DEBT

12 Months Ended

Dec. 31, 2022

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


	December 31
(In millions)	2022		2021













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

0.75% Euro notes due 2024	587		624
6.50% debentures due 2025	145		145
0.70% Euro notes due 2025	534		567
0.128% Euro notes due 2026	960		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	640		681
4.00% senior notes due 2032	700		700
4.15% sustainability-linked senior notes due 2033	1,300		—
5.45% debentures due 2034 ($25 converted to floating rate by interest rate swap)	137		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
4.70% senior notes due 2052	700		—
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	23		87
Total long-term debt	8,331		8,566
Less current portion of long-term debt	(10)		(1,735)
Long-term debt less current portion	$	8,321	$	6,831

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, 2022, all of these long-term debt instruments, except 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 August 23, 2022, Eaton Corporation issued sustainability-linked senior notes (2022 Sustainability-Linked Notes) and senior notes (2022 Senior Notes, and collectively referred to as the 2022 Notes). The 2022 Sustainability-Linked Notes have a face amount of $1.3 billion, mature in 2033, and pay interest semi-annually at an initial interest rate of 4.15% per annum. Beginning in September 2028, the interest rate payable on the 2022 Sustainability-Linked Notes will be increased by an additional 25 basis points per annum if the Scope 1 and Scope 2 greenhouse gas emissions sustainability performance target is not met. The 2022 Senior Notes have a face amount of $700 million, mature in 2052, and pay interest semi-annually at 4.70% per annum. The issuer received proceeds totaling $1.98 billion from the issuance of the 2022 Notes, net of financing costs and discounts. The 2022 Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2022 Notes contain customary optional redemption and par call provisions. They also contain a change of control provision which requires the issuer to make an offer to purchase all or any part of the 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 2022 Notes. The 2022 Notes are subject to customary non-financial covenants.

On October 3, 2022, the Company replaced its existing $2,000 million five-year revolving credit facility with a new $2,500 million five-year revolving credit facility that will expire on October 1, 2027. On the same date, the Company replaced its existing $500 million 364-day revolving credit facility with a new $500 million 364-day revolving credit facility that will expire on October 2, 2023. The revolving credit facilities totaling $3,000 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. In October 2022, the Company also upsized its commercial paper program to $3,000 million. There were no borrowings outstanding under Eaton’s revolving credit facilities at December 31, 2022. The Company had access to the commercial paper markets through its $3,000 million commercial paper program, of which $300 million was outstanding on December 31, 2022.

In addition to the revolving credit facilities, the Company also had available lines of credit of $919 million from various banks primarily for the issuance of letters of credit, of which there was $414 million outstanding at December 31, 2022. Borrowings outside the United States are generally denominated in local currencies.

Short-term debt of $324 million at December 31, 2022 included $300 million of short-term commercial paper in the United States, which had a weighted average interest rate of 4.67%, and $24 million of short-term debt outside the United States.

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)
2023	$	10
2024	659
2025	682
2026	1,035
2027	702

Interest paid on debt is as follows:


(In millions)
2022	$	250
2021	207
2020	216