DEBT

12 Months Ended

Dec. 31, 2021

A summary of long-term debt, including the current portion, is as follows:


	December 31
(In millions)	2021		2020











3.47% notes due 2021 ($275 converted to floating rate by interest rate swap)	$	—	$	300
0.02% Euro notes due 2021	—		737
8.10% debentures due 2022 ($100 converted to floating rate by interest rate swap)	100		100
2.75% senior notes due 2022 ($1,400 converted to floating rate by interest rate swap)	1,600		1,600
3.68% notes due 2023 ($200 converted to floating rate by interest rate swap)	300		300

0.75% Euro notes due 2024	624		676
6.50% debentures due 2025	145		145
0.70% Euro notes due 2025	567		614
0.128% Euro notes due 2026	1,021		—
3.10% senior notes due 2027	700		700
7.65% debentures due 2029 ($50 converted to floating rate by interest rate swap)	200		200
0.577% Euro notes due 2030	681		—
4.00% senior notes due 2032	700		700
5.45% debentures due 2034 ($25 converted to floating rate by interest rate swap)	136		136

5.80% notes due 2037	240		240
4.15% senior notes due 2042	1,000		1,000
3.92% senior notes due 2047	300		300
5.25% to 7.875% notes (maturities ranging from 2024 to 2035, including $25 converted to floating rate by interest rate swap)	165		165
Other	87		144
Total long-term debt	8,566		8,057
Less current portion of long-term debt	(1,735)		(1,047)
Long-term debt less current portion	$	6,831	$	7,010

Substantially all these long-term debt instruments are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries (the Senior Notes). Further, as of December 31, 2021, all of these long-term debt instruments, except the 3.68% notes due 2023, the 0.75% Euro notes due 2024, the 0.70% Euro notes due 2025, the 0.128% Euro notes due 2026, and the 0.577% Euro notes due 2030, are registered by Eaton Corporation under the Securities Act of 1933, as amended (the Registered Senior Notes).

On March 8, 2021, a subsidiary of Eaton issued Euro denominated notes (2021 Euro Notes) with a face value of €1,500 million ($1,798 million), in accordance with Regulation S promulgated under the Securities Act of 1933, as amended. The 2021 Euro Notes are comprised of two tranches of €900 million and €600 million, which mature in 2026 and 2030, respectively, with interest payable annually at a respective rate of 0.128% and 0.577%. The issuer received proceeds totaling €1,494 million ($1,790 million) from the issuance, net of financing costs and discounts. The senior 2021 Euro Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2021 Euro Notes contain customary optional redemption and par call provisions. The 2021 Euro Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the 2021 Euro Notes at a purchase price of 101% of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense-net over the respective terms of the 2021 Euro Notes. The 2021 Euro Notes are subject to customary non-financial covenants.

On May 17, 2021, the Company entered into a $2,500 million 364-day revolving credit facility, which brought the Company’s total revolving credit facilities to $4,500 million. At June 30, 2021, the Company had access to the commercial paper markets through its $4,500 million commercial paper program, of which $3,372 million was outstanding including funds to finance the acquisition of Cobham Mission Systems discussed in Note 2. Eaton used the proceeds from the sale of the Hydraulics business, which was completed August 2, 2021, to reduce its outstanding commercial paper borrowings.

On September 22, 2021, the Company downsized the 364-day revolving credit facility from $2,500 million to $500 million, which reduced the Company's total revolving credit facilities to $2,500 million. In September 2021, the Company also downsized its commercial paper program to $2,500 million.

On October 4, 2021, the Company replaced its existing $500 million 364-day revolving credit facility, $750 million five-year revolving credit facility, $500 million four-year revolving credit facility, and $750 million five-year revolving credit facility, with a new $500 million 364-day revolving credit facility and a new $2,000 million five-year revolving credit facility that will expire on October 4, 2026. The revolving credit facilities totaling $2,500 million are used to support commercial paper borrowings and are fully and unconditionally guaranteed by Eaton and certain of its direct and indirect subsidiaries on an unsubordinated, unsecured basis. There were no borrowings outstanding under Eaton’s revolving credit facilities at December 31, 2021. The Company maintains access to the commercial paper markets through its $2,500 million commercial paper program, of which none was outstanding on December 31, 2021.

In addition to the revolving credit facilities, the Company also had available lines of credit of $972 million from various banks primarily for the issuance of letters of credit, of which there was $335 million outstanding at December 31, 2021. Borrowings outside the United States are generally denominated in local currencies.

Eaton is in compliance with each of its debt covenants for all periods presented.

Maturities of long-term debt for each of the next five years are as follows:


(In millions)
2022	$	1,735
2023	306
2024	695
2025	715
2026	1,095

Interest paid on debt is as follows:


(In millions)
2021	$	207
2020	216
2019	279