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Debt and Credit Facilities
 12 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Our debt is summarized in the table below:
(In millions)December 28,
2024		December 30,
2023
Manufacturing group
4.30% due 2024
$— $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 
6.10% due 2033
350 350 
Other (weighted-average rate of 5.87% and 2.44%, respectively)
97 26 
Total Manufacturing group debt$3,247 $3,526 
Less: Current portion of long-term debt(357)(357)
Total Long-term debt$2,890 $3,169 
Finance group
Variable-rate note due 2025 (weighted-average rate of 5.70% and 6.72%, respectively)
$25 $25 
Fixed-rate note due 2027 (4.40%)
50 50 
Floating Rate Junior Subordinated Notes due 2067 (6.52% and 7.38%, respectively)
264 264 
Other2 9 
Total Finance group debt$341 $348 
The following table shows required principal payments during the next five years on debt outstanding at December 28, 2024:
(In millions)20252026202720282029
Manufacturing group$357 $355 $355 $375 $301 
Finance group26 1 50 — — 
Total$383 $356 $405 $375 $301 
Textron has a senior unsecured revolving credit facility for an aggregate principal amount of $1.0 billion, of which $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 2027 and provides for two one-year extensions at our option with the consent of lenders representing a majority of the commitments under the facility. At December 28, 2024 and December 30, 2023, there were no amounts borrowed against the facility and there were $9 million of outstanding letters of credit issued under the facility.
Floating Rate Junior Subordinated Notes
The Finance group’s $264 million of 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.  In 2023, TFC repurchased $8 million of these notes. Interest is variable at the three-month CME Term Secured Overnight Financing Rate + 1.99661%.
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 2024, 2023 and 2022 to maintain compliance with the support agreement.