What is the volatility test under scenarios of adversity for Textron Inc (TXT)?

Here is some information to assist when answering this question:

Viability of the 3-5 year plan is related to the financial condition of the organization and its ability the take the plan to next 3-5 years where they have to manage the consistent flow of fund for the planned duration. The external financing mix between debt and equity is as per the proportion of debt equity ratio estimated in the following table.

	2021	2020	2019	2018	2017	2016
Total Shareholder Equity	$ 5,574	$ 5,574	$ 5,574	$ 5,574	$ 5,574	$ 5,574
Long-term debt	$ 2,414	$ 2,414	$ 2,414	$ 2,414	$ 2,414	$ 2,414
Short-term debt	$ 463	$ 441	$ 420	$ 400	$ 381	$ 363
Debt Equity Ratio=total liability / total equity	0.52	0.51	0.51	0.50	0.50	0.50
Total liabilty	$ 10,719	$ 10,929	$ 10,929	$ 11,148	$ 11,148	$ 11,148
Sales Revenue - $ Million	$ 17,597	$ 16,759	$ 15,961	$ 15,201	$ 14,477	$ 13,788
Incremental	$ 838	$ 798	$ 760	$ 724	$ 689
Total Assets	$ 19,167	$ 18,329	$ 17,531	$ 16,771	$ 16,047	$ 15,358
External Financing = Total asset - total liability	$ 1,570	$ 1,570	$ 1,570	$ 1,570	$ 1,570	$ 1,570
Debt Equity Ratio=total liability / total equity	0.52	0.51	0.51	0.50	0.50	0.50
MIX
Debt	$ 754	$ 769	$ 769	$ 785	$ 785	$ 785
Equity	$ 816	$ 801	$ 801	$ 785	$ 785	$ 785

Current Year Financing Plan

The future financing can be funded either through equity route or by issuing fresh debt. If we look at the valuation, then Textron Inc. is attractive proposition now and hence issuing equity would make more sense as they can get better valuation of the equity. However, if you look at the debt equity ratio, then it is also at 0.5 which is stable. A debt equity ratio below 1 is stable. Hence the company can afford to issue more debt hence increasing its interest expense which will provide more cushion to the tax expense.

But it completely depends on the company's management how they find the right mix between the debt and equity methods of financing as issuing part debt and part equity would make sense now considering the scenario.