facility and there were $9 million of outstanding letters of credit issued under the facility at both January 1, 2022 and January 2, 2021.
Fixed-to-Floating Rate Junior Subordinated Notes
The Finance group’s $289 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 2021, TFC repurchased $5 million of these notes. Interest on the notes is no longer fixed and is currently 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 2021, 2020 and 2019 to maintain compliance with the support agreement.