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Note 8. Debt and Credit Facilities
Our debt and credit facilities are summarized below:
(In millions)
December 31,
2011
January 1,
2011
Manufacturing group
Long-term senior debt:
Medium-term notes due 2011 (weighted-average rate of 9.83%)
$ —
$ 13
6.50% due 2012
139
154
3.875% due 2013
308
315
4.50% convertible senior notes due 2013
195
504
6.20% due 2015
350
350
4.625% due 2016
250
—
5.60% due 2017
350
350
7.25% due 2019
250
250
6.625% due 2020
231
231
5.95% due 2021
250
—
Other (weighted-average rate of 3.72% and 3.12%, respectively)
136
135
2,459
2,302
Less: Current portion of long-term debt
(146)
(19)
Total long-term debt
2,313
2,283
Total Manufacturing group debt
$ 2,459
$ 2,302
Finance group
Medium-term fixed-rate and variable-rate notes*:
Due 2011 (weighted-average rate of 3.07%)
$ —
$ 374
Due 2012 (weighted-average rate of 4.43% and 4.43%, respectively)
52
52
Due 2013 (weighted-average rate of 4.50% and 4.46%, respectively)
553
553
Due 2014 (weighted-average rate of 5.07% and 5.07%, respectively)
111
111
Due 2015 (weighted-average rate of 2.50% and 3.59%, respectively)
37
14
Due 2016 (weighted-average rate of 1.94% and 4.59%, respectively
43
10
Due 2017 and thereafter (weighted-average rate of 2.86% and 3.31%, respectively)
387
242
Credit line borrowings due 2012 (weighted-average rate 0.91%)
—
1,440
Securitized debt (weighted-average rate of 2.08% and 2.01%, respectively)
469
530
6% Fixed-to-Floating Rate Junior Subordinated Notes
300
300
Fair value adjustments and unamortized discount
22
34
Total Finance group debt
$ 1,974
$ 3,660
* Variable-rate notes totaled approximately $100 million and $271 million at December 31, 2011 and January 1, 2011, respectively.
In 2011, Textron Inc. entered into a senior unsecured revolving credit facility that expires in March 2015 for an aggregate principal
amount of $1.0 billion, up to $200 million of which is available for the issuance of letters of credit. At December 31, 2011, there
were no amounts borrowed against the facility, and there were $38 million of letters of credits issued against it. In October 2011,
the Finance group repaid the outstanding balance on its credit facility and elected to terminate the facility.
The following table shows required payments during the next five years on debt outstanding at December 31, 2011:
(In millions)
2012
2013
2014
2015
2016
Manufacturing group
$ 146
$ 532
$ 6
$ 356
$ 256
Finance group
196
693
232
169
105
$ 342
$ 1,225
$ 238
$ 525
$ 361
63
Textron Inc. Annual Report • 2011 63